Other Modeling Tools
I would love to see you download and use the JRTN tool. But there are lots of reasons you might elect to use some other tool instead of or in addition to JRTN. The exhaustive tool comparison matrix developed in chapter 8 of the JRTN Manuscript will help you sort this out.
Honest Math. A free modeling tool with an emphasis on Monte Carlo Simulations. The model’s definitions are relatively simple. The site makes an argument for why “simpler is better.”
New Retirement. A range of web-based tools and associated advisory services. An entry level tool is free.
Pralana. This is an Excel based tool with both a paid version and a free version. The paid version incorporates scenario modeling and Monte-Carlo simulation. Lots of modeling details supported.
Maxifi. A commercial planning tool marketed to both advisors and individuals.
Empower. A commercial firm with a range of offerings to individuals and advisors.
AARP. A simple tool that makes assumptions based on current salary.
Fidelity. Fidelity offers a free tool that is available to non-customers. A customer version is also available. This is representative, you will likely find similar tools at other large fiduciary firms such as Merrill, Vangard, and Schwab.
Build your own! As I discuss in Chapter 3 of the JRTN manuscript, it is perfectly sensible to build your own model.
Know of another Modeling Tool?
Let me know, I would be happy to add it to the list.