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 tool comparison matrix developed in chapter 9 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.
Boldin. A commercial Web Based tool aimed at DIY retirement planning. Seems quite popular on the DIYRetirement Reddit group.
RetirementScenario. This is a commercial tool that focuses on “ease of use.” There is a free version and a paid version with a one-time cost. There is AI integration. The tool claims to fill the gap between “free and dumb” and “complex and expensive.” (your somewhat biased editor would like to believe he has closed that gap a bit) One interesting aspect of the tool is that it is implemented as a client-side browser app. The tool has a heavy focus on pre-retirement and early retirement.
ThunderHarbor. A suite of web-based tools with a free tier and a paid tier. Claims to provide insights into Roth conversion, Social Security Claiming, etc.
FireproofMe. A web-based tool with a focus on early retirement and “investment details.” There is a free tier and a paid tier.
BigPicApp. The big picture app is aimed at identifying safe withdrawal rates based on details of a portfolio. It is not really a complete modeling tool, but it might help you identify this important parameter. This tool is aimed at advisors, but there is a free version likely to suffice for individuals.
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 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.
Another approach to retirement modeling is to use generative AI to either answer specific questions or to create a standalone modeling tool.
Know of another Modeling Tool?
Let me know, I would be happy to add it to the list.