Empower Retirement Planner Workshop | Live Q&A

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Tonight we'll look at Empower's Retirement Planner (go.robberger.c..., compare it to other options, and answer your questions about how to use the tool.
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Financial tools I use:
I track all of my investments, performance, fees, and asset allocation with Empower. It's Free:
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My retirement plan comes from New Retirement, the most robust retirement planner available at a reasonable cost:
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I used Capitalize for my last 401(k) rollover. They did all of the work, and it's Free:
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My budgeting tool of choice is Tiller. It downloads all your banking data to Excel or Google Sheets:
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My Book (Retire Before Mom and Dad):
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Timestamps
#retirement #empower #robberger
ABOUT ME
While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I'm the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.
I'm also the author of Retire Before Mom and Dad--The Simple Numbers Behind a Lifetime of Financial Freedom (amzn.to/3by10EE)
LET'S CONNECT
RU-vid: / @rob_berger
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. Your investment and other financial decisions are solely your responsibility. It is imperative that you conduct your own research and seek professional advice as necessary. I am merely sharing my opinions.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning at no cost to you I earn a commission if you click through and make a purchase and/or subscribe. However, I only recommend products or services that (1) I believe in and (2) would recommend to my own mom.

Опубликовано:

13 окт 2024

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Комментарии : 29

@philf4086 6 дней назад

Rob - we started a trial Personal Capital account about 18 months ago. We ultimately aggregated all of our accounts "for real" into Empower and we have been very pleased with their management of our retirement. The big thing for me was to get these accounts under one roof so that future understanding and mgmt. by my wife (should I pass away) was easy. Too many accounts scattered across the landscape scared us. Sleeping better at night, and the planning tools seem to be just what we needed.

@Herbal90 3 дня назад

Rob - The only way I've found to work in an inherited IRA in Empower is to estimate the value when inherited, and create 2 income events in the bottom of the planning section as follows: 1) Pull the average of the RMDs over 9 years and 2) the remaining amount at the 10 year.

@krisskogs2532 11 дней назад

Great episode, Rob! My 401k is with Empower. I didn’t want to link accounts, but once you showed you could manually enter them, I did so in the retirement planner.

@GregJohnson-s6h 10 дней назад

I often have issues with linked accounts after they’re set up, not just with Empower but with other aggregating tools. Too often have to go in and “fix” the account. Does anyone else keep running into this issue?

@dckyle 10 дней назад

Will be interesting what your comparison of tools tests for Monte Carlo uncovers. I think chance of success after doing Roth conversions could move the needle in the sense that it would decrease the future value of your tax-deferred accounts. And by this I mean if you run a Monte Carlo, the annual impact on your accounts (e.g. taxable, tax-deferred, and Roth), depending on the randomized trials, could send some of your balances to zero quicker. If impacts are uniformly hitting accounts in your model (for example, let's say one year is a -20% impact that let's assume hits all three the same, and another trial after that has a similarly negative impact), this case may be more likely to send your tax-deferred account to zero more quickly and affect your ending balance by requiring usage of Roth funds sooner.

@brute_force_and_ignorance 11 дней назад

You can change the retirement age by clicking on the spending goals box on the right hand side of the retirement planning window, or you can click on the icon for the retirement age on the graph

@mapmanlxii1715 11 дней назад

I’m a fan of Empower I use it for planning and data aggregation. I’ve learned their numbers and locations when they are ringing me for an appointment. Which I ignore! Think of the data mining they do. That may be as valuable as their money management!

@kevinfreimarck3301 12 дней назад

Does empower have access to your personal setup and can see all of your assets and expenses when you set it up? Sounds not very secure if it's free.

@wilma6235 12 дней назад

@Rob Berger I wish I could just check the interest calculation on I bonds. I know the 3 months delay, etc but still can’t get it to calculate the same as they do.

@shosansah4629 11 дней назад

which tool is better for tax planning? in my situation i have more money saved in taxable account than deferred. Tax planning is important to me.

@ellacolson4540 11 дней назад

Boldin is better for tax planning than empower by quite a bit in my opinion.

@anothername2730 10 дней назад

Bergmeister!

@mlw1700 День назад

I opened a free account with Empower, but it won't let me go further into the too without linking my investment accounts. Is this necessary?

@quint6363 20 часов назад

enter anything like "jimmy" it will fail to find it then you'll see the options to add manually

@RDHarris 6 дней назад

Does anyone have concerns about linking account to Empower? I'd prefer to manually enter account balances (not specific investments/holdings), but maybe it would not work properly. I really don't like the idea of linking brokerage/bank accounts to 3rd party applications.

@scotthoward6211 11 дней назад

One thing that kinda bugs me about Empower is if your 401k plan, for instance, has a Target Date fund that is one of the ‘Trust’ offerings they can’t pull in the asset allocation and I don’t think there’s any way to manually enter these values. So the AA portion of Empower’s tool is pretty useless for me.

@alealealealealealealeale 6 дней назад

There is a way to manually classify those as long as there is a known ticker that matches your target retirement fund's allocation, e.g. VTIVX. My 401k is at vanguard and I had to do it for a few of my holdings there.

@Csharpflat5 12 дней назад

❤

@msfromresedaca1271 12 дней назад

👍

@70qq 11 дней назад

🤘

@peter-hr1gl 12 дней назад

you actually would feel safe having all your account information and balances stored with a company you have no relationship with? Interesting.

@mapmanlxii1715 11 дней назад

Yeah kinda weird but I trust them they even have a live connection to my Schwab and 401k accounts. They actually have better data aggregation and analysis than Schwab or my employers 401k provider. Their app is excellent too!

@mlw1700 День назад

My question exactly. I don't want to link accounts. I just want to enter amounts manually. Bolden lets you do it that way.

@tomwat2020 5 дней назад

The level of inefficiency and corruption in this administration is becoming absurd. Those who are not financially stable or those who are disabled and do not receive the support to which they are legally entitled to makes me sad. I sincerely thank you, Kris Lizette Dornbush for turning my life around. Imagine making $57k in four days with an investment of $10k.