Our great sponsors
-
plaintextaccounting
The plaintextaccounting.org website, a portal to Ledger, hledger, beancount and co. Also the PTA wiki.
-
WorkOS
The modern identity platform for B2B SaaS. The APIs are flexible and easy-to-use, supporting authentication, user identity, and complex enterprise features like SSO and SCIM provisioning.
Wow, this seems cool!
Would love some integration with [plain text accounting](https://plaintextaccounting.org/) so that I don't have to re-document all my finances though, even just a simple `ledger equity` import.
I've looked at it a little bit, but as someone nearing retirement, it is lacking a number of features that I would like.
There are some common tricks that I don't see how to model with ProjectionLab:
1. Do your tax-deferred 401k,403b,IRA saving in a high earning job, state, then move to a low or no income tax state to do the withdrawals in retirement.
2. Retire early so there is some time before taking social security payments to do Roth Conversions. I-ORP[0] turns this into a branch and cut linear optimization problem. User Indyhou at Bogleheads[1] has built a spreadsheet that uses a solver plugin. It may be possible to build a model in CBC[2] and compile it to WASM and run it in the browser.
3. After turning 63, watch the Roth Conversions to make sure you don't trigger IRRMA medicare surcharges.
4. Are you trying to stay under income limits for ACA subsidies? It's not quite the sharp cliff that it was, but can be important for some.
5. Are you trying to balance regular income and capital gains to take advantage of the 0% cap gains rates? You've got to plan ahead on your contributions to the taxable and tax deferred accounts for this to work. Jeremy at Go Curry Cracker has written about using this to pay $0 in US Federal Income taxes[3].
6. Paying full rate for health insurance will likely get you over the 7.5% limit for tax deductions.
7. Social Security claiming strategies can be complex for married couples.
A feature that would be useful during accumulation is life insurance planning for the death of a spouse.
The death of a spouse can throw a wrench in some of the strategies since the single tax bracket is much smaller. Tax law changes can also upset highly optimized strategies. So any highly optimized strategy should also have a monte carlo simulation around a spouse dying and tax law changes to understand what disruptions are possible and maybe accept a non-optimal strategy that is better in these adverse cases.
[1] https://www.bogleheads.org/forum/viewtopic.php?t=365518
[2] https://github.com/coin-or/Cbc
[3] https://www.gocurrycracker.com/go-curry-cracker-2020-taxes/
What opensocialsecurity[0] does is sufficient for most folks. Mike has a choice of five different mortality tables.
[0] https://github.com/MikePiper/open-social-security/blob/maste...
Related posts
- Ask HN: How Do You Budget?
- Mint is shutting down, and it's pushing users toward Credit Karma
- Why plain text accounting over tools like excel or other accounting software, apart from version control?
- Accounting for Computer Scientists – Martin Kleppmann's Blog
- Ask HN: Plaintext-oriented and SQLite based family office accounting solutions?