We review our favorite and what we think is the best retirement planning software out there: Projection Lab. Ditch the duct-taped or maybe even fancy spreadsheets and explore why Projection Lab is an absolute game-changer for the FIRE community and more general retirement planning. By stress-testing your future against life’s biggest curveballs, you can build a detailed model of your financial life, optimize your taxes, automate dynamic withdrawal strategies, test “what-if” scenarios, and forecast your long-term economic path. And you can likely do all of this DIY better than the traditional financial advisor. We unpack and map out how to use Projection Lab or other similar financial planning software from start to finish, and highlight our favorite features and tools within the software.
Andrew joins this week’s podcast as we talk about:
– Pricing tiers and cost of tools like Projection Lab and Boldin
– How to sign up and get started with Projection Lab
– Projection Lab’s core function and features
– How Projection Lab can model your finances over time, show cash flow, do Monte Carlo simulations and backtesting, model your retirement income, and so much more
– Projection Lab’s tax optimization features
– Our favorite features and tools within Projection Lab
– How Projection Lab can diffuse RMD (Required Minimum Distribution) tax bombs in your future
-How to leverage the Chrysalis Chrome Plugin to sync Monarch Money balances to Projection Lab with one click
-How to use Projection Lab with real estate and investment rental properties
Show References:
- Monarch Money – Our preferred tool for tracking expenses and net worth (Maggie & Greg’s Referral link)
- Chrysalis Chrome Plugin – Sync Monarch Money balances to ProjectionLab with one click.
- Inside Out Money episode #058 – Breaking Up With Your Financial Planner – Why and How to Do It
- The Mad Fientist – Read his comprehensive review on the best FIRE software
- Coach Andrew Knight on Instagram