The goal is to help the retiree to prepare an Excel template that calculates their cash flow month by month considering all the variables and information provided; modeling a real-life saving plans and cash flow based on the following scenario:

After working for 45 years Claire is about to retire. Her Massachussetss and California houses are fully paid. Which gives her and her spouse the option to stay in Massachusets or move to California. She believes that his savings account is enought to live in either state, as expenses and cost of living are fairly similar. However, she want to know, how long her savings will last?

Important Details to take into account...

• Prices of goods are continuely increasing due to inflations

• Both account produces monthly earnings

• Once she can access her IRA, she must withdraw a minimum amount every year. The minimum withdrawal amount increases year after year. If need be she can withdraw more than the minimum. It seems that once she can access her IR, she will have to withdraw more money than the minimum since she will be out of cash. Correct?

• IRA Withdrawls are subject to taxable income. The IRA earnings are not subject to taxes as long as the earnings are kept in the IRA. However, when you withdraw money, that amount is added to your annual income for which you have to pay taxes.

• Savings Account is only taxable in the earning it produces.with their exepnses level this account will last for 7.1 years

How long will her savings last? It seems that once she can access her IR, she will have to withdraw more money than the minimum since she will be out of cash. Correct? With

Uploading Retiree Income Projection - Figures from the Tax Accountant 2021.xlsx…