Inflation and Income Taxes in 2023

Happy 2023! Now is an excellent time to review changes to individual income tax brackets due to inflation. Here, we highlight the relationship between inflation and income taxes. To see details of all the 60 tax provisions changed for 2023, the Internal Revenue Service (IRS) published this document.

How inflation and income taxes are related

As we discussed in our post from last month, the Consumer Price Index (CPI) continues its downward trend. Unfortunately, the CPI of 7.1% for November is still above the long-term norm of 2-3%. However, there is some good news for U.S. income taxpayers in 2023. The IRS adjusts income tax brackets for inflation, so income and capital gains tax brackets in 2023 have increased by about 7%. The images below show these new brackets for income, capital gains, and the standard deduction.

2023 tax rates on retirement income

So, income tax brackets recently changed in a significant way. Our optimal retirement income calculator now provides an updated forecast for after-tax retirement income using the 2023 tax brackets. Forecasts based on the Common Rule withdrawal strategy remain free for 2023. In addition, you can expedite your calculations by registering a free profile. For individuals or financial planners wishing to use our award-winning tool to see the details that led to their individualized tax alpha, please consider subscribing before the price goes up.

Live Software Demonstration

On Saturday, January 14th from 10-11 am Pacific Time (1-2 pm Eastern Time), we will be conducting a live demonstration of our retirement income and retirement savings calculators, fielding your questions, and discussing new features planned for 2023. Please use the link below to join us at this time. If you wish, please contact us prior to this demonstration with any questions you may have or use cases you wish to see.

If you are unable to make this live software demonstration, please contact us to arrange for an individual demonstration.

ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
ETFMathGuy is a subscription-based education service for investors interested in tax-efficient investing with ETFs

Inflation and ETFs

Inflation continues to persist higher than its long-term norm. Very few sectors of the U.S. economy have performed well. In this article, we discuss how ETFs designed with inflation in mind have fared in this current economic environment.

Historical rates of inflation

The U.S. Bureau of Labor Statistics (BLS) is an excellent free source of historical rates of inflation. The image below shows this data for the last 20 years. Clearly, the current inflation rate is above the norm of 2-3%. However, it does appear to be down somewhat from its high in June. Fortunately, we don’t see any recent “grey” area in this chart, which represents the U.S. in a recession, as determined by the National Bureau of Economic Research.

Inflation rates are still elevated above their long-term norm, but off of recent highs from June 2022

ETFs to protect against inflation

We chose three ETFs to show that not all ETFs are created equal in addressing inflation. Here, the acronym “TIPS” stands for “Treasury Inflation-Protected Securities”.

  • iShares Barclays TIPS ETF (ticker: TIP), $25B in assets
  • SPDR Bloomberg Barclays 1-10 Year TIPS ETF (ticker: TIPX), $1.4B in assets
  • Vanguard Short-term 0-5 year Inflation Protected ETF (ticker: VTIP), $17B in assets

    The most significant difference in these three ETFs is the term to maturity of the bonds contained within them. This difference has led to very different total returns for these three ETFs in 2022, as shown below.

    2022 Year-to-Date Total Return of Three ETFs offering inflation protection

    So, what’s going on?

    As one of my favorite writers at the Wall Street Journal recently wrote about, rising short-term interest rates are having greater impacts on the price of longer-dated bonds. This impact includes treasuries with inflation protection which each of these ETFs contains. The weighted average maturities for these three ETFs are 7.4 years, 4.7 years, and 2.5 years. By comparison, the broad-based iShares Core U.S. Aggregate Bond ETF has a weighted average maturity of 8.7 years and is down about 11% in 2022. So here, we see the limitation of a fund, like an ETF, that maintains a steady average maturity. Rising interest rates are offsetting the inflation benefit. Unfortunately, investors can avoid this with a bond ladder, but doing so requires investors to leave the relative ease of investing in ETFs.

    ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
    ETFMathGuy is a subscription-based education service for investors interested in tax-efficient investing with ETFs

    Seeking Tax Alpha in Retirement Income

    On October 24th, 2022, the CFP (Certified Financial Planners) board’s Academic Research Colloquium recognized my most recent research (with A. Simon) entitled “Seeking Tax Alpha in Retirement Income” with a best paper award. I wish to thank Charles Schwab for sponsoring my award. In this post, I will highlight some of the key findings from this paper.

    CFP Board's Academic Research Colloquium Best Paper Award for "Seeking Tax Alpha in Retirement Income".
    CFP Board’s Academic Research Colloquium Best Paper Award for “Seeking Tax Alpha in Retirement Income”.

    Key Findings

    In this paper, we found that the Common Rule provides an important heuristic to guide better decisions in generating tax-efficient retirement income. Using it, we divided retirees into the following three categories that appear in the figure below. Then, we define tax alpha as the additional annual investment return necessary for the Common Rule withdrawal strategy to meet the same portfolio longevity or bequest as an optimal strategy.

    Using the Common Rule as a heuristic when seeking tax alpha.  Source:  DiLellio and Simon (2022)
    Using the Common Rule as a heuristic when seeking tax efficiency. Source: DiLellio and Simon (2022)

    This chart shows that three regions must be considered with separate algorithms to maximize tax efficiency in retirement income. The opportunity for tax efficiency is highest in the middle region, where the retiree and their spouse have sufficient, but not excessive, assets to support their retirement income needs.

    Sensitivity Analysis

    We also conducted a sensitivity analysis to determine how varying our input values, like asset allocation, may affect outcomes for tax alpha. The chart below shows how the baseline of 0.54% per year changes when inputs are varied.

    Sensitivity of Tax Alpha to input variations.  Source: DiLellio and Simon (2022)
    Sensitivity of tax alpha to input variations. Source: DiLellio and Simon (2022)

    The chart above confirms that higher future taxes and bond interest taxed as ordinary income leads to higher alphas. Also, and somewhat surprisingly, the rate of return of stocks and bonds didn’t change outcomes very much.

    What’s your tax alpha?

    We invite you to see your tax alpha using our online calculator. Just change the inputs to match your specific situation, hit the “Find Optimal Withdrawals” button at the bottom of the page, then scroll down when the calculations are complete to see your personalized result.

    We hope you find this research helpful in planning for your future retirement income needs!

    ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
    ETFMathGuy is a subscription-based education service for investors interested in tax-efficient investing with ETFs

    Asset Correlations in 2022

    In 2022, many long-term trends in asset correlation appear to be changing. In this post, we discuss the longer-term trends in several popular asset class correlations and highlight recent changes that continued from the first half of the year.

    Short-Term Correlations and Long-Term Trends

    The stock and bond markets continued their downward slide this month. The iShares Core S&P 500 losses for 2022 reached 24%. In addition, the bond markets continue their losses for the year, with the iShares Core U.S. Aggregate Bond Market ETF down about 15%. This latter result is quite surprising, given the long-term correlation between the stock and bond market is 5%, but has recently grown to over 40%. Thus, the stock and bond market returns are more similar than they were in the past, so provide fewer diversification benefits. The chart below shows this upward trend in the correlation between the stock and bond markets in blue. The horizontal dotted line shows the long-term correlation from returns dating back to February 2004.

    90-Day Asset Correlation of Total Returns against the S&P 500 Index
    90-Day Asset Correlation of Total Returns against the S&P 500 Index

    Asset Correlation Among Other Sources

    The chart above also highlights the diminished effect of other sources on a portfolio’s diversification. For example, international equities are often sought for their diversification benefit. However, the long-term correlation of 88%, which also appears in this figures legend, hasn’t changed much this year. Bitcoin’s long-term correlation is 21%, but this correlation has steadily grown to over 60% this year. The one asset that has performed well this year is a direct investment in the U.S. Dollar ETF, ticker UUP. Long-term, the dollar has an insignificant correlation to the S&P 500. However, in 2022, the dollar’s correlation to the S&P 500 has grown significantly negative, as interest rate rises have increased demand for U.S. dollars. The chart below shows the total return of the five ETFs discussed here.

    2022 year to date returns of a variety of assets classes
    2022 Total Returns for ETFs associated with the S&P 500, Bonds, International, Bitcoin, and U.S. Dollars.

    Given the economic pressures creating these effects on the markets, the remainder of 2022 may continue to surprise investors. In particular, asset classes that formerly had low correlations to the stock market may continue to diverge from their long-term values.

    ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
    ETFMathGuy is a subscription-based education service for investors interested in tax-efficient investing with ETFs

    Mitigating the effect of the Widow’s Penalty

    During our webinar earlier this year, we highlighted one of the retirement income challenges called “The Widow’s Penalty”. This situation occurs when the surviving spouse is filing taxes as a single, instead of married filing jointly. In this post, we elaborate on the effect of this penalty on a fictitious couple we call John and Jane and show that tax-efficient retirement income can help mitigate its effect.

    Case Study for John and Jane and the widow’s penalty

    The bulleted list here summarizes John and Jane’s situation at the start of their retirement.

    • John and Jane retired this year in a community property state.   
    • John is 65 and has a life expectancy of 80.  Jane is 62 and has a life expectancy of 82. 
    • Their after-tax retirement income needs are $150,000 per year, reduced to $140,000 per year for the surviving spouse. (Today’s dollars)
    • Both have RMDs starting at age 72. 
    • Their heir’s marginal income tax rate is 25%.
    • John and Jane both have retirement assets tax-deferred ($800k, $100k) and tax-exempt accounts ($400k, $50k). John owns a taxable account valued at $1M with a cost basis of $300k in stocks and $272k in bonds.
    • Their asset allocation is 60%/40% stock/bonds in all accounts, and they increase bond allocation by 1% each year. 
    • John and Jane have annual pension income starting at age 65 of $18,500 each, and social security income starting at age 67 of $11,000 each.

    As we showed in our previous post, if Jane is the surviving spouse, she can realize an additional 0.55% of investment return by drawing down from a mix of taxable, tax-deferred, and tax-exempt accounts. But, can this benefit still be realized if Jane lives longer?

    Tax efficiency for a longer-living surviving spouse

    In the example above, Jane lived for five years as a widow so needed to file her taxes as a single. Re-running our retirement income calculator and increasing Jane’s retirement horizon yields the following results.

    Widow's penalty and opportunity for tax-efficient retirement income
    Widow’s penalty and opportunity for tax-efficient retirement income

    So, these results show that Jane can still increase the inheritance for her heirs if she lives up to 15 years as a widow. If she lives 25 years as a widow, she will exhaust all of her savings but will be able to increase her portfolio longevity by 3.5 years. Either of these situations is possible by not following the common rule for retirement account drawdowns but instead using optimal account drawdown decisions.

    Want to see how the widow’s penalty may affect your retirement plan? We invite you to try out our calculator to see how your heir’s inheritance or your portfolio longevity may improve!

    ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
    ETFMathGuy is a subscription-based education service for investors interested in tax-efficient investing with ETFs

    Cryptocurrency in 2022

    It has been a very difficult year for cryptocurrency investors. Here, we will discuss the recent trend of cryptocurrency returns. Also, we will highlight the current cost of cryptocurrency mining, and share some thoughts on the future of this asset.

    Cryptocurrency returns in 2022

    Year-to-date returns of Bitcoin, Ethereum, and the first ETF that tracks bitcoin futures (ticker: BITO) appear below. Like the stock and bond markets, all three of these assets lost value in 2022. Also, in our previous post on the risks of cryptocurrencies, the volatility of all of these cryptocurrency assets was significantly higher than the long-term historical norm of 15-20% for the S&P 500.

    Total returns for the  Grayscale Bitcoin Trust  (GBTC), the Grayscale Ethereum Trust (ETHE) and the first ETF linked to bitcoin futures BITO.
    Total returns for the  Grayscale Bitcoin Trust  (GBTC), the Grayscale Ethereum Trust (ETHE), and the first ETF linked to bitcoin futures BITO.

    Bitcoin miners

    Like oil, natural gas, and precious metals, there is a cost to “mine” bitcoin. Economic theory for commodities suggests that, when demand is constant, rising prices should increase production, since even less efficient miners can operate profitably. However, as prices drop, less efficient producers will exit, and less production of a commodity will occur, thereby stabilizing prices. That may be occurring now, as the price to mine one bitcoin is in the $20,000 to $34,000 range. As of July 31, 2022, the price of one bitcoin was within this range, with a value of $23,819.

    Production cost of bitcoin, the most popular cryptocurrency.  Source:  TradingView
    Bitcoin production cost. Source: TradingView

    The Future of Cryptocurrency

    The future of cryptocurrency remains uncertain. However, few expect these new innovations in decentralized finance to go away. Instead, we may see longer-term price stabilization, as the investment in mining produces enough cryptocurrency to satisfy demand. Such price stabilization may not entice investors seeking outsize returns but could help cryptocurrency gain wider acceptance if its volatility can also be reduced.

    ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
    ETFMathGuy is a subscription-based education service for investors interested in tax-efficient investing with ETFs

    Mid-year review of stock-based ETFs

    With the 1st half of 2022 now behind us, we devote this post to a mid-year review of ETFs in a variety of stock sectors. We also highlight some recent research on sectors that have historically held up well during periods of high inflation, and the benefit of time horizon when investing in stocks. We hope you find this mid-year review helpful!

    Record-breaking 1st half of 2022

    According to this MarketWatch article, the S&P 500 recorded its steepest 1st-half year loss in over 50 years. But, remember that the S&P 500 is a broad-based index consisting of many different companies across a variety of industries. In fact, there are 11 sectors in the S&P 500, which in order of size (and an ETF to represent them) are:

    • Information Technology (XLK)
    • Health Care (XLV)
    • Financials (XLF)
    • Consumer Discretionary (XLY)
    • Communication Services (XTL)
    • Industrials (XLI)
    • Consumer Staples (XLP)
    • Energy (XLE)
    • Utilities (XLU)
    • Real Estate (IYR)
    • Materials (XLB)

    Mid-year review of best and worst performing sector ETFs

    The chart below sorts the total return for the 11 ETFs identified above for 2022. As can be seen here, the biggest gains were among the energy sector (XLE) and the worst in consumer discretionary (XLY). Over this same period, the S&P 500 total return, measured by the iShares Core S&P 500 ETF (ticker: IVV) was -19.2%. Also, note that the energy sector was the only ETF here that saw a positive return, which is not surprising given the war in Ukraine and its impact on supply in the energy sector.

    Mid-year review of returns from 11 sector-ETFs in the S&P 500 Index
    Mid-year review of returns from 11 sector-ETFs in the S&P 500 Index

    Where will stocks go from here and what to do about it?

    Given the current high inflation rates, Derek Horstmeyer at George Mason University recently showed the following “inflation fighters” in his June 5th Wall Street Journal Article.

    Best performing sectors during periods of high inflation.  Source:  Derek Horstmeyer
    Best performing sectors during periods of high inflation. Source: Derek Horstmeyer

    Of course, the most prudent course of action may be to simply do nothing based on this mid-year review. Given longer investment horizons, the stock market is less likely to suffer losses. Based on Bank of America research, the chart below supports this fact.

    But, as this article notes, behavioral economists know that the pain of loss is greater than the pleasure of gains. So, the 2nd half of this year remains quite uncertain, as market volatility remains elevated.

    ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
    ETFMathGuy is a subscription-based education service for investors interested in tax-efficient investing with ETFs

    Using simulation to measure risk in meeting your retirement savings goals

    In our last post, we introduced a new calculator to help you forecast your retirement savings. Part of this introduction showed you how the uncertainty in the markets may affect your savings forecast. So here, we summarize the differences between the two simulation options available in our new retirement savings calculator: bootstrapping and geometric Brownian motion.

    Simulation of asset prices helps manage savings risks.  (The vertical axis is price. The horizontal axis is time.)
    Simulation of asset prices helps manage savings risks. (The vertical axis is price. The horizontal axis is time.)

    Why use simulation?

    Simulation, or often termed “Monte Carlo” simulation, is a scientific method to model future uncertainty using a random number generator. In the case of our savings calculator, it models the uncertainty of annual stock and bond returns. By running many simulation trials, each trial can represent one of many possible outcomes for investment returns over your planning horizon. Then, you can see what risk you may be taking in assuming a more pessimistic or optimistic account balance at retirement. For example, using default inputs to our model, a retiree can expect their future tax-deferred account balance to be likely more than $629,047, but likely not more than $1,073,058. (These values are based on default 25th and 75th percentiles. Our calculator allows these levels to be adjusted.)

    Simulation provides a range of possible account values and the risk associated with achieving them.
    Simulation provides a range of possible account values and the risk associated with achieving them.

    Bootstrapping

    The two most common approaches to simulation are bootstrapping and geometric Brownian motion. Bootstrapping uses historical returns of stocks and bonds, and randomly samples from them for each trial to develop simulated returns. For our model, we reconstructed annual returns for an S&P 500 ETF and aggregate bond ETF from 1989 to 2021. We used the same methodology described by DiLellio (2018). Retirees benefit from using bootstrapping since it preserves the historical distribution of stock and bond returns, as well as the correlation of their returns. In particular, extreme market shocks, like the financial crisis of 2008-2009, the dot-com bubble burst of 2001, and the Covid-19 pandemic of 2020 are all included when simulation uses bootstrapping.

    One approach to simulating future returns is termed bootstrapping, where we simulate returns by random selection from a set of historical returns. In our calculator, we use annual returns from an S&P 500 and aggregate bond index ETF from 1989 to 2021. This approach has the benefit that it accurately represents the past, including the large market corrections in the financial crisis of 2008-2009, the dot-com bubble bursting in 2001, and the global pandemic in 2020. You can read more about this simulation approach in this peer-reviewed research in DiLellio (2018).

    Geometric Brownian Motion

    However, what if the future isn’t entirely represented by the past? In this case, we can use the geometric Brownian motion (GBM) stochastic process to simulate future stock and bond prices. Why? Using a GBM permits you to dictate return behavior using a normal distribution of asset returns. This simulation approach gives the retiree complete control over future returns. And, the retiree can select volatility and correlations of stock and bond returns. Lastly, GBM is the foundation for the famous Black-Scholes Option pricing formula. Unfortunately, GBM does not capture extreme events well. The image below from DiLellio (2018) shows how the normal distribution does a fair job, but not a perfect one, of fitting stock and bond returns.

    Daily return distribution of stock (top pane) and bond market (bottom pane) indices. Two normal distributions are also shown, with volatility estimates using historical returns from 1989-2017. Reducing the volatility appears to provide a slightly improved fit near the center of the distribution, but worsens the fit in the distribution tails.
    Daily return distribution of stock (top pane) and bond market (bottom pane) indices. Two normal distributions are also shown, with volatility estimates using historical returns from 1989 to 2017. Reducing the volatility appears to provide a slightly improved fit near the center of the distribution, but worsens the fit in the distribution tails. Source: DiLellio (2018) Risk and reward of fractionally leveraged ETFs
    in a stock/bond portfolio, 27 Financial Services Review
    .

    So, which simulation approach is better?

    The short answer is “it depends”. Like any mathematical model, they both have their own strengths and limitations. Fortunately, you can use either of these models to develop your savings plan. In fact, we hope you consider using both, to best understand the risk of achieving your savings goals!

    ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
    ETFMathGuy is a subscription-based education service for investors interested in tax-efficient investing with ETFs

    Introducing Our New Pre-Retirement Savings Forecast Tool

    We just finished the development of a new savings forecast tool to help you in planning your retirement future. In today’s post, we will highlight this tool.

    Our pre-retirement savings forecast tool can help you predict your future savings.
    Our pre-retirement savings forecast tool can help you predict your future savings.

    Forecast your savings

    To determine your savings forecast, our online tool asks for a number of different inputs across the following categories.

    • Information about yourself, such as your current age, retirement and taxable account values, and future planned contributions.
    • Information about your spouse or domestic partner, such as their age, their retirement account values, and their future planned contributions.
    • Your savings horizon, in years, your current and future asset allocation, and your marginal tax rates.
    • Future rates for stock returns, bond returns, inflation and dividends.
    • Simulation inputs, such as number of trials, asset volatility, correlation and type of simulation used.

    Like in our retirement income calculator, simple menus walk you through each of these inputs, along with tips on what these inputs mean. When you are done, simply press the “Forecast Retirement Savings” button to see an automated report. The tool adjusts all values down for inflation so are in today’s “buying power”. Also, for those considering drawing down a taxable account assets prior to retirement, negative contributions may also be used to see what taxable account balance (if any) remains at the end of this planning horizon. Advocates of FIRE (Financial Independence, Retire Early) may find this feature especially useful.

    Forecast results

    Our savings forecast tool provides two perspectives on retirement savings. The first perspective is what to expect or a so-called “best guess” based on a deterministic forecast. An example of a 10 year forecasted account values appears in the picture below for a current 52-year old and their 50 year-old spouse. You can then enter these account values and cost basis information into our retirement income calculator.

    Our pre-retirement savings forecast tool can help you predict your future expected savings.
    Expected values for account values after saving for 10 years, Retiree and Spouse

    The second perspective is a probability distribution of future outcomes due to market uncertainty. Using 1,000 trials in a bootstrapped simulation with data from 1989-2021 for stocks, bonds and inflation, you can determine median (or 50th percentile) account values at the end of the planning horizon, along with visualizing the account values each year. Our software also supports geometric Brownian motion simulation, which can allow you to manually modify market returns and volatility, rather than sampling from historical values.

    Our pre-retirement savings forecast tool can help you predict your median future savings.
    Account values after saving for 10 years using bootstrapped simulation, Retiree and Spouse

    The final images produced by this tool are a distribution of outcomes for account values at the end of the savings horizon. To provide savers with specific results, we also include a table with pessimistic, median and optimistic account values.

    Our pre-retirement savings forecast tool can help you predict your future savings distribution.
    Distribution of account values after saving for 10 years, Retiree

    We hope you find this new tool helpful in planning for your retirement. Please drop us a message to let us know what you think!

    ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
    ETFMathGuy is a subscription-based education service for investors interested in tax-efficient investing with ETFs

    Survey results from recent webinar

    We wish to thank all the investors and financial planners who recently attended our webinar. The webinar was hosted by the Financial Experts Network on March 1, 2022, and entitled Seeking Tax Alpha in Retirement Income. If you missed the webinar, you are welcome to watch it again with the link below.

    Financial Experts Webinar hosted me as a presenter on March 1, 2022

    This webinar contained several useful additional resources. For example, you can download the presentation and my latest whitepaper. Also, you can access the detailed reports presented for Case Study #1  and Case Study #2.

    Survey Results

    We also wish to thank the many respondents to our survey at the end of the webinar. We had quite a mix of individual investors and financial services professionals respond, as shown in the pie chart below.

    Survey results for the type of user of our retirement income software

    Prioritization of new features and capabilities

    In the survey, we also asked about prioritizing new features and capabilities in our optimal retirement income calculator. So, here are the results, in rank order. Then, for any that were “close”, we assigned them with the same rank, to properly account for sampling error.

    RankFeature
    1Roth Conversions
    2IRMAA (Income-related Medicare Adjustment Amount)
    2State Taxes (as applicable)
    3 Reverse Mortgage
    3NIIT (Net Investment Income Tax)
    4Tabular format for later year income, taxes, and account balances.
    4Rental Income
    4Saving additional profile data for multiple retirees and spouses
    5Saving reports to the cloud
    5Estate Taxes
    The rank order of most preferred new feature to our retirement income calculator

    So, based on these survey results, Roth conversions were the clear leader on features sought-after. So, this will be the next feature we shall focus on in our retirement income calculator. To this end, we will be collaborating with Dr. Edward McQuarrie, Emeritus Professor at Santa Clara University. His latest research in this area is entitled “When and for Whom are Roth Conversions Most Beneficial? A New Set of Guidelines, Cautions and Caveats” and is available on the Social Science Research Network (SSRN). You can also read his work quoted at MarketWatch.

    While the benefits from a Roth conversion are often small and slow to arrive, a Roth conversion will almost always pay off if given enough time, i.e., for life spans that extend past 90 and so long as annual distributions from converted amounts are not taken.

    Dr. Edward McQuarrie, Emeritus Professor at Santa Clara Univeristy

    New calculators coming soon!

    We are also pleased to announce that there will soon be another free calculator to aid in retirement planning. The next calculator will focus on savings values prior to starting retirement and includes the use of a bootstrapping simulation, as mentioned in our post earlier in 2022. Stay tuned for the release of the new tool shortly!

    ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
    ETFMathGuy is a subscription-based education service for investors interested in tax-efficient investing with ETFs