Many retirement savings calculators are available online. Through this interview with Mark L. Fox, creator of Nestegg Retirement Planning Software at http://nesteggsoftware.com., we hope to discuss the applicability of his retirement savings calculator to ease our concerns for our top retirement wishes -- Will my money last during retirement?
Mark has an undergraduate degree in Chemical Engineering with an MBA and is an ex-rocket scientist. He builds his own airplanes, hot air balloons, has written a book, "Da Vinci and the 40 Answers" on creativity.
He also teaches multiple workshops on creativity including Word of Mouth Marketing.
We hope you enjoy this discussion with Mark on his latest venture to help individuals plan for their retirement through the use of retirement savings calculators.
1. Hi Mark. Thank you for taking time to talk with us about your product. Before we begin discussing the Nestegg Retirement Planning Software, would you mind starting off by giving our readers information about your background?
I am an entrepreneur, author, and leading authority on teaching practical creative thinking techniques for business. At age 31, I was the youngest person with the title of Chief Engineer on the Space Shuttle Program. For the past decade, I have been involved in many different start ups and businesses including Nest Egg Software.
Nest Egg Software is much more than just a calculator, but at the same time it is not too complex for the average person to start to use it quickly. It is primarily a planning tool for people who are 5-20 years from retirement, but it is also valuable for folks already retired since it allows you to fully monitor your nest egg before and after retirement.
Most people have a pretty good idea of how much they will need in retirement, but they don’t know if they have enough saved to last their lifetime and still do the things they want to do. This software allows you to change many different variables, such as, retirement year, desired income, growth rates and see the results instantly.
We developed it by starting with a software platform that my personal financial planner had developed for his practice. He used it to conduct financial reviews with his clients. We have taken that basic package and developed it further making improvements for individuals, financial planners, businesses and organizations.
Have it become a household name and be the “go to” retirement calculator on the internet. Nest Egg Software is a very powerful tool. We are giving it away for free to consumers so they can see their future in 15 minutes just like so many others already have. Also, it is a great application to use to make sure you are on track by updating your portfolio numbers periodically, seeing the impact of those changes, and if you are still on track with your retirement plans.
We plan to be the most popular retirement calculator on the internet. We plan to accomplish this by given the best, powerful, but yet easy to use application available – for FREE. We are just getting started, but we expect to continue to grow the number of users exponentially. Currently we are seeing an enormous growth rate in new accounts.
Not only is it completely free for consumers, but we also offer a portfolio analysis for FREE as well.
And no this is not a sales tactic where were pressure you to buy something. We simply look at your current status and give you our feedback and suggestions from our team of experienced financial planners.
Free advice can’t hurt.
Why would we do this?
Because we know some percentage of folks out there will really like our planner’s ideas and insights and perhaps in the future if and when they have financial needs, they will turn to our team for help. Again we offer this free portfolio analysis with no sales pressure what so ever.
Of course we would like to make a profit from the software as well. We put a boatload of $ in to the development of it. We plan to do that by selling the financial planner version for an affordable monthly fee and to sell rebranded turn-key solutions to corporations and organizations for a fixed cost. Many HR departments see Nest Egg Software as an inexpensive benefit for their employees. In times where so many corporations are taking benefits away, Nest Egg gives them a cool benefit at literally pennies per employee. Government organizations love it because the employees don’t have to download anything, which is a huge benefit for organizations with strict firewall policies.
Dashboard of Baskets
4. How is your retirement savings calculator different from other online calculators that are available on the internet? In addition, how does it compare with the T Rowe Price Calculator, which is one of the staples of the online retirement savings calculators?
The main difference is the flexibility, intuitive graphics, and ease of use.
As far as T Rowe Price, we need to be careful with very much criticism, since we expect them to be one of our Nest Egg Corporate clients in the future.
However, their tool requires you to enter a yearly salary income of at least $15,000 or you can’t go to the next step, i.e. use the tool. If you are retired or don’t have a current income, you can’t use their calculator.
The biggest issue is that it does not allow a basket strategy (some call it a bucket or ladder strategy) which is the key to retirement planning. Not all money is created equal. You have short, medium, and long term baskets of money each with its own expected growth rates and that money needs to be treated differently in the software.
The Nest Egg graphics are far superior to T Rowe Price’s calculator.
They do claim to do some Monte Carlo simulations in the background which some users may find beneficial. We chose not to do that with Nest Egg Software. Most people do not understand what that means and what the risks are associated with “math in the background”. We think the Basket Strategy with “in your face” numbers makes more sense.
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