Tag: myNestEgg

Categories
401k and Personal Finance iPhone app

Some myths on retirement savings

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During the annual benefits enrollment a while ago, I knew health insurance premium would go up quite a bit in 2011. So what can I do to offset that premium increase? Decrease the savings for 401k?

Just kidding. Over the years I have seen a lot of confusions and myths on the 401k savings. For me personally, I started my job without enrolling into the company 401k plan for slightly over a year. When I started to enroll, then came the questions such as saving percentage, and fund choices.

How much should we save in 401k (percentage-wise), should we just save enough to get employer match?
I read this article from Yahoo Finance a while ago 3 Ways to Get Free Money for Retirement, and I recommend it. Ultimately how much to save depends on how much we want to get after retire, and the investment return rate. My iPhone app myNestEgg is trying to get some mystery out of this process. For me personally, I’m now putting 15% of salary into 401k.

Social security, how much can we expect?
Unlike some of the rhetoric on topic, such as “Social Security will go bankrupt”, or “Social Security will not be there when we (gen X) retire”, I do have some faith on this program. I think I can count 30% of the retirement income from social security.

How much should I save?
I feel 70% of the “income ratio”, as shown in my iPhone app myNestEgg, is probably good enough.

Orange_keyboard_clear_2010-08-29

Categories
iPhone app

myNestEgg v 1.3 released

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This is to fix a show stopper problem in v 1.2, as pointed out by one of the users. The problem happened after a user used the keyboard to input data (dismiss the keyboard by tap background), the app will add a comma to “beginning savings” and “salary”. This causes confusion and mis-calculation down the road.

The problem is fixed now in v 1.3. The user needs to update the app to get the fix. In some cases you may need to re-enter the “beginning savings” and “salary” if those numbers are no longer correct in the app. Please let me know if you have any problem.

I am sorry for the inconvenience it may have caused, and wish all a good holiday.

Categories
iPhone app

myNestEgg 1.2 released

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Known problem in version 1.2
(11-21-2010) I received a user bug report this morning: the calculation results is not right due to the extra comma separator in “beginning savings” and “salary”. I fixed the problem this afternoon and submitted the binary (version 1.3) to App store. Stay tuned.

myNestEgg_bug_1

What’s New in Version 1.2
1) Add new icons for the tab bars (the 3 bars at the bottom);

2) Add “shake” function to “Settings” tab bar. When at “Settings” tab, if the user shakes the phone gently, the rates will reset to default values: 7% annual investment return, 2% annual inflation. Note the user still needs to tap “Set Rates” button to make the rates take effect.

3) Fix the minor problem where the inflation rate picker moves when the user switches to the “settings tab”. Note this behavior has not affected calculation results.

I just found a bug shortly after the release. If someone reports the problem to me, he/she will have the opportunity to win the $25 Amazon gift card.

Categories
401k and Personal Finance iPhone app

Earn $25 filing a bug report, enhancement request, or user story

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for #iPhone #app #myNestEgg ~ the retirement calculator (link at iTunes store) and receive an Amazon gift card (one winner per category).

I am starting this mostly for fun, three categories ($25 per category):

bug report; enhancement request; user story

Send email to uudaddy(No Spam) AT gmail DOT com. This runs until Dec 31, 2010. One entry for one person.

How the prize being determined
My 7 months and a half daugher gets to decide 🙂

Seriously, I will decide according the merits.

AmazonThankYou2010-04-27 myNestEgg_12_2010-10-25_2

Version 1.2 is coming
Just in time for annual benefits enrollment. The following is a glimpse. Note I purchased Glyphish Pro icons this time. So hopefully you can show this app to your friends without being embarrassed for lack of icons in version 1.0/1.1

F.A.Qs

Continue reading “Earn filing a bug report, enhancement request, or user story”
Categories
iPhone app

myNestEgg 1.1 released yesterday

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I know, I know, I am a little late making the announcement. But I was fighting a small battle.

Anyway, the latest and greatest is here. It has all the goodies of version 1.0 plus the following new things:
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Fix the problem in “email results” when income_ratio is larger than 100%, the email results shows 100%. Now it shows the correct number.

Set default inflation rate to 2% (was 1% before the change); set default investment return rate to 7% (was 6% before the change). We believe the new numbers are more realistic numbers.

Change the calculation of inflation adjustment to fix the “divide by zero” problem in some cases.
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