Not that you asked but in my first few days, here's a few things I've thought of...
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I have created a simple Jack and Sally Sprat planner file to experiment with the impacts of changes on net worth, spending, returns, etc.
I set inflation to zero for the base case and kept returns at 6%; not real world but a clean starting point;
If I have a lump sum business payout that will allow me to pay off my mortgage five years from now, how can I accurately reflect that in the software?
Two more questions:
1. We receive an annual payout from a business; it's not income in the traditional sense that one of us is employed and earns it but it is an income stream. What's the best way to represent this in ESP? I've put this in as an annuity under "Special Receipts"
We have two policiies. My wife's policy is a fully funded whole life policy worth $200K; she contributes nothing to it and it will pay to the estate when she dies. If I show this as life insurance, do I show it as a cash value of $200k?
How do you express/input after tax funds invested in a time locked investment which is sheltered from all taxes until it's withdrawn? I currently have it "other assets" but I fear that those funds are assumed to be subject to taxation during their tenure.
When we check for updates to the software we get an error message. The screen capture of the message we get is attached.
Can you help me understand what nominal rates of return control in the assumptions tab? It doesn't seem to be the total rate of return, but the 6% default value makes me think it isn't income generation.
While I understand the purpose/suggestion of life insurance, can I remove it from my annual cost? Perhaps the SW should just suggest the amount and the user can add the specific cost. Having the amount in the reporting is just confusing.
Let’s assume a primary, vacation and a weekend house. I would like to setup ESPlanner Plus to model selling any of them in a specific year. I’ve set these properties in the Real Estate screen however where does the cost show up? Does it lower Discretionary Spending?
I've recently received a cash inheritance which I entered in special Receipts as non-taxable. It is invested at a low interest rate but the amount is large enough that having it earn zero interest as a special receipt entry has an affect, albeit small, on my SOL and taxes.
I can create, rename, add, and delete assets to Monte Carlo portfolios, but how can I delete a portfolio?
Hi, I have a question about the estate calculation. In my example I am married and have 350,000 in housing equity and both my wife and I have bequests. Looking at the estate tabs, the full 350,000 housing equity is counted in both of our estates.
I don't quite understand how this calculation works. I entered 6% nominal return for retirement accounts, but on the Retirement Accounts Report the amount looks like 3% or less. 1st line is as follows:
Since life expectancy continues to increase, it seems reasonable that ESPlanner's maximum age of life (demographics tab) could be extended past age 110. Perhaps this would slow down some calculations, but I'm guessing this would only be for users who implement age 115 or 120 years.
owned numerous rental unit, unable to assign different rent to each respective property. They all show the same amount. When I input a new one, the program wiped out the old amount and all properties show the new revenue and expense. Does the property only allow 5 properties ?
I'd like to set up a 72t annuitization of some of my retirement assets. I've allocated a percentage in the Smooth Withdrawal window. I left everything to their default values in the Choice of Annuity screen.
I'm writing regarding the following appears in the 'help' blurb when viewing this tab in Retirement Accounts...you are asked to input
"Age of last contribution to retirement accounts."
Under Retirement Accounts/Smooth Withdrawals I'm given the option to reorder withdrawals from Individual Deductible Accounts, Employer Accounts and ROTHs. The program always spends from Regular Assets first. Is there an option to spend from retirement accounts first, then regular assets?