I am trying to raise our standard of living and raise consumption prior retirement by taking withdrawls from our retirement accounts starting at age 59 1/2. When I set these up on the retirement accounts, special withdrawls screen I would think the withdrawls would show up on the retirement accounts reports but they don't. What am I doing wrong?
I am adding a sunroom to my home this year. Is that a special withdrawal or a special expenditure or both? The special expenditure to detail the expense and the special withdrawal to pay for it?
Can the retirement accounts detail report be revised so that the individual, employer, and Roth account balances are shown separately? When tweaking special withdrawals, I can't tell how much remains in a specific account type. I only find out when the amount I schedule to withdraw doesn't happen. One can only infer that the specified account type has been depleted.
The above being only a report change and the data being known to the program, it shouldn't be too challenging.
For the benefit of others, I'll share an approach I just devised that seems to work well for me. Instead of assuming smooth withdrawal over my lifetime with an expected age of 100, I'm setting my smooth withdrawal end date to the year I'm 71. That's the year after I start withdrawing SS.
This works for me because my wife and I have retirement accounts of approximately equal value, she's a few years younger than me, and will continue working 3 years after I retire. In the current scenario, that's early 2018 for me and early 2021 for her.
I may have asked this before but don't remember the answer and can't find it here. The topic may help other users, anyway.
I record my salary as gross and my payroll deductions as excludable special expenditures. For the FSA deductions I record an offsetting tax-neutral special receipt. That allows modeling the tax and social security effects while still keeping the FSA money in my economy.