WealthTrace uses the full annual income and expense amounts you enter in your plan. However, for the current year, only the amount remaining for the year is displayed in your projections.For example, if you enter $36,000 in annual Social Security income, WealthTrace uses the full $36,000 for the current year but only displays the prorated amount expected for the remaining months.Your full annual [...]
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126 ArticlesWhere do I enter a mortgage expense or Other Loans?
A mortgage or other loan should be entered in both the Liabilities and Expenses sections. The liability tracks the outstanding loan balance (affects net worth), while the expense accounts for the payments made from your plan.Add the Mortgage as a LiabilityClick on Cash Flow Inputs on the navigation menu. Open the Liabilities section.Add a new liability.Enter the loan balance, interest rate, [...]
Can I view investment projections, such as projected balances, by each investment account?
Yes, you can view several projections broken out by each investment as you can see in the screenshot [...]
Does the program take into account tax deductions for long-term care expenses?
It does not. You would have to reduce the expense amount of the long-term care to compensate for any savings in [...]
Where do I add contributions to my investment accounts?
Enter annual contributions under Cash Flow Inputs-->Investment Assets as seen in the screenshot [...]
Does the program take into account the Net Investment Income Tax on capital gains and dividends?
The program calculates whether this tax should be applied to capital gains and dividends. In the Cash Flow Projections section (screenshot below) you can see if this tax affects [...]
How do I add a company match for my 401(k) account?
You can enter a company match for contributions to a 401(k) plan as seen in the screenshot below. The match is based on a percent of your contribution. In the example below, the company match would be 0.06 * 20,000 = $1,200. The match is limited by the Max. Match (% of Salary). If the Max. Match is set to 25% and your salary is $100,000 per year, the company match cannot go over [...]
How do I view projections by each investment account?
You can view a variety of projections by each investment you own as seen [...]
Should I enter my Social Security estimate in today’s dollars or future dollars?
When entering Social Security income in WealthTrace, enter your estimated benefit in today's dollars.This is the amount currently shown on your Social Security benefit estimate.Why Social Security Is Entered in Today's DollarsThe Social Security Administration generally presents estimated future retirement benefits in today's dollars.That means the estimate reflects the purchasing power of the [...]
Where do I add an HSA investment if I want to add it manually.
You can manually enter an HSA investment in the Taxable & Tax-Advantaged section as seen [...]