Under Account Assumptions for the retirement account, you have three options for early withdrawals as seen [...]
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168 ArticlesHow do I enter an investment account without linking it?
Go to Cash Flow Inputs > Investment Accounts to add an investment manually. You can select from a variety of account types to add and you can then enter information such as the balance, contributions, and even [...]
When does the program update new tax brackets and tax laws?
The program is updated at the end of every year with new federal tax brackets. If there is a major change in federal tax rules at any time during the year, we will update those changes as soon as possible when they go into [...]
My salary will vary significantly over the next few years. How do I handle this?
Before retirement, the program only needs to know how much you save each year. So if the extra money will be saved, the best way to handle this is to enter it each year in the Additional Cash Inflows section as you see in the image below. In this example, there are two years where the salary changes significantly. This excess salary will be added to taxable accounts on a pro-rata basis, based on [...]
What happens if I set a return manually for an investment?
If you manually enter an annual return for an investment account, that number will replace the return normally pulled from the asset class or holdings you’ve assigned.For example, if you have assigned your account the “Growth Stocks” asset class, overriding the return means the system will ignore the default return for Growth Stocks and use the number you entered instead.Keep in mind, if you [...]
A few of my linked accounts are not updating. There is a warning image next to them. What do I do?
You can click on the warning image and the program will likely ask you to re-enter your login credentials. Many banks and brokers will periodically require [...]
Where do I change the inflation rate used? What about COLA for Social Security?
You can review and update the inflation and cost-of-living adjustment (COLA) rates used in your WealthTrace plan from Plan Settings.To change these rates:Click Plan Settings in the navigation menu.Select the Inflation & COLA tab.Enter the inflation rate you would like to use.Enter the COLA rate you would like to use.Save your changes.The inflation rate is used to estimate how expenses and other [...]
How should I enter a refinanced real estate loan?
The best way to model a refinance is typically to update the existing loan in the section rather than create a new liability.Open the existing liability and update the loan balance, interest rate, payment amount, term, and other details to reflect the refinanced loan.If the refinance includes closing costs or cash-out proceeds, enter those separately as a or , depending on how the refinance is [...]
Where can I change my personal information such as retirement date or life expectancy?
You can update your personal and retirement information from the Personal Information section in Plan Settings.To make changes:Click on Plan Settings in the navigation menu. Select the Personal Information tab.Review or update your:First and Last nameDate of birthRetirement dateSalaryAnnual raise Life expectancyAdd or remove a spouse, if needed.Your changes will automatically save.Keeping this [...]
Where can I enter/edit my tax assumptions?
You can review and update the tax assumptions used in your WealthTrace plan from the Plan Settings section.To access them:Select Plan Settings in the navigation menu. Click on the Taxes tab.Review or update your tax settings.Your changes will automatically be saved.For both before retirement and during retirement, you can choose to use WealthTrace’s estimated tax rate or enter your own tax rate. [...]