We're working on allowing easy modeling of Roth conversion strategies, as well as contingency planning for primary and vacation housing changes in case of early death of spouse or partner. Stay tuned...
- Survivor Reports - Run a report to see the impact of one spouse/partner dying unexpectedly.
- Reserve Funds - You can now set money aside so it isn't included in your spending plan.
- Added Dimensional Fund Assets so you can create investment strategies using historical returns information from these funds.
- Earnings, retirement account withdrawals, special expenses and receipts can now be set to continue until death date
- Added a setting for future change to Medicare Part B premium growth rate
- Improved guidance for correcting Social Security benefit information that is out of date when using benefit information in place of full earnings record
- Added reports under Net Worth section detailing household and individual Estate
- Allow Economies of Shared Living setting down to 1.4
- Added income from existing annuities to Progress Tracker
- Special expenses/receipts in PDF now appear in the same order as they do online
- Added warning about automatic enrollment in Medicare Part A and impact on tax deductibility of HSA contributions when applying for Social Security
- Added growth % and today's/nominal information to the summary view when showing monetary activity
- Added table/chart toggle to Risk Analysis overview charts
- Added Retirement Assets to the metrics you can choose from in the Compare tab of report
- Increased number of assets that can be assigned to investment strategy
- Allow roth first/last optimization even if a specific adult in family doesn't have both types of accounts
- If entering data in a specific order you could bypass warnings and add a non-covered pension when using Social Security benefit information in place of earnings history. This can cause inaccurate calculations and is no longer allowed.
- Going to Help Center from within initial family setup and then clicking Back would return to the very beginning of setup. Now it resumes setup where you left off.
- Survivor percentage fields for pensions were not appearing in PDF, they now are.
- Social Security benefits were not showing father/mother benefits for widowed situation. This is now fixed.
- Emerging Markets asset and others could cause errors in some situations during Monte Carlo runs. This has been fixed.
- Earnings prior to 1951 were causing errors with contingent planning enabled. They are now handled correctly.
We've added the ability to enter an additional monthly payment amount for primary and vacation home mortgages so you can see the impact of paying off your mortgage early!
MaxiFi Premium and PRO versions now include Contingency Planning, allowing you to plan for changes that should occur in your family's financial plan upon death of a spouse (or partner). For example, reduce or eliminate an expense or receipt, or perhaps retire at a later or earlier date.
Contingency settings are available for retirement date, future earnings, retirement account contributions, special expenses and special receipts. We will be making contingency settings for primary and vacation home available soon.
For more details about this change, see the User Manual.
- Increase upper limit on pass-thru deductions
- Allow users to project earnings growth more than 5%
- Provide more prominent help for explaining Social Security restricted applications
- Clarify that the behavior for "grow" an expense/receipt, etc., refers to multi-year items, not rollover behavior
- Add video explanation of lifetime utility maximization index
- Improve guidance around non-covered pensions
- Add FAQ about how MaxiFi derives adult equivalence for adults and children
- Improve visibility of dismissed items in MaxiFi adult/household overview screens
- Duration of Special Expenses could not be set to end at last year of life. This is now fixed.
- Real Estate could have "hidden" current mortgage data even if not yet owned. This is now fixed and any existing invalid data removed.
- Points entered in future housing changes were displaying improperly.
- Points entered in future real estate purchases were not converted from percent decimal to percent.
- State taxes have been updated to 2018 tables and rules.
- If Municipal Bonds Percentage was set at 100%, Base Plan would produce an error. This is now fixed.
The May 24, 2019 update to MaxiFi implemented a major redesign of how we handle capital gains on taxable assets in the regular asset account and capital gains on bequests. In the past, we realized future capital gains as they were accrued, i.e. in the year they were earned and assessed capital gains on bequests. With that update, we now realize capital gains on a pro-rata basis when they are withdrawn from the regular asset account and we exempt death bequests from capital gains.
For more details about this change, see this page in the User Manual
- 529 Education Savings Plans are now supported
- Added Index of Expected Lifetime Utility report to Living Standard Monte Carlo Risk Analysis
- Added detail about total number of trajectories in Risk Analysis failure messages
- Added Per-Adult Living Standard to drop down in report Compare tabs
- Changed maximized plan to default to no spending reduction limit
- Added tax settings for partnered families to indicate share of regular assets owned by each partner and share of
tax-deductible housing expenses paid by each partner
- Added Downside Analysis section on Risk Analysis overview report
- Override flag did not appear in left-hand navigation of alternative profile for overridden Social Security dates
- Tax Detail report was not showing data after year first spouse died
- Tax Detail Report - See additional detail about the numbers underlying our tax calculations in each year of the plan.
- Improve navigation within family data area to highlight adult and household overview pages and reduce visual clutter
- Add FAQ about how to model paying off mortgage early
- Add time-based distribution comparison chart to Risk Analysis overview report
- Alternative profiles end up in wrong order when duplicating client data (PRO)
- Spousal benefit filing date is shown even though there are no actual spousal benefits when there are mother/father benefits
- Unrealized capital gains handling in Monte Carlo incorrect
- Logic for displaying whether Social Security was maximized is flipped in PDF
- Update common assets with 2018 return rates
- Update PDF generation libraries for better scalability and maintainability
- Provide more sensible error message when Retirement Benefit date must be FRA if collecting Disability Benefit
- In Compare tab of MaxiFi Comparison report reword "Withdrawals" to "Retirement Account Withdrawals"
- Improve ease of users finding how to renew within the app
- Add FAQ about how to deal with unrealized long term capital gains
- Add FAQ about how to model moving into home you rent
- Add FAQ about small budgeted expenses
- Cost of selling homes in alternative profile does not override base
- Monte Carlo Failing with IEEE error
- Setting all charts to same scale in Risk Analysis results no longer works
- Update cash and inflation return rates for 2018, allowing custom assets with 2018 return history
- Error message not displayed when report fails due to secondary role having out of date benefit information
- Periodic out-of-memory errors when processing risk analysis results
Federal tax, Social Security, and Medicare updated for 2019
- We now allow for multiple annuities per person
- Increased number of allowed alternative profiles to 12
- Status/override flags in left-hand navigation now update immediately as data changes
- Provide better guidance for users who attempt to import to MaxiFi from MMSS but already have family data
- Base Profile should always be listed at top of profiles drop-down list but is not when family duplicated
- Auto-dismiss side menu when on small width
- Ask about import from Maximize My Social Security as first step of MaxiFi family setup
- Provide useful error message when a base item can't be deleted due to dependent items in alternative profiles
- Add Real Estate Income and Spending to the Progress Tracker
- Allow Social Security Widow(er) Benefits to start month individual turns 60
- Combine parent/child earnings deductions in reports for non-married/partnered family
- Allow more than 5 changes of expectations in items such as future earnings, retirement contributions and withdrawals, special expenses and receipts
- Default Annuity Survivor field to 50%
- Improve error message for unsustainable consumption
- Provide chart view of Standard of Living and Life Insurance tabs in plan report
- Add mortgage detail to housing summary cards
- Provide spinner to indicate Excel is loading when downloading
- Strengthen confirmation message when deleting family data
- Change default rate of return for retirement accounts to 3.5%
- Retirement Annuity Income for second adult in Comparison report is missing "income" in label
- Entering existing retirement benefit displays validation errors in "Modify Planned Dates" panel
- Entering anything other than 0 or 1 in growth field results in inaccurate browser validation message
- Real Estate Property future purchase value of 0 causes long run then error
- Imbalance in lifetime Present Values due to bequest in excess of housing equity
- "Data Binding Failed" error when housing Condo Fees blanked out
- Focus jumps to bottom of table when entering data in Living Standard grid
- Setting change not reflected after leaving settings screen and returning
- Mortgage interest rate for future home sales does not handle thousandths of percents
- Second home shows in PDF as "not owned/rented" even though it is
- "Two people live as cheaply as" should not be labeled with %
- RealEstateSaleTypeEnum_FROM_VALUE key shown in PDF
- Error on Maximization report where progress says complete, but the report is not done
- Compare tab reports don't work properly when maximum ages in alternate profile are different from Base profile
- Social Security screen messages do not update if a pension is changed from non-covered to covered
- Clearing existing retirement or disability benefit does not appear to clear benefit used in place of earnings
- Real interest rate not displaying under Account > Default Assumptions
- Allow users to duplicate an Alternative Profile
- Add Per Adult Living Standard to reports
- Add Standard of Living Index setting
- Add Cost of Children setting
- Add setting for "two can live as cheaply as"
- Implement Percent Change in Survivors' Living Standard setting
- Ex spouse's Social Security dates could potentially be deleted when Social Security dates in an Alternate Profile were restored to Base settings. This has been fixed.
MaxiFi Planner now incorporates changes brought about by the new tax law, known as the Tax Cuts and Jobs Act of 2017 (TCJA). See our feature highlight for more information on these important changes.
- We now provide an alternative way of importing your Social Security earnings -- using the XML-formatted file available from your Social Security Administration account.
- Allow sale of primary residence and vacation home.
- TCJA: Ask whether mortgages are grandfathered into $1M deduction limit.
- TCJA: Allow users to provide deduction amount for pass-thru income
- TCJA: Allow comparisons of pre-TCJA, TCJA expiring as written, and permanent TCJA.
- Add Condo Fees to list of real estate expenses
- Add Back/Previous buttons to initial setup and results screens for improved navigation
- Reduce user confusion during setup by scrolling to top of page when "save and add another" is clicked
- Always show 'Reports' navigation item
- Improved stability and reliability of our infrastructure for running plans and producing reports.
- If you dismissed a category during setup as "Not Applicable" but then added an item to that category in an Alternate Profile, the item would be hidden from view if you merged the Alternate Profile to Base. This is now fixed.
- A divide by 0 error could occur in certain rare situations, resulting in a cryptic error message. The error has been fixed.
- After resetting all Settings and Assumptions, it would still appear as if they were overriding default settings. This has been fixed so the view refreshes and you can see that all settings have indeed been reset to default.
- Future Tax Change settings were not working correctly but have been fixed. In addition, we now allow setting state tax increase or decrease of 100% to allow for modeling of doubling or elimination of state taxes.
Updates for Taxes and Social Security:
- Estimated the 2017 CPI-U. The 2017 annual CPI-U will be available in late Jan 2018.
- Standard annual update for Federal taxes under the existing law without the Tax Cut and Jobs Act (TCJA) of 2017.
- Updated 2018 federal tax brackets, deductions, exemptions, and AMT.
- 2017 Form 1040 and 1040 Instructions are not yet available. Qual Div & Cap Gns WS and EITC will be updated later.
- Federal Tax Form 8582 - Updated bracket data to 2017.
- Social Security Annual Update - 2018 Substantial Earnings for the WEP are not available at this time.
- Annual Update of Medicare Part B parameters for 2018.
The new Real Estate module allows you to enter information about multiple properties, including mortgages, expenses, and receipts.
The Vacation Home feature allows you to specify a current or planned vacation home along with changes to that home.
We've also added support for annuities that don't use retirement account assets.
- Allow descriptions for pensions.
- Hide or downplay rollover alerts for unmodified base events displayed in Alternative Profiles
- Display alert indicators next to items needing review in profile left hand navigation
- Add indicator in left hand navigation on Alternative Profiles for changed items so it is easy to zero in on changes in a profile
- Preview of unmodified Base Plan money activity from an Alternative Profile can be inaccurate. It is now accurate.
- Maximum and minimum validation on mortgage loan balance not working. This is fixed.
- Sort order of items in MaxiFi Base Profile multi-item screens is not stable. These now always sort in order they were added.
- After changing person's death year, the old death year still shows up in activity panels such as Future Earnings and Retirement Contributions. This has been corrected so the death year updates immediately.
- Maximized Social Security dates can cause error when applied to base plan if base has suspend/reinstate dates and Maximized Plan does not. This is fixed so all dates are applied correctly.
- Can create an Alternative Profile from top menu even if no base plan yet. This is fixed so you can only create an Alternative Profile if you have run the Base Plan.
- Importing family from Maximize My Social Security to MaxiFi results in Base Profile called "Your Plan" instead of "Base Profile". The profile is now named properly.
- Clicking on Comparison Report icon from Base Profile dashboard results in error and no comparison. We now no longer allow clicking on the icon.
- In divorced cases, Social Security Widow(er) benefits sometimes not shown or show incorrect date. This has been fixed.
- RMDs for retirement accounts were not calculated if no current retirement assets. This now works even if no current assets in the accounts.
- Benefit dates associated with past earnings do not display after saving in MaxiFi Social Security screen. This has been fixed.
- "Could not find profile object" error when attempting to import Maximize My Social Security data into MaxiFi. The import works correctly now.
- Provide 'Add Profile' button in profiles menu so easier/clearer creation of Alternative Profile.
- Future inflation rate changes entered in settings and assumptions were not being applied to earnings. This is fixed.
- The PDF report would show Yes when should say No for Pension covered by social security. The correct text is now displayed.
- Bequest and Funeral Expense settings were always from Base Profile. They will now be set from Alternative Profile if overridden there.
Alternative Profiles allows you to create multiple "what-if" scenarios to refine your plan.
Considering a change in jobs, moving to a different state, or early retirement? Want to see how different inflation or return rates impact your finances? It's easy to see the impact over your lifetime.
Just run different scenarios and compare results side-by-side with your Base Plan.
Alternative Profiles lets you:
- Build from your Base Plan––change only the data you choose
- Run a side-by-side comparison report––see how discretionary spending changes
- View side-by-side comparisons for dozens of other elements in your plan
- Download detailed PDFs or Excel spreadsheets of the Base and Alternative Profile Plans
- Save up to 6 Alternative Profiles
Look for the "Add What-If Profile" button on your family overview screen.
- Implement logic for flagging or automatically updating date-sensitive data after change in year.
- Allow entry of negative Real Appreciation Rate for housing.
- Add future rate of return setting for Regular assets.
- Add retirement account future rate of return settings.
- Add Future Tax Change settings to MaxiFi.
- Add setting for future change to rate of Inflation.
- Show explanatory note in profile Inputs section of MaxiFi PDF if there are no inputs.
- Child and Mother/Father Benefits were showing up when max age is the same even if no benefits. This is corrected.
- Annual Income and Spending Table was missing from PDF. This has been added.
- Error when clicking 'Client List' menu from Help or Account. This now works properly.
- Employer contributions should not be displayed in the Year-at-a-Glance report, only Employee contributions. This is implemented.
- Cancelling during the add process for ex or deceased spouse takes you to wrong overview screen. This now goes correctly to family overview.
Estate Planning: You can now specify special bequest amounts and expected funeral expenses to aid in estate planning.
- Collect date of divorce when necessary to ensure accurate Social Security maximization.
- Improve Usability of Social Security Widow(er) benefit dates by only requiring entry for survivor.
- Show clear warning in report if life insurance is limited by age.
- Change Excel download method to avoid false threat detection by McAfee.
- Show real rate of return on MaxiFi Lifetime Balance Sheet report.
- Add section headers/footers to MaxiFi PDF report to indicate current plan.
- Move Account subtabs to Account submenu.
- Allow deceased spouse's year of death to be changed.
- MaxiFi should say "last year of earnings" instead of "retirement age" on deceased spouse's detail screen.
- Scrollbars in earnings grids do not display on iOS if there is overflow. This was fixed by removing scrolling and always showing full grids on narrow-width devices.
- Errors when changing family name are not displayed to user. They are now.
- Horizontal progress indicators do not collapse properly on small screen widths. This was fixed by removing labels on narrow-width devices.
- Entry of long family names causes unexpected errors or inaction. Validation was fixed and messages display correct now.
- Child Social Security benefits were not included in Year at a Glance report. They are now.
- Numbers in progress indicators misaligned in IE 11. This is fixed.
- Negative Consumption error message not displaying, instead cryptic "ENOENT". We now display a better error message.
- "Value is not a decimal" error when setting Annuity Growth Rate to zero. We now allow zero.
- Annuity Income not included in Income breakdown in Year at a Glance report. It is now.
- Cannot add category to Progress Tracker if none already on overview screen. This is fixed.
- "IEEE_INVALID is signaling" warning causing failure of Base Plan run. This is fixed
- Annual Increase/Decrease in money activity widgets affects number from current year even if start is future. Growth is calculated correctly now, starting in start year.
- Incorrect mortgage data causes segfault - shows 'Unknown error' to user. Data validation was improved and we display a friendly error message now.
Progress Tracker: When you're happy with your plan, set up your Progress Tracker for the year with a few clicks. This tool helps you visualize and stay on track with your income, spending, and saving targets for the year. You can review and update your progress at any time from any device, or export your targets and transactions to Excel.
- Allow decimal in Monthly Mortgage Payment for greater accuracy.
- Increase length of time for a user to react to a session refresh dialog before logging the user out.
- Do not display Social Security Spousal and Widow(er) benefit columns in report for Partnered cases.
- Implement "Cost of Selling homes" setting.
- Make chart/table toggle more obvious in MaxiFi detail reports.
- Change default spending reduction limit on Maximization report to 25%.
- Life insurance needs could cause Base Plan to be better than Maximized Plan. This is now corrected.
- Added ability to constrain Maximization Plan to only plans that meet or exceed Base Plan in all years.
- Do not display Social Security Spousal Benefit and Widow(er) Benefit dates in what-if panel for partnered cases, they are not necessary.
- Add Year-at-a-Glance Report to provide summary of all activity for a year.
- Allow user to indicate age at which they will no longer purchase life insurance.
- Purchase price value for change of home missing. This is fixed.
- When spouse indicates a monthly Social Security disability benefit, annual amount was subtracted from regular assets. This is fixed.
- Unrealized Cap Gains changes were not impacting report. The data is now being reported correctly.
- Incorrect assets were being shown in some cases after spouse death. This is now working correctly.
- Progress in maximized report could sometimes exceed 100% and fluctuate at end of reporting period. The percentage progress is now functioning properly.