Our next planned major feature is Monte Carlo, allowing you to see the range of discretionary spending outcomes your plan produces based on a Monte Carlo analysis of market performance with different portfolios.
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.