- Creating a new alternate profile from the results of a Maximized Plan was only working when performed from the report details screen. This now works on the "slideshow" flow as well.
Semi-annual update to default inflation and nominal interest rates
Happy New Year! Here are some updates to start the year:
We've made several important improvements to our handling of Social Security benefits for children:
The following items are now fixed and working as expected:
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.
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 With that update, we now realize capital gains on a pro-rata basis when they are withdrawn from the regular asset account and we exempt death bequests from capital gains.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
Federal tax, Social Security, and Medicare updated for 2019
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.
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.
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:
Look for the "Add What-If Profile" button on your family overview screen.
Estate Planning: You can now specify special bequest amounts and expected funeral expenses to aid in estate planning.
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.