I plan to retire in approx 3 years and want to model refinancing my mortgage at that time (after having made extra payments during those years). I don't see how to do that in ESP.
Ask a Question
Use this Question Forum to ask questions about how the software works, how to model different "what if" cases, or other user-related question. If you have a support issue (something seems to be wrong with the software) then please create a support ticket. How to browse this forum: SCROLL and click titles to read complete question/answer, use the FILTERS below, pick from TOPICS on the list at right (think of them as folders), use the SEARCH BOX (see also "advanced search" when you use it), choose from RECENT COMMENTS at the right below.
Registered users may create a question here.
Will ESPlanner offer a web-based version of ESPlanner ($149 version)? If yes, when will this product be available for purchase?
Re: Maximize My Social Security (MMSS)
How do you model 1031 Exchanges on real estate? I have a property that I will be selling next year and purchasing a new property with and the program is currently estimating taxes on the sales price.
I've entered my regular assets and they are showing up correctly on the "Inputs and Assumptions" page. However, on the net worth and Regular Assets reports (under "Suggestions") they are shown as being 28% lower.
I have found that if I set the borrowing constraint to $50,000, that ESPlanner is unable to provide a Lifetime Smooth Consumption Amount. Instead, it provides four very different Smooth Consumption Amounts for 4 distinct periods (e.g., 2016-2021, 2022-2025, and 2016-2027, 2028 and later).
I sold my primary home in 2015, and am living in my vacation home full time for the next 3-5 years.
I plan to buy a new Primary Home in 2021.
Here’s how I modeled this in ESPlanner:
The ESPlanner manual says on page 5 that you can customize the software by using the HELP drop down menu, choosing Customize, and entering global program settings. When I go to Help, there is no option to choose Customize.
I have a Cash Balance Plan defined benefit pension. It's defined contribution by the employer while employed, then the balance is available to me as a defined benefit at retirement. The cash balance can be used to purchase an annuity or taken as a lump sum and rolled over to an IRA.
I am adding a sunroom to my home this year. Is that a special withdrawal or a special expenditure or both? The special expenditure to detail the expense and the special withdrawal to pay for it?
What I have concluded is that the Basic version (at least) does not calculate life insurance correctly in situations in which credit constraints make it so that the standard of living cannot be fully smoothed over the lifetime (either in the actual results or in a survivor scenario).
ESPanner's "Guide" for the "Estate" tab says the following:
I understand that the recommended life insurance is to allow the survivor to maintain the same living standard if a spouse dies before the end-of-life date set in the program.
We have been using ESPlanner for years trusting that it was accounting for the WEP calculation in our benefits. Our state pensions from non-covered employment are entered as "not covered" and our past covered earnings are accurate.
Can't seem to find explanation in manual or searching on-line. Can you explain please?
I have entered gift to children as a single payment at some date. What does "not tax related imply"?
Now that I'm looking closer, I notice that the Social Security dollar amount declines over time. It appears to be doing it at compounded rate of -3.03%. Inflation is set at 3.1% in my ESP. I'm assuming this is because ESP expresses future amounts in real dollars.
I currently am fortunate enough to not require the full smooth withdrawal that ESP recommends. The smooth withdrawal model, however, generates a larger tax liability than I currently incur in reality.
If I update asset values midyear does the program consider it a first of year value for further calculations or is it prorated?