following the plan, long term

I've created a comprehensive financial life plan. It's in today's dollars which makes it easier to understand...today. However, I need to follow this plan for the next few decades. What are some recommended approaches for updating and following the plan over decades? Is there a way to convert the plan or the reports to "dollars" or future dollars? Or, should I simply copy and re-run the plan periodically so ESPlanner can recalculate in the dollars of that day?

Comments

Dan Royer's picture

You should rerun the plan to see the reports denominated in the dollars for the year you are in. Of course if you put the current report in a drawer and took it out five years from now, it wouldn't make sense. And of course reality will cause you to adjust returns at the end of each year etc. So it should be updated each year to bring the model into line with what actually happened, and to present the report in the current year's dollars.