I enabled contingent planning, and under primary residence I indicated that upon my death the rent I would pay would be 0, and there would be no new home. I also entered a special expenditure assuming my wife would go into assisted living (Cheery scenario). When I ran a report the housing details show that my mortgage balance is 0 as of 2015, as is the mortgage expense; property taxes are still showing. The correct mortgage balance shows when I don't use contingent planning.
I have seen one reference to Contingent Planning being covered in another video, but haven't found the video. I, to be honest, have no idea what any of the checkboxes mean. I use ESPlanner without it, but I have some time now, and would like to do some "contingent planning."
Under the "Retirement Accounts -> Key Ages" tab in ESPlanner, I've configured smooth withdrawals from my retirement accounts to begin at age 60 and end when I turn 69. However, under a contingent plan I want to model if my spouse died before me, I'd want my smooth withdrawals to start at age 60 but continue until my death.
Is there a way to change (or override) the beginning and ending ages for smooth withdrawals when contingency planning?
If there is, I can't seem to find it. If there isn't, can it please be added in a future release?
I have several special expenditures within the next 10 years that would not exist if I die before their schedule dates. When I activate Contingent planning I delete them from the special Expenditures database. Does the program know to include these items if I die after they occur but to not use them if I die before they occur? It seems to me that if I delete them the program can't consider these expenses unless there is a separate Contingent database. Would appreciate a clarification.
I've used E$Planer for several years, but just setup contingent planning for the first time. My spouse and I are just past our mid-fifties and she's currently out of the work force. Her standard of living is extremely low until retirement age even though my life insurance currently exceeds the the recommended amount in the standard report. The survivor spreadsheets clearly show my retirement assets transfer to her; is it necessary to enter a special revenue entry for the year she receives my life insurance benefit?