Contingency planning error
Submitted by james300@comcast.net on Thu, 04/25/2019 - 19:53I am unable to run a survivor's report with contingent planning. I have the following error log:
I am unable to run a survivor's report with contingent planning. I have the following error log:
I'm unclear about the survivor results in Contingency Planning when the Key Ages for converting my 403b and IRAs are set to a later date than the date I'll die (e.g., 70 for the accounts vs 66 for death). The idea is for my spouse to let the accounts continue to grow if they're not needed right away. If the dates are set as above (date of death precedes key age) then in the Survivor Report there's no income from the above in the Annuities column even though my spouse is the 100% beneficiary. I suppose I'm missing at setting here but I'm stumped right now.
When I run a report with contingent planning activated I don't see any difference compared to the report with contingent planning deactivated. My wife & I are both retired in our late 70s. I have entered special expenses for each of us for the remaing years but under the contingent tab I deleted those expenses. However, the report still shows all those special expense totals for each year. If I run a survior report I do see differences but then I have to pick a year of death. The benefit of running a contingent report was not having to guess when you'd die.
In normal circumstances I use special withdrawals in some years to keep regular assets > 0. That avoids breaks in our LSPA.
When I run contingent reports my wife's LSPA has a break due to insufficient regular assets in future years. How do I model special withdrawals in her contingent plan. I see retirement contributions but not special withdrawals.
Thanks
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."
Thanks
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?
Thank you!
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.
Thanks
James Mavrogenis
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?
View our range of other financial planning products powered by the Economic Security Computation Engine
Disclaimer: The suggestions and recommendations provided by Economic Security Planning, Inc.'s software tools and planning services do not constitute financial or investment advice. The creators of Economic Security Planning's software are not certified, registered, authorized, or any other form of financial planners. Economic Security Planning, Inc. is not an investment adviser registered with the U.S. Securities and Exchange Commission or any state securities agency, is not a registered broker-dealer and maintains no other regulatory credentials associated with the management of financial assets. Economic Security Planning, Inc. does not guarantee that the suggestions and recommendations derived from its software tools and planning services will necessarily achieve a secure economic plan. Like any software products, Economic Security Planning, Inc.'s software tools may have errors in its underlying code, and the assumptions about the future that it makes and that users input may prove false. In addition, output from the software tools and planning services may incorporate data obtained from third parties and such data (including any calculations that is based on such data) is provided on an “as is” basis. From time to time the output may contain errors that may be based upon, among other things, human data entry, aggregation and decompilation of data, processing of data through third party calculation engines and other processes that can give rise to errors. The company's financial plans and recommendations, including all of such plans and recommendations provided by its direct planning services, should be viewed as suggestive and informative educational inputs into your financial decision-making. None of our products or services recommend the purchase of specific financial products.
Copyright © 2023, ESPlanner || Patent Number: US 6611807 B1
Design by Zymphonies