How to reset lifetime planner

Unknown

I am using Quicken 2017 Deluxe for windows.  

The lifetime planner was a great tool prior to retirement.  BUT, My wife and I retired over 5 years ago and many of my original entries are not producing valid results.  

For example, retirement expenses were very accurate in the 1st year of retirement but since then life changes, inflation variances from original estimates, etc. have changed drastically such that when I look at cash flows for say 2018 the expenses and social security make no sense.  

How can I start over?  

(Please Preserve-Part of an active Idea)

mshiggins

There is no reset button for the Lifetime Planner. You will need to work your way through the various topics and update as needed for your current situation.



I usually do this about once per year to keep my plan current.

Unknown

mshiggins said:

There is no reset button for the Lifetime Planner. You will need to work your way through the various topics and update as needed for your current situation.



I usually do this about once per year to keep my plan current.

Prior to retirement I did the same as you.  After retirement several elements in the cash flow depend on retirement date and grow with assumed inflation from that date forward.

mshiggins

mshiggins said:

There is no reset button for the Lifetime Planner. You will need to work your way through the various topics and update as needed for your current situation.



I usually do this about once per year to keep my plan current.

If you mention the specific elements you are having trouble with, it's likely someone here can provide a workaround or solution.

dnfinance

mshiggins said:

There is no reset button for the Lifetime Planner. You will need to work your way through the various topics and update as needed for your current situation.



I usually do this about once per year to keep my plan current.

In particular I would like to remove a home sale that I modeled, but did not occur and the associated date has now passed.

Unknown

mshiggins said:

There is no reset button for the Lifetime Planner. You will need to work your way through the various topics and update as needed for your current situation.



I usually do this about once per year to keep my plan current.

Planning tab > Change Assumptions > Future (or Current) homes and assets.  Then click EDIT.  Highlight the home and then check "Exclude from Plan" or click on "Delete" to remove it completely.  

dnfinance

mshiggins said:

There is no reset button for the Lifetime Planner. You will need to work your way through the various topics and update as needed for your current situation.



I usually do this about once per year to keep my plan current.

B Hawks, Thanks for the response.

There does not appear to be a way of deleting an existing home once it
has been entered in the Current Homes & Assets screen.  As you suggested, I had already tried to "Exclude from Plan" the home sale that was modeled and whose date has now passed.

I want to remove or delete it because I am trying to debug a new future home sale entry that is giving erroneous results.

Would you model a future sale and view the planning results for the year in which the sale is to occur.  I entered a sale price of $475,000, 1/1/2012 purchase date, purchase price of $160,000 with no increases, primary residence, 3/31/2018 sale date, -0- cost of improvements, 6% commission, no taxes, and $250,000 exemption.  I expected the sales proceeds to be $475k-$475k*6%=$446.5k.  The planner results say the net proceeds will be $398.661k.  Since I do not have access to the algorithm to see how Quicken calculates the sales proceeds, I am searching for possible causes for the erroneous results.  Do you know how to access the calculations?  Are they posted for users somewhere?

Any other ideas?

Thanks again for your response.          

dnfinance

mshiggins said:

There is no reset button for the Lifetime Planner. You will need to work your way through the various topics and update as needed for your current situation.



I usually do this about once per year to keep my plan current.

B Hanks,

Thanks for your response. 
It dawned on me that an asset account is created when the user enters an asset in the Planning tool's "Current Homes & Assets" window.  I deleted the associated asset account.

Unfortunately this did not fix the erroneous sales proceeds that the Planner shows in its results.  I will work on this more and post a new question if I cannot resolve it myself.

Thanks again. 


Unknown

mshiggins said:

There is no reset button for the Lifetime Planner. You will need to work your way through the various topics and update as needed for your current situation.



I usually do this about once per year to keep my plan current.

I have never had the Lifetime Planner add an asset account when planning to purchase a new home.  

Just testing this now, you can't "unexclude" it from the plan if the date is prior to 1/1/2017.  But you can "delete" it from the plan.  

I also tested adding a sample new asset (a house that would be my primary home) for $1,000,000 in 2054.

The Lifetime Planner did NOT add a new asset account for this into Quicken.

Perhaps because that 2054 date had not been achieved yet??? I don't know if that's the case.

But we did purchase a new home in 2016...I had it in the Lifetime Planner and I know that a new asset was never added in Quicken from the planner.