How to I end a paycheck at retirement

ldahling

I have a paycheck set up. It will be ending when I retire. Since there is no option in the paycheck to "end on" or "end after" like a normal recurring deposit, how to I retire this paycheck? So you understand, there is no end option when editing a paycheck. You can only specify how often you are paid. Unlike a normal deposit which allows to you specify when to end it. I can put in a bill to offset the paycheck at retirement so that the future checking balance is accurate, but this means I need to enter a split in this bill to offset savings, retirement, and other things transferred in a paycheck. Seems like some simple functionality is missing.

chitownhockey

How do you have the paycheck in Quicken?  If it's a Scheduled Reminder, then just delete the reminder by editing it from the Scheduled Reminder list and select DELETE.  

I don't see any other way Quicken would automatically add any transaction to a register without it being a Scheduled Reminder.  

Frankx

You have likely set-up the "paycheck deposit" as a "reminder".  To check on this - go to "Bill and Income Reminders" and right click on it.  The drop down will show a number of options - all relating to a "reminder".  To end it, wait until after you have received you final paycheck.  Then go to "Bill and Income Reminders" again, right click on it, and select "End this instance and all future instances" and it will be deleted.

ldahling

There is some disconnect here in concept, but thanks for the feedback. Yes, it is a reminder. Quicken is the only product that has the nice projected balance. I use that to make sure my cash flow is positive. I want to see what my future balances are into retirement. I add the transaction when the date arrives, of course. I want the reminder to end at retirement, therefore show future balances properly as I add pension and social security reminders. This isn't about ending transactions, but ending reminders that feed the projected balance. So to rephrase my question in the way that I think you are taking it, "How do I end my paycheck reminder on a future date?" I can see no way to do that. I can, however, end a normal income reminder on a future date. This feature seems to be lacking in the paycheck reminder. Thanks.

chitownhockey

There is no way to have an ending date for a scheduled paycheck.  Quicken's scheduled reminders created from the paycheck wizard assumes you'll work until you die. 

"Regular" scheduled reminders CAN have an ending date placed.  If this is important to you, then you can make a "regular" split scheduled reminder for your paycheck and assign an end date.

The paycheck wizard is nothing more than a "fancy" split transaction anyways. 

And BTW, if you are years and years from retirement, your future balances graph is bogus anyways.  It won't take into effect ANY changes in your pay rate, any future increases or decreases in taxes or retirement deposits, any changes in your healthcare deductions, etc.  It also won't include any changes in future expenses.  So, personally, it's worthless for anything but short term. 

What I would do is play with the Lifetime Planner instead.  There, you can at least make some adjustments to income and expenses and retirement benefits.  My only suggestion is to backup at regular intervals during the data entry process of the planner.  If things get messed up, you can always go back and start over.  

ldahling

Thanks, that is what I expected to hear but was hoping I missed something. I had considered a regular split reminder. I may end up doing that. I really don't need to keep track of everything at this point, just some pertinent items that affect account balances and such.

I am 1.5 years from retirement and don't worry too much about most changes. I find it easy to make it work. It is all an estimate anyways, and I set my reminders conservatively depending on the item. I can enter bills a year at a time if I worry about significant increases, with the end-on or end-after. I do not consider it worthless at all when looking out several years. It gives me an accurate enough picture of my situation, exactly what I want and need.

They dropped the ball by not giving the same options to the paycheck estimator since that would be so easy to do. I suppose I use this program in different ways than some people, but I have been rocking it ever since Microsoft Money went kaput. Thanks for your input.

UKR

There is at least one Idea - type discussion in the Community talking about changing Quicken to allow an End Date to be specified in a Paycheck reminder.

https://community.quicken.com/discussion/7721794/can-i-enter-a-paycheck-end-date-to-budget-for-retirement-3-merged-votes

Please vote in this discussion to improve its chances of implementation.