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Lifetime Planner shows income of zero, but should show SS & pensions

Tim Johnson

I'm running Q Deluxe R34.15 on Win 10. In my plan assumptions for Income, I am retired with no salary. I have Social Security and pension income in the assumptions and am currently taking this income. When I look at the assumptions on the Lifetime Planner page, it shows my income is zero, and states my salary is zero (true), but does not show income from SS and pensions.
1. Why does it not show all income?
2. Is the apparent lack of any income affecting the bar chart of my retirement account balances shown in the plan results area?

Thanks,
Tim

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Accepted answers

Scooterlam

To verify your pension and SSA inputs are included in your plan result, go to the plan results graph (image), and click on one of the bars to inspect the data for that year. Is your pension and ssa data reflected in the plan summary table? Perhaps you can post an image or two to illustrate what you are seeing or expecting.

Image: https://us.v-cdn.net/6031128/uploads/editor/wx/il90dhwo9qxp.png

All comments

Sherlock

The Lifetime Planner should use the income you've provided in the plan's assumptions: select Change Assumptions and correct the income settings if necessary.
A lack of any income will impact the results but a salary only represents one possible source of income.

jrich75

Both Social Security and Pensions come under Income, Retirement benefits. Edit that section to reflect your current situation and assumptions for future cost of living adjustments.

Scooterlam

To illustrate in LTP>Income>Retirement Benefits >>>

Do you have inputs in the SS Annual Benefits field and have created a New Pension benefit as shown in the image?

Image: https://us.v-cdn.net/6031128/uploads/editor/gh/mqers1bmbm8b.png

Tim Johnson

Yes to both. SS and pension benefits are currently being taken, and the Start Age reflects that in both cases.

To be clear, I believe the answers given so far are accurate. The problem is they have no effect on the income shown. When I edit the assumptions for income, that window shows my data for retirement benefits. When I look at the Plan Assumptions on the main Lifetime Planner tab, Income shows zero, with the notation that Yearly salary is zero, and nothing is said about retirement income.

Chris_QPW

Are you talking about this information?

Image: https://us.v-cdn.net/6031128/uploads/editor/rn/nsvdpu387etn.png

That line is only for "Salaries".

Even though there isn't a line for it in Plan Assumptions, Social Security is definitely including the the calculations for the graph/rest of the planner.

jrich75

One of the problems I have with the lifetime planner is that it is very difficult to make adjustments after retirement. I am decades past retirement and so entering pension and ss income starting dates/values does not always yield reasonably accurate current pension and ss income values for the current and future years. Short of fudging COLA and inflation parameters, there doesn't seem to be a way to keep the numbers accurate as you progress through your retirement years. Does anyone have work around suggestions for this?

Scooterlam

mshiggins

jrich75 said:

One of the problems I have with the lifetime planner is that it is very difficult to make adjustments after retirement. I am decades past retirement and so entering pension and ss income starting dates/values does not always yield reasonably accurate current pension and ss income values for the current and future years. Short of fudging COLA and inflation parameters, there doesn't seem to be a way to keep the numbers accurate as you progress through your retirement years. Does anyone have work around suggestions for this?

I tend to update the starting dates and values to the current year's numbers at the beginning of each year. The LTP projects forward and that can be challenging enough to figure out without trying to factor in figures from years back.

Tim Johnson

Scooterlam: Yes, clicking one of the bars shows all income correctly.

Perhaps a good update to Quicken would be to reflect this in the Income data to include other income sources than just salary. After all, income is income no matter the source.