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Quicken Classic for Windows
Budgeting and Planning Tools (Windows)
Taxable brokerage contribution restarts after retirement in planning tool
Artpen
I'm using the lifetime planning tool and have my 401k, IRA and taxable brokerage account included in the plan. I've set contributions for the taxable brokerage account to end upon my retirement date, but the plan then shows contributions beginning again at age 70, well after the account balance is brought to zero, and after my retirement age.
I don't see any options that would cause or fix this. My 401k and IRA contributions correctly end upon retirement.
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Accepted answers
Scooterlam
How have you verified that your taxable contributions are continuing past retirement age?
If you have verified in your
Planning Assumptions
that your contributions stop after your retirement age, then
I suspect
that you are seeing RMDs taken in excess of your expenses and being deposited in your taxable account, thus showing a taxable account balance increase in the plan graph. Does your plan results graph look similar to Image 1?
When this happens, the "extra" cash from RMDs is moved into your plan's taxable account. So, it may not necessarily be a 'contribution" setting problem that you are seeing in the graph. You see, after 70.5, Quicken LTP does not prioritize withdrawals from taxable accounts but instead it prioritizes withdrawals from tax deferred accounts. Of course it will withdraw from taxable accounts if you need it to cover expenses at some point during the plan life. This withdrawal strategy is set programmatically in Quicken's LTP.
Image 1
To verify what is happening,
click on one of the plan result bars, for the year you retire
,
to pull up that year's plan result table. Image 2.
In the plan result table, you can verify your
Savings
amount in the
Expense Summary
section and the year it stops. You can scroll through the years, before and after your retirement date, by clicking on the <<Prev year Next Year>> links at the top, left of the window.
In the
Total Summary
section, you can see how LTP is treating deposits, withdrawals, taxes and gains on that taxable account(s).
Does this help? Are you still seeing Savings contributions in the Expense Summary section despite stopping it at retirement age?
Image 2
All comments
Scooterlam
How have you verified that your taxable contributions are continuing past retirement age?
If you have verified in your
Planning Assumptions
that your contributions stop after your retirement age, then
I suspect
that you are seeing RMDs taken in excess of your expenses and being deposited in your taxable account, thus showing a taxable account balance increase in the plan graph. Does your plan results graph look similar to Image 1?
When this happens, the "extra" cash from RMDs is moved into your plan's taxable account. So, it may not necessarily be a 'contribution" setting problem that you are seeing in the graph. You see, after 70.5, Quicken LTP does not prioritize withdrawals from taxable accounts but instead it prioritizes withdrawals from tax deferred accounts. Of course it will withdraw from taxable accounts if you need it to cover expenses at some point during the plan life. This withdrawal strategy is set programmatically in Quicken's LTP.
Image 1
To verify what is happening,
click on one of the plan result bars, for the year you retire
,
to pull up that year's plan result table. Image 2.
In the plan result table, you can verify your
Savings
amount in the
Expense Summary
section and the year it stops. You can scroll through the years, before and after your retirement date, by clicking on the <<Prev year Next Year>> links at the top, left of the window.
In the
Total Summary
section, you can see how LTP is treating deposits, withdrawals, taxes and gains on that taxable account(s).
Does this help? Are you still seeing Savings contributions in the Expense Summary section despite stopping it at retirement age?
Image 2
Artpen
Thanks for your response. That's exactly it. The contributions begin in the year I reach the RMD age.
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