Retiring soon-tax planner and lifetime planner
So to start, a relatively minor gripe: in the lifetime planner, it assumes that retirement happens on your birthday in the year you list as your retirement year. This is a long way from true in today, with SS retirement dates almost always in some odd month separate from your birthday. This should be fixed.
Now, the real question: I am retiring as of May 31. First, in the scheduled transactions section, there is no way that I have identified to show that my paycheck is going to end on May 31—so the detailed budget shows that income as 'actual' going forward. Again, a minor annoyance.
In tax planner, how can I show the (a) income from paychecks—with taxes—up through retirement date and anticipated SS income and witholding (I've filed a W4-V) as of estimated amounts now to keep track of things and potentially make adjustments now to make it come out right at the end of the year? (am I making sense, I'm not sure)
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In the tax planner, under Wages > Wages and Salaries - Self > Quicken Data (from 2024), you can enter a (negative) Adjustment to cancel out the June thru December income from your paycheck, leaving you with only the income thru your May 31 retirement date. Similarly, under Withholding > Withholdings > SELF > Quicken Data (from 2024), you can enter a (negative) Adjustment to cancel out the June thru December federal income tax from your paycheck. Then under Bills & Income, you can create an Income Reminder for your SS income and withholding starting on the appropriate date. It's a bit kludgy, but it should get your tax estimate pretty close.
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The problem with the paycheck reminder has been mentioned many times but Quicken Inc has yet to ever fix it.
Here is just one of the requests for this that has been posted over the years (you can vote on it).
If you think this is a problem for your retirement, just think of all the people that have paychecks that don't go all the way to the end of the year like teachers. They have the problem every year.
This is one in 2022, that the archive, good way to hide that more people wanted it I guess (Non SuperUser/Moderator can't read it):
https://community.quicken.com/discussion/7721794/can-i-enter-a-paycheck-end-date-to-budget-for-retirement-3-merged-votes
Mentioned in 2019:
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