What categories should I create for retirement Income?

Question

I am getting ready to retire and want to create categories for the income. Should I set up different categories for each source of income separate from the default salary category such as Social Security and Pension. or just lump it all into the salary category and call it a day?

volvogirl · Answer

Well you should have different categories like Social Security, Pension, and IRA etc.  But you don't need a category for each source, plan or payer.  And none of that is "Salary".   You get Gross Distributions from SS and retirement.  For SS you will get a SSA-1099 in January to report on your tax return and get 1099R for IRA, 401k and pensions.

Q97 · Answer

I would set up an income (and expense) category for each relevant tax line item so Quicken's tax reports and planner are accurate

https://www.quicken.com/support/how-assign-tax-form-line-items-category

GeoffG · Answer

I would suggest separate categories. Unless you continue to work, you will no longer have wages. This is much better for planning and reporting.