Quicken Lifetime Planner: Living Expense Category Detail Estimate

Doug Bomberger

When clicking the estimate button the resultant estimates are not correct when compared to the Itemized Category Report. I assume that the "Living Expense Category Detail" estimate is essentially the total for the past 12 months divided by 12.

I am getting some categories that are showing zero for which my register is showing more than $50/month.

My "Living Expense Category Detail" month total is a couple thousand dollars lower than the "Itemized Category Report" for the past 12 months. Yes, I am using the same categories on both.

Can anyone explain or is this a bug?

Thanks,

Doug

Scooterlam

@Doug Bomberger @Quicken Janean

Its a strange feature, this category detail. In my Lifetime Planner, I cannot reconcile the Category Detail figures to either my last 12 month spending or the ti me frame specified in the Category Spending dialogue. See image. NOTE: The date range highlighted indicates a July 2019 to July 2020! How is relevant to today, October 2, 2026? Must be a multifaceted bug: 1. the date range is clearly wrong and 2. the sum of the category for this old date range and for the highlighted category is also wrong.

I've really never like this category detail feature to come to a living expense assumption for Lifetime Planner. I use the Annual Budget feature to see the bigger picture and ease of change.

Here is how I do it:

1. Given your existing annual budget, create a duplicate, then rename it to something like "LTP Budget Model". This will distinguish your LTP Budget model from a current year's working budget. They will be different.
2. Using the LTP Budget model you just created, refine/revise it to make a detail estimate of what you believe Living Expenses in retirement might look like. Certain expense categories will go away in retirement and others will be added.
3. Review the LTP Budget model to ensure that you are not double dipping expenses (like taxes).
4. Record the LTP Budget Model total in Living expenses.
5. On a regular basis or as material changes occur in your expense outlook (marriage, college, home purchases etc) change your budget model and revaluate your plan.
6. As you get more comfortable, you can use the Special Expenses assumption in LTP to break-out home expenses, car expenses, medical expenses (medicare, LTC ext) and take advantage of the ability to scheduled them. Again, careful not to double-dip.

Hope this helps.