The Default Account, if it appears in your Plan, is an automatically-generated account to serve as a resting place for Excess Income. The Default Account cannot be interacted with nor controlled, so it is best to replace it with one of your actual accounts as soon as you can.

What Is Excess Income?

You will have “excess income” anytime your monthly income from ALL sources – including Required Minimum Distributions (RMDs) – is higher than what you have specified for your total monthly expenses. Some years, you may earn more than you have designated in your budget, so you will need to tell the tool what to do with the excess income.

Press here to learn more about Excess Income

How Do I Change the Default Account?

To change where Excess Income is sent to, you must change your election for the Excess Income section of My Plan > Money Flows. If your Excess Income section hasn't been started, you will have to press the "Start" button to continue:

If your Excess Income section has been completed but the To Account is "Cash," you will have to press the pencil icon to edit your selection:

The Default Account is actually called "Cash" here. Please select any other account besides the "Cash" account to replace the Default Account. This is one of the reasons it is very important to have descriptive names for your accounts.

If you do not have any other accounts selectable here, you need to make a taxable account — probably a checking or savings account — in My Plan > Accounts and Assets.

Press here to learn how to make a taxable savings account.

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