Once you’ve created a solid baseline plan, you might want to compare plan outcomes for a few scenarios by adjusting variables that are important to you. Common variables include:
retirement date
longevity age
work income
rate of return
Social Security claiming date
monthly or lump sum pension
Roth conversion strategy
Windfall
changes to primary residence and other properties. All of these changes may have significant impacts on your Plan Health, cash flow, taxes, Net Worth, and other factors.
Creating a scenario saves the alternate plan and allows you to evaluate all of these areas. There are 2 areas where you may access and view your scenarios.
You can access and create scenarios via the main menu of My Plan.
2. You can access and create scenarios via the Scenario Saver located below My Plan.
Follow these steps to create and manage your scenarios:
STEP 1: Head over to the Scenario Saver
STEP 2: Press "Add a New Scenario" Give your new scenario a descriptive name and add any notes.
STEP 3: Press “Import Data From” and Select the plan you wish to copy and press “Create New Scenario.”
STEP 4: To make your modifications, Press the scenario name to activate the scenario OR press the pencil icon to edit the scenario. Navigate over to MyPlan and make the relevant changes.
STEP 5: Press the Star Icon if you wish to make the new scenario your baseline Plan
STEP 6: You also have the ability to compare scenarios using the comparison feature.
Demonstration
Please be aware that some data such as account information and primary residence information are shared across plan scenarios.
This means when you make a change to these areas in one scenario, the change will be reflected in all scenarios. See this article to learn about what elements are shared between scenarios.