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How do I use the Insights Library?
How do I use the Insights Library?

This article describes the use of the Insights Library to understand your plan

Nancy Gates avatar
Written by Nancy Gates
Updated over a week ago

How do I use the Insights Library to learn more about my plan?

  • Lifetime Income Projection Chart

    • Income

      • Work, Social Security, Annuity, Pension, RMDs and Other (for more detail on other income please see the Estimated Income, Drawdowns, and Debt chart)

    • Expenses and Taxes

      • The Planner automatically computes taxes based upon income and single or married filing jointly filing status. The taxes represented in this chart are the prior year’s estimated tax liability. You may view discrete expense and tax information for the year in the Insights > Income and Expenses > Estimated Expenses Chart.

    • Savings Drawdowns

      • Savings drawdowns are calculated as the remaining income needed to cover expenses, after accounting for the other income streams. The Planner automatically models a traditional withdrawal strategy.

    • Deficit

      • If you don't have enough savings, you will instead display a deficit.

  • Insights > Taxes

    • Estimated Taxes

      • The actual tax liability for the year.

    • Gross Taxable Income by Source

      • Realized gains based upon the difference between the withdrawal and the cost basis.

    • Deductions

    • Net Taxable Income

  • Insights > Income and Expenses

    • Estimated Expenses

      • Capital Gains Tax Payments

      • Estimated Income Tax Payments

        • The prior year’s estimated tax liability

      • Medical Expenses

      • Recurring Expenses

      • Long Term Care Expenses

        • $1,600/mo for the first 12 months and then $4,500/mo for the last 16 months of each user's plan modeled by default.

      • Home and Real Estate Expenses

        • Exclusive of property taxes and insurance. These items are included in recurring expenses.

    • Income, Savings Drawdowns, and Debt

  • Insights > Savings

    • Savings Balances (at the end of the year)

    • Contributions and Investment Returns

    • Withdrawals

      • RMDs

      • Transfers

      • One Time Expenses

      • Roth Conversions

      • Shortfalls

        • Shortfalls represent drawdowns which fund your expenses. A shortfall may not be a net savings drawdown for the year, as the account may be replenished later in the year. The Planner automatically models a traditional withdrawal strategy.

  • Surplus/Gap

    • Saved Surplus

      • This is due to excess income which occurs anytime your monthly income from ALL sources – including Required Minimum Distributions (RMDs) – is higher than what you have specified for your total monthly expenses. Set the amount of excess income you save in My Plan > Money Flows > Excess Income

    • Unsaved Surplus

    • Funded Gap

      • Expenses that your income and savings drawdowns fund

    • Unfunded Gap

      • Expenses that are not funded by your income or savings and result in a deficit

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