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Updates: How to Keep Your Plan Up to Date
Nancy Gates avatar
Written by Nancy Gates
Updated over a week ago

Creating a Financial Plan is just the first step. It's also important to monitor and maintain your finances on a regular basis. In this article we describe the main items you'll want to update in your NewRetirement Plan.

Accounts and Assets

If you are not taking advantage of our account linking feature, we recommend updating your account balances on a quarterly basis.

We recommend updating the value of "Other Assets" on an annual basis or more frequently should changes occur.

Real Estate

We recommend updating the market value any properties you have entered in the Home and Real Estate section of My Plan on an annual basis or more frequently should changes occur.

Income

We recommend updating your income streams from work, passive income, pensions and annuities annually or more frequently should changes occur.

Contributions

We recommend updating your contributions on an annual basis or more frequently should changes occur.

Debts

Mortgage and non mortgage debt balances are always as of today. To ensure the that your projections and payoff dates are accurate, you'll want to update these monthly or quarterly. If you are taking advantage of our account linking feature, the balances will update automatically.

Recurring Expenses

We recommend updating your recurring expenses on an annual basis. Recurring expenses will increase at the General Inflation rate in your plan Assumptions beginning one year from this month.

Events

Past events will be included in your annual model but will not impact your account balances. Once the event is past, you'll want to make any relevant adjustments such as savings balances.

We don't recommend deleting events once they are past, unless you don't want them accounted for in annual taxes and other figures.

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