One question on the “Update” feature. I haven’t used it yet but just trying to figure out what happens when you use it. So say you update all the financial information and any changes that might need to be done with assumptions, etc., does the program then use those numbers and the date (for example if I updated the financial info for Feb 28th, next week) and project the year end results for this year based on 10 months of returns / expenses?
If you use the update feature I assume it changes the “date of financial information” to the current month. If you just go in and make changes to the data then it will be using the previous date for calculations unless you manually change the “date of financial information”.
Basically the update feature seems to be an automated feature that adjusts the date for calculations and allows you to update the financial information. If you need to do more than that then you can go into the other sections to do that.
So it will use 10 months of data for projection for year 1 when I use March as my start date for instance?
What you said is correct. The Update Wizard groups all main and changing inputs in one location (mostly asset values), and updates the date of calculation automatically.
If you use the Detailed or Quick retirement calculations, you must change the date manually.
If you go through the Update Wizard, you can always go to the main program at any time and change the date back if you wish. It is not cast in stone. However, it's best to align the date with the date of the most current account balances.
The projection for year one is for 10 months, and all other years are twelve months, except the last. The last year, i.e. grimly called "year of death", is from January 1 to the birthday month.