A virtually unlimited number of additional savings accounts, such as IRAs or 401(k) plans with previous employers, may be entered here.
New accounts are added by clicking the 'Add Account' button.
The prompts are briefly discussed below:
Account Information
Owner
Select either the Client or Spouse.
Account Name
Enter the name of the account.
Current Balance
Enter the current balance of the account.
Type of Fund
Select the type of fund the money is invested in.
Before Retirement
Deposit Method
Select either 'Dollar' or 'Percent of Pay'
# of Deposits per Year
Enter the number of times per year a deposit is made. Note that if 'Percent of Pay' is selected, this prompt will not be available.
Deposit Value
Enter the deposit value. For the deposit type 'Dollar' enter the dollar contribution. For the deposit type 'Percent of Pay' enter the percent of pay that the employee contributes.
Annual Increase in Deposit
Enter the annual increase in deposits. For deposit types using 'Percent of Pay' this field is not selectable as the 'Expected Average Raise' value is used.
Rate of Return
Enter the expected pre-retirement rate of return.
During Retirement
Est. Value at Retirement
This is a calculated field and is not editable. It calculates the estimated value at retirement.
Distribution Method
This is the method for distributing the account. For information about the various distribution methods, click here.
Rate of Return
Enter the retirement rate of return. For annuitized accounts, enter the annuity rate.
Payout Percent
For 'Percent of Account' payout method, enter the percent of the account to payout on an annual basis.
Distribution Start Method
If distributions from the account are to start after retirement, select the method to start the retirement benefits. Note that all qualified accounts will be subject to required minimum distributions on the last distribution of the year.
Starting Value:
This corresponds with the prior prompt and is the value for starting the account distributions.