welcome this video will walk you through

0:11

how to use income Labs quick create

0:12

feature to build a plan in a matter of

0:15

minutes from your main households page

0:18

find that blue ad a household button

0:21

then click quick

0:23

create first you'll want to enter your

0:25

client information by filling out the

0:28

full name

0:32

the birth date you'll want to use the

0:34

calendar icon here to select the year

0:37

and month and then the toggle here for

0:40

the gender if you have a second person

0:42

in the household that you'd like to add

0:44

as well you can follow the same

0:46

steps to fill out their information as

0:53

well next you can enter the portfolio

0:56

information you only need one portfolio

0:59

account in order to get to a plan but

1:02

here I will build a few different

1:03

accounts just so you can see the options

1:05

available first we'll start with an IRA

1:08

so we'll enter the account name we'll

1:11

scroll down and select the account type

1:13

you'll see we offer a wide range of

1:15

account types available next we'll

1:17

select the

1:18

ownership and then we'll enter the

1:22

amount to add another account we'll

1:24

simply click add new and that'll open up

1:27

another field for us here so let's say

1:29

here now we're going to add a 401k again

1:32

scrolling down here to find the correct

1:35

account

1:37

type selecting the ownership and

1:40

entering the amount last one we'll add a

1:43

Roth

1:45

account by following the same exact

1:57

steps that's it we could hit let's go

2:00

from here to get right to our plan but

2:02

to show you a few more of the inputs

2:03

I'll go ahead and add Social Security

2:06

and a pension so to do that I will click

2:09

add more to your plan and then you'll

2:10

see more options open up first let's add

2:13

that pension by clicking income we can

2:16

give that a name a monthly

2:19

amount who it's earned by and then we

2:22

can select the tax treatment similar to

2:24

the account types you'll see we offer a

2:27

wide variety of tax treatments this

2:29

helps make make sure that we are taxing

2:31

all the income sources accordingly from

2:33

a tax perspective to add Social Security

2:36

I will then click the Social Security

2:41

Tab and scroll down to start entering

2:44

the

2:44

inputs by default you can immediately

2:47

enter the client's primary Insurance

2:50

amount however if you don't have the

2:52

primary Insurance amount you can open

2:54

the drop down here and use one of our

2:56

other options like benefit at h62 or the

2:59

annual income

3:00

here just to keep it simple I'll enter

3:03

the primary Insurance

3:05

amount if you'd like to add more inputs

3:08

you could click liabilities to add any

3:09

liabilities or assets to add any other

3:12

assets like a home but to get right to

3:15

the plan I will click let's go to finish

3:17

our inputs and get right into our

3:19

plane and there you have it that's how

3:22

you use the quick create feature to

3:24

create a plan in a matter of minutes

3:26

from here you can analyze the income

3:28

plan the cash section or you can scroll

3:31

to the left here to check this plan out

3:33

in life Hub in the retirement stress

3:35

test or in our tax lab thank you for

3:38

watching this video we hope this helps

3:41

and please reach out to our team if you

3:42

have any

3:53

questions

welcome this video will walk you through

0:02

the plan info section of your income lab

0:05

household to get to the plan info

0:07

section or to any of your inputs inside

0:10

your household from the household plan

0:12

or from any of the screens inside the

0:14

software to locate the pencil icon in

0:16

the top right of your screen and then

0:18

click to

0:22

edit so starting off first you'll see

0:24

the plan info step here you can first

0:27

give your plan a name the default will

0:29

be household plan however you can click

0:32

the section to rename it if you'd like

0:34

you'll see that by default in a twers

0:37

household both members are included in

0:39

the plan you can open the drop down if

0:41

you'd like to make a change next you'll

0:43

want to select the state of residence

0:45

this is where the software is pulling in

0:47

state taxes so it's important to have

0:49

this filled out you can also add a

0:51

description for any of your plans this

0:54

can be helpful if you're building

0:55

multiple scenarios or multiple plans and

0:57

want to have a quick reminder or quick

1:00

notes on what you are testing or

1:02

modeling in each

1:03

scenario below you'll then be able to

1:05

select the client's retirement date

1:07

you'll see that if the client is

1:09

currently retired the Box will be

1:10

checked and then it will plan that the

1:12

client is retired in or before when the

1:15

plan was created in this case this plan

1:17

was created in January

1:19

2024 if you plan on having the client

1:22

retire in the future you can uncheck the

1:25

box and use the calendar icon here to

1:28

select the year and month in which the

1:30

client is retiring you can also use this

1:33

up and down arrow to quickly change the

1:35

retirement date by a month at a time if

1:37

you'd like to get to 65 years exactly

1:40

for

1:41

example below you'll see a toggle that

1:44

when you have two different retirement

1:46

start dates you can choose which one of

1:48

those start dates should be the start of

1:50

the income plan this is what the

1:52

software will use to determine when

1:54

portfolio withdrawals will need to kick

1:56

in so here if Tim is currently retired

2:00

and we want to have portfolio withdraw

2:02

start right away we can select Tim's

2:04

retirement or if we're waiting for

2:07

Mary's retirement in the future before

2:09

we start the portfolio withdraws we can

2:11

select that input

2:12

here once you're done you can either hit

2:15

finish to go back to the income plan or

2:18

you can select any of the tabs up top to

2:20

continue building your

2:21

households thank you for watching this

2:23

video please reach out to our team if

2:25

you have any questions and don't forget

2:27

to watch our other tutorial videos on to

2:30

keep building your income lab

2:34

households

this video will walk you through how to

0:01

add investment accounts inside your

0:03

income lab household the investment

0:05

accounts section can be found under the

0:07

assets tab in your income lab household

0:10

there's two ways to add investment

0:12

accounts first if you've added linked

0:14

accounts through our integration you can

0:16

simply click add linked accounts select

0:18

the integration and then pull in from

0:20

those accounts this tutorial video will

0:22

walk through the details of manually

0:23

adding your accounts and making edits

0:25

once your accounts are here on the

0:26

assets page to First add an account you

0:29

can simply enter the name here we'll add

0:32

an IRA then we can use the account type

0:35

field to select the correct account type

0:37

you'll see there's a wide range of

0:38

options as far as account

0:40

types then we can select the owner and

0:42

then we can put in the

0:44

balance in the

0:46

account next you'll see there's a gear

0:48

icon on the right that will allow you to

0:50

enter more details for that

0:53

account we can click the gear icon here

0:55

and then those fields will open on the

0:57

right first you'll see the Box to

1:00

exclude from Roth conversions in the tax

1:02

Center you will be able to quickly

1:04

analyze the impact of Roth conversions

1:06

however if you do have accounts that you

1:08

want to be excluded from these

1:09

calculations you can check this box and

1:11

the software will not use this account

1:13

when it's looking at Roth conversions

1:16

next you also see this box that will

1:18

automatically make sure this account is

1:19

included in the income plan calculations

1:23

however if you'd like to not have it

1:24

included in the income plan calculations

1:26

maybe this is an account that the client

1:28

has but is it intending to pull from

1:30

right away or doesn't want it considered

1:32

forther overall spending capacity or

1:34

income calculations you can uncheck this

1:36

box and have that take

1:39

effect below you'll be able to set the

1:42

asset allocation for the account by

1:44

default we are having risk-based

1:46

defaults coming in for Morning Star the

1:48

moderate setting will use a 60/40

1:50

standard portfolio however you can use

1:52

the slider to quickly make it more

1:54

aggressive or more

1:56

conservative if you'd like to enter your

1:58

own custom allocation

2:00

you can open the drop down and click

2:02

custom I may recommend first clicking

2:04

reset all to zero and then opening the

2:06

fields to enter your custom

2:08

allocations many of our firms will also

2:11

prefer to add model allocations just to

2:13

streamline this process so at the firm

2:15

level you can add your model allocations

2:18

and then quickly select those models

2:20

right here in the income

2:23

account once you're

2:27

done you can scroll down to the bottom

2:30

click save to save your inputs you can

2:33

add as many accounts as you like by

2:34

simply just opening another field and

2:36

entering the same information and going

2:38

through the same

2:40

steps thank you for viewing this video

2:42

we hope this helps reach out to our team

2:44

if you have any questions and check out

2:46

our other tutorial videos for adding

2:48

banking accounts other assets and the

2:50

other sections of your income lab

2:52

household

All

From Income Lab

For you

Recently uploaded

welcome this video will walk you through

0:02

how to add annuities into your income

0:04

lab

0:05

household when you're in your household

0:08

from your main dashboard page or on any

0:10

of the plan feature Pages find the

0:12

pencil icon in the top right of your

0:14

screen and then click edit to go to your

0:16

plan

0:17

edits then from the asset

0:20

section find the annuities tab

0:23

below here on the annuities tab is where

0:25

you can fill out the information below

0:27

to set up your annuity so first we can

0:29

call it an account name just for this

0:31

example I'll call this a fixed index

0:35

annuity then you can select the annuity

0:37

type you can either add a variable or a

0:39

fixed index annuity in this case for

0:42

this example I will use the fixed index

0:45

example then we can select the annuity

0:48

type so we'll just say this is a

0:49

qualified annuity and then we can select

0:52

the ownership and add the

0:54

balance once you add the required

0:56

information you'll notice that the gear

0:58

icon will then pop up click the gear

1:01

icon and then from there you want to

1:03

then click the annuity settings button

1:05

to then add the settings of your annuity

1:08

first on this income tab we can add in

1:10

the benefit base the guaranteed

1:12

withdrawal rate we can select the

1:14

covered lives whether that's both people

1:16

or in each individual and then we can

1:18

use the calendar icon here to select

1:21

when the income uh will start from the

1:24

annuity if the annuity does not come

1:27

with lifetime withdrawals you can

1:28

uncheck this box and put put an end date

1:30

for the annuity there as

1:32

well you'll also notice the advanced

1:34

settings below will automatically

1:36

withdraw rmds for the annuity if it's

1:38

greater than the guaranteed withdrawal

1:40

amount if you do not want this to happen

1:42

automatically you can say no and then

1:45

the software will only withdraw the

1:46

amount from the annual benefit and not

1:50

any additional to cover

1:54

rmds next you can go to the benefit

1:57

increases section here you can select

2:00

the anniversary month you'll have the

2:02

option of whether to choose if the

2:03

benefits increase during the deferral

2:05

stage via a rollup or VI a withdrawal

2:09

rate increase once you select the toggle

2:12

you can then enter for example here your

2:15

roll up

2:17

rate below you can then select how the

2:19

benefit will increase during the

2:20

withdrawal phas you can either use the

2:23

balance high water mark option or select

2:25

the asset allocation returns

2:28

option then you can open up the advanced

2:30

settings to enter more details about

2:32

your annuity here we can select if the

2:35

basic annuity projection will use

2:37

average returns or if it'll be based off

2:39

guaranteed growth and specific rates if

2:42

you select the average returns option

2:44

you can then select when the end of the

2:46

guaranteed growth during the deferral

2:48

period will be and then you can also

2:50

select if the guaranteed growth base

2:52

will grow simple or compounded and if it

2:56

will be stackable or non-stackable

3:01

if you choose the guaranteed growth rate

3:03

and specific rates option you will then

3:05

also be able to select the displayed

3:07

annual income growth during the

3:08

withdrawal phase so for example if this

3:10

annuity again will grow by 3% in the

3:13

withdrawal phrase We want to select that

3:16

3% here in this

3:18

field from there since this is a fixed

3:21

index annuity we can also enter the

3:22

information on the crediting methods

3:24

you'll you will be able to open up the

3:26

credit method field here to select

3:28

whether it's based off a cap

3:30

a participation rate or a fixed

3:33

rate if the crediting method will change

3:36

at some point in the plan you can

3:38

uncheck this box that says use same

3:40

crediting method values throughout plan

3:43

and then select the end of the term and

3:45

what the new crediting method value will

3:47

be after the

3:48

term if the annuity is using multiple

3:51

crediting methods you can uncheck the

3:53

second box here and then put in the

3:55

splits Bas based off the crediting

3:58

methods it's using

4:02

and then the last option here is to

4:04

enter any fees for the annuity so

4:07

whether the annuity comes with an

4:08

expense fee or an advisor fee or there's

4:10

a living benefit fee you can add both of

4:13

those here once you've added all your

4:14

settings here click save and then on the

4:17

right side again we want to click save

4:19

to save our inputs and then we can click

4:21

finish to then add the annuity into the

4:23

plan and go back to our plan results

4:26

once you've added the annuity into your

4:28

plan there's a few areas where you we

4:29

can specifically call out that annuity

4:31

first if you click the spending capacity

4:33

field you'll now see your annuity income

4:35

will show up as protected income on this

4:38

section helping you highlight how much

4:40

of that income is being protected

4:41

because it's coming from the annuity

4:43

you'll also see that you can find the

4:45

annuity here based off of the a text

4:49

here next to the Sands icon and that

4:52

will also point out the annuity that

4:53

you've added you can also go into our

4:56

stress test and in plans where you have

4:58

an annuity you'll see the a option here

5:00

on the right where you can stress test

5:02

this specific annuity through the

5:04

different historical periods that you

5:05

have available in the stress test so

5:07

example here we can see our fixed index

5:09

annuity in the global financial crisis

5:12

period and we can show our clients

5:13

exactly how the income is experienced so

5:16

here showing that the income does not go

5:18

down and stays flat and is guaranteed

5:20

through the life of the plan but then

5:21

below we can also point out how the

5:23

benefit base and balance also moves

5:25

through this period so showing the

5:27

benefit of the FIA where while the

5:29

balance is going going down here we can

5:31

see that our benefit based B level

5:33

showing why we're getting that lifetime

5:35

income from the

5:36

annuity thank you for viewing this video

5:39

we hope this helps please reach out to

5:41

our team if you have any questions

welcome this video will walk you through

0:02

how to add banking accounts inside your

0:04

income lab household the banking account

0:06

section can be found on the assets tab

0:08

of your household in the middle section

0:10

or the second tab on the screen here you

0:13

can add banking accounts like cash

0:14

accounts saving accounts or any account

0:17

that your client has but is not intended

0:19

to fund their retirement income to add a

0:22

banking account first we can add a name

0:24

so let's say here we're adding a savings

0:27

account we can select the ownership

0:29

let's say this one's jointly owned we

0:31

can add a

0:32

balance and then we can add an interest

0:35

rate to add multiple banking accounts

0:38

you can simply click add new to follow

0:40

the same process if you'd like to delete

0:42

those banking accounts you can click the

0:44

trash can icon to remove that input it's

0:47

important to note that the software is

0:49

not funding retirement income from

0:50

banking accounts if you have a banking

0:53

account or a checking account that the

0:54

client would like to use to fund their

0:56

retirement income you may want to then

0:58

go to the investment account section

1:00

add that as you'd add your other

1:05

accounts call it

1:10

taxable and then with the settings icon

1:13

here you'll want to put it as a custom

1:17

100% cash equivalent account this will

1:21

then let the software know and then hit

1:23

save when you're finished this will then

1:25

let the software know that this is a

1:26

checking account that the client has

1:28

that they do want to fund retirement

1:29

income with

1:33

thank you for viewing this video we hope

1:35

this helps please reach out to our team

1:37

if you have any questions and please

1:39

watch our other tutorial videos for how

1:40

to add other assets and fill out the

1:42

other sections of your income lab

1:47

household

welcome this video will walk you through

0:03

how to add other assets inside your

0:05

income lab household the other asset

0:07

section can be found on your assets Tab

0:09

and it'll be the third section on your

0:11

screen the other assets section is where

0:14

you can add other assets like real

0:16

estate businesses and any other type of

0:19

asset that is not an investment account

0:21

or a banking account to add the other

0:24

asset first We'll add the name so let's

0:26

say we're adding a primary

0:28

residence then we can select the

0:32

ownership then we can use the type to

0:34

select the type of asset here since this

0:36

is a primary residence we will select

0:38

real estate but here you'll see the

0:40

other options to add businesses Vehicles

0:42

Collectibles or any other type of

0:45

asset next we'll put the

0:50

value and if we'd like to add any more

0:53

assets we can simply click add new to

0:55

open up another field to continue adding

0:58

those

0:58

assets if you'd like to put more details

1:01

to the asset here you can click the gear

1:04

icon to open up more options on the

1:06

right for example with real estate we

1:09

may include a plan purchase so maybe the

1:11

clients want to purchase this home later

1:13

in the plan we can check the box use the

1:16

calendar icon here to select the plan

1:19

date of purchase by selecting the year

1:21

and the month and then we can put in

1:23

assume growth rate if

1:25

needed or let's say if the clients want

1:27

to sell the property and have the

1:30

proceeds come into the plan at a later

1:31

date we can check the box to include

1:34

plan sale you'll see two options here

1:36

for the projections if you'd like to use

1:38

the assumed growth rate you can simply

1:41

use the calendar icon here to select the

1:43

planned date of sale in the

1:45

future enter your assumed growth

1:49

rate and then include the adjusted basis

1:52

at

1:56

sale the other option here is projecting

1:59

it based off the plan sale price so if

2:01

the client have an amount that they'd

2:02

like to sell a home for we can select

2:05

plan sale price click the calendar icon

2:08

to again select the year and month in

2:11

which they plan on selling the property

2:13

and then we can include the plan sale

2:15

price so let's say

2:17

here we're going be planning to sell it

2:19

for a little bit more than it's

2:20

currently worth and you can also include

2:23

the adjusted basis at sale once you've

2:26

entered your inputs you do want to click

2:28

save to save your inputs and then that

2:30

will complete your entry you'll notice

2:32

if you want to delete an entry you can

2:34

hover over the item and then the trash

2:36

can icon will show up here on the right

2:38

and you can simply click the trash can

2:40

icon to delete any of your

2:42

entries thank you for viewing this video

2:45

we hope this helps please reach out to

2:47

our team if you have any questions and

2:49

watch our other tutorials for how to add

2:51

other sections and build more inputs

2:53

into your income lab

2:58

household 

this video will walk you through how to

0:02

enter Social Security in a plan you'll

0:05

find Social Security on the income Tab

0:08

and it's the first subtab on the left

0:10

called Social Security you can include

0:12

or exclude social security for any uh

0:16

household member in the in the plan if

0:18

you exclude Social Security here you can

0:21

enter it

0:23

manually um in the other income section

0:26

just by choosing Social Security that

0:28

can be useful for special situations

0:30

like windfall elimination or survivor

0:33

benefits but if you're just entering a

0:35

standard benefit you want to turn these

0:37

on then you have the option to either

0:40

estimate the benefit or enter the

0:42

benefit manually choose manual if

0:45

someone's already taking social security

0:47

or you just know the exact amount and

0:49

the date that they're going to start it

0:50

otherwise choose

0:52

estimate if you choose manual you'll

0:54

choose the benefit start date that is

0:57

the date that the benefit originally

0:59

began so so it can be anywhere between

1:00

age 62 and 70 um if you don't know the

1:04

date but you know it was in the past

1:05

just just give it a good estimate the

1:07

reason for this is that it's involved in

1:09

calculating spousal benefits um but

1:12

otherwise it's it's not that important

1:14

um and then put in the current monthly

1:17

benefit amount so don't put in the

1:18

original benefit amount put in the

1:20

current amount with all of the uh all of

1:23

the the cap the cost of living

1:25

adjustments that have happened since

1:26

then if on the other hand you want to

1:28

estimate the amount you'll have four

1:31

options you can enter the primary

1:32

Insurance amount the benefit at age 62

1:35

you can enter a full earnings history or

1:37

you can estimate it based on annual

1:40

income if you have the primary Insurance

1:43

amount grab that amount off of the

1:45

statement which you can get online it's

1:46

a it's a monthly

1:49

amount you can also get especially if

1:51

they're before age 62 on that statement

1:53

the benefit at age 62 you can enter a

1:56

bunch of uh the the actual earnings for

2:00

this client and we will estimate um

2:03

benefits from there that's helpful if

2:05

they're going to retire early um or if

2:08

all you know is their annual income

2:09

maybe it's even their current annual

2:10

income you can do an estimate based on

2:12

that it won't be as accurate because

2:14

it's not based on a full earnings

2:15

history but it'll definitely get you

2:17

there and then let's make this one a

2:20

little bit

2:21

bigger hit calculate options here

2:24

because I've already entered John Social

2:26

Security we know it's going to be 2500

2:28

and that it'll start in 20 25 actually

2:31

typically this this will be something

2:32

that started in the past but you can do

2:34

it in the future as well um and then for

2:36

Mary here we're estimating and so we get

2:38

a slider that that gives us a full range

2:42

from age 62 which was in the past all

2:45

the way up to age 70 which is in the

2:47

future um click on this green to get to

2:50

full retirement age or normal retirement

2:52

age uh with the slider you not only get

2:55

with the benefit amount would

2:57

be um but also a a Break Even age

3:00

estimate which is telling you hey it's

3:02

it's worth delaying Social Security

3:05

benefits until this date if you think

3:08

that you're going to live you know past

3:10

this age if we have both people with an

3:18

estimate then you'll get two

3:20

sliders and if there's any interplay

3:23

between these two benefits like if one

3:25

person's going to get a spousal benefit

3:27

that'll be taken into account in the

3:29

break even age which does mean in those

3:31

situations where maybe one spouse has a

3:33

really low benefit that there could be

3:35

times where there is no break even age

3:37

where basically there's it is not

3:39

worthwhile to delay uh benefits because

3:42

they're going to get a spousal

3:46

benefit

welcome this video will walk you through

0:02

how to add other income sources inside

0:04

your income lab household the other

0:06

income section can be found under the

0:08

income Tab and it'll be the second tab

0:10

on your screen here you can add a wide

0:13

variety of income sources this can be

0:15

salaries or any employment income for

0:18

clients who are currently working this

0:20

can be pensions for clients who are

0:22

retired annuities if you're facturing in

0:25

a retirement income or it could also

0:27

include any one-time casals like

0:29

inheritance or other cash flows that the

0:30

clients may be experiencing one time on

0:33

an annual basis here I will add a few

0:36

examples to show you the inputs so first

0:39

in our plan one of our clients is

0:41

currently retired so here we'll add her

0:44

salary we'll give it a name we'll say

0:47

she's earning

0:48

$7,000 of monthly income we'll open the

0:52

earn by column and make sure that's

0:54

properly stated as Mary salary and then

0:57

with the tax treatment you'll see you

0:59

have a few different options here this

1:01

is how the software makes sure that we

1:02

are accurately calculating the taxes on

1:04

all the income sources especially when

1:06

you go into the tax Center so here we'll

1:09

scroll down to the bottom and select

1:11

that this is a wage now that's how you

1:13

add the input you may want to click the

1:15

gear icon here to put in some additional

1:17

details so by clicking the gear icon

1:19

we'll see more of those inputs open on

1:21

the right first is the inflation

1:23

treatment the software will

1:24

automatically have the cash flows adjust

1:26

for inflation however if I wanted to say

1:29

it's only 7,000 flat we can choose the

1:31

non-adjusted for inflation option or if

1:34

we wanted to put in our own custom right

1:36

here we can select custom and enter that

1:38

rate but here I will keep the default as

1:41

adjusted for inflation next on any wages

1:44

or self-employment income you'll also

1:46

have the option to add a deductible

1:47

amount here's where you want to add

1:50

anything where whether it's

1:52

contributions benefits anything that the

1:55

client is having deducted against their

1:57

salary so that way again we are not

2:00

overestimating the FICA tax on her

2:03

employment income so here we'll just put

2:05

in that deductible

2:08

amount next you'll see the frequency

2:11

shows that it is recurring as a monthly

2:13

income the start date will automatically

2:15

be set to when you're currently building

2:17

the plan however since this is a salary

2:19

ending a retirement we will want to open

2:22

up the end date option here and have it

2:24

stop at Mary's

2:26

retirement once we're done we can hit

2:28

save

2:30

next let's say we are entering any

2:32

income happening in retirement so for

2:35

example let's say Tim has a pension so

2:37

here we'll name a pension put in the

2:40

monthly amount of that pension we can

2:43

have it earned by Tim if Tim has any

2:46

survivorship tied to this pension we

2:48

actually go ahead and say it's earned by

2:50

Tim and Mary this will make more sense

2:53

in the detailed inputs and then here

2:55

we'll call it ordinary income then we'll

2:58

click the gear icon to go into our extra

3:02

inputs one of the things you'll see here

3:05

is if Tim has a pension that is exempt

3:07

from state taxes but still will be

3:10

qualified for federal taxes you can

3:11

check this box and then the software

3:13

will then know to make this pension

3:15

income exempt from state

3:18

taxes next here since this is uh jointly

3:22

owned or their survivorship here we can

3:24

say this ends at the second spouse's

3:27

death and then we can also then Mark yes

3:31

as this income stream will change if one

3:33

passes one spouse passes away and then

3:36

we'll have a few more options to say

3:38

that you know if Tim dies let's say this

3:41

goes down to $1,000 and but Mary will

3:44

still receive $1,000 from this pension

3:46

or if Mary dies Tim is still getting his

3:49

full pension so we can just note that

3:51

the full pension will still be available

3:53

even in the death of Mary since it's

3:55

Tim's pension once you've entered your

3:57

inputs hit save to save your inputs

4:00

now you may have uh more cash flows that

4:03

are just happening one time and so to

4:05

enter those we'll again let's say this

4:08

is an example where we're adding an

4:10

inheritance we'll give it a name call

4:13

the amount again we can mark this as

4:15

jointly owned and you'll see that you

4:17

have a few options here with the cash

4:19

flows first we'll just say investment

4:21

income just so you can see more of those

4:23

inputs here with the investment income

4:26

option this gives you a few more details

4:28

to put into the taxation so I can say

4:30

what percentage is ordinary income what

4:32

percentage is long-term gains or if

4:34

there's a percentage that's non-t

4:36

taxable or tax exempt to keep the

4:38

inheritance simple we can open the drop

4:40

down here and just say it's not

4:42

taxable as we scroll down instead of

4:45

marking it as recurring we'll want to

4:46

click one time and then input the year

4:51

and month in which we expecting that

4:53

inheritance to come in since this

4:55

inheritance will not have any

4:56

survivorship tied to it I will keep this

4:59

option as no and then hit

5:02

save there you go that gives you a few

5:05

different examples of how to add other

5:06

income sources inside your income lab

5:08

household we hope this helps please

5:11

reach out to our team if you have any

5:12

questions and don't forget to watch our

5:14

other tutorial videos on how to fill out

5:17

any of your other sections of your

5:19

income lab household if you're keeping

5:22

this plan simple you could hit finish

5:24

and get right to your plan from

5:28

here

welcome this video will walk you through

0:03

how to add Baseline expenses inside your

0:05

income lab household to find the

0:08

Baseline expenses section from your

0:10

income lab household inputs first click

0:13

the plus sign on the right and then

0:15

click the expense section you'll then

0:18

see the Baseline expenses will be the

0:20

first section that opens up on your

0:22

screen in this section you can add

0:24

Baseline expenses which the software

0:26

treats its normal recurring expenses

0:29

that will occur through the the life of

0:30

the plan however it's important to note

0:33

that income lab plans show spending

0:35

capacity without the need for any

0:37

expense planning or budgeting so you can

0:40

enter Baseline expense information here

0:42

in order to compare what a plan says a

0:44

household can spend to what they think

0:47

they can spend if you do enter Baseline

0:50

expenses and you want to solve for the

0:52

plan spending exactly those Baseline

0:55

expenses you can first enter your

0:57

Baseline expenses and then click the

0:59

change this button to have the software

1:02

change how it's treating those expenses

1:04

and then solve for the client spending

1:06

exactly those Baseline expenses net of

1:08

tax I'll show you that as an example

1:11

near the end of this

1:12

tutorial so to begin first we have two

1:15

options here with the simple flow here

1:18

we can essentially enter one line item

1:20

for total monthly Baseline expenses so

1:23

here if our clients just plan on

1:24

spending or think they can spend

1:27

$7,000 monthly in Baseline expenses we

1:30

can enter that amount here if there's a

1:32

percentage of that that is essential

1:35

just to cover basic expenses like

1:37

groceries um mortgages things like

1:41

that if there's a percentage of that

1:45

Baseline expenses That's essential just

1:47

to cover groceries essential needs

1:49

maintenance you can put that number here

1:52

and have the software have that as a

1:54

second piece of comparison in your

1:56

outputs so let's say if that was

1:58

75% I could enter 75% here and so then

2:02

the software knows that total Baseline

2:03

expenses of about $7,000 but

2:07

$5,250 of that is to cover our essential

2:10

needs that's how you enter the simple

2:13

flow here you also have an option to

2:16

itemize to build more of a detailed

2:18

Baseline expense or more detailed

2:20

budgeting to do that you can click

2:22

itemize we will have to then override

2:24

our total expenses that we entered here

2:28

and then in the itemized flow you can

2:30

quickly enter your itemized expenses so

2:33

if we did still want to have living

2:37

expenses and then we can put in the

2:39

ownership here we can select the

2:43

type and then the monthly

2:47

amount and again that percent essential

2:50

if needed you'll also notice that with

2:52

the itemized expenses you can then click

2:55

the gear icon here if you'd like to put

2:57

in more custom entries so here if we

3:00

wanted to change the type we can do that

3:02

as well or if we wanted to put custom

3:04

entries around the begin date we can say

3:06

whether this expense has already begun

3:08

or since one of my clients are in

3:10

pre-retirement and maybe we're just

3:12

factoring in expenses when they retire

3:14

we can click to have it start at the

3:17

start of the income plan when the

3:19

clients retire or when we start the

3:21

income plan for this

3:22

household since this is a joint uh

3:25

expense as well we can also put any

3:28

survivorship if need so if this total

3:31

expenses will go down let's say by

3:33

$1,000 in the case one of the members

3:36

passed we can enter that amount here or

3:39

if it stays the same regardless of

3:41

survivorship we can click no and then

3:43

just have it Factor the full expense

3:45

regardless of the survivorship or if the

3:47

spouse passes away once you've entered

3:50

your inputs you can hit save next we can

3:53

simply follow the same process to add as

3:55

many expenses as needed so if we did

3:58

have um a specific specific expense here

4:00

that we want to cover maybe let's say

4:03

they're planning a special travel

4:04

expense throughout the entirety of the

4:06

plan here and so we wanted to note that

4:08

as its own line item

4:11

here let's say they're planning on

4:14

doing $500 monthly again we want to put

4:17

the monthly amount here throughout the

4:19

entirety of the plan since it's a

4:20

baseline expense we can enter that

4:22

amount and then again click to maybe

4:25

have it start when they retire and then

4:28

turn off the survivorship

4:32

we'll add one more let's say maybe if

4:33

the clients are really charitable and

4:35

they wanted to add a charitable expense

4:37

throughout the life of the plan again we

4:39

can call this jointly owned if needed we

4:42

can scroll down here you'll see all the

4:44

different options and then we can add

4:47

charity and then let's say they're

4:49

planning on

4:50

$200 a month for their charitable

4:52

expense we can add that monthly amount

4:54

here turn off the survivorship and if

4:57

they're currently already making that

4:58

charitable expense even before

5:00

retirement again we can use this option

5:02

to say this expense has already begun

5:04

and then hit

5:06

save with expenses like charity

5:10

education um or even medical you'll see

5:13

that uh the software has some unique tax

5:15

um calculations tied to it so for any of

5:18

your charitable in inputs the software

5:20

will deduct those expenses against um

5:23

the taxes to make sure that the clients

5:25

get credit for those charitable

5:28

contributions if you had a 529 you can

5:30

Mark those education expenses and have

5:33

it first pull from the 529s or if you

5:36

have an HSA you can specifically tag

5:38

those expenses as medical to have it

5:40

pull from the

5:41

HSA once you're done you can move to the

5:44

next tab to add other variable expenses

5:47

or hit finish to save your inputs and go

5:49

back to your income plan household again

5:52

if I go back here to my totals here that

5:55

will override my itemize so you do want

5:58

to be careful to only pick one of the

6:00

other and not move back and forth here

6:03

otherwise it will erase those inputs but

6:05

here I can again quickly just add my

6:07

overall total here and then as I

6:09

mentioned if I wanted to change how the

6:13

software is treating this expense and

6:15

have it solved for exactly getting

6:18

$7,000 net of tax for these clients in

6:21

the income plan I can click change this

6:23

and then choose the instead of the what

6:26

can I spend option I can choose that how

6:28

can I spend

6:29

$7,000 and then you'll see that instead

6:32

of focusing on spending capacity and

6:34

answering the question what can I spend

6:36

the software will find income settings

6:38

that are estimated to produce this

6:40

plant's desired net of tax Baseline

6:42

expenses and include any itemized other

6:45

or variable expenses as

6:48

well hit done when you're saved here for

6:51

this example I will keep it back on the

6:52

default what can I spend that's it thank

6:56

you for watching this tutorial video

6:58

please reach out to our team if you have

6:59

have any questions and please watch our

7:01

other tutorial videos on adding other

7:03

variable expenses or filling out the

7:05

other sections of your income lab

7:06

household thank

7:10

you

welcome this video will walk you through

0:03

how to add other SLV variable expenses

0:06

inside your income lab household the

0:08

other SLV variable expense section can

0:10

be found under the expenses of your

0:12

income lab household quick reminder that

0:14

if you haven't already added expenses

0:16

you'll have to click the plus sign to

0:18

select the expense section however if

0:21

you've already added expenses like

0:23

Baseline expenses you'll see the expense

0:25

tab located in your household inputs

0:28

here to start let's click other SLV

0:31

variable expenses and just a quick

0:34

reminder that income lab plans do show

0:36

estimated spending capacity for a

0:38

household net of legacy and specific

0:41

other SLV variable expense goals in this

0:43

section for other SLV variable expenses

0:46

we want to add spending goals that are

0:47

significant irregular lumpy or which we

0:51

want to represent separate from the

0:53

Baseline spending capacity I'll add a

0:55

few examples here just so you can see

0:58

but some examples include major

1:00

purchases large vacations gifts

1:02

donations Etc so here let's say our

1:05

clients are planning for a large

1:06

vacation so let's

1:12

say and then we can put the joint

1:14

ownership for the type you'll see a few

1:16

different options here so here we can

1:18

scroll down and hit travel and let's say

1:21

they're planning on spending

1:22

$115,000 next year for a special

1:25

vacation once we've entered the basic

1:27

inputs we want to then click the gear

1:29

icon to have more inputs open on the

1:31

right instead of making this a recurring

1:34

expense we can call it a one-time

1:36

expense click the calendar icon here to

1:38

select next year the year and the month

1:41

for when they'd like to make that

1:43

vacation or make that large expense we

1:46

can either choose to have it adjust for

1:47

inflation not adjust for inflation if we

1:50

want to plan for them spending $155,000

1:52

flat or put in our own custom inflation

1:54

rate since this is a joint expense the

1:57

software will ask us if there's any

1:58

survivorship ties to it since we're just

2:01

planning on this as a onetime special

2:02

vacation we will say no and remove the

2:05

survivorship inputs we'll click save

2:07

once we're finished let's say your

2:09

clients have more unique reoccurring

2:11

expenses like charitable

2:15

donations here we'll first add the name

2:17

we can have it tied to one person or

2:19

make it jointly owned again and then

2:22

here we can scroll down and use the type

2:24

charity and let's say the clients are

2:26

just planning on doing $200 each month

2:29

in charity able

2:30

donations then we can click the gear

2:32

icon here since this is a recurring

2:35

monthly item we'll keep the frequency as

2:37

recurring we can say the start date

2:39

starts right now or since we're planning

2:42

on a future retirement date for Mary and

2:45

this is maybe her charitable donations

2:46

we can say she plans to start this at

2:48

her retirement date and then for the end

2:50

date option we can either say it ends at

2:52

Mary's death or ends at the second

2:54

spouse's death if we wanted to go

2:56

through the entirety of the plane but

2:58

again here since we have a TI to Mary

3:00

we'll say this ends at Mary's debt then

3:02

we can input the same inflation

3:04

treatment as we discussed in the

3:05

previous step and then here we'll hit

3:08

save when we're

3:10

done you'll notice that with the type

3:13

section that there's a few options here

3:15

I'll quickly talk through when you may

3:17

want to use a few unique types

3:19

especially for taxation benefits we

3:21

already discussed a charity example here

3:23

for any charitable donations the

3:25

software will discount that against the

3:27

taxes so they get the tax benefits those

3:30

charitable donations if you have clients

3:32

maybe helping for their children's

3:34

education and they have some 529s and

3:37

they're paying that over a few years and

3:39

not recurring throughout the entirety of

3:40

the plan we recommend adding those as an

3:43

other variable expense marking the type

3:45

as education so that way the software

3:47

pulls these specific expenses from the

3:49

529 accounts and again gives them the

3:51

tax benefits there and then let's say if

3:54

your clients have hsas um where they

3:56

want to pull medical expenses

3:58

specifically from those hsas we can

4:01

enter those here tag them as medical and

4:03

then the software will pull them from

4:05

the

4:07

HSA we hope this helps please reach out

4:10

to our team if you have any questions

4:12

and watch our other tutorial videos on

4:14

how to keep building your income lab

4:23

household

welcome this video will walk you through

0:02

how to add savings and contributions

0:04

into your income lab household first to

0:07

find the savings tab you want to click

0:09

the plus sign on the right and then

0:10

click savings here we can add any

0:13

savings or contributions that our

0:14

clients are making into their portfolio

0:17

in this example one of our clients Mary

0:19

was currently working so here let's

0:21

factor in the contributions she's making

0:23

into our 401K so first we can just name

0:26

it 401K

0:28

contributions

0:32

then we'll want to select the target

0:34

account that she's making those

0:35

contributions into so here we can see by

0:38

the icon and the name 401K that we want

0:40

this to go into Mary's 401k and then

0:42

here we can put in the monthly

0:44

contributions that she's

0:48

making and then that's pretty much it

0:51

you may have some cases where Mary has

0:53

an employer match you can either choose

0:55

to add that employer match directly into

0:58

the line item here and just put put in a

1:00

total amount or we can create a separate

1:03

line item and call

1:05

it employer match or whatever naming

1:08

structure makes sense for your planning

1:10

purposes and then we'll want to select

1:12

it going into the same account that we

1:14

selected previously so also want to make

1:16

sure the employer match for Mary is

1:18

going into her 401k and then we'll enter

1:21

the amount of that employer match you'll

1:24

see the gear icon on the right that'll

1:26

give you a few more options if you'd

1:27

like to put some more custom entries to

1:29

to these contributions so by clicking

1:31

the gear icon here we'll see those

1:33

options open on the right first is the

1:35

inflation treatment if we want to assume

1:38

these contributions are adjusted for

1:39

inflation we can have the default stay

1:41

at adjusted for inflation if Mary's

1:44

making $500 flat each month not

1:46

adjusting for inflation we can say not

1:48

adjusted for inflation or if we want to

1:51

factor in using a custom inflation rate

1:53

we can put custom and then put that rate

1:56

in there here in this example I'll keep

1:59

it on default adjusted for inflation

2:02

next you'll see the recurring will keep

2:04

it on the default as a monthly

2:06

contribution if this was a one-time

2:09

contribution we can select one time and

2:11

put in the month and year in which that

2:13

contribution will happen if this is an

2:16

annual contribution the software will

2:18

read this as as it being a lump sum

2:20

happening in one time in that year

2:23

however then we can change it from month

2:24

to year and then this will be a one-time

2:27

contribution happening that year however

2:29

it's best practice to keep this as a

2:31

monthly contribution so all the cash

2:33

flows whether that's income or savings

2:35

are inputed as accurately as possible as

2:37

a client is making or receiving that

2:39

income next we can keep the default to

2:42

start at right when we are building this

2:44

plan but then we'll want to change the

2:46

end date option to have it stop and

2:48

Mary's retirement so that way the

2:49

software has the contribution stop the

2:51

month before Mary officially retires

2:55

once we're done we can hit save and then

2:57

that essentially completes our entry

2:59

since we did have an employer match here

3:01

we'll click the gear icon and just make

3:03

sure that we match those inputs as well

3:05

so keeping it on a monthly frequency

3:08

adjusting for inflation and then having

3:10

it stop at Mary's retirement and then

3:13

clicking save if you'd like to delete

3:15

any of your entries you can hover over

3:17

the line item and then click the trash

3:19

can icon to delete the

3:21

entry that's it we hope this helps

3:24

please reach out to our team if you have

3:26

any questions and please watch our other

3:28

tutorial videos for how to keep building

3:30

your income lab

3:38

household

welcome this video will walk you through

0:02

how to add liabilities inside your

0:04

income lab household to find the

0:06

liability section click the plus sign on

0:08

the right and then select

0:11

liabilities once you've added your

0:12

inputs the liabilities section will

0:14

automatically show up the next time you

0:16

come into your income lab household in

0:19

this example we previously added a home

0:22

so here we can factor in the client's

0:23

morgage as a liability to add in the

0:26

mortgage first we can give it a name

0:29

call

0:35

mortgage then we can select the

0:37

ownership here will say it's jointly

0:38

owned and then you'll see we can open up

0:41

the type box and enter a few different

0:42

types here we'll add the mortgage if you

0:45

want to add a vehicle loan you can

0:46

select that as well or if you want to

0:48

add other like credit card balances or

0:50

anything like that you can mark that as

0:54

other and then here we'll want to enter

0:56

the balance of the

0:58

loan or or the balance of the

1:01

mortgage and then next we can use this

1:03

toggle to select the payment amount so

1:06

if they're using the payment amount

1:07

based off the dollars you can select the

1:09

dollar toggle if you're using the

1:12

payment amount based off the interest

1:13

rate you can select the interest rate

1:15

and that will put the percentage sign to

1:17

enter the interest rate here we'll put

1:19

the dollar

1:21

sign and put in the monthly payment

1:23

amount that they're making on this

1:25

mortgage next you can select the

1:27

calendar icon here to put in the end

1:30

date for the

1:31

mortgage by selecting the year and the

1:33

month that's how you add the liability

1:36

you may want to then click the gear icon

1:38

to put in some more custom inputs for

1:41

the liability as we scroll down you'll

1:44

see you'll have a few options where if

1:47

you'd like to let's say they're starting

1:49

this mortgage and you want to use this

1:52

balance as update as the loan

1:55

origination date you can check this box

1:57

and then in your plan you will then see

1:59

the soft Ware funding some proceeds from

2:02

the portfolio in order to purchase this

2:06

liability but in this example we will

2:08

keep that

2:10

unchecked and then below here you can

2:12

see again that we are factoring in the

2:14

payment amount based off a $1,000

2:16

monthly payment amount then below you'll

2:19

see the options for the structure of the

2:22

liability here the default will be

2:25

amortising however if this is a balloon

2:27

payment you can factor in balloon and

2:30

then put in the final principal amount

2:32

that they'll pay on the last payment of

2:34

the mortgage or if they're doing

2:37

interest only payments you can select

2:39

interest only and use that option as

2:43

well then below you can choose to

2:45

include the payments as an expense item

2:47

in your plan you'll have two options

2:49

here the software treats Baseline

2:51

expenses as basic expenses that will be

2:54

available or that will be um incurred

2:57

throughout the entirety of the plan so

2:59

really normal expenses through the life

3:01

of the plan or other variable expenses

3:04

are more unique expenses that will stop

3:06

at some point and so want to show the

3:08

software factoring in that once these

3:10

other variable expenses stop the

3:12

client's overall expenses will be lower

3:14

and they'll go to a more normalized

3:16

expenses here since they're planning on

3:18

paying off the mortgage in a few years

3:20

we will call it an other variable

3:22

expense you'll also have the option here

3:25

where you can select a payoff early date

3:27

and then put in the month and year in

3:28

which the client's to pay this off early

3:32

in this example we'll keep it simple and

3:34

just mark it as other variable expense

3:36

once we're done we can hit

3:39

save if You' like to add more

3:41

liabilities you can simply follow the

3:42

same steps add a name the ownership the

3:45

type the balance the payment information

3:48

the end date and then the gear icon if

3:50

you have more custom

3:52

inputs thank you for viewing this video

3:55

we hope that helps please reach out to

3:57

our team if you have any questions and

3:59

please watch our other tutorial videos

4:01

on how to keep building your income lab

4:06

household

welcome this video will walk through how

0:02

to add insurance inputs into your income

0:04

lab households to find the insurance

0:07

section first click the plus sign on the

0:09

right and then select the insurance tab

0:12

here you can add insurance like life

0:13

insurance for your clients and have it

0:15

factored into your income lab plans so

0:18

first to get started we'll give it a

0:23

name we'll select the

0:25

ownership you can select each individual

0:27

or call it jointly owned we'll select

0:29

the type you'll see two options for a

0:31

permanent policy or a Term

0:34

Policy and then we'll put the face

0:37

value then you can select the coverage

0:40

dates so first selecting the coverage

0:41

start

0:43

dates and then with a Term Policy you

0:46

can select when the coverage will go to

0:48

by clicking the calendar icon selecting

0:50

the year and the month with a permanent

0:55

policy since it's permanent you'll

0:58

notice that the end date will just go

1:00

through the entirety of the

1:01

plan that's how you add your input but

1:04

next you may want to click the gear icon

1:06

here to put in some more custom

1:09

entries with a permanent policy you can

1:11

also include the cash value so here if

1:14

we wanted to put in a cash value here

1:16

for example we can enter that input here

1:19

and then below you can also factor in

1:21

the premiums for the insurance policy so

1:25

here if

1:27

they're calling it paying 150 a month in

1:30

that premium we can add that number here

1:32

and then again we can select when the

1:35

next premium will be paid as well as

1:37

when they're expecting to pay the final

1:39

premium then you can also set the

1:41

frequency by default the software will

1:43

treat it as a monthly expense however

1:45

you can select quarterly semiannual

1:48

annual or one time if

1:51

needed by default you'll see that the

1:53

software will have the ability to

1:55

include the premiums as expense items in

1:57

your plan you can then choose whether to

2:00

have it as a baseline expense again

2:03

reminding that the Baseline expense are

2:05

treated as expenses that reoccur through

2:07

the entirety of the plan or as an other

2:10

variable expense which are more unique

2:12

lumsum or have a stop date at some point

2:15

along the way so since here if we're

2:17

saying it's 10 years of premiums we'll

2:19

want to call it an other variable

2:21

expense since it'll stop at some point

2:23

along the way once you're done click

2:25

save to save your input if you'd like to

2:28

add another insurance policy here you

2:30

can simply follow the same

2:36

steps select the

2:39

ownership the type again the face

2:44

value the coverage

2:48

dates and then the gear icon to fill out

2:52

the same

2:54

information if you'd like to delete an

2:56

entry you can just hover over the item

2:58

here and on the right you'll see the

2:59

trash can icon that will let you

3:02

delete that's it thank you for watching

3:05

this video please reach out to our team

3:07

if you have any questions and don't

3:09

forget to watch our other tutorial

3:10

videos for help on building your income

3:12

lab

3:15

households

welcome this video will walk you through

0:03

the advanced settings of your income lab

0:06

household from your income plan

0:08

dashboard to get to the advanced

0:10

settings click the three dot icon in the

0:12

top right of your screen and then click

0:14

advanced

0:16

settings here you'll have more custom

0:19

inputs to add to your income lab

0:21

household I will walk through each

0:23

section of your advanced settings below

0:26

first taxes here you can by default

0:29

allow CDs in pre-retirement you'll see

0:32

the default will have it unchecked also

0:35

in the tax Center when you look at your

0:37

tax analysis or your tax results It Is

0:39

by default applying the 2026 sunsetting

0:42

of the taxes if you'd like to uh uncheck

0:46

that and not have that included by

0:47

default you just want to check this box

0:49

to remove it as

0:52

well next you can add a local tax rate

0:56

this is if your clients live in a city

0:57

or municipality where they have to add a

1:00

local tax on top of their state

1:02

taxes you'll see the default does not

1:05

include the local tax rate next you'll

1:08

see the portfolio withdrawal order

1:10

here's where it's referencing the

1:12

current tax strategy being used in the

1:14

plan you can go to the tax Center and

1:16

have the software run all the different

1:18

reports and then compare and explore and

1:20

implement or apply a tax strategy to

1:23

your plan however in the advanced

1:25

settings you can also quickly change

1:26

that tax strategy by opening this

1:28

dropdown

1:30

setting the order by tax treatment if

1:32

you want to base it off the tax

1:34

treatment so here I can reorder it for

1:36

example if I wanted it to go tax

1:38

deferred tax-free taxable or any

1:40

ordering by tax status or by selecting

1:43

the bracket management Roth conversion

1:45

scenarios if I want to have the software

1:47

use a Roth conversion strategy where

1:49

we're targeting the top of any of these

1:52

tax brackets here um in the

1:55

plan the default option unless you

1:58

changed it the default option unless

2:01

you've changed it in your main settings

2:03

will be

2:04

prata below you'll have a few more

2:06

options for customizing your Roth

2:08

conversions you may want to enforce an

2:10

annual dollar cap on your Roth

2:13

conversions just to limit how much the

2:15

software will allow the plan to convert

2:17

in a single year if we'd like to put

2:19

that annual dollar cap on we'll check

2:22

this box and

2:24

then we can

2:26

override and for example pull in a

2:28

$100,000

2:30

annual dollar cap on those Roth

2:32

conversions if you'd also like to

2:34

specify the years in which Roth

2:36

conversions are allowed maybe in this

2:38

case your clients only want to do Roth

2:39

conversions over the first five years of

2:42

the plan or they maybe want to go every

2:44

other year you can check the box hit

2:46

customize years and then here you can

2:48

check the years in which you'd like Roth

2:51

conversions to be considered if you'd

2:53

like to first start by selecting all and

2:55

then unchecking several years so maybe

2:58

the client wants to wait a few years

2:59

before they start the Roth conversions

3:01

you can do that option as well you do

3:03

want to click save once you're done for

3:06

this example I will keep everything on

3:08

the defaults below there you'll also

3:11

then be able to see the Medicare inputs

3:14

here you'll see the default will have

3:16

Medicare covered by Part B and Part D

3:19

included with the monthly Part D base

3:22

premium of $43 a month and having

3:25

Medicare begin in h65 for both members

3:28

in the household here you can quickly

3:31

uncheck these boxes change the base

3:33

premium amount or if you want to have

3:36

these base premiums included expense

3:38

items in the plan you can check the box

3:40

here and then choose whether that's a

3:42

baseline expense or an other variable

3:44

expense from our other tutorial videos

3:47

you'll find out that the Baseline

3:48

expenses are truly ongoing normal

3:51

expenses through the entirety of the

3:54

plan whereas the other variable expenses

3:57

better represent more unique lumpy or

3:59

expenses that will stop at some point

4:01

along the way the default you'll see

4:04

will have them included as Baseline

4:06

expenses in your

4:09

plan you also want to click save after

4:12

each of these sections to make sure that

4:13

you're saving these

4:14

inputs below there you'll also see the

4:16

longevity

4:18

settings the software is using Actuarial

4:21

data from retirement participant plans

4:23

as it setting up the plane length here

4:25

with a 2% household it's looking at a

4:27

dual longevity here so here can quickly

4:30

change the slider to increase or

4:32

decrease the overall plane length by

4:34

default it assumes both people live at

4:36

an above average longevity but here if

4:39

Tim is maybe planning on living at a

4:41

below average we can slide the slider to

4:44

reduce his longevity expect expectations

4:48

or much longer than average to increase

4:51

those longevity expectations since it's

4:54

doing the Dual longevity here you can

4:57

see by changing the slider of one person

4:59

that is impacting the overall plan link

5:02

it's important to note that with this

5:04

plan link the software is not killing

5:06

off the clients at 34 years it is

5:10

actually just saying this is the initial

5:11

estimation for the plan length there's

5:13

by default a five-year buffer built in

5:15

so as the client ages they may outlive

5:18

these 34 years the software is actually

5:21

updating the plan along the way just

5:23

ensuring that the client never outlive

5:25

the

5:27

plan now you may also have a situation

5:30

here where one of the clients

5:31

unfortunately maybe has a terminal

5:33

illness or because of the age difference

5:35

may be planning on um passing away at

5:38

some point in the plan to put in more of

5:40

that unique end date for that specific

5:42

person you'll want to click the calendar

5:44

icon here to toggle off the slider and

5:47

then put in the year and month in which

5:50

you'd like to plan for them to pass in

5:52

the

5:54

plan you'll notice that if I do plan on

5:58

killing off one of the clients cents

6:00

that you always need to have at least

6:02

the other client using the longevity

6:03

estimates again because the Actuarial

6:06

data will update the overall plane

6:07

length as they age so you'll notice that

6:10

even while you turn it off for one

6:12

client it'll always be turned on for one

6:14

of the other

6:17

clients and again save after you're

6:20

finished next you'll see the Legacy goal

6:22

section here's where you can input a

6:24

legacy goal for your client so if they

6:27

have a specific amount they' like to

6:28

leave in their port folio at the end of

6:30

the plan you can enter that value here

6:34

and then the software will factor in the

6:36

calculations to try and maximize their

6:38

income while still letting making sure

6:42

the software will try to maximize their

6:43

income while still making sure that they

6:45

hit that Legacy goal at the end of the

6:48

plan if you're planning on leaving

6:50

$250,000 flat you can keep it how we

6:54

have here or if you'd like to have that

6:56

$250,000 adjusted for inflation you want

6:59

want to check this box to adjust the

7:00

Legacy goal for

7:02

inflation next you also see the income

7:05

path by default the software is using an

7:08

age-based income path which is using the

7:10

retirement spending smile or having the

7:12

clients live through the go- go slowo

7:14

no-o stages in retirement if you'd like

7:17

to use more of a flat-based income path

7:19

you can open the toggle here and choose

7:21

flat or if you'd like to put in your own

7:23

custom income path you can put in the

7:25

custom option choose when those

7:27

reductions and income will start

7:30

by how much the annual reduction will be

7:32

and you can also choose to increase the

7:34

income by a certain percentage for the

7:37

final three years so pre-building in

7:39

your own goo or noo

7:41

stages however again the software you

7:44

will use age base as the default below

7:47

there you'll also see the minimum income

7:48

change section when you look at the

7:51

guardrails and as you plan for

7:53

adjustments the software has this

7:55

minimum income change to make sure that

7:57

we don't notify you of really small

7:59

adjust adjustments so here it's just

8:00

saying that we will only notify you of

8:02

adjustments that are at least 5% or

8:04

greater of the current income now that

8:06

is a default here you can change that

8:08

just by highlighting the

8:10

section and putting in your own minimum

8:12

income change however most our users it

8:14

seems do just keep it at 5%

8:17

here going from there we'll also see the

8:20

income

8:21

settings we talked a little bit about

8:24

this in our Baseline expenses tutorial

8:27

but here you'll see that by default the

8:29

software uses a what can I spend income

8:32

setting that is solving for the client's

8:34

spending capacity however if you did put

8:37

in expenses Baseline expenses and would

8:40

like to instead solve for the client

8:42

getting exactly those Baseline expenses

8:44

net a tax you can change the setting to

8:47

how can I spend $7,000 net of tax and

8:50

then when you look at the results the

8:51

software will calculate the income

8:53

settings needed for the clients to spend

8:55

exactly $7,000 net of tax and then it

8:58

will just gross up the gross withdrawals

9:00

to cover any taxes or any other variable

9:03

expenses you may have

9:05

added if you did put in the income

9:08

setting to how can I spend the net of

9:10

tax option you can also click find

9:13

income and guard rill settings and then

9:14

the software will be able to calculate

9:17

what those income and guard R settings

9:18

or what that risk level is to get you

9:22

that net of tax option if you did click

9:25

to find those income and guard rule

9:26

settings the software will calculate and

9:28

find the risk level that had to result

9:30

in order to get you that exact net of

9:33

tax options and then you can see those

9:35

percentages here

9:37

below next on the income adjustments

9:39

this is referencing the guard rails I

9:41

will put it back to our default setting

9:43

here just so you can see with the what

9:45

can I spend you can click customize

9:47

income adjustment plan to put in your

9:49

own custom risk level and custom guard

9:52

rules here if you need to otherwise here

9:55

you can just see the results that are

9:58

needed for for a plan for income

10:00

increases and plan for income decreases

10:03

you can view our tutorials on the guards

10:05

to get a better and deeper understanding

10:07

if you'd like to make these changes from

10:09

there you do have the options of putting

10:11

income floors and ceilings in the

10:13

advanced settings here with the floor

10:15

first we can maintain a least intial

10:17

income unless the portfolio dips below a

10:20

certain level and you can put that level

10:22

here for the portfolio or if you're

10:24

putting a ceiling you can have the

10:26

software limit the income increases so

10:29

even when higher income would be

10:30

otherwise available on the plan we can

10:32

cut cap the monthly income at a certain

10:35

percentage or put in a real dollar value

10:37

for that

10:39

ceiling again I will put it back to the

10:42

defaults for this

10:44

video next you'll see the plan analysis

10:47

section by default the software is using

10:49

the historical analysis method again in

10:52

your main settings you can change this

10:54

default and open the drop down here if

10:56

you'd like to instead under each plan in

10:59

the plan analysis here under each plan

11:02

in the advanced settings you can change

11:04

and maybe use a traditional Monte Carlo

11:06

which is only using one set of Capital

11:08

Market assumptions or a regime based mon

11:10

Carlo which is using two sets of Capital

11:12

Market assumptions one's for the

11:15

short-term period and another for the

11:17

long-term period but here we'll put it

11:20

back to the default

11:21

historical last option here is to just

11:24

put in your overall fees and

11:26

expenses as a reminder in the advanced

11:28

settings this is only being applied to

11:30

this plan specifically if you'd like to

11:33

make those fees and settings at a global

11:34

level you do want to go to your main

11:36

settings at the top year and set that at

11:38

a global level however in the advanced

11:40

settings here we can put in a percentage

11:42

for the fee or a flat rate or if you're

11:46

breaking it down by the asset class

11:48

level you can enter those amounts for

11:49

the fees here as well and then save when

11:52

you've made those

11:53

changes that's it that covers all the

11:56

sections of the advanced settings inside

11:58

your income lab plan after you've

12:00

clicked save you do want to scroll back

12:01

to the top and hit return to plan if you

12:05

haven't saved any of your changes it

12:06

will throw up this reminder for you to

12:08

save your changes before

12:12

exiting and then that will take you

12:14

right back to your income plan

12:18

dashboard if you're on some of our other

12:20

tabs here for example if you're in live

12:23

Hub and want to get to the advanced

12:24

settings you do want to go all the way

12:27

to the top right here again clicking the

12:29

three dot icon to go to advanced

12:31

settings if you're in the retirement

12:33

stress test you'll notice it's still in

12:35

the same top right section clicking the

12:38

three dot icon to go to the advanced

12:39

settings and you'll find that also in

12:42

the tax Center or the tax lab and you'll

12:45

find that also in the tax lab we hope

12:48

this helps please reach out to our team

12:50

if you have any questions and watch our

12:52

other tutorial videos for more guided

12:54

help on using income

12:57

lab