Life Hub - Creating Plan Scenarios
Discover how to use Life Hub to create plan scenarios and effectively strategize for various outcomes.
Last published on: September 03, 2025
Video: Life Hub Plan Scenarios Tutorial
Video Transcript
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Instructions
You may want to create multiple plans when exploring a range of possible plan options for a household. This is sometimes called "Scenario Analysis" or "A/B Testing". Typically, you'll want plan options to differ minimally from each other so that you can easily evaluate the impact of different decisions. Here's how to do Scenario Analysis in Income Lab.
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Step 1: Create a baseline
In you're engaging in Scenario Analysis, you'll first want to create a baseline for the household. Typically, this means entering all of the baseline data for a household in the Household Info section. Baseline data is the information you want to assume for all of your scenarios.
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Step 2: Create Alternative Plan Scenarios
From the Plan Scenarios section, simply click "Create new scenario". This will seed a plan with information from the household. From this point you can make one or more adjustments to the plan such as:
- Retire sooner/later
- Buy a vacation home
- Fund a wedding or a grandchild's education
- Downsize a home
- Move to a different state
Note that you can also create new plan scenarios by copying an existing plan scenario.
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š” Best Practice
As you create several plans for each household, theĀ Plan DescriptionĀ fieldĀ becomes more important. This field, located on step one of the plan stepper, enables you to note the differences between plans, allowing you to identify what is unique about a scenario without needing to review the plan inputs to compare one scenario with others.
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