Have recently setup our Financial Assets Sub-Accounts on the Initialization page utilizing our 2022 end of year balances. It is unclear to me how will I update these balances at the end of this year 2023. Can someone help explain this process? Many thanks in advance and apologies if I have missed the obvious.
Kind regards - Mike
Mike,
The tool starts its projections from the account balances on the Initialization page. These projections are based on your inputs relative to ROR, income, spending, inflation, etc, which are based on the best information you have at any point in time but, of course, they won't be perfect. So, every year, I recommend that you update all of your inputs based on the most currently information available. You'd begin that process by changing the start of the modeling period to 2024 and updating all of your account balances on the Initialization page. Does that make sense?
Stuart
Many thanks Stewart - this is how I understood the information in the manual but read a bit too much into the Mid-Year Adjustments description which unnecessarily sent me down the rabbit hole noted above. It is very clear now and can't tell you how happy we are with PRC - beyond helpful!!!!
Kind regards Mike
