Second marriage so we each have own brokerage accounts with IRA, 401K, etc. We have a joint checking for all house, joint expenses. We also each have personal checking for our own spending. It almost seems like I would need to model my assets, taxes, growth, spending, withdrawals, etc completely separately from my wife. Any account withdrawal order would have to say $x from my accounts, overflow to my checking, $y withdrawal from her accounts overflow to her checking. Is there any way to do this in 1 instance, or do I need to do everything twice and if so, does Pralana support 2 high level accounts, 1 plan for me, 1 plan for her.
@jsciandra Pralana does not model separate accounts (other then tax-deferred), expenses or taxes for marriage partners. By treating everything as joint, the long-term calculations will be correct but you will not be able to see any breakdown on your accounts vs. her accounts. Technically, you could use Pralana to model two totally separate plans for yourself and your wife, but that would be messy and would not do your taxes correctly.
Stuart
@jsciandra When I'm working with clients in this situation, for example, if still working and positive cash flow, and the tool is projecting $10k that needs to move from cash (above ceiling) to taxable brokerage, come to agreement how much to do each and do the actual transfer at your brokerage/bank that way. If you're retired, and the tool is saying to take $60k from the Roth IRA this year, split it between your two Roth IRAs however you agree (perhaps proportionally if there's an imbalance between the amounts in each). If the tool says to take $80k from one spouse's IRA and nothing from the other, and you've already decided to withdraw proportionally, use scheduled withdrawals to override that.
