Please reply below with your suggestions on how best to update one's plan start year. What, in particular, needs to be reviewed changed? I intend to update this first post from time-to-time to summarize responses and will sooner or later consolidate the responses in a new user manual section.
For starters....
- Update initial balances
- Review income/expense items for significant changes. In particular:
- Review/update your Social Security benefit amounts to reflect the actual (if already started) or amount from the SS website.
- Review property/rental property/investment/personal loan inputs. A 'new' loan can become an 'existing' loan and the inputs are different.
- Review/update the Second Lowest Cost Silver Plan premium if you may be eligible for ACA tax credits.
On property expenses: review insurance and taxes and update accordingly. I know in my case, taxes have increased significantly more than inflation. (Driven by a sizeable increase in assessed home value, mine jumped 33%).
Please reply below with your suggestions on how best to update one's plan start year. What, in particular, needs to be reviewed changed? I intend to update this first post from time-to-time to summarize responses and will sooner or later consolidate the responses in a new user manual section.
For starters...
- Review/update the Second Lowest Cost Silver Plan premium if you may be eligible for ACA tax credits.
Thinking that the whole health care section should be reviewed for changes (not just SLCSP). I've learned this section really influences things!
So check: Base health care premiums, SLCSP (if doing ACA), out-of-pocket expenses, and health care inflation.
I also update my carry over losses and capital gains in my taxable account.
Expected returns are a core of Monte Carlo results. So many users would want to review expected returns. However other users might just leave it at an a average and fogettaboutit.
