Hi
I do understand the retirement plan has to be updated at least yearly (previous post); still I would like to ask the following question.
Lets say I created a plan in PRC online in 2024 ("Plan start year" = 2024).
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3 years later, i.e., in 2027, I open the plan (just open, no edits).
(Q1) In reports, will "Today's $" show amounts in
- 2024 $ ? (I assume this)
or - 2027 $ ?
or - ???
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In 2027, if I want to update the plan that I had created in 2024 -
- (Q2) Will Pralana force me to change the 'Plan start year' (from 2024) to 2027 (or 2026)?
- (Q3) Besides the account balances, should I update all entry income and expense amounts to be in 2027 $? Specifically, some items are 'ongoing yearly', yet, I have to update the amounts for them to be in 2027 $.
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Apologize for posting this question in 'General Announcements'. I see only 2 forums to select from.
@dealer23 Pralana will not change the plan start year, so if you edited it in 2024 and next logged in in 2027, your start year will still be 2024 and that will be the basis of today's dollars reports. At that point you can manually update the start date to 2026, 2027 or 2028. In conjunction with the change of the start date, you should review your entire plan to ensure that your assumptions, financial assets, income and expenses are consistent with that year.
Stuart
