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Using the Lifetime Planner

From: Quicken 2014 Essential Training

Video: Using the Lifetime Planner

With the tools available in the Lifetime Click the Planning tab and click the Lifetime Planner tab along the top.

Using the Lifetime Planner

With the tools available in the Lifetime Planner, Quicken can help you set goals for major life events such as retirement, purchasing a home and sending your kids to college. After you set these goals, Quicken helps you figure out what lifestyle and financial decisions you need to make to attain these goals. The lifetime planner is a retirement planning tool that you can use in conjunction with the information you've already entered into the Quicken software. Once you've told Quicken about your goals for retirement, college expenses and major purchases like homes or other assets, Quicken shows you how you can reach these goals by analyzing how much you need to save each month or calculating what rate of return you need from your investments.

The tools available in the Lifetime Planner are most accurate when you've added all of your important accounts to Quicken. Spending and savings accounts, investment and retirement accounts and loan and debt accounts. Quicken will use this data to help you plan your lifetime goals. It's best to start with your retirement goals because your other goals, such as college or home financing will be based off of these retirement plan assumptions. Let's walk through the steps for getting started with the Lifetime Planner in Quicken. Click the Planning tab and click the Lifetime Planner tab along the top. If this is the first time you've used the Lifetime Planner, you'll need to enter in plan assumptions.

Click on the blue hyperlinks on the left and enter in the data. Click Options and then choose Review or Change Plan Assumptions. Let's start with the About You questionnaire. The questionnaire will ask you about your age, your spouse and your dependents if applicable and your estimated retirement age. Fill in as much data as you can as accurately as you can. Don't worry, you can always change these numbers later. Click Next to fill out the next questionnaire. As you can see on the left, there's several questionnaires you're going to need to fill out. You'll add your income information, your retirement benefits, other income, the tax rate for the state in which you reside, any inflation that you expect, any savings and investment accounts that you've already added to Quicken.

The rate of return on your savings and investing accounts. Add any homes and assets that you own or are purchasing. Also add any loans and debt that you currently have. Again, it helps to have these assets and loans added to Quicken in advance. Finally, add your current yearly living expenses. If you've entered a years worth of transactions, Quicken can calculate this for you. Otherwise, enter an estimated monthly amount. Adjust your expenses if needed, add more detail about future college expenses or major purchases here. Once you have entered all this information, you can check out your plan.

When your done entering information in all these categories, Quicken will display your plan results in the Lifetime Planner window. It will show you if you are on track to retire when you suggested. Or if you need to make revisions to your retirement age, earnings or savings, you can always change your assumptions by clicking the Change Assumptions button in the upper left. For example, you may want to extend your retirement age or add another investment account. You can also add more detail about college expenses or major purchases here. A handy feature is the Explore What Ifs tool. Here you can test out revising your retirement age or see what happens if you sell your home or another asset and see if that has an effect on your planned results.

The Lifetime Planner tool is similar to many of the retirement calculators available on the Web. It can be quicker to use than other tools if you've already entered your investment and asset data into the Quicken software.

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This video is part of

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Quicken 2014 Essential Training

47 video lessons · 1642 viewers

Sally Norred
Author

 
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  1. 47s
    1. Welcome
      47s
  2. 10m 45s
    1. What is Quicken 2014 Premier?
      2m 45s
    2. Defining common Quicken terminology
      2m 58s
    3. Touring the Quicken interface
      5m 2s
  3. 36m 42s
    1. Setting up your Intuit ID
      2m 54s
    2. Using the Account Bar
      2m 46s
    3. Understanding account types
      3m 59s
    4. Adding your first account
      3m 11s
    5. Updating your accounts
      3m 44s
    6. Setting up your Password Vault
      2m 55s
    7. Adding other spending and savings accounts
      5m 15s
    8. Adding investing and retirement accounts
      4m 45s
    9. Adding property and asset accounts
      2m 44s
    10. Adding loan and debt accounts
      4m 29s
  4. 42m 13s
    1. Understanding spending account registers
      4m 59s
    2. Searching, sorting, and filtering transactions
      2m 31s
    3. Downloading transactions for a specific account
      1m 53s
    4. Entering spending transactions manually
      2m 15s
    5. Understanding transaction categories
      2m 42s
    6. Categorizing transactions
      4m 37s
    7. Customizing the Category List
      3m 54s
    8. Recording split transactions
      3m 31s
    9. Transferring funds between accounts
      1m 21s
    10. Saving time with memorized payees and QuickFill
      4m 30s
    11. Reconciling accounts
      4m 8s
    12. Using the Spending tab
      2m 28s
    13. Creating and understanding spending reports
      3m 24s
  5. 20m 8s
    1. Using the Bills tab
      4m 6s
    2. Setting upcoming bill reminders
      5m 11s
    3. Setting upcoming income reminders
      4m 6s
    4. Projecting future account balances
      2m 54s
    5. Using Quicken Bill Pay
      3m 51s
  6. 24m 39s
    1. Using the Planning tab
      2m 34s
    2. Creating a budget
      5m 48s
    3. Creating a debt-reduction plan
      3m 53s
    4. Using the Lifetime Planner
      3m 32s
    5. Using the Tax Center
      3m 29s
    6. Creating savings goals
      5m 23s
  7. 18m 11s
    1. Using the Investing tab
      4m 22s
    2. Viewing your portfolio
      4m 45s
    3. Tracking your portfolio performance
      3m 10s
    4. Monitoring asset allocation
      3m 46s
    5. Creating and understanding investment reports
      2m 8s
  8. 10m 58s
    1. What is the Quicken mobile app?
      2m 51s
    2. Installing the Quicken mobile app
      3m 59s
    3. Quicken mobile app overview
      4m 8s
  9. 33s
    1. Next steps
      33s

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