Personal Finance Forecast
by CI Staff
Personal Finance Forecast is a tool that can be used to estimate annual cash and future net worth. Every calculation is explained, and descriptions of each function are built into the program to help you enter your information.
Once you download the program, you will begin to input your personal information. If you click on Setup, you will see the personal data page. The “first person” is whoever is using the program for analysis, but if you choose to add a second person (if you have a spouse, for example) you have that option as well. Users will enter their current age, employment start age, expected retirement age, expected private pension starting age and expected Social Security starting age. The ages that are entered are used in retirement, Social Security and tax-deferred savings distribution calculations.
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Next you will go back to the Setup page and click on assets. Users then enter their taxable asset balance, total current debt, years remaining on debt and home assets. The program generates a net worth figure. Different “home status” options are available as well. You have different options that include: rent, rent but expect to buy, own but expect to rent, own, and own but expect to sell and buy again. From there you will enter specifics regarding your living situation.