Transcript:
Reflecting Part-Time Employment for Your Client
In this video, I will be walking you through how to reflect your client moving to part-time employment. If you haven't done so already, I encourage you to navigate to the silhouette icon in the top right corner, go to Preferences, and turn on your Inline Help. This will provide you access to all the help information within the plan.
Adjusting Client's Income
To adjust your client's income to reflect part-time work, follow these steps:
- Go to their existing Income Entry and open that up.
- Navigate to the Steps section. Here, I want to add a step to this income and reduce it to 50%of its current amount while keeping the growth rate at 3%.
Setting Up Timing for the Step
For timing, I want this change to occur at age 60. To do this, double-click in the gray area and give this step a name. Set it as your Step Timing.
For example, I will have the income set at $300,000 with 3% growth year-on-year in the plan until the client reaches age 60. After age 60, it will adjust to $150,000 with 3% growth year-on-year until retirement.
Saving Changes
Click Done to save, and then click Done again to finalize the adjustments. You should now see the cash flow chart reflect this adjustment in income.
For instance, in the year before the change, the total income might be $339,000, and the following year it drops to $176,000.
Reviewing Changes in Year View
You can also check this in the Year View. You will see the income growing in the plan at 3% until it drops down at age 60, with employment income completely leaving the plan at age 65.
Conclusion
I hope this was helpful! If you have any questions, click the name of your client in the top right corner, select Request Support, enter your question in the text box, and share client access.
Thank you!