How to use Steps - Ireland

Using the Steps feature

The step option allows you to alter the amount of an expense, income, savings contribution, growth rate etc. at a specified event during the time span of that item.  The event must fall within the time span.

Let's use expenses as an example.  When an expense is added, the timing is automatically assumed to be the start of the plan to the last mortality event.

However what if your client has made it clear that they would like to reduce their expenses in retirement? This is a great example of where steps can be really helpful. 

In this example we have a client who has stated that their current pre-retirement expenses are €30,000 per annum. But, in retirement they would like to scale that back to €20,000 per annum.

From the basics screen of the expense you would select the Steps tab.




Then select Add Step.


Enter the stepped down living expenses amount of €20,000 then click on the Timing tab.


They have stated that they would like to step down their expenses at the first retirement event so click the first retirement event, click Set as Step Timing. Then click Done to save. 


This will take you back to the timeline in the Steps screen for the expense where you will see the new step. Click Done again to save and exit and go back to the Dashboard.




This will ensure that the clients expenses are reduced in their retirement years.