Tuesday, March 4, 2014

Pre-retirement Budget

10:40 AM


Question:

When doing a pre-retirement budget for a couple I enter the budget under one of the individuals and it still shows a budget for the other spouse. Why?

Answer:

For pre-retirement, each spouse has their own budget relative to income. In your case, you put the budget under one spouse and have not completed a budget for the other spouse.

In cases where there is no budget, the program assumes a default budget equal to after-tax income less savings. So for pre-retirement, it's best to complete a budget for each spouse commensurate with their income, or complete no budget for either spouse.

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