Income Dashboard

welcome this video will walk you through

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the income plan dashboard the dashboard

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is a great tool to show your clients

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their plan at a high level to highlight

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what they can spend what they have in

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their balance as well as their

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guardrails this video will walk through

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the two main sections you'll use as a

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new user to get the most out of the plan

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dashboard so first when you go to your

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dashboard you'll see you'll start at the

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income tab here you can help the client

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see their current balance or if this is

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a client who's retiring in the future

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you can show them their projected

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balance at retirement may want to click

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view more here to highlight this balance

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section in more detail you can quickly

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talk through the investment accounts and

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any other assets you may have entered

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into the plan as well as clicking here

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to talk through any liabilities in the

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plan as

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well you'll see there are three tabs

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here below first you have the asset

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allocation section this is a great place

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to talk through the overall asset

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application of the plan as well as

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highlighting average return assumptions

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which are net of inflation in the

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software and if you'd like to have a

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quick way to reference the analysis

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method used you can highlight over the

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question mark here to point out that for

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example this plan is using the

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historical analysis

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method you can then click the tax

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allocation section to show the client

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the breakdown by tax

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allocation and then you can click the

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assets liabilities tab to get a view of

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the financial flow visual visual right

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here on the dashboard if you'd like to

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see the financial flow visual in more

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detail or to see more years than the

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current year which this was recorded in

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2024 you can click view life Hub on the

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right to do so to minimize this section

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simply click the X to go back to the

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main

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dashboard next you can help the client

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understand their spending

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capacity then we can click view more

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here to dive deeper into what's driving

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that total spending capacity so here on

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the income sources section we can talk

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through how much is coming from Social

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Security how much is coming from any

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other income sources like pensions

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annuities rental income you know wide

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range of things clients may have here as

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well as how much is being pulled from

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the portfolio withdrawals and which

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account they're pulling

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from the bottom section here will give

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you a high level view just totaling up

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the amounts for each of those

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sections you also see in the top left

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section here you can quickly highlight

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how much of the income strictly for

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Baseline income how much is for any

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other or variable expenses you've

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entered the gross income here as well as

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if there's any income that's going

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towards savings or contributions and

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then the estimated taxes which then

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gives you the net

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income if you'd like to call out more of

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those expenses you can simply click the

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expenses here to show what's driving the

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expenses that

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month as well as any savings that you

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have that month as

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well the three section below here you'll

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also have the income goals tab which

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gives you an easy way to show the

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clients whether they have a surplus or a

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deficit When comparing the spending

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capacity to the expenses you've entered

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so here you can see we do have about

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$130 Surplus when we look at the net

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income compared to the expenses that

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we've entered here you can also click

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the income and expenses to give another

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Financial flow view of how all the

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income sources are relating or being

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directed towards expenses as well as any

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savings and transfers and then this will

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also call out any surplus or deficits

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for you for the first year of the plan

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again you can click life Hub to go to

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life Hub and see this in more detail or

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to see more years of this

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plan click the X in the top right here

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to minimize this section in the middle

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section here we'll see the guardrails

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and the guardrails allow you to set an

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expectation for the clients on what have

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to happen to their current balance for

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an adjustment to be needed so just for

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example in this case if we got to about

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1.4 96 million we would then be able to

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increase income by a few hundred to

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12,200 however we'd have to drop to

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about $975,000 here to then have to make

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a decrease of about $500 to spend

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$1,300 to get this plan back on

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track you may want to click view more on

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the guard reils to go into the guard R

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visual a little bit deeper when you're

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are running a plan for their spending

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capacity or what the clients can spend

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you will see that you have more

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guardrail settings at the bottom here so

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by default the software starts at a

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moderate spending level however this

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gives you a chance to factor in more of

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your client's unique uh feelings towards

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income and adjustments so if your

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clients are more conservative we can

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move the spending setting here down to a

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lower spending level

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which just means that they also have a

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lower chance of adjustment or if we have

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clients who are maybe more aggressive

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who want to spend a little bit more we

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can move to a higher spending level

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which may result in a higher chance of

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adjustment if you'd like to apply these

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changes to your plan you can click apply

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changes here to save those inputs it's

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important to note that the guard R

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visuals here will always be monthly

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gross of tax

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values the other section you can click

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here is for the retirement stress test

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so by clicking this button here this

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gives you an easy view to talk through

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the retirement stress test when looking

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at how the experience would have been

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for the clients if they retired before

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the global financial crisis so here we

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can give the clients an easy view of how

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their plan would have been impacted by

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the global financial crisis walking them

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through the experience they would have

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had so here if we retired at the end of

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December of ' 07 we essentially spent

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exactly what the Plan called for as we

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got near the end of '

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08 you can see we did have to make three

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Minor Adjustments here bringing the

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overall spending down by about

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$1,300 however we can show the clients

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that this doesn't last forever so as we

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go through the plan some more we can see

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that eventually as things recover

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starting in 2011 we can then even start

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increasing their income back up to the

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original spending level and even later

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in the plan

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exceeding that original spending amount

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that we started planning for if you'd

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like to see all the stress test examples

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like being able to show times in the

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stack flation era you can click view all

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stress tests to go directly to the

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retirement stress test

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feature similar to the other sections we

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can click the x button to reduce that

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section next you may also want to show

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clients more of a long-term view by

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clicking the cash flows tab

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here with the cash flows tab you'll be

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able to first see the chart at the top

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where you can quickly hover and see any

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month of the plan

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pointing out to the clients how their

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income or even portfolio withdrawals may

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change as other cash flows come into

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play while you have the chart at the top

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you can click show table and then scroll

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down to the screen and show more of a

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standard spreadsheet style format of the

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plan in the cash flow section you'll

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have your income sources that will show

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all the incoming sources of

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income you'll have your expense details

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that will show all your expenses or

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budgets you've built in here similar

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thing here we can hover over as we go

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through the chart here or open the table

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View at the bottom and then last section

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here you'll have is for your taxes going

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back to the main income dashboard you

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may notice that right now these values

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I'm showing are in future dollars

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rounded and the income values are

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monthly and gross of tax savings if

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you'd like to change those values you

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can quickly click the white box here

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with the three sliders on the right

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let's say if we want to show values in

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today's dollars we can toggle to real

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instead of the nominal if we want to

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show values annually instead of monthly

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we can also toggle to the annual section

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here or if we want to show values net of

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tax instead of gross we can toggle here

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and do that as well if you'd also like

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to remove the round values you can

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simply move that toggle there so this

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just allows you to select how you want

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the visuals to be presented based on

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what the clients would be most

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comfortable seeing or what you are most

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comfortable

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presenting

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if you'd like to edit your plan you can

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easily click the pencil icon here to

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edit or if you'd like to go to the

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advanced settings you can click the

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three dot icon here to click and go to

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your advanced settings you can also copy

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a plan if you're building different

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scenarios and then you can also

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Implement a plan if you'd like to start

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the automated plan monitoring process

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for the software to start tracking and

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updating your plan you'll also notice

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there's a show settings buttons here on

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the right this gives you an easy way to

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open up some more settings for your plan

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so for example if you wanted to

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establish or enter a legacy goal for the

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clients we can enter the Legacy goal

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here if you want to quickly change the

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portfolio allocations you can select the

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account which type of allocation method

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you're using and then move the settings

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here if you're using the risk-based

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defaults you also see that the software

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does use an overall income setting here

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which allows you to set an overall risk

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based on the chance of risk of under

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spending compared to the chance of risk

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of overspending so the Moder scenario

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here at an 80% risk of under spending

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with a 20% risk of

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overspending if you click the guards

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this is an easy way to see how this

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income setting impacts the overall

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spending and guard reils so if I want to

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be more aggressive as we showed earlier

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that would take us up to a 40% risk of

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overspending 60% risk of under spending

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giving the clients more income but a

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higher level of adjustment or if we go

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all the way to the most conservative

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setting we can Target an estimated in

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come with a 0% risk of overspending and

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100% risk of underspending so if we

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spend less money now lower chance of

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actually having to make an adjustment

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you'll also be able to quickly change

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the longevity settings here we are using

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Actuarial data from retirement

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participant plans so the overall plan

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length based on your settings here

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covers both lives but if I wanted to

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increase or decrease that I could

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quickly change it for one or both

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members in the plan if you're modeling a

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scenario where you would like to plan

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for a client passing away early in the

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plan or at a specific date you can put

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that custom longevity uh for one member

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of the household just by clicking the

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calendar icon and then selecting that

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month and year in which you'd like to

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model the death of that client it's

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important to note while you have the

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ability to do that for one client the

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remaining spouse will still be tie to

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the longevity settings because by

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default the intention here is to not

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have the clients outlive the plan so as

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the client's age the software will

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update the plan as they go

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along and then you can hit save when

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you're done or minimize this

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section that's it we hope this helps

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please reach out to our team if you have

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any questions and as I mentioned these

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first two sections are where you'll

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mainly go to as a new user you can view

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our other tutorial videos on the

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historical analysis and the test plan

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for a better understanding of those

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sections and when you may want to bring

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those into a conversation or into a

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presentation with a client

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thank you again for watching this

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video