Health Care
If you receive an error message "this client already belongs to a plan" when attempting to add a co client, this action must be taken before the client can be added?
What is canceling the existing plan the client is attached to.
In MGP income entered pre retirement is automatically treated this way unless modeled otherwise
What is assumed to be fully spent each year.
FC says: I keep adding a scenario to the 'what if' worksheet, but it doenst save how can I save it?
What is you have to click "Calculate All Scenarios" for it to save
Merging plans is appropriate only in this specific situation.
What is moving a prospect plan to a live account.
What 2 account types dont automatically link into MGP?
What is Pal Accts and Roth I401K accts.
These 5 categories are fixed in the spending order, what are they?
Reliable Income
Retirement Cash Reserve
529 Plans
Coverdell Educational Savings Accounts (CESA)
Taxable
This Medicare surcharge is triggered when income exceeds certain thresholds and Money guide Pro dose NOT automatically adjust for it during high income years.
What is IRMAA (Income-Related Monthly Adjusted Amount)
Is there a way to modify return assumptions in the plan for clients??
Yes, go to Risk > Current allocation > Return Adjustments
When performing multi year Roth conversions, failing to manually adjust for Medicare premiums surcharges in MGP can create this type of error.
What is understand healthcare expenses and overstated probability of success.
What would you look at when the current = 35% and Proposed = 85%?
First, look at combined details of the current vs proposed.
Second, check that the assets are classified vs non classified.
Unclassified gets 0% RoR, so the gap is telling you that something is not being counted in the current but IS COUNTING in the proposed. The only thing that does that is UNCLASSIFIED.
After surveying all, what is the most common reason a plan fails?
What is problem with basic living expenses.