Steve ChenFounder and CEO, Boldin · Boldin Founder & CEO

How to model a work bonus within the NewRetirement Planner

Name: How to model a work bonus within the NewRetirement Planner
Uploaded: 2022-01-03T17:54:54+00:00
Duration: 50 s
Channel: Steve Chen
Description: Steve Chen shows how to model a one-time work bonus in NewRetirement Planner. Skip the Windfall tool and instead create a job income stream for one…

3 Jan 2022 · 1 min

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Steve Chen shows how to model a one-time work bonus in NewRetirement Planner. Skip the Windfall tool and instead create a job income stream for one month, set to your target month with zero growth so it gets taxed correctly.

Questions this video answers

January 3, 2022.

Add a work income stream (a Job) that lasts for exactly one month.

Set the start month to the expected month (example: December 2022) and set the stop month to the same month.

Set growth rates to zero.

Because the work bonus will not be taxed correctly if entered as a Windfall.

Chapters

Hello DAV with new retirement here with a demonstration on how to model a work bonus. While you may want to model it in the windfall section, this is not advised because the work bonus will not be taxed. Instead, we're going to want to make a work income stream that lasts for exactly one month. We'll add a job. Let's say it's going to me give it a descriptive name, select the amount, and for the start age, select the time that you expect to receive it. In this case, I'll expect to receive in December of 2022. And for the stop age, select the same month. Finally, set your growth rates to zero and this will model exactly one month of income and simulate a work bonus.