On January 1 of the new year, MaxiFi will display small flags for settings needing your review. This does not always mean that data needs changing, but it might. After review and updating any data or information, you can mark the review as complete by saving the form or editing and saving the form. Flags may call attention to something that needs review, but not changing. To make such flags go away, resave that particular data item.
These are the areas that you should review at the start of the new year.
Events that Start in the Past
Many of the flags you see will be for current earnings, receipts, expenses, contributions, real estate items, etc. that start in the past. A series of such items can't start in the past, so if earnings, for example, are marked as 2020 continuing through retirement or 2028, and if the current year is 2021, then that 2020 begin date needs to be changed to the current year, 2021 in this example and saved.
Social Security Record
Check your earnings history. You can now enter your earnings for the previous year. It may take SSA several months to update your official earnings record, but you probably know your SS wages for the previous year and can enter that amount in your earnings record and fine-tune later if needed when SSA reports your official earnings for last year.
Did a home change in the past year? If so, that can be removed and the current home entered as the current home.
Check your mortgage balance and years remaining on the mortgage. There will typically be a lower balance and one less year remaining on the term of the mortgage.
Home Market Value
Your home may have gone up or down in current market value.
Special Receipts and Expenses
If you had special receipts or expenses that are marked to begin last year, you'll need to change the start date to the current year.
- Check employee contributions. Are they still the same for the new year?
- Check employer contributions. Are those still the same?
- Do you have any special withdraws set up in retirement accounts? Are those still part of the plan?
- Do you have Roth conversions set up? Are those conversions still part of your plan?
Current and Future Earnings
- Are your labor earnings for the new year still correct?
- Any change in contingencies you need to reevaluate?
- Check receipts and expenses to make sure there are no changes from the previous year.
- Review all real estate data and make sure your plans for sale or not still look correct.