MaxiFi provides two sample families for Professional users: SAMPLE-Single Family and SAMPLE -Married Family. These sample family profiles are intended to illustrate what a family profile might look like. They also include alternative profiles (what-if profiles) to illustrate how to use some of MaxiFi's basic features. Like any family, these samples can be deleted by choosing the profile and finding the "Delete Family" in the Manage Family area.
Profile Description
Jack age 63 and Jill age 59. They both plan to work a few more years and then retire. There are no children still in the home. They have a primary home and a vacation home.
Data Review
By clicking on each menu item at the left, one can review each of the data entry items including housing, assets, special receipts and expenses, and the default assumptions used in the program.
Reading the Report
Begin by running the Base Plan report. This video will introduce the most important features of the report. Reading Reports
Alternative Profiles
These profiles below are variations based on the Base Plan. Each alternative profile makes a change illustrating a "what-if" scenario. Typically an alternative profile is compared to the Base Plan. But sometimes an alt profile starts by copying or cloning another alt profile and is thus most useful in comparing to the alt profile it was cloned from.
Sell Home Move New State [view the guide on this Alternative Profile]
This alternative plan introduces a change in the primary home to a non-tax state. It should be compared to the base plan.
Base Plan Maximized [view the guide on this Alternative Profile]
This alternative plan was saved from a maximized report where Social Security was optimized as well as the start of the smooth withdrawals from retirement accounts. Notice that the maximized plan has a much higher lifetime present value, but it also introduced some cash constraint. Cash Constraint It should be compared to the Base Plan.
Base Plan Maximized - Fix Constraint [view the guide on this Alternative Profile]
This alternative plan started with a cloned copy of the Maximized plan (above) but addressed the constraint by setting smooth withdrawals back to their default age 65. It should be compared to the Maximized plan mentioned above.
Future Special Expenses [view the guide on this Alternative Profile]
This alternative plan simply illustrates the use of a Special Expense entered in the future and the consequence to show up as a slightly lower, but still smooth, annual discretionary spending. Unlike conventional planning software, the percentage probability of success did not change; the annual discretionary spending changed and both the base plan and this plan are "certain equivalent" plans. It should be compared to the Base Plan.
Roth Conversion [view the guide on this Alternative Profile]
This alternative plan illustrates the impact of a Roth Conversion. Some Tax-deferred retirement assets are converted to a Roth. It should be compared to the Base Plan.
Receive Inheritance [view the guide on this Alternative Profile]
This alternative plan shows the impact of a future special receipt. The living standard goes up in every year, including the current year, even though the special receipt is out several years into the future. This alternative plan should be compared to the Base Plan.
Wait Until 70 to Retire [view the guide on this Alternative Profile]
This alternative plan has the husband work until age 70. It should be compared to the Base Plan.