Enter information about your salary


1. Enter your salary(is the wage you and/or your spouse receive from a regular job or from self-employment.) information and then click OK.

2. If you have included your spouse in your plan, click New again and add your spouse's salary only.

3. Enter future salary adjustments.

  • Select the salary you want to adjust and click New to add an adjustment.
  • Select an existing adjustment and click Edit to change the information about it.

Notes

  • Tips about what to include under gross annual salary
    Salaries are the money you and your spouse will make from working each year. You can earn a salary both before and after retiring. You always pay income taxes on your salary. You may also pay Social Security and Medicare taxes depending on your employee status. If your salary and other income do not cover your taxes, loan payments, and living expenses in retirement, your plan will dip into savings by selling investments.


    Gross annual salary (The "gross" salary is the amount you receive in salary before taxes and other items are deducted. The amount after taxes and deductions is the "net" salary):  DO include your current salary, bonuses, and commissions. DON'T include Social Security benefits, pension benefits, investment income, small business income, and income from real estate. If your salary varies, use a realistic annual average. Consider averaging your income over the last five years to find a reasonable average.
  • Tips about estimating salary increases
    Each year this salary will increase by: A good rule of thumb for estimating salary increases is to follow the inflation rate (Inflation is a rise in the price of commodities and services. Inflation occurs when spending increases and supplies decrease. Moderate inflation is an expected result of economic growth).
  • Tips about entering employment status information
    Indicate whether you or your spouse is a regular employee or self-employed (Regular employee means you are employed full or part-time and receive a wage paid by your employer. Your employer is responsible for paying half of your Social Security and Medicare taxes to the government. Self-employed means you pay yourself a wage or receive compensation from your business or other self-employment. You are responsible for paying your entire Social Security and Medicare tax to the government). Your employment status affects your total tax rate and your eligibility for participation in tax-deferred savings plans.
  • Tips about using the Social Security tax check box
    Social Security taxes are paid on this salary: Make sure that the check box is clear if Social Security taxes are not deducted from this salary. You may not have to pay Social Security taxes if you are employed by a nonprofit organization or government agency, and if you contribute to an alternative retirement plan. When you clear the check box, the Lifetime Planner automatically deducts only Medicare taxes from the salary.
  • Tips about anticipating salary changes
    Significant salary changes that you can anticipate are things like:
    • A career change from one company to another that will increase or reduce your future salary
    • A promotion that will have a major effect on your salary
    • A major bonus in addition to your salary
    • A maternity leave, a sabbatical, or other leave of absence when you will not be receiving a salary
    • A decision to start your own business
    • A decision to work part-time after retirement
  • Currency tips
    The Lifetime Planner supports only U.S. currency. If you use non-U.S. currency accounts, their balances will be converted to U.S. dollars for planning. All currency amounts that you enter in the Lifetime Planner should be in U.S. dollars. If you have a multicurrency Quicken file and are not using U.S. dollars as your home currency, you will need to have U.S. dollars in your currency list with a current exchange rate.
  • General tips
    For general information on filling out the Lifetime Planner, see the Tips topic.

Return to Get started with the Lifetime Planner.

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