- Click New to add a source of other income. If you included your spouse in your plan, add any other income sources for your spouse as well as for yourself.
- Select an existing source of other income and click Edit to change the information about it.
- Tips to keep in mind when adding or changing information about a source of other income
Other income is money that you expect to derive from sources other than salaries or benefits. You can save it or use it to pay expenses so you don't have to dip into other savings for cash.
- Income period: An example of a one-time event is an inheritance or gift; an example of multiple-year income is when someone repays money they've borrowed from you. If the income amount varies, consider averaging it over the last five years to find a reasonable amount.
- Annual growth: A good rule of thumb for estimating other income increases is to follow the inflation rate.
- Tax rate: If the income is unusually large, then your taxes on that income will be higher than your average tax rate. Usually this large income is taxed at the marginal tax rate. If your other income is not unusually large, enter your average tax rate.
- Use for income: Choose Save it and invest it in your Taxable portfolio if you want to invest the income. Consider this if the other income is a one-time event. That way you won't have to set up a special savings contribution for the year you receive the other income.
- Should I use this income to pay for living expenses?
Choose Use it to pay expenses if you want to use the other income for living expenses. Consider this if the income is more regular. Note that none of the income will be saved. If you still want to divert some of this money to savings, you can set up a savings account and contribute to that amount from the Savings dialog.
- What type of income should NOT be included as other income?
Do not include the following types of income:
- Social Security benefits
- Pension benefits
- Investment income
- Small business income
- Income from real estate
- Currency tips
The Lifetime Planner support 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.