After inputting all the client information into SIPS, the system will create a basic planning scenario. Below is an explanation of what each column represents in a basic planning scenario.
Step 1: Scenario: This text box shows the scenario you are currently viewing. To switch scenarios, click the dropdown arrow and select a different one.
Step 2: Planning Horizon: This text box displays the timeline for the planning scenario. To adjust the timeline, click the dropdown arrow and select a timeframe.
Step 3: Year: The leftmost and rightmost columns represent the years within the timeframe. The final row indicates the last year of the planning horizon.
Step 4: Name and Age: This column displays the client’s name and age. The starting age represents the client’s current age, while the final row reflects the client’s age at the end of the planning horizon.
Step 5: Accounts: These columns represent the client’s monetary account information. They include the account title, the monetary balance, the yearly growth percentage, and the yearly income growth amount. The grayed-out values indicate the starting balance for the current year, while the final row shows the projected monetary amounts.
Step 6: Accounts Total: This column represents the combined monetary total of all accounts. The final row of the table shows the projected monetary amount at the end of the timeline horizon.
Step 7: Planned Distribution: This column represents the amount deducted from the total income and allocated to the accounts each year.
Step 8: Client’s Wages: This column is part of the income section and represents the client’s yearly wage. The grayed-out section displays the inflation factor percentage for the yearly wage increase. The starting wage amount corresponds to the value entered on the income page. Similarly, the inflation factor percentage aligns with the percentage specified on the income page.
Step 9: Social Security: This column represents the Social Security distribution amount. The monetary amount begins at the retirement age specified in the client information section of the client dashboard. The inflation factor corresponds to the percentage entered in the income section of the client dashboard.
Step 10: Total Income: This column represents the combined total of all income amounts.
Step 11: Year: The leftmost and rightmost columns represent the years within the timeframe. The final row indicates the last year of the planning horizon.
Step 12: Sum Amounts: The final row of the planning scenario displays the total sum of the amounts in the account and income columns.
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