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Lump Sum Accounts |
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Lump Sum Accounts |
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Lump Sum Accounts
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Lump Sum Accounts |
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Lump Sum Accounts |
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Lump Sum accounts are cash lump sums, including sale of property or a life insurance settlement.
Accounts may be added or deleted by pressing the corresponding button at the top of the editor.
The prompts are discussed below:
Account Name
Enter the name associated with the account.
Values entered here relate to the distribution of the account.
Type of Event
Select the type of event. The values include:
Client's Age
Date
Years after Client's Retirement
Client Life Expectancy
Spouse Life Expectancy
Event Value
Based on the value selected for Type of Event, enter the corresponding value. If a value does not need to be entered (such as Client's Life Expectancy), the field is not selectable and an N/A appears.
| Warning: | If the event does not occur during retirement, the lump sum distribution will not be accounted for. For example, if a client retires at 65 years old (but after their birthdate), and an age value of "65" is entered (which would be their birthday), because the event occurs before their retirement date, the lump sum will not be credited to their income in retirement. |
Current Value
Enter the current value of the lump sum payment.
Annual Increase
Enter the annual increase, if any, in account value.