lana.graham's avatar
lana.graham
Icon for Iress Contributor rankIress Contributor
6 months ago

27th March AMA: I'm Lana Graham, Xtools+ expert and product manager. Ask Me Anything!

Xtools+ has helped countless advice practices work out solutions to their clients' financial problems – even for the most complex scenarios. Why not fully harness its potential and have a say in what...
advice production
xplan
teresa.yardi's avatar
teresa.yardi
Network Navigator
5 months ago

Hi Lana

We would love to know:

  • Is there an option to calculate what client could draw from pension to extinguish in full at LE? Adviser want to tell clients how much they could increase their living expenses to or clients don’t have enough to last to LE so adviser wants to tell client what they need to reduce their expenses to make funds last.  Currently these calculations requires a lot of work entering a figure and going back and forth between display screens, which takes time to load.
  • For pension payments from SMSF can we have option to draw enough to cover expenses the same as personal pension income drawdown options?
  • Is there is away to exclude Working Cash Account because if you are not using WCA you still get a rows for WCA in cashflow and assets table output with $0 in it.

Thank you

  • lana.graham's avatar
    lana.graham
    Icon for Iress Contributor rankIress Contributor
    5 months ago

    Hi teresa.yardi , 

    Calculating the Pension Drawdown
    While we don’t have a magic button to calculate the perfect pension drawdown amount, using Visualise can make this much easier for you. As mentioned in another answer below, Visualise is a simple presentation layer for Xtools+ and helps you see the results while you are modelling. Here’s how it can work. 

    First click the Visualise clicky button. If you can’t see it from your Xtools+ scenario, you will need to get in touch with your site administrator so they can make it available to you. 

    You can play around with living costs and retirement ages on this screen to figure out retirement affordability. Note that it shows present value by default.


    Now:

    1. Select Strategies (chart icon - only available if you have an Xtools+ license)
    2. Add a Retirement pension for each of your clients. 
    3. Now you can adjust the pension drawdown amounts to find out the pension amount they can draw down. Note that these amounts are entered in future value.

     

    SMSF Expend
    Please see the answer I gave to bridget.schilg9 below.

    WCA
    We always show that row so you can use the popup window from the hyperlink. Thanks for the feedback - I’ll have a think about that.

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