PlanMode is a comprehensive financial planning app for individuals with a lifetime planning span. You can use it in a variety of ways that suit your needs for planning or analysis. It could be used to prepare a comprehensive financial profile for your lifetime encompassing the retirement scenario and including the analysis in case of disability or death, or a quick and simple analysis over a shorter period of time with just a few pieces of information.
PlanMode continuously adjusts to the data you tap in and does not require you to enter data that may not be necessary for your planning and analysis.
Here is a short list of the functionality available in PlanMode-
This app can address your planning needs requiring simple analysis such as the bottom line difference between buying a car vs leasing it to more complex items requiring the determination of the extent of your needs for life insurance for your family or comparison of your retirement plan options and more.
PlanMode gives a touch of reality to the future projections by deploying a cash management feature. Once activated the automated cash management monitors your cashflow based on your defined needs for how much of idle cash is needed at all times. If years your income exceeds the expenses it reinvests a calculated amount based on your parameters so that you are left with close to your cash limits after taxes. Similarly, in the years your expenses exceed income, it starts to draw down on the invested cash to keep your balances as per your data entry.
Income tax computations
Non US individuals can turn this function off and instead activate a generalized version that allows you to define how your income tax should be computed on a national and local tax levels. The latter function is also available for US individuals for defining for items to be used in approximating State and City income taxes. You can also deploy tax brackets for any of these taxes if needed.
Among the reports available for each of these profile are-
These reports can describe in details each year of the planning horizon. A set of such reports is available for only the current year as well. In addition, a summarized analysis is also available for each of the alternative scenarios.
A helpful input data listing is also available providing a quick review of items entered.
All reports are professionally formatted and can be customized further.
A one-touch email option is also available to send a PDF version of each report to the designated email address.