Version 2017.3.6 (Released 9/3/2017)

  • Corrected an error in the calculation of growth for the regular investment account that occurred under the following condition: 1) a negative cash flow, 2) Account Growth Timing set at "middle of the year" and 3) a withdrawal priority set with any account other than regular investment account as priority 1.

Version 2017.3.5 (Released 8/28/2017)

  • Corrected an error on the Rental Property expense page that resulted in sales commissions being charged twice.

Version 2017.3.4 (Released 8/26/2017)

  • Added code to inhibit life insurance pay-outs in the last year of the modeling period (discovered that this could cause failure of the consumption smoothing algorithm).
  • Corrected a typo introduced in v2017.2.12 related to the calculation of the spouse pension #2.

Version 2017.3.3 (Released 8/5/2017)

  • Improved the algorithm that calculates the balance of the cash account to better handle cases where negative cash flows and the balance of other accounts is driving the cash account below the specified cash account floor or even into negative territory.  This has a bearing on consumption smoothing calculations because, by design, they simulate running out of money at the end of life.

Version 2017.3.2 (Released 7/16/2017)

  • Corrected an error that resulted in circular calculation errors whenever the "Middle of the Year Growth" method was selected in conjunction with the specification of SEPP's using the "Fixed Amount" method.

Version 2017.3.1 (Released 6/25/2017)

  • Enhanced the Monte Carlo consumption smoothing algorithm such that, when selected, the Safe ROR field replaces the values specified on the Financial Assets pages (previously, Safe ROR was only used by the fixed rate method during consumption smoothing).

Version 2017.3 (Released 6/4/2017)

  • Corrected an error affecting Social Security spousal benefits under current file and suspend rules.  This error was apparently introduced in conjunction with an earlier fix and incorrectly results in no spousal benefits under some circumstances.
  • Enhanced the algorithm for determining the first year of Required Minimum Distributions (RMD's) such that it takes birthdays into account.  The result is that RMD's will now begin in the year the owner turns 70 and one-half, whereas previously the RMD's began in the year in which the owner was 70 at the start of the year.

Version 2017.2.12 (Released 4/29/2017)

  • Corrected a minor issue on the Income Projection page:  If pensions were specified with a COLA but start age was left blank, the pension amount would be inflated as if it began at age 0.

Version 2017.2.11 (Released 4/10/2017)

  • Made minor adjustments to the Study Sensitivities page: 1) allowed the what-if setting of Non-Specific Discretionary Expenses to be modified by the "% reduction after death of spouse" field on the Expenses/Smoothing page, 2) changed the formatting of the baseline values of Non-Specific Discretionary Expenses to include a $ sign, and tweaked the formula that calculates the difference between final values of baseline and what-if plans.
  • Locked the Financial Assets/Asset Allocation page which had inadvertently been left unlocked when version 2017.2.10 was released.

Version 2017.2.10 (Released 3/20/2017)

  • Corrected a typo in a formula that caused a #Value error in Spouse Employment Income Stream #1 if Social Security contributions were disabled.

Version 2017.2.9 (Released 3/16/2017)

  • Corrected a formatting error on the Input Summary printable report.

Version 2017.2.8 (Released 3/13/2017)

  • Corrected an error on the Study Sensitivities page that resulted in the what-if value of the Non-Specific Discretionary Expenses field not being reduced after the death of a spouse.
  • Made minor corrections on the Healthcare Expenses page relating to the darkening of non-applicable cells in the expenses table and, for single users, ignored the field that defines the percentage of expense reduction after the death of a spouse.

Version 2017.2.7 (Released 3/10/2017)

  • Modified the format of the Cash returns fields on the Financial Assets/Asset Allocation page to add one digit to the right of the decimal point.
  • Corrected the formula for calculating "combined income" for use in taxing Social Security benefits: was not including interest on cash accounts or reportable capital gains.
  • Adjusted the size of some comment boxes on the Expense Projections page

Version 2017.2.6 (Released 2/26/2017)

  • Corrected an error in the determination of the year in which you and/or your spouse reach Social Security Full Retirement Age.  This error had the potential of delaying the start of benefits for one year, depending on the birthdays and other earned income in that year.

Version 2017.2.5 (Released 2/21/2017)

  • Fixed an omission on the Copy Scenario 1 function on the Income page to include "the SS real benefit inflation rate assumed".
  • Added code to the Import function to copy the setting of the Account Growth Timing setting from the Financial Assets/Management page.

Version 2017.2.4 (Released 2/15/2017)

  • Resolved an issue unique to Office 365 on Macs that resulted in an error in converting birth dates to ages.

Version 2017.2.3 (Released 2/7/2017)

  • Modified the Financial Assets/Asset Allocation page such that the column headers are always visible despite the amount of vertical scrolling being done.
  • Eliminated visible text that should have been invisible on the Rollovers projection page

Version 2017.2.2 (Released 2/3/2017)

  • Bug fix on Sensitivities page (remove #N/A that appeared in some circumstances)

Version 2017.2.1 (Released 2/1/2017)

  • Added a control on the Property and Rental Property pages that enables the user to specify that, for mortgages started prior to the model's starting year, excess payments should be retroactive to the start of the mortgage vs. starting at the beginning of the modeling period.

Version 2017.2 (Released 1/31/2017)

  • Enhanced the Detailed Analysis Results page to include Monte Carlo success rate and Historical success rate on a year-by-year basis.
  • Corrected a minor issue on the Sensitivities page that resulted in erroneous delta values between the What-If final savings and the baseline final savings when the baseline scenarios contained differing life expectancies
  • Corrected an instance of circular calculation errors that could occur when modeling rollovers in conjunction with the mid-year growth setting on the Financial Assets/Management page.
  • Improved the algorithm for determining eligibility for the Social Security File & Suspend option
  • Updated historic data tables to include stock and bond history from the year 2016

Version 2017.1.1 (Released 1/27/2017)

  • Made a few modifications to column headers on the tabular projections pages
  • Made a minor adjustment on the Sensitivities page to take the what-if savings balance to zero in all years beyond an early what-if life expectancy, and made a corresponding adjustment to the formula that calculates the difference between the final baseline and what-if savings balance.
  • Corrected a run-time error associated with the Today's $ to Future $ converter on the Income page

Version 2017.1 (Released 1/24/2017)

  • Corrected an error on the Income Projection page that allowed annuity income to continue after the death of the last-surviving marriage partner
  • Changed the "Real Property" expenses page to simply "Property" because it models personal property as well as real estate

Version 2017.0.9 (Released 1/22/2017)

  • Replaced a missing formula in one of the cells in the Custom Projection #1 page
  • Deleted a narrow row containing the scenario description beneath each graph on the Run Analysis page

Version 2017.0.8 (Released 1/18/2017)

  • Corrected two import errors: rental property depreciation period and cash floor setting for Scenario 3 were not being imported.
  • Corrected the formula that controls the greying-out of the Period 3 and 4 rows on the Healthcare Expenses page
  • Corrected the conditional formatting that highlights the spouse death year on the Rental Property projection table

Version 2017.0.7 (Released 1/17/2017)

  • Enhanced the Detailed Analysis Results page to include Monte Carlo success rate and Historical success rate.

Version 2017.0.6 (Released 1/14/2017)

  • Corrected an error that prevented usage of period 2 and 3 withdrawal priorities on the Financial Assets/Management page. 

Version 2017.0.5 (Released 1/13/2017)

  • Corrected a run-time error caused by running consumption smoothing with the historical analysis mode in conjunction with the "Live to 100" parameter setting.
  • Corrected an error in the function that copies income inputs from scenario 1 to scenarios 2 and 3; the details of the inherited IRAs were not being copied.
  • Corrected an error that resulted in pensions with specified stop ages not actually being stopped.

Version 2017.0.4 (Released 1/11/2017)

  • Removed the special formatting on the Detailed Analysis Results graph (generated when the "Look at Detailed Analysis Results" button is clicked on the Run Analysis page).  This formatting is not supported by all versions of Excel and was causing run-time errors on the older versions of Excel, including Excel 2007, 2010 and 2011 for Macs. 

Version 2017.0.3 (Released 1/10/2017)

  • Projection errors resulted if the rollover start year preceded the model starting year specified on the Home page.  Protection was added to detect this condition and take corrective actions.

Version 2017.0.2 (Released 1/9/2017)

  • Corrected an error on the Historic Data page; if the historic inflation sequence was associated with an asset, a run-time error would result during the historical simulation.

Version 2017.0.1 (Released 1/9/2017)

  • Corrected an error in the Import function; Employment Income stream #3 was not being imported correctly from PRC2016 files and thus causing the potential for run-time errors.
  • Corrected an error on the Expense projection page; investment loan expenses were being portrayed as life insurance expenses.

Version 2017.0 (Initial Release 1/6/2017)

Account Modeling Enhancements

  • separate tax-deferred accounts for husband and wife, with independent rollover controls
  • inherited traditional and Roth IRA's
  • full prioritization of withdrawals across regular investment, husband and wife tax-deferred, and Roth accounts and three time periods
  • after-tax contributions to tax-deferred accounts and controls for subsequent rollovers to Roth account
  • scheduled withdrawals from tax-advantaged accounts in addition to RMD's to effectively allow certain expenses to effectively be paid from specific accounts, with appropriate tax treatment
  • support for Substantially Equal Periodic Payments
  • user-specified taxation characteristics (simple interest, realized capital gains or qualified dividends, unrealized capital gains to be taxed only upon withdrawal, tax exempt) on an asset class basis for regular investment account
  • cash account floor and ceiling settings; all negative cash flows are taken from the cash account until the floor is reached, and thereafter the withdrawal order is used; all positive cash flows and withdrawals and distributions from tax-favored accounts are deposited in the cash account until the ceiling is exceeded, after which the excess is deposited in the regular investment account.

Annuity Modeling Enhancements

  • two immediate annuities with specialized tax treatment that can be pre-existing or purchased from tax-deferred accounts, Roth IRA's or regular investment accounts

Property Modeling Enhancements

  • home improvements with corresponding increase in home equity (residential as well as rental properties)
  • points and other closing costs

Social Security modeling enhancements

  • optional separate inflation rate for indexing SS benefits

Accuracy Enhancements

  • separation of husband and wife tax-deferred accounts
  • replacement of user start ages with husband and wife birthdates for improved income calculations in the years related to transitions between income streams, including the start of SS benefits and the modeling of survivor scenarios
  • added three additional (for a total of five) periods for asset allocations to each account type
  • eliminated all correlation between asset classes for Monte Carlo simulations
  • implementation of an alternate algorithm for modeling the growth of accounts (i.e., mid-year growth instead of start-of-year growth)
  • 2017 tax tables


  • more standard graphs (income and expense streams, taxes, account balances, net worth, account withdrawals, rollovers)
  • aesthetic improvements, including alternating color bands to improve readability of tabular outputs
  • specific discretionary expenses can now be specified on a scenario basis
  • integrated basic analysis and spending strategy page/diagrams
  • improved the validation of user input data and provided more conditional formatting to highlight potential data input problems
  • added a feature to dissect PRC's Adjusted Gross Income (AGI) calculation
  • added user scratchpads on several pages
  • created a mechanism through which the user can re-register a legal copy of PRC on a new computer

Version 2018.1 (Initial Release 2/1/2018)

Income Tax Calculation Enhancements

  • Implements the Tax Cuts & Jobs Act of 2017 for federal income taxes
  • Implements detailed state income tax calculations based on state-specific standard deduction and subtractions such as Social Security income, pensions and RMD’s

Account Modeling Enhancements

  • Added a control to delay 401k distributions beyond age 70
  • Implements generalized trust modeling
  • Modified the control that enables the harvesting of long term capital gains on regular savings; now those gains can be delayed as long as possible
  • Put portfolio management expenses on accounts rather than asset classes

Annuity Modeling Enhancements

  • Implements generalized annuity modeling

Performance Improvements

  • Greatly-improved export/import performance, including elimination of the need for a pre-formatted export data file
  • Dynamic updates of analysis charts in response to user changes to upper and lower percentile settings

Property Modeling Enhancements

  • Implements capital loss carryover and passive activity loss modeling for rental properties

Social Security modeling enhancements

  • Implements improved controls over Social Security income specification

Accuracy Improvements

  • Detailed calculation of state income tax
  • Automatic calculation of Medicare Part B premiums
  • RMD calculations enhanced to properly model after-tax contributions and to use the correct distribution period table when marriage partner ages differ by more than 10 years

Roth Conversion modeling enhancements

  • Optimization to fill a target tax bracket
  • Rollover of after-tax contributions


  • Color scheme changed to basically white and muted colors
  • Professional-quality PDF reports
  • Eliminated 3-D effects from all graphs
  • Income stream start and stop now age-based rather than year-based


Version 2018.1.1 (Released 2/4/2018)

  • Corrected an error in the calculation of RMD's when spouses ages differed by more than 10 years
  • Corrected an error associated with charitable trust deductions not being applied correctly in years in which the TCJA of 2017 is in effect.
  • Corrected an error in the Net Worth graph in the PDF report (all accounts were included twice)

Version 2018.1.2 (Released 2/6/2018)

  • Adjusted state income tax table for New Hampshire and Tennessee to include only interest and dividend income in state taxable income calculation.
  • Replaced “PRC2017” with “PRC2018” in the title of the "submit a question" function on the Guidance page
  • Corrected an error with the code that imports rental property expenses from PRC2017 scenario 3.

Version 2018.2 (Released 2/13/2018)

  • Enhanced state income tax algorithm to differentiate private, military and government pensions, and then deduct them or not depending upon individual state tax codes.
  • Corrected the 2-letter abbreviation for Connecticut (from CN to CT)
  • Corrected an error that prevented the cash account from ever going beneath the cash floor, despite depletion of all other accounts. During scenario analysis, this resulted in PRC reporting a 100% success rate on scenarios that were clearly failures.
  • Corrected an error on the Taxes Projection page: In the AGI breakdown section, annuity income was specified incorrectly (didn't affect any projections)
  • Fixed the "Copy P1" button operation on the Financial Assets/Asset Allocation page (wasn’t copying scenarios 2 and 3)
  • Made a basic change to the ROR used in Monte Carlo analysis, thus making it less conservative and more technically correct.  PRC assumes the ROR specified for each asset class is the geometric return and it calculates the approximate arithmetic return based on the geometric return and standard deviation.  This will tend to result in higher projected account balances in Monte Carlo simulations.  For reference, all prior models of PRC have used the same mean ROR (on a per asset class basis) for both fixed rate and Monte Carlo analyses which produces more conservative Monte Carlo results.

Version 2018.2.1 (Released 2/17/2018)

  • On the Home page, displayed the pathname to the most-recently imported file.
  • Corrected an error in the printable report: it was including the analysis from the most recent MC and historical analysis rather than the one associated with the selected scenario..

Version 2018.2.2 (Released 2/21/2018)

  • Corrected a circular dependency in the calculation of Lousiana state income taxes.

Version 2018.2.3 (Released 2/23/2018)

  • Corrected a deficiency in the import function to import alternate state tax rates
  • Corrected a Monte Carlo-based consumption smoothing convergence error inadvertently introduced in version 2018.2
  • Tweaked the format of the withdrawals graph on the printable report

Version 2018.2.4 (Released 3/03/2018)

  • Corrected an error which prevented the inclusion of pre-college expenses for the third and forth children
  • Incorporated new user controls over the Monte Carlo analysis algorithm.  These enable the user to specify whether the asset classes are correlated or not, and whether the simulated annual returns are to be based on the geometric or arithmetic mean.  User manual includes detailed explanation.
  • Corrected a Roth conversion graph error that's unique to single people.

Version 2018.2.5 (Released 3/09/2018)

  • Corrected an error on the Sensitivities page wherein scheduled withdrawals from tax-deferred and Roth accounts were not using the "what-if" inflation rate
  • Removed the constraints on the distribution period of inherited IRA's

Version 2018.2.6 (Released 3/20/2018)

  • Added some code to work around an issue with some versions of Excel 2016 for Macs that could be preventing the proper formatting of the PDF reports
  • Enhanced the calculation for child tax credits under the new TCJA of 2017 to exclude credits for non-dependent children

Version 2018.2.7 (Released 3/27/2018)

  • Corrected a small error in the inflation indexing of the state tax tables
  • Fixed a typo and adjusted the font size in a couple of places in the PDF report
  • Added a column for cash account withdrawals to the Withdrawals Projection page

Version 2018.2.8 (Released 5/1/2018)

  • Corrected an issue with the state tax tables which resulted in errors when computing Delaware state taxes with taxable income less than $2200

Version 2018.2.9 (Released 5/4/2018)

  • Corrected an issue with SEPP calculations for single users.

Version 2018.2.10 (Released 5/19/2018)

  • Corrected a typo that resulted in federal income tax calculation errors for users in the top tax bracket.

Version 2018.2.11 (Released 5/23/2018)

  • Eliminated a potential error source that could result in type mismatch errors during scenario analysis

Version 2018.2.12 (Released 7/28/2018)

  • Eliminated erroneous withdrawals from TD accounts with zero balances when attempting to make these withdrawals match tax deductions.  This is only applicable when the withdrawal priority is set to TD(D), Regular, Roth, Your TD, Spouse TD.

Pralana Consulting LLC, Plano, TX

© 2018 Pralana Consulting.  All Rights Reserved.

PRALANA RETIREMENT CALCULATOR | The Mercedes-Benz of Retirement Calculators

New Visitor? Start Here.