HelloWallet projects a serious shortfall for our retirement savings because there's just no way to tell it that we're saving after-tax.
There are two problems here:
1. HelloWallet it seems to cap my and my spouse's contributions to 18000/year each, and there seems to be no way to tell it about after-tax savings.
2. We have set an additional "set aside" sum of money, which we intend to use for after-tax retirement savings, but HelloWallet insists that we use it for increasing our emergency fund instead. However, we already have 6 months' worth of expenses saved, but HelloWallet thinks we should have 50% more because it requires 4 months' worth of income instead (we do save a significant portion of our income).
I understand that your primary market seems to be people who need to get on track, but, as it is, the product has little value to higher-income families who are already on track, and mostly require tracking.
You are able to add additional retirement accounts in the Retirement profile in the Guidance tab. If you’re contributing over $18,000/year to a 401k, you can add that, but you’ll get a warning that it’s over the pretax amount. You can still do it, though.
As for the Emergency Fund, at this time, you can’t change that. You have to fill the total suggested amount, but we are revamping our Guidance tools to allow for more options for users. Keep checking our product updates on our member page at HelloWallet.com/Members to see when that becomes available.
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