FAQ: When the Platform Rolls Over to a New Year Does Discovery Income/Expenses Increase with Inflation?

The Discovery > Expenses and Discovery > Income won't automatically increase with inflation as this is different for everyone (and many retirees actually find the spending doesn't necessarily growth with inflation). We recommend reviewing the all Discovery inputs each January to reflect actual income, expenses, asset balances etc.

As part of the new year we recommend updating your plan. This would include...

• Update Discovery information with start of year income, expenses, asset balance, debt balances etc. Review Foundation information like Investment Plan to ensure the assumptions are still accurate.
• Re-run Planning > Projections to pull in the new information from Discovery & Foundation
• Review AI Strategies: An increase or decrease in asset balances can impact the plan/strategies, changes in tax rates/brackets can impact the plan/strategies, changes in benefit rates can impact the plan/strategies

If you want to make a quick adjustment to expenses to reflect CPI, rather than changing individual spending categories at the moment, you can simply add an amount to miscellaneous expenses.