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Financial Calculator Update 12/31/2007

The quarterly update for 12/31/2007 is a large update, affecting every calculator. This includes updating the user interface and adding printable graphs to the reports. In addition, many of the changes affect the functionality of the calculations, updating them to 2008 rules and regulations. The most significant calculation changes in this update were to the retirement, savings, and tax calculators.

As of 12/31/2007 the Microsoft's JVM (MSJVM) is also no longer supported. This version of Java, originally released in 1998 by Microsoft has not been updated since 2003, except for infrequent security patches. The official end of product life, set by Microsoft, for the MSJVM was 12/31/2007. For more information about the MSJVM end of life please see: http://www.microsoft.com/mscorp/java/default.mspx.

With this release of the calculators will not load the MSJVM even if it is installed and set as the default version of Java for your computer. All browsers will automatically find and use SUN's Java Plug-in. If this plug-in is not installed, you will be prompted to download and install it. Netscape, Firefox and Internet Explorer will all automatically download and install the SUN Java plulg-in without leaving the web-page where the calculator is located (users will be prompted before any installation occurs, with the option to cancel it if desired).

While we do not foresee a large impact in dropping this non-supported version of Java, we will make available our existing version, with 2008 compliance updates but without any of the user interface enhancements, through 2008 if your organization is unable to cease support of the MSJVM.

If you have not updated your calculators recently you should definitely refresh your existing calculator pages. All updates are cumulative, so if you start fresh with this update, you will have all previous calculator updates as well. If you would like, you can review our 9/30/2007 update: 9/30/2007 Update. (The 12/31/2007 update includes all changes included in previous updates, you do not need to download any other updates to have the most current versions of all of the calculator components.)

Update instructions*:

  1. Download the latest version of your calculators from your download site, found on your update e-mail notice.
  2. Execute the Calc.exe file from your download. This is a self-extracting zip file. (Or unzip the Calc.zip file if you are using a non-windows platform.)
  3. When prompted for a directory, you may use the default of "java" or enter your own. It is recommended that you extract the update to a new directory and then move the required files to your production environment. One directory will be created with no subdirectories.
  4. Delete the contents, in your current deployment, of the KJEgui, KJEgraph and KJEcalculation directories and remove them from your server. The new version no longer requires these directories or their content.
  5. Replace your current dinkytown.jar file with the new version.
  6. Replace all files with the extension "class" with the new version.
  7. Make required changes to any HTML documents as described in this document or replace all of your existing HTML documents and re-apply your web-site custom changes.

*Please note, if you have a Servlet or other custom deployment (other than the custom formatted delivery described below), installation instructions for your package will found on your download page.

Update for custom formatted delivery**:

**Custom formatted delivery is a special option that you can add to your maintenance update service. With this option we can apply an HTML, JSP, CFM or ASP template to your calculator pages and their reports before the update is sent to you. You will then receive your calculator pages with all of your site formatting in place, without any rework to include changes that have been made to the pages deployed on your server. If you are interested in using custom formatted delivery, please contact us at (612) 331-2291, or for more information.

  1. Download the latest version of your calculators from your download site, found on your update e-mail notice.
  2. Execute the Calc.exe file from your download. This is a self-extracting zip file. (Or unzip the Calc.zip file if you are using a non-windows platform.)
  3. When prompted for a directory, you may use the default of "c:\java" or enter your own. It is recommended that you extract the update to a new directory and then move the required files to your production environment. One directory will be created with no subdirectories.
  4. Delete the contents, in your current deployment, of the KJEgui, KJEgraph and KJEcalculation directories and remove them from your server. The new version no longer requires these directories or their content.

All pages will be custom formatted to your site, no further integration or modification of the calculators is required. Please note, if your custom delivery uses Active Server Pages (ASP), Java� Server Pages (JSP) or Cold Fusion (CFM) the respective ASP, JSP or CFM pages will be in place of your HTML documents for all calculator main pages. Report templates will remain in HTML documents (these documents are not called by your server, but instead used by the applet in the main calculator page).

To clear your Browser's cache:

When you test the new version of the calculators, make sure that the browser you are using uses the new files instead of any it may have in its cache. You may need to clear the browser's cache manually to ensure the new versions are loaded.

Internet Explorer:

Choose "Internet Options" under the "Tools" menu and on the "General" tab click on the "Delete" button under the Browsing History section. Click the top button "Clear private data now..." Click "Ok" when prompted if you wish to delete all temporary files. Close this dialog box, and all open Internet Explorer windows. Your Cache should then be cleared.

Firefox and Netscape:

Choose "Clear private data..." under the "Tools" menu. Check the box for "Cache" and then click the button "Clear private data now".

Master Changes (no HTML changes required affects all calculators but is limited to java class files.)

  1. Graphs appear and are printable in the popup reports
  2. User interface (buttons, input fields, checkboxes, radio buttons, popup windows) now appear in the look of the user's operating system, Windows XP, Windows Vista or OS X.
  3. Anti-aliased graphs
  4. Anti-aliased titles and fonts
  5. Fonts now can be set to any font available in the operating system, expanded from Helvetica, Times and Courier
  6. Colors scheme simplified and made more consistent
  7. Reduction in the number of files needed for deployment.
  8. Average calculator download size reduced

New customization options allow for greater flexibility in the look of the calculators, as well as more modern GUI and presentation. Few of the new changes will require you to adapt any existing customizations you have made for your deployment. To view new design and customization options, parameters and default: Click Here!

Master Changes (HTML Modification required, affects all or most calculators.)

  1. APPLET tag replaced for Internet Explorer

    The <APPLET> tag has been significantly modified in this new deployment of the calculators. While it is still complete acceptable and safe to use this tag to display a Java Applet, when used in Internet Explorer it will launch the Microsoft Virtual Machine if the Internet Explorer has it selected as the default version of Java. Althouogh Microsoft will no longer be supporting the MSJVM, they are not disabling it. In order to prevent the MSJVM from being used, we have replace the APPLET tag with the OBJECT tag when the applets are viewed in Internet Explorer. The applet and object tags appear both appear on all pages, but conditional code only executes the object tag for Internet Explorer, and the applet tag for all other browsers.

  2. The definition for Rate of Return has been updated to include the S&P 500 average to December 2007.

    New definition:
    The actual rate of return is largely dependant on the type of investments you select. From January 1970 to December 2007, the average compounded rate of return for the S&P 500, including reinvestment of dividends, was approximately 11.4% per year (Source: Standard & Poors, www.standardandpoors.com). During this period, the highest 12-month return was 61%, and the lowest was -39%. Savings accounts at a bank pay as little as 1% or less.

    It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect additional sales charges and fees that funds may charge.

    This affects the following 50 calculators:

    Calculator TypeNameHTML File Changed
    Auto CalculatorsLease vs. BuyBuyvsLease.html
    Business CalculatorsDebt Consolidation CalculatorBizConsolidate.html
     Equipment Buy vs. LeaseBizBuyvsLease.html
    Credit Cards and Debt ManagementConsolidation Loan Investment CalculatorInvestmentDebt.html
    Insurance CalculatorsComprehensive Life Insurance AnalysisEnhancedLifeIns.html
     Health Savings Account (HSA) Goal CalculatorHSAGoal.html
     Health Savings Account (HSA) Savings CalculatorHSASavings.html
     Human Life ValueHumanLifeValue.html
     Life Insurance CalculatorLifeInsurance.html
     Variable Annuity CalculatorAnnuity.html
    Investment CalculatorsAnnual Stock Option GrantsStockGrants.html
     Investment LoanInvestmentLoan.html
     Investment ReturnsInvestmentReturn.html
     Investment Savings and DistributionsInvestmentDistribution.html
     Mutual Fund Expense CalculatorFundExpense.html
     Stock Option CalculatorStockOptions.html
     Taxable vs. Tax Advantaged InvestmentsInvestCompare.html
    Mortgage CalculatorsRent vs. BuyMortgageRentvsBuy.html
    Retirement Savings and Planning401(k) Net Unrealized Appreciation vs. RolloverStockRollover401k.html
     401(k) Savings CalculatorRetire401k.html
     401(k) Spend It or Save It CalculatorRollover401k.html
     403(b) Savings CalculatorRetire403b.html
     457 Savings CalculatorRetire457.html
     72(t) Distribution ImpactRetire72Alt.html
     Beneficiary Required Minimum DistributionsRetireBeneficiary.html
     How Important is Social Security?NoSocial.html
     Individual 401(k) Savings CalculatorRetireSolo401k.html
     Pension Plan Retirement OptionsPensionOptions.html
     Required Minimum DistributionsRetireDistrib.html
     Retirement IncomeRetirementIncome.html
     Retirement Pension PlannerRetirementPlan3.html
     Retirement PlannerRetirementPlan.html
     Retirement ShortfallRetireShort.html
     Retirement NesteggRetireNestegg.html
     Retirement NumberRetireNumber.html
     RMD & Stretch IRA CalculatorStretchIRA.html
     Roth 401(k) or Traditional 401(k)?RothvsTraditional401k.html
     Roth IRA CalculatorRothIRA.html
     Roth IRA ConversionRothTransfer.html
     Roth vs. Traditional IRARothvsRegular.html
     Traditional IRA CalculatorRegularIRA.html
    Savings CalculatorsBenefit of Spending LessSpendLess.html
     College SavingsCollegeSavings.html
     College PlannerCollegePlanner.html
     Compare Savings RatesCompareSavings.html
     Compound Interest and Your ReturnCompoundInterest.html
     Cool MillionMillionaire.html
     Don't Delay Your Savings!WaitCost.html
     Emergency Savings CalculatorEmergency.html
     Lunch SavingsLunchSaver.html
     Savings CalculatorCompoundSavings.html
     Savings Distribution CalculatorDistribSavings.html
     Savings GoalsSavings.html
     Savings, Taxes, and InflationSavingsVariables.html

  3. The definition for Inflation and Expected Inflation Rate has been updated to include CPI data from 2006. The CPI for 2006 was reported by the Minneapolis Federal Reserve as 2.4%. This was not a large enough change from the average to cause a change in the long-term rate of inflation in our definition, however the definition was updated to indicate 2007 data was included. The new definition now reads:

    What you expect for the average long-term inflation rate. A common measure of inflation in the U.S. is the Consumer Price Index (CPI), which has a long-term average of 3.1% annually, from 1925 through 2007. The CPI for 2007 was 2.4%, as reported by the Minneapolis Federal Reserve.

    This affects the following 17 calculators:

    Calculator TypeNameHTML File Changed
    Insurance CalculatorsLong Term Care CalculatorLongtermCare.html
     Disability InsuranceDisability.html
     Health Savings Account (HSA) Goal CalculatorHSAGoal.html
     Health Savings Account (HSA) Savings CalculatorHSASavings.html
     Human Life ValueHumanLifeValue.html
     Life Insurance CalculatorLifeInsurance.html
     Investment ReturnsInvestmentReturn.html
    Investment CalculatorsInvestment Savings and DistributionsInvestmentDistribution.html
    Mortgage CalculatorsRent vs. BuyMortgageRentvsBuy.html
    Retirement Savings and PlanningHow Important is Social Security?NoSocial.html
     Social Security BenefitsSocialSecurity.html
     Retirement PlannerRetirementPlan.html
     Retirement Pension PlannerRetirementPlan3.html
     Retirement ShortfallRetireShort.html
    Savings CalculatorsCool MillionMillionaire.html
     Savings GoalsSavings.html
     Savings, Taxes, and InflationSavingsVariables.html

Updates that require modifications to HTML documents

  1. Health Savings Accounts (HSA) Employer Benefit (HSABusiness.html), Health Savings Account (HSA) Contribution Calculator (HSAContribution.html), Health Savings Account (HSA) Goal Calculator (HSAGoal.html), Health Savings Account (HSA) Savings Calculator (HSASavings.html): Have been finalized for 2008 changes. This includes new contribution limits and rules put into law for 2008.

  2. Individual 401(k) Contribution Comparison(Individual401kContribution.html): Has been updated to the new 2008 contribution limits. This affects the calculations and definitions but no new entry our output fields.

  3. Individual 401(k) Savings Calculator(RetireSolo401k.html): Has been updated to the new 2008 contribution limits. This affects the calculations and definitions but no new entry our output fields.

  4. 1040 Tax Estimator (Tax1040.html), 1040EZ Tax Form (TaxEZ1040.html), Self Employment Tax Calculator (TaxSelfEmployment.html), Marginal and Effective Tax Rates (TaxMargin.html): Have been finalized for the 2007. Minor changes have occurred to the definitions and the calculations, but there have been no additional input and output fields. The 1040EZ and 1040 calculators both automatically calculate Earned Income Credit. (Note: the 2008 versions of these calculators will be release 3/31/2006).

  5. Estate Tax Planning (EstatePlan.html): This calculator has been updated to the 2008 rates and rules. This has affected the definitions and the calculations. No new input or output fields have been added.

  6. Long Term Care (LongtermCare.html): The estimated costs have been updated to reflect the cost of 2007 nursing home and home health care costs.

  7. Payroll (Payroll.html), Hourly Paycheck Calculator (PayrollHourly.html), Section 125 Cafeteria Plan (Payroll125.html), Net to Gross Paycheck Calculator (PayrollGross.html), 457 Payroll Calculator (457Payroll.html), Should my spouse work? (IncomeOneorTwo.html): Each of these calculators has been updated to the new withholding rates as published in IRS Publication 15, Rev Jan. 2008. The associated withholding tables have been updated as well as the calculations. In addition, the definitions have been updated to reflect 2008 changes for the following: 401(k)/403(b) limits, FICA OASDI, $3,400 allowance increased from $3,500.

  8. Retirement Contribution Effects on Your Paycheck (RetirePayrollSavings.html) (RetirePayrollSavings.html): In addition to the Payroll changes described for the calculators above, the contribution limits for retirement plans on this calculator have been updated to $15,500 for 2008.

  9. College Savings (CollegeSavings.html), College Planner (CollegePlanner.html): The definition for tuition, room and board, and education cost inflation have been updated to include the average costs for the 2007-08 school year. The defaults have also been changed to reflect the new average cost for the 2007-08 school year and the average cost increases for tuition and room and board.

  10. 401(k) Calculator (Retire401k.html), 401(k) With Profit Sharing (Retire401kProfitShare.html): The definitions and the calculation module have been updated to reflect the new 2008 maximum contribution limits of $15,500 annually for those under 50 and $20,000 annually for those 50 and older.

  11. 457 Calculator (Retire457.html): The definitions and the calculation module have been updated to reflect the new 2008 maximum contribution limits of $15,500 annually for those under 50 and $20500 annually for those 50 and older.

  12. 401(k) Spend It or Save It Calculator (Rollover401k.html): Income tax brackets in definitions have been updated to the 2008 rates.

  13. 403b Calculator (Retire403b.html): The definitions and the calculation module have been updated to reflect the new 2008 maximum contribution limits of $15,500 annually for those under 50 and $20,500 annually for those 50 and older.

  14. Pre-tax or Roth (after tax) Account? (RothvsPreTaxAccount.html): The definitions and the calculation module have been updated to reflect the new 2008 maximum contribution limits of $15,500 annually for those under 50 and $20,500 annually for those 50 and older. In addition, the tax table has been updated to use the 2008 rates.

  15. 72(t) Calculator: Early withdrawals from retirement accounts (Retire72T.html, Retire72T2.html), 72(t) Distributions: Impact on retirement fund balances (Retire72TAlt.html): The Federal Mid-Term rate has been updated for January 2008. This change affects the calculators default values and the definition of Reasonable Interest Rate For January 2008. For January 2008, 120% of the Federal Mid-Term rate is 4.31%.

  16. Roth IRA (RothIRA.html), Traditional IRA (RegularIRA.html), Roth vs. Traditional IRA (RothvsRegular.html): These calculators have been updated to 2008 phase out ranges and the maximum annual contribution of $5,000 per individual under 50 and $6,000 per individual over 50. These changes include updates to the calculation module as well as the definitions and the report.

  17. Canadian Retirement Planner (CARetirementPlan.html, FRRetirementPlan.html): The CPP and OAS defaults have been updated to $884 and $502 respectively, to reflect the January 2008 maximum OAS and CPP amounts.

  18. 2008 Federal Tax Rate table has been added to the following calculators (replacing the 2007 Federal Tax Table)
    Calculator NameHTML File Changed
    401(k) Net Unrealized Appreciation vs. RolloverStockRollover401k.html
    Municipal Bond Tax Equivalent YieldTaxEquivYeild.html
    Mortgage Debt ConsolidationMortgageConsolidate.html
    Roth 401(k) or Traditional 401(k)?RothvsTraditional401k.html, Compare401k.html
    Pre-tax or Roth (after tax) Account?RothvsPreTaxAccount.html
    401(k) Spend It or Save It CalculatorRollover401k.html

    NOTE:The actual tax calculators will be updated at the end of the tax season, in the 3/31/2008 update.

  19. Social Security Calculator (SocialSecurity.html), How important is Social Security? (NoSocial.html),Retirement Pension Planner (RetirementPlan3.html), Retirement Planner (RetirementPlan.html): Calculations updated for 2008 income limit of $120,000 for FICA with an annual maximum benefits of $26,220 per year for a single person and 1.5 times this amount for a married couple. To receive the maximum benefit would require earning the maximum withholding amount for nearly your entire career and retire when your would receive full retirement benefits at age 66 or 67 (depending on your birthdate).

    The definitions of Social Security in each of these calculators has been updated to the following:

    Social Security is based on a sliding scale depending on your income, how long you work and at what age you retire. Social Security benefits can automatically increase each year based on increases in the Consumer Price Index. Including a spouse increases your Social Security benefits by 1.5 times your individual estimated benefit. Please note that this calculator assumes that you have only one working spouse. Benefits could be different if your spouse worked and earned a benefit higher than one half of your benefit. If you are a married couple, and both spouses work, you may need to run the calculation twice - once for each spouse and their respective income. This calculator provides only an estimate of your benefits.

    The calculations use the 2008 FICA income limit of $102,000 with an annual maximum Social Security benefit of $26,220 per year for a single person and 1.5 times this amount for a married couple. To receive the maximum benefit would require earning the maximum FICA salary for nearly your entire career. You would also need to begin receiving benefits at your full retirement age of 66 or 67 (depending on your birthdate). Your actual benefit may be lower or higher depending on your work history and the complete compensation rules used by Social Security.

Updates that do not require modifications to HTML documents

  1. College Savings: (CACollegeSavings.html, FRCollegeSavings.html,) New lifetime limit increased to $50,000, annual maximum contribution eliminated. Maximum grant $500, matching 20% on the first $2500 deposited per year and the income ranges for matching RESP grants were increased to $0 - $37,178, $37,178-$74,357 and over $74,357.

  2. Adjustable Rate Mortgage: ( MortgageAdjustable.html ) New parameter is now available to allow you to display what the payment will be after the first adjustment occurs. Add the parameter:

    <PARAM name="ADJUSTABLE_AFTER_FIRST_ADJ" value="TRUE">

  3. Servlet ONLY: Payroll Calculator; Payroll.jsp:� There is a small setting that allows the calculator to compare "pre-tax" reductions in pay for Section 125 expenses vs. normal "pre-tax" deductions.� The only difference between the two is that the 125 pay reductions also reduce Medicare and FICA taxes.� In your payroll calculator this was switched to "on" so that column one pre-tax deductions would be "normal" and column two pre-tax deductions would be Section 125 expenses.� This is obviously not suppose to be the case.� I have made the coding change on our end, but unfortunately I can't rebuild your Jar file since we have other pending changes that are not yet fully complete (or tested) as part of the 12/31 update.� This will be part of that update, so if you are OK to wait until then you will be good to go.

  4. SERVLET ONLY: 1040 Tax calculator. Labels for qualified dividends and ordinary dividends were reversed, this had been corrected. Limit for IRA deduction has been increased to $10,000 to allow for catch up contributions. (Total limit for 2008 is $5000 per person, plus $1000 catch up per person age 50 or over).