home-IO – financialprocess.net

Skip to content

Step 1 of 5

20%

Prepared for: {Client Name:1} on 10/02/2023
THE PROCESS
Our process is designed to help our clients achieve simplicity and confidence during their retirement years. It’s focused around 5 key areas of your current financial life.

FINANCIAL REVIEW

We will perform a Financial Review of your current situation.
- Assessing your Risk Tolerance
- Adjusting your portfolio to reduce fees
- Volatility Control
- Evaluate ways to reduce risk while still working towards your goals
INCOME PLANNING

Sound Retirement Income Plans include a strategy to address and compensate for tax liabilities.
- Social Security Maximization
- Income & Expense Analysis
- Inflation Plan
- Spousal Plan
- Longevity Protection
TAX PLANNING

Sound Retirement Income Plans include a strategy to address and compensate for tax liabilities.
- Assessing the taxable nature of your current asset allocations
- Strategizing ways to include tax-deferred or tax-free money in your plan
- Strategize which tax category to draw income from first to potentially reduce tax burden
- Discussing ways to leverage your qualified money to leave tax-free dollars to your beneficiaries
HEALTH CARE PLANNING

We will create a plan to help you protect yourself against rising healthcare costs with a minimum of expense, including:
- Looking at all aspects of Medicare, Parts A, B and D
- Analyzing options for a Long-Term Care Plan
LEGACY PLANNING

It is important to ensure your hard-earned assets go to your beneficiaries in the most tax
efficient manner. By working collaboratively with a qualified Estate Planning Attorney, our goal
will be to help you:
- Maximize your estate and income tax planning opportunities
- Protect any assets in trust and ensure they are distributed to your beneficiaries probate free
- Prevent your IRA and qualified accounts from becoming fully taxable to your beneficiaries upon your death
Overview
Client Name*
THOUGHTS FROM YOUR FINANCIAL PROFESSIONAL

{Client Name:1}, I’ve enjoyed the opportunity to get to know you, understand your concerns for your money, and your goals for creating your own ideal retirement. You’ve done a great job working hard to accumulate a comfortable amount of wealth. As you read through the strategies and solutions in our report there may be some problem areas we recommend addressing. First and foremost, my team and I are going to address your concerns and goals. We look forward to a life-long relationship!
Concerns & Goals
Potential Problems
TOTAL ESTATE VALUE
TOTAL AVAILABLE ASSETS
CURRENT INCOME
RETIREMENT INCOME GOAL

Income Plan
MONTHLY INCOME GOAL
GOAL
CURRENT MONTHLY INCOME
SOCIAL SECURITY
PENSION
INVESTMENT INCOME
OTHER INCOME
TOTAL MONTHLY INCOME
TOTAL
SHORTFALLS/SURPLUS
IN GOOD ORDER
Income Plan In good order
- Distribution Plan in Place
- Income sufficient to meet retirement expenses
- No major debt
- Current income exceeds current expenses
- Well-established income target and expenses
- Good pension
- Other
Other
NEEDS ADDRESSED
Income Plan Needs Addressed
- Current income insufficient to meet future expense
- Distribution and/or income plan currently not in place
- Too few streams of steady and reliable income
- No spousal plan
- None at this time
- Other
Other
ACTION PLAN
Income Plan Acton Plan
- Build a solid foundation of retirement income that compensates for inflation
- Develop a distribution plan to ensure predictable and sustainable income in retirement
- Develop a plan to address spousal income needs in the event of the death of one spouse
- Discuss social security claiming strategies including delaying social security
- Utilize annuities for retirement income
- Other
Other
Additional Notes
Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. As financial professionals we are able to provide you with information but not guidance or advice related to Social Security benefits. Our firm is not affiliated with the US government or any governmental agency.

Tax Plan
IN GOOD ORDER
Tax Plan In Good Order
- Currently using a tax advisor for pro-active advice
- Current life insurance will aid in avoiding potential state estate tax
- Tax buckets established
- Trust in place to help reduce estate taxes
- Currently lowering taxable income with contributions
- Other
Other
OBJECTIVES ADDRESSED
Tax Plan Objectives Addressed
- Missing tax savings due to lack of management
- Large % of assets are currently fully taxable
- Taxes could be a concern on future retirement income
- Tax deferred assets, including insurance are underutilized for tax planning purposes
- Tax liability when transferring wealth to beneficiaries may be a concern
- Other
Other
PLAN OF ACTION
Tax Plan Action Plan
- Meet with qualified estate planning attorney to establish an estate plan
- Set up an estate plan to help reduce taxes to heirs
- Develop tax bracket assumptions
- Consider life insurance to reduce tax liability when transferring wealth to beneficiaries
- Consider charitable donations
- Take advantage of Step-Up in Basis
- Micromanage pre-tax withdrawals with marginal tax bracket
- Look into wealth transfer techniques that can also provide assistance for Long Term Care
- Consider annuities for tax deferral.
- Other
Other
Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions.
Additional Notes

Healthcare Plan
IN GOOD ORDER
Healthcare Plan In Good Order
- Long-term care policies up to date and in force
- Annuities include benefits for long-term care
- Health Insurance covered through work
- Cash value of current insurance policies sufficient
- Adequate assets to self-insure
- Medicare is available
- Medicare / Medicaid supplemental in place
- Other
Other
OBJECTIVES ADDRESSED
Healthcare Plan Objectives Addressed
- Plan for Long-Term Care not in place
- Cost of insurance may exceed other potential alternatives
- Long-Term Care access plan not in place
- Medicare
- Need to have a plan for covering expenses not covered by basic Medicare
- Other
Other

According to the Employee Benefit Research Institute (EBRI), a 65-year-old couple with median prescription-drug expenses who retire this year will need $168,000 to enjoy a 50% chance of being able to pay all their remaining lifetime medical bills and $270,000 to have a 90% chance.¹

PLAN OF ACTION
Healthcare Plan Action Plan
- Craft a comprehensive strategy to help fund any extended health care costs
- Consider a life insurance and/or annuity policy with LTC benefits included.
- Discuss plan for Long-Term care with family members
- Weigh the pros and cons of self-insuring versus purchasing Long-Term Care insurance
- (some annuities and/or life insurance policies have benefits that can assist with LTC costs)
- Other
Other
Additional Notes
¹Paul Fronstin, Jack VanDerhei.EBRI. May 28, 2020. “A Bit of Good News During the Pandemic: Savings Medicare Beneficiaries Need for Health Expenses Decrease in 2020.” https://www.ebri.org/content/a-bit-of-good-news-during-the-pandemic-savings-medicare-beneficiaries-need-for-health-expenses-decrease-in-2020. Accessed Sept. 21, 2020.

Legacy Plan

Use a qualified Estate Planning Attorney to provide pro-active advice. We have a network of referrals we highly recommend and can assist you in preparing for that meeting so make sure that you have all the information and questions you need.

TOTAL ESTATE VALUE
FEDERAL ESTATE TAX BILL

Suggested objectives to discuss with estate planning attorney:

Discover the most useful means of owning property (transfer on death, etc.)
Distribute your estate in a manner that meets your legacy objectives
Provide enough money to meet known and expected settlement expenses at death
Preserve the assets you have worked hard to accumulate
Provide a satisfactory income for surviving spouse
Reduce estate and income taxes, administrative expenses, executor’s fees and attorney fees

IN GOOD ORDER
Legacy Plan In Good Order
- Beneficiaries are up to date
- Durable General Power of Attorney in place
- Revocable Living Trust in place
- Healthcare Power of Attorney in place
- Life Insurance in place
- Will in place
- Currently using an estate planning attorney for pro-active advice
- Other
Other
NEEDS ADDRESSED
Legacy Plan Needs Addressed
- No formal estate plan
- Last Will & Testament needs updating
- Trust Outdated
- Durable General Power of Attorney not in place
- Healthcare Power of Attorney not in place
- Beneficiaries need to be updated
- Your qualified account(s) may become fully taxable to your children/heirs upon your death
- Beneficiaries may not be listed correctly on retirement accounts
- Beneficiaries have the option to receive lump-sum distribution on many of the assets
- Other
Other
PLAN OF ACTION
Legacy Plan Action Plan
- Set up a meeting with a qualified estate planning attorney
- Review / Obtain copies of all beneficiary designations
- Review / Update Estate Planning documents with a qualified estate planning attorney
- Work with tax advisor, attorney and our firm to find ways to transfer wealth in a tax efficient method.
- Consider “Stretch IRA’s”
- Review & consider re-titling your accounts to include POD and TOD
- Use a qualified Estate Planning Attorney to provide pro-active advice and review ways to protect your assets from probate
- Purchase Life Insurance
- Other
Other
Additional Notes
Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions.
By signing below I/we are acknowledging receipt and acceptance of this Retirement Roadmap plan custom- designed by [Firm] to help me achieve my/our financial goals. I/We hold [Firm] and its representatives harmless for recommended actions not carried out by me/us.
[Firm] Financial Client Signature(s) & Date

[Firm] Insurance Professional Signature & Date

We are an independent financial services firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives. This report utilizes and relies upon information shared by the client with respect to the client’s income, expenses and asset holdings. Information is believed to be reliable, but the accuracy of the information cannot be guaranteed.