A significant update to my financial planning program was rolled out last week.
These changes include a Roth IRA conversion feature that is used with current financial planning clients as well as a stand-alone Roth IRA conversion calculator that can be used by prospects.
I decided I needed the ability to look at the Roth conversion at two levels; while creating a plan for clients, and while focusing on a tactical strategy of the Roth conversion issue with prospects.
The reason I have started looking at Roth IRA conversion advice is that starting January 1, higher-income clients will have the option of converting a traditional individual retirement account or 401(k) to a Roth IRA. Currently, individuals whose modified adjusted gross income exceeds $100,000 are barred from doing a Roth conversion. That will change effective January 1, 2021.
This latest update to the planning process is the most considerable enhancement to the program since September 2019. Aside from the conversion calculator, there are several other improvements.
For one, I now have the ability to include a variable annuity with a guaranteed-minimum-withdrawal benefit as an investment asset for clients who have purchased these insurance products. This will give me the ability to compare the results for a client’s plan with and without a variable annuity.
The “Play Zone” is another new feature that gives you the ability to see how different concerns, returns, tax rates, and inflation can affect your plan.
Call or fill out the contact information below to see how these new planning ideas can help on your own terms.