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Retirement Income Distribution Solutions
Dennis M. King, CFP®
Senior Vice President – Business DevelopmentSecurities America Advisors, Inc.
Zach Parker, CFPDirector Variable Annuities & Fixed Insurance
Securities America
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Overview
• Time Segmented Distribution Overview• Client Types and Retirement Behaviors• Identifying Negative Behavior Before it
Starts• Commonly Used Products for the Time
Segmented Strategy• Advanced Retirement Planning
Opportunities
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Time Segmented Distribution Overview
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Why Is Income Distribution So Important?
Opportunity
Liability
ADVISOR
CAREER
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Opportunity• The Aging Baby-Boomer Generation
– A total of 77 million baby boomers (26% of U.S. population)
– Boomers turning age 65 at the rate of 10,000 per day for the next 19 years
– 34 million turning age 65 in 2011
• Wealthy Population Segment– Boomers are the most influential investing group– 40% age 50+ control 75% of financial assets– Responsible for 50% of all consumer spending
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Income Distribution
The premise:
Distributing assets is a much more challenging planning task than accumulating assets.
Let’s take a look…
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Income DistributionBased on this information, we would suggest that it is much more difficult to select a distribution path.
Even the investors that accumulated their assets on their own understand this and will be seeking your advice.
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A Commitment to Income Distribution
Many advisors needed to be convinced of the superiority of this strategy:
How did we know Time Segment Distribution was the best strategy?
Sorted through several other strategies for producing retirement income
Finalized the “Capturing the Income Distribution Opportunity” whitepaper outlining our findings
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White Paper
Capturing the Income Distribution Opportunity:
A historical analysis of distribution philosophies and a solution for today
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Income Distribution White Paper
The historical success rate of three strategies were examined:– Systematic Withdrawal
– Annuity with Guaranteed Minimum Withdrawal Benefit
– Time Segmented Model
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Income Distribution White Paper
90% historic success rate of providing 25-years of inflation-adjusted income and return of principal
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Income Distribution White Paper
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Income Distribution White PaperVA’s GMWB
Emotional benefit
Withdrawal rate
Time SegmentedWithdrawal rate
Emotional benefit
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Income Distribution White Paper
Recommendations:• A combination of a time segmented
allocation combined with a VA GMWB strategy– Guaranteed minimum income stream
provided by the VA’s– Time Segmented Allocation
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ROI Profile- Reliability of IncomeA truly unique 17 question tool
in which two scores are produced:
– The Guarantee Factor which measures the value a client places on a guaranteed income stream
– The Volatility Factor which measures the clients sensitivity to volatility in their portfolio
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Using the ROI Profile• We use the profile to determine what
percentage of a clients income should be guaranteed
• Based on how the client scores we may recommend anywhere from 0 to 50% of the income need be guaranteed
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Implementing the Income Solution
• The guaranteed and other income producing strategies should be implemented parallel to each other
• The Guaranteed income source can be achieved through a Variable Annuity or a Single Premium Immediate Annuity
• A time segmented model can be used as the other income producing strategy
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Structure of Securities America’s Time Segmented
Distribution Strategy
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1 2 3 45
Current Income1 to 5
Income Years6 to 10
Income Years
11 to 15
Income Years
16 to 20
Income Years
21 to 25
6
Income Years> 25
Initialretirementportfolio
2% cagr4% cagr
6% cagr
8% cagr10+% cagr
TSD Example:AT INCEPTION
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Current Income1 to 5
Income Years6 to 10
#2 HAS BECOME THE CURRENT INCOME
BUCKET
Income Years
11 to 15
Income Years
16 to 20
IncomeYears
21 to 25
IncomeYears> 25
2 3 45 6
2% cagr
4% cagr6% cagr
8% cagr10+% cagr
TSD Example:END OF YEAR 5
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1 2 3 45
Current Income1 to 5
Income Years6 to 10
Portfolio Years
11 to 15
Portfolio Years
16 to 20
Portfolio Years
21 to 25
Portfolio Years> 25
6Segment 6 Target:in 25 years, grow to the original portfolio
size, (inflation adjusted)
TSD Example:END OF YEAR 25
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1 2 3 45 6
2% cagr4% cagr
6% cagr
8% cagr10+% cagr
Enhanced TSD
Guaranteed Income
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1 2 3 45 6
Enhanced TSD:Product Solutions
GMWB: Variable Annuity or Insurance-Wrapped Product
SPIA, FA Traditional Managed AccountsFA, LBP
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Income Distribution White Paper
Not Just the Numbers!– We need to focus on more than the
numbers because of our client’s emotional needs
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Implementing Guaranteed Benefits
Time Segmented Distribution
Guaranteed Income
Solution *
* Guarantees are based on the claims paying ability of the insurance company
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Creating a Time Segmented Plan
• Creating a time segmented plan can be done with a financial calculator– Three Steps for each segment
• Calculate Inflation Adjusted Income– FV Current Income Goal @ Inflation Rate
• Calculate Lump Sum Needed to Achieve Income
– PV Future Income Need @ Fixed Rate for Time Frame
• Discount PV of Future Income Stream– PV Future Income Stream @ Discount Rate
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Creating a Time Segmented Plan
• Example of Segment 2 Need of $2,000 in Today’s Dollars– Three Steps for each segment
• Calculate Inflation Adjusted Income– FV of $2,000 @ 3% for 5 Years = 2,318.55
• Calculate Lump Sum Needed to Achieve Income
– PV of $2,318.55 for 60 Months @ 3% = $129,032
• Discount PV of Future Income Stream– PV of $129,032 for 5 years @ 3% = $111,304
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Other Resources• Wealth2k www.wealth2k.com
– Income for Life• Nationwide Income Planning Desk
877-245-0763– Retire-Sense
• Microsoft Excel
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Foundations for Income Distribution Specialization
5 Key Components
For b/d use only
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Foundations for Income Distribution Specialization
Over the past 12 months, 91% of advisors surveyed have been able to use their retirement income background in acquiring clients.
6 in 10 said their expertise has helped them acquire four or more clients.
How many clients have you acquired?Source: Financial Planners expect retirement income chops to pay off. Investment News December 8, 2009
For b/d use only
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• Marketing Yourself as and Income Distribution Specialist Whitepaper (Coming Soon)
• Retirement Oriented Website• Client Approach Agenda
Marketing and Approach Tools
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“Specializing In…” Tag Lines• Your Retirement Wealth Advisors• The Retirement Wealth Advisors• Retirement Wealth Advisors• Your Retirement Planning Specialist• The Retirement Planning Specialists• Specializing in Retirement Income Planning• Specializing in Creating & Optimizing Retirement
Income
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Agenda
• Customize Your Current Agenda
– Accumulation Vs. Distribution– Strategy Outline– Retirement Goals– Your topic– Your topic
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Strategy Overview
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Behaviors to Identify Before Developing a Retirement Plan
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NextPhase™ Client Packet
Confidential Fact Finder
– Financial Data Gathering
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NextPhase™ Client Packet
Confidential Fact Finder
– Current Take Home Pay
– Additions & Subtractions to current income
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NextPhase™ Client Packet
Confidential Fact Finder
Appendix A– Expanded
Income Replacement Estimator-OPTIONAL
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Expanded ROI Profile
The Guarantee Factor which measures the value a client places on a guaranteed income stream
The Volatility Factor which measures a client’s sensitivity to volatility in their portfolio
The Cash Needs Factor which measures a client’s need to set aside money for future needs
The Legacy Needs Factor which measures a client’s desire to leave a legacy to heirs or charity.
Four Retirment Planning Factors
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Expanded ROI Profile
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Three Major Client Types
• Significant Saver• Delusional Spenders• Enthusiastic Retiree
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Significant Savers• Usually look to take between 2-4%
income from their portfolio.• Less than 20% of the Population• Lower risk to the advisors practice• Hard to find a specific niche these types
of clients will fall into• Focus on Estate Planning Needs
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Delusional Spenders• Looking to 6-10% or more from their
retirement assets• Potentially make up 43% of the
population• High risk clients to the advisors practice• Need to set sound expectations and
possibly release these clients
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Enthusiastic Retirees• Looking to withdrawal 4-6% of their
portfolio for income• Make up the majority of retirees• Need Distribution Planning Support
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Identifying Negative Behavior Before it Starts
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Negative Behavior #1Misidentifying Income Needs
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Solving for Income Needs• Use Custom Budget Worksheet
– Pro• Creates most accurate picture of income
needs
– Con• Difficult to get clients to complete in full
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Confidential Fact Finder
Appendix A– Expanded
Income Replacement Estimator-OPTIONAL
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Solving for Income Needs• Use Take Home Pay Method
– Pro• Easily identify what they are currently spending
– Con• Need to re-estimate based on changing tax rates
• Based on estimates that may change based on account performance
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Confidential Fact Finder
– Current Take Home Pay
– Additions & Subtractions to current income
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How to Gross Up Current Take Home• Identify current take home pay needs
• Identify Income Sources– Pensions
– Social Security
– Other Guaranteed Income
• Identify which accounts additional income will come from– Qualified
– Non-Qualified
• Estimate Income and Gains from Non-Qualified Accounts
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How to Gross Up Current Take Home• Add all income sources including income from Non-
Qualified Accounts
• Use effective rate calculator to determine effective rate– http://www.dinkytown.com/java/TaxMargin.html– Add for additional state taxes
– Estimate taxes conservatively or “on the high side”
• Estimate total taxes and increase income by tax amount– Specific tax advice should not be given to the client
– Estimating taxes will assist with the planning phase
– Advisors should tell the client to seek tax advice for specific tax information
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Negative Behavior #2Creating a plan that makes
clients uncomfortable
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Solving for Client’s Emotional Needs
• Guarantee Factor– Emotional Needs
– Financial Needs
• Volatility Factor (Risk Comfort Level)
• Ask Questions to Uncover Needs
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Question #1
• The amount of investable assets we plan to commit to produce our retirement income is what percentage of our total assets?
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Question #2
• An individual’s total desired retirement income is made up of basic necessities and discretionary wants. When examining our total desired retirement income the percentage of the total made up of basic necessities is:
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Question #3
• Over the course of our retirement we expect our monthly income needs to:
(a) Decrease significantly(b) Stay the same(c) Increase at the rate of inflation(d) Increase significantly
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Question #4
• The income you will receive from guaranteed sources equals what percentage of your total income need:
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Question #5
• Is guaranteeing a lifetime income stream is more important than inflation-adjusting a lifetime income stream:
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Question #6
• Leaving a significant portion of this investment to your heirs (non-spouse) is important:
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Question #7
• Health permitting, how do you feel about work during retirement?
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Question #8
• Are you worried that you will outlive your income stream?
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Additional Questions
• Use your current risk profiling tools to access the clients ability to take on investment risk.
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Negative Behavior #3Not Accounting for Lump Sum
Needs or Emergency Expenses
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Solving for Client’s Cash Needs During Retirement
• Cash Needs Factor
• Ask Questions to Uncover Needs
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Question #1
• Do you expect to be free of credit card debt at your expected retirement date?
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Question #2
• Over the last five years have you needed an additional $5,000 or more for an unexpected expense?
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Question #3
• If your children or grandchildren needed $5,000 for an unexpected expense, would you help them with the full amount?
• If so, would you expect repayment?
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Question #4
• How often do you plan to purchase a new or used car?
• Have you included this expense in your monthly budget?
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Question #5
• During retirement would you plan to travel more or do you have plans for a “dream” trip?
• Have these expenses been accounted for in your monthly income needs?
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Question #6• The hobbies you plan to participate in during
retirement require what level of financial support?– Little to no money (Walking, Gym,
Reading…– Some additional money (Golf, Club
Memberships…– A major purchase to begin (Boating, RV’ing)– A substantial ongoing investment
(collectibles, flying, vacation home)
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Question #7
• Do you expect to be free of mortgage debt when you retire?
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Question #8• Do you expect to maintain only one
residence throughout retirement?
• How old is your current residence?
• Do you expect to downsize or upsize at some time?
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Negative Behavior #4Not considering the clients legacy
goals in their retirement plan
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Solving for Client’s Legacy Goals When Planning for Retirement
• Legacy Factor
• Ask Questions to Uncover Needs
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Question #1
• Do you plan to support the educational needs of your children or grandchildren?
• If so, what support would you like to provide?
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Question #2• What percentage of your current
estate in today’s dollars would you like to leave your family or favorite charity?
• Would you be willing to reduce your spending goals to leave your desired legacy?
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Question #3
• Do you currently maintain any permanent insurance policies throughout your retirement years?
• Have you thoroughly reviewed these policies to make sure they will be in force for your life?
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Question #4
• Do you currently have or do you have plans to purchase a Medicare Supplement Policy?
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Question #5
• Do you currently have or have you considered purchasing a Long Term Care Policy?
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Product Selection Strategies
Segment 1
Investment Time Horizon is Immediate
PayoutYears
1-5
Segment 2
Investment Time Horizon is
5 years
PayoutYears 6-10
Segment 6
Investment Time
Horizon 25 years
Hedge forPayout inYears 26+
Segment 4
Investment Time
Horizon is15 years
PayoutYears 16-20
Segment 3
Investment Time
Horizon is10 years
PayoutYears 11-15
Segment 5
Investment Time
Horizon is 20 years
PayoutYears 21-25
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Product Selection: Segment 1• SPIA 5 Year Period Certain
– Current IRR .5% on SPIA Products– Tax efficient for Non-Qualified Assets– Ease of doing business “High”
• Bond/CD Ladder– Current IRR 1.0-1.5%– Bonds Contain Default Risk– Ease of doing business “Medium”
All investments involve the risk of potential investment losses. Investment returns, particularly over shorter time periods are highly dependent on trends in the various investment markets. The investor may receive less than the original invested amount and is advised to consider the investment objective and risks before investing. Please see risk disclosures at end of presentation.
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Product Strategy: Segment 1• Focus on Guarantees
– Little Benefit for Higher Rates• Change in income using lower rate throughout the model
(Based on $1,000,000 Starting and Ending Value)– 1% = $4,014 Per Month– 2% = $4,115 Per Month– 3% = $4,216 Per Month
• Change in income using the lower rate for segment 1 and the inflation rate through the model (Based on $1,000,000 Starting and Ending Value)
– 1% = $4,259 Per Month– 2% = $4,289 Per Month– 3% = $4,318 Per Month
• Focus on Business Efficiency
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Product Selection: Segment 2• Fixed Deferred Annuities
– Current Rates 2.5-3.25%– Tax efficient for Non-Qualified Assets– Ease of doing business
• True 5 Year Surrender Products “High”• 30 Day Window Products “Low”
• Equity Indexed Annuities– Potential Interest Credits Based On Market
Performance– Most Contracts Lock In Gains– Give Up Guaranteed Interest for Higher Potential– Ease of doing business “High”
• True 5 Year Surrender Products
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Product Selection: Segment 2• Principal Protect Structured CDs
– Potential Interest Credits Based On Market Performance
– Contracts are complicated “Make sure to know what you are selling”
– Give Up Guaranteed Interest for Higher Potential– Ease of doing business “Medium”
• 5 Year Product “Fee Based” HSBC Bank• 6 Year Product “Comp Based” HSBC Bank
• Managed Account– Current Income Portfolio up to 20% Equities 80%
Bonds
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Product Selection: Segment 3• Equity Indexed Annuities
– Potential Interest Credits Based On Market Performance
– Multiple Crediting Options• Annual Point to Point• Annual Point to Point (Monthly Average)• Annual Point to Point (Spread)• Monthly Sum Cap• Fixed Interest Account
– Option to adjust Annually
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Product Selection: Segment 3• Variable Annuity with GMAB
– Potential to Lock In Market Gains– Reduces Impact of Market Downturn at the
End of the Segment– Lump Sum Walk Away Benefit
• Managed Account– Balanced or Growth and Income Portfolio
up to 60% Equities 40% Bonds
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Product Selection: Segment 4• Variable Annuity with GMAB
– Potential to Lock In Market Gains– Reduces Impact of Market Downturn at the
End of the Segment– Lump Sum Walk Away Benefit
• Managed Accounts– Growth and Income or Growth Portfolio Up
to 80% Equities and 20% Bonds
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Product Selection: Segments 5 & 6• Variable Annuity Products
– Tax Deferred Growth Potential– Death Benefit Options
• Standard• Highest Anniversary Value• Guaranteed Roll Up
• Managed Accounts – Growth or Aggressive Growth Portfolio up
to 100% Equities
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Implementing Guaranteed Benefits
Time Segmented Distribution
Guaranteed Income
Solution *
* Guarantees are based on the claims paying ability of the insurance company
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Product Selection: Lifetime Income• Lifetime Fixed SPIA
– Highest Potential Initial Income– No Inflation Adjustments – Give Up Control of Assets
• Variable Annuities with Lifetime Income Guarantees– Lower Initial Withdrawal Potential– Potential Inflation Hedge Through Step-Ups– Maintain Control of Assets– Complicated Products No “Best” Solution
• GMWB• GMIB
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• Confidential Fact Finder Review• Present the Retirement “Strategy”• Present Product Recommendations• Product/Transfer Applications
The Retirement Plan Presentation
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Present the “Plan”• Start with SIMPLE
– Present the Investment Strategy Proposal
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Executing the “Plan”
• Complete all necessary paperwork.• Tell the clients what to expect
– Set up 45 day meeting to review process.
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Advanced Retirement Planning Opportunities
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Multiple Registration Scenario• Client Details
– $1,350,000 Investable Assets• $400,000 Qualified Spouse 1
• $400,000 Qualified Spouse 2
• $400,000 Joint Account
• $75,000 Roth IRA Spouse 1
• $75,000 Roth IRA Spouse 2
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Funding the Segments• Pro Rata Method
• Invest each segment based on the pro rata percentage of assets in each registration
• Pros– Simple process for identifying segment assets
– Creates a balanced plan
– Should reduce need for additional withdrawals because of Required Minimum Distributions
– Provides flexibility for excess withdrawals from the program
• Cons– Could be oversimplified from a planning perspective
– Doesn’t consider taxation on Social Security
– Might be difficult to meet minimums in each segment
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Funding the Segments• Non-Qualified Book Ends Method
• Recall this client was only 55 using Non-qualified assets for the early segment and the last segment could reduce the need for 72(t) transactions
• Pros– Simple process for identifying segment assets
– Should reduce need for additional withdrawals because of Required Minimum Distributions
– Provides flexibility for excess withdrawals from the program
• Cons– Could be oversimplified from a planning perspective
– Doesn’t consider taxation on Social Security
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Funding the Segments• Non-Qualified then Qualified Method
• Take all of the Non-Qualified assets first and fund later segments with qualified assets
• Pros– Produces the lowest tax liability early in the plan allowing qualified assets to
continue to defer.
– Could reduce the amount tax the client pays on their social security benefits while pulling from the Non-Qualified Assets
• Cons– Provides Little flexibility for excess withdrawals once the Non-Qualified assets are
spend down
– Inefficient method in if tax rates are expected to increase
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Funding the Segments• Target Tax Bracket Method
• Identify a target tax bracket for the client during retirement and set asset up to be under the target tax bracket
• Pros– Can produce the most tax efficient plan for the client
– Could reduce the amount tax the client pays on their social security benefits
• Cons– Time consuming process to develop estimates of the clients cash flow
– It is usually difficult to estimate capital gains and dividends on Non-qualified assets
– Estimates can be made but need to be make sure you are not giving tax advice with the plan
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Creating a Plan with Uneven Segments
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Using Time Segmented Distribution for Estate and
Insurance Planning
Pursuant to IRS Circular 230, this information is not intended to (and can not) be used by anyone to avoid IRS penalties. Neither Securities America nor its representatives are permitted to give tax advice. Discussion of tax rules is for general informational purposes only and merely a summary of our understanding and interpretation of some of the current income tax regulations and is not exhaustive; nor does it cover every situation. Consult a qualified professional for tax advice specific to your client's situation.
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Solving for Client’s Estate Planning Needs
• Is the ending balance significantly higher than the initial payment (Today’s Dollars)– Clients might have estate planning needs if the assets
double over 25 years.
• How do the assets pass to heirs?– Qualified
– Non-Qualified
– Other
• Access life insurance situation for the client
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Using Time Segmented Distribution to Plan for Long
Term Care Needs
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Other Resources• www.advisorpod.com
– Masters Series – Practice Builders
• Wealth2k www.wealth2k.com– Income for Life
• Nationwide Income Planning Desk 877-245-0763– Retire-Sense
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Questions?