Module 1 Flashcards
Catch up contribution
$6000
Defined contribution 415
$53000
SIMPLE Plan
$12,500
SIMPLE catch-up contribution
$3000
Max includable compensation qualified plan
$265000
Highly compensated employee 414
$115000
Key Employee (top heavy plan)
> $170000
SEP participation limit
$600
IRA / ROTH contribution limit
$5500
IRA/ ROTH catch- up
$1000
IRA deduction limits for active participants
Single $61000-$71000
Married filing joint $98000-$118000
Married filing seperately $0-$10000
IRA deduction phaseout limit for spouse who is not an active participant
$183000-$193000
ROTH IRA contribution phaseout limits
Single $116000-$131000
Married filing jointly $183000-$193000
Effective deferrals 401k, 403b,457, sarseps
$18000
Step 1 retirement planning process
Establishing and defining the client-planner relationship
Step 2 retirement planning process
Gathering client data including goals
Step 3 retirement planning process
Analyzing and evaluating the client’s financial status
Step 4 retirement planning process
Developing and presenting the recommendations
Step 5 retirement planning process
Implementing recommendations
Step 6 retirement planning process
Monitoring the implemented recommendations for necessary changes
Any changes to retirement plan?
Yes- return to task 2
No-time interval/ return to task 6
Two qualities retirement goals have to make them useful in planning
Specific and prioritized
Three components of a financial position
Assets
Liabilities
Net worth
Name two strategies clients can employ in living off retirement assets.
Capital preservation
Capital utilization
