I'm 65 With $850K What Does My Tax Plan Look Like and What does my retirement planning intail. In Retirement. This Case Study is about a married couple with $850,000, Troy Sharpe, CFP®, walks you through an example of how much money a couple can save by putting together a comprehensive tax plan in order to get some of their money out of their tax infested IRA's by doing a Roth Conversion. We also take a look at the implications of taxing Social Security earlier vs. later and how that affects your income as well as your taxes in retirement. We're going to take a look at their investment plan, their income plan and their tax plan. We'll also compare the taxes in a Roth Conversion vs. No Roth Conversion. We'll look at their tax deductions and their tax bracket. They want an income of $80,000 per year.
00:00 Introduction
00:48 Some of the Big Questions you need Answered in Retirement
01:03 The Purpose of These Videos is to understand the process of Retirement Planning
01:55 The Basic Parameters Of this Couple, Their Wages, Social Security and Spending Goals
04:04 Running the Monte Carlo Simulation to see the Probability of Their Success in Retirement
05:42 Roth Conversion Plan for Retirement Considering Taxes
06:18 Looking at the Income Distribution Plan and Taxes over time comparing Roth Conversion vs Not Doing Roth Conversions
08:25 Taking a look at Social Security Comparing having a plan and not having a plan
10:47 How the Tax Planning and the Income Planning work together in the Oak Harvest Retirement 360 Plan
16:12 How Oak Harvest does behind the scenes Tax Planning
18:22 Targeting the Tax Brackets to Plan out the Roth Conversions
21:49 Above the Line Tax Deductions
23:06 Taking a Look at the Tax Summary for this Case Study
24:47 Looking at Medicare Premiums Part B and Part D
25:34 In summary, having a Tax Plan increased the case study's probability of Success from 62% to 97%
Working with a CFP® professional can be an important step toward reaching your financial goals. Not only do these advisors meet rigorous education and experience requirements, but they are also held to some of the highest ethical and professional standards in the industry.
Education
CFP® professionals must master nearly 100 integrated financial planning topics, including:
- Investment planning
- Tax planning
- Retirement planning
- Estate planning
- Insurance planning
- Financial management
In addition to completing a comprehensive financial planning curriculum approved by the CFP Board, or equivalent academic coursework, CFP® professionals are required to complete continuing education coursework, including a CFP Board approved code of ethics course, to ensure their competence in financial planning.
Examination
CFP® candidates must pass a comprehensive 6-hour CFP® Certification Examination that tests their ability to apply financial planning knowledge in an integrated format. The exam is notoriously difficult and only 64% of people who took the exam in 2017 passed. Based on regular research of what planners do, the exam covers:
Establishing and defining the Client-Planner relationship
Gathering information necessary to fulfill the engagement
Analyzing and evaluating the client’s current financial status
Developing recommendations
Communicating recommendations
Implementing recommendations
Monitoring the recommendations
Practicing within professional and regulatory standards
Experience
CFP® professionals must have a minimum of three years experience in the personal financial planning process prior to earning the right to use the CFP® certification marks. As a result, CFP® practitioners possess financial counseling skills in addition to financial planning knowledge.
Ethics
As a final step to certification, CFP® practitioners agree to abide by a strict code of professional conduct, known as CFP Board’s Code of Ethics and Professional Responsibility, that sets forth their ethical responsibilities to the public, clients and employers. CFP Board also performs a background check during this process, and each individual must disclose any investigations or legal proceedings related to their professional or business conduct.
Do you have a retirement plan that goes beyond allocating funds to truly fit your needs? We can help you create a retirement life plan customized for your retirement vision and legacy. Call us at (877) 404-0177
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If you have $500K or more and would like a partnership with a firm to help you manage your investments and financial plan as in these videos, click on this link to connect with our advisors: https://click2retire.com/im66with850k
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