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RESOURCES FOR COMPETENCY 1: CREATE AN EFFECTIVERETIREMENT INCOME PLANSection 1: Introduction to Retirement Income Planning• In addition to the video discussing the Retirement Income Summit, here is an articlesummarizing the results.• Click here to go to the Society of Actuaries issue briefs on Managing RetirementDecisions that Anna Rappaport discusses in the video.Section 2: Understand Retirement Preparedness Data• EBRI publishes a lot of important data concerning retirement planning. In this section,Jack VanDerhei discussed the 2011 Retirement Confidence Survey and the 2010Retirement Readiness Rating.Section 4: The Business of Retirement Income Planning• Here is the MetLife whitepaper “Engaging Clients in a New Way” that Joe Jordandiscussed in the video.1.26
Assignment 2IDENTIFY RETIREMENT INCOME NEEDS ANDOBJECTIVES AND EVALUATE THE CLIENT’S CURRENT SITUATION2Assignment 2SECTION 1: IDENTIFY RETIREMENT BUDGETLO 2-1-1: Evaluate the client’s current situation1. Fact finders (Video: Evaluate the client’s current situation: Littell, Lemoine)a. A fact finder is a data gathering instrument that is generally provided by theemployer/broker.b. Given to the client to take with them—but it is critical to go over the answerstogetherc. Demographic information—begin to learn about the client by learning about theirfamily(1) Current/former marriages(2) Children and grandchildren(3) Parents(4) Relationships with family members(a) Do adult children or parents live at home?(b) Are you providing financial support for family members?(c) Are you providing caregiving for family members?(5) Other advisors that the client is using2. Qualitative questions—to understand what is important to your client. Qualitativequestions teach us a lot about the client.a. Types of questions(1) What recreational activities do you enjoy (hobbies)?(2) Would you like to leave money to someone or some organization after youare gone (legacy planning)?(3) You would be happiest if your plan...(4) These types of questions help us understand the client’s personality andgoals.b. The way they answer questions can provide some insight into their personalities(1) Are they “drivers” (e.g., quick, to-the-point answers)(2) Are they philosophers (e.g., long answers about the meaning of success)(3) Are they analytic (e.g., use a lot of numeric data)c. Getting to understand the client’s personality helps you learn how to work with theclient; other helpful questions may be:(1) What keeps you up at night?(2) What was your best/worst experience with a financial advisor?2.1
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Page 6: THEAMERICANCOLLEGE.EDUThrough The A
Page 10 and 11: c. But it is more comprehensive bec
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Page 14 and 15: SECTION 2: UNDERSTANDING RETIREMENT
Page 16: d. Solutions(1) The model considers
Page 19 and 20: . Other sources of retirement incom
Page 21 and 22: c. Another option for solving cash
Page 23 and 24: (b) Net worth statements that ident
Page 25 and 26: d. Be ready to reengage with the cl
Page 27 and 28: (b) In financial planning(c) In inv
Page 29 and 30: j. Planning Point: Planners can use
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Page 35 and 36: (2) Income4. Determining risk toler
Page 37 and 38: collaborative experience which focu
Page 39 and 40: 6. Asset allocation and risk tolera
Page 41 and 42: c. How long will the income last?d.
Page 43 and 44: . Durationc. Reliabilityd. Other6.
Page 45 and 46: c. Supplemental Security Income (SS
Page 47 and 48: . An unused emergency fund can supp
Page 49 and 50: 5. Inflation(2) The expense method
Page 51 and 52: Assignment 3CHOOSE APPROPRIATE STRA
Page 53 and 54: . Save as a percentage of income an
Page 55 and 56: (1) Note that 38% of second income
Page 57 and 58: (4) The AARP website has a national
Page 59 and 60: 4. Contributions to IRAs and Roth I
Page 61 and 62: carve out the nondeductible contrib
Page 63 and 64: (2) Plus salary deferrals (for an i
Page 65 and 66: a. Example:(1) Save $10,000 in 25%
Page 67 and 68: (a) This requires knowing four fact
Page 69 and 70: . Solution(1) Li and Lin Lin are bo
Page 71 and 72: (1) The increase in dollar amounts
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Page 77 and 78: 5. Planning considerations(b) Keep
Page 79 and 80: (2) Some funds that are promoted as
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RESOURCES FOR COMPETENCY 3: CHOOSE
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(2) From the previous employer(s) p
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8. IRA funded plans (IRAs, SEPs, SI
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. Does the distribution election fi
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6. Net unrealized appreciation rule
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a. Tax-exempt plans include Roth IR
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8. Calculating required distributio
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(2) Exception: If there are separat
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5. Impactc. Tax rates are low in ea
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(7) Based on ordering rules, identi
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7. A married couple who file jointl
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(1) Needed to provide the appropria
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13. Transfers at deatha. Wills(2) A
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(1) The Retirement Equity Act manda
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(2) Beneficiary designation of bene
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13. Overview14. Types(2) The donor
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(1) Charity needs only to payout in
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c. Access should be granted to an a
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nightmare of living probate might h
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(6) Powers to represent their princ
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c. If the policy is term coverage w
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e. Factoring personal and family he
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problem. On the other hand, we can
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d. Adding a cost of living adjustme
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g. Planning Point: Sometimes a high
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(2) Clients may not be able to “a
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c. Ensure that the client is receiv
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a. Example: Because of physical and
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options about where to get his/her
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(2) Facilities, monthly fees, and s
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8. Other strategies that help to co
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standard deviations of the returns
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a collapse in the real estate marke
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a. In a later competency we will di
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years of service with the employer)
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a. Planning Point: Planners should
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(2) If you have locked in food, ren
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(4) Loss-of-spouse risk—Deferred
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(1) Excess withdrawal risk—The us
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(5) Frailty risk—Managing assets
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7. Practice good career management:
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Assignment 6CHOOSE APPROPRIATE STRA
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c. Example: Chuck and Sarah divide
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e. The bucket approach can be thoug
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3. Understanding systematic withdra
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(1) The time horizon used in the ca
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12. Four percent is not the number.
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markets have declined by a specifie
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(2) Annuities and long-term care an
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anticipates ramping down her activi
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c. Each of the three portfolios wil
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SECTION 4: THE ESSENTIAL VERSUS DIS
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d. Clients give up investment contr
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geared toward long-term growth. Thi
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. Trade-offs involve:(1) Irrevocabl
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(1) Rate at which banks lend to the
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. Dollar-denominated liabilities of
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(a) Dividend taxed in year paid out
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4. Taxationtheir return generating
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. Close ended(1) IPO style launch(2
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(3) Tax control17. Conversations in
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(3) Mutual funds provide lower cost
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way to obtain increasing payments t
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protection from the downside risk w
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6. Today’s annuitization rates ar
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h. Planning Point: Markets are very
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a. The client may not be clear abou
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a. Problems with implementation are
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c. Product solutions work together
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(1) A problem is that if the client
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(b) A traditional fund company(c) A
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d. Evelyn is in great health and he
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RESOURCES FOR COMPETENCY 7: INTEGRA
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