Personal Retirement Analysis. Jim Sample. for. New Scenario (5/26/2014 4:04:47 AM) Prepared By Neal Frankle Sample Financial Plan

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1 Personal Retirement Analysis for Jim Sample Prepared By Neal Frankle Sample Financial Plan IMPORTANT: The illustrations or other information generated by this report regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results.

2 Table of Contents Cash Flow Planning (text) 2 Net Worth 3 Cash Flow Needed vs Available Graph 4 Cash Flow Illustration 5 Asset Accounts (text) 6 Account Summary 7 Income Tax - Current Year 8 Tax Summary 9 Retirement Estimate Graph 10 Retirement Capital Estimate 11 Page 1

3 Cash Flow Planning This financial analysis has been prepared with the objective of illustrating your present and future cash flows, integrated with your assets and income taxes. Cash Flow Planning Cash flow planning is designed to account for all sources of income and expense, and to illustrate the impact that any surpluses or shortages might have on the ability of your assets to last through your life expectancy. This method of planning is sometimes referred to as an "optimized" approach. What do we mean by "Optimized" planning? Cash Flow Each year your income sources are compared to your annual expenses. Any surplus of spendable income is automatically added to your savings and investments starting in the first year. If there is a shortage of spendable income, the amount needed to make up the shortage is withdrawn from your asset accounts. This approach is intended to reflect what would happen if you are managing your funds in an optimal manner. Assets Every year your savings and investment accounts will have potential interest, dividends, capital gains or appreciation. The cash flow analysis makes the assumption that, unless otherwise indicated, the entire rate of return is reinvested into the account. This approach optimizes the potential growth of each asset account. Taxes are not charged to the earnings on the account, but instead are added to your personal expenses. Taxes Since income and FICA (Social Security) taxes can represent a substantial part of your annual expenses, the "optimized" planning approach carefully computes your tax burden every year. The analysis uses the actual IRS tax rate tables including annual adjustments for "indexing" the rate breakpoints and standard deductions. For high income taxpayers, itemized deductions and exemptions are phased out. Separate tax treatment is provided for dividends, capital gains, alternate minimum tax, the taxable portion of social security income and other areas where special treatment is required. The result is that, instead of showing a "guesstimate" of your annual taxes, the analysis provides a more accurate yearly indication of future potential taxes. Page 2

4 Net Worth Statement ASSETS Equity (Investment) Accounts: Jim Mary Joint / CP Trust/Oth. Total Mutual Funds $300,000 $300,000 Total $0 $0 $300,000 $0 $300,000 Retirement Accounts: IRA accounts 400, ,000 Total $400,000 $0 $0 $0 $400,000 Real Estate Assets: Residence 600, ,000 Total $0 $0 $600,000 $0 $600,000 Total Assets $400,000 $900,000 $1,300,000 LIABILITIES Jim Mary Joint / CP Trust/Other Total Total Liabilities NET WORTH $400,000 $900,000 $1,300,000 Note: Assets held in a Revocable Trust are included in the grantors assets. Page 3

5 Cash Flow The bars in the above graph represent the amounts available from... Earned income (wages & self employment) Pension plans and Social Security Misc - (inheritances, sale of residence, investment account systematic withdrawal plans or interest/dividends taken in cash, scheduled retirement account distributions or required minimum distribution amounts.) The line illustrates the annual expenses including... Personal living expenses Life insurance and other premiums Mortgage and debt repayment Planned deposits to investments and retirement accounts Miscellaneous expense items Taxes If income from various sources exceeds expenses, the excess is reinvested in savings and investment accounts. If expenses are greater than income, it is assumed that funds required to meet such excess expenses will be drawn from savings and investment accounts to make up the shortage. Page 4

6 Cash Flow Illustration Ages Scheduled Cash flow sources and Required Minimum Distributions Earned Income Retire/Roth Accounts * Investment Accounts * Pension/ SocSec Other Income Total Sources Less Living Expense & Taxes Surplus (Shortage) $160,000 $160,000 ($100,513) $59, , ,000 (93,911) 66, , ,000 (95,927) 64, , ,000 (98,024) 61, , ,000 (100,209) 59, , ,000 (102,520) 57, , ,000 (104,951) 55, , ,000 (107,488) 52, , ,000 (110,131) 49, , ,000 (112,890) 47, , ,000 (115,769) 44, , ,000 (118,776) 41, , ,000 (121,916) 38, , ,000 (125,198) 34, ,000 75,000 (87,981) (12,981) ,000 32, ,301 (97,788) 9, ,000 32, ,947 (101,075) 6, ,000 33, ,606 (104,491) 4, ,000 34, ,278 (108,038) 1, ,000 57,195 34, ,158 (128,037) 39, ,000 60,746 35, ,409 (133,681) 37, ,511 36, ,887 (111,311) (10,424) ,502 74, ,709 (125,430) 17, ,731 75, ,422 (131,990) 16, ,213 77, ,418 (138,866) 15, ,960 78, ,709 (146,216) 14, ,577 80, ,901 (153,948) 12, ,874 81, ,805 (162,197) 11, ,979 83, ,548 (171,691) 8, ,329 85, ,570 (181,631) 5, ,929 86, ,874 (192,040) 2, ,783 88, ,467 (202,937) (470) ,895 90, ,353 (214,329) (3,976) ,266 92, ,533 (234,628) (16,095) ,995 94, ,107 (246,533) (20,425) ,856 95, ,851 (257,711) (23,860) ,829 97, ,744 (269,356) (27,612) ,889 99, ,762 (281,483) (31,721) , , ,874 (294,103) (36,229) , , ,621 (306,770) (42,149) , , ,239 (319,690) (48,451) ,564 54, ,617 (297,379) (73,762) ,574 55, ,708 (310,994) (82,286) ,255 56, ,492 (324,259) (92,768) ,387 57, ,748 (337,874) (104,126) ,890 58, ,399 (351,960) (116,562) ,670 59, ,349 (365,770) (129,421) ,627 60, ,499 (381,250) (144,750) * Scheduled distributions, interest or dividends taken in cash or amounts taken to meet the IRS minimum distribution requirements. Page 5

7 Asset Accounts Your assets are illustrated in this plan based on two major groups, Personal Accounts and Tax Deductible Retirement accounts. Within these groups, the assets are further divided as described below. Personal Accounts: Fully Taxable: These are savings and investments that earn interest or dividends which are fully taxable at ordinary income rates. Included in this category are savings accounts, certificates of deposit, money market funds and accounts, bonds, notes and mortgages, etc. Tax-Deferred: Some assets allow you to accumulate money without current taxation on interest or other returns. The most common are fixed or variable annuities issued by insurance companies. Any illustration of an annuity account is hypothetical, and does not represent any specific product or underlying investment accounts and is not intended to project or predict investment results. The variable nature of a variable annuity will affect not only the investment returns, but will also affect the cash value and death benefits of the annuity. The annuity could result in zero or negative return, depending on the performance of the underlying investments and the terms of the annuity contract. Tax-Free: Interest earned on certain bonds issued by federal, state or local municipalities are exempt from federal and in some cases state income tax. These are referred to as "tax exempt" securities and may be purchased individually or as muni bond investment trusts or mutual funds. Equity and Other: Assets which receive part or all of their return in the form of appreciation and qualify for special capital gains treatment on the profits would be included in this category. Such assets include: stocks, equity mutual funds, real estate, business interest, etc. Tax Deductible Retirement Accounts: This includes any account that is treated by the IRS as qualified for special tax-deferral or deduction. IRA 401(k) Keogh or SEP TSA SIMPLE 401(k) and SIMPLE IRA Profit Sharing Roth IRA accounts Roth 401(k) Individual Retirement Accounts. Corporate thrift or savings plans. Retirement plans for self employed individuals. Tax sheltered annuity plans for employees of 403(b) tax exempt organizations. Employer sponsored plans. Corporate plans for employee profit sharing. (Tax-free growth). Tax-free after-tax personal contributions, pre-tax company additions. These accounts generally allow for pre-tax contributions and tax deferred earnings. When funds are withdrawn from these accounts the entire amount is taxable at the ordinary tax rate. (Roth accounts use after tax contributions and tax free accumulation and withdrawal.) Not an Investment Offer: This is not an offer to sell or a solicitation of an offer to buy any security. Such offer would be accompanied by a prospectus or other offering materials. IMPORTANT: The projections or other information generated by Money Tree regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Page 6

8 Account Summary Ages Taxable Equity Tax Tax Retirement accounts Roth IRAs Account & Other Free Deferred Jim Mary Jim Mary 5.00% 8.00% 4.00% 5.00% 7.00% 0.00% 7.00% 7.00% Begin. Year Account Totals $300,000 $400,000 $700, , ,692 24,316 12, , , , ,179 52,304 26, , , , ,044 80,587 40, ,044 1,109, , , ,144 55, ,453 1,262, , , ,950 70, ,690 1,423, , , ,964 86, ,954 1,591, , , , , ,456 1,768, , , , , ,423 1,954, , , , , ,098 2,150, , , , , ,740 2,355, ,678 1,004, , , ,627 2,571, ,482 1,099, , , ,056 2,799, ,481 1,201, , ,494 1,064,345 3,039, ,656 1,311, , ,670 1,143,835 3,291, ,148 1,402, , ,465 1,218,184 3,480, ,221 1,503, , ,137 1,297,365 3,704, ,161 1,610, , ,703 1,381,693 3,939, ,931 1,724, , ,129 1,471,503 4,186, ,494 1,845, , ,377 1,567,150 4,446, ,282 1,984, , ,880 1,609,765 4,702, ,693 2,133, , ,039 1,651,472 4,968, ,768 2,282, , ,575 1,691,990 5,198, ,088 2,447, , ,192 1,731,007 5,467, ,015 2,622, , ,475 1,768,178 5,747, ,569 2,810, , ,445 1,803,123 6,039, ,732 3,010, , ,087 1,835,422 6,344, ,407 3,225, , ,308 1,865,038 6,662, ,668 3,453, , ,185 1,891,091 6,993, ,181 3,697, , ,387 1,913,549 7,336, ,914 3,958, , ,886 1,931,925 7,694, ,830 4,236, , ,646 1,945,694 8,064, ,525 4,532, , ,750 1,954,294 8,449, ,605 4,849, , ,938 1,957,121 8,849, ,124 5,189, , ,260 1,953,532 9,256, ,544 5,552, , ,766 1,943,775 9,679, ,598 5,941,313 1,039, ,510 1,927,312 10,120, ,811 6,357,204 1,081, ,547 1,903,592 10,580, ,643 6,802,207 1,124, ,936 1,872,052 11,060, ,488 7,278,360 1,169, ,738 1,832,127 11,561, ,674 7,787,845 1,216, ,016 1,784,730 12,084, ,510 8,332,994 1,265, ,836 1,729,549 12,631, ,188 8,916,304 1,315, ,268 1,666,315 13,185, ,687 9,540,444 1,368, ,385 1,594,816 13,764, ,498 10,208,274 1,422, ,262 1,516,929 14,370, ,107 10,922,852 1,479, ,978 1,432,806 15,006, ,725 11,687,451 1,539,097 1,036,617 1,342,695 15,673, ,441,486 1,600,660 1,083,264 1,246,954 16,372, ,162,032 1,664,686 1,132,010 1,146,070 17,104,798 Note: Rates shown above are for first year only. Refer to account reports for future year rates. Page 7

9 Income Tax - Current Year The following calculations give an idea of the amount of taxes you might pay based on the income and asset information provided. These amounts are approximations only and the actual tax amounts may be higher or lower than illustrated. INCOME: Salaries and wages Interest Dividends* Schedule D (net gain/loss) GROSS INCOME Adjustments: Retirement plan deposits - Jim ADJUSTED GROSS INCOME Gross $160,000 7,370 6,195 6,195 Taxable $160,000 6,522 6,195 6,195 $178,912 ($4,800) $174,112 Itemized Deductions: Gross Allowed TAXABLE INCOME Itemized deductions or Standard deductions $6,200 ($6,200) Personal exemptions ( 0 ) ($3,950) TAX SUMMARY: Federal Income Tax $37,474 FICA (Social Security) & HI Tax 12,240 $163,962 TOTAL TAXES Your federal marginal tax bracket is %. Your total taxes equal % of your Adjusted Gross Income, and 30.32% of your Taxable income. *Dividend and Capital Gains taxed marginally at 15.00%. $49,714 Page 8

10 Tax Summary Ages Federal Income Tax Federal Income Tax Amounts Additional AMT Tax $37, , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,308 1, ,268 1, ,461 2, ,539 3, ,357 12, ,852 12, ,672 10, ,833 9, ,342 7, ,203 6, ,869 4, ,822 3, , , , , , , , Federal Credits Early distr. & other tax Total Fed. Income Tax State Tax Additional State Tax or (credits) FICA and HI Tax Total Taxes $37,473 $12,240 $49,713 29,591 12,240 41,831 30,286 12,240 42,526 31,020 12,240 43,260 31,798 12,240 44,038 32,657 12,240 44,897 33,590 12,240 45,830 34,580 12,240 46,820 35,628 12,240 47,868 36,740 12,240 48,980 37,919 12,240 50,159 39,172 12,240 51,412 40,502 12,240 52,742 41,916 12,240 54,156 20,075 5,737 25,812 27,892 5,737 33,629 29,126 5,737 34,863 30,423 5,737 36,160 31,784 5,737 37,521 48,722 6,541 55,263 51,566 7,013 58,579 33,805 33,805 44, ,444 48,286 1,159 49,445 51,919 1,760 53,679 55,905 2,398 58,303 60,164 3,058 63,222 64,795 3,773 68,568 70,555 4,511 75,066 76,624 5,290 81,914 83,019 6,113 89,132 89,755 6,981 96,736 96,833 7, , ,670 8, , ,992 9, , ,424 10, , ,153 11, , ,189 12, , ,538 14, , ,801 15, , ,336 16, , ,600 17, , ,426 18, , ,723 19, , ,184 20, , ,924 21, , ,265 23, , ,995 24, ,614 0 Page 9

11 Retirement Estimate As inflation increases the amount of income needed for your standard of living, there is the potential need to draw increasing amounts out of savings, investments and retirement accounts. The graph shows how long your capital might last. The objective is to assure that your capital is properly managed so that it will last at least until your life expectancy. If the capital is depleted before your need for income has ceased, then you will become dependent on your pensions, Social Security, relatives or public sources. If there is capital remaining when your need for income stops then the remaining capital is available for your heirs. The line allows you to visualize the annual expenses as compared to your capital accounts. If the bars dip below the "0" level on the graph, it indicates that you have consumed all your savings, investment, and retirement accounts, and your spending requirements have caused a "deficit" spending situation - a need for funds where none exists. Page 10

12 Retirement Capital Estimate Ages * Begin. Yr. Account Totals Annual Expenses Incl. Tax Earned Income Income and Capital Distributions ** Retirement Acct Distr. ** Investment Acct Distr. Pensions/ Soc Sec Other Inc. & St. Opt. Annual Surplus Ending Year Account Totals $700,000 ($100,513) $160,000 $59,487 $824, ,442 (93,911) 160,000 66, , ,595 (95,927) 160,000 64,073 1,109, ,109,481 (98,024) 160,000 61,976 1,262, ,262,504 (100,209) 160,000 59,791 1,423, ,423,087 (102,520) 160,000 57,480 1,591, ,591,651 (104,951) 160,000 55,049 1,768, ,768,656 (107,488) 160,000 52,512 1,954, ,954,611 (110,131) 160,000 49,869 2,150, ,150,067 (112,890) 160,000 47,110 2,355, ,355,613 (115,769) 160,000 44,231 2,571, ,571,876 (118,776) 160,000 41,224 2,799, ,799,523 (121,916) 160,000 38,084 3,039, ,039,274 (125,198) 160,000 34,802 3,291, ,291,893 (87,981) 75,000 12,981 3,480, ,480,374 (97,788) 75,000 32,301 9,513 3,704, ,704,111 (101,075) 75,000 32,947 6,872 3,939, ,939,207 (104,491) 75,000 33,606 4,115 4,186, ,186,317 (108,038) 75,000 34,278 1,240 4,446, ,446,138 (128,037) 75,000 57,195 34,963 39,122 4,702, ,702,166 (133,681) 75,000 60,746 35,663 37,727 4,968, ,968,794 (111,311) 64,511 10,424 36,376 5,198, ,198,472 (125,430) 68,502 74,207 17,279 5,467, ,467,221 (131,990) 72,731 75,691 16,432 5,747, ,747,560 (138,866) 77,213 77,205 15,552 6,039, ,039,959 (146,216) 81,960 78,749 14,493 6,344, ,344,752 (153,948) 86,577 80,324 12,953 6,662, ,662,406 (162,197) 91,874 81,931 11,607 6,993, ,993,273 (171,691) 96,979 83,569 8,857 7,336, ,336,995 (181,631) 102,329 85,241 5,938 7,694, ,694,033 (192,040) 107,929 86,945 2,834 8,064, ,064,857 (202,937) 113, ,684 8,449, ,449,964 (214,329) 119,895 3,976 90,458 8,849, ,849,892 (234,628) 126,266 16,095 92,267 9,256, ,256,609 (246,533) 131,995 20,425 94,112 9,679, ,679,486 (257,711) 137,856 23,860 95,995 10,120, ,120,495 (269,356) 143,829 27,612 97,915 10,580, ,580,506 (281,483) 149,889 31,721 99,873 11,060, ,060,444 (294,103) 156,004 36, ,870 11,561, ,561,303 (306,770) 160,713 42, ,908 12,084, ,084,637 (319,690) 165,253 48, ,986 12,631, ,631,916 (297,379) 169,564 73,762 54,053 13,185, ,185,703 (310,994) 173,574 82,286 55,134 13,764, ,764,585 (324,259) 175,255 92,768 56,237 14,370, ,370,946 (337,874) 176, ,126 57,361 15,006, ,006,645 (351,960) 176, ,562 58,509 15,673, ,673,585 (365,770) 176, ,421 59,679 16,372, ,372,365 (381,250) 175, ,750 60,872 17,104, ,104,799 17,104,798 *Note - 1 = Jim's life expectancy age. 2 = Mary's life expectancy age. **Investment and Retirement distributions include withdrawals from account totals to satisfy "Income needed" shortages from Cash Flow report. Page 11

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