Susan & David Example

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1 Personal Financial Analysis for Susan & David Example Asset Advisors Example, LLC A Registered Investment Advisor 2430 NW Professional Drive Corvallis, OR 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 Objectives - A1 2 Net Worth Graph - A4 3 Net Worth - A5 4 Asset Summary - A11 5 Liquidity Graph - A12 6 Cash Flow Graph - A14 7 Cash Flow - A15 8 Future Cash Flow - A15a 9 Asset Pyramid - B3 10 Asset Allocation - B6 11 Asset Allocation Graph - B7 12 Allocation Worksheet - B8 13 Retirement Graph - C2 14 Retirement Needs Analysis - C3 15 Retirement Capital Analysis - C4 16 Retirement Capital Notes (text) - C4a 17 Retirement Estimate Solution - C5 18 Retirement Capital Estimate - C6 19 Income Tax Graph - D2 20 Income Taxes - D3 21 Estate Graphs - E3 22 Estate Tax Illustration - E4 23 Life Insurance Graph - F2 24 Survivor Capital Estimate Ind 1 - F4 25 Survivor Capital Estimate Ind 2 - F6 26 Disability - F8 27 Page 1

3 Objectives A1 Your personal financial plan was prepared with concern for your specific goals and objectives. As you review this report, determine if your goals are obtainable or whether adjustments should be considered. RETIREMENT OBJECTIVES: Your financial plan is based on the following income requirements. * Monthly Expenses in Age Today's Dollars 65 $8, ,406 7,406 * Inflation Adjusted Expenses 10, ,176 $9,429 G4, G12 * Includes basic personal expenses, itemized deductions, insurance, mortgage and debts, savings and investment deposits. SURVIVOR OBJECTIVES: In the event of your premature death, you indicated that your heirs would need the following amounts of monthly income:* Susan Initial income amount needed: $4,755 David $4,733 F6, F4 *Amount of expenses will vary. Refer to Survivor report for details. Includes basic personal expenses, insurance premiums, itemized deductions and loan payments. EDUCATION FUNDING: Your financial analysis includes consideration of the cost of educating your children. Education costs now represent one of the most substantial expenses for a family. Unless careful planning and preparation is performed, these costs could seriously affect your ability to accumulate funds for your retirement. Name Cost / year Inflated cost at 3.90% Bonnie $15,100 $77,524 Andy 16,400 72,250 A20 Total $149,774 OTHER: Estimates used in the reports are based on a life expectancy age for Susan of 91. The life expectancy age for David is assumed to be 90. You have indicated additional financial goals including: Inflation Age Amount Rate % Retirement trip 61 $15, Sail boat 65 20, A17 Page 2

4 Net Worth A4 The Net Worth graph illustrates the amount of your assets, including savings, investments, retirement accounts, and personal assets, less liabilities such as mortgages, loans, credit card balances, etc. Assets: $1,281,187 Ordinary income accounts $159,603 Investment accounts 359,254 Retirement accounts Real estate 199, ,750 Personal assets 50,580 Less Debts ($399,140) Net Worth $882,047 A5 Your objective should be to measure your net worth on a regular schedule in order to assure that you are improving your financial strength. Page 3

5 Net Worth Statement ASSETS Ordinary Income Accounts: Susan David Joint / CP Trust/Other Total Checking accounts, cash $12,200 $12,200 Savings accounts 3,500 3,500 Money Market Accounts 31,603 31,603 Certificate of Deposit 20,000 20,000 Gov't bonds, T-Bills, funds 22,000 22,000 Muni bonds, funds 25,000 25,000 Annuities (fixed, variable) 30,000 30,000 Insurance Cash Value and Dividends 12,450 2,850 15,300 Total 42,450 28,350 88, ,603 Equity (Investment) Accounts: Stocks 15,000 45,429 60,429 Mutual Funds 242,417 2,745 29, ,225 Other ventures/businesses 24,600 24,600 Total 257,417 2,745 99, ,254 Retirement Accounts: 401(k) accounts 93,500 93, (b), SEP, Simple 77,300 77,300 Roth accounts 16,000 16,000 Inherited IRAs 12,200 12,200 Total 105,700 93, ,000 Personal Use Assets: Personal Property 15,000 15,000 Jewelry, furs 2,500 2,500 Autos 12,000 19,600 31,600 Stock Options (Bargain Element) 1,480 1,480 Total 28,480 2,500 19,600 50,580 Real Estate Assets: Residence 307, ,000 Real Estate, REIT 5,750 5,750 Rental real estate 200, ,000 Total 312, , ,750 Total Assets $746,797 $126,895 $407,495 $1,281,187 LIABILITIES Susan David Joint / CP Trust/Other Total Residence mortgage ($272,000) ($272,000) Credit Cards (6,640) (6,640) Life insurance loans (2,500) (2,500) Rental real estate (118,000) (118,000) Total Liabilities ($390,000.00) ($399,140) NET WORTH $737,657 $126,895 $17,495 $882,047 Note: Assets held in a Revocable Trust are included in the grantors assets. A5 Page 4

6 Asset Summary This view looks at your retirement assets by the way they are treated for income taxes (the retirement estimate report uses this grouping for illustrating future values). Assets by TYPE: Taxable Equity/Other Tax-Deferred Tax-Free Retirement accounts Roth accounts * Weighted average rate excludes assets which were not intended to be used for retirement. Account Value Percent of Total Weighted Average* Rate of Return $47, % 2.44% 350, % 7.45% 30, % 7.25% 25, % 5.70% 183, % 6.21% 16, % 4.00% $651, % 6.58% A11 C8 Note: The Weighted Average Rate of Return is derived from the asset rates provided by you as shown on the Asset Detail report page. The effective return from each asset is computed and summed by type, and that sum is divided by the total value of that type asset. The resulting weighted average reflects an estimated portfolio rate of return for that asset type. The rates used are assumed to be net of all fees and expenses. This view is focused on the asset classes. It should be used to help you determine if your assets are positioned in concert with your own goals. Assets by CLASS: Reserves Income Growth and income Growth Aggressive Growth Savings & Investments Retirement Accounts Percent of Total $12, % 102,103 28, % 47, % 225, , % 122, % $509,307 $199, % B8 This view is concerned with the amount of liquid funds available. Refer to the Liquidity report for a more graphic illustration. Assets by LIQUIDITY: Cash and Reserves Liquid Non-Liquid Other Savings & Investments Retirement Accounts Percent of Total $47,303 $16, % 431, , % 5,750 12, % 24, % $509,307 $199, % Note: Some of the assets listed here may have been excluded from the retirement projection. Refer to the Asset Detail report for specifics. Assets listed include only "working" assets, not residence and personal property assets or insurance cash values. Page 5

7 Liquidity A12 The above graph illustrates the liquidity level of your working assets, measuring the ability to convert working assets to cash if needed. If you have too much of your money in "non-liquid" investments you may someday find yourself in a position where you need to have quick cash, but are unable to convert enough of your assets quickly. A13 Cash & Reserves Liquid Non-Liquid Other Total Assets** $63, , ,330 24,600 Working Assets* $63, , ,950 24,600 Your total liquidity level including your residence and personal property is 52%. Your working asset liquidity ratio (cash and liquid assets divided by all working* assets) is 73% This level of working asset liquidity should be adequate except in severe cases. * Excluding residence and personal assets. Includes retirement accounts and rental real estate. ** Includes residence and personal assets in non-liquid category. Page 6

8 Cash Flow A14 The graph above shows the relationship of your expenditures to your available income. The expenditures group includes your personal expenses as well as taxes, insurance premiums, debt and mortgage payments, savings and investments deposits. Income available Less: Total spending Spendable income surplus Savings and Investments Living Expenses Taxes Insurance Mortgage Loan payments Monthly Annual $13,360 $160,322 (2,008) (4,209) (3,237) (487) (2,400) (100) (24,098) (50,480) (38,852) (5,835) (28,800) (1,200) ($12,441) ($149,265) $919 $11,057 A15 The information you provided for this analysis indicates that your income is greater than your scheduled expenses. You might consider using your surplus income for additional savings or investments. You should regularly review your cash flow to determine if there are changes required in your spending habits. Page 7

9 Cash Flow A15 INCOME Monthly Amount Annual Amount Percent of Income Salaries & Wages $10,000 $120, % D3 Self Employment Income (Sch C) 2,083 25, % H8 Interest 237 2, % H1...H4 Dividends 213 2, % H2 Capital Gains / Losses (Sch D) 211 2, % H2 Rental Real Estate 552 6, % B15 Required Minimum Dist % Total income available $13,360 $160, % EXPENSES Monthly Amount Annual Amount Percent of Income Federal and State Income Tax $2,178 $26, % D3 FICA Taxes 1,059 12, % D3 Residence Mortgage 2,400 28, % K1 Credit Cards 100 1, % K1 Life Insurance 306 3, % J1 Homeowners & Other Insurance % G15 Auto Insurance % G15 Disability Insurance % G15 Saving and Investment Additions 261 3, % G12 Retirement Account Additions (IRA, 401(k), TSA, etc.) , % G12 Reinvestment of Interest, Dividends and Capital Gains 661 7, % H1...H4 Education Fund Deposits 145 1, % A24 Charitable Contributions 167 2, % D3 Property Tax 512 6, % D3 Medical Expenses 417 5, % D3 Food and Household Expenses , % Utilities 445 5, % Auto Operating and Maintenance 367 4, % Holidays 167 2, % Domestic Help 250 3, % Clothing 300 3, % Property Improvements/Upkeep 417 5, % Vacations 167 2, % Pet Expenses 83 1, % Books/Subscriptions % Total spending and savings $12,441 $149, % Cash flow surplus (Income less Spending) $919 $11,057 Note: Items on this report represent only current year income and expenses. Amounts will vary in future years. Page 8

10 Future Cash Flow at Susan's Age 65 A15a INCOME Monthly Amount Annual Amount Percent of Income Interest $203 $2, % H1...H4 Dividends 275 3, % H2 Capital Gains / Losses (Sch D) 272 3, % H2 Rental Real Estate 815 9, % B15 Pension Income 200 2, % Required Minimum Dist. 99 1, % Social Security 2,340 28, % Total income available $4,204 $50, % EXPENSES Monthly Amount Annual Amount Percent of Income Total Income Taxes $1,297 $15, % D4 Residence Mortgage 2,400 28, % K1 Credit Cards 100 1, % K1 Life Insurance 405 4, % J1 Homeowners & Other Insurance 84 1, % G15 Auto Insurance 99 1, % G15 Reinvestment of Interest, Dividends and Capital Gains 750 9, % H1...H4 Education Fund Deposits 100 1, % A24 Charitable Contributions 205 2, % G6 Property Tax 588 7, % G6 Medical Expenses 586 7, % G6 Other Net Expense 4,763 57, % G8 Miscellaneous Expense 1,281 15, % Food and Household Expenses 801 9, % Utilities 570 6, % Auto Operating and Maintenance 406 4, % Holidays 214 2, % Domestic Help 320 3, % Clothing 256 3, % Property Improvements/Upkeep 534 6, % Vacations 320 3, % Pet Expenses 107 1, % Books/Subscriptions % Total spending and savings $16,239 $194, % ($12,035) ($144,425) Note: Items on this report represent only current year income and expenses. Amounts will vary in future years. Page 9

11 Asset Pyramid Chart Proper management of your assets requires an understanding of the relationship between RISK and REWARD. The pyramid below illustrates the assets by levels, with the safest at the bottom and the risk generally increasing as you near the top of the pyramid. B3 Dollar Amount More Aggressive Percent of Total $24,600 $217,950 $602,454 $63,303 Other Assets, Business Interests, etc. NON - LIQUID Partnerships Real Estate, Mortgage, Notes LIQUID INVESTMENTS Stocks, Bonds Mutual Funds, CDs CASH and RESERVES Checking, Savings Money Market, US Savings Bonds. 2.71% 24.00% 66.33% 6.97% $0 RETIREMENT ACCOUNTS 0.00% (The retirement account assets are included in the above groups.) ESTATE and FAMILY PROTECTION Life, medical, and disability insurance (This section does not represent assets, but is an important basis for a solid financial plan.) More Conservative $908,307 TOTAL 100% Page 10

12 Asset Allocation B6 As you manage your portfolio of savings and investment assets, it is important that you consider how the characteristics of each asset matches your overall level of risk tolerance and your current financial goals. The chart below illustrates a suggested percentage of assets for various risk tolerance levels. Your risk profile indicates an investor type of : Conservative Typical percentage of assets allocated for various risk levels. Your Asset Class Very Custom Conservative Conservative Moderate Aggressive Very Aggressive Allocation Reserves % Income % Growth and income % Growth % Aggressive Growth % Misc 100% 100% 100% 100% 100% 100% The allocation percentages illustrated above are only suggestions for your consideration, and are not intended to be a permanent allocation. As time passes and your goals change, it will be important that you review your portfolio to assure that the current mix of your assets is appropriate for your goals and for current economic and This Asset Allocation does not guarantee a profit or protect against loss in declining markets. Page 11

13 Asset Allocation B7 The following graph is provided to help you more easily visualize your present and suggested asset allocation. This suggested mix is intended only for the current period, and you are encouraged to return regularly to review your personal goals and resources, the financial environment and to determine whether changes to the suggested mix is appropriate. The percentages shown on the label area indicate the "Present / Suggested" percent for each asset class. Present Suggested B8 Res 1.72% 20.00% Inc 18.40% 25.00% Inc/Gr 6.69% 25.00% Gr 55.94% 25.00% AgGr 17.25% 5.00% Misc 0.00% 0.00% Asset Allocation does not guarantee a profit or protect against loss in declining markets. Page 12

14 Allocation Worksheet B8 The following worksheet compares your present assets to the percentages suggested for your particular goals and risk tolerance level. If the amount in a class is too large or small, then the amount you might consider moving into or out of a category is shown in the "Amount To Move" column. Asset Class Amount Present Percent Amount Suggested Percent Amount to Move In (or out) Reserves $12, % $141, % $129,461 Income 130, % 177, % 46,774 Growth and income 47, % 177, % 129,659 Growth 396, % 177, % (219,139) Aggressive Growth 122, % 35, % (86,756) Misc TOTAL* $708,307 $708,307 It will be important to re-evaluate your asset mix on a regular basis and determine which assets should be further increased or decreased. As you make changes to your portfolio you should carefully review your current lifestyle needs and goals. Please recognize that the asset mix suggested above is not intended as a guarantee or assurance of future results. The suggested asset classes and their percentages do not represent an offer to sell or a solicitation of a purchase of any particular security, but are provided only as an illustration of a possible portfolio mix based on your stated goals and risk level. Asset allocation does not guarantee a profit or protect against loss in declining markets. * The asset category amounts shown do not include your residence, rental real estate and personal property. Page 13

15 Retirement C2 The amount of monthly income needed for retirement can increase dramatically when inflation is considered. The above graph illustrates the impact of inflation on your desired income by showing annual expenses in today's dollars as well as the same items adjusted for inflation.* If you have not accumulated enough capital to last through your lifetime, you could then find yourself dependent on others during the years when you most desire your financial independence. The graph above illustrates the amount of your capital available each year, or the amount of cumulative income shortage wh *Annual expenses include basic living expenses, mortgage and debt payments, insurance premiums, itemized deductions, savings and investment deposits. Page 14

16 Retirement Needs Analysis In order to determine whether you will have adequate income and capital to fund your retirement, a number of factors must be evaluated: C3 Income needed for basic living expense and number of years required. Income available from Social Security, pensions or other sources. Extraordinary income or expense items that will affect your retirement capital. Existing savings, investment and retirement funds and annual additions to the accounts. The effect of inflation on income and expenses. The rate of return you are able to earn on your accounts. You are now ages 58 and 60 and plan to retire at ages 65 and 65. That leaves you only 7 years to prepare for your financial independence. The anticipated expenses and various income streams available are illustrated below. In order to help you visualize the relative value of the income streams, we have shown the total amount of payments needed or received over your retirement years through life expectancy, as well as the value of the streams of income at retirement. Income needed: Total Monthly Amounts in Today's $ (a) Inflation Rate Inflation Adjusted Amounts (b) Cumulative Income/Expense In Today's Dollars at 6.00% NPV Discount Current living expenses $8, % $8,540 Living expenses at age 65 8, % 9,429 $3,982,016 (c) $1,280,524 Expenses at age 73 7, % 10,935 Expenses at age 82 7, % 14,176 Sources of income: Total Income (d) Social Security - Susan at age 67 1, % 1, , ,264 G11 Social Security - David at age 67 1, % 1, , ,778 G11 Spouse Pension % ,831 17,400 G9 Rental real estate income 116,507 56,340 Other income items & insurance 331, ,413 G8 Miscellaneous expenses: Education funding and other goals Other expense items Total income or expenses Income shortfall - amount needed compared to amount available Estimated capital required at retirement to satisfy this shortfall Including an assumed 6.00% after-tax rate of return on capital. Misc Inc./Exp. (e) (65,361) (134,669) $1,548,852 $2,433,164 $1,160,000 (f) (42,697) G8 (69,214) G8 (a) Total expense = personal expense, itemized deductions, insurance premiums, debts and mortgages, saving and investments. (G4) (b) Inflation adjustments apply only to those items exposed to inflation (not debts, life insurance, etc.) (c) Cumulative living expense is the total of all expense payments needed during retirement through life expectancy. (d) The "Sources of income" represents the sum of all monthly or annual income expected from Social Security, pensions (after tax) or other anticipated post-retirement income sources. Any life insurance benefit shown is received at life expectancy. (e) Total of all post-retirement expense items from education, goals and other income and expense report. (f) This number is calculated using the most conservative of two separate calculations. Note: Income taxes are not included as part of expenses as the taxes are paid out of the sources of taxable income. Page 15

17 Retirement Capital Analysis The remaining expense anticipated as described on the Retirement Needs Analysis is (This amount was carried forward form the Retirement Needs analysis page.) At age 65 the remaining expense could require capital of approximately (This assumes an after tax rate of return of 6.00% on assets used to fund shortage. The actual amount of capital needed will vary depending on the type of savings and investments used and their tax treatment.) $2,433,164 $1,160,000 C4 C3 Estimate of future asset account values Taxable Accounts Current year annual additions Current value used for retirement estimate Current weighted average rate Current average after tax rate * Future** Value at age 65 $47, % 1.67% Equity & other accounts 3, , % 6.32% 529,594 Tax-Free accounts 25, % 5.70% 36,850 Tax-Deferred annuity or govt bonds. 30, % 7.25% 48,963 Deductible retirement - Susan 9, , % 6.00% 248,871 Deductible retirement - David 6,600 77, % 6.50% 166,825 Roth accounts - David 2,796 16, % 4.00% 38,955 Total Asset values $651, % 5.91% $1,070,059 * The after-retirement rate may differ substantially from the pre-retirement rate, particularly on deductible retirement accounts. Tax rate on interest is 31.75% before retirement, 31.75% after. Dividend and Capital Gain taxed at 15.00% before retirement and 15.00% after. **Future values that are less than current values indicate that some of the assets have been consumed prior to retirement. H1 H2 H3 H4 H5 H9 H5 H10 H7 H8 You might have as much as $1,070,059 capital available at retirement. You may need additional capital of $89,941. Your current funds could last until your age 89 at which time your funds will be depleted. The above results are hypothetical, based on the assumptions used, and are not guaranteed. The illustration is provided for educational purposes and does not represent any specific investment, class of investments or investment style. In order to make up this shortage of capital required for your retirement, you have several choices: 1. Increase the before-tax "weighted average" rate of return on all your existing asset accounts to... Average rate 6.75% C5 2. Increase the amount of money being added to your savings and investments. You would have to make the following additional monthly deposits at a return of % 7.00% 9.00% after tax = after tax = after tax = $950 $510 $280 (Assuming deposits are increased by 3.50% per year.) C5 Note: The monthly additions are made into a side fund and computed to assure that asset account balances are never less than $0. 3. Delay your retirement by 1 years until ages 66 and Reduce your retirement spending by $4, Use some combination of the three methods shown above. Page 16

18 Retirement Capital Notes C4a The Retirement Capital Analysis report lists existing savings and investment accounts and shows hypothetical values at retirement age. The analysis is based on assumed rates of return information supplied by you and is not an estimate or guarantee of future performance. The assumptions used are detailed below. Income taxes The tax rate used for ordinary income items prior to retirement is 31.75% and after retirement is 31.75%. Thetaxable income includes interest, non-qualified dividends, tax deferred and retirement accounts distributions. Tax on qualified dividends, capital gains and appreciation is computed at the rate of 15.00% before retirementand 15.00% after retirement. The rates used are estimates based on your current tax bracket and may or may not reflect the rates that might be in effect at any time in the future. These rates are used for illustration purposes only and future changes in the tax laws or in your taxable income level may significantly affect the tax results of this analysis. Future Values at Retirement Age Each type of asset illustrated in the previous page uses a different assumed rate of return and tax treatment for estimating the future result. The assumed rates of return are derived from the asset and rate information you provided and may not actually reflect future results and are used for illustration purposes. The Current Weighted Average Rates come from the Asset Summary report. The Current After Tax Rates reflect the effective tax treatment of each asset type as described below. Taxable Accounts Interest earned on this asset type is taxed at the ordinary tax rate each year, both before and after retirement. As interest is earned, the estimated tax is deducted and the remaining interest is reinvested. Equity and Other Accounts The appropriate income tax effect is applied to the portfolio return based on the sources of income (interest, dividend, capital gain and appreciation). The after-tax return is reinvested. Tax-Free Accounts The income on this asset type is assumed to be fully exempt from tax and the entire return is reinvested each year. Tax-Deferred Accounts In years when there are no distributions from the accounts, the entire return is reinvested with no tax effect. In any year when a distribution is made, the distribution is assumed to come first from the accumulated tax-deferred returns. When all the accumulated tax-deferred returns have been distributed, the annual earnings are then taxed when distributed. The balance of distributions are treated as non-taxable distribution of the original capital. All taxable distributions are taxed at the ordinary income tax rate. Deductible Retirement Accounts Annual returns on these accounts are reinvested each year with no income tax. When distributions are made, the entire amount is taxed at the ordinary income tax rate. If distributions are made prior to age 59 1/2 they may be subject to an additional 10% excise tax penalty. Distributions must begin by age 70 1/2 unless special conditions apply. Roth IRA Accounts The earnings and withdrawals in these accounts are exempt from tax, both during the accumulation and distribution years. Page 17

19 Retirement Estimate Solution C5 Ages Original Capital Estimate Revised Estimate With All Assets at 6.75% Original estimate plus monthly additions into side fund. (Monthly deposits increase at 3.50% per year. Annual deposit amounts shown.) 950 Total 510 Total % Value 7.00% Value 9.00% $711,919 $712,901 $11,400 $723,584 $6,120 $718,239 $3,360 $715, , ,696 11, ,891 6, ,875 3, , , ,324 12, ,917 6, ,893 3, , , ,307 12, ,761 6, ,385 3, , , ,277 13,082 1,020,269 7, ,188 3, , ,009,672 1,015,317 13,540 1,096,111 7,269 1,058,968 3,991 1,038, ,070,059 1,076,532 14,014 1,175,259 7,523 1,130,687 4,130 1,105, , ,041 1,101,748 1,056,177 1,030, , ,493 1,047,584 1,001, , , ,012 1,105,203 1,057,766 1,029, ,037,914 1,054,078 1,166,353 1,118,068 1,089, ,093,397 1,112,992 1,228,407 1,179,346 1,149, ,205,571 1,235,632 1,347,488 1,297,732 1,266, ,180,264 1,221,283 1,329,442 1,279,088 1,247, ,151,229 1,203,386 1,308,040 1,257,197 1,224, ,116,243 1,179,931 1,281,076 1,229,871 1,196, ,077,055 1,152,736 1,250,322 1,198,898 1,164, ,224,525 1,314,016 1,406,656 1,355,175 1,320, ,188,711 1,293,044 1,380,160 1,328,806 1,293, ,148,237 1,267,559 1,349,481 1,298,460 1,263, ,102,009 1,236,872 1,313,549 1,263,091 1,227, ,049,592 1,200,538 1,271,955 1,222,319 1,186, ,494 1,158,050 1,224,234 1,175,708 1,140, ,045 1,108,735 1,169,743 1,122,648 1,088, ,431 1,051,559 1,095,700 1,050,391 1,017, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,759 4, C6 Monthly deposits are computed to assure that assets never fall below $0 prior to last life expectancy. * An asterisk (*) indicates that the monthly deposits would exceed 1/3 of your income and this option is not practical. NA - The "N/A" sign in the monthly amount area indicates that no monthly deposits are required. Total Value Page 18

20 Retirement Capital Estimate C6 Ages Annual Expenses ($3,982,016) Pension & Min. Dist. $436,600 Income available/other expenses Scheduled Dist. Social Security $1,250,756 Other Inc/Exp $318,805 Annual Surplus (shortage) Annual Deposits $151, $521 $521 $21, (261) , (1,690) (1,101) 24, (33,682) (33,055) 25, (17,912) (17,244) 26, (15,766) (15,054) 15, (17,796) (17,037) 15, (113,143) 2,447 20,501 (49,112) (139,306) (114,688) 2,535 20,911 (24,701) (115,944) (115,220) 2,628 40,603 67,572 (4,417) (117,528) 2,727 41,415 69,066 (4,320) (120,032) 8,360 42,244 70,586 1, (100,234) 8,816 43, ,383 60, (124,173) 18,009 43,950 (3,902) (66,115) (127,633) 19,036 44,829 (3,850) (67,618) (131,221) 20,166 45,726 (5,266) (70,596) (134,942) 19,776 46,640 (5,217) (73,742) (138,799) 20,731 47, , , (142,799) 21,859 48,525 (72,415) (146,947) 22,953 49,495 (74,498) (151,248) 24,157 50,485 (76,606) (155,708) 25,352 51,495 (78,861) (160,334) 26,598 52,525 (81,212) (165,132) 27,895 53,575 (83,661) (170,108) 29,244 54,647 (86,217) (175,269) 30,564 55,740 (88,965) (180,622) 31,802 56,854 (91,965) (186,175) 26,655 57,992 (101,529) (167,878) 20,254 59,151 (88,473) (173,840) 14,120 60,334 (99,386) (180,039) 5,488 61,541 (113,010) (157,061) 32,974 (124,086) (162,698) 33,634 (129,064) (168,548) 34,306 (134,241) G4 G9,G11 H1...H8 G11 B15, G8 H1...H8 Return on Assets $43,570 47,570 51,871 56,067 60,438 64,582 68,337 66,715 61,400 61,090 64,496 68,034 66,779 69,011 67,776 65,863 63,583 66,346 69,221 67,634 65,033 62,073 58,732 55,022 50,561 44,697 37,177 28,446 17,738 11,094 2,087 H1...H8 Tax Due Each Year 31.75% 31.75% ($4,343) (4,640) (4,948) (5,136) (5,295) (5,503) (5,696) (5,117) (4,012) (3,649) (3,830) (4,056) (4,391) (4,519) (4,058) (3,519) (2,921) (3,285) (3,576) (3,024) (2,365) (1,651) (877) (233) (11,471) (27,430) (42,782) (47,231) (41,157) (46,235) (15,409) D4 Total Acct Values (end of year) $651,307 $711, , , , ,217 1,009,672 1,070, , , ,015 1,037,914 1,093,397 1,205,571 1,180,264 1,151,229 1,116,243 1,077,055 1,224,525 1,188,711 1,148,237 1,102,009 1,049, , , , , , , , ,529 18,198 Note: All incomes/expenses are represented in after-tax values with 85% of Social Security taxable. Tax rate on income and interest is 31.75% before retirement,31.75% after. Dividend and Capital Gain taxed at 15.00% before retirement and 15.00% after. Page 19

21 Income Tax D2 Income taxes can consume a substantial portion of your income. One of your objectives should be to control the amount of taxes you must pay through careful management of your income and investment portfolio. The tax calculations are based on the 2013 tax tables. Estimated income and taxes for the current year: Tax Rates: Gross income Adjustments Adjusted Gross Income Itemized or Standard deductions Personal exemptions Taxable income $155,550 (10,267) $145,283 (29,900) (16,000) $99,382 Marginal tax rate = 31.75% (Combined Federal and State tax rates) Federal Income Tax FICA (social security) tax Other tax or credits State income tax Total Tax 15,924 12,712 10,216 $38,853 Effective tax rate = 26.74% (Taxes divided by Adjusted Gross Income) D3 Page 20

22 Income Taxes 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 C (self employment) Schedule D (net capital gain/loss)* Schedule E (passive gain/loss) Retirement Account Distributions GROSS INCOME Adjustments: Retirement account deposits - Susan Retirement account deposits - David Self Employment FICA Itemized Deductions: Mortgage interest Charitable contributions Medical expenses & premiums Property taxes State taxes Misc Itemized deductions ADJUSTED GROSS INCOME Gross 11,545 2,000 5,000 6,140 10,216 Gross $120,000 2,844 2,560 25,000 2,527 3, $5,200 3,300 3,532 Allowed 11,545 2,000 6,140 10,216 0 Taxable $120,000 1,419 2,560 25,000 2,527 3, $155,550 ($5,200) (3,300) (1,767) $145,283 D3 G16,17 H1...H4 H2 G16 H1...H4 H5..H6d,H9,H1 H5,H6a...H H6...H6d K1 G14 G14 G14 G14 TAXABLE INCOME Itemized deductions $29,900 or Standard deductions $12,600 Personal exemptions ( 4 ) TAX SUMMARY: Federal Income Tax (Joint) $15,924 FICA (Social Security) & HI Tax 12,712 State Income Tax 10,216 TOTAL TAXES Your combined Federal & net State marginal tax bracket is %. Your total taxes equal % of your Adjusted Gross Income, and 39.09% of your Taxable income. *Dividend and Capital Gains taxed at %. (29,900) (16,000) $99,382 $38,853 Page 21

23 Estate Taxes E3 Susan dies first David dies first All assets including life insurance $1,639,907 Debts and expenses (888,382) Less Less bequests to other than spouse (5,750) Net estate $745,775 Estate tax To heirs Gain using trust Current Situation $0 709,175 With Trusts $0 864,699 $155,524 Current Situation $0 791,759 $1,639,907 (811,548) $828,358 With Trusts $0 883,659 $91,900 Page 22

24 Estate Tax Illustration (With and without trust planning) First death Illustrating the potential savings available buying a Credit Shelter Trust (CST) and an Irrevocable Life Insurance Trust (ILIT). This report shows results if both deaths occur now. For future death ages refer to the "Estate Planning Options" Report. Separate property - Susan Separate property - David 1/2 Joint or Community property Life Insurance (net of loans) (1) Retirement plans (2) Gross Estate Susan dies first* $612, , , ,700 $1,209,115 David dies first* 8, , ,000 93,300 $430,793 E4 Less expenses: Debts Final expenses 3.00% Other expenses/gifts Total Expenses (201,640) (15,000) (20,849) (130,911) ($368,401) (195,000) (15,000) (2,574) (53,079) ($265,653) Estate (before trusts) Bequests to other than spouse To credit shelter trust (3) Life insurance outside estate or held in ILIT $840,714 $165,140 $5,750 $5,750 $238,017 $297,500 $135,000 David dies second* Susan dies second* Second death Without trusts With trusts Without trusts With trusts Net estate from spouse $834,964 $834,964 $165,140 $165,140 Separate property 8,745 8, , ,167 1/2 Joint or Community property 193, , , ,747 Life Insurance (net of loans) (1) 135, , , ,500 Retirement plans (2) 93,300 93, , ,700 - Less CST and ILIT (670,517) (432,500) Gross Estate $1,265,757 $595,240 $1,374,254 $941,754 Less expenses: Debts Final expenses 4.00% Charity, other expenses, gifts Total expenses (195,000) (195,000) (201,640) (201,640) (15,000) (36,830) (15,000) (15,410) (15,000) (34,405) (15,000) (29,005) (273,151) (139,048) (294,851) (208,351) ($519,982) ($364,458) ($545,895) ($453,995) Net taxable estate $745,775 $230,782 Tentative Federal estate tax 246,737 64,650 Less applicable estate tax credit Estimated Federal Estate tax (246,737) $0 (64,650) $0 $828,359 $487, , ,638 (278,860) (151,638) $0 $0 Remainder Estate 745, , , ,759 Credit shelter trust (3) 238,017 Life Insurance Trust or not in estate (1) 432, ,500 Irrevocable trust, other assets (net) Income tax on ret. plans at 20% (2) (36,600) (36,600) (36,600) (36,600) Estate and Trust to heirs $709,175 $864,699 $791,759 $883,659 Gain to heirs with Trusts $155,524 $91,900 (1) Only life insurance currently in an ILIT is included in the "current situation" scenario, all insurance is in an LILT in the "trust" scenario. Includes cash values of owned policies on others lives. (2) Estimated income tax on retirement accounts. The actual amount will vary depending on the heirs tax rates. (3) The Credit Shelter Trust is funded with the smaller of the current year Unified Tax Credit Equivalent or separate property. $40,000 of the Credit Shelter Trust was utilized prior to death. The first spouse's estate credit was available for use. *The above results are based on deaths occurring in the current year. Results will vary in future years. Page 23

25 Life Insurance F2 The shaded area of the graph shows the amount of capital available at a given age. The line represents the amount of funds needed to provide capital for immediate cash needs and income for the survivor. If at any time the line extends above the shaded area, the difference indicates and amount of additional capital needed in the form of insurance. The graph is interpreted to show the amount of insurance needed if death occurs at a selected age. For example, if no shortage is shown now, then the amount of capital available now will be adequate through life expectancy. If a shortage is indicated 10 years from now, then additional insurance will be required only if death occurs at that age. Page 24

26 Survivor Capital Estimate - David Survives F4 Age Personal Expenses* Income Needed and Sources Earned Income** Soc Sec & Pensions** Other Inc/Exp Income Surplus/Short ($2,906,321) $361,021 $1,106,161 $265,955 ($1,173,183) ($56,795) (58,561) (60,393) (62,290) (64,910) (58,986) (60,861) (70,225) (71,331) (71,407) (73,243) (75,258) (77,925) (83,097) (86,014) (89,039) (92,175) (95,428) (98,801) (102,300) (105,929) (109,693) (113,597) (117,647) (121,848) (126,207) (130,729) (135,421) (140,289) (145,340) (150,581) $68,000 70,040 72,141 74,305 76,535 Capital Needed for Income 6.00%) Immediate Cash Needs Net Assets Plus Additions** Total Life Insurance Needed $37,482 $5,808 $54,495 ($281,526) ($327,849) $623,857 38,231 5,826 55,536 (352,912) (316,459) 680,443 19,498 (10,828) 20,418 (429,623) (301,832) 740,737 19,888 (26,831) 5,072 (475,819) (286,597) 805,113 20,286 (10,769) 21,141 (509,440) (270,257) 841,784 26,988 (8,327) (40,325) (561,147) (253,460) 899,376 27,528 (10,057) (43,390) (554,491) (235,781) 952,755 30,118 (36,813) (76,920) (544,370) (211,283) 1,007,704 30,721 (12,156) (52,766) (500,112) (188,259) 925,123 31,335 8,662 (31,410) (477,353) (164,767) 861,395 31,962 8,978 (32,303) (474,584) (143,121) 908,931 32,601 9,297 (33,360) (470,756) (120,494) 959,451 33, ,962 77,290 (465,642) (96,978) 1,011,557 33,918 9,948 (39,231) (570,870) (345,793) 1,120,241 34,597 10,277 (41,140) (565,891) (336,441) 1,093,311 35,289 9,144 (44,606) (558,705) (326,217) 1,062,775 35,994 9,481 (46,700) (547,621) (315,327) 1,026,441 36, , ,640 (533,778) (303,799) 985,735 37,449 (61,353) (689,445) (292,858) 1,131,801 38,198 (64,103) (669,459) (280,473) 1,094,743 38,961 (66,967) (645,524) (266,799) 1,053,187 39,741 (69,952) (617,288) (252,300) 1,006,074 40,536 (73,061) (584,373) (236,929) 952,980 41,346 (76,301) (546,374) (220,636) 893,436 42,173 (79,675) (502,856) (203,728) 826,798 43,017 (83,190) (453,352) (185,633) 740,280 43,877 (86,852) (397,363) (164,975) 628,032 44,754 (90,666) (334,352) (142,575) 508,954 45,650 (94,639) (263,747) (118,758) 377,036 5,470 46,563 (98,777) (184,933) (119,901) 265,475 39,359 47,494 (103,087) (97,252) (123,744) 137,250 83,747 J3 J3 J3 J3 J2 C6 * Includes basic personal expenses plus insurance premiums, debt payments and itemized deductions. **Earned income, pensions and retirement accounts reduced by 15.00% for income taxes. Page 25

27 Survivor Capital Estimate - Susan Survives F6 Age Income Needed and Sources Capital Total Personal Earned Soc Sec & Other Income Needed Immediate Net Assets Life Expenses* Income** Pensions** Inc/Exp Surplus/Short for Income Cash Plus Insurance ($3,797,273) $445,987 $1,161,514 $265,955 ($1,923,816) 6.00%) Needs Additions** Needed ($57,057) $50,700 $40,440 $5,808 $39,891 ($457,030) ($309,574) $611,047 $155,556 (58,787) 52,221 41,249 5,826 40,509 (524,343) (292,353) 665, ,942 (61,427) 62,063 21,037 (10,828) 10,845 (596,313) (276,932) 724, ,223 (63,308) 63,925 21,458 (26,831) (4,757) (642,937) (260,813) 786, ,644 (65,168) 70,232 21,887 (10,769) 16,182 (676,756) (243,469) 820,308 99,917 (67,238) 72,339 (8,327) (3,227) (733,543) (225,646) 875,184 84,005 (69,353) 74,509 (10,057) (4,901) (774,329) (206,906) 926,194 55,041 (69,071) 28,762 (36,813) (77,121) (815,887) (187,320) 978,606 24,602 (70,173) 29,338 (12,156) (52,991) (787,719) (166,279) 894,303 59,696 (72,561) 29,924 8,662 (33,975) (781,991) (142,147) 828,753 95,386 (74,393) 30,523 8,978 (34,892) (794,936) (119,796) 874,358 40,374 (76,405) 31,133 9,297 (35,975) (807,740) (96,427) 922,834 (79,068) 31, ,962 74,650 (820,230) (71,775) 973,364 (108,306) 32,391 9,948 (65,967) (944,093) (61,547) 1,080,421 (111,219) 33,039 10,277 (67,903) (934,772) (63,839) 1,052,732 (114,240) 33,700 9,144 (71,396) (922,955) (66,502) 1,021,496 (117,372) 34,374 9,481 (73,517) (906,936) (69,239) 984,533 (120,620) 35, ,354 96,795 (887,835) (72,052) 943,119 16,769 (123,989) 35,762 (88,227) (1,037,901) (73,253) 1,088,529 22,625 (127,483) 36,478 (91,005) (1,011,948) (75,474) 1,050,891 36,531 (131,107) 37,207 (93,900) (981,660) (78,298) 1,008,830 51,127 (134,866) 37,951 (96,915) (946,659) (81,201) 961,305 66,555 (138,765) 38,710 (100,055) (906,544) (84,182) 907,894 82,833 (142,809) 39,485 (103,324) (860,882) (87,244) 848,142 99,984 (147,005) 40,274 (106,731) (809,211) (90,022) 781, ,817 (151,358) 41,080 (110,278) (751,033) (92,668) 694, ,758 (155,873) 41,901 (113,972) (685,817) (96,328) 583, ,075 (160,559) 42,739 (117,820) (612,994) (100,105) 474, ,030 (141,363) 43,594 (97,769) (531,954) (104,002) 353, ,661 (146,394) 44,466 (101,928) (466,102) (105,909) 251, ,797 (151,629) 45,355 (106,274) (392,141) (102,984) 133, ,273 (157,061) 46,262 (110,799) (309,396) (104,766) 18, ,963 (162,698) 47,188 (115,510) (217,161) (108,538) 325,699 (168,548) 46,987 (121,561) (114,680) (112,445) 227,125 J6 J6 J6 J6 J5 C6 * Includes basic personal expenses plus insurance premiums, debt payments and itemized deductions. **Earned income, pensions and retirement accounts reduced by 22.00% for income taxes. Page 26

28 Disability Income Insurance F8 In the event of total or partial disability you may face serious financial challenges. If income from wages is reduced substantially, you and those dependent on you could be required to make radical changes in your style of living, or consume assets that will be needed for security during the retirement years. Annual income needed:* Susan David Personal living expenses $29,872 $29,872 Itemized deductions (property tax, contrib, etc.) 13,140 13,140 Home mortgage 28,800 28,800 Loan payments (auto, credit card, etc) 1,200 1,200 Insurance premium payments (less disability premium) 5,385 5,835 Total income required $78,397 $78,847 Susan disabled David disabled Income sources while disabled: Short term Long term Short term Long term Wages and self employment from Susan $65,000 $65,000 Wages and self employment from David 80,000 80,000 Less taxes estimated at 15.00% / 22.00% (12,597) (13,497) (14,996) (14,996) Interest income 2,844 2,844 2,844 2,844 Dividend income 2,560 2,560 2,560 2,560 Personal disability income policies 30,000 42,000 6,000 9,600 Company disability income benefits 6,000 Total income available $102,807 $119,907 $61,407 $65,007 G12 G12 K3 G15 G16 G17 D3 D3 Income shortage per year when disabled N/A N/A $17,440 $13,840 Income shortage per month N/A N/A $1,453 $1,153 If a shortage is indicated you should consider acquiring disability insurance coverage (or increasing existing policies) to provide the necessary income. Insurance company requirements may limit the amount of coverage available. * The amounts needed above do not include deposits to savings and investments to build assets for your retirement years. Present annual additions equal $24,096. The Retirement Capital report indicates additional deposits may be needed between $3,360 and $11,400 per year depending on the rate of return earned. Note: Consult with your financial advisor and/or insurance agent about factors that may suggest additional insurance coverage. Page 27

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