IRA PLAYBOOK PRODUCER TRAINING START. Life Insurance Company of the Southwest

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1 PRODUCER TRAINING IRA PLAYBOOK START Life Insurance Company of the Southwest LR12965(0215-) Cat No (0215)

2 Producer Training IRA PLAYBOOK National Life Group has created this Producer Training Playbook to help producers looking for opportunities to sell individual and business IRA solutions in the retirement market. The Playbook has been designed to provide you with information that gives you a working knowledge on each of the individual and business IRA solutions and tips on what a top prospect looks like. The pre-approved consumer marketing materials are intended to help you open doors to conversations with new and existing clients. Financial security in retirement doesn t just happen. It takes planning and commitment and, yes, money. Savings matters! Two things make saving for a lifetime important. Simply, the first is making sure that money will last a lifetime. And the second is knowing how much is needed to live the retirement one desires. With an IRA from National Life Group, clients can build a sound, long-term retirement strategy to help them realize a financially independent tomorrow.

3 Help clients choose an IRA Solution from National Life Group Traditional IRA For clients seeking a tax deduction and tax deferred growth. Roth IRA For clients seeking tax free retirement income. SEP IRA For small business owners that want to offer a retirement benefit and receive a tax credit. Simple IRA For a business with less than 100 employer that want to offer a pre-tax savings plan and receive a tax credit Calendar Year Qualified Plan Limits PLAN 2015 LIMIT 2014 LIMIT 401(k), SAR-SEP $18,000 $17, (b) Elective Deferral Limit PLUS: Age 50 & Over Catch Up $6,000 $5,500 SIMPLE Plan Elective Deferral Limit $12,500 $12,000 PLUS: Age 50 & Over Catch Up $3,000 $2, Plan Elective Deferral Limits $18,000 $17,500 PLUS: Age 50 & Over Catch Up $6,000 $5,500 Defined Benefit Plan Maximum Benefit $210,000 $210,000 Defined Contribution Participant $53,000 $52,000 Maximum Allocation Roth/Traditional IRA $5,500 $5,500 PLUS: Age 50 & Over Catch Up $1,000 $1,000 If Covered by a Plan at Work Adjusted Gross Income (AGI) Limit for Maximum Deduction for Traditional IRAs Joint Filers (Both have plan) $98,000 $98,000 Single Filers (Head of household) $61,000 $60,000 Joint Filers Non-Active Participant $183,000 $181,000 (One filer has plan) Modified AGI Limit for Maximum Contribution for IRA Joint Filers $191,000 $181,000 Single Filers $129,000 $114,000

4 The Traditional IRA Traditional IRAs offer two distinct advantages in terms of taxes: potential deductibility of contributions and tax deferral on investment earnings. General Guidelines for a Traditional IRA Earned income in prior tax year. Under age 70½. Contribution deductibility dependent on participation in an employer sponsored plan and AGI (taxes paid at time of distribution). Required Minimum Distributions must start at age 70½. TOP PROSPECT A client that wants to save for retirement in a tax deferred vehicle A client that needs a tax deduction and whose income does not exceed IRS limits for qualification A client that anticipates their retirement income tax bracket to be lower than their current tax rate Someone who has maxed out their contributions to their employer sponsored plan A non-working spouse An individual whose employer doesn t offer an employer savings plan A client that wants to have access for unusual financial circumstances like first home purchase or certain medical expenses

5 The Roth IRA The Roth IRA presents a potentially attractive alternative to the Traditional IRA because it may allow a client to avoid future taxation of retirement funds by making nondeductible contributions now. General Guidelines for a Roth IRA Earned income in prior tax year. Contributions are not tax deductible. Contributions can only be made if income is below specific guidelines set forth by IRA(See Publication 590). Contributions can continue after age 70½. No Required Minimum Distributions(RMDs). TOP PROSPECT A client looking for tax free withdrawals at retirement A client anticipates their retirement income tax bracket to be higher than their current tax rate Someone who has maxed out their contribution to their employer sponsored plan A non-working spouse A client is looking to make a first home purchase in 5+ years

6 Why Convert to Roth IRA? Tax savvy investors want to pay as little income tax as possible. Converting to a Roth IRA allows them to make smart tax moves that may save money in the long run. A top prospect is a client that believes that taxes will be higher during retirement than today and therefore is willing to pay taxes today for a tax-free withdrawals tomorrow. * Converting to a Roth IRA may guarantee that a client will owe no additional income tax on the converted funds during retirement and not pay taxes on the interest earned if the Roth IRA qualifications are met. Roth IRA Guidelines Taxes due on all converted money in the year of the conversion. Any Traditional IRA can be converted to a Roth IRA regardless of client income. No 10% early withdrawal IRS penalty if the funds move from the Traditional IRA to the Roth IRA in a 60 day window. Contributions may be made to the converted Roth IRA if income limits are not exceeded. * Refer to and follow Roth IRA Guidelines.

7 The SEP IRA Simplified Employee Pension (SEP) IRAs are a popular employer plan for self-employed individuals and smaller sized business owners. They offer significantly higher contribution limits than other IRAs while possibly providing significant tax deductions. General Guidelines for a SEP IRA Must contribute same percentage of pay for all employees. Can contribute the less of 25% of compensation or $53,000 for All policies are owned by the employees; employer has no control over contributions made in the Plan. No vesting schedule. TOP PROSPECT A business owner needing a significant tax deduction A business owner wanting a retirement plan for themselves and their employees A business owner looking for flexibility in making a contribution to the Plan A business owner wanting a Plan that is simple to establish

8 The SIMPLE IRA The Savings Incentive Match Plan for Employees (SIMPLE) IRA gives employers an easy way to make contributions toward their employees retirement. General Guidelines for a SIMPLE IRA For employers with less than 100 employees. Program primarily funded by elected pre-tax employee contributions. Employer required to make contributions - Flat 2% for all eligible employees or - Up to 3% for employees who make contributions All policies are owned by the employees; employer has no control over contributions made in the Plan. No vesting schedule. If employee withdraws money within 2 years of first entering the plan, there is a 25% early distribution penalty. TOP PROSPECT A business wanting to offer a pre-tax retirement savings plan for employees A business looking for a tax deduction business expense A business that does not currently offer any other employer-sponsored retirement plan

9 Individual Traditional vs. Roth IRA Advantages and Disadvantages What are the differences between a Roth IRA and a Traditional IRA Are you saving enough Roth IRA A tax deductible saving solution just for you Traditional IRA Business SEP IRA flier SIMPLE IRA SIMPLE IRA Checklist We make saving SIMPLE We help you get access SEP Fliers Qualified Plan Limits Publication 590, Individual Retirement Arrangements (IRA) IRA Deduction Limits Retirement FAQs for IRAs IRA Year End Reminders

10 How to Establish an IRA Traditional IRA No additional forms required. Just submit the application for processing. Roth IRA No additional forms required. Just submit the application for processing. SEP-IRA No additional forms required. Just submit the application for processing. SIMPLE-IRA Use the SIMPLE-IRA Set Up Forms and submit with an application for processing. SIMPLE IRA Set Up Forms Employer Information For Retirement Plans Form No. 4258E Savings Incentive Match Form No SIMPLE Salary Reduction Simplified Employee Pension Form No. 5305A-SEP

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