The Roadmap to Retirement
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- Eleanore Gladys Thornton
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1 The Roadmap to Retirement Mile marker conversations to consider [When presenting in AR, CA, OK, TX or IL, use the phrase Insurance Sales Presentation. In CA and AR, add License Number] Annuities are issued by The Prudential Insurance Company of America, Newark, NJ Ed. 05/2014 Slide 1 of 36
2 [Optional Disclosure Slide] Investments are offered through [BROKER DEALER NAME], a registered broker dealer. [Insurance is offered through [AGENCY NAME- if applicable.]] BROKER DEALER and AGENCY- if applicable], located at [ADDRESS], [is/are] not affiliated with Prudential Financial. Slide 2 of 36
3 [For Allstate Financial Services only: This slide must be shown prior to the beginning of the customer presentation] [Hosted/Presented by:] [PFR Name] Personal Financial Representative [Allstate Financial Services, LLC or LSA Securities (in LA & PA)] Securities offered by Personal Financial Representatives through Allstate Financial Services, LLC (LSA Securities in LA and PA). Registered Broker-Dealer. Member FINRA, SIPC. Main Office: 2920 South 84th Street, Lincoln, NE (877) Slide 3 of 36
4 [Merrill Lynch Slide] Bank of America Corporation ( Bank of America ) is a financial holding company that, through its subsidiaries and affiliated companies, provides banking and investment products and other financial services. Merrill Lynch Wealth Management makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated ( MLPF&S ), a registered brokerdealer and member SIPC, and other subsidiaries of Bank of America Corporation ( BAC ) Ed. 07/2011 Investment products offered through MLPF&S and insurance and annuity products offered through Merrill Lynch Life Agency Inc.: Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed Are Not Insured by Any Federal Government Agency Are Not Deposits Are Not a Condition to Any Banking Service or Activity Merrill Lynch Life Agency Inc. is a licensed insurance agency and a wholly owned subsidiary of Bank of America Corporation. The views and opinions expressed in this presentation are not necessarily those of Bank of America Corporation; Merrill Lynch, Pierce, Fenner & Smith Incorporated; or any affiliates. Nothing discussed or suggested in these materials should be construed as permission to supersede or circumvent any Bank of America, Merrill Lynch, Pierce, Fenner & Smith Incorporated policies, procedures, rules, and guidelines. ONLY INCLUDE IF DISCUSSING GUARANTEES IN THE MATERIAL [All guarantees, including the benefit payment obligations arising under the annuity contract guarantees, rider guarantees, or optional benefits and any fixed account crediting rates or annuity payout rates are backed by the claims-paying ability of the issuing insurance company. Those payments and the responsibility to make them are not the obligations of Merrill Lynch or its affiliates ("Merrill Lynch"). Merrill Lynch does not guarantee the claims-paying ability of the issuing insurance company. All guarantees, including optional benefits, do not apply to the underlying investment options.] Slide 4 of 36
5 The retirement journey Accumulation Asset allocation Consolidation Tax diversification Protection Longevity Healthcare costs Medicare Retirement income planning Social Security planning Required Minimum Distributions Wealth transfer This guide presents a general overview and the ideas presented are not individualized for your particular situation. This information is based on current law which can be changed at any time. Prudential Annuities does not provide tax, accounting, or legal advice. Please consult your own attorney or accountant. Slide 5 of 36
6 Agenda Mile marker conversations to have in your: 40s 50s 60s 70s Slide 6 of 36
7 Mile marker conversations prior to age 50 Slide 7 of 36
8 Prior to age 50 Review asset allocation Review retirement strategy Help map out your course Asset allocation does not ensure a profit or protect against a loss. Slide 8 of 36
9 Mile marker conversations in your 50s Slide 9 of 36
10 Age 50 Consider maxing out contributions Consider taking advantage of catch-up contributions Review healthcare and long-term care costs Conduct beneficiary audit Slide 10 of 36
11 Review healthcare and long-term care costs Healthcare can take a healthy bite out of retirement savings. It is estimated that an average, healthy 65-year-old couple will need $220,000 to pay for medical expenses for the remainder of their lives Source: Fidelity Investments retiree health costs estimate, Healthcare and nursing home costs may vary by state. 40% of those in retirement spend more on healthcare than expected* 70% of those turning 65 will need some type of long-term care services during their lifetime** *Source: Employee Benefits Research Institute (EBRI), 2011 Retirement Confidence Survey ** Source: National Clearinghouse for Long Term Care Information, U.S. Department of Health & Human Services, January 2012 Slide 11 of 36
12 Beneficiary reviews Retirement assets account for 42% of the wealth for Americans with at least $100,000 of investable assets* Understand that wills only cover probate assets Review beneficiary designations after life changing events Consider the dangers of naming trusts as beneficiary of retirement accounts *Wells Fargo Retirement, December 2011 Slide 12 of 36
13 Age 55 Penalty-free withdrawals from retirement plans Does not apply to IRAs Early retirement and Social Security Benefits based on best 35 years of earnings Early pension elections and Social Security integration Slide 13 of 36
14 Age 59½ Penalty-free withdrawals In-service withdrawals Age 59½ Prior rollover assets After-tax contributions Employer contributions Five years of service Summary Plan Description (SPD) Please consult your tax advisor before taking an in-service withdrawal. Slide 14 of 36
15 Consider reasons to roll to an IRA No plan-imposed restrictions Estate planning No mandatory 20% withholding on withdrawals Control and greater investment selection Access to products providing guaranteed retirement income All guarantees, including optional benefits, are backed by the claims-paying ability of the issuing company and do not apply to the underlying investment options. Slide 15 of 36
16 Consider reasons to not roll to an IRA Early access to retirement assets Retired at or after age 55 Delayed Required Minimum Distributions(RMDs) Age 70½ and still working Net Unrealized Appreciation (NUA) tax treatment The Employee Retirement Income Security Act (ERISA) credit protection Slide 16 of 36
17 Roth conversions Tax diversification in retirement Hedge against increasing tax rates No Required Minimum Distributions (RMDs) Estate planning benefits Conversions to a Roth IRA are generally fully taxable. Before you convert to a Roth IRA, consider how your tax bracket will affect the overall benefit of the rollover. Conversion income may push you into a higher tax bracket. It is, however, possible to convert only part of their traditional IRA. This could enable you to remain in the same tax bracket you would be in without the conversion. It is generally advisable to pay the taxes on the conversion with funds other than those in your traditional IRA. If you are under age 59½ when you do a conversion, any funds not deposited in the Roth IRA will be subject to the 10% federal income tax penalty (unless an exception applies). Slide 17 of 36
18 Mile marker conversations in your 60s Slide 18 of 36
19 Age 62 Impact of taking Social Security benefits early Age Full Retirement Age % reduction 63 20% reduction % reduction % reduction 66 full benefits Benefits at age 62: $18,000 per year Lives to age 92: $900,048 lifetime total Benefit at 66: $24,000 per year Lives to age 92: $1,099,657 lifetime total Source: as of 03/2013 Assume $2,000 monthly Social Security benefit at Full Retirement Age and 3% COLA Slide 19 of 36
20 Age 65 Evaluate Medicare options Enrollment begins at age 65 Working past age 65? Consider signing up for Part A Hospital coverage - Usually free Part B Doctor visit coverage - At least $ per month Must enroll 8 Months from last month of work, otherwise:» Coverage may be delayed for 3 to 15 months» 10% premium penalty for every 12 months of delay Slide 20 of 36
21 Create a plan to help transition savings to retirement income What accounts to tap into first Taxable, Tax-deferred, Tax-free Consider the following risks to income Market volatility Low interest rates Inflation Higher taxes Cost of living Sequence of returns Longevity Slide 21 of 36
22 Longevity risk Expected life span of individuals and couples age 65* * Source: U.S. Annuity 2000 Mortality table, Society of Actuaries Slide 22 of 36
23 Longevity risk Longevity risk demands sustainable withdrawal rates One financial author has stated: 2% is bulletproof, 3% is probably safe, 4% is pushing it, and, at 5% you re eating Alpo in your old age. -William Bernstein, Author of The Four Pillars of Investing (2010) Required Minimum Distributions (RMDs) may eventually require a higher rate of withdrawal Slide 23 of 36
24 RMDs and sustainable withdrawals RMDs increase each year* Age Withdrawal Rate 70½ 3.6% % % % % Source: IRS Publication 590, Section III *If the spouse is the sole beneficiary and is more than 10 years younger, the RMD rate is lower. Slide 24 of 36
25 RMDs and sustainable withdrawals The market doesn t care that you have an RMD Age Value Market Return % of Value RMD End Value 70 $1,000,000-10% 3.6% $36,496 $863, $863,504-13% 3.7% $32,585 $718, $718,663-23% 3.9% $28,073 $525,298 Total withdrawals: $97,154 Average market return: -15% Value: -47% This is a hypothetical example for illustrative purposes only. It does not reflect a specific product, an actual account value or the performance of any investment. Slide 25 of 36
26 Ages Impact of taking Social Security benefits later Age Full Retirement Age % increase 68 16% increase 69 24% increase 70 32% increase Benefit at 66: $24,000 per year Lives to age 92: $1,099,657 lifetime total Benefit at age 70: $31,680 per year Lives to age 92: $1,302,375 lifetime total Source: as of 03/2014 Assume $2,000 monthly Social Security benefit at Full Retirement Age and 3% COLA Slide 26 of 36
27 Are you receiving the most from Social Security? Spousal benefits Married individuals can receive the greater of their own benefits or spousal benefits Spousal benefit is up to 50% of their spouse s Social Security benefit Cannot claim spousal benefit until the spouse files for benefits Survivor benefits Surviving spouse entitled to receive the greater of own benefits or deceased spouse s benefits Early benefit election = reduced survivor benefits 90% of men take Social Security benefits early* *Source: Center for Retirement Research at Boston College, March 2010 Slide 27 of 36
28 Social Security strategy File and Suspend File at Full Retirement Age Matt files at 66 Receives $2,000 per month Jen files at 66 Receives a spousal benefit of $1,000 per month This is a hypothetical example for illustrative purposes only. Slide 28 of 36
29 Social Security strategy File and Suspend Matt Files & Suspends Matt files at 66, suspends benefits until age 70 At age 70 receives $2,640 per month Jen files at 66 Receives a spousal benefit $1,000 per month This is a hypothetical example for illustrative purposes only. Slide 29 of 36
30 Social Security strategy File and Suspend Matt lives until age 85 and Jen lives to age 92 Both Claim at 62 $414,000 in his benefits $193,200 in spousal benefits $126,000 in survivor benefit Both Claim at 66 $456,000 in his benefits $228,000 in spousal benefits $168,000 in survivor benefit Matt Files & Suspends $475,200 in his benefits $228,000 in spousal benefits $221,760 in survivor benefit Total Payout: $733,200 Total Payout: $852,000 Total Payout: $924,960 This is a hypothetical example for illustrative purposes only. Slide 30 of 36
31 Mile marker conversations in your 70s Slide 31 of 36
32 Required Minimum Distributions (RMDs) IRS Form % penalty of RMD shortfall Special rules for 5% business owners RMDs and sustainable withdrawals Aggregation rules Slide 32 of 36
33 Mile marker conversation summary The road to and through retirement can be challenging to navigate at times There are important mile markers along the way that can help make your road to retirement a smoother one Slide 33 of 36
34 What s next? Set up an appointment today to have your mile marker conversations Slide 34 of 36
35 Disclosures In-service withdrawals can be very appropriate for many individuals. There are, however, some factors to consider: Exceptions to the 10% federal income tax penalty - The penalty exceptions for employer plan and IRA distributions are not identical. Two exceptions apply to an employer plan, but do not apply to an IRA: separation from service at or after age 55, and Qualified Domestic Relations Orders. On the other hand, IRAs provide penalty exceptions for first-time home purchase and higher education, but employer plans do not. Net Unrealized Appreciation (NUA) tax treatment - Favorable NUA tax treatment is not available to IRAs. Therefore, if you have highly appreciated company stock in your employer-sponsored plan, rolling that stock to an IRA eliminates the ability to take advantage of NUA tax treatment. Creditor protection While IRAs now have federal bankruptcy protection, they are not protected from other judgments the way that federal law (specifically ERISA) protects qualified plans. New contributions to the employer plan - Taking an in-service distribution may affect your ability to make future contributions to the employer plan Loans - In the event that a 401(k) is terminated, the loan may be subject to income taxes and a federal income tax penalty. Fees - It is important to check with your employer to see if they offer in-service withdrawals. Sources of information include your Plan Administrator, Summary Plan Description, or Participant Statement. Please consult these sources for any possible restrictions, fees and expenses. Required Minimum Distributions (RMDs) - RMDs are required to begin from IRAs when an individual reaches age 70½. The first distribution can be deferred to April 1 of the year following the year the individual reaches age 70 ½. For subsequent years, distributions must be taken by December 31st. If you defer the first payment to the year following the year you reach age 70½, you will be required to take two distributions within the same year. For a participant in an employer plan, other than a 5% or greater owner, RMDs must begin at the later of age 70½ or when you retire from that employer. Slide 35 of 36
36 Disclosures This material was prepared to support the marketing of annuities. Prudential, its affiliates, its distributors and their respective representatives do not provide tax, accounting or legal advice. Any tax statements contained herein were not intended to be used for the purpose of avoiding U.S. federal, state or local tax penalties. Please consult your own independent advisor as to any tax or legal statements made herein. This material is provided for educational purposes only and does not constitute investment advice. The information contained herein is based on current tax laws, which may change in the future. Prudential Companies cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided or from any other source mentioned. The information does not constitute any legal, tax or accounting advice. Please consult with a qualified professional for this type of advice Prudential Financial, Inc. and its related entities. Prudential Annuities, Prudential, the Prudential logo, the Rock symbol, and Bring Your Challenges are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide Ed. 05/2014 ORD [WO# ] Slide 36 of 36
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