Analysis (Handled by the Paraplanner):
Purpose: The Paraplanner will take the information collected in the Discovery phase and perform a deep analysis to identify opportunities, risks, and gaps in your financial picture. This analysis will focu on your retirement goals, income sources, assets, and tax considerations.
How It Works:
1.Financial Data Review: The Paraplanner will review all the information you provided in the Discovery phase, including:
Retirement account balances (401(k), IRAs, etc.).
Non-retirement assets (real estate, brokerage accounts).
Income sources like Social Security, pensions, and investments.
Expenses, liabilities, and any other relevant financial dat
2.Detailed Risk Assessment:
Income Gaps: The Paraplanner will calculate your projected retirement income versus anticipated expenses to identify any income shortfalls.
Longevity Risk: Estimating whether your assets and income streams will last throughout your lifetime.
Healthcare Needs: Reviewing potential healthcare costs and insurance to ensure your plan accounts for future medical expenses.
3.Tax Planning:
Tax Efficiency: Paraplanner will analyze your current and projected tax situation identifying strategies like Roth conversions, strategic withdrawals, or tax-efficien
investing.
Withdrawal Strategy: Analyzing the optimal order for withdrawing from taxable, tax deferred, and tax-free accounts to minimize taxes.
4.Investment Review:
Asset Allocation: Paraplanner will assess your current investment portfolio to ensure it aligns with your risk tolerance and retirement timeline.
Recommendations: Potential rebalancing or adjustments to better align with your long term goals and reduce volatility as you approach retirement.
5.Legacy and Estate Planning:
Estate Documents: The Paraplanner can review your estate planning setup (if applicable) and ensure it’s aligned with your goals for passing on wealth to heirs or charitable causes.
Outcome: After the Paraplanner has completed the analysis, they will provide a comprehensive report summarizing their findings, highlighting areas for improvement or opportunities for optimizing you retirement plan.
Next Steps:
After the Paraplanner completes the analysis, we’ll move on to the Educate step, where I’ll Walk you through the findings in simple terms, ensuring you fully understand your options and how we can proceed to optimiz your retirement plan.
Now that the Paraplanner has completed the analysis, we can move to the Educate phase. This step is crucial because it ensures that you fully understand the analysis results, your available options, and the implications of each strategy on your retirement plan.
