From the Income InSight results screen, click on the plan tab, select a plan to add and click save, then click compare.
Thanks for joining me. Today, we're diving into how to utilize the compare functionality and gain insights into income strategies with our innovative platform. Let's get started.
First up, we need to add a plan. I’ve selected a strategy that includes a Distribution Optimization to the 24% Effective Marginal Rate coupled with delaying the clients Social Security election.
Income InSight calculates essential metrics, such as the longevity of funds, the percentage of income needs met throughout the client's lifetime, and the net value after taxes left for the people or causes dear to our client.
Now, let's explore the heart of our platform—the compare functionality. By clicking 'compare,' we get a visual, side-by-side comparison of the base case versus our newly added plan.
Notice the difference: our base case lacks a Roth IRA, but in our plan, early conversions grow over a lifetime.
These conversions create a substantial asset, usually for loved ones, thanks to the strategic use of a Roth conversion. The updated charts for each case clearly show the base case against the Roth to Lifetime Effective Rate.
Curious about the conversion amounts? A simple click reveals an annual conversion of roughly $180,000 over ten years, peaking nearly at $44,000 in the sixth year, all while strategically delaying Social Security benefits."
Curious about the conversion amounts? A simple click reveals an annual conversions of roughly of $2000 to $44,000 over nine years, all while strategically delaying Social Security benefits."
The compare tool doesn't just align our cases side-by-side; it also integrates stress tests, allowing us to demonstrate the resilience of our plan against market volatility. Whether facing a down market or planning for future conversions based on account balances, this tool guides our decision-making process.