Planit:IRA Calculator

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There is more than one way to learn about PlanPlus Planit. Check out our other Training options, from structured tracks around planning types, to self-serve, mix-and-match topics.



In this Video you will Learn...
How do I calculate the contributions and payments of my client's IRA?
• Load client info
• Plan Types
• Distribution options
• IRA payment schedule
• Retirement income versus estate

Keep on Track! Continue training on...
Calculators

Other Related Topics
Estate Net Worth Introduction to Modular Planning Retirement Income Calculator


The material in this video may differ somewhat from what you see on your site due to difference in version, jurisdiction, corporate content or access level. Regardless of these differences most of the core functions are consistent across all sites, so you'll be able to benefit by and large from what you learn in this video.


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'Plan Type:

Load Client Data: This button allows you to load data about the retirement savings of the client. This will load the data that is tied to the currently selected clients.

Load Spouse Data: This button allows you to load data about the retirement savings of the spouse. This will load the data that is tied to the currently selected clients.

Starting Balance: The initial balance already accumulated for the investment.

Current Age: The current age for the owner

Inflation: The factor representing the inflationary index. The inflation rate from the Personal Information screen will be used.

Annual Contribution: Amount to be invested annually.

Age of Retirement: Expected age of retirement.

Expected Return: Rate of return to be used in the calculation.

Mortality: Expected age of mortality, the mortality age will be loaded from the Personal Information screen.

Retirement Tax: Tax Rate to be used.

Ira1.jpg

Marital Status: Marital status of the owner at time of purchase.

Has Pension Plan: Identify if either the client or spouse has a pension plan.

RMD Method: Identify the withdrawal method to be used in the illustration.

Distribution Method: Identify the distribution method (i.e. minimum)

72(t) Method: Method of how payment is calculated to avoid withdrawal penalties.