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alerts Flashcards

1
Q

No Life Insurance

A

They have no Life Insurance of any kind

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2
Q

Insurance with A Savings Account

A

They own Life Insurance with a savings account attached

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3
Q

You may be Under insured

A

Insurance is less than 10-Times their income

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4
Q

Group Life Insurance

A

This is the only Life Insurance they own

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5
Q

Auto & Home Premium

A

They have not shopped their auto & home insurance rates within the last 2 years

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6
Q

No Identity theft Protection

A

They have no identity theft protection

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7
Q

No Health Insurance

A

No health insurance

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8
Q

Tax Refund

A

$4,000+ in tax refund

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9
Q

Tax Filing Status

A

They are single and based upon their responses should be filing as “Head of Household” (Which means they have a dependent living with them either a parent of child and they pay 51% of household expenses)

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10
Q

Will

A

Does not have a will

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11
Q

Update your will

A

Have not updated their will in the last 3 years. This is just a courtesy reminder to do so and that is all.

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12
Q

Beneficiary Update

A

Has not updated beneficiaries on all accounts

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13
Q

Explore the options of A SEP or SIMPLE Retirement Plan

A
  • Self-employed or a business owner with ZERO employees

- No work sponsored plan

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14
Q

Explore The Options Of A SIMPLE Retirement Plan For Your Business

A
  • Business owner with 1-99 employees

- No work sponsored retirement program

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15
Q

401K Retirement Plan for your Business

A
  • Business owner with 100+ employees

- Currently does not have a 401K

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16
Q

Fiduciary- You may be personally legally liable

A

-Business owner
-Has a 401K
(Most business owners are not aware they are the fiduciary and may be held liable all the way down to their personal assets if their 401K is deemed inadequate on diversification or not providing enough guidance for their plan)

17
Q

Potentially paying High fees on your 401K

A
  • They are a business owner with 401K

- $1,000,000+ within their company’s 401K

18
Q

Financial Wellness seminar to Increase 401K Participation

A

-Business owner and they have less than 50% participation in their 401K Program

19
Q

Buy-Sell Insurance

A
  • Has a business partner
  • No Life Insurance on each other to buy the other out of their business interest in the business, in the event of a death
20
Q

Increase My Income

A

They said they would be open to looking at options to increase their income if their current income is not enough to hit all their financial goals

21
Q

Educational Savings Account

A
  • Children Under 18

- Checked “None” on the question for funding any educational savings account

22
Q

Annuities May Annuitize

A

Owns an Annuity

23
Q

Upcoming Inheritance

A

Expecting inheritance within the next 2 years

24
Q

CD: Explore options with a higher rate of return

A

Has a CD getting less than 2%

25
Q

Savings

A

$10,000+ in checking and savings

26
Q

Debt Elimination Plan

A

Has 3+ Debts

27
Q

Required Minimum Distribution (RMD)

A

The SECURE ACT has bumped the age to 72 from 70 1/2 of age beginning Jan 1, 2020

28
Q

Upcoming Retirement- Explore moving retirement fund to an IRA

A

Retiring in the next 12 months

29
Q

In Service Distribution

A
  • 59 or older

- Has a 401K at their current employer

30
Q

Rollover

A

Has assets with previous employer(s)

31
Q

401K- Under funding your Match

A

Putting in less than the company match

32
Q

401K- Not Contributing

A
  • Company has 401K

- Not Contributing

33
Q

No work Sponsored Retirement Plan

A

No work retirement plan available at work

34
Q

Over funding Your Roth IRA

A
  • Has Roth IRA and EITHER..
  • Their “MAGI” (modified adjusted gross income) is above the bottom number of the Roth IRA phase out eligibility. This means they may be POTENTIALLY INELIGIBLE BASED UPON IRS “PHASE OUT” RESTRICTIONS.
  • OR THEY ARE SIMPLY PUTTING IN MORE MONEY PER YEAR THAN ALLOWED BY LAW
  • (this considers the summation of traditional or Roth IRA contributions)
35
Q

Under funding your Roth IRA

A

has a Roth IRA but is not maxing it out

36
Q

Roth IRA- Confirm appropriate allocation

A

Roth IRA balance $10,000+

37
Q

Traditional IRA- Confirm appropriate allocation

A

Roth IRA balance $10,000+

38
Q

No Roth IRA

A
  • Dont have one

- They qualify for one based on answers

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