BDollar$mart

Question 1

What is BDollar$mart

Answer 1

BDollar$mart is a financial management tool

Question 2

Alert: No Roth IRA

Answer 2

1. They don’t have a Roth IRA.

2. They qualify for one based upon their answers for income.

Question 3

Alert: Traditional IRA - Confirm appropriate allocation

Answer 3

Traditional IRA Balance is over $10,000

Question 4

Alert: Roth IRA - Confirm appropriate allocation

Answer 4

Roth IRA balance is over $10,000

Question 5

Alert: Underfunding Your Roth IRA

Answer 5

They have a Roth IRA but are not maxing it out

Question 6

Alert: Overfunding Your Roth IRA

Answer 6

They have a Roth IRA and EITHER:

1. 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.
2. They are simply putting in more money per year than allowed by law. (This considers the summation of traditional or Roth IRA contributions) If they are under 50 years of age then that limit is $6,000 per year. If they are over 50 years of age then that limit is $7,000 per year.

Question 7

Alert: No Work Sponsored Retirement Plan

Answer 7

They do not have a retirement plan available through work

Question 8

Alert: 401K Not Contributing

Answer 8

Their employer has a 401K available but they are not contributing

Question 9

Alert: 401K - Underfunding you match

Answer 9

They are participating in the company’s retirement plan and they are putting in less than the company match.

Question 10

Alert: Rollover

Answer 10

They have retirement assets still being held with a previous employer(s)

Question 11

Alert: In Service Distribution

Answer 11

1. They are 59 years of age or older

2. They have a 401K with their current employer

Question 12

Alert: Upcoming Retirement - explore moving retirement fund to an IRA

Answer 12

They plan on retiring within the next 12 months

Question 13

Alert: Required Minimum Distribution (RMD)

Answer 13

1. This triggered because they are 72 or older. The Secure Act has bumped the age to 72 from 70 1/2
   ~ This is a courtesy alert ~

Question 14

Alert: Debt Elimination Plan

Answer 14

They have 3 or more debts

Question 15

Alert: Savings

Answer 15

They have a balance of more than $10,000 in checking and savings.

Question 16

Alert: CD; explore options with a higher rate of return

Answer 16

They have a CD earning less than 2%

Question 17

Alert: Upcoming inheritance

Answer 17

They are expecting an inheritance within the next 2 years.

Question 18

Alert: Inheritance

Answer 18

They are currently in the process of receiving an inheritance.

Question 19

Alert: Annuities may annuitize

Answer 19

They own an annuity

Question 20

Alert: Educational Savings account

Answer 20

1. They have children under the age of 18

2. They checked “NONE” on the question asking if they are funding any educational savings accounts.

Question 21

Alert: No Life Insurance

Answer 21

They have no life insurance of any kind

Question 22

Alert: Insurance w/ a savings account

Answer 22

They own life insurance with a savings account attached (i.e. cash value of some type.

Question 23

Alert: You may be underinsured

Answer 23

Their life insurance coverage is less than 10 times their income.

Question 24

Alert: Group Life Insurance

Answer 24

This is the only type of life insurance they own

Question 25

Alert: Auto home Premium

Answer 25

They have not shopped their auto & home insurance rates within the last year.

Question 26

Alert: No Identity Theft Protection

Answer 26

They have no identity theft protection

Question 27

Alert: No Health Insurance

Answer 27

They have no health Insurance

Question 28

Alert: Tax Refund

Answer 28

They are receiving $4,000 or more as a tax refund

Question 29

Alert: Tax Filing Status

Answer 29

They are single filing their taxes as “Single” and based upon their Reponses they probably should be filing as “Head of Household” Which Means:

1. They have a dependent living with them, either a parent or a child.
2. They pay 51% or more of their household expenses.

Question 30

Alert: No Will

Answer 30

They do not have a will

Question 31

Alert: Update Your Will

Answer 31

Have not updated their will in the last 3 years.

~ this is just a courtesy alert to do this.~

Question 32

Alert: Beneficiary Update

Answer 32

Has not updated beneficiaries on all accounts

~ this is just a courtesy alert to do this.~

Question 33

Alert: Explore the options of a SEP or SIMPLE Retirement Plan

Answer 33

1. They are self-employed or a business owner with ZERO employees.
2. No work sponsored plan

Question 34

Alert: Explore the options of a Simple Retirement Plan for your business

Answer 34

1. They are a business owner with 1-99 employees

2. They have no work sponsored retirement program

Question 35

Alert: 401K Retirement Plan for your business

Answer 35

1. They are a business owner w/ 100+ employees

2. They have no work sponsored retirement program.

Question 36

Alert: Fiduciary - You may be personally legally liable

Answer 36

1. They are a business owner
2. They provide a 401K through their business (most business owners are not aware that 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 they are not providing enough guidance for their plan)

Question 37

Alert: Potentially Paying High Fees on Your 401K

Answer 37

1. They are a business owner that provides a 401K

2. Their 401K has over $1,000,000 of total assets in the plan.

Question 38

Alert: Financial Wellness Seminar to Increase 401K participation.

Answer 38

They are a business owner and they have less than 50% participation in their 401K program

Question 39

Alert: Buy-Sell Insurance

Answer 39

1. They are a business owner with a business partner
2. They have no life insurance on either partner(s) in order to buy the other out of their business shares in the event of a death.

Question 40

Alert: Increase My Income

Answer 40

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.