michael.pendergrass
Acronym
Income Discovery
Product ID
Paycheck_in_Retirement
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Description
Personalized tax-optimized disbursals in retirement.
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Details
- In Paycheck, an advisor reviews and confirms current year income details, estimated taxes, cash flows and account balances before requesting a distribution.
- An advisor uses SafePath(SM) to track the plan’s safety and monitor income adjustments, if necessary.
- In Paycheck, an advisor can request a planned distribution, unplanned distribution, Roth conversion, or evaluate tax-free capital gains opportunities. View details of accepted distributions in the History card.
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Details
- An advisor reviews the tax estimates and makes edits if necessary.
- Reviews the household’s incoming cash flows expected for the year.
- Views the recommended tax-optimal account-level instructions for the household’s planned quarterly distribution The advisor selects the Accept button to accept the recommendation.
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Details
- Toward the end of the year, an advisor can evaluate two tax strategies: 1) if a Roth conversion should be done and 2) if there is an opportunity to harvest any Tax-free Capital Gains in the client’s taxable accounts.
- The optimal incremental effective tax rate for Roth conversions was agreed upon when the plan was selected for Paycheck.
- The advisor views the recommended account-level instructions for any Roth conversions and tax-free capital gains. The advisor selects the Accept button to accept the recommendations.
Features
Paycheck is a tax-optimized solution to manage disbursals for planned spending, unplanned spending and Roth conversions during retirement:
- Holistic, flexible, & integrates with existing tools/systems
- Advisors create & monitor personalized paychecks for clients
- Safety tracking & automated income adjustments are included
Vendors
Management Style
Schwab Products
Section