The Software that Tells the Whole Truth about All Things Financial

Qualified Plan

Have I Saved Enough Money?

Have I Saved Enough Money?
Andrew Walberg and I had been friends since first meeting in Mr. Carlson’s government class when we were juniors in high school.  He was so much fun to be around, always positive and upbeat.  I had not heard from him in a while so I was surprised to hear his voice on the other end of the telephone. “Hey, this is Andy.  How have you been? I’ve known you’re in… Continue Reading

The Whole Truth About Qualified Plan Contributions (John & Jane Jones Pt. 3 of 9)

The Whole Truth About Qualified Plan Contributions (John & Jane Jones Pt. 3 of 9)
Mark Twain reportedly said that he tried to not let his schooling get in the way of his education.  I think he was describing a paradox similar to what most advisors know as the “arrival syndrome.”  Said in yet another way, your education should be an ongoing process.  Such is the case with your clients.  We recommend that you schedule regular discussions to… Continue Reading

How do you include the state income tax for capital gains tax?

Increase your capital gains rate box by the state income tax rate. Increase your state income tax rate is 7% and your clients’ federal capital gains tax rate is 15%, then you’ll put 22% in your capital gains rate box. Please note: there is not a federal capital gains tax deduction for the state income tax paid as there is for federal income tax.  See t… Continue Reading

Truth Tip: Comparing Taxable vs. Tax-Deferred Accounts

We received this excellent question from a Truth Concepts user this week: Q. I am trying to do a comparison between using a qualified plan and a non-qualified plan.  I understand pretty well how to use the Qualified Plan calculator, however I want to show an “apples to apples comparison” assuming everything else is equal i.e. ROR, management fee, etc., but with the… Continue Reading

Truth Tip, Qualified Plan

To get spread sheet detail, turn on “term ins. and emp. cost” button. (This works whether or not you have term insurance or employee costs that you wish to add.) Close anytime (top left corner of spreadsheet) and to view again, click button again and then “inputs.”… Continue Reading

Truth Concepts is Busting the Retirement Lies!

Truth Concepts is Busting the Retirement Lies!
When you think about it, isn’t the concept of retirement just ABSURD!? It’s absurd to think that making a growing segment of our population LESS productive (through forced or expected retirements), that there will somehow be more for everyone. It’s absurd for 95% of Americans to believe they can work and save for 40 years, then expect to live off of t… Continue Reading

Truth Tip Definition of Additional Income

Definition of “Additional Income” is “net after taxes but before qualified plan deduction”. For example, if someone is earning $150,000 they have $30,000 of mortgage interest deductions and $10,000 of charitable deductions, then Additional Income is $110,000 for the Qualified Plan Calculator and if they are putting $15,000 into their… Continue Reading

The Whole Truth About Qualified Plans

Welcome to this tutorial on the Qualified Plan Calculator inside the Truth Concepts Software.  What Todd will be going over below is how to use the calculator to show the whole truth around this arena.  Could be a 401k plan, an IRA, a SEP IRA, simple, the 403b, Profit Sharing Pension Plan, anything that falls under the government’s domain in the Qualified Plans. … Continue Reading

Truth Tip Qualified Plan

The Truth Concepts Qualified Plan calculator gives a graphic overview of the whole truth about qualified plans.  It shows clients why not maxing out their qualified plan may be the best strategy. In this calculator the Rate of Return box on top right toggles On and Off.  … Continue Reading