Financial Planning Certification Exam Lessons Part 5: Retirement Planning

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Part 2: Insurance, Benefits, and Risk Management

Part 3: Investment Planning

Part 4: Tax Planning

Part 5: Planning for Retirement

Part 6: Estate Planning

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Table of Contents Financial Planning Certification Exam Part 5 Retirement Planning

Lesson 1 Social Security: (22:36)

● OASDI

● Participation in Social Security

● Eligibility & Benefits

○ Worker

○ Spouse

○ Divorced Spouse

○ Dependent Child

● Social Security Strategies

● Benefit Eligibility

● Calculation of Benefits

Lesson 2 Social Security Reduction/Taxation & Types of Retirement Plans: (28:00)

● Working After Retirement

○ Reduction of Benefits

○ Taxation of Benefits

○ Permanent Reductions

● Money Purchase Pension Plan

● Target Benefit Pension Plan

● Profit Sharing Plan

● 401(k)

Lesson 3 Types of Retirement Plans, Continued: (26:50)

● SOLO 401(k)

● Stock Bonus & ESOP Plans

● Defined Benefit Plans

○ Section 415

○ Unit Benefit Formula

○ Final Average Method

○ Past Service

● Cash Balance Pension Plans

● 412(i) or 412(e)3

Lesson 4 Types of Retirement Plans, Continued: (26:30)

● SEPs

● SARSEPs

● SIMPLE IRAs

● SIMPLE 401(k)

● 403(b) Plans

● Section 457 Plans

Lesson 5 Qualified Plan Options & Rules: (28:54)

● Age and Service Requirements

○ What is 1 Year of Service?

● Coverage Requirements

● Highly Compensated Employee (HCE)

○ Key Employees

○ Attribution Rules

● Vesting Schedules

● ADP/ACP Testing

● Controlled Groups

● Social Security Integration

○ Disparity Limits

Lesson 6 Qualified Plan Options & Rules, Continued: (18:06)

● Deduction Limits

● Defined Contribution Limits

○ Annual Compensation Limit

● Definition of Compensation

● Having Multiple Plans

○ Annual Additions

● Keogh Special Rules

● Loans from Qualified Plans

Lesson 7 Distribution Rules, Taxation of Distributions, and Alternatives: (22:58)

● Early Distributions

○ Exceptions

● Substantially Equal Payments (Section 72t)

● Rollovers

○ IRA 60-Day Rule

○ Qualified Plan 60-Day Rule

○ Direct Transfers

Lesson 8 Distribution Rules & Alternatives, Continued: (19:14)

● Required Minimum Distributions (RMDs)

○ Rules, Penalties, Calculations

● Qualified Longevity Annuity Contract (QLAC)

● Stretch IRAS

● IRA with…

○ Spousal Beneficiary

○ Non-Spousal Beneficiary

Lesson 9 Distribution Rules & Alternatives, Continued: (20:12)

● Qualified Domestic Relations Order (QDRO)

○ Distributions & Plan Documents

● Tax Techniques for Retirement Distributions

● Net Unrealized Appreciation (NUA)

○ Taxation & Characteristics

Lesson 10 Qualified Plan Regulations: (21:00)

● Employee Retirement Income Security Act (ERISA)

○ Fiduciary Liability

○ Transactions that are Prohibited

● Establishing a Qualified Plan

● Unrelated Business Taxable Income (UBTI)

● Life Insurance in Qualified Plans

Lesson 11 Individual Retirement Accounts (IRAs): (23:02)

● Traditional IRAs

○ Spousal IRAs

○ Deductibility

○ Early Distributions

● Roth IRAs

○ Contributory, Conversion, and Earning Distributions

○ RMDs & Inherited Roths

Lesson 12 Nonqualified Deferred Compensation Plans: (20:00)

● Nonqualified vs. Qualified

● Employee Stock Options

○ Funded, Unfunded, Informally Funded

○ Substantial Risk of Forfeiture

● Types of Plans

○ Salary Reduction

○ Salary Continuation

● Rabbi Trusts

● Income Tax Implications

Lesson 13 ISOs and NSOs: (21:24)

● Tax Implications (Grant, Exercise, Sale)

● Disqualifying Dispositions

● Holding Period Requirements

Lesson 14 RSUs & Strategies for ISO & NSO Planning: (14:00)

● RSU Characteristics & Tax Treatment

● Tax-Timing Considerations

● AMT add-back item (ISOs)