401(k) Distribution Options

If you are retiring or leaving your employer and have a 401(k) or similar retirement plan, you have some crucial decisions to make. What is the best strategy? Lump-sum? Rollover? Trustee-to-trustee transfer?

Qualified funds in your retirement accounts enjoy special tax-deferred status. However, if you elect a lump-sum distribution, all of that money (and growth!) is “tax-infested” meaning it has never been taxed and will be

become taxable all at once if immediately withdrawn and not re-deposited into another qualified account by the deadline.

The Tax Code allows a 60 day window to relocate or rollover the money from your qualified employer retirement plan to another. Keep in mind that taking a lump-sum distribution or doing regular rollover also means your employer is required to withhold 20% for federal income tax.

Would you rather continue to enjoy the tax-deferred status or even turn your tax-infested retirement plan into a tax-free one? Would you like to accomplish this without a 20% withholding?

Your retirement distribution expert and tax professional can help you understand the lump-sum distribution, rollover and trustee-to-trustee transfer options you have available with respect to your 401(k) or other retirement plans.

A retirement plan review is part of the complimentary services your retirement distribution expert and tax professional offer to their clients - make sure you take advantage of all of the free planning and review services that are available!

Pitch Perfect

Your “elevator speech” is the short, concise answer to “What do you do?” Your goal is to answer that question in the short ride you share with someone in an elevator. The trip is short; you need to get their attention! So, if you were to write your elevator pitch today how would you do it?

Here are a few tips:

To start, right one sentence about who you are and what you do. Maybe, “I help people manage their safe money.”

Next, write one sentence describing the benefits of what you do. Focus on the prospect what they gain as a

result of engaging your services.

The next step is to describe your ideal clients. For example you could say, “In general, I specialize in working with people who have IRAs and other types of retirement plans that are heavily tax infested to mitigate and sometimes eliminate that problem. Specifically, we can deal with heavy, immediate, and unnecessary taxation that can destroy a lifetime savings.”

Now you need to describe what makes you and your firm unique. This is your value proposition – what it is that you do that is different from the competition. For example,” I help my clients preserve, protect, and defend their retirement assets!”

The final part of your elevator speech is the most important – asking for the appointment. This can be something subtle such as, “perhaps we could meet for coffee next week to discuss how my firm and I can help you mitigate and eliminate the tax infestation in your IRA and show you how to parlay your retirement plan into a fortune for both you and your family.”

But don’t forget to close with a date and time – “Bill how about if we meet next Tuesday at Starbucks for about 10 or 15 minutes?”

Once you have all this your pitch is now complete. Type it up, print a copy to keep in your briefcase and your car and memorize your pitch so that you can have it ready any time the opportunity presents itself.

10 Reasons You Need to Be In Vegas

1. Bill Harris will share sales concepts that will skyrocket your annuity and life sales and you will also receive a FREE copy of his bestselling book.
2. Would you like to be on local TV 2-3 times per month as a retirement distribution strategy expert? We can make that happen and it will cost you nothing!
3. Hear how to tap into the exploding 401(k) rollover market. Two of our speakers will share with you their proven systems that have resulted in millions of sales.
4. With 10,000 Baby Boomers retiring daily they face a daunting task of fending off the 5^th retirement risk. Resolve these for your clients by learning the latest on creating sustainable retirement income streams.
5. Our session on the Broker-Dealer of the future will focus on the most important issue facing the investment advice industry today: the Department of Labor’s rule to raise investment advice standards for retirement accounts affecting millions of American workers and retirees.
6. As women plan for retirement, they need advisors who understand their unique challenges and concerns. Two top female advisors will share their secrets to successfully engage and advise women on retirement.
7. Do you know how you will evolve your value proposition to address the need for retirement income? Our President and 2014 Advisor of the Year will share how advisors can evolve and thrive.
8. You’ll see a wonderful presentation highlighting the risks that retirees face in the later years of their retirement and present solutions to minimize of eliminate these risks.
9. Our Director of Advanced Markets will demonstrate how to retire tax free through a tremendous presentation on tax efficient retirement planning.
10. You want to learn about an exclusive new marketing system that can make your sales grow quickly and assure that 2016 will be your best year ever – GUARANTEED! Other Financial Marketing Organizations promise marketing results… WE have a proven formula that can deliver.

Call Samantha Mayer today to register! 866-225-1786 ex. 315

March 22nd Press Release

Table Bay Financial Announces Hiring of Nefzer as Senior Vice President National Sales Development

Table Bay Financial Network, Inc. announced today that Richard Nefzer has been appointed Senior Vice President of National Sales Development.

Mr. Nefzer will have responsibility for developing sales within the independent, Broker-Dealer, and CPA Channels throughout the United States and will be based in Arizona.

Rick has spent the last 41 years acquiring the knowledge and expertise needed to broker insurance successfully. Recruited to Prudential right after graduating from the University of Wisconsin, he went on to positions as a wholesaler, brokerage manager and regional vice president with Manulife, Lincoln Financial and Genworth.

Barry Bulakites, President and Chief Distribution Officer said, “We are thrilled about Rick joining the team. He adds an extraordinary depth of knowledge on Life, Annuities, and Linked Benefit Products and we look forward to him becoming a strategic part of our sales and marketing efforts.”

Tax Crunch Q&A

Q: Social Security was my only source of income for 2015, is it taxable?
A: In general, if Social Security is your only income source, benefits are not taxable.

Q: I inherited an IRA from my brother who passed away in February 2015 at age 76. He passed away before taking his 2015 RMD so I took it in October 2015. Is the RMD reported on his estate tax return or my 2015 tax return?
A: Your tax return. Year of death RMDs are reported on the recipient’s tax return.

Q: I retired and transferred all of my 401(k) assets, including highly appreciated employer stock, to an IRA last year. I recently discovered that a Net Unrealized Appreciation (NUA) strategy could give me a huge tax advantage. Since I haven’t filed my tax return yet, may I still elect to use an NUA strategy?
A: No. Unfortunately, once you transferred your highly appreciated employer stock to an IRA, the opportunity to use an NUA strategy was permanently eliminated. To preserve an NUA strategy opportunity, among other requirements, the shares must have been transferred in-kind to a taxable account.

Q: I requested my 2015 RMD on December 31st but I just found out from my IRA custodian that I will get a 1099-R for 2016, not 2015…why?
A: The distribution year is determined by the processing date, which may differ from the date you make a request. It is important to know your IRA custodian’s deadline for processing distribution requests. Some custodians require that distribution requests be submitted no later than mid-December to ensure RMD processing satisfies the December 31st deadline. There is a 50% penalty imposed by the IRS for failing to take a timely RMD.

Q: May I deduct losses in my IRA on my 2015 tax return?
A: Generally no, unless you cash out all your IRAs of the same type. Losses and gains are not taken into account on your tax return while your IRA is still open. You may, however, deduct your Traditional IRA losses only if the total balance that you withdraw is less than the after-tax amounts (basis) in your TIRAs. Your basis is attributed to non-deductible contributions and rollovers of after-tax amounts from qualified plans, 403(b) accounts and 457(b) plans. You also must file IRS Form 8606.

Are Your Marketing Mistakes Costing You Time and Money?

Too often advisors adopt marketing initiatives into their practice that are harmful rather than helpful. Many of these harmful marketing efforts are costly and highly ineffective. As 2016 begins, Table Bay is here to offer our expertise on how to help you avoid those costly mistakes.

 In this webinar, you will learn to identify the Top 10 Most Common Marketing Mistakes and how you can avoid them. Find out how you can bypass these mistakes and successfully navigate them so that you achieve what you are trying to accomplish… EFFECTIVE MARKETING!

Take the necessary steps to proactively plan your marketing TODAY by attending this webinar. You can’t afford to miss out on this opportunity!

Sign up today (CLICK HERE) to hear the top 10 common marketing mistakes and learn how to avoid them!

Is Tax-Free Retirement Possible?

YES, it is! So what is the big secret to tax-free retirement, is it some new product or unique investment?

Most people are already familiar with typical taxable investment plans which include tax-deferred assets such as stocks, mutual funds, bonds, traditional IRAs, 401(k)s and 403(b)s. But are you looking for a tax-free retirement?

You can enjoy a tax-free retirement by incorporating tax-free investments into your existing retirement plan today. Your retirement distribution planning expert can help you determine what will work best for you in your personal situation. You could consider incorporating assets that generate tax-free wealth such as Roth IRAs or Life Insurance…yes, Life Insurance! The key is to identify the tax-free strategies that are suitable for you.

What types of assets can help you create a tax-free retirement? Contact your retirement distribution expert and develop your tax-free retirement strategy!

We also have a special training on tax-free retirement coming up on March 29^th in Los Angeles! Sign up today to secure your spot HERE.