Qualified Money

As part of our Leading Tomorrow with One America speaker series, Ed Slott – America’s IRA expert shared his insights into IRA and qualified money.

I am not going to dive into the Asset Care solution being funded by qualified money discussion. That is for another time – what I am going to do is share with you a few pieces of information about qualified money and the opportunity that it represents from a pure planning perspective.

All of this money represents an ideal opportunity for develop solutions that are unique and specific to each and every client. This includes income, legacy, and protection strategies. Too often, I have seen the income and legacy plans put in place only to be decimated by a poorly constructed protection component. I implore you not to punt on the protection part of a plan – particularly the long term care portion.

Now that I have finished editorializing – I want to share with you some statistics about qualified money. All of this information can be found at https://www.ntsa-net.org/

Though the first quarter of 2020 – there was $7.0 trillion in defined contribution plans (401k, 403b, 457, etc). Broken down further – 401k accounts held $5.9 trillion in assets, $988 billion was in 403b accounts, $350 billion was in 457 plans, and other defined contribution plans held in excess of $700 billion. On the IRA front, over $9.5 trillion was invested.

For a more thorough explanation, please go to the NTSA report.

What this all means for you is this. Given the requirements of the tax code relative to qualified money, distributions must be made. (I am being intentionally vague due to changes in tax code for RMDs and opportunities created during the COVID pandemic.)

We, at OneAmerica, have a boatload of planning and protection ideas for qualified and non-qualified money. Please, feel free to reach out to me at (678) 512-9627 or kevin.fisher@oneamerica.com

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The ideas and information shared by Fridays with Fisher is for use by financial professionals and is not intended for distribution to the general public.