Life Hub New User Video 3 of 3 - Advanced Planning Examples in Life Hub

0:04

so far we've seen how to navigate the

0:06

software and explored some of the tools

0:08

and visualizations available in life Hub

0:12

and we reviewed how to create plans and

0:14

some of the options for plan types in

0:16

the app in this video we'll cover some

0:19

more advanced Topics by looking at

0:22

examples the planning that you can do in

0:25

life Hub before at and in retirement is

0:28

very powerful but the goal of the app is

0:31

to make planning clear to clients to

0:33

declutter and just focus on getting to

0:36

those aha moments that often means

0:38

you'll want to illustrate how pieces of

0:40

the plan fit and work together we'll

0:44

look at five examples here that touch on

0:46

Social Security asset purchases Roth

0:51

conversions pre-retirement

0:53

and Longevity

0:56

planning first life Hub has a robust

0:59

social Social Security planning module

1:02

here you can enter a bit of information

1:04

about the client for example their

1:06

annual income or their primary Insurance

1:08

amount if you have access to that and

1:10

you get a full range of claiming options

1:14

for each option you can see the client's

1:16

Break Even age for that

1:18

choice if a client is already taking

1:21

social security you can just uncheck

1:23

this box and enter the information

1:26

directly if you

1:28

prefer often when you delay Social

1:30

Security there's a period when the

1:32

portfolio has to do more work in this

1:35

plan Social Security benefits come in

1:38

phases these views can show the client

1:42

how they will be withdrawing heavily

1:44

early on yes but those withdrawals will

1:46

go way down as Social Security phases in

1:50

note that this plan includes a so-called

1:53

age-based income path which targets

1:56

higher income and spending early in the

1:58

plan and low lower spending as the

2:01

client's age this pattern also known as

2:04

the retirement smile can be turned on or

2:08

off in the plan's advanced

2:11

settings you may want to include the

2:13

sale or purchase of an asset like a

2:16

vacation home in a plan to do that just

2:19

add the purchase within the asset

2:22

itself if you're funding that purchase

2:24

partially with a loan add the mortgage

2:27

in the liabilities section make sure the

2:30

loan is marked as originating on that

2:33

date you'll now be able to show the

2:35

client all of the moving Parts within

2:38

life

2:39

Hub furthermore you can show two

2:41

scenarios one with the vacation home and

2:44

one without so the client can see what

2:46

the impact would be on their

2:50

life once you know what income level

2:52

you're targeting in retirement the next

2:55

question is where should my withdrawals

2:57

come from and should I consider Roth

2:59

conversion

3:00

life Hub allows you to illustrate a

3:02

range of distribution strategies just go

3:05

to the plan's advanced settings and open

3:08

the taxes section here you can apply a

3:11

variety of strategies from prata or

3:14

proportional withdrawals to ordering

3:17

withdrawals by the tax treatment of

3:19

accounts to Roth conversions that Target

3:22

a particular tax bracket if you're

3:24

interested in other tools that income

3:26

lab offers for evaluating these

3:28

strategies and measuring their impact

3:30

please contact our support team for

3:32

upgrade

3:34

options here I've applied a strategy

3:36

that executes Roth conversions to fill

3:38

up the 22% Federal ordinary income tax

3:42

bracket I can now see what those

3:45

conversions look like each year down to

3:47

the account

3:49

level if you're working with someone who

3:51

has not hit retirement yet life Hub can

3:55

be used to show savings plans and

3:57

different retirement dates so that so

3:59

that clients can visualize their

4:01

situation now and their options for the

4:04

future to make pre-retirement clear be

4:07

sure you've entered all wages and income

4:11

and included pre-retirement expenses

4:13

along with

4:15

savings here for example we can show

4:18

clients how they could be saving more

4:20

and if they did how they could retire

4:23

sooner finally let's look at longevity

4:27

planning life Hub uses mortality tables

4:30

to produce a plan length in the plan's

4:33

advanced settings you can adjust that

4:35

plan length by changing how much

4:37

longevity risk the risk of living longer

4:40

than you'd planned is in the plan by

4:43

default life Hub calculates mortality

4:46

risk and adjusts plans accordingly

4:49

however if you want to include an

4:51

explicit date of death for one client in

4:54

the plan just click the calendar icon

4:57

here and choose a date all of the plan

5:00

items will adjust and show how things

5:03

change upon one spouse's

5:07

death these are just a few of the

5:09

countless ways you can use life Hub to

5:11

make planning clearer and more

5:13

accessible to clients please check out

5:16

more of our videos in the Life Hub help

5:23

center

welcome to getting started with life Hub

 

0:04

so far we've seen how to navigate the

0:06

software and explored some of the tools

0:08

and visualizations available in life Hub

0:12

and we reviewed how to create plans and

0:14

some of the options for plan types in

0:16

the app in this video we'll cover some

0:19

more advanced Topics by looking at

0:22

examples the planning that you can do in

0:25

life Hub before at and in retirement is

0:28

very powerful but the goal of the app is

0:31

to make planning clear to clients to

0:33

declutter and just focus on getting to

0:36

those aha moments that often means

0:38

you'll want to illustrate how pieces of

0:40

the plan fit and work together we'll

0:44

look at five examples here that touch on

0:46

Social Security asset purchases Roth

0:51

conversions pre-retirement

0:53

and Longevity

0:56

planning first life Hub has a robust

0:59

social Social Security planning module

1:02

here you can enter a bit of information

1:04

about the client for example their

1:06

annual income or their primary Insurance

1:08

amount if you have access to that and

1:10

you get a full range of claiming options

1:14

for each option you can see the client's

1:16

Break Even age for that

1:18

choice if a client is already taking

1:21

social security you can just uncheck

1:23

this box and enter the information

1:26

directly if you

1:28

prefer often when you delay Social

1:30

Security there's a period when the

1:32

portfolio has to do more work in this

1:35

plan Social Security benefits come in

1:38

phases these views can show the client

1:42

how they will be withdrawing heavily

1:44

early on yes but those withdrawals will

1:46

go way down as Social Security phases in

1:50

note that this plan includes a so-called

1:53

age-based income path which targets

1:56

higher income and spending early in the

1:58

plan and low lower spending as the

2:01

client's age this pattern also known as

2:04

the retirement smile can be turned on or

2:08

off in the plan's advanced

2:11

settings you may want to include the

2:13

sale or purchase of an asset like a

2:16

vacation home in a plan to do that just

2:19

add the purchase within the asset

2:22

itself if you're funding that purchase

2:24

partially with a loan add the mortgage

2:27

in the liabilities section make sure the

2:30

loan is marked as originating on that

2:33

date you'll now be able to show the

2:35

client all of the moving Parts within

2:38

life

2:39

Hub furthermore you can show two

2:41

scenarios one with the vacation home and

2:44

one without so the client can see what

2:46

the impact would be on their

2:50

life once you know what income level

2:52

you're targeting in retirement the next

2:55

question is where should my withdrawals

2:57

come from and should I consider Roth

2:59

conversion

3:00

life Hub allows you to illustrate a

3:02

range of distribution strategies just go

3:05

to the plan's advanced settings and open

3:08

the taxes section here you can apply a

3:11

variety of strategies from prata or

3:14

proportional withdrawals to ordering

3:17

withdrawals by the tax treatment of

3:19

accounts to Roth conversions that Target

3:22

a particular tax bracket if you're

3:24

interested in other tools that income

3:26

lab offers for evaluating these

3:28

strategies and measuring their impact

3:30

please contact our support team for

3:32

upgrade

3:34

options here I've applied a strategy

3:36

that executes Roth conversions to fill

3:38

up the 22% Federal ordinary income tax

3:42

bracket I can now see what those

3:45

conversions look like each year down to

3:47

the account

3:49

level if you're working with someone who

3:51

has not hit retirement yet life Hub can

3:55

be used to show savings plans and

3:57

different retirement dates so that so

3:59

that clients can visualize their

4:01

situation now and their options for the

4:04

future to make pre-retirement clear be

4:07

sure you've entered all wages and income

4:11

and included pre-retirement expenses

4:13

along with

4:15

savings here for example we can show

4:18

clients how they could be saving more

4:20

and if they did how they could retire

4:23

sooner finally let's look at longevity

4:27

planning life Hub uses mortality tables

4:30

to produce a plan length in the plan's

4:33

advanced settings you can adjust that

4:35

plan length by changing how much

4:37

longevity risk the risk of living longer

4:40

than you'd planned is in the plan by

4:43

default life Hub calculates mortality

4:46

risk and adjusts plans accordingly

4:49

however if you want to include an

4:51

explicit date of death for one client in

4:54

the plan just click the calendar icon

4:57

here and choose a date all of the plan

5:00

items will adjust and show how things

5:03

change upon one spouse's

5:07

death these are just a few of the

5:09

countless ways you can use life Hub to

5:11

make planning clearer and more

5:13

accessible to clients please check out

5:16

more of our videos in the Life Hub help

5:23

center