Creating an IRA Account from the Structured Income Planning Page

Along with creating an account when you are adding a new case, you can create an account on the Structured Income Planning landing page through the Add Account function. Within this hypothetical example, we will create a Traditional IRA starting from the Structured Income Planning Page. The hypothetical client that is used throughout this article is configured with the following parameters: 

Background: 

• Current age: 58 

• Retirement age: 67 

Income:  

• Wages: $125,000 growing at 3% 

• Social Security: $27,154 COLA 2.5% 

Assets:  

• Brokerage Account: $800,000; Moderate Conservative Growth 5% net growth per year 

• 401(K): $1,000,000; Moderate Conservative Growth 5% net growth per year 

Goals: 

• Create a Traditional IRA. The initial account balance will be zero and every year until retirement $6,000 will be deposited into the account. The asset plan allocation is set to Moderate Conservative Growth; the hypothetical return will be 5% per year. 

Step 1: Edit: Click on the green Edit button underneath the Structured Income Planning subheading.

Step 2: Add Account: Click on the green Add Account button underneath the Structured Income Planning subheading. 

Step 3: Account Name: Enter the account name. 

Step 4: Initial Account Balance: Enter the initial balance for the account. 

Step 5: Hypothetical Return: Enter the hypothetical return. 

Step 6: Tax Calculation Option: Since this is an IRA, all distributions are taxed as income. The tax calculation option should be set as Tax Income Distributions (Qualified). Related article: Tax Calculation Options for Accounts 

Step 7: Asset Plan Allocation: Click on the green Sel button and select which asset location correlates with the account. Once you pick the asset location, the text box below the Risk Level field will automatically update to reflect the asset plan allocation. 

Step 8: Annual Fixed Savings: Click on the radio button for Annual Fixed Savings. Related Article: Setting Up Annual Fixed Savings Deposits for a Checking/Savings Account 

Step 9: Annual Fixed Savings Textbox: Enter the monetary amount. SIPS does not recognize the dollar sign; it only accepts numbers with or without commas. For example: 5,000; 5000; -5,000; or -5000. 

Step 10: Income Data: Click on Years 1 through 9. 

Step 11: Pick Year(s): Click on the green Pick Year(s) button. 

Step 12: Income Data Table: SIPS will automatically populate the phrase 'savings' and the entered dollar amount into the table. 

Step 13: Save: Click the green Save button underneath the Manage Account heading. 

Step 14: Traditional IRA: SIPS will automatically take you back to the Structured Income Planning Landing page. Take note of the new Traditional IRA column.