In This Issue... July 21, 2015

Feature Article - There Is A Big Problem With Using Qualified Plans!

Improve your attitude - Earl Nightingale - Directline 19 - No Two Of Us Are Exactly Alike.

Become Their Trusted Advisor - 3 Steps To Becoming The Advisor People Want To See!

Coaches Corner - Discover Your Prospect's ‘Pain!’

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There Is A Big Problem With Using Qualified Plans!

Dear ~Contact.FirstName~,

Whether you are a business owner, executive, or employee, you are probably using a qualified retirement plan like an IRA, SEP or 401(k) plan to accumulate money for your retirement.

On the surface, these traditional qualified retirement plans may seem like a good idea because you receive an income tax break on your IRA or 401(k) contributions. Those retirement accounts grow tax-deferred, and you normally don't pay taxes on these accounts until you withdraw the money during your retirement.

But, let's examine these plans in more detail using a traditional IRA as an example. Assume you have 30 years until you plan to retire. Currently, you can contribute a maximum of $4,000 into your IRA, so you invest $4,000 into the traditional IRA for the next 30 years.

Assuming you are in a 28 percent tax bracket, how much of a tax deduction do you get each year? Twenty eight percent of $4,000 is $1,120, so you will save $1,120 in taxes in the form of a tax break, each year, for the next 30 years. Over the entire 30-year period, you will save $33,600 in income taxes through this IRA tax deduction.

Now, let's assume your IRA investments do phenomenally well, and in 30 years you have accumulated $1 million in your IRA. Now, let's assume you want to withdraw 10 percent from your IRA each year to use for your retirement income — $100,000 per year. If you are in the same 28 percent tax bracket when you retire, in the first year you will have to pay $28,000 of income tax on the $100,000.

If you've been paying attention so far, this should shock you.

In only the first year of your retirement, you pay $28,000 in taxes. However, you only saved $33,600 in taxes during the entire 30 years you contributed to your IRA. So, you've already spent almost as much as you saved.
 

More importantly, you'll probably live at least another 20 years in retirement. The problem is that by paying $28,000 each year in taxes, you'll either have to withdraw more money from your account to pay the income taxes - which may mean you’ll run the risk of running out of money during your retirement - or you'll be forced to live on significantly less money during your retirement. And, that’s assuming income tax rates stay the same as they are today. In 20 years of retirement at $28,000 per year, you’ll pay over $560,000 in income taxes, when you only saved $33,600 of income taxes. It's the same problem whether you use a traditional IRA, SEP IRA, 401(k) or most of the other qualified retirement plans. With almost all of the available retirement plans you are just deferring your federal income taxes until you retire. What you have unwittingly done is created a retirement plan for Uncle Sam, not for you.

A Roth IRA is a step in the right direction, with the tax-free retirement income it provides. But in most cases, the Roth IRA still has too many restrictions and penalties. There is a limit as to how much you can put in a Roth IRA, there is a phase out for higher income earners and there is a 10 percent early withdrawal penalty if you withdraw money prior to age 59½.

How about if you could get the same tax free benefits of the Roth IRA, but you didn't have the contribution restrictions or early withdrawal penalties of the Roth IRA? And what if I added that business owners currently using a SEP or other qualified group retirement plan don't have to make contributions for employees?

And how about if you could get the same amount of income tax deductions in another way without making your investment income taxable later on?

Now, how much better off would you be?

Jeremy Nason
Trainer, Coach & Mentor
'The 9 Out Of 10 Guys'

Message to Financial Advisors…
You have the choice to be successful, or not to be successful. It's entirely up to you! You can sit back, do nothing and hope that things will change. Or, you can take action right now to make things change! What have you done in the last sixty days to increase your sales? Why not learn the marketing, prospecting, appointment setting and sales strategies that most of the leading advisors on the planet use?

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Updates For Our Member's Only Private Site
 Insurance Marketing and Sales Resource Center™

Rules for Higher Incomes on Medicare (2015)
If you have higher income, the law requires an adjustment to your monthly Medicare Part B (medical insurance) and Medicare prescription drug coverage premiums. Higher-income beneficiaries pay higher premiums for Part B and prescription drug coverage. This affects less than 5 percent of people with Medicare, so most people don’t pay a higher premium. 

Resisting Change
An excerpt from  Meyerson & Ashner's book, "Six Keys to Creating the Life You Desire." They talk about the "Seven Cornerstones for Creating Change." "Master teachers Mitch and Laurie have written a compassionate, powerful guide for anyone who wants to love life to its fullest; particularly useful laser-specific strategies for the self-help reader and psychotherapists. I firmly desire you read this book!" 

Understanding 72(t) plans
In recent years, the federal government has recognized the need to transform a nation of debtors into a nation of savers. They have taken several steps to encourage retirement savings, both in the form of increased contribution limits for qualified retirement plans and liberalizing some of the rules surrounding individual retirement accounts. 

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How To Become The Most 'Trusted Advisor'
In Your Local Community!

3 Steps To Becoming The Advisor People Want To See!

Step 1 - Sharpen Your Image!

Agents who look like all the other agents are like all the other agents. This is how your customers think. Your task is to find distinctions that make a difference to your customers and to stress these in everything you do.

Specialization casts an aura of superiority and exclusivity. When you deal with a specialist, you will automatically assume that this person has greater expertise, has greater knowledge about the field, and offers greater service. By catering to a unique market, it implies that he or she will have a better understanding of your situation, needs, and concerns.

Step 2 - Develop Your Own Unique Message!

In business, it’s great to learn from others, but it’s really important to develop your own, unique message. This means having the courage to say what you mean and mean what you say.

Remember, all of your prospects want to know what benefits they’ll gain from doing business with you. “What’s in it for me?” So, unless you can answer this question to their satisfaction, you have no chance of getting them to meet with you, let alone buy from you.

Step 3 - Decide To Make A Difference!

Decide what bothers you, what keeps you awake at night and then see what you can do to make a difference in that area.

Anyone can make a difference in the world by reaching out and caring about others. There are dozens of ways you can make the world a better place one step at a time. Teach an adult education class, offer a free educational workshop for your church or association, get your articles published in the local newspaper, get involved in an organization that's making a difference in your community; refuse to give up; and much more...

Dare to set an example that others can follow. Dare to be great. Dare to set goals that only you can achieve.

Remember, people do business with and recommend people that they know and trust!

Jeremy Nason
Trainer, Coach & Mentor
'The 9 Out Of 10 Guys'

You Can Double and Triple Your Appointments and Sales, By Learning To Ask The Right Questions!

Coaching Corner

Discover Your Prospect's ‘Pain!’

What is the number one problem to making a sale? It's not money, it's not the products, it's not your credentials... It's the failure to find the prospects pain. As a salesperson, advisor or consultant.... if a prospect does not see they have a problem and feel the pain, then why should they buy your product or service? People don't buy what you tell them to buy… if they did we'd all be making millions. Prospects buy when they can see the problem they have and they feel the pain… and then when they see and understand how your product or service can solve their problem and eliminate their pain. It's that simple!

So, how do you find your prospects pain? You find their pain by asking the right questions. It's more than just asking questions to get the hard facts… like how much do you have in your 401k, or how much life insurance do you have. It is asking questions to uncover the ‘soft facts’ that bring out their emotions. The soft facts questions are the… who, what, where, when, how and why questions that help you to uncover their pain.

So after asking a question to get the hard facts, ask more questions…

How much do you have in your 401k? Follow up with… How has it been performing? If next year your 401k lost 10, 20 or 30% ... how would that affect your retirement? How do you feel about that?

How much life insurance do you have? Follow up with… Based on your income how long would that last them? What would they do when the money runs out? How do you feel about that? What would you like to see happen?

Here are some more tips to help you find their pain!

1. Be focused on your listening - Listen, Listen, Listen!

2. What is the prospect proud of?

3. What are your prospect's goals?

4. Find out about the prospect's family or heritage.

5. Pay attention to what the prospect repeats. What keeps on coming up?

6. Listen for the emotions. Identify the emotions and what they are attached to.

7. What does the prospect likes to do most?

8. Listen to the prospect's vision.

9. Learn to read between the lines. Sometimes the pain is hidden, but there are signals.

10. What are they responding to?

11. Find out the priorities of the prospect.

12. Is there something that the prospect is alluding to?

13. Ask question based on the pain you have found with other customers and past experiences.

14. What does the prospect do for fun? What does she/he do in their spare time?

15. What are their dreams for the future?

16. Is the prospect dropping any hints?

17. Find out what the prospect does after work.

18. Show that you care about them and that you want to help them!

By helping prospects to feel their pain, it makes them take ownership of it and now they want to take action! To be successful, you must really help your prospects to find their PAIN!

Jeremy Nason
Trainer, Coach & Mentor
'The 9 Out Of 10 Guys'

You'll Quickly Double and Triple Your Income, When You Become The 'Trusted Advisor' People Want To See!

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