Christian Financial Planning Resources

The rules surrounding inherited IRAs have changed a lot over the past couple of years. A variety of regulations (both pending and finalized) have caused a lot of stress and confusion for both advisors and their clients. This flowchart will help give you clarity about how you must handle distributions from your inherited traditional IRA.

This flowchart covers important factors a client needs to consider when determining how you can handle distributions from your inherited traditional IRA, such as:

⛪Determining whether the client is an Eligible Designated Beneficiary or Non-Eligible Designated Beneficiary, and how that will affect their distributions requirements.
⛪Understanding how their distributions requirements will be affected based on when the owner passed away (i.e., before or on/after their required beginning date).
⛪Who the 10-Year Rule does and does not apply to.
⛪Whether required minimum distributions (RMDs) apply, and whose life expectancy they are based on.

When saving for retirement, Christian investors often wonder whether to contribute to a traditional IRA or a Roth IRA. The best choice depends on several factors that need careful consideration and discussion.

To help guide this decision, we have prepared the “Should I Contribute to My Roth IRA vs. My Traditional IRA?” flowchart. This flowchart takes into account:

⛪Eligibility to deduct contributions to a traditional IRA

⛪Eligibility to make contributions to a Roth IRA

⛪Current tax rates vs. future tax rates

⛪Ability to max out the contributions

⛪Impact of Required Minimum Distributions (RMDs)

It is critical to review their investment portfolios as part of the financial planning process. Particularly during times of uncertainty and volatility, a portfolio review can help you evaluate and confirm your strategy, ensuring alignment with your financial goals. This can also be a helpful tool to use looking for a second opinion.

This checklist helps guide you while reviewing your investment portfolios, and it covers:

⛪Investment objectives

⛪Time horizon and risk tolerance

⛪Diversification and asset allocation

⛪Tax management, including capital gains and the NIIT

⛪Performance monitoring

Charitably inclined clients who are age 70.5 or older may benefit from making a Qualified Charitable Distribution (QCD) from their IRA (excluding Roth IRAs). This is a popular way for you to support your favorite charities while reducing their AGI. The decision and procedure to carry out this strategy can be complicated without any guidance.

To help make the analysis easier, we have created the “Can I Do A Qualified Charitable Distribution From My IRA?” flowchart. This flowchart addresses common issues pertaining to Qualified Charitable Distribution rules, including:

⛪Age requirements

⛪Distribution limits

⛪Qualified charitable beneficiaries

⛪The effect of account contributions

⛪Step-by-step reporting process

Social Security retirement benefits can be particularly complex, and Christian investors really struggle with their decision on how to file.

With the help of a Christian Financial Advisor, investors like you, will be able to determine how to best approach your Social Security retirement benefits, and whether your benefits may tie in with other financial planning goals. Get a step ahead, and be prepared to provide thoughtful answers.

This checklist covers the key issues to consider when you make a decision surrounding your Social Security retirement benefits, such as:

⛪Determining whether they should file early or delay their benefits.

⛪Understanding the claiming options they have at their disposal.

⛪Coordinating their benefits with the spouse or ex-spouse.

⛪Understanding how their benefits may impact other tax-planning goals.