Entering a 401k plan: AdvisorGo US Version

US Version

In this example I will use an example client named Chelsea to show you how to enter a 401k into the US Software. Note this is only an example, you will want to make adjustments to your entry based on your client's needs.  

Example: Chelsea's 401k

Chelsea makes regular contributions from her salary into a personal retirement account. Chelsea is currently contributing 4% of her income annually.

 

Click the plus sign from the dashboard and select Retirement Plan.

 

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  1. Owner: Select Chelsea,

Enter the following details about Chelsea’s 401k and schedule her future contributions to it.

  1. Type: Select 401K
  2. Account Name: Enter “Chelsea’s 401k”
  3. Balance: Enter $30,000.
  4. Contribution Type: Select “Percent of Income”.
  5. Percentage of Salary: Enter 4%mceclip1.png
  6. Click Employer Contribution: Select “Yes” Chelsea’s employer does offer contributions.
  7. Employer Contribution Type: Select “Matching” since Chelsea’s Employer offers “Matching” contributions.
  8. Matching Contribution: Enter 6%, Chelsea’s employer has stated that they will match her contributions up to 6% of her income.
  9. Matching Income: Leave this at 100%. Chelsea’s employer will match 100% of her contributions up to 6% of her income.mceclip3.png
  10. Click Save. Note the software will automatically assume that Chelsea will stop contributing to her 401k at 65 when she is scheduled to retire.

Note: Chelsea is not currently taking full advantage of her employers matching contributions. This may make a good presentation opportunity later using “What If” plans if they are facing a shortfall in retirement.

 

Once you click save you will be returned to the dashboard screen where you will now be able to view and access Chelsea's 401K from the Retirement section. As seen below.

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