Note Taking and Email Self-Assessment (SaraSteve4)

What is Steve’s new salary?

$82,500

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$89,000

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$92,500

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$100,000

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What are Sara and Steve’s current expected expenses with their mortgage right now?

$90,000

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$95,000

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$115,000

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$125,000

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How much life insurance does Sara currently have?

Sara does not have a life insurance policy

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Sara has a $500,000 individual policy

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Sara has a $1,000,000 individual policy

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Sara has a life insurance policy through work at 1x her salary

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Based on the conversation within the meeting, what was Hannah’s recommendation regarding Sara’s life insurance?

Sara did not need to retain her individual policy

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Sara did not need to retain her individual policy, but needs to increase her employer sponsored life insurance to 2x her salary

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Sara needs to continue to pay for her life insurance

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Sara needs to get additional life insurance

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How many years are left on Sara’s life insurance policy?

3 years

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5 years

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8 years

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10 years

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What is Steve’s current disability coverage?

Steve does not have long-term disability coverage through his work

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Steve has an individual long-term disability policy covering 60% of his salary

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Steve has a group long-term disability policy covering 60% of his salary

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Steve has a group long-term disability policy covering 75% of his salary

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What was Hannah’s recommendations for Steve and Sara’s disability coverage?

They were sufficiently covered and no new insurance was needed

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Sara needs to get quotes for a new disability policy while Steve is fully covered

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Steve needs to get quotes for a new disability policy while Sara is fully covered

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Both Sara and Steve need to get quotes for new disability coverage to be properly covered

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What marginal tax bracket are Sara and Steve in right now?

12%

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22%

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24%

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32%

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Sara asked about contributing to her Roth 401(k) instead of her traditional 401(k). What was Hannah’s recommendation to her?

Sara should maintain her current contributions to her traditional 401(k) and then begin contributing to her Roth 401(k) with additional funds

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Sara should move her traditional 401(k) contributions to her Roth 401(k) contributions

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Sara does not need to continue to contribute to her 401(k) at all

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Sara should maintain her current contributions and Steve should move his traditional 401(k) contributions to a Roth 401(k) a he contributes more

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At what point should Sara and Steve look to do Roth conversions?

When they retire and their income is lower before their Required Minimum Distributions start

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When their Required Minimum Distributions start as they can dedicate those towards the Roth conversion

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Immediately

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When their daughters go to college and there is additional cash flow to pay the taxes on the Roth conversion

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Note Taking and Email Self-Assessment (SaraSteve4)

Note Taking and Email Self-Assessment (SaraSteve4)

Hannah July 30, 2024

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