Learn Some Financial Tips From Joe Schmitz Jr. From Peak Retirement Planning INC.

Joe Schmitz gives listeners some retirement planning advice. Also hear about how Peak Retirement Planning INC. can help you.

Episode Transcript

(00:02):
All right. All the microphones areon now in studio six one zero six
ten that we devien because we havesomeone else in studio. We are so
excited, Boots, because we havea brand new partner, brand new sponsor.
And I'm sure he's familiar to alot of the Bloom Carol bulldogs down
there. Joe Schmidt's coming in housewith peak retirement planning. Welcome Joe Yep,

(00:25):
thanks Mendy. Glad to be here, Glad to educate those listening.
And yeah, we can make adifference. It's awesome because I will tell
you when it comes to investment banking. There are some shows on the radio
I go, oh boy, soyou got a lot of energy, which
thank you for that, because Bootsis thinking boring. But so far he's
got me ramped up because you youhave enthusiasm when you answer the question.
And that's what I want when Igo to a person, whether it's my

(00:47):
medical, my investments, my insurance. I don't want some boring guys.
So thank you for not being born. Yeah, and I think you know
that's the point. We do alot of workshops around time around town,
and we talk about taxes and retirementand like you said, not too many
people are interested in that topic.So we're always trying to make it fun.
But more so than that is,let's make it at a fourth grade
level, Yank, I'm a fifthgrade graduate. Can you make it a

(01:12):
kindergarten level. I'll use the fatcrayons and everything. And so we got
to think of it though, like, hey, all your life, you've
been specializing in something else. Youhaven't been specializing in retirement planning. And
we joke about it, you guyswill laugh, but how many retirements have
you planned? And so when peoplecome and see us, they've never been
here before them, not familiar withsome of the terms, but more so

(01:33):
they're afraid to make a mistake andthey want to make sure they're getting take
advantage of all the opportunities. Sothat's really we're here to educate them on
and make sure that we can getthem on that path. I guess one
of the most important questions for myfamily, Boots family saying with Scott and
everybody listening, how do you knowthat you're ready to retire? Because it's
a scary feeling to walk away froma job something that you financially. Financially,

(01:57):
we're all ready to retire, Mandy, how do you know you can
forward to retire? Yeah, let'stalk about retiring in two points. You
guys bring up so first as afinancial part of it, And to answer
that question, we truly never knowwhen we are ready to retire, because
you know, we don't know whatinflation is going to be, we don't
know what the market's gonna do,we don't know how long we're going to
live. But you can start tocalculate and have an understanding of where you're

(02:19):
at, and that's where we're ableto help people and run analysis and reports
to see, hey, are youon track to retire or are you ready
to retire? Do you have enoughmoney so you don't worry about running out
of money, which is the biggestrisk that we see people have. So
definitely getting that professional guidance to seewhere you sit and if you're on track
or not, it's going to alie you to see, hey can we
retire now or in five years?Or hey maybe we've got to work a

(02:39):
little longer than we expected. Soget that report, get that analysis,
and that's something that our team canhelp you. We've got many financial planners
who are Fiduce Shares. Were gladto take you through that analysis. Make
sure you're on the right track ifyou reach out to us. But the
other side of retirement is let's nottalk about the financial side. Let's talk
about the emotional side when you retire. So when you're retire, what are

(03:00):
you going to do for the familytwenty thirty years of your retirement? Right
because Boots is gonna watch family feudevery day and in my mind, I
go, I hope he doesn't gettoo bored. Yeah I will. It
is a big step, really,I mean you think about you've been working
almost all your life and now you'regoing to walk away from it. I
couldn't do it. I won't beable to do it. Yeah. I

(03:21):
want to work part time? Canyou set people up that way? I
mean I want to still do theweekend radio stuff, but during the week
I'm tired to chase some money.Yeah. So a lot of our clients
they work part time in retirement ofsome sorts. And it's not something that
is dreadful or you know, burden. Some they're doing something they enjoy,
something that they're skill set allowsing todo, but also something they can make
an impact with so that. So, if you're pulling social security, how

(03:43):
much money can you make? Greatquestions? So if you're like sixty five,
you're you're of the age where youcan retire at sixty fives. Like
Boots and Mindy and myself, we'reprobably all sixty seven, right, we're
ten years away from that. Yeah, yeah, yeah, So how much
money can you make? Yeah?I thought you're in your forties fifties,
I appreciates the worst out of allthree. Right, No, that's a

(04:06):
good question with so security. Sosecurity is very complex. I just did
a YouTube video the other day onhow complex SoC security is. And the
thing I don't understand is everyone isgoing to have to take so security.
Why do they make it so complex? Why don't they make it easy for
us to understand? So's the averagepay on social security? I'm not quite

(04:27):
sure the average, but most ofthe people that we see, they're so
security checks is going to be abouttwo to four thousand dollars a month and
really yeah, and the average isa lot lower now, I think it's
more like eleven hundred, right,yeah, So I'm used to hearing and
then the low thowlsan you know,So, how much can if a psonsus
to say twelve hundred a month onhis Social Security and he was a working
guy, but he goes to likewe got Dano a call, Dick,

(04:49):
one of our callers, and healways says that he's retired from home depot.
But what if someone did the reverseand went to like a home depot
and got a job. How muchare they allowed to make? Yeah,
so there's there's some rules behind it. So between sixty two and full retirement
age, which is dependent on whenyou're born, it's either between sixty six
and sixty seven, you can onlymake up to about twenty one thousand dollars
a year if you take your benefits. So if you say you have a

(05:12):
thousand dollars a month and you say, well, I'm not going to wait
to take my SO security. Iwant to take it right away. Well,
if you do that, and ifyou start making more than twenty one
thousand, you'll get a reduce benefitfrom what you're supposed to get kind of
a thousand gonna make you pay itback right, Yeah, And we don't
like to do that. We wantall that money in our pocket. So
you either work and take make lessthan twenty one thousand or you just don't

(05:35):
take it. And if you don'ttake SO security will get a bunch a
little bit of an increase every year. But then once you turn full retirement
age to age seventy in between thattime, you can take SO security and
you can make a million dollars ayear and there's no reduction, there's no
problems with SO six one four eighttwo one nine eight eight six six one

(05:55):
four eight two one nine eight eightsix. If you have a question for
Joe from peak or tirement planning,how did you ever want to do this
for a living? Were you alwaysgood at numbers and trying to help people?
Yeah, I've always loved novembers,always loved finance. I've I've grown
up to be frugal, grown upjust to value every every penny you make.
Right, I've heard it's terrible Americanway. You know, you frugal.

(06:20):
You your people call me cheap.But that's not a bad thing.
Yeah, I'll show you cheap people. No, it's not cheap, it's
frugal. Right, so thank you. I'll tell you a funny story.
So, my mom, she's veryfrugal, and that's where I've gotten money.
You know, you know, ifyou just be furg with your money,
right. So she went to thestore the other day. So I
don't know if you guys were inKroger last week, but you could buy

(06:41):
blueberries for ninety nine cents, okay. And so I was at her house
and I go into the freezer stackedfull of blueberries. It looks like many
did the same thing. So it'spacked full of blueberries. And I'm like,
Mom, you don't need eighty fivepints of blueberries, you know what?
She said, Well, on saleon sale, and I know I'm
going to eat them. So thereyou go. So eating for lunch,

(07:03):
she'll eat him for dinner, she'lleat him for breakfast the next day.
It looks like we're getting a callerfor you. Let's see what William has
to say. William, you areon RAW and you were talking with Joe
from Peak retirement planning. What's up, hi, onetime listener, first time
caller. I actually am fifty yearsold and have like zero save for retirement

(07:24):
because I'm that intelligent, apparently,and I'm getting a windfall near the end
of the year, and I'm tryingto think of what would I what would
be in your opinion, probably thebest thing for me to do other than
to call you and talk to youand set this up about money that I
could live off of like savings andthen live off interests and stuff like that.
Is that even a good thing orjust poured into other investments? No?

(07:45):
No, absolutely, So you knowyou definitely have some opportunities there.
So the first thing I tell youis, don't make a decision until you
get some professional guidance there, becauseonce you make a decision, you know,
it's hard to change it. Right. So basically, what where we
would start is get to know yoursituation, what your goals are, and
then from there we'd be able tohelp guide you and say like, hey,
you should put it here where it'smore protected. Put it here we

(08:05):
can grow more. So we're justbasically trying to understand your situation. That's
the other thing when working with afinancial planner, if it's us or someone
else, make sure that you're gettingfiduciary guidance, someone who's going to act
in your best interests and see thingson the same side of the table as
you, so you're making those rightdecisions. There. There you go.
And I was thinking, like kindof divided into like three like past,

(08:28):
present, future, like money thatyou catch up on bill, some that
you splurge, and the rest youinvest. Yeah, but then I got
the idea like, Okay, wellwhat if I just invested on the live
off interests. I mean that seemslike the better course. But I like
what you're saying about to sit downwith somebody, especially since I'm kind of
like ignorant regarding it. Yeah,I'm want to make sure I get some

(08:48):
help and figure it out because Idon't want to make the wrong move.
Yeah, and we kind of thinkof it having a retirement income plan,
So there's definitely different strategies that youcan do there to have that plan that
you're talking about. Hey, Iwant to live on interest. Make sure
it's still there so we can helpput together those types of strategies so you're
not worried about running out of moneyand you've got enough to to of your
retirement. Thanks William. When weget back any other we have alls information

(09:11):
so you can contact these guys.Questions and more questions, bring them on
to one WTV and nine to eighteight six. This is Raw Minian Boots
on News Radio six ten WTVM,powered by and protected by the undefeated American
Maid Tattletale raging about it. Allright, we are talking to Joe.

(09:33):
I've got to make sure I don'tcall you Joey. Joe actually played basketball
for four years against my husband.Of course, he was with Bloom Carroll
Bulldogs. Randy was coaching another time, Joey, bring up anymore. I'm
not allowed to call you Joe anymore. It's just Joe, he's all.
He's Joe. Yeah, Oh mygosh. He answered so many great financial
questions for this retirement planning organization orcompany that he has. You got a

(09:56):
couple of callers right now, Let'sgo to Tim. All right, Tim,
what's your question? Brother? Hey, actually have two quick questions for
you. How's everybody doing today?Wonderful? Good. The first question I
had is you had mentioned that ifyou take your so security early, that
there's a cap of like twenty onethousand until full retirement, which earlier you

(10:22):
said that's between sixty six and sixtyseven, and then later you said seventy.
So I wonder which is it.Yeah, let me let me try
to clarify that a little bit.So between sixty two and full retirement age
is when that twenty one thousand dollarslimit exists, there's something called it full
retirement age, which if you lookit up online, you'll be able to

(10:43):
google and see, hey, what'syour date of birth? And then that's
going to depend on what you're what'sused for your full retirement at age,
and that's anywhere between sixty six andsixty seven. So two different things to
clarify, okay. And then alsoclarify further, you can actually take so
security anytime between sixty two and seventy, So okay, this four retirement age
of seventy is when there's no limitson as far as working. Okay.

(11:05):
Last question is if you if youhave money in an I rara and you
take that out, does that counttowards that twenty one thousand as far as
income or yes or no on thatcorrect? Yeah, So that not not
necessarily towards that limit. It's gonnait's only earned income, so you'd have

(11:26):
to be working to be over thattwenty one thousand dollars limits. So if
you take out a million dollars,no problems at all there, All right,
thanks to him. Let's go toCraig Craig Buyer ruddy, Hey,
boots. I was gonna stop andsay hi to you at the car show
a couple of weeks ago, butI got there kind of late and they
were doing light the awards and stufflike that. Put we'll grab me next

(11:46):
time, okay. Anyhow, Yeah, I retired at sixty two, and
I had a question about the incometoo, because I think back then,
I'm pretty sure it was eighteen thousand, and it seems like it went up.
Am I correct about that? Correct? There's something called inflation out there
that's everyone's biggest nightmare, and thispast year twenty twenty two is about eight

(12:09):
percent. And whenever that happens,they typically are going to raise those limits.
They say it's a good thing forus, but obviously inflation is not
a good thing for us. Ifyou ask me, so that is due
to inflation. So I jumped upthree grand, but you're still spending how
much twelve thousand more a year becauseof the inflation. Yep. You go
to the store and it's everything's alot more expensive right now? Huh.

(12:30):
I can't stand it. And there'ssomething in the tax code. So I'm
writing a book right now. Itshould be out in a week or two,
and it's called I Hate Taxes.So it's something I spent the last
year writing, and that's a greatthing. In there, we talk about
what's called a stealth tax and astealth taxes when the government doesn't necessarily tell
you they making a change, butthey don't make a change of impacts you.

(12:50):
And that's things like social Security.You know, most people don't understand
that most people have to pay atax on Social Security when they receive it,
and so that's not going to bein your favor. So we got
to be aware of those el taxes. He is, So knowledge is about
all of this stuff. Why didyou back to that original question, why
did you want to make this yourcareer? What inspired you about becoming this?

(13:11):
Yeah, so, like obviously,money growing up was always something I
thought was important. I went toschool for financial planning and then I had
a mentor who really got me intothe business. And she's been a retired
financial planner for thirty nine years ishow long she was in it. And
her name's Kathy Gillen, and sostumbled upon her and to this day she's
been one of my best friends andhuge mentored me and she's the one who

(13:31):
got me started show me the way. And she's still a big impact and
still helps out with everything I doto this day. So that's what got
me into it, seeing her relationshipswith her clients and just how intimate they
were. And when you see someonethirty plus years with someone and they share
of how meaningful that relationship was tothem, that that really gets you fired
out. Has to go to Dana. Dana, you got a retirement question

(13:54):
for us? Yeah, what canthey tell me about tax for your municipal
bond with another tax free earnings?Yeah? Absolutely, so tax free municipal
bonds. Hey, you know,earnings aren't tax which is great, But
the thing to look out with thatis how much return are you getting there
and is it worth it? Andso right now we're not seeing it as
a super attractive option from a yieldperspective. If you really want to,

(14:15):
you know, get in the weedson that. And so you know what
I would encourage you of is,hey, maybe we need to look at
some other tax planning strategies, maybethings like roth conversions or tax lost harvesting
to try to you know, getthat alpha that you're looking for from that
tax from the municipal bond. Soa lot of different options there, but
not something that we're looking at veryclosely. But I want to tell you

(14:35):
there's no perfect investment. Everything hasits pros and cons. All right,
can you really save people a lotof money? Yes, we've put together
accounts. The bottom line. Reallyyou want yeah, you want people to
make as much trement, win peaceso they don't worry about buying you ever
heard of a just in case retirement? No? Well, I don't know
if I want to retire yet,just in case I need enough. There

(14:56):
you go, I don't. Idon't want to go on that vacation just
in case I need more money.Right, Well, we try to help
people. Let's not be concerned aboutLet's actually try to save as much money
through tax savings and from making sureour investments are structure the right way so
that we can live the retirement thatwe wish for. I think you said
it to me one time. Bootsis like, hey, you know I

(15:16):
love cars. I don't want someoneto tell me I can't buy a car
in retirement. If if I wantto buy a car, I want to
do what I want to do.I'm so glad that we had people call
in and felt comfortable enough to getfree advice from you. But the good
thing is if they weren't able toget on the line with us right now,
because we did have a lot ofcallers. You offer free financial advice
if they first come in to meetyou with you right Yeah, absolutely,

(15:37):
so anyone that comes and sees us, if you just go to our website
Peak Retirement Planning dot com, you'llbe able to apply to talk with us
and we'll have a conversation with thesee where you're at and give you a
specific guide and say, hey,here's what we'd look to do. And
then through that consultation there if itmakes sense for us to work together,
if we're a good fit to worktogether, we can explore that further.
We don't work with everyone. Wehave a specific niche. We call it

(16:00):
a boutique practice. So the clientsthat we do serve, we do give
a higher level service too. Andso if we can't be a good fit,
we're gonna give you guidance and we'regonna help you answer your questions and
then also guide you to the rightperson with Rios. Next Jimmy Buffett,
if you know you're Jimmy Buffett,trivia call in and you got to go
against Molly. It's her birthday,so I'm going to knock Molly down.

(16:21):
It's on her birthday. And wegot these two fine gentlemen. Is your
phone of friends? This is We'reall with Minian boots. Call the magic
number six one four eight two onenine eight eight six nine eight eight six.
We'll be back after this six tenw A TVM. So a question
for all of you listening and ofall of you guys in studio right now.

(16:41):
Recently in the news, you sawPresident Biden getting booed when he went
to Maui. Literally people lighting thestreets booing him, were yelling derogative profanity,
flipping him off. Yeah, okay, not just in Malie, also
Lake Tahoe when we was on vacation, and also in Florida. Whether you
feel that way or not, isit disrespectful to the president or do you

(17:03):
say, go get them people?When you have Americans suffering and you give
Ukraine billions of dollars, what doyou think is going to happen? I'd
flip him off too, I wouldn't. I think a lot of them they
were really upset that it took solong for him to get there. And
the sad thing is he doesn't knowthey were booning. He's so clueless.
And then he told a story abouthow he almost lost his corvette and a

(17:26):
house fire or something like that.They really care. Yeah, that was
really surprised about that. But that'syou know, he pretty much does it
to himself. So now, Imean, I have no super strong opinion
either way, but at the endof the day, you know, when
we think about who's in office andthe job that's done, we need someone

(17:48):
who's looking after what we need.And I think a lot of people are
convinced that that's not what I gotone for you when you want Joe to
run this job. When when you'reon an airplane and they tell you the
oxygen comes out of ceiling, what'sthe first thing you're supposed to do on
it? Pull the You're supposed toput you on first and help Why is
exactly And that's not what our governmentdoes. They help you crane everybody,

(18:11):
but they're it's a funny joke foryou guys. So if you go to
the store with zero dollars in yourbank account, what do you walk out
with? Nothing? Well, itdepends if you have an ebt, f
card or whatever they call it.Yeah, I got a credit card.
You just run it up, right, But typically we talk out with nothing.
If the government goes to the storezero dollars in their bank account,
what do they walk out with?They print it, Yeah, they print

(18:33):
it. They can they can keepspending and spending. Then there's no limits.
We're thirty two trillion dollars in debt. That's thirty two followed by twelve
zeros. And that's the problem thatwe have right now, and and and
at the end of the day,you know, either side of the aisle
you're on, our country has aspending problem. Republican Democrat. Sure,
And I'll be the first one totell you. I tell a funny joke
that, hey, I vote withmy right hand. And Jesus Christ,
my Lord and Savior. You shouldn'ttalk about You shouldn't talk about finances,

(18:56):
You shouldn't talk about religion, youshouldn't talk about politics. So well,
we just talked about all three ofI'm here in the last last thirty minutes
or so, right, But lifeit's important. No, it's hard not
to talk about it when you're seeingpeople suffer. You know, you look
at your own finances and you thinkyourself, were you better off? Are
you better off now? Or wereyou better off a few years ago?
And you look at the prices ofeverything going up in the economy and everything.

(19:19):
And I have said this all along. I do feel sorry for the
younger generations who think that this isnormal. It really isn't. They shouldn't
be paying what they're paying at thegas bumps. We shouldn't be paying what
we're paying at the grocery store.There are certain things now I won't buy
anymore because they're so high. It'slike I can't justify spending what I normally
wouldn't spend on something. He's thenumbers guy. If you spread that billions

(19:41):
of dollars across Americans pocketbooks, billionsand billions of dollars to Americans, just
spread it out. If we're givingaway money, send me a check,
send you a check, send youa check, send you check. I'd
stand the screen. Is that whatyou're saying? Jail and all the shady
stuff and his family, of theprobably other government people. I'm just saying,

(20:03):
that's a billions of dollars. Howmuch would it be a family,
probably one hundred thousand. Oh,I don't know the exact numbers, but
definitely could make an impact. Imean, think about it. Do you
haven't so screw number? You geta check honestly when they come to you
for free financial advice and then theygo on to your system at peak retirement
planning? What's that number one worryright now? Yeah? Definitely running out
of round of money. And itdoesn't really matter how much you have,
you're you're worried about it. Sowe saw a study that said, you

(20:26):
know, if you have one million, what do you want? You want
two million, two million, youwant four million. If you want four
million, you want eight you wanteight million. And then once you have
eight million, the fear of runout of money no longer exists. Any
problem is that's less than one percentof our population. Wow, let me
tell you this. To a friendof mine posted someone on Facebook. It
read, I'm going to not bea citizen. I'm going to jump the
fence sneak back in. So everything'sfree. There you go call age free

(20:52):
food, freehouse to get vaccinated either. All right, pete, we get
about two minutes for you. Thereyou go, fee, what do you
got for us, buddy, Yeah, chiming in what you were talking about
earlier with the COVID vaccine. Youknow, the Democrats probably are hoping that
COVID increases because the vaccines will benefitthem, because they're going to do what

(21:15):
they did the last time, wherethey're going to increase if there's a lot
of there's a lot of people whoare get COVID, then they're going to
increase the stimulus checks and which ofcourse they're going to use them buy votes
for the election, right, andthen then then we can yeah, then
we can steal steal the votes andfix the election. Well, hopefully they're

(21:36):
waking a sleeping bear and hopefully peoplecome out in droves to fight back.
This is America. We should stillhave a voice real quick. How do
they get a hold of your brother? Oh yeah, so Peak Retirement Planning
dot com. You can reach outto us there. You can schedule a
time with us there, fill outour quick survey there and then we'll get
you on the calendar with one ofour advisors. You can also text our
phone number six one four five yetwenty one. That's six one four five

(22:00):
zero zero four one two one fourone two weeks. You're going Westerville Automotives,
Westernville Automotive dot Com. There yougo. He's got two locations off.
The time for coming in. Whatdo you think show? This was
your first time in studio, Agreat time, no great people here and
glad to do it and looking forwardto me anymore. Welcome to the team.
We love your brother. He makesme get excited about investments, so
makes excited about money. The secondbest show on radio's next, right mind?

(22:25):
And I think it's the first show, but that's Auto Smarts. But
this has been wrong on these radios. What Matters is coming up next?