Episode Transcript
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(00:00):
Live from the w g Y iHeartStudios. Welcome to Retirement Ready with your
host Dave Kopek from the Retirement ReadyShow. Every week, Dave and his
team discuss the ways they can helppeople make informed decisions about a wide array
of retirement planning information that can supportyou and developing a more certain financial future
for you and your family. Nowit's time for Dave Kopec, WGY's retirement
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planning specialist. Yeah, good afternoonwherever you may be listening, either here
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in the five win eight or otherparts of the country. I know that
our broadcast goes out through the iHeartRadio distribution channel, which we're very happy
about. We've got a lot ofindividuals that are listening to us throughout the
country. So we want to talkabout some topics, of course, that
are more general than specific to thefive to eight. Bottom line gets down
(01:32):
to is that this is Retirement Ready. This is Retirement Ready. This is
a show that is topics specific,and what we try to do is go
over ideas and concepts that you needto be aware of for your pre and
post retirement years. If anything thatwe're discussing is of interest to you and
(01:53):
you want to come in and havea chat with us, or if you
want to kind of check us outon the web, it's rpgretire dot com,
rpgretired dot com. I know thatwe're going to start some construction on
our website, which I've been talkingabout for quite some time. And if
(02:13):
that is the case, you mightnot be able to get into it,
and I apologize, but it willbe worth the weight. It will be
worth the weight. Bottle Mine getsdown to is that we're going to talk
about some things today. Of course, I talked a little bit last week
about the greatest fear that people areworrying about, and that is, of
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course, how do I take allthese life savings of mine and now create
an income that will last a lifetime. So we're going to talk about today's
topic. Got the Zach. Today'stopic my brother from another mother. Today's
topic is three keys, the threethings that you want to think about when
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you're developing a retirement income plan.And these are the three bullets, which
I'm going to go into great detail. I'm gonna worry a little bit about
them. The first one is thatwe want to build income streams that will
have some guarantees. We want tobuild income that will have growth potential.
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And the final one is that ofcourse we want flexibility. We don't want
to tire money up or we can'tget to it if we have a nine
to one one event. So,as I said, almost nine out of
ten people today, ninety percent ofthe population has to create their own pension
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benefit. The days of working formister and XYZ or a company x y
Z and then you walk out thedoor and you've got a pension and health
care, those days are going.And that's another show that we're going to
do in the very near future becauseI'm finding out right now how expensive healthcare
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is during your retirement years. Sothe key takeaways from today's program would be
a couple of things. First,is a retirement income plan Number one should
include guaranteed income that will last alifetime, so you're not sitting there at
night playing tittlee winks, staring atthe fan that's spinning in your bedroom and
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wondering how the stock market's going toopen up tomorrow morning. How many times
does that happen, folks? Toomany? Right? Second thing is is
that you know what life isn't consistent. Life has a lot of variables and
eventually those curveballs that we receive inour lifetime is going to have an impact
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on some of the decisions that wemade on the front end of our retirement
planning, and we want to makesure that we tactically have the ability to
make changes to that. And finally, and finally, you want to think
about working with your financial team.I talked about this with Chris McCarthy,
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my associate at the Retirement Planning Group, and we talked this morning from our
show on retirement income distribution planning,how it's so important to have the right
team. What do you mean bythat, Well, this is what I
mean by it. If you're workingwith ABC Corporation, an ABC Corporation is
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showing your products that are specific toyou. If ABC is showing you their
annuities, ABC is showing you theirmutual funds. ABC is showing you their
insurance products. How objective do youthink they are? We all know in
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this world that we live in thatnot anyone size fits all unless you wear
spandex pants, which Sack does.But you want to make sure that you're
in a situation that you're getting independent, objective advice that does not have a
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bias, right if I'm working withmister Apple and mister Apple works for ABC
and all he's showing me is ABCproducts, that doesn't give me a warm
and fuzzy So finding the right mix, finding the right platform depends on a
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bunch of facts, bunch of factorswhich I'm going to get into great detail
today as much as I can inone hour. So, as I said,
the good news is this is thatwhatever your situation is, you can
help your retirement readiness by getting proactiveand finding out exactly what options are available
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to you not only through your employer, but also outside your employer in order
for you to achieve to achieve whatyou ultimately want to do during your retirement
years. At the Retirement Planning Groupwhich I'm the president of, I believe
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in. Our firm believes that thereis a solid retirement an income plan that
is built off of three primary thingsthat I just said. Guarantees to ensure
that your core fixed expenses are coveredon a monthly basis. Secondly, growth
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growth potential for your long term needsnot only as far as income, healthcare,
and possibly what Lupiro and his teamjust talked about, if you need
medical or long term care, andfinally, flexibility being able to redefine what
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your plan is. We all knowthat we live in a world that there's
no guarantees as far as health lifeexpectancy are. Nadi of Honor, fifty
eight years of old, just passedaway this past week. God rest her
soul. Has her husband's life changed? Lost the Social Security benefit? What
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was happening to her pension benefit thatshe was eligible for? What about her
four oh one K the assets thatshe had accumulated in her lifetime. You
have to have the ability. Youhave to have the ability in order to
tactically move around. So let's quicklygo over a couple of things I said
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over and over again. I'll sayit again. Open architecture. What does
that mean? Dave? What doesopen architecture mean? Open architecture means that
I've got all the tools in thetoolbox, that there's no bias. I
don't get paid I need differently,whether I use a b c Z meaning
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that if I'm a fee based advisor, I'm buying institutional shares or I'm buying
fee based shares. That ensures thatyou've got the lowest expense that I could
possibly give you plus on the insuranceside, or the protection side, or
the legacy side. I have openarchitecture, meaning that if I'm looking for
a specific insurance product in order tofacilitate what our clients need, I'm not
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handcuffed because I work with ABC Corporationand they don't have that in their arsenal.
That's what opraen architecture means. Theability to go into the toolbox and
not have one screwdriver, but havefifty sixty eighty one hundred screwdrivers in order
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for you to adjust and make modificationsand implement what is necessary for your retirement
plan. So I'm going to takemy first break, and when I come
back from my first break, we'regoing to talk about guaranteed income to help
you pay for your essential expenses.Then we're going to talk a little bit
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a little bit about growth growth potentialfor your long term needs. And then
finally we're going to talk about beingflexible to be able to redefine, to
adjust, make adjustments without having majorevents or not being able to because you're
locked yourself into an investment that younow can't get out of. But I'm
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here, actually believe it or not, Folks, on this beautiful, bright
and blue sunny day, live inthe studio with Zach. If you would
like to call us, we wouldwelcome your phone call anything that I'm discussing.
It's one eight hundred talk WI.That's one eight hundred eight two five
fifty nine forty nine. Again,I'm Dave Kopak. This is Retirement Ready,
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and today we're talking about building outyour retirement income distribution plan for your
retirement years. We'll be right backthe eighty six percenters. Do you know
that eighty six percent of the populationhas no defined benefit pension plan. For
most of us, we have totake our life savings and create a paycheck
for the rest of our lives inretirement. What is your plan for retirement
income distribution? How you manage yourassets during the most critical years of your
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lifetime. Nobel Prize winning economist WilliamSharp has called retirement income distribution the nastiest,
hardest problem in finance. He pointsout that investment, uncertainty, and
mortality can derail the most careful laidout retirement income plan. Call our offices
today to start the process of buildinga retirement income distribution plan. After forty
one years of being in the financialservices business. You need to start taking
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action to start building your own personalretire an income distribution plan. How do
you do that? To take action? Five one eight five eight zero one
nine one nine. That's five oneeight, five eight zero one nine one
nine or RPG retire on the web. Don't procrastinate, motivate to start building
your retirement income distribution plan five wineight five eight zero one nine one nine.
(13:18):
Will you run out of money inretirement? Will your investments provide income
for possibly decades? How do younavigate the two greatest risk in retirement sequence
of returns in longevity At the RetirementPlanning Group, Our Bucket of Money approach
addresses these concerns and we offer acomplimentary consultation to discuss this with you.
Call our office today for a freecomplimentary consultation to develop your own personal retirement
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income distribution plan at five wine eightfive eight zero one nine one nine.
That's five wine eight, five eightzero one nine one nine. Day me
how she was when you want toknew her? How she may need?
Your game with many men and men, and you telling me that you don't
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think I'd be with her if Icould just have known her way back then,
Lord, you ask me, whydon't back up and believe her?
Now that I know about her,we get away. Well, I doubt
that you could understand the thinking.All listen close to what I have said.
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She's the wrong that I leave.Shee the son. I'm listening because
I'm trying to figure it out andI don't care what you said, and
I don't have it. Whoz GeorgeJones, That is George. That's the
(14:56):
bag one was for Julie. Bythe way, she's your rock. She
is my rock. There's no doubtabout that. It wouldn't be anywhere without
Julie. She knows it, andI know it. Love my life,
love of my life. Probably don'ttell her enough how much you'll love her,
as most of us guys do.Right, We forget sometimes. All
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right, Listen, we're talking aboutretirement income distribution. We're talking about how
to build out the plan. Ican sing here and bang the drum and
do all everything, but you knowwhat, you better listen because the world's
a changing. Most of us donot have pension benefits. You're going to
live a hell of a lot longerthan you thought. My oldest client's one
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hundred and two. I got alot of clients in their nineties and eighties
and seventies. Why, well,I've been doing it for a long time,
you know. I've been in thebusiness. Now. This is my
forty third year to sixty eight yearsold, and I'm not leaving. I'm
not going anywhere. I'm not retiring. I love what I do. I
love my clients, love my family, and I think I bring a lot
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of value to the table simply becauseI've been doing it for forty three years.
And I can tell you what I'veseen in forty three years, and
I can tell you this much.People that have guaranteed income to pay for
to pay for the foundation. Okay, your fixed expenses are happy. Okay,
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They're not sitting there biting their fingernailswhen the stock market is going up
and down and gyrating. So whenyou create a plan, first and foremost,
you want to make sure that yourday to day expenses, your non
negotiable costs. What is that,Dave, what's a non negotiable cost?
Okay, that's housing. Gotta havea house, right, gotta have a
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roof, like some food. We'llthrow food in there too. Gotta have
some food. You want to havethe lights on, be able to flush
the toilet, and all that needsome utilities. We'll get some utility and
of course taxes. And here's thebig one. Here's the one that's killing
people right now, killing us healthcare. Healthcare is kicking the eleven, you
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know what out of all of usas far as what the expenses are.
So you want to make sure thatyou're covered by lifetime guaranteed income sources.
And there are basically three that I'lltalk about in general terms. General,
Okay. The first is the foundationthat all of us has, what is
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it Social Security. When you decideto take it, will have a big
impact on your retirement. As weall know, it's like the carrot on
the stick. It's tempting to takethat benefit because you're eligible at age sixty
two. But I'm telling you rightnow, folks, that could be a
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costly move to take it at sixtytwo rather than waiting to your fr your
full retirement age, or to thatmagical age where it stops growing age seventy.
So look at your statement. Goon SSS gov they say, sss
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gov social Security dot gov and findout what your full retirement age and sit
down with your financial team, thefinancial professionals that you're working with, and
start building out when it will bethe right opportune time for you to take
social security. Don't take it simplybecause it's available. That's a bad decision.
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Take it because you've planned it andyou understand the consequences of why you
did it. And also for yourspouse. We live in a society today
that a lot of us were divorcedprevious wives, previous husbands. You might
be able to get a spousal benefitoff of that relationship. Allow yours to
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accrue or take a spousal benefit offof your existing relationship. Don't just take
it without the ability for you tosit down and look at option A,
B and C. The other thingis we always talk about bridging. Well,
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what's a bridge. You know whata bridge is, right, It
takes you from one destination to theother without going in the water. That's
just like social security selection. Itallows you to bridge to a higher benefit
would get you what more money?More money. So if youve got a
lot of money sitting there and qualifiedassets iras four oh one k's four h
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three B tech sheltered annuities, NewYork state deferred compensation, whatever it may
be, maybe use that money inorder for you to select a higher benefit
of social security, especially if yourspouse does not have a pension benefit.
Pensions used to be common, right, we'll all know that it ain't so
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not so much anymore here in theCapitol District region where we live. For
the people that are listening outside thefive one eight area code, okay,
we have a lot of pension becausewe're at the Capitol Albany. But for
those people that do not have pensionbenefits, you need to start looking at
different ways, the pros and consand how you withdraw money from your qualified
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assets four O one k's iras,et cetera, lump sum you take the
annuity. Does one spouse have apension small or large? There are a
lot of ways to create a pensionbenefit or a guaranteed income stream. And
it has to do with one wordplanning, planning. And here's the other
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one they need to start thinking about. And whether it's Schwab, whether it's
Fidelity, any of the major investmentbanking firms, Vanguard, they all say
this, if you do not havea pension benefit, then you look at
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purchasing an annuity contract issued by aninsurance company that will guarantee to pay you
for the rest of your life,and also for your spouse if you select
the spousal benefit. There's a lotof different types multitude multitude. As an
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example, individuals that are listening rightnow that work for National Grid, you
have a four oh one care thenyou have a cash balance account. That
cash balance account, you have theability to purchase an annuity through the company.
All Right, is it good totake the company's annuity or is it
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better off for you to purchase yourown annuity. I'm in the camp that
it's better off for you to purchaseyour own annuity. And there's a multitude
of reasons which I'm not going toget into today, but the big one
thing is this. You control yourdestiny and you also control your legacy,
how much money you want to transferto the next generation. If you pick
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the annuity through National Grid and youhave a premature death, what happens,
Well, they win, you lose. So there's a few things to keep
in mind when you purchase an annuity. Depending on the type that you select,
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you may now that's the key word. May. You may give up
access to the savings that you haveinvested in that annuity and it's now theirs
and they guarantee an income stream toyou. The other option is that you
don't have to give it up.There are annuity contracts out there that will
give you lifetime income benefits, guaranteedlifetime withdrawal benefits, guaranteed minimum income benefits.
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There's a lot of different scenarios thatthey call them. That allows your
money to grow, allows your moneyto have a fixed guaranteed distribution based off
of the dollars that you put in, and when you pass away, the
money either goes to your spouse,your children, your loved ones, whoever
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you select. There's a key thing. They're called a beneficiary form. But
annuities are complicated, they have abad rep. People talk about them in
a negative light. I talk aboutthem in a positive light because it's the
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only investment out there that you,as a consumer of financial products, can
get guaranteed income that will last alifetime. There's not a portfolio manager,
there's not a financial advisor, andthere's not a mutual fund and ETF whatever
it may be that's out there thatwill guarantee you income for as long as
what you shall live for as longas you shall live. So here's a
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tip. There's a lot of differenttypes. If you're outside New York,
there's a multitude, much more thanwhat we have here. Right. There's
a lot of features and there's alot of benefits. It's important for you
to talk to your financial advisor andthe team to determine if the annuity if
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there's the other word not if,right, I'm going to emphasize it capital
if if it makes sense for youto put that into your overall investment program.
And when I say your investment program, what's an appropriate investment program,
diversified investment plan. Never ever,ever put all your eggs in one basket.
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Never put all your eggs in onebasket, because that never makes sense,
especially if you want liquidity. Youwant to be able to have some
growth. And that's the big thingthat we're going to talk about when we
come back for great We're going totalk about growth with the safety net because
think about it, twenty years ago, what was the cost of goods and
services? It's kind of staggering whenyou think about it. Go back and
(25:48):
do a little research. What wasgas at twenty years ago? What was
a stamp out twenty years ago,what was the cost of milk and bread
and all your necessities, utilities,taxes. It's important. It's important that
you understand that if you're building aretirement plan, you need to have growth
potential that will keep up with inflationthroughout your retirement years. And there's ways
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to do it, and there's akeyword that's associated with it, guaranteed.
Guaranteed you can guarantee that you'll havea kola across the living adjustment not only
with your investments, but also withyour social security as long as you select
select the right investment program. Sohere's my question to you. As you're
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driving down the road, you're mowingyour yard, you're sitting by the pool,
you're on the boat, whatever itmay be. Today, I'll be
on the boat and link George inabout an hour and fifteen minutes. Well,
I'll tell you one thing. Makesure you got a lot of tools
in your toolbox. You don't wanta toolbox with limited amount of tools.
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You want a toolbox. They gotlots of tools, lots of opportunities in
order for you to build out aretirement income distribution plan that will basically cover
your expenses and then have a littlebit on the sidelines for the events that
you cannot figure out. All right, We're gonna take our final break here
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and come back. We'll see onthe other side. Hey girl, what
you do? And down there dancingalone every night while I leave. Right
above, I can hear a musicplay, hock and hear your body sway
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one floor below me. You don'tdon't even know me. I love you,
oh my darling, not three timeson the ceiling. If you wan
Tony, Tony, Orlando and Donwhat's same that group? Mister Conway?
(28:18):
Twitter means that is no, meansyou sure it's good music? Whatever it
is? All right, We're talkingabout building an income plan for your retirement
years. I'm live in the studio. If you have any questions, give
(28:41):
me a call to me. I'mDave Kopek. I'm the president of Retirement
Plenty Group. We got five locationsin New York. We have locations now
in Florida, and if you wantto sit down with us, we would
love to have the opportunity to downwith you and build out a retirement plan,
(29:03):
not only as far as your investments, the asset protection and of course
the legacy that you wish to leaveyour loved ones. Let's talk about growth
with safety net. As you're allquite well aware things go up, cost
of goods and services, inflation.It's the cancer in your retirement that you
(29:25):
have to address. So as youbuild out your retirement income plan, it's
important to include some investments that allowyou to have growth potential. So how
do you do that? Well,you got to start thinking about what do
you want to do. Do youwant vacations, you have hobbies? Do
you have certain things that you wouldlike to have, that's you know,
(29:45):
the car, the boat, allthe things that you want it for your
retirement years, and what is thecost of those creature comforts? So it's
important to consider what your mix goingto be. A lot of times your
little financial advisors talk about asset allocation, stocks, bonds, cash, you
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know, all that hyperbally. Thebottom line gets down to is that here's
the key. How much money doyou need? This is what you solve
for. How much money do youneed and how much risk do you want
to take with your assets? Howmuch money do you need and how much
risk do you want to take withyour assets? Do you want to be
overly conservative, Do you want tohave growth with the safety net? Because
(30:32):
there's ways to do that today whereyou can basically have suspenders in the belt
on your portfolio that if the stockmarket goes down, you're going to be
protected. If the stock market goesup, you're not get the full gain,
but you'll get a substantial gain.And how overly aggressive do you want
(30:55):
to be in the markets during yourretirement years, especially during volatile markets when
all hell's breaking loose. So here'sthe bottom line. After doing it for
a long time, creating and managingyour investments in retirement requires that you do
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some what we call discipline on yourpart. You got to have discipline.
You can't shoot for the moon andhave a high beta, high volatility stock
portfolio when you're really a conservative investor. So you got to research who you
(31:36):
are as a person and be realistic. You know. I always love the
guy comes in and says, hey, listen, I need twelve to fifteen
percent on my portfolio for my retirementyears. And I say, see the
door, go back through it,because you picked the wrong place. Brother.
It's important. There's an article thatjust came out that I talked about
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this morning. Have realistic, realisticexpectations as far as how much money you
can take off your investment portfolios.A lot of people say, hey,
listen, four percent, four percentis the number. Well, four percent
might be the number, but rightnow, if I can go out and
get six percent guaranteed, what thehell would I take four Because right now
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you can get six percent guaranteed.You can get bonds and gets, you
get nygas. There's a lot ofdifferent ways that you can get it guaranteed
six percent with your investments. Soyou get one hundred thousand dollars, or
you got a million dollars, yougot sixty thousand dollars coming in five thousand
dollars a month with your corpus beingprotected. I'm a stock guy. I
(32:45):
like stocks. Now does it makesense for me to have as much money
in the stock market that I haveat my age? Probably not, But
I have no intentions of retiring.If I retire, then I'm going to
(33:06):
basically say, you know what,I need to pull the throttle back.
I need to have less exposure tostocks and more exposure to what cash flow
dividends. So, if your inclinationduring your retirement years is to stay in
the stock market and have a professionalmoney manager, financial advisor, screaming a
(33:31):
monkey, whatever you want to callthem. Manage your money, be ready,
be ready to stay fully invested,because you can't time it. You
can't time it. There's too manypeople out there that have invested in the
stock market to try to time it. When they should be buying, they're
selling. When they're selling, theyshould be buying. Bottom line gets down
(33:53):
to is that you need to betactical on the front end, not in
the middle three quarters of the waythrough. Build your plan on the front
end, but also make sure thatyour plan has the ability to be adjusted
flexible. I've seen horrific things inmy forty three years being in this business.
(34:23):
Horrific. I opened up with fourother guys, the Morgan Stanley Deanwood
our office in Aubany, New York, and the towers in the Vista Hotel
in Lower Manhattan. We used tobe there all the time for meetings,
(34:46):
windows of the world, for meetings, dinners, presentations, and by the
grace of God, by the graceof God, luck, whatever you want
to call it. We weren't therethe day that those airplanes struck those towers.
(35:15):
That is the magnitude of a horrificevent that can have a dramatic impact
not only on you psychologically financially,but it could basically implode a retirement plan
that day, that day, financialcrisis, COVID flash crash, and go
(35:38):
through all of them that I've seenin forty three years. So what's important
for you to understand with your retirementincome distribution plan? Understand that bad things
happen to the financial markets and alsodo good people. That's why it's important
(36:04):
to combine a portfolio. In myopinion after doing this a long time,
that will give you a diversity.Remember that I said that a diversified income
stream and retirement that not any onedividend cash flow guaranteed income stream will have
(36:24):
a devastating impact on the net resultof you having quality of life. Complementary
complementary income sources can work to benefityou. Complementary income sources can work to
(36:47):
benefit you. Say that again,so when there are issues, and there
will be, there will be events, well in our business black swan events.
But to help reduce the effect ofsome of those events, those what
(37:10):
we call key risk black swan inflation, longevity, market volatility, go through
the whole laundry list. You haveto have realistic expectations as far as how
much you can take off a portfolioand how you build out the portfolio.
(37:34):
Four withdrawals from your investments that you'veaccumulated, possibly most of us for decades.
We live in an entirely different worldthat we grew up in. The
unthinkable is thinkable. To hear thenews about nuclear weapons. You hear the
(38:05):
news about regional conflicts that can turninto World War three. I'm not trying
to scare you, but that's thenews that as a financial advisor we need
to sit down and digest it andfigure out. You know what, if
you know what hits the fan,do we have the ability to hit the
(38:30):
button just like they do in theairplane and eject bail out, bail out.
So, if you're planning an incomedistribution plan and you want to open
architecture and you want a team thathas a lot of tools in the toolbox,
(38:54):
almost every single tool you could possiblythink of. You want flexibility,
and you want low cost, lowfees, low expenses, and liquidity,
you should look at our website atthe Retirement Planning Group that's rpgretire dot com
or you should give us a calllocally here in the five one eight.
(39:16):
We're in Syracuse, we're in Oneana, we're in Aubany, Malta and Glens
Falls. So we got a lotof locations that we can sit down and
have a chat with you. Andyou can do that by simply calling my
office at five point eight five eatzero one nine nine, or check us
(39:37):
out on the web again, that'sRPG retire dot com. It's been proven
over and over again working with afinancial professional helps you, doesn't hurt you.
It helps you net return, taxefficiency, nuclear whole laundry list.
(40:02):
I'm going to take a break whenwe come back again. As I said
on this beautiful, sunny, gorgeousday in June, I'm sitting in the
studio for Retirement Ready. It's oneeight hundred talk WGY one eight hundred eight
two five fifty nine forty nine.If you want to talk about investments,
(40:24):
protection, products, legacy, whatever, it is, one eight hundred talk
WGY. I'm Dave Kopek, thepresident wg Wyse Retirement Planning Specialists. We'll
be right back, your partner forsuccess. David Kopek here WG WISE Retirement
Planning specialists the Retirement Planning Group.We understand that retirees face many important decisions
(40:45):
that can affect their long term financialsuccess. Some of these decisions revolve around
making investments that will help create ahedge against outliving their assets, the impact
of inflation, taxation, and risingtimealth care costs. Most of our clients
like the time, the desire,or the experience to manage their own investment
(41:06):
portfolios. We consider it to bean honor and a privilege to help our
clients make sound investment decisions that willcontribute to a secure financial future for them.
Because over ninety percent of our clientsor retirees with similar concerns, we
are in the best position to approachsuch challenges with experience and skill. Give
(41:27):
us a call today at five oneeight, five eight zero one nine one
nine five one eight five eight zeroone nine one nine or RPG retire on
the web. The greatest risk inretirement most of us have no plan for
We're insurance to cover the expense.A long term care event can impoverish a
spouse, drain your life savings,and cost stress and anxiety on your family.
(41:47):
What is your plan and how willyou pay for a long term care
event. Call the Retirement Planning Grouptoday. Discuss options you should consider to
protect your estate and have choices andindependence. Take action well today five five
eight zero one nine or RPG retireon the website. Here you comeagain,
(42:21):
just what I've begun to get myselfto you as riving gol, just like
you've done for and wrap my heartaround your little finger. Here you comma
in just what I'm about to makeit work without you. You look into
(42:45):
my eyes and lie the sprints,and pretty soon I'm wondering how I get
dog. I know, Yes,smile, it's smile and then let's go
me like me, like me,like me like one eight hundred talk wgy
(43:09):
if you got a question. Yes, I'm here in the studio on this
beautiful day, one hundred talk WYnine. You know, we're kind of
in a unique position, folks,which we haven't seen for a while.
What does that mean? That meansthat interest rates on the short end of
(43:30):
the curve are pretty high. Andtypically typically when you're in cash treasuries blah
blah blah, you know you're notgetting paid to sit there. But as
of right now, you know,money markets are over five percent CDs are
five to six percent. Treasuries areover five percent. So we're kind of
(43:52):
like in a sweet spot if youfeel uncomfortable and you're getting indigestion about the
election, about what's going to happen, So don't feel bad if you need
to allocate some of your money whatwe call chicken money. You know what
(44:13):
chicken money is, scarity cat chicken, chicken money. And you want to
have principal protection because right now you'regetting paid. You're getting paid to have
chicken money. Plus when you investit, guess what, it's all guaranteed.
(44:36):
It's all guaranteed, ain't gonna goaway. I'm don't have to worry
about it going thirty to forty fifty. Now, with treasuries, you gotta
wait till they mature, right,short term treasure you gotta wait till they
mature. CD's you gotta wait tillthey mature. Money market, you got
liquidity, but the corpus, theprinciple stays the same, right, and
(44:57):
then your interest compounds. So I'mgoing to kind of highlight here because only
at about six or seven minutes left, you need to understand the trade offs
as you build your retirement income.Distribution plan. And as I said at
the beginning of today's program, RetirementReady, everyone's situation is unique and different.
(45:22):
There's no one strategy that will fitthe bill. Now, some people
try to do that. These majorinvestment banking firms that you see them,
you know, they send you everythingin the mail, and they're all over
the TV, and they're all overyou know, Internet, and they ask
you to call in and because they'rejust fantastic at managing money. They're just
(45:46):
absolutely fantastic. But that's not that'snot a retirement income distribution plan. That's
a marketing strategy in your basically buyingtheir bill of goods. I can't tell
(46:06):
you how many people that I've workedwith, especially recently two three years ago,
their knees were not good and theycouldn't have they didn't want any exposure
to the stock market. Now they'regetting six eight percent on their portfolios and
they're coming in and say, whyaren't we getting nineteen or twenty percent on
our portfolio? Right? People haveshort memories, right, they want guarantees,
(46:34):
they want the touchdown account. Iwant guarantees, but I want the
touchdown account. It only goes up, never goes down. So just remember
with guarantees, you get less growthpotential, but you get much much more
flexibility. And one of the thingsthat you need to start thinking about when
(46:59):
you start building out your retirement incomedistribution plan is what's your family's history.
You got good, jeans got bad. I don't know if that makes a
lot of sense today, because youknow, my dad died at forty four.
I'm sixty eight. I'm a healthysixty eight. So regarding longevity and
(47:24):
how you manage assets, I justtold you at the beginning of the show,
most of my money sitting in stocksbecause I like stocks. So here's
your bullet points. How do Iget going? Here's the five things for
you to consider. How do Iget started? Dave, Well, here
this is how do you get started? Okay, get up off you know
(47:46):
what, and motivate yourself. That'snumber one motivation, Not procrastination or laziness,
because there are a lot of peopleout there that are very lazy.
Identify your goals and what you're tryingto achieve right without a plan, any
(48:07):
destination will do. Without a plan, any destination will do. So retirement
income distribution plan will help you makeit to the finish line, and you'll
understand exactly the cash flow that you'regoing to have coming in the door.
(48:31):
Find out when it's financially feasible foryou to take solid security, not because
you can get it, but becauseyou sat down and you did the calculations
with both you and if you havea spouse, and how much you have
(48:52):
to have in emergency funds, howmuch do you need to have as far
as growth potential? How much doyou need to have as far as to
pay your bills? Oh, bythe way, do you have health insurance?
Oh? By the way, what'sthe take as far as paying the
taxes? Oh? And by theway, what happens if I have a
long term care event and I needto go into a nursing home. How
(49:12):
does that affect my overall plan andmy family and my spouse. No one
wants to think about that because noone wants to think about bad health or
the grim reaper. And here's thekey. Once you decide to start doing
(49:35):
these steps that I just said,implement, take action, get off your
off your you know what, andstart doing it. Stop procrastinating. Had
a woman at the seminar that wejust did with Lou Piro over at the
Desmond. She's been in my officelike three or four time. She said
(50:01):
to me, Oh, I'm gonnacome in and see you. I'm coming
in to see I'm gonna do itthis time. I said, do me
a favor. Okay, don't comein and see me. Go see somebody
else. Not because I don't wantto work with you. But it's obvious
what I'm saying to you is notresonating with you. And you've got this
(50:22):
open book that can basically just goaway. It can be disintegrated in a
very short period of time. Iknow your situation inside and out. But
this woman cannot cannot make a decision, cannot make a decision. And the
worst thing that I could do isto have her come in again and sit
(50:45):
there and play Titta Leewinks for fortyor forty five minutes and have the same
conversation and have the same net result. Let me get back to you,
let me think about it. Thatsounds good. I'm gonna go home and
I'll call you back. What happens, zero zipo, not a nothing.
(51:07):
Your plan is only as good asthe one that you implement. Say that
again, Your plan is only asgood as the one that you implement for
your personal financial goals, for yourpersonal risk tolerance, for your personal investment
platform, your priorities. And thenonce you set up your plan and your
(51:35):
legal documents, because you got todo legal. Two, you have to
do legal. Then you need toset up your regular reviews. We sit
down at least on a semi annualbasis, if not face to face,
then on the telephone at least onan annual basis with our clients to make
(51:55):
sure that the plan is on trackand we have met, we have met
your lifestyle and your income needs.So here's my question to you. All
right on track for your retirement incomedistribution plan? Are you gonna motivate?
(52:15):
Are you gonna do something about it? Or are you gonna say? You
know what, that sounds like agood idea, but you know what,
I'll wait, or I'll call himnext year, next week, whatever it
may be. We all know thatphrase that we hear over and over and
over again resonates with all of us. Sooner is better than later. So
(52:43):
here we go. Here's my drumroll. One minute right on the button.
Forty Should I wait? So I'lltake a deep breath for the drum
roll. I don't hear a drumroll. We gotta get some of those
buttons, drum roll and horns andall that stuff. So here build an
income plan with guarantees, drum rollgrowth potential, with the safety net drum
(53:10):
roll flexibility, so when you knowwhat hits the fan, you have the
ability to tactically, strategically move assetsand make sure make sure that you have
your legal house in order. I'mDave Kopek. This is Retirement Ready.
(53:30):
I'll see you next week. Thankyou for listening to Retirement Ready hosted Buying
Dave Kopek, WG wise Retirement PlanningSpecialist. If you'd like to talk with
Dave for someone of the Retirement PlanningGroup, call five one eight five eight
zero one nine one nine. That'sfive one e five eight zero one nine
one nine during business hours or visitRPG retire dot com. The Retirement Planning
(53:55):
Group has five convenient offices located inAlbany, Malta, Glens Falls, Syracuse,
and Oneana. Tune in again nextweek for retirement planning strategies with Dave
Kopek right here on WG wise RetirementReady. The information or services discussed on
(54:15):
this show is for informational purposes onlyand is not intended to be personal financial
advice. The investments in services offeredby US may not be suitable for all
investors. If you have any doubtsas to the merits of an investment,
you should seek advice from an independentfinancial advisor.
Live from the w g Y iHeartStudios. Welcome to Retirement Ready with your
host Dave Kopek from the Retirement ReadyShow. Every week, Dave and his
team discuss the ways they can helppeople make informed decisions about a wide array
of retirement planning information that can supportyou and developing a more certain financial future
for you and your family. Nowit's time for Dave Kopec, WGY's retirement
(00:25):
planning specialist. Yeah, good afternoonwherever you may be listening, either here
(01:06):
in the five win eight or otherparts of the country. I know that
our broadcast goes out through the iHeartRadio distribution channel, which we're very happy
about. We've got a lot ofindividuals that are listening to us throughout the
country. So we want to talkabout some topics, of course, that
are more general than specific to thefive to eight. Bottom line gets down
(01:32):
to is that this is Retirement Ready. This is Retirement Ready. This is
a show that is topics specific,and what we try to do is go
over ideas and concepts that you needto be aware of for your pre and
post retirement years. If anything thatwe're discussing is of interest to you and
(01:53):
you want to come in and havea chat with us, or if you
want to kind of check us outon the web, it's rpgretire dot com,
rpgretired dot com. I know thatwe're going to start some construction on
our website, which I've been talkingabout for quite some time. And if
(02:13):
that is the case, you mightnot be able to get into it,
and I apologize, but it willbe worth the weight. It will be
worth the weight. Bottle Mine getsdown to is that we're going to talk
about some things today. Of course, I talked a little bit last week
about the greatest fear that people areworrying about, and that is, of
(02:37):
course, how do I take allthese life savings of mine and now create
an income that will last a lifetime. So we're going to talk about today's
topic. Got the Zach. Today'stopic my brother from another mother. Today's
topic is three keys, the threethings that you want to think about when
(03:00):
you're developing a retirement income plan.And these are the three bullets, which
I'm going to go into great detail. I'm gonna worry a little bit about
them. The first one is thatwe want to build income streams that will
have some guarantees. We want tobuild income that will have growth potential.
(03:23):
And the final one is that ofcourse we want flexibility. We don't want
to tire money up or we can'tget to it if we have a nine
to one one event. So,as I said, almost nine out of
ten people today, ninety percent ofthe population has to create their own pension
(03:46):
benefit. The days of working formister and XYZ or a company x y
Z and then you walk out thedoor and you've got a pension and health
care, those days are going.And that's another show that we're going to
do in the very near future becauseI'm finding out right now how expensive healthcare
(04:11):
is during your retirement years. Sothe key takeaways from today's program would be
a couple of things. First,is a retirement income plan Number one should
include guaranteed income that will last alifetime, so you're not sitting there at
night playing tittlee winks, staring atthe fan that's spinning in your bedroom and
(04:35):
wondering how the stock market's going toopen up tomorrow morning. How many times
does that happen, folks? Toomany? Right? Second thing is is
that you know what life isn't consistent. Life has a lot of variables and
eventually those curveballs that we receive inour lifetime is going to have an impact
(05:01):
on some of the decisions that wemade on the front end of our retirement
planning, and we want to makesure that we tactically have the ability to
make changes to that. And finally, and finally, you want to think
about working with your financial team.I talked about this with Chris McCarthy,
(05:23):
my associate at the Retirement Planning Group, and we talked this morning from our
show on retirement income distribution planning,how it's so important to have the right
team. What do you mean bythat, Well, this is what I
mean by it. If you're workingwith ABC Corporation, an ABC Corporation is
(05:48):
showing your products that are specific toyou. If ABC is showing you their
annuities, ABC is showing you theirmutual funds. ABC is showing you their
insurance products. How objective do youthink they are? We all know in
(06:13):
this world that we live in thatnot anyone size fits all unless you wear
spandex pants, which Sack does.But you want to make sure that you're
in a situation that you're getting independent, objective advice that does not have a
(06:39):
bias, right if I'm working withmister Apple and mister Apple works for ABC
and all he's showing me is ABCproducts, that doesn't give me a warm
and fuzzy So finding the right mix, finding the right platform depends on a
(06:59):
bunch of facts, bunch of factorswhich I'm going to get into great detail
today as much as I can inone hour. So, as I said,
the good news is this is thatwhatever your situation is, you can
help your retirement readiness by getting proactiveand finding out exactly what options are available
(07:32):
to you not only through your employer, but also outside your employer in order
for you to achieve to achieve whatyou ultimately want to do during your retirement
years. At the Retirement Planning Groupwhich I'm the president of, I believe
(07:55):
in. Our firm believes that thereis a solid retirement an income plan that
is built off of three primary thingsthat I just said. Guarantees to ensure
that your core fixed expenses are coveredon a monthly basis. Secondly, growth
(08:20):
growth potential for your long term needsnot only as far as income, healthcare,
and possibly what Lupiro and his teamjust talked about, if you need
medical or long term care, andfinally, flexibility being able to redefine what
(08:46):
your plan is. We all knowthat we live in a world that there's
no guarantees as far as health lifeexpectancy are. Nadi of Honor, fifty
eight years of old, just passedaway this past week. God rest her
soul. Has her husband's life changed? Lost the Social Security benefit? What
(09:18):
was happening to her pension benefit thatshe was eligible for? What about her
four oh one K the assets thatshe had accumulated in her lifetime. You
have to have the ability. Youhave to have the ability in order to
tactically move around. So let's quicklygo over a couple of things I said
(09:43):
over and over again. I'll sayit again. Open architecture. What does
that mean? Dave? What doesopen architecture mean? Open architecture means that
I've got all the tools in thetoolbox, that there's no bias. I
don't get paid I need differently,whether I use a b c Z meaning
(10:09):
that if I'm a fee based advisor, I'm buying institutional shares or I'm buying
fee based shares. That ensures thatyou've got the lowest expense that I could
possibly give you plus on the insuranceside, or the protection side, or
the legacy side. I have openarchitecture, meaning that if I'm looking for
a specific insurance product in order tofacilitate what our clients need, I'm not
(10:35):
handcuffed because I work with ABC Corporationand they don't have that in their arsenal.
That's what opraen architecture means. Theability to go into the toolbox and
not have one screwdriver, but havefifty sixty eighty one hundred screwdrivers in order
(10:58):
for you to adjust and make modificationsand implement what is necessary for your retirement
plan. So I'm going to takemy first break, and when I come
back from my first break, we'regoing to talk about guaranteed income to help
you pay for your essential expenses.Then we're going to talk a little bit
(11:20):
a little bit about growth growth potentialfor your long term needs. And then
finally we're going to talk about beingflexible to be able to redefine, to
adjust, make adjustments without having majorevents or not being able to because you're
locked yourself into an investment that younow can't get out of. But I'm
(11:45):
here, actually believe it or not, Folks, on this beautiful, bright
and blue sunny day, live inthe studio with Zach. If you would
like to call us, we wouldwelcome your phone call anything that I'm discussing.
It's one eight hundred talk WI.That's one eight hundred eight two five
fifty nine forty nine. Again,I'm Dave Kopak. This is Retirement Ready,
(12:09):
and today we're talking about building outyour retirement income distribution plan for your
retirement years. We'll be right backthe eighty six percenters. Do you know
that eighty six percent of the populationhas no defined benefit pension plan. For
most of us, we have totake our life savings and create a paycheck
for the rest of our lives inretirement. What is your plan for retirement
income distribution? How you manage yourassets during the most critical years of your
(12:33):
lifetime. Nobel Prize winning economist WilliamSharp has called retirement income distribution the nastiest,
hardest problem in finance. He pointsout that investment, uncertainty, and
mortality can derail the most careful laidout retirement income plan. Call our offices
today to start the process of buildinga retirement income distribution plan. After forty
one years of being in the financialservices business. You need to start taking
(12:56):
action to start building your own personalretire an income distribution plan. How do
you do that? To take action? Five one eight five eight zero one
nine one nine. That's five oneeight, five eight zero one nine one
nine or RPG retire on the web. Don't procrastinate, motivate to start building
your retirement income distribution plan five wineight five eight zero one nine one nine.
(13:18):
Will you run out of money inretirement? Will your investments provide income
for possibly decades? How do younavigate the two greatest risk in retirement sequence
of returns in longevity At the RetirementPlanning Group, Our Bucket of Money approach
addresses these concerns and we offer acomplimentary consultation to discuss this with you.
Call our office today for a freecomplimentary consultation to develop your own personal retirement
(13:41):
income distribution plan at five wine eightfive eight zero one nine one nine.
That's five wine eight, five eightzero one nine one nine. Day me
how she was when you want toknew her? How she may need?
Your game with many men and men, and you telling me that you don't
(14:05):
think I'd be with her if Icould just have known her way back then,
Lord, you ask me, whydon't back up and believe her?
Now that I know about her,we get away. Well, I doubt
that you could understand the thinking.All listen close to what I have said.
(14:35):
She's the wrong that I leave.Shee the son. I'm listening because
I'm trying to figure it out andI don't care what you said, and
I don't have it. Whoz GeorgeJones, That is George. That's the
(14:56):
bag one was for Julie. Bythe way, she's your rock. She
is my rock. There's no doubtabout that. It wouldn't be anywhere without
Julie. She knows it, andI know it. Love my life,
love of my life. Probably don'ttell her enough how much you'll love her,
as most of us guys do.Right, We forget sometimes. All
(15:18):
right, Listen, we're talking aboutretirement income distribution. We're talking about how
to build out the plan. Ican sing here and bang the drum and
do all everything, but you knowwhat, you better listen because the world's
a changing. Most of us donot have pension benefits. You're going to
live a hell of a lot longerthan you thought. My oldest client's one
(15:39):
hundred and two. I got alot of clients in their nineties and eighties
and seventies. Why, well,I've been doing it for a long time,
you know. I've been in thebusiness. Now. This is my
forty third year to sixty eight yearsold, and I'm not leaving. I'm
not going anywhere. I'm not retiring. I love what I do. I
love my clients, love my family, and I think I bring a lot
(16:00):
of value to the table simply becauseI've been doing it for forty three years.
And I can tell you what I'veseen in forty three years, and
I can tell you this much.People that have guaranteed income to pay for
to pay for the foundation. Okay, your fixed expenses are happy. Okay,
(16:25):
They're not sitting there biting their fingernailswhen the stock market is going up
and down and gyrating. So whenyou create a plan, first and foremost,
you want to make sure that yourday to day expenses, your non
negotiable costs. What is that,Dave, what's a non negotiable cost?
Okay, that's housing. Gotta havea house, right, gotta have a
(16:47):
roof, like some food. We'llthrow food in there too. Gotta have
some food. You want to havethe lights on, be able to flush
the toilet, and all that needsome utilities. We'll get some utility and
of course taxes. And here's thebig one. Here's the one that's killing
people right now, killing us healthcare. Healthcare is kicking the eleven, you
(17:12):
know what out of all of usas far as what the expenses are.
So you want to make sure thatyou're covered by lifetime guaranteed income sources.
And there are basically three that I'lltalk about in general terms. General,
Okay. The first is the foundationthat all of us has, what is
(17:34):
it Social Security. When you decideto take it, will have a big
impact on your retirement. As weall know, it's like the carrot on
the stick. It's tempting to takethat benefit because you're eligible at age sixty
two. But I'm telling you rightnow, folks, that could be a
(17:55):
costly move to take it at sixtytwo rather than waiting to your fr your
full retirement age, or to thatmagical age where it stops growing age seventy.
So look at your statement. Goon SSS gov they say, sss
(18:15):
gov social Security dot gov and findout what your full retirement age and sit
down with your financial team, thefinancial professionals that you're working with, and
start building out when it will bethe right opportune time for you to take
social security. Don't take it simplybecause it's available. That's a bad decision.
(18:41):
Take it because you've planned it andyou understand the consequences of why you
did it. And also for yourspouse. We live in a society today
that a lot of us were divorcedprevious wives, previous husbands. You might
be able to get a spousal benefitoff of that relationship. Allow yours to
(19:04):
accrue or take a spousal benefit offof your existing relationship. Don't just take
it without the ability for you tosit down and look at option A,
B and C. The other thingis we always talk about bridging. Well,
(19:25):
what's a bridge. You know whata bridge is, right, It
takes you from one destination to theother without going in the water. That's
just like social security selection. Itallows you to bridge to a higher benefit
would get you what more money?More money. So if youve got a
lot of money sitting there and qualifiedassets iras four oh one k's four h
(19:45):
three B tech sheltered annuities, NewYork state deferred compensation, whatever it may
be, maybe use that money inorder for you to select a higher benefit
of social security, especially if yourspouse does not have a pension benefit.
Pensions used to be common, right, we'll all know that it ain't so
(20:11):
not so much anymore here in theCapitol District region where we live. For
the people that are listening outside thefive one eight area code, okay,
we have a lot of pension becausewe're at the Capitol Albany. But for
those people that do not have pensionbenefits, you need to start looking at
different ways, the pros and consand how you withdraw money from your qualified
(20:37):
assets four O one k's iras,et cetera, lump sum you take the
annuity. Does one spouse have apension small or large? There are a
lot of ways to create a pensionbenefit or a guaranteed income stream. And
it has to do with one wordplanning, planning. And here's the other
(21:06):
one they need to start thinking about. And whether it's Schwab, whether it's
Fidelity, any of the major investmentbanking firms, Vanguard, they all say
this, if you do not havea pension benefit, then you look at
(21:29):
purchasing an annuity contract issued by aninsurance company that will guarantee to pay you
for the rest of your life,and also for your spouse if you select
the spousal benefit. There's a lotof different types multitude multitude. As an
(21:51):
example, individuals that are listening rightnow that work for National Grid, you
have a four oh one care thenyou have a cash balance account. That
cash balance account, you have theability to purchase an annuity through the company.
All Right, is it good totake the company's annuity or is it
(22:14):
better off for you to purchase yourown annuity. I'm in the camp that
it's better off for you to purchaseyour own annuity. And there's a multitude
of reasons which I'm not going toget into today, but the big one
thing is this. You control yourdestiny and you also control your legacy,
how much money you want to transferto the next generation. If you pick
(22:37):
the annuity through National Grid and youhave a premature death, what happens,
Well, they win, you lose. So there's a few things to keep
in mind when you purchase an annuity. Depending on the type that you select,
(22:59):
you may now that's the key word. May. You may give up
access to the savings that you haveinvested in that annuity and it's now theirs
and they guarantee an income stream toyou. The other option is that you
don't have to give it up.There are annuity contracts out there that will
give you lifetime income benefits, guaranteedlifetime withdrawal benefits, guaranteed minimum income benefits.
(23:26):
There's a lot of different scenarios thatthey call them. That allows your
money to grow, allows your moneyto have a fixed guaranteed distribution based off
of the dollars that you put in, and when you pass away, the
money either goes to your spouse,your children, your loved ones, whoever
(23:48):
you select. There's a key thing. They're called a beneficiary form. But
annuities are complicated, they have abad rep. People talk about them in
a negative light. I talk aboutthem in a positive light because it's the
(24:11):
only investment out there that you,as a consumer of financial products, can
get guaranteed income that will last alifetime. There's not a portfolio manager,
there's not a financial advisor, andthere's not a mutual fund and ETF whatever
it may be that's out there thatwill guarantee you income for as long as
what you shall live for as longas you shall live. So here's a
(24:34):
tip. There's a lot of differenttypes. If you're outside New York,
there's a multitude, much more thanwhat we have here. Right. There's
a lot of features and there's alot of benefits. It's important for you
to talk to your financial advisor andthe team to determine if the annuity if
(24:59):
there's the other word not if,right, I'm going to emphasize it capital
if if it makes sense for youto put that into your overall investment program.
And when I say your investment program, what's an appropriate investment program,
diversified investment plan. Never ever,ever put all your eggs in one basket.
(25:23):
Never put all your eggs in onebasket, because that never makes sense,
especially if you want liquidity. Youwant to be able to have some
growth. And that's the big thingthat we're going to talk about when we
come back for great We're going totalk about growth with the safety net because
think about it, twenty years ago, what was the cost of goods and
services? It's kind of staggering whenyou think about it. Go back and
(25:48):
do a little research. What wasgas at twenty years ago? What was
a stamp out twenty years ago,what was the cost of milk and bread
and all your necessities, utilities,taxes. It's important. It's important that
you understand that if you're building aretirement plan, you need to have growth
potential that will keep up with inflationthroughout your retirement years. And there's ways
(26:14):
to do it, and there's akeyword that's associated with it, guaranteed.
Guaranteed you can guarantee that you'll havea kola across the living adjustment not only
with your investments, but also withyour social security as long as you select
select the right investment program. Sohere's my question to you. As you're
(26:41):
driving down the road, you're mowingyour yard, you're sitting by the pool,
you're on the boat, whatever itmay be. Today, I'll be
on the boat and link George inabout an hour and fifteen minutes. Well,
I'll tell you one thing. Makesure you got a lot of tools
in your toolbox. You don't wanta toolbox with limited amount of tools.
(27:03):
You want a toolbox. They gotlots of tools, lots of opportunities in
order for you to build out aretirement income distribution plan that will basically cover
your expenses and then have a littlebit on the sidelines for the events that
you cannot figure out. All right, We're gonna take our final break here
(27:26):
and come back. We'll see onthe other side. Hey girl, what
you do? And down there dancingalone every night while I leave. Right
above, I can hear a musicplay, hock and hear your body sway
(27:56):
one floor below me. You don'tdon't even know me. I love you,
oh my darling, not three timeson the ceiling. If you wan
Tony, Tony, Orlando and Donwhat's same that group? Mister Conway?
(28:18):
Twitter means that is no, meansyou sure it's good music? Whatever it
is? All right, We're talkingabout building an income plan for your retirement
years. I'm live in the studio. If you have any questions, give
(28:41):
me a call to me. I'mDave Kopek. I'm the president of Retirement
Plenty Group. We got five locationsin New York. We have locations now
in Florida, and if you wantto sit down with us, we would
love to have the opportunity to downwith you and build out a retirement plan,
(29:03):
not only as far as your investments, the asset protection and of course
the legacy that you wish to leaveyour loved ones. Let's talk about growth
with safety net. As you're allquite well aware things go up, cost
of goods and services, inflation.It's the cancer in your retirement that you
(29:25):
have to address. So as youbuild out your retirement income plan, it's
important to include some investments that allowyou to have growth potential. So how
do you do that? Well,you got to start thinking about what do
you want to do. Do youwant vacations, you have hobbies? Do
you have certain things that you wouldlike to have, that's you know,
(29:45):
the car, the boat, allthe things that you want it for your
retirement years, and what is thecost of those creature comforts? So it's
important to consider what your mix goingto be. A lot of times your
little financial advisors talk about asset allocation, stocks, bonds, cash, you
(30:06):
know, all that hyperbally. Thebottom line gets down to is that here's
the key. How much money doyou need? This is what you solve
for. How much money do youneed and how much risk do you want
to take with your assets? Howmuch money do you need and how much
risk do you want to take withyour assets? Do you want to be
overly conservative, Do you want tohave growth with the safety net? Because
(30:32):
there's ways to do that today whereyou can basically have suspenders in the belt
on your portfolio that if the stockmarket goes down, you're going to be
protected. If the stock market goesup, you're not get the full gain,
but you'll get a substantial gain.And how overly aggressive do you want
(30:55):
to be in the markets during yourretirement years, especially during volatile markets when
all hell's breaking loose. So here'sthe bottom line. After doing it for
a long time, creating and managingyour investments in retirement requires that you do
(31:15):
some what we call discipline on yourpart. You got to have discipline.
You can't shoot for the moon andhave a high beta, high volatility stock
portfolio when you're really a conservative investor. So you got to research who you
(31:36):
are as a person and be realistic. You know. I always love the
guy comes in and says, hey, listen, I need twelve to fifteen
percent on my portfolio for my retirementyears. And I say, see the
door, go back through it,because you picked the wrong place. Brother.
It's important. There's an article thatjust came out that I talked about
(31:59):
this morning. Have realistic, realisticexpectations as far as how much money you
can take off your investment portfolios.A lot of people say, hey,
listen, four percent, four percentis the number. Well, four percent
might be the number, but rightnow, if I can go out and
get six percent guaranteed, what thehell would I take four Because right now
(32:21):
you can get six percent guaranteed.You can get bonds and gets, you
get nygas. There's a lot ofdifferent ways that you can get it guaranteed
six percent with your investments. Soyou get one hundred thousand dollars, or
you got a million dollars, yougot sixty thousand dollars coming in five thousand
dollars a month with your corpus beingprotected. I'm a stock guy. I
(32:45):
like stocks. Now does it makesense for me to have as much money
in the stock market that I haveat my age? Probably not, But
I have no intentions of retiring.If I retire, then I'm going to
(33:06):
basically say, you know what,I need to pull the throttle back.
I need to have less exposure tostocks and more exposure to what cash flow
dividends. So, if your inclinationduring your retirement years is to stay in
the stock market and have a professionalmoney manager, financial advisor, screaming a
(33:31):
monkey, whatever you want to callthem. Manage your money, be ready,
be ready to stay fully invested,because you can't time it. You
can't time it. There's too manypeople out there that have invested in the
stock market to try to time it. When they should be buying, they're
selling. When they're selling, theyshould be buying. Bottom line gets down
(33:53):
to is that you need to betactical on the front end, not in
the middle three quarters of the waythrough. Build your plan on the front
end, but also make sure thatyour plan has the ability to be adjusted
flexible. I've seen horrific things inmy forty three years being in this business.
(34:23):
Horrific. I opened up with fourother guys, the Morgan Stanley Deanwood
our office in Aubany, New York, and the towers in the Vista Hotel
in Lower Manhattan. We used tobe there all the time for meetings,
(34:46):
windows of the world, for meetings, dinners, presentations, and by the
grace of God, by the graceof God, luck, whatever you want
to call it. We weren't therethe day that those airplanes struck those towers.
(35:15):
That is the magnitude of a horrificevent that can have a dramatic impact
not only on you psychologically financially,but it could basically implode a retirement plan
that day, that day, financialcrisis, COVID flash crash, and go
(35:38):
through all of them that I've seenin forty three years. So what's important
for you to understand with your retirementincome distribution plan? Understand that bad things
happen to the financial markets and alsodo good people. That's why it's important
(36:04):
to combine a portfolio. In myopinion after doing this a long time,
that will give you a diversity.Remember that I said that a diversified income
stream and retirement that not any onedividend cash flow guaranteed income stream will have
(36:24):
a devastating impact on the net resultof you having quality of life. Complementary
complementary income sources can work to benefityou. Complementary income sources can work to
(36:47):
benefit you. Say that again,so when there are issues, and there
will be, there will be events, well in our business black swan events.
But to help reduce the effect ofsome of those events, those what
(37:10):
we call key risk black swan inflation, longevity, market volatility, go through
the whole laundry list. You haveto have realistic expectations as far as how
much you can take off a portfolioand how you build out the portfolio.
(37:34):
Four withdrawals from your investments that you'veaccumulated, possibly most of us for decades.
We live in an entirely different worldthat we grew up in. The
unthinkable is thinkable. To hear thenews about nuclear weapons. You hear the
(38:05):
news about regional conflicts that can turninto World War three. I'm not trying
to scare you, but that's thenews that as a financial advisor we need
to sit down and digest it andfigure out. You know what, if
you know what hits the fan,do we have the ability to hit the
(38:30):
button just like they do in theairplane and eject bail out, bail out.
So, if you're planning an incomedistribution plan and you want to open
architecture and you want a team thathas a lot of tools in the toolbox,
(38:54):
almost every single tool you could possiblythink of. You want flexibility,
and you want low cost, lowfees, low expenses, and liquidity,
you should look at our website atthe Retirement Planning Group that's rpgretire dot com
or you should give us a calllocally here in the five one eight.
(39:16):
We're in Syracuse, we're in Oneana, we're in Aubany, Malta and Glens
Falls. So we got a lotof locations that we can sit down and
have a chat with you. Andyou can do that by simply calling my
office at five point eight five eatzero one nine nine, or check us
(39:37):
out on the web again, that'sRPG retire dot com. It's been proven
over and over again working with afinancial professional helps you, doesn't hurt you.
It helps you net return, taxefficiency, nuclear whole laundry list.
(40:02):
I'm going to take a break whenwe come back again. As I said
on this beautiful, sunny, gorgeousday in June, I'm sitting in the
studio for Retirement Ready. It's oneeight hundred talk WGY one eight hundred eight
two five fifty nine forty nine.If you want to talk about investments,
(40:24):
protection, products, legacy, whatever, it is, one eight hundred talk
WGY. I'm Dave Kopek, thepresident wg Wyse Retirement Planning Specialists. We'll
be right back, your partner forsuccess. David Kopek here WG WISE Retirement
Planning specialists the Retirement Planning Group.We understand that retirees face many important decisions
(40:45):
that can affect their long term financialsuccess. Some of these decisions revolve around
making investments that will help create ahedge against outliving their assets, the impact
of inflation, taxation, and risingtimealth care costs. Most of our clients
like the time, the desire,or the experience to manage their own investment
(41:06):
portfolios. We consider it to bean honor and a privilege to help our
clients make sound investment decisions that willcontribute to a secure financial future for them.
Because over ninety percent of our clientsor retirees with similar concerns, we
are in the best position to approachsuch challenges with experience and skill. Give
(41:27):
us a call today at five oneeight, five eight zero one nine one
nine five one eight five eight zeroone nine one nine or RPG retire on
the web. The greatest risk inretirement most of us have no plan for
We're insurance to cover the expense.A long term care event can impoverish a
spouse, drain your life savings,and cost stress and anxiety on your family.
(41:47):
What is your plan and how willyou pay for a long term care
event. Call the Retirement Planning Grouptoday. Discuss options you should consider to
protect your estate and have choices andindependence. Take action well today five five
eight zero one nine or RPG retireon the website. Here you comeagain,
(42:21):
just what I've begun to get myselfto you as riving gol, just like
you've done for and wrap my heartaround your little finger. Here you comma
in just what I'm about to makeit work without you. You look into
(42:45):
my eyes and lie the sprints,and pretty soon I'm wondering how I get
dog. I know, Yes,smile, it's smile and then let's go
me like me, like me,like me like one eight hundred talk wgy
(43:09):
if you got a question. Yes, I'm here in the studio on this
beautiful day, one hundred talk WYnine. You know, we're kind of
in a unique position, folks,which we haven't seen for a while.
What does that mean? That meansthat interest rates on the short end of
(43:30):
the curve are pretty high. Andtypically typically when you're in cash treasuries blah
blah blah, you know you're notgetting paid to sit there. But as
of right now, you know,money markets are over five percent CDs are
five to six percent. Treasuries areover five percent. So we're kind of
(43:52):
like in a sweet spot if youfeel uncomfortable and you're getting indigestion about the
election, about what's going to happen, So don't feel bad if you need
to allocate some of your money whatwe call chicken money. You know what
(44:13):
chicken money is, scarity cat chicken, chicken money. And you want to
have principal protection because right now you'regetting paid. You're getting paid to have
chicken money. Plus when you investit, guess what, it's all guaranteed.
(44:36):
It's all guaranteed, ain't gonna goaway. I'm don't have to worry
about it going thirty to forty fifty. Now, with treasuries, you gotta
wait till they mature, right,short term treasure you gotta wait till they
mature. CD's you gotta wait tillthey mature. Money market, you got
liquidity, but the corpus, theprinciple stays the same, right, and
(44:57):
then your interest compounds. So I'mgoing to kind of highlight here because only
at about six or seven minutes left, you need to understand the trade offs
as you build your retirement income.Distribution plan. And as I said at
the beginning of today's program, RetirementReady, everyone's situation is unique and different.
(45:22):
There's no one strategy that will fitthe bill. Now, some people
try to do that. These majorinvestment banking firms that you see them,
you know, they send you everythingin the mail, and they're all over
the TV, and they're all overyou know, Internet, and they ask
you to call in and because they'rejust fantastic at managing money. They're just
(45:46):
absolutely fantastic. But that's not that'snot a retirement income distribution plan. That's
a marketing strategy in your basically buyingtheir bill of goods. I can't tell
(46:06):
you how many people that I've workedwith, especially recently two three years ago,
their knees were not good and theycouldn't have they didn't want any exposure
to the stock market. Now they'regetting six eight percent on their portfolios and
they're coming in and say, whyaren't we getting nineteen or twenty percent on
our portfolio? Right? People haveshort memories, right, they want guarantees,
(46:34):
they want the touchdown account. Iwant guarantees, but I want the
touchdown account. It only goes up, never goes down. So just remember
with guarantees, you get less growthpotential, but you get much much more
flexibility. And one of the thingsthat you need to start thinking about when
(46:59):
you start building out your retirement incomedistribution plan is what's your family's history.
You got good, jeans got bad. I don't know if that makes a
lot of sense today, because youknow, my dad died at forty four.
I'm sixty eight. I'm a healthysixty eight. So regarding longevity and
(47:24):
how you manage assets, I justtold you at the beginning of the show,
most of my money sitting in stocksbecause I like stocks. So here's
your bullet points. How do Iget going? Here's the five things for
you to consider. How do Iget started? Dave, Well, here
this is how do you get started? Okay, get up off you know
(47:46):
what, and motivate yourself. That'snumber one motivation, Not procrastination or laziness,
because there are a lot of peopleout there that are very lazy.
Identify your goals and what you're tryingto achieve right without a plan, any
(48:07):
destination will do. Without a plan, any destination will do. So retirement
income distribution plan will help you makeit to the finish line, and you'll
understand exactly the cash flow that you'regoing to have coming in the door.
(48:31):
Find out when it's financially feasible foryou to take solid security, not because
you can get it, but becauseyou sat down and you did the calculations
with both you and if you havea spouse, and how much you have
(48:52):
to have in emergency funds, howmuch do you need to have as far
as growth potential? How much doyou need to have as far as to
pay your bills? Oh, bythe way, do you have health insurance?
Oh? By the way, what'sthe take as far as paying the
taxes? Oh? And by theway, what happens if I have a
long term care event and I needto go into a nursing home. How
(49:12):
does that affect my overall plan andmy family and my spouse. No one
wants to think about that because noone wants to think about bad health or
the grim reaper. And here's thekey. Once you decide to start doing
(49:35):
these steps that I just said,implement, take action, get off your
off your you know what, andstart doing it. Stop procrastinating. Had
a woman at the seminar that wejust did with Lou Piro over at the
Desmond. She's been in my officelike three or four time. She said
(50:01):
to me, Oh, I'm gonnacome in and see you. I'm coming
in to see I'm gonna do itthis time. I said, do me
a favor. Okay, don't comein and see me. Go see somebody
else. Not because I don't wantto work with you. But it's obvious
what I'm saying to you is notresonating with you. And you've got this
(50:22):
open book that can basically just goaway. It can be disintegrated in a
very short period of time. Iknow your situation inside and out. But
this woman cannot cannot make a decision, cannot make a decision. And the
worst thing that I could do isto have her come in again and sit
(50:45):
there and play Titta Leewinks for fortyor forty five minutes and have the same
conversation and have the same net result. Let me get back to you,
let me think about it. Thatsounds good. I'm gonna go home and
I'll call you back. What happens, zero zipo, not a nothing.
(51:07):
Your plan is only as good asthe one that you implement. Say that
again, Your plan is only asgood as the one that you implement for
your personal financial goals, for yourpersonal risk tolerance, for your personal investment
platform, your priorities. And thenonce you set up your plan and your
(51:35):
legal documents, because you got todo legal. Two, you have to
do legal. Then you need toset up your regular reviews. We sit
down at least on a semi annualbasis, if not face to face,
then on the telephone at least onan annual basis with our clients to make
(51:55):
sure that the plan is on trackand we have met, we have met
your lifestyle and your income needs.So here's my question to you. All
right on track for your retirement incomedistribution plan? Are you gonna motivate?
(52:15):
Are you gonna do something about it? Or are you gonna say? You
know what, that sounds like agood idea, but you know what,
I'll wait, or I'll call himnext year, next week, whatever it
may be. We all know thatphrase that we hear over and over and
over again resonates with all of us. Sooner is better than later. So
(52:43):
here we go. Here's my drumroll. One minute right on the button.
Forty Should I wait? So I'lltake a deep breath for the drum
roll. I don't hear a drumroll. We gotta get some of those
buttons, drum roll and horns andall that stuff. So here build an
income plan with guarantees, drum rollgrowth potential, with the safety net drum
(53:10):
roll flexibility, so when you knowwhat hits the fan, you have the
ability to tactically, strategically move assetsand make sure make sure that you have
your legal house in order. I'mDave Kopek. This is Retirement Ready.
(53:30):
I'll see you next week. Thankyou for listening to Retirement Ready hosted Buying
Dave Kopek, WG wise Retirement PlanningSpecialist. If you'd like to talk with
Dave for someone of the Retirement PlanningGroup, call five one eight five eight
zero one nine one nine. That'sfive one e five eight zero one nine
one nine during business hours or visitRPG retire dot com. The Retirement Planning
(53:55):
Group has five convenient offices located inAlbany, Malta, Glens Falls, Syracuse,
and Oneana. Tune in again nextweek for retirement planning strategies with Dave
Kopek right here on WG wise RetirementReady. The information or services discussed on
(54:15):
this show is for informational purposes onlyand is not intended to be personal financial
advice. The investments in services offeredby US may not be suitable for all
investors. If you have any doubtsas to the merits of an investment,
you should seek advice from an independentfinancial advisor.
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