Retirement Ready

June 22nd, 2024

Episode Transcript

(00:00):
Live for the wgy iHeart Studios.Welcome to Retirement Ready with your host Dave
Kopek from the Retirement Ready Show.Every week, Dave and his team discuss
the ways they can help people makeinformed decisions about a wide array of retirement
planning information that can support you anddeveloping a more certain financial future for you

(00:20):
and your family. Now it's timefor Dave Kopec, WGY's retirement planning specialist.

(01:06):
I could afternoon this cloudy overcast Saturdayin five eight upstate New York area.
If you're listening outside the five oneeight, all O, they're parts
of the country because we do havea lot of listeners that listen on the
internet. Welcome. This is RetirementReady. It's a topic specific show and

(01:34):
we're going to do it for aboutan hour. We're going to talk about
what I considered to be probably thebiggest mistake accumulators make during their accumulation years.
We live in a society today wheremost of us the only way that

(01:57):
we save money is through our law. Because by the time we pay the
bills, go to the grocery store, the gas in the car, there's
not a lot left in the checkingaccount. So out of sight, out
of mind. A lot of uswill sign up. For most of us,

(02:22):
it's going to be mandated. It'sautomatic when you enroll in your four
and one K program at work,and for most of us, it's going
to be probably the largest asset thatyou're going to own in your lifetime.
And for some of you that aregood savers that make a good living,

(02:46):
it could be seven figures. Butwith every good, there's bad. There's
always a positive and a negative.The positive is, of course, your
employer typically matches some of your contributions, and if that is the case,

(03:09):
that's one hundred percent money on yourcontribution. Typical number we see or here
is three percent. You put inthree, he puts in three. Anything
after that, it's on your ownas far as your contribution limit. But

(03:29):
here's the gidiup. Here's the giddiaup. With that frame of mind and
that thought process, most of youwill be top heavy. You'll have way
too much money allocated pretax versus aftertax during your accumulation years. And then

(03:53):
the question you got to figure outis what kind of a tax like ability
do you have not only for yourself, but your spouse and then your children.
If you want to leave a legacyto your kids. If I had
a nickel for every time somebody saidI don't want to take the money out

(04:15):
and now they're in R and Drequirement of distribution, I'd be sitting on
a beach somewhere drinking peanut claudas.That's not the case. The case is
is that most of us are goingto have force liquidation at age seventy three,
and when you least want the distributionlater in life is when you have

(04:44):
the largest distributions based on life expectancy. So today's topic that we're going to
discuss is the mortgage on your IRA. What do you mean by that,
Dave, Well, we live ina society today. Depending on the state
that you live in, you couldhave the triple tax. You could have

(05:12):
income tax, federal income tax,state, and then of course a state
tax. Depending on where we goafter the year twenty twenty five. Most
of us will not hit that thresholdnow, but no one has a crystal
ball for the future either as faras what the estate tax will ultimately be.

(05:38):
So the question you got to askyourself as you enter into your retirement
years and also during your accumulation years, how much of my income that I'm
going to have in my retirement years. Do I want tax deferred versus tax

(06:01):
exempt? And which account will makethe most sense for your retirement years.
A little bit of pain today fora lot of gain tomorrow. That's typically
a ROTH contribution. A little bitof gain today versus a lot of pain

(06:25):
tomorrow is typically pre tax IRA fouroh one K four our three B tax
sheltered Dinuities TSPs. Ultimately, thegovernment wants the dollars, the taxes,
and when you're thinking about retirement,tax planning should be part of your decision

(06:51):
making right from the very beginning,not at the end, but at the
beginning. Because the two common retirementaccounts that allow people to maximize the retirement
savings are typically the ones that Ijust mentioned four oh one KS and four

(07:13):
oh three bs TSPs. So tobe clear, both types of accounts,
both types of accounts that I justmentioned to you four o one ks and
four three bs. There's a newavenue and it's called rough hey. And

(07:34):
for you, if you're a highearner, you cannot accelerate your payments because
of your age, the catch upprovision with pre tax dollars anymore, you
have to do it with after taxdollars. A lot of people look at

(07:55):
this as a negative. I actuallylook at it as an incentive, a
positive your retirement years, especially especiallyif you're top heavy. Look at your
accounts or just think about them rightnow. How much of your money is
pre tax versus after tax? Iknow personally in our practice, seventy five

(08:20):
to eighty percent of most individuals thatcome into us their assets are pretext.
Why is that because they had afour to one, a traditional four on
one K program. A handful ofpeople percentage wise ten twelve, maybe fifteen
percent have wroth iras or wroth fouroh one ks. But that's changing,

(08:43):
It's accelerating, and I think itwill accelerate more so. Today Today's topic
tax deferred versus tax exempt for yourretirement? What is the apple that you're
selecting, the one that you're pickingoff the tree for your retirement. Hopefully

(09:07):
after you listen today's show, whetherit's live or on our podcast, you'll
have a clear understanding of these typesof accounts and how you can maximize your
income to minimize your text. I'mDave Kopek. I'm the president of the
Retirement Planning Group. We have fivelocations in New York, and of course

(09:31):
we have locations outside of New York. If you want to have a chat
with us, give us a call. Our telephone number is five one eight
five eight zero one nine one nineat our office. Rpgretire dot com is
our website. We can do faceto face meetings zoom meetings. Just a
telephone call hopefully provide you some educationalinformation that will help you be an informed

(09:58):
investment. I'll be right back theeighty six percenters. Do you know that
eighty six percent of the population hasno defined benefit pension plan? For most
of us, we have to takeour life savings and create a paycheck for
the rest of our lives in retirement. What is your plan for retirement income
distribution? How you manage your assetsduring the most critical years of your lifetime.
Nobel Prize winning economist William Sharp hascalled retirement income distribution the nastiest,

(10:24):
hardest problem in finance. He pointsout that investment uncertainty and mortality can derail
the most careful laid out retirement incomeplan. Call our offices today to start
the process of building a retirement incomedistribution plan. After forty one years of
being in the financial services business.You need to start taking action to start
building your own personal retirement income distributionplan. How do you do that?

(10:46):
To take action? Five one eightfive eight zero one nine nine. That's
five one eight, five eight zeroone nine one nine or RPG retire on
the web. Don't procrastinate, motivateto start building your retirement income distribution plan
five eight five eight zero one ninenine. Will run out of money in
retirement? Will your investments provide incomefor possibly decades? How do you navigate

(11:09):
the two greatest risk in retirement sequenceof returns in longevity? At the Retirement
Planning Group, our Bucket of Moneyapproach addresses these concerns and we offer a
complementary consultation to discuss this with you. Call our office today for a free
complimentary consultation to develop your own personalretirement income distribution plan at five win eight
five eight zero one nine nine.That's five eight, five eight zero one

(11:31):
nine nine. Is all right.I'm Dave Kopek, glad to be with

(12:03):
you on this another rainy weekend.I hope this year, Folks, isn't
like last year, because last yearsucked. It seemed like every single weekend
it rained, and I'm hoping thatthis will not repeat in the year twenty
twenty four because it definitely makes thesummers go by quicker and the winners go

(12:28):
by much longer. So hopefully we'regoing to get through this and there'll be
some sunshine tomorrow. We're talking aboutretirement planning accounts, and when I say
tax deferred versus tax exempt one thetax deferred account will lower your taxable income

(12:54):
four O one K traditional I raiseand you'll pay the taxes that will later
time. The tax exempt account,Okay, you're going to take after tax
dollars to make your contributions, whichmean your distributions will be tax free,
meaning you'll pay taxes up front,but nothing when the money comes out the

(13:16):
back door. I don't know howWashington ever got this, because they seem
to screw everything up, but thisis the one thing that they did in
Washington. Traditional roth iras WROTH fouroh one ks are probably one of the
greatest things that have ever happened toyou, the consumer of financial products.

(13:43):
So when I talk about the mortgageon your IRA, basically that's the dollar
amount that you're looking at. Wow, I got a million dollars in there.
No, you don't. What doyou mean I don't? Well,
you got to pay tax. What'syour tax bracket? So the ideal situation
is like when you look at thatross, say well, man, I

(14:03):
got a lot of money in thatroth? Ira? Am I wroth for
O one K? You're absolutely right, you do have a lot of money
because guess what when it comes outthe door, it's all tax free,
tax exempt. So tax deferred accountsallow you to realize your tax deduction up

(14:28):
to your contribution. The money youraccount grows right undiminished by taxes, meaning
that it grows on a tax deferredbasis, but the future withdrawals will be
taxed as your ordinary income. There'sno tax preference. And here's the other
gidea. There's three assets that arevery problematic to transfer to the next generation,

(14:54):
to loved ones, children, grandchildren. One is an IRA, the
second is a series E bond,and the third is what we call a
non qualified defertninuity ird income and respectto a deceit. Someone has to pay
the tax on those dollars now onthe tax free or tax exempt accounts,

(15:22):
future tax benefits right are non existent. Right, Wroth tax free Wroth four
oh one k tax free. Sincethe contributions to the account have been made
with after tax dollars, meaning youfunded it with money which you've already paid

(15:43):
taxes on. There is no immediatetax on that until you take it out
and you reposition it somewhere else.But the distribution is always going to be
tax free. The primary benefit ofthe tax free or tax exempt structure is

(16:04):
that investment returns grow and can bewithdrawn tax free. So mister and missus
Apple come in. They have alarge IRA, they've got pension benefits,
they have a four to oh oneK. He has a New York State

(16:25):
deferred compensation because they were great savers. They don't really need the income from
the assets because they've been great saversand they have pension benefits and they have
Social Security. So it's resonating withsome of you and they're figuring out what
am I going to do with thismoney? Now? Can't tell you how
many telephone calls and conferences and meetingsface to face that I've had with individuals

(16:49):
that say, you know, Dave, what am I going to do with
this money? Well, you're goingto pay tax on it? What do
you mean by that? You everheard of R and D uniform lifetimetable.
That means that you're going to haveto take money out, whether you want
to take it out or not.And guess what when those distributions become the

(17:11):
greatest, you're later in life whenyou least want the money. And oh,
by the way, depending on whereyou live, those dollars could be
at risk from a long term careevent. So I personally like to describe

(17:33):
tax deferred accounts IRA four oh onek TSP four O three b SEP IRA
keo as tax delayed accounts. That'sall they are. Tax delay taxes is

(18:00):
going to be paid by somebody downthe road, whereas a tax exempt account
is tax free. Whoever receives theasset's as tax free. Now spouses get
the same benefit as the original owner, husband or wife. Non spouse benefic

(18:27):
beneficiaries of wrath now have to haverm ds. But who cares, it's
all tax free. If I takeit all out, you can take it
all out and reposition it. Excuseme, I'm fighting a cold, and
I apologize. So as I said, the most common ones, which there

(18:48):
are, guess what, listen tothis? You never heard what they say.
The lottery is now eight hundred billiondollars. Well, listen to this.
The iras and qualified plans now aretrillions of dollars. Forty trillion dollars.

(19:17):
You think they're licking their chops downthere in Washington. Forty trillion dollars.
The greatest wealth that's ever been accumulatedultimately has to come out and be
transferred, which ultimately means what revenue, which they love. They love.
It's like they're like crackheads down therefor revenue. The more they get,

(19:37):
the more they get, the morethey spend. Will they pay down the
debt? Will they do something?Maybe they'll give us a refund, nice
little check'll hold your breath. Soit's important as you accumulate assets to un

(20:00):
stand that there are ways for youto get tax preferenced money, not only
in qualified plans iras. For onek's right. We know about the IRA,
the traditional and the wroth. Weknow about four one k's right,
traditional and wroth. But here's theGIDEO. This is what should really make

(20:26):
high network people and people that aredoing well really start salivating running to their
HR department on Monday. There's noincome restrictions on the four oh one K.
You can make a gazillion dollars ayear and still put money in a

(20:48):
WROTH four oh one K to themaximum contribution and have all of that tax
free income growing for you. It'sa beautiful thing. There's a gentleman that

(21:15):
I have great respect for, extremelyknowledgeable on qualified plans, who I brought
in to speak locally here a coupleof times, and I also helped him.
I sponsored him at WMHT, bythe name of Ed Slott. Slott,

(21:41):
do yourself a favor and go onthe internet listen to some of his
presentations. He's a CPA, he'snot a financial advisor, and he's become
a household name for a lot ofpeople because of his experience and expertise.
I actually call him an expert.I have a hard time calling people experts
because I don't think everybody knows everything. But this guy, he's an expert.

(22:06):
He knows qualified plans iras WROTH insideand out, upside and down.
So if you're looking to get asecond opinion from this wonderful, unbelievably informative

(22:26):
podcast and presentation, then you goout and listen to Ed Slott and listen
to some of his presentations, because, as I said, he does not
have an ax to grind. Rightnow, people will say to me,
Dave, does it make sense todo a backdoor Wroth Ira? Should I

(22:49):
do a Wroth conversion? My answerto that is, maybe, maybe tell
me what your zip code is goingto be, tell me what your intention
is with this money, and thenI'll tell you if it makes sense to

(23:11):
do. Because every state, everycounty has different rules and regulations as far
as how they protect qualified assets.States, counties not federal, So benefits

(23:33):
of tax deferred versus taxes empty countsI'll highlight real quickly, and then we'll
talk a little bit about this ingreater detail when we come back after the
break. The immediate benefit of thetax deferred is exactly that tax deferred,
and you get paid a little bitless tax because you get the deduction.

(24:00):
Impossibly, maybe you'll pay less anincome tax when you're later in life.
You might be in a lower taxbracket, tax exempt. You don't get
the bank for your buck up front, but man, you get a hell
of a bank for your buck onthe back end. No R and D,

(24:22):
no required minimum distribution. Money growstax free. Money comes out tax
free great at every stage of yourlife. You can't tell me one thing
about tax free that has a negativecomponent, either accumulation, midterm or later

(24:42):
stages of life. So when wecome back, we're going to talk about
a couple of other things that youshould be thinking about. But today's topic
tax deferred or tax exempt. I'mchecking the box. Tax exempt. That's

(25:03):
the one that I like. Ilike door number two. Door number two
is tax free. And if anybodydoesn't like tax free, I'm live in
the studio today. I'd love toknow the reason why. That's the other
thing I'm live. If you wantto have a chat any of this that

(25:26):
you want to discuss in greater detail, it's one eight hundred talk WGY.
That's one eight hundred eight two fivefifty nine forty nine. One eight hundred
talk WGY. One eight hundred eighttwo five fifty nine forty nine. If
you want to talk about Ira IRAdistribution, Roth Ira Roth Ira distribution four

(25:47):
oh one ks TSPs, whatever itmay be, one eight hundred talk WGY.
I'm Dave Kopek, president of theRetirement Planning Group. We'll be right
back. Somebody's going to hurt someonebefore the night is through, somebody's going

(26:21):
to come on done. There's nothingwe can do everybody it wants to do,
So all right, we are back. If this is retirement ready,
topic specific today's show is tax deferredor tax exempt? And I said box

(26:48):
number two because that's my preference,because I always like tax free. But
you've got to give some thought inall seriousness to this. If you're in
a lower tax bracket now and youexpect to be in a higher tax bracket

(27:08):
later in life, they're probably fundingthe WROTH. The tax attempt account makes
a lot of sense. You're notgoing to get the tax deduction up front,
but that's probably less important to you. If you're already paying taxes at
a lower rate. Ultimately you're gonnahave to pay some tax, right,

(27:33):
You're gonna have to pay some tax. You're not going to get the benefit
of the tax deduction up front.However, However, the compounding of interest,
I don't have to tell you.You've seen it, you know.
I don't want to bore you andgive you a number and say, if
it compounds at six percent, thisis what you're going to have at a
you know, future value and blahblah blah, Right, bore me,

(28:00):
this is what you will have.You're gonna have significant tax benefits if your
income clients. Who cares, becausethe money you take out is going to
be tax free, and if you'reexpected future tax liabilary it's like to be
higher than it is now. Taxexempt account will add to your tax burden.

(28:23):
And even if it doesn't rise,who cares. You're still going to
get the advantage of having tax freeincome that you can tap into any time
when you retire. And why doI say this, Because of doing this
for as many years that I have, Like old man River, I've been
doing it now for forty three years. It's important to have access to tax

(28:49):
preference money because you know what andI know what stuff happens. That's not
what I was going to say,but I'll say stuff And if stuff happens,
you want to be able to reachinto the piggy bank without the pig
squealing. You want to reach intothe piggy bank, and pig's got a

(29:10):
big smile on its face. Ittake it right because there's no tax.
So when it's time to retire,you you pay income tax on your pension
benefits. And your traditional IR,raise, your traditional for one k's and
all the other stuff you have outthere. But you got this piggy bank

(29:33):
that's all tax free. Here's theother thing that's critical. And Nico was
a certified financial planner in our office. It's done all sorts of graphs,

(29:57):
and there are ways to transfer wealthin our country that are extremely, extremely
beneficial to your errors. And asI've said many times on all my radio

(30:22):
shows, there is no doubt inmy mind that our clients, prospective clients,
and people that are out there listeningto WGY right now are way,
way, way, way, waytoo much loaded up on texts, deferred
accounts. There's no doubt about it. Forty trillion dollars. So as much

(30:51):
as you hear us talk about investmentdiversification, tax diversification, I think is
just as important, not only asfar as realizing tax savings today, but

(31:14):
also there is something to be saidfor tax free or tax examp tax preference
money during your retirement years. Sowe have a magical software package that I

(31:37):
utilize through Fidelity. It's called eMoney, and E money is a software
package that we can get minute byminute, day by day, month by
month, quarter by quarter annual financialdata on your personal situation, and we

(32:01):
can load it in there as faras what we're going to do for contributions
or how we're going to basically reallocatemoney, and we give you a pretty
accurate, pretty accurate, extremely accurateprojection of exactly where you're going to stand

(32:22):
during your retirement years with your bucketsof money. And we use very low
rates six percent total return. Soif we do better than that, then
it's just money in the bank foryou. But we try to make it
realistic. So can you have atax deferred IRA if you have a retirement

(32:55):
plan at work? Yes, yesyou can. So some of these things
that we're talking about. The firstplace that I would go to, which
I don't want to sound like I'ma good guy because I'm really not.

(33:16):
We want you to do it throughyour employer, right, because you're going
to accomplish it. We believe betterthrough your employer to fund your tax deferred
the WROTH and your traditional IRA ortraditional four o K because out of sight,

(33:37):
out of mind, right, youdon't have to write any checks,
you don't have to come in,you don't have to look at the BMW
and say I can't get it rightbecause the money is already gone. The
money's already gone. The bottom lineis this investment planning and tax planning is

(34:07):
as essential in any personal wealth managementdecision that you make. And you hear
the screaming monkeys who I can't stand, who have independent thought process. Rather

(34:30):
than trying to facilitate what the clientneeds, they have their own agenda because
they want you to come in andthey want you to let them manage your
money and they can charge you afee. Right, that's their agenda.
Let's cut to the chase. Butthe bottom line gets down to is that

(34:52):
a lot of these venues that we'retalking about at the retirement Planning Group,
we would want you to do itthrough your employer EARN and if your employer
does not have the ability to facilitate, hey like that, Zach, that's
a big word for me, facilitate. If they don't have the ability to

(35:14):
facilitate all the investment options that youshould excuse me, participated, then we
would get actively involved with you andtry to build out a platform through us
in order for you to meet yourobjective as far as the types of asset

(35:40):
classes and the type of investment portfoliothat would meet your short term, medium
and long term goals. But beforeyou do anything, as I said in

(36:00):
this morning's show, because I doa show here in the morning too from
seven am until nine am called theRetirement Planning Show. I'm sorry, folks,
I'm fighting a cold and I apologize. No one size fits all,

(36:22):
No one size fits all. Right, you want a plan that's specific for
you, your spouse, your kids, your grandkids, your charitable intent,
whatever it may be. Right,there's no cookie cutter approach. So if

(36:42):
you're scratching your head and saying,boy, this guy's got me like really
screwed up? Now am I doingeverything right? Well, come on and
have a chat. That's what weoffer. We offer a complimentary chat zoom,
face to face telephone, however youwant to do it. I try
a lot. I go all overthe country, but I also have a

(37:04):
lot of face to face appointments andzoom now zoom. I'm doing a lot
of zoom. But you need tofind out what the alternatives are. And
this is what I would say toyou. If you're not getting objective,
independent, open architecture recommendations, thengrab your hat and run. If you

(37:30):
feel like you're working with a firmthat has a specific objective for you.
They're objective, not yours. Grabyour hat and run if you think you're
in a situation where you're not.I had a woman came in the other
day, had to chat with her, and she goes, let me ask

(37:55):
you a question. Yes, ma'amlike questions. She goes, how often
will I hear from you? Isaid, every week? What I go,
Yeah, I'm on the radio everyweek. Okay, what about how
about face to face meetings? Well, we send you an email blast once

(38:16):
a week and we have a systemcalled the ninety day no contact and that
means that every ninety days someone frommy office will reach out to you and
say, how are we doing?Are you happy? Are you upset?
Is there something going on that weneed to change or have a conversation about?
And every six months we do areview, and every annual review we

(38:42):
try to make sure it's face toface. Staying in contact with people is
a priority at the Retirement Planning Group, not putting you on hold. You
call the office, you get ahuman, you don't get hit one,

(39:02):
hit four, hit three. He'sout of the office. Now he won't
be back until you know January oftwenty twenty nine. Please leave a message
and he might get back to you. We are anal about picking up the
phones and talking to our clients,and that's what you want. You want

(39:27):
to have dialogue. It's no differentthan anything else. I'm going to finish
up with one other investment idea.And as I said, today's topic was
tax advantage investing, whether it wastax deferred accounts or tax free accounts.

(39:54):
And I got one more rabbit topull out of my hat, two more
rabbits. I got two more rabbits. I'm going to make it dynamic.
This is gonna be a dynamic show, Zach, two more rabbits in my
head. When we come back,we'll be right back. Your partner for
success David Kopik, heir WG WISERetirement Planning specialists the Retirement Planning Group.

(40:15):
We understand that retirees face many importantdecisions that can affect their long term financial
success. Some of these decisions revolvearound making investments that will help create a
hedge against outliving their assets, theimpact of inflation, taxation, and rising
health care costs. Most of ourclients like the time, the desire or

(40:37):
the experience to manage their own investmentportfolios. We consider it to be an
honor and a privilege to help ourclients make sound investment decisions that will contribute
to a secure financial future for them. Because over ninety percent of our clients
or retirees with similar concerns, weare in the best position to approach such
challenges with experience and skill. Giveus a call today at five one eight,

(41:00):
five eight zero one nine nine fiveeight five eight zero one nine one
nine or RPG retire on the web. The greatest risk in retirement most of
us have no plan for We're insuranceto cover the expense. A long term
care event can impoverish a spouse,drain your life savings, and cost stress
and anxiety on your family. Whatis your plan and how will you pay

(41:22):
for a long term care event?Call the Retirement Planning Group today discuss options
you should consider to protect your estateand have choices and independence. Take action
call today five one eight, fiveeight zero one nine nine or RPG retire
on the web. How many allright? There's a good song kids,

(42:28):
growing man, get you hopping inand jumping. I've had this cold for
about a week and I'm about readyto jump off the bridge. As you
can tell by mine, I've quaffedand hacked and sneeze. And how would

(42:51):
you like to save thirty five percentpaying for your health care costs? Ding?
Ding, ding, ding ding.The phones are lighting up, everybody's
calling in. Yes, I wantto save thirty five percent. Well,
you gotta still be working. That'sthe negative. The positive is it is

(43:15):
one of the greatest things that's outthere right now, and most individuals are
not taking advantage of it because they'renot running the numbers. The math is
called an HSA account health savings account, and for twenty twenty four, individuals
can put in four one hundred andfifty dollars. Sometimes your employer will match

(43:37):
put some of the money in.For these, families can put in eighty
three hundred dollars, and if you'reover the age of fifty five, that
goes up a thousand, so familiescan do ninety three hundred, and individuals
can do fifty one fifty. Whyis this important because you have to be

(44:00):
in a high deductible plan. Butthat don't let that scare you, folks,
because high deductible plans, in myopinion, I think are extremely attractive
for a lot of reasons which I'mnot going to get into today. But
here is the grand finale with HSAaccounts. They come into your retirement years

(44:23):
with you as long as you're usingthem for qualified medical expenses, which you
will have. Many Fidelity suggests thatyou need about three hundred thousand dollars on
the sideline for qualified medical expenses inyour retirement years a husband and wife.
But the three magic words, thethree magic words with HSA accounts is triple

(44:52):
tax benefits. What do you meanby that? See? I asked my
own questions because the phones are justringing off the wall here. You've still
awaken there, zach tax free contributionsright when you put the money in tax

(45:15):
free, tax free interests and investmentearnings and tax free distributions for qualified medical
expenses during your retirement years or whileyou're still working. I'm always perplexed why

(45:37):
more individuals don't do this, becausehealthcare, as we're all quite well aware,
is expensive, it's complicated. InHSA accounts can play a pivotal role
in your retirement years to basically buffersome of this cost from non taxable income.

(46:07):
I like that word tax free,tax free, say that numerous times.
Just drive around the car right now, say tax free. Look at
the guy next to you sitting atthe lane, say tax free. Right,

(46:29):
tax free is good? Tax freeis good. So a lot of
times when we sit down with individualsthat are in their forties and fifties,
they're doing well, they're building outtheir retirement plans. We'll look at their
health insurance and say, do youhave the ability to do an HSA account?

(46:50):
Yes, we do. How's yourhealth? Our health is great.
How's your history and your family phenomenal. My grandparents are still alive, they're
one hundred and five. Well,that's great, because now we're gonna shove
you down the road and we're gonnamake sure that instead of doing the traditional
health insurance plan, we're gonna pushyou into an HSA and a high deductible

(47:14):
plan because when you look at it, dollars and cents, especially if your
employer contributes. Excuse me again,you're gonna be dancing in the streets when
you retire and you're gonna be saying, boy, that retirement planning group was
really smart. They were really smart. And oh, by the way,

(47:36):
here here's the other one. Here'sthe other gidea up you can buy long
term care insurance. You can haveall your long term care insurance paid up
on a five pay or a tenpay when you retire. And I know
you don't want to think about thatin your forties and fifties. Like you
know, nothing's ever gonna happen tome. And I'm superman and she's superwoman
and we're never gonna have health issues. But believe me when I say it,

(48:00):
if you have it and you needit, it would be the best
money you've ever spent in your lifetime. I've covered a lot of ground in
a very short period of time,and I know they you're absolutely flabbergasted,
and you're probably standing applauding right nowby my ability. Thank you, Zach.

(48:22):
You don't have to bow. Youdon't have to bow about my ability
and my capabilities of explaining this toyou. But it's painless for you to
come in for a conversation. Theworst thing that can happen is we become

(48:45):
new friends. We shake hands andsay you know what, you did a
great job, or we shake handsand say you know what, go home
and think about it. Because alot of people like to do what procrastinate.
They don't like to motivate. I'mnot good with people that procrastinate.
I actually push people to make adecision because I know, deep down in

(49:08):
my heart that if I don't dothat, some people love to sit in
front of the TV and watch CNBCand procrastinate and let me think about it.
I'll get back to you. That'sa good idea. Let me talk
to Joe about it. That's thebarber bottom line gets down. There's no

(49:32):
fees. Hsas are free for individualsand families. The investment portfolios okay,
yeah, there's minimal fees on theinvestment portfolio and they're painless to manage,
just like the Wroth four O onek, the Wroth Ira and your traditional

(49:54):
ira and four O one k.There was one other investment I idea I
wanted to talk about today, butI really don't have enough time to get
into it to give you the sizzle. But I'll say this then. The
world that we live in today,they love to taxes. They love,

(50:20):
love, love the taxes. Andif you're in the camp that you think
it's going to get better, wellturn the dial off or hit another station.
But if you're in a camp thatyou think you know, I need
some tax preference money in my retirementyears. I need some tax free Say

(50:42):
that if you're at the light,look at the guy next to you and
say tax free, tax free,Because if you do what I tell you
to do, you're going to bemuch more content with your buckets of money.
And that's the other thing that weget into in detail, how we

(51:05):
develop the buckets of money for yourpre and post retirement years. We have
offices in Oneana, Syracuse, Albany, Glens Falls, and Malta. It
would be an honor to sit downwith you and try to help you.
If you think anything that I discussedtoday would be of interest to you,

(51:27):
you can call my office and askto speak to either Jim or Christopher and
they will be more than happy tofacilitate a phone call, a zoom meeting,
or a face to face. Ourtelephone number is five eight five eight
zero one nine nine. There's noobligation on your part or our part.
We have a chat and we tellyou right up front whether we think we

(51:51):
can help you or not. Andyou can check us out on the web.
Rpgretire dot com, RPG Retired Godbless, be safe and we'll see
you next week. Thank you forlistening to Retirement Ready, hosted by Dave
Kopek, w G wise retirement planningSpecialist. If you'd like to talk with

(52:13):
Dave for someone of the Retirement PlanningGroup, call five one e five eight
zero one nine nine. That's fivetwenty five eight zero one nine one nine
during business hours, or visit rpgretiredot com. The Retirement Planning Group has
five convenient offices located in Albany,Malta, Glens Falls, Syracuse, and

(52:34):
Oneana. Tune in again next weekfor retirement planning strategies with Dave Kopek right
here on WG wise Retirement Ready.The information or services discussed on this show
is for informational purposes only and isnot intended to be personal financial advice.
The investments and services offered bias maynot be suitable for all investors. If

(52:54):
you have any doubts as to themerits of an investment, you should seek
advice from an independent financial advis