Episode Transcript
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Speaker 1 (00:00):
Live from 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 make informed decisions about a wide array
of retirement planning information that can support you and developing
a more certain financial future for you and your family.
(00:21):
Now it's time for Dave Gopec WG WISE, retirement planning specialist.
Speaker 2 (00:34):
All right, good afternoon. I'm your host, David Kopek. This
is a Retirement Ready, which is a topic specific program.
We try to focus in on one topic on Retirement Ready,
and today's topic is going to be on retirement income distribution.
(00:57):
I know that we talk about it a lot, but
it usually comes in either nonumber one and number two.
As far as the concerns that you have individuals that
are either pre or post retired. I'm WGY's retirement planning specialists.
Been in the business a long time, twenty five years
on radio work with a lot of hardworking savers. Our
(01:20):
assets are held of Fidelity the Mothership. We're open, architecture independent.
We have no bias, no predetermined destination for assets. React
in a fiduciary capacity work for you for really concerns
that we try to focus in on, investment management, asset protection,
(01:41):
the legacy planning. Of course, this new wealth transfer that's
going to be happening, it's already happening, folks, the eighty
five trillion dollars of wealth that will pass from the
boomer generation onto our children and grandchildren. And of course
we have five locations here in New York now Syracuse, Oneana,
(02:04):
Glens Falls, Albany.
Speaker 3 (02:07):
Malta, Sarahtoga Springs.
Speaker 2 (02:09):
So anything that I'm discussing today that if you have
an interest, come in for our complementary consultation, to be
an honor to sit down with you. And again, this
has really been a crazy week for the first week
of twenty twenty five. Our hearts are torn out a
little bit. And what happened in New Orleans, the devastation.
(02:35):
Sat down this morning looking at the paper and just
very very hard to see these young children, young professionals,
just at the beginning of their lives that are no
longer with us. So say a little prayer for their
families and loved ones that they find comfort in peace
(02:55):
under these dirty, very very very difficult times. But you know,
we live in a whole different world today. The unthinkable
is thinkable. I was given this some thought, this swarning.
Speaker 3 (03:09):
A lot of people.
Speaker 2 (03:10):
Don't know my background unless you're working with me or
you come in and have a chat. But you know,
I started in the investment banking business years ago, in
nineteen eighty two, with a little firm that was called
Paine Webber. And then I went to Morgan Stanley and
I opened up the Aubany office with four really good
friends of mine. And I was at Morgan Stanley for
(03:32):
quite some time. And then you know, of course we
used to go back and forth from Aubany to meetings
in Lower Manhattan in the towers, and it was either
Tower Water or Tower two. We will also be at
the Vista. We stayed at the Vista Hotel. Then I
don't have to tell you, folks what happened there nine
(03:54):
to eleven. And the thing is is that I'm flabbergasted
at the farther we get away from nine. We seem
to forget how horrific that was and how hateful these
people are. They don't care women, children, young men, older.
It's totally irrelevant. So I'm just I'm hoping that I'm
(04:17):
praying that we get a little bit more focused in
on these individuals that want to cause hiss harm. I
know I worry about my children and my grandkids all
the time, and I probably a lot of our listeners
today feel the same way.
Speaker 3 (04:32):
So say a special prayer.
Speaker 2 (04:36):
If you go to church on Sundays, maybe a light,
a candle, and memory of those poor people that passed away,
with the anticipation and hope that things will get better
and brighter for them. I want to talk today about
a topic, as I said, that is really kind of
a focal point for the retirement planning group. You're hear
(04:57):
in some of our advertisements and our present day that
retirement income distribution is really a difficult thing to put
your arms around. There is a big difference between accumulating
money versus distributions of assets. Now, there's a gentleman that
(05:19):
I mentioned all the time. His name is William Sharp,
and he has spent his whole life, most of his
life at.
Speaker 3 (05:26):
Least, thinking about risk.
Speaker 2 (05:27):
He's behind the capital asset pricing model otherwise known as
the Sharp ratio, which captures risk adjusted returns. And a
few years ago I read an article that he had
turned his attention to what he has quote unquote the
(05:51):
hardest problem in retirement is running out of money in
retirement and how do you allocate money to basically focus
in on the two things that could really be detrimental
toy in the first, of course, is what sequence of
returns you're getting involved in a bull market or a
(06:14):
bear market when you go into your retirement years. And
of course the l word longevity. We're living longer lives.
For some of us, they're healthier lives. For some of us,
they are lives that we never anticipated that we would
live as long as we have. I had one of
(06:35):
my first clients when I was at PaineWebber who worked
for mob Bell, AT and T. And he'd worked for
AT and T for about thirty years and retired at
the age of fifty five. He was fortunate, but he
lived to be well into his nineties. He was in
(06:56):
retirement longer than the total number of years that he
worked for mob Bell. And what's happening After being in
this business now for forty three years and being on
radio now for twenty five years, it's amazing to me
the amount of people that are coming in or existing
clients or people that I'm talking with that have really
(07:20):
had an extended, extended retirement much longer than they ever anticipated.
So today we're going to talk a little bit about
how you as an individual address this in your own
personal situation and how you can take some of this
(07:40):
information that I'm discussing with you today, digest it, put
your arms around it, and see how relevant is to
where you stand in your own personal retirement income distribution plan.
We're in the surge, folks right now, we're in the
(08:01):
title wave. The amount of people turning age sixty five
is the greatest that it's ever been in this nation's history.
Eleven thousand, two hundred people per day are turning the
age of sixty five, and most of those individuals do
not have pension plans.
Speaker 3 (08:23):
Most of those individuals are going.
Speaker 2 (08:24):
To have to basically take their life savings and they're
going to have to create what lifetime income. The old
metaphor the three legged stool or retirement planning used to
be the employer pension, your personal savings, and of course
sol security. For a lot of us, there's a two
(08:45):
legged stool. A lot of individuals have undersaved, they have
a minimal amount of money in their personal savings. A
lot of people do not have pensions, so they're going
to have to rely on sol security and maybe a
little bit of money that they've accumulate it. So it's
really critical. It's critical that they're making the right decisions
(09:07):
regards to deprect their not only their lifestyle quality of life,
but also to try to put themselves in a position
with the assets that they've worked hard for that they
live and they continue to be with them for as
long as they shall live. You know, there's three types
(09:29):
of protected income that they're going to discuss today, and
we're going to talk a little bit about social security,
what our thoughts are at the Retirement Planning Group. We're
talking a little bit about pensions, the ones that are available.
We live in the Capital District region for people that
are listening to this program that are outside the five
(09:51):
one to eight area code that live in other parts
of the country. Because we're the capital, we have a
high concentration of people that do have pension benefit, much
more so than if you go outside the Capital District region.
So how do you create a pension benefit? Do you
look at annuities, how do you structure your social security
(10:11):
benefits in order to maximize income and minimize the amount
of risk that you want to have. So today, retirement
income distribution, anything that I'm discussing, you can get a
hold of us at our office telephone numbers five one eight,
five eight, zero one nine, one nine. You can check
us out on the web rpgretire dot com. Rpgretire dot com.
(10:36):
We offer a complementary consultation at any of our five
locations in New York. Also have the ability to use
the Regius Corporation outside of New York when I go
to Florida other cities, they have executive suites where I
can meet individuals face to face. A lot of times
we go right directly to your homes. And what's happening,
(10:57):
of course, is the acceleration of technology, Ring Central and
Zoom meetings. A lot of individuals have elected to utilize
that rather than us going to them physically. And that's fine.
Whatever makes you feel comfortable makes us feel comfortable. I'm
a dinosaur when it comes to technology, but my staff
(11:19):
is very up to speed. They basically have to lead
me around by the nose to basically so I can function.
I'm not a gadget guy. So I get on and
I get off, and I don't tinker with it. I
have somebody else tinker with it. So again, if you
find anything that we're discussing of interest to you, give
(11:39):
us a call. We meet with a lot of individuals
and it never hurts to get a second opinion. Our
telephone number, of course is five one eight five eight
zero one nine nine.
Speaker 3 (11:50):
That's our office.
Speaker 2 (11:52):
And as I said, someone from my office will answer
the phone and you can discuss with them what you
would like to do. We'll be right back after this
quick math the eighty six percenters. Do you know that
eighty six percent of the population has no defined benefit
pension plan. For most of us, we have to take
our life savings and create a paycheck for the rest
of our lives in retirement. What is your plan for
(12:12):
retirement income distribution? How you manage your assets during the
most critical years of your lifetime. Nobel Prize winning economist
William Sharp has called retirement income distribution the nastiest, hardest
problem in finance. He points out that investment, uncertainty, and
mortality can derail the most careful laid out retirement income plan.
Call our offices today to start the process of building
(12:35):
your retirement income distribution 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
distribution plan.
Speaker 3 (12:46):
How do you do that? To take action?
Speaker 2 (12:47):
Five one eight five eight zero one nine nine. That's
five one eight five eight zero one nine one nine
or RPG retire on the web. Don't procrastinate, motivate to
start building your retirement income disc distribution plan five eight
five eight zero one nine one nine. We run out
of money in retirement? Will your investments provide income for
possibly decades? How do you navigate the two greatest risk
(13:09):
in retirement sequence of returns in longevity At the Retirement
Planning Group, Our Bucket of Money approach 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 personal retirement income distribution plan at five
eight five eight zero one nine one nine. That's five
(13:31):
eight five eight zero one nine one nine.
Speaker 3 (13:53):
All right, we are back.
Speaker 2 (13:56):
Glad to be with you on Dave Kopek, your host
WGY's retirement planning specialists. This is believe it or not, folks.
At the beginning of my forty third year, forty three
years in the financial services business, twenty five years on radio,
we work with a lot of hard working savers, individuals
that you know are looking for a competitive rate rate
(14:21):
of return, but also you know you're going to need
some growth, You're going to need some purchasing power in
order to stay up to speed during your retirement years.
That a dollar is going to be worth a dollar
in the next ten, fifteen or twenty years. So you've
(14:42):
got to contemplate how do you want to allocate your money.
And a lot of you are looking for safety and guarantees,
and I don't disagree with you. The older you get,
the more you really lies is that you know this
pot of gold is going to have to last me
(15:03):
for a lifetime.
Speaker 3 (15:05):
I know what it's like to.
Speaker 2 (15:06):
Sit there and walk the floor and stare at the
ceiling and with the old premise that you know the
market's always come back. Well, it doesn't feel good. I
can tell you when you're down twenty thirty, forty fifty
in a portfolio. And I've been there, I've seen it.
I started in eighty two. So I've seen the flash crasses,
I've seen the financial crisis, I've seen nine to eleven,
(15:30):
and it's never a fun ride. That's why I think
it's critical that you develop what we call at the
Retirement Planning Group a buckets of Money approach that basically
allows you to build out a retirement income distribution plan
(15:51):
that facilitates certain things that I think are critical. The
first and foremost is that a good portion of your income,
of your income should be coming from sources that are guaranteed.
So As an example, too many people I believe go
(16:11):
to solid security too soon. There's all sorts of numbers
by the Financial Planning Association, by Fidelity, and go through
the laundry list of individuals that will go to SOID security,
and they'll get it simply because they turned the age
of sixty two. Those that wait to age seventy seven
(16:32):
zero in order for them to tap into their soial security,
they're going to receive seventy seven percent more than they
would have received at age sixty two, seventy seven percent
more on an income stream that has coola cost a
living adjustment, and the money will never go away in
(16:53):
your lifetime so a lot of times what we'll do
is we call a bridge. We will bridge with some
of your other assets that allow you to basically cover
your expenses, have guaranteed income, and then we'll turn on
solid security at least at a minimum at FRA full
(17:13):
retirement age. But some of our clients will delay to
age seventy in order to turn that spict on. Judge
Copple of Its, if you remember him from Herzog Law firm,
we used to do a lot of dog and pony
shows with them. He used to what I call the
rubber chicken dinners years ago, if you remember. We'd go out,
(17:36):
we would do a presentation and Herzog Law Firm would
basically do their presentation, then we would do ours. But
he used to have a canister with a bucket on it,
and he used it as an impression that he would
basically say to he is that you know you can
turn it on and you can turn it off right
the spicket as far as the income you control the spicket, Well,
(17:59):
that's true. That's true for most of us today, because
nine out of ten of us have to basically create
pension benefits. The question becomes what's inside the bucket, what's
inside the bucket, because you don't want the bucket to
go dry because when you turn the spicatnie and you're
not going to have what no income. So I'm a
(18:22):
big believer baseline income, and baseline income basically covers your
fixed expenses. It allows you to pay the bills, put
a roof over your head, have some money in your
pocket for you know, food, some travel, and then you
start building out from there with your guaranteed income streams
(18:46):
to the growth that you're going to need in your
portfolio in order for you to have purchasing power. You know,
there's a lot of resources for us. One of the
greatest ones that I utilize is the Center for Returnronment
Research at Boston College, and they give you a lot
of hard data that has no bias. One of the
(19:09):
things that I find in our business is that there
seems to be a lot of quote unquote gurus, people
that really know what they're talking about. They always have
the answer on Monday morning. But the reality is is
that some of these gurus have, in my opinion, a
major bias towards particular types of investments that are extremely
(19:33):
suitable for you during your retirement years, during your retirement years,
and what am I talking about. It's typically insurance products.
It's typically insurance products which basically will facilitate the word
guaranteed income for life. Now, we can go through the
different options, the different types of products, but it's irrelevant.
(19:56):
The key word there is guaranteed income for a life.
And the question becomes, how much of the bucket that
you have accumulated in your lifetime, in your four oh
one K, in your IRA, in your wrath non qualified assets,
will to be a wealth transfer, and how do you
(20:18):
allocate it in order to facilitate facilitate what we used
to call the three legged stole, your own personal pension,
personal savings, in your soil security.
Speaker 3 (20:36):
That's up to you. But the thing is that.
Speaker 2 (20:38):
Most of you will walk away from a conversation when
you hear that magical word called the annuity. Now, the
gentleman that I talked about at the beginning of today's show,
William Sharp, is a big believer in annuities. And this
guy is quote unquote one of the experts in capital
(21:00):
asset pricing, the Sharp ratio because he says, there's no
other investment that will basically allow you to negate the
two things that can come back and really bite you
in the butt, sequence of returns and longevity, because nobody
can basically give you that answer. Nobody can tell you
(21:22):
what tomorrow is going to bring. Nobody can tell you
how long you're going to live. And the thing is is,
you know, as we're seeing today, because of technology and
because of healthcare, we're living longer lives, which means you're
going to make sure that that golden bucket of money
that has to last to you a lifetime is going
(21:43):
to be secure enough in order for you to facilitate
purchasing power. So today, you're going to have the same
purchasing power in the next five, ten, fifteen, or twenty
years in order for you to have quality of life.
We have clients at the Retirement Planning Group that in
their eighties nineties, you would think that they're in.
Speaker 3 (22:01):
Their fifties and sixties.
Speaker 2 (22:05):
People are just living healthier, better lives and because of that,
they're going to have to make sure that their money
stays as healthy as they are. So in the second
part of today's show, we're going to talk a little
bit about what.
Speaker 3 (22:26):
Your concerns are.
Speaker 2 (22:29):
What are the people today concerned about because we get
all sorts of data, all sorts of information. The mothership
Fidelity provides us a lot. We have a lot of
relationship with large investment banking firms, whether it's Golden Sacks,
whether it's JP Morgan, whether it's some of the other
major wirehouses that basically give us information. But the bottom
(22:49):
line gets down to the one study that is consistent,
that is consistent that everybody basically comes back with the
same answer is I don't want to run out of money.
I want to make sure that my money lasts as
(23:13):
long as I last, and if there's anything left over,
that's fine and dandy. But I want to make sure
my significant other, my spouse, whatever it may be, we
both have quality of life and we have the ability
not to sit up at night with our knees knocking
and have it to having. You know, these nervous convulsions
because the stock market is going through the volatility and
(23:35):
the gyrations that it does. Now, we've been fortune in
the last couple of years. We've had fairly decent returns
in the stock market back to back over twenty percent
the S and P five hundred. Who knows what it's
going to be this year. But I know one thing
for sure, if you are properly allocated with your assets,
(23:56):
you don't have to worry about it. And that's what
we're going to get to in the second half today.
But again, anything that I'm discussing, if you'd like to
come in and have a chat with us, it's pretty simple.
All you have to do is dial five one eight
five eight zero one nine one nine. That's five pine
eight five eight zero one nine one nine. Say I
(24:18):
listened to Dave on the radio. I want to come
in to have a complementary consultation. As I said, we've
got five locations. We've got Syracuse, Oneana, Glen's Falls, Aubany
of course Multi Slash Saratoga Springs and one of the
individuals in my office will be more than happy to
(24:38):
sit down with you to facilitate that meeting. But we're
going to have to take a break here in a
couple of seconds. But bottom line gets down to we're here,
hopefully to educate you, let you know a little bit
about what's going on in the financial services industry and
the types of products that are available for you for
you in order for you to basically facilitate what you want,
(25:03):
and that's to be able to enjoy your retirement and
not worry about is the money going to go away
before I pass away? And that's what we're going to
focus in on the second part of today's program. So again,
our telephone number if you would like to call us today,
I'm live, be more than happy to answer any questions
you might have is one eight hundred talk WGI. That's
(25:26):
one eight hundred eight two five fifty nine forty nine. Again,
it's one eight hundred eight two five fifty nine forty nine.
That's one eight hundred talk WGI. And of course, if
you want to get a hold of us for your
complementary consultation, it's pretty easy. Just call us at five
(25:47):
to one eight five eight zero one nine one nine.
That's five one eight five eight zero one nine one nine.
I'm Dave Kopek. We'll be right back after the news.
Speaker 3 (26:17):
With the loony fuck and see you you watching him
Hello for me?
Speaker 2 (26:30):
All right, we are back waiting Zach my good man.
He knows how to get to my heart strings. That's
one of my favorite songs. Sarah's smile always brings back
to a lot of memories. When I heard that song
because I was in South Dakota and then went over
to Minneapolis St. Paul to see Daryl Hall and John
(26:53):
Oates for the first time, and after that I was hooked.
I've been a fan of them for decades, which is
hard to believe. But happy weekend. It's been a humble week.
I guess that's all I can say. You know a
lot of people very concerned about what happened in New Orleans.
(27:15):
God bless those souls, God bless their families. Say a
special prayer today for them that they find comfort. But
it's you know, the the inevitable sometimes is that you know,
you know, these types of things are going to happen
in this crazy world that we live in. It's just
a question how dramatic is it going to be, how devastating,
(27:39):
what kind of an impact could it possibly have on
the financial markets. I was actually shocked, to be honest
with you, that the markets opened up the next day
as strong as they did, because I felt that there
there was this concern that was there were cells not
(28:01):
only in New Orleans but possibly in other parts of
the country. But this is something that you have to
think about, folks, is horrific. And believe me, I'm not
bringing this up because it gives me any type of
comfort or joy. But the reality is is that we
live in a world today where the unthinkable is thinkable,
(28:22):
and you got to think about, you know, how much
of a cushion, suspenders, and a belt do you put
on your portfolio with this new world that we live
in if there is a terrorist attack, if there is
another nine event. I mean, I've gotten to the point
where it's hard for me to even watch the news
(28:44):
because some of the talent that's on the TV, on
the certain stations that I watch, and the programs that
I watched scare the living daylights out of me, not
only for myself and my beautiful bride, but also for
my children and my grandchildren. And hopefully this new administration
(29:08):
will take, I don't know, maybe a much more hardline,
more proactive approach to some of these events that are
happening to us. But you need to think, if we
went through another nine to eleven, which I don't even
want to think about, how is that going to impact
(29:29):
your financial markets, your portfolio, your income. There's nothing wrong
with having a hedge, a hedge in your portfolio. What
do I mean by a hedge. You know, alternative investments
are the buzzword on Wall Street now, and we have
(29:49):
clients that have five thousand dollars with us, we have
clients that have millions and millions of dollars with us.
And the thing is is that what we try to
do is to bring to everyone's attention different ways and
different strategies in order to protect your money. You know,
I've got a good friend of mine that basically works
with a lot of high net worth people. He's been
(30:11):
doing it for years, and his whole motto is, you know,
my job is not to make you wealthy. My job
is to keep you wealthy. We're not trying to hit
home runs. We're trying to get consistent singles because we're happy.
And that's really been my motto. If I get six
to eight percent on an annual basis for our clients
in their retirement years, I'm happy. The people that we
(30:35):
typically have problems with, people that have undersaved that need
to get thirteen, fourteen, fifteen, twenty percent on their portfolio
in order for them to satisfy what they consider to
be the income that's necessary for the retirement.
Speaker 3 (30:48):
So that's where I'm going to start.
Speaker 2 (30:52):
What is the realistic distribution off of a portfolio and
how much can you take off of a portfolio. Now,
you know that I'm not a major fan of having
all your money allocated into the stock or the bomb market.
I'm a big believer that you need to have diversification
(31:14):
multiple different types of assets, especially ones that yield strong
dividends throughout your retirement years. That's a whole different scenario
in your accumulation years than it was during your distribution years. Now, currently,
in this interst right environment that we're in right now,
(31:35):
which is surprising to a lot of us in the
financial services business, we currently have a guaranteed rate right
now for five years at five percent. Five years five
percent guaranteed. You can take it as interest income. At
the end of five years, you can take your money
(31:55):
and run.
Speaker 3 (31:56):
What is it.
Speaker 2 (31:56):
It's an NYGA. It's a multi year guaranteed annuity just
like a SAD guarantees principle and interest. You can take
the interest on a monthly basis. You can allow it
to keep on accumulating whether it's in your IRA or
non IRA, and just like a CD, at the end
of the five year term, you can take your money
and run, or you can renew, or you can transfer
it somewhere else and basically see what's the other apple
(32:19):
on the tree at that time five years from now.
So when you're in this situation that you're trying to
design a program that will facilitate income needs and also
your risk tolerance your RTQ what we call the RTQ
because when individuals come into the retirement planning group, we
(32:40):
basically have to give them a risk tolerance questionnaire that
facilitates how far how low can you go and what
are you really looking for as far as in net
return on your portfolio, so you take all your money.
You know, one of the great things about Fidelity is
the software package that I talk about all the time.
(33:02):
It's called e Money. What E Money does for us,
it's basically a dashboard. It allows us to be as
detailed as you want us to be or as superficial
as you want us to be. But we can get
down into your credit cards, your checking account, we can
(33:22):
do all your cash balances, your mortgage. So when you
look at your dashboard, you know exactly where you stand,
what your net is. This is my net worth, this
is where I stand as of January fourth, twenty twenty five.
(33:44):
So once you get that number and you say, hey, Dave,
I want to retire in September. You know, I've got
X number of dollars here in order for me to
get to know my retirement and you know, I might
have a little bit more, I might have a little
bit less when September comes. What do you think I
(34:04):
can take realistically off this portfolio? And my answer to
that is how aggressive do you want to be? What
do you need in order for you to have quality
of life? And do you have any biases? Is there
any type of investments that you don't want to participate
(34:26):
in simply because you either don't like them or you've
really never discussed them in great detail in order for
you to get the answers that you need in order
for you to build out a retirement income distribution plan
that will not only facilitate what you need in your lifetime,
but also what you need for the surviving spouse of course,
which is typically the female. So within a very short
(34:52):
period of time next ten to fifteen years, of the
eighty five trillion dollars that's passing on to the next generation,
a lot of that money is going to be controlled
by the female of the house, the wife. Why is
that because guys typically die first. That's why then the
wife inherits the assets. That's why it's critical for you
(35:15):
to understand exactly what is necessary for quality of life
wealth replacement for the surviving spouse. How much money should
be retained by the spouse and how much should basically
go for estate planning purposes. What should go on the trust,
what should be disclaimed as far as your IRA assets,
how much money should go to the children at the
(35:37):
first death? Have you funded the trust one hundred percent
of what you anticipated that you wanted to put in there.
It gets complicated the more money you have. Sometimes it
gets much more complicated as far as protecting the assets,
getting wealth transfer over to the next generation, and also
make it tax efficient. Now, the greatest Achilles heel, which
(36:00):
everybody has heard me say a million times, the greatest
problem for most people is IRA assets four oh one
k TSPs go through the whole laundry list of pre
taxed accounts steps iras kyos. Why because you're forced to
liquidate them when you least want the money. We had
(36:21):
a long conversation this week Nicholas and I Nico with
a new client who has a significant amount of money
and qualified plan in assets iras and really has no
desire or.
Speaker 3 (36:36):
Need for them.
Speaker 2 (36:37):
It's just it was money that was accumulated in his lifetime.
And you know, the uh, pretty sim there's there's going
to be a knock at the door, and the knock
on the door is going to basically be, now you
got to start taking required minium distributions, not because you
want them, but because you're going to be forced to
withdraw them because of required minium distributions. So one way
(37:04):
or the other, ird income and respect to the deceit
means that if he doesn't take it, his kids are
going to take it, and his nieces and nephews whoever
it may be, someone's going to pay the tax on
that money. It's a question do you pay the tax
and allow more tax efficient transfer of wealth to the
next generation or do you just allow it to sit
(37:24):
there and then you just have these huge tax liabilities
as you age because you do nothing. You know, it's
easier to do nothing than something for a lot of people.
And then what happens is that, you know what Natalie
choked the Attorney CPA says, the mortgage on your IRA,
the mortgage on your IRA, or the assets that you've
(37:46):
accumulated in your lifetime that are really not yours. You've
got two other beneficiaries, the state, you know, also the
federal government depending on where you live and where you reside.
That's why it's critical to understand where is your zip
code going to be in your retirement years, because that
(38:07):
will dictate a lot as far as how aggressive you
should be or or how you're going to basically transfer
maybe some of this wealth to the next generation to
the most tax efficient way. So it's not only saving
for retirement, but for better or worse. There's a lot
of people out there that have saved significant amounts of
(38:30):
money in pre tax that accounts, and ultimately they're going
to have to make a decision on how that money
is going to be paid out. The problem is you
leave it, you let it sit there, you transfer it
to someone else. Children that are in their fifties and
sixties and now they're having this huge tax liability where
(38:53):
they're probably in the prime of their life making the
most money that they've ever made, and a good portion
of that money is going to go to who.
Speaker 3 (39:01):
State in the.
Speaker 2 (39:02):
Federal government, your other beneficiary. So getting proactive with i
RA A distribution, qualified plan distribution I think is critical
for people that have accumulated quite a bit of cash
in those types of investment vehicles. And the other thing
is understanding how you need to structure them not only
(39:26):
during your lifetime, but also when you pass away, to
allow your family to disclaim some of those assets if
it makes financial sense to get them to the next
generation rather than being retained by the spouse that is remaining.
And we've seen situations whether it's the male or the female,
(39:49):
where some of these accounts are significant, well over seven figures,
and you've got, you know, multimillion dollar accounts that are
in qualified assets because individuals work with company. These are
corporations that there's a company stock did exceptionally well. Now
they're trying to figure out, you know, I made all
this money. I had a gentleman that came in just
recently and we discussed this in detail, and he wanted
(40:15):
to know if there was anything that he was missing.
Very smart guy, he's an engineer. Basically, he was monitoring
his investments and his a state plan himself and wanted
my input, and I said, you know, I think you're
doing a great job. The question becomes, how much of
this money do you ultimately want to have transferred to
your kids tax efficiently and is there any other way
(40:36):
to do it rather than spending it down? And for
most all those answers, he's going to have to spend
it down if he's looking really to transfer a lot
of what we call tax preference or tax free money
roth conversion. But there's other assets too, there's other ways
to tactically do this, so for you know, whether it
be better or worse. But the thing is is that
(40:57):
what you have to ask yourself is that what is
the standard living do you expect in your retirement and
how much of this money do you basically want to
keep in a nest egg as far as transfer of wealth,
because for some people it's critical, you know, they want
to make sure that there's a certain amount of money
that's going to pass on to their children in order
(41:19):
for them to have you know, wealth transfer, so they
put them in a better position. So it's your choice.
But the problem is of that eighty five trillion dollars
that I just talked to you about eighty five trillion,
about forty trillion of it, about forty trillion of that
(41:42):
is qualified assets.
Speaker 3 (41:46):
Forty four to orh.
Speaker 2 (41:49):
So for some of you, you might want to gradually
transition some of this money. For some of you, this
gentleman that came in, we were talking about Roth conversions,
you know, taking advantage of some of the times where
he's going to have some tax planning where he can
facilitate maybe a little bit more as far as a conversion.
But for you that are still out there that are
(42:09):
accumulating assets and you're planning your retirement, please please be
aware that the four oh one K, the WROTH four
oh one K, allows you to load up in that
account without any income requirements. So for high network people,
people that are doing well, that have substantial income, it's
(42:33):
a great way for you to transition assets over to
the tax preference account. So when you retire, you're going
to basically go into the bucket and get a dollar
or not have any tax side building. I apologize, folks,
I've got a little bit of a post nasal drip
and still fighting that cold a little bit. So when
(42:54):
we come back, we're going to talk a little bit
about what I call the surprises, the situations that you
don't think about, they're going to show up at your doorstep.
And one in particular that I think you really need
to start thinking about, especially in this new world that
we live in. I'm Dave Kopek wg wy's Retirement Planning Specialists.
As I said, we offer a complimentary consultation, be an
(43:17):
honor to sit down with you. You can call us
at our office five one eight five eight zero one
nine one nine. You can check us out on the
web rpgretire dot com. I'll be right back after this
quick message. Your partner for success, David Kopeik, heir wg WISE,
Retirement Planning Specialists, the Retirement Planning Group. We understand that
retirees face many important decisions that can affect their long
(43:40):
term financial success. Some of these decisions revolve around making
investments that will help create a hedge against outliving their assets,
the impact of inflation, taxation.
Speaker 3 (43:52):
And rising healthcare quests.
Speaker 2 (43:54):
Most of our clients like the time, the desire, or
the experience to manage their own investment portfolios.
Speaker 3 (44:00):
We consider it to be an.
Speaker 2 (44:01):
Honor and a privilege to help our clients make sound
investment decisions though, contribute to a secure financial future for them.
Because over ninety percent of our clients or retirees with
similar concerns, we are in the best position to approach
such challenges with experience and skill. Give us a call
today at five one eight, five eight zero one nine
(44:22):
nine five eight 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 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. What is your plan and
how will you pay for a long term care event?
(44:44):
Call the Retirement Planning Group today discuss options you should
consider to protect your estate and have choices and independence.
Take action Call today five eight five eight zero one
nine nine or RPG retire on the web. All right,
(45:33):
we are back. Happy weekend. It's hard to believe twenty
and twenty five. If you close your eyes, do you
remember when it turned the year two thousand and everybody
was freaking out? Does it seem that long ago?
Speaker 3 (45:46):
Does it? Quarter of a century ago? Folks?
Speaker 2 (45:52):
That's how quickly time goes by. That's when you blink
your eyes and you know you're going to be out
the door and you won't be working anymore. So what
are the surprises? What's the thing that you want to
make sure that you have the ability to tackle in
your pre and post retirement years more posts than pre
(46:12):
This is the key thing, and that's the one that
probably I think has more of an impact on individuals
than anything. You need to have a purpose. There's a
lot of retirees, especially businessmen females that have been involved
in whatever. I don't want to be gender based here,
(46:36):
whether it's a male or a female. You've got to
have a purpose. You can't get up every day and
basically say you know what am I going to do today?
So I would say, before you retire, before you're taking
the see you later, alligator, take this job, you know, Johnny,
paycheck and shove it before you basically send in the
(46:59):
paper work. What I often say is sit down and
figure out what your purpose is going to be during
your retirement years, because you might find out that they
may last longer than the total number of years that
you were employed.
Speaker 3 (47:13):
Do you hear that.
Speaker 2 (47:15):
You could be in retirement longer than the total number
of years that you were employed. Now, some people are
high five and jumping up and down, But for some
other people, they're not high fiving and jumping up and
down because they need a purpose. They need to find
a way in order for them to wake up in
the morning and feel good about themselves. I've seen too
many individuals I've had personal phone calls from either male
(47:38):
or females that it basically said to me is that
you need to talk to Billy or Susie because you know,
I'm concerned or they've kind of lost They're kind of
wandering in life. So what I would do. What I
would do is to find out what that passion is.
(47:59):
That's a key in all of our lives, right. I
saw a show the other day on TV and they
were talking about when you go to work, what do
you want to do? And one of the consultants on
the show basically said, you got to have the word passion.
It's not work, it's something that you love to do.
And that's exactly the same in retirement, folks. You know,
(48:23):
people say to me all the time, You know, Dave,
you've been doing.
Speaker 3 (48:25):
This now for forty three years.
Speaker 2 (48:26):
When you get out and do what I stink at golf.
I can't sit on the beach and bake. I love
what I do. I love my clients. So surprisingly I'm
not going to retire. I mean, I'll gradually pull back
the throttle. I'll take more time with my bride, do
some things that we've always wanted to do in my lifetime.
(48:47):
But I would get bored very quickly. And the purpose,
the purpose of what I'm trying to do now at
the stage of my life is to basically put people
in a better spot in the retirement that they walk
out they take a deep breath and said, ah, I've
made it.
Speaker 3 (49:05):
Things are good. Things are good.
Speaker 2 (49:10):
So when you're planning your retirement and you're thinking about
walking into the green pastures, think about what will I do?
Speaker 3 (49:21):
What will I do?
Speaker 2 (49:21):
A lot of times a husband and wife they'll get together,
they retire at the same time, which I'm not a
big believer in. I think you should stagger it. Either
the wife goes first or the male goes first, whatever
it may be, in order for you to get acclimated,
get some time for you. But there will be surprises,
(49:42):
there's no doubt. So you want to have flexibility. But
the big surprise, of course, is what health.
Speaker 3 (49:49):
You know?
Speaker 2 (49:49):
Doing this forty three years, I've got a lot of clients,
and I also have a lot of heartache because I'm
starting to lose clients on a pretty consistent base now
after you know, working with them for thirty or forty years,
and it's hard to be very honest with you, it's
hard to go. I spent a lot of time at
(50:10):
funerals and wakes, and it's not a lot of fun.
But I've never been to one situation where they've sat
down with me and say, can we go over and
see where we stand for the year. What they want
to know is that is mom okay? Is Dad okay?
Can you sit down with us just to basically go over?
You know where we stand? So ROI is important, of course,
(50:33):
it is as far as the return that you get
on your investments, but quality of life. Having a purpose
going into your retirement years and living the life that
you've always dreamt of not only gives you satisfaction, it
gives the retirement planning group satisfaction. Because I can't tell
you how many people I think Bob and his wife
that are down in Florida, he said to me, the
(50:54):
last time I was on the telephone with me, he says,
you know, you made my dreams come true. I'd worked
with them for almost twenty years building out their plans
so they could retire. If they're down in Jacksonville, Florida,
a suburb where their daughter is, that gives me great
status that we've accomplished what we were trying to accomplish,
(51:15):
and we've met, like they say, across the finish line.
So if you're trying to get to the finish line,
which is retirement, I've been doing it in a long time.
I think I know where the landmines are. I think
I know the strategic partners that you need to work
with as far as your estate planning, your tax planning,
(51:37):
the investment options that are available to you. If you're
sitting down and you don't understand how you're allocated currently
with your investments, then that's not good. That's not good
because then one or two things have happened. You're not
having a good communication with your financial advisor, or they're
(51:58):
not giving you enough data. So if you want to
sit down with us, it's pretty simple. Check us out
on the web. Rpgretire dot com. God Bleas.
Speaker 1 (52:06):
Thank you for listening to Retirement Ready, hosted by Dave Kopek,
WG wise retirement planning specialist. If you'd like to talk
with Dave for someone of the Retirement Planning Group, call
five one eight five aid zero one nine nine. That's
five twenty five eight zero one nine one nine during
business hours, or visit rpgretire dot com. The Retirement Planning
(52:30):
Group has five convenient offices located in Albany, Malta, Glens Falls, Syracuse.
Speaker 3 (52:36):
And Oneana.
Speaker 1 (52:37):
Tune in again next week for 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 is not intended to be personal financial advice.
The investments and services offered by us may not be
suitable for all investors. If you have any doubts as
to the merits of an investment, you should seek advice
(52:58):
from an independent financial advisor.
Live from 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 make informed decisions about a wide array
of retirement planning information that can support you and developing
a more certain financial future for you and your family.
(00:21):
Now it's time for Dave Gopec WG WISE, retirement planning specialist.
Speaker 2 (00:34):
All right, good afternoon. I'm your host, David Kopek. This
is a Retirement Ready, which is a topic specific program.
We try to focus in on one topic on Retirement Ready,
and today's topic is going to be on retirement income distribution.
(00:57):
I know that we talk about it a lot, but
it usually comes in either nonumber one and number two.
As far as the concerns that you have individuals that
are either pre or post retired. I'm WGY's retirement planning specialists.
Been in the business a long time, twenty five years
on radio work with a lot of hardworking savers. Our
(01:20):
assets are held of Fidelity the Mothership. We're open, architecture independent.
We have no bias, no predetermined destination for assets. React
in a fiduciary capacity work for you for really concerns
that we try to focus in on, investment management, asset protection,
(01:41):
the legacy planning. Of course, this new wealth transfer that's
going to be happening, it's already happening, folks, the eighty
five trillion dollars of wealth that will pass from the
boomer generation onto our children and grandchildren. And of course
we have five locations here in New York now Syracuse, Oneana,
(02:04):
Glens Falls, Albany.
Speaker 3 (02:07):
Malta, Sarahtoga Springs.
Speaker 2 (02:09):
So anything that I'm discussing today that if you have
an interest, come in for our complementary consultation, to be
an honor to sit down with you. And again, this
has really been a crazy week for the first week
of twenty twenty five. Our hearts are torn out a
little bit. And what happened in New Orleans, the devastation.
(02:35):
Sat down this morning looking at the paper and just
very very hard to see these young children, young professionals,
just at the beginning of their lives that are no
longer with us. So say a little prayer for their
families and loved ones that they find comfort in peace
(02:55):
under these dirty, very very very difficult times. But you know,
we live in a whole different world today. The unthinkable
is thinkable. I was given this some thought, this swarning.
Speaker 3 (03:09):
A lot of people.
Speaker 2 (03:10):
Don't know my background unless you're working with me or
you come in and have a chat. But you know,
I started in the investment banking business years ago, in
nineteen eighty two, with a little firm that was called
Paine Webber. And then I went to Morgan Stanley and
I opened up the Aubany office with four really good
friends of mine. And I was at Morgan Stanley for
(03:32):
quite some time. And then you know, of course we
used to go back and forth from Aubany to meetings
in Lower Manhattan in the towers, and it was either
Tower Water or Tower two. We will also be at
the Vista. We stayed at the Vista Hotel. Then I
don't have to tell you, folks what happened there nine
(03:54):
to eleven. And the thing is is that I'm flabbergasted
at the farther we get away from nine. We seem
to forget how horrific that was and how hateful these
people are. They don't care women, children, young men, older.
It's totally irrelevant. So I'm just I'm hoping that I'm
(04:17):
praying that we get a little bit more focused in
on these individuals that want to cause hiss harm. I
know I worry about my children and my grandkids all
the time, and I probably a lot of our listeners
today feel the same way.
Speaker 3 (04:32):
So say a special prayer.
Speaker 2 (04:36):
If you go to church on Sundays, maybe a light,
a candle, and memory of those poor people that passed away,
with the anticipation and hope that things will get better
and brighter for them. I want to talk today about
a topic, as I said, that is really kind of
a focal point for the retirement planning group. You're hear
(04:57):
in some of our advertisements and our present day that
retirement income distribution is really a difficult thing to put
your arms around. There is a big difference between accumulating
money versus distributions of assets. Now, there's a gentleman that
(05:19):
I mentioned all the time. His name is William Sharp,
and he has spent his whole life, most of his
life at.
Speaker 3 (05:26):
Least, thinking about risk.
Speaker 2 (05:27):
He's behind the capital asset pricing model otherwise known as
the Sharp ratio, which captures risk adjusted returns. And a
few years ago I read an article that he had
turned his attention to what he has quote unquote the
(05:51):
hardest problem in retirement is running out of money in
retirement and how do you allocate money to basically focus
in on the two things that could really be detrimental
toy in the first, of course, is what sequence of
returns you're getting involved in a bull market or a
(06:14):
bear market when you go into your retirement years. And
of course the l word longevity. We're living longer lives.
For some of us, they're healthier lives. For some of us,
they are lives that we never anticipated that we would
live as long as we have. I had one of
(06:35):
my first clients when I was at PaineWebber who worked
for mob Bell, AT and T. And he'd worked for
AT and T for about thirty years and retired at
the age of fifty five. He was fortunate, but he
lived to be well into his nineties. He was in
(06:56):
retirement longer than the total number of years that he
worked for mob Bell. And what's happening After being in
this business now for forty three years and being on
radio now for twenty five years, it's amazing to me
the amount of people that are coming in or existing
clients or people that I'm talking with that have really
(07:20):
had an extended, extended retirement much longer than they ever anticipated.
So today we're going to talk a little bit about
how you as an individual address this in your own
personal situation and how you can take some of this
(07:40):
information that I'm discussing with you today, digest it, put
your arms around it, and see how relevant is to
where you stand in your own personal retirement income distribution plan.
We're in the surge, folks right now, we're in the
(08:01):
title wave. The amount of people turning age sixty five
is the greatest that it's ever been in this nation's history.
Eleven thousand, two hundred people per day are turning the
age of sixty five, and most of those individuals do
not have pension plans.
Speaker 3 (08:23):
Most of those individuals are going.
Speaker 2 (08:24):
To have to basically take their life savings and they're
going to have to create what lifetime income. The old
metaphor the three legged stool or retirement planning used to
be the employer pension, your personal savings, and of course
sol security. For a lot of us, there's a two
(08:45):
legged stool. A lot of individuals have undersaved, they have
a minimal amount of money in their personal savings. A
lot of people do not have pensions, so they're going
to have to rely on sol security and maybe a
little bit of money that they've accumulate it. So it's
really critical. It's critical that they're making the right decisions
(09:07):
regards to deprect their not only their lifestyle quality of life,
but also to try to put themselves in a position
with the assets that they've worked hard for that they
live and they continue to be with them for as
long as they shall live. You know, there's three types
(09:29):
of protected income that they're going to discuss today, and
we're going to talk a little bit about social security,
what our thoughts are at the Retirement Planning Group. We're
talking a little bit about pensions, the ones that are available.
We live in the Capital District region for people that
are listening to this program that are outside the five
(09:51):
one to eight area code that live in other parts
of the country. Because we're the capital, we have a
high concentration of people that do have pension benefit, much
more so than if you go outside the Capital District region.
So how do you create a pension benefit? Do you
look at annuities, how do you structure your social security
(10:11):
benefits in order to maximize income and minimize the amount
of risk that you want to have. So today, retirement
income distribution, anything that I'm discussing, you can get a
hold of us at our office telephone numbers five one eight,
five eight, zero one nine, one nine. You can check
us out on the web rpgretire dot com. Rpgretire dot com.
(10:36):
We offer a complementary consultation at any of our five
locations in New York. Also have the ability to use
the Regius Corporation outside of New York when I go
to Florida other cities, they have executive suites where I
can meet individuals face to face. A lot of times
we go right directly to your homes. And what's happening,
(10:57):
of course, is the acceleration of technology, Ring Central and
Zoom meetings. A lot of individuals have elected to utilize
that rather than us going to them physically. And that's fine.
Whatever makes you feel comfortable makes us feel comfortable. I'm
a dinosaur when it comes to technology, but my staff
(11:19):
is very up to speed. They basically have to lead
me around by the nose to basically so I can function.
I'm not a gadget guy. So I get on and
I get off, and I don't tinker with it. I
have somebody else tinker with it. So again, if you
find anything that we're discussing of interest to you, give
(11:39):
us a call. We meet with a lot of individuals
and it never hurts to get a second opinion. Our
telephone number, of course is five one eight five eight
zero one nine nine.
Speaker 3 (11:50):
That's our office.
Speaker 2 (11:52):
And as I said, someone from my office will answer
the phone and you can discuss with them what you
would like to do. We'll be right back after this
quick math the eighty six percenters. Do you know that
eighty six percent of the population has no defined benefit
pension plan. For most of us, we have to take
our life savings and create a paycheck for the rest
of our lives in retirement. What is your plan for
(12:12):
retirement income distribution? How you manage your assets during the
most critical years of your lifetime. Nobel Prize winning economist
William Sharp has called retirement income distribution the nastiest, hardest
problem in finance. He points out that investment, uncertainty, and
mortality can derail the most careful laid out retirement income plan.
Call our offices today to start the process of building
(12:35):
your retirement income distribution 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
distribution plan.
Speaker 3 (12:46):
How do you do that? To take action?
Speaker 2 (12:47):
Five one eight five eight zero one nine nine. That's
five one eight five eight zero one nine one nine
or RPG retire on the web. Don't procrastinate, motivate to
start building your retirement income disc distribution plan five eight
five eight zero one nine one nine. We run out
of money in retirement? Will your investments provide income for
possibly decades? How do you navigate the two greatest risk
(13:09):
in retirement sequence of returns in longevity At the Retirement
Planning Group, Our Bucket of Money approach 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 personal retirement income distribution plan at five
eight five eight zero one nine one nine. That's five
(13:31):
eight five eight zero one nine one nine.
Speaker 3 (13:53):
All right, we are back.
Speaker 2 (13:56):
Glad to be with you on Dave Kopek, your host
WGY's retirement planning specialists. This is believe it or not, folks.
At the beginning of my forty third year, forty three
years in the financial services business, twenty five years on radio,
we work with a lot of hard working savers, individuals
that you know are looking for a competitive rate rate
(14:21):
of return, but also you know you're going to need
some growth, You're going to need some purchasing power in
order to stay up to speed during your retirement years.
That a dollar is going to be worth a dollar
in the next ten, fifteen or twenty years. So you've
(14:42):
got to contemplate how do you want to allocate your money.
And a lot of you are looking for safety and guarantees,
and I don't disagree with you. The older you get,
the more you really lies is that you know this
pot of gold is going to have to last me
(15:03):
for a lifetime.
Speaker 3 (15:05):
I know what it's like to.
Speaker 2 (15:06):
Sit there and walk the floor and stare at the
ceiling and with the old premise that you know the
market's always come back. Well, it doesn't feel good. I
can tell you when you're down twenty thirty, forty fifty
in a portfolio. And I've been there, I've seen it.
I started in eighty two. So I've seen the flash crasses,
I've seen the financial crisis, I've seen nine to eleven,
(15:30):
and it's never a fun ride. That's why I think
it's critical that you develop what we call at the
Retirement Planning Group a buckets of Money approach that basically
allows you to build out a retirement income distribution plan
(15:51):
that facilitates certain things that I think are critical. The
first and foremost is that a good portion of your income,
of your income should be coming from sources that are guaranteed.
So As an example, too many people I believe go
(16:11):
to solid security too soon. There's all sorts of numbers
by the Financial Planning Association, by Fidelity, and go through
the laundry list of individuals that will go to SOID security,
and they'll get it simply because they turned the age
of sixty two. Those that wait to age seventy seven
(16:32):
zero in order for them to tap into their soial security,
they're going to receive seventy seven percent more than they
would have received at age sixty two, seventy seven percent
more on an income stream that has coola cost a
living adjustment, and the money will never go away in
(16:53):
your lifetime so a lot of times what we'll do
is we call a bridge. We will bridge with some
of your other assets that allow you to basically cover
your expenses, have guaranteed income, and then we'll turn on
solid security at least at a minimum at FRA full
(17:13):
retirement age. But some of our clients will delay to
age seventy in order to turn that spict on. Judge
Copple of Its, if you remember him from Herzog Law firm,
we used to do a lot of dog and pony
shows with them. He used to what I call the
rubber chicken dinners years ago, if you remember. We'd go out,
(17:36):
we would do a presentation and Herzog Law Firm would
basically do their presentation, then we would do ours. But
he used to have a canister with a bucket on it,
and he used it as an impression that he would
basically say to he is that you know you can
turn it on and you can turn it off right
the spicket as far as the income you control the spicket, Well,
(17:59):
that's true. That's true for most of us today, because
nine out of ten of us have to basically create
pension benefits. The question becomes what's inside the bucket, what's
inside the bucket, because you don't want the bucket to
go dry because when you turn the spicatnie and you're
not going to have what no income. So I'm a
(18:22):
big believer baseline income, and baseline income basically covers your
fixed expenses. It allows you to pay the bills, put
a roof over your head, have some money in your
pocket for you know, food, some travel, and then you
start building out from there with your guaranteed income streams
(18:46):
to the growth that you're going to need in your
portfolio in order for you to have purchasing power. You know,
there's a lot of resources for us. One of the
greatest ones that I utilize is the Center for Returnronment
Research at Boston College, and they give you a lot
of hard data that has no bias. One of the
(19:09):
things that I find in our business is that there
seems to be a lot of quote unquote gurus, people
that really know what they're talking about. They always have
the answer on Monday morning. But the reality is is
that some of these gurus have, in my opinion, a
major bias towards particular types of investments that are extremely
(19:33):
suitable for you during your retirement years, during your retirement years,
and what am I talking about. It's typically insurance products.
It's typically insurance products which basically will facilitate the word
guaranteed income for life. Now, we can go through the
different options, the different types of products, but it's irrelevant.
(19:56):
The key word there is guaranteed income for a life.
And the question becomes, how much of the bucket that
you have accumulated in your lifetime, in your four oh
one K, in your IRA, in your wrath non qualified assets,
will to be a wealth transfer, and how do you
(20:18):
allocate it in order to facilitate facilitate what we used
to call the three legged stole, your own personal pension,
personal savings, in your soil security.
Speaker 3 (20:36):
That's up to you. But the thing is that.
Speaker 2 (20:38):
Most of you will walk away from a conversation when
you hear that magical word called the annuity. Now, the
gentleman that I talked about at the beginning of today's show,
William Sharp, is a big believer in annuities. And this
guy is quote unquote one of the experts in capital
(21:00):
asset pricing, the Sharp ratio because he says, there's no
other investment that will basically allow you to negate the
two things that can come back and really bite you
in the butt, sequence of returns and longevity, because nobody
can basically give you that answer. Nobody can tell you
(21:22):
what tomorrow is going to bring. Nobody can tell you
how long you're going to live. And the thing is is,
you know, as we're seeing today, because of technology and
because of healthcare, we're living longer lives, which means you're
going to make sure that that golden bucket of money
that has to last to you a lifetime is going
(21:43):
to be secure enough in order for you to facilitate
purchasing power. So today, you're going to have the same
purchasing power in the next five, ten, fifteen, or twenty
years in order for you to have quality of life.
We have clients at the Retirement Planning Group that in
their eighties nineties, you would think that they're in.
Speaker 3 (22:01):
Their fifties and sixties.
Speaker 2 (22:05):
People are just living healthier, better lives and because of that,
they're going to have to make sure that their money
stays as healthy as they are. So in the second
part of today's show, we're going to talk a little
bit about what.
Speaker 3 (22:26):
Your concerns are.
Speaker 2 (22:29):
What are the people today concerned about because we get
all sorts of data, all sorts of information. The mothership
Fidelity provides us a lot. We have a lot of
relationship with large investment banking firms, whether it's Golden Sacks,
whether it's JP Morgan, whether it's some of the other
major wirehouses that basically give us information. But the bottom
(22:49):
line gets down to the one study that is consistent,
that is consistent that everybody basically comes back with the
same answer is I don't want to run out of money.
I want to make sure that my money lasts as
(23:13):
long as I last, and if there's anything left over,
that's fine and dandy. But I want to make sure
my significant other, my spouse, whatever it may be, we
both have quality of life and we have the ability
not to sit up at night with our knees knocking
and have it to having. You know, these nervous convulsions
because the stock market is going through the volatility and
(23:35):
the gyrations that it does. Now, we've been fortune in
the last couple of years. We've had fairly decent returns
in the stock market back to back over twenty percent
the S and P five hundred. Who knows what it's
going to be this year. But I know one thing
for sure, if you are properly allocated with your assets,
(23:56):
you don't have to worry about it. And that's what
we're going to get to in the second half today.
But again, anything that I'm discussing, if you'd like to
come in and have a chat with us, it's pretty simple.
All you have to do is dial five one eight
five eight zero one nine one nine. That's five pine
eight five eight zero one nine one nine. Say I
(24:18):
listened to Dave on the radio. I want to come
in to have a complementary consultation. As I said, we've
got five locations. We've got Syracuse, Oneana, Glen's Falls, Aubany
of course Multi Slash Saratoga Springs and one of the
individuals in my office will be more than happy to
(24:38):
sit down with you to facilitate that meeting. But we're
going to have to take a break here in a
couple of seconds. But bottom line gets down to we're here,
hopefully to educate you, let you know a little bit
about what's going on in the financial services industry and
the types of products that are available for you for
you in order for you to basically facilitate what you want,
(25:03):
and that's to be able to enjoy your retirement and
not worry about is the money going to go away
before I pass away? And that's what we're going to
focus in on the second part of today's program. So again,
our telephone number if you would like to call us today,
I'm live, be more than happy to answer any questions
you might have is one eight hundred talk WGI. That's
(25:26):
one eight hundred eight two five fifty nine forty nine. Again,
it's one eight hundred eight two five fifty nine forty nine.
That's one eight hundred talk WGI. And of course, if
you want to get a hold of us for your
complementary consultation, it's pretty easy. Just call us at five
(25:47):
to one eight five eight zero one nine one nine.
That's five one eight five eight zero one nine one nine.
I'm Dave Kopek. We'll be right back after the news.
Speaker 3 (26:17):
With the loony fuck and see you you watching him
Hello for me?
Speaker 2 (26:30):
All right, we are back waiting Zach my good man.
He knows how to get to my heart strings. That's
one of my favorite songs. Sarah's smile always brings back
to a lot of memories. When I heard that song
because I was in South Dakota and then went over
to Minneapolis St. Paul to see Daryl Hall and John
(26:53):
Oates for the first time, and after that I was hooked.
I've been a fan of them for decades, which is
hard to believe. But happy weekend. It's been a humble week.
I guess that's all I can say. You know a
lot of people very concerned about what happened in New Orleans.
(27:15):
God bless those souls, God bless their families. Say a
special prayer today for them that they find comfort. But
it's you know, the the inevitable sometimes is that you know,
you know, these types of things are going to happen
in this crazy world that we live in. It's just
a question how dramatic is it going to be, how devastating,
(27:39):
what kind of an impact could it possibly have on
the financial markets. I was actually shocked, to be honest
with you, that the markets opened up the next day
as strong as they did, because I felt that there
there was this concern that was there were cells not
(28:01):
only in New Orleans but possibly in other parts of
the country. But this is something that you have to
think about, folks, is horrific. And believe me, I'm not
bringing this up because it gives me any type of
comfort or joy. But the reality is is that we
live in a world today where the unthinkable is thinkable,
(28:22):
and you got to think about, you know, how much
of a cushion, suspenders, and a belt do you put
on your portfolio with this new world that we live
in if there is a terrorist attack, if there is
another nine event. I mean, I've gotten to the point
where it's hard for me to even watch the news
(28:44):
because some of the talent that's on the TV, on
the certain stations that I watch, and the programs that
I watched scare the living daylights out of me, not
only for myself and my beautiful bride, but also for
my children and my grandchildren. And hopefully this new administration
(29:08):
will take, I don't know, maybe a much more hardline,
more proactive approach to some of these events that are
happening to us. But you need to think, if we
went through another nine to eleven, which I don't even
want to think about, how is that going to impact
(29:29):
your financial markets, your portfolio, your income. There's nothing wrong
with having a hedge, a hedge in your portfolio. What
do I mean by a hedge. You know, alternative investments
are the buzzword on Wall Street now, and we have
(29:49):
clients that have five thousand dollars with us, we have
clients that have millions and millions of dollars with us.
And the thing is is that what we try to
do is to bring to everyone's attention different ways and
different strategies in order to protect your money. You know,
I've got a good friend of mine that basically works
with a lot of high net worth people. He's been
(30:11):
doing it for years, and his whole motto is, you know,
my job is not to make you wealthy. My job
is to keep you wealthy. We're not trying to hit
home runs. We're trying to get consistent singles because we're happy.
And that's really been my motto. If I get six
to eight percent on an annual basis for our clients
in their retirement years, I'm happy. The people that we
(30:35):
typically have problems with, people that have undersaved that need
to get thirteen, fourteen, fifteen, twenty percent on their portfolio
in order for them to satisfy what they consider to
be the income that's necessary for the retirement.
Speaker 3 (30:48):
So that's where I'm going to start.
Speaker 2 (30:52):
What is the realistic distribution off of a portfolio and
how much can you take off of a portfolio. Now,
you know that I'm not a major fan of having
all your money allocated into the stock or the bomb market.
I'm a big believer that you need to have diversification
(31:14):
multiple different types of assets, especially ones that yield strong
dividends throughout your retirement years. That's a whole different scenario
in your accumulation years than it was during your distribution years. Now, currently,
in this interst right environment that we're in right now,
(31:35):
which is surprising to a lot of us in the
financial services business, we currently have a guaranteed rate right
now for five years at five percent. Five years five
percent guaranteed. You can take it as interest income. At
the end of five years, you can take your money
(31:55):
and run.
Speaker 3 (31:56):
What is it.
Speaker 2 (31:56):
It's an NYGA. It's a multi year guaranteed annuity just
like a SAD guarantees principle and interest. You can take
the interest on a monthly basis. You can allow it
to keep on accumulating whether it's in your IRA or
non IRA, and just like a CD, at the end
of the five year term, you can take your money
and run, or you can renew, or you can transfer
it somewhere else and basically see what's the other apple
(32:19):
on the tree at that time five years from now.
So when you're in this situation that you're trying to
design a program that will facilitate income needs and also
your risk tolerance your RTQ what we call the RTQ
because when individuals come into the retirement planning group, we
(32:40):
basically have to give them a risk tolerance questionnaire that
facilitates how far how low can you go and what
are you really looking for as far as in net
return on your portfolio, so you take all your money.
You know, one of the great things about Fidelity is
the software package that I talk about all the time.
(33:02):
It's called e Money. What E Money does for us,
it's basically a dashboard. It allows us to be as
detailed as you want us to be or as superficial
as you want us to be. But we can get
down into your credit cards, your checking account, we can
(33:22):
do all your cash balances, your mortgage. So when you
look at your dashboard, you know exactly where you stand,
what your net is. This is my net worth, this
is where I stand as of January fourth, twenty twenty five.
(33:44):
So once you get that number and you say, hey, Dave,
I want to retire in September. You know, I've got
X number of dollars here in order for me to
get to know my retirement and you know, I might
have a little bit more, I might have a little
bit less when September comes. What do you think I
(34:04):
can take realistically off this portfolio? And my answer to
that is how aggressive do you want to be? What
do you need in order for you to have quality
of life? And do you have any biases? Is there
any type of investments that you don't want to participate
(34:26):
in simply because you either don't like them or you've
really never discussed them in great detail in order for
you to get the answers that you need in order
for you to build out a retirement income distribution plan
that will not only facilitate what you need in your lifetime,
but also what you need for the surviving spouse of course,
which is typically the female. So within a very short
(34:52):
period of time next ten to fifteen years, of the
eighty five trillion dollars that's passing on to the next generation,
a lot of that money is going to be controlled
by the female of the house, the wife. Why is
that because guys typically die first. That's why then the
wife inherits the assets. That's why it's critical for you
(35:15):
to understand exactly what is necessary for quality of life
wealth replacement for the surviving spouse. How much money should
be retained by the spouse and how much should basically
go for estate planning purposes. What should go on the trust,
what should be disclaimed as far as your IRA assets,
how much money should go to the children at the
(35:37):
first death? Have you funded the trust one hundred percent
of what you anticipated that you wanted to put in there.
It gets complicated the more money you have. Sometimes it
gets much more complicated as far as protecting the assets,
getting wealth transfer over to the next generation, and also
make it tax efficient. Now, the greatest Achilles heel, which
(36:00):
everybody has heard me say a million times, the greatest
problem for most people is IRA assets four oh one
k TSPs go through the whole laundry list of pre
taxed accounts steps iras kyos. Why because you're forced to
liquidate them when you least want the money. We had
(36:21):
a long conversation this week Nicholas and I Nico with
a new client who has a significant amount of money
and qualified plan in assets iras and really has no
desire or.
Speaker 3 (36:36):
Need for them.
Speaker 2 (36:37):
It's just it was money that was accumulated in his lifetime.
And you know, the uh, pretty sim there's there's going
to be a knock at the door, and the knock
on the door is going to basically be, now you
got to start taking required minium distributions, not because you
want them, but because you're going to be forced to
withdraw them because of required minium distributions. So one way
(37:04):
or the other, ird income and respect to the deceit
means that if he doesn't take it, his kids are
going to take it, and his nieces and nephews whoever
it may be, someone's going to pay the tax on
that money. It's a question do you pay the tax
and allow more tax efficient transfer of wealth to the
next generation or do you just allow it to sit
(37:24):
there and then you just have these huge tax liabilities
as you age because you do nothing. You know, it's
easier to do nothing than something for a lot of people.
And then what happens is that, you know what Natalie
choked the Attorney CPA says, the mortgage on your IRA,
the mortgage on your IRA, or the assets that you've
(37:46):
accumulated in your lifetime that are really not yours. You've
got two other beneficiaries, the state, you know, also the
federal government depending on where you live and where you reside.
That's why it's critical to understand where is your zip
code going to be in your retirement years, because that
(38:07):
will dictate a lot as far as how aggressive you
should be or or how you're going to basically transfer
maybe some of this wealth to the next generation to
the most tax efficient way. So it's not only saving
for retirement, but for better or worse. There's a lot
of people out there that have saved significant amounts of
(38:30):
money in pre tax that accounts, and ultimately they're going
to have to make a decision on how that money
is going to be paid out. The problem is you
leave it, you let it sit there, you transfer it
to someone else. Children that are in their fifties and
sixties and now they're having this huge tax liability where
(38:53):
they're probably in the prime of their life making the
most money that they've ever made, and a good portion
of that money is going to go to who.
Speaker 3 (39:01):
State in the.
Speaker 2 (39:02):
Federal government, your other beneficiary. So getting proactive with i
RA A distribution, qualified plan distribution I think is critical
for people that have accumulated quite a bit of cash
in those types of investment vehicles. And the other thing
is understanding how you need to structure them not only
(39:26):
during your lifetime, but also when you pass away, to
allow your family to disclaim some of those assets if
it makes financial sense to get them to the next
generation rather than being retained by the spouse that is remaining.
And we've seen situations whether it's the male or the female,
(39:49):
where some of these accounts are significant, well over seven figures,
and you've got, you know, multimillion dollar accounts that are
in qualified assets because individuals work with company. These are
corporations that there's a company stock did exceptionally well. Now
they're trying to figure out, you know, I made all
this money. I had a gentleman that came in just
recently and we discussed this in detail, and he wanted
(40:15):
to know if there was anything that he was missing.
Very smart guy, he's an engineer. Basically, he was monitoring
his investments and his a state plan himself and wanted
my input, and I said, you know, I think you're
doing a great job. The question becomes, how much of
this money do you ultimately want to have transferred to
your kids tax efficiently and is there any other way
(40:36):
to do it rather than spending it down? And for
most all those answers, he's going to have to spend
it down if he's looking really to transfer a lot
of what we call tax preference or tax free money
roth conversion. But there's other assets too, there's other ways
to tactically do this, so for you know, whether it
be better or worse. But the thing is is that
(40:57):
what you have to ask yourself is that what is
the standard living do you expect in your retirement and
how much of this money do you basically want to
keep in a nest egg as far as transfer of wealth,
because for some people it's critical, you know, they want
to make sure that there's a certain amount of money
that's going to pass on to their children in order
(41:19):
for them to have you know, wealth transfer, so they
put them in a better position. So it's your choice.
But the problem is of that eighty five trillion dollars
that I just talked to you about eighty five trillion,
about forty trillion of it, about forty trillion of that
(41:42):
is qualified assets.
Speaker 3 (41:46):
Forty four to orh.
Speaker 2 (41:49):
So for some of you, you might want to gradually
transition some of this money. For some of you, this
gentleman that came in, we were talking about Roth conversions,
you know, taking advantage of some of the times where
he's going to have some tax planning where he can
facilitate maybe a little bit more as far as a conversion.
But for you that are still out there that are
(42:09):
accumulating assets and you're planning your retirement, please please be
aware that the four oh one K, the WROTH four
oh one K, allows you to load up in that
account without any income requirements. So for high network people,
people that are doing well, that have substantial income, it's
(42:33):
a great way for you to transition assets over to
the tax preference account. So when you retire, you're going
to basically go into the bucket and get a dollar
or not have any tax side building. I apologize, folks,
I've got a little bit of a post nasal drip
and still fighting that cold a little bit. So when
(42:54):
we come back, we're going to talk a little bit
about what I call the surprises, the situations that you
don't think about, they're going to show up at your doorstep.
And one in particular that I think you really need
to start thinking about, especially in this new world that
we live in. I'm Dave Kopek wg wy's Retirement Planning Specialists.
As I said, we offer a complimentary consultation, be an
(43:17):
honor to sit down with you. You can call us
at our office five one eight five eight zero one
nine one nine. You can check us out on the
web rpgretire dot com. I'll be right back after this
quick message. Your partner for success, David Kopeik, heir wg WISE,
Retirement Planning Specialists, the Retirement Planning Group. We understand that
retirees face many important decisions that can affect their long
(43:40):
term financial success. Some of these decisions revolve around making
investments that will help create a hedge against outliving their assets,
the impact of inflation, taxation.
Speaker 3 (43:52):
And rising healthcare quests.
Speaker 2 (43:54):
Most of our clients like the time, the desire, or
the experience to manage their own investment portfolios.
Speaker 3 (44:00):
We consider it to be an.
Speaker 2 (44:01):
Honor and a privilege to help our clients make sound
investment decisions though, contribute to a secure financial future for them.
Because over ninety percent of our clients or retirees with
similar concerns, we are in the best position to approach
such challenges with experience and skill. Give us a call
today at five one eight, five eight zero one nine
(44:22):
nine five eight 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 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. What is your plan and
how will you pay for a long term care event?
(44:44):
Call the Retirement Planning Group today discuss options you should
consider to protect your estate and have choices and independence.
Take action Call today five eight five eight zero one
nine nine or RPG retire on the web. All right,
(45:33):
we are back. Happy weekend. It's hard to believe twenty
and twenty five. If you close your eyes, do you
remember when it turned the year two thousand and everybody
was freaking out? Does it seem that long ago?
Speaker 3 (45:46):
Does it? Quarter of a century ago? Folks?
Speaker 2 (45:52):
That's how quickly time goes by. That's when you blink
your eyes and you know you're going to be out
the door and you won't be working anymore. So what
are the surprises? What's the thing that you want to
make sure that you have the ability to tackle in
your pre and post retirement years more posts than pre
(46:12):
This is the key thing, and that's the one that
probably I think has more of an impact on individuals
than anything. You need to have a purpose. There's a
lot of retirees, especially businessmen females that have been involved
in whatever. I don't want to be gender based here,
(46:36):
whether it's a male or a female. You've got to
have a purpose. You can't get up every day and
basically say you know what am I going to do today?
So I would say, before you retire, before you're taking
the see you later, alligator, take this job, you know, Johnny,
paycheck and shove it before you basically send in the
(46:59):
paper work. What I often say is sit down and
figure out what your purpose is going to be during
your retirement years, because you might find out that they
may last longer than the total number of years that
you were employed.
Speaker 3 (47:13):
Do you hear that.
Speaker 2 (47:15):
You could be in retirement longer than the total number
of years that you were employed. Now, some people are
high five and jumping up and down, But for some
other people, they're not high fiving and jumping up and
down because they need a purpose. They need to find
a way in order for them to wake up in
the morning and feel good about themselves. I've seen too
many individuals I've had personal phone calls from either male
(47:38):
or females that it basically said to me is that
you need to talk to Billy or Susie because you know,
I'm concerned or they've kind of lost They're kind of
wandering in life. So what I would do. What I
would do is to find out what that passion is.
(47:59):
That's a key in all of our lives, right. I
saw a show the other day on TV and they
were talking about when you go to work, what do
you want to do? And one of the consultants on
the show basically said, you got to have the word passion.
It's not work, it's something that you love to do.
And that's exactly the same in retirement, folks. You know,
(48:23):
people say to me all the time, You know, Dave,
you've been doing.
Speaker 3 (48:25):
This now for forty three years.
Speaker 2 (48:26):
When you get out and do what I stink at golf.
I can't sit on the beach and bake. I love
what I do. I love my clients. So surprisingly I'm
not going to retire. I mean, I'll gradually pull back
the throttle. I'll take more time with my bride, do
some things that we've always wanted to do in my lifetime.
(48:47):
But I would get bored very quickly. And the purpose,
the purpose of what I'm trying to do now at
the stage of my life is to basically put people
in a better spot in the retirement that they walk
out they take a deep breath and said, ah, I've
made it.
Speaker 3 (49:05):
Things are good. Things are good.
Speaker 2 (49:10):
So when you're planning your retirement and you're thinking about
walking into the green pastures, think about what will I do?
Speaker 3 (49:21):
What will I do?
Speaker 2 (49:21):
A lot of times a husband and wife they'll get together,
they retire at the same time, which I'm not a
big believer in. I think you should stagger it. Either
the wife goes first or the male goes first, whatever
it may be, in order for you to get acclimated,
get some time for you. But there will be surprises,
(49:42):
there's no doubt. So you want to have flexibility. But
the big surprise, of course, is what health.
Speaker 3 (49:49):
You know?
Speaker 2 (49:49):
Doing this forty three years, I've got a lot of clients,
and I also have a lot of heartache because I'm
starting to lose clients on a pretty consistent base now
after you know, working with them for thirty or forty years,
and it's hard to be very honest with you, it's
hard to go. I spent a lot of time at
(50:10):
funerals and wakes, and it's not a lot of fun.
But I've never been to one situation where they've sat
down with me and say, can we go over and
see where we stand for the year. What they want
to know is that is mom okay? Is Dad okay?
Can you sit down with us just to basically go over?
You know where we stand? So ROI is important, of course,
(50:33):
it is as far as the return that you get
on your investments, but quality of life. Having a purpose
going into your retirement years and living the life that
you've always dreamt of not only gives you satisfaction, it
gives the retirement planning group satisfaction. Because I can't tell
you how many people I think Bob and his wife
that are down in Florida, he said to me, the
(50:54):
last time I was on the telephone with me, he says,
you know, you made my dreams come true. I'd worked
with them for almost twenty years building out their plans
so they could retire. If they're down in Jacksonville, Florida,
a suburb where their daughter is, that gives me great
status that we've accomplished what we were trying to accomplish,
(51:15):
and we've met, like they say, across the finish line.
So if you're trying to get to the finish line,
which is retirement, I've been doing it in a long time.
I think I know where the landmines are. I think
I know the strategic partners that you need to work
with as far as your estate planning, your tax planning,
(51:37):
the investment options that are available to you. If you're
sitting down and you don't understand how you're allocated currently
with your investments, then that's not good. That's not good
because then one or two things have happened. You're not
having a good communication with your financial advisor, or they're
(51:58):
not giving you enough data. So if you want to
sit down with us, it's pretty simple. Check us out
on the web. Rpgretire dot com. God Bleas.
Speaker 1 (52:06):
Thank you for listening to Retirement Ready, hosted by Dave Kopek,
WG wise retirement planning specialist. If you'd like to talk
with Dave for someone of the Retirement Planning Group, call
five one eight five aid zero one nine nine. That's
five twenty five eight zero one nine one nine during
business hours, or visit rpgretire dot com. The Retirement Planning
(52:30):
Group has five convenient offices located in Albany, Malta, Glens Falls, Syracuse.
Speaker 3 (52:36):
And Oneana.
Speaker 1 (52:37):
Tune in again next week for 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 is not intended to be personal financial advice.
The investments and services offered by us may not be
suitable for all investors. If you have any doubts as
to the merits of an investment, you should seek advice
(52:58):
from an independent financial advisor.
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