Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:03):
Live from the wg y iHeart Studios. Welcome to Retirement
Ready with your host Dave Kopek from the Retirement Planning Group.
Every week, Dave and his team discuss the ways they
can help people make informed decisions about their retirement assets
to maintain, improve, and secure their desired quality of life.
Here's your host, Dave Copet.
Speaker 2 (00:40):
All right, Saturday and sunny upstate New York. All right,
clearing off, I think I see some raeves of sun.
I wouldn't say, son, that's coming. It's not sunny, it's coming,
it's coming. I just did the rain dance outside. Stop
(01:03):
raining Stop. I'm Dave Kopek. This is Retirement Ready topic
specific show. We are the Retirement Planning Group. My son's here,
Christopher william financial and analyst for the Retirement Planning Group.
I've been in the business for forty three years and
he has been in the business for four yep. I
(01:27):
gotta tease him a little bit, but we're here to
hopefully edumacate you and tell you a little bit about
what needs to get done. A lot of unbelievable stuff
going on in regards to retirement planning right now, and
we're gonna talk a little bit today about once the
check stops, and you're gonna now have to create your
(01:50):
own personal check. How do you do it? And in
twenty twenty five, this year, an average of eleven one thousand,
four hundred Americans will turn sixty five every day. Historic,
it's a milestone. Four point one eight million people are
(02:10):
going to be reaching the traditional retirement age in a
single year at the highest on record. So twenty and
twenty five marks the absolute peak of a four year
period that we'll run through two thousand and twenty seven.
And there's a whole heck of a lot of people
that are turning that magical age of sixty five, which
(02:31):
ultimately means I get Medicare and I you, old Johnny paychick,
take this job and shove it. I'm out of here.
You think this is the number one concern Chris for people,
retirement income distribution.
Speaker 3 (02:47):
Yeah, I think that that's, you know, the main concern
that we hear. A lot of people are who are
coming in, you know, are trying to figure out how
they're going to supplement their income and if it's possible
based on their retire froment accounts that they've saved up
and whether they have a pension or when to take
Social Security and how to maximize their income in retirement.
Speaker 2 (03:10):
And with that being said, you're going to hear me
say this a couple of times today because this might
be the last week that you're going to be able
to sign up for our workshop seminar May twentieth at
the Crown Plaza Hotel, which is the former ly the
Desmond right over there by the airport. We're having a
(03:32):
presentation in conjunction with the Pureau Law Firm, and it's
also WGY is helping us sponsor this. And this is
an event that's designed to help you manage what matters
most and prepare you for the future with confidence for
(03:52):
your retirement years. So how do they sign up for this, Chris?
It starts at five point thirty on May twentieth at
the Crown Plause And what do they do? In order
to sign up?
Speaker 3 (04:04):
They have to type in www dot WGY seminar dot
com no spacing, verify you're not a robot, and then
fill out the short questionnaire with your name, email, phone number,
number of attendees and if you are gluten free or not,
(04:28):
and then register and you'll be accounted for.
Speaker 2 (04:33):
And then you'll get a confirmation. What I would say,
folks is please there is a huge demand usually as
we get closer to May twentie if they're gonna get
an acceleration here, please only sign up if you're going
to attend. Don't sign up if you think you might attend.
And I'm not trying to be cocky or being condescending
it any way whatsoever. But these seats will fill up,
(04:56):
and last year we were overbooked and we had to
basically turn people away. So it's a great night out.
Lou Piro and his team do a phenomenal job. Piro,
Connor and Strauss the retirement planning group. I'll speak about
how to put all the pieces of the puzzle together
(05:17):
with your investments and your overall protection plan, and then
Lou will go through all the legal side of it.
But Tuesday, May twentieth, at five point thirty is the
Registration and Crown Plaza formerly the Desmond. We serve you
a beautiful dinner. I'm gonna take out my guitar. I'm
gonna serenade you a little bit so you're gonna love it.
(05:38):
They'll be running for the doors ye, let me do
my Johnny Cash impersonation. So today today's topic is retirement
income distribution. How do you create a paycheck that will
last to a lifetime And as I just said, eleven thousand,
(05:59):
four hundred Americans will turn sixty five every day in
the year twenty twenty five, and you want to make
sure that you're basically setting up your buckets of money.
That's the strategy that we utilize. And there's some key
lessons that we have seen from some of the data
(06:21):
and research from the baby boom generation that's currently out
there in regard to what they're doing right and what
they're doing wrong. So number one, number one suggestion by
the boomers that are out there, this is a study
(06:42):
that was recently done. Get going. The earlier that we
can get you there to the table to start building
out your plan, the better off you're going to be
and you're going to have the most success. So what
timeframe is that, Chris?
Speaker 3 (06:59):
We typically say, you know, when you're about five years
out from retirement. We refer to that as the red zone,
so you know you can do it as little as
three years out as well. So three to five years
out is typically that that you know, golden year timeframe
to go in meet with a financial advisor, at least
(07:21):
explain your scenario, what you're currently in making through your job,
what you've saved up, and then what you know spend
level you're looking to accomplish in retirement based on your
Social security projections, any type of pension projections, and what
you've accumulated through your four oh one K or retirement account.
Speaker 2 (07:43):
And there's a thing called the ability to do a
transfer an in service distribution. What does that mean, Chris,
in service distribution?
Speaker 3 (07:56):
That means that fifty nine and a half, we can
take that money, roll it out in to a fidelity
rollover IRA, take it out of their retirement account, so
that four oh one K deferred comm TSP whatever it
may be, we can roll that money out and then
we can start building out a game plan for retirement
and open up, you know, as far as what investment
(08:18):
options are available, be more tactical with that money and
start building out buckets of money so that by the
time when you do retire, your account is already established,
it's working for you. It's at the advisor. You know,
that's it's going to roll over to. So everything's pretty seamless.
When you do say audio, see you later.
Speaker 2 (08:36):
See you later. At Migo, we're out of here. Dust
is coming off the back of the car when you
pull out of the parking lot. So it's under It's
it's critical folk that that you when you start this process,
that you understand financial terms. You've got to be ready
(08:58):
once the door opens and you're into years of retirement.
A lot of people, seven out of ten individuals are
looking for protected income. What do I mean by protected income?
This is income that can continue throughout the rest of
your life without the fear of it disappearing. And it's
(09:18):
increasingly important as people live longer lives the l word longevity.
You need to understand that there's really only three types
of investments or positions that you can be in that
will give you that type of security. Number one is
what social security. All of us will have social I
(09:42):
can't say that social security. I can't say that fast.
What it is, tuckets is that delia. I can't say
social security fasts. Sally sells seashells at the seashore now
and that wasn't too bad, right, all right? So social
security is one that's ninety nine point nine percent of
(10:09):
the people that we work with are going to have
social security pensions. Right, Not a lot of people have
pensions anymore. And of course annuities, that dirty little word
call annuities, and research shows most people still have no
idea what protected income is and that's not good. So
(10:29):
we're gonna talk a little bit about that today. But
guess what, folks, we're live in the studio. We made
the trick all the way down from Clifton Park to
Latham to be with you live today. So please give
us a call if you have any questions, if you
want to interrupt us, if you want to specifically have
a question for your own personal situation. It's one eight
hundred talk WGY. That's one eight hundred eight two five
(10:51):
fifty nine forty nine. One eight hundred eight two five
fifty nine forty nine. I'm Dave Kopek. I'm here with
my son Christopher William. We'll be right bare back after
this quick message 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
(11:11):
rest of our lives in retirement? What is your plan
for 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
(11:33):
income plan. Call our offices today to start the process
of building a 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. How do you do that? To
take action five one eight five eight zero one nine nine.
That's five one eight five eight zero one nine one
(11:55):
nine or RPG retire on the web. Don't procrastinate, motivate
to start building your retirement income distribution plan five eight
five eight zero one nine one nine. Are you ready
for retirement or just hoping it works out? Don't leave
your future to chance. At the Retirement Planning Group, we
hope you create a personalized retirement plan so you can
(12:16):
relax knowing you are prepared. Take action today called eight
eight eight five eight zero one nine one nine. That's
eight eight eight five eight zero one nine one nine.
Or visit us at our website rpgretire dot com to
schedule your complementary consultation. Your future will say thank.
Speaker 4 (12:33):
You baby with a lomside.
Speaker 2 (12:56):
And see you watching, and then so what, I'm my
favorite songs? Hello me, Sarah smile. I saw them in
nineteen seventy. It's either seventy five or seventy six in
(13:19):
the Twin Cities Minneapolis, Saint Paul. I had no idea
who the hell Hall and Oates were, and no buddy
might say, let's go see Hall and Oates, And I said,
sounds good to me. You got the ticket, I'm going yep,
the way I went, and the rest is sister. I've
been a fan of Hall of Oats since the seventies,
which is hard to believe. They still torn Mom and
(13:43):
I went to see him last last year over at
the casino in Connecticut. Hall of Oates. So yeah, we
were dazzling, many dancing, Yeah, party animals. I said, oh
look at that man. So all right, we're talking about out.
What do you do? How do you get ready for
(14:03):
your retirement years? For that magical thing? Called income, And
what I just said is that there's a lot of
options that are available to you, and the research that
we're getting shows that most of you still have no idea,
which is kind of scary what protected income is. So
we're going to try to give you an understanding what
(14:23):
it is today and you can reflect upon it and
see if you want to come in and have a
chat with us or if you want to go to
our presentation, because I think that this is critical in
order for you to have peace of mind and to
basically have the type of retirement that you want. So
so we know that we can create a pension benefit
in some capacity. Here's the big thing. Okay, when do
(14:44):
you go get social security? Chris? Whenever it makes sense?
Does that mean? So that means it just depends on
the person. I guess.
Speaker 3 (14:53):
You know a lot of people come in and we
do this a lot with social security planning. So we'll
take the projections, you know, based on how old they
are right now. So someone who comes in its sixty
years old and says, this is what I got, and
I'm trying to figure out when it makes sense for
me to take social Security? Do I delay it till
sixty seven or seventy or do I take it at
(15:16):
sixty two. I'm trying to figure out what makes sense,
and we basically take that number that they would be
getting right at sixty two, do the math on it
on how many years of income they'd miss out until,
say sixty seven if they were thinking of delaying it
that long. So that's five years of an annual income
that you'd be receiving from Social Security. And you just
(15:39):
do the math and say, Okay, where's the break even
point at when it would pay off for you to
take this money at sixty seven versus sixty two. And
most of the time, you know that break even point
is in their mid to late seventies or early eighties,
depending on you know, the dollar amounts, and you know
situation that we're running it.
Speaker 2 (15:59):
What should we be we're about breaking even.
Speaker 3 (16:02):
It's it just depends on Some people feel comfortable with
more guaranteed income, and some people say, well, I don't
have longevity in my family. I'll be lucky if I
make it to seventy five, So I'm gonna take the
money at sixty two because I want to enjoy it.
And most of the time that's what we end up,
you know, recommending if people have health concerns, if they
(16:23):
don't have longevity in their family, if you know, they
just it makes more sense to take it at sixty two.
Speaker 2 (16:29):
That's what we do, all right. We've got some people
that are busting down the phones right now, so we're
gonna get after it. We're gonna go first to Jimmy
and Boston Spa. Robin Hudson falls be with you next.
But Jimmy and Boston Spa. How were you.
Speaker 5 (16:47):
Good, buddy?
Speaker 6 (16:48):
How are you?
Speaker 2 (16:49):
Oh? Yeah, it's Uncle Jim good brother. What's going on.
Speaker 5 (16:56):
I'm calling in to tell Chris what an awesome job
he's doing. Oh you sound amazing on the radio, Buddy,
you're killing it.
Speaker 2 (17:03):
Thanks Uncle, and Big Dave.
Speaker 5 (17:05):
Big Dave, you're really good at a lot of things.
I mean really good at a lot of things. And
you might even be able to stroke out a few
chords on a guitar. But I've heard you sing before,
and that ship has sailed, my friend.
Speaker 2 (17:20):
Don't do it right, don't do it.
Speaker 6 (17:22):
Please, don't try to sing Johnny Cash.
Speaker 5 (17:28):
No, I love you guys, man. You guys are killing it.
I'm sitting here in the truck listening in the and
I had to call Chris. You sound amazing, buddy.
Speaker 2 (17:34):
Keep up the good work hard. Tell Mary Joe, Happy
Mother's Day, Jimmy. Absolutely, buddy, we'll be talking heads. I
have a good day.
Speaker 6 (17:44):
Guys.
Speaker 2 (17:45):
All right, I'm gonna sing anyway. What the hell? Let's
go to Rob in Hudson Falls. Hello, Hey, Rob? How
are you? I'm Dave Kopek.
Speaker 6 (17:56):
Hey, Hi, nice to talk to you, pleasure. I've been
listening to you show for a for a while.
Speaker 5 (18:03):
Now.
Speaker 6 (18:03):
I drive truck, so I listen a lot.
Speaker 2 (18:05):
Of radio beautiful, but.
Speaker 6 (18:08):
By far your show scares me the most. I'm I'm
kind of not prepared for retirement. And I do have
a four to one k I save money, but I'm
not at all prepared. I'm fifty seven and I'm just
(18:29):
I'm really not sure what to do about it.
Speaker 2 (18:32):
Well, this is what you do. Monday morning. You pick
up the phone and you call my office and say,
I called Dave on the radio, and I want to
come in and have a chat with him, face to
face in the office, and we can have a chat
and we can try to figure out how we can
put you in a more comfortable position. Because if you
don't have a plan, you'll say in any destination will do.
(18:55):
So you need to get going, brother, stop spinning your wheels.
You know what that means by ubing truck? Right, You're
you're You're stuck. You're stuck in the mud, and I
need to get you out of the.
Speaker 6 (19:04):
Mud here you Yeah, I mean it's just uh when
I hear you talk about the healthcare costs and uh yeah,
the the enormous uh all that stuff, I'm just I
don't know. I'm uh, I'm literally petrified.
Speaker 2 (19:20):
Ye freaks out a lot of people. Let me ask
you a question. Your current healthcare is it provided by
you or your employer?
Speaker 6 (19:30):
My employer?
Speaker 2 (19:31):
Okay? Uh? Are you going to have a pension benefit?
Are you with a union or you non union where
you just have the four one time?
Speaker 6 (19:39):
Yeah? I'm non union. I have a poor one k
and a wrath as well I contribute to.
Speaker 2 (19:47):
Okay, what about and do you do you have a wife?
Speaker 6 (19:52):
Uh? Life insurance?
Speaker 2 (19:54):
Now wife? Wife? Do you have a you have a spouse? Oh?
Speaker 6 (19:58):
Wife? No, I have I have a gir al friend.
She's in she's in the same boat pretty much. Yeah,
she's less interested in these kinds of things than I am.
Speaker 2 (20:08):
Yeah, but well that doesn't mean that doesn't mean anything
as far as ultimately you're going to have to make
decisions and you want to make sure because a lot
of times rob when you make a decision in the
financial services industry, uh, you don't get a chance to
go back and say, oh, I screwed up. I got
(20:29):
to go back, and I want to change that. Once
the horse is out of the barn, you can't go
back and put it back in the barn. So just
do me a favor. We work with hard work and savers.
We work with truck drivers, farmers, you know, everything from
A to Z. You know, that's that's my background. You know,
give me a call at the office, be an honor
(20:50):
to sit down with them and we'll just have a chat.
I'll tell you what I think you should do.
Speaker 6 (20:56):
Okay, and maybe I can drag her along with me.
Speaker 2 (21:00):
Hey, listen to take her.
Speaker 6 (21:03):
Too, to do something to get her to go.
Speaker 2 (21:06):
Get her a get her a gen tonic before she
comes in, calm her down a little bit. All right,
all right, all right, we'll talk to you.
Speaker 3 (21:13):
Do that.
Speaker 6 (21:14):
I'm I'm off Monday. I'll give you a call beautiful.
Speaker 2 (21:16):
Look forward to having a chat with you, all right, Okay, God.
Speaker 6 (21:19):
Bless all right, thanks?
Speaker 2 (21:20):
Okay. Not not uncommon, right, yeah, no, it's not uncommon.
We see that a lot people are scared, and they
have a reason to be scared. You know. I think
one of the worst things that ever happened in our lives,
personally myself, was those little things that we run around
with that are attached to our hip and her nose
(21:42):
and her head and everywhere else. So far, I mean,
we we are over over stimulated, stims.
Speaker 3 (21:51):
What's the word then, stimulated stimulated the essence today.
Speaker 2 (21:54):
I can't get that out either, you know, give me
a shot, Zach. Yeah, we get too much information. There's overload,
and you got Monday morning quarterbacks. Like a couple of
weeks ago, two three weeks ago, I said, you know,
just take a chill pill. The markets will take care
of themselves. Everybody was freaking out. Look, we're almost back
to where we started, right. So you just got to
(22:17):
understand is that, you know, sometimes you just got to
take a look at the big picture and you boil
it down and you make decisions. You make decisions about
your own personal situation. You don't have to be in
the stock in the bond market, you can get guaranteed rates.
There's things that you can do, and there's data, and
(22:40):
there's information that basically says people that have baseline income
a certain amount of their money that is protected in
the retirement years are happier. Oh my god, why wouldn't
you want that?
Speaker 3 (22:56):
Well, they're happier because it's you know, set in stone.
They know what they're getting and they don't have to
worry about fluctuations in the market. They can sleep at
night and not worry about what's going on either politically
or you know, economically, or what's going on overseas. They
can just they know that their checks coming in every day.
Speaker 2 (23:15):
And the whole thing was social security. Here we go again,
social Security, the whole thing, I believe, Oh what it is.
I didn't drink about caffeine anything today. You know, you've
got to make sure when you make the selection, you're
solving for income cash flow. You're not going to go
(23:35):
and get your Social Security simply because you want it,
and you're going to you know, bank it for a while, right,
you might lose a bunch of it, because you might
lose a dollar you have to give back a dollar
for every top dollar that you earn from Social Security.
But the bottom line, I'm just just say ss yes,
(23:57):
there you go. That's just I think it's a mental break.
I don't know, we know I'm mental anyway. But so
you know, Congress has done its part. They basically said
that they're not going to mess around with any of
the entitlement programs. So the bottom line gets down to is,
you know what, once you have your baseline income right,
(24:17):
then you're in a position that you can basically look
at alternative investments in order to satisfy the growth and
the purchasing power that you're going to need in your
retirement years. Here's the bottom line. The longer you wait,
the better off it's going to be. Okay, So if
you wait from age sixty five to age seventy, there's
going to be a lot more in Social Security than
there would be if you took it at sixty two,
(24:39):
sixty four, sixty five. And you need to understand, you
know a lot of the boomers do not have define
benefit pension plans. So maybe you do a bridge, you
bridge some of your qualified money, you spend it a
little bit more aggressively in the early stages of your retirement,
and then you wait, you delay your Social Security in
(25:01):
order to get yourself in a better position. So we're
gonna have to take a break here in like thirty seconds.
But don't forget our unbelievable spectacular presentation with the Piroll
Law Firm May twentieth at the Crown Plaza Hotel. How
do they sign up?
Speaker 3 (25:17):
Chris www dot wgy Seminar dot com.
Speaker 2 (25:24):
Okay, we'll be back after the news. This is Dave
Kopek and my son Christopher William. If you have any
questions at all, please give us a call here at
the studio today. We love questions, and I promise you
I won't sing. Yeah, you can call here at the
studio one eight hundred talk to BGY. That's one eight
hundred eight two five fifty nine forty nine. Any question
(25:48):
all Hopefully we can help you or at least direct
you in the right spot. Right. We're going to be
right back after the local in the national news. I'm
Dave Kopek with Christopher William Got all right, we are back.
(26:26):
This is Retirement Ready, which is a topic specific show.
We are the Retirement Planning Group. We have five locations
now in New York State. Syracuse is our new one.
My son and I will be out there Monday, Christopher
and I for appointments. And we have an office in Albany, downtown,
(26:47):
Malta once falls and of course Oneana. If you want
to come in and have a chat with us, pretty simple,
just dollar telephone number five eight five zero one eight
five eight to zero one nine one nine. Check us
out on the web RPG retired dot com. Uh. We
work with a lot of hard working savers individuals, everything
(27:12):
from plumbers, electricians, people that worked in factories, farmers, whatever,
state workers, state workers, ge bimbo, bakeries, scientists, astronauts, artists, artists.
Yeah you got that one of the did you get
(27:32):
one of the pictures from the Earth? Hung it up? Yeah.
The guy a little bit gentleman and wonderful gentleman that
came in artists, gave us some.
Speaker 3 (27:42):
Prints, turning his home into a museum. He's got like
a castle out.
Speaker 2 (27:47):
And pretty amazing guy. Wonderful man, wonderful man. So we're
talking about the risk. We're talking about the risks that
the future generations of retiring Americans are facing. You know,
Bob Cold in the truck driver and said, I scare
(28:08):
them to be honest with you. That's what I'm trying
to do. You know, when people sit down with us
at the office, I always say to them, when you
pull in with your boat, I'm going to try to
find as many holes in it as I can, because
if you don't know where the holes in the boat are,
chances are if you go out into the the lake
of retirement, you could get into deep weeds and you're
(28:31):
gonna sink and go to the bottom, right, and we
don't want that to happen. So, you know, I like
data information. I think it directs us in the right
areas that we have to focus in on. And the
thing that we're consistently hearing over and over and over
again by boomers that had been out for the last five,
six seven years. Start early, get going, find a team
(28:56):
five to seven years before you retire. Understand all the
financial terms and options that are available to you. And
the big thing is understand when to take sol security.
It's critical. Just because it's available to you, it doesn't
necessarily mean that it's the right thing for you to do.
So why do we say this, okay, because you're going
(29:19):
to have to create income, and if you have to
create income, I'm going to go through with my sum
here the basics, the basics of how you create income
for your retirement years. So we have longer life expectancies.
The average retirement now is expected to be at least
thirty years. You've got typically options that are available to
(29:44):
you that you need to understand. Right. You have annuities,
diversified portfolios, a total return approach, and then you have equities.
You can build out an equity portfolio with strong dividends
and alternative investments. We'll kind of go through this a
little bit. The key I'm focusing on retirement is discern
(30:06):
basically dessert or determining how your investments can generate sufficient
income what we call baseline income. So walk me through,
Chris E Money. We get the data, the information, and
mister and missus Apple come in. Tell me what E
Money is going to show them as far as their
(30:27):
income possibilities.
Speaker 3 (30:29):
Yeah, to start, I mean first, I think what's important
to preface here is that people need to eval evaluate
their retirement income needs in the gaps they have before that.
Speaker 2 (30:44):
I know it's rubbing off, yeah good.
Speaker 4 (30:47):
Uh.
Speaker 3 (30:48):
The so that just means to like review their what
what they're spending right now. So if they just do
a basic budget, you know, it doesn't need to be
down to the penny as far as what you're spending
a month on things, but just a basic overview on
what's going out the door as far as your annual
spend level. So when we do do the projections through
(31:09):
e money that we have some type of base that
we're looking to at least match or outperform and get
as close as possible to what you're currently spending in retirement,
So reviewing that and identifying, you know, what your your
current spend level is, and then from there we take
things like social security pensions, any investments that you currently
(31:34):
have and then input all that into the software system
and then based on just an inflation and then we
always do like a modest growth rate, whether it's you know,
six or seven percent year over year return that return
yep on the accounts, we'll we'll try and give a
comfort spend level in retirement based on all these figures
(31:55):
and then just show the clients, hey, this is what
you know the software system is spitting out. This is
what it's saying. As far as like a comfort spend
level throughout retirement.
Speaker 2 (32:04):
Where that's the key right there, What is a comfort
spend that level? Did you catch that? Folks? It's gonna
tell you, you know, I want a hundred thousand dollar Well
you can't. It tells you right here, you can't. You
can't spend one hundred thousand dollars. You're gonna have to
spend sixty five thousand dollars. If not, you're gonna have
to either delay, add more money to the pot, or
(32:26):
pick up a part time job in your retirement years.
Speaker 3 (32:29):
Yeah, there's other facts. Yeah, there's other factors too. That's
just like a base projection.
Speaker 2 (32:34):
You know.
Speaker 3 (32:34):
There's some people that come in and they say, well,
what if I want to travel and do all these
things early in my early years of retirement, and then
when I'm eighty years old, probably not going to be
traveling too much, probably just gonna take it easy and
spend time with you know, my family and grandkids or
whatever they have going on. So we can also plan
for that by drawing down or taking larger distributions in
(32:58):
you know, the first five years retirement, and then after
that their spend level would drop down to something more
modest because they don't need that much money in retirement
because they're not They did all the things that they
kind of wanted to do as far as traveling, seeing
the world, doing whatever excursions or trips they wanted to do.
Speaker 2 (33:18):
So bottom line is is that it's critical not only
to have all the data input it that you've created
in your lifetime and ultimately what's going to be available
to you when you walk out the doors, but how
what's the percentage of people right now that you would
(33:40):
say that are coming in that have either received or
going to receive substantial inheritance. Is this substantial inheritance not
a lot? Because they say over the next twenty to
thirty years, you're going to be estimated to be eighty
five trillion dollars of wealth transfer.
Speaker 3 (34:00):
Yeah, eighty five. It's definitely a factor. But like a
lot of I think a lot of like your generation
is very close lipped with money. And that's just from
the meetings that I've sat in and seen. You know
a lot of people are coming in in their fifties
sixties and they sit there and they say, well, I
(34:22):
know my parents have money, but I got no idea
how much, and I have no idea where it is.
They don't talk about it. They don't speak about it,
which is something that I don't necessarily understand. I think
it's something that you know, should be talked about and
at least communicated with, you know, their kids, so that
at least they know what's going on and if they
(34:43):
should be buttoning stuff up or consolidating it, making it
simpler when you know eventually that day comes where they
do pass away, so that they're not running around scrambling
and trying to figure out where everything is and what
they owned and what's going on. I mean, it's an
uncomfortable conversation. I underst stand that, but I think it
makes a lot of sense to kind of have that
conversation if they haven't, because I'd say over fifty percent
(35:07):
of people have no idea what their parents have, yeah,
or what is what they're in line to receive and
their parents are you know, eighty eighty five niney they're older,
so well.
Speaker 2 (35:19):
The common answer that I hear over and over again,
I don't know how much it is, but I think
it's going to be quite a bit or this is
what I anticipated it's going to be. And you know,
we are big believers that you have open discussions with
your children. We're also big believers, depending on how much
money you've accumulated in your lifetime, that you start gifting
(35:39):
some of that money simply because it's going to be
advantageous for you as you age and especially if you
have health issue. But bottom line gets down to is
that we live in a society today where you know,
if you had told me twenty thirty, forty years ago
that there would be this type of wealth out for individuals,
(36:01):
I would probably say, you know, you're crazy, There's just
no way. But there is, you know, between some of
these stock option plans ESOPs. So you do use Stewarts
locally here. You know a lot of these people that
work at Stewarts that have been there for years because
of the Dake family and what they created. You know,
some of these people are multi millionaires.
Speaker 3 (36:21):
Yeah, they have a phenomenal ESOP plan.
Speaker 2 (36:24):
Yeah.
Speaker 3 (36:25):
Yeah, Now it tends to grow at like fifteen percent
year over here. It's something crazy, it is, and it
has been like that.
Speaker 2 (36:31):
But the you know, the question becomes, you know, does
that make financial common sense to leave that type of percentage?
You know, the modern portfolio theory and financial planning basically
says that you shouldn't have any more than ten percent
of your wealth allocated to anyone particular investment or stock
(36:56):
or whatever it may be. So I know that Stuart's
has done nomenal and it looks like from I can
see everything that they're doing lately, it looks like things
are still going pretty rosy with the construction that they're doing.
But financial guidance in making decisions sometimes are not necessarily
for what's right for you today today. It's what's right
(37:19):
for you over the next twelve, fifteen years, or twenty years,
especially if you're concerned about legacy and transfer of wealth.
TSPs are a perfect example, right. You know, there's a
lot of people that are in the government TSPs that
are allocating into their investments and they need to try
to figure out because some of the tax benefits that
(37:41):
are associated with tesps. You know, it doesn't make sense
for me to leave it where it is, or should
I get tactical with it. So these are all individual
questions that are specific to you. I mean, that's why
we say all over and over again when we do
a plan, it's not specific or it is Specif it's specific,
to you and your family and what you're trying to accomplish.
(38:04):
So when we come back, I'm going to take a break.
We're going to talk about, you know, how do you
build these income generation portfolios? How do you build the income?
Do you use annuities? Do you have a diversified bond portfolio?
Do you do a total return investment approach? Do you
(38:26):
do income producing equities? Do you do a combination of all?
So you got to find what the secret sauces for you.
You know, I use the old roller coaster. You know
how big of a roller coaster are you willing to
sit on? I know, I like the one the Kitty,
the kitty roller coaster that's mine, the big one up there,
the one up at the Great Escape, the monster or
(38:49):
the you know, Kamakazi, whatever the hell they call it.
I'm not good on that one that sets my hair
on fire. They screamed like a little girl when I
get let's get you go all right, We're going to
take a break a week back. We're going to continue.
If you have any questions, we love questions and uh
one eight hundred talk wgy. That's one eight hundred eighty two,
(39:12):
five fifty ninety nine. There's got to be a lot
of questions out there, you know. Don't forget. Our presentation
is going to be May twentieth, and we'll give you
the details when we come back. Your partner for success
David Kopek, heir WG WISE Retirement Planning Specialists the Retirement
Planning Group. We understand that retirees face many important decisions
(39:34):
that can affect their long 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,
and rising healthcare costs. Most of our clients like the time,
the desire, or the experience to manage their own investment portfolios.
(39:55):
We consider it to be an honor and a privilege
to help our clients make sound investment decisions that will
contribute to a secure financial future for them. Because over
ninety percent of our clients or retirees with similar concerns,
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 one nine
(40:18):
five one eight five eight zero one nine one nine
or RPG Retire on the web You have spent a
lifetime saving for retirement. Now it's time to make that
money work for you. Here's the secret most people miss.
You have to create your own retirement income plant. Social
Security is not enough, tensions are rare. You need a
strategy that turns savings into monthly income that will last
(40:38):
a lifetime. At the Retirement Planning Group, we build customized
income distribution plans so you can retire with confidence, retire smart,
live well. Call eight eight eight five eight zero nine
one nine for your complementary consultation.
Speaker 3 (41:04):
All right, so, yeah, we were just touching on the seminar,
(41:26):
So that is w w W dot w g Y
seminar dot com. Confirm you're not a robot. Fill out
the short couple of questions they got for you. If
you're not of the you can't eat the gluten, let
them know and then yeah, you'll be registered. Click the
(41:49):
register button and you'll be accounted for and confirm that.
We will be there ourselves. Retirement Planning Group with the
Pure Last year it was sold out. This year it's
going to be sold out again, So don't delay. If
you want to go, now's the time to get to
go on www dot wgy Seminar dot com. Get on
(42:14):
there and register, and I think you'll find it well worth.
I spoke to a gentleman that we had a great
conversation with a couple of weeks ago. I called him
coming down here.
Speaker 2 (42:28):
And I wanted to get back to him because I've
been searching out some legal stuff that he wanted me.
And I said, I want to confirm that you're coming
to the dinner presentation because I think you're going to
get a lot of information that we discussed in general term. Specifically,
(42:49):
you're gonna get a lot of legal information. Said hell, yeah,
I'm coming. My wife and I are coming. He says,
I'm bringing three other couples with us that are interested
in Well, that was nice, that was nice to hear. Ye,
wonderful man, wonderful man, real gentlemen. So you know, folks,
we live in a world today that for most of us,
(43:13):
the retirement that we thought we were going to have
is going to be entirely different. Some much much much greater,
greener pastures, much more money than we ever thought that
we would have in our lifetime. On the opposite side
of the coin, there's a lot of people out there
that will retire that are not not financially secure, and
(43:34):
they really don't have time to play games, and they
basically have to have a plan that's in place that
if they go backwards, they have some type of protection
what we call hedge protection in the portfolio. And you
need to understand that those products do exist here in
the United States in the financial services industry, and what
(43:56):
they are called are annuities. And we believe that the
Retirement Planning Group right that annuities are a great source
of protected lifetime income. You got that right. All this crap,
all this nonsense that you hear from these people, the pinocchios,
about the only reason why the financial advisor is recommending
(44:18):
it is because they're getting a big fat commission. They're
not liquid. You can't get out of them. It's all
a tattletale, a pinocchio their nose. They can't get the
nose off the floor when they tell these tales. So
we will create and show you evidence evidence of these products.
We will create and show you research and analysis on
(44:42):
how these practical ideas, when you take them into action,
that you can basically put yourself into a happy, in
content retirement, not one that's filled with anxiety and stress.
Speaker 3 (44:56):
Yeah, these products wouldn't be out there if they didn't
make sense for specific individuals. It's not like a blanket approach,
you know, it doesn't fit everybody. If you have a
substantial pension in your you have a solid social security
coming in the door. As far as like guaranteed income
that you're going to receive in retirement, probably not. You know,
an income annuity is probably not something that you want
(45:19):
to supplement your retirement with unless you want more guaranteed income.
So it could be something that you want, but it
doesn't necessarily make sense for those type of folks. This
is more for people who have a large four oh
one K plan, have social security, but they don't want
to ride the wave of the market and see their
account fluctuate up and down, and they want to use
(45:40):
an investment vehicle where they can generate themselves a pension
of guaranteed income for the rest of their life through.
Speaker 2 (45:49):
A product.
Speaker 3 (45:50):
Basically, so, and it's not all you know, they are
commissionable products, but now they do have fee based so
it's not all just about a like he said, a
fat commission check. We're not pushing these for the commission sale.
Speaker 2 (46:03):
It.
Speaker 3 (46:03):
They have fee based platforms where it would be managed
just like a rollover IRA account that we manage. You know,
there would be a fee associated an annual fee associated
with you know, the management of the assets. So either way,
they're out there for a reason. You know, they work
for people for a reason.
Speaker 2 (46:23):
It wouldn't steady stream of income. Yeah, steady stream of
income that you cannot outlive. Why does that make sense?
Peace of mind? Should it be all your money? Absolutely?
And there is such a wide variety, you know, this
(46:45):
workshop that we're doing with the Puro Law firm. Once
we get over the hump with this and we can
do it administratively and we can do dotterize and cross
our tees, we're going to start doing some workshops that
are just individually set up for income production, producing income
in your retirement years. Mister McCarthy is taking the ball
(47:08):
and he's running with this. Chris has been in the
business for forty years and that's really been his specialty,
his retirement income distribution. So be aware that we will
have more topic specific presentations. We're working out the details
with that right now and I think he's going to
finish that up probably next week. Chris. Yeah.
Speaker 3 (47:29):
Yeah, he's been working on that pretty diligently over the
last couple of weeks, so he's getting that buttoned up.
So that'll be another good seminar to have.
Speaker 2 (47:38):
So if you're going into retirement now and your age
sixty five, there's a chance right now and like one
of five one in five that you're going to live
to age one hundred. I think two out of five
you're going to live to the age of ninety. So
you're going to have somewhere between twenty five to thirty
(48:00):
years of retirement distribution. And then if it's a lot
of money that's inside qualified plans, the dilemma the Achilles
heeled for some of you is a thing called RMD
yep Required minium distribution because as you age, depending on
how you allocate these moneies, you're going to be subject
(48:20):
to liquidate those portfolios, not because you want to liquidatum,
but because the government is forcing you to lickum datum
because of your age and they want their taxes. Yeah,
so the RMD aged.
Speaker 3 (48:32):
That's why we reiterate to people that your IRA account
is probably your least friendly asset in retirement and to
pass on for legacy purposes because it's fully taxable to
the next generation. They have a ten year spend down
and it's just not you know, the most preference asset
(48:55):
for someone to inherit. And then as far as you
know how to supplement your income with an IRA account
instead of utilizing something like an annuity product if you
wanted to increase your income and you're saying the annuity
product isn't something for me, there's models there. There's investment
models that we utilize within these accounts where you'll take
(49:18):
mutual funds in ETFs, whether that's in the bond market
or equity positions that are kicking off, you know, strong
dividends and creating an income stream to where that monthly
check is coming in and you just set up a
direct deposit and it hits the account every month just like.
Speaker 2 (49:34):
You're getting paid. And what is that called? What is
that called you got a pension? Oh? Yeah, in essence,
that's what you're doing, is that you're creating your own
personal pension benefit. So I just got to ask, what
do we get about two minutes left ball park? About
two minutes Okay, I want to do some summary here
(49:57):
summarized before we have to say goodbye, because this has
been a very quick hour. So if you are like Bob,
Rob from Hudson Falls that called in. If you're like
Rob and you're concerned and you're anxious and you have
no plan in place yet, that's not good because we're
(50:17):
all quite well aware. You know, time goes by quickly,
and when you blink your eyes, instead of being fifty
seven fifty eight, you're going to be sixty two sixty five.
So the sooner you get after this, the better off
you're going to be. You know, I always do the
analogy and I think it makes a lot of sense
for people. If you've ever built a house, which I
(50:38):
did once and I would never do it again. You
ever built a house, you know you have to have
what a blueprint, And there used to be a company
on TV they used to I think that was the
name of it, the blueprint, and it basically it's a
retirement planning copy of a plan that you put into place.
(50:59):
And it's no different when you get a blueprint. You
build a house, you start with digging a foundation, you
put in your footings, you do your walls, you cap it.
You know, I don't have to go through it all
it's no different with what you're doing with your financial guidance. Right.
You need to understand what, like my son said, what
is a rate that you can basically meet? Would you say,
(51:21):
how'd you call it your baseline income? Your baseline income? Okay,
what's what's the dollar amount? Is that something that you
can live on? Is that a dollar amount? Or do
we have to do some tweaking here or try to
figure out what adjustments do we have to make over
the next five to seven to ten years. Also, also,
if any of this that we've been discussing is of
(51:43):
interest to you, we offer a complimentary consultation that are
any of our offices. All five will be out in
Syracuse on Monday, but if you want to call our office,
it's five one eight five eight zero one nine one nine.
We'll sit down with you. We'll see what we can do.
If you want to go to the seminar presentation, it's
www dot wgyseminar dot com. God blessed, we'll see you next.
Speaker 1 (52:11):
Thank you for listening to Retirement Ready, hosted by Dave Kopec.
If you would like to talk with Dave or someone
at the retirement planning group, called five one eight five
EID zero one nine one nine. That's five one eight
five eight zero one nine one nine during business hours
or visit RPG retire dot com. The Retirement Planning Group
has five convenient offices located in Albany, Malta, Glens Falls, Pontiata,
(52:36):
and Syracuse. Tune in again next week at noon for
Retirement Planning Strategies with David Kopec, or Saturdays at seven
am for the Retirement Planning Show.
Speaker 3 (52:46):
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.
Speaker 2 (52:56):
If you have any doubts as to the merits of
an investment, you should seek advice from dependent financial advisor.
Live from the wg y iHeart Studios. Welcome to Retirement
Ready with your host Dave Kopek from the Retirement Planning Group.
Every week, Dave and his team discuss the ways they
can help people make informed decisions about their retirement assets
to maintain, improve, and secure their desired quality of life.
Here's your host, Dave Copet.
Speaker 2 (00:40):
All right, Saturday and sunny upstate New York. All right,
clearing off, I think I see some raeves of sun.
I wouldn't say, son, that's coming. It's not sunny, it's coming,
it's coming. I just did the rain dance outside. Stop
(01:03):
raining Stop. I'm Dave Kopek. This is Retirement Ready topic
specific show. We are the Retirement Planning Group. My son's here,
Christopher william financial and analyst for the Retirement Planning Group.
I've been in the business for forty three years and
he has been in the business for four yep. I
(01:27):
gotta tease him a little bit, but we're here to
hopefully edumacate you and tell you a little bit about
what needs to get done. A lot of unbelievable stuff
going on in regards to retirement planning right now, and
we're gonna talk a little bit today about once the
check stops, and you're gonna now have to create your
(01:50):
own personal check. How do you do it? And in
twenty twenty five, this year, an average of eleven one thousand,
four hundred Americans will turn sixty five every day. Historic,
it's a milestone. Four point one eight million people are
(02:10):
going to be reaching the traditional retirement age in a
single year at the highest on record. So twenty and
twenty five marks the absolute peak of a four year
period that we'll run through two thousand and twenty seven.
And there's a whole heck of a lot of people
that are turning that magical age of sixty five, which
(02:31):
ultimately means I get Medicare and I you, old Johnny paychick,
take this job and shove it. I'm out of here.
You think this is the number one concern Chris for people,
retirement income distribution.
Speaker 3 (02:47):
Yeah, I think that that's, you know, the main concern
that we hear. A lot of people are who are
coming in, you know, are trying to figure out how
they're going to supplement their income and if it's possible
based on their retire froment accounts that they've saved up
and whether they have a pension or when to take
Social Security and how to maximize their income in retirement.
Speaker 2 (03:10):
And with that being said, you're going to hear me
say this a couple of times today because this might
be the last week that you're going to be able
to sign up for our workshop seminar May twentieth at
the Crown Plaza Hotel, which is the former ly the
Desmond right over there by the airport. We're having a
(03:32):
presentation in conjunction with the Pureau Law Firm, and it's
also WGY is helping us sponsor this. And this is
an event that's designed to help you manage what matters
most and prepare you for the future with confidence for
(03:52):
your retirement years. So how do they sign up for this, Chris?
It starts at five point thirty on May twentieth at
the Crown Plause And what do they do? In order
to sign up?
Speaker 3 (04:04):
They have to type in www dot WGY seminar dot
com no spacing, verify you're not a robot, and then
fill out the short questionnaire with your name, email, phone number,
number of attendees and if you are gluten free or not,
(04:28):
and then register and you'll be accounted for.
Speaker 2 (04:33):
And then you'll get a confirmation. What I would say,
folks is please there is a huge demand usually as
we get closer to May twentie if they're gonna get
an acceleration here, please only sign up if you're going
to attend. Don't sign up if you think you might attend.
And I'm not trying to be cocky or being condescending
it any way whatsoever. But these seats will fill up,
(04:56):
and last year we were overbooked and we had to
basically turn people away. So it's a great night out.
Lou Piro and his team do a phenomenal job. Piro,
Connor and Strauss the retirement planning group. I'll speak about
how to put all the pieces of the puzzle together
(05:17):
with your investments and your overall protection plan, and then
Lou will go through all the legal side of it.
But Tuesday, May twentieth, at five point thirty is the
Registration and Crown Plaza formerly the Desmond. We serve you
a beautiful dinner. I'm gonna take out my guitar. I'm
gonna serenade you a little bit so you're gonna love it.
(05:38):
They'll be running for the doors ye, let me do
my Johnny Cash impersonation. So today today's topic is retirement
income distribution. How do you create a paycheck that will
last to a lifetime And as I just said, eleven thousand,
(05:59):
four hundred Americans will turn sixty five every day in
the year twenty twenty five, and you want to make
sure that you're basically setting up your buckets of money.
That's the strategy that we utilize. And there's some key
lessons that we have seen from some of the data
(06:21):
and research from the baby boom generation that's currently out
there in regard to what they're doing right and what
they're doing wrong. So number one, number one suggestion by
the boomers that are out there, this is a study
(06:42):
that was recently done. Get going. The earlier that we
can get you there to the table to start building
out your plan, the better off you're going to be
and you're going to have the most success. So what
timeframe is that, Chris?
Speaker 3 (06:59):
We typically say, you know, when you're about five years
out from retirement. We refer to that as the red zone,
so you know you can do it as little as
three years out as well. So three to five years
out is typically that that you know, golden year timeframe
to go in meet with a financial advisor, at least
(07:21):
explain your scenario, what you're currently in making through your job,
what you've saved up, and then what you know spend
level you're looking to accomplish in retirement based on your
Social security projections, any type of pension projections, and what
you've accumulated through your four oh one K or retirement account.
Speaker 2 (07:43):
And there's a thing called the ability to do a
transfer an in service distribution. What does that mean, Chris,
in service distribution?
Speaker 3 (07:56):
That means that fifty nine and a half, we can
take that money, roll it out in to a fidelity
rollover IRA, take it out of their retirement account, so
that four oh one K deferred comm TSP whatever it
may be, we can roll that money out and then
we can start building out a game plan for retirement
and open up, you know, as far as what investment
(08:18):
options are available, be more tactical with that money and
start building out buckets of money so that by the
time when you do retire, your account is already established,
it's working for you. It's at the advisor. You know,
that's it's going to roll over to. So everything's pretty seamless.
When you do say audio, see you later.
Speaker 2 (08:36):
See you later. At Migo, we're out of here. Dust
is coming off the back of the car when you
pull out of the parking lot. So it's under It's
it's critical folk that that you when you start this process,
that you understand financial terms. You've got to be ready
(08:58):
once the door opens and you're into years of retirement.
A lot of people, seven out of ten individuals are
looking for protected income. What do I mean by protected income?
This is income that can continue throughout the rest of
your life without the fear of it disappearing. And it's
(09:18):
increasingly important as people live longer lives the l word longevity.
You need to understand that there's really only three types
of investments or positions that you can be in that
will give you that type of security. Number one is
what social security. All of us will have social I
(09:42):
can't say that social security. I can't say that fast.
What it is, tuckets is that delia. I can't say
social security fasts. Sally sells seashells at the seashore now
and that wasn't too bad, right, all right? So social
security is one that's ninety nine point nine percent of
(10:09):
the people that we work with are going to have
social security pensions. Right, Not a lot of people have
pensions anymore. And of course annuities, that dirty little word
call annuities, and research shows most people still have no
idea what protected income is and that's not good. So
(10:29):
we're gonna talk a little bit about that today. But
guess what, folks, we're live in the studio. We made
the trick all the way down from Clifton Park to
Latham to be with you live today. So please give
us a call if you have any questions, if you
want to interrupt us, if you want to specifically have
a question for your own personal situation. It's one eight
hundred talk WGY. That's one eight hundred eight two five
(10:51):
fifty nine forty nine. One eight hundred eight two five
fifty nine forty nine. I'm Dave Kopek. I'm here with
my son Christopher William. We'll be right bare back after
this quick message 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
(11:11):
rest of our lives in retirement? What is your plan
for 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
(11:33):
income plan. Call our offices today to start the process
of building a 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. How do you do that? To
take action five one eight five eight zero one nine nine.
That's five one eight five eight zero one nine one
(11:55):
nine or RPG retire on the web. Don't procrastinate, motivate
to start building your retirement income distribution plan five eight
five eight zero one nine one nine. Are you ready
for retirement or just hoping it works out? Don't leave
your future to chance. At the Retirement Planning Group, we
hope you create a personalized retirement plan so you can
(12:16):
relax knowing you are prepared. Take action today called eight
eight eight five eight zero one nine one nine. That's
eight eight eight five eight zero one nine one nine.
Or visit us at our website rpgretire dot com to
schedule your complementary consultation. Your future will say thank.
Speaker 4 (12:33):
You baby with a lomside.
Speaker 2 (12:56):
And see you watching, and then so what, I'm my
favorite songs? Hello me, Sarah smile. I saw them in
nineteen seventy. It's either seventy five or seventy six in
(13:19):
the Twin Cities Minneapolis, Saint Paul. I had no idea
who the hell Hall and Oates were, and no buddy
might say, let's go see Hall and Oates, And I said,
sounds good to me. You got the ticket, I'm going yep,
the way I went, and the rest is sister. I've
been a fan of Hall of Oats since the seventies,
which is hard to believe. They still torn Mom and
(13:43):
I went to see him last last year over at
the casino in Connecticut. Hall of Oates. So yeah, we
were dazzling, many dancing, Yeah, party animals. I said, oh
look at that man. So all right, we're talking about out.
What do you do? How do you get ready for
(14:03):
your retirement years? For that magical thing? Called income, And
what I just said is that there's a lot of
options that are available to you, and the research that
we're getting shows that most of you still have no idea,
which is kind of scary what protected income is. So
we're going to try to give you an understanding what
(14:23):
it is today and you can reflect upon it and
see if you want to come in and have a
chat with us or if you want to go to
our presentation, because I think that this is critical in
order for you to have peace of mind and to
basically have the type of retirement that you want. So
so we know that we can create a pension benefit
in some capacity. Here's the big thing. Okay, when do
(14:44):
you go get social security? Chris? Whenever it makes sense?
Does that mean? So that means it just depends on
the person. I guess.
Speaker 3 (14:53):
You know a lot of people come in and we
do this a lot with social security planning. So we'll
take the projections, you know, based on how old they
are right now. So someone who comes in its sixty
years old and says, this is what I got, and
I'm trying to figure out when it makes sense for
me to take social Security? Do I delay it till
sixty seven or seventy or do I take it at
(15:16):
sixty two. I'm trying to figure out what makes sense,
and we basically take that number that they would be
getting right at sixty two, do the math on it
on how many years of income they'd miss out until,
say sixty seven if they were thinking of delaying it
that long. So that's five years of an annual income
that you'd be receiving from Social Security. And you just
(15:39):
do the math and say, Okay, where's the break even
point at when it would pay off for you to
take this money at sixty seven versus sixty two. And
most of the time, you know that break even point
is in their mid to late seventies or early eighties,
depending on you know, the dollar amounts, and you know
situation that we're running it.
Speaker 2 (15:59):
What should we be we're about breaking even.
Speaker 3 (16:02):
It's it just depends on Some people feel comfortable with
more guaranteed income, and some people say, well, I don't
have longevity in my family. I'll be lucky if I
make it to seventy five, So I'm gonna take the
money at sixty two because I want to enjoy it.
And most of the time that's what we end up,
you know, recommending if people have health concerns, if they
(16:23):
don't have longevity in their family, if you know, they
just it makes more sense to take it at sixty two.
Speaker 2 (16:29):
That's what we do, all right. We've got some people
that are busting down the phones right now, so we're
gonna get after it. We're gonna go first to Jimmy
and Boston Spa. Robin Hudson falls be with you next.
But Jimmy and Boston Spa. How were you.
Speaker 5 (16:47):
Good, buddy?
Speaker 6 (16:48):
How are you?
Speaker 2 (16:49):
Oh? Yeah, it's Uncle Jim good brother. What's going on.
Speaker 5 (16:56):
I'm calling in to tell Chris what an awesome job
he's doing. Oh you sound amazing on the radio, Buddy,
you're killing it.
Speaker 2 (17:03):
Thanks Uncle, and Big Dave.
Speaker 5 (17:05):
Big Dave, you're really good at a lot of things.
I mean really good at a lot of things. And
you might even be able to stroke out a few
chords on a guitar. But I've heard you sing before,
and that ship has sailed, my friend.
Speaker 2 (17:20):
Don't do it right, don't do it.
Speaker 6 (17:22):
Please, don't try to sing Johnny Cash.
Speaker 5 (17:28):
No, I love you guys, man. You guys are killing it.
I'm sitting here in the truck listening in the and
I had to call Chris. You sound amazing, buddy.
Speaker 2 (17:34):
Keep up the good work hard. Tell Mary Joe, Happy
Mother's Day, Jimmy. Absolutely, buddy, we'll be talking heads. I
have a good day.
Speaker 6 (17:44):
Guys.
Speaker 2 (17:45):
All right, I'm gonna sing anyway. What the hell? Let's
go to Rob in Hudson Falls. Hello, Hey, Rob? How
are you? I'm Dave Kopek.
Speaker 6 (17:56):
Hey, Hi, nice to talk to you, pleasure. I've been
listening to you show for a for a while.
Speaker 5 (18:03):
Now.
Speaker 6 (18:03):
I drive truck, so I listen a lot.
Speaker 2 (18:05):
Of radio beautiful, but.
Speaker 6 (18:08):
By far your show scares me the most. I'm I'm
kind of not prepared for retirement. And I do have
a four to one k I save money, but I'm
not at all prepared. I'm fifty seven and I'm just
(18:29):
I'm really not sure what to do about it.
Speaker 2 (18:32):
Well, this is what you do. Monday morning. You pick
up the phone and you call my office and say,
I called Dave on the radio, and I want to
come in and have a chat with him, face to
face in the office, and we can have a chat
and we can try to figure out how we can
put you in a more comfortable position. Because if you
don't have a plan, you'll say in any destination will do.
(18:55):
So you need to get going, brother, stop spinning your wheels.
You know what that means by ubing truck? Right, You're
you're You're stuck. You're stuck in the mud, and I
need to get you out of the.
Speaker 6 (19:04):
Mud here you Yeah, I mean it's just uh when
I hear you talk about the healthcare costs and uh yeah,
the the enormous uh all that stuff, I'm just I
don't know. I'm uh, I'm literally petrified.
Speaker 2 (19:20):
Ye freaks out a lot of people. Let me ask
you a question. Your current healthcare is it provided by
you or your employer?
Speaker 6 (19:30):
My employer?
Speaker 2 (19:31):
Okay? Uh? Are you going to have a pension benefit?
Are you with a union or you non union where
you just have the four one time?
Speaker 6 (19:39):
Yeah? I'm non union. I have a poor one k
and a wrath as well I contribute to.
Speaker 2 (19:47):
Okay, what about and do you do you have a wife?
Speaker 6 (19:52):
Uh? Life insurance?
Speaker 2 (19:54):
Now wife? Wife? Do you have a you have a spouse? Oh?
Speaker 6 (19:58):
Wife? No, I have I have a gir al friend.
She's in she's in the same boat pretty much. Yeah,
she's less interested in these kinds of things than I am.
Speaker 2 (20:08):
Yeah, but well that doesn't mean that doesn't mean anything
as far as ultimately you're going to have to make
decisions and you want to make sure because a lot
of times rob when you make a decision in the
financial services industry, uh, you don't get a chance to
go back and say, oh, I screwed up. I got
(20:29):
to go back, and I want to change that. Once
the horse is out of the barn, you can't go
back and put it back in the barn. So just
do me a favor. We work with hard work and savers.
We work with truck drivers, farmers, you know, everything from
A to Z. You know, that's that's my background. You know,
give me a call at the office, be an honor
(20:50):
to sit down with them and we'll just have a chat.
I'll tell you what I think you should do.
Speaker 6 (20:56):
Okay, and maybe I can drag her along with me.
Speaker 2 (21:00):
Hey, listen to take her.
Speaker 6 (21:03):
Too, to do something to get her to go.
Speaker 2 (21:06):
Get her a get her a gen tonic before she
comes in, calm her down a little bit. All right,
all right, all right, we'll talk to you.
Speaker 3 (21:13):
Do that.
Speaker 6 (21:14):
I'm I'm off Monday. I'll give you a call beautiful.
Speaker 2 (21:16):
Look forward to having a chat with you, all right, Okay, God.
Speaker 6 (21:19):
Bless all right, thanks?
Speaker 2 (21:20):
Okay. Not not uncommon, right, yeah, no, it's not uncommon.
We see that a lot people are scared, and they
have a reason to be scared. You know. I think
one of the worst things that ever happened in our lives,
personally myself, was those little things that we run around
with that are attached to our hip and her nose
(21:42):
and her head and everywhere else. So far, I mean,
we we are over over stimulated, stims.
Speaker 3 (21:51):
What's the word then, stimulated stimulated the essence today.
Speaker 2 (21:54):
I can't get that out either, you know, give me
a shot, Zach. Yeah, we get too much information. There's overload,
and you got Monday morning quarterbacks. Like a couple of
weeks ago, two three weeks ago, I said, you know,
just take a chill pill. The markets will take care
of themselves. Everybody was freaking out. Look, we're almost back
to where we started, right. So you just got to
(22:17):
understand is that, you know, sometimes you just got to
take a look at the big picture and you boil
it down and you make decisions. You make decisions about
your own personal situation. You don't have to be in
the stock in the bond market, you can get guaranteed rates.
There's things that you can do, and there's data, and
(22:40):
there's information that basically says people that have baseline income
a certain amount of their money that is protected in
the retirement years are happier. Oh my god, why wouldn't
you want that?
Speaker 3 (22:56):
Well, they're happier because it's you know, set in stone.
They know what they're getting and they don't have to
worry about fluctuations in the market. They can sleep at
night and not worry about what's going on either politically
or you know, economically, or what's going on overseas. They
can just they know that their checks coming in every day.
Speaker 2 (23:15):
And the whole thing was social security. Here we go again,
social Security, the whole thing, I believe, Oh what it is.
I didn't drink about caffeine anything today. You know, you've
got to make sure when you make the selection, you're
solving for income cash flow. You're not going to go
(23:35):
and get your Social Security simply because you want it,
and you're going to you know, bank it for a while, right,
you might lose a bunch of it, because you might
lose a dollar you have to give back a dollar
for every top dollar that you earn from Social Security.
But the bottom line, I'm just just say ss yes,
(23:57):
there you go. That's just I think it's a mental break.
I don't know, we know I'm mental anyway. But so
you know, Congress has done its part. They basically said
that they're not going to mess around with any of
the entitlement programs. So the bottom line gets down to is,
you know what, once you have your baseline income right,
(24:17):
then you're in a position that you can basically look
at alternative investments in order to satisfy the growth and
the purchasing power that you're going to need in your
retirement years. Here's the bottom line. The longer you wait,
the better off it's going to be. Okay, So if
you wait from age sixty five to age seventy, there's
going to be a lot more in Social Security than
there would be if you took it at sixty two,
(24:39):
sixty four, sixty five. And you need to understand, you
know a lot of the boomers do not have define
benefit pension plans. So maybe you do a bridge, you
bridge some of your qualified money, you spend it a
little bit more aggressively in the early stages of your retirement,
and then you wait, you delay your Social Security in
(25:01):
order to get yourself in a better position. So we're
gonna have to take a break here in like thirty seconds.
But don't forget our unbelievable spectacular presentation with the Piroll
Law Firm May twentieth at the Crown Plaza Hotel. How
do they sign up?
Speaker 3 (25:17):
Chris www dot wgy Seminar dot com.
Speaker 2 (25:24):
Okay, we'll be back after the news. This is Dave
Kopek and my son Christopher William. If you have any
questions at all, please give us a call here at
the studio today. We love questions, and I promise you
I won't sing. Yeah, you can call here at the
studio one eight hundred talk to BGY. That's one eight
hundred eight two five fifty nine forty nine. Any question
(25:48):
all Hopefully we can help you or at least direct
you in the right spot. Right. We're going to be
right back after the local in the national news. I'm
Dave Kopek with Christopher William Got all right, we are back.
(26:26):
This is Retirement Ready, which is a topic specific show.
We are the Retirement Planning Group. We have five locations
now in New York State. Syracuse is our new one.
My son and I will be out there Monday, Christopher
and I for appointments. And we have an office in Albany, downtown,
(26:47):
Malta once falls and of course Oneana. If you want
to come in and have a chat with us, pretty simple,
just dollar telephone number five eight five zero one eight
five eight to zero one nine one nine. Check us
out on the web RPG retired dot com. Uh. We
work with a lot of hard working savers individuals, everything
(27:12):
from plumbers, electricians, people that worked in factories, farmers, whatever,
state workers, state workers, ge bimbo, bakeries, scientists, astronauts, artists, artists.
Yeah you got that one of the did you get
(27:32):
one of the pictures from the Earth? Hung it up? Yeah.
The guy a little bit gentleman and wonderful gentleman that
came in artists, gave us some.
Speaker 3 (27:42):
Prints, turning his home into a museum. He's got like
a castle out.
Speaker 2 (27:47):
And pretty amazing guy. Wonderful man, wonderful man. So we're
talking about the risk. We're talking about the risks that
the future generations of retiring Americans are facing. You know,
Bob Cold in the truck driver and said, I scare
(28:08):
them to be honest with you. That's what I'm trying
to do. You know, when people sit down with us
at the office, I always say to them, when you
pull in with your boat, I'm going to try to
find as many holes in it as I can, because
if you don't know where the holes in the boat are,
chances are if you go out into the the lake
of retirement, you could get into deep weeds and you're
(28:31):
gonna sink and go to the bottom, right, and we
don't want that to happen. So, you know, I like
data information. I think it directs us in the right
areas that we have to focus in on. And the
thing that we're consistently hearing over and over and over
again by boomers that had been out for the last five,
six seven years. Start early, get going, find a team
(28:56):
five to seven years before you retire. Understand all the
financial terms and options that are available to you. And
the big thing is understand when to take sol security.
It's critical. Just because it's available to you, it doesn't
necessarily mean that it's the right thing for you to do.
So why do we say this, okay, because you're going
(29:19):
to have to create income, and if you have to
create income, I'm going to go through with my sum
here the basics, the basics of how you create income
for your retirement years. So we have longer life expectancies.
The average retirement now is expected to be at least
thirty years. You've got typically options that are available to
(29:44):
you that you need to understand. Right. You have annuities,
diversified portfolios, a total return approach, and then you have equities.
You can build out an equity portfolio with strong dividends
and alternative investments. We'll kind of go through this a
little bit. The key I'm focusing on retirement is discern
(30:06):
basically dessert or determining how your investments can generate sufficient
income what we call baseline income. So walk me through,
Chris E Money. We get the data, the information, and
mister and missus Apple come in. Tell me what E
Money is going to show them as far as their
(30:27):
income possibilities.
Speaker 3 (30:29):
Yeah, to start, I mean first, I think what's important
to preface here is that people need to eval evaluate
their retirement income needs in the gaps they have before that.
Speaker 2 (30:44):
I know it's rubbing off, yeah good.
Speaker 4 (30:47):
Uh.
Speaker 3 (30:48):
The so that just means to like review their what
what they're spending right now. So if they just do
a basic budget, you know, it doesn't need to be
down to the penny as far as what you're spending
a month on things, but just a basic overview on
what's going out the door as far as your annual
spend level. So when we do do the projections through
(31:09):
e money that we have some type of base that
we're looking to at least match or outperform and get
as close as possible to what you're currently spending in retirement,
So reviewing that and identifying, you know, what your your
current spend level is, and then from there we take
things like social security pensions, any investments that you currently
(31:34):
have and then input all that into the software system
and then based on just an inflation and then we
always do like a modest growth rate, whether it's you know,
six or seven percent year over year return that return
yep on the accounts, we'll we'll try and give a
comfort spend level in retirement based on all these figures
(31:55):
and then just show the clients, hey, this is what
you know the software system is spitting out. This is
what it's saying. As far as like a comfort spend
level throughout retirement.
Speaker 2 (32:04):
Where that's the key right there, What is a comfort
spend that level? Did you catch that? Folks? It's gonna
tell you, you know, I want a hundred thousand dollar Well
you can't. It tells you right here, you can't. You
can't spend one hundred thousand dollars. You're gonna have to
spend sixty five thousand dollars. If not, you're gonna have
to either delay, add more money to the pot, or
(32:26):
pick up a part time job in your retirement years.
Speaker 3 (32:29):
Yeah, there's other facts. Yeah, there's other factors too. That's
just like a base projection.
Speaker 2 (32:34):
You know.
Speaker 3 (32:34):
There's some people that come in and they say, well,
what if I want to travel and do all these
things early in my early years of retirement, and then
when I'm eighty years old, probably not going to be
traveling too much, probably just gonna take it easy and
spend time with you know, my family and grandkids or
whatever they have going on. So we can also plan
for that by drawing down or taking larger distributions in
(32:58):
you know, the first five years retirement, and then after
that their spend level would drop down to something more
modest because they don't need that much money in retirement
because they're not They did all the things that they
kind of wanted to do as far as traveling, seeing
the world, doing whatever excursions or trips they wanted to do.
Speaker 2 (33:18):
So bottom line is is that it's critical not only
to have all the data input it that you've created
in your lifetime and ultimately what's going to be available
to you when you walk out the doors, but how
what's the percentage of people right now that you would
(33:40):
say that are coming in that have either received or
going to receive substantial inheritance. Is this substantial inheritance not
a lot? Because they say over the next twenty to
thirty years, you're going to be estimated to be eighty
five trillion dollars of wealth transfer.
Speaker 3 (34:00):
Yeah, eighty five. It's definitely a factor. But like a
lot of I think a lot of like your generation
is very close lipped with money. And that's just from
the meetings that I've sat in and seen. You know
a lot of people are coming in in their fifties
sixties and they sit there and they say, well, I
(34:22):
know my parents have money, but I got no idea
how much, and I have no idea where it is.
They don't talk about it. They don't speak about it,
which is something that I don't necessarily understand. I think
it's something that you know, should be talked about and
at least communicated with, you know, their kids, so that
at least they know what's going on and if they
(34:43):
should be buttoning stuff up or consolidating it, making it
simpler when you know eventually that day comes where they
do pass away, so that they're not running around scrambling
and trying to figure out where everything is and what
they owned and what's going on. I mean, it's an
uncomfortable conversation. I underst stand that, but I think it
makes a lot of sense to kind of have that
conversation if they haven't, because I'd say over fifty percent
(35:07):
of people have no idea what their parents have, yeah,
or what is what they're in line to receive and
their parents are you know, eighty eighty five niney they're older,
so well.
Speaker 2 (35:19):
The common answer that I hear over and over again,
I don't know how much it is, but I think
it's going to be quite a bit or this is
what I anticipated it's going to be. And you know,
we are big believers that you have open discussions with
your children. We're also big believers, depending on how much
money you've accumulated in your lifetime, that you start gifting
(35:39):
some of that money simply because it's going to be
advantageous for you as you age and especially if you
have health issue. But bottom line gets down to is
that we live in a society today where you know,
if you had told me twenty thirty, forty years ago
that there would be this type of wealth out for individuals,
(36:01):
I would probably say, you know, you're crazy, There's just
no way. But there is, you know, between some of
these stock option plans ESOPs. So you do use Stewarts
locally here. You know a lot of these people that
work at Stewarts that have been there for years because
of the Dake family and what they created. You know,
some of these people are multi millionaires.
Speaker 3 (36:21):
Yeah, they have a phenomenal ESOP plan.
Speaker 2 (36:24):
Yeah.
Speaker 3 (36:25):
Yeah, Now it tends to grow at like fifteen percent
year over here. It's something crazy, it is, and it
has been like that.
Speaker 2 (36:31):
But the you know, the question becomes, you know, does
that make financial common sense to leave that type of percentage?
You know, the modern portfolio theory and financial planning basically
says that you shouldn't have any more than ten percent
of your wealth allocated to anyone particular investment or stock
(36:56):
or whatever it may be. So I know that Stuart's
has done nomenal and it looks like from I can
see everything that they're doing lately, it looks like things
are still going pretty rosy with the construction that they're doing.
But financial guidance in making decisions sometimes are not necessarily
for what's right for you today today. It's what's right
(37:19):
for you over the next twelve, fifteen years, or twenty years,
especially if you're concerned about legacy and transfer of wealth.
TSPs are a perfect example, right. You know, there's a
lot of people that are in the government TSPs that
are allocating into their investments and they need to try
to figure out because some of the tax benefits that
(37:41):
are associated with tesps. You know, it doesn't make sense
for me to leave it where it is, or should
I get tactical with it. So these are all individual
questions that are specific to you. I mean, that's why
we say all over and over again when we do
a plan, it's not specific or it is Specif it's specific,
to you and your family and what you're trying to accomplish.
(38:04):
So when we come back, I'm going to take a break.
We're going to talk about, you know, how do you
build these income generation portfolios? How do you build the income?
Do you use annuities? Do you have a diversified bond portfolio?
Do you do a total return investment approach? Do you
(38:26):
do income producing equities? Do you do a combination of all?
So you got to find what the secret sauces for you.
You know, I use the old roller coaster. You know
how big of a roller coaster are you willing to
sit on? I know, I like the one the Kitty,
the kitty roller coaster that's mine, the big one up there,
the one up at the Great Escape, the monster or
(38:49):
the you know, Kamakazi, whatever the hell they call it.
I'm not good on that one that sets my hair
on fire. They screamed like a little girl when I
get let's get you go all right, We're going to
take a break a week back. We're going to continue.
If you have any questions, we love questions and uh
one eight hundred talk wgy. That's one eight hundred eighty two,
(39:12):
five fifty ninety nine. There's got to be a lot
of questions out there, you know. Don't forget. Our presentation
is going to be May twentieth, and we'll give you
the details when we come back. Your partner for success
David Kopek, heir WG WISE Retirement Planning Specialists the Retirement
Planning Group. We understand that retirees face many important decisions
(39:34):
that can affect their long 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,
and rising healthcare costs. Most of our clients like the time,
the desire, or the experience to manage their own investment portfolios.
(39:55):
We consider it to be an honor and a privilege
to help our clients make sound investment decisions that will
contribute to a secure financial future for them. Because over
ninety percent of our clients or retirees with similar concerns,
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 one nine
(40:18):
five one eight five eight zero one nine one nine
or RPG Retire on the web You have spent a
lifetime saving for retirement. Now it's time to make that
money work for you. Here's the secret most people miss.
You have to create your own retirement income plant. Social
Security is not enough, tensions are rare. You need a
strategy that turns savings into monthly income that will last
(40:38):
a lifetime. At the Retirement Planning Group, we build customized
income distribution plans so you can retire with confidence, retire smart,
live well. Call eight eight eight five eight zero nine
one nine for your complementary consultation.
Speaker 3 (41:04):
All right, so, yeah, we were just touching on the seminar,
(41:26):
So that is w w W dot w g Y
seminar dot com. Confirm you're not a robot. Fill out
the short couple of questions they got for you. If
you're not of the you can't eat the gluten, let
them know and then yeah, you'll be registered. Click the
(41:49):
register button and you'll be accounted for and confirm that.
We will be there ourselves. Retirement Planning Group with the
Pure Last year it was sold out. This year it's
going to be sold out again, So don't delay. If
you want to go, now's the time to get to
go on www dot wgy Seminar dot com. Get on
(42:14):
there and register, and I think you'll find it well worth.
I spoke to a gentleman that we had a great
conversation with a couple of weeks ago. I called him
coming down here.
Speaker 2 (42:28):
And I wanted to get back to him because I've
been searching out some legal stuff that he wanted me.
And I said, I want to confirm that you're coming
to the dinner presentation because I think you're going to
get a lot of information that we discussed in general term. Specifically,
(42:49):
you're gonna get a lot of legal information. Said hell, yeah,
I'm coming. My wife and I are coming. He says,
I'm bringing three other couples with us that are interested
in Well, that was nice, that was nice to hear. Ye,
wonderful man, wonderful man, real gentlemen. So you know, folks,
we live in a world today that for most of us,
(43:13):
the retirement that we thought we were going to have
is going to be entirely different. Some much much much greater,
greener pastures, much more money than we ever thought that
we would have in our lifetime. On the opposite side
of the coin, there's a lot of people out there
that will retire that are not not financially secure, and
(43:34):
they really don't have time to play games, and they
basically have to have a plan that's in place that
if they go backwards, they have some type of protection
what we call hedge protection in the portfolio. And you
need to understand that those products do exist here in
the United States in the financial services industry, and what
(43:56):
they are called are annuities. And we believe that the
Retirement Planning Group right that annuities are a great source
of protected lifetime income. You got that right. All this crap,
all this nonsense that you hear from these people, the pinocchios,
about the only reason why the financial advisor is recommending
(44:18):
it is because they're getting a big fat commission. They're
not liquid. You can't get out of them. It's all
a tattletale, a pinocchio their nose. They can't get the
nose off the floor when they tell these tales. So
we will create and show you evidence evidence of these products.
We will create and show you research and analysis on
(44:42):
how these practical ideas, when you take them into action,
that you can basically put yourself into a happy, in
content retirement, not one that's filled with anxiety and stress.
Speaker 3 (44:56):
Yeah, these products wouldn't be out there if they didn't
make sense for specific individuals. It's not like a blanket approach,
you know, it doesn't fit everybody. If you have a
substantial pension in your you have a solid social security
coming in the door. As far as like guaranteed income
that you're going to receive in retirement, probably not. You know,
an income annuity is probably not something that you want
(45:19):
to supplement your retirement with unless you want more guaranteed income.
So it could be something that you want, but it
doesn't necessarily make sense for those type of folks. This
is more for people who have a large four oh
one K plan, have social security, but they don't want
to ride the wave of the market and see their
account fluctuate up and down, and they want to use
(45:40):
an investment vehicle where they can generate themselves a pension
of guaranteed income for the rest of their life through.
Speaker 2 (45:49):
A product.
Speaker 3 (45:50):
Basically, so, and it's not all you know, they are
commissionable products, but now they do have fee based so
it's not all just about a like he said, a
fat commission check. We're not pushing these for the commission sale.
Speaker 2 (46:03):
It.
Speaker 3 (46:03):
They have fee based platforms where it would be managed
just like a rollover IRA account that we manage. You know,
there would be a fee associated an annual fee associated
with you know, the management of the assets. So either way,
they're out there for a reason. You know, they work
for people for a reason.
Speaker 2 (46:23):
It wouldn't steady stream of income. Yeah, steady stream of
income that you cannot outlive. Why does that make sense?
Peace of mind? Should it be all your money? Absolutely?
And there is such a wide variety, you know, this
(46:45):
workshop that we're doing with the Puro Law firm. Once
we get over the hump with this and we can
do it administratively and we can do dotterize and cross
our tees, we're going to start doing some workshops that
are just individually set up for income production, producing income
in your retirement years. Mister McCarthy is taking the ball
(47:08):
and he's running with this. Chris has been in the
business for forty years and that's really been his specialty,
his retirement income distribution. So be aware that we will
have more topic specific presentations. We're working out the details
with that right now and I think he's going to
finish that up probably next week. Chris. Yeah.
Speaker 3 (47:29):
Yeah, he's been working on that pretty diligently over the
last couple of weeks, so he's getting that buttoned up.
So that'll be another good seminar to have.
Speaker 2 (47:38):
So if you're going into retirement now and your age
sixty five, there's a chance right now and like one
of five one in five that you're going to live
to age one hundred. I think two out of five
you're going to live to the age of ninety. So
you're going to have somewhere between twenty five to thirty
(48:00):
years of retirement distribution. And then if it's a lot
of money that's inside qualified plans, the dilemma the Achilles
heeled for some of you is a thing called RMD
yep Required minium distribution because as you age, depending on
how you allocate these moneies, you're going to be subject
(48:20):
to liquidate those portfolios, not because you want to liquidatum,
but because the government is forcing you to lickum datum
because of your age and they want their taxes. Yeah,
so the RMD aged.
Speaker 3 (48:32):
That's why we reiterate to people that your IRA account
is probably your least friendly asset in retirement and to
pass on for legacy purposes because it's fully taxable to
the next generation. They have a ten year spend down
and it's just not you know, the most preference asset
(48:55):
for someone to inherit. And then as far as you
know how to supplement your income with an IRA account
instead of utilizing something like an annuity product if you
wanted to increase your income and you're saying the annuity
product isn't something for me, there's models there. There's investment
models that we utilize within these accounts where you'll take
(49:18):
mutual funds in ETFs, whether that's in the bond market
or equity positions that are kicking off, you know, strong
dividends and creating an income stream to where that monthly
check is coming in and you just set up a
direct deposit and it hits the account every month just like.
Speaker 2 (49:34):
You're getting paid. And what is that called? What is
that called you got a pension? Oh? Yeah, in essence,
that's what you're doing, is that you're creating your own
personal pension benefit. So I just got to ask, what
do we get about two minutes left ball park? About
two minutes Okay, I want to do some summary here
(49:57):
summarized before we have to say goodbye, because this has
been a very quick hour. So if you are like Bob,
Rob from Hudson Falls that called in. If you're like
Rob and you're concerned and you're anxious and you have
no plan in place yet, that's not good because we're
(50:17):
all quite well aware. You know, time goes by quickly,
and when you blink your eyes, instead of being fifty
seven fifty eight, you're going to be sixty two sixty five.
So the sooner you get after this, the better off
you're going to be. You know, I always do the
analogy and I think it makes a lot of sense
for people. If you've ever built a house, which I
(50:38):
did once and I would never do it again. You
ever built a house, you know you have to have
what a blueprint, And there used to be a company
on TV they used to I think that was the
name of it, the blueprint, and it basically it's a
retirement planning copy of a plan that you put into place.
(50:59):
And it's no different when you get a blueprint. You
build a house, you start with digging a foundation, you
put in your footings, you do your walls, you cap it.
You know, I don't have to go through it all
it's no different with what you're doing with your financial guidance. Right.
You need to understand what, like my son said, what
is a rate that you can basically meet? Would you say,
(51:21):
how'd you call it your baseline income? Your baseline income? Okay,
what's what's the dollar amount? Is that something that you
can live on? Is that a dollar amount? Or do
we have to do some tweaking here or try to
figure out what adjustments do we have to make over
the next five to seven to ten years. Also, also,
if any of this that we've been discussing is of
(51:43):
interest to you, we offer a complimentary consultation that are
any of our offices. All five will be out in
Syracuse on Monday, but if you want to call our office,
it's five one eight five eight zero one nine one nine.
We'll sit down with you. We'll see what we can do.
If you want to go to the seminar presentation, it's
www dot wgyseminar dot com. God blessed, we'll see you next.
Speaker 1 (52:11):
Thank you for listening to Retirement Ready, hosted by Dave Kopec.
If you would like to talk with Dave or someone
at the retirement planning group, called five one eight five
EID zero one nine one nine. That's five one eight
five eight zero one nine one nine during business hours
or visit RPG retire dot com. The Retirement Planning Group
has five convenient offices located in Albany, Malta, Glens Falls, Pontiata,
(52:36):
and Syracuse. Tune in again next week at noon for
Retirement Planning Strategies with David Kopec, or Saturdays at seven
am for the Retirement Planning Show.
Speaker 3 (52:46):
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.
Speaker 2 (52:56):
If you have any doubts as to the merits of
an investment, you should seek advice from dependent financial advisor.
Popular Podcasts
Bookmarked by Reese's Book Club
Welcome to Bookmarked by Reese’s Book Club — the podcast where great stories, bold women, and irresistible conversations collide! Hosted by award-winning journalist Danielle Robay, each week new episodes balance thoughtful literary insight with the fervor of buzzy book trends, pop culture and more. Bookmarked brings together celebrities, tastemakers, influencers and authors from Reese's Book Club and beyond to share stories that transcend the page. Pull up a chair. You’re not just listening — you’re part of the conversation.
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com