Episode Transcript
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Speaker 1 (00:05):
Live from the wgy 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 (00:52):
All right, we are live on a Saturday in upstate
New York, and I think temperatures in the nineties, so
hopefully you're cool and comfortable. Everybody in the studio is
big smiles on their face. It's bikini time. I know
(01:15):
in a couple hours I'm going to be on my
boat in Lake George. I can tell you that much
floating on the boat, so I can't wait to get there.
But bottom line is that there's business to do and
things to talk about. So hopefully you had a great week.
I'm back in the saddle, you know, as you're quite
well aware, I was in Europe for almost a couple
of weeks and i'm back and as they say, time
(01:40):
put the rubber to the road. So today we're going
to talk about some topics that I think are critical
for retirees. As you're quite well aware. Over eleven thousand
people a day are turning in eight sixty five right now,
which is hard to believe. It's the greatest influx of
individuals going to retirement hitting the age of sixty five
(02:01):
in history. And with that there comes a lot of
responsibility on your part, the individual, what you have to
do in order to basically create a retirement that is
filled with happiness, content and no anxiety, one that is
filled with stress and wondering do I have enough money
in order to live the rest of my life. So
(02:23):
today we're going to talk a little bit about some
of the things that we're hearing consistently at the Retirement
Planning Group. If you're not familiar who we are, I'm
Dave Kolpak, I'm the president of the Retirement Planning Group.
I'm wg wy's Retirement planning Specialists. Been doing this a
long time, forty three years and we have offices in
(02:44):
five locations in New York, Syracuse, Albany, Clifton Park Slash, Malta, Saratoga.
We're right there on Root nine up in Malta, so
we're easy to get to from all three of those locations.
Glenn's Falls and of course, oneana, something that I'm discussing,
of course is of interest to you, you want to
come in. We offer a complimentary consultation at any of
(03:07):
those offices. If you can't come to the office, if
you're handicap, or if you have the inability to travel,
will come to you either plane, train, boat, whatever, We'll
get to you. And I travel a lot. That's one
of the things that I do. We're in twenty eight states,
so we have a lot of clients throughout the United States.
(03:29):
And as I said, if anything that I'm discussing is
of interest to you, because we have a lot of
listeners outside the five point eight area code. We are
on iHeartRadio. iHeartRadio travels throughout over eight hundred stations throughout
the country, and with that we have a lot of
listeners that are outside the capital district region. So again
(03:52):
we're going to discuss topics that I believe are of
top of mind. And as you're quite well aware, a
lot of us, as I say, consistently have to create
pension benefits. But if that is the case, there is
basically a mantra that we have at the retirement Planning Group.
We want to build income plans at the retirement planning
(04:14):
group that have three criteria. The first is that we
want to have a certain amount of the money that's
going to be guaranteed income what they call the baseline
income sleep at night. We want growth with a safety net,
and we want flexibility. When I mean flexibility, we don't
want in anything that we can't get out of. So
(04:35):
I know that there's a lot of people out there
right now that have high anxiety, that are stressed out
with some of these alternative investments that they got involved
in that they're trying to get liquidity. They can't get liquidity.
They get some of their money, they can't get all
of their money. But that's the old saying, you know
know what you own. So at the retirement planning group,
you know, I've been doing this a long time. Or
(04:57):
remember the old days of the limited partnerships and private
equity and you know, tax deals and oil and gas deals.
Most of them that I participated in were junk. Throw
them out the window. So we want to be involved
in things that are going to live up to what
I think is the expectations of our client and is
(05:19):
trying to hit good singles in a double every once
in a while and be able to basically get to
my money when I want to get to it without
having somebody else basically controlling it. So let's talk a
little bit about some of the topics that we're going
to talk about today. We're going to talk about building
income plans. We're going to talk about why it's important
to have guaranteed income. We're going to talk about growth
(05:42):
with the safety net. We're also going to talk about
the flexibility. But before I get into it, I want
to get into one of the workshops that we're going
to have here in the Capitol District region. It's a
free educational workshop. It's basically a workshop that I decided
to do about six seven months ago. Chris McCarthy joined
(06:03):
the Retirement Planning Group well over a year ago. He's
a retirement income planning specialist. He has a degree from
Buffalo and Finance and Economics and Finance and Economics, and
when Chris joined us, he spent forty years working with
a major insurance company building out retirement income plans and
he brought a lot of expertise to the Retirement Planning Group.
(06:26):
So this workshop that we're having June twenty fifth is
going to be held at the Century House, nine to
ninety seven New Louden Road. They are absolutely fantastic people.
Colin that's there that runs the facility is one of
the best guys on earth. But bottom line gets down
to is going to be held on Wednesday, June twenty
(06:49):
fifth at the Century House. Registrations at five point thirty.
Presentation starts at six. What's going to be on annuities,
that dirty little word that you consist only hear. Why
no one should ever buy an annuity. They're the worst
thing that you could ever possibly get into. And my
answer to that is that they don't know what the
hell they're talking about. So we're going to talk about
(07:10):
the pros and cons How do they fit into your
retirement plan, how do they secure retirement confidence. It's an
educational workshop. It talks about how annuities in the flexible
suite of living benefits can help you protect income and
clarify your retirement income strategy. They are dynamic. They've changed
(07:35):
dramatically as the financial services industry has changed over the
last five to ten years. In order to facilitate eleven
thousand plus people that are retiring every day, turning eight
sixty five here in the United States, so join us.
To secure your retirement, all you have to do is
to pick up the telephone and dial five pine eight
(07:58):
five eight zero one nine five eight five eight zero
one nine one nine. We're gonna have tapas, We're gonna
have a little snacks and some treats. It's not going
to be a full dinner because it's a short presentation.
Then we'll open it up for question and answer, and again,
if you want to attend, it's pretty easy. Just style
five one eight, five eight zero one nine one nine.
(08:21):
Someone from my office will pick up and say, listen,
I talked to Dave or I listened to Dave on
the radio. I want to attend the presentation on the
pros in cons of annudies, what's fact? What's fiction? And
I want to secure my retirement with confidence. How can
I attend? It's pretty easy five one eight, five eight
zero one nine one nine. And again not to bang
(08:44):
the drum too hard. This is I think one of
the most important presentations you can go to, bar none.
And when I say it's one of the most important
presentations you can go to, you're gonna hear facts. You're
not gonna hear smoking mirrors, and you're not gonna hear
what I call the pinocchios people that are telling the
information is just absolutely one hundred percent not true. And
(09:07):
why these types of investments which make up a very
very small percentage of our business, Folks, I'm not doing
this because it's a large percentage of our business. Ninety
seven percent of our business is not annuities. Three percent
is three percent. But with what I've seen over the
last six to twelve months, annuities will make up a
(09:29):
larger portion of our business simply because of the dynamics
of what they can create as far as what I
call pillow planning, peace of mind, and the ability to
have guaranteed income streams that will last a lifetime. So
if you want to attend five to one eight five
eight zero one nine one nine, you go to our
website rpgretire dot com. You can basically hit contact and
(09:52):
just let Jim or someone in my office know that
you want to come, and they'll reach out to you.
But it's going to be on Wednesday at the Century House,
which is a phenomenal easy location to get to right there,
just north of the Circle in Latham, five eight, five
e to zero one nine one nine. I'll be back.
This is for my first break. You can go get
(10:13):
a glass of ice, cold water, maybe a cold refreshment
like one of those Miller lights or an Ultra or
one of those what are those clause called. There's something clause.
All the kids drink those today, So I'll be right back.
Eighty six percent of the population has no defined benefit
(10:33):
pension plan. For most of us, we have to take
our life savings and create a paycheck for the rest
of our lives in retirement. What is your plan for
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
(10:56):
mortality can derail the most careful laid out retirement 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 one nine.
(11:18):
That's five one eight five eight zero one nine one
nine or RPG retire on the web. Don't procrastinate, motivate
to start building your retirement income distribution plan five one
eight five eight zero one nine one nine. Your partner
for success David Kopak heir your retirement planning specialists at
WGY Retirement Planning Group. We understand that retirees face many
(11:38):
important decisions that can affect their long term financial success.
Some of these decisions revolve around making investments that can
help create a hedge against outliving their income, the impact
of deflation, taxation, and rising healthcare cost. Because over ninety
percent of our clients are retirees with similar concerns, we
are in the best position to approach such challenges with
(12:00):
variance and skill. Most of our clients lack the time,
the desire, or the experience the manage to their own
investment portfolios. We consider it an honor and a privilege
to help our clients make sound investment decisions that will
contribute to a secure future. We've welcome the opportunity become
your partner and establishing your retirement plan. Give us a
call today for your complementary consultation at five point eight
(12:23):
five eight zero one nine one nine. That's five 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 plan. Social security is not enough,
pensions are rare. You need a strategy that turns savings
into monthly income that will last a lifetime. At the
(12:45):
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. Never your friends.
Speaker 3 (13:09):
Kiss and there's no tending ness. Not before in your
thing deal.
Speaker 4 (13:24):
You're trying not to show.
Speaker 2 (13:27):
All right, we are back. We'll hauling out, sir. Hopefully
you're enjoying the weather outside. It's been pretty gloomy, wet
over the last twenty months. It seems like it hasn't stopped.
(13:49):
I don't know how many months it was or how
many weeks it was. I think it was over thirty
weeks that we had rain every weekend, or some form
of participation. So hopefully it's gonna stay like this and
I don't care how how it gets. It's better than
the alternative. Right, you can always jump in the water,
turn the air conditioner on. You know, we live in
(14:13):
a society today. We're impressions make a lot of decisions
for us. And also, you know you want to be
part of the water cooler team. You know you got
all the right ideas. You know the guy in the
office of the gall in the office that every time
you talk to him, every time you hear from him,
they've got the winner right. Well, the reality is is
(14:38):
that when you build out a retirement income distribution plan,
you got to make sure that you do it right
on the front end because if you don't, you can
read really in a difficult spot. And I know this
because I've been doing this now for forty three years.
And you need to understand, is that the most critical component,
(15:00):
in my opinion, this point of entry, when you actually
walk into retirement and the paycheck stops and you have
to create one that means that XYZ Corporation is no
longer sending you a check direct deposit. The four oh
one K, the four oh Three B, the IRA any
(15:22):
monies that you've accumulated in your lifetime are now going
to be the nucleus of what is going to be
your distribution plan. So hopefully by giving you a lot
of information on a weekly basis through this radio show,
through our presentations, etc. You understand that it's not an
(15:46):
easy task to build income that will last a lifetime.
Now I say this all the time, and I you know,
people chuckle about it. They think it's, you know, a
giggle that I'm doing not out of money, and retirement
is not fun. I've seen it. I've seen individuals that
(16:07):
have inappropriately allocated money that thought that they were still
in the go go years and that the slowgo and
the Nogo years, and they had their money allocated and
they got in the bubbles, the bubble bopped, and then
they're really in a hard spot. That's why Nobel Prize
winning economist WILLIAMS. Sharp from the Sharp Ratio says, the
(16:32):
nastiest and hardest problem in retirement is what retirement income distribution?
How to create an income that will last a lifetime.
There are three key variables they have to start thinking
about that impact your retirement income. Three, you could talk
(16:54):
about twenty. But there's three key The first is spending habits.
Can you control your spending? How much have you accumulated
and how much can you spend without the risk of
the money going away before you go away. Now, some
(17:14):
people are pretty good at this discipline, some people aren't.
Sometimes we have to have hard conversations with people, and
it's usually me in the office one of the other guys,
because I'm not afraid to have the conversation. So as
you go through your accumulation years and you're putting money away,
(17:37):
you're taking a certain percentage of your income, and you're
allocating into your investment allocation, your four oh one K,
four H three B, whatever it may be, then it stops.
It's like a train that just stops. Now I get
to start thinking about what withdrawals. Here's the question. You
(17:58):
got to ask yourself, how much can I take off
my portfolio on a consistent basis for the next ten,
twenty thirty plus years that I can satisfy my income
needs and not erode my corpus and principle and still
(18:23):
have enough left over in order to basically have peace
of mind. You know, modern portfolio theory tells us four
percent do not exceed four percent? Well, I don't think
that's realistic, okay, and we've never really gone by the
four percent at the retirement planning group. What we do
(18:46):
go through is we try to build out portfolios based
off the assets that you've accumulated, staggering possibly distributions from
qualified plans to higher social security benefits, and if it's necessary,
building out portfolios that give us success with a guarantee
(19:11):
rather than trying to figure out a question mark, is
this going to accomplish what I'm looking for? Spending? Of
course you can control some people can't. But the other
thing that you can't return as far as your net
is investment returns. No one's got a crystal ball in
(19:35):
the future. No one has a understanding of the relationship
between inflation the proper asset allocation. Should I be in bonds,
should I be in stock? Sit in cash? So the
question I ask you today is this, if that is
the ultimate bottom line, The bottom line is that no
(19:58):
one has a crystal ball for the sh future. Does
it make sense to have some kind of hedge protection
on your portfolio that will guarantee income that will last
a lifetime, which is the last bullet point longevity. You know,
(20:20):
there's all sorts of data and information that's out there
right now that if we live to two thousand and thirty,
with the changes that are going on with technology and AI,
that we're going to have lifespans that will exceed the
age of one hundred, one hundred individuals that are retiring
to fifty five, sixty sixty five. You could possibly have
(20:44):
to manage retirement assets longer, longer than the total number
of years that you were employed. It is very possible
for many of our clients. So the retirement Plantic group
friends will live a healthy one hundred plus years. In
younger generations such as millennials and gen Z may live
(21:05):
till one hundred and ten or longer. Now this is
not me talking, this is science, this is AI, this
is all the powers to be. So we suggest use
an eventual age, let's say of one hundred to basically
do a hypothetical, and then you're going to have to
do a hypothetical as far as what it's going to
be necessary for you to have quality of life. Most
(21:31):
individuals out there have absolutely no idea how to structure
income portfolios. And that's not a negative. It's just I
do this fifty sixty hours a week still after doing
it for forty three years. Most of you need help, right,
You need help in order to design a retirement income
(21:54):
distribution plan. So people say, well, what's your deal financial advisor?
Who's the person that you would pick in order to
manage your assets? And I say, you got to compare
it no different than you would compare a family doctor. Right,
your financial health is as important as your health. You
(22:18):
got to try to figure out what is the diagnosis
that I need on the front end in order to
facilitate what's going to be my best treatment for the
long term. Sounds kind of corny, but I'll tell you what,
It's one hundred percent true. So when I say that
(22:39):
at the very beginning of today's show, yes, running out
of money and retirement is not a good thing. But
it doesn't have to be that way. There's a fole,
it solid, excuse me, financial plan available to you that
has realistic values, investment returns that allow you to participate
(23:03):
in the stock market, that addresses longevity, and it operates
underneath an umbrella called an annuity. That's what's changing in
our industry. That's why major investment banking firms such as
Blackrock and a lot of other ones are now getting
(23:25):
in that arena because they understand the risk that's associated
with managing assets for possibly two to three to four
decades after the day you say goodbye to your employer.
So we're going to talk about this in greater detail. Again,
I'm Dave Kopek. This is Retirement Ready. It's a topic
(23:45):
specific show. We talk about certain specific or ideas and concepts.
The idea today is to talk about retirement income distribution.
Anything that I'm discussing with you, you can give me
a call at five win eight five eight zero, one
nine one nine. We offer a complimentary consultation at any
(24:07):
of our five offices here in New York. As I said,
we'll come to you plane, train, boat, scooter, whatever whatever
it takes, we'll do it. So bottom line gets down
to is that we're here to educate you and inform
you about all the options that are available to you.
And again today, if you want to get a hold
(24:28):
of me, I'm live in the studio. It's one eight
hundred talk WGY. That's one eight hundred eight two five
fifty nine forty nine. And again if we can be
of assistance. It would be a great honor to help you.
And again we'll be back after this quick break. We're
going to do the news. On the other side, we'll
talk a little bit more about this. We'll see on
the after the news Fox News.
Speaker 5 (24:50):
I'm Paul Stevens. Six B two bombers apparently on the
move as President Trump considers more US involvement in the
battle between the US and Iran.
Speaker 4 (24:59):
These are the planes that carry those bunker buster bombs
and it appears that the next refueling station will happen
in Hawaii, And based on the fact that there will
be refueling so early in the trip, it appears they
didn't leave with a full fuel tank, which could be
an indication that those bombs are being carried on those planes.
Speaker 5 (25:17):
Fox's Nate Foy with the President in New Jersey. Pro
Palestinian activist and former Columbia University student Machmood Khalil released
Friday by a judge.
Speaker 6 (25:26):
Despite his uncertain future, he is doubling down on his
views about the war in Gaza and said America has
quote racist policies against immigrants.
Speaker 5 (25:37):
That's Fox's Cbe Cotton, America's listening to Fox News.
Speaker 2 (25:53):
Eighty six percent of the population has no defined benefit
pension plan. For most of us, we have to take
our life savings and create a paycheck for the rest
of our lives in retirement. What is your plan for
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
(26:15):
problem in finance. He points out that investment, uncertainty, and
mortality can derail the most careful laid out retirement income plan.
Call our offices today to start the process of building
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
(26:37):
distribution plan. How do you do that? To take action?
Five one eight five eight zero one nine one nine.
That's five one eight, five eight zero one nine one
nine or RPG retire on the web. Don't procrastinate, motivate
to start building your retirement income distribution plan. Five one eight,
five eight zero one nine one nine. Understand All right, afternoon,
(27:40):
hopefull everybody's having a great weekend, family and friends, getting
all your work done, so Sunday you can just kind
of take a chill pill do some fun things. I
know we're having a little picnic up at the lake.
Look forward to that, seeing some family and friends that
we haven't seen in a long time because it's been
(28:01):
rainy and cold and miserable. So we're gonna start the
summer a little bit late, but we're gonna power it up.
It will be a great day. You know, I'm smart
enough to know that there's a lot of people out
there that understand that in retirement there's no one size
(28:23):
fits all. But I also understand too that a lot
of you, by messaging and things that you see, you kiss,
you're bombarded by the powers to be that basically say
that you know, we've got the secret sauce. And what
(28:47):
I have found over all these years that I've been
in business that a lot of people that are out
there that are blowing their horn and tell you how
great they are and all the wonderful things that they do,
that's really not the case. It's really not the case,
And that a lot of times people are always chasing
(29:09):
things that they never capture. So what I try to
do is to be realistic. A lot of people understand
is that the good news is that whatever your situation is,
at the retirement planning group, we believe we can improve
your retirement readiness. And as I said when we started
(29:31):
today's show, there's really three core things that we focus
in on. Right, we want to make sure that there's
guaranteed and I guess I overemphasize that guaranteed cash flow
to ensure core expenses are covered. Right. The second thing
(29:52):
is we want growth with the safety net, but I
call suspenders in a belt. And then we want flexibility.
So I'm going to go through a couple of these
just so you understand exactly what I mean. So when
you start thinking about creating a retirement income distribution plan,
first and foremost, you want to make sure that your
(30:12):
day to data expenses, your non negotiable costs. I need
a house, I like some food in my belly. I
know I got to have utilities, taxes, healthcare. Right, I
want to make sure that I've got enough guaranteed income
sources in order to facilitate those types of expenses. So
(30:35):
the foundation for most of us is going to be
what social security and when you decide to take it,
it can have a big impact on your retirement. Right.
Typically a lot of people can get it at sixty two.
A lot of people do, and your FRA ranges anywhere
from sixty six to sixty seven now depending on the
(30:57):
year in which you were born. And if you wait
until age seventy to claim your benefit, which is the
highest possible monthly benefit, right, you're going to be able
to maximize the benefit, not only for yourself but also
for your spouse. Typically guys men, we try to maximize
(31:22):
that benefit, especially if you don't have a pension benefit.
As we're all quite well aware, when our parents were
up and running around and working hard in the fifties,
sixty seventies and eighties and nineties and two thousands, whatever
your age may be, pensions were a common place. Not
(31:49):
so anymore. Ninety percent of us don't have a pension.
So it means that we're going to have to take
the assets that we've accumulated in our lifetime and we're
going to have to try to figure out how do
we build pension benefits or income benefits that will ast
us possibly for three to four decades. So when we
(32:16):
sit down with individuals. There has to be an open discussion.
A lot of times, the main question for a lot
of people is I have the ability to do a
lumpsum distribution or take an annuity through my company. Right,
(32:38):
company doesn't have a pension benefit, but what they do
is they basically harvest the cash and they give it
to an insurance company and they create a pension benefit
for mister and missus Apple. I'm not in that camp
because I want to make sure that I control my money.
There's a lot of different ways to create a pen
(33:00):
There's a lot of different ways that you can purchase
different types of guaranteed income streams, and I want to
select the one that is right for me and my
spouse in my family, because it doesn't make a lot
of sense to have somebody else be the individual or
corporation or trustee in order to make that selection, especially
(33:24):
if that's my money. Right, I always go back to
National Grid. National Grid has an annuity with their cash
balance account. Now, some people select to use that annuity
from National Grid. That's fine, but I'm in the camp
(33:47):
that I would be better off personally myself if I
had the opportunity to take that money rolling into an
iray and then select the one that is best for me.
For me, what I'm trying to create as far as income,
wealth transfer for my surviving spouse and the amount of
wealth transfer that I want to the next generation. But
(34:13):
what you have to do is to try to figure
out how much do you need on a monthly basis
in order for those creature comforts to be paid for?
And finally, how much flexibility do you want to have
with the assets that you've accumulated in your lifetime. Personally, myself,
(34:33):
I want a lot of flexibility. I want a lot
of flexibility in regard to the ability for me to
make choices that's independent of anyone else. I want to
build an income plan with my investments and growth potential
that is specific to myself, my wife, my children, my grandchild,
(34:56):
whatever may be. It's important that you understand that the
landscape has changed so much over the last ten to
fifteen to twenty years. This is the dynamics of what
has happened with the boomer generation. As I said, eleven
(35:17):
two hundred people turned sixty five. It's the largest population
that has ever existed going through retirement right now, and
all of you that are going through this are basically
kind of scratching your head saying I need to basically
manage these investments for maybe twenty thirty forty years, which
(35:40):
is going to require some effort on my part. Now Here,
here's the discipline that I think is important that you
need to understand right this point of entry. That's why
at age fifty nine and a half, we tell people
get money out of your four own k and start
(36:02):
building your buckets of money, especially if you have employer stock.
There has been manias and there's been disasters with company stock.
How do I get out of it? How much of
(36:23):
a concentration should I have in my company stock versus
how much should I have allocated to a diversified portfolio.
I tell the story all the time about the woman
that came in. Her husband was a GE executive over
here in Schenectady. She wasn't in my conference room more
than two minutes. It was taking tissues out of her
(36:46):
purse crying. Her husband at a large amount of money
in GE stock, said don't worry about it, darling, You're
going to be fine. I'm going to take the pension max.
That was the maximum amount of money that he could
get there was no benefit for his wife. He was
(37:08):
going to live a long life. They were going to
live in happiness, and everything was going to be great.
Well what happened. What happened was is that he passed
away early, very early into his retirement, and ge stock cratered.
She had a fraction of the net worth that he
anticipated that she was going to have, and she still
(37:30):
needed to pay the bills, put a roof over her head,
pay the taxes, food taxes, et cetera. Bottom line, get
down to what happened. There was no easy answer because
the selection that they made was wrong. She basically had
to sell the property and move in with her daughter
(37:51):
down in Philadelphia. So understand not only what's happening today,
but no one has a crystal ball in the future
of tomorrow. No one has a future that basically they
can look at a glass bowl and they can tell
you what's going to happen, just like Ge. Let's use
(38:14):
G as an example. I've heard financial advisors for years
telling everybody what a piece of junk GE was. I've
heard guys on this radio station that basically says, we
basically tell everybody to sell Ge. What has been one
of the best performing stocks over the last three years.
(38:39):
G look at the returns of GE, Verona, GE Aerospace,
GE Healthcare. So here's a tip to all of you.
Most of these guys have no idea what they're talking about.
Most of these guys have an agenda. They're smart when
things are going on their rights on there's side of
(39:00):
the fence. But what happens is that they have a
short memory. They don't bring it up after things go opposite.
So make sure that you understand is that as you
go into retirement, and we're going to talk a little
bit about where of this after we take the break right,
you need to have a portfolio that can weather good
(39:20):
times and bad. You need to have professional management help
with a team of advisors, and the bottom line gets
down to you need to have flexibility. The flexibility is
is that don't handcuff yourself to any type of investment
that will basically lock you into something that will not
(39:43):
allow you to get out of it because it's inevitable.
We all know this, especially after being around for as
long as a lot of us have been. Life will
throw your curveballs. Do you have the abilit leads to
adapt and adjust? If you don't you probably have the
(40:04):
wrong situation. I'll be right back. David Kopik, heir WG
WISE retirement planning specialists the Retirement Planning Group. We understand
that retirees face many important decisions that can affect their
long term financial success. Some of these decisions revolve around
making investments that will help create a hedge against outliving
(40:26):
their assets the impact of inflation, taxation, and rising health
care costs. Most of our clients like the time, the desire,
or the experience to manage their own investment portfolios. We
consider it to be an honor and a privilege to
help our clients make sound investment decisions they will contribute
to a secure financial future for them. Because over ninety
(40:48):
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
point eight by eight zero one nine nine five eight
five eight zero one nine one nine or RPG retire
on the web. We are living through the greatest wealth
transfer in the history of mankind. Trillions of dollars of
(41:10):
wealth will change hands from one generation to the next.
Your money to our beloved children and grandchildren. Are you ready?
Your future is written by chance, it's written by action.
Now's the time to build your plan, protect your assets,
and position yourself for the opportunity. Don't wait, take action.
The future favors those that are prepared. Call eighty eight
(41:31):
five eight zero one nine one nine. That's eight eight
eight five eight zero one nine.
Speaker 3 (42:14):
The job disatisfy last time. Really, I know.
Speaker 2 (42:24):
That sorrow is going by quick. Talking about the world
that we live in today, this new world of building
out retirement income. We have a presentation. I'm going to
bang the drum on it again. I think you're very
(42:44):
foolish if you don't attend. It's an educational workshop, especially
if you're going into retirement. If you're going into retirement
you have no idea how you're going to build on
an income plan, you should attend this workshop. It's not
an alligator wrestling contest, so we don't put your head
in the head lock. We don't try to force you
to do anything. This is a session that's going to
be informative, engaging, and we'll talk you a little bit
(43:08):
about how you can safeguard your financial future for your
retirement years and what's it on. It's the word called
annuities that everybody poo poos, but they know nothing about them.
They know nothing about them. The new annuities that are current.
That's why major investment banking firms are now getting in
the annuity industry because the changes that have been made.
(43:31):
So here's the question I got to ask you, all right,
pros and cons? Do they fit into your retirement plan?
If you don't have a pension plan pan, does it
make sense for you to buy a part of your
investment portfolio annuity? Do you want to secure your retirement
with confidence, right to know that the check is going
(43:54):
to show up, whether it's good, bad, volatile market bear,
whatever it may be. The other thing is is that
it's an educational session. Then we're gonna talk about what
we call the flexible suite of living benefits, Living benefits
to protect your income and clarify your retirement income strategy. Wednesday,
(44:18):
June twenty fifth, it's coming up this Wednesday. We've got
I think eight seats left. It's gonna be held at
the Centry House, nine ninety seven New Louden Road, Latham.
If you want to attend, Registration is at five thirty
presentations at six you have to call to reserve your
(44:39):
seat five one eight five eight zero one nine one nine.
That's five one eight five eat zero one nine one nine,
or you can look at it at the web. You
can contact us on our website rpgretire dot com and
hit contact and let them know that you'd like to attend.
(45:00):
But again, our telephone number is five one eight five
eight zero one nine one nine. And as I said,
the whole reason for this is Chris McCarthy joined us
a little over a year ago. He's a retirement income
planning specialist. He's been in the business for forty years.
(45:20):
He's worked for a major investment banking firm. He's a
graduate of the University of Buffalo and finance and economics.
And basically he has informed us and educated us on
these safeguards for a financial future that is builled with safety, comfort,
protecting your income and clarifying your retirement income strategy. And
(45:44):
I give out the telephone number one more time, five
eight five eight zero one nine one nine five one
eight five eight zero one nine one nine, and uh,
we'll reserve a seat for you. You know, a lot of
us want to just say set it and forget it,
(46:06):
set it and forget it right. I want to make
sure that when I go into my retirement, I don't
have to sit and stare at the screen all day
long on CNBC, Fox, Business, whatever it may be. Retirement
should be a time of confidence, not uncertainty. But we
(46:28):
live today in a world with impressions. I don't know
how many impressions we get on a weekly basis between
our phones, radio, TV, computers. It's an astronomical amount. And
everybody seems to have the secret sauce as far as
how to build retirement security. But I know that for
(46:52):
my clients and the clients of the Retirement Plenty group,
retirement security that pensions provided before in the past that
are no longer here, they know and I know that
they're going to need a supplement because social security won't
be enough. And today, as we've seen over the last
(47:14):
three four years, what did we see? Unbelievable market volatility,
high inflation, low interest rates. Finally they came back right
and uncertainty. Right. This is a backdrop that will continue.
(47:40):
And the question you got to ask yourself is that
do you want to go through this emotional roller coaster?
So for many of us, including myself, Including myself, a
certain portion of my income will be allocated into these
types of investments because it's offers to me in my
(48:03):
family and my wife and my kids. It's a powerful
solution providing guaranteed lifetime income. My wife is nine years
younger than me, She's just gonna live a hell of
a lot longer than me. I want to make sure
that no matter what happens to me, because I've really
(48:24):
been the one that's driving the ship in regards to
the investments with our family, simply because this is the
business that I'm in. I want a solution for my
wife and my kids that they don't have to worry
about it. So, if you're one of the people that
are thinking about you know what I've listened to, Dave,
(48:46):
maybe I should take some time out of my day
and go listen to this presentation. Seven out of ten,
more than seven out of ten to you. Basically, when
they do the seminars, they do the workshops, they do
the surveys, when they raise hands and these presentations seven
out of ten, you say that you want some kind
of protected income over your lifetime for your pension benefits,
(49:09):
your retirement benefits, and there's a lot of different ways,
you know, you can skin the cat here. There's a
lot of different ways that you can do things. We've
talked about wealth replacement for a surviving spouse. We've talked
about building pension benefits for the starving artist child. We've
(49:32):
talked about transferring complicated assets and death to the next
generation and leaving assets to the wife for the husband
that are uncomplicated. So when I talk about protected income
or guaranteed income, it doesn't necessarily mean for an extended
period of time. It could be for a short period
(49:52):
of time. But the key is is that it's income
that's going to come in on a consistent, regular basis
and it's going to continue. Here's the key, folks, as
long as you shall live. So can somebody please tell
me what is wrong with that and how that doesn't
(50:13):
fit into everybody's solution for their retirement assets. As anything,
there's no utopia. You just shouldn't put all your money
into any one hundred percent of any type of asset class.
But what you should do is that you should basically
(50:33):
take away all of the bias and find out the
types of investments that are available to you. In order
for you to have protected income for life. So here
we go. We'll give out the data one more time.
This would be the last workshop for us until the fall.
(50:56):
We're extremely busy, so if you want to come to this,
it's at the Centry House, which I think is one
of the greatest restaurants and facilities in the Capitol District region.
When I say it's a good facility, it's easy to
get into and they do a phenomenal job for the
Retirement Planning Group. I've been going there for decades. June
twenty fifth presentation. Registration is at five thirty. We start
(51:21):
the presentation at six. You want to reserve your seat.
There's limited seating available. I think we only have eight
seats available still. You can call the office five one
eight five eight zero one nine nine five one eight
five eight zero one nine one nine, or you can
go to the web rpgretire dot com. Again. The telephone
(51:44):
number is five one eight five eight zero one nine nine.
And just if some no One doesn't pick up to
say you want to come to the presentation, leave your
number and we'll call you back. God bless and we'll
see you next week for another Retirement Ready.
Speaker 1 (52:03):
Thank you for listening to the Retirement Planning Show hosted
by Dave Kopek. If you would like to talk with
Dave or someone at the Retirement Planning Group, called five
one eight five eight zero 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,
(52:27):
Lens Falls, Syracuse, and Oneata. Tune in again next week
for retirement planning strategies with Dave Kopek right here on WGY.
Speaker 7 (52:40):
The information or services discussed on this show is for
informational purposes only and is not intended to be personal
financial advice. The investments and services offered by us may
not be suitable for all investors. If you have any
doubts as to the merits of an investment, you should
seek advice from an independent financial advisor.
Speaker 2 (52:57):
Are you ready for retirement or just hoping it works?
Don't leave your future to chance. At the Retirement Planning Group,
we hope you create a personalized retirement plan so you
can 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
(53:20):
schedule your complementary consultation. Your future will say thank you.
Live from the wgy 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 (00:52):
All right, we are live on a Saturday in upstate
New York, and I think temperatures in the nineties, so
hopefully you're cool and comfortable. Everybody in the studio is
big smiles on their face. It's bikini time. I know
(01:15):
in a couple hours I'm going to be on my
boat in Lake George. I can tell you that much
floating on the boat, so I can't wait to get there.
But bottom line is that there's business to do and
things to talk about. So hopefully you had a great week.
I'm back in the saddle, you know, as you're quite
well aware, I was in Europe for almost a couple
of weeks and i'm back and as they say, time
(01:40):
put the rubber to the road. So today we're going
to talk about some topics that I think are critical
for retirees. As you're quite well aware. Over eleven thousand
people a day are turning in eight sixty five right now,
which is hard to believe. It's the greatest influx of
individuals going to retirement hitting the age of sixty five
(02:01):
in history. And with that there comes a lot of
responsibility on your part, the individual, what you have to
do in order to basically create a retirement that is
filled with happiness, content and no anxiety, one that is
filled with stress and wondering do I have enough money
in order to live the rest of my life. So
(02:23):
today we're going to talk a little bit about some
of the things that we're hearing consistently at the Retirement
Planning Group. If you're not familiar who we are, I'm
Dave Kolpak, I'm the president of the Retirement Planning Group.
I'm wg wy's Retirement planning Specialists. Been doing this a
long time, forty three years and we have offices in
(02:44):
five locations in New York, Syracuse, Albany, Clifton Park Slash, Malta, Saratoga.
We're right there on Root nine up in Malta, so
we're easy to get to from all three of those locations.
Glenn's Falls and of course, oneana, something that I'm discussing,
of course is of interest to you, you want to
come in. We offer a complimentary consultation at any of
(03:07):
those offices. If you can't come to the office, if
you're handicap, or if you have the inability to travel,
will come to you either plane, train, boat, whatever, We'll
get to you. And I travel a lot. That's one
of the things that I do. We're in twenty eight states,
so we have a lot of clients throughout the United States.
(03:29):
And as I said, if anything that I'm discussing is
of interest to you, because we have a lot of
listeners outside the five point eight area code. We are
on iHeartRadio. iHeartRadio travels throughout over eight hundred stations throughout
the country, and with that we have a lot of
listeners that are outside the capital district region. So again
(03:52):
we're going to discuss topics that I believe are of
top of mind. And as you're quite well aware, a
lot of us, as I say, consistently have to create
pension benefits. But if that is the case, there is
basically a mantra that we have at the retirement Planning Group.
We want to build income plans at the retirement planning
(04:14):
group that have three criteria. The first is that we
want to have a certain amount of the money that's
going to be guaranteed income what they call the baseline
income sleep at night. We want growth with a safety net,
and we want flexibility. When I mean flexibility, we don't
want in anything that we can't get out of. So
(04:35):
I know that there's a lot of people out there
right now that have high anxiety, that are stressed out
with some of these alternative investments that they got involved
in that they're trying to get liquidity. They can't get liquidity.
They get some of their money, they can't get all
of their money. But that's the old saying, you know
know what you own. So at the retirement planning group,
you know, I've been doing this a long time. Or
(04:57):
remember the old days of the limited partnerships and private
equity and you know, tax deals and oil and gas deals.
Most of them that I participated in were junk. Throw
them out the window. So we want to be involved
in things that are going to live up to what
I think is the expectations of our client and is
(05:19):
trying to hit good singles in a double every once
in a while and be able to basically get to
my money when I want to get to it without
having somebody else basically controlling it. So let's talk a
little bit about some of the topics that we're going
to talk about today. We're going to talk about building
income plans. We're going to talk about why it's important
to have guaranteed income. We're going to talk about growth
(05:42):
with the safety net. We're also going to talk about
the flexibility. But before I get into it, I want
to get into one of the workshops that we're going
to have here in the Capitol District region. It's a
free educational workshop. It's basically a workshop that I decided
to do about six seven months ago. Chris McCarthy joined
(06:03):
the Retirement Planning Group well over a year ago. He's
a retirement income planning specialist. He has a degree from
Buffalo and Finance and Economics and Finance and Economics, and
when Chris joined us, he spent forty years working with
a major insurance company building out retirement income plans and
he brought a lot of expertise to the Retirement Planning Group.
(06:26):
So this workshop that we're having June twenty fifth is
going to be held at the Century House, nine to
ninety seven New Louden Road. They are absolutely fantastic people.
Colin that's there that runs the facility is one of
the best guys on earth. But bottom line gets down
to is going to be held on Wednesday, June twenty
(06:49):
fifth at the Century House. Registrations at five point thirty.
Presentation starts at six. What's going to be on annuities,
that dirty little word that you consist only hear. Why
no one should ever buy an annuity. They're the worst
thing that you could ever possibly get into. And my
answer to that is that they don't know what the
hell they're talking about. So we're going to talk about
(07:10):
the pros and cons How do they fit into your
retirement plan, how do they secure retirement confidence. It's an
educational workshop. It talks about how annuities in the flexible
suite of living benefits can help you protect income and
clarify your retirement income strategy. They are dynamic. They've changed
(07:35):
dramatically as the financial services industry has changed over the
last five to ten years. In order to facilitate eleven
thousand plus people that are retiring every day, turning eight
sixty five here in the United States, so join us.
To secure your retirement, all you have to do is
to pick up the telephone and dial five pine eight
(07:58):
five eight zero one nine five eight five eight zero
one nine one nine. We're gonna have tapas, We're gonna
have a little snacks and some treats. It's not going
to be a full dinner because it's a short presentation.
Then we'll open it up for question and answer, and again,
if you want to attend, it's pretty easy. Just style
five one eight, five eight zero one nine one nine.
(08:21):
Someone from my office will pick up and say, listen,
I talked to Dave or I listened to Dave on
the radio. I want to attend the presentation on the
pros in cons of annudies, what's fact? What's fiction? And
I want to secure my retirement with confidence. How can
I attend? It's pretty easy five one eight, five eight
zero one nine one nine. And again not to bang
(08:44):
the drum too hard. This is I think one of
the most important presentations you can go to, bar none.
And when I say it's one of the most important
presentations you can go to, you're gonna hear facts. You're
not gonna hear smoking mirrors, and you're not gonna hear
what I call the pinocchios people that are telling the
information is just absolutely one hundred percent not true. And
(09:07):
why these types of investments which make up a very
very small percentage of our business, Folks, I'm not doing
this because it's a large percentage of our business. Ninety
seven percent of our business is not annuities. Three percent
is three percent. But with what I've seen over the
last six to twelve months, annuities will make up a
(09:29):
larger portion of our business simply because of the dynamics
of what they can create as far as what I
call pillow planning, peace of mind, and the ability to
have guaranteed income streams that will last a lifetime. So
if you want to attend five to one eight five
eight zero one nine one nine, you go to our
website rpgretire dot com. You can basically hit contact and
(09:52):
just let Jim or someone in my office know that
you want to come, and they'll reach out to you.
But it's going to be on Wednesday at the Century House,
which is a phenomenal easy location to get to right there,
just north of the Circle in Latham, five eight, five
e to zero one nine one nine. I'll be back.
This is for my first break. You can go get
(10:13):
a glass of ice, cold water, maybe a cold refreshment
like one of those Miller lights or an Ultra or
one of those what are those clause called. There's something clause.
All the kids drink those today, So I'll be right back.
Eighty six percent of the population has no defined benefit
(10:33):
pension plan. For most of us, we have to take
our life savings and create a paycheck for the rest
of our lives in retirement. What is your plan for
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
(10:56):
mortality can derail the most careful laid out retirement 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 one nine.
(11:18):
That's five one eight five eight zero one nine one
nine or RPG retire on the web. Don't procrastinate, motivate
to start building your retirement income distribution plan five one
eight five eight zero one nine one nine. Your partner
for success David Kopak heir your retirement planning specialists at
WGY Retirement Planning Group. We understand that retirees face many
(11:38):
important decisions that can affect their long term financial success.
Some of these decisions revolve around making investments that can
help create a hedge against outliving their income, the impact
of deflation, taxation, and rising healthcare cost. Because over ninety
percent of our clients are retirees with similar concerns, we
are in the best position to approach such challenges with
(12:00):
variance and skill. Most of our clients lack the time,
the desire, or the experience the manage to their own
investment portfolios. We consider it an honor and a privilege
to help our clients make sound investment decisions that will
contribute to a secure future. We've welcome the opportunity become
your partner and establishing your retirement plan. Give us a
call today for your complementary consultation at five point eight
(12:23):
five eight zero one nine one nine. That's five 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 plan. Social security is not enough,
pensions are rare. You need a strategy that turns savings
into monthly income that will last a lifetime. At the
(12:45):
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. Never your friends.
Speaker 3 (13:09):
Kiss and there's no tending ness. Not before in your
thing deal.
Speaker 4 (13:24):
You're trying not to show.
Speaker 2 (13:27):
All right, we are back. We'll hauling out, sir. Hopefully
you're enjoying the weather outside. It's been pretty gloomy, wet
over the last twenty months. It seems like it hasn't stopped.
(13:49):
I don't know how many months it was or how
many weeks it was. I think it was over thirty
weeks that we had rain every weekend, or some form
of participation. So hopefully it's gonna stay like this and
I don't care how how it gets. It's better than
the alternative. Right, you can always jump in the water,
turn the air conditioner on. You know, we live in
(14:13):
a society today. We're impressions make a lot of decisions
for us. And also, you know you want to be
part of the water cooler team. You know you got
all the right ideas. You know the guy in the
office of the gall in the office that every time
you talk to him, every time you hear from him,
they've got the winner right. Well, the reality is is
(14:38):
that when you build out a retirement income distribution plan,
you got to make sure that you do it right
on the front end because if you don't, you can
read really in a difficult spot. And I know this
because I've been doing this now for forty three years.
And you need to understand, is that the most critical component,
(15:00):
in my opinion, this point of entry, when you actually
walk into retirement and the paycheck stops and you have
to create one that means that XYZ Corporation is no
longer sending you a check direct deposit. The four oh
one K, the four oh Three B, the IRA any
(15:22):
monies that you've accumulated in your lifetime are now going
to be the nucleus of what is going to be
your distribution plan. So hopefully by giving you a lot
of information on a weekly basis through this radio show,
through our presentations, etc. You understand that it's not an
(15:46):
easy task to build income that will last a lifetime.
Now I say this all the time, and I you know,
people chuckle about it. They think it's, you know, a
giggle that I'm doing not out of money, and retirement
is not fun. I've seen it. I've seen individuals that
(16:07):
have inappropriately allocated money that thought that they were still
in the go go years and that the slowgo and
the Nogo years, and they had their money allocated and
they got in the bubbles, the bubble bopped, and then
they're really in a hard spot. That's why Nobel Prize
winning economist WILLIAMS. Sharp from the Sharp Ratio says, the
(16:32):
nastiest and hardest problem in retirement is what retirement income distribution?
How to create an income that will last a lifetime.
There are three key variables they have to start thinking
about that impact your retirement income. Three, you could talk
(16:54):
about twenty. But there's three key The first is spending habits.
Can you control your spending? How much have you accumulated
and how much can you spend without the risk of
the money going away before you go away. Now, some
(17:14):
people are pretty good at this discipline, some people aren't.
Sometimes we have to have hard conversations with people, and
it's usually me in the office one of the other guys,
because I'm not afraid to have the conversation. So as
you go through your accumulation years and you're putting money away,
(17:37):
you're taking a certain percentage of your income, and you're
allocating into your investment allocation, your four oh one K,
four H three B, whatever it may be, then it stops.
It's like a train that just stops. Now I get
to start thinking about what withdrawals. Here's the question. You
(17:58):
got to ask yourself, how much can I take off
my portfolio on a consistent basis for the next ten,
twenty thirty plus years that I can satisfy my income
needs and not erode my corpus and principle and still
(18:23):
have enough left over in order to basically have peace
of mind. You know, modern portfolio theory tells us four
percent do not exceed four percent? Well, I don't think
that's realistic, okay, and we've never really gone by the
four percent at the retirement planning group. What we do
(18:46):
go through is we try to build out portfolios based
off the assets that you've accumulated, staggering possibly distributions from
qualified plans to higher social security benefits, and if it's necessary,
building out portfolios that give us success with a guarantee
(19:11):
rather than trying to figure out a question mark, is
this going to accomplish what I'm looking for? Spending? Of
course you can control some people can't. But the other
thing that you can't return as far as your net
is investment returns. No one's got a crystal ball in
(19:35):
the future. No one has a understanding of the relationship
between inflation the proper asset allocation. Should I be in bonds,
should I be in stock? Sit in cash? So the
question I ask you today is this, if that is
the ultimate bottom line, The bottom line is that no
(19:58):
one has a crystal ball for the sh future. Does
it make sense to have some kind of hedge protection
on your portfolio that will guarantee income that will last
a lifetime, which is the last bullet point longevity. You know,
(20:20):
there's all sorts of data and information that's out there
right now that if we live to two thousand and thirty,
with the changes that are going on with technology and AI,
that we're going to have lifespans that will exceed the
age of one hundred, one hundred individuals that are retiring
to fifty five, sixty sixty five. You could possibly have
(20:44):
to manage retirement assets longer, longer than the total number
of years that you were employed. It is very possible
for many of our clients. So the retirement Plantic group
friends will live a healthy one hundred plus years. In
younger generations such as millennials and gen Z may live
(21:05):
till one hundred and ten or longer. Now this is
not me talking, this is science, this is AI, this
is all the powers to be. So we suggest use
an eventual age, let's say of one hundred to basically
do a hypothetical, and then you're going to have to
do a hypothetical as far as what it's going to
be necessary for you to have quality of life. Most
(21:31):
individuals out there have absolutely no idea how to structure
income portfolios. And that's not a negative. It's just I
do this fifty sixty hours a week still after doing
it for forty three years. Most of you need help, right,
You need help in order to design a retirement income
(21:54):
distribution plan. So people say, well, what's your deal financial advisor?
Who's the person that you would pick in order to
manage your assets? And I say, you got to compare
it no different than you would compare a family doctor. Right,
your financial health is as important as your health. You
(22:18):
got to try to figure out what is the diagnosis
that I need on the front end in order to
facilitate what's going to be my best treatment for the
long term. Sounds kind of corny, but I'll tell you what,
It's one hundred percent true. So when I say that
(22:39):
at the very beginning of today's show, yes, running out
of money and retirement is not a good thing. But
it doesn't have to be that way. There's a fole,
it solid, excuse me, financial plan available to you that
has realistic values, investment returns that allow you to participate
(23:03):
in the stock market, that addresses longevity, and it operates
underneath an umbrella called an annuity. That's what's changing in
our industry. That's why major investment banking firms such as
Blackrock and a lot of other ones are now getting
(23:25):
in that arena because they understand the risk that's associated
with managing assets for possibly two to three to four
decades after the day you say goodbye to your employer.
So we're going to talk about this in greater detail. Again,
I'm Dave Kopek. This is Retirement Ready. It's a topic
(23:45):
specific show. We talk about certain specific or ideas and concepts.
The idea today is to talk about retirement income distribution.
Anything that I'm discussing with you, you can give me
a call at five win eight five eight zero, one
nine one nine. We offer a complimentary consultation at any
(24:07):
of our five offices here in New York. As I said,
we'll come to you plane, train, boat, scooter, whatever whatever
it takes, we'll do it. So bottom line gets down
to is that we're here to educate you and inform
you about all the options that are available to you.
And again today, if you want to get a hold
(24:28):
of me, I'm live in the studio. It's one eight
hundred talk WGY. That's one eight hundred eight two five
fifty nine forty nine. And again if we can be
of assistance. It would be a great honor to help you.
And again we'll be back after this quick break. We're
going to do the news. On the other side, we'll
talk a little bit more about this. We'll see on
the after the news Fox News.
Speaker 5 (24:50):
I'm Paul Stevens. Six B two bombers apparently on the
move as President Trump considers more US involvement in the
battle between the US and Iran.
Speaker 4 (24:59):
These are the planes that carry those bunker buster bombs
and it appears that the next refueling station will happen
in Hawaii, And based on the fact that there will
be refueling so early in the trip, it appears they
didn't leave with a full fuel tank, which could be
an indication that those bombs are being carried on those planes.
Speaker 5 (25:17):
Fox's Nate Foy with the President in New Jersey. Pro
Palestinian activist and former Columbia University student Machmood Khalil released
Friday by a judge.
Speaker 6 (25:26):
Despite his uncertain future, he is doubling down on his
views about the war in Gaza and said America has
quote racist policies against immigrants.
Speaker 5 (25:37):
That's Fox's Cbe Cotton, America's listening to Fox News.
Speaker 2 (25:53):
Eighty six percent of the population has no defined benefit
pension plan. For most of us, we have to take
our life savings and create a paycheck for the rest
of our lives in retirement. What is your plan for
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
(26:15):
problem in finance. He points out that investment, uncertainty, and
mortality can derail the most careful laid out retirement income plan.
Call our offices today to start the process of building
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
(26:37):
distribution plan. How do you do that? To take action?
Five one eight five eight zero one nine one nine.
That's five one eight, five eight zero one nine one
nine or RPG retire on the web. Don't procrastinate, motivate
to start building your retirement income distribution plan. Five one eight,
five eight zero one nine one nine. Understand All right, afternoon,
(27:40):
hopefull everybody's having a great weekend, family and friends, getting
all your work done, so Sunday you can just kind
of take a chill pill do some fun things. I
know we're having a little picnic up at the lake.
Look forward to that, seeing some family and friends that
we haven't seen in a long time because it's been
(28:01):
rainy and cold and miserable. So we're gonna start the
summer a little bit late, but we're gonna power it up.
It will be a great day. You know, I'm smart
enough to know that there's a lot of people out
there that understand that in retirement there's no one size
(28:23):
fits all. But I also understand too that a lot
of you, by messaging and things that you see, you kiss,
you're bombarded by the powers to be that basically say
that you know, we've got the secret sauce. And what
(28:47):
I have found over all these years that I've been
in business that a lot of people that are out
there that are blowing their horn and tell you how
great they are and all the wonderful things that they do,
that's really not the case. It's really not the case,
And that a lot of times people are always chasing
(29:09):
things that they never capture. So what I try to
do is to be realistic. A lot of people understand
is that the good news is that whatever your situation is,
at the retirement planning group, we believe we can improve
your retirement readiness. And as I said when we started
(29:31):
today's show, there's really three core things that we focus
in on. Right, we want to make sure that there's
guaranteed and I guess I overemphasize that guaranteed cash flow
to ensure core expenses are covered. Right. The second thing
(29:52):
is we want growth with the safety net, but I
call suspenders in a belt. And then we want flexibility.
So I'm going to go through a couple of these
just so you understand exactly what I mean. So when
you start thinking about creating a retirement income distribution plan,
first and foremost, you want to make sure that your
(30:12):
day to data expenses, your non negotiable costs. I need
a house, I like some food in my belly. I
know I got to have utilities, taxes, healthcare. Right, I
want to make sure that I've got enough guaranteed income
sources in order to facilitate those types of expenses. So
(30:35):
the foundation for most of us is going to be
what social security and when you decide to take it,
it can have a big impact on your retirement. Right.
Typically a lot of people can get it at sixty two.
A lot of people do, and your FRA ranges anywhere
from sixty six to sixty seven now depending on the
(30:57):
year in which you were born. And if you wait
until age seventy to claim your benefit, which is the
highest possible monthly benefit, right, you're going to be able
to maximize the benefit, not only for yourself but also
for your spouse. Typically guys men, we try to maximize
(31:22):
that benefit, especially if you don't have a pension benefit.
As we're all quite well aware, when our parents were
up and running around and working hard in the fifties,
sixty seventies and eighties and nineties and two thousands, whatever
your age may be, pensions were a common place. Not
(31:49):
so anymore. Ninety percent of us don't have a pension.
So it means that we're going to have to take
the assets that we've accumulated in our lifetime and we're
going to have to try to figure out how do
we build pension benefits or income benefits that will ast
us possibly for three to four decades. So when we
(32:16):
sit down with individuals. There has to be an open discussion.
A lot of times, the main question for a lot
of people is I have the ability to do a
lumpsum distribution or take an annuity through my company. Right,
(32:38):
company doesn't have a pension benefit, but what they do
is they basically harvest the cash and they give it
to an insurance company and they create a pension benefit
for mister and missus Apple. I'm not in that camp
because I want to make sure that I control my money.
There's a lot of different ways to create a pen
(33:00):
There's a lot of different ways that you can purchase
different types of guaranteed income streams, and I want to
select the one that is right for me and my
spouse in my family, because it doesn't make a lot
of sense to have somebody else be the individual or
corporation or trustee in order to make that selection, especially
(33:24):
if that's my money. Right, I always go back to
National Grid. National Grid has an annuity with their cash
balance account. Now, some people select to use that annuity
from National Grid. That's fine, but I'm in the camp
(33:47):
that I would be better off personally myself if I
had the opportunity to take that money rolling into an
iray and then select the one that is best for me.
For me, what I'm trying to create as far as income,
wealth transfer for my surviving spouse and the amount of
wealth transfer that I want to the next generation. But
(34:13):
what you have to do is to try to figure
out how much do you need on a monthly basis
in order for those creature comforts to be paid for?
And finally, how much flexibility do you want to have
with the assets that you've accumulated in your lifetime. Personally, myself,
(34:33):
I want a lot of flexibility. I want a lot
of flexibility in regard to the ability for me to
make choices that's independent of anyone else. I want to
build an income plan with my investments and growth potential
that is specific to myself, my wife, my children, my grandchild,
(34:56):
whatever may be. It's important that you understand that the
landscape has changed so much over the last ten to
fifteen to twenty years. This is the dynamics of what
has happened with the boomer generation. As I said, eleven
(35:17):
two hundred people turned sixty five. It's the largest population
that has ever existed going through retirement right now, and
all of you that are going through this are basically
kind of scratching your head saying I need to basically
manage these investments for maybe twenty thirty forty years, which
(35:40):
is going to require some effort on my part. Now Here,
here's the discipline that I think is important that you
need to understand right this point of entry. That's why
at age fifty nine and a half, we tell people
get money out of your four own k and start
(36:02):
building your buckets of money, especially if you have employer stock.
There has been manias and there's been disasters with company stock.
How do I get out of it? How much of
(36:23):
a concentration should I have in my company stock versus
how much should I have allocated to a diversified portfolio.
I tell the story all the time about the woman
that came in. Her husband was a GE executive over
here in Schenectady. She wasn't in my conference room more
than two minutes. It was taking tissues out of her
(36:46):
purse crying. Her husband at a large amount of money
in GE stock, said don't worry about it, darling, You're
going to be fine. I'm going to take the pension max.
That was the maximum amount of money that he could
get there was no benefit for his wife. He was
(37:08):
going to live a long life. They were going to
live in happiness, and everything was going to be great.
Well what happened. What happened was is that he passed
away early, very early into his retirement, and ge stock cratered.
She had a fraction of the net worth that he
anticipated that she was going to have, and she still
(37:30):
needed to pay the bills, put a roof over her head,
pay the taxes, food taxes, et cetera. Bottom line, get
down to what happened. There was no easy answer because
the selection that they made was wrong. She basically had
to sell the property and move in with her daughter
(37:51):
down in Philadelphia. So understand not only what's happening today,
but no one has a crystal ball in the future
of tomorrow. No one has a future that basically they
can look at a glass bowl and they can tell
you what's going to happen, just like Ge. Let's use
(38:14):
G as an example. I've heard financial advisors for years
telling everybody what a piece of junk GE was. I've
heard guys on this radio station that basically says, we
basically tell everybody to sell Ge. What has been one
of the best performing stocks over the last three years.
(38:39):
G look at the returns of GE, Verona, GE Aerospace,
GE Healthcare. So here's a tip to all of you.
Most of these guys have no idea what they're talking about.
Most of these guys have an agenda. They're smart when
things are going on their rights on there's side of
(39:00):
the fence. But what happens is that they have a
short memory. They don't bring it up after things go opposite.
So make sure that you understand is that as you
go into retirement, and we're going to talk a little
bit about where of this after we take the break right,
you need to have a portfolio that can weather good
(39:20):
times and bad. You need to have professional management help
with a team of advisors, and the bottom line gets
down to you need to have flexibility. The flexibility is
is that don't handcuff yourself to any type of investment
that will basically lock you into something that will not
(39:43):
allow you to get out of it because it's inevitable.
We all know this, especially after being around for as
long as a lot of us have been. Life will
throw your curveballs. Do you have the abilit leads to
adapt and adjust? If you don't you probably have the
(40:04):
wrong situation. I'll be right back. David Kopik, heir WG
WISE retirement planning specialists the Retirement Planning Group. We understand
that retirees face many important decisions that can affect their
long term financial success. Some of these decisions revolve around
making investments that will help create a hedge against outliving
(40:26):
their assets the impact of inflation, taxation, and rising health
care costs. Most of our clients like the time, the desire,
or the experience to manage their own investment portfolios. We
consider it to be an honor and a privilege to
help our clients make sound investment decisions they will contribute
to a secure financial future for them. Because over ninety
(40:48):
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
point eight by eight zero one nine nine five eight
five eight zero one nine one nine or RPG retire
on the web. We are living through the greatest wealth
transfer in the history of mankind. Trillions of dollars of
(41:10):
wealth will change hands from one generation to the next.
Your money to our beloved children and grandchildren. Are you ready?
Your future is written by chance, it's written by action.
Now's the time to build your plan, protect your assets,
and position yourself for the opportunity. Don't wait, take action.
The future favors those that are prepared. Call eighty eight
(41:31):
five eight zero one nine one nine. That's eight eight
eight five eight zero one nine.
Speaker 3 (42:14):
The job disatisfy last time. Really, I know.
Speaker 2 (42:24):
That sorrow is going by quick. Talking about the world
that we live in today, this new world of building
out retirement income. We have a presentation. I'm going to
bang the drum on it again. I think you're very
(42:44):
foolish if you don't attend. It's an educational workshop, especially
if you're going into retirement. If you're going into retirement
you have no idea how you're going to build on
an income plan, you should attend this workshop. It's not
an alligator wrestling contest, so we don't put your head
in the head lock. We don't try to force you
to do anything. This is a session that's going to
be informative, engaging, and we'll talk you a little bit
(43:08):
about how you can safeguard your financial future for your
retirement years and what's it on. It's the word called
annuities that everybody poo poos, but they know nothing about them.
They know nothing about them. The new annuities that are current.
That's why major investment banking firms are now getting in
the annuity industry because the changes that have been made.
(43:31):
So here's the question I got to ask you, all right,
pros and cons? Do they fit into your retirement plan?
If you don't have a pension plan pan, does it
make sense for you to buy a part of your
investment portfolio annuity? Do you want to secure your retirement
with confidence, right to know that the check is going
(43:54):
to show up, whether it's good, bad, volatile market bear,
whatever it may be. The other thing is is that
it's an educational session. Then we're gonna talk about what
we call the flexible suite of living benefits, Living benefits
to protect your income and clarify your retirement income strategy. Wednesday,
(44:18):
June twenty fifth, it's coming up this Wednesday. We've got
I think eight seats left. It's gonna be held at
the Centry House, nine ninety seven New Louden Road, Latham.
If you want to attend, Registration is at five thirty
presentations at six you have to call to reserve your
(44:39):
seat five one eight five eight zero one nine one nine.
That's five one eight five eat zero one nine one nine,
or you can look at it at the web. You
can contact us on our website rpgretire dot com and
hit contact and let them know that you'd like to attend.
(45:00):
But again, our telephone number is five one eight five
eight zero one nine one nine. And as I said,
the whole reason for this is Chris McCarthy joined us
a little over a year ago. He's a retirement income
planning specialist. He's been in the business for forty years.
(45:20):
He's worked for a major investment banking firm. He's a
graduate of the University of Buffalo and finance and economics.
And basically he has informed us and educated us on
these safeguards for a financial future that is builled with safety, comfort,
protecting your income and clarifying your retirement income strategy. And
(45:44):
I give out the telephone number one more time, five
eight five eight zero one nine one nine five one
eight five eight zero one nine one nine, and uh,
we'll reserve a seat for you. You know, a lot of
us want to just say set it and forget it,
(46:06):
set it and forget it right. I want to make
sure that when I go into my retirement, I don't
have to sit and stare at the screen all day
long on CNBC, Fox, Business, whatever it may be. Retirement
should be a time of confidence, not uncertainty. But we
(46:28):
live today in a world with impressions. I don't know
how many impressions we get on a weekly basis between
our phones, radio, TV, computers. It's an astronomical amount. And
everybody seems to have the secret sauce as far as
how to build retirement security. But I know that for
(46:52):
my clients and the clients of the Retirement Plenty group,
retirement security that pensions provided before in the past that
are no longer here, they know and I know that
they're going to need a supplement because social security won't
be enough. And today, as we've seen over the last
(47:14):
three four years, what did we see? Unbelievable market volatility,
high inflation, low interest rates. Finally they came back right
and uncertainty. Right. This is a backdrop that will continue.
(47:40):
And the question you got to ask yourself is that
do you want to go through this emotional roller coaster?
So for many of us, including myself, Including myself, a
certain portion of my income will be allocated into these
types of investments because it's offers to me in my
(48:03):
family and my wife and my kids. It's a powerful
solution providing guaranteed lifetime income. My wife is nine years
younger than me, She's just gonna live a hell of
a lot longer than me. I want to make sure
that no matter what happens to me, because I've really
(48:24):
been the one that's driving the ship in regards to
the investments with our family, simply because this is the
business that I'm in. I want a solution for my
wife and my kids that they don't have to worry
about it. So, if you're one of the people that
are thinking about you know what I've listened to, Dave,
(48:46):
maybe I should take some time out of my day
and go listen to this presentation. Seven out of ten,
more than seven out of ten to you. Basically, when
they do the seminars, they do the workshops, they do
the surveys, when they raise hands and these presentations seven
out of ten, you say that you want some kind
of protected income over your lifetime for your pension benefits,
(49:09):
your retirement benefits, and there's a lot of different ways,
you know, you can skin the cat here. There's a
lot of different ways that you can do things. We've
talked about wealth replacement for a surviving spouse. We've talked
about building pension benefits for the starving artist child. We've
(49:32):
talked about transferring complicated assets and death to the next
generation and leaving assets to the wife for the husband
that are uncomplicated. So when I talk about protected income
or guaranteed income, it doesn't necessarily mean for an extended
period of time. It could be for a short period
(49:52):
of time. But the key is is that it's income
that's going to come in on a consistent, regular basis
and it's going to continue. Here's the key, folks, as
long as you shall live. So can somebody please tell
me what is wrong with that and how that doesn't
(50:13):
fit into everybody's solution for their retirement assets. As anything,
there's no utopia. You just shouldn't put all your money
into any one hundred percent of any type of asset class.
But what you should do is that you should basically
(50:33):
take away all of the bias and find out the
types of investments that are available to you. In order
for you to have protected income for life. So here
we go. We'll give out the data one more time.
This would be the last workshop for us until the fall.
(50:56):
We're extremely busy, so if you want to come to this,
it's at the Centry House, which I think is one
of the greatest restaurants and facilities in the Capitol District region.
When I say it's a good facility, it's easy to
get into and they do a phenomenal job for the
Retirement Planning Group. I've been going there for decades. June
twenty fifth presentation. Registration is at five thirty. We start
(51:21):
the presentation at six. You want to reserve your seat.
There's limited seating available. I think we only have eight
seats available still. You can call the office five one
eight five eight zero one nine nine five one eight
five eight zero one nine one nine, or you can
go to the web rpgretire dot com. Again. The telephone
(51:44):
number is five one eight five eight zero one nine nine.
And just if some no One doesn't pick up to
say you want to come to the presentation, leave your
number and we'll call you back. God bless and we'll
see you next week for another Retirement Ready.
Speaker 1 (52:03):
Thank you for listening to the Retirement Planning Show hosted
by Dave Kopek. If you would like to talk with
Dave or someone at the Retirement Planning Group, called five
one eight five eight zero 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,
(52:27):
Lens Falls, Syracuse, and Oneata. Tune in again next week
for retirement planning strategies with Dave Kopek right here on WGY.
Speaker 7 (52:40):
The information or services discussed on this show is for
informational purposes only and is not intended to be personal
financial advice. The investments and services offered by us may
not be suitable for all investors. If you have any
doubts as to the merits of an investment, you should
seek advice from an independent financial advisor.
Speaker 2 (52:57):
Are you ready for retirement or just hoping it works?
Don't leave your future to chance. At the Retirement Planning Group,
we hope you create a personalized retirement plan so you
can 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
(53:20):
schedule your complementary consultation. Your future will say thank you.
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