Road to Retirement 04-29-2023

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Episode Transcript

(00:00):
Information provided is for illustrated purposes onlyand does not constitute investment, tax,
or legal advice. Information has beenobtained from sources that are deemed to be
reliable, but their accuracy and completenesscannot be guaranteed. Neither Trip Limehouse nor
his guests are liable for the usageof information discussed. Always consultable the qualified
investment, legal, or tax professionalbefore taking any action. Hey, welcome
to everybody, this is the roadto retire. But with Trip Limehouse,

(00:22):
I'm consumer advocate Steves at all Andyou know, from the talking heads on
TV to that one coworker who knowseverything, to your second cousin whose uncle
is a thank teller, everybody Scottretirement Advice. So what do you think
we took to the streets to askregular folks about retirement and how they are
preparing for We've got a whole lotmore of that and more coming up with

(00:43):
Trip Limehouse on the Road to Retirement. Trip how are you thinking? Oh,
welcome into the road to Retirege showguys stick around for this. It's
always lots of fun when we dosurveys and hear what the general public has
to say about retire Then we willget all of that underway in just a
moment. Ou right here on theroad to retirement. What Trip Limehouse,

(01:07):
do you want to avoid taking awrong turn or your retirement road. The
road to retirement is a long one, and if you just don't want to
make wrongmctor wells, buckle up.We're getting ready to take a retirement road
trip together. It's the road toretirement with Trip Limehouse. It's the perfect
divemound to map it out. Thatroad to retirement is key, is key

(01:30):
to get on the road to financialsecurity and independence. Just like many of
trips Happy clients in retirement, partner, my money is safe using the green
line principle that you taught me about. Thank you so much. Let's get
this trip started. It's the roadto retirement with Trip Limehouse. We spend

(01:51):
a lifetime getting ready for retirement.Or do we We're supposed to anyway,
but we sent Dave Perkins and ChrissyParadis to the streets and asked people about
what their plans for retirement are.And a trip we are getting underway here.
What do you think? I thinkthis is great? You know,
it's always I guess refreshing if youwill to go out and about and we've

(02:14):
all seen like YouTube videos or evenjust i mean on the news interviews right
of general public. Hey, whatdo you think about this? How do
you feel about this? Well,you know, we thought this would be
pretty cool to kind of mirror thatand then air it for you guys out
there in radio land. Once again, Welcome into the Road to Retirement show

(02:36):
with a Limehouse Financial. I amTrip Limehouse. This is not your average
ordinary retirement planning show. We're talkingabout all things practical and boil are we
going to get practical today? Becausewe're just gonna hear what people are saying
about these types of things. Allright, Triple, let's just jump in
see what they're thinking. It's apretty comprehensive plan that take some accounts all

(03:01):
of our assets, real estate,everything. I'm going to work as long
as I can, and then I'mgoing to enjoy my grandchildren great grandchildren.
That's my plan. I've got rentalproperties, stock down savings bonds. We
are saving money out of our monthlypaycheck and trying to slowly start building up

(03:28):
a savings well. I mean that'sa pretty good cross section, don't you
think. Trup I think it looksdifferent for everybody. It's kind of like
a journey, as we often talkabout here on the Road to Retirement show,
And you know, some people aregoing to turn at a one juncture,
and some people are going to yield, and some people are going to
make a U turn. And yetagain there's going to be some people that

(03:50):
flat out make a wrong turn andend up on a dead end. That's
clearly what we're trying to avoid.So, you know, retirement preparedness was
kind of the the theme behind thatquestion and the interesting survey by Transamerica Center
for Retirement it showed that only seventeenagain, only seventeen percent of workers are

(04:12):
very confident that they will have enoughmoney to retire comfortably, and fifty six
percent, whopping, fifty six percentof workers planned to work past age sixty
five or maybe even not retire atall. So you know, I mean,
are those responses fairly typical? Ithink so? You know, I

(04:33):
mean, if you just again standingon the street saying, hey, I
would like to ask you about retirementpreparedness, tell me what you're doing,
You're going to hear several different thingsfrom different people. I mean, that's
a great thing about Limehouse Financial.We work with people out there from all
backgrounds, all walks of life,all economic statuses. And by the way,

(04:56):
folks, if you would like toget together with us so that you
can become I'm more prepared, whichevery one of you should want to do
that, you can simply call useight hundred nine four zero six nine seven
nine. Limehouse Financial dot Com iswhere you find this on the web and
we can talk with you about yourpreparedness. Um. So, Steve,

(05:17):
I think you know you were justalluding to drip. Are those common answers?
And I would say, yeah,um, you know that one guy
said I've got stops, I've gotsavings of you know, a portfolio.
The one person said, I'm justgoing to spend time with my grandchildren.
I mean really, it really doeslook different for everybody. But there's one
thing though, that um that everybodySteve needs to have and uh, you

(05:42):
know what it is. It's it'sthe four letter word. I know the
word. I'm afraid it's something.I'm gonna throw it out there right now.
We're live on air the p lA in the plan, So folks,
it's going to look different for youthan it does for or the next
person, and the next person andthe next person. Okay. But the

(06:03):
main thing is you have to haveit because where you're going is a new
destination, okay, and you notonly need to know how to get there,
but you need to know how tostay there, what it's going to
look like, and make sure thatyou're going to go the distance okay,

(06:23):
not run out of gas as wecall it. So you know a great
reason to come on in and toask us to help you with that.
That is what we do. Weare income and distribution planning experts and we
have a lot of fun working withfolks just like you, building them an
individual financial plan. Hey, let'sget into some more districtions and replies from

(06:46):
people. You got it. Andyou know when it comes to annuities,
and we talk about annuities almost everyweek trip, then everybody's got an opinion.
And here is what a lot ofpeople are saying. What are your
thoughts on annuities? I don't like? Why do you not like them?
Well, annuities tend to pay thebroker or the salesperson a lot of money,

(07:08):
and anything that pays a big commissionis not generally good. But upon.
Okay, I mean again there issimply he doesn't know. I mean,
he doesn't understand how annuities have changedover the years. And I mean
he's probably somebody that heard stories aboutthings, and you know, twenty years
ago it is true today not somuch. So are you making the point

(07:29):
that potentially that gentleman who has askedthat question has a lack of knowledge that
that's what I'm saying, That's exactlywhat I'm saying. Well, you know
what, he would not be theonly one, and quite frankly, Steve,
the majority of people out there justhave a lack of knowledge, okay,
And in particular to this one subjecton annuities. A Jonathan O'Reilly my

(07:50):
investment advisor, and I meet withso many people and that question does come
up, or that statement comes up, Oh they're bad. Well, folks,
you know, let me just sharewith you some nice things regarding annuities
and give you some food for athought. Number one and annuity definitely can

(08:11):
provide a guaranteed stream of income fora set period of time or the rest
of your life. We call thatthe personal pension plan. And if you
haven't heard me talk about it before, your income during retirement determines your outcome
during retirement, so you need toknow about the personal pension plan which would
involve an annuity and be much toyour advantage. The second thing is and

(08:33):
annuity does provide the opportunity for taxto for growth. So earnings on the
investments within the annuity are not taxeduntil the annuttant withdrawals from them. Okay.
So even you know, putting aftertax dollars into an annuity, which
is a great idea, you cangrow those dollars and then when you take
dollars out, you're paying taxes onjust the gains, not on the whole

(08:58):
thing. Okay. Also, there'sno contribution limits. I mean, Steve,
this is a fantastic thing because withother retirement accounts there's a limit on
how much an individual can invest.And I don't know if anybody's wear of
this, but we have been goingthrough a little bit of volatility in the
market, I think, I mean, you know, it should be pretty

(09:18):
evident, but a lot of annuitiesare offering protection against market volatility, and
you know, you really you canpreserve and protect what you've worked so hard
for. So there are a lotof pros and then you know, if
it's the wrong type of annuity,there are cons there can be high fees,
there can be lack of liquidity,there can be limited growth potential.

(09:41):
And if it's a variable annuity,you know there could be a loss of
principle. Folks, I'll tell youwhat. If you own an annuity right
now and you'd like to know ifyou should keep it, what you should
do with it. If it's theright thing for you, call me right
now. This is an offer foran annuity review. Eight hundred nine four
zero six nine seventy nine. Iwill do that for you. If it's
good, I'll say, hey,it's awesome, keep it. If you

(10:03):
need to change it or you canimprove upon it, I will also share
that with you. Hey, thatsounds great. Trip folk, give us
a call. Eight hundred nine fourzero six nine seven nine. Eight hundred
nine four zero six nine seven nine. We need to take a quick break.
We're coming back. We're gonna rockon down the highway with a trip
Limehouse on the Road to Retirement.We hit the streets and we asked your
peers what they thought about retirement andretirement preparedness. We're going to continue with

(10:26):
that on this segment, Folks,stay tuned in. You're gonna have a
lot of fun hearing this. Doyou ever feel like you are fighting for
financial knowledge? Don't let bad advicebe a punch in the gut to your
retirement. Take advantage of a complimentaryand no cost, no obligation consultation with

(10:50):
a local trusted financial coach called TripLimehouse at eight hundred and nine four zero
six nine seven nine or text tripto r ipp to eight hundred and nine
four zero six nine seven nine.That's eight hundred and nine four zero six
nine seven nine, or text tripto eight hundred and nine four zero six
nine seven nine. So welcome back, everybody. We are on the road

(11:15):
to retirement with trip Limehouse, aswe are each and every week at this
time. We are having a goodtime. It's a good trip so far.
We're hearing from people and what theythink about retirement and see if they
share your views. And the importantthing though, is we're clearing up some
I think, some misunderstandings and that'sbeing kind, right, misconceptions misconceptions,
Yes, yeah, that last oneon segment too. You know, we

(11:39):
asked a gentleman on the street abouta nudis, Hey, you know,
what do you think about him?And he kind of flat out and just
said, I don't like them.They're not for me. They're bad.
But you know, folks, here'sthe deal. We hear good and bad
about all things across the board.I mean, I mean, you could
go somewhere one day, let's justsay, for cheeseburger. I'm thinking about

(12:00):
food right now, and it couldbe the best ever. And then you
could go two weeks later and youknow, you could hear and somebody say,
oh my gosh, don't ever gothere. It's horrible there. Cheeseburgers
are the worst. I mean,So, you know, I mean,
we all hear things, right,But I think the most important thing for
you guys out there is just toknow that at Limehouse Financial, number one,

(12:24):
we're independent. Number two, we'renot linked, tied to, or
obligated to any one particular company,product, or strategy out there. Number
Three, we function in a fiduciarycapacity, so we build plans that are
in your best interest. Okay.Now, when you combine all that,
when you walk away, what youhave is a retirement roadmap that's built just
for you. Okay, that's gonnaget you where you want to go and

(12:46):
keep you there. And you know, we do that in a very comprehensive
way. As I mentioned, Ihave an investment advisor here, Jonathan O'Reilly
fantastic young man. I call itmy right hand man. And you know,
collectively we build plans for you guysout there, and quite frankly,
that is what is much needed.Actually it's not what's much needed. It

(13:09):
is what is needed to get youwhere you want to go. I mean,
you know, this is a newdestination for most of you out there
headed towards retirement, entering into retirement. Now, we do also help people
who are currently in retirement, andtypically we help them improve where they are
in retirement so that it's better,safer, they're more successful. But you

(13:30):
know, we're working with a lotof folks too who are maybe I don't
know, a year out, maybethey're five years out. Whatever. But
at the end of the day,everybody needs the four letter word. I
refer to it all the time,the p l A and you got to
have it. And here's what I'mfinding is that in general, most of
you don't you know, you don'thave an income and a distribution plan.
You don't really understand your portfolio.You know, you don't have a retirement

(13:54):
roadmap that shows you how long yourmoney's gonna last and where to take money
from. I mean, you putall that together and it's problematic. It
could be like a check engine lightgoing off in your car indicating, hey,
you've got a problem and you needto get this looked at and get
it fixed. But the good newsis you're in the right place, because
that's what we do here at LimehouseFinancial. One eight hundred nine four zero

(14:18):
six nine seven nine is our phonenumber, and you can also reach us
on the web at limehouse financial dotcom. I've got some exciting news this
year at our audience team about alive event coming up. Cool, let's
share it, Let's have it.Yeah. So uh and folks, you're
gonna be able to plan and anadvance for this one. This is Thursday,
May the eleventh, Okay, Okay, We're actually going to have a
live event at the Lexington County MainLibrary on August Road. Okay, And

(14:43):
the time is at six pm.So we're going to talk about all things
related to retirement and income planning andsocial security. We're gonna talk about legislation,
taxation, you know, market volatility, and so we kind of opened
up segment again going back to howthe people a lot of times have a

(15:03):
lack of knowledge, and you knowthat's even biblical. With the lack of
knowledge, people perish, right,So you know, apply that over to
this to retirement planning. With thelack of knowledge, you might not do
as well as you could do.Okay. So we are the people in
the neighborhood that are here to provideyou with that knowledge, and we want
to see you again. This isa live event, no cost and obligation,

(15:26):
Thursday, May the eleventh at sixpm at the Lexington County Main Library.
If you want to attend that,just give me a call. One
eight hundred and nine four zero sixnine seven nine Again one eight hundred nine
four zero six nine seven nine.Come on out and see us and you'll

(15:46):
have a great time hanging out withus and learning a lot. Hey,
we so this we got this onemore question. Let's hear this this question
that we again we went out onthe streets talk to people about their retirement
preparedness and what they thought about it. Let's hear what people have to say
regarding this next subject. Well,okay, and again I want to tell
everyone this is this is a youngerperson, so we're getting a real different

(16:07):
perspective here. Here she is.Now, you're probably a long ways away
from retirement, but do you thinkabout it? Is that cud? Yeah?
I mean of course, I meanI do have a retirement plan set
up. Of course you are youaggressively contribute to that or how have you
got that set up? Well?I do three hundred a month, so
you're actually thinking about retirement that,yeah, I mean I can't work on

(16:30):
my life and these bones an't hurtat least. Do you worry about social
Security being there for you? Yeah, because they're using social Security for other
needs as not supposed to be meantfor that. So well, there you
go. Well, I think i'lltell you what go ahead. She was
in tune truly, I mean,you know, I don't know how old

(16:51):
she was, but you know,fairly young. But she's already got a
plan in place. That's something.One thing I think probably that she viewed
as a plan is actually just anaccount. So more than likely, again
I didn't meet this person, butmore than likely that particular lady has an

(17:11):
account and she's contributing, as shementioned, three hundred dollars a month to
it, and I'm so proud ofher for doing that, because without accumulating
over a period of time, whenyou get to where you want to get
to an exit on the road toretirement journey, you cannot decumulate, and
decumulation is very important. That's whenwe take what you've worked so hard for

(17:32):
and we distributed over the rest ofyour lifetime, the rest of your retirement.
But I would venture to say,and I would almost bet, like
you know, one hundred percent,that she doesn't actually have a plan,
a financial plan. She just hasan account where she's putting money in.
And more than likely, Steve,there's a lot of listeners out there right

(17:52):
now who fall in that same category. Folks, there's a stark contrast between
an account and alan. Now,at Limehouse Financial, we are planners.
This is what we do. Webuild you financial plans. So I'd like
to meet that lady who's putting threehundred bucks a month in and say,
hey, look, let me putyou in my software, let me build
you a financial plan. Let meshow you what this is going to look

(18:14):
like when you do hit this certainage and you do want to retire,
and folks, we can do thatfor you as well. Now we're regarding
her point on social security. Youknow, she made a great point.
It might not even be there,or it might be benefits might be reduced.
I mean, we're hearing a lotof talks now about you know,
social security benefits potentially being reduced inthe future. And that's why everybody,

(18:36):
everybody should have a social security roadmap. And that's the offer right now for
the next ten callers, in thenext ten minutes, I want to map
out your social security so you knowexactly the best time to file for your
benefit. Folks, we want tokeep you independent, we want to keep
you successful, we want to keepyou confident on your road to retirement journey.
And you are in the right placeat Limehouse Financial dot Com. Eight

(18:57):
hundred and nine four zero six nineseven nine. Call me right now.
I asked me for the social securityroadmap and I'll provide it for you.
That sounds fantastic, trip. Domake that call eight hundred nine four zero
six nine seven nine. You'll getthe comprehensive financial review. You'll see where
you are today. But more importantly, it becomes a roadmap to help get
you to where you need to be. In short, you've got nothing to

(19:18):
lose. Call right away eight hundredand nine four zero six nine seven nine.
Eight hundred nine four zero six nineseven nine. Quick break for us
for coming back. Well, wehave got a long way to go on
the road to retirement with trip Lineouse. It continues right after this, folks,
thanks for spending time with us todayon the Road to Retirement Show.
When we come back, we're gonnahighlight some key items to make sure to
include in your budget. Yes,I used the B word live on air.

(19:42):
Budget Stay tuned. Getting the rightretirement strategy suited to your unique needs
and desires is called hitting the bullseye. You can say I nailed it.
You actually should say nailed in becausethere's a firm right there with you

(20:03):
putting together the pieces of your ownretirement puzzle. It's a bull's eye plan
for you called Trip Limehouse, hostof Road to Retirement eight hundred nine four
zero six nine seven nine, ortext Trip tripp to eight hundred nine four
zero six nine seven nine. We'vemade it easy for you to take advantage
of this fantastic offer. All youhave to do is call or text Trip
to eight hundred nine four zero sixnine seven nine. Good Welcome back everybody,

(20:30):
that your road to retirement with TripLimehouse continues. I'm consumer advocates.
Steve said, oh, Trip,of course, guy behind the green line
principle. We haven't really talked aboutthat much today. Trip's been helping folks
though, for more than twenty yearsget two and through retirement, partially using
that green line principle. Find Tripat Limehouse Financial. Limehouse financial dot com
is the website. Check that outas well, and let's dig in Trip.

(20:53):
You know you use the B word, holy cow. That's that's bold
on your part. And I mightuse the T word in a little while,
a three letter word beginning with T. You know, we just kind
of we we kind of joke aroundhere. I'll tell you what, Steve,
you and I have a lot offun here on the air with folks,
and I'm very thankful for that.I think that's one of the reasons

(21:15):
why our listener base has just immenselyincreased over time. And by the way,
for my long time listeners, welcomeback and thanks for being here.
Certainly good to hang out with you. And if you're new to the show.
Wow, you are in the rightplace. I am Trip Limehouse with

(21:36):
Limehouse Financial. This is the Roadto Retirement show. We're glad you're here.
So um yeah. I mean theB word budget, I mean I
think it can be construed as abad word at times. I think,
well, I think people do thinkof that, and I do think that.
You know, it's it's all amatter of how you spin it.
You know. Just talk to anybodyin the news business, and here's something

(21:57):
I one advisor said to me.It's not a budget, it's a lifestyle
expense report. That would be thel ear lifetime lifetime expense report. That's
pretty good style EXPI expense report.Yeah, exactly. Yeah. I think
as an alternative to budget, thatcould be a good substitute. But in
the end of the day, it'sthe same thing. You know, I

(22:18):
will I will share with our listenerswhen people come in. Uh. That
often is one of the tougher questionsis when we say, okay, can
you please share with us your currentmonthly cost of living? I mean a
lot of people just don't have thatnumber. Um. I mean, there
are those out there that are justreally into it and have an exact number,

(22:41):
but um, I would say eightyfive percent of people, maybe greater
don't. And I think it's because, um, you know, there's discretionary
income when a person is working.Okay, so because of that discretionary income
and discretion excuse me, discretionary incomeis income over and above what you need
to of on because of that discretionaryincome, you know that come from wages.

(23:04):
In general, while someone's working,you know, they think less about
the budget. But there's two keywords to are really going to contribute to
a successful retirement for those of youguys out there listening right now. One
of them is the B word thatagain is budget, and the second word
is going to be saved. Imean, we want to budget and save

(23:26):
throughout retirement, not just up toretirement, and that be it. Let's
talk about a couple of things thatpeople need to be kind of forward thinking
about Steve during retirement. But beforeI do that, I need to mention,
speaking of forward thinking, there isa lack of knowledge out there that
people have, and we really liketo fill in the gaps there of a

(23:48):
lack of knowledge. We'd like toeducate people so that they can make better
decisions become more independent and be incontrol of their retirement. Folks, if
what I just said rings a bellwith you at all, you know,
I'd like for you to consider this. Come to my live workshop. It's
going to be a social security andincome planning workshop Thursday, May the eleventh.

(24:08):
It's going to be at the LexingtonCounty Main Library on Augusta Road and
the time is at six pm,no cost, no obligation. Six to
seven pm will get you in andout of there. If that's something that
you would like to attend to obtainmore knowledge on how to do retirement successfully,
be independent, be confident, bein control, come on out and
see us again. Thursday, Maythe eleventh at the Lexington County Main Library

(24:33):
on Augusta Road in Lexington at sixpm. Eight hundred and nine four zero
six nine seven nine is our number. If you'd like to attend that event,
let me know that way we canmake sure we have a spot reserved
just for you. So things thatyou need to be thinking about and you
know, factoring into your retirement budget. The first would be housing costs.

(24:56):
I mean that should be an evidentthing, but for some well it's not.
Steve Well and again you have todecide if if it's time to downsize,
if it's time to you know,sell the house, whatever, you
know. But you've got to knowthose costs. And that's the whole thing
about a budget. It's just you'vegot to know where your money is going.
Oh yeah, not only that,but how long is your money going

(25:18):
to last? That's the bigger question. Oh yeah, I mean, so
we got to calculate housing costs,right. That could be a mortgage payment,
it can be property taxes, utilitiesand maintenance expenses for your home or
for your apartment or your condo,whatever. But we've got to factor that
in. Going back real quick towhat we just talked about, potentially,
you know, how long will youwill your money last? Steve, thank

(25:41):
you for bringing up the green lineprinciple. It is something that we're very
proud of here at Limehouse Financial.I did trademarket with the USPTO. The
green line principle is something everyone needsto know about. Pay close attention,
folks. It is a safe moneystrategy where zero is your hero and you
cannot go backwards. Okay, alot upside potential. Not only that,

(26:03):
but we can create the personal pensionplan so you never run out of income,
and that could be just what youneed. Don't forget to ask us
about the green line principle and thepersonal pension plan. So another item to
budget for is going to be healthcareexpenses. Now I think that there's a
fallacy Steve, that hey, I'mgoing to get on Medicare and it's going
to cover everything. We see thata lot. Well, and again the

(26:26):
I mean, Medicare is great,but it's not everything. It's not the
be all end all. It's it'sthe almost be all end all. But
you still need a little more.Well. I mean, according to Social
Security, a married couple that livesto age nineties is going to experience over
three hundred thousand dollars or more rightout of their pocket, over and above
what Medicare covers. So as youage, folks, you're likely to require

(26:48):
more medical care. That's going toinclude insurance premiums, copayments, prescriptions,
healthcare related expenses. So we've gota budget for healthcare cost and this is
an obvious one. Food and growgroceries. I mean, you're probably not
going to stop eating. I wouldn'tthink so. I wouldn't think so.
Um, you know, so youknow, I mean, this cost is
going to include regular meals and groceryshopping as well as UM if you have

(27:12):
a special dietary need or maybe evengoing out to eat, a lot of
people like to do that, andthat ties in with entertainment. We got
a budget for that. You know, you want to set aside money for
travel, for dining out, forother activities that you may enjoy. UM.
And then there's these things coming.Here's that three letter word. I'm
going to say it on the airt a X. There, I did

(27:36):
it. I threw it out there. Taxes. Taxes are in reality,
they don't stop once you retire.They don't stop. They do not stop.
So you may need to pay taxeson your retirement income. But we
got a factor this in UM.And then maybe your charitably inclined. Maybe
you want to give money to yourchurch, UM, maybe you want to
give money to charity. Who knows. But the bottom line is, you

(27:57):
know a lot of folks out therejust aren't too sure of how to create
a retirement income budget and how tohave a successful retirement plan. So here's
the offer right now for the nextfifteen callers. In the next fifteen minutes,
come on in and see us andask us for the retirement budget plan.
Will help you build it. We'llmake sure that you're not forgetting anything.

(28:18):
We have twenty over twenty years ofexperience helping people just like you do
just that, and you'll be betteroff for it. Quite frankly, you
deserve it. You give us acall right now. Eight hundred nine four
zero six nine seven nine. It'sthat simple to get yourself a spot on
the calendar with Trip and the team, and it's a chance to get a
comprehensive financial review. There's no cost, there's no obligation, and it starts

(28:41):
with that phone call. Eight hundrednine four zero six nine seven nine.
Eight hundred nine four zero sixty nineseventy nine. We're going to take a
quick break. We're coming right back, though We've got more here on the
road to retirement with Trip Limehouse,creating income in retirement is critical. The
question becomes, how can we innerateregular, dependable income in retirement. We'll

(29:04):
break it down when we come rightback. Is set a blow to avest,
do it right now, break thenext. It takes courage to face
up to things like volatile markets andWall Street money traps. If you're unsure,

(29:26):
worried, or losing sleep about yourmoney, do something about it.
Called Trip Limehouse, host of Roadto Retirement eight hundred nine four zero six
nine seven nine, or text Triptripp to eight hundred nine four zero six
nine seven nine. We've made iteasy for you to take advantage of this
fantastic offer. All you have todo is call or text Trip to eight
hundred nine four zero six nine sevennine. Hey, welcome back, everybody.

(29:51):
The Road to retirement continues. TripLimehouse is here. He is the
guy behind the wheel, helping us, guiding us, coaching us alone each
and every mile of the road toget to that retirement that we have worked
so hard for. Trip can helpmake that trip smoother easier. He's been
doing it for more than twenty years. And you know, you've got a
great well You and Jonathan there arejust great with folks. And you know

(30:15):
we're going to dig into an areahere that I like, because really retirement
is all about the income and creatingthat income. And I like what you
said, regular dependable, how aboutsustainable income? Well, I think that
you know, for those that havebeen listening on an ongoing basis, by
the way, welcome back. Andeven for those who are maybe new to

(30:38):
this show today, there's there's thisstatement that I mentioned often, so pay
close attention your income during retirement.We'll determine your outcome during retirement. So
you just simply cannot overlook it.You cannot assume it. You can't wonder

(31:03):
how long you'll have it, youcan't wonder where it's going to come from,
and you can't question how much itwill be. I mean, I
know I just said a lot,but reality is we gotta pinpoint it,
okay. I mean, our lastsegment, we just talked about the B
word budgeting and we talked about savinga little bit. You know, we

(31:27):
come we obviously combine when we're buildingplans for you guys out there, which
is what we do at here atLimehouse Financial eight hundred nine four zero six
nine seven nine limehouse Financial dot com. When we build plans, we are
definitely budgeting and saving, and we'reyou know, placing a huge, really

(31:49):
huge emphasis on the income and thedistribution plan. And quite frankly, Steve,
I think, actually I don't think. I know that is one one
of the many reasons that people cometo see us because they're lacking. Okay,
they do not have this major pieceof if you will, the puzzle

(32:14):
for retirement, you know, andit's the income and the distribution plan.
So you know, some strategies soI'm going to talk about that can help
provide regular, dependable income into retirement. I mean, just kind of diving
right into them. One of themwould be a pension or an annuity.
So when I do these workshops,which I have very often, and now

(32:37):
that I'm thinking about it, I'mhaving one May the eleventh, Thursday,
May the eleventh, at the LexingtonCounty Main Library on Augusta Road at six
pm. If you'd like to attenda live event on social security and income
plaining, let me know. It'sThursday, Made the eleventh that the Lexington

(32:57):
County Main Library at six pm eighthundred nine four zero six nine seven nine.
Give me a call if you'd liketo attend that. But when I
do these events, Steve, Iask the attendees who in the audience has
a pension, and you know,a couple of people may raise their hand
and I'll say, okay, howmany of you have begun the income from

(33:24):
the pension? And then you know, usually most hands will go down.
Maybe there's a person that has alreadybegun, and then I'll say, okay,
sir, you have a pension,and you've begun your pension. Do
you like your pension? And youknow, I always get this big old
grin, and then everybody's kind oflooking at this one person in the room,

(33:46):
not me, you know, andand the answer is yes, okay,
folks. People like pensions because they'reconsistent, dependable, reliable, stable.
I mean they come in like clockwork, right. So if you have
a pension or an annuity which wouldpay you regular income, a regular income

(34:09):
stream throughout your retirement, that's avery positive thing. Okay. In particular,
it's guaranteed income, and the amountthat you're going to receive is definitely
going to depend on, you know, what the pension said in the beginning,
or what option you chose, orif you did have an annuity that's
paying you guaranteed life to income,you know how you structured it. So

(34:32):
I would like to point out topeople who are listening currently that you know,
if you would like to have apension, because you would, you
know, just it would feel better. I mean, imagine imagine this,
It would feel better to know you'renever going to run out of income.
Okay, as long as you're alive, you will always have this income.

(34:52):
If you'd like to have that,but your job doesn't give it to you,
just ask me about the personal pensionplan and we can build one for
you. So don't think just becauseyou don't have a pension that you can't
have a pension. Okay, Um, we can build it for you.
So I think that that's a that'sa key you know, way, um

(35:15):
to provide income during retirement. Andand also I have to have to mention
this to you guys out there.If you have a pension and it's a
cash balance plan, you need toask us for the p b A okay.
And that stands for pension benefit analysis. Okay, the PBA pension benefit

(35:37):
analysis. That's not the pro bowliation, we'll go there later, right,
cool, but the pension benefit analysis. Okay. So somebody has a cash
balance pension plan, they've got tomake a big decision, Steve. They've

(35:57):
got to They've got to decide dothey want to take a lump sum and
to put it into an IRA,which by the way, is a non
taxable event, or do they wantto just take the income that's being offered.
Now, sometimes taking the income that'sbeing offered by that pension is going
to be the best way for themto do it. But just as many
times, or maybe even more times, taking the cash balance pension plan,

(36:22):
rolling it into an IRA and thencreating your own plan could be much more
beneficial. So don't discount that.If that's you, folks, call in
right now one eight hundred and ninefour zero six nine seventy nine and just
ask me for the pension analysis andI can help you with that now.

(36:42):
Another, and this is huge forpeople. Another big thing that's going to
create income or give you a regular, dependable income at least where you're hoping
for now is going to be SocialSecurity. I mean, this is a
guaranteed income source. The amount youreceive is going to depend on your earnings
history. And by the way,the way the way they calculate your your

(37:04):
estimated benefit is they take thirty fiveyears of averaged indexed monthly earnings. They
have three bend points that they usein their formula, and then they calculate
what's known as your primary insurance amountor your full retirement age benefit. So
you know for most folks listening,full retirement age is going to be around
sixty six, sixty six and ahalf, potentially sixty seven. Folks,

(37:27):
if you take social Security, ifyou file for it before your full retirement
age, it's going to be reducedbenefit, and if you wait longer,
it's going to be an increased benefit. Okay, So don't just simply say,
oh, I'm eligible for Social Security, I'm going to file for my
benefit because it might be to yourdetriment. Okay, maybe there is a

(37:47):
way that we can maximize your socialSecurity benefit. The social security roadmap really
is how we determine that. AndI say it over and over again.
I'm going to say it again rightnow. Everybody needs a social security roadmap.
So two things I've mentioned so farin this segment that a lot of
people I would say most people whoare listening do not have is an income

(38:12):
and a distribution plan and also asocial security roadmap. And you just got
to have that, guys, Sopay close attention. You gotta have it
because these are these this is theknowledge. These are the tools that we
share with you when we get togetherso that you can have a very clear

(38:35):
understanding and most importantly, be comfortablewith where you are and where you're going.
You just can't continue to approach thisnew destination called retirement lightly, okay,
And I doubt that there's a lotof people out there that are taking
it lightly, But I know thatthere's a lot of people out there that

(38:55):
just don't quite know what to do. Worry no more. You are in
the right place with a Limehouse Financial. This is what we do and we're
very good at it. Just checkout our Google reviews and you can hear
what other people are saying about theirexperience with us. So all right,
now there's also this thing called awithdrawal strategy. Okay. So we've talked

(39:19):
about a pension and a nudity,we talked about social security. Now we're
gonna talk about a withdrawal strategy.So now this is pretty simple, I
mean, Steve, what this wouldbe for somebody is if somebody has an
account, which, by the way, everybody needs a plan, and just
throwing that out there again, everybodyneeds a plan. There's a difference between
an account and a plan. Butif somebody has an account, okay,

(39:44):
and they start withdrawing a fixed percentageof that portfolio, every year. That'd
be a withdrawal strategy, okay.And the percentage that a person could withdrawal
is going to vary, and it'sgoing to depend on mark conditions. But
the overall goal is to provide dependableincome while preserving a portfolio. That's the

(40:07):
overall goal. So I was havingthis conversation Steve with a couple recently and
said, hey, there's three waysthat we can generate retirement income. The
first way is you just have apile of cash and you just take money
out of it, out of it, out of it, out of it,
and however long it last, itlasts. So if you've got one
hundred grand and you're taking ten thousandout, it's gonna last ten years and

(40:28):
you're done. Okay. Now.The second way is you have a portfolio,
and that portfolio is going to beinvested in whatever it may be invested
in, okay, maybe bonds,maybe equities. However it's going to be
invested, okay, and then youtake money out of that over time.
Now there's this risk that's called sequenceof risk. Excuse me, sequence of

(40:50):
returns risk. Okay. So ifthe return is negative and a person is
having a withdrawal strategy to pull moneyout of this portfolio over their retirement.
If the return is negative and they'repulling money out of this portfolio, then
that's really going to change the futureof a person's retirement. It really is

(41:12):
okay, So that should not bethe only way that a person moves forward
in retirement. The third way wouldbe to have what we use what's called
risk transference, and we're implementing strategiesthat are available out They're readily available out
there. By the way, someof these strategies can help you recover if
you've lost ten or twelve or fifteenpercent. They can help you recover what

(41:36):
you've lost and increase that retirement income. But doing it the third way,
you have the personal pension plan.You have guaranteed predictable, stable income that
comes in month in a month outas long as you're here, so you
never face the sequence of returns risk. And you also remove longevity risk from

(41:58):
the table, which is the possibilityyou outliving your money. So you just
need to understand there's a lot ofways we can create income. Now Here
at Limehouse Financial, we are comprehensiveholistic planners, so we show you all
of those ways and more than likelyin your plan, we will include all
of those ways to generate retirement incomefor you. So you know, there's
dividend paying stocks. I got totalk about those right now. They seem

(42:22):
to be a pretty good fail safe. You know, some people are also
you know, another source of income. Some people are also doing things with
rental income, Steve, that's apretty common So real estate is a big
deal and certainly a lot of peoplegot into it and are still in it,
and that can be a part ofa retirement plan, can it?

(42:43):
Yeah? I mean it really.I'll just say one of the most successful,
actually, I don't say one ofthe most The most successful client that
I have has a portfolio of overfour hundred rental properties. Wow. Yeah,
And this gentleman is in his midseventies and has a seven figure cash

(43:05):
flow on an annual basis. Imean, that doesn't happen. So he's
the most successful client I have.But he's done it all through real estate.
So if don't discount real estate,I mean there's a whole lot that
goes on with it. But ifyour own rental properties, it definitely can
provide a regular, dependable income streamin retirement. You know the income can
fluctuate depending on the rental market inthe area and the costs associated with holding

(43:28):
it and maintaining it, and atthe taxes you pay, etc. But
I will say you know, overhis lifetime, you know, over fifty
years, he has definitely built anempire. Folks. In this segment,
we've been talking about ways to createincome in retirement, and you know that's
going to be what you need toget you where you want to go,

(43:49):
keep you there and allow you tobe independent and in control. So right
now, for the next fifteen callers, in the next fifteen minutes, what
I'm offering you is the income andthe distribution plan. You need to have
that in your possession to know whatyou have, how long it's going to
last, and what things are goingto look like for you as you move
forward. Eight hundred nine four zerosix nine seventy nine. Call in right

(44:10):
now and ask me for the incomeand distribution plan. Hey, folks,
here it is. It's a greatway to get yourself on that right road
to retirement. Eight hundred nine fourzero six nine seven nine. You've heard
trip call right away. You'll getthat comprehensive financial review. You'll see where
you are today. But more importantly, it does become that roadmap. It
can help get you to where youneed to be. Eight hundred nine four

(44:30):
zero six nine seven nine. Eighthundred nine four zero six nine seven nine
one more quick break. We're backwith another segment right here on the road
to retirement with your Flymehouse coming upnext. Our final segment, and that
means questions from you and answers fromme. Stay tuned. You've worked all

(44:55):
your life, you've saved, you'vefollowed all the rule. Now it's time
to retire. Here's the question.Who do you want relaxing and taking it
easy, your nestach or you?Well, of course you want to relax
and travel and enjoy and nestagg You'vegot more work to do for a retirement

(45:15):
that maximizes your portfolio, your socialsecurity, avoids unnecessary risk, protects you
from pitfalls, and frankly lets youretire and keeps the nestake working. You
need a retirement partner. You needsomeone looking out for your best interests and
building a plan for you based onyour situation. Called Trip Limehouse at eight

(45:37):
hundred and nine four zero six nineseven nine or text trip tripp to eight
hundred and nine four zero six nineseven nine. That's eight hundred nine four
zero six nine seven nine. Ortext Trip to eight hundred nine four zero
six nine seven nine. Hey,welcome back everyone. This is the road

(45:57):
to retirement with Trip Limehouse. Tripis fiding us along, he's coaching us.
He's giving us the right maps tofollow to get us to where we
want to be in retirement. Itsounds so easy. Well it is if
you give Trip a call eight hundrednine four zero six nine seven nine.
All right, We've got folks answerasking questions. But I want you,
I want you to remind everybody againabout your live event coming up on the
eleventh of May. And it's goingto be a big deal. Oh,

(46:22):
it is a big deal. Imean it's always a big deal to get
out and see people and provide themwith knowledge that's very important that potentially could
be life changing for them as theymove towards their road to retirement journey.
Yes, sir Steve, our Incomeand Distribution Planning Workshop, our social security
workshop is going to be held onThursday, May the eleventh at six pm

(46:45):
and the location is the Lexington CountyMain Library on Augusta Road, folks,
if you'd like to attend that,please let me know so I can have
a spot reserved just for you.Eight hundred nine four zero six seven nine.
This is a no cost and noobligation informational meeting. Okay, Thursday

(47:07):
May the eleventh, six pm,Lexanyon County Main Library in Lexington Social Security
and Income Planning Workshop. Would loveto see there. We have a lot
of fun doing just that. Youknow what else I have a lot of
fun doing. I have a lotof fun walking Fozzy and d Yeah,
caller recently and they said, Trip, you know, you know you talk
so much about your labor Toodle andyour golden doodle Fozzy, and days you

(47:30):
haven't heard about them for a while. Well, I just want to let
all my listening audience know that thedogs are doing awesome and they're enjoying this
nice weather. We're getting out walkingand um, you know I mentioned a
couple times I've got this one leash. When I'm walking both dogs, I
can put it like it has aone handle so to speak, to hold

(47:50):
onto, and then it two ends, one for each dog. So I
like that, and I really likethat because I can not only walk Fozzy
and Daisy and hold them on theleash in the left hand, but on
the right hand I can hold Amy'shand and I love to do that.
Yeah, I know, my specialprecious, my best friend, love of

(48:13):
my life, Honey, I loveyou so much, thanks for being my
sweetie pie. Amy. So wewe'd like to do that, and she
knows I'm in for some hand she'sin for some hand holding if we're doing,
um, the the double leash.Otherwise we'll just do single leashes.
But anyway, for that caller Rondawho asked about Fozzi and Daisy, yeah,
they're doing great and I appreciate that. So we are having fun here

(48:36):
on the Road to Retirement show.Folks, do come out in that event
that I just mentioned. Um,you won't regret it. It'll be a
great investment of an hour of yourtime and a lot of your questions m
more than likely will be answered.At least we'll get a taste of what
we do, how we do it, and um, you know, you'll
be updated on things that you needto be updated on. Quite frankly,

(48:57):
there's a lot of ways to dothings, the old ways and new ways,
and you really do need to knowabout some of the new ways to
be doing things. I mean,are the times that we're living in right
now are really kind of crazy.A lot of things converging at once,
potentially happening with things potentially happening withour dollar, you know, with taxation

(49:21):
as we're moving forward, recession,I mean inflation, you name it,
I mean legislation. It keeps goingon and on and on. So what
I want to be able to dois teach you guys out there, how
to be in control, how tobe independent, how to be confident about
where you're going and what it's goingto look like for you. Steve,
let's get into questions. You've gotit to trip. Let's see I really

(49:44):
is up first. She is anIRMO and says, I'm coming up on
fifty nine. I have a coupleof mill across Ira Roth IRA four OL
one K and Roth four O oneK and an E s op, as
well as two hundred k in myfour OL one case. Wow, I
do not have a cash nestake,but you got a bunch of cash.
I'm ready to retire, she says, but I'm not sure how to do

(50:05):
healthcare and bridge the gap. It'sall in my retirement accounts. I've got
a great job, but I'm readyto make my exit. What are my
options? It sounds to me likeshe's set up pretty well. Huh well,
thank you so much for calling inand being a listener on the Road
to Retirement show with Limehouse Financials.So I gotta share with you. It
sounds like you've done a great jobsaving You've got some tax to her and

(50:29):
some non taxable stuff going on here, and you know you're ready to be
out of the workforce. You cando it, you know, you combine
social Security with the assets that you'veaccumulated, put it all together in an
income and a distribution plan, andyou might be just surprised about what it
looks like for your how good itlooks like for you? So what are

(50:50):
your options? Well, I wouldsay the sky's the limit. You know,
fifty nine and a half is theage that we need to get to
so that you can take money outof those retirement accounts. And by the
way, I think the key thingfor you is going to be turning those
retirement accounts into a retirement plan,which is what we do. So don't
worry. You're in the right placehere at Limehouse Financial you know, as

(51:12):
far as healthcare is concerned, wecan show you how to bridge the gap
to get you to medicare. Lotsof ways to do that with the Affordable
Care Act Currently, you may evenqualify for the Advanced Premium Tax Credit,
could potentially make your healthcare costs zero. But come on in and see us,
and let's just do for you whatwe do for others. Build you
a financial plan that defines your optionsclearly and gets you out of the workforce.

(51:37):
All right, let's see, letme have to have for one more
here, let's go to Otto inGilbert. Otto says, I plan to
retire at sixty three and take solsialsecurity at that time. I'm four years
away right now. I have amix of financial accounts, so I'm looking
for suggestions on how to best reconreconfigure or combine these accounts once I stop

(51:57):
working. And how do you goabout acts sing your retirement funds? Do
you move like once a month amounttoo into my checking account? Basically I
want an easy way to set itand forget it. Well, just call
trip Atto. He'll make it happenfor you. And our last caller,
you know, kind of was thesame question in essence, basically otto,
we just need to build you aplan. We need to show you how

(52:21):
to put the you know what you'veaccumulated together all maybe under one umbrella.
That's common a consolidation as we wouldcall it. And uh and then as
far as your distributions, we cando it however is appropriate for you,
once a month or annually, whatevermay work for you. Folks. You
know, the bottom line is weare income and distribution planning experts. You're

(52:44):
in the right place. If youwant a successful retirement. Give me a
call and ask for that. I'llprovide it for you, a plan to
get you there and keep you there. Eight hundred and nine four zero six
nine seven nine. Give us acall. As tip Trip just said,
it's an opportunity for you to sitdown and get a fun roadmap put together
once and for all. It's anexcellent chance for you to get a comprehensive

(53:05):
financial review if you've never done itbefore. There's no time like the present.
Eight hundred nine four zero six nineseven nine. It's an opportunity to
get that and get a roadmap thatwill help guide you to put you on
your road to retirement. Eight hundrednine four zero six nine seven nine eight
hundred and nine four zero six nineseven nine. Trips always a pleasure to
be here. It goes by thevery very quickly, but we have a
good time and I always learned thingsTrips. So thank hey, Steve,

(53:29):
thank you for all your hard work, and folks. Tune in next week
for another great episode of the RoadRetirement Show with Limehouse Financial. Until then,
God bless you. Information provided isfor illustrated purposes only and does not
constitute investment, tax or legal advice. Information has been obtained from sources that
are deemed to be reliable, buttheir accuracy and completeness cannot be guaranteed.

(53:51):
Either Trip Limehouse nor his guests areliable for the usage of information discussed.
Always consultable the qualified investment, legal, or tax professional before taking any action