Road to Retirement 05-27-2023

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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. Welcome into the

(00:21):
Road to retirement. Trip Limehouses hereguiding us along as he is each and
every week. You know, gettingto retirement takes a lot of planning.
Just ask Trip, He'll give youthe four letter word P L A N
and Well, part of that planhas to include expenses that are sometimes overlooked.
So on today's show, we're goingto kick it off with some things
that maybe you should not overlook andput them in your budget. What do

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you think, Trip, Essentially,folks, what we're talking about is ways
that you may save a money.When we come back on the Road to
Retirement show, which by the way, is not your average ordinary retirement planning
show, we're gonna get real withyou on things to not overlook on the
Road to retirement journey. Do youwant to avoid taking a wrong turn or

(01:07):
your retirement road. The road toretirement is a long one and if you
just don't want to make Roman RoctorWells, buckle up. We're getting ready
to take a retirement road trip together. It's the road to retirement with Trip
Limehouse. It's the perfect dimemound tomap it out. That road to retirement
is key, is key to geton the road to financial security and independence.

(01:30):
Just like many of Trips happy clientsin retirement partners, my money is
safe using the green line principle thatyou taught me about. Thank you so
much. Let's get this trip started. It's the road to retirement with Trip
Limehouse. Hey, welcome to everybody. This is the road to retirement with

(01:51):
Trip Limehouse on consim revigencies. Butall Trip of course, been helping folks
for more than twenty years. Youwill find him at the Limehouse Financial House,
financial dot com. He's got experienceand certainly expertise and social security planning
and tax planning. And Jonathan O'Reillywill look over his shoulder and make sure
everything is crossed ice crossed, he'sdotted. What do you think? I

(02:14):
think that it's a good assessment yeah, i'd tell you what. I love
that guy, Jonathan O'Reilly, myinvestment advisor here. You know, he's
around for m a lot of reasons, and one of them is to do
just that. I mean, eventhat's biblically a strand of more than two
chords or whatever, the verses can'tbe broken. I mean, there's strength

(02:34):
in numbers, and you know what, folks, that's what you get here
at Limehouse Financial, strength in numbersbecause I'm not only is there one guy
helping, but there's two. Andyeah, he does keep me straight.
Steven. By the way, Jonathan, thank you for doing that. One
of these days we're gonna get himon the area. I'm hoping I could
definitely definitely, folks. The Roadto Retirement show is what you're listening to.

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I'm trip Limehouse. Our number iseight hundred nine zero six nine seven
nine, and you can find uson the web at limehouse Financial dot com.
So you know, everybody out there, Steve is headed to eventually.
This thing called retirement is a newdestination, a new journey. And because

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of that, think about I'm thinkingabout when Amy and I were in Ireland,
right we visited Ireland this year forour twenty fifth anniversary and her birthday.
And I'm telling we rented a carand we drove about thousand miles.
Now I'm in a new place.I've never been there before, and the

(03:37):
GPS is telling me kind of youknow what to do, where to go
right, and I know I'm gonnaeventually get to the destination. Eventually.
I'm driving on the wrong side ofthe road, on the wrong side of
the car and emmanual transmission. Sowe're really having fun. Amy's enjoying the
ride, reading her book. Honey, I'm glad you could do that.

(03:58):
You could be your great copilots.Weeth heart a love you, so she
h. You know, we're havinga great time. But I had no
idea, like time wise, Iknew I was gonna get there, But
because I had never been to thisdestination before, I was seeing new things
along the way, discovering things alongthe way. Oh look at that,
look at that, look at that, and sometimes we pull over, take
a picture or whatever. And folks, retirement is the same for you.

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Okay, you're going to a newplace, you've never been there before.
It's a destination, and you wantto stay there because it's pretty cool,
and really it really is. Butthere's things though, And as we opened
the show today, we talked about, you know, retirement takes a lot
of planning. There's things that canand often are simply overlooked. Right,

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you know I want to talk aboutfour one K and IRA early with drawal
penalties. Sure, yeah, wellagain, I mean those are realities that
we have to face, and sometimeswe're not aware of just what can bite
us if we don't know some people, some people view their tax to furred
retirement account. Notice I say account, not plan, because folks, there's

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clearly a difference between you just havingmoney somewhere and having a plan. What
everybody needs to be successful is aplan. If you'd like one right now,
call me. I'll build it foryou. Eight hundred nine four zero
six nine seventy nine a financial plan. Everybody needs a plan. And sometimes
there's so much money that's accumulated ina tax to furred retirement account and there's

(05:27):
not enough money that's outside of it, meaning like in a checking or savings
or CD or money market or whatever. So people will have to as a
result of an unexpected event, they'llhave to dip in to their dollars that
are earmarked for retirement. Now there'sa consequence to that that everybody out there
needs to understand, and that's ifyou are under a certain age, you're

(05:49):
going to pay penalty for doing whatI just mentioned. Okay, Now,
with extenuating circumstances, the penalty mightbe irrelevant because if you need to put
your hands on some money, youneed to put your hands on some money.
I will share this with you.For a four oh one K,
there's something that you can do.You can borrow against it. Typically a

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plan will allow up to fifty thousanddollars to be borrowed out of it,
okay, and then repaid back toit. If you'd never repay it,
you're going to have to pay taxeson them out that you took out.
And if you're under fifty nine anda half and you borrowed against your four
o one K and never paid itback, then you're going to pay a
ten percent penalty. So that's somethingthat you don't want to overlook right there.

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But if your money is let's justsay not in a four oh one,
let's say send an IRA. Thereis no loan provision with an IRA.
You know in general. And soif you're in a predicament and you
just have to take money out ofit and you are not yet fifty nine
and a half, you're in factgoing to pay a ten percent penalty for

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taking the money out. So ifyou withdraw ten grand, you're gonna pay,
you know, one thousand penalty tenpercent for taking the money out,
and you have to pay taxes.So we've seen people Steve in our office
here at Limehouse Financial, that haveencountered this that they weren't aware of it.
So we definitely wanted to bring itup today and we're going to continue

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even on into the next segment.And by the way, folks, stay
tuned for the next segment, becausewe're going to continue this right you know,
they people have come in and they'veexperienced this, they've encountered this unknowingly
it was overlooked, and then fromthat point forward it was a learning lesson
for them and you know, theyjust had to do as best they can
from that point forward. But whatwe hear at Limehouse Financial when we see

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people, and by the way,we want to see you folks. Give
us a call right now. Eighthundred nine four zero six nine seven nine
come on in and see us fora no cost, no obligation appointment will
help you with all this stuff.Okay, but we're hearing from people they're
thankful to be working with us becausewe're helping them with this type of thing.
So I want to point out topeople out there, Steve, if

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they are outside of that fifty nineand a half age bracket, meaning they're
over it. Okay, there's somethingthat everybody needs to be paying very very
very close attention to right now.Okay, so folks tune in, all
right, you don't want to missthis. If you're fifty nine and a

(08:22):
half and you have money in afour or one K four or three b
TSP that type of attacks deferred account, you potentially and in most cases it
does work this way could roll thatmoney out into an il ray that I
could set up for you, andthen you have transitioned from having just an
account to having the four letter word, the PLA N And there are so

(08:46):
many advantages to doing this, potentiallyless cost within the plan, more investment
choices. But the best part aboutit is what you've done is you've moved
from the passenger seat to the driver'sseat. Because is when you have an
account, you're just a passenger.But when you have a plan, oh
there you go, there you go, you're behind the wheel driving. Oh

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yeah, And not only that,you're in control of the direction that you're
headed. Folks, that's the typeof work we do here at Limehouse Financial.
Call me right now and ask meabout the after age fifty nine and
a half opportunity that you may haveto further your cause on the road to
retirement journey eight hundred nine four zerosix nine seven nine. Sounds like a

(09:31):
plan trip, and that's one ofyour favorite words. Yes, get your
plan eight hundred nine four zero sixnine seven nine. It's a comprehensive financial
review and you walk out with aroadmap that'll help guide you to where you
need to be when it comes toretirement. You've got nothing to lose.
Give us a call. Eight hundrednine four zero sixty nine seventy nine.
Eight hundred nine four zero six nineseven nine. Folks. We've been talking

(09:52):
about not overlooking the things that youneed to pay close attention to so that
you will be successful on the roadretirement journey. We're gonna continue on with
that right now. Do you everfeel like you are fighting for financial knowledge.

(10:13):
Don't let bad advice be a punchin the gut chinger retirement. Take
advantage of a complimentary and no cost, no obligation consultation with a local,
trusted financial coach called Trip Limehouse ateight hundred and nine four zero six nine
seven nine, or text Trip Trippto eight hundred and nine four zero six
nine seven nine. That's eight hundredand nine four zero six nine seven nine,

(10:37):
or text Trip to eight hundred andnine four zero six nine seven nine.
Hey, welcome back. This saysthe road to retirement with Trip Limehouse
Trip guiding us along, coaching usup, and really setting us up for
the kind of retirement that we want. Smooth Salem, that's what we're talking
about, Trip, Isn't it smoothSalem. I was on the lake the

(10:58):
other day in Man, it's beenso nice out, awesome, Glory be
to God for the sunshine in andcalm day. Yeah. We took the
boat out and I was, youknow, it was calm, but I
was watching this sailboat and I waslike that it just makes me feel like
even more relaxed right now, justwatching it slowly go. You know.
But one thing I can tell youabout that sailboat. It was headed in

(11:20):
the right direction and whoever was behindthe helm was in control because they had
prepared and not overlooked anything. AndI can guarantee you before that sailboat left
the dock, the captain, ifyou will, now, it wasn't this
large vessel. Don't misunderstand me.We are talking about Lake Murray, but
I can guarantee you that the captainof that sailboat made sure that things were

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there that needed to be there anddidn't overlook anything. Folks, if you
didn't get a chance, you cango back and listen to the first segment
of today's show on the Road toRetirement Show with a Limehouse Financial I would
encourage you to do just that.We put it out there on purpose,
are very intentional about it. Apple, Spotify, a Google, iHeartRadio,

(12:07):
wherever you might get your streaming musicor whatnot the Road to Retirement Show.
Go back and listen to that andyou'll catch up with what we are talking
about right now. And continuing onwith right now, we wrapped up last
segment talking about potential penalties for takingmoney out of tax of her retirement accounts
prior to age fifty nine and ahalf. We also included some strategies in

(12:30):
there on what you may do withdollars that are there if you had to.
Okay, we're gonna get in nowto talking about something that I find
I don't know at times perplexing,I guess you would say, but Steve,
for most people out there, theydo not realize they have a partner

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in their retirement account with them.Yes they do. It's your favorite uncle,
uncle Sam. That's right, itis, folks. It's the I
R S, the i R Sand essentially any tax deferred retirement account that
you have is basically an IOU tothem. So I often say it,

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your IRA is an IOU to theirs, and that's because they are going
to require, yes, they aregoing to require that you withdraw money even
if you don't want to or needto. Now what I'm talking about now
is called the r D Required minimumdistribution. Okay, So this is what

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IRUs says that you have to takeout of that tax deferred retirement account.
And again I'll say it like Isaid on the first segment, it's an
account, folks, unless you actuallyhave a plan. You don't have a
plan, Okay, so exactly right. Don't don't assume that just money.
There is a plan. And forthose of you listening right now, I
want you to think about this.Are you not the most important person to

(14:01):
yourself? Yeah? I mean youshould be, right of course. That's
why we call it positive self esteem. We feel good about ourselves, we
like ourselves, we esteem ourselves right. Well. One of the things that
you can do, because you areso important, is you could call in
and ask us to get together andtalk about these things with you, to
make sure that you're going to doas good as you can possibly do.

(14:26):
As you're moving towards or maybe alreadyin or on the road to a retirement
journey. Eight hundred and nine fourzero sixty nine seven nine call in,
ask me for some time. I'llgive it to you. But these required
minimum distributions that the IRS requires youto take out of these retirement accounts.

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Formerly, before the Secure Act oftwenty nineteen passed, they required you to
take money out at age seventy anda half. Secure Act twenty nineteen passed,
they pushed it out to seventy twos Your Act twenty twenty two pass
Now it's pushed out to seventy three, inching its way over a period of
the next couple of years. Stageseventy five. Okay. The bottom line

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is though, that you have totake money out Steve, Steve, I
want to tell I love to dothis, and I think our listeners really
appreciate this. And by the way, listeners for my long term listeners,
great to be with you again.I'm loving it. And if you're new
to the show, you probably havealready picked up on the fact that this
is not your average, ordinary retirementincome planning show, because there's nothing ordinary

(15:33):
about me Trip Limehouse eight hundred andnine four zero six nine seven nine.
We'd love to help you accomplish yourgoals, but this R and D thing
is serious, and the story Iwant to share is of a man who
just came to see me. Hehad retired from Siemens, a rather large
corporation, and he held a prettygood job with him, by the way,

(15:54):
for the duration of his working yearsin access of thirty years with the
same company. Retired with the pension, so he has a hefty f depension.
He and his wife both have SocialSecurity and then they have guess what,
Steve, RMDS, you got itthey what they have are a small
fortune in tax deferred retirement accounts.So he comes to one of my workshops,

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which, by the way, folksalways be tuned in for that.
On limehouse financial dot com. Wehost typically two live events monthly. We'd
love to have you at the nextone. Check limehouse financial dot com out
for when we're having in and whereit will be. But he came in
and he, you know, froman hecent an event, made an appointment,
came in and he said, hesaid, I have a problem,

(16:37):
and I was looking at you knowwhat he provided me with the information on
his finances, and I was like, I was pretty confident he was going
to tell me that he did notwant to take any of the money out
of his account. Well, thatis in fact what he said. You
know, seven figures sitting there,high seven figures sitting there in a tax
deferred retirement acount. Steve, hisrequirementium distribution was going to be an excess

(17:03):
of ninety five thousand dollars his firsthis first year, ninety five thousand dollars.
Okay, now he didn't he doesn'tneed it, doesn't want it,
but has to take it. Sohe and I began to have this conversation
about the most tax efficient ways forhim to to do just that. We
started talking about some creative ideas,maybe a charitable major trust or wealth replacement

(17:27):
trust, you know, for ourhigh net worth individuals out there, that's
the type of work. We're helpingthem with things that they've never heard about.
We're talking about. You know,folks come to see us every day
who have an advisor, planner,broker agent. They come to see us
because we talk about things that they'renot hearing about. And Steve, they
become clients because we're showing strategies thatthey can implement to benefit them that others

(17:49):
aren't showing. So that guy retirefrom seamans, we're now helping him to
cultivate how to handle these rmds.Okay, but the deal is, folks,
you do not want to miss thermbs, going back to things to
not overlook, because if you overlookedrm D and miss it, you're going
to have a twenty five percent penaltyto pay to the irs. And you
want to avoid that. Call meright now, ask me for the required

(18:11):
minimum distribution Roadmap. I'm going tomap it out for you and make sure
you never miss it. That soundslike a plan trip eight hundred and nine
four zero six nine seven nine.Make that call today, folks, while
you're thinking about it. Smooth sailingis what it's all about. Eight hundred
nine four zero six nine seven nineAgain eight hundred nine four zero six nine
seven nine. We often talk aboutthe importance of a strong retirement plan,

(18:34):
yet many people still believe the beststrategy is just to go with their gut.
You know, that might work whenpicking the right state to grill,
but not necessarily when it comes toplanning for a long road to retirement journey.
Hey, folks, we've mapped outsome common misconceptions that many people believe.

(18:56):
We're going to talk about that whenwe come right back. Getting the
right retirement strategy suited to your uniqueneeds and desires is called hitting the bull's
eye. You can say I nailedit. You actually should say we nailed
it because there's a firm right therewith you putting together the pieces of your

(19:18):
own retirement puzzle. It's a bull'seye plan for you called Trip Limehouse,
Host of Road to Retirement eight hundrednine four zero six nine seventy nine,
or text Trip tripp to eight hundrednine four zero six nine seven nine.
We've made it easy for you totake advantage of this fantastic offer. All
you have to do is call hertext trip to eight hundred nine four zero

(19:40):
six nine seventy nine. Here's ourlook at women of accomplishment, women who
have soared to new heights and shatteredthe glass ceiling curling up. Sally Rod
was not only interested in science,she was also a nationally ranked tennis player.
She earned a PhD in physics innineteen seventy eight while doing research on

(20:00):
the interaction of X rays with theinterstellar medium. Ride was selected to be
an astronaut as part of NASA AstronautGroup eight in nineteen seventy eight, the
first class to select women. Shewas one of thirty five selected out of
eight thousand applicants. In overcoming genderbias. During a pre space flight press
conference, she was asked such ridiculousquestions as do you weep when things go

(20:25):
wrong on the job and let theflight affect your reproductive organs? America's first
eleven astronaut, Ride became the firstAmerican and the third woman in space aboard
the Challenger in nineteen eighty three,many people attending the lawn for t shirts
that says Ride. Sally Ride.She served on the committees that investigated the

(20:48):
Challenger and Columbia Space Shuttle disasters.The only person to participate in both.
Ride died of pancreatic cancer on Julytwenty third, twenty twelve. Sally Ride
one of the many women to shoutat the class sequence We are back on

(21:10):
the road to retirement with trip Limehouse. We are real Well, it's been
a pretty good ride today. We'regot the speed going, got the air
on. It's a beautiful day runningdown the road, getting closer and closer
to that wonderful thing we call retirement. And it can only be wonderful if
you help us planet. Okay,Well, I wouldn't say only, but
I will say that certainly enhanced endand that's certainly successful, right, yes,

(21:37):
and certainly you could rely on it. Why can I say that?
Well, I mean, you know, I'm glad you bring it up,
Steve, because with confidence, howcan I share with our listeners that I
know what we do is effective becausewe monitor it, Okay, I mean
we do with our existing clients.And by the way, for you guys
out there, listening that are partof the Limehouse Financial family. My clients,

(22:02):
I just want to tell you Ireally appreciate you. I appreciate your
business, I appreciate your friendship,your loyalty, and I'm thankful to God
for you and folks, if youwould like to be one of those people,
you certainly are welcome to One eighthundred nine four zero six nine seventy
nine is our number here at LimehouseFinancial, or visit us on the web

(22:23):
at limehouse financial dot com. Iam an income and distribution planning expert social
security expert. I build plans tohelp you get to and through retirement confidently
and successfully. That's what we do. We have a lot of fun doing
it, and hey, we'd loveto see you. You know. So,

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Steve, you know I mean thiswhole thing about going with your gut?
I mean, so, can youthink of an instance in your life
and you don't even necessarily have toshare it with us, but just can
does anything come to mind and timewhen you went with your gut and you
were just way wrong? Oh?Sure, yeah, absolutely, like for
me totally, yeah, I meanit happens. Well, I'll just I

(23:08):
mean, real quick, when didI think when when was going with my
gut incorrect? Recently, when Iwas out by the mailbox and I was
pulling up weeds and Amy walks outthe front door. And I know I've
told this story a couple episodes ago, but it's hilarious. She walks out
the front door and she looks atme and she says, what are you
doing? And I said, I'mpulling up the weeds. And she comes

(23:29):
a little closer and she says,as nicely she can, Honey, you're
not pulling up the weeds. You'repulling up my flowers. Whoop. So
that's I thought. You were justdoing a good thing, right. You
don't have to be asked. I'mjust stepping up and doing my job.
Amy, I love you so much, and thank you for not getting angry
with me for that for doing that. But yeah, there are still a
lot of flowers there. Fortunately shecaught me early in the process. But

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that's an example of when I wasgoing with my gut and it was not
right. So when we tied,when we tied that into retirement planning,
sometimes going with your gut is notgoing to be right. So you know,
short term safety can be somewhat ofa myth. It really can short
term safety and there's a misconception behindit. I just want to bring this

(24:15):
up, Steve. I think thiswill be valuable for our listeners. A
person should be able to better predicta stock price tomorrow compared to predicting where
it will be ten years from now, and there is a much lower chance
of a big drop in a singleday than there is over time in a
given stock or fund. Okay,that clearly is just a misconception. That's

(24:41):
just bunk. That somebody should beable to better predict a stock price tomorrow
compared to predicting where it will beten years from now. That's just a
misconception. And here's the reality though, numerous studies, numerous studies conducted by
economist, market researchers, and investmentcompanies have repeatedly shown that it's often less

(25:03):
risky to hold stocks for longer periods. Okay, So there you go for
that. And by the way,on that note, when we're talking about
taking risk, that's where Jonathan O'Reilly, my investment advisor, comes in.
Loves to help people determine how muchrisk they should be taking, what's appropriate,
and folks, it's a great timeright now to have that evaluated in

(25:23):
your current portfolio. Are you takingthe right amount of risk? Call me
right now eight hundred nine four zerosix nine seventy nine and ask me for
a risk assessment and will help youunderstand if you're looking at this from the
right way and if you're you know, approaching it the right way. Okay,
because we don't want to go alongwith the myth that we just talked

(25:45):
about. I gotta, I gottabefore we wrap up, talk about this
this terminology called a paper loss.Yeah, Steve, it just it's like
sticking even me, like when somebodysays, oh, you know, and
this is happening a lot recently.Oh um, I lost one hundred eight

(26:07):
one hundred and eighty thousand dollars lastyear, but it was just a paper
loss. It's gonna come back.Oh my gosh, you knowing me.
And then they say, if Idon't sell my losing position, then I
don't have a loss. What Imean, Come on, folks, get
with the program. Okay. Stopaccepting that as an answer from your current
broker, planner, agent, oradvisor. It's just a paper loss.

(26:30):
It's not just a paper loss.That's nonsense. Okay, you're losing money
in a You are losing money ina declining stock regardless of whether you actually
sell it or not. Now,your actual loss is the same regardless of
what is or is not recognized onthe tax return. Okay, um,

(26:52):
you know, just don't fall forit. That is just not accurate.
So that that makes me right.Now, I want to talk about some
folks. Pay close attention, Payclose attention, the green line principle.
You need to understand this, Okay. I want to educate you about how
this can benefit you during these veryimportant years of your life called retirement.

(27:17):
The green line principle is a safemoney strategy where you cannot lose any money.
Zero is your hero. You havea lot of upside potential, and
we can also create guaranteed income forthe rest of your life, also known
as the personal pension plan. Steve, I'm telling you, time after time
after time after time, people cometo see us and they have this account.

(27:40):
They don't have a plan, andthey're working with the person and this
green line principle has never come up. Okay, well, number one,
it can't come up because I trademarkedit. But the strategy whatever it is.
No, it's not talked about becausepeople really just don't know what they're
doing out there. A lot ofpeople don't know what they're doing the client

(28:03):
and the advisor, broker, planeor agent or whatever. Right, folks,
this green line principle could potentially changewhere you are, keep you in
control, allow you to be independentduring retirement. So a lot of you
right now, are you encountering theeffects of a volatile market and wondering what
to do. Call me right nowand ask me about the green line principle

(28:30):
one eight hundred and nine four zerosix nine seven nine. I'll share with
you how potentially it could put youin control and allow you to maintain independence
during your road to retirement journey thegreen aligne principle and again, take advantage
of it, folks, that canreally make a difference for you. Eight
hundred and nine four zero six nineseven nine. You're going to get the
comprehensive financial review. You're going tohave really a roadmap that'll help guide you

(28:53):
to where you need to be whenit comes to retirement. Don't miss this
opportunity, folks. Make the callwhile you're thinking of an eight hundred nine
four zero six nine seven nine,eight hundred nine four zero sixty nine seventy
nine. Dealing with change is oftendifficult. On today's show, how planning
for retirement has evolved over the pasttwo decades or so, We've got the

(29:15):
top ten challenges in getting to thatnext phase of life called retirement. It's
such a blow to ast do itright now, break there. It takes

(29:37):
courage to face up to things likevolatile markets and Wall Street money traps.
If you're unsure, worried, orlosing sleep about your money, do something
about it. Called Trip Limehouse,host of 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

(29:57):
of this fantastic offer. All youhave to do is caller text Trip to
eight hundred nine zero six nine sevennine. Welcome back, everybody. This
is the road to retirement with TripLimehouse. A trip of course some more
than twenty years, he's been helpingfolks get to and through retirement, and
one of the ways he's been ableto help folks is with the green line

(30:17):
principle. That is again that's atrip unique item. We'll talk about that
today before the show's over. Andagain, I like, I like this
trip. We're talking about change,and we all know that sometimes we just
don't like change, right, That'sright, folks, I mean reality is
change is in fact difficult. Imaginethis. You are driving down the road

(30:45):
and it's the road to retirement journey, and all of the sudden something changes.
Maybe your tire goes flat. Surecould happen. Maybe your battery dies.
I don't know. I mean itcould be anything, right, but
a change occurs, and you're like, huh, oh, my gosh.

(31:08):
Now related to something of that nature, a battery dying, a flat tire,
you know that that's something that wecan control, right, And folks,
at the parallel between that in retirementis that there are things that you
can control, you know, asbefore you get the retirement, when you're

(31:29):
in retirement, as you're on theroad retirement journey. You know, we're
kind of gonna get into a littlebit of that on this segment, okay,
but one of the things we wantto just mention is that things are
different than they used to be.Well, I mean, do you think
about it. You know, mygrandparents for example, they both worked I
mean again kind of ahead of theirtime at that point. But again,

(31:52):
they both retired, they both hada pension, They moved back to my
hometown, bought a house, theyhad for retirement. They I mean,
they had so security, they hadpensions. Life was pretty darn good.
Yeah, like a kind of autopilot. And I bet you know what,
I bet they loved about the pensions. What the predictability, the stability,

(32:13):
existency, and the reliability. Ohoh my gosh. That makes me think
right now, I know there's somebodythat heard me talk about a pension,
and you talk about a pension,and they're wondering, oh, man,
I can I ever have a pension? I will or their thinking I would
like to have a pension, folks, answer is yes you can. A
personal pension plan is what we callit. You know, if you've heard

(32:36):
a family member or a friend ora colleague talk about how wonderful their pension
is, and you've kind of hadpe, you know that stands for well,
I've got a couple of things cometo mind. I'm not going to
go there, but okay, pensionin v is that what it was?

(32:58):
Okay, I know I got somebody'sattention. Now up, folks, if
you're suffering from pe to call meright now. That's a pension envy.
Just to clarify pension envy. Okay, call me right now, because I

(33:21):
can build you what's called the TripleP Personal Pension Plan and you'll be glad
that you did it. Eight hundrednine four zero six nine seven nine.
Okay. But yes, Stee,things aren't different than they used to be,
as you mentioned for your family membersand others. I mean, folks,
you've seen retirement change. It's evolving, it's going to continue to evolve.
So it's not your parents' retirement.I mean the days typically of the

(33:45):
forty year career with the same companyare gone. And a lot of cases
that you know, there's not apension anymore either. The first truth of
retirement is you're responsible for your ownretirement. Okay, you are sad,
but yeah, I mean you knowit's just reality. So I mean that's

(34:05):
okay. I mean, hey,we're adults. We're all adults here.
Even though listen, I'm gonna doit again on the air live right now,
so but I'm gonna have to spellit out so I don't get in
trouble with the channel. The Pthat's a four letter word, guys,
the P L A N. Theplan. That's what you need, okay,

(34:29):
because you are in fact responsible.I mean maybe you already have a
pension of a great you have retirementdollars saved. Great. You know,
you've got stocks, bonds, realestate, whatever may be fantastic. I'm
proud of you. A good job. But if you don't have a written
plan for retirement, you don't knowhow things are going to look as you

(34:52):
continue on your journey. That's that'swhy we use a map to take us
to new places every day. Retirementis a new journey. I mean there's
things we can't overlook. So becauseyou are in charge of it, because
you're responsible for it, and becauseyou matter to yourself, you should call

(35:15):
me right now. You deserve it. Eight hundred nine four zero six nine
seven nine is our number. We'reon the web at limehouse financial dot com.
We're also on TV every Saturday morningat six thirty am on Columbia's WIS
Channel ten. That's ABC, rightbefore the Today Show. So get that

(35:38):
coffee going, turn on that WISand watch The Roads Retirement Show TV yours
truly, trip Limehouse, spend alittle time with us. That way,
we really want you to come tosee us in person as well. I
would invite anybody listening right now thathas any concern about market volatility outliving their
retirement dollars, increase, taxation,the possibility of social security not being around,

(36:04):
any of that, or all thatinflation, recession. If you're concerned
about any of all of that andyou want some help just to make sure
that you're doing this best you possiblycan. Eight hundred nine four zero six
nine seven nine is my number.Call me right now and I'll help you
with that four letter word to play. And now, another thing, Steve
is we're living longer. There's nodoubt about it, right And that means

(36:30):
I mean several things. One,we need more money and two we got
to be sure and take care ofourselves so that we can have that journey
down the road to retirement. Ohyeah, that goes back to controlling the
control. But we can make choiceson an ongoing basis that are going to
you know, impact you know howlong we're here. That's for sure.

(36:50):
We can do it with health,and we can do it spiritually. I
mean that's one of the reasons we'reinstructed in the Bible to become more rooted,
go deeper, right, don't juststay the same place. You know,
we're going to live longer than ourparents. I mean, longevity risk
is one of the biggest risk thatyou guys out there face as you get
older. I mean, the averagelife expectancy for a sixty five year old

(37:10):
is around twenty years. A lotof us live another you know, twenty
five or thirty years after we retire. Good news, though, we have
more opportunities to pursue new dreams anddo the things that God would have us.
Do you know. The downside is, you know you're going to have

(37:35):
to pay for it. So wewant to make sure, folks, that
you do not ever outlive your money. Okay, that is a very real
risk that you face. It's calledlongevity risk, the possibility of you outliving
your money. We were just talkinga minute ago about this isn't your parents'
retirement. How you know your parents'grandparents may have both had pensions, and

(37:59):
how they're now becoming less and lessand less. Folks, Your income during
retirement determines your outcome during retirement.Ask me about the personal Pension Plan one
eight hundred and nine four zero sixnine seven nine, because you do not
want to outlive your money by anymeans. Okay, you I mean imagine
this going through retirement, being incontrol, being independent, having security,

(38:28):
having a regular paycheck. Doesn't thatsound awesome? I like, I mean,
it sounds like that sounds like thekind of retirement I want. Yeah,
absolutely, folks. So that longevityrisk we're just talking about, it's
very real, but it's controllable.We just need to get together and show
you how to how to take thatoff the table. You know, we
talk about all kinds of things here, taxes, healthcare risks, stock market

(38:52):
risk, recovery risk. I gotin this conversation the other day with somebody
about ways to generate income in retirement. Steve, okay, because that's what
it's all about. Well, I'mincome to terms your outcome right exactly.
You got to have it to paybills. So I said, hey,
you can have just in the simplestform. Consider it this way. You've

(39:13):
got cash. Let's say you've gota million dollars, you draw down one
hundred thousand a year. Your cashhas gone in ten years. Easy numbers,
Okay, Then you've got money inthe market and that's invested and you're
taking let's just say a distribution offive percent out of a year and you
are relying on it to live on. Okay, nothing wrong with that or
withdrawal strategy for money in the market. But there's this risk called sequence of

(39:37):
returns risk. Sequence of returns risk, and that's just is when the market
is down and you're taking money out, you're really hurting yourself even more.
Right, So, if the market'sdown sixteen, you take out five to
live on that you have to takeout because it's only strategy you have.

(39:58):
Then you're down twenty one percent,you know you're gonna have to earn the
next year probably I don't know,thirty eight or nine, I don't know
whatever it would be percent to getback to where you were before the decline
of sixteen percent in the withdrawal fivethat's called the sequence of returns risk.
So if you're taking it, ifyour strategy to create retirement income is doing

(40:22):
what I just described, just havingmoney they're invested in withdrawing, I'm just
sharing with you that there's nothing wrongwith that, but there's a risk associated
with it. And probably we needto look at the third way to generate
retirement income, and that's by simplyusing a strategy called risk transference, and
we use the green line principle forit, and we create that personal pension

(40:45):
plan we've been talking a lot abouttoday, and you never outlive your money,
so we remove longevity risk off thetable from you. Okay, asking
about the third way to create retirementincome, I'll show it to you.
I'll make sure it makes sense foryou, and if you like it,
you may say those words that wehear so often. I can do that

(41:10):
and then and then and then yeah, and then what happens after that is
the words are what do we needto what do we do next? Okay,
folks, Um, I'd say agreat next step for you is to
call eight hundred and nine four zerosix nine seven nine. Limehouse Financial dot
com is our website. Glad you'rehere again, all my long time listeners.

(41:34):
It's always awesome to be with you. And um, hey, I
was out listening to some music.Amy and I love music and we were
listening to the amazing Brian Connor andfriends and um we is at a community
park not too long ago. Umand It was a beautiful date listening to
some local music and I saw somebodyand they said, trip trip. I

(41:59):
heard you on the air. Isaid, yeah, man, you know,
having a great time, you know, road retirement. And they're like,
oh my gosh. I told everybodyabout you, and you know,
I need to come in and seeyou. We need to get together and
put together that four letter word.And I just laughed. I said,
come on in. So um,you know, just outseeing people and that
are regular listeners and you know,or sometimes first time listeners. We appreciate

(42:20):
you guys out there for sure.All right, all right, so listen.
Retirement planning evolving over the last youknow, two decades or so.
Top ten changes is what we saidwe're going to talk about. I mentioned
it's not your parents' retirement. You'regonna live longer than you think. This
is the next one I'm going torun through and fast. Pay close attention,
folks. Medicare common to popular belief, does not cover all your healthcare

(42:45):
costs. Okay, it's going tocover a lot of services that you require,
but you're gonna need supplemental insurance,which we can help you with.
It's going to offset those or payfor those bills from doctors, maybe prescriptions
and potentially dental expenses. Listen,Steve and I talked about at the beginning
of this segment taking care of yourself, and one of the ways you can

(43:07):
do that is, you know,look at some habits that you have that
maybe you need to just get ridof. And it could be over eating,
it could be over indulging in anything, or it could be not doing
things that maybe you should be doing, such as you know, just exercising.
I mean, I read an articlelast night that just talked about how

(43:28):
good walking is. Simply walking isjust so good for you. Okay,
you got a plan for the future. I mean, the retirement is not
going to be a constant thing.There's different stages of retirement folks. You've
got active early retirement meeting needs,you know, for going and doing and
spending money, having fun, andthen you have slower years of retirement where

(43:52):
maybe you might need care. Imean, you got to look for the
future for that, and there ismore to retirement than money. Bottom line,
There's more to retire than money.Time is of the essence. The
sooner you get started, the better, and forget about regretting things. Folks.
Okay, just you know, let'sjust do what we can now better.

(44:13):
And you know, don't forget aboutyour loved ones, you know,
as you're planning, because what youdo or don't do will impact them.
Bottom line, you're responsible for yourown retirement. Folks. We can help
you with all of the above orany of the above right now. Call
me at eight hundred nine four zerosix nine seven nine and ask me for
the four letter word, the PLAN. I'll map it out for you.

(44:36):
Get you where you want to go, keep you there so you can
be in control. Sounds great trip. Eight hundred nine four zero six nine
seven nine. Again eight hundred ninefour zero six nine seven nine. Great
opportunity to get a comprehensive financial review. Do it once and for all.
Make that call today eight hundred ninefour zero six nine seven nine. Folks,
you've got questions for the Road toRetirement show, and we've got answers.

(44:58):
Hang around and hear what people arewondering about. In our response to
there, you've worked all your life, you've saved, you've followed all the
rules. Now it's time to retire. Here's the question, who do you

(45:21):
want relaxing and taking it easy yournestache or you well, of course you
want to relax and travel and enjoyand nest ache, You've got more work
to do for a retirement that maximizesyour portfolio, your social security, avoids
unnecessary risk, protects you from pitfalls, and frankly lets you retire and keeps

(45:42):
the nestake working. You need aretirement partner. You need someone looking out
for your best interests and building aplan for you based on your situation.
Called Trip Limehouse at eight hundred andnine four zero six nine seven nine,
or text trip tripp to eight hundredand nine four zero six nine seven nine.
That's eight hundred and nine four zerosix nine seven nine, or text

(46:06):
trip to eight hundred and nine fourzero six nine seven nine. And we're
all come back, folks. Thisis the final segment on the road retirement
with Trip Limehouse. That means we'vegot a lot going on. Trip of
course has been informing us, helpingus, coaching us along, creating that
smooth drive to retirement. And againthat's kind of what it's all about.

(46:28):
We want to avoid, you know, the pitfalls. We want to avoid
the construction zones. We want toavoid the detours. That's where trip comes
in. Well, thank you,Steve, And speaking of that, I'm
jumping right in right now. Wellsaid, I appreciate all your compliments and
accolytes or accolades, whatever they're called, very much. And you know,

(46:51):
I do think it's important for peopleto know that I have been doing this
quite some time, over two decadesof helping people just like you do.
The things that we're talking about,and what are we talking about, well,
taxation, healthcare risk, stock marketrisk, longevity risk, recovery risk,
recession, legislation, Lake Murray,favorite place to get pizza. We're
talking about it all. That's whatwe do. Have fun helping you.

(47:15):
Eight hundred and nine four zero sixnine seven nine is our number. I
do just want to say for myreaders out there, our last segment,
we talked about a lot of differentthings, and there's always obstacles, unforeseen
events and changes. I read agreat book called Who Moved My Cheese?

(47:37):
If anybody out there would like agreat book complementary of Limehouse Financial on change,
how to anticipate it, expect it, and embrace it, call me
right now. One eight hundred ninefour zero six nine seventy nine come on
in for your copy of Who MovedMy Cheese and the opportunity to meet with
me and talk about how you canavoid the wrong changes. You know that

(48:00):
that would be detrimental to you asyou move forward on the road to retirement
journey. So, um, butuh, you know these questions, Steve,
we really appreciate them from our listeners. They mean a lot to our
listeners. And um, you know, I think it's important we just die
right into them. Let's do it, and we start with Donald in Blythewood.
Donald says, why is the recommendedpercentage of my portfolio devoted to stocks

(48:24):
any different at the beginning of mycareer than at the start of my retirement.
I don't understand why I should reducemy exposure to stocks when I retire,
as I'll still have thirty years ofinvesting ahead of me. I like
the question, anybuddy, Donald,Donald, Donald, great to have you
come on down. I'm pretending onBob Barker, like we're on the on

(48:45):
the price is right, But um, Donald, the price is right for
you if you are having a balancedapproach. Your question is why is it
any different? Well, I mean, recovery risk comes to mind even though
you have thirty years ahead of youwhen you retire, potentially maybe twenty five
thirty years ahead of you. Youyou know your your risk tolerance is going

(49:09):
to have changed because you have lesstime to make up a loss because you're
older than you were ten years ago, twenty years ago, thirty years ago,
or as you mentioned at the beginningof your career. So you know,
but at the end of the day, it all comes down to having
the four letter word P L AN. And when we build that for

(49:34):
you, we do include risk,and we do talk about the proper amount
of equities to have exposure to stocksin a portfolio. We use professional money
management to accomplish that goal for ourclients, and Jonathan and Riley, my
investment advisor, is a big partof that, you know. So bottom
line, I think the answer is, I mean, things stayed the same,

(49:55):
but things change. Okay, youkeep doing what you're doing, but
make sure you're doing it the thirtyyear older you now that has thirty years
more to look forward to. Okay. I call it common sense planning.
All right, I think that's good. Eight hundred nine four zero six nine
seven nine. Don'll give us acall. Let's see Janine has a question,

(50:16):
and she is in Lexington. Shesays, I'm sixty three. I
just got an inheritance of about twohundred thousand dollars. I have fifteen thousand
in credit card debt and fifty thousanddollars left on my mortgage. So I
could become debt free and still haveabout one hundred and thirty five thousand left
to invest or. I could investall of it and just continue paying off

(50:37):
debts over the next few years.What do you suggest, hey, Janine,
welcome into the Road to Retirement show, not your average ordinary retirement planning
show, and we appreciate that question. So I'm just going to make the
assumption that you do not have anyother savings and that this is now your
nest egg. I like the ideaof you paying off that credit card short

(51:00):
term debt, getting out of it, and then I like the idea of
you accelerating your mortgage payment, continueto pay what you've been paying, but
add to it, maybe on asemimonthly basis, really reduce that balance down
over maybe a shorter time frame,potentially three to five seven years or so,
but keep the ball of that money. And let's talk about where to

(51:21):
put it. A great option rightnow would be the green line principle,
a safe money strategy where you cannotlose any of it, have a lot
upside potential, and could potentially eventurn it into the personal pension plan.
Eight hundred and nine four zero sixnine seven nine is our number. And
then we check in with Matthew andSwansea. He says, my wife hasn't
worked outside the home in years.What's the best way for us to put

(51:44):
some retirement money away for her sinceshe doesn't have a four oh one K
or there or anything like that.Hey, Matthew, all right, great
question. And you know there's alot of different ways you can save.
You can use the portfolio approach,which is what John than O'Reilly, my
investment advisor here, would help youwith. Where we talk about you know,
what's your time frame and what's yourobjective, and we just start simply

(52:07):
funding this part of your plan.Yes, I said, part of your
plan, and eventually the end resultis you're going to start uilizing those dollars
that you have saved over the years. So use us as a resource,
Come on in and see us.You and others out there listening if you're
wondering where to save, how tosave, and what you can do to

(52:29):
make a difference for you, oryou and your spouse, or your children
or your grandchildren, you know whateveron the road to retirement journey. Eight
hundred and nine four zero six nineseventy nine is our number. Limehouse Financial
dot Com is where you find us. We're really glad you spent time with
us today. We value you andwe want to see you. Come on

(52:50):
in for a no cost, noobligation appointment with us. All you gotta
do right now is just call andsay, hey, I'd like to schedule
an appointment and let us know what'son your mind. Will be prepared,
we'll have a productive time together,and if we can help you, we're
gonna say, you know, wecan help you, come back and see
us. If we can't help you, because you're doing good, we're gonna
let you know that also. Well, trip again. Let's remind everybody of

(53:12):
the phone number one last time.It's eight hundred nine four zero six nine
seven nine. I see he's stillgot some availability on the calendar. Take
advantage of that right now. Eighthundred and nine four zero six nine seven
nine and as always been a funshow. We have a lot of fun
on the way and we've put outsome good information. I love the way
that you explain things, folks.Tune in next week for another great episode
of The Roads Retirement Show with LimehouseFinancial. Until then, God Bless you.

(53:39):
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. Either Trip Limehouse nor
his guests are liable for the usageof information discussed. Always consultable the qualified
investment, legal, or tax professionalbefore taking any action.