Road to Retirement 07-05-2025

Episode Transcript

Speaker 1 (00:01):
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.

Speaker 2 (00:09):
Who do you.

Speaker 1 (00:10):
Want relaxing and taking it easy, your nest agche or you. Well,
of course you want to relax and travel and enjoy
and nest egge, You've got more work to do for
a retirement that maximizes your portfolio, your social security, avoids
unnecessary risk, protects you from pitfalls, and frankly let you

(00:30):
retire and keeps the next each working. You need a
retirement partner. You need someone looking out for your best
interests and building a plan for you based on your situation.
Call trip Limehouse at eight hundred and nine four zero
six nine seventy nine or text trip tripp to eight
hundred and nine four zero six nine seventy nine. That's

(00:52):
eight hundred and nine four zero six nine seventy nine
or text trip to eight hundred and nine four zero
six nine seventy nine.

Speaker 3 (01:00):
Men shou provide it is for illustrated purposes only and
does not constitute investment, tax or legal advice. Information has
been obtained from sources that are deemed to be reliable,
but their accuracy and completeness cannot be guaranteed. Neither Trip
Limehouse nor his guests are reliable for the usage of
information discussed. Always consultable the qualified investment, legal, or tax
professional before taking any action.

Speaker 4 (01:19):
Financial independence isn't just about amassing well. It's about gaining
the freedom to live life on your terms. In this segment,
we'll explore what financial independence truly means and how you
can achieve it regardless of your income level.

Speaker 3 (01:38):
Do you want to avoid taking a wrong turn or
your retirement roads.

Speaker 5 (01:42):
The road to retirement is a long one, and you
just don't want to make wrong throng.

Speaker 3 (01:47):
Well, buckle up, we're getting ready to take a retirement.

Speaker 4 (01:50):
Road trip together.

Speaker 3 (01:51):
It's the road to retirement with Trip Limehouse.

Speaker 5 (01:55):
It's the perfect amount to map it out. That road
to retirement is key.

Speaker 3 (02:00):
Is key you get on the road to financial security
and independence. Just like many of Trip's happy clients and retirement.

Speaker 5 (02:07):
Partner, my money is safe using the green line principle
that you taught me about. Thank you so much.

Speaker 4 (02:13):
Let's get this trip started. It's the road retirement with
Trip Limehouse.

Speaker 6 (02:21):
Hey, welcome in everyone, It's the road to retirement with
Trip Limehouse. My name is Steve, Soap's been helping folks
for a couple of decades getting to and through retirement.
We will dig into all of that and so much more.
Trip Hi, how are you.

Speaker 4 (02:33):
I'm doing great, Steve. How are you doing doing well?

Speaker 6 (02:36):
Getting ready for the big you know, holiday celebrations. No,
you know, really, what I have to do is protect
my dog who freaks out with fireworks.

Speaker 4 (02:45):
Oh yeah, yeah, our old labradoodle, Zoe, who's no longer
with us, was the same. She did not like them
at all. Bozzy and Daisy Man, they don't care. So
but speaking of that, let's wish everybody a happy Independence weekend.
We're certainly, you know, thankful for America. God bless America.
Glad to be here in this country. And let's all

(03:08):
continue to pray for our nation. And let's give thanks
too for all those out there that serve in all
the branches of the military so that we can be independent.
And we certainly appreciate all of you guys out there
and those that have served in the past as well.
So yeah, so this this show, you know, we thought

(03:28):
we had tied into into where we are in the
year independence and financial independence. It's certainly a very important thing.

Speaker 6 (03:36):
I'd say, oh yeah, well, and again it just seems appropriate.
So what does that truly mean trip I mean to
I know what it means to me, But what does
it mean in reality?

Speaker 4 (03:47):
Well, I think when when when we contemplate financial independence,
perhaps images of maybe early retirement or some kind of
lavish lifestyle could come to mind. However, I would say
Steve that true financial independence is more than just money.

(04:09):
I mean, it's about so many different things. It's about freedom, security,
the ability to make choices that align with your values.
So what I want to do is kind of delve
into the if you will essence of financial independence, and
I want to give our listening audience some practical steps

(04:32):
to help attain it. Okay, financial independence. Yeah, So I'd say,
let's just kind of, you know, unpack it if you
will financial independence. I think it can look different for
every person. I think in general people envision it something
like this, Well, I have enough money to be able

(04:55):
to do all of the things that I need to
do and that I would like to do, and I
don't owe anybody anything. I think that could be kind
of at the core thought of financial independence. You know
what might come to mind but then some people, Steve
might just have a number associated with it. You know,
we find here at Limehouse Financial that sometimes people are

(05:17):
just they're chasing a number, and that's not a bad thing,
but sometimes there's this belief system, well, if I have
this much money, this lump sum or this dollar amount,
I will be financial independence. So while that may be true,
it might not be true. You know, we talk about
it all the time on this show. Income determines outcome.

(05:39):
Income determines outcome. So you know, I think that's the
when we talk about, like, I don't know how how
much a person could potentially need to be financially independence.
If we were to quantify it, I think it could
look something like this. Perhaps let's envision uh getting to retirement,

(06:05):
exiting on the road to retirement journey, and let's just
say that it's going to be a healthy thirty year.

Speaker 6 (06:11):
Journey, right, I like the sound of it.

Speaker 4 (06:14):
Sure, yeah. So let's take the let's take the cost
of living, all right, Let's factor in you know, healthcare,
Let's factor in inflation. Let's let's factor in market volatility.
Let's factor in a hefty amount of liquidity I don't know,

(06:36):
and then let's maybe multiply all those numbers whatever they
may be, times thirty. Okay, you know, we got to
see this long duration like and so if a person
is trying to determine what would financial independence you know,
look like, well potentially to arrive at a number they
may need, then all of the things that I just

(06:57):
mentioned would need to be added together in stretched out
times thirty and whatever that lump sum may be, you know,
it may be. So you know, Jonathan and I recently
brought on a client, and these are the types of
exercises that we go through with people that come to
see us. And by the way, folks, we want to
see you. Eight hundred nine four zero six nine seven

(07:19):
nine is our number Limehouse Financial dot com. Visit us
on the web. I want to share with you too.
We have an upcoming event I would like to invite
everyone to attend. It's going to be Wednesday, July the ninth,
at six pm at the Lexington County Public Library. This
is a no cost or obligation workshop on social security

(07:42):
and income planning where we talk about all of the
things that I just mentioned. Okay, and we'd love to
have you again Wednesday, July the ninth, six pm at
the Lexington County Public Library a workshop on social security
and income planning. Give us a call to get on
the on the roster eight hundred nine four zero six
nine seventy nine. Back to the couple, I was just mentioning,

(08:05):
you know, they came in and we were just getting
to know them, and uh, and the word independence did
come up with with this with this particular couple, you know,
I mean we asked that question a lot. Do you
value your independence? Do you want to maintain it? And
the answer is always yes. I mean who doesn't. I

(08:26):
don't know about you, Steve, but I mean I like
to have independence and be independent.

Speaker 6 (08:32):
Well yeah, of course it's always liked part.

Speaker 4 (08:35):
Of human nature, right, but but we have to we
really have to strategically plan for it. I think otherwise
it may or may not occur. Or maybe we'll have
it for a period of time during retirement, but then
maybe we'll lose it, you know. So so for this couple,
we we just kind of engaged in this conversation. You know,
what do you think this financial independence looks like? How

(08:55):
do you think you know you you arrive at being
financially independent?

Speaker 7 (09:01):
And uh?

Speaker 4 (09:02):
And and their answers were really great. Uh, but there
were some things that were missing and and so so
then the conversation kind of turned a little different for
the better. Uh. This is where us educating you know,
folks comes in. I mean, we we do things only
from a fiduciary capacity, making recommendations only in a person's
best interest. So we just you know, that's what we're

(09:24):
doing in this meeting with this couple, and we started
talking about things like an income and a distribution plan.

Speaker 6 (09:29):
You know.

Speaker 4 (09:30):
He said, hey, do you have one of those? And
the answer was no. All right, well so we checked
that box, don't have. Okay, how about a safe money strategy?
Do you have one of those? And uh answer is no.
They were fully invested in the market. Okay, so we
on our end check that box. No safe money strategy. Okay,

(09:51):
how about a tax efficient retirement plan?

Speaker 7 (09:53):
They said no.

Speaker 4 (09:55):
So you know, the list continue to go on on
and we were able just to identify a way that
we could help this particular couple do better. And folks,
that it for those of you listening if you would
like to know if you can do better with what
you already have, even if you're working with another advisor, planner, broker,
or agent. Give me a call right now. Okay, eight

(10:16):
hundred nine four zero six nine seven nine, give me
a call right now and ask for the second opinion
on if you can do better. I mean, folks, we
all want to know it. The end result those team
was pretty cool with this couple because when we identify
that what they did not have, and we shared with
them that we were going to build them a plan
that included all those things so that they would be independent,

(10:36):
financially independent, they said, great, when can we come back? So,
you know, we brought them back in and we had
built a written plan for retirement for them. It was customized,
individualized just for them, and it had all of the
things that we had mentioned that they didn't have, and
they were just like, you know, so incredibly happy because

(10:58):
they had finally arrived at a play place where they
could work with people that cared about them, only make
recommendations in their best interest and help them to be
financially and independent. And we brought them on as a
client and you know, we're working together and it's fun
to do things like that. It's fun for us, it's
very rewarding for Jonathan O'Reilly, my investment advisor and myself
to you know, see those things come to fruition. But

(11:20):
so back to financial independence, what does it truly mean? Well, again,
it's often misunderstood, you know, is simply having a large
bank account and as I've mentioned, in reality, it's about
having sufficient resources to cover your living expenses without relying
on active employment. Folks, when the when the person stops working,
the money has to work. When the person stops working,

(11:43):
the money has to work. And when you arrive at
this state, it's going to allow you to make life
choices without being constrained by financial limitations. So, you know,
how do we shift our mindset if you will to
understand and pursue true financial andce hang on, We're going
to come back and we're going to talk more about

(12:04):
how you can accomplish the goal of being financially independent.
Eight hundred nine four zero six nine seventy nine. Limehousefinancial
dot com is where you will find us, folks. I
want to mention to you a safe money strategy green
Line Principle dot com. Visit that website, green Line Principle

(12:25):
dot com. I'm proud of it. I trademarked it the
green line principle. It's a safe money strategy where zero
is your hero. You cannot lose any of your money,
and you have a lot of upside potential. Everybody needs
to have this as a part of their plan. Let
us know you want more information about it, and we'll
help you with it.

Speaker 7 (12:44):
Now.

Speaker 4 (12:44):
Right now, I have a very special offer for the
next ten callers, the next ten callers only in the
next ten minutes, and it's for a written plan for
retirement built by our team of certified financial professionals individualizes
and customize just for you, no cost or obligation. Folks,
you cannot just say send this to me or mail
it to me. You must come in go through our

(13:05):
process to receive this at no cost or obligation to you.

Speaker 6 (13:09):
Sounds fantastic, Trip, give us a call. A goal here
at the show is to help you make the best
decisions for you. So if you do have questions about
what we're talking about, maybe how it applies in your
own situation. You're looking for a second opinion, let Trip
and the team sit down with you and make it happen.
Eight hundred ninety four zero six nine seven nine eight
hundred ninety four zero sixty nine seventy nine. We're going

(13:30):
to take a quick break and when we come back
we will continue right here on the road of retirement
with trip Limehouse.

Speaker 4 (13:36):
It's that time of year where we're focusing on and
being very thankful for our independence. Well, we're going to
tie that into you and your retirement where you're going
and talk to you about how you can achieve financial
independence coming up next.

Speaker 6 (13:57):
Okay's such a blight.

Speaker 8 (13:58):
One's do it right now, the next.

Speaker 9 (14:00):
I don't want.

Speaker 3 (14:03):
It.

Speaker 9 (14:03):
Takes courage to face up to things like volatile markets
and Wall Street money traps. If you're unsure, worried, or
losing sleep about your money, do something about it. Call
Trip Limehouse, host of Road to Retirement eight hundred nine
four zero six nine seven nine, or text trip tripp
to eight hundred nine four zero six nine seven nine.
We've made it easy for you to take advantage of

(14:25):
this fantastic offer. All you have to do is caller
text trip to eight hundred nine four zero six nine
seven nine.

Speaker 6 (14:36):
We're back on the road to retirement with trip Limehouse.
Having a nice drive as we always do trip making
the trip nice and smooth, avoting the detours, the mumps
and all of the well, the problems that can hit
with retirement. And we've been talking about financial independence on
this Independence Day weekend, and one of the things that
we can do is, you know, for you Trip, I

(14:57):
know and Jonathan, education is such a keep part of
what you do, and so financial literacy is as much
a part of the plan as anything else.

Speaker 4 (15:07):
Oh, definitely, just helping people to understand these things. That
would be my definition of financial literacy. You know, what
does it mean to have a safe money strategy? What
does it mean to have money professionally managed? What does
it mean to be working with folks that only make
recommendations in your best interest from a fiduciary capacity, you know,

(15:30):
understanding social security and how it functions, in the best
time to file, to get the maximum amount you can
get out of it, how to never outlive your money.
I mean, all of these things, they just come down to,
you know, educating folks. And as I'm speaking of those
things now, I'm thinking of an educational workshop we have

(15:52):
coming up.

Speaker 7 (15:52):
I want to go ahead while while it's.

Speaker 4 (15:54):
On my mind and invite you guys out there to attend.
It's going to be Wednesday, July the ninth, and it's
going to be at six pm at the Lexington County
Public Library. It's a social security and income planning workshop,
no cost for obligation. We'd love to have you there.
Eight hundred nine four zero six nine seven nine Limehouse

(16:14):
Financial dot Com give us a call to get on
that roster for that Wednesday, July ninth, Social Security and
Income Planning Workshop, six pm at the Lexington County Public Library.
But you know, Steve, achieving financial independence it does require
more than just earning money. I mean, it really demands

(16:35):
financial literacy and strategic planning. And quite frankly, I think
there's a majority of consumers out there that, you know,
they want to kind of understand this stuff at like
a surface level, but really they're relying on experts like
myself and Jonathan to kind of unpack it for them
a little bit more and to come up with those

(16:57):
strategic strategy you know, that are going to get them
where they want to go and keep them there, you know,
And that comes down to the four letter word, the
P L A N.

Speaker 7 (17:09):
The plan.

Speaker 4 (17:10):
Everybody's got to have it, folks. You got to understand budgeting,
you got to understand investing, debt, management, debt elimination strategies.
These are all essential components. And you know, what I
would say is one way that you can enhance your
financial literacy better to navigate your journey towards independence is

(17:35):
just by coming in and sitting down with us. It's
always no cost or obligation. Eight hundred nine four zero
six nine seven nine. Let's talk about the role of
passive income in achieving financial independence, OK.

Speaker 6 (17:50):
I mean, I like the idea of passive income. I
mean if you could have multiple income streams that you
really don't have to think about.

Speaker 4 (17:56):
Holy cow, yeah, that are passive because in general people
are are you know, going to be used to active
income if you will mm.

Speaker 6 (18:05):
Hmmm of course. Well, I mean that's what we do.

Speaker 4 (18:07):
We work, we make money, yes, yes, work and make
money for many many years, and then there comes this
time when, uh, you know, we decide, hey, I'm going
to not do that anymore. And when the person stops working,
the money has to work. So passive income streams like investments,
maybe something from rental properties or royalties, you know, all

(18:32):
these play a crucial role in attaining financial independence and
and by generating income without active work. Uh, these things
that I've just mentioned provide financial stability and also freedom.
So you know, a question for you guys out there
listening is, you know, what are some effective strategies for

(18:54):
building and managing passive income sources. I don't know, do
you have the right type of portfolio that's going to
generate passive income for you? I mean, I'm thinking of
a gentleman who came in mid last year and we
were talking about passive income and he said, I've heard
of a dividend paying portfolios. You know, do you do

(19:16):
you help people with those trips? And yes, we do, so,
you know, we helped him become financially Uh. Financial literacy
is what we were helping him with at that point
in time, learning about the dividend portfolios and how they function.
But you know, he grabbed a hold of it and
he said, wow, this is this is something that I've

(19:36):
been looking for. And as a result of that, he
came on board with us. Uh you know, but we
structured a portfolio and the purpose of the portfolio was
to was to provide him dividends, uh to to to
you know, help him continue to maintain his lifestyle and
do the things he wanted to do. You know, I

(19:58):
mean a million dollars in a day in portfolio does
a whole lot. You know, in general, we're working with
people that have seven figure portfolios. I do want to
be clear. We don't exclude anybody out there, so folks
don't think that if you don't have a lot of money,
you shouldn't call in or shouldn't talk to us, because
we will help you. Okay, But in general, we're working

(20:19):
with larger portfolios, and this guy fell in that category.
But the things that we're able to do with that
dividend paying portfolio for him were just awesome and they
met his needs and he was thankful that he had
arrived here at Limehouse Financial. Imagine that, folks, you could
be just just like that gentleman. I mentioned one other
thing too, regarding passive income. You know, we can utilize

(20:42):
the green line principle, which is a safe money strategy
where zero was your hero and you cannot lose any
money and you have a lot of upside potential. We
can utilize that to create what we call the personal
pension plan, and that will generate income if you're single
for as long as you're alive, if you're married for

(21:02):
as long as one of you is alive, guaranteed income
for life, Okay, guaranteed income for life that you will
never outlive. And it's passive income. It's just it's coming in.
We're creating a paycheck. And folks, if you think about it,
your retirement dollars, probably one of the main purposes of
your retirement dollars is to is to do what I'm
talking about now, to provide you with some sort of

(21:25):
passive income on your journey on the road to retirement.
So make sure you're asking us about the personal pension plan.
There's a lot of you out there that would like
to have a pension, that would like to, you know,
have the security of never outliving your money, to know
that you're always going to be financially independent, and we
can help you accomplish that goal. So, hey, you know,

(21:46):
there's a lot of misconceptions out there. I think last
week on the show, we talked about missteps and mistakes
to avoid. How about misconceptions about wealth? This is kind
of on my mind as we're moving forward and talking
about financial independence. Mis conceptions.

Speaker 6 (22:02):
Well, yeah, let's say, what would be an example of that.

Speaker 4 (22:07):
So I think that there's a lot of a lot
of misconceptions about wealth. A lot of people believe that
just having a high income automatically leads to financial independence.

Speaker 6 (22:26):
But of course it does, doesn't.

Speaker 4 (22:27):
It well, no, it doesn't, it does. It can it
can if people are using if people are using the
B word budget, you know, I mean, if if people
are really sticking to it and using it, yeah, and
their high income, Yeah, it can lead to financial independence.

(22:48):
But a lot of times, you know, lifestyle inflation, if
you will, and poor financial habits can derail this. It's okay,
So folks, it's not about how much you earn, it's
how you manage and grow what you've accumulated, you know.

(23:09):
So I would say, let's focus on the steps that
you can take to avoid, if you will, come and
pitfalls and misconceptions about wealth accumulation. And quite frankly, I
think that right now for a lot of our listeners
out there, it could be the best time to kind

(23:30):
of capture what has occurred with your money and then
make it work from this point forward. What am I
talking about? Over and over and over, we talked about it,
the green line principle. It's a safe money strategy where
zero is your hero. You cannot go backwards, and you
have a lot of upside potential. I know, Steve that
you know there's people now that're just wondering, I mean

(23:52):
more and more global conflict. Inflation that we're hearing is
probably higher than what we've been told, you know, mark volatility.
The list goes on and on on. You know, how
can you set yourself up to at least have a
part of what you've accumulated be there for you always.
It's it's called the green line. Ask us about it

(24:14):
eight hundred nine four zero six nine seven nine. So
we definitely want to just you know, talk with you
when you're here about you know, the misconceptions about well
and that goes back into what we're talking about the
financial literacy Steeve. A lot of people have things that
they think are a certain way in their you know,
or function a certain way, and we'll say, hey, tell

(24:36):
me more about that. Where did you hear that? What's
your understanding of how this works? And then you know,
the good thing is if someone is right, they hear
an expert like myself, an expert like Jonathan say you're right,
that is exactly how this works. Good job, you understand it.

Speaker 7 (24:52):
Correctly.

Speaker 4 (24:53):
Now, the opposite of that is true. If there's a
misconception about something and people just don't know or or
just completely wrong, we're not afraid to say, hey, you know,
you're wrong about that, and here's why, here's how this
really works. And when we do that, people are very
thankful as well that we're helping them to understand the
way things work correctly. Folks. We're here to help you.

(25:15):
We're having fun helping people. And one of the ways
that we're doing that is by offering the next ten
callers in the next ten minutes a written plan for retirement,
individualizing customize just for you, no cost or obligation. Now,
you must come in go through our process to receive this.
This is not something that we will mail you or
email you. Okay, So for those of you right now
that would like to become more financially independent, give us

(25:38):
a call and ask us for the written plan for
retirement and no cost or obligation.

Speaker 6 (25:44):
Sounds great, trip, folks. It's advice like that that shows
you just how important it is to meet with a
financial coach, well like trip, somebody who really understands the
ins and outs and ups and downs of the financial world,
do take advantage of this opportunity. Make sure that you
are on the right path. That path based done things
like your risk preferences, your budget, and of course, your goals.
Eight hundred ninety four zero six nine seven nine is

(26:07):
how you get started. Make the call today while you're
thinking about it. Eight hundred ninety four zero six nine
seven nine. Trip would love to hear from you. We
are going to continue our conversation with Trip Limehouse on
the road to retirement right after this.

Speaker 4 (26:20):
If you're in your fifties, retirement is no longer a
distant dream. It's just around the corner. Let's explore key
strategies to ensure you're financially and emotionally prepared for this
next chapter.

Speaker 10 (26:42):
Hurricanes, tornadoes can fire. These are serious situations we plan
in advance for. The Volatility of the market can be
just as devastating when a market correction does occur. There
are strategies you can employ to balance back. Called Trip
Limehouse and his team at Limehouse Financial today at eight
hundred nine four zero sixty nine seventy nine, or text

(27:05):
the keyword Trip to eight hundred nine four zero sixty
nine seventy nine. We've made it easy, folks. All you
have to do is call or text the keyword trip
to eight hundred nine four zero six nine seven nine.

Speaker 6 (27:25):
We are back on the road to retirement with Trip Limehouse.
The nice drive underway as always smooth sailing with Trip Limehouse.
That's what I like to say, a trip And this
is something that you know in your fifties. You're right,
that's the wake up call I think a lot of
us have as you wake up and you kind of go, oh, well,
wait a minute, I've got more this way than that way.

(27:45):
I got to get my stuff.

Speaker 4 (27:46):
Together, yeah, or I haven't really haven't done too much
of that. Maybe I should start doing some of that right,
or or thinking yeah, or thinking about, oh gosh, I
am getting closer to maybe not wanting to work anymore,
or maybe not being able to work anymore. Hopefully it's
a preference, not.

Speaker 7 (28:07):
A not a forced thing.

Speaker 4 (28:08):
Or maybe you know you're seeing friends that are you know,
getting laid off or whatever.

Speaker 7 (28:14):
I mean. I just was at a.

Speaker 4 (28:16):
July fourth party. By the way, folks, Happy Independence weekend.
Hope you guys are all enjoying celebrating America, the birth
of America and our freedom a happy Fourth of July
or so so thankful God bless America. But we were
just at a little party. Amy and I recently and
I hadn't seen this friend for a while, and he

(28:37):
just laid it. Honest, He's like, I just got laid off.
And we were like what I mean, like he had
a great job, doing really good successful, and we said, well,
you know, like what happened?

Speaker 7 (28:49):
And you know what he said?

Speaker 4 (28:51):
He said, he said, the company decided that they would
give my job to a younger person who would do
it for much less money. I thought, uh huh wow. Now,
of course, you know, they would never position the company,
his former employer would never position it that way. But

(29:13):
like he has friends that still work there, and they
his friends told him this is this is what we
saw happen.

Speaker 7 (29:20):
And that's just sad, you know. I mean, so I
don't know, folks.

Speaker 4 (29:23):
Yeah, I mean, by the way, if you are in
a position where you have become unemployed and you have
retirement accounts with former you know, employers, give me a
call right now eight hundred nine four zero six nine
seven nine limehouse Financial dot com. Don't let any former

(29:44):
four one k TSP four O three B you know
any of those employer sponsored retirement accounts.

Speaker 7 (29:53):
Don't.

Speaker 4 (29:53):
Don't let them just sit out there and linger.

Speaker 7 (29:55):
Okay, if you've.

Speaker 4 (29:56):
Separated employment for any reason, we need to talk to
you out how to set up your own IRA. Do
a rollover, and you move from having an account to
having a plan. Folks, there's a big difference between an
account and a plan. An account is just where money
is located. A plan is yours. It's designed to get
you where you want to go and keep you there.

(30:19):
So far today on this show, we've been taught a
lot about financial independence, and what I just mentioned to
you is one way that you can achieve and maintain
financial independence by you know, doing something with those dollars
that are just lingering out there. And also, I'm thinking
of people who are fifty nine and a half or older, Steve,
this is a great age and a lot of times

(30:41):
people don't even know this, but at fifty nine and
a half, typically a person can roll over their moneys
into an IRA and that it's a non taxable event,
a non taxable event. Okay, they can keep working and
still keep contributing and getting a match with their employer,

(31:02):
but they can roll over the balance of the four
to one TSP four or three B whatever into an
IRA and they move from having an account to having
a plan. So, folks, if you're fifty nine and a
half and you're still working, you can take advantage of
this and become more financially independent, so you know. But anyway,

(31:23):
so in the fifties, going back to talking about practical
steps for those who are in their fifties to prepare
for retirement, I want to discuss some updated contribution limits.
I want to talk about some investment strategies. I want
to talk about liquidity planning and also healthcare considerations to
help you out there transition smoothly into retirement. So on

(31:48):
the subject of maximizing retirement contributions, Okay, did you know
that in twenty twenty five, individuals who are fifty and
over can contribute up to thirty one thousand dollars to
their four one K plans? That were that includes a
seven thousand, five hundred dollars it is, it is, and
and we're and it includes a seven thousand, five hundred

(32:10):
or catch up contribution.

Speaker 7 (32:11):
Okay.

Speaker 4 (32:13):
And for those are a little bit older sixty to
sixty three, that catch up limit increases to eleven thousand
to fifty and that allows for a total contribution of
thirty four thousand, seven hundred and fifty dollars. Similarly, IRA
contributions for individuals fifteen over remain at eight thousand uh
including one thousand dollars catchup. So you know, a question
ask yourself, folks, is are you taking full advantage of

(32:35):
these increased limits to bolster your retirement savings. Now, for
those of you that listen on an ongoing basis, hey,
I'm thankful for you. Welcome back to another great episode
of the Road to Retirement show. You you've heard me
talk about how the catch up provision can catch up

(32:56):
to you and how we have to be very careful
with tax deferred money. I'm still of that mindset and
that belief. You know, essentially, when you're putting money away
in a tax deferred vehicle, you're agreeing to pay taxes
at an unknown rate at a later date and time.
And on today's episode, we've been talking about financial independence

(33:18):
and how you can achieve it. So we just it's
like a fine line, you know. I mean, you get
something now, you get a lot of savings, and you
get some deferrals. But we just have to I'm just
saying we have to be aware of potential taxes in
the future, which I'm of the belief that they will
be you know higher.

Speaker 7 (33:35):
Okay, So, but.

Speaker 4 (33:36):
Those are the contribution limits and they're pretty pretty hefty
for people. Eight hundred nine four zero six nine seven
nine Limehouse Financial dot com. Well, I want to let
everybody out there. No, We've got an event coming up Wednesday,
July the night. It's going to be at the Lexington
County Public Library at six pm, and it's a workshop

(33:58):
on social security and income planning. No cost to obligation, folks.
We'd love to have you there.

Speaker 7 (34:04):
We're going to talk about.

Speaker 4 (34:05):
All types of things, how legislative changes affect your retirement.
We've got a lot of that going on now with
the OBBBA, and you know, we're going to talk about
taxes and risk management, how to never outlive your money,
and how to get the most out of social security.
I means so much, so much content. Wednesday July ninth,
six pm, Lexington County Public Library, Social Security and Income

(34:28):
Planning Workshop.

Speaker 7 (34:29):
You're invited.

Speaker 4 (34:30):
Eight hundred nine four zero six nine seventy nine Limehouse
Financial dot com Let's talk real quick about those in
their fifties reassessing their investment allocation. I think this is
something that gets overlooked. You know, things just kind of
get a good time to do that, isn't it? Reassess
investment allocations? Absolutely, I mean, you know, in the fifties,

(34:53):
we're approaching retirement. It's just crucial really to reevaluate your
investment portfolio. Now, there's a common guideline that suggests subtracting
your age from the number one hundred and ten to
determine the percentage of your portfolio that should be in stocks.
For instance, if you're fifty five, you might aim for

(35:15):
fifty five percent in equities. So a question you should
ask yourself is are you aligning your asset allocation with
your risk tolerance and retirement timeline. Folks, we offer what's
called the Portfolio Observation Report, no cost or obligation. If
you call in right now, we'll give that to you.
Eight hundred nine four zero six nine seventy nine The

(35:36):
Portfolio Observation Report. This is a non biased, fact based
report given to you by folks that function in a
fiduciary capacity, only making recommendations in your best interest. If
your portfolio is structored correctly, if it's performing well, if
it has low fees, we're going to tell you that.

Speaker 7 (35:55):
We're going to tell you, don't make a change.

Speaker 4 (35:56):
But if the opposite is true, you're paying too much
in fees, you're not performing, you're taking too much risk,
We're going to tell you that. Also, I want you liquidity.
How about liquidity? I think you know this is a
this is a key component for financial independence, Steve. People
just need to build a cash reserve. And I think
that kind of speaks for itself.

Speaker 6 (36:17):
Build a cash Yeah, it is important to have that, boy.

Speaker 4 (36:21):
Well, especially as you near retirement. We recommend having at
least one year's worth of savings, you know, in liquid
and liquid assets in like a high yield savings account. Why, Well,
we want to avoid selling investments during a market downturn
that subjects you to this sequence of returns risk. You
want to completely avoid that. So, folks, a question for

(36:44):
you is do you have sufficient cash reserves to provide
financial flexibility and retirement. We want to really bolster that. Now,
this next one, we're talking about key strategies. Perhaps in
your fifties, really at any time we're kind of focused
on the age fifties right now. To ensure financial and
emotional preparedness for this next chapter of life, we need

(37:06):
to plan for health care cost. I mean, it's a
significant significant part of retirement planning. Don't just rely on
medicare and medicare only. There's estimates out there that suggest
that a sixty five year old couple retiring in twenty
twenty five might need approximately three hundred and twenty thousand
dollars to cover health care cost throughout retirement. Uh So,

(37:28):
let's make sure that we're, you know, talking about healthcare
during retirement and planning properly for it, including long term care.
I mean, seventy percent of individuals over sixty five are
going to require some sort of long term care private
room nursing cost running around one hundred and seventeen thousand
dollars annually. Don't forsake that. Ask us about planning for

(37:50):
long term care. And then a couple more things, folks,
We got to understand what's going on with social Security.
By twenty thirty five or even twenty thirty four, the
Social Security Trust Fund is projected to be in default.
Nothing else there, Okay, I'm not saying it's going away.
I'm just saying that the trust fund is running out

(38:10):
of money. We really need to choose our social security
strategies carefully. Ask us about the social security roadmap. Let's
don't forget to do a state planning. As you're in
your fifties and getting closer, folks, let's review beneficiary designations.

Speaker 7 (38:27):
Let's make sure you.

Speaker 4 (38:27):
Have wills, power attorneys, healthcare power attorneys, living wills, and
revocable living trusts. Eight hundred nine four zero six nine
seventy nine. Hey, this offers for the next ten callers
in the next ten minutes a written plan for retirement,
individualized and customize just for you, at no cost for obligation.
You must be one of the next ten callers in
the next ten minutes to get this written plan for

(38:48):
retirement at no cost or obligation.

Speaker 6 (38:52):
Sounds fantastic, Trip, while we're giving you the opportunity to
review your individual circumstances. As Trip says, there's no cost,
there's no obligation. Find out how much risk you're taking,
see if there's red flags that could be a problem
for you. Do you really know what you're paying in
fees or commissions? It's time you find out take advantage
of this opportunity by calling us right now eight hundred
ninety four zero six nine seven nine, eight hundred nine

(39:14):
four zero sixty nine seventy nine. One more segment to go.
Here on the Road retirement with Trip Limehouse. We'll be
right back.

Speaker 4 (39:20):
Time to open the mail bag and see what you
want to know, questions from listeners, answers for me coming
up next.

Speaker 8 (39:36):
Mutual funds used to be a beautiful concept. Any investor
could invest and gain access to professional portfolio management. Times
have changed. Maybe your investment habits should too. Whether you're retired,
approaching retirement, or haven't even thought about it, Now is
the time to get protection from market volatility and excessive

(39:57):
fee structure. Call Trip Limehouse with Limehouse Financial at eight
hundred nine four zero six nine seven nine, or text
Trip that's TRPP to eight hundred nine four zero six
nine seven nine. Again you can call or text Trip
at eight hundred nine four zero six nine seven nine.

Speaker 6 (40:28):
We are back on the road to retirement with Trip
line House, our final segment. Together, we have covered a
lot of ground today, Trip as always, and I know
you want to remind everybody you've got a seminar coming
up here in the next week or so.

Speaker 4 (40:41):
Yeah, thank you for reminding me to remind our listeners.
I'm very appreciative of that. And it's going to be Wednesday,
July the ninth, folks, We've got a Social security and
income planning workshop. It's going to be at the Lexington
County Public Library, six pm. This is no cost drop
delegation and once again we'd love to have you there.

(41:04):
It's a social security and income planning workshop. We're going
to cover a lot of information related to healthcare, taxation, legislation,
you know, income planning, choosing to write, social Security filing time.
I mean, the list goes on and on. Very comprehensive,
in depth Social Security and Income Planning Workshop, Wednesday, July

(41:24):
the ninth, six pm at the Lexington County Public Library.
Give us a call at eight hundred nine four zero
six nine seventy nine to learn more and to secure
your spot on the roster, or just visit the Limehousefinancial
dot com and under the events tab you can see
where we're going to be and how to register. So

(41:46):
love to see you guys out there. Hey, quick shout
out to my lovely wife Amy. I love you so much.
I know I always mention you, but you're just so
special to me. And that dessert that you made for
this Fourth of July party we just went to recently. Man,
it was killer.

Speaker 7 (42:01):
I loved it.

Speaker 4 (42:02):
Thanks for always doing things to put a smile on
my face and others out there. You're the best. I
love you so much. And by the way, folks, happy
Independence Day weekend. I hope everybody out there is enjoying
it and staying cool. It's uh, we got some hot
weather burning out there. If you're outside, make sure you're
putting a hat on, applyings on screen, and and hope

(42:24):
you're just able to be you know, relaxing with your
family and friends. And you know, to our service members
out there, thank you for what you do, uh to
keep us free and independent.

Speaker 7 (42:35):
God bless America.

Speaker 4 (42:37):
All right, So, Steve, I love this this section that
we do on you know, on on questions that people have.
I know I always say it, but sometimes people ask
a question that another person wants to know about, but
they you know, don't call in and ask and then
an answer. This is great one question answers question for

(42:58):
like many men, any people out there, you know, so
that's the goal. Let's yeah, let's get into it, all.

Speaker 6 (43:05):
Right, let's jump in all right. First up from Gilbert,
it's Alan and Tanya. They want to start gifting twenty
thousand dollars per year to each of their two adult
children to help them now rather than later. How do
you balance generosity with making sure they don't jeopardize their
own financial security in retirement?

Speaker 7 (43:27):
Great? Great question.

Speaker 4 (43:29):
One of the things that we have in common is
that we're both very giving, and I really value that
for you guys out there as a couple, and I
can tell that you know, you have a lot of
love for those adult kids. And there's a growing number
of people that today want to give today while they're

(43:50):
alive so that they see their kids or grandkids benefit
from the gift. You know, it's a little bit different
from a person passing away and leaving that financial legacy.
So how do you plan, guys on you know, giving
twenty thousand a year to each of your two children.
So easy math, that's forty grand a year. You know,

(44:12):
how long can you do it?

Speaker 7 (44:14):
So?

Speaker 4 (44:15):
First thing, we really need to carefully examine you know,
where you are, okay, and we want to ensure as
we've been talking about today on the show, your financial independence.
So we want to make sure that you can maintain
your retirement income goals and that you can also maintain

(44:37):
your lifestyle goals. Okay, So once we once we do that,
then we can pinpoint this twenty thousand or forty thousand
per year you know where it's going, you know, and
how it's going to go. So you know, there's if
you're like a lot of our clients, you may have
different types of money. Maybe you have tax deferred money,
maybe you have tax free money, maybe have taxi bowl money.

(44:59):
So we have to identify first of all that you're
going to always.

Speaker 7 (45:03):
Be okay, including giving these gifts.

Speaker 4 (45:05):
Second of all, we have to determine where to give
the money from, because maybe there's a more effective place
to do that now versus later, okay. And then the
third of all, you know, we have to account for
you know, these withdrawals that are coming from whatever part
of your money they may come from, we have to

(45:27):
account for them coming out. And then your money is
still continuing to grow into portfolio that's professionally managed. You know,
we can help you with that. And then also in
us using a safe money strategy. But I'm thinking also
on the financial legacy side, when you're not here any longer.
I'm thinking of a client we brought on recently, and

(45:49):
this this lady's number one goal was to leave her
money to her kids. But she was dealing with required
minimum distributions and you know, every year she's taking money
out her her IRA's balances were less and less. And
so what Jonathan O'Reilly, my investment advisor, and I showed
her was how to use the green line principle to

(46:11):
guarantee that her family would receive the full amount of
her IRA. So we used a risk management product through
an insurance company, and this particular insurance company guaranteed a
death been if that would grow by seven percent seven
percent every year, even even with withdrawals coming out. So
she's taking you know, four and a half five and

(46:34):
a half percent out of her IRA, but her IRA
death been if it is growing by that seven percent,
and then her kids are going to get exactly you know,
what she wants them to get.

Speaker 7 (46:43):
It's a known number.

Speaker 4 (46:44):
So for you guys who are given the you know,
the the twenty thousand year to each child, let's let's
do that strategically now. But let's also be forward thinking
of what you could of what you can do when
you're not here any longer. And perhaps it could be
a strategy similar to what I just mentioned that I
help that other person with. But let's map it out.
Let's make sure you're going to be okay, come on

(47:06):
in and see us. Let's put together the written plan
for retirement and show you how to do this the
best way possible.

Speaker 6 (47:14):
That sounds fantastic, folks, take advantage eight hundred nine to
four zero six nine seven nine eight hundred nine four
zero six nine seven nine. We have a question now
from It's a long time listener trip to Steve is
in Colombia, and he is wondering. He says his combined
estate is now approaching twelve million dollars and they're concerned

(47:34):
about potential future changes to the estate tax exemption. What
planning strategies might help this couple stay ahead of possible
tax law changes while protecting family wealth.

Speaker 4 (47:47):
Hey, Steve, thanks for being a long time listener. I
really appreciate that. I'm glad to be, glad to be
with you again and glad to hear from you. A
great job saving I would envision that probably your state
consists of maybe some real estate and then some investments.
And you know, we have a lot of high network

(48:08):
clients just like you, So we have to take into
consideration potential changes in legislation as you're moving forward that
could erode at a very large estate such as yours. Now,
currently estate taxes won't come into play unless you have
a little over it's right right at fourteen million, Okay,

(48:31):
so you're still under the threshold. And that, by the way,
that's per person. So if you're married and you have
in a state that's let's say we'orth thirty million, you
can utilize the two exemptions to get you roughly twenty
eight million, and then your estate only two of the
thirty million, two million of the thirty million is taxable,

(48:51):
and probably that's at a rate of around forty percent
or more. So this whole estate tax thing is a
moving target. I mean, when I first started in the
business over two decades decades ago, it was very low.
The threshold was very low, and now it's increasing increase
and increase. I think we'll see it stay pretty high
for a long time. But as far as strategies to

(49:12):
help you stay ahead of possible tax all changes. I
think an irrevocable life insurance trust could be a wonderful
planning tool that we can help you with. And we
could peel off, if you will, some of those dollars,
some of those twelve million dollars to fund, you know,
assuming that you're underwriteable a life insurance policy within a
trust that you don't own or control, and at your death,

(49:36):
the trust is funded by the death benefit and it's
a non taxable event. And then you know, then you're
creating wealth and you're preserving and protecting well just by
having a document and having it funded properly. So you know,
we have a lot, a lot of clients similar to
you that are doing just that, and that's smart planning,

(49:57):
by the way. And folks, on the subject of irrevocable
life insurance trust, you don't have to be like this
particular gentleman and have you know twelve or fifteen or
twenty million dollars. I mean, we help people that are
you know, three four million dollars set up irrevocable life
insurance trust or wealth replacement trust. So the planning world
is very vast and and I love it. I love it, Steve,

(50:22):
I love, I love, I love it for you that
you have choices and don't worry. You're in the right
place because this is what we do. We show you
how to preserve and protect and maximize, including what you know,
what is going to happen in the next generation. So
these two calls today that we've addressed, they both kind
of were geared towards giving. You know, the first first

(50:45):
caller was talking about giving while you know, while they're living,
and the second caller is talking about, you know, hey,
I want to make sure I don't have a state
tax erosion. You know, what do we do about this? Well,
I think it all just starts with, you know, getting
together folks, getting together with us. You know, at Limehouse Financial,

(51:05):
we're having fun helping people. We truly are. It's very rewarding.
We're using our god given talents and abilities to help
you do better. Eight hundred nine four zero six nine
seven nine. You're listening to the show today, We've talked
about a lot. If you are wondering if you can

(51:26):
do better with your money, can you get a better
return or a lower fee? You know, can you have
a better plan? You know, all that stuff just call
us eight hundred nine four zero six nine seven nine.
This is the last offer of the day. It's for
the next ten callers in the next ten minutes. It's
for a written plan for retirement built by our team

(51:47):
of certified financial professionals, individualizing, customized, just for you, at
no cost or obligation. You must be one of the
next ten callers in the next ten minutes to receive this.
And by the way, you can't just come in.

Speaker 7 (51:59):
Excuse me.

Speaker 4 (52:00):
You can't just call and say send this to.

Speaker 7 (52:01):
Me or email this to me.

Speaker 4 (52:02):
You must come in go through our process to receive this. Okay, individualized,
no cost, no obligation, written plan for retirement. It's yours
for the next ten callers in the next ten minutes. Hey,
Happy Independence Day weekend and enjoy your time with your
friends and family and loved ones. Thanks for tuning in
to another great episode of the Road to Retirement Show

(52:23):
with Limehouse Financial.

Speaker 7 (52:25):
Until next week.

Speaker 4 (52:26):
God bless you.

Speaker 2 (52:36):
If you remember these TV shows. You're getting ready to retire.

Speaker 6 (52:40):
And everybody see a big pair of feet there, cheesy mustache.

Speaker 5 (52:44):
I'll think of you.

Speaker 2 (52:45):
You guts well, I hate I'm one guy who ain't
prejudiced against anybody who may beship pity than me. It
kind of sneaks up on you, doesn't it.

Speaker 6 (52:57):
Oh geez.

Speaker 2 (52:58):
You deserve a secure or independent retirement, our retirement that
is prepared to handle pitfalls like inflation, health emergencies, stock
market volatility, and taxation. You worked hard for your money
and will work just as hard to protect it and
grow it. Retirement planning doesn't have to be difficult. Get

(53:23):
the facts based approach that you deserve all at no cost,
with no obligation. Call the Road to Retirements trip Limehouse
eight hundred nine fours zero sixty nine seventy nine or
text trip to eight hundred nine four zero six nine
seventy nine.

Speaker 3 (53:41):
Information provided is for illustrated purposes only and does not
constitute investment, tax or legal advice. Information has been obtained
from sources that are deemed to be reliable, but their
accuracy and completeness cannot be guaranteed. Either Trip Limehouse nor
his guests are liable for the usage of information discussed.
Always consultable the qualified investment, legal, or tax professional before
taking any action.