Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Information provided is for illustrative 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 2 (00:20):
Love might feel sweeter the second time around, but what
about the finances. Let's explore how to help older couples
say I do again without saying I didn't see that coming.
Speaker 1 (00:34):
Do you want to avoid taking a wrong turn on
your retirement roads?
Speaker 2 (00:39):
The road to retirement is a long one, and if
you just don't want to make wrong.
Speaker 1 (00:43):
Well, buckle up. We're getting ready to take a retirement
road trip together. It's the road to retirement. With Trip Limehouse.
Speaker 2 (00:51):
It's the perfect amound to map it out. That road
to retirement is.
Speaker 1 (00:56):
Key, is key, get on the road to financial security
and independent. It's just like many of Trip's happy clients
and retirement partners.
Speaker 2 (01:03):
My money is safe using the green line principle that
you taught me about. Thank you so much. Let's get
this trip started.
Speaker 1 (01:12):
It's the Roads retirement with Trip Limehouse.
Speaker 3 (01:18):
Welcome into the road to retirement with Trip Limehouse. My
name is Steve Sadl. Trip of course been helping folks
better than twenty years, getting two and through retirement. The
green line principle is his thing. We are going to
talk about a lot of cool stuff today as we
normally do. Trip ball is a pleasure.
Speaker 2 (01:32):
How are you doing great, Steve? And how about you?
You've been doing good.
Speaker 3 (01:38):
Hanging in there. Sure, absolutely I like this topic. I
think it's going to be interesting. And as I started
to look into this, I realized, I mean, there are
a lot of moving parts when you're older getting married.
I mean, not for it's challenging when you're younger, but
when you're older.
Speaker 2 (01:56):
Well, I think in general marriage is challenging all the time.
And while I'm thinking about it, of course, I've got
to give a shout out to my wife, Honey, I
love you so much, thanks for being married to me
for twenty nine years, and I'm excited for twenty nine
more or maybe longer. Who knows, but yeah, you know, Steve,
there's a rising trend, if you will, of people that
(02:19):
are kind of walking down the aisle, or maybe at
least moving in together and later on life, maybe in
their sixties, seventies and even even beyond. So you know,
it might be something that has happened like a gray divorce, widowhood,
or just a you know, a well timed spark. Who knows.
(02:39):
I mean, some people just wait till later to get married.
But the fact is that more retirees are coupling up again,
and and you know, joining hearts later in life it
means a lot more than just joining hearts. It means
joining assets. You know, health plans, beneficiaries, dealing with ault kids,
(03:00):
and you know, lots of potential emotional baggage from the
past and and and that's all before the first shared holidays.
So you know, I thought we should talk about how
how we can help couples, you know, who may be
encountering this, which is a very exciting thing. By the way,
(03:22):
I'd like to help some couples play with let's just say, grace, clarity,
and maybe even a little humor, because it is quite
a quite an ordeal, and there's so much to consider
because if you think about it, folks, and this applies
to you or someone you know that you want to
share this information with them as well. You know, your
(03:43):
whole life, you've developed many different things, routines and patterns
and whatnot, but specifically related to money and decisions on finances.
I mean, there's just a whole lot that's involved there.
So I don't know what do you think. Do you
think later life love is on the rise? Steve?
Speaker 3 (04:05):
Certainly could be. Statistics are showing that. My favorite thing,
but this one that's at our age. Marriage isn't about romance.
It's about finding someone who can still drive at night.
And I am of the age where yes, that's an.
Speaker 2 (04:16):
Issue, Yeah, that's for sure. That could be a determining
factor and whether whether someone does get remarried or married
later on life or not. Right So, I think we
are seeing more gray unions and that would be you know,
explained as people forming new relationships later in life, and
(04:38):
often this is you know, post retirement, and it's not
just sweet, it's fairly significant. What I'm seeing is that
gray divorce has doubled since nineteen ninety for folks over
fifty and tripled for those over sixty five. That's according
to usnews dot Com. So it just makes sense that
(05:00):
many out there are finding love again and giving you know,
that partnership another go. So the question for folks out
there is, you know, when are you going to have
financial conversations you know, with that that significant other, and
what are some of the first financial conversations that you're
(05:21):
gonna recommend, you know, or you know that you have
with someone that you love so much and that you're
entering into a new partnership with. Folks, I would say
that this all starts with conversation. You know, my experience
in helping people in the last twenty years as I've
had had many that have come in and they were single,
(05:42):
they became a client, they were older and retired, and
then they shared with me that they found someone and
they were going to you know, get married again or
maybe even for the first time. And of course I'm
just so excited for them, but you know, I really
had to take the time to sit down and counsel
with these particular clients on you know, all the things
(06:04):
that that I've seen over the years, the good things
that I've seen and some of the bad things that
I've seen as well. I mean, our job here at
Limehouse Financial is just to you know, help help folks
out there, with the experience that we've had working with
people just like you and as experts and income and
distribution planning and social security planning, you know, we we
(06:26):
want you to make good decisions so that you remain independent,
remain in control, and have successful retirements and just enjoy retirement.
I mean, that's what retirement's about, seve enjoying it.
Speaker 3 (06:38):
Right, absolutely, And if we can't enjoy it, then you
know there's a problem. But you come in. But from
a financial standpoint, merging finances when you're a little bit older,
is that is that something that.
Speaker 2 (06:51):
Yeah, well, a gray union is not just a walk
in the park, if you will. And again, a gray
union is people forming new relationships later in life. Think
about it this way. It's a it's a merger of
many different things.
Speaker 4 (07:05):
You know.
Speaker 2 (07:06):
I all raise, uh, social security strategies, long term care planning,
family dynamics, just to name a few. So, uh, a
little comparison would be folks, you can think of it
as blending too many empires, right, But here's a twist.
A lot of you guys out there, Uh, you want
(07:27):
to keep things financially separate, and that's uh, that's totally
okay as well. So you know, as an advisor, how
I can help you is to balance that you know,
romance of a second marriage with the with the practical
need to you know, protect your personal you know, financial foundation.
(07:48):
So if you are out there and you're you know
about to uh encounter on these great unions uh you know,
forming a new relationship later in life, and you you'd
like to talk about it, then I want to see you.
I want to sit down and share my experience with
you on people who have done it and done it
very well, and also people have done it and made mistakes.
(08:10):
Eight hundred nine four zero six nine seven nine Limehouse
Financial dot Com. Eight hundred nine four zero six nine
seven nine Limehouse Financial dot Com. Give us a call
about this if if this is something you're you know, encountering,
and this is such a great time too for you.
(08:31):
I am excited if if you fall into this category.
But quite frankly, you just have to do things right,
because the last thing that anybody needs or wants, you know,
when they're moving forward it with a new relationship later
on in life is you know, problems with money and
finances and so and again that does all start with
(08:54):
a conversation with your significant other and also you know,
with us as the experts in these areas. Hey, folks,
I want to invite you to an event we've got
coming up on September the twentieth. This is going to
be a breakfast event. It's going to be held at
the Lexington Chamber of Commerce. It's going to be Saturday,
(09:14):
September twentieth, and it's going to be at nine am.
It's a social security and income planning workshop, no cost
or obligation, and I'd love for you to attend. We're
going to serve breakfast too, and certainly there's no cost
for that as well. We're having a lot of fun
with these events, meeting new people and sharing with them
(09:35):
what we do and how we help them. And probably
the number one thing we're hearing from folks that attend
these events is that they're glad they took the time
out to come and learn. And that's what we're doing.
We're teaching you how to avoid the wrong terms on
the road to retirement that can lead you to a
dead end. So come check us out Saturday, September the twentieth,
(09:56):
nine am at the Lexington Chamber of Commerce for a
social Security an income planning workshop where breakfast is included.
So how about this whole thing of you know, second
marriages or third marriages, or maybe it's a first marriage
later on in life. But then then comes in We've
(10:16):
talked a little bit about finances, but then comes the
role of the adult kids also known as the in
laws two point zero.
Speaker 3 (10:25):
Yeah, that's always a challenge, isn't it.
Speaker 2 (10:29):
Well, bringing families together later in life. It can be
it can be really a beautiful thing, but it also
could be really awkward to you know. Quite frankly, I
think adult children might worry about inheritances or potentially maybe
(10:49):
feel like they're left out of the loop. And when
I think about it, I've heard a lot of stories that,
you know, something like this headlines Dad's knew whife five
years older than me. You know, of course, it's all
fun and games until somebody takes the will out and
(11:09):
reads it and then they're shocked as to what happens
regarding the estate planning. So, you know, I want to
encourage folks out there who may be you know, going
into a great union when and that's when you're forming
a new relationship later in life. I want to encourage
you to talk to your kids, your adult kids about
(11:32):
the the remarriage and the estate plans. And I want
you to know that oftentimes we can help those conversations
go smoother by preparing you, you know, maybe how you
can talk to your kids about this stuff, how you
(11:52):
can let them know what you're planning for, you know,
and there's always advanced estate planning techniques. It can be implemented,
and even things like trust can be set up. You know,
there's pre nups that can be set up. So, folks,
this could be your moment to shine. It really could
(12:14):
be so love later in life could be beautiful with
the right financial blueprint. And if this is you, this
is what I'm offering you. Okay, if you're one of
the next ten callers in the next ten minutes, I'm
going to give you a blueprint to make sure that
your next act in marriage is going to start with confidence,
clarity and really going to be healthy as you're moving forward.
(12:39):
So if you'd like that correct financial blueprint for this
next stage in life, give me a call at eight
hundred nine four zero six nine seven nine sounds great.
Speaker 3 (12:50):
Trip eight hundred to nine four zero six nine seven nine.
There's no cost, there's no obligation to help you get
a better handle on your financial situation. Now to find
out what your investments are really called. Come on in,
sit down, and you'll find out what those high fees
or commissions might be. You'll talk about future tax implications,
how much income you can securely generate once you do
move into retirement. Call us right now eight hundred nine
(13:12):
four zero six nine seven nine eight hundred nine four
zero sixty nine seventy nine. Quick Break will be right
back with lots more road to retirement with trip Limehouse
right after this.
Speaker 2 (13:21):
We spend decades watching our four to one case grow.
But then what when we come back, We're gonna unpack
what happens after you retire from penalty free withdrawals to
smart rollover moves. It's time to talk strategy for the
next chapter of your retirement savings. Oh, I'm glad you're here.
(13:47):
I'm not sure how long it's been leaking.
Speaker 3 (13:49):
Well, it's like it's been leaking for quite a while.
Speaker 2 (13:52):
Lucky you call this one. You did.
Speaker 3 (13:54):
I hope you can fix it.
Speaker 5 (13:55):
If I only knew sooner.
Speaker 1 (13:57):
Find the leaks in your retirement plan before you end
up underwater.
Speaker 5 (14:02):
Make sure your retirement plan is above water. Called Trip
Limehouse and the team at Limehouse Financial eight hundred ninety
four oh six nine seven nine eight hundred nine four
oh six ninety seven nine proudly serving Soda City.
Speaker 4 (14:15):
So, mister Johnson, I understand you have questions about the
report we provided you.
Speaker 2 (14:20):
Well, I do lots. Actually I don't understand.
Speaker 4 (14:23):
Elstra love that it's leather bound.
Speaker 1 (14:26):
Really after information about me? I'm concerned that I'm not sure.
Speaker 4 (14:30):
You'll think that the gold tassels were a nice touch.
Speaker 2 (14:33):
How about the.
Speaker 1 (14:34):
Calligraphy, Well, it doesn't really say anything about my retirement specifically.
Speaker 4 (14:38):
I mean, how about the custom illustrations. Look, here's you
a first looking all sad, and here's you after meeting
with us, happy, happy, happy.
Speaker 1 (14:48):
Well I wish I was.
Speaker 3 (14:50):
I don't need all this Roman numerals.
Speaker 1 (14:52):
I mean, what is MXXV.
Speaker 4 (14:55):
Mister Johnson, that's page oneenty twenty five.
Speaker 6 (15:01):
Do you want to retirement report that just looks nice?
Or do you want to set an.
Speaker 2 (15:05):
Actible plan built specifically for you.
Speaker 6 (15:07):
Trip Limehouse and their team at Limehouse Financial focus on
strategies challenging your best interest strategies designed great the retirement
you've always envisioned. Schedule your consultation now by calling eight
hundred nine four oh sixty nine seventy nine. Eight hundred
nine four oh six nine seventy nine.
Speaker 3 (15:31):
We are back on the road to retirement with Trip
Limehouse by name. Steve said, all Trip's been helping folks
better than twenty years getting to and through retirement, having
a great show. Always in that first segment talking about
you know, getting married later in life and now this
one trip when we get into it. You know, our
four oh one k's are really something that a lot
of us. That's our main, our only savings tool.
Speaker 2 (15:54):
Yeah, and that's really interesting too because the four hundreds
are the are the part of the Internal Revenue Code
that have to do with tax deferred savings. So that's
why you have a four H one K, four H
three B, four fifty seven, et cetera, et cetera. So
you know, they've only been around since the late seventies.
(16:18):
And I always like to point out to folks prior
to tax deferred savings or you know four to one K,
which is tax deferred savings, you know, people saved and
they were retired and they were successful. They just paid
their taxes and invested their money and then they used
their money over their lifetime. And interestingly enough, the four
(16:40):
hundreds were invented, if you will, to give Americans an
additional way to save, because at the time and for
the longest time, a defined benefit plan was really the
only thing out there as far as retirement is concerned,
and a defined benefit plan as a pension plan which
(17:03):
is funded by the employer, and so what the government
kind of had in mind was, hey, let's let's give
Americans a way to save, and this will be in
addition to their pensions. Well, a great dynamic shift occurred
over a period of time, and that shift was that
(17:23):
employers said, hey, well, if if our employees have a
way to save in a four to one k and
we give them something called a match, which maybe two
or three or four percent of whatever they put in
or whatnot, then we can just back off the pension
or eliminate the pension altogether. And unfortunately, that has really
(17:46):
been what has occurred for the most part, and there
are less and less and less pensions today and more
and more and more. For one case, today it's it's
the predominant savings vehicle that we see here at Limehouse
Financial eight hundred nine four zero six' nine seventy. Nine
(18:08):
Limehouse financial is where you can find us on the
web limehousefinancial dot. Com we are income and distribution planning,
experts and so as we're talking about the four to
ONE K i don't know this is in, general it's
really challenging for people because, essentially When americans were set
up with four to one, k's if you, will they
(18:31):
were put in charge of managing their own. Money, Okay
now there's for one k's that are provided to, you
obviously by an, employer but you know you within your
employer sponsored. Account and this is deceiving because your employer
calls it a plan and it's really not a. Plan
it's an. Account it's a place where money is. Located.
(18:52):
FOLKS i want you to never forget.
Speaker 3 (18:53):
That.
Speaker 2 (18:54):
Okay there's a big difference between an account and a.
Plan an account is where money is. LOCATED a plan is.
Yours it's created with an expert like, myself like my investment,
Advisor jonath, O'Reilly and it gets you to where you
want to go and keep you. There, okay has lower,
fees more investment options probably better. Performance it's just, better
(19:19):
totally better for. You so the sooner you move from
an account to a, plan the more successful you're going
to be in. Retirement but your four to ONE k
account has limited investment options in, it and quite frankly
a lot of people out there just have no idea
what they should choose to invest. In so you, know
not only did the four hundreds you know when taxif
(19:42):
vehicles were, invented if you, will not only did it
take away the traditional retirement which is the pension, plans
but it put the responsibility of managing retirement on each
individual out there that's participating in the four to one k.
Account SO i just wanted to talk this segment on
what you need to know about your four ones or
(20:05):
your four to fifty sevens or your four h three
so any tax FOR i want to talk to you
about how you should be forward thinking on what you
can do to help yourself, out BECAUSE i can guarantee, you,
folks that your employer is not forward thinking on what
is going to help you out as you're moving towards
(20:26):
retirement or are getting Into retirement's all up to. You
so the first THING i want to talk about is
the fifty nine and a half. Rule the fifty nine
and a half, Rule, steve this is a really big
time for.
Speaker 3 (20:38):
People that opens up the door to no penalties on
withdrawals from YOUR ira or four h ONE k at
fifty nine and a.
Speaker 2 (20:45):
Half so let's call it the green light to if
you will start spending, smartly or let's call this age
fifty nine and a half the green light for you
to move your. Money and that's HOW i like to
HOW i like to phrase. It, folks when you're fifty
(21:05):
nine and a, half THE irs officially stops charging you
the ten percent early withdrawal. Penalty, Okay so that just
means that you can withdraw money from this tax deferred
vehicle and only pay ordinary income taxes on the amount
that you. Withdraw and that is a wonderful. Thing so
(21:29):
prior to fifty nine and a, half if you take
money out of a tax deferred, vehicle you're going to
not only pay a ten percent, penalty but you're also
going to pay. Taxes and a lot of folks don't
realize that. Now so this is kind of like an
award if you. Will it's, like, Aha i've. Reached i've
reached this point now where the money is allmine and
(21:53):
THE irs has a little less control on. It and
this is a fantastic thing because, again you can make,
withdrawals you can have scheduled payments that come out or qualified,
distributions or you can take lump sums. OUT i will
just point out that just because you can access the,
money it doesn't mean that you should rush to spend.
(22:16):
It AND i also want to point out that if,
folks this is really. Important if you're fifty nine and
a half or, older there's very few reasons why you
should leave your money in the employer sponsored. Account so
What i'm saying, is currently you're, working you have a
balance in your four ONE, k and you have reached
(22:39):
fifty nine and a, half, well it's very worth taking
a look at setting up AN ira WITH, us rolling
over your money from your four ONE k into THE
ira and moving. Forward now you can do, that and
again you're not going to pay a, Penalty you're not
(22:59):
going to pay ten axes doing WHAT i just. Described
and the end result is you're going to be more
in control than you've ever been before of your retirement
because there's more investment. Options there's lower, fees more than
likely better, performance AS i. Mentioned and not only, that
but you can utilize something like the green line. Principle
(23:22):
and if you haven't heard me talk about, that, folks
that probably means you haven't been with us on the
show very, Long so welcome. In but the green line
principle is a safe money strategy where zero is your.
Hero you cannot lose any of your, money and you've
got a lot of upside. Potential, Okay so everyone out, there,
EVERYONE i don't care who you. Are everyone needs a
(23:43):
safe money strategy in. Place And i'm not talking about
bonds or fixed income. Securities i'm talking about the green line.
Principle ask us about the green line, principle. Folks it
saves your. Retirement it allows you to sleep well at,
night you can't lose any, money a lot of upside.
Potential you certainly won't regret. It by the, way it
should not be the only thing that you. Do it
(24:05):
just needs to be a part of your plan and
that the core of. It that's what we're doing to help,
you is we're building you plans to get you too
and through. Retirement so you, know as an expert in this.
Area we're helping you to decide when to start taking
money from this four to ONE, k and we want
to make sure that it is structured correctly when it
(24:25):
moves out of the employer account into your own. Plan
but that fifty nine and a half age is a significant,
milestone if you, will and you need to know about.
IT i want to talk about something else that happens
in your. Fifties so let's say you're out there and you're,
working and you're fifty, five and for some, reason you're
(24:48):
laid off in the year you turn fifty five or
after your fifty, five but before fifty nine and a,
half are you aware that you can access your current
four ONE k with out any? Penalty this is, huge
it really, is AND i find that most people will
have no idea that they can do. This it's called
the rule of fifty five and it only applies to
(25:10):
the plan from your most recent, employer so it EXCLUDES
i raise and over FOUR o one, case and you
can't just you, know raid your so to speak college
era jobs retirement plan and call it a. Strategy but
WHAT i want you to know is we can guide
you if you fall in this. Category we can guide
(25:32):
you through a strategy if you're considering making you, know
withdrawals from the tax defer vehicle the four to one
k with your former employer using the rule of fifty,
five and we can make sure that you avoid costly withdrawal. Mistakes,
folks we're having fun helping. People we're building plans to
get you to and through. Retirement where social security, experts
(25:53):
income and distribution planning, experts we professionally manage. Money we
help you in all. Areas, first this is you, know
just some. Areas so if you're looking for a holistic,
planner somebody that cares about, you that really wants to
make sure you succeed in, retirement give us a, call,
Okay and if you're one of the next ten callers
(26:14):
in the next ten, minutes we're going to provide to
you a written plan for. Retirement it's built by our
team of certified financial. Professionals we're going to give this
to you at no cost or, obligation and it's individualized and.
Customized that's the coolest thing about. It so it's not cookie, cutter.
Okay and by the, way you can't just call in
(26:35):
and say, hey mail this to me or email this to.
Me you must come in and go through our process
to receive. This the next ten callers in the next
ten minutes will receive a no, cost no obligation written
plan for.
Speaker 3 (26:48):
Retirement you, know if you're within five years of, retirement
maybe you just recently took the. Lead this is the
time for clarity and. CALM a personalized withdrawal, strategy just
What trip's been talking. About tax, analysis count review can
help take the confusion and turn it into. Confidence let's
help make those decades of saving turn into decades of living.
(27:08):
Well it starts with a phone call eight hundred ninety
four zero six nine seven. Nine eight hundred ninety four
zero six nine seven. Nine quick break back with more
on the road of retirement With Trip limehouse right.
Speaker 2 (27:18):
After, this continuing on with what to do with your
four oh ONE. K a lot of people just don't
know how they can utilize it pre, retirement post. Retirement
we're getting right into that and more coming up. Next in,
(27:40):
life there are defining. Moments you may kiss the, bride
you got a, job.
Speaker 7 (27:44):
Buddy retirement is one of those stand, out exhilarating. Times
hard pay em seize the, day meet at no cost
with our local independent team who are here to help
coach you along this journey.
Speaker 2 (27:58):
Called Trip Limehouse House. Financial eight hundred nine four zero
six nine seven.
Speaker 3 (28:04):
Nine that's eight hundred nine four zero six nine seven.
Nine we are back on the road to retirement With Trip.
Limehouse driving down the road today smooth saleen looks, good feels.
Good as we get closer to, retirement and again we're
(28:24):
going to dig into some of the things that we've
been talking. About we talked about the fifty nine and
a half. Rule tripp did a great job explaining what
the age of fifty five. Rule it's a little, known
but it can be. Useful gotta be, careful so let's
talk about this. Trip the NEW rmd age is seventy.
Three that's the new seventy and a.
Speaker 2 (28:42):
Half, Yeah and for those of you listening that don't
know WHAT rmd stands, for it's required minimum. Distribution So
i'll get on my soapbox for a. Minute if you
if you are familiar with, this, folks you have a
partner in any tax deferred vehicle that you currently participate
(29:05):
in our own and that partner is the. Irs as
a matter of, fact YOUR ira is an iou to THE,
irs and because of, that you really need to be
forward thinking on how you're moving into retirement and if
you are in retirement, already what you're doing with your retirement. Dollars,
(29:27):
so you, know going back to what we talked. About
you know in the last segment we talked about the
fifty nine and a half. Rule, well that's an example
of how THE irs is in control of your retirement
because they tell you if you take money out of
your tax for retirement, account you know before fifty nine
(29:49):
and a, half you're going to pay a ten percent
penalty and you're also going to pay. Taxes so that's
mandated by. Them, again they're controlling. Things Now i'm talking
about a required minimum distribution and this is yet again
another example of how they are in control of your. Retirement,
so thanks to The Secure act two point, zero a
(30:14):
major piece of legislation that, passed the required minimum distribution
age has officially moved from seventy and a half to
seventy three and it eventually will go to seventy. Five
so we're talking about the age that you are forced
to take money out of your retirement whether you want
(30:37):
it don't want, it, needed don't need. It whatever they're making,
you they're mandating that you take money. Out and you,
know quite, frankly for the majority of our, CLIENTS i,
mean we're working typically with seven figure portfolios and people
that have pensions and social security and you, know brokerage
(30:58):
accounts and maybe you, know rental, income all kinds of.
Things so for our, clients a lot of, them they
don't want or need to take money out of their
tax deferred, vehicles and so we engage in these conversations
when they hit these milestones as far as the age is,
concerned and we're, like, okay it's that, time And i'm
(31:20):
thinking of you, know a couple recently and both of
them are the same. Age they both just hit that
seventy three, mark and you, know combined two million bucks
and their tax deferred, vehicles we're talking at a four percent,
withdrawal a forced. Withdrawal that's eighty thousand dollars they're being
forced to take, out and they weren't too happy about. It,
(31:41):
now you, know we explained to them that you just,
gotta you, gotta because if you don't take out your
require minimum, distribution you're going to pay you twenty five
percent penalty and you still have to take it. Out
so everybody out there needs a required minimum distribution, roadmap
and that's a document provided to you by an expert like,
myself like my investment, Advisor jonathan O'Reilly that maps out
(32:05):
today when you're going to have to take out these
distributions and estimates approximately how much you're going to have
to take. Out, folks you don't want to just arrive
at that, point at that age and then be, like,
now what we need to incorporate it into the overall.
Plan so for the longest TIME i wondered why because
(32:29):
again going back to the requirementimum distribution, age it was
initially seventy and a half and then it moved to
seventy three and it's moving even further out to seventy.
Five so for the longest TIME i couldn't figure, out,
like why is the government postponing? This why are they
pushing out and pushing it? Out and THEN i had
a kind of an, epiphany and here's what it. Was.
(32:52):
Aha it was AN aha, moment and The aha moment
was this the government is doing. This this is just
in my, opinion not to really Help americans. Out they're
doing this because the longer that your money sits in
a tax deferred, status hopefully the larger the balance will,
(33:12):
grow and thus the withdrawal that you're required to take
out will be. Higher so think about the trillions and
trillions of dollars that are in retirement accounts, currently and
think about how they'll grow from if from a seventy
and a half day seventy, five just as an. Example,
okay and that's a you, know four and a half you,
(33:34):
know four to four and a half year time span
that a lot of growth could. Happen so these account
balances increase, dramatically and then the withdrawals are, huge and
probably at a time when income taxes are going to
be moving up as. Well, so you, KNOW i don't
think that they did it just to be. NICE i
(33:56):
think that there was some thought. THERE i could be totally,
wrong you. KNOW i mean some of my clients were, like,
oh this is. GOOD i can wait TILL i have
to take money, Out AND i was, like you, know
let's just splip that. Coin let's look at it from another.
Perspective is it really? Good should you really wait to
take money until you're seventy. Five and quite, frankly a
(34:16):
lot of people that we talk, with we're educating them
on the impact of them waiting longer to take money
out of their iras and and you, know for some
of our clients it's not, detrimental but for the majority
of them it. Is so we're we're talking now about
strategic distributions from tax deferred vehicles that are going to
benefit our clients, currently specifically in the form, of let's
(34:38):
pay as little taxes as we can right, now and
let's avoid having super high balances later on that are
going to force, us you, know where we have to
take more money out and the balances is gonna be,
higher and the withdrawals are going to be you, know,
greater and we're going to go into the next tax.
Bracket let's try to avoid. That, so, FOLKS i think
that at the end of the, day everybody needs a
tax efficient retire plan and everybody needs a required minimum distribution. Roadmap,
(35:04):
well don't, worry you're in the right place here At
Limehouse financial eight hundred nine four zero six nine seven.
Nine and as you're hearing me talk about a require
minimum distribution, roadmap and as you're hearing me talk about
a tax efficient retirement. Plan if either one of those
things interests, you which they should give me a call right,
(35:25):
now the next ten callers in the next ten. Minutes
i'm going to offer that at no cost obligation eight
hundred nine four zero six' nine. Seven nine if you
want to know how to take money out of your
tax to first savings at the best time before you're
forced to where you can pay the least amount of
(35:47):
taxes and make sure that you never outlive your money
and even protect and preserve your money using the green
line principle where zero is, your hero you've got no
downside and a lot of. Upside potential then call me
right now and, tell, ME hey i heard you talk
about this tax efficient, retirement plan this required minimum, distribution
(36:07):
Roadmap and i'd like to. Have it it's. It's yours
next ten callers in the next. Ten minutes eight hundred
nine four zero six nine. Seven nine so we want
to make sure that you, you know understand these required, minimum
distributions and especially if you're a high, INCOME person i
(36:29):
want to help You avoid medicare. Search charges this irma
thing that's, out there or future tax shock, so see
let's talk about maybe letting. It lie, you know how
about That doing maybe why doing nothing could?
Speaker 3 (36:43):
BE smart, i mean you don't, have to, you know
do anything with your four OH one k once you leave, the,
COMPANY right i mean they they will keep it as
long as it's more than five. Thousand dollars but is? That?
Speaker 2 (36:56):
Smart yeah that is contrary to. Popular belief you don't
have to touch your FOUR one k just because, you've
retired at least not. RIGHT away, i mean we TALKED
about R and d s a. Minute ago but, you
know if you've got more than five thousand dollars in
the in the plan with your, former employer they're required
(37:19):
to leave it in place unless you, say otherwise so
they can't force you out. Of it and that's nice
because it can buy you time to decide whether to roll,
it over to draw, from it or integrate it with other.
Retirement Accounts so i'd like to just touch on when
is it smart for a retiree to leave their four
TO one k balance where? It, is well if you're
(37:40):
working and you have a balance in your FOUR one
k and you think you may need to borrow against
it for some reason such as maybe, you know paying
off a, credit card or helping, you know a grand
child out or a, child out or helping yourself out
of do something at, the, house, repair, remodel whatever. You
know they can be a good tool because you can
(38:01):
borrow up to fifty thousand dollars out of four TO
one k while you're. Still working and as long as
you pay that off, before you, you know leave, the
job you're not going to pay taxes. On that and
it's nice too because you're paying yourself back. The interest
so that could be a great thing, to do a
good reason for you to leave your FOUR one k,
(38:23):
you know at your employer if you want to borrow. Against,
it okay other, than, That really i'm not not coming
up with any significant reasons for anybody out there over
fifty nine and a half to leave their money with. Their,
employer folks it's time to really grab the bull by.
The horns it's time for you to make up your
mind that you want to have the best. Retirement available
(38:45):
and one of the ways you can do that is
by talking to us about how to utilize your four
TO one k in the best. Way possible so as
you're hearing me talk, about this. Right now those of
you out there that are fifty nine and a half
or have either your fifty nine and a half or you've.
Quit working you're not your former. Employer anymore you've got
(39:08):
four to one case and you don't know what to do.
About it i'd like for you to give me a
call at eight hundred nine four zero six nine. Seven
nine the bottom, line is it's not a one size fits.
All thing this is about you understanding and learning about
how you can maximize to the best of your ability
(39:29):
what you have accumulated in these tax, effert accounts putting
them to use for you for the rest of. Your
life and it all starts by having that written PLAN
that i. Talk about be one of the next ten
callers in the next. Ten minutes we'll do Everything that
i've mentioned, to you and a whole lot more in
the form of a, written plan individualized and customized just,
(39:51):
for you no cost. For obligation eight hundred nine four
zero six nine. Seven nine be one of the next
ten callers to get that written plan. For retirement let's
get you moving in the. Right direction, sounds.
Speaker 3 (40:04):
Great trip it's advice like that shows you how important
it is to meet with a financial Coach, like trip
somebody who really understands the ins and outs of the.
Financial world so you're invited to take advantage of this
opportunity to make sure that you are on the. Right
path that path based on your, risk preferences, your budget
and of course. Your goals eight hundred nine four zero
six nine. Seven nine eight hundred nine four zero six nine.
(40:25):
Seven nine we've got to take one more break and
when we, come back we have got much to discuss
on the road. To Retirement What trip limehouse.
Speaker 2 (40:31):
Time to dig into the listener questions because nothing says
fun radio like financial inquiries and a little bit of.
Mild panic let's get.
Speaker 3 (40:42):
To it.
Speaker 1 (40:47):
Losing sleep worrying about your retirement savings and. Market volatility
you've earned, your Money And trip limehouse will work tirelessly
to protect and. Grow it his no cost personalized review
starts listening to you and results in, a clear actionable.
Ridden plan start sleeping. Easier Tonight Call Trip Limehouse. Limehouse
(41:09):
financial eight hundred nine four zero sixty nine, seventy nine
eight hundred nine four oh sixty nine. Seventy nine we're
back on the road to Retirement With. Trip limehouse our
final segment together down this fine day and as a
result we. Are trip you have not yet mentioned the
(41:33):
chamber breakfast that you have.
Speaker 3 (41:34):
Coming up you've only mentioned.
Speaker 4 (41:35):
It once this, Is.
Speaker 2 (41:36):
Great steeve you're always helping. Us out thank you. So,
Much yes i'd like to invite everyone out there to
an event we have coming Up, On saturday, september twentieth
and it's going to be at nine am At The
lexington Chamber. Of commerce it's a social security and income
planning workshop where we serve breakfast no cost for, obligation
(41:58):
folks come. On out we have a great time at
all of. Our events saturday mornings are nice and relaxed
and we just. Have fun we like to get to,
know you make, new friends and, most importantly help you
understand how you can do better. In retirement so don't.
Miss it give us a call at eight hundred nine
(42:19):
four zero six nine seven nine for those of you
that want to attend this no cause for obligation Breakfast
Event social Security and income. Playing workshop. Once Again, it's
saturday the Twentieth of september at nine am At The
lexington Chamber. Of commerce, so hey you got to give
a quick shout out to all my. Longtime listeners you guys,
(42:42):
are awesome very thankful. For you thank you for, you
know continuing to let us know how much you. Appreciate
us thanks for telling other people. About us let's continue
this on, for many many. MORE years i think we've
been at about five and a. Half now AND also
i just want to encourage those of those out there
that have been listening for, a while that have thought
(43:03):
about calling but haven't called, in yet to make. An
appointment just pick up the phone and. Do it. YOU
know i met with a person last week and they
shared with me that they had been listening for two
and a, half years and that they finally picked up,
the phone, you know and came in and. Saw us
and the last thing that he said when he walked
out the Door was I'M glad i just finally picked
(43:24):
up the phone and called and made. An appointment so
that could be you eight hundred and nine four zero
six nine seven nine and all my clients. Out there
you guys are. The best couldn't do this. Without you
thank you so much for. Your business you mean the
world to me And to jonathan here at. Our office
so these questions ARE great i always, say IT but
i love questions because they give us an opportunity to
(43:47):
help some people out that maybe wanted to ask the,
same question but they.
Speaker 3 (43:51):
Didn't know so here's here's somebody at sixty four. Years old,
they're single trying to decide whether to start social security
now or wait until. Sixty seven they got about two
hundred thousand dollars in, retirement savings and they're worried about
market downturns wiping. It out how should someone weigh the
risk of drawing down savings early versus locking in a
(44:13):
lower social security benefit?
Speaker 2 (44:14):
For, life yeah. GREAT question i love these social. Security questions,
you know as an expert in social, Security planning i've
helped thousands of people understand the best time to maximize
and optimize their social security and, quite frankly it's different
for everyone. Out there. You know so at, sixty four
(44:35):
you're a little shy of full, retirement age which would
be sixty seven as, you mentioned and, the benefit of
course would. Be HIGHER so i think that it comes
down to looking at what your retirement income, goals are
what your lifestyle, goals are and how to incorporate healthcare
and taxation and inflation into one big bundle so that
(44:59):
you can and understand the impact of MAYBE Starting soi
security now or. Starting later first, of all if you're,
still working then you would not want To Start social
security because there's the earnings test that you're, subject to
and that's just gonna Make Your social scurity benefit be
less than it should be because you get penalized if
(45:20):
you earn over a certain amount. Of money so the earnings,
test is, you know working against you at a, Younger
age so that should be a. No brainer if, you're working,
you know and you're earning over twenty three twenty four
thousand bucks, a year you don't want To Start social
security because you're not going to get the full amount
that you're entitled to until you hit that full time. And,
age now after full, retirement age there is no, earnings
(45:42):
test so that's a that's a. Big plus you can
earn whatever you want and receive one hundred percent of.
Your benefit so as you, can tell there's a lot
of factors that go, into win, you know to decide
to file For Your social. Security benefit regarding the money
that you have that two hundred one, thousand dollars, you
know you're not the only one that's worried about. Market
(46:04):
downturns and, you know your your hard, earned money your,
your savings, you know, being depleted and it could, happen
rapidly it could, happen slowly, you know depending on what
the market may do may. Be doing SO what i
want to encourage you to do is understand more about
the green. Line principle that's a safe money strategy where
(46:27):
zero is. Your hero you've got no downside and a
lot of. Upside potential so this truly is a way
for you to ensure, your retirement to make sure that
you never run out of it despite what's happening in. The,
market folks whether you realize it, or not if the
market is going to control your your your destiny on
(46:49):
the road, to retirement that that's. Not good it's a very,
uneasy feeling and it can just kind of turn you
around backwards and lead you down down the, wrong road
potentially to a. Dead end so, You know i'm glad
that this person has asked this QUESTION because i want
to help everyone out there to understand that there's a
way you can AVOID what i, just described and it's
(47:10):
called the green. Line principle a safe, money strategy so
make sure you ask us. About that, but overall the
answer this question is we need a social security roadmap
that's going to clearly define the best time to optimize
and maximize this social. Security benefit we also, have to,
you know talk about a safe money strategy to protect these.
(47:31):
Retirement dollars that. You have good, News though you're in
the right place because everything that you've asked about and
Everything that i've mentioned is what. We do we're experts in.
These areas so come, on in sit down, with us
and let's build you that written plan for retirement that
we talk about so that you can have a healthy and.
Speaker 3 (47:52):
Successful retirement, sounds, great trip folks again eight hundred ninety
four zero six nine. Seven nine here's a couple in
their early seven they're facing out of rising out of.
Pocket costs Even with medicare and a, supplement plan their
prescription drug expenses jumped over four thousand dollars this. Year
alone how can retirees plan ahead for unpredictable healthcare costs
(48:15):
that seem to grow faster.
Speaker 2 (48:16):
Than, inflation yeah this is a. Common question, you know
you're not the only ones, it's happening, you know across
the board to everyone. Out there, YOU know i think
it's just a scary proposition to kind of be where
you are and then all of, a sudden, you know
you have these. Additional EXPENSES what i would share with
you is that we need to really take a look at.
(48:38):
The budget, you know what you need to. Live on
let's make sure that that's taken. Care of let's take
a let's take a look at, your lifestyle what you're
spending your money on over and above the budget that
you have. To, meet okay and then let's. Do it
let's so an analysis on your savings and. Your investments
are you appropriately proportioned to where you? SHOULD be, i
(48:59):
mean do you have safe? Money strategies do you have
guaranteed income for? Life strategies the money that you, may
have is it being managed properly in a? Diversified portfolio
are you working with someone like us fiduciary that's only
making recommendations in your? Best, interest so, you know there's
(49:19):
really only so much you can do when life, gives
you gives, you lemons, you know you. Make lemonade so
maybe we have to adjust spending a little along. The way,
you know maybe we just need to really hone in
on what all is there and how it's being utilized
and reallocate. Some things so don't be afraid because this
(49:41):
is common and probably it will continue to happen as you're.
Getting older let's just again going back to that. Written
plan let's just do the best we can with what,
we have and let's put it in the form of
a written plan and make sure we're doing as best.
As possible.
Speaker 3 (49:57):
Sounds good eight hundred and nine four. Zero nine we
got time for one. More here the portfolio dropped fifteen
percent last year and they're now debating whether to cut
back on withdraws or stick to their four. Percent rule
they're seventy three, years old rely heavily on. This income
what is the smart way to adjust retirement withdraws during
(50:18):
a down market without jeopardizing long?
Speaker 2 (50:21):
Term security, oh gosh. Great, question well the First thing
i'd like to share with, you is, you know you're
not the. ONLY one a lot of, folks have, you
know in encountered that, market volatility and a lot of
folks are wondering if they're doing the. Right thing they're.
Withdrawal strategies, you know you mentioned the four. Percent rule
(50:41):
we do talk a lot about that on. This show
that rule has been around for, a while and one
of the THINGS that i mentioned on air is that
it can't necessarily be relied upon like it. Once was
so you're you mentioned that you're in your early seventies
and relying on, On income so, you know do you
have do you have guaranteed income? FOR life i guess
(51:03):
that'd be a, First question and do you have a safe?
Money strategy so let's take a look at all the money, you,
have okay and let's build a plan that's going to
protect and preserve a good amount of, what's there so
it'll never, go away it'll always. Be there and at the,
same time the good news is that you can utilize
(51:24):
the green line principle to preserve or protect that money
and create guaranteed income for life that you'll, never outlive
so then you don't necessarily have to rely on something
like the four. Percent RULE so i would say a
safe money strategy such as the green line principle really would.
Benefit YOU and i would also say creating a personal
pension plan income that you can never outlive would. Benefit
(51:45):
you and then, from there let's just professionally manage the
money in such a way that you know you can
make it through these. Market, downturns okay so don't be
afraid you're not the. Only one come on in and,
see us and let's do this a whole lot more.
FOR you i appreciate, your, Questions folks thanks for spending
time with us today on The Road You. Retirement show
(52:05):
we really, Appreciate you we're thankful, for you and we
are really looking forward to spending time with you again.
Next week we got a great show. Lined up visit
us on the web limehouse financial. Dot com give us
a call at eight hundred and nine four zero six nine.
Seventy nine come on in and. See us we're experts
and we're here to help you until. Next week god.
(52:27):
Bless you.
Speaker 6 (52:36):
If you REMEMBER these. Tv shows you're getting ready, to retire.
Speaker 3 (52:40):
And everybody see a big pair of, feet there, cheesy
mustache you'll think.
Speaker 6 (52:44):
Of you you, GUTS well I hate i'm one guy
who ain't prejudiced against anybody who maybe listship pity. To
me it kind of sneaks up, on you. Doesn't it,
oh geez you deserve a secure or. Independent retirement our
retirement that is prepared to handle pitfalls, like inflation, health
(53:07):
emergencies stock, market volatility. And taxation you've 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 the facts based approach that you deserve all at,
no cost with. No obligation Call the Road to Retirements
(53:30):
trip limehouse eight hundred nine fours zero sixty nine seventy
nine or text trip to eight hundred nine four zero
six nine.
Speaker 1 (53:39):
Seventy nine 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.
Speaker 2 (53:58):
Any action
Information provided is for illustrative 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 2 (00:20):
Love might feel sweeter the second time around, but what
about the finances. Let's explore how to help older couples
say I do again without saying I didn't see that coming.
Speaker 1 (00:34):
Do you want to avoid taking a wrong turn on
your retirement roads?
Speaker 2 (00:39):
The road to retirement is a long one, and if
you just don't want to make wrong.
Speaker 1 (00:43):
Well, buckle up. We're getting ready to take a retirement
road trip together. It's the road to retirement. With Trip Limehouse.
Speaker 2 (00:51):
It's the perfect amound to map it out. That road
to retirement is.
Speaker 1 (00:56):
Key, is key, get on the road to financial security
and independent. It's just like many of Trip's happy clients
and retirement partners.
Speaker 2 (01:03):
My money is safe using the green line principle that
you taught me about. Thank you so much. Let's get
this trip started.
Speaker 1 (01:12):
It's the Roads retirement with Trip Limehouse.
Speaker 3 (01:18):
Welcome into the road to retirement with Trip Limehouse. My
name is Steve Sadl. Trip of course been helping folks
better than twenty years, getting two and through retirement. The
green line principle is his thing. We are going to
talk about a lot of cool stuff today as we
normally do. Trip ball is a pleasure.
Speaker 2 (01:32):
How are you doing great, Steve? And how about you?
You've been doing good.
Speaker 3 (01:38):
Hanging in there. Sure, absolutely I like this topic. I
think it's going to be interesting. And as I started
to look into this, I realized, I mean, there are
a lot of moving parts when you're older getting married.
I mean, not for it's challenging when you're younger, but
when you're older.
Speaker 2 (01:56):
Well, I think in general marriage is challenging all the time.
And while I'm thinking about it, of course, I've got
to give a shout out to my wife, Honey, I
love you so much, thanks for being married to me
for twenty nine years, and I'm excited for twenty nine
more or maybe longer. Who knows, but yeah, you know, Steve,
there's a rising trend, if you will, of people that
(02:19):
are kind of walking down the aisle, or maybe at
least moving in together and later on life, maybe in
their sixties, seventies and even even beyond. So you know,
it might be something that has happened like a gray divorce, widowhood,
or just a you know, a well timed spark. Who knows.
(02:39):
I mean, some people just wait till later to get married.
But the fact is that more retirees are coupling up again,
and and you know, joining hearts later in life it
means a lot more than just joining hearts. It means
joining assets. You know, health plans, beneficiaries, dealing with ault kids,
(03:00):
and you know, lots of potential emotional baggage from the
past and and and that's all before the first shared holidays.
So you know, I thought we should talk about how
how we can help couples, you know, who may be
encountering this, which is a very exciting thing. By the way,
(03:22):
I'd like to help some couples play with let's just say, grace, clarity,
and maybe even a little humor, because it is quite
a quite an ordeal, and there's so much to consider
because if you think about it, folks, and this applies
to you or someone you know that you want to
share this information with them as well. You know, your
(03:43):
whole life, you've developed many different things, routines and patterns
and whatnot, but specifically related to money and decisions on finances.
I mean, there's just a whole lot that's involved there.
So I don't know what do you think. Do you
think later life love is on the rise? Steve?
Speaker 3 (04:05):
Certainly could be. Statistics are showing that. My favorite thing,
but this one that's at our age. Marriage isn't about romance.
It's about finding someone who can still drive at night.
And I am of the age where yes, that's an.
Speaker 2 (04:16):
Issue, Yeah, that's for sure. That could be a determining
factor and whether whether someone does get remarried or married
later on life or not. Right So, I think we
are seeing more gray unions and that would be you know,
explained as people forming new relationships later in life, and
(04:38):
often this is you know, post retirement, and it's not
just sweet, it's fairly significant. What I'm seeing is that
gray divorce has doubled since nineteen ninety for folks over
fifty and tripled for those over sixty five. That's according
to usnews dot Com. So it just makes sense that
(05:00):
many out there are finding love again and giving you know,
that partnership another go. So the question for folks out
there is, you know, when are you going to have
financial conversations you know, with that that significant other, and
what are some of the first financial conversations that you're
(05:21):
gonna recommend, you know, or you know that you have
with someone that you love so much and that you're
entering into a new partnership with. Folks, I would say
that this all starts with conversation. You know, my experience
in helping people in the last twenty years as I've
had had many that have come in and they were single,
(05:42):
they became a client, they were older and retired, and
then they shared with me that they found someone and
they were going to you know, get married again or
maybe even for the first time. And of course I'm
just so excited for them, but you know, I really
had to take the time to sit down and counsel
with these particular clients on you know, all the things
(06:04):
that that I've seen over the years, the good things
that I've seen and some of the bad things that
I've seen as well. I mean, our job here at
Limehouse Financial is just to you know, help help folks
out there, with the experience that we've had working with
people just like you and as experts and income and
distribution planning and social security planning, you know, we we
(06:26):
want you to make good decisions so that you remain independent,
remain in control, and have successful retirements and just enjoy retirement.
I mean, that's what retirement's about, seve enjoying it.
Speaker 3 (06:38):
Right, absolutely, And if we can't enjoy it, then you
know there's a problem. But you come in. But from
a financial standpoint, merging finances when you're a little bit older,
is that is that something that.
Speaker 2 (06:51):
Yeah, well, a gray union is not just a walk
in the park, if you will. And again, a gray
union is people forming new relationships later in life. Think
about it this way. It's a it's a merger of
many different things.
Speaker 4 (07:05):
You know.
Speaker 2 (07:06):
I all raise, uh, social security strategies, long term care planning,
family dynamics, just to name a few. So, uh, a
little comparison would be folks, you can think of it
as blending too many empires, right, But here's a twist.
A lot of you guys out there, Uh, you want
(07:27):
to keep things financially separate, and that's uh, that's totally
okay as well. So you know, as an advisor, how
I can help you is to balance that you know,
romance of a second marriage with the with the practical
need to you know, protect your personal you know, financial foundation.
(07:48):
So if you are out there and you're you know
about to uh encounter on these great unions uh you know,
forming a new relationship later in life, and you you'd
like to talk about it, then I want to see you.
I want to sit down and share my experience with
you on people who have done it and done it
very well, and also people have done it and made mistakes.
(08:10):
Eight hundred nine four zero six nine seven nine Limehouse
Financial dot Com. Eight hundred nine four zero six nine
seven nine Limehouse Financial dot Com. Give us a call
about this if if this is something you're you know, encountering,
and this is such a great time too for you.
(08:31):
I am excited if if you fall into this category.
But quite frankly, you just have to do things right,
because the last thing that anybody needs or wants, you know,
when they're moving forward it with a new relationship later
on in life is you know, problems with money and
finances and so and again that does all start with
(08:54):
a conversation with your significant other and also you know,
with us as the experts in these areas. Hey, folks,
I want to invite you to an event we've got
coming up on September the twentieth. This is going to
be a breakfast event. It's going to be held at
the Lexington Chamber of Commerce. It's going to be Saturday,
(09:14):
September twentieth, and it's going to be at nine am.
It's a social security and income planning workshop, no cost
or obligation, and I'd love for you to attend. We're
going to serve breakfast too, and certainly there's no cost
for that as well. We're having a lot of fun
with these events, meeting new people and sharing with them
(09:35):
what we do and how we help them. And probably
the number one thing we're hearing from folks that attend
these events is that they're glad they took the time
out to come and learn. And that's what we're doing.
We're teaching you how to avoid the wrong terms on
the road to retirement that can lead you to a
dead end. So come check us out Saturday, September the twentieth,
(09:56):
nine am at the Lexington Chamber of Commerce for a
social Security an income planning workshop where breakfast is included.
So how about this whole thing of you know, second
marriages or third marriages, or maybe it's a first marriage
later on in life. But then then comes in We've
(10:16):
talked a little bit about finances, but then comes the
role of the adult kids also known as the in
laws two point zero.
Speaker 3 (10:25):
Yeah, that's always a challenge, isn't it.
Speaker 2 (10:29):
Well, bringing families together later in life. It can be
it can be really a beautiful thing, but it also
could be really awkward to you know. Quite frankly, I
think adult children might worry about inheritances or potentially maybe
(10:49):
feel like they're left out of the loop. And when
I think about it, I've heard a lot of stories that,
you know, something like this headlines Dad's knew whife five
years older than me. You know, of course, it's all
fun and games until somebody takes the will out and
(11:09):
reads it and then they're shocked as to what happens
regarding the estate planning. So, you know, I want to
encourage folks out there who may be you know, going
into a great union when and that's when you're forming
a new relationship later in life. I want to encourage
you to talk to your kids, your adult kids about
(11:32):
the the remarriage and the estate plans. And I want
you to know that oftentimes we can help those conversations
go smoother by preparing you, you know, maybe how you
can talk to your kids about this stuff, how you
(11:52):
can let them know what you're planning for, you know,
and there's always advanced estate planning techniques. It can be implemented,
and even things like trust can be set up. You know,
there's pre nups that can be set up. So, folks,
this could be your moment to shine. It really could
(12:14):
be so love later in life could be beautiful with
the right financial blueprint. And if this is you, this
is what I'm offering you. Okay, if you're one of
the next ten callers in the next ten minutes, I'm
going to give you a blueprint to make sure that
your next act in marriage is going to start with confidence,
clarity and really going to be healthy as you're moving forward.
(12:39):
So if you'd like that correct financial blueprint for this
next stage in life, give me a call at eight
hundred nine four zero six nine seven nine sounds great.
Speaker 3 (12:50):
Trip eight hundred to nine four zero six nine seven nine.
There's no cost, there's no obligation to help you get
a better handle on your financial situation. Now to find
out what your investments are really called. Come on in,
sit down, and you'll find out what those high fees
or commissions might be. You'll talk about future tax implications,
how much income you can securely generate once you do
move into retirement. Call us right now eight hundred nine
(13:12):
four zero six nine seven nine eight hundred nine four
zero sixty nine seventy nine. Quick Break will be right
back with lots more road to retirement with trip Limehouse
right after this.
Speaker 2 (13:21):
We spend decades watching our four to one case grow.
But then what when we come back, We're gonna unpack
what happens after you retire from penalty free withdrawals to
smart rollover moves. It's time to talk strategy for the
next chapter of your retirement savings. Oh, I'm glad you're here.
(13:47):
I'm not sure how long it's been leaking.
Speaker 3 (13:49):
Well, it's like it's been leaking for quite a while.
Speaker 2 (13:52):
Lucky you call this one. You did.
Speaker 3 (13:54):
I hope you can fix it.
Speaker 5 (13:55):
If I only knew sooner.
Speaker 1 (13:57):
Find the leaks in your retirement plan before you end
up underwater.
Speaker 5 (14:02):
Make sure your retirement plan is above water. Called Trip
Limehouse and the team at Limehouse Financial eight hundred ninety
four oh six nine seven nine eight hundred nine four
oh six ninety seven nine proudly serving Soda City.
Speaker 4 (14:15):
So, mister Johnson, I understand you have questions about the
report we provided you.
Speaker 2 (14:20):
Well, I do lots. Actually I don't understand.
Speaker 4 (14:23):
Elstra love that it's leather bound.
Speaker 1 (14:26):
Really after information about me? I'm concerned that I'm not sure.
Speaker 4 (14:30):
You'll think that the gold tassels were a nice touch.
Speaker 2 (14:33):
How about the.
Speaker 1 (14:34):
Calligraphy, Well, it doesn't really say anything about my retirement specifically.
Speaker 4 (14:38):
I mean, how about the custom illustrations. Look, here's you
a first looking all sad, and here's you after meeting
with us, happy, happy, happy.
Speaker 1 (14:48):
Well I wish I was.
Speaker 3 (14:50):
I don't need all this Roman numerals.
Speaker 1 (14:52):
I mean, what is MXXV.
Speaker 4 (14:55):
Mister Johnson, that's page oneenty twenty five.
Speaker 6 (15:01):
Do you want to retirement report that just looks nice?
Or do you want to set an.
Speaker 2 (15:05):
Actible plan built specifically for you.
Speaker 6 (15:07):
Trip Limehouse and their team at Limehouse Financial focus on
strategies challenging your best interest strategies designed great the retirement
you've always envisioned. Schedule your consultation now by calling eight
hundred nine four oh sixty nine seventy nine. Eight hundred
nine four oh six nine seventy nine.
Speaker 3 (15:31):
We are back on the road to retirement with Trip
Limehouse by name. Steve said, all Trip's been helping folks
better than twenty years getting to and through retirement, having
a great show. Always in that first segment talking about
you know, getting married later in life and now this
one trip when we get into it. You know, our
four oh one k's are really something that a lot
of us. That's our main, our only savings tool.
Speaker 2 (15:54):
Yeah, and that's really interesting too because the four hundreds
are the are the part of the Internal Revenue Code
that have to do with tax deferred savings. So that's
why you have a four H one K, four H
three B, four fifty seven, et cetera, et cetera. So
you know, they've only been around since the late seventies.
(16:18):
And I always like to point out to folks prior
to tax deferred savings or you know four to one K,
which is tax deferred savings, you know, people saved and
they were retired and they were successful. They just paid
their taxes and invested their money and then they used
their money over their lifetime. And interestingly enough, the four
(16:40):
hundreds were invented, if you will, to give Americans an
additional way to save, because at the time and for
the longest time, a defined benefit plan was really the
only thing out there as far as retirement is concerned,
and a defined benefit plan as a pension plan which
(17:03):
is funded by the employer, and so what the government
kind of had in mind was, hey, let's let's give
Americans a way to save, and this will be in
addition to their pensions. Well, a great dynamic shift occurred
over a period of time, and that shift was that
(17:23):
employers said, hey, well, if if our employees have a
way to save in a four to one k and
we give them something called a match, which maybe two
or three or four percent of whatever they put in
or whatnot, then we can just back off the pension
or eliminate the pension altogether. And unfortunately, that has really
(17:46):
been what has occurred for the most part, and there
are less and less and less pensions today and more
and more and more. For one case, today it's it's
the predominant savings vehicle that we see here at Limehouse
Financial eight hundred nine four zero six' nine seventy. Nine
(18:08):
Limehouse financial is where you can find us on the
web limehousefinancial dot. Com we are income and distribution planning,
experts and so as we're talking about the four to
ONE K i don't know this is in, general it's
really challenging for people because, essentially When americans were set
up with four to one, k's if you, will they
(18:31):
were put in charge of managing their own. Money, Okay
now there's for one k's that are provided to, you
obviously by an, employer but you know you within your
employer sponsored. Account and this is deceiving because your employer
calls it a plan and it's really not a. Plan
it's an. Account it's a place where money is. Located.
(18:52):
FOLKS i want you to never forget.
Speaker 3 (18:53):
That.
Speaker 2 (18:54):
Okay there's a big difference between an account and a.
Plan an account is where money is. LOCATED a plan is.
Yours it's created with an expert like, myself like my investment,
Advisor jonath, O'Reilly and it gets you to where you
want to go and keep you. There, okay has lower,
fees more investment options probably better. Performance it's just, better
(19:19):
totally better for. You so the sooner you move from
an account to a, plan the more successful you're going
to be in. Retirement but your four to ONE k
account has limited investment options in, it and quite frankly
a lot of people out there just have no idea
what they should choose to invest. In so you, know
not only did the four hundreds you know when taxif
(19:42):
vehicles were, invented if you, will not only did it
take away the traditional retirement which is the pension, plans
but it put the responsibility of managing retirement on each
individual out there that's participating in the four to one k.
Account SO i just wanted to talk this segment on
what you need to know about your four ones or
(20:05):
your four to fifty sevens or your four h three
so any tax FOR i want to talk to you
about how you should be forward thinking on what you
can do to help yourself, out BECAUSE i can guarantee, you,
folks that your employer is not forward thinking on what
is going to help you out as you're moving towards
(20:26):
retirement or are getting Into retirement's all up to. You
so the first THING i want to talk about is
the fifty nine and a half. Rule the fifty nine
and a half, Rule, steve this is a really big
time for.
Speaker 3 (20:38):
People that opens up the door to no penalties on
withdrawals from YOUR ira or four h ONE k at
fifty nine and a.
Speaker 2 (20:45):
Half so let's call it the green light to if
you will start spending, smartly or let's call this age
fifty nine and a half the green light for you
to move your. Money and that's HOW i like to
HOW i like to phrase. It, folks when you're fifty
(21:05):
nine and a, half THE irs officially stops charging you
the ten percent early withdrawal. Penalty, Okay so that just
means that you can withdraw money from this tax deferred
vehicle and only pay ordinary income taxes on the amount
that you. Withdraw and that is a wonderful. Thing so
(21:29):
prior to fifty nine and a, half if you take
money out of a tax deferred, vehicle you're going to
not only pay a ten percent, penalty but you're also
going to pay. Taxes and a lot of folks don't
realize that. Now so this is kind of like an
award if you. Will it's, like, Aha i've. Reached i've
reached this point now where the money is allmine and
(21:53):
THE irs has a little less control on. It and
this is a fantastic thing because, again you can make,
withdrawals you can have scheduled payments that come out or qualified,
distributions or you can take lump sums. OUT i will
just point out that just because you can access the,
money it doesn't mean that you should rush to spend.
(22:16):
It AND i also want to point out that if,
folks this is really. Important if you're fifty nine and
a half or, older there's very few reasons why you
should leave your money in the employer sponsored. Account so
What i'm saying, is currently you're, working you have a
balance in your four ONE, k and you have reached
(22:39):
fifty nine and a, half, well it's very worth taking
a look at setting up AN ira WITH, us rolling
over your money from your four ONE k into THE
ira and moving. Forward now you can do, that and
again you're not going to pay a, Penalty you're not
(22:59):
going to pay ten axes doing WHAT i just. Described
and the end result is you're going to be more
in control than you've ever been before of your retirement
because there's more investment. Options there's lower, fees more than
likely better, performance AS i. Mentioned and not only, that
but you can utilize something like the green line. Principle
(23:22):
and if you haven't heard me talk about, that, folks
that probably means you haven't been with us on the
show very, Long so welcome. In but the green line
principle is a safe money strategy where zero is your.
Hero you cannot lose any of your, money and you've
got a lot of upside. Potential, Okay so everyone out, there,
EVERYONE i don't care who you. Are everyone needs a
(23:43):
safe money strategy in. Place And i'm not talking about
bonds or fixed income. Securities i'm talking about the green line.
Principle ask us about the green line, principle. Folks it
saves your. Retirement it allows you to sleep well at,
night you can't lose any, money a lot of upside.
Potential you certainly won't regret. It by the, way it
should not be the only thing that you. Do it
(24:05):
just needs to be a part of your plan and
that the core of. It that's what we're doing to help,
you is we're building you plans to get you too
and through. Retirement so you, know as an expert in this.
Area we're helping you to decide when to start taking
money from this four to ONE, k and we want
to make sure that it is structured correctly when it
(24:25):
moves out of the employer account into your own. Plan
but that fifty nine and a half age is a significant,
milestone if you, will and you need to know about.
IT i want to talk about something else that happens
in your. Fifties so let's say you're out there and you're,
working and you're fifty, five and for some, reason you're
(24:48):
laid off in the year you turn fifty five or
after your fifty, five but before fifty nine and a,
half are you aware that you can access your current
four ONE k with out any? Penalty this is, huge
it really, is AND i find that most people will
have no idea that they can do. This it's called
the rule of fifty five and it only applies to
(25:10):
the plan from your most recent, employer so it EXCLUDES
i raise and over FOUR o one, case and you
can't just you, know raid your so to speak college
era jobs retirement plan and call it a. Strategy but
WHAT i want you to know is we can guide
you if you fall in this. Category we can guide
(25:32):
you through a strategy if you're considering making you, know
withdrawals from the tax defer vehicle the four to one
k with your former employer using the rule of fifty,
five and we can make sure that you avoid costly withdrawal. Mistakes,
folks we're having fun helping. People we're building plans to
get you to and through. Retirement where social security, experts
(25:53):
income and distribution planning, experts we professionally manage. Money we
help you in all. Areas, first this is you, know
just some. Areas so if you're looking for a holistic,
planner somebody that cares about, you that really wants to
make sure you succeed in, retirement give us a, call,
Okay and if you're one of the next ten callers
(26:14):
in the next ten, minutes we're going to provide to
you a written plan for. Retirement it's built by our
team of certified financial. Professionals we're going to give this
to you at no cost or, obligation and it's individualized and.
Customized that's the coolest thing about. It so it's not cookie, cutter.
Okay and by the, way you can't just call in
(26:35):
and say, hey mail this to me or email this to.
Me you must come in and go through our process
to receive. This the next ten callers in the next
ten minutes will receive a no, cost no obligation written
plan for.
Speaker 3 (26:48):
Retirement you, know if you're within five years of, retirement
maybe you just recently took the. Lead this is the
time for clarity and. CALM a personalized withdrawal, strategy just
What trip's been talking. About tax, analysis count review can
help take the confusion and turn it into. Confidence let's
help make those decades of saving turn into decades of living.
(27:08):
Well it starts with a phone call eight hundred ninety
four zero six nine seven. Nine eight hundred ninety four
zero six nine seven. Nine quick break back with more
on the road of retirement With Trip limehouse right.
Speaker 2 (27:18):
After, this continuing on with what to do with your
four oh ONE. K a lot of people just don't
know how they can utilize it pre, retirement post. Retirement
we're getting right into that and more coming up. Next in,
(27:40):
life there are defining. Moments you may kiss the, bride
you got a, job.
Speaker 7 (27:44):
Buddy retirement is one of those stand, out exhilarating. Times
hard pay em seize the, day meet at no cost
with our local independent team who are here to help
coach you along this journey.
Speaker 2 (27:58):
Called Trip Limehouse House. Financial eight hundred nine four zero
six nine seven.
Speaker 3 (28:04):
Nine that's eight hundred nine four zero six nine seven.
Nine we are back on the road to retirement With Trip.
Limehouse driving down the road today smooth saleen looks, good feels.
Good as we get closer to, retirement and again we're
(28:24):
going to dig into some of the things that we've
been talking. About we talked about the fifty nine and
a half. Rule tripp did a great job explaining what
the age of fifty five. Rule it's a little, known
but it can be. Useful gotta be, careful so let's
talk about this. Trip the NEW rmd age is seventy.
Three that's the new seventy and a.
Speaker 2 (28:42):
Half, Yeah and for those of you listening that don't
know WHAT rmd stands, for it's required minimum. Distribution So
i'll get on my soapbox for a. Minute if you
if you are familiar with, this, folks you have a
partner in any tax deferred vehicle that you currently participate
(29:05):
in our own and that partner is the. Irs as
a matter of, fact YOUR ira is an iou to THE,
irs and because of, that you really need to be
forward thinking on how you're moving into retirement and if
you are in retirement, already what you're doing with your retirement. Dollars,
(29:27):
so you, know going back to what we talked. About
you know in the last segment we talked about the
fifty nine and a half. Rule, well that's an example
of how THE irs is in control of your retirement
because they tell you if you take money out of
your tax for retirement, account you know before fifty nine
(29:49):
and a, half you're going to pay a ten percent
penalty and you're also going to pay. Taxes so that's
mandated by. Them, again they're controlling. Things Now i'm talking
about a required minimum distribution and this is yet again
another example of how they are in control of your. Retirement,
so thanks to The Secure act two point, zero a
(30:14):
major piece of legislation that, passed the required minimum distribution
age has officially moved from seventy and a half to
seventy three and it eventually will go to seventy. Five
so we're talking about the age that you are forced
to take money out of your retirement whether you want
(30:37):
it don't want, it, needed don't need. It whatever they're making,
you they're mandating that you take money. Out and you,
know quite, frankly for the majority of our, CLIENTS i,
mean we're working typically with seven figure portfolios and people
that have pensions and social security and you, know brokerage
(30:58):
accounts and maybe you, know rental, income all kinds of.
Things so for our, clients a lot of, them they
don't want or need to take money out of their
tax deferred, vehicles and so we engage in these conversations
when they hit these milestones as far as the age is,
concerned and we're, like, okay it's that, time And i'm
(31:20):
thinking of you, know a couple recently and both of
them are the same. Age they both just hit that
seventy three, mark and you, know combined two million bucks
and their tax deferred, vehicles we're talking at a four percent,
withdrawal a forced. Withdrawal that's eighty thousand dollars they're being
forced to take, out and they weren't too happy about. It,
(31:41):
now you, know we explained to them that you just,
gotta you, gotta because if you don't take out your
require minimum, distribution you're going to pay you twenty five
percent penalty and you still have to take it. Out
so everybody out there needs a required minimum distribution, roadmap
and that's a document provided to you by an expert like,
myself like my investment, Advisor jonathan O'Reilly that maps out
(32:05):
today when you're going to have to take out these
distributions and estimates approximately how much you're going to have
to take. Out, folks you don't want to just arrive
at that, point at that age and then be, like,
now what we need to incorporate it into the overall.
Plan so for the longest TIME i wondered why because
(32:29):
again going back to the requirementimum distribution, age it was
initially seventy and a half and then it moved to
seventy three and it's moving even further out to seventy.
Five so for the longest TIME i couldn't figure, out,
like why is the government postponing? This why are they
pushing out and pushing it? Out and THEN i had
a kind of an, epiphany and here's what it. Was.
(32:52):
Aha it was AN aha, moment and The aha moment
was this the government is doing. This this is just
in my, opinion not to really Help americans. Out they're
doing this because the longer that your money sits in
a tax deferred, status hopefully the larger the balance will,
(33:12):
grow and thus the withdrawal that you're required to take
out will be. Higher so think about the trillions and
trillions of dollars that are in retirement accounts, currently and
think about how they'll grow from if from a seventy
and a half day seventy, five just as an. Example,
okay and that's a you, know four and a half you,
(33:34):
know four to four and a half year time span
that a lot of growth could. Happen so these account
balances increase, dramatically and then the withdrawals are, huge and
probably at a time when income taxes are going to
be moving up as. Well, so you, KNOW i don't
think that they did it just to be. NICE i
(33:56):
think that there was some thought. THERE i could be totally,
wrong you. KNOW i mean some of my clients were, like,
oh this is. GOOD i can wait TILL i have
to take money, Out AND i was, like you, know
let's just splip that. Coin let's look at it from another.
Perspective is it really? Good should you really wait to
take money until you're seventy. Five and quite, frankly a
(34:16):
lot of people that we talk, with we're educating them
on the impact of them waiting longer to take money
out of their iras and and you, know for some
of our clients it's not, detrimental but for the majority
of them it. Is so we're we're talking now about
strategic distributions from tax deferred vehicles that are going to
benefit our clients, currently specifically in the form, of let's
(34:38):
pay as little taxes as we can right, now and
let's avoid having super high balances later on that are
going to force, us you, know where we have to
take more money out and the balances is gonna be,
higher and the withdrawals are going to be you, know,
greater and we're going to go into the next tax.
Bracket let's try to avoid. That, so, FOLKS i think
that at the end of the, day everybody needs a
tax efficient retire plan and everybody needs a required minimum distribution. Roadmap,
(35:04):
well don't, worry you're in the right place here At
Limehouse financial eight hundred nine four zero six nine seven.
Nine and as you're hearing me talk about a require
minimum distribution, roadmap and as you're hearing me talk about
a tax efficient retirement. Plan if either one of those
things interests, you which they should give me a call right,
(35:25):
now the next ten callers in the next ten. Minutes
i'm going to offer that at no cost obligation eight
hundred nine four zero six' nine. Seven nine if you
want to know how to take money out of your
tax to first savings at the best time before you're
forced to where you can pay the least amount of
(35:47):
taxes and make sure that you never outlive your money
and even protect and preserve your money using the green
line principle where zero is, your hero you've got no
downside and a lot of. Upside potential then call me
right now and, tell, ME hey i heard you talk
about this tax efficient, retirement plan this required minimum, distribution
(36:07):
Roadmap and i'd like to. Have it it's. It's yours
next ten callers in the next. Ten minutes eight hundred
nine four zero six nine. Seven nine so we want
to make sure that you, you know understand these required, minimum
distributions and especially if you're a high, INCOME person i
(36:29):
want to help You avoid medicare. Search charges this irma
thing that's, out there or future tax shock, so see
let's talk about maybe letting. It lie, you know how
about That doing maybe why doing nothing could?
Speaker 3 (36:43):
BE smart, i mean you don't, have to, you know
do anything with your four OH one k once you leave, the,
COMPANY right i mean they they will keep it as
long as it's more than five. Thousand dollars but is? That?
Speaker 2 (36:56):
Smart yeah that is contrary to. Popular belief you don't
have to touch your FOUR one k just because, you've
retired at least not. RIGHT away, i mean we TALKED
about R and d s a. Minute ago but, you
know if you've got more than five thousand dollars in
the in the plan with your, former employer they're required
(37:19):
to leave it in place unless you, say otherwise so
they can't force you out. Of it and that's nice
because it can buy you time to decide whether to roll,
it over to draw, from it or integrate it with other.
Retirement Accounts so i'd like to just touch on when
is it smart for a retiree to leave their four
TO one k balance where? It, is well if you're
(37:40):
working and you have a balance in your FOUR one
k and you think you may need to borrow against
it for some reason such as maybe, you know paying
off a, credit card or helping, you know a grand
child out or a, child out or helping yourself out
of do something at, the, house, repair, remodel whatever. You
know they can be a good tool because you can
(38:01):
borrow up to fifty thousand dollars out of four TO
one k while you're. Still working and as long as
you pay that off, before you, you know leave, the
job you're not going to pay taxes. On that and
it's nice too because you're paying yourself back. The interest
so that could be a great thing, to do a
good reason for you to leave your FOUR one k,
(38:23):
you know at your employer if you want to borrow. Against,
it okay other, than, That really i'm not not coming
up with any significant reasons for anybody out there over
fifty nine and a half to leave their money with. Their,
employer folks it's time to really grab the bull by.
The horns it's time for you to make up your
mind that you want to have the best. Retirement available
(38:45):
and one of the ways you can do that is
by talking to us about how to utilize your four
TO one k in the best. Way possible so as
you're hearing me talk, about this. Right now those of
you out there that are fifty nine and a half
or have either your fifty nine and a half or you've.
Quit working you're not your former. Employer anymore you've got
(39:08):
four to one case and you don't know what to do.
About it i'd like for you to give me a
call at eight hundred nine four zero six nine. Seven
nine the bottom, line is it's not a one size fits.
All thing this is about you understanding and learning about
how you can maximize to the best of your ability
(39:29):
what you have accumulated in these tax, effert accounts putting
them to use for you for the rest of. Your
life and it all starts by having that written PLAN
that i. Talk about be one of the next ten
callers in the next. Ten minutes we'll do Everything that
i've mentioned, to you and a whole lot more in
the form of a, written plan individualized and customized just,
(39:51):
for you no cost. For obligation eight hundred nine four
zero six nine. Seven nine be one of the next
ten callers to get that written plan. For retirement let's
get you moving in the. Right direction, sounds.
Speaker 3 (40:04):
Great trip it's advice like that shows you how important
it is to meet with a financial Coach, like trip
somebody who really understands the ins and outs of the.
Financial world so you're invited to take advantage of this
opportunity to make sure that you are on the. Right
path that path based on your, risk preferences, your budget
and of course. Your goals eight hundred nine four zero
six nine. Seven nine eight hundred nine four zero six nine.
(40:25):
Seven nine we've got to take one more break and
when we, come back we have got much to discuss
on the road. To Retirement What trip limehouse.
Speaker 2 (40:31):
Time to dig into the listener questions because nothing says
fun radio like financial inquiries and a little bit of.
Mild panic let's get.
Speaker 3 (40:42):
To it.
Speaker 1 (40:47):
Losing sleep worrying about your retirement savings and. Market volatility
you've earned, your Money And trip limehouse will work tirelessly
to protect and. Grow it his no cost personalized review
starts listening to you and results in, a clear actionable.
Ridden plan start sleeping. Easier Tonight Call Trip Limehouse. Limehouse
(41:09):
financial eight hundred nine four zero sixty nine, seventy nine
eight hundred nine four oh sixty nine. Seventy nine we're
back on the road to Retirement With. Trip limehouse our
final segment together down this fine day and as a
result we. Are trip you have not yet mentioned the
(41:33):
chamber breakfast that you have.
Speaker 3 (41:34):
Coming up you've only mentioned.
Speaker 4 (41:35):
It once this, Is.
Speaker 2 (41:36):
Great steeve you're always helping. Us out thank you. So,
Much yes i'd like to invite everyone out there to
an event we have coming Up, On saturday, september twentieth
and it's going to be at nine am At The
lexington Chamber. Of commerce it's a social security and income
planning workshop where we serve breakfast no cost for, obligation
(41:58):
folks come. On out we have a great time at
all of. Our events saturday mornings are nice and relaxed
and we just. Have fun we like to get to,
know you make, new friends and, most importantly help you
understand how you can do better. In retirement so don't.
Miss it give us a call at eight hundred nine
(42:19):
four zero six nine seven nine for those of you
that want to attend this no cause for obligation Breakfast
Event social Security and income. Playing workshop. Once Again, it's
saturday the Twentieth of september at nine am At The
lexington Chamber. Of commerce, so hey you got to give
a quick shout out to all my. Longtime listeners you guys,
(42:42):
are awesome very thankful. For you thank you for, you
know continuing to let us know how much you. Appreciate
us thanks for telling other people. About us let's continue
this on, for many many. MORE years i think we've
been at about five and a. Half now AND also
i just want to encourage those of those out there
that have been listening for, a while that have thought
(43:03):
about calling but haven't called, in yet to make. An
appointment just pick up the phone and. Do it. YOU
know i met with a person last week and they
shared with me that they had been listening for two
and a, half years and that they finally picked up,
the phone, you know and came in and. Saw us
and the last thing that he said when he walked
out the Door was I'M glad i just finally picked
(43:24):
up the phone and called and made. An appointment so
that could be you eight hundred and nine four zero
six nine seven nine and all my clients. Out there
you guys are. The best couldn't do this. Without you
thank you so much for. Your business you mean the
world to me And to jonathan here at. Our office
so these questions ARE great i always, say IT but
i love questions because they give us an opportunity to
(43:47):
help some people out that maybe wanted to ask the,
same question but they.
Speaker 3 (43:51):
Didn't know so here's here's somebody at sixty four. Years old,
they're single trying to decide whether to start social security
now or wait until. Sixty seven they got about two
hundred thousand dollars in, retirement savings and they're worried about
market downturns wiping. It out how should someone weigh the
risk of drawing down savings early versus locking in a
(44:13):
lower social security benefit?
Speaker 2 (44:14):
For, life yeah. GREAT question i love these social. Security questions,
you know as an expert in social, Security planning i've
helped thousands of people understand the best time to maximize
and optimize their social security and, quite frankly it's different
for everyone. Out there. You know so at, sixty four
(44:35):
you're a little shy of full, retirement age which would
be sixty seven as, you mentioned and, the benefit of
course would. Be HIGHER so i think that it comes
down to looking at what your retirement income, goals are
what your lifestyle, goals are and how to incorporate healthcare
and taxation and inflation into one big bundle so that
(44:59):
you can and understand the impact of MAYBE Starting soi
security now or. Starting later first, of all if you're,
still working then you would not want To Start social
security because there's the earnings test that you're, subject to
and that's just gonna Make Your social scurity benefit be
less than it should be because you get penalized if
(45:20):
you earn over a certain amount. Of money so the earnings,
test is, you know working against you at a, Younger
age so that should be a. No brainer if, you're working,
you know and you're earning over twenty three twenty four
thousand bucks, a year you don't want To Start social
security because you're not going to get the full amount
that you're entitled to until you hit that full time. And,
age now after full, retirement age there is no, earnings
(45:42):
test so that's a that's a. Big plus you can
earn whatever you want and receive one hundred percent of.
Your benefit so as you, can tell there's a lot
of factors that go, into win, you know to decide
to file For Your social. Security benefit regarding the money
that you have that two hundred one, thousand dollars, you
know you're not the only one that's worried about. Market
(46:04):
downturns and, you know your your hard, earned money your,
your savings, you know, being depleted and it could, happen
rapidly it could, happen slowly, you know depending on what
the market may do may. Be doing SO what i
want to encourage you to do is understand more about
the green. Line principle that's a safe money strategy where
(46:27):
zero is. Your hero you've got no downside and a
lot of. Upside potential so this truly is a way
for you to ensure, your retirement to make sure that
you never run out of it despite what's happening in. The,
market folks whether you realize it, or not if the
market is going to control your your your destiny on
(46:49):
the road, to retirement that that's. Not good it's a very,
uneasy feeling and it can just kind of turn you
around backwards and lead you down down the, wrong road
potentially to a. Dead end so, You know i'm glad
that this person has asked this QUESTION because i want
to help everyone out there to understand that there's a
way you can AVOID what i, just described and it's
(47:10):
called the green. Line principle a safe, money strategy so
make sure you ask us. About that, but overall the
answer this question is we need a social security roadmap
that's going to clearly define the best time to optimize
and maximize this social. Security benefit we also, have to,
you know talk about a safe money strategy to protect these.
(47:31):
Retirement dollars that. You have good, News though you're in
the right place because everything that you've asked about and
Everything that i've mentioned is what. We do we're experts in.
These areas so come, on in sit down, with us
and let's build you that written plan for retirement that
we talk about so that you can have a healthy and.
Speaker 3 (47:52):
Successful retirement, sounds, great trip folks again eight hundred ninety
four zero six nine. Seven nine here's a couple in
their early seven they're facing out of rising out of.
Pocket costs Even with medicare and a, supplement plan their
prescription drug expenses jumped over four thousand dollars this. Year
alone how can retirees plan ahead for unpredictable healthcare costs
(48:15):
that seem to grow faster.
Speaker 2 (48:16):
Than, inflation yeah this is a. Common question, you know
you're not the only ones, it's happening, you know across
the board to everyone. Out there, YOU know i think
it's just a scary proposition to kind of be where
you are and then all of, a sudden, you know
you have these. Additional EXPENSES what i would share with
you is that we need to really take a look at.
(48:38):
The budget, you know what you need to. Live on
let's make sure that that's taken. Care of let's take
a let's take a look at, your lifestyle what you're
spending your money on over and above the budget that
you have. To, meet okay and then let's. Do it
let's so an analysis on your savings and. Your investments
are you appropriately proportioned to where you? SHOULD be, i
(48:59):
mean do you have safe? Money strategies do you have
guaranteed income for? Life strategies the money that you, may
have is it being managed properly in a? Diversified portfolio
are you working with someone like us fiduciary that's only
making recommendations in your? Best, interest so, you know there's
(49:19):
really only so much you can do when life, gives
you gives, you lemons, you know you. Make lemonade so
maybe we have to adjust spending a little along. The way,
you know maybe we just need to really hone in
on what all is there and how it's being utilized
and reallocate. Some things so don't be afraid because this
(49:41):
is common and probably it will continue to happen as you're.
Getting older let's just again going back to that. Written
plan let's just do the best we can with what,
we have and let's put it in the form of
a written plan and make sure we're doing as best.
As possible.
Speaker 3 (49:57):
Sounds good eight hundred and nine four. Zero nine we
got time for one. More here the portfolio dropped fifteen
percent last year and they're now debating whether to cut
back on withdraws or stick to their four. Percent rule
they're seventy three, years old rely heavily on. This income
what is the smart way to adjust retirement withdraws during
(50:18):
a down market without jeopardizing long?
Speaker 2 (50:21):
Term security, oh gosh. Great, question well the First thing
i'd like to share with, you is, you know you're
not the. ONLY one a lot of, folks have, you
know in encountered that, market volatility and a lot of
folks are wondering if they're doing the. Right thing they're.
Withdrawal strategies, you know you mentioned the four. Percent rule
(50:41):
we do talk a lot about that on. This show
that rule has been around for, a while and one
of the THINGS that i mentioned on air is that
it can't necessarily be relied upon like it. Once was
so you're you mentioned that you're in your early seventies
and relying on, On income so, you know do you
have do you have guaranteed income? FOR life i guess
(51:03):
that'd be a, First question and do you have a safe?
Money strategy so let's take a look at all the money, you,
have okay and let's build a plan that's going to
protect and preserve a good amount of, what's there so
it'll never, go away it'll always. Be there and at the,
same time the good news is that you can utilize
(51:24):
the green line principle to preserve or protect that money
and create guaranteed income for life that you'll, never outlive
so then you don't necessarily have to rely on something
like the four. Percent RULE so i would say a
safe money strategy such as the green line principle really would.
Benefit YOU and i would also say creating a personal
pension plan income that you can never outlive would. Benefit
(51:45):
you and then, from there let's just professionally manage the
money in such a way that you know you can
make it through these. Market, downturns okay so don't be
afraid you're not the. Only one come on in and,
see us and let's do this a whole lot more.
FOR you i appreciate, your, Questions folks thanks for spending
time with us today on The Road You. Retirement show
(52:05):
we really, Appreciate you we're thankful, for you and we
are really looking forward to spending time with you again.
Next week we got a great show. Lined up visit
us on the web limehouse financial. Dot com give us
a call at eight hundred and nine four zero six nine.
Seventy nine come on in and. See us we're experts
and we're here to help you until. Next week god.
(52:27):
Bless you.
Speaker 6 (52:36):
If you REMEMBER these. Tv shows you're getting ready, to retire.
Speaker 3 (52:40):
And everybody see a big pair of, feet there, cheesy
mustache you'll think.
Speaker 6 (52:44):
Of you you, GUTS well I hate i'm one guy
who ain't prejudiced against anybody who maybe listship pity. To
me it kind of sneaks up, on you. Doesn't it,
oh geez you deserve a secure or. Independent retirement our
retirement that is prepared to handle pitfalls, like inflation, health
(53:07):
emergencies stock, market volatility. And taxation you've 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 the facts based approach that you deserve all at,
no cost with. No obligation Call the Road to Retirements
(53:30):
trip limehouse eight hundred nine fours zero sixty nine seventy
nine or text trip to eight hundred nine four zero
six nine.
Speaker 1 (53:39):
Seventy nine 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.
Speaker 2 (53:58):
Any action
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