Road to Retirement 11-22-2025

Episode Transcript

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):
Before you pomp the champagne on New Year's Eve, there
are a few smart financial moves that could save you
thousands in taxes. We're talking about trimming this year's tax bill,
positioning assets wisely, and taking advantage of strategies that can
still make a big difference, all before December thirty.

Speaker 1 (00:43):
First, do you want to avoid taking a wrong turn
or your retirement roads.

Speaker 2 (00:48):
The road to retirement is a long one, and if
you just don't want to make wrong banter.

Speaker 1 (00:53):
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 (01:01):
It's the perfect amound to map it out. That road
to retirement is key, is key.

Speaker 1 (01:07):
You get on the road to financial security and independence.
Just like many of Trip's happy clients and retirement partners.

Speaker 2 (01:13):
My money is safe using the green line principle that
you taught me about. Thank you so much.

Speaker 1 (01:20):
Let's get this trip started. It's the road to retirement
with Trip Limehouse.

Speaker 3 (01:27):
Hey, welcome in everybody. This is the road to retirement
with trip Limehouse. Got a good trip for you plan
for today with trip Trip. Of course, guy behind the
green line principle helping folks more than twenty years. He's
certainly skilled in all the areas and he is available
to you by just giving us a call or visiting
the website Limehousefinancial dot com. Trip. I got carried away

(01:50):
with myself there. How are you?

Speaker 2 (01:52):
I'm doing good, Steve, and I hope you are as well.
And I hope everybody tuning in is just all ready
for Thanksgiving. I tell you what is here already happy
early Thanksgiving folks were so excited, just so much to
be thankful for. I don't know about you, Steve, but
it's one of my favorite holidays. And this year we're

(02:14):
preparing in my house to have like everybody over. And
got a quick shout out to my wife Amy. I
love you so much and thank you for all the
prep I mean tell you. It takes a lot of
work getting ready for the whole family to come over.

Speaker 3 (02:28):
You know what I mean, Yes, it does, Oh it is.
And so it's yeah, and I'm glad you appreciate all
the work that goes into it. And so why is
Thanksgiving one of your favorite strip I don't know.

Speaker 2 (02:37):
I think just goes back to maybe being a kid,
a lot of great memories with my mom and dad
and brothers and taking us to be around you know, cousins,
aunts and uncles and that kind of thing. I just
grew up in that kind of environment. By the way,
thank you Mom and dad. I love you so much.
And and then I think that you know, I'm a

(02:58):
foodie for those that have listened and long enough. By
the way, hello to my longtime listeners. So you guys
are awesome, you know. I'm just I love food, So
I you know, get all into it and uh very
strategically build my plate and uh and and eat slowly.
What's your favorite thing on Thanksgiving? To eat well?

Speaker 3 (03:15):
To eat well? I don't know. I mean, I I
kind of tell you. I'm just I'm a grazer, right,
I talk a little bit of everything because and I mean,
there's always something new, and I'm always willing to try
something new, so that's kind of fun.

Speaker 2 (03:27):
Yeah, yeah, I remember my aunt used to make an
oyster cast role. That's something that I just never got into.
I don't know, it's kind of a weird thing. I mean,
being from the South, maybe that's whatever. But as a kid,
you know, I think I really enjoyed the sweet potato
cast role. I really kind of like a dessert, but
it's actually a you know, a cast role. So and

(03:48):
my mom she makes like the best macaroni and cheese ever.

Speaker 3 (03:53):
An old statement trip.

Speaker 2 (03:55):
I mean, it really is. It's it's you know, for
my grandmother's recipe. And I think overall the thing is
for me just being around people that I love and
that love me. I think that's the best thing. So,
you know, I don't know, but you know, a whole
lot speaking of like being thankful and preparing, you know,

(04:15):
a whole lot of planning needs to go into people's
you know, retirement and pre retirement, and you know, we
wanted to talk about, you know, how we can help people,
you know, prepare before twelve thirty one that goes by
and potentially save money in the form of taxes. Or

(04:38):
not paying taxes. That's always a hot topic. So you
know what kind of wanted to get into that today.
I guess you think about the end of the year.
I mean, people start doing decorating, you know, stringing up lights,
hanging wreaths, and sometimes they're putting off financial decisions. So
a question for our listeners is what if just a
couple of well timed money moves oves before the end

(05:02):
of the year could could brighten your retirement and lower
your tax bill. So this whole idea of strategic planning
for retirees and pre retirees, it really is something Steve
that I want to encourage people out there to act on,
like right now. And we're talking anything from require minimum

(05:23):
distributions to to uh, you know, gifting or maybe just
some you know, deductions that get overlooked. And you know,
I want to just say, this isn't just kind of
like smart planning, it's really kind of like the clean
up if you will, that could keep people's wallet happy

(05:44):
into next year. So let's talk about tax harvesting. That's
a that's a huge deal.

Speaker 3 (05:49):
Tax harvesting, tax loss harvesting, that's a I mean, again,
that's it sounds complicated, but I but it can really
be advantageous if you know, if you've been working and
putting a plan together.

Speaker 2 (06:00):
Yeah, and sometimes people are overlooking what they own and
the opportunity to do harvesting of tax losses that could
be a really easy deduction for people. So, you know,
the market has done fairly good this year, but there
have been some dips, and it really is a good
time to have a portfolio reviewed for losing positions, Okay,

(06:25):
and a losing position is something that's obviously down at
this moment in time, and potentially potentially selling those assets
that have experienced a loss really could allow folks out
there to offset capital gains. And if here's the thing,
if your losses exceed your gains, you can deduct up

(06:48):
to three thousand dollars against ordinary income. So that's that's
just kind of like a should be a gimme for people,
and it's it's really a no nonsense way steve for
people to kind of cut their tax bill without changing
any long term planning.

Speaker 3 (07:06):
So that's what makes sense to be able to have
that conversation, and that's why we work with well like
you you know, independent and fiduciary and to really know
these kinds of things that can help us, you know,
maintain like you said, not changing the core of the plan,
but being aware of what's happening.

Speaker 2 (07:23):
Yeah, and something that Jonathan, my investment advisor, and I
both see we're meeting with people and often just something
simple like we're mentioning right now, it just gets overlooked,
not only by the person who whose money it is,
but maybe you know who we're currently working with. They're
not talking about harvesting a tax loss and maybe getting

(07:46):
that you know, deduction of three thousand against ordinary income
because of a tax law. So, folks, you know I'm
talking right now about you understanding what's in your portfolio.
And really here at Limehouse Financial, we see a lot
of people that don't quite understand what they do own
and maybe have not heard about harvesting a tax loss.

(08:09):
That's why I'm talking now about a portfolio observation review.
Eight hundred nine four zero six nine seven nine is
our phone number. Eight hundred nine four zero six' nine seven.
Nine if What i'm talking about right, now if you're
interested in maybe learning about if you can harvest a

(08:31):
tax loss and get that three thousand dollars deduction against ordinary.
Income just call me right now and ask me for
the portfolio observation. Report the portfolio Observation, report it's a non,
biased fact based report given to you from that fiduciary
capacity That steve just, mentioned and it helps you to

(08:53):
know what you, own what the cost, are what the performance,
is if it's the right portfolio for. You and it
also identifies if you can deduct up to three thousand
dollars against ordinary income due to having any losses in the.
Portfolio so now the next, thing you, know talking about
these year end, strategies this is a big. One and

(09:16):
we do get a lot of questions on, this, Right wroth,
Conversions roth, CONVERSIONS i.

Speaker 3 (09:21):
Mean that seems to Be we've talked about it for
years at this, point trip AND i think what people
need to remember is, that, yes it's a great, idea
but it's not necessarily for. Everybody it's important to have
a conversation so that so that you, KNOW i know what's.

Speaker 2 (09:36):
Happening AND i want to clarify, too there is a
difference between A roth conversion and A wroth. Contribution oh very.
MUCH i would say the majority of who we're working
with their higher income earners and they cannot contribute to a,
wroth but they still can do A wroth. Conversion, okay you,
know the average portfolio that we're working with is in

(09:57):
the seven figure. Range by the, way we don't exclude
anyone out. There so, folks if you're listening and you,
don't you, know you don't think you have enough to call,
IN i would just challenge you on that and say
we welcome. Everybody we want to help all people with
this planning that we talk about all the. TIME i,
mean as an expert in income and distribution planning and
an expert in social, SECURITY i, mean we want to

(10:18):
help all. People that's kind of what we say around.
Here we're having fun helping. People, okay so so don't
count yourself. Out but The wroth, conversions it's important to
have an analysis. Done. Okay we call it The wroth
conversion analysis because maybe it is right for you or
maybe it's, not but you don't have to wonder about,

(10:39):
that and you're in the right. Place this is something
we're going to help you identify and if it is
the best thing for, you we're going to recommend. It
if it's, not we're also gonna tell you it's. Not
but now that The Tax cuts And Jobs, acts which
is a major piece of legislation that was passed several years,
ago it's not going to. Sunset it was scheduled a,
sunset but it's not going to. Now, Okay so tax

(11:01):
brackets are holding, steady and what happens is because of,
that it's given retirees a little bit more of a
if you will runway to convert TRADITIONAL ira dollars to
roth ira dollars and makes. Sense and it's all happening. That,
yeah it's all happening while. Rates tax rates remain historically,

(11:22):
low so it's not a panic, move but it's still
a savvy long term, place especially for those in low
income years were recently. Retired so again another question for
my listeners is are you taking advantage of this tax
sale while it lasts while tax rates are so. Low if,
not you really need to be looking at. That eight

(11:43):
hundred and nine four zero six nine seven nine Limehouse
financial Dot. Com, hey we got an event coming UP
i want to invite all you folks. To it's actually
going to be the night Before, thanksgiving so it's This,
wednesday and it's going to be at The Lexannon County Public,
library six. Pm it's a social security and income planning,
workshop no cost for, obligation and we're gonna have a

(12:06):
great time talking about all the things relative to you
being successful in. Retirement This, wednesday the twenty, sixth six
pm at The Lexington County Public. Library if you'd like
to attend, that give us a call eight hundred nine
four zero six nine seven. Nine let us know you've
heard about it on the, radio and we'll make a

(12:26):
spot for you to. Attend folks are so thankful that you're.
Listening tune, in keep tuning. In we're going to come
back and keep on more with things that you could
be doing before the end of the year to position
you better as you move forward and to pay less
taxes as you move. Forward but right, NOW i want
to give an offer to the next ten callers in
the next ten. Minutes it's for a written plan for,

(12:49):
retirement built by our team of certified financial, professionals no
cost or. Obligation for the next ten. Callers you cannot
call in and, say, hey mail This timmy send this to.
Me you have to come in meet with, us go
through our process to receive this no cost or. Obligation
written plan for retirement built just for. You sounds.

Speaker 3 (13:08):
Great, Trip give us a. Call goal here at the
show off, course helping you make the best decisions for
you when it comes to your. Retirement all starts with
a phone. Call eight hundred ninety four zero six nine
seven nine eight hundred nine four zero six' nine seven
nine quick break. For us we're coming back lots more
on the roads Retirement With.

Speaker 2 (13:25):
Trip, limehouse folks as we're winding down, this year we
want to plan with the future. In mind we want
to plan to potentially save thousands. In taxes we're talking
about trimming this year's, tax bill positioning, assets wisely and
teaching you how to take advantage of strategies that can
make a. Big difference coming up. Right, Now.

Speaker 3 (13:52):
Oh i'm glad. You're here i'm not sure how long it's.

Speaker 2 (13:55):
Been leaking looks like it's been leaking quite.

Speaker 3 (13:58):
A while looky you call this when, YOU do i
hope you can. Fix IT if i only.

Speaker 1 (14:02):
Knew sooner find the leaks in your retirement plan before
you end. Up underwater make.

Speaker 4 (14:09):
Sure your retirement plan is. Above Water Called trip limehouse
in the Team At limehouse financial eight hundred nine four
oh six nine seven nine eight hundred nine four oh
six nine seven nine Proudly Serving. Soda city.

Speaker 3 (14:27):
We're back on the road to Retirement With. Trip limehouse
having a nice journey today as we, generally do a,
beautiful day certainly and avoiding all of the detours the
bumps in, the road because that's what we want. To
do get to retirement easy when we're going to cruise There, With, trip.

Speaker 2 (14:41):
Yeah and we want to make, it successful stress free
and enjoyable and.

Speaker 3 (14:47):
Oh gosh all of. Those. Things.

Speaker 2 (14:49):
YEAH yeah i find a lot of people that we
see maybe they're they're not, encountering that and typically it's
because they're lacking in and some things, they need such
as a written plan, for retirement strategies to, reduce taxes,
you know choosing The Right social security, filing strategy, you

(15:12):
know making sure they never outlive, their income making sure
the market doesn't determine their direction on the road, to
retirement and all of that is is just part of
what we do Here At, limehouse financial and we do
it from a, fiduciary capacity only making recommendations in a person's,
best interest and we're having fun. Doing, IT folks i
encourage you To visit limehouse financial dot com learn more

(15:34):
about what we're doing and how we can. Help you
and the first segment we talked about some very. Important
things we talked about how people can harvest tax losses and.
Their portfolio we got a little bit into wroth conversions.

Speaker 3 (15:48):
And very smart move if it.

Speaker 2 (15:50):
Makes, sense, yeah absolutely it's got to. Make sense and,
you know let's continue on with it because this really
is how people should be gearing up moving forward into,
next year is making sure they don't miss out on
things that they can do. This year, SO correct i
WANT to i want to talk about r m d's
required minimum distributions and.

Speaker 3 (16:10):
They are that's a that's a big deal, IN folks
i think this is this is a key part of any.
Retirement plan and.

Speaker 2 (16:18):
The primary vehicle that, We, see steve that people utilize
for retirement is tax. Deferred, vehicles okay so you know
four one ks four or THREE p's TSPs four fifty, seven's,
Iras right so all of that money has never. Been
taxed and by, the, way folks if you didn't, know
this you have a partner in any tax deferred vehicle

(16:41):
that you own and your partner IS THE I. R
s and essentially it comes down to, THIS year ira
IS an iou TO THE I. R s and SOMETHING
that i find really astounding is a lot of people
don't realize that when they would draw money from a
tax deferred, vehicle okay that it's taxable to them at

(17:04):
that point. In time and probably one of the top
questions we get asked is is THERE anything i can
do to not pay taxes on the money that's coming
out of this tax? Deferred vehicle and the answer is,
just no there's nothing you. Can do, and, essentially folks
what you're doing when you participate with a tax, Efferred
account remember it's an account unless you turn it into.

(17:25):
A plan there's a big difference between an account and.
A plan and unless you take action and turn it into,
a plan it's just a place where money. Is located
but all these taxifer accounts that you, Participate, in folks
you are agreeing to pay taxes at a later date
at an unknown. Rate okay, and furthermore the government controls

(17:48):
what's going to happen with. That money that's what a
required minimum. Distribution is the majority of, Our, client steve
they say to us when we app out the required.
Minimum distributions they say, to US do i have to
take this? Money OUT can i not? Do it and
we remind them that they're forced to. Do it it's a.

(18:10):
Forced distribution that's what a required minimum. Distribution is and
where we're going with this thought is we don't want
to let the Irs Play.

Speaker 3 (18:18):
Santa, okay yeah that's a great way to.

Speaker 5 (18:21):
Say.

Speaker 2 (18:21):
It trip we don't want that. To, happen, so folks
if you're seventy three or older, this year you're on
the hook for a required. Minimum distribution that's money that
you're forced to take out of your tax. Deferred, vehicle now,
the penalty the penalty for missing this distribution. Is steep

(18:44):
it's twenty five percent of what you should have taken
and they still make you take. It out and even
more painful is paying tax on money you didn't want
to withdraw in the. First, place so, you know a
question for folks out there is how can you turn
this required withdrawal into a smart financial move instead of

(19:06):
it being a. Tax trap you need to be thinking along.
Those lines so one of the ways that we can
help you is by giving you what we call the
required minimum. Distribution roadmap so for those of you that
are younger than seventy three and haven't even started thinking
about taking your requirementium distributions because you're not seventy, three

(19:28):
yet this requirementium distribution roadmap is essential for you to
have because you need to know not only when you're
going to have to take, the distribution but what it's going,
to be and that needs to be incorporated into your.
Overall plan so eight hundred and nine four zero six
nine seventy nine is. The number if you'd like a

(19:48):
required minimum, distribution roadmap just let, us know and my,
Investment advisor jonathan O'Reilly or myself will gladly provide that
to you no. Cost obligation it's very helpful document, to
have and even if you are seventy three and taking
require minimum distributions or if, you're older you still should

(20:10):
have that required minimum distribution roadmap to know what they're
going to look like. Moving FORWARD so I mentioned steve
a smart financial move regarding required minimum distributions instead of
it being a. Tax TRAP so i want to bring,
this up and this IS something i find that a
lot of people just are unaware of and it's CALLED
A qcd Qcd.

Speaker 3 (20:33):
Qualified, Charitable distribution.

Speaker 2 (20:36):
Qualified, charitable distribution and.

Speaker 3 (20:39):
It's a really it's a, great tool isn't?

Speaker 2 (20:41):
The trip it's, so awesome it. Really is so we
have a lot of our clients who are. Charitably inclined,
you know they tithe to, their church or they give
to local organizations whatever it, may be, any, charity okay.
Any nonprofit and sometimes we will bring on new clients

(21:02):
and we'll learn that they're giving their their givers and, we'll,
say well where where are you? Giving from and they'll just,
SAY why i just write a check, for it. You
know and what's, perplexing is, you know we do bring
on a lot of clients that come from. Other advisors,
you know a lot of the big box retailers out

(21:24):
there on. Every corner, you know a lot of these
large institutions. Out there, you know we're bringing on clients
that have been working. With them and it's perplexing for
us when we bring on a client that is giving
on an, annual basis but their current advisor has never

(21:44):
mentioned the qualified charitable distribution and really that's a disservice
to people. Out, There yeah it's, just like are you.
Kidding me why why hasn't the person that you know
have been working with brought this to? Your attention and now,
For us JONATHAN, and i we're very thankful because it's
the little things like that that we mentioned to people,

(22:04):
that help, you know people decide they want to Work With. Limehouse, financial,
okay folks we want to work. With you we want
to help help you in, all areas including how to
how you can more. Effectively, Give okay so IF what
i just mentioned resonates, WITH you, i mean if you're
if you're a giver and you're working with an advisor

(22:26):
out there and they're not talking to you about, this
stuff that's that's a red flag and it needs to.
Be addressed but. Don't worry you're in the right place
because we can help you. With it eight hundred nine
four zero six nine. Seven nine but a qualified. Chearitable
distributions this IS for ira owners over seventy and a
half the age of seventy and a half when they

(22:48):
make a qualified charitable distribution directly to a charity that
can satisfy all or part of a required minimum distribution
while keeping the gift off the. Tax, return OKAY n,
i mean so. The, goal yeah so this is a
huge win for those who no. Longer itemize, in fact

(23:11):
it's one of, the truly if, you will elegant ways
to combine giving and. Tax, savings so, YOU know i
guess the underlying thing here is are the people are
people's advisors out there doing enough to highlight this strategy
to charitably. Inclined retirees and you know what we find,

(23:33):
is no we find the. Answers no so, you, know
folks we want to. Help you we can help you with.
This stuff we're talking about how you can prepare the
rest of this year to move into next year and
be more successful and pay Less, tax now one thing
that's on my, Mind, too STEVE is i think it
might be time for people to to potentially bunch up. Their, deductions,

(23:57):
okay okay and this this is. Pretty significant so the
standard deduction it's pretty generous, these days it. Really, is
yeah twenty, nine thousand two hundred dollars for married couples
who are aid sixty five and over in twenty, twenty
five and so itemizing taxes it does take, some planning

(24:21):
but by if, you will, bunching okay so kind of
putting bringing it all together, charitable gifts, medical expenses things like,
property taxes. Et cetera into one, tax year retirees potentially
could be able to cross that threshold over that twenty

(24:42):
nine two. Hundred dollars and it's really. Not complicated it
just takes, a little if, you will. Calendar coordination so
this potentially could be the key for people to unlock.
Hidden deductions, great, conversations yeah great Conversations today steve about,
h taxes how to save, on them, pay less and

(25:02):
we're going to continue on with that in the next segment,
As well so folks. Stay TUNED but i want to
mention to you an event we have coming Up, this
wednesday the, twenty sixth at six pm At The Lexington County.
Public library it's a no cost for Obligation social security
and income planning Workshop, this wednesday six pm At The
Lexington County. Public library if you'd like to, attend that

(25:24):
give me a call eight hundred nine four zero six nine.
Seventy nine we'd love to have. You there and one
of the ways that you can also continue to move
forward and be successful in retirement is by taking advantage
of this. Next offer it's for the next ten callers
in the next, ten minutes and it's for a written plan,
for retirement individualized and customized just, for you built by

(25:47):
our team of certifying, financial professionals at no cost for obligation.
For you next ten callers in the next ten minutes
will receive a no cost for obligation written plan for
retirement eight hundred nine four zero sixty nine. Seven nine that.

Speaker 3 (26:04):
Sounds, great trip here's your chance to benefit from a
personalized retirement. Income plan call. Right now we still have
a limited number of availabilities on the calendar for. The
week and remember it's it's offered at, no cost. No
obligation starts with a. Phone call eight hundred nine four
zero sixty nine. Seven nine eight hundred nine four zero
sixty nine. Seventy nine you're going to take a. Quick

(26:25):
break we've got lots more over road to Retirement with
Trip p. Limehouse going it happens right.

Speaker 2 (26:29):
After this this conversation that we're having today. Is priceless
we're talking about how you can move forward in the
next year by making sound financial decisions. This year don't
miss out on your opportunity to potentially lower your tax
bill and continue to have a successful and. Comfortable retirement
we're talking about it coming up. In life there are.

(26:56):
Defining moments you may kiss, the bride you got, a.
Job buddy retirement is one of those, stand out.

Speaker 6 (27:03):
Exhilarating times hard pay em seeze. The day meet at
no cost with our local independent team who are here
to help coach you along this Journey.

Speaker 3 (27:14):
Called trip Limehouse With limehouse financial eight.

Speaker 2 (27:17):
Hundred nine four zero six nine.

Speaker 6 (27:19):
Seven nine that's eight hundred nine four zero six nine.

Speaker 3 (27:23):
Seven nine we're back on the road to Retirement With.
Trip limehouse trip has been helping folks better than. Twenty,
years see, you know a couple of decades getting folks
to and. Through retirement and there's certainly no exception what you're, Doing.
Here trip we've been doing these shows a, long time

(27:43):
and you know it's always FUN to, i mean you
know it's always fun to. DO shows i mean because
one there's information, is good but you make. It fun you,
know this this can be, terribly boring but you don't make.

Speaker 2 (27:54):
It, BORING well i, Appreciate, That steve and you know
we have we have many people that tell us. The
same they'll call in to. The show by, the. Way
folks our number is eight hundred nine four zero six'.
Nine seven nine you can reach us on The web at.
Limehousefinancial dot com but we do have people that just
call in and, say thank you thank you for providing

(28:16):
this information for us in such a way that we
can understand it and we can tell you're having. Fun
doing it, so you know for all our long time,
listeners out there you. GUYS are awesome i. Really appreciate
you i'm glad, you're tuning in and if you're new,
to the show well you're in. THE right, place i mean,
let's face it one way. Or the other we all
have to plan for our stage of. Life called retirement,

(28:38):
and you know one. Thing's for sure the people that
take advantage of the planning Opportunity Here, at limehouse financial
they're going to do. Better in retirement they're going to
have a. More comfortable retirement they're going to achieve, success
in retirement and we're going to help. THEM do that
i also want to just give a shout out to.
All my clients. Y'all are, awesome without you we could.
Not do this very. Thankful for you we don't take.

(29:01):
You for granted we appreciate your business. Business very Much
john and denise were in recently for, an annual, review
and uh they were talking about how they, listened to
us so specifically want to say hello, to YOU guys
because i know you. Are always listening it was good to.
See you recently, But, you know STEVE this whole, i, think,
this this really this whole show should captivate our audience

(29:26):
because who doesn't want to save on the. Three letter
word that three letter WORD WOULD BE. T a, x
i mean who doesn't want to? Save on that? My hands,
Up yeah here i've never ever ever met a, person,
THAT says now i don't. CARE about, that i, mean
you know we we can't get. Away from it we're
gonna we're we're going to have to pay a tax,

(29:47):
of some sort, maybe multiple taxes and but we want
to just be. Smart about it so, AS a, recap
i mean we've talked about, Harvesting tax losses we've talked,
About roth conversions we've talked about, requirement and distributions, qualified
chearitable distributions and we've talked. ABOUT bunching deductions i want
to touch on, this next one, flexible spending accounts because

(30:10):
oftentimes people. Don't realize it it's a use it or
lose it kind. Of a scenario and a lot of
companies that people work for offer FSA's flexible spending accounts and,
THERE'S you know i don't know, the exact number but
there's a lot of dollars that just get wasted because people. Don't,

(30:33):
use it, so, you know folks if you're still working
or you're covered under a spouse's, flexible spending account you
need to check your balance because you might have unspent
funds and those funds Will vanish after, december thirty first
unless the plan offers a. Short grace period we do,
see that sometimes but ACCORDING, to the irs, there's just

(30:58):
billions billions dollars that go unused every year that are.
Inflexible spending accounts, so you know a last minute trip
to the optometrist or to the pharmacy could save. You, a,
chunk so folks sure don't forget this simple. Money saving
move just check your balances in the FSA's and make

(31:22):
sure you don't let that money. Go to waste so
we talked. About charitable giving you know a lot of
a lot of clients that we have are, are charitably
inclined and they they want to they want to give.
While they live, if, YOU will OKAY.

Speaker 3 (31:36):
I think i. Like that idea give, While they live give.
While they live why wait until you're gone when you
can watch your? Grandkids enjoy that.

Speaker 2 (31:44):
It's so true and also you have the opportunity to
trim your estate while. You're at, it you know we
have many, clients that that prior to, working with us
would have an. Estate tax problem the thresholds are pretty.
HIGH right now i mean over fifteen. Million part person
so if somebody out there hasn't this state over, a
thirty million then the estate is in for a heavy

(32:04):
tax burden over, anything over, that you know thirty million
bucks that's between a husband, and a wife or fifteen.
Million per person that's when the need for extensive estate.
Planning comes in just something we help a lot. Of,
People with folks if you fall in that category and
you'd like to know how to eliminate the irs from,
any estate taxation call. Me right now eight hundred nine

(32:28):
four zero six nine seventy nine eight hundred nine four
zero six. Nine seventy nine, we employ many many advanced
state planning strategies to eliminate the irs from estate estate,
really you know burdens, OF the taxes i. Mean, they're

(32:49):
real so but giving while you live is a great.
THING to, do i mean the annual gift tax exclusion
right now is eighteen thousand per recipient and. Twenty twenty
five and what that means is a couple can gift
thirty six thousand dollars to a child, or a grandchild
or really to anybody without touching. Their lifetime exhiption so

(33:11):
this is a painless way to, reduce a taxable potentially
taxable estate and also to help family members when they may. Need, it,
most so, folks you know are you are you waiting
too long to start your? Family? GIFTING strategy up? I
hope not well? Just, RIGHT now yeah i was, going
to say just call us right now and ask us

(33:32):
about the gifting strategies that really could help you out
currently and also. Help your family eight hundred nine four
zero six. Nine seven nine what were you, Going?

Speaker 3 (33:41):
To Say steve so i'm going to talk getting back
to the gift to the gifting and eighteen thousand per
recipient or thirty six thousand. For, a couple now that's,
not that's not. That's per KID that's, per i mean,
in other words if you had six grandkids and you
wanted to give each of them, eighteen thousand dollars. You, could, correct.

Speaker 2 (33:58):
Yep correct that's the annual. Gift tax. Exclusion that works
it works. Great. For people wow and and we have
many many clients that are taking. Advantage of, that you
know it's just and seeing the gift take place while
they're alive that it's just. A wonderful thing and they
come in and, they tell, us you know how the

(34:18):
gift was received or what the, you know, recipient you, know, their,
grandkid kid whoever what they did. WITH the, monies i
mean it's just. A beautiful thing so now this time
of year two is, a, great time folks just to
be taking a look. AT your, portfolio i mean is it?
Out of whack is your portfolio? Out of whack could
it be time? To to rebalance it's it's astounding the

(34:41):
number of people that we see that, hear about, us
you know, through a friend or that listen to us here,
on the show or SEE, us on tv or come
to see us, at an event and and and we
meet with them at the conference table and their portfolio
has just never BEEN a, adjusted i mean and they're

(35:01):
they're supposedly working with an advisor that knows. What, they're
doing well maybe not so. MUCH portfolio, rebalancing i, mean
you know stocks and bonds they've just moved really, unpredictably
this year to. Say, the least.

Speaker 3 (35:19):
Yeah it's been it's been.

Speaker 2 (35:21):
A crazy Year, i think steve that it's worth people
checking their asset allocation with us beside them and making
sure that that their current portfolio still matches their goals and.
Their risk, tolerance. You know rebalancing it really can help

(35:42):
manage risk and potentially reduce taxes by realizing gains. Or
losses strategically so the end of the year, is, approaching
quickly folks it's, the perfect time, if he will to.
TIDY things up i think that you should be revisiting
your portfolio, Allocation, very often okay especially since things. Change

(36:07):
so quickly we can help. You with that, My investment,
advisor jonathan O'Reilly loves to spend time with people and
help them understand what they own, in their portfolio what
the costs are. In their portfolio you know what the
performance is and guess what if it's, The right thing
steve you know what we tell people, what's keep, it don't,
Change all right we just. TELL them, that i mean from,

(36:29):
a fiduciary capacity that's our job making what the recommendations
in a. Person's best interest so, sure, you know folks
if your, portfolio is good it's for you and everything,
is running fine we're going to. Tell you, that if
not we're going to make recommendations and show you how.

Speaker 3 (36:42):
To.

Speaker 2 (36:42):
Do better well THE last thing i want to, touch on,
is you know it's kind of a, catch twenty, two
but folks you do have the ability to max out,
your retirement, contributions you know before the end of the
year if, you're still working don't, leave you know tax referral.
On the table just to. Let you know in, twenty
twenty five if, you're over fifty you can contribute up,

(37:03):
to thirty thousand five hundred dollars to a four to
one k thanks to a seven five hundred dollars. CATCH up,
provision i mean even a few extra weeks of deferrals
before the end of the year could potentially help lower.
Your taxbile income so if you're a, late career worker
maybe using these final years to supercharge your savings. Could

(37:25):
help OUT the reason i say it's a double edged sword,
is because remember whenever you're contributing to a tax deferred vehicle,
of any type you're agreeing to pay taxes at a
later date at. AN unknown rate i want to encourage,
you TO save but i want to make sure that
you're saving in. A smart manner maybe it is a

(37:45):
mix of tax deferral and. After tax savings, by the
way if you're working for a company that offers a RAW,
four one k that is a fantastic way. To really
save get, the, match always folks don't lead those dollars.
On the table so some great segments, we've, Had today
folks if you haven't heard, the whole show you can
go back and listen on wherever you may, Stream, Your, Music,

(38:08):
Apple Spotify Google iHeartRadio The Road to Retirement Show, with
limehouse financial and also you can check US. Out on
tv we're on the major networks all, throughout the weekend
so search It up a. Limehousefinancial, dot com hey don't forget.
ABOUT our EVENT i think i mentioned At This, segment
this wednesday six Pm At The Lexington, county public library

(38:30):
a social security and income planning workshop. No cost obligation
would love to. Have you there eight hundred nine four
zero six. Nine seven, nine right now there's an Offer
out there i'm. Putting out there it's for the next
ten callers in the next ten minutes for a written,
plan for retirement individualized and customized, just for, you no.

(38:51):
Cost for obligation you must be one of the next
ten callers in the. Next ten minutes eight hundred nine
four zero six nine seven a nine call right now
for your no cost or obligation written. Plan for retirement.

Speaker 3 (39:05):
Sounds like, A, great idea folks take advantage of an
eight hundred nine four zero sixty. Nine seven nine. You
know what it's advice like that that shows you just
how important it is to meet with a financial, coach
like trip somebody who understands the ins and outs and
ups and downs of. The financial world we invite you
to take advantage of the opportunity make sure that you
are on, the right path and that path is based
on things like, your risk, preferences your budget, and of.

(39:27):
Course your goals it starts with a call eight hundred
nine four zero six. Nine seventy nine eight hundred nine
four zero sixty nine seventy. Nine quick break we have
another segment to go Here on the road To Retirement.

Speaker 2 (39:38):
With trip linehouse we're living longer than any, generation before
us but our retirement plans. Haven't Caught up too many
people are, outliving their money not because, they spent recklessly
but because they didn't plan to. Live this long we're
going to talk about how to, fix that.

Speaker 1 (39:58):
Problem 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 with listening to you and results, in a clear.

(40:18):
Actionable ridden plan start Sleeping Easier Tonight Call Trip limehouse
limehouse financial eight hundred nine four zero sixty. Nine seventy
nine eight hundred nine four oh sixty. Nine seventy nine.

Speaker 3 (40:39):
We're back on the road To Retirement. With trip limehouse
My name is. Steve said all we've been having. A fun
show today covered some Great ground though trip and in
those first few segments it really made sense and we
kind of took retirement one step. At a, time and
again if, you missed it go ahead and. Get the
podcast we put that Out there every. Friday at noon.

Speaker 2 (41:00):
Describe.

Speaker 3 (41:00):
To it too if you, subscribe, to it yeah we
will automatically send that to you each.

Speaker 2 (41:05):
And every week so thanks thanks, For. Mentioning that steve.
People appreciate that.

Speaker 3 (41:11):
So we all want to, live a, long, healthy life
right and no one really wants to deal with it from,
a financial standpoint except now. We have to there's a
Study from a viva that shows just how far off
people are when estimating how long they'll live and what it.
Could cost them let's talk longevity risk in.

Speaker 2 (41:32):
This segment trip longevity risk the number one risk people,
face during retirement and, that's of course the possibility that
you can. Outlive. YOUR money, folks i mean how many
of you out there, listening right now how many of
you out there know someone who retired but then went

(41:54):
back to work because, they had to not because, they
wanted to but because. They had to how many? Hands
blowing up, i'm Seeing, Hands, comp paul well keep your hands,
on the wheel you're driving. Down the, Road be. Safe be,
safe but realistically this happens, all the time and it's

(42:17):
because people. ARE living, longer i mean we have advancements.
In medical technologies we've, GOT prescription, drugs i, mean you
Know Here, at limehouse financial we have some clients whose
parents and even a few whose grandparents are alive, and
you know they're well. INTO their, hundreds i mean, that's
pretty significant, and it, happens you know to a. Lot

(42:40):
of people steve were planning for retirements today that are
sometimes longer, than you know when what they're. WORKING years
were i mean maybe a person worked for. Twenty, five
years okay well maybe they're going to be in retirement thirty.
Or thirty five so we cannot. Take THIS lightly and
i GUESS the question, i have, is you know why

(43:00):
are we under messed underestimating, our own, longevity you know
by a decade or? More at times why why are
retirees underestimating? Their own longevity, so YOU know.

Speaker 3 (43:13):
Well i think this it's it's it's an easy enough,
thing to do because we don't want to think, about,
our demise. Right we don't we don't want.

Speaker 2 (43:19):
To go, there that's right.

Speaker 3 (43:20):
LIVING living longer i just saw father saw this. Story
this week A. Couple in miami his her name's eleanor His.
Name is lyle they've been married for. Eighty three years
he's she's one hundred and seven he's one. Hundred and
eight that's. Longevity right, there that's crazy and that's that's.

Speaker 2 (43:40):
An all. Time that's love that's going to Be. Me
and amy that's that's gonna.

Speaker 4 (43:43):
Be.

Speaker 2 (43:44):
THREE years, Yep i mean i'm we're going.

Speaker 3 (43:46):
For.

Speaker 2 (43:47):
That goal, BABY oh honey i love. YOU so, much i,
mean you know my best friend and love. Of my life.
OH my GOSH i mean i hear in that here
and you tell that story just gets me fired up
to do the right things and work on being healthier,
and and, uh you know continuing to save more so
we don't. FACE longevity risk. I love it i love successful,
stories like. That you, KNOW you Know i, remember, amy's

(44:10):
grandparents uh and they live well into. Their, late eighties uh,
and you know obviously. WE'RE still married, i remember, them you.
KNOW holding hands i can see them now. Walking around
there they both were, pretty healthy physically uh until the.
Until their death and, even you know her grandfather sneaking
to kiss and every once in a while. With her, grandmother,

(44:32):
YOU know well i think that was. Just, SO sweet, yeah,
I see honey i see me and you. Doing that
same your grandparents set the good. Example for, US but,
that i mean why are people underestimating. Their their longevity
so you know you, Mentioned, THAT report steve i mean
that Was according to aviva their twenty, twenty five report
the average person does underestimate, their life expectancy sometimes by a.

(44:56):
Decade or more and that's that's not. A small, miscalculation
i mean that's. An, extra deal yeah that's an extra, decade, of,
groceries healthcare housing and also inflation. To, account for, so,
you know folks we need to be basing our plans,
on you know, your family history and we don't really

(45:17):
need to be using wishful thinking instead. Of real data
so we've got to really incorporate a whole. Lot into,
it you know what do you, need to, retire you
know to meet your basic your just? Cost of living
what do you want with? Your lifestyle goals we've got
a factor, in, health, care, costs taxes inflation. There's so
much and that written PLAN that that i offer people

(45:38):
and no. Cost for obligation, by, the way folks if
you'd like a written plan for retirement at no, cost
for obligation give me a. Call right now eight hundred
nine four zero six. Nine seven nine it would encompass
all of the things that we're talking. About right now
i'll provide, that, For you okay but, that, written plan
see it really ensures that people don't fall into this trap,

(46:04):
of you, know longevity risk of running into longevity risk
and running. OUT of money. I don't know i think
that longevity risk Can silently wreck sometimes you can silently
wreck even a. Well built plan, and you know.

Speaker 3 (46:19):
How does that? House?

Speaker 2 (46:21):
SO drip well i think people don't really feel longevity
risk until. IT'S too late i think that it kind of.
Creeps in quietly and and let's just think about a,
portfolio that was, so. To, speak plenty okay. IT was
there a, portfolio was adequate plenty at. Age sixty five

(46:43):
it can really look dangerously thin at age eighty five,
if it returns, if returns lag the market, has you
know took a downturn or. Inflation is higher, and and
folks it's not just about running, out of money it's
about running, out of options. It really is, so you
know we need to plan for a. Very long Retirement

(47:07):
so what i'm thinking, About, right now steve is the.
Personal pension, plan you know income determines, Outcome for people. Income,
DETERMINES outcome okay i think that, that in general people
get caught up too much in a dollar amount that they.
Need To save and i'm, not, DISCOUNTING that, okay, i
mean yeah let's focus on, saving you know a million,

(47:28):
and a half, two million dollars, three million dollars whatever.
It may be but let's only get too caught up in.
A dollar amount let let's make sure you have the
income so that your. Outcome is good so a, personal,
pension plan folks we. Can help you if you don't
have a pension and, you want one or if you
have a pension and you'd, like another one then ask

(47:50):
us about the. Personal. Pension plan okay eight hundred nine
four zero six. NINE seventy nine a personal pension plan
is a plan that will make sure you never. Outlive
your money and, by the way we can use the
green line, principle for, this and folks the green line
principle is a safe money strategy where zero is your

(48:11):
hero and you can't lose any. Of, Your money okay
so you've got a whole lot of, room for, upside
no downside and we can create guaranteed. Income for you and,
if you're married for you, And your spouse so ask
us about the. Green line principle it is this. Safe
money strategy everybody needs to have that as a part.

(48:31):
Of their plan but this, Personal, pension plan steve is,
awesome because yes longevity, risk is controllable and we like
to talk about how we, can control risk how we
can control things to enable people out there to. Have
successful retirements this is a risk that no one has
to fall into if they just understand it and choose

(48:54):
to do. Something about it it's. A, controllable risk, SO
you know, I don't know i Think of what, i'm
wondering now, is that, why you know why are there
just so few people talking, about income, planning you know past.
AGE eighty five I think that i think that the
emphasis for, most you know plans is that retirement plans
kind of focus on, the early, years, maybe traveling downsizing,

(49:19):
maybe you know people purchasing. A vacation home but what
about what about your? THIRTY of, retirement i mean folks.
THINK about that a couple who retires, at sixty five
this is this, is you. KNOW pretty significant a couple
who retires at sixty five has a fifty to fifty
shot of one of the people living. Into. Their nineties okay,

(49:46):
so you know we can't just plan for the go
go years and that's when you're. Going and doing we
got to plan for the slogo years when. You're slowing
down and we also got to plan for the, no,
goo years. Folks we can't we've got to just plan
for the. Duraytion of retirement we're talking about longevity, risk
right now the possibility of your outliving your money and
what you can. Do about it one of the things

(50:06):
you can do is just call us eight hundred nine
four zero six nine seventy nine and ask us about guaranteed.
INCOME for life i think that the role of guaranteed income,
in retirement planning, It's. Just critical okay it defends. AGAINST longevity,

(50:26):
risk i, mean you know pensions are Becoming Extinct and
social security is just covering part of the, bill for
people part of. Their living cost so guaranteed lifetime income
has a big. Role to play and as an income and,
distribution planning expert it's my job to talk with you

(50:47):
about that and show you how we can help you never.
Outlive your money but the concept of guaranteed income for
life is widely misunderstood and. Undervalued and, underused so folks
if you're worrying about a paycheck that's going to last
as long as, you do well it's time to come
on in and see Us Here. At limehouse, Financial you

(51:10):
know i'm very thankful that we can spend this. TIME
with you i want to wish everybody out There. Are
happy thanksgiving it's a great. Time of year we have
so much to be thankful for many many blessings. IN
our life i want To definitely give god all the
GLORY for all i have and all. That's to come
i'm very thankful that he continues to bless me with

(51:33):
the ability to help you guys out there achieve a
greater level of success and have. A better retirement that's
one of our Missions Here. At limehouse financial so thanks.
For tuning in this last offer of the day is
for the next ten callers in the. Next ten minutes
it's for a written, plan for retirement built by our
team of certified financial professionals at no. Cost or obligation

(51:56):
this is not something we will mail you or just
send to. You via email you must come in go
through our process to receive this written, plan for retirement
individualize and customized just for you at no. Cost or
obligation eight hundred nine four zero six nine seven nine.
Is our number find us on the web at limehouse.
Financial dot com make sure you guys tune in next

(52:19):
week for another great Episode of The road to Retirement Show.
With limehouse, Financial until then god bless You and happy thanksgiving.

Speaker 5 (52:36):
If YOU remember. These tv shows you're getting ready to retire.

Speaker 2 (52:40):
And everybody see a big pair, of feet. There cheesy
mustache i'll, think.

Speaker 4 (52:44):
Of you, You guts well i'm.

Speaker 5 (52:49):
One guy who ain't prejudiced against anybody who maybe lesship.
Pity than 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 emergencies, stock market. Volatility and taxation you've worked hard

(53:13):
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 trip limehouse eight hundred nine fours zero sixty nine

(53:34):
seventy nine or text trip to eight hundred nine four
zero six. Nine seventy nine.

Speaker 1 (53:41):
Information provided is for illustrated purposes only and does, not,
constitute investment tax. Or legal advice information has been obtained
from sources that are deemed, to be reliable but their
accuracy and completeness. Cannot be Guaranteed either trip limehouse nor
his guests are liable for the usage. Of information discussed
always consultable, the, qualified investment legal or tax professional before.
Taking any action