Episode Transcript
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Speaker 1 (00:00):
The Financial Guys radio show.
Speaker 2 (00:05):
Just jump on a bus and head down to Florida
where you belong, okay?
Speaker 3 (00:09):
Get out of town.
Speaker 1 (00:10):
Get out of town.
Speaker 4 (00:12):
Because you don't represent our values.
Speaker 5 (00:15):
You are not New Yorkers.
Speaker 6 (00:17):
A few moments later.
Speaker 2 (00:19):
But maybe the first step should be go down to
Palm Beach and see if we.
Speaker 6 (00:22):
Can bring back home.
Speaker 7 (00:24):
Because our tech space has been eroded.
Speaker 2 (00:26):
So I feel as though we don't have a problem.
Speaker 4 (00:29):
It is like I have to look at the fact
that we are in competition with other states.
Speaker 1 (00:36):
The only place where money meets politics. And now, here's
The Financial Guys.
Speaker 3 (00:42):
The Financial Guys.
Speaker 8 (01:36):
Bill O'Reilly here, and I'm warming up.
Speaker 7 (01:38):
Stand by for the O'Reilly Update Morning Edition.
Speaker 6 (01:42):
But first..
Speaker 7 (01:43):
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lock protection. On this Friday, I'm thinking about Iran. The
mullahs in Tehran reportedly threatened physical violence against Melania and
Barron Trump. No surprise. These are savages over there. But
(02:31):
it should be a sobering moment for every American. The
problem for President Trump is that the American people are
not backing him the way they usually would. That's because
of high prices for gasoline and food. Most folks know
the administration's strike on Iran was the right thing to do.
(02:55):
You cannot let a terrorist nation develop a nuclear weapon.
Speaker 6 (03:01):
So right now, it is impossible.
Speaker 7 (03:04):
To ascertain the situation on the ground. How much damage
is the USA doing to the Iranians? There's no accurate reporting.
Information is scant. But there is a history component to
all of this. In 1945, the high command in Germany
(03:27):
and also in Japan refused to acknowledge the war was lost.
They did not care how many of their own people died.
Some leadership is just crazy, and the mullahs are in
that category. The solution to Iran remains elusive.
Speaker 6 (03:54):
Back in a moment.
Speaker 7 (03:56):
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That is the morning O'Reilly update.
Speaker 6 (04:32):
More analysis later on.
Speaker 10 (04:34):
Thank you.
Speaker 11 (05:00):
We are the Social Security Guys, bestselling authors of Beyond
Break Even, The Essential Guide to Social Security Optimization, and
your resource for retirement income planning.
Speaker 8 (05:11):
And Russ, as you often say, we are the nerds
of all nerds when it comes to Social Security and
retirement income planning.
Speaker 12 (05:18):
We are the nerds of all nerds. If you take
your retirement income planning seriously, do yourself a favor. Give
us 30 minutes to an hour of your time, complimentary
consultation with us, and we can walk you through our
proprietary process.
Speaker 8 (05:35):
We have a lot to talk about today, but today
primarily we're going to take phone calls on Social Security claiming,
questions you might have about retirement income planning.
Speaker 11 (05:48):
We're going to talk about some of the things that
are always prominent in the news, Russ.
Speaker 8 (05:51):
About Social Security, like will the fund be depleted someday, right?
That's a big one.
Speaker 12 (05:57):
And we're going to have to hear about that over
and over and over again in the media for years.
Speaker 8 (06:02):
It seems.
Speaker 12 (06:03):
So we're going to cut straight to the chase on
that for you all today.
Speaker 1 (06:06):
No doubt.
Speaker 11 (06:07):
Yeah, we're kind of realists when it comes to some
of these things. We're not going to jump and be fearful.
We're going to take it pragmatically and plan.
Speaker 8 (06:17):
The best we can. We're going to talk a little
bit about cost of living adjustments that people do benefit
from as soon as they turn 62 and.
Speaker 11 (06:26):
Whether you're taking Social Security or not, you do get
cost of living adjustments. While they are automatic, they're not
guaranteed because sometimes there is not inflation. There has been, though, lately,
and we'll talk more about COLAs, how they're calculated. What
are some of the alternatives to cost of living adjustments
as they.
Speaker 8 (06:44):
Do them now?
Speaker 11 (06:46):
And we've got other things, things happening in the news. Russ,
I had to start with this earlier. 16-year-old lifeguard in
Santa Cruz, California, in essentially his first year as a lifeguard.
And if you haven't seen this video, folks, I mean,
it's everywhere. It's so dramatic, and literally it makes you
(07:08):
hold your breath, no.
Speaker 8 (07:10):
Pun intended on that, when you watch, because.
Speaker 11 (07:13):
You see these massive foamy waves overtaking the 16-year-old and
the 10-year-old that he ultimately saved. And, I mean, I'm
not a swimmer by any means. I mean, I can
kind of stay afloat for a bit. But when you
see those ocean waves crashing into the shore and the
16-year-old hanging, clutching onto the 10-year-old, it literally is breathtaking.
Speaker 8 (07:38):
And it just made me think, Russ, you know, this kid,
he saves this young boy, and he says simply, this
is my job, and I love what I do. I
just thought, how inspiring. That's what we all long for
in these days of so much political strife, so much
conversation about Trump and things he's doing right and doing
(08:00):
wrong and what's going on in Iran. But you see
a story like that, it was pretty inspiring.
Speaker 6 (08:05):
Yeah, it's inspiring.
Speaker 8 (08:06):
It's uplifting. We need more of this.
Speaker 12 (08:10):
But unfortunately, bad news gets the clicks. It makes the money.
It stirs people's emotions poorly.
Speaker 8 (08:16):
But this is a.
Speaker 12 (08:17):
16-year-old jumping in to save a 10-year-old in Rift Current
in Santa Cruz. And he never lets go of him.
And he says, and I quote, this is my job
and I love what I do. I mean, just completely amazing.
Way to go, Ryder.
Speaker 8 (08:31):
Yeah. No doubt. Happy news. No doubt.
Speaker 11 (08:34):
Imagine being the parents of both of these young men.
Speaker 8 (08:37):
I mean, it's so quick.
Speaker 11 (08:41):
These waves can overtake you. They can literally pull you,
suck you out into the ocean. And so many people
do pass away this way, like just horrifyingly. And I
thought that was pretty cool. I had a great client
of mine and a pal said, Mike, if you haven't
seen that, you have to see it. When I did,
(09:01):
I had to watch it over and over. So anyway, cool,
cool story.
Speaker 8 (09:06):
And then, of course, you have Dr. Fauci back in
the news.
Speaker 12 (09:09):
He's doing hearings.
Speaker 8 (09:11):
In Congress. And was it 111 times, Russ, that he
basically said he pleaded the fifth?
Speaker 12 (09:16):
I don't know, but it's definitely over 100.
Speaker 8 (09:18):
Yeah.
Speaker 12 (09:19):
So what was even the point of having the hearing
if that was all it was going to be?
Speaker 6 (09:23):
Yeah.
Speaker 8 (09:24):
No idea. I mean, getting him on record, I suppose.
Speaker 12 (09:27):
That's everything you need to know.
Speaker 8 (09:28):
Well, and what it did, again, yet again, and this isn't.
Speaker 11 (09:32):
Going to be news to anybody, he is self-serving, he
is selfish, he is self-absorbed, he is an absolute narcissist.
really only cared about his own power enriching himself. I mean,
maybe there was a day where he cared about people
and what the impact of his decisions would be on people.
(09:53):
But honestly, I think that this is probably the case
in many people When they get a certain level of
power over others, they do things they believe without any
regard for consequences because they don't think there will be any.
And when you see these hearings, so many Republicans, of course, just...
(10:17):
catching him in all sorts of facts, but he would
not discuss it. He would not even turn around and
look at some of the families of victims of his decisions. So,
you know, just really gross, honestly, to have to go
back in time and start reliving some of this stuff.
Speaker 12 (10:36):
And it also just gives us a good glimpse into
when you have a bureaucracy that remains unchecked. Yes, we have,
you know, checks and balances, separation of powers in our governments,
But when these agencies get so large, they end up
doing kind of what they want to do on their own,
and there's no one to check them except for Congress.
But when they can sit there and do this in
front of Congress, then is the power really being checked?
(10:58):
And that's the scary part. That's really what we need
to really understand is, you know, these decisions that are
being made, these rules that are being adhered to, is
it legal? Is it something that's necessary? Is it for
the greater good of the country? And in this case,
it's just, I think it's a good example of why
the administrative state can be a detriment.
Speaker 8 (11:21):
Rather than a help.
Speaker 12 (11:22):
No doubt.
Speaker 8 (11:23):
And I think back to my own personal story with
this and COVID obviously affected lots of people. So I
don't want to minimize the actual illnesses. What bothered me, Russ, was,
and you were in healthcare administration in your earlier years.
Speaker 11 (11:39):
What bothered me was, was that both sides I'm going
to say, but mostly the Fauci, the crazy leftists all
thought that one approach for everyone would be right. Meaning
everybody wear masks, everybody stay in your home. Everybody is
going to basically do exactly the same thing. Everybody get vaccinated. And,
(12:03):
and to me, having a mom at that time in
assisted living, It bothered me because I'd say, wait a second,
I can't go in to see my mother with a mask.
And I'd look inside and I'd see aides and some
of the administrative folks, the staff, basically in there with
these little paper masks. And I would think to myself,
(12:29):
that's not appropriate for someone of my mom's health and age.
Speaker 8 (12:34):
You'd have to do better than that. And then here
you go out and.
Speaker 11 (12:38):
Have a beer and be told, well, as long as
you're having a meal at the bar, you're okay. And
we would just be like, what are you talking about?
Speaker 8 (12:47):
What if I want soup? I want an appetizer. Oh, no, no, no.
Speaker 11 (12:52):
You can't be amongst others unless you're going to have
a meal. We were being told whether chicken wings were
a meal or a snack or whatever.
Speaker 8 (12:59):
So to me, it's maddening.
Speaker 11 (13:01):
To think what this guy and so many Fauci soldiers,
because let's face it, it wasn't one guy. This was
hundreds of people that worked for him that all led
us to believe that we basically could all do.
Speaker 8 (13:16):
The same thing.
Speaker 11 (13:17):
Wear a paper mask, get immunizations, a vaccine, and we'll
all just be fine. You won't spread this COVID, you know,
you have to do it. It's going to be patriotic, uh,
Everyone will be fine if you all just adhere to
these policies.
Speaker 8 (13:32):
And I thought to myself, that's the maddening thing looking back.
Speaker 12 (13:35):
And that being said is a perfect segue into another
massive system, the Social Security Administration, and specifically claiming a
Social Security benefit. Claiming at one particular age for everybody
is not the right answer. Doing any one thing of 100%
(13:56):
certainty is never the right answer. And so that's what
we're going to talk about today. When should you claim
Social Security? What should go into your decision-making pattern when
you're thinking about it, when you're talking about it with
your spouse? How can you use Social Security as a
cornerstone of your retirement income plan? How do you use
(14:16):
Social Security to basically reduce the cost.
Speaker 8 (14:21):
Of your retirement?
Speaker 12 (14:22):
We're going to get into a lot of those concepts
today because, frankly, they.
Speaker 8 (14:25):
Are far overlooked today.
Speaker 12 (14:27):
And we are, like Mike said, nerds about this stuff,
and we're excited to bring you the information. We're excited
to have live callers call in today. If you're sitting
there wondering about your situation, we are happy to try
to address that in a very short segment on the phone.
Speaker 8 (14:44):
Yeah. Give us a call if.
Speaker 12 (14:48):
You have questions about the show.
Speaker 11 (14:50):
Yeah, we'll be taking some calls shortly, 844-434-4TFG, to reach
us throughout the week, 833-FIN-GUYS. Russ, you brought up a
really important point. A lot of times I think people
are accumulating wealth. We're all going to work, making a living,
paying our bills, maybe paying down some debt, and we're
trying to invest. And so when you hear of the
(15:12):
concepts of investing, you'll often hear about don't have all
your eggs in one basket, meaning be diversified. Use many
parts of the stock market, all the different segments, small, medium.
Speaker 8 (15:25):
Large-sized companies.
Speaker 11 (15:26):
Growth, value, domestic, international, and even use some bonds, fixed
income type parts to the economy to hedge against what
can happen in the markets. All those concepts lead to
what will your average annual return be? And we often
say that is all absolutely fantastic. Those concepts matter. We
(15:49):
have a lot of people accumulating wealth.
Speaker 8 (15:53):
And what we find now is people go into retirement
with the same concepts in mind. And, you know, it's
just not the same, right?
Speaker 11 (16:06):
Accumulation of wealth is not the same as distribution. So
when you said, Russ, you basically said you've got to
think of cost of retirement. Can you speak to that
for a second?
Speaker 12 (16:20):
Yeah, so cost of retirement, rather than chasing returns like,
the average annual returns that you're looking for while you're
accumulating wealth. The cost of your retirement is trying to
figure out over a retirement period between you and your spouse,
if you're married, every single year with inflation factored in,
what does it cost you to live the life that
(16:42):
you want to live? And when you're planning for retirement,
it's critical to start with what do you actually want
to do and analyze what that cost will be on
an inflation-adjusted basis throughout all of those retirement years until
the second of you or your spouse passes. And that's
your total cost of retirement when you add that together.
(17:04):
And really the claiming strategy or strategies rely on how
do you use the least amount of your own liquid
wealth to achieve that income that you desire. And from there,
it's really about risk management in the spend-it years. Risk
management meaning how much of our wealth do we need
to spend given the market sequencing? Because sequence of returns
(17:26):
risk is.
Speaker 8 (17:27):
Now your biggest threat.
Speaker 12 (17:29):
And if you've done a good job saving, what's the
number of your excess capital? And excess capital of your
portfolio is money you just don't need for that income
goal that you can spend as you wish, or you
could save and invest for legacy. We resurrect the notion
of legacy. And so, again, solving the income plan is
(17:52):
the most critical first step when it comes to evaluating
your retirement.
Speaker 8 (17:57):
Exactly.
Speaker 11 (17:58):
And, you know, I think it's really easy to fall
into the traps, right? What you hear at work, what
you hear your siblings have done, your parents have done,
and you start to think, well, why wouldn't I do
those things? Well, we say there's far, far more beyond
just thinking of yourself, first of all. If you're married,
(18:19):
if you've been divorced or widowed, of course, those are
horrible things to go through as life events. And there
are different strategies to consider when it comes to Social Security,
especially in those regards. But the whole idea here is
beyond break-even. And that's the title of our book, Beyond Break-Even.
You can actually find a free flipbook, PDF, or audio
version at beyondbreakeven. breakevenbook.com right now, if you'd like, beyond breakevenbook.com.
Speaker 8 (18:46):
We go into many, many.
Speaker 11 (18:47):
Cases and stories of why it's different, why you should
think beyond simply a breakeven analysis.
Speaker 8 (18:55):
I'll often joke, Russ, you know this, I say.
Speaker 11 (18:57):
This all the time, you know, how dispiriting it is
to be close to or just at retirement. And, you know,
someone who really doesn't know enough says, well, are you
going to take Social Security? And they say, I'm not sure.
I don't know anything about it. And the other.
Speaker 8 (19:12):
Person says, well, you really have to figure out when
you're going to die. I mean, figure out.
Speaker 11 (19:18):
What do you think your longevity is going to be?
Because then you can take Social Security at the appropriate time.
And I've always said, that sounds so absurd. That's got
to be far too simplistic.
Speaker 8 (19:29):
And we know it is. In fact, Social Security Administration
even said... It's not appropriate.
Speaker 12 (19:34):
In 2008, the Social Security Administration released a memo advising
their agents essentially to stop giving advice based on the
break-even analysis because it falls woefully short of evaluating any
individual or couples whole plan. In other words, you cannot
(19:55):
make the decision in a silo or a vacuum. And
that's exactly what we talk about in our book. There's
far too many nuances, far too many factors or variables
at play to just figure out the breakeven calculation. And,
you know, The question we get a lot is, well,
what if I die early and I don't get all
my money out of the system? And honestly, so Mike
(20:17):
and I, by the way, we don't really advocate for
early or late filing. It's really specifically dependent on that
couple or individual's goals and objectives. But we think the
greater error would be to die early without getting all.
Speaker 8 (20:31):
The money out rather than live too long.
Speaker 12 (20:33):
And running out of money.
Speaker 8 (20:35):
Exactly.
Speaker 6 (20:36):
Exactly.
Speaker 8 (20:37):
You know, and... we know that that would be the
better error.
Speaker 11 (20:41):
The other thing, a lot of people think, well, when
I look back, when I'm in my elderly years, I
want to look back and know that I did the
right thing. And I'm going to say, don't you want
to live every day of your life from the beginning
of kind of full-time retirement and know that you've got
a really good plan, an intentional plan to live well,
an intentional plan where you don't have to think, oh
(21:04):
my gosh, I don't know if I should spend My
family is in North Carolina. I've got family in Tennessee,
but I don't know if I have enough wealth to
go visit them. I better not. I don't want you
to say, I better not in retirement. What Russ and
I do is try to create an environment and the
situation for you to say, absolutely, I will.
Speaker 8 (21:23):
Absolutely, I will take that trip.
Speaker 11 (21:25):
And I think that going into retirement without the proper
knowledge and the expertise, so to speak, can lead you
to living a really cautious life, a real cautious retirement.
Speaker 8 (21:37):
And we really, really try not to let that happen
with the people we work with. So being certified in
Social Security claiming strategies is great, but having all the
activity that we do, and honestly, we are truly moved,
grateful that there's been such... a well-received, I guess, reception
of the book. I mean, Russ, the book we wrote
(21:59):
was just to reach more people, right? I mean, like
we said, we're nerds about this, the social security guys, essentially.
And knowing that so many people don't know enough about
this actually kind of keeps you up at night because
we see such profound changes in people's outcomes, right, when
(22:20):
you can do it right.
Speaker 12 (22:21):
I tell people, too, when they come into our office
and we like to give a tour, you know, we're
really blessed to have the space we have, the capacity
to help the people that we have, the platform that
we have. Everyone likes to talk about investing, but investing
is just one small part of an overall financial plan.
And what I've realized is that a lot of Americans
(22:42):
really have no idea how to.
Speaker 9 (22:44):
Retire, right?
Speaker 12 (22:45):
They don't think they've saved enough. They don't know how
to coordinate everything together. And they often try to solve
or answer their questions.
Speaker 8 (22:54):
That they have, I think, in the wrong order.
Speaker 12 (22:57):
And like I often say, you know, solving the income plan,
like can you live the way you want to live
and how do you take money out of the market
really is the hardest and the first thing that you
have to figure out. And we coordinate or layer in
Social Security claiming into that.
Speaker 8 (23:12):
And then... we go from there and we pivot, right?
Speaker 12 (23:15):
What then is the right investment strategy for you specifically?
How might we invest for your income and how may
we invest for your excess capital or growth? How do
we minimize taxes throughout your lifetime? Do you have an
estate plan? What should your estate plan look like given
where you are and then given.
Speaker 8 (23:33):
Where you're going? Absolutely. So many great concepts.
Speaker 11 (23:36):
We're going to talk about more and more today. You've
got The Social Security Guys, of course, part of the
Financial Guys team. We are going to take a.
Speaker 8 (23:44):
Quick break, folks. And don't go away because we have
a lot.
Speaker 11 (23:48):
To share today, focusing on Social Security and retirement income
planning today.
Speaker 8 (23:54):
You've got Mike Hayflick, Russ Geiser, live in studio.
Speaker 11 (23:57):
We are the Financial Guys and the Social Security Guys
on the Financial Guys Media Network.
Speaker 5 (24:11):
From the WAM 1180 newsroom, I'm Anthony Panazowicz. An investigation
is underway into the death of a woman during a
large crowd dispersal last night in Rochester. Police say they
were dispersing that crowd with riotous behavior in the upper
Clinton area when someone in that crowd fired a gun
multiple times near Morrill Street. One woman was found dead
at the scene. At least two other gunshot victims arrived
(24:32):
later at the hospital, but they're expected to survive. The
cause of a school bus fire on 490 Friday afternoon
is still under investigation. The minibus's fire started in the
engine compartment near the ramp to St. John Fisher. All
passengers safely exited the bus and there were no injuries reported.
Indulging rallies in Brighton's 12 Corners have dispersed following a
heated day of protesting. The group Rochester Israel Action planned
(24:55):
the rally about three weeks ago and received a permit
for the 12 Corners Pavilion at 5 o'clock. The pro-Palestine
rally started earlier than the opposition, but Brighton PD say
nobody became violent at either event. Your 13-way weather authority
forecast today, 86 for your high, hazy sun. Warm and humid,
mainly dry, though. I'm Anthony Panazowicz, NewsRadio WAM 1180. Next
(25:16):
news in 30 minutes, breaking news when it happens. Anytime
on NewsRadio, WAM 1180.
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The financial guys, right on, right on, right on the money.
Speaker 19 (27:51):
Out here, a handshake still means something, and a good
story still matters. Every Saturday, Americans tune in for voices
that believe in real values, family, freedom, and faith in
this country.
Speaker 9 (28:03):
This nation wasn't built by elites. It was built by
working hands.
Speaker 19 (28:07):
That's why the Financial Guys bring conservative radio back where
it belongs. Straight talk with no apology. If you're tired
of being talked down to, you're in the right place.
Find our podcast on all streaming platforms. The Financial Guys.
Speaker 20 (28:21):
Most retirees lose tens of thousands by claiming Social Security
the wrong way.
Speaker 8 (28:25):
And even more from taxes and poor income planning.
Speaker 9 (28:28):
We're the Social Security Guys at the Financial Guys.
Speaker 8 (28:30):
Best-selling authors of Beyond Breakeven.
Speaker 17 (28:33):
Book your complimentary retirement income stress test. And get a
free copy of our book when you come into the office.
Stop guessing. Call now, 833-FENGUYS, and schedule your visit today.
Speaker 6 (28:43):
Securities offered through Peak Brokerage Services, LLC. Member FINRA SIPC.
Speaker 9 (28:47):
The Financial Guys, your Social Security and Retirement Experts.
Speaker 16 (28:51):
Are you turning 65?
Speaker 15 (28:52):
It's time to make the most of your Medicare options.
And the Financial Guys Insurance Agency is here to help.
Our licensed specialists make Medicare easy, explaining your choices, finding
the right plan, and making sure you don't miss out
on any of the benefits you deserve.
Speaker 6 (29:07):
Don't go at it alone.
Speaker 15 (29:09):
Let the Financial Guys Insurance Agency guide you every step
of the way. Call 866-TFG-METI. That's 866-834-6334. And remember, it's
Medicare made easy.
Speaker 6 (29:21):
News Radio.
Speaker 8 (29:22):
Wham!
Speaker 6 (29:23):
1180.
Speaker 1 (29:27):
Let's go, Buffalo. Let's go, Buffalo. Let's go, Buffalo.
Speaker 5 (29:32):
All right, seriously?
Speaker 7 (29:34):
You're going to win a championship season with.
Speaker 1 (29:37):
That kind of enthusiasm?
Speaker 6 (29:39):
Men and women of Buffalo. labor, you know what I'm
talking about.
Speaker 1 (29:41):
Let's go, Buffalo. Let's go, Buffalo. We've got to give
this place some good karma, right? You're listening to the
Financial Guys radio show.
Speaker 10 (29:57):
All righty.
Speaker 8 (29:58):
Welcome back. Happy summer. Summer in western New York, Russ,
is probably the best place to be. I mean, it
really is.
Speaker 9 (30:06):
Totally agree. When it's not smoky or rainy.
Speaker 7 (30:10):
Oh, so we had.
Speaker 8 (30:13):
A phenomenal client event a couple weeks ago. And, you know,
the funniest thing, though, right, as often can happen in life,
You can plan and plan. Anne Horan had everything locked down.
Like every year we do these client events and there's
always like, what else can we do better? We get
feedback from clients and everyone who attends. And she fine
(30:35):
tunes to the nth degree. Well, we wake up, of course,
actually probably two days prior. I had a Tuesday. There's
wildfires in Canada. And yeah, it's a little smoky. Well,
it wasn't a little smoky. It was like sitting by
a campfire, literally a couple of those mornings. And the
day of the client event, it's hazy. It actually smells
(30:57):
like you're sitting by a campfire. And honestly, all of
our stomachs dropped because we thought, oh my gosh, whether
you're healthy or not, generally speaking, it's tough to go
to an event and be outside with that type of condition. Well, thankfully,
we were able to use the indoor facility and um
(31:20):
man did we have a great time i joked a
couple weeks now since um saying yeah you can plan
for everything but when that big swarm of locusts or
the killer bees come through western new york like you
have to have the contingency plan for that right the
tidal wave the tidal the tsunami off of lake erie
never before happened but but it's happening i mean it
(31:43):
was really great but But we always do try our best, really,
to make it all work. And we can plan to
the nth degree, as I said. And sometimes you just
have to take it as it comes. So, folks, you've
got Mike Hayflick, Russ Geiser. We are the Social Security guys,
proudly and in a nerdish way, grant you. But we
are here throughout the week to help you with all
(32:04):
of your Social Security claiming strategies, decision making. In the
Financial Guys office, of course, we have a team of specialists.
They help with wealth management. We can help you on
the health insurance side. In fact, coming up, I have
to pitch this, Retirement Ready Before Age 65. This is
a workshop we're doing live at our flagship office at
(32:26):
305 Spindrift, September 2nd at 6.15 p.m. I'm going to
call it hosted by Triple J. It is not a rapper, okay?
It is not. It is Jay Blanchard, Jack Haxton, Brian Janik,
Triple J. This is quite a group to lead that workshop, Russ.
This is going to be a good event, September 2nd.
Speaker 20 (32:47):
Yeah, and many people wonder about health care. It's a
big component of retiring. And we see oftentimes people just
electing to work until 65, not because they want to
or even because they have to, but because they think
there's no other option.
Speaker 9 (33:01):
Exactly. Medicare.
Speaker 20 (33:03):
And our team is, you know, they're expert trained in
the health insurance marketplace and Medicare for that matter.
Speaker 9 (33:10):
And we're independent in everything we do.
Speaker 20 (33:12):
We have AHIP certified Medicare experts on our staff.
Speaker 1 (33:14):
Yeah, no doubt.
Speaker 20 (33:15):
And they can help you make the right decision. Should
you stay on your COBRA plan through work? Are there
other options through the health insurance marketplace? and all of
those things.
Speaker 8 (33:25):
And they live and breathe these things, folks, these health-related questions.
Every day, these agents are seeing people and helping people.
Whether you've reached a Medicare age, typically age 65, unless
you've been disabled, you might get onto Medicare sooner. And
they're constantly informing people. They're independent. Independence in our industry
(33:46):
is really, really powerful. Independence means we simply care about
you and the solutions that fit you in the most
unique and most optimal way. And if you're going to
people that are actually employed by actually companies where you
might get the insurance, they're looking for you to take
their product, right, to fit in to their product, which
(34:08):
is fine. But you want an independent organization.
Speaker 1 (34:11):
Look, right?
Speaker 8 (34:11):
You want to go to other agencies, other providers to
see if the plans at other providers are going to work.
So again, retirement ready before age 65, September 2nd. You
can go to thefinancialguys.com site, go to the events tab
and you can register. A couple other things that I
want to mention. Russ, you and I, now it's been
(34:32):
about a month, we did our social security optimization workshop,
but it's now available as a webinar. It's a bit
of an abbreviated one, so you're not going to sit
for hours to watch. You're going to sit for about
30 minutes to see what Russ and I have been
professing for, my goodness, over a decade now. And you
(34:52):
can also go there, thefinancialguys.com forward slash events, click on
the Social Security webinar, and you can have a listen.
You don't have to be there in person, live like
we do, gosh, 20 to 25 workshops a year we do.
If you'd like to find out about some of those,
you can. We actually have one on September 16th, our
(35:14):
Social Security and Tax Efficiency and Retirement Workshop, September 16th.
You can also register for that on our website.
Speaker 9 (35:21):
Folks, you can do that.
Speaker 20 (35:22):
If you want more in-depth Social Security discussion knowledge, go
grab a free copy of our book, Beyond Breakeven, The
Essential Guide to Social Security Optimization by Visitant Link.
Speaker 9 (35:35):
Beyondbreakevenbook.com.
Speaker 20 (35:37):
There's a PDF flipbook there, an audio book, and it
can also take you to a link to grab a
hard copy of it if that's your preference. But Mike
and I spent hours recording that in our voice just
so you can get the live version that you're getting now.
Speaker 9 (35:52):
Through the audio book.
Speaker 20 (35:53):
And it's filled with client examples, different types of claiming strategies,
all the different things to consider that will die out.
Speaker 9 (36:03):
More into today.
Speaker 6 (36:04):
Definitely.
Speaker 8 (36:04):
And right between those two workshops, the September 2nd and
the September 16th, we have an event called Heroes on
the Harbor. And we're inviting all veterans and their families
to join us aboard the USS Little Rock for a
complimentary barbecue. That's going to be September 9th from 5
to 7 p.m. Come and enjoy good food, meaningful conversation.
(36:26):
I love that. And time spent with fellow veterans and
loved ones. You can also go to the, again, thefinancialguys.com
forward slash events and register for that. Or just call
833-FIN-GUYS to register for any of these events. We're really
an education-based firm, Russ, I would say. I mean, many
of us see our role as fiduciaries to the people
(36:48):
we work with as educators. Why? Because we deal with
a lot of smart people. We're not going to tell
you what to do. We will not condescend to you
and say, oh, oh, don't you worry. We'll take care
of it. We're going to inform you. We're going to
lay out all the choices available to you. And Russ,
as a CFP, Certified Financial Planner, that is what you're
(37:09):
charged to do. And I think we all do it.
You are charged with it by the designation though.
Speaker 21 (37:16):
Yeah.
Speaker 20 (37:16):
And it's really as simple as this, like understanding what
makes you tick, right?
Speaker 9 (37:21):
Your goals, your objectives, your values.
Speaker 20 (37:26):
There are certain people that just don't know, or they
won't know how to present them. And it's my job,
our job to unpack that, to really see what the
fears might be, the concerns. What really makes you tick?
Is it your family?
Speaker 9 (37:40):
Is it your dog?
Speaker 20 (37:42):
Is it your spouse? There's so many things. Is it
charities that you belong to? Volunteer organizations? What is it
that makes you you? And how does that interrelate with
your finances? And understanding everything you're trying to accomplish in
the short term, the long term, understanding the options, educating
you through the options, not through the lens of judgment,
(38:05):
through the lens of really just trying to figure out
what's available to you. You can go on ChatGPT and
figure out what's available to you, but you don't know
what your goals and objectives, or I should say you do.
The ChatGPT doesn't know your goals and your objectives and
what questions to prompt you with.
Speaker 6 (38:20):
Exactly.
Speaker 20 (38:20):
And the emotional, relational side of money. And then when
we lay out a plan, we lay out different options
for you. we educate you, and let you make the
decision that best suits you. If there's only one way
to go, we'll be very firm in that recommendation, but
oftentimes people have choices.
Speaker 8 (38:38):
And that's the key. What best suits you, not what
the people at work have said they did, not what
your siblings did, not what your parents did. That's the key.
What will suit you best? Folks, we're going to take
a quick break. We're going to come back and talk
a little bit about this fear people have of the
depletion of the Social Security Trust. You've got Mike Hayflick,
(38:59):
Russ Geiser. We are the Social Security Guys, part of
the Financial Guys team, and this is the Financial Guys
Media Network.
Speaker 16 (39:07):
Nothing says honesty like taking the fifth, huh, Doc?
Speaker 6 (39:09):
Let's try something. What day of the week is it today?
Speaker 21 (39:12):
On the advice of counsel, I respectfully decline to answer
based upon my rights under the Fifth Amendment to the Constitution.
Speaker 9 (39:19):
What color tie are you wearing?
Speaker 21 (39:21):
On the advice of counsel... I respectfully decline to answer
based upon my rights under the Fifth Amendment to the Constitution.
Speaker 6 (39:28):
Let's just get one thing straight. You don't have any rights.
Speaker 16 (39:30):
Under the Fifth Amendment because you've been pardoned. As you
very well know, as the Supreme Court has been clear
for a century and more, Brown v. Walker, 1896, when
he has been pardoned, he may not stand upon his privilege.
Speaker 6 (39:42):
You know that.
Speaker 16 (39:43):
Your lawyers sitting behind you now shifting nervously in their chairs,
they know it.
Speaker 6 (39:46):
This isn't about the Constitution. This isn't about the law.
This is about contempt.
Speaker 16 (39:50):
Contempt for this body and contempt for the American people.
Speaker 1 (39:54):
You're listening to the Financial Guys Radio Show.
Speaker 6 (39:57):
Politics has us divided.
Speaker 18 (39:59):
Your financial future shouldn't be. At the Financial Guys, we
help hardworking Americans protect what they've earned and build a strategy.
Speaker 1 (40:06):
For the future.
Speaker 18 (40:07):
Call 833-FIN-GUYS today and see why so many Western New
Yorkers have trusted us over 25 years, bringing people together,
one stronger financial future at a time.
Speaker 12 (40:17):
833-FIN-GUYS.
Speaker 2 (40:17):
Securities offered through Peak Brokerage Services, LLC.
Speaker 8 (40:20):
Member FINRA SIPC.
Speaker 6 (40:21):
The Financial Guys.
Speaker 10 (40:24):
Right on. Right on.
Speaker 6 (40:26):
Right on the money. In this country, we don't take shortcuts.
Speaker 14 (40:30):
We earn what we have, and we don't let just
anyone tell us what to do with it. At The
Financial Guys, we respect hard work because we've lived it.
We stand with Americans who believe in securing a legacy
for the next generation.
Speaker 6 (40:45):
You worked for every dollar. We'll help you protect it.
Speaker 14 (40:49):
Call 833-FIN-GUYS for your complimentary review.
Speaker 2 (40:53):
Securities offered through Peak Brokerage Services, LLC. Member FINRA SIPC.
250 years ago, America declared independence. And with the Erie Canal,
Buffalo boomed into an economic powerhouse. Today, Democrat mayors admit
the city's falling apart.
Speaker 22 (41:08):
Why do we need to raise taxes? Because our city
is broke and it's literally falling apart. About half of
our garbage trucks don't work. Potholed streets, community centers are
falling apart.
Speaker 6 (41:18):
And their solution?
Speaker 1 (41:20):
Raising your taxes and taking more of your hard-earned money.
Speaker 2 (41:23):
More where this came from on the Financial Guys podcast,
streaming on all platforms.
Speaker 23 (41:28):
Once a month, our five city-run grocery stores will set
prices for this core set of goods at 30% below
typical retail prices. No exceptions, no gimmicks. The savings will
last for the entire month. That means no weekly fluctuations
nor sticker shock at the checkout line.
Speaker 20 (41:44):
The city of Chicago ended up funding this grocery store.
Speaker 1 (41:47):
It's called Save-A-Lot.
Speaker 4 (41:49):
And there was a lot of investment into it.
Speaker 6 (41:52):
And yet, in a very short period of.
Speaker 1 (41:53):
Time, they had to close. You're listening to the Financial
Guys radio show.
Speaker 8 (41:58):
News Radio, WAM 1180.
Speaker 6 (42:02):
All righty.
Speaker 9 (42:03):
Welcome back.
Speaker 20 (42:04):
You are with Russ Geiser and Mike Hayflick, the Social
Security guys at the Financial Guys website.
Speaker 9 (42:10):
We are taking live calls today, folks.
Speaker 20 (42:12):
You can get us at 844-434-4TFG, taking all financial questions,
but really we prefer those Social Security questions as we
are your local Social Security guys.
Speaker 8 (42:24):
Yep, anything, anything that comes to mind. I mean, we
hear it all, and often it's those things you never
thought of that come up where you go, oh, my gosh,
I thought I could go it alone. But knowing that,
like whatever that one thing is, can change the course
of your retirement. It can change the course of maybe
your retirement date. So absolutely. And let me repeat this
(42:47):
one more time. If you're, if you're driving or you're
at home and you're scrambling around to, to get a
pencil or a pen to get this number, 844-434-4TFG or
4834 is the ending of that 4834.
Speaker 9 (42:58):
So, um, Mike, can I ask you a question?
Speaker 20 (43:07):
So if I'm, you know, 55 to 60, you know,
if I, you know, what, what should I be thinking
about if I'm getting ready to retire or maybe just
start to, you know, think, you know, can I retire?
What are some things I should be doing or thinking about?
Speaker 16 (43:24):
Yeah.
Speaker 8 (43:25):
I simplify this as you know, like I, I literally,
when I meet people, um, and I get to know them,
we call that discovery. I'll usually listen for a bit,
and then I'll say, let me please take you now
through what I'd call our financial advisory process. The very
first thing I go through is the big picture, and
you say, well, what is that? I say, well, you're
(43:47):
in the hire years. You wish to be in the
retire years. And unfortunately, you will reach expire. So hire, retire, expire.
And I think it's simplistic in a way, because how
are you making ends meet? How are you paying your bills? Well,
you're working. You're making a pay, a salary of some kind.
The question about going into retirement to me is, where
(44:09):
will the money come from if I don't work? And
that's a very valid wonder, a very valid curiosity. So
I think this, I think You look at what you're
doing now. How much am I making now? What are
my expenses? Do I have any debt? And you put
that kind of on paper or in front of you.
(44:30):
Get a really good handle on where all of your
money is going now. Then if you're thinking, well, I
don't want to work forever. Some people, and I have
to say this, I think as advisors, Russ, we often
are are thinking, well, people must want to retire. And
we want to try and nail down, like, what's the
goal date? And I found myself saying to myself and
(44:52):
to my clients and prospective clients, you know, I'm really
sorry I do that because I think a lot of
people have good experiences working.
Speaker 6 (44:59):
I'm one of them.
Speaker 8 (45:00):
If you ask me, Mike, when do you, I don't
have a day in mind. I don't have an age
in mind. But there will be a time where you say,
you know what, I've enjoyed my career. I've enjoyed working.
I've been valuable. It's been fulfilling. It's made me a
great living. But there will be a time you want
to do other things. What do you do in retirement?
(45:21):
You might want to spend more time with your spouse,
with your children, maybe, God willing, grandchildren. You might want
to travel more than you were able to do before.
So to me, it's you pay the bills by working.
How will you pay the bills and have the lifestyle
you want in retirement? Well, a big part of it,
in our opinion, a cornerstone can be social security income, especially,
(45:46):
especially when you're married. And, you know, to me, that's
what I would do. I would look at what I
do now, what I make, what I spend, what will
that translate into retirement years? And honestly, if I wasn't
one of the specialists like you, I'd find somebody because
putting all the pieces together, like think of a big
jigsaw puzzle, 500 pieces right in front of you.
Speaker 1 (46:08):
Lay them all out.
Speaker 8 (46:09):
What do you do? Well, you start kind of taking
one piece at a time and fit one piece together
to the next one at a time. That's really what
I see. And I love it. You know, you and I,
we love this stuff. I love papers all over my desk.
I love the reports. I love everything. And I can
start building, right? Building and building the plan.
Speaker 20 (46:29):
You bring up such a good point about expenses. And
I say that because this is one of the most
underrated aspects of the retirement plan And I say underrated
because most people– I shouldn't say underrated. Maybe diminished is
a better word. I find most people really have no
(46:49):
idea what they spend. If you ask and they give
you a number, they're usually way off. And so part
of our homework process, like we challenge people to dive
deep into the expenses. Look at your last 12 months
of credit card statements. Look at your bank account statements
the last 12 months. Look and see where your money
is actually– going. And again, if it's on frivolous things
(47:11):
that maybe you can tighten some things up or it
was one-time purchases, those things might be able to be
left out, but you're probably going to surprise yourself how
much you actually spend.
Speaker 6 (47:21):
No doubt.
Speaker 20 (47:21):
And it's critical that you get it right at the
start because then we can get a really, really accurate
detailed retirement income plan set.
Speaker 8 (47:30):
What's fun, Russ, is we'll sit and do this with people.
And we'll look back at their homework and we'll go
over it together and I'll see like, okay, the real
estate taxes for the year, the home insurance, auto insurance,
fuel expenses, right? Gasoline expenses and so forth. And they'll
leave out things like hobbies, any travel, any gifts, charitable
(47:51):
donations and things like that. And I'll say, are you
not spending on those things?
Speaker 10 (47:55):
Or, oh, no, no, no.
Speaker 8 (47:56):
We like to, you know, we like to, you know,
we go to the gym or we travel. And I'm like,
that's all part. part of your budget. We got to
capture that because you're not going to retire and not
do those things. You're not going to stop giving gifts
like birthday and Christmas gifts. You're not going to stop
donating if you've been charitable because you've retired. So it
(48:17):
is fun. Sometimes you even see groceries are not on
the list. And I say, are you eating at all? Like,
do you eat? So going through homework in that very
kind of like detailed way, It's super meaningful, but it's
also necessary in our opinion. I mean, we don't deal in,
it's about this, or, oh, you'll be okay, or let's
(48:38):
just hope that everything works out. We do not plan
that way, folks. So if you're looking for a team
who can be very specific and handle the details that
you're not that comfortable dealing with, let us help you.
Speaker 20 (48:50):
And don't forget, taxes are an expense. So the expenses
you're adding up Yeah, off your working salary. You know,
if you make $ 100, 000 a year, that's not what you're
actually getting, right?
Speaker 6 (49:01):
Exactly.
Speaker 20 (49:04):
But if you're spending every dollar of your net pay, well,
you have a $ 100, 000 gross expense, right, with your taxes
included in that.
Speaker 6 (49:12):
That's exactly right.
Speaker 20 (49:13):
So we have to figure out, based on all of
the different savings methods you've had, which many people right now,
it's a traditional formula. 401k, a traditional IRA, which is just,
it's taxed just like your earned income. Now, how tax
efficient are you going to be? You're still going to
have a tax bill. So how much do we actually
have to deplete from that account To get you the
(49:34):
right amount of money to spend.
Speaker 6 (49:36):
That's right.
Speaker 20 (49:36):
And how do we do that in the most tax-efficient
way as we layer in Social Security? Because Social Security
is a tax-efficient form of income.
Speaker 9 (49:45):
Yes, it's still taxable.
Speaker 20 (49:47):
The H.R. 1, the big, beautiful bill, did not change
the tax law on how Social Security is taxed.
Speaker 6 (49:53):
Right, right. Okay?
Speaker 20 (49:55):
What it did do was it enhanced the standard deductions
for those $ 65, 000.
Speaker 9 (50:01):
And older.
Speaker 20 (50:02):
So many people who are on social security don't pay taxes,
but it's still taxable. They just have a bigger eraser
at the end of their tax ledger to wipe away
the taxability of it. But the bottom line is anywhere
between zero and 85% of your social security income can
be taxable in a given year.
Speaker 9 (50:24):
It's a year to year thing, folks.
Speaker 20 (50:25):
It's not at the start of retirement, zero isn't taxable
or 85% of it is taxable. It has to be
calculated every year. depending on how much other taxable income
you have.
Speaker 9 (50:35):
So we can help.
Speaker 20 (50:36):
You figure all of that out, put all those pieces
together of this big puzzle we call retirement. And it's
critical that if you do have a plan, that we're
implementing the plan correctly, and then we're monitoring the plan.
In our firm, we meet with people at least every
six months to make sure they understand what's going on
in the markets, what's going on in their investment portfolio,
(50:57):
what's going on with taxes that year.
Speaker 9 (50:59):
Uh you know what are they.
Speaker 8 (51:00):
Planning are estate planning that's a huge one it's a
huge one a lot of people everyone needs an estate
plan absolutely everybody it's as simple as listing beneficiaries on
an ira and it can get as complicated as having
trusts that are written so that in your passing everything
goes to your family everything is done the way you
wished it would be done but You have to have
(51:23):
a quarterback, right? You have to have someone to sort
of see all these pieces come together. I know I
pitched on thefinancialguys.com forward slash events tab. Russ, our SSO
webinar is out there, and I actually see someone actually
went out and already has clicked on that button and
are hopefully going to view that. And if you're going
(51:44):
to do that and you have any questions thereafter, simply
call 833-FIN-GUYS, ask for Russ Geiser or Mike Hayflick.
Speaker 9 (51:50):
Or right now at 844-434-4TFG.
Speaker 8 (51:54):
Absolutely. If you have any questions you'd like answers today, please,
this is a live show. We're going to be doing
more and more of these because sometimes you've been waiting
and waiting and waiting. Waiting can really be a detriment
to progress. I've been saying this a lot. Don't let
perfect get in the way of progress. You know, a
(52:14):
lot of times people see these things as too daunting
to tackle. It is daunting, but you can get help.
Just like if my car is making those crazy, strange sounds,
I don't attempt to fix the car. I take it
to someone to help me. Take us up on this
offer to sit down and look at your plan.
Speaker 20 (52:36):
Don't chase the next best thing, the next best plan.
The best plan for you is getting started, to stay consistent.
And to keep looking at your plan and making subtle
adjustments along the way. Subtle adjustments is how you win.
And staying consistent over a long period of time is
how you win. Not following the latest fad.
Speaker 8 (52:55):
No doubt. And I want to come back after this
next break and talk a little bit about liberal Democrat
Bill Maher. Bill Maher has been pretty prominent the last
couple of years in the news because he is kind
of straying a bit. from the Democrat talking points, Russ. And,
(53:16):
you know, he basically said this, and we're going to
come back and talk a little bit about this after
the break. He says, you know, the Republican choice, maybe
it's J.D.
Speaker 1 (53:25):
Vance.
Speaker 8 (53:26):
In my mind, it's in play. And it had the
leftists just losing their minds, thinking, there's no way, Bill,
you could never vote for a Republican. And he has
some really, really strong reasons for to think this way.
Speaker 9 (53:39):
Common sense reasons.
Speaker 8 (53:40):
Common sense reasons that just aren't common anymore. So you've
got Mike Hayflick, Russ Geiser, the Social Security Guys, part
of the Financial Guys team. And we're going to take
a quick break. We'll be right back after this. We
are the Financial Guys, the Social Security Guys on the
Financial Guys Radio Network.
Speaker 1 (53:59):
W-H-A-M Rochester. W-A-I-O-H-D-2 Honeyoy Falls. W-2-4-1-D-G Rochester.
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Speaker 3 (54:10):
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W-A-I-O-H-D-2.
Speaker 5 (54:18):
From the WAM 1180 newsroom, I'm Anthony Penasiewicz. An investigation
is underway into the death of a woman during a
large crowd dispersal last night in Rochester. Police say they
were dispersing the crowd with riotous behavior in the upper
Clinton area when somebody inside of that crowd fired a
gun multiple times near Morrill Street. One woman was found
dead at the scene. At least two other gunshot victims
(54:41):
later arrived at the hospital but are expected to survive.
DEC is still making sure that the waste-activated sludge found
leaking from a truck on 590 yesterday isn't spreading. The
leak shut down the Blossom Road exit around 10 a.m.
on Friday, with state environmental authorities putting down absorbent padding
to catch the material. Indulging rallies in Brighton's 12 Corners
(55:03):
have dispersed following a heated day of protesting. The group
Rochester Israel Action planned their rally about three weeks ago
and received a permit for the 12 Corners Pavilion for
5 o'clock. The pro-Palestine rally, though, started earlier than their opposition,
but Brighton PD said that nobody became violent at the events.
Your 13-way weather authority forecast today, hazy sun at times,
(55:24):
warm and humid, 86 for your high. I'm Anthony Panazwitz, NewsRadio,
WAM 1180, next news in 30 minutes, breaking news when
it happens. Anytime on NewsRadio, WAM 1180.
Speaker 8 (55:32):
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Speaker 2 (00:05):
Just jump on a bus and head down to Florida
where you belong, okay?
Speaker 3 (00:09):
Get out of town.
Speaker 1 (00:10):
Get out of town.
Speaker 4 (00:12):
Because you don't represent our values.
Speaker 5 (00:15):
You are not New Yorkers.
Speaker 6 (00:17):
A few moments later.
Speaker 2 (00:19):
But maybe the first step should be go down to
Palm Beach and see if we.
Speaker 6 (00:22):
Can bring back home.
Speaker 7 (00:24):
Because our tech space has been eroded.
Speaker 2 (00:26):
So I feel as though we don't have a problem.
Speaker 4 (00:29):
It is like I have to look at the fact
that we are in competition with other states.
Speaker 1 (00:36):
The only place where money meets politics. And now, here's
The Financial Guys.
Speaker 3 (00:42):
The Financial Guys.
Speaker 8 (01:36):
Bill O'Reilly here, and I'm warming up.
Speaker 7 (01:38):
Stand by for the O'Reilly Update Morning Edition.
Speaker 6 (01:42):
But first..
Speaker 7 (01:43):
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(02:05):
Use the promo code Bill to get a free title
history report, plus a free trial of their million-dollar triple
lock protection. On this Friday, I'm thinking about Iran. The
mullahs in Tehran reportedly threatened physical violence against Melania and
Barron Trump. No surprise. These are savages over there. But
(02:31):
it should be a sobering moment for every American. The
problem for President Trump is that the American people are
not backing him the way they usually would. That's because
of high prices for gasoline and food. Most folks know
the administration's strike on Iran was the right thing to do.
(02:55):
You cannot let a terrorist nation develop a nuclear weapon.
Speaker 6 (03:01):
So right now, it is impossible.
Speaker 7 (03:04):
To ascertain the situation on the ground. How much damage
is the USA doing to the Iranians? There's no accurate reporting.
Information is scant. But there is a history component to
all of this. In 1945, the high command in Germany
(03:27):
and also in Japan refused to acknowledge the war was lost.
They did not care how many of their own people died.
Some leadership is just crazy, and the mullahs are in
that category. The solution to Iran remains elusive.
Speaker 6 (03:54):
Back in a moment.
Speaker 7 (03:56):
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That is the morning O'Reilly update.
Speaker 6 (04:32):
More analysis later on.
Speaker 10 (04:34):
Thank you.
Speaker 11 (05:00):
We are the Social Security Guys, bestselling authors of Beyond
Break Even, The Essential Guide to Social Security Optimization, and
your resource for retirement income planning.
Speaker 8 (05:11):
And Russ, as you often say, we are the nerds
of all nerds when it comes to Social Security and
retirement income planning.
Speaker 12 (05:18):
We are the nerds of all nerds. If you take
your retirement income planning seriously, do yourself a favor. Give
us 30 minutes to an hour of your time, complimentary
consultation with us, and we can walk you through our
proprietary process.
Speaker 8 (05:35):
We have a lot to talk about today, but today
primarily we're going to take phone calls on Social Security claiming,
questions you might have about retirement income planning.
Speaker 11 (05:48):
We're going to talk about some of the things that
are always prominent in the news, Russ.
Speaker 8 (05:51):
About Social Security, like will the fund be depleted someday, right?
That's a big one.
Speaker 12 (05:57):
And we're going to have to hear about that over
and over and over again in the media for years.
Speaker 8 (06:02):
It seems.
Speaker 12 (06:03):
So we're going to cut straight to the chase on
that for you all today.
Speaker 1 (06:06):
No doubt.
Speaker 11 (06:07):
Yeah, we're kind of realists when it comes to some
of these things. We're not going to jump and be fearful.
We're going to take it pragmatically and plan.
Speaker 8 (06:17):
The best we can. We're going to talk a little
bit about cost of living adjustments that people do benefit
from as soon as they turn 62 and.
Speaker 11 (06:26):
Whether you're taking Social Security or not, you do get
cost of living adjustments. While they are automatic, they're not
guaranteed because sometimes there is not inflation. There has been, though, lately,
and we'll talk more about COLAs, how they're calculated. What
are some of the alternatives to cost of living adjustments
as they.
Speaker 8 (06:44):
Do them now?
Speaker 11 (06:46):
And we've got other things, things happening in the news. Russ,
I had to start with this earlier. 16-year-old lifeguard in
Santa Cruz, California, in essentially his first year as a lifeguard.
And if you haven't seen this video, folks, I mean,
it's everywhere. It's so dramatic, and literally it makes you
(07:08):
hold your breath, no.
Speaker 8 (07:10):
Pun intended on that, when you watch, because.
Speaker 11 (07:13):
You see these massive foamy waves overtaking the 16-year-old and
the 10-year-old that he ultimately saved. And, I mean, I'm
not a swimmer by any means. I mean, I can
kind of stay afloat for a bit. But when you
see those ocean waves crashing into the shore and the
16-year-old hanging, clutching onto the 10-year-old, it literally is breathtaking.
Speaker 8 (07:38):
And it just made me think, Russ, you know, this kid,
he saves this young boy, and he says simply, this
is my job, and I love what I do. I
just thought, how inspiring. That's what we all long for
in these days of so much political strife, so much
conversation about Trump and things he's doing right and doing
(08:00):
wrong and what's going on in Iran. But you see
a story like that, it was pretty inspiring.
Speaker 6 (08:05):
Yeah, it's inspiring.
Speaker 8 (08:06):
It's uplifting. We need more of this.
Speaker 12 (08:10):
But unfortunately, bad news gets the clicks. It makes the money.
It stirs people's emotions poorly.
Speaker 8 (08:16):
But this is a.
Speaker 12 (08:17):
16-year-old jumping in to save a 10-year-old in Rift Current
in Santa Cruz. And he never lets go of him.
And he says, and I quote, this is my job
and I love what I do. I mean, just completely amazing.
Way to go, Ryder.
Speaker 8 (08:31):
Yeah. No doubt. Happy news. No doubt.
Speaker 11 (08:34):
Imagine being the parents of both of these young men.
Speaker 8 (08:37):
I mean, it's so quick.
Speaker 11 (08:41):
These waves can overtake you. They can literally pull you,
suck you out into the ocean. And so many people
do pass away this way, like just horrifyingly. And I
thought that was pretty cool. I had a great client
of mine and a pal said, Mike, if you haven't
seen that, you have to see it. When I did,
(09:01):
I had to watch it over and over. So anyway, cool,
cool story.
Speaker 8 (09:06):
And then, of course, you have Dr. Fauci back in
the news.
Speaker 12 (09:09):
He's doing hearings.
Speaker 8 (09:11):
In Congress. And was it 111 times, Russ, that he
basically said he pleaded the fifth?
Speaker 12 (09:16):
I don't know, but it's definitely over 100.
Speaker 8 (09:18):
Yeah.
Speaker 12 (09:19):
So what was even the point of having the hearing
if that was all it was going to be?
Speaker 6 (09:23):
Yeah.
Speaker 8 (09:24):
No idea. I mean, getting him on record, I suppose.
Speaker 12 (09:27):
That's everything you need to know.
Speaker 8 (09:28):
Well, and what it did, again, yet again, and this isn't.
Speaker 11 (09:32):
Going to be news to anybody, he is self-serving, he
is selfish, he is self-absorbed, he is an absolute narcissist.
really only cared about his own power enriching himself. I mean,
maybe there was a day where he cared about people
and what the impact of his decisions would be on people.
(09:53):
But honestly, I think that this is probably the case
in many people When they get a certain level of
power over others, they do things they believe without any
regard for consequences because they don't think there will be any.
And when you see these hearings, so many Republicans, of course, just...
(10:17):
catching him in all sorts of facts, but he would
not discuss it. He would not even turn around and
look at some of the families of victims of his decisions. So,
you know, just really gross, honestly, to have to go
back in time and start reliving some of this stuff.
Speaker 12 (10:36):
And it also just gives us a good glimpse into
when you have a bureaucracy that remains unchecked. Yes, we have,
you know, checks and balances, separation of powers in our governments,
But when these agencies get so large, they end up
doing kind of what they want to do on their own,
and there's no one to check them except for Congress.
But when they can sit there and do this in
front of Congress, then is the power really being checked?
(10:58):
And that's the scary part. That's really what we need
to really understand is, you know, these decisions that are
being made, these rules that are being adhered to, is
it legal? Is it something that's necessary? Is it for
the greater good of the country? And in this case,
it's just, I think it's a good example of why
the administrative state can be a detriment.
Speaker 8 (11:21):
Rather than a help.
Speaker 12 (11:22):
No doubt.
Speaker 8 (11:23):
And I think back to my own personal story with
this and COVID obviously affected lots of people. So I
don't want to minimize the actual illnesses. What bothered me, Russ, was,
and you were in healthcare administration in your earlier years.
Speaker 11 (11:39):
What bothered me was, was that both sides I'm going
to say, but mostly the Fauci, the crazy leftists all
thought that one approach for everyone would be right. Meaning
everybody wear masks, everybody stay in your home. Everybody is
going to basically do exactly the same thing. Everybody get vaccinated. And,
(12:03):
and to me, having a mom at that time in
assisted living, It bothered me because I'd say, wait a second,
I can't go in to see my mother with a mask.
And I'd look inside and I'd see aides and some
of the administrative folks, the staff, basically in there with
these little paper masks. And I would think to myself,
(12:29):
that's not appropriate for someone of my mom's health and age.
Speaker 8 (12:34):
You'd have to do better than that. And then here
you go out and.
Speaker 11 (12:38):
Have a beer and be told, well, as long as
you're having a meal at the bar, you're okay. And
we would just be like, what are you talking about?
Speaker 8 (12:47):
What if I want soup? I want an appetizer. Oh, no, no, no.
Speaker 11 (12:52):
You can't be amongst others unless you're going to have
a meal. We were being told whether chicken wings were
a meal or a snack or whatever.
Speaker 8 (12:59):
So to me, it's maddening.
Speaker 11 (13:01):
To think what this guy and so many Fauci soldiers,
because let's face it, it wasn't one guy. This was
hundreds of people that worked for him that all led
us to believe that we basically could all do.
Speaker 8 (13:16):
The same thing.
Speaker 11 (13:17):
Wear a paper mask, get immunizations, a vaccine, and we'll
all just be fine. You won't spread this COVID, you know,
you have to do it. It's going to be patriotic, uh,
Everyone will be fine if you all just adhere to
these policies.
Speaker 8 (13:32):
And I thought to myself, that's the maddening thing looking back.
Speaker 12 (13:35):
And that being said is a perfect segue into another
massive system, the Social Security Administration, and specifically claiming a
Social Security benefit. Claiming at one particular age for everybody
is not the right answer. Doing any one thing of 100%
(13:56):
certainty is never the right answer. And so that's what
we're going to talk about today. When should you claim
Social Security? What should go into your decision-making pattern when
you're thinking about it, when you're talking about it with
your spouse? How can you use Social Security as a
cornerstone of your retirement income plan? How do you use
(14:16):
Social Security to basically reduce the cost.
Speaker 8 (14:21):
Of your retirement?
Speaker 12 (14:22):
We're going to get into a lot of those concepts
today because, frankly, they.
Speaker 8 (14:25):
Are far overlooked today.
Speaker 12 (14:27):
And we are, like Mike said, nerds about this stuff,
and we're excited to bring you the information. We're excited
to have live callers call in today. If you're sitting
there wondering about your situation, we are happy to try
to address that in a very short segment on the phone.
Speaker 8 (14:44):
Yeah. Give us a call if.
Speaker 12 (14:48):
You have questions about the show.
Speaker 11 (14:50):
Yeah, we'll be taking some calls shortly, 844-434-4TFG, to reach
us throughout the week, 833-FIN-GUYS. Russ, you brought up a
really important point. A lot of times I think people
are accumulating wealth. We're all going to work, making a living,
paying our bills, maybe paying down some debt, and we're
trying to invest. And so when you hear of the
(15:12):
concepts of investing, you'll often hear about don't have all
your eggs in one basket, meaning be diversified. Use many
parts of the stock market, all the different segments, small, medium.
Speaker 8 (15:25):
Large-sized companies.
Speaker 11 (15:26):
Growth, value, domestic, international, and even use some bonds, fixed
income type parts to the economy to hedge against what
can happen in the markets. All those concepts lead to
what will your average annual return be? And we often
say that is all absolutely fantastic. Those concepts matter. We
(15:49):
have a lot of people accumulating wealth.
Speaker 8 (15:53):
And what we find now is people go into retirement
with the same concepts in mind. And, you know, it's
just not the same, right?
Speaker 11 (16:06):
Accumulation of wealth is not the same as distribution. So
when you said, Russ, you basically said you've got to
think of cost of retirement. Can you speak to that
for a second?
Speaker 12 (16:20):
Yeah, so cost of retirement, rather than chasing returns like,
the average annual returns that you're looking for while you're
accumulating wealth. The cost of your retirement is trying to
figure out over a retirement period between you and your spouse,
if you're married, every single year with inflation factored in,
what does it cost you to live the life that
(16:42):
you want to live? And when you're planning for retirement,
it's critical to start with what do you actually want
to do and analyze what that cost will be on
an inflation-adjusted basis throughout all of those retirement years until
the second of you or your spouse passes. And that's
your total cost of retirement when you add that together.
(17:04):
And really the claiming strategy or strategies rely on how
do you use the least amount of your own liquid
wealth to achieve that income that you desire. And from there,
it's really about risk management in the spend-it years. Risk
management meaning how much of our wealth do we need
to spend given the market sequencing? Because sequence of returns
(17:26):
risk is.
Speaker 8 (17:27):
Now your biggest threat.
Speaker 12 (17:29):
And if you've done a good job saving, what's the
number of your excess capital? And excess capital of your
portfolio is money you just don't need for that income
goal that you can spend as you wish, or you
could save and invest for legacy. We resurrect the notion
of legacy. And so, again, solving the income plan is
(17:52):
the most critical first step when it comes to evaluating
your retirement.
Speaker 8 (17:57):
Exactly.
Speaker 11 (17:58):
And, you know, I think it's really easy to fall
into the traps, right? What you hear at work, what
you hear your siblings have done, your parents have done,
and you start to think, well, why wouldn't I do
those things? Well, we say there's far, far more beyond
just thinking of yourself, first of all. If you're married,
(18:19):
if you've been divorced or widowed, of course, those are
horrible things to go through as life events. And there
are different strategies to consider when it comes to Social Security,
especially in those regards. But the whole idea here is
beyond break-even. And that's the title of our book, Beyond Break-Even.
You can actually find a free flipbook, PDF, or audio
version at beyondbreakeven. breakevenbook.com right now, if you'd like, beyond breakevenbook.com.
Speaker 8 (18:46):
We go into many, many.
Speaker 11 (18:47):
Cases and stories of why it's different, why you should
think beyond simply a breakeven analysis.
Speaker 8 (18:55):
I'll often joke, Russ, you know this, I say.
Speaker 11 (18:57):
This all the time, you know, how dispiriting it is
to be close to or just at retirement. And, you know,
someone who really doesn't know enough says, well, are you
going to take Social Security? And they say, I'm not sure.
I don't know anything about it. And the other.
Speaker 8 (19:12):
Person says, well, you really have to figure out when
you're going to die. I mean, figure out.
Speaker 11 (19:18):
What do you think your longevity is going to be?
Because then you can take Social Security at the appropriate time.
And I've always said, that sounds so absurd. That's got
to be far too simplistic.
Speaker 8 (19:29):
And we know it is. In fact, Social Security Administration
even said... It's not appropriate.
Speaker 12 (19:34):
In 2008, the Social Security Administration released a memo advising
their agents essentially to stop giving advice based on the
break-even analysis because it falls woefully short of evaluating any
individual or couples whole plan. In other words, you cannot
(19:55):
make the decision in a silo or a vacuum. And
that's exactly what we talk about in our book. There's
far too many nuances, far too many factors or variables
at play to just figure out the breakeven calculation. And,
you know, The question we get a lot is, well,
what if I die early and I don't get all
my money out of the system? And honestly, so Mike
(20:17):
and I, by the way, we don't really advocate for
early or late filing. It's really specifically dependent on that
couple or individual's goals and objectives. But we think the
greater error would be to die early without getting all.
Speaker 8 (20:31):
The money out rather than live too long.
Speaker 12 (20:33):
And running out of money.
Speaker 8 (20:35):
Exactly.
Speaker 6 (20:36):
Exactly.
Speaker 8 (20:37):
You know, and... we know that that would be the
better error.
Speaker 11 (20:41):
The other thing, a lot of people think, well, when
I look back, when I'm in my elderly years, I
want to look back and know that I did the
right thing. And I'm going to say, don't you want
to live every day of your life from the beginning
of kind of full-time retirement and know that you've got
a really good plan, an intentional plan to live well,
an intentional plan where you don't have to think, oh
(21:04):
my gosh, I don't know if I should spend My
family is in North Carolina. I've got family in Tennessee,
but I don't know if I have enough wealth to
go visit them. I better not. I don't want you
to say, I better not in retirement. What Russ and
I do is try to create an environment and the
situation for you to say, absolutely, I will.
Speaker 8 (21:23):
Absolutely, I will take that trip.
Speaker 11 (21:25):
And I think that going into retirement without the proper
knowledge and the expertise, so to speak, can lead you
to living a really cautious life, a real cautious retirement.
Speaker 8 (21:37):
And we really, really try not to let that happen
with the people we work with. So being certified in
Social Security claiming strategies is great, but having all the
activity that we do, and honestly, we are truly moved,
grateful that there's been such... a well-received, I guess, reception
of the book. I mean, Russ, the book we wrote
(21:59):
was just to reach more people, right? I mean, like
we said, we're nerds about this, the social security guys, essentially.
And knowing that so many people don't know enough about
this actually kind of keeps you up at night because
we see such profound changes in people's outcomes, right, when
(22:20):
you can do it right.
Speaker 12 (22:21):
I tell people, too, when they come into our office
and we like to give a tour, you know, we're
really blessed to have the space we have, the capacity
to help the people that we have, the platform that
we have. Everyone likes to talk about investing, but investing
is just one small part of an overall financial plan.
And what I've realized is that a lot of Americans
(22:42):
really have no idea how to.
Speaker 9 (22:44):
Retire, right?
Speaker 12 (22:45):
They don't think they've saved enough. They don't know how
to coordinate everything together. And they often try to solve
or answer their questions.
Speaker 8 (22:54):
That they have, I think, in the wrong order.
Speaker 12 (22:57):
And like I often say, you know, solving the income plan,
like can you live the way you want to live
and how do you take money out of the market
really is the hardest and the first thing that you
have to figure out. And we coordinate or layer in
Social Security claiming into that.
Speaker 8 (23:12):
And then... we go from there and we pivot, right?
Speaker 12 (23:15):
What then is the right investment strategy for you specifically?
How might we invest for your income and how may
we invest for your excess capital or growth? How do
we minimize taxes throughout your lifetime? Do you have an
estate plan? What should your estate plan look like given
where you are and then given.
Speaker 8 (23:33):
Where you're going? Absolutely. So many great concepts.
Speaker 11 (23:36):
We're going to talk about more and more today. You've
got The Social Security Guys, of course, part of the
Financial Guys team. We are going to take a.
Speaker 8 (23:44):
Quick break, folks. And don't go away because we have
a lot.
Speaker 11 (23:48):
To share today, focusing on Social Security and retirement income
planning today.
Speaker 8 (23:54):
You've got Mike Hayflick, Russ Geiser, live in studio.
Speaker 11 (23:57):
We are the Financial Guys and the Social Security Guys
on the Financial Guys Media Network.
Speaker 5 (24:11):
From the WAM 1180 newsroom, I'm Anthony Panazowicz. An investigation
is underway into the death of a woman during a
large crowd dispersal last night in Rochester. Police say they
were dispersing that crowd with riotous behavior in the upper
Clinton area when someone in that crowd fired a gun
multiple times near Morrill Street. One woman was found dead
at the scene. At least two other gunshot victims arrived
(24:32):
later at the hospital, but they're expected to survive. The
cause of a school bus fire on 490 Friday afternoon
is still under investigation. The minibus's fire started in the
engine compartment near the ramp to St. John Fisher. All
passengers safely exited the bus and there were no injuries reported.
Indulging rallies in Brighton's 12 Corners have dispersed following a
heated day of protesting. The group Rochester Israel Action planned
(24:55):
the rally about three weeks ago and received a permit
for the 12 Corners Pavilion at 5 o'clock. The pro-Palestine
rally started earlier than the opposition, but Brighton PD say
nobody became violent at either event. Your 13-way weather authority
forecast today, 86 for your high, hazy sun. Warm and humid,
mainly dry, though. I'm Anthony Panazowicz, NewsRadio WAM 1180. Next
(25:16):
news in 30 minutes, breaking news when it happens. Anytime
on NewsRadio, WAM 1180.
Speaker 6 (25:20):
Veterans, this one's for you.
Speaker 13 (25:22):
Join the financial guys aboard the USS Little Rock on
September 9th from 5 to 7 for a barbecue in
your honor. Bring your family, enjoy great food, and spend
an evening of appreciation and community honor. Come enjoy the
waterfront on a night set aside for just you. Visit
the Financial Guys events tab to sign up today. Join
us as we honor your service.
Speaker 8 (25:43):
You've earned it. We hope to see you there, the
Financial Guys.
Speaker 4 (25:51):
Focus on growing your business, making memories with your family,
and enjoying weekends at the lake, not managing multiple advisors
or second-guessing your financial decisions. At the Financial Guys, we
build a personalized strategy designed to help protect and grow
your wealth so you don't have to worry about the details.
Call 833-FIN-GUYS. More freedom for the life and business you've
(26:11):
worked hard to build.
Speaker 2 (26:13):
Securities offered through Peak Brokerage Services, LLC.
Speaker 1 (26:15):
Member FINRA SIPC.
Speaker 6 (26:17):
Call today.
Speaker 3 (26:18):
833-FIN-GUYS.
Speaker 6 (26:21):
Are you saving for retirement? That's a smart move, but
here's the catch.
Speaker 14 (26:24):
Contributions to your 401k or IRA only defer taxes, meaning
you'll face a tax bill in retirement.
Speaker 6 (26:31):
Without a plan, that cost can be significant.
Speaker 14 (26:33):
At The Financial Guys, we use strategies like Roth conversions,
tax-efficient withdrawals, and tailored investments to maximize your savings. Let's
transform your tax challenges into opportunities. Call 833-FIN-GUYS for your
complimentary review.
Speaker 6 (26:47):
Securities offered through Peak Brokerage Services, LLC. Member FINRA SIPC.
Speaker 15 (26:51):
Turning 65, retiring soon, or already on Medicare? Navigating your
Medicare options can feel overwhelming, but it doesn't have to be.
Get our free Medicare information guide and learn about your
coverage choices, enrollment timelines, and how to avoid costly mistakes.
Speaker 6 (27:05):
It's simple, clear, and.
Speaker 15 (27:06):
Designed to help you make confident decisions about your health care.
Call 866-TFG-METI or visit thefinancialguys.com to request your free Medicare
guide today.
Speaker 6 (27:15):
That's 866-TFG-METI. And remember, it's Medicare made easy with the
Financial Guys.
Speaker 16 (27:21):
In times like these, you realize how important it is
to work with someone who shares your.
Speaker 6 (27:24):
Values and goals.
Speaker 1 (27:26):
Don't settle. Find an advisor who is the right fit
for you.
Speaker 8 (27:29):
With over 25 years of experience helping families reach their
financial goals, the financial.
Speaker 17 (27:34):
Guys pride themselves in being unapologetically conservative.
Speaker 18 (27:39):
Call 833-FINGUYS today.
Speaker 6 (27:41):
Securities offered through Peak Worker Services, LLC. Member FINRA SIPC.
Speaker 3 (27:45):
The financial guys, right on, right on, right on the money.
Speaker 19 (27:51):
Out here, a handshake still means something, and a good
story still matters. Every Saturday, Americans tune in for voices
that believe in real values, family, freedom, and faith in
this country.
Speaker 9 (28:03):
This nation wasn't built by elites. It was built by
working hands.
Speaker 19 (28:07):
That's why the Financial Guys bring conservative radio back where
it belongs. Straight talk with no apology. If you're tired
of being talked down to, you're in the right place.
Find our podcast on all streaming platforms. The Financial Guys.
Speaker 20 (28:21):
Most retirees lose tens of thousands by claiming Social Security
the wrong way.
Speaker 8 (28:25):
And even more from taxes and poor income planning.
Speaker 9 (28:28):
We're the Social Security Guys at the Financial Guys.
Speaker 8 (28:30):
Best-selling authors of Beyond Breakeven.
Speaker 17 (28:33):
Book your complimentary retirement income stress test. And get a
free copy of our book when you come into the office.
Stop guessing. Call now, 833-FENGUYS, and schedule your visit today.
Speaker 6 (28:43):
Securities offered through Peak Brokerage Services, LLC. Member FINRA SIPC.
Speaker 9 (28:47):
The Financial Guys, your Social Security and Retirement Experts.
Speaker 16 (28:51):
Are you turning 65?
Speaker 15 (28:52):
It's time to make the most of your Medicare options.
And the Financial Guys Insurance Agency is here to help.
Our licensed specialists make Medicare easy, explaining your choices, finding
the right plan, and making sure you don't miss out
on any of the benefits you deserve.
Speaker 6 (29:07):
Don't go at it alone.
Speaker 15 (29:09):
Let the Financial Guys Insurance Agency guide you every step
of the way. Call 866-TFG-METI. That's 866-834-6334. And remember, it's
Medicare made easy.
Speaker 6 (29:21):
News Radio.
Speaker 8 (29:22):
Wham!
Speaker 6 (29:23):
1180.
Speaker 1 (29:27):
Let's go, Buffalo. Let's go, Buffalo. Let's go, Buffalo.
Speaker 5 (29:32):
All right, seriously?
Speaker 7 (29:34):
You're going to win a championship season with.
Speaker 1 (29:37):
That kind of enthusiasm?
Speaker 6 (29:39):
Men and women of Buffalo. labor, you know what I'm
talking about.
Speaker 1 (29:41):
Let's go, Buffalo. Let's go, Buffalo. We've got to give
this place some good karma, right? You're listening to the
Financial Guys radio show.
Speaker 10 (29:57):
All righty.
Speaker 8 (29:58):
Welcome back. Happy summer. Summer in western New York, Russ,
is probably the best place to be. I mean, it
really is.
Speaker 9 (30:06):
Totally agree. When it's not smoky or rainy.
Speaker 7 (30:10):
Oh, so we had.
Speaker 8 (30:13):
A phenomenal client event a couple weeks ago. And, you know,
the funniest thing, though, right, as often can happen in life,
You can plan and plan. Anne Horan had everything locked down.
Like every year we do these client events and there's
always like, what else can we do better? We get
feedback from clients and everyone who attends. And she fine
(30:35):
tunes to the nth degree. Well, we wake up, of course,
actually probably two days prior. I had a Tuesday. There's
wildfires in Canada. And yeah, it's a little smoky. Well,
it wasn't a little smoky. It was like sitting by
a campfire, literally a couple of those mornings. And the
day of the client event, it's hazy. It actually smells
(30:57):
like you're sitting by a campfire. And honestly, all of
our stomachs dropped because we thought, oh my gosh, whether
you're healthy or not, generally speaking, it's tough to go
to an event and be outside with that type of condition. Well, thankfully,
we were able to use the indoor facility and um
(31:20):
man did we have a great time i joked a
couple weeks now since um saying yeah you can plan
for everything but when that big swarm of locusts or
the killer bees come through western new york like you
have to have the contingency plan for that right the
tidal wave the tidal the tsunami off of lake erie
never before happened but but it's happening i mean it
(31:43):
was really great but But we always do try our best, really,
to make it all work. And we can plan to
the nth degree, as I said. And sometimes you just
have to take it as it comes. So, folks, you've
got Mike Hayflick, Russ Geiser. We are the Social Security guys,
proudly and in a nerdish way, grant you. But we
are here throughout the week to help you with all
(32:04):
of your Social Security claiming strategies, decision making. In the
Financial Guys office, of course, we have a team of specialists.
They help with wealth management. We can help you on
the health insurance side. In fact, coming up, I have
to pitch this, Retirement Ready Before Age 65. This is
a workshop we're doing live at our flagship office at
(32:26):
305 Spindrift, September 2nd at 6.15 p.m. I'm going to
call it hosted by Triple J. It is not a rapper, okay?
It is not. It is Jay Blanchard, Jack Haxton, Brian Janik,
Triple J. This is quite a group to lead that workshop, Russ.
This is going to be a good event, September 2nd.
Speaker 20 (32:47):
Yeah, and many people wonder about health care. It's a
big component of retiring. And we see oftentimes people just
electing to work until 65, not because they want to
or even because they have to, but because they think
there's no other option.
Speaker 9 (33:01):
Exactly. Medicare.
Speaker 20 (33:03):
And our team is, you know, they're expert trained in
the health insurance marketplace and Medicare for that matter.
Speaker 9 (33:10):
And we're independent in everything we do.
Speaker 20 (33:12):
We have AHIP certified Medicare experts on our staff.
Speaker 1 (33:14):
Yeah, no doubt.
Speaker 20 (33:15):
And they can help you make the right decision. Should
you stay on your COBRA plan through work? Are there
other options through the health insurance marketplace? and all of
those things.
Speaker 8 (33:25):
And they live and breathe these things, folks, these health-related questions.
Every day, these agents are seeing people and helping people.
Whether you've reached a Medicare age, typically age 65, unless
you've been disabled, you might get onto Medicare sooner. And
they're constantly informing people. They're independent. Independence in our industry
(33:46):
is really, really powerful. Independence means we simply care about
you and the solutions that fit you in the most
unique and most optimal way. And if you're going to
people that are actually employed by actually companies where you
might get the insurance, they're looking for you to take
their product, right, to fit in to their product, which
(34:08):
is fine. But you want an independent organization.
Speaker 1 (34:11):
Look, right?
Speaker 8 (34:11):
You want to go to other agencies, other providers to
see if the plans at other providers are going to work.
So again, retirement ready before age 65, September 2nd. You
can go to thefinancialguys.com site, go to the events tab
and you can register. A couple other things that I
want to mention. Russ, you and I, now it's been
(34:32):
about a month, we did our social security optimization workshop,
but it's now available as a webinar. It's a bit
of an abbreviated one, so you're not going to sit
for hours to watch. You're going to sit for about
30 minutes to see what Russ and I have been
professing for, my goodness, over a decade now. And you
(34:52):
can also go there, thefinancialguys.com forward slash events, click on
the Social Security webinar, and you can have a listen.
You don't have to be there in person, live like
we do, gosh, 20 to 25 workshops a year we do.
If you'd like to find out about some of those,
you can. We actually have one on September 16th, our
(35:14):
Social Security and Tax Efficiency and Retirement Workshop, September 16th.
You can also register for that on our website.
Speaker 9 (35:21):
Folks, you can do that.
Speaker 20 (35:22):
If you want more in-depth Social Security discussion knowledge, go
grab a free copy of our book, Beyond Breakeven, The
Essential Guide to Social Security Optimization by Visitant Link.
Speaker 9 (35:35):
Beyondbreakevenbook.com.
Speaker 20 (35:37):
There's a PDF flipbook there, an audio book, and it
can also take you to a link to grab a
hard copy of it if that's your preference. But Mike
and I spent hours recording that in our voice just
so you can get the live version that you're getting now.
Speaker 9 (35:52):
Through the audio book.
Speaker 20 (35:53):
And it's filled with client examples, different types of claiming strategies,
all the different things to consider that will die out.
Speaker 9 (36:03):
More into today.
Speaker 6 (36:04):
Definitely.
Speaker 8 (36:04):
And right between those two workshops, the September 2nd and
the September 16th, we have an event called Heroes on
the Harbor. And we're inviting all veterans and their families
to join us aboard the USS Little Rock for a
complimentary barbecue. That's going to be September 9th from 5
to 7 p.m. Come and enjoy good food, meaningful conversation.
(36:26):
I love that. And time spent with fellow veterans and
loved ones. You can also go to the, again, thefinancialguys.com
forward slash events and register for that. Or just call
833-FIN-GUYS to register for any of these events. We're really
an education-based firm, Russ, I would say. I mean, many
of us see our role as fiduciaries to the people
(36:48):
we work with as educators. Why? Because we deal with
a lot of smart people. We're not going to tell
you what to do. We will not condescend to you
and say, oh, oh, don't you worry. We'll take care
of it. We're going to inform you. We're going to
lay out all the choices available to you. And Russ,
as a CFP, Certified Financial Planner, that is what you're
(37:09):
charged to do. And I think we all do it.
You are charged with it by the designation though.
Speaker 21 (37:16):
Yeah.
Speaker 20 (37:16):
And it's really as simple as this, like understanding what
makes you tick, right?
Speaker 9 (37:21):
Your goals, your objectives, your values.
Speaker 20 (37:26):
There are certain people that just don't know, or they
won't know how to present them. And it's my job,
our job to unpack that, to really see what the
fears might be, the concerns. What really makes you tick?
Is it your family?
Speaker 9 (37:40):
Is it your dog?
Speaker 20 (37:42):
Is it your spouse? There's so many things. Is it
charities that you belong to? Volunteer organizations? What is it
that makes you you? And how does that interrelate with
your finances? And understanding everything you're trying to accomplish in
the short term, the long term, understanding the options, educating
you through the options, not through the lens of judgment,
(38:05):
through the lens of really just trying to figure out
what's available to you. You can go on ChatGPT and
figure out what's available to you, but you don't know
what your goals and objectives, or I should say you do.
The ChatGPT doesn't know your goals and your objectives and
what questions to prompt you with.
Speaker 6 (38:20):
Exactly.
Speaker 20 (38:20):
And the emotional, relational side of money. And then when
we lay out a plan, we lay out different options
for you. we educate you, and let you make the
decision that best suits you. If there's only one way
to go, we'll be very firm in that recommendation, but
oftentimes people have choices.
Speaker 8 (38:38):
And that's the key. What best suits you, not what
the people at work have said they did, not what
your siblings did, not what your parents did. That's the key.
What will suit you best? Folks, we're going to take
a quick break. We're going to come back and talk
a little bit about this fear people have of the
depletion of the Social Security Trust. You've got Mike Hayflick,
(38:59):
Russ Geiser. We are the Social Security Guys, part of
the Financial Guys team, and this is the Financial Guys
Media Network.
Speaker 16 (39:07):
Nothing says honesty like taking the fifth, huh, Doc?
Speaker 6 (39:09):
Let's try something. What day of the week is it today?
Speaker 21 (39:12):
On the advice of counsel, I respectfully decline to answer
based upon my rights under the Fifth Amendment to the Constitution.
Speaker 9 (39:19):
What color tie are you wearing?
Speaker 21 (39:21):
On the advice of counsel... I respectfully decline to answer
based upon my rights under the Fifth Amendment to the Constitution.
Speaker 6 (39:28):
Let's just get one thing straight. You don't have any rights.
Speaker 16 (39:30):
Under the Fifth Amendment because you've been pardoned. As you
very well know, as the Supreme Court has been clear
for a century and more, Brown v. Walker, 1896, when
he has been pardoned, he may not stand upon his privilege.
Speaker 6 (39:42):
You know that.
Speaker 16 (39:43):
Your lawyers sitting behind you now shifting nervously in their chairs,
they know it.
Speaker 6 (39:46):
This isn't about the Constitution. This isn't about the law.
This is about contempt.
Speaker 16 (39:50):
Contempt for this body and contempt for the American people.
Speaker 1 (39:54):
You're listening to the Financial Guys Radio Show.
Speaker 6 (39:57):
Politics has us divided.
Speaker 18 (39:59):
Your financial future shouldn't be. At the Financial Guys, we
help hardworking Americans protect what they've earned and build a strategy.
Speaker 1 (40:06):
For the future.
Speaker 18 (40:07):
Call 833-FIN-GUYS today and see why so many Western New
Yorkers have trusted us over 25 years, bringing people together,
one stronger financial future at a time.
Speaker 12 (40:17):
833-FIN-GUYS.
Speaker 2 (40:17):
Securities offered through Peak Brokerage Services, LLC.
Speaker 8 (40:20):
Member FINRA SIPC.
Speaker 6 (40:21):
The Financial Guys.
Speaker 10 (40:24):
Right on. Right on.
Speaker 6 (40:26):
Right on the money. In this country, we don't take shortcuts.
Speaker 14 (40:30):
We earn what we have, and we don't let just
anyone tell us what to do with it. At The
Financial Guys, we respect hard work because we've lived it.
We stand with Americans who believe in securing a legacy
for the next generation.
Speaker 6 (40:45):
You worked for every dollar. We'll help you protect it.
Speaker 14 (40:49):
Call 833-FIN-GUYS for your complimentary review.
Speaker 2 (40:53):
Securities offered through Peak Brokerage Services, LLC. Member FINRA SIPC.
250 years ago, America declared independence. And with the Erie Canal,
Buffalo boomed into an economic powerhouse. Today, Democrat mayors admit
the city's falling apart.
Speaker 22 (41:08):
Why do we need to raise taxes? Because our city
is broke and it's literally falling apart. About half of
our garbage trucks don't work. Potholed streets, community centers are
falling apart.
Speaker 6 (41:18):
And their solution?
Speaker 1 (41:20):
Raising your taxes and taking more of your hard-earned money.
Speaker 2 (41:23):
More where this came from on the Financial Guys podcast,
streaming on all platforms.
Speaker 23 (41:28):
Once a month, our five city-run grocery stores will set
prices for this core set of goods at 30% below
typical retail prices. No exceptions, no gimmicks. The savings will
last for the entire month. That means no weekly fluctuations
nor sticker shock at the checkout line.
Speaker 20 (41:44):
The city of Chicago ended up funding this grocery store.
Speaker 1 (41:47):
It's called Save-A-Lot.
Speaker 4 (41:49):
And there was a lot of investment into it.
Speaker 6 (41:52):
And yet, in a very short period of.
Speaker 1 (41:53):
Time, they had to close. You're listening to the Financial
Guys radio show.
Speaker 8 (41:58):
News Radio, WAM 1180.
Speaker 6 (42:02):
All righty.
Speaker 9 (42:03):
Welcome back.
Speaker 20 (42:04):
You are with Russ Geiser and Mike Hayflick, the Social
Security guys at the Financial Guys website.
Speaker 9 (42:10):
We are taking live calls today, folks.
Speaker 20 (42:12):
You can get us at 844-434-4TFG, taking all financial questions,
but really we prefer those Social Security questions as we
are your local Social Security guys.
Speaker 8 (42:24):
Yep, anything, anything that comes to mind. I mean, we
hear it all, and often it's those things you never
thought of that come up where you go, oh, my gosh,
I thought I could go it alone. But knowing that,
like whatever that one thing is, can change the course
of your retirement. It can change the course of maybe
your retirement date. So absolutely. And let me repeat this
(42:47):
one more time. If you're, if you're driving or you're
at home and you're scrambling around to, to get a
pencil or a pen to get this number, 844-434-4TFG or
4834 is the ending of that 4834.
Speaker 9 (42:58):
So, um, Mike, can I ask you a question?
Speaker 20 (43:07):
So if I'm, you know, 55 to 60, you know,
if I, you know, what, what should I be thinking
about if I'm getting ready to retire or maybe just
start to, you know, think, you know, can I retire?
What are some things I should be doing or thinking about?
Speaker 16 (43:24):
Yeah.
Speaker 8 (43:25):
I simplify this as you know, like I, I literally,
when I meet people, um, and I get to know them,
we call that discovery. I'll usually listen for a bit,
and then I'll say, let me please take you now
through what I'd call our financial advisory process. The very
first thing I go through is the big picture, and
you say, well, what is that? I say, well, you're
(43:47):
in the hire years. You wish to be in the
retire years. And unfortunately, you will reach expire. So hire, retire, expire.
And I think it's simplistic in a way, because how
are you making ends meet? How are you paying your bills? Well,
you're working. You're making a pay, a salary of some kind.
The question about going into retirement to me is, where
(44:09):
will the money come from if I don't work? And
that's a very valid wonder, a very valid curiosity. So
I think this, I think You look at what you're
doing now. How much am I making now? What are
my expenses? Do I have any debt? And you put
that kind of on paper or in front of you.
(44:30):
Get a really good handle on where all of your
money is going now. Then if you're thinking, well, I
don't want to work forever. Some people, and I have
to say this, I think as advisors, Russ, we often
are are thinking, well, people must want to retire. And
we want to try and nail down, like, what's the
goal date? And I found myself saying to myself and
(44:52):
to my clients and prospective clients, you know, I'm really
sorry I do that because I think a lot of
people have good experiences working.
Speaker 6 (44:59):
I'm one of them.
Speaker 8 (45:00):
If you ask me, Mike, when do you, I don't
have a day in mind. I don't have an age
in mind. But there will be a time where you say,
you know what, I've enjoyed my career. I've enjoyed working.
I've been valuable. It's been fulfilling. It's made me a
great living. But there will be a time you want
to do other things. What do you do in retirement?
(45:21):
You might want to spend more time with your spouse,
with your children, maybe, God willing, grandchildren. You might want
to travel more than you were able to do before.
So to me, it's you pay the bills by working.
How will you pay the bills and have the lifestyle
you want in retirement? Well, a big part of it,
in our opinion, a cornerstone can be social security income, especially,
(45:46):
especially when you're married. And, you know, to me, that's
what I would do. I would look at what I
do now, what I make, what I spend, what will
that translate into retirement years? And honestly, if I wasn't
one of the specialists like you, I'd find somebody because
putting all the pieces together, like think of a big
jigsaw puzzle, 500 pieces right in front of you.
Speaker 1 (46:08):
Lay them all out.
Speaker 8 (46:09):
What do you do? Well, you start kind of taking
one piece at a time and fit one piece together
to the next one at a time. That's really what
I see. And I love it. You know, you and I,
we love this stuff. I love papers all over my desk.
I love the reports. I love everything. And I can
start building, right? Building and building the plan.
Speaker 20 (46:29):
You bring up such a good point about expenses. And
I say that because this is one of the most
underrated aspects of the retirement plan And I say underrated
because most people– I shouldn't say underrated. Maybe diminished is
a better word. I find most people really have no
(46:49):
idea what they spend. If you ask and they give
you a number, they're usually way off. And so part
of our homework process, like we challenge people to dive
deep into the expenses. Look at your last 12 months
of credit card statements. Look at your bank account statements
the last 12 months. Look and see where your money
is actually– going. And again, if it's on frivolous things
(47:11):
that maybe you can tighten some things up or it
was one-time purchases, those things might be able to be
left out, but you're probably going to surprise yourself how
much you actually spend.
Speaker 6 (47:21):
No doubt.
Speaker 20 (47:21):
And it's critical that you get it right at the
start because then we can get a really, really accurate
detailed retirement income plan set.
Speaker 8 (47:30):
What's fun, Russ, is we'll sit and do this with people.
And we'll look back at their homework and we'll go
over it together and I'll see like, okay, the real
estate taxes for the year, the home insurance, auto insurance,
fuel expenses, right? Gasoline expenses and so forth. And they'll
leave out things like hobbies, any travel, any gifts, charitable
(47:51):
donations and things like that. And I'll say, are you
not spending on those things?
Speaker 10 (47:55):
Or, oh, no, no, no.
Speaker 8 (47:56):
We like to, you know, we like to, you know,
we go to the gym or we travel. And I'm like,
that's all part. part of your budget. We got to
capture that because you're not going to retire and not
do those things. You're not going to stop giving gifts
like birthday and Christmas gifts. You're not going to stop
donating if you've been charitable because you've retired. So it
(48:17):
is fun. Sometimes you even see groceries are not on
the list. And I say, are you eating at all? Like,
do you eat? So going through homework in that very
kind of like detailed way, It's super meaningful, but it's
also necessary in our opinion. I mean, we don't deal in,
it's about this, or, oh, you'll be okay, or let's
(48:38):
just hope that everything works out. We do not plan
that way, folks. So if you're looking for a team
who can be very specific and handle the details that
you're not that comfortable dealing with, let us help you.
Speaker 20 (48:50):
And don't forget, taxes are an expense. So the expenses
you're adding up Yeah, off your working salary. You know,
if you make $ 100, 000 a year, that's not what you're
actually getting, right?
Speaker 6 (49:01):
Exactly.
Speaker 20 (49:04):
But if you're spending every dollar of your net pay, well,
you have a $ 100, 000 gross expense, right, with your taxes
included in that.
Speaker 6 (49:12):
That's exactly right.
Speaker 20 (49:13):
So we have to figure out, based on all of
the different savings methods you've had, which many people right now,
it's a traditional formula. 401k, a traditional IRA, which is just,
it's taxed just like your earned income. Now, how tax
efficient are you going to be? You're still going to
have a tax bill. So how much do we actually
have to deplete from that account To get you the
(49:34):
right amount of money to spend.
Speaker 6 (49:36):
That's right.
Speaker 20 (49:36):
And how do we do that in the most tax-efficient
way as we layer in Social Security? Because Social Security
is a tax-efficient form of income.
Speaker 9 (49:45):
Yes, it's still taxable.
Speaker 20 (49:47):
The H.R. 1, the big, beautiful bill, did not change
the tax law on how Social Security is taxed.
Speaker 6 (49:53):
Right, right. Okay?
Speaker 20 (49:55):
What it did do was it enhanced the standard deductions
for those $ 65, 000.
Speaker 9 (50:01):
And older.
Speaker 20 (50:02):
So many people who are on social security don't pay taxes,
but it's still taxable. They just have a bigger eraser
at the end of their tax ledger to wipe away
the taxability of it. But the bottom line is anywhere
between zero and 85% of your social security income can
be taxable in a given year.
Speaker 9 (50:24):
It's a year to year thing, folks.
Speaker 20 (50:25):
It's not at the start of retirement, zero isn't taxable
or 85% of it is taxable. It has to be
calculated every year. depending on how much other taxable income
you have.
Speaker 9 (50:35):
So we can help.
Speaker 20 (50:36):
You figure all of that out, put all those pieces
together of this big puzzle we call retirement. And it's
critical that if you do have a plan, that we're
implementing the plan correctly, and then we're monitoring the plan.
In our firm, we meet with people at least every
six months to make sure they understand what's going on
in the markets, what's going on in their investment portfolio,
(50:57):
what's going on with taxes that year.
Speaker 9 (50:59):
Uh you know what are they.
Speaker 8 (51:00):
Planning are estate planning that's a huge one it's a
huge one a lot of people everyone needs an estate
plan absolutely everybody it's as simple as listing beneficiaries on
an ira and it can get as complicated as having
trusts that are written so that in your passing everything
goes to your family everything is done the way you
wished it would be done but You have to have
(51:23):
a quarterback, right? You have to have someone to sort
of see all these pieces come together. I know I
pitched on thefinancialguys.com forward slash events tab. Russ, our SSO
webinar is out there, and I actually see someone actually
went out and already has clicked on that button and
are hopefully going to view that. And if you're going
(51:44):
to do that and you have any questions thereafter, simply
call 833-FIN-GUYS, ask for Russ Geiser or Mike Hayflick.
Speaker 9 (51:50):
Or right now at 844-434-4TFG.
Speaker 8 (51:54):
Absolutely. If you have any questions you'd like answers today, please,
this is a live show. We're going to be doing
more and more of these because sometimes you've been waiting
and waiting and waiting. Waiting can really be a detriment
to progress. I've been saying this a lot. Don't let
perfect get in the way of progress. You know, a
(52:14):
lot of times people see these things as too daunting
to tackle. It is daunting, but you can get help.
Just like if my car is making those crazy, strange sounds,
I don't attempt to fix the car. I take it
to someone to help me. Take us up on this
offer to sit down and look at your plan.
Speaker 20 (52:36):
Don't chase the next best thing, the next best plan.
The best plan for you is getting started, to stay consistent.
And to keep looking at your plan and making subtle
adjustments along the way. Subtle adjustments is how you win.
And staying consistent over a long period of time is
how you win. Not following the latest fad.
Speaker 8 (52:55):
No doubt. And I want to come back after this
next break and talk a little bit about liberal Democrat
Bill Maher. Bill Maher has been pretty prominent the last
couple of years in the news because he is kind
of straying a bit. from the Democrat talking points, Russ. And,
(53:16):
you know, he basically said this, and we're going to
come back and talk a little bit about this after
the break. He says, you know, the Republican choice, maybe
it's J.D.
Speaker 1 (53:25):
Vance.
Speaker 8 (53:26):
In my mind, it's in play. And it had the
leftists just losing their minds, thinking, there's no way, Bill,
you could never vote for a Republican. And he has
some really, really strong reasons for to think this way.
Speaker 9 (53:39):
Common sense reasons.
Speaker 8 (53:40):
Common sense reasons that just aren't common anymore. So you've
got Mike Hayflick, Russ Geiser, the Social Security Guys, part
of the Financial Guys team. And we're going to take
a quick break. We'll be right back after this. We
are the Financial Guys, the Social Security Guys on the
Financial Guys Radio Network.
Speaker 1 (53:59):
W-H-A-M Rochester. W-A-I-O-H-D-2 Honeyoy Falls. W-2-4-1-D-G Rochester.
Speaker 6 (54:05):
First. Fast. Accurate.
Speaker 1 (54:08):
Rochester's news, weather, and traffic station.
Speaker 3 (54:10):
News Radio.
Speaker 10 (54:12):
W-A-I-O-H-D-2.
Speaker 5 (54:18):
From the WAM 1180 newsroom, I'm Anthony Penasiewicz. An investigation
is underway into the death of a woman during a
large crowd dispersal last night in Rochester. Police say they
were dispersing the crowd with riotous behavior in the upper
Clinton area when somebody inside of that crowd fired a
gun multiple times near Morrill Street. One woman was found
dead at the scene. At least two other gunshot victims
(54:41):
later arrived at the hospital but are expected to survive.
DEC is still making sure that the waste-activated sludge found
leaking from a truck on 590 yesterday isn't spreading. The
leak shut down the Blossom Road exit around 10 a.m.
on Friday, with state environmental authorities putting down absorbent padding
to catch the material. Indulging rallies in Brighton's 12 Corners
(55:03):
have dispersed following a heated day of protesting. The group
Rochester Israel Action planned their rally about three weeks ago
and received a permit for the 12 Corners Pavilion for
5 o'clock. The pro-Palestine rally, though, started earlier than their opposition,
but Brighton PD said that nobody became violent at the events.
Your 13-way weather authority forecast today, hazy sun at times,
(55:24):
warm and humid, 86 for your high. I'm Anthony Panazwitz, NewsRadio,
WAM 1180, next news in 30 minutes, breaking news when
it happens. Anytime on NewsRadio, WAM 1180.
Speaker 8 (55:32):
This report is sponsored by William Mattar Law Firm.
Speaker 6 (55:35):
At William Attar, we only handle motor vehicle accidents. Rideshare, truck, motorcycle, car,
only call William Attar.
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