Episode Transcript
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Speaker 1 (00:00):
Socialist countries are held down by a gravity of their
own making.
Speaker 2 (00:04):
And America is something like a rocket shooting to the stars.
Speaker 3 (00:07):
We're all individuals. We resist the effort to group us.
We're all different. There are no two things or people
in this world who are created in a way that
they end up with equal outcomes.
Speaker 4 (00:21):
That's up to them. The only place where money meets politics. Tonight,
we renew our resolve.
Speaker 5 (00:30):
That America will never be a socialist country.
Speaker 4 (00:38):
You're listening to the Financial Guys.
Speaker 6 (00:45):
All righty, welcome back. Second hour of what we're going
to call the Social Security Guys radio show today.
Speaker 7 (00:51):
Mike Hayflick, Russ Geiser, we're part of the phenomenal, gosh,
25-plus years, team of the financial guys, Mike Lomas, Glenn Wiggle,
of course, and so proudly part of this team, Russ.
I mean, we do so many things for people in
this building. And really, not only in Williamsville, New York,
but Batavia, Rochester, even as far as South Florida, Jupiter, Florida.
Speaker 6 (01:15):
And we have.
Speaker 7 (01:16):
Clients in many states now, in large part because we've
reached out. We've done workshops in different places like Houston, Nashville, again,
down in South Florida, I recently went out to Colorado, actually,
not to do a workshop, but to produce some videos.
We're going to have 120 short-form videos out on all
(01:37):
platforms soon, and we're really excited about this. I guess
this just speaks to how passionate we are, Russ.
Speaker 8 (01:45):
Yeah, getting our message out there to as many people
as we can, you know.
Speaker 6 (01:48):
Just a lot of fun. We love helping people.
Speaker 7 (01:51):
We love seeing outcomes be different in a good way,
different meaning successful outcomes, outcomes that you can at least
reasonably expect will happen. There's no guarantees, obviously, but boy,
if we can plan with intent and not hope, I
think we can often get to the right places. Before
the break, we had talked about Bill Maher, and Bill
(02:13):
Maher has always been kind of a Democrat darling, let's say.
Speaker 6 (02:17):
He's So he's losing some of his support. And I think,
you know, what do they say?
Speaker 7 (02:25):
Like when people leave different parties, not that Bill Maher
is going to leave as the Democrat Party, but they'll
say the party left me. I didn't leave the party.
The party left me. That's what I'm sensing with Bill
Maher now. I'm sensing he's thinking you guys are like
like off the rails, crazy leftists now. And one of
(02:45):
the things that he said was, listen. you know, and
I'm paraphrasing, but whoever it is on the Republican side,
maybe it's J.D. Vance, I want people to know, like,
the Republican choice is in play. And let me just
read a few things. And this is why he, you know,
I can't, unfortunately, you can't play Bill Maher on the air.
(03:07):
It gets a little spicy, to say the least, his monologues.
But Democrats are openly, openly saying these things, folks. This
isn't like, wow, if you read to it, you could
infer he meant this.
Speaker 6 (03:22):
This isn't that at all. This is simply listen to them.
Speaker 4 (03:26):
Listen.
Speaker 6 (03:27):
They say, we need to defund the police.
Speaker 7 (03:31):
We need to eliminate prisons. We need to abolish the border.
This is Francesca Hong. She says, in quotes, I think
that my perfect world would be a world without prisons, right?
because we all see the humanity in one another, and
then we know nobody's disposable. Well, Bill Maher, I thought
(03:53):
wisely and in a very kind of sarcastic way, said, well,
you know what? You know who does care about prisons?
The murder victims and the murder victim families, because that's
what's happening out there. They think you can just, what,
go out and just sort of wave your magic wand
and say, oh, I've turned all these violent-minded people into criminals.
Speaker 6 (04:15):
Law abiding citizens, contributors. Let's all sing by the campfire.
Speaker 9 (04:20):
Kumbaya.
Speaker 6 (04:21):
Does it work that way?
Speaker 9 (04:23):
It is so deranged.
Speaker 8 (04:24):
It is even, I can't even believe that those words
came out of her mouth. And this false promise of socialism,
you know, we're seeing another wave of this happen as
close as New York city with a mayor, mom, Dami
down there completely just ruining the city. Um, giving away groceries,
(04:47):
scolding landlords.
Speaker 9 (04:49):
Oh, yeah.
Speaker 8 (04:51):
He and many like him are gaining popularity, which is,
it blows my mind. But the thing is, what you're
signing up for, what people are actually voting for here,
is eliminating prisons, defunding the police, abolishing the border.
Speaker 10 (05:10):
Right.
Speaker 8 (05:11):
And socialism, which then leads to communism... Has never, ever worked.
Speaker 9 (05:17):
Never.
Speaker 8 (05:17):
We have many examples of it not working. Freedom needs
to be for the people, by the people. And when
that individual freedom is gone with the collective that they profess,
it goes to the very small elite few, the wealthy,
and everyone starves. Everyone's quality of life goes away. There's
(05:38):
never been in the history of the world, a country
that you could come to and start at poverty and
get too wealthy, the highest level of tax ring in
such a fast amount of time as you can in
the U.S. That's still true. It will remain true. And
you just have to realize what's going on, people.
Speaker 6 (05:56):
Absolutely.
Speaker 9 (05:57):
Get to the voting booth when you can.
Speaker 11 (05:59):
Do it.
Speaker 7 (05:59):
Another staunch Democrat, James Carville. Again, I can't really read
his quotes, but I'll at least carefully tread lightly here.
But he said, There's just some blank that I can't
be in the same tent with.
Speaker 6 (06:15):
I'm done.
Speaker 7 (06:16):
I'm not in that blanking political party, which is shocking.
Speaker 6 (06:21):
This is like.
Speaker 7 (06:22):
Staunch James Carville on every mostly liberal media network talking about.
Speaker 6 (06:29):
This is what we need to do. This is why
we got to do it. He's got a really swagger
about him. He's kind of fun, entertaining.
Speaker 7 (06:36):
This guy has even lost his mind over the leftist
policies and and theories well.
Speaker 8 (06:41):
This number says it all so recently eight of 212
democrats in the house of representatives signed on to the
statement only eight signed on to this statement we are
capitalist not socialist we want safety not lawlessness we are
proud not ashamed of america That is ridiculous that I'm
(07:02):
even saying that.
Speaker 9 (07:03):
Ridiculous.
Speaker 6 (07:04):
I'm going to see if I can do the math.
Speaker 7 (07:07):
204 Democrats do not think that we're capitalists. They must
believe that we're socialists. I don't know what the other
choice is, because once you're socialist, you probably lead to communism.
They don't care about safety. 204 Democrats, they don't mind
the lawlessness. They're not proud. And I guess they are
(07:28):
ashamed of America. This is like, unheard of in our history.
You know, I read a quote, and this was James Adams, right?
Historic James Adams. And he said something to the effect of, listen,
every democracy in history has failed.
Speaker 6 (07:50):
And you think, wait a second, is that true?
Speaker 7 (07:53):
And he basically, he went into the detail of, listen,
what happens to people is they get kind of too
big and happy and they think, you know, power is
going to corrupt people, right? He thinks that the democracies
never last a long time. And you start to wonder,
(08:16):
I mean, here he was, you know, 1814 in a
letter to John Taylor saying there never was a democracy
yet that did not commit suicide.
Speaker 6 (08:26):
I mean, that is..
Speaker 7 (08:28):
Likelihood if we let the crazy leftists continue to be.
Speaker 6 (08:32):
More prominent, right? This does fall apart.
Speaker 7 (08:36):
Mike and Glenn all the time for decades, two decades
plus on the radio have said it never works. They
always think that more and more of our money will
be the solution, but they'll run out of it and
everything falls apart like a house of cards. And it
will happen. I guess the question, being the optimist that
(08:56):
I am, is what do we do about it? You
said it.
Speaker 6 (09:00):
Vote, right?
Speaker 12 (09:01):
Vote.
Speaker 7 (09:02):
Don't sit on your hands at election time and let
this continue.
Speaker 6 (09:07):
You've got to get out and vote and get everyone
else you know.
Speaker 9 (09:10):
Don't expect other people to vote.
Speaker 1 (09:12):
Right.
Speaker 6 (09:12):
Common-minded people.
Speaker 7 (09:13):
You could find them, I'm sure, in the circles, whether
it's at the gym, the church you go to, the
community centers, the grocery stores, find the common people and say,
we got to stop this. We've got to get back
to common sense. Capitalism does win, okay?
Speaker 6 (09:33):
Socialism does not.
Speaker 7 (09:35):
And if you can impress upon this, some of the
Gen Zers or the Gen Xs, right? You've got to
impress upon them. Listen, stop falling for this, okay? They
will not.
Speaker 6 (09:48):
It will not. survive, you will not be happy in
this system.
Speaker 9 (09:52):
Ultimately, it comes down to self-discipline. It comes down to
pointing the finger.
Speaker 8 (10:00):
If you don't have accountability, that's why socialism seems attractive.
It's not your fault for anything. It's everyone else's fault.
Everyone else is holding you down.
Speaker 6 (10:11):
Tell you what, it's really easy to do this.
Speaker 7 (10:14):
These leaders know there's a huge amount of the generation
right now heads in their phones, right? They're looking down
at their screen on their phone. They're watching little videos,
cute little things, monkeys climbing on trees and dogs tripping downstairs,
like all this fun stuff just for entertainment. They're not
(10:35):
engaged into what matters.
Speaker 9 (10:37):
You got to wake up.
Speaker 7 (10:38):
They're not engaged. They're not engaged in how can I
make my life better? How can I truly be fulfilled?
All they're doing is saying, I just want a quick
laugh and I'm just going to kill some time. I mean, folks,
we've got to help. We've got to make an impact here,
and you've got to stand up. This is a live show, folks.
(10:58):
If you'd like to call us and ask anything relating
to Social Security, retirement, income planning, how do you approach
this transition from full-time employment to hopefully full-time retirement?
Speaker 6 (11:13):
844-434-4TFG.
Speaker 7 (11:15):
Call right now. Russ Geiser, Mike Hayflick here to answer
your questions. Some other things out there, Russ, Mamdani, we
just see what a disaster it is. And it's sort
of a slowly moving disaster, not in every way. I mean,
a lot of things are changing quickly.
Speaker 6 (11:32):
But man, the.
Speaker 7 (11:33):
More and more he's out there, the more he's telling
his truth. And what I mean is you could see
him through that little evil smile appealing to people, right?
Saying the things that make you sound, it makes it
sound like, we're all in this together. We just want
everyone to rise. That's not what they want. They want
to be more in control. They want to be in power.
(11:55):
There was a funeral for an army sergeant, and of course,
Mamdani found his way there. And they did not let,
so the family members did not let him speak. And
they said, in a very, I thought, diplomatic way, said,
we didn't want political distractions at the funeral. And I thought,
(12:16):
what a great call. Good for you. God bless you.
Sorry you lost a loved one. But isn't that what
these folks will do? They'll take advantage. They'll use every
crisis to get out there and, again, either fear monger
or say, listen, don't worry. You've got me to help you.
(12:36):
You've got government to help you. And I'm so glad
that they declined and didn't let him speak.
Speaker 8 (12:43):
Yeah, it would have probably turned into a bunch of headlines,
you know, taking away the sacrifice he made for our country,
protecting us so we can sleep.
Speaker 9 (12:52):
In peace at night. Yep.
Speaker 4 (12:54):
Oh, yeah.
Speaker 7 (12:55):
I'm glad they declined. And good for them. And, gosh,
I have no idea where New York City is going
to go, but they're only about a seven-hour drive from us,
so you know what happens. Things do sort of seep
out into the rest of the state. I want to
talk about something that we hear all the time, Russ.
We always hear... listen, I know you guys know about
(13:16):
Social Security and all that. And even if people have
done a little reading and some research themselves, but one
of the things that always comes up, whether it's in
front of people in our office or at workshops, well,
the trust fund they're saying is going to be depleted.
And I mean, I better get mine while it's there, right?
And we've You hear this a lot, so we're kind
(13:40):
of ready for it. The first thing I'd say is,
I get it. Emotions can run pretty hot. You can
be fearful about things. But as far as depletion of
the trust fund, Russ, why do you think people feel
this way, first of all? And then just what are
some of the things that we know could happen to
(14:00):
improve that?
Speaker 9 (14:01):
Well, people read headlines, and headlines cause a lot of.
Speaker 8 (14:06):
Misinformation for face value because you're not reading deeply into
the matter. And a lot of times the headline has
nothing to do with what the content of the message
is actually saying.
Speaker 9 (14:17):
But it's scary, right?
Speaker 8 (14:18):
In 2033, the trust fund, if nothing is done, is
going to go to zero. And at face value, you
might be wondering or thinking, I better get it while
it's there. I could see why someone would rush to say,
oh my gosh, let me just get it while it's there.
But The finer print is that about 80% of the
(14:40):
benefit would be payable if the trust fund runs to
zero because it's paid for by the FICA payroll tax.
And so I tell people, like, if you are of
the camp where you think it's running to zero, like
the government's doing nothing, would you rather have 80% of
less or 80% of more?
Speaker 9 (14:56):
Exactly. Exactly.
Speaker 4 (15:00):
Exactly.
Speaker 9 (15:00):
So let's not make an emotional decision on this. Right.
Speaker 7 (15:03):
So numbers-wise, let's say someone has about the average of
$ 2, 000 per month. I think that's the national average. It's
just thereabouts. Men have a higher average per month, women
a little slightly lower, but just generally speaking, $ 2, 000. So
let's say you could wait for your full retirement age,
let's say at 67, and get $ 2, 000. If you take
(15:26):
as early as age 62, it's a 30% reduction, meaning
now you're getting $ 1, 400 per month permanently. $ 1, 400 permanently, not
to mention cost of living adjustments, which would happen. But
to your point, Russ, you start at $ 1, 400, you get
some cost of living adjustments along the way, and then
(15:46):
they reduce you. you're really, really going to be short
on income because you chose to be fearful. You chose
based on emotion and not maybe more of the pragmatic, intentional,
quantitative reasons.
Speaker 9 (15:59):
Yeah, we'll dive a lot more into this.
Speaker 4 (16:01):
Absolutely.
Speaker 9 (16:01):
We have John on the line.
Speaker 12 (16:02):
Yeah, John.
Speaker 9 (16:03):
He has a question. John, how's it going? Hey, Mike
and Russell.
Speaker 12 (16:09):
It's going good. You know, I got to say, it's
not the Democrats. It's the media. I think, in fact,
Trump mentioned this recently.
Speaker 6 (16:20):
They might be one in the same, John. They're kind
of one in the same, aren't they?
Speaker 12 (16:26):
Well, that's true. But if the media was balanced, we
wouldn't have this issue. The Democrats would have got blown
out long ago. Long ago. And it wouldn't be a
competition right now, but We have to revolt against the
media and continue it. I know Trump has done it
(16:48):
very well, and I think everybody else is starting to
pick up on it, but not enough. That's the key
right now. I do have a question for you guys
on Social Security. Yes, sir. I kind of lost touch
on this, but isn't Social Security funds taken from taxpayers,
(17:09):
put into a lockbox, or is that gone now that–
They'll just go into a general fund.
Speaker 7 (17:15):
No, there's still a trust fund of those funds. And it's, again,
it's forecast to be run dry in the early 2030s.
Speaker 9 (17:26):
So what does that tell you, though?
Speaker 8 (17:28):
Because it just tells you that the fund might have
been tapped into by other means of government spending, you know,
because 80% of the benefit is funded by active payroll, right?
Speaker 9 (17:42):
And we have a depleting fund.
Speaker 8 (17:44):
So that tells us we're taking more out of it
than that's going in if that fund is running dry.
Speaker 9 (17:51):
And here's the thing. The government has always acted.
Speaker 8 (17:53):
We've had full retirement ages when the program started in 1935, 1937.
Of 65, life expectancies have gone up quite a bit
since then. They kicked the full retirement age, which is
your highest 35 years of benefits rate. um, from 65
to 66 to 66 and two, four, six, eight, 10 months.
(18:15):
And if you're born in 1960 or later, it's 67.
And they're going to continue probably to do that. John,
we think to make this solve it, they, they are
going to do something as they always have far. Here's,
here's my own personal opinion as to why number one,
they always have number two, there's way too many widows
living only on social security income as their means of income. Um,
(18:38):
And number three, we paid into it. We continue to
pay into it. Number four, they haven't raised the FICA
tax since the early 1990s.
Speaker 9 (18:47):
Yep.
Speaker 6 (18:47):
1990, exactly.
Speaker 9 (18:50):
There's a cap on income.
Speaker 8 (18:51):
Earned where you stop paying into Social Security this year
in 2026, $ 184, 500 of salary. The rest that you make
above that does not go into FICA Social Security.
Speaker 9 (19:03):
So they could simply uncap that.
Speaker 8 (19:06):
I've seen actuarial studies say show that the benefit would
remain solvent for another 70 years.
Speaker 9 (19:12):
Or so if all they did was uncap that.
Speaker 8 (19:15):
But the reality is that they'll do a bunch of
those things probably to make it solvent.
Speaker 6 (19:21):
And I have to add this.
Speaker 7 (19:23):
John, you're far more informed about politics and government than us.
And you know they dip when they can. And how
do they dip into the fund? Well, they can see
all those dollars and Right on to the treasuries and
use all this borrowed money for so many other things.
Speaker 6 (19:42):
And and you're right.
Speaker 7 (19:43):
Like they're such terrible stewards, but again, like they've always acted.
We're realists in this. I don't think they're going to
let it collapse. They would never let things go so
badly that, that you're hearing, you know, Oh my gosh,
you know, the, the, the poor retired folks are, are
not able to eat like, but that's what happens.
Speaker 9 (20:04):
They're going to make everyone nervous enough.
Speaker 8 (20:06):
To where they're going to swoop in with the solution
and pat themselves on the back and.
Speaker 9 (20:10):
Give them a raise.
Speaker 12 (20:11):
No doubt.
Speaker 6 (20:13):
No doubt.
Speaker 9 (20:14):
You can bet that's coming. Unfortunately, it's at the peril
of everybody else.
Speaker 12 (20:20):
Do you think they use some of our social security
funds to buy treasuries and that type of thing to
keep the interest rates at a lower rate? That could
be one of the sources of keeping... well, quantitatively easy,
I guess they call it. Uh, yeah.
Speaker 8 (20:40):
You know, I'm, you know, I'm no expert on how
they're investing the fund, but I do know that, uh,
president Bush back in the mid two thousands proposed to
invest the social security trust fund into the stock market.
And it would be, you know, very funded at this point. Uh,
(21:00):
if he had done that, if that had gone through, um,
But they didn't obviously do that. And many pensions are
funded with stocks and bonds. It's a big portfolio that's
professionally managed. But the Social Security Trust Fund isn't. It's
not linked to the stock market.
Speaker 6 (21:17):
No, no, no. And the U.S.
Speaker 7 (21:19):
Treasury, what they can do is basically say, let's take
some money, but we'll put the IOU in there, the
interest-bearing bond, and say, don't worry, we'll pay it back.
Speaker 9 (21:30):
Exactly.
Speaker 6 (21:31):
We'll pay it back. Don't you worry.
Speaker 9 (21:32):
Elon Musk called it a Ponzi scheme.
Speaker 8 (21:35):
There's so much being paid out that it's the workers
now supporting those that are on the benefit.
Speaker 6 (21:40):
John, I kid you not.
Speaker 7 (21:41):
You, Russ, and I, we could sit down for about
two hours and come up with a number of things,
use some technology to say, hey, we have a plan.
Speaker 6 (21:48):
I always say this.
Speaker 7 (21:49):
If you're 20, 30, and even 40 years old, are
you really going to care if they've changed, even in
some pretty profound ways, how social security works? gets calculated.
Are you going to be that impacted? No, of course not.
You're still a couple decades or more away from actually
using the money, but they're just so spineless. They are
(22:10):
not problem solvers. They are true politicians, and it drives
us all crazy because finally we have a guy named
Donald Trump who is a problem solver, and it drives
the left especially crazy.
Speaker 6 (22:23):
We'll give you the last word.
Speaker 12 (22:25):
Okay, but I guess my last word, as usual, is
the media. The media is the enemy of the United States. 90%
of the media is a mouthpiece for the Democrats and
the left, and it's dangerous as heck. And it's creating
violence in the streets, and we're seeing it every day.
(22:45):
But you guys keep up the fight. I listen to
you every Saturday.
Speaker 9 (22:49):
Yeah, thanks, John.
Speaker 6 (22:50):
Thank you, John.
Speaker 9 (22:50):
Thanks for your support.
Speaker 6 (22:51):
Will do.
Speaker 7 (22:52):
Well, and to that point, I mean, people say, can
Donald Trump really make a big impact? Well, he's basically
coming to the end of a second year. He's got
two more years. Midterms are coming. Whatever happens is going
to happen. Here's my thought. He is slowing down the
crazy leftist freight train that has been coming down the
(23:14):
track ready to mow us over. If he slows it down...
and lets us get out ahead a bit more, it's
that much more time. Hopefully it's years, even maybe a decade,
before the crazy, crazy leftists can take over. And then
what has to happen? Others like Marco Rubio, J.D. Vance,
and others have.
Speaker 6 (23:34):
To step up.
Speaker 7 (23:35):
We're going to take a quick break, folks. You've got
Mike Hayflick, Russ Geiser, these social security guys.
Speaker 6 (23:41):
Don't go away. This is the Financial Guys Media Network.
Speaker 13 (23:52):
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News Radio Wham 1180.
Speaker 20 (29:02):
On the advice of counsel, I respectfully decline to answer
based upon my rights under the Fifth Amendment to the Constitution.
Speaker 9 (29:09):
What color tie are you wearing?
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On the advice of counsel, I respectfully decline to answer
based upon my rights under the Fifth Amendment to the Constitution.
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I'll be the fifth. Five, one, two, three, four, fifth.
Speaker 13 (29:23):
Anything you think?
Speaker 20 (29:25):
Fifth.
Speaker 9 (29:26):
Go ahead, ask me a question.
Speaker 18 (29:27):
Fifth.
Speaker 4 (29:28):
You're listening to the Financial Guys Radio Show.
Speaker 7 (29:36):
All righty welcome back it's mike hayflick russ geyser the
social security guys 844-434-4tfg that's 844-434-4tfg love to answer more
of your.
Speaker 6 (29:43):
Questions and uh.
Speaker 7 (29:52):
You know, it might be a small question, and it
might be what you think is kind of not a
big deal. It might be a really big deal, though,
and we find this all the time. I have a
wonderful client, and I just want to go into a
really brief story about something that doesn't affect everybody.
Speaker 6 (30:09):
In fact, let's see, about 3 million people in the U.S.
this impacted. So of what is it, Russ, about a million?
Is it 100 million people now getting Social Security benefits?
Speaker 9 (30:19):
Somewhere around there.
Speaker 6 (30:20):
I think it's in the 90 to 100 million people.
Speaker 7 (30:23):
So a small amount, you know, you might say, but boy,
if this impacted you, this was a huge deal. There
was something on January 1st of 2025, basically the repeal
of two things. One was called the Windfall Elimination Provision, WEP, W-E-P.
The other was the Government Pension Offset, GPO. And you
(30:44):
might have never worried about this or even cared, but
it was January 5th of 2025 that this windfall elimination
provision and government pension offset, they were repealed by the
Social Security Fairness Act. And so what this did was essentially–
eliminate reductions for public sector workers like teachers, police officers, firefighters. Now,
(31:09):
if you're currently in those positions, it likely didn't impact you.
But years ago, what would happen is they would sort
of say you can't double dip, meaning if you're going
to get Social Security benefits, but you're also going to get, like, say,
a railroad pension, you're not going to be able to
get both in their full kind of, you know, I guess, amounts.
And the one thing would impact the actual retiree and
(31:32):
another might impact the widow or the surviving spouse. Well,
the repeal basically put thousands of dollars back in people's
pockets or created thousands of dollars per year into certain
people's pockets. And this impacted one of my clients so much.
And were it not for, in her words, reading the
(31:55):
Beyond Breakeven book, I'd have never known.
Speaker 6 (31:59):
And I said, I'm so glad it has worked out
for you.
Speaker 7 (32:02):
I'm so pleased. And she says, well, Mike, Mike, you
don't get it. It's bigger than that. This was life
changing for me. What you guys showed us or showed
me in that book. Then she said, I've even talked
to another friend of mine now who's finding out other
things about being a widow, having gotten divorced and so
(32:22):
forth and benefits that might be available to her. So
The whole idea here is, folks, you don't have to
be a specialist. There are so many provisions like the
repeal of WEP and GPO that might impact you. If
you're unsure and wondering, my goodness, see us, call us.
Speaker 8 (32:40):
The thing is as simple as if you're full retirement age, again,
born 1960 or later, yes, you can earn as much
money as you want and still file your benefit. If
you file prior to your full retirement age, 62 to 67–
then there is an earnings limit. We were on a
podcast not too long ago, and the man told us
(33:02):
this changed my life.
Speaker 9 (33:03):
I had no idea. I read the book. It was
easy to read. It wasn't all this jargon. Stories.
Speaker 6 (33:09):
It's stories. It's cases, obviously anonymous cases.
Speaker 8 (33:12):
So beyondbreakevenbook.com to grab a copy of that or ask
us questions directly, 844-434-4TFG.
Speaker 9 (33:17):
Absolutely.
Speaker 7 (33:22):
I want to jump to a couple other concepts, and
these do resonate with people we work with. First of all,
what do you do when you come to see us?
What will you experience? Well, clearly, we need a Social
Security statement. We need to see what your record of
earnings has been. And you can go to ssa.gov. I'd highly,
(33:42):
highly encourage you to go do that. If you have
not seen your statement in years, there's a reason. If
you've never gone online, ever, You stopped getting paper statements
a long time ago, and it won't be until you
turn 60 again that you'll get paper statements.
Speaker 8 (33:59):
Why?
Speaker 7 (34:00):
Well, Social Security Administration thought it'll save tens of millions
of dollars by not sending 20, 30 and 40 and
50 year olds statements. In part, I like that. The
other part I don't like, though, is you stop being
as informed as you could be about your own earnings
record and your own benefit.
Speaker 14 (34:17):
Right.
Speaker 7 (34:17):
The benefit that will come to you someday, you kind
of lose track of it. So the first thing we'd say, Russ,
is get that statement and probably many others ready.
Speaker 8 (34:27):
And just so you know, when you do establish your
online login, you'll have to verify your identity through the
government website. You take a picture of your license. It
takes a picture of your face. You have to go
through those steps. So just expect that to happen. The
other thing is when you're in there, you can look
at your statement. But it will also just assume you're
(34:47):
going to earn what you earned last year all the
way until your full retirement age. You can actually go
in and type zero for future earnings to see if
you stopped working or retired today what your benefit would be.
It won't very greatly impact it, but it will impact
it some.
Speaker 6 (35:03):
Absolutely.
Speaker 7 (35:04):
Once you have 35 non-zero numbers, I say, you're probably
about 90% of your benefit is somewhat determined. If you
have zeros, you know what zeros can do on an average. Well,
then we've got to be aware of that. But, yeah,
first of all, our processes, you need to gather documents,
all right?
Speaker 9 (35:24):
We've got a caller on the line.
Speaker 6 (35:25):
All right, perfect.
Speaker 9 (35:29):
I see Dill is on the line.
Speaker 2 (35:31):
Dill is on the line. Hi, Russ and Mike. It's
great to talk to you guys. Thank you.
Speaker 9 (35:35):
Thanks for calling in.
Speaker 2 (35:37):
I really appreciate your Beyond Breakeven book. And sometimes, even
if I'm online and some places on social media, if
it seems to be the topic of Social Security, I'll
just kind of put in a comment there saying, you
guys need to check out beyondbreakevenbook.com to kind of give
you a little more.
Speaker 9 (35:52):
Thank you so much for doing that.
Speaker 13 (35:54):
Thank you so much.
Speaker 2 (35:54):
I met with both of you in person, actually, too.
I just wanted to say I'm very grateful for the
information that you gave me that helped me decide. I've
been enjoying Social Security. So I wanted to let the
people know that you've got what I really like with
those Awesome personalized screens and graphs that you have when
you meet in person and you get to show everybody.
That's worth the cost of the appointment. It doesn't even
(36:16):
cost anything just for the appointment to see all that
and decide for yourself and see where all your finances
are and what makes the best choice or best options
for you to choose on.
Speaker 8 (36:26):
Thank you so much for the kind words and the
impact that we were able to help you with with
the claiming decision.
Speaker 2 (36:31):
Yeah, one other thing. When you were talking before about
the importance of voting, I was at a restaurant this
last week, and it kind of struck me because I
overheard the waitress, you know, talking to some of her
other waitress people. And she was saying, you know, I'm
never voting again. I don't know what her reason was
or if she was disgusted with certain things, but that's
the kind of attitude that we do not need to have.
Speaker 9 (36:52):
Oh, my gosh.
Speaker 2 (36:54):
Whatever you feel and vote. And the other thing that
came to mind was I know Glenn Wiggle from your
group there had interviewed– The doctor who found and discovered
and documented and published and peer-reviewed and with different people
confirming and corroborating what he found, the existence of very
(37:14):
specialized and hidden sequences and things that work on our
voting rolls in New York State and other states. And
people don't know about that. And I try to make
it as easy as possible in case they ever want
to hear that interview with Glenn. or even just read
what this doctor found. And I think I mentioned this
to you before. I added new content to it. It's
(37:36):
that if you remember the words blink once, B-L-I-N-K-O-N-C-E, if
you put that into your browser, put a dot after
the B and a forward slash between the blink and
the once. So it's B dot L-I-N-K forward slash O-N-C-E.
You'll see that page. And I put right on there,
I said, as soon as you get there, Attention New
(37:58):
York voters, you know, the doctor discovered four distinct processes,
and I have the link to it. So if anyone
wants to hear the interview with Glenn or read all
the other many things, you can spend hours just going
over that stuff. It's not stuff that we're making up,
but it's something that really needs to be addressed.
Speaker 6 (38:13):
Thank you.
Speaker 2 (38:14):
When we come to November, we want it to be
an accurate decision, that if we choose Bruce, I want
Bruce to win. If we choose, God forbid, you know, whatever,
I want that to be the case, but I don't
want it to be the case where obviously you choose
one thing and something else happens.
Speaker 6 (38:27):
No, exactly. Exactly. It's got to be fair. I don't
know how anyone could dispute that. I don't know how
anyone could think.
Speaker 7 (38:35):
It would be like playing a basketball game where certain
shots from... one team and the same shot on the
other team is scored differently. Like, oh, you'll get four
points for that. Oh, wait, I only get two. How
do you get four? Like, we'd never allow that. But
fairness just doesn't seem, I don't know, necessary on the
other side.
Speaker 6 (38:56):
So thanks for the call.
Speaker 2 (38:58):
Yeah, we don't want to have to make everything too
big to rig. It shouldn't be riggable in the first place.
It's not like we're going to have to have a
million and a half more actual votes than the ability
of what's banked that could possibly be used against them.
Speaker 9 (39:11):
Yeah.
Speaker 6 (39:12):
Thanks, Bill.
Speaker 7 (39:12):
Appreciate your support of the book and beyondbreakevenbook.com to get
your free PDF flipbook.
Speaker 6 (39:21):
Or audio version.
Speaker 7 (39:22):
We're going to take a quick break, folks. We're going
to continue talking about Social Security. What do we do
to help people? We're also going to talk about this
topic of... of should I stay or should I go?
We did a workshop.
Speaker 6 (39:32):
We're going to do another one probably in the fall.
Speaker 7 (39:35):
And we're going to talk a little bit about the
New York State estate tax cliff that you as a
wealthier person might face. You've got Mike Hayflick, Russ Geiser.
We are the Social Security Guys here on the Financial
Guys Radio Network.
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(40:09):
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Speaker 4 (41:49):
Wham! 1180.
Speaker 9 (41:52):
We'll get it.
Speaker 2 (41:56):
All righty.
Speaker 6 (41:56):
Welcome back. We've got Mike Hayflick, Russ Geiser.
Speaker 7 (42:00):
We're in our final segment here with you live on
another beautiful, beautiful summer day in western New York.
Speaker 6 (42:06):
I always say it, Russ.
Speaker 7 (42:07):
People who say they like to snowbird, they should sunbird
up here in western New York.
Speaker 6 (42:12):
During the summertime. I mean, let's face it.
Speaker 9 (42:15):
In July and August.
Speaker 6 (42:15):
Maybe it wasn't June.
Speaker 14 (42:17):
Maybe..
Speaker 6 (42:18):
Not May either.
Speaker 7 (42:19):
But yeah, July, August, September, some beautiful months to be
here in Western New York. So we've been talking a
lot about Social Security, different things to think about. If
you don't know everything, you don't have to. Find a specialist.
Russ and I are certified in Social Security claiming strategies.
And we've really embraced the complexity is how I would
(42:43):
describe this. We like the idea of decision-making, and putting
the pieces of your puzzle together properly, not you hoping
that you have a good retirement, but us increasing the
probabilities of you having a good retirement. We did write
a number one best-selling book, as far as Amazon goes,
(43:03):
Beyond Breakeven, The Essential Guide to Social Security Optimization. You
can get a free flipbook, PDF, or audio version of
that at beyondbreakevenbook.com. Russ, something that we do, we always
tell people, listen, first, it's about retirement income. And again,
we think Social Security can become a cornerstone to that.
Speaker 6 (43:24):
Now, if you have.
Speaker 7 (43:26):
Enough income, we've come up with a plan that will
provide for you the income you need. We think that
we might create a case of having excess.
Speaker 6 (43:35):
Capital, meaning more than you need, right?
Speaker 7 (43:40):
Excess, meaning extra money that you can use for discretionary
or possibly even for legacy. The problem people sometimes face
then is, holy cow, this is going to work. And
oh my gosh, I'm going to have more wealth than
I ever imagined. Let's talk a little bit about the
estate tax issues that they might face.
Speaker 9 (44:00):
Yeah.
Speaker 8 (44:00):
And I think we talked about tax planning, estate planning
separately earlier in the show, but you really kind of
have to think of them together in this case. And
we meet a lot of people who they've worked hard,
they've saved, they've invested, they've done all the right things,
they live the life they want to live, and they're
(44:22):
simply just going to keep growing their wealth over time.
So we want to be as tax efficient as possible.
But one thing they don't really realize is that their
net worth, and folks, net worth is simply what you
own minus what you owe. If that is at $ 7
million plus, New York state has its own estate tax.
(44:44):
Now you might've heard of the federal estate tax, but
essentially if you're not worth, if you're married $ 30 million
or more, you know, more than 30 million, which is
significant wealth, you don't really have to worry about it
because of something called portability and the $ 15 million exemption. But,
the number 7 million is something I want you to
(45:05):
think about because if you're planning and forecasting and you
see yourself getting to those numbers and it's realistic, well,
New York has something called the New York state estate
tax cliff, which basically means if your net worth, what
you own real estate, you know, business interest, retirement accounts, investments,
(45:25):
bank accounts, living trusts, right? Things that are still in
your name. Technically, if, that's valued at more than 7.7.
Speaker 9 (45:39):
Million.
Speaker 8 (45:40):
Then all of your wealth becomes taxed at 16% when
you die by New York state.
Speaker 7 (45:47):
16% because not because they're good stewards of those tax dollars,
just because they want more of what you did for
your family.
Speaker 8 (45:56):
So the question becomes then from people, Oh my gosh,
I didn't realize that.
Speaker 9 (46:01):
What do we do? Well, Jokingly, we say the easiest
thing to.
Speaker 8 (46:04):
Do is move out of New York because there are
many states– well, most states don't have an estate tax.
Speaker 13 (46:10):
Right, right.
Speaker 7 (46:10):
About– I'm thinking about 12 to 14 due of various levels.
Like you said, 7.35 mil, but then there's a little
range where there's not the cliff, but then, as you said,
you get to the 7.7 plus mil, and then there's
the cliff. So do you want to go find another
state that has a bigger cliff?
Speaker 6 (46:31):
I guess you could try.
Speaker 7 (46:33):
Or could you find a state that has no cliff,
has no death state tax?
Speaker 9 (46:37):
Right.
Speaker 8 (46:37):
And we can't give tax advice. Of course, we're not accountants,
but we work with your accountants. We work with your
estate planning attorneys to bring this to their attention. And
we plan cohesively together to make sure that this is
addressed in the best way for your situation possible. There's
many different ways to approach this and protect this, but
we will be doing a stay or should I go
another workshop on this, bringing in other experts to where
(47:02):
we can really deliver all this information to you to
give you a decision. Many people think, should I leave?
Should I go to better weather in the wintertime? Should
I get to somewhere, another state that's more tax friendly
that actually wants me to live there?
Speaker 7 (47:15):
And listen, we understand that you might live in New York.
You might never want to leave New York. And I
understand that. Some people, they say, I just can't. First
of all, I have family. I have friends.
Speaker 6 (47:29):
I have connections. I have a business.
Speaker 7 (47:32):
And I totally understand that. So if you're going to stay,
how can you then avoid giving so much to New
York State unnecessarily?
Speaker 6 (47:43):
You can do some estate planning.
Speaker 7 (47:44):
You can get some expert advice on how to protect
your wealth. OK, not give more away. And then if
you can then avoid the state estate tax issues, clearly
you're then in the right direction to avoid.
Speaker 6 (48:00):
The federal tax.
Speaker 7 (48:02):
Estate tax problem, which is, again, Russ, $ 15 million or more.
So it's super important to start addressing these things, folks.
When you get a solid income plan in place, then
what happens is your other wealth, you can be a
little more maybe open-minded to investing.
Speaker 6 (48:22):
A lot of people, I think, when.
Speaker 7 (48:24):
They get toward retirement, Russ, we find they immediately start
to get kind of into a shell of okay, be
more protective, preserve, protect.
Speaker 6 (48:33):
Let's not get too exposed to the markets.
Speaker 7 (48:37):
We often say, listen, you might feel that way because
you don't have the information needed to make better decisions.
But once we come up with a really solid income plan,
you can then look at the excess capital and say,
wait a second, this might be funds, money I'll never spend.
Speaker 6 (48:53):
Let's grow it.
Speaker 7 (48:54):
For Susie and Jimmy and... you know, Debbie, because our
kids will get this money. So you can actually open
your mind to the different investing opportunities.
Speaker 8 (49:05):
You want to be intentional at that point with a plan.
You don't want to be general.
Speaker 9 (49:09):
You're right. When you get to retirement, I hear it
all the time.
Speaker 8 (49:11):
Generally speaking, should I become more conservative than I am
now is the question I'll hear.
Speaker 9 (49:18):
Again, it completely depends. It depends.
Speaker 8 (49:20):
On the tolerance of risk that investors can face. But
it also, you know, it all comes down to how
much of the wealth is needed to drive the income
they're seeking.
Speaker 6 (49:29):
That's right.
Speaker 8 (49:29):
Because the wealth that's needed for income will likely be
invested differently or need to be invested differently than the
wealth that's simply excess, the money you don't need for
your income.
Speaker 9 (49:40):
Right?
Speaker 8 (49:40):
You could drive it for growth. You can for sure
invest that for growth if you wanted it because you
don't need it.
Speaker 7 (49:45):
If you want, a lot of people say, I have
a lot of excess capital and I still just want
to be in treasury bills.
Speaker 6 (49:51):
I say, well, good for you. You can make that choice.
Speaker 7 (49:54):
But if you don't know, then you're.
Speaker 6 (50:00):
Running kind of blind.
Speaker 7 (50:01):
And that's not a good way to get into retirement years, wondering,
having extra anxiety and stress over your finances.
Speaker 6 (50:08):
So We can help. 833-FIN, guys.
Speaker 7 (50:12):
We are coming up on the end of the show.
I wanted to just plug a couple more things.
Speaker 6 (50:16):
We have, I.
Speaker 7 (50:18):
Think I coined them, Triple J doing our Retirement Ready
Before 65 workshop. September 2nd, 6-15, that's going to be
Jay Blanchard, Jack Haxton, and Brian Janik. That's a pretty
solid group right there. September 2nd, 615, to register, thefinancialguys.com
(50:39):
forward slash events, and you can register for their workshop.
September 9th, Heroes on the Harbor. We invite veterans and
their families to join us aboard the USS Little Rock.
There will be a barbecue. Come and enjoy some good food,
good conversation. Meet some fellow veterans and loved ones. That's
going to be 5 to 7 p.m.
Speaker 6 (51:00):
On September 9th.
Speaker 7 (51:01):
Russ, you and I are doing a workshop, our Social
Security Optimization and Tax Efficiency and Retirement Workshop on September 16th.
Speaker 6 (51:09):
That's also on the website.
Speaker 7 (51:11):
The other thing, I just have to mention this, and
someone already had gone on and, you know, at least
registered to view this. We did a Social Security Workshop online,
and it's a webinar, about 30 minutes. And, you know,
hopefully it prompts you into thinking, geez, those are some
concepts I did not think about.
Speaker 6 (51:30):
I need to see one of these guys. And so
please do that.
Speaker 7 (51:33):
You can go to the events tab there, sign up
for our Social Security Optimization webinar, and then someone will
reach out to you shortly thereafter and see if you
have any follow-up questions, thoughts, or whatever. So folks, great
time here in Western New York, summertime. Wonder what's going
to happen here in New York State. We all have– well,
(51:58):
you and I, Russ, we have children here. We don't
think we're leaving anytime soon. It's so distressing to hear
people say, well, I'm just not going to vote. I'm
so tired of this. You have to vote. You have
to weigh in.
Speaker 9 (52:10):
You do.
Speaker 7 (52:11):
It's literally like the death knell if you say, I'm
just giving up because then they're going to win.
Speaker 6 (52:17):
So we have to step up.
Speaker 9 (52:18):
You've got to step up.
Speaker 8 (52:19):
You've got to– and by the way, if you don't vote,
you don't really have a right to complain.
Speaker 10 (52:23):
Right.
Speaker 6 (52:24):
That's exactly right.
Speaker 9 (52:25):
My dad always told me that.
Speaker 4 (52:26):
Totally get it.
Speaker 9 (52:27):
I don't want to hear you complain if you didn't vote.
That's absolutely true.
Speaker 8 (52:31):
Regardless if I think we're going to win or not,
or if the outcome I desire happens or not, you
still have to put your pants on one leg at
a time and go to work the next day.
Speaker 9 (52:40):
The next year. But you have to vote.
Speaker 8 (52:43):
You have to get out there, exercise your constitutional right
to vote, to participate in our government. It's a very
patriotic thing to do. It gives you the right to complain.
But understand what you're voting for while you're voting.
Speaker 9 (52:59):
Understand the issues. Don't just read headlines. No doubt. Understand
what's at risk and where you fall on things.
Speaker 6 (53:05):
And your dad is a wise man, a wise man, Mr.
Speaker 13 (53:08):
Geiser.
Speaker 7 (53:09):
So thanks for those words of wisdom. We are coming
up at the end of our show, folks. It's been
a great two hours. We've really enjoyed it. We appreciate
you tuning in. Remember to find all of our TFG
podcasts at financialguysmedia.com.
Speaker 6 (53:21):
Download our app.
Speaker 7 (53:22):
If you need us throughout the week, 833-FIN-GUYS. For Russ Geiser,
I'm Mike Hayfleck. Thanks for listening to the Financial Guys
Media Network.
Speaker 9 (53:42):
And at some point, they're going to say, we just
can't take it anymore.
Speaker 10 (53:45):
President Trump warning Iran, it needs to come to the
negotiating table and reach a deal to end the war.
That warning comes as Iran attacked two more commercial ships
in the Strait of Hormuz. One tanker was hit. The
other just missed. Fox's Alex Hogan has more.
Speaker 21 (53:59):
President Trump says that he doesn't fully believe in these
negotiations right now.
Speaker 11 (54:04):
The other day the five missiles were shot.
Speaker 6 (54:06):
We knocked them down, but we were in the midst
of a negotiation.
Speaker 9 (54:08):
I mean, I'm waiting for Steve to call me.
Speaker 6 (54:10):
How's the negotiation going?
Speaker 20 (54:13):
And instead, I got a call from Pete that they
just shot five missiles at one of.
Speaker 4 (54:17):
Our bases in Jordan.
Speaker 21 (54:19):
Yesterday, Trump held the first ever televised cabinet meeting from
Camp David. Today, he is here in New Jersey, where
he's posting about new back and forth in Todd Blanch's
nomination for attorney general.
Speaker 10 (54:30):
It comes as President Trump touts a Gaza deal for
Hamas to disarm. Spain takes a dramatic step to stop
another mass migrant crossing into Europe. It's installing a floating
barrier in Ceuta near the border with Morocco.
Speaker 22 (54:45):
Spain is installing a 1,600-foot floating barrier along the sea
border of its North African enclave of Ceuta after 50,000
to 60,000 migrants breached the border from Morocco earlier this week.
Officials say dozens of people were killed, including some who
drowned and others who died in the stampede. The barrier
is intended to prevent another mass crossing as Spain works
(55:06):
with Morocco to tighten border security. Meanwhile, European Union leaders
are calling for a coordinated response to the growing migration crisis,
warning that uncontrolled mass crossings pose a challenge for the
entire bloc.
Speaker 4 (55:21):
Matt Murphy, Fox News.
Speaker 10 (55:22):
And the Alpine Club of Pakistan says all 10 climbers
swept away by an avalanche have died.
Speaker 13 (55:28):
America's listening to Fox News. The new WAM 1180 Newsroom.
I'm Anthony Panazowicz. An investigation is underway into the death
of a woman during a large crowd dispersal last night
(55:49):
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 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
(56:10):
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 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
(56:34):
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 news in 30 minutes,
breaking news when it happens. Anytime on NewsRadio, WAM 1180.
Speaker 6 (56:50):
This report is sponsored by William Mattar Law Firm.
Socialist countries are held down by a gravity of their
own making.
Speaker 2 (00:04):
And America is something like a rocket shooting to the stars.
Speaker 3 (00:07):
We're all individuals. We resist the effort to group us.
We're all different. There are no two things or people
in this world who are created in a way that
they end up with equal outcomes.
Speaker 4 (00:21):
That's up to them. The only place where money meets politics. Tonight,
we renew our resolve.
Speaker 5 (00:30):
That America will never be a socialist country.
Speaker 4 (00:38):
You're listening to the Financial Guys.
Speaker 6 (00:45):
All righty, welcome back. Second hour of what we're going
to call the Social Security Guys radio show today.
Speaker 7 (00:51):
Mike Hayflick, Russ Geiser, we're part of the phenomenal, gosh,
25-plus years, team of the financial guys, Mike Lomas, Glenn Wiggle,
of course, and so proudly part of this team, Russ.
I mean, we do so many things for people in
this building. And really, not only in Williamsville, New York,
but Batavia, Rochester, even as far as South Florida, Jupiter, Florida.
Speaker 6 (01:15):
And we have.
Speaker 7 (01:16):
Clients in many states now, in large part because we've
reached out. We've done workshops in different places like Houston, Nashville, again,
down in South Florida, I recently went out to Colorado, actually,
not to do a workshop, but to produce some videos.
We're going to have 120 short-form videos out on all
(01:37):
platforms soon, and we're really excited about this. I guess
this just speaks to how passionate we are, Russ.
Speaker 8 (01:45):
Yeah, getting our message out there to as many people
as we can, you know.
Speaker 6 (01:48):
Just a lot of fun. We love helping people.
Speaker 7 (01:51):
We love seeing outcomes be different in a good way,
different meaning successful outcomes, outcomes that you can at least
reasonably expect will happen. There's no guarantees, obviously, but boy,
if we can plan with intent and not hope, I
think we can often get to the right places. Before
the break, we had talked about Bill Maher, and Bill
(02:13):
Maher has always been kind of a Democrat darling, let's say.
Speaker 6 (02:17):
He's So he's losing some of his support. And I think,
you know, what do they say?
Speaker 7 (02:25):
Like when people leave different parties, not that Bill Maher
is going to leave as the Democrat Party, but they'll
say the party left me. I didn't leave the party.
The party left me. That's what I'm sensing with Bill
Maher now. I'm sensing he's thinking you guys are like
like off the rails, crazy leftists now. And one of
(02:45):
the things that he said was, listen. you know, and
I'm paraphrasing, but whoever it is on the Republican side,
maybe it's J.D. Vance, I want people to know, like,
the Republican choice is in play. And let me just
read a few things. And this is why he, you know,
I can't, unfortunately, you can't play Bill Maher on the air.
(03:07):
It gets a little spicy, to say the least, his monologues.
But Democrats are openly, openly saying these things, folks. This
isn't like, wow, if you read to it, you could
infer he meant this.
Speaker 6 (03:22):
This isn't that at all. This is simply listen to them.
Speaker 4 (03:26):
Listen.
Speaker 6 (03:27):
They say, we need to defund the police.
Speaker 7 (03:31):
We need to eliminate prisons. We need to abolish the border.
This is Francesca Hong. She says, in quotes, I think
that my perfect world would be a world without prisons, right?
because we all see the humanity in one another, and
then we know nobody's disposable. Well, Bill Maher, I thought
(03:53):
wisely and in a very kind of sarcastic way, said, well,
you know what? You know who does care about prisons?
The murder victims and the murder victim families, because that's
what's happening out there. They think you can just, what,
go out and just sort of wave your magic wand
and say, oh, I've turned all these violent-minded people into criminals.
Speaker 6 (04:15):
Law abiding citizens, contributors. Let's all sing by the campfire.
Speaker 9 (04:20):
Kumbaya.
Speaker 6 (04:21):
Does it work that way?
Speaker 9 (04:23):
It is so deranged.
Speaker 8 (04:24):
It is even, I can't even believe that those words
came out of her mouth. And this false promise of socialism,
you know, we're seeing another wave of this happen as
close as New York city with a mayor, mom, Dami
down there completely just ruining the city. Um, giving away groceries,
(04:47):
scolding landlords.
Speaker 9 (04:49):
Oh, yeah.
Speaker 8 (04:51):
He and many like him are gaining popularity, which is,
it blows my mind. But the thing is, what you're
signing up for, what people are actually voting for here,
is eliminating prisons, defunding the police, abolishing the border.
Speaker 10 (05:10):
Right.
Speaker 8 (05:11):
And socialism, which then leads to communism... Has never, ever worked.
Speaker 9 (05:17):
Never.
Speaker 8 (05:17):
We have many examples of it not working. Freedom needs
to be for the people, by the people. And when
that individual freedom is gone with the collective that they profess,
it goes to the very small elite few, the wealthy,
and everyone starves. Everyone's quality of life goes away. There's
(05:38):
never been in the history of the world, a country
that you could come to and start at poverty and
get too wealthy, the highest level of tax ring in
such a fast amount of time as you can in
the U.S. That's still true. It will remain true. And
you just have to realize what's going on, people.
Speaker 6 (05:56):
Absolutely.
Speaker 9 (05:57):
Get to the voting booth when you can.
Speaker 11 (05:59):
Do it.
Speaker 7 (05:59):
Another staunch Democrat, James Carville. Again, I can't really read
his quotes, but I'll at least carefully tread lightly here.
But he said, There's just some blank that I can't
be in the same tent with.
Speaker 6 (06:15):
I'm done.
Speaker 7 (06:16):
I'm not in that blanking political party, which is shocking.
Speaker 6 (06:21):
This is like.
Speaker 7 (06:22):
Staunch James Carville on every mostly liberal media network talking about.
Speaker 6 (06:29):
This is what we need to do. This is why
we got to do it. He's got a really swagger
about him. He's kind of fun, entertaining.
Speaker 7 (06:36):
This guy has even lost his mind over the leftist
policies and and theories well.
Speaker 8 (06:41):
This number says it all so recently eight of 212
democrats in the house of representatives signed on to the
statement only eight signed on to this statement we are
capitalist not socialist we want safety not lawlessness we are
proud not ashamed of america That is ridiculous that I'm
(07:02):
even saying that.
Speaker 9 (07:03):
Ridiculous.
Speaker 6 (07:04):
I'm going to see if I can do the math.
Speaker 7 (07:07):
204 Democrats do not think that we're capitalists. They must
believe that we're socialists. I don't know what the other
choice is, because once you're socialist, you probably lead to communism.
They don't care about safety. 204 Democrats, they don't mind
the lawlessness. They're not proud. And I guess they are
(07:28):
ashamed of America. This is like, unheard of in our history.
You know, I read a quote, and this was James Adams, right?
Historic James Adams. And he said something to the effect of, listen,
every democracy in history has failed.
Speaker 6 (07:50):
And you think, wait a second, is that true?
Speaker 7 (07:53):
And he basically, he went into the detail of, listen,
what happens to people is they get kind of too
big and happy and they think, you know, power is
going to corrupt people, right? He thinks that the democracies
never last a long time. And you start to wonder,
(08:16):
I mean, here he was, you know, 1814 in a
letter to John Taylor saying there never was a democracy
yet that did not commit suicide.
Speaker 6 (08:26):
I mean, that is..
Speaker 7 (08:28):
Likelihood if we let the crazy leftists continue to be.
Speaker 6 (08:32):
More prominent, right? This does fall apart.
Speaker 7 (08:36):
Mike and Glenn all the time for decades, two decades
plus on the radio have said it never works. They
always think that more and more of our money will
be the solution, but they'll run out of it and
everything falls apart like a house of cards. And it
will happen. I guess the question, being the optimist that
(08:56):
I am, is what do we do about it? You
said it.
Speaker 6 (09:00):
Vote, right?
Speaker 12 (09:01):
Vote.
Speaker 7 (09:02):
Don't sit on your hands at election time and let
this continue.
Speaker 6 (09:07):
You've got to get out and vote and get everyone
else you know.
Speaker 9 (09:10):
Don't expect other people to vote.
Speaker 1 (09:12):
Right.
Speaker 6 (09:12):
Common-minded people.
Speaker 7 (09:13):
You could find them, I'm sure, in the circles, whether
it's at the gym, the church you go to, the
community centers, the grocery stores, find the common people and say,
we got to stop this. We've got to get back
to common sense. Capitalism does win, okay?
Speaker 6 (09:33):
Socialism does not.
Speaker 7 (09:35):
And if you can impress upon this, some of the
Gen Zers or the Gen Xs, right? You've got to
impress upon them. Listen, stop falling for this, okay? They
will not.
Speaker 6 (09:48):
It will not. survive, you will not be happy in
this system.
Speaker 9 (09:52):
Ultimately, it comes down to self-discipline. It comes down to
pointing the finger.
Speaker 8 (10:00):
If you don't have accountability, that's why socialism seems attractive.
It's not your fault for anything. It's everyone else's fault.
Everyone else is holding you down.
Speaker 6 (10:11):
Tell you what, it's really easy to do this.
Speaker 7 (10:14):
These leaders know there's a huge amount of the generation
right now heads in their phones, right? They're looking down
at their screen on their phone. They're watching little videos,
cute little things, monkeys climbing on trees and dogs tripping downstairs,
like all this fun stuff just for entertainment. They're not
(10:35):
engaged into what matters.
Speaker 9 (10:37):
You got to wake up.
Speaker 7 (10:38):
They're not engaged. They're not engaged in how can I
make my life better? How can I truly be fulfilled?
All they're doing is saying, I just want a quick
laugh and I'm just going to kill some time. I mean, folks,
we've got to help. We've got to make an impact here,
and you've got to stand up. This is a live show, folks.
(10:58):
If you'd like to call us and ask anything relating
to Social Security, retirement, income planning, how do you approach
this transition from full-time employment to hopefully full-time retirement?
Speaker 6 (11:13):
844-434-4TFG.
Speaker 7 (11:15):
Call right now. Russ Geiser, Mike Hayflick here to answer
your questions. Some other things out there, Russ, Mamdani, we
just see what a disaster it is. And it's sort
of a slowly moving disaster, not in every way. I mean,
a lot of things are changing quickly.
Speaker 6 (11:32):
But man, the.
Speaker 7 (11:33):
More and more he's out there, the more he's telling
his truth. And what I mean is you could see
him through that little evil smile appealing to people, right?
Saying the things that make you sound, it makes it
sound like, we're all in this together. We just want
everyone to rise. That's not what they want. They want
to be more in control. They want to be in power.
(11:55):
There was a funeral for an army sergeant, and of course,
Mamdani found his way there. And they did not let,
so the family members did not let him speak. And
they said, in a very, I thought, diplomatic way, said,
we didn't want political distractions at the funeral. And I thought,
(12:16):
what a great call. Good for you. God bless you.
Sorry you lost a loved one. But isn't that what
these folks will do? They'll take advantage. They'll use every
crisis to get out there and, again, either fear monger
or say, listen, don't worry. You've got me to help you.
(12:36):
You've got government to help you. And I'm so glad
that they declined and didn't let him speak.
Speaker 8 (12:43):
Yeah, it would have probably turned into a bunch of headlines,
you know, taking away the sacrifice he made for our country,
protecting us so we can sleep.
Speaker 9 (12:52):
In peace at night. Yep.
Speaker 4 (12:54):
Oh, yeah.
Speaker 7 (12:55):
I'm glad they declined. And good for them. And, gosh,
I have no idea where New York City is going
to go, but they're only about a seven-hour drive from us,
so you know what happens. Things do sort of seep
out into the rest of the state. I want to
talk about something that we hear all the time, Russ.
We always hear... listen, I know you guys know about
(13:16):
Social Security and all that. And even if people have
done a little reading and some research themselves, but one
of the things that always comes up, whether it's in
front of people in our office or at workshops, well,
the trust fund they're saying is going to be depleted.
And I mean, I better get mine while it's there, right?
And we've You hear this a lot, so we're kind
(13:40):
of ready for it. The first thing I'd say is,
I get it. Emotions can run pretty hot. You can
be fearful about things. But as far as depletion of
the trust fund, Russ, why do you think people feel
this way, first of all? And then just what are
some of the things that we know could happen to
(14:00):
improve that?
Speaker 9 (14:01):
Well, people read headlines, and headlines cause a lot of.
Speaker 8 (14:06):
Misinformation for face value because you're not reading deeply into
the matter. And a lot of times the headline has
nothing to do with what the content of the message
is actually saying.
Speaker 9 (14:17):
But it's scary, right?
Speaker 8 (14:18):
In 2033, the trust fund, if nothing is done, is
going to go to zero. And at face value, you
might be wondering or thinking, I better get it while
it's there. I could see why someone would rush to say,
oh my gosh, let me just get it while it's there.
But The finer print is that about 80% of the
(14:40):
benefit would be payable if the trust fund runs to
zero because it's paid for by the FICA payroll tax.
And so I tell people, like, if you are of
the camp where you think it's running to zero, like
the government's doing nothing, would you rather have 80% of
less or 80% of more?
Speaker 9 (14:56):
Exactly. Exactly.
Speaker 4 (15:00):
Exactly.
Speaker 9 (15:00):
So let's not make an emotional decision on this. Right.
Speaker 7 (15:03):
So numbers-wise, let's say someone has about the average of
$ 2, 000 per month. I think that's the national average. It's
just thereabouts. Men have a higher average per month, women
a little slightly lower, but just generally speaking, $ 2, 000. So
let's say you could wait for your full retirement age,
let's say at 67, and get $ 2, 000. If you take
(15:26):
as early as age 62, it's a 30% reduction, meaning
now you're getting $ 1, 400 per month permanently. $ 1, 400 permanently, not
to mention cost of living adjustments, which would happen. But
to your point, Russ, you start at $ 1, 400, you get
some cost of living adjustments along the way, and then
(15:46):
they reduce you. you're really, really going to be short
on income because you chose to be fearful. You chose
based on emotion and not maybe more of the pragmatic, intentional,
quantitative reasons.
Speaker 9 (15:59):
Yeah, we'll dive a lot more into this.
Speaker 4 (16:01):
Absolutely.
Speaker 9 (16:01):
We have John on the line.
Speaker 12 (16:02):
Yeah, John.
Speaker 9 (16:03):
He has a question. John, how's it going? Hey, Mike
and Russell.
Speaker 12 (16:09):
It's going good. You know, I got to say, it's
not the Democrats. It's the media. I think, in fact,
Trump mentioned this recently.
Speaker 6 (16:20):
They might be one in the same, John. They're kind
of one in the same, aren't they?
Speaker 12 (16:26):
Well, that's true. But if the media was balanced, we
wouldn't have this issue. The Democrats would have got blown
out long ago. Long ago. And it wouldn't be a
competition right now, but We have to revolt against the
media and continue it. I know Trump has done it
(16:48):
very well, and I think everybody else is starting to
pick up on it, but not enough. That's the key
right now. I do have a question for you guys
on Social Security. Yes, sir. I kind of lost touch
on this, but isn't Social Security funds taken from taxpayers,
(17:09):
put into a lockbox, or is that gone now that–
They'll just go into a general fund.
Speaker 7 (17:15):
No, there's still a trust fund of those funds. And it's, again,
it's forecast to be run dry in the early 2030s.
Speaker 9 (17:26):
So what does that tell you, though?
Speaker 8 (17:28):
Because it just tells you that the fund might have
been tapped into by other means of government spending, you know,
because 80% of the benefit is funded by active payroll, right?
Speaker 9 (17:42):
And we have a depleting fund.
Speaker 8 (17:44):
So that tells us we're taking more out of it
than that's going in if that fund is running dry.
Speaker 9 (17:51):
And here's the thing. The government has always acted.
Speaker 8 (17:53):
We've had full retirement ages when the program started in 1935, 1937.
Of 65, life expectancies have gone up quite a bit
since then. They kicked the full retirement age, which is
your highest 35 years of benefits rate. um, from 65
to 66 to 66 and two, four, six, eight, 10 months.
(18:15):
And if you're born in 1960 or later, it's 67.
And they're going to continue probably to do that. John,
we think to make this solve it, they, they are
going to do something as they always have far. Here's,
here's my own personal opinion as to why number one,
they always have number two, there's way too many widows
living only on social security income as their means of income. Um,
(18:38):
And number three, we paid into it. We continue to
pay into it. Number four, they haven't raised the FICA
tax since the early 1990s.
Speaker 9 (18:47):
Yep.
Speaker 6 (18:47):
1990, exactly.
Speaker 9 (18:50):
There's a cap on income.
Speaker 8 (18:51):
Earned where you stop paying into Social Security this year
in 2026, $ 184, 500 of salary. The rest that you make
above that does not go into FICA Social Security.
Speaker 9 (19:03):
So they could simply uncap that.
Speaker 8 (19:06):
I've seen actuarial studies say show that the benefit would
remain solvent for another 70 years.
Speaker 9 (19:12):
Or so if all they did was uncap that.
Speaker 8 (19:15):
But the reality is that they'll do a bunch of
those things probably to make it solvent.
Speaker 6 (19:21):
And I have to add this.
Speaker 7 (19:23):
John, you're far more informed about politics and government than us.
And you know they dip when they can. And how
do they dip into the fund? Well, they can see
all those dollars and Right on to the treasuries and
use all this borrowed money for so many other things.
Speaker 6 (19:42):
And and you're right.
Speaker 7 (19:43):
Like they're such terrible stewards, but again, like they've always acted.
We're realists in this. I don't think they're going to
let it collapse. They would never let things go so
badly that, that you're hearing, you know, Oh my gosh,
you know, the, the, the poor retired folks are, are
not able to eat like, but that's what happens.
Speaker 9 (20:04):
They're going to make everyone nervous enough.
Speaker 8 (20:06):
To where they're going to swoop in with the solution
and pat themselves on the back and.
Speaker 9 (20:10):
Give them a raise.
Speaker 12 (20:11):
No doubt.
Speaker 6 (20:13):
No doubt.
Speaker 9 (20:14):
You can bet that's coming. Unfortunately, it's at the peril
of everybody else.
Speaker 12 (20:20):
Do you think they use some of our social security
funds to buy treasuries and that type of thing to
keep the interest rates at a lower rate? That could
be one of the sources of keeping... well, quantitatively easy,
I guess they call it. Uh, yeah.
Speaker 8 (20:40):
You know, I'm, you know, I'm no expert on how
they're investing the fund, but I do know that, uh,
president Bush back in the mid two thousands proposed to
invest the social security trust fund into the stock market.
And it would be, you know, very funded at this point. Uh,
(21:00):
if he had done that, if that had gone through, um,
But they didn't obviously do that. And many pensions are
funded with stocks and bonds. It's a big portfolio that's
professionally managed. But the Social Security Trust Fund isn't. It's
not linked to the stock market.
Speaker 6 (21:17):
No, no, no. And the U.S.
Speaker 7 (21:19):
Treasury, what they can do is basically say, let's take
some money, but we'll put the IOU in there, the
interest-bearing bond, and say, don't worry, we'll pay it back.
Speaker 9 (21:30):
Exactly.
Speaker 6 (21:31):
We'll pay it back. Don't you worry.
Speaker 9 (21:32):
Elon Musk called it a Ponzi scheme.
Speaker 8 (21:35):
There's so much being paid out that it's the workers
now supporting those that are on the benefit.
Speaker 6 (21:40):
John, I kid you not.
Speaker 7 (21:41):
You, Russ, and I, we could sit down for about
two hours and come up with a number of things,
use some technology to say, hey, we have a plan.
Speaker 6 (21:48):
I always say this.
Speaker 7 (21:49):
If you're 20, 30, and even 40 years old, are
you really going to care if they've changed, even in
some pretty profound ways, how social security works? gets calculated.
Are you going to be that impacted? No, of course not.
You're still a couple decades or more away from actually
using the money, but they're just so spineless. They are
(22:10):
not problem solvers. They are true politicians, and it drives
us all crazy because finally we have a guy named
Donald Trump who is a problem solver, and it drives
the left especially crazy.
Speaker 6 (22:23):
We'll give you the last word.
Speaker 12 (22:25):
Okay, but I guess my last word, as usual, is
the media. The media is the enemy of the United States. 90%
of the media is a mouthpiece for the Democrats and
the left, and it's dangerous as heck. And it's creating
violence in the streets, and we're seeing it every day.
(22:45):
But you guys keep up the fight. I listen to
you every Saturday.
Speaker 9 (22:49):
Yeah, thanks, John.
Speaker 6 (22:50):
Thank you, John.
Speaker 9 (22:50):
Thanks for your support.
Speaker 6 (22:51):
Will do.
Speaker 7 (22:52):
Well, and to that point, I mean, people say, can
Donald Trump really make a big impact? Well, he's basically
coming to the end of a second year. He's got
two more years. Midterms are coming. Whatever happens is going
to happen. Here's my thought. He is slowing down the
crazy leftist freight train that has been coming down the
(23:14):
track ready to mow us over. If he slows it down...
and lets us get out ahead a bit more, it's
that much more time. Hopefully it's years, even maybe a decade,
before the crazy, crazy leftists can take over. And then
what has to happen? Others like Marco Rubio, J.D. Vance,
and others have.
Speaker 6 (23:34):
To step up.
Speaker 7 (23:35):
We're going to take a quick break, folks. You've got
Mike Hayflick, Russ Geiser, these social security guys.
Speaker 6 (23:41):
Don't go away. This is the Financial Guys Media Network.
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From the WAM 1180 newsroom, I'm Anthony Panasowicz. An investigation
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(24:13):
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What color tie are you wearing?
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Anything you think?
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Fifth.
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Go ahead, ask me a question.
Speaker 18 (29:27):
Fifth.
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You're listening to the Financial Guys Radio Show.
Speaker 7 (29:36):
All righty welcome back it's mike hayflick russ geyser the
social security guys 844-434-4tfg that's 844-434-4tfg love to answer more
of your.
Speaker 6 (29:43):
Questions and uh.
Speaker 7 (29:52):
You know, it might be a small question, and it
might be what you think is kind of not a
big deal. It might be a really big deal, though,
and we find this all the time. I have a
wonderful client, and I just want to go into a
really brief story about something that doesn't affect everybody.
Speaker 6 (30:09):
In fact, let's see, about 3 million people in the U.S.
this impacted. So of what is it, Russ, about a million?
Is it 100 million people now getting Social Security benefits?
Speaker 9 (30:19):
Somewhere around there.
Speaker 6 (30:20):
I think it's in the 90 to 100 million people.
Speaker 7 (30:23):
So a small amount, you know, you might say, but boy,
if this impacted you, this was a huge deal. There
was something on January 1st of 2025, basically the repeal
of two things. One was called the Windfall Elimination Provision, WEP, W-E-P.
The other was the Government Pension Offset, GPO. And you
(30:44):
might have never worried about this or even cared, but
it was January 5th of 2025 that this windfall elimination
provision and government pension offset, they were repealed by the
Social Security Fairness Act. And so what this did was essentially–
eliminate reductions for public sector workers like teachers, police officers, firefighters. Now,
(31:09):
if you're currently in those positions, it likely didn't impact you.
But years ago, what would happen is they would sort
of say you can't double dip, meaning if you're going
to get Social Security benefits, but you're also going to get, like, say,
a railroad pension, you're not going to be able to
get both in their full kind of, you know, I guess, amounts.
And the one thing would impact the actual retiree and
(31:32):
another might impact the widow or the surviving spouse. Well,
the repeal basically put thousands of dollars back in people's
pockets or created thousands of dollars per year into certain
people's pockets. And this impacted one of my clients so much.
And were it not for, in her words, reading the
(31:55):
Beyond Breakeven book, I'd have never known.
Speaker 6 (31:59):
And I said, I'm so glad it has worked out
for you.
Speaker 7 (32:02):
I'm so pleased. And she says, well, Mike, Mike, you
don't get it. It's bigger than that. This was life
changing for me. What you guys showed us or showed
me in that book. Then she said, I've even talked
to another friend of mine now who's finding out other
things about being a widow, having gotten divorced and so
(32:22):
forth and benefits that might be available to her. So
The whole idea here is, folks, you don't have to
be a specialist. There are so many provisions like the
repeal of WEP and GPO that might impact you. If
you're unsure and wondering, my goodness, see us, call us.
Speaker 8 (32:40):
The thing is as simple as if you're full retirement age, again,
born 1960 or later, yes, you can earn as much
money as you want and still file your benefit. If
you file prior to your full retirement age, 62 to 67–
then there is an earnings limit. We were on a
podcast not too long ago, and the man told us
(33:02):
this changed my life.
Speaker 9 (33:03):
I had no idea. I read the book. It was
easy to read. It wasn't all this jargon. Stories.
Speaker 6 (33:09):
It's stories. It's cases, obviously anonymous cases.
Speaker 8 (33:12):
So beyondbreakevenbook.com to grab a copy of that or ask
us questions directly, 844-434-4TFG.
Speaker 9 (33:17):
Absolutely.
Speaker 7 (33:22):
I want to jump to a couple other concepts, and
these do resonate with people we work with. First of all,
what do you do when you come to see us?
What will you experience? Well, clearly, we need a Social
Security statement. We need to see what your record of
earnings has been. And you can go to ssa.gov. I'd highly,
(33:42):
highly encourage you to go do that. If you have
not seen your statement in years, there's a reason. If
you've never gone online, ever, You stopped getting paper statements
a long time ago, and it won't be until you
turn 60 again that you'll get paper statements.
Speaker 8 (33:59):
Why?
Speaker 7 (34:00):
Well, Social Security Administration thought it'll save tens of millions
of dollars by not sending 20, 30 and 40 and
50 year olds statements. In part, I like that. The
other part I don't like, though, is you stop being
as informed as you could be about your own earnings
record and your own benefit.
Speaker 14 (34:17):
Right.
Speaker 7 (34:17):
The benefit that will come to you someday, you kind
of lose track of it. So the first thing we'd say, Russ,
is get that statement and probably many others ready.
Speaker 8 (34:27):
And just so you know, when you do establish your
online login, you'll have to verify your identity through the
government website. You take a picture of your license. It
takes a picture of your face. You have to go
through those steps. So just expect that to happen. The
other thing is when you're in there, you can look
at your statement. But it will also just assume you're
(34:47):
going to earn what you earned last year all the
way until your full retirement age. You can actually go
in and type zero for future earnings to see if
you stopped working or retired today what your benefit would be.
It won't very greatly impact it, but it will impact
it some.
Speaker 6 (35:03):
Absolutely.
Speaker 7 (35:04):
Once you have 35 non-zero numbers, I say, you're probably
about 90% of your benefit is somewhat determined. If you
have zeros, you know what zeros can do on an average. Well,
then we've got to be aware of that. But, yeah,
first of all, our processes, you need to gather documents,
all right?
Speaker 9 (35:24):
We've got a caller on the line.
Speaker 6 (35:25):
All right, perfect.
Speaker 9 (35:29):
I see Dill is on the line.
Speaker 2 (35:31):
Dill is on the line. Hi, Russ and Mike. It's
great to talk to you guys. Thank you.
Speaker 9 (35:35):
Thanks for calling in.
Speaker 2 (35:37):
I really appreciate your Beyond Breakeven book. And sometimes, even
if I'm online and some places on social media, if
it seems to be the topic of Social Security, I'll
just kind of put in a comment there saying, you
guys need to check out beyondbreakevenbook.com to kind of give
you a little more.
Speaker 9 (35:52):
Thank you so much for doing that.
Speaker 13 (35:54):
Thank you so much.
Speaker 2 (35:54):
I met with both of you in person, actually, too.
I just wanted to say I'm very grateful for the
information that you gave me that helped me decide. I've
been enjoying Social Security. So I wanted to let the
people know that you've got what I really like with
those Awesome personalized screens and graphs that you have when
you meet in person and you get to show everybody.
That's worth the cost of the appointment. It doesn't even
(36:16):
cost anything just for the appointment to see all that
and decide for yourself and see where all your finances
are and what makes the best choice or best options
for you to choose on.
Speaker 8 (36:26):
Thank you so much for the kind words and the
impact that we were able to help you with with
the claiming decision.
Speaker 2 (36:31):
Yeah, one other thing. When you were talking before about
the importance of voting, I was at a restaurant this
last week, and it kind of struck me because I
overheard the waitress, you know, talking to some of her
other waitress people. And she was saying, you know, I'm
never voting again. I don't know what her reason was
or if she was disgusted with certain things, but that's
the kind of attitude that we do not need to have.
Speaker 9 (36:52):
Oh, my gosh.
Speaker 2 (36:54):
Whatever you feel and vote. And the other thing that
came to mind was I know Glenn Wiggle from your
group there had interviewed– The doctor who found and discovered
and documented and published and peer-reviewed and with different people
confirming and corroborating what he found, the existence of very
(37:14):
specialized and hidden sequences and things that work on our
voting rolls in New York State and other states. And
people don't know about that. And I try to make
it as easy as possible in case they ever want
to hear that interview with Glenn. or even just read
what this doctor found. And I think I mentioned this
to you before. I added new content to it. It's
(37:36):
that if you remember the words blink once, B-L-I-N-K-O-N-C-E, if
you put that into your browser, put a dot after
the B and a forward slash between the blink and
the once. So it's B dot L-I-N-K forward slash O-N-C-E.
You'll see that page. And I put right on there,
I said, as soon as you get there, Attention New
(37:58):
York voters, you know, the doctor discovered four distinct processes,
and I have the link to it. So if anyone
wants to hear the interview with Glenn or read all
the other many things, you can spend hours just going
over that stuff. It's not stuff that we're making up,
but it's something that really needs to be addressed.
Speaker 6 (38:13):
Thank you.
Speaker 2 (38:14):
When we come to November, we want it to be
an accurate decision, that if we choose Bruce, I want
Bruce to win. If we choose, God forbid, you know, whatever,
I want that to be the case, but I don't
want it to be the case where obviously you choose
one thing and something else happens.
Speaker 6 (38:27):
No, exactly. Exactly. It's got to be fair. I don't
know how anyone could dispute that. I don't know how
anyone could think.
Speaker 7 (38:35):
It would be like playing a basketball game where certain
shots from... one team and the same shot on the
other team is scored differently. Like, oh, you'll get four
points for that. Oh, wait, I only get two. How
do you get four? Like, we'd never allow that. But
fairness just doesn't seem, I don't know, necessary on the
other side.
Speaker 6 (38:56):
So thanks for the call.
Speaker 2 (38:58):
Yeah, we don't want to have to make everything too
big to rig. It shouldn't be riggable in the first place.
It's not like we're going to have to have a
million and a half more actual votes than the ability
of what's banked that could possibly be used against them.
Speaker 9 (39:11):
Yeah.
Speaker 6 (39:12):
Thanks, Bill.
Speaker 7 (39:12):
Appreciate your support of the book and beyondbreakevenbook.com to get
your free PDF flipbook.
Speaker 6 (39:21):
Or audio version.
Speaker 7 (39:22):
We're going to take a quick break, folks. We're going
to continue talking about Social Security. What do we do
to help people? We're also going to talk about this
topic of... of should I stay or should I go?
We did a workshop.
Speaker 6 (39:32):
We're going to do another one probably in the fall.
Speaker 7 (39:35):
And we're going to talk a little bit about the
New York State estate tax cliff that you as a
wealthier person might face. You've got Mike Hayflick, Russ Geiser.
We are the Social Security Guys here on the Financial
Guys Radio Network.
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Speaker 4 (41:49):
Wham! 1180.
Speaker 9 (41:52):
We'll get it.
Speaker 2 (41:56):
All righty.
Speaker 6 (41:56):
Welcome back. We've got Mike Hayflick, Russ Geiser.
Speaker 7 (42:00):
We're in our final segment here with you live on
another beautiful, beautiful summer day in western New York.
Speaker 6 (42:06):
I always say it, Russ.
Speaker 7 (42:07):
People who say they like to snowbird, they should sunbird
up here in western New York.
Speaker 6 (42:12):
During the summertime. I mean, let's face it.
Speaker 9 (42:15):
In July and August.
Speaker 6 (42:15):
Maybe it wasn't June.
Speaker 14 (42:17):
Maybe..
Speaker 6 (42:18):
Not May either.
Speaker 7 (42:19):
But yeah, July, August, September, some beautiful months to be
here in Western New York. So we've been talking a
lot about Social Security, different things to think about. If
you don't know everything, you don't have to. Find a specialist.
Russ and I are certified in Social Security claiming strategies.
And we've really embraced the complexity is how I would
(42:43):
describe this. We like the idea of decision-making, and putting
the pieces of your puzzle together properly, not you hoping
that you have a good retirement, but us increasing the
probabilities of you having a good retirement. We did write
a number one best-selling book, as far as Amazon goes,
(43:03):
Beyond Breakeven, The Essential Guide to Social Security Optimization. You
can get a free flipbook, PDF, or audio version of
that at beyondbreakevenbook.com. Russ, something that we do, we always
tell people, listen, first, it's about retirement income. And again,
we think Social Security can become a cornerstone to that.
Speaker 6 (43:24):
Now, if you have.
Speaker 7 (43:26):
Enough income, we've come up with a plan that will
provide for you the income you need. We think that
we might create a case of having excess.
Speaker 6 (43:35):
Capital, meaning more than you need, right?
Speaker 7 (43:40):
Excess, meaning extra money that you can use for discretionary
or possibly even for legacy. The problem people sometimes face
then is, holy cow, this is going to work. And
oh my gosh, I'm going to have more wealth than
I ever imagined. Let's talk a little bit about the
estate tax issues that they might face.
Speaker 9 (44:00):
Yeah.
Speaker 8 (44:00):
And I think we talked about tax planning, estate planning
separately earlier in the show, but you really kind of
have to think of them together in this case. And
we meet a lot of people who they've worked hard,
they've saved, they've invested, they've done all the right things,
they live the life they want to live, and they're
(44:22):
simply just going to keep growing their wealth over time.
So we want to be as tax efficient as possible.
But one thing they don't really realize is that their
net worth, and folks, net worth is simply what you
own minus what you owe. If that is at $ 7
million plus, New York state has its own estate tax.
(44:44):
Now you might've heard of the federal estate tax, but
essentially if you're not worth, if you're married $ 30 million
or more, you know, more than 30 million, which is
significant wealth, you don't really have to worry about it
because of something called portability and the $ 15 million exemption. But,
the number 7 million is something I want you to
(45:05):
think about because if you're planning and forecasting and you
see yourself getting to those numbers and it's realistic, well,
New York has something called the New York state estate
tax cliff, which basically means if your net worth, what
you own real estate, you know, business interest, retirement accounts, investments,
(45:25):
bank accounts, living trusts, right? Things that are still in
your name. Technically, if, that's valued at more than 7.7.
Speaker 9 (45:39):
Million.
Speaker 8 (45:40):
Then all of your wealth becomes taxed at 16% when
you die by New York state.
Speaker 7 (45:47):
16% because not because they're good stewards of those tax dollars,
just because they want more of what you did for
your family.
Speaker 8 (45:56):
So the question becomes then from people, Oh my gosh,
I didn't realize that.
Speaker 9 (46:01):
What do we do? Well, Jokingly, we say the easiest
thing to.
Speaker 8 (46:04):
Do is move out of New York because there are
many states– well, most states don't have an estate tax.
Speaker 13 (46:10):
Right, right.
Speaker 7 (46:10):
About– I'm thinking about 12 to 14 due of various levels.
Like you said, 7.35 mil, but then there's a little
range where there's not the cliff, but then, as you said,
you get to the 7.7 plus mil, and then there's
the cliff. So do you want to go find another
state that has a bigger cliff?
Speaker 6 (46:31):
I guess you could try.
Speaker 7 (46:33):
Or could you find a state that has no cliff,
has no death state tax?
Speaker 9 (46:37):
Right.
Speaker 8 (46:37):
And we can't give tax advice. Of course, we're not accountants,
but we work with your accountants. We work with your
estate planning attorneys to bring this to their attention. And
we plan cohesively together to make sure that this is
addressed in the best way for your situation possible. There's
many different ways to approach this and protect this, but
we will be doing a stay or should I go
another workshop on this, bringing in other experts to where
(47:02):
we can really deliver all this information to you to
give you a decision. Many people think, should I leave?
Should I go to better weather in the wintertime? Should
I get to somewhere, another state that's more tax friendly
that actually wants me to live there?
Speaker 7 (47:15):
And listen, we understand that you might live in New York.
You might never want to leave New York. And I
understand that. Some people, they say, I just can't. First
of all, I have family. I have friends.
Speaker 6 (47:29):
I have connections. I have a business.
Speaker 7 (47:32):
And I totally understand that. So if you're going to stay,
how can you then avoid giving so much to New
York State unnecessarily?
Speaker 6 (47:43):
You can do some estate planning.
Speaker 7 (47:44):
You can get some expert advice on how to protect
your wealth. OK, not give more away. And then if
you can then avoid the state estate tax issues, clearly
you're then in the right direction to avoid.
Speaker 6 (48:00):
The federal tax.
Speaker 7 (48:02):
Estate tax problem, which is, again, Russ, $ 15 million or more.
So it's super important to start addressing these things, folks.
When you get a solid income plan in place, then
what happens is your other wealth, you can be a
little more maybe open-minded to investing.
Speaker 6 (48:22):
A lot of people, I think, when.
Speaker 7 (48:24):
They get toward retirement, Russ, we find they immediately start
to get kind of into a shell of okay, be
more protective, preserve, protect.
Speaker 6 (48:33):
Let's not get too exposed to the markets.
Speaker 7 (48:37):
We often say, listen, you might feel that way because
you don't have the information needed to make better decisions.
But once we come up with a really solid income plan,
you can then look at the excess capital and say,
wait a second, this might be funds, money I'll never spend.
Speaker 6 (48:53):
Let's grow it.
Speaker 7 (48:54):
For Susie and Jimmy and... you know, Debbie, because our
kids will get this money. So you can actually open
your mind to the different investing opportunities.
Speaker 8 (49:05):
You want to be intentional at that point with a plan.
You don't want to be general.
Speaker 9 (49:09):
You're right. When you get to retirement, I hear it
all the time.
Speaker 8 (49:11):
Generally speaking, should I become more conservative than I am
now is the question I'll hear.
Speaker 9 (49:18):
Again, it completely depends. It depends.
Speaker 8 (49:20):
On the tolerance of risk that investors can face. But
it also, you know, it all comes down to how
much of the wealth is needed to drive the income
they're seeking.
Speaker 6 (49:29):
That's right.
Speaker 8 (49:29):
Because the wealth that's needed for income will likely be
invested differently or need to be invested differently than the
wealth that's simply excess, the money you don't need for
your income.
Speaker 9 (49:40):
Right?
Speaker 8 (49:40):
You could drive it for growth. You can for sure
invest that for growth if you wanted it because you
don't need it.
Speaker 7 (49:45):
If you want, a lot of people say, I have
a lot of excess capital and I still just want
to be in treasury bills.
Speaker 6 (49:51):
I say, well, good for you. You can make that choice.
Speaker 7 (49:54):
But if you don't know, then you're.
Speaker 6 (50:00):
Running kind of blind.
Speaker 7 (50:01):
And that's not a good way to get into retirement years, wondering,
having extra anxiety and stress over your finances.
Speaker 6 (50:08):
So We can help. 833-FIN, guys.
Speaker 7 (50:12):
We are coming up on the end of the show.
I wanted to just plug a couple more things.
Speaker 6 (50:16):
We have, I.
Speaker 7 (50:18):
Think I coined them, Triple J doing our Retirement Ready
Before 65 workshop. September 2nd, 6-15, that's going to be
Jay Blanchard, Jack Haxton, and Brian Janik. That's a pretty
solid group right there. September 2nd, 615, to register, thefinancialguys.com
(50:39):
forward slash events, and you can register for their workshop.
September 9th, Heroes on the Harbor. We invite veterans and
their families to join us aboard the USS Little Rock.
There will be a barbecue. Come and enjoy some good food,
good conversation. Meet some fellow veterans and loved ones. That's
going to be 5 to 7 p.m.
Speaker 6 (51:00):
On September 9th.
Speaker 7 (51:01):
Russ, you and I are doing a workshop, our Social
Security Optimization and Tax Efficiency and Retirement Workshop on September 16th.
Speaker 6 (51:09):
That's also on the website.
Speaker 7 (51:11):
The other thing, I just have to mention this, and
someone already had gone on and, you know, at least
registered to view this. We did a Social Security Workshop online,
and it's a webinar, about 30 minutes. And, you know,
hopefully it prompts you into thinking, geez, those are some
concepts I did not think about.
Speaker 6 (51:30):
I need to see one of these guys. And so
please do that.
Speaker 7 (51:33):
You can go to the events tab there, sign up
for our Social Security Optimization webinar, and then someone will
reach out to you shortly thereafter and see if you
have any follow-up questions, thoughts, or whatever. So folks, great
time here in Western New York, summertime. Wonder what's going
to happen here in New York State. We all have– well,
(51:58):
you and I, Russ, we have children here. We don't
think we're leaving anytime soon. It's so distressing to hear
people say, well, I'm just not going to vote. I'm
so tired of this. You have to vote. You have
to weigh in.
Speaker 9 (52:10):
You do.
Speaker 7 (52:11):
It's literally like the death knell if you say, I'm
just giving up because then they're going to win.
Speaker 6 (52:17):
So we have to step up.
Speaker 9 (52:18):
You've got to step up.
Speaker 8 (52:19):
You've got to– and by the way, if you don't vote,
you don't really have a right to complain.
Speaker 10 (52:23):
Right.
Speaker 6 (52:24):
That's exactly right.
Speaker 9 (52:25):
My dad always told me that.
Speaker 4 (52:26):
Totally get it.
Speaker 9 (52:27):
I don't want to hear you complain if you didn't vote.
That's absolutely true.
Speaker 8 (52:31):
Regardless if I think we're going to win or not,
or if the outcome I desire happens or not, you
still have to put your pants on one leg at
a time and go to work the next day.
Speaker 9 (52:40):
The next year. But you have to vote.
Speaker 8 (52:43):
You have to get out there, exercise your constitutional right
to vote, to participate in our government. It's a very
patriotic thing to do. It gives you the right to complain.
But understand what you're voting for while you're voting.
Speaker 9 (52:59):
Understand the issues. Don't just read headlines. No doubt. Understand
what's at risk and where you fall on things.
Speaker 6 (53:05):
And your dad is a wise man, a wise man, Mr.
Speaker 13 (53:08):
Geiser.
Speaker 7 (53:09):
So thanks for those words of wisdom. We are coming
up at the end of our show, folks. It's been
a great two hours. We've really enjoyed it. We appreciate
you tuning in. Remember to find all of our TFG
podcasts at financialguysmedia.com.
Speaker 6 (53:21):
Download our app.
Speaker 7 (53:22):
If you need us throughout the week, 833-FIN-GUYS. For Russ Geiser,
I'm Mike Hayfleck. Thanks for listening to the Financial Guys
Media Network.
Speaker 9 (53:42):
And at some point, they're going to say, we just
can't take it anymore.
Speaker 10 (53:45):
President Trump warning Iran, it needs to come to the
negotiating table and reach a deal to end the war.
That warning comes as Iran attacked two more commercial ships
in the Strait of Hormuz. One tanker was hit. The
other just missed. Fox's Alex Hogan has more.
Speaker 21 (53:59):
President Trump says that he doesn't fully believe in these
negotiations right now.
Speaker 11 (54:04):
The other day the five missiles were shot.
Speaker 6 (54:06):
We knocked them down, but we were in the midst
of a negotiation.
Speaker 9 (54:08):
I mean, I'm waiting for Steve to call me.
Speaker 6 (54:10):
How's the negotiation going?
Speaker 20 (54:13):
And instead, I got a call from Pete that they
just shot five missiles at one of.
Speaker 4 (54:17):
Our bases in Jordan.
Speaker 21 (54:19):
Yesterday, Trump held the first ever televised cabinet meeting from
Camp David. Today, he is here in New Jersey, where
he's posting about new back and forth in Todd Blanch's
nomination for attorney general.
Speaker 10 (54:30):
It comes as President Trump touts a Gaza deal for
Hamas to disarm. Spain takes a dramatic step to stop
another mass migrant crossing into Europe. It's installing a floating
barrier in Ceuta near the border with Morocco.
Speaker 22 (54:45):
Spain is installing a 1,600-foot floating barrier along the sea
border of its North African enclave of Ceuta after 50,000
to 60,000 migrants breached the border from Morocco earlier this week.
Officials say dozens of people were killed, including some who
drowned and others who died in the stampede. The barrier
is intended to prevent another mass crossing as Spain works
(55:06):
with Morocco to tighten border security. Meanwhile, European Union leaders
are calling for a coordinated response to the growing migration crisis,
warning that uncontrolled mass crossings pose a challenge for the
entire bloc.
Speaker 4 (55:21):
Matt Murphy, Fox News.
Speaker 10 (55:22):
And the Alpine Club of Pakistan says all 10 climbers
swept away by an avalanche have died.
Speaker 13 (55:28):
America's listening to Fox News. The new WAM 1180 Newsroom.
I'm Anthony Panazowicz. An investigation is underway into the death
of a woman during a large crowd dispersal last night
(55:49):
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 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
(56:10):
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 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
(56:34):
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 news in 30 minutes,
breaking news when it happens. Anytime on NewsRadio, WAM 1180.
Speaker 6 (56:50):
This report is sponsored by William Mattar Law Firm.
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