All Episodes

October 21, 2023 43 mins
None
Mark as Played
Transcript

Episode Transcript

Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
And here's what our attorneys make ussay. We believe all the information we
offer on this program is factual andup to date. However, we cannot
guarantee its accuracy, and you shouldnot think of it as a complete analysis
of the subject's discussed. We arealso not giving you an offer to buy
or sell the investments we talk about. All investments involve varying degrees of risk,
and we cannot guarantee any specific investmentor strategy will be suitable or profitable
for your portfolio. Always consult witha qualified investment, legal, or tax

(00:23):
professional before taking any action. You'veworked hard and save for retirement, but
remember it's what you do with thatmoney that really matters. How will you
ensure that you ring every nickel outof your Social Security benefits? Could you
pay fewer taxes in retirement? Andhow and when will you withdraw money from

(00:43):
your IRA? Or four A oneK. Welcome to Secured Retirement Radio with
Joe Lucy of Secured Retirement Financial.Jose a certified financial planner, fiduciary and
a contributor to The Wall Street Journaland has nearly twenty five years of helping
people just like you. This iswhere you can count on straightforward and objective

(01:04):
advice on how to make your moneygo further in retirement. And now here's
your host, Joe Lucy. Howmuch money do you think you need to
save to retire successfully in today's environment? Well? Is that five five thousand

(01:26):
dollars? Five hundred thousand dollars?Is it a million dollars? Is that
five million dollars? Welcome Security RetirementRadio. I'm Joe Lucy, certified Financial
Plannere. This week we got DylanMahlberg, our co host here, one
of our fiduciary advisors. We gotNate zellaroff with some college things with his
daughter. So thanks for joining us. Have you come up with a number,

(01:53):
Maybe it's a number that you've beenfocusing on that's going to allow you
to retire successfully. It's going toallow you to retire comfortably. Some people
may have this magic number that they'retrying to achieve, but there's really rarely
a rhyme or reason behind how thisnumber gets calculated. Sometimes savings and investing

(02:15):
for retirement, we recognize that it'scrucial, but achieving some random savings goal
may not necessarily ensure that you're goingto retire comfortably. I can show you
a long list of people that hadmillions of dollars in the bank with the
day they retired, but ended upgoing broke eighty five years old, chock

(02:38):
full of life and out of money. And I can show you a long
list of people that have saved amore modest amount of money, that were
blessed and had everything they needed andaccomplished everything they wanted and maintained their lifestyle
throughout their retirement years, spending inconfidence. So how do you know how
much money you're going to need toretire today? The truth is you really

(03:02):
don't know how much you need untilyou start to look at different areas,
critical areas of planning such as taxes, social security, healthcare, potential crisis
is down the road, or howto generate income or more so, coming
up in today's program here Dylan andI we're going to talk about this myth

(03:23):
behind achieving some magic number plus whatit really takes to retire successfully. Joe,
good morning, Good morning, Dylan. Yeah, you know, we
look at this and really, youknow, if you're looking at and you're
saving and investing for retirement, that'sthat's the great start to you know,
working towards retirement. But if youdon't have a game plan on how you're

(03:45):
going to start generating income as youmove into retirement, you could you could
find yourself at risk of burning throughyour entire life savings well before you had
planned on right, Joey absolutely,Dylan, And you know, we oftentimes
talk, you're on security retirement aboutthese two camps, these two camps of
retirees that we oftentimes see as theycome through our office and they start this

(04:09):
journey towards retirement. You know,there's one camp of families that are getting
ready to retire, and what they'redoing is they're living office savings. Their
plan is to take from the fouroh one K on a regular basis,
kind of as needed. But thismeans that every time that they take a
withdrawal out of that four oh oneK, they're going to see that savings
balance slowly start to dwindle. Sowhat ends up really happening here is that

(04:35):
these types of families end up livingin this constant fear of running out of
money, and well that's never good. Now there's another camp, and with
these families, the money that theyhave set aside, they've found a way
to make sure that it is constantlyworking for them. They probably have different

(04:56):
sources of income coming in each andevery month every quarter. The income affords
them this opportunity and the freedom comesalong with it to be able to spend
in confidence, knowing that the moneythat they have, this money that hits
the checkbook what we oftentimes call mailboxincome. Here, it's security retirement running
radio. It means that that moneyI'll hit the check book regardless of what's

(05:17):
going on in the four to onek balance. This allows them these opportunities
to achieve what they really want tothe purpose of their retirement, being able
to spend more time with the childrenor the grandchildren. Maybe it's traveling more,
having that second dream home down south, and not finding themselves in a
situation down the road their seventies oreighties finding out that they spent way too

(05:40):
much, way too fast, orthat well, the economic environments just didn't
work in their favor. Well,right, and we're talking about this magic
number that you know some families aretrying to save to in the reality is
that you know, generating income isin our opinion, it's secure terment radio.
Way more important is you move intoretirement planning and then just achieving some

(06:01):
savings number, some goal that you'retrying to get to. Whether it's five
hundred thousand, maybe it's a million, five million, whatever it is.
The savings goal isn't a plan,it's not a planet of how to generate
income. And sure, if youget to that savings goal, whatever that
is for you, you know,that's great that you've gotten there. But
the reality is, if you don'thave a strategy on how to take that
money back, you really don't evenknow how long that money's really gonna last

(06:25):
you. If you're just joining usto this morning on Scure Tenament Radio,
we are talking about how much moneyis really gonna take for you to be
able to retire comfortably. A lotof times we find families they've got this
magic number floating around their head.I need a certain amount in the savings
acount. And really, as wego through this today, I think what
we'll find is that a lot oftimes it really isn't so much about some

(06:48):
magic number. It's really about howwe have put together the strategies and the
planning in place so that you canmaintain and retire comfortably, spend confidently,
pay taxes, consciously we're going tohelp grow families wealth, but it's usually
becomes kind of the co star ofa plan because it's around how to make

(07:09):
sure we can spend in confidence,making sure that that money that you're going
to have is going to last alifetime. We talk a lot about a
golden decade. That golden decade isbetween that ages of sixty to seventy that
so many of us are looking toget serious about retirement. And when we
get into that period of time,as we really start thinking about retirement,

(07:29):
we need to start recognizing that theday we walk away from our jobs,
we need to find ways that wecan create income, much like a paycheck
that we've had since that very firstjob. You know, for me,
my first job was walking around theneighborhood trying to mow a couple of yards.
I ended up working for the Starin Tribune and delivering newspapers, and
along the way I worked at OldCountry Bufet and was washing dishes. But

(07:53):
every single one of those jobs allowedme an opportunity to have a check coming
in retire these checks have to bereplaced those families that have checks hitting the
checkbook regardless of what's going on intheir four to one KS and IRA balances,
tend to spend a lot more comfortablyunderstanding that these checks are going to

(08:13):
have to last us for twenty thirtyforty years. As we talk about today,
it's not necessarily just about some ultimatemagic number that I can achieve.
It's about how do I take thesenumbers that the balance is, how do
I create a planner on what wecall tax mark plan here at security retirement
so we can spend in confidence,pay taxes consciously, and still continue to

(08:39):
grow the wealth without compromising those moreimportant areas. You know, given what's
going on in the economy today,what's going on over in Europe right now,
the stock market, trying to growyour retirement savings, it looks at
least from the standing back, thatthere could be a lot more risks today

(09:01):
than there have been in any timein the more recent future or the past.
Most people don't typically think about it, but the fastest, maybe the
safest way that you can grow yourwealth, get more out of that nest
egg is by actually reducing your taxesthat you'll be paying out of these accounts
over the rest of your life.Why Well, because the less money that

(09:22):
you have to pay towards the Washingtond C there and your taxes. The
more money that you're going to beable to spend on you, your family
and achieving what your purpose is inyour retirement years. That's why we put
something together here today just for youthat are joining us on Secure Retirement Radio.
I'd like you to discover exactly howyou can dramatically reduce taxes in your

(09:45):
retirement with a free secured retirement taxsavings analysis. Now here's how this all
works. Will gather some basic informationwith you, We'll have you visit with
one of our fiduciary advisors, andthen we're going to determine some tax saving
strategies that are suited for you andyour specific situation. We'll sit down with
these strategies, we'll show you whatthose are. We'll give them to you

(10:07):
in a report that'll show you exactlyhow much money you could be saving with
a proactive tax smart approach. Ifyou'd like to schedule your complimentary tax smart
retirement savings analysis, the number tocall this morning is nine five to two
seven seven seven eighty eight thirty eight. I assure you we aren't talking about
some simple, obvious deductions that somebodythat might be doing your tax preparation might

(10:30):
find for you. We're talking abouttens of thousands, hundreds of thousands of
dollars, and well, there's afew of you joining us here to the
Unsecured Retirement Radio that would actually generatemaybe up to seven figures of tax savings
with just bringing tax savings into yourretirement planning. To schedule your tax smart
retirement savings analysis, give us acall right now at nine to five to

(10:52):
two seven seven seven eighty eight thirtyeight. That's nine five to two seven
seven seven eighty eight thirty eight comingup next. Do you know what will
likely be your largest expense in retirement. We'll share the answer when we come
back. He's still in Mahlberg.I'm Joe Lucy. There's more Secure Retirement
Radio in just a few moments.He's a certified financial planner, fiduciary,

(11:15):
and a contributor to the Wall StreetJournal. And he's no ordinary Joe.
You're listening to Joe Lucy on SecuredRetirement Radio. He's a certified financial planner,
fiduciary, and a contributor to theWall Street Journal. You may not
realize this, but it's kind ofa big deal. Welcome back to Secured

(11:37):
Retirement Radio with your host Joe Lucy. So, how much money does it
really take to retire successfully, toretire comfortably in today's environment? What is
that magical number? Well, youknow, savings and investing for retirement is

(12:00):
obviously very critical. But achieving asavings goal some magic number, well,
it may not necessarily ensure that you'regoing to retire successfully because you don't really
know how much money you're gonna needuntil you start looking at all the different
components that come into a retirement plan, until you have a plan around social

(12:22):
Security, how to pay less taxes, how to get more income, how
to make sure that you don't havea healthcare crisis, and more. Well,
welcome back to Scary Timement Radio.I'm Joe Lucy, I'm a certified
financial but I got Dylan Mahlberg joiningme in today. What we are doing
here on Secarity Timement Radio is we'retalking about how much money it really takes

(12:43):
to have a successful, a comfortableretirement in today's society. So coming up
in this segment here, let's talka little bit Dylan about why retirement planning,
why bringing in some tax components tothis can dramatically reduce the amount of
money that you're gonna be able tohave so that you can maintain your lifestyle

(13:05):
and your retirement years. Oh absolutely, Joe. And and when you look
at it, this generation of retireesis tax is gonna play a much larger
part of their retirement planning compared tomaybe what their parents look like. Who
you know, they retired, theyhad probably a pension, some social Security
and that's you know, maybe alittle bit of savings, and that's what
they that was their retirement. Alongthe way, as the pensions went away,

(13:26):
you were told to save in inthis bucket called a four to one
K. And and you're gonna fundyour own retirement as you as you went
on and and Joe, you talkabout this in your book where you're told
that you're you're gonna put this moneyinto the four to one K. Well,
you're working, you're gonna tax deduction. And then when your taxes are
higher because you're collecting a paycheck,you're gonna retire down the road, and

(13:46):
because you're retired, your income isgonna be lower, So therefore your taxes
are gonna be lower. When youtake that out and and Joey, you
call this grand illusion in your newtax in your new tax secrets book.
And and there's thousands of tires everyday that are waking up finding out that
that that just isn't going to bethe case for them. And you know,
the grand illusion, as you alludedto, Dylan, really has impacted

(14:09):
so many of us that are nowgot retirement on the radar. I remember
the very first time somebody said youneed to start setting aside money into these
retirement accounts. Now here's what theyshared with me. They said, we
want you to take and sacrifice someof this paycheck you're going to get.
And by putting into this account,you're going to get a tax deduction.

(14:33):
You won't have to pay tax onthe money. Now, the way that
this went was something along the lineslike this. By setting aside this money,
by growing it, compounding it,tax deferred, and allowing it to
grow, you're going to be amazedand how big the account gets. And
you know, as we look backtoday, I think that even if I
go back ten years, fifteen yearsago, twenty years ago, the amount

(14:54):
of money that many of us havebeen able to accumulate these accounts we're pretty
impressed with Remember how this all worked. You set aside this money, you're
going to defer it, and you'regoing to defer it while tax rates are
high. When you take it outto supplement your retirement, tax rates will
be lower. Now we're waking upas a retiree here today, ten thousand

(15:18):
boomers a day are waking up andrealizing that that's just not gonna be the
case. In fact, the amountof money that we will be paying in
taxes on the money that comes outof this are actually, in oftentimes much
higher than we would have paid hadwe just coughed it up and paid the
money up front. That grand illusionis something that we want to make sure

(15:39):
that every one of you understands that. Now that's water unto the bridge.
For the most part, it's notlike we're going to be able to undo
what's been done in the past,But it's about looking forward and looking for
simple, straightforward, defensive strategies.They can make sure as we take this
money out, that we don't haveto pay more than our fair share,

(16:00):
more morally, ethically, legally thanwe possibly have to win this money that's
been set aside. By doing so, it really means more money for you
and your family in retirement, moremoney to achieve those things that you're really
trying to do out of your retirement. And when we think about this,
I want to make sure that weare looking at really two different kinds of

(16:22):
ways to look at taxes. Nowthere's situational taxes, but there's also legislative
risk. By addressing your retirement plan, by bringing in look forward tax planning,
what you can do is you cannumber one, help mitigate this grand
illusion where we were told we'd payless tax when we take the money out,

(16:42):
But more importantly, look at howwe can situationally put ourselves in a
better situation tax wise, and mostimportantly protect ourselves from those things that Washington,
DC can do what we call legislativerisk, the situational risk. What
is something that many families should belooking at right now when it comes to
the situation of their taxes today.Well, I had a lot of families

(17:03):
in this situation where maybe they're afew years away from retirement and they're making
a you know, maybe a fairlyhigh income or they're making an income and
that in a few years they're goingto retire and there their situation is going
to change where they no longer goingto have that paycheck coming in, so
their income is going to drop,which in theory means that their taxes are
going to go down. And youknow, there's other situations where you're you

(17:26):
know, if you're older, maybeyou know, there's less deductions, their
mortgage is paid out. There's thingslike that that can change your tax situation.
Uh, in the future. That'sa situational risk, Joe, Why
don't you run into something that's maybeeven more important, which is which is
the legislative risk of this whole thing. Well, I'm looking at two years
and three months down the road.If I look at my calendar today,

(17:47):
it's funny because I'm already starting tolook at twenty twenty four. What are
some of the things that we wantto be doing. You know, when
do we want to be setting asidetime as a family to take that spring
break? When is my son gonnastart summer vacation, so that we can
start to look at how the familycaulenter and my business calenter, and how
my life and all these other thingskind of work together. And I'm already

(18:10):
into twenty twenty four. But Irealized that in twenty twenty five, now
that's the last year that we arecurrently on that we are going to be
able to generate or benefit from today'stax rates. It's not one hundred percent
guarantee here. Of course, Congressunderstand can change the tax laws on us
said any time. Every law that'sever been written in any code that's been

(18:33):
put in by the IRIS has onlybeen written in pencil, and they can
erase it and changed the rule bookat any time. We saw this as
recently it's just a couple of yearsago. With the Secure Act two point
zero that was passed in December,effective just a week or two later.
I want to make sure that weare looking at two years in three months
from now, because when they passedthe Tax Acts and Jobs Act, the

(18:53):
current what we call the Trump TaxAct, the forty year lows we are
all currently enjoying when it comes topaying taxes. When they passed this law,
they've made a provision and then thatsays that in January first, actually
December thirty first to twenty twenty five, but January first of twenty twenty six,
we're going to wake up and we'regoing to be under the old tax

(19:15):
rates. That means that the currenttax rates that we're enjoying are going to
end without Congress doing anything. Ofcourse, Congress can get together, they
could make some changes. Again,if I'm looking at the current shakeups even
within just different parties in there,and within maybe the Republican Party, it's
not even necessarily Republicans and Democrats.It's like what's going on just within the

(19:37):
Republican Party. The chances of uscoming together in Washington, d C.
I think is to make changes aroundthis tax that are getting less and less
well promising. So that means thatwe wake up on January first, the
twenty twenty six, and that's justtwo years and three months from now.
What does it mean for me taxwise? If I'm not making plans around

(20:00):
my investments today, if I'm notmaking plans for my retirement, if I'm
not making plans around just my overallfinancial situation. Looking at two years and
three months, where we're going tosee changes in tax brackets, we're going
to see changes that revert back withsome of the estate planning that many of
us should be looking at with ourretirement savings. Are you looking at this

(20:21):
now and are you planning around it. You may think that the best person
to go to would be your taxprepare, the one that's the CPA,
the account that's going through your booksevery spring and putting together this ten forty
return. But the reality is theone that should be probably helping work through
this and maybe working with that taxprepare is your financial professional. Are your

(20:45):
financial professionals looking at the amount ofeye ray money that you have the four
to one k is the four orthree piece and how that money's going to
be forced to come out somewhere downthe road. Are they looking at how
that's going to hit a tax retard? Are they adjusting the current tax rates
to what is very promising going tobe a tax increase in two years and
three months? Bringing this all together, having a comprehensive plan, it's not

(21:07):
just about you spending confidently or growingyour wealth. It's about how do I
pay taxes consciously so that I canhave a comfortable retirement. What I want
you to think about is understand thatthe amount of money that's in my four
to one case, we oftentimes wethink of this as our entire net worth,

(21:29):
but the reality is that you havean IRA here that's really an iou
you have somebody that's a partner inthis plan, and the partner in this
plan they have offices that are inWashington, d C. So if you're
concerned about the national debt we're inand how they could trigger higher taxes,
and how these higher taxes could takehigher amounts of the money that you set

(21:53):
aside and that you've sacrificed for yourown retirement, then you're not alone.
That's why many Americans take the stepstoday because they recognize that in two years
and three months, Congress could verywell be going back to higher tax rates.
But even more than that, theycan make changes in any legislative chance
this session that could completely change theway that our retirement savings are Now.

(22:17):
They've always gone back to the tenforty. It's not so much how much
your net worth is, but howmuch of that networth hits that tax return.
So I want you to learn howyou can dramatically reduce taxes in your
retirement with a free, customized securedretirement tax savings analysis. Here's how it
works. I'll have you visit withone of our fiduciary advisors. Here.
We're then getting to gather some information. We'll determine some tax saving strategies that

(22:40):
are straightforward, defensive that are bestsuited for you and your situation morally,
ethically, legally. We're going toshow you how you can take your current
tax situation and see exactly how muchmoney you could be saving with a proactive
tax approach. To get your taxMart Retirement savings analysis, there's only one
way to do it. You gotto call Secure Retirement Radio right now at
nine seven seven seven eighty eight thirtyeight. Now, I know our advisors

(23:04):
out there that charge thousands of dollarsfor this kind of planning. We're gonna
do this sit down with you,show you exactly much money you could save,
no cost for obligation. But you'llhave to call us right now at
nine to five to two seven sevenseven eighty eight thirty eight nine seven seven
seven eighty eight thirty eight to getyour tax Mart Retirement savings analysis scheduled right

(23:26):
now. Coming up next, Couldyou be taking on more risk in your
portfolio than you know or maybe youeven need to at this point in the
game. We'll dive into it whenwe come back. He's dolm Ohlberg,
I'm Joe Lucy and more. SecureRetirement Radio in just a moment. He's
a certified financial planner, fiduciary,and a contributor to the Wall Street Journal,
and he's no ordinary Joe. You'relistening to Joe Lucy on Secured Retirement

(23:49):
Radio. Fasten your seatbelts and putyour trade tables in an upright and locked
position. It's another action packed segmenton how to make your money go further
in retirement. You're listening to SecuredRetirement Radio. Do you have any idea

(24:15):
how much money it's going to takefor you to retire successfully in today's economic
environment? You know, the truthis this, you'll really never know exactly
how much money you're gonna need forthe future in your retirement years well,
and to get a better idea,you need to thoughtfully and comprehensively put together

(24:37):
a game plan. Isn't just abouthow much money I think I'm willing to
spend each year. It's about howmuch money I'm gonna need before I start
paying taxes? How do I getthe most out of Social Security? What
are the different sources of income?Will it be health care? Healthcare crisis
is? What are there changes amI not thinking about? And more so
Welcome back to Security Retirement Radio.I'm Joe lous See, certified financial planner.

(25:00):
I got Dylan Mahlberg, and todaywe were talking about how much money
it's gonna really take for you toretire comfortably. Now coming up in this
segment here what you can do tominimize investment risk. And by minimizing investment
risk, it helps make sure weknow how much money it's gonna take,

(25:22):
so we don't lose money we're gonnadeed down the road. Oh and and
you know, Joe, we geta we have a large opportunity to meet
with a lot of families that comethrough our office, and the majority of
the time is we're you know,kind of maybe looking at what the portfolio
looks like. When we're asking questionsaround you know, how do we generate
income, well, how do wetake the money back tax efficiently? We
get to that that wealth accumulation partof the planning process, and we find

(25:45):
that the majority of families are takingout a lot more risk than they than
they really think that they are intheir portfolio. And and as you get
closer and closer retirement, if ifyou see something happen in the market,
and you know, outside of anyone'scontrol, and you see your account's dropping
value as you're about to need thatmoney to spend in retirement. It could

(26:06):
be detrimental to so many families becausethere just isn't there simply isn't the time
for that the portfolio recover. Andwell, keep in mind that, you
know, there's a lot of financialprofessionals out there that well, they get
on their soapbox and they start stumpingabout how you should not be taking any
risk in your retirement. And Iwould not fall into that camp. But
on the other hand, there arecertainly a lot of financial professionals that say

(26:30):
that, you know, what gotyou to where you're at today is what
you need to continue to do downthe road. So let's see it high,
let's let it fly, let's tryto get the most out of this,
and let's just grow, grow,grow. Oh I'm not sure that
that's necessarily the best situation for mostfamilies either. Keep in mind, as
I am working, I got apaycheck and I've got years ahead of me

(26:51):
when I'm thirty five, when I'mforty five, I want to try to
grow the nest egg. It's abouthow do I set aside more money,
focus on growth, wealth accumulation,and that's the right thing to do at
that period of time. On theother extreme, I'm ninety five years old,
I'm looking back at my life.I'm looking at everything else that's occurred.
I was able to enjoy some ofthose family celebrations. I wasn't looking

(27:14):
at who was going dutch with mewhen we went out to dinner because I
knew that I could spend in confidence. When I get to eighty five,
ninety five, ninety five years old, To sit there and say that we
should be taking zero risk in ourretirement savings, that it's not about wealth
accumulation anymore would also be false.In other words, we get to a
certain point where mortality and things startto allow us to take on more risk

(27:40):
to try to grow wealth. Soif I look at this, if I'm
thirty five or forty five, I'mninety ninety five, I probably can take
the most amount of risk. Now, I'm bringing this back because when I'm
in my golden decade, if I'mbetween the ages of sixty and seventy and
the markets don't act well and Iretire to and something goes on with what's

(28:02):
going on in the Middle East,something goes on that blows up things around
Europe. Congress or Washington DC changessome rules. They make adjustments to maybe
Social Security or some of the otherpromises or things that have been threatened out
there. Now, when I amin this golden decade sixty to seventy,

(28:23):
I want to be more conscious abouthow to make sure I can spend in
confidence. That's more important than justpure wealth accumulation. I want to look
at how I can pay taxes consciousbecause that is more important than just wealth
accumulation. Wealth accumulation is still definitelypart of the plan. It's really the
co star of the plan. It'sthere to support the overall most important aspect

(28:45):
here, and that's to retire comfortably. So when I look at your thirties
and I compare it to your sixties, I compare it to your nineties.
Families that are in that golden decadewant to probably bring down the risk level
to the least amount of risk thatthey'll ever take, and then over time
they want to actually increase it sothat they can continue to grow wealth.
Ignoring this put you in a camplike we had talked about in the first

(29:08):
segment, where there are families thatare taking money out of their accounts,
and every time the markets act silly, the markets drop, they are in
fear because they're locking in losses andthey're unsure they're ever going to make this
money back. You want to betaking risk in your retirement because wealth accumulation
is still part of the game.So anybody that says it should all be

(29:29):
into something that never has any riskor really depending on your risk tolerance,
I suppose. But if somebody's eversaying you need to reduce all risk,
you don't always think that that's thecase. But for somebody that says you
should ignore risk and just try totee it high and let it fly and
continue to do what's worked, well, that's the surest way. I know
that somebody can be eighty five yearsold, full of life and broke because

(29:52):
a markets didn't work in their favor. Have you addressed the amount of risk
in your portfolio? Do you havea comfort level at exactly what that looks
like? Oftentimes, when families visitwith us, it's security retirement. Here.
One of the things that will makesure that they see as we go
through a financial scorecard is exactly whatwe would expect the markets to do historically,
mathematically or statistically, and how thatplays in an overall income plan.

(30:15):
Let the amount of risk in yourportfolio support an income strategy, not take
income because of what the portfolio allowsyou to take well. And ultimately,
Joe, what you're talking about hereis this sequence of returns risk, which
is a very real danger that retireesface. And you kind of alluded to
what this was, Joe, Butif you think about secrets of returns risk,

(30:38):
it's you know, you're taking acertain amount of money out of this
portfolio, and it's and if youcouple that with a you know the market's
not cooperating, you're essentially taking moneyout of a shrinking portfolio. Because you're
taking money out and because the underlyinginvestments you hold are losing value, you're
essentially locking in losses that can neverbe recovered. And like said Joe,

(31:00):
it's the best way to to runout of your life savings much sooner than
you originally anticipated. All because youknow you did, you're retired maybe at
the wrong time. And and ifyou don't take into consideration as you're putting
your plan together, a way tomitigate as many risks as possible that's appropriate
for your situation. You could findyourself in the eighties and full life and

(31:23):
chalk broke and you know, likeyou say, Joe going touch with the
kids at at the restaurant. Well, here's what a tax smart retirement plan
allows you to continue to do.It allows you to make a decision around
how your money is being managed.Tax smart retirement game plan will allow you
to have some clarity on the moneythat you should be spending, or if

(31:44):
you're spending more that you can makeadjustments, or if there's an opportunity that
you could spend uh that you thatyou get to optimize that as well.
That's where a tax smart game plandoes for you. Now, what it
doesn't do is it doesn't focus purelyon a portfolio alone. I know a
lot of times we focus only onthe investment results. We're sitting down with
the financial professional. It's like,here's what your quarter did last year,

(32:07):
and here's what we've done over thelast five years. We think you should
did a little bit more growth anda little less this, and it's the
adjustments around the portfolio. But that'sa plan around the portfolio. What I'm
really talking about here is that let'smake sure we have a plan about all
the different aspects of retirement. IfI'm looking at how much money I'm going
to need for retirement, doesn't itmake sense we want to know how much

(32:30):
money is going to go towards taxesfirst. If I'm going to look at
how much money I'm going to need, what's that magic number for me?
Don't I want to know what thedifferent sources of income are and how they're
going to last, and if somethinggoes along the way, how they could
be adjusted. Do I want toknow that if there's a healthcare crisis,
I've got my basis covered. DoI want to know that if they make
legislative changes around different areas, maybemore for your Medicare premiums, things like

(32:52):
this, how is that going toimpact me? Because I've already started to
look forward and I'm looking at theplan, not the portfolio. Because have
you saved and invested for retirement?That is obviously important, But the portfolio
is how much is in this savings? It's not a financial game plan.
How are you going to reduce taxes? With the iras and four one ks?

(33:14):
How will you pay for skyrocketing costsround healthcare down the road? Are
you going to generate enough income regardlessof what life throws at us? These
are just a few of the criticalquestions that you need to be asking and
tackled as you go through your retirementplanning. That's why I want you to
do something and why I'm offering somethingspecial just for today's listeners. I want
you to create. I want toshow you how we can start to draft

(33:37):
a comprehensive retirement game plan, andI'm not going to charge you a dime.
It's called the tax smart Retirement plan. And this is not some one
size fits all type approach. It'scustomized as Taylor specifically for you. It
addresses the biggest challenges you're going toface, taxes, social Security, healthcare,
IRA, withdrawals of more. Mostadvisors they charge lots of money for

(33:59):
this. Not gonna charge your dimenow. To schedule your tax punt retirement
game plan, you need to giveus a call right now at nine five
to two seven seven seven eighty eightthirty eight. See what approach like this
would do for you and your retirementso you can retire comfortably. Nine five
to two seven seven seven eighty eightthirty eight. Dialot right now nine seven

(34:22):
seven seven eighty eight thirty eight toget your tax My retirement game plan coming
up next. Ninety six percent ofAmericans lose an average of one hundred and
eleven thousand in Social Security income.And we'll tell you how you could avoid
this mistake when we come back.That still a mall brings one of our
fiducial advisors. I'm Joe Lucy,and there's more secure retirement Radio in just
a few moments. He's a certifiedfinancial planner, fiduciary and a contributor to

(34:45):
the Wall Street Journal, and he'sno ordinary Joe. You're listening to Joe
Lucy on Secured Retirement Radio. Couldyou pay fewer taxes of retirement and keep
more money in your pocket? Youbet you and Joe Lucy can show you
how. Welcome back to secured retirementRadio. You know, a cheating as

(35:13):
savings goal is great, but that'snot going to ensure that you are going
to be able to retire comfortably andretire with purpose. In fact, I
can show you a long list ofmillionaires folks that have set aside a ton
of money that ended up blowing itall when it came down to what's most

(35:35):
important. I can also show youfamilies that have saved a more modest amount
of money, that put together afinancial game plan and were able to accomplish
far more than they ever thought.Welcome back to Secure Retirement Radio. I'm
Joe Lucy, certified financial coluner.I got Dylan Maulborough. He's one of
our fiducial advisors here at Secure Retirement, and today we've been talking here about
how much money is really going totake. How much will you need in

(35:59):
the account so that you can retiresuccessfully in today's environment. Share with you
a little bit. It's not justabout a magic number. It's about how
to make sure that we have agame plan in place, and coming up
in this segment, how you canget the most out of your Social Security
benefits and how by focusing on thisyou can get more in your retirement years
than all quite possibly you ever thoughtwas possible. Well, and you know,

(36:22):
Joe, we've been talking about,you know, generating income this morning
and saving on taxes, taking themoney back tax efficiently. We've been talking
about risking your portfolio and the bestway to mitigate and the foundation of I
mean ninety nine percent of retirees thatI've available to them, the foundation of
their retirement income plan is going tobe around their Social Security benefits. It

(36:45):
checks almost all the boxes. Wedon't want to make sure we're looking at
this source of income and not justlooking at how do we maximize it,
but how do we optimize this benefitbecause, like the article from Forbes says,
ninety six percent of Americans are gettingthis wrong and it's costing them all
one hundred and eleven thousand dollars,and that's a lot of money. And
we want to make sure that you'regoing to be in that four percent that

(37:06):
is getting this right. Boy,Dylan, you talk about ninety six getting
it wrong, Let's let's bring thatto a positive note. Hey, congratulations,
four percent of us are getting thisright. If we're leaving one hundred
and eleven thousand dollars on average aswe make this very important decision, what
I think is the most critical foundationfor so many families around retirement. You

(37:29):
know, there's a possibility that youhave a pension. One out of five
retirees still do. Of those oneout of five, the amount of money
that comes from that pension oftentimes isnot going to allow us to get everything
we need. In fact, socialsecurity by itself is very likely going to
need supplemented by other things. That'swhy way back in the day, we

(37:50):
were told to set aside this moneyin this four one K four three B.
Let's put aside this money so thatwe can supplement our retirement years.
But I'm as sure something that alot of times, I think the reason
why so many of us get onlyfour percent are getting this right when they
become to this very important decision.Well, Number one, we've got to
understand that soul security is a foundationalpart of an income strategy that we talk

(38:15):
about here at Scary Time and Radiois about mailbox income. It's about finding
ways that we can have a paycheckcoming in each and every month, regardless
of what's going on in our fourto one K balance. Is so that
we can retire comfortably and we don'thave to stress every single time the market
takes a nose time. Number two, because not all of us have pensions,

(38:35):
we need to make sure that thismoney is going to last us or
or if we're married, maybe twolifetimes. How do we make sure that
a surviving spouse is going to handit out. And here's the other component.
If it's about retiring and spending confidently, and if your secondary goal is
no longer just about wealth accumulation,but how to pay taxes consciously, we

(38:57):
need to look at different sources ofincome and how they taxed along the way.
Social Security by itself, if therewas no other source of income that
you needed to fulfill your retirement purpose, if you had all the income you
needed to maintain your lifestyle and dothose things that you're trying to retire too.
If you didn't need any rental income, you didn't have a pension,

(39:20):
and it was just Social Security,and I could to fulfill that for you.
You would never pay another tax againon this income. If you're married,
you're single, divorce widowed. Nobodypays tax on Social Security income if
it's the only source of income inthe retirement years. It's only when we
have pensions, rental income, dividends, interest required minimum distributions that we start

(39:45):
paying tax on our Social Security.Now go talk to your accounting about this.
If you aren't sure that I'm youheard me right, because ask them
what's called about provisional income and howthat works and how we can coordinate that
together with the standard deduction in today'stax environment, and ask them with based
on your own numbers, if youwould ever pay tax on solid scurity.

(40:07):
If that's the only thing I'm gonnashare it with you, you won't.
The problem is we don't always lookat social security and we look at all
the different aspects. We only lookat it as a component, and all
too often families will take sol scarityat sixty two full retermination somewhere between sixty
six or sixty seven and seventy.Those are the three dates, the three

(40:27):
ages that we think about. Buthas anybody ever run for you an analysis
that shows you the difference between sixtytwo and sixty three and sixty four,
sixty five, sixty six, sixtyseven, sixty eight sixty nine you know?
Have you seen that? Have youseen how you can coordinate that benefit
with a spouse, if you're married, a former spouse, if you were
married for over ten years, youwere married for over two years, and

(40:51):
you're a widow. I mean,there's a lot of different components to this,
but the difference between taking it oneway and another can be a large
sum of money. And when Istart to bring in the tax component,
to this where not all of it'staxable, then the delta that spread gets
a little bit bigger. Now,it's not uncommon for families to go down
to the soul scaredy administration and say, they're gonna give me the right answer.

(41:15):
Ask anybody that's been down to thesoul scaredy administration, ask them when
they sat down with them and theyhad them put together their analysis and exactly
what the best time and date forthem to take their benefit was. If
that's Social Security agent who's doing afantastic job serving the public. Ever once
asked them if they had other sourcesof income. They don't ask you,

(41:36):
do you have a pension, doyou have a rental income? What's your
dividends? They don't ask you whatyou have in your retirement accounts. If
they don't know how much is inyour retirement account and they can't calculate how
much is going to come out asa required distribution at seventy three, how
in the world can they possibly tellyou how much you should take. And
that's why, gorn to Forbes,only four percent of us are getting sold

(41:57):
scurity right. We're leaving it onehundred and eleven thousand dollars on the table.
I'm on a mission. Let's getthis fixed. I want you to
get a SOL Scary analysis the morningthat you can only get from Secured Retirement
Radio. Here's how it works.We're gonna gather some information. We're gonna
look around other areas of these otherthings you have coming together, and we
will show you the best time anddate for you to optimize your benefits.

(42:21):
Now the analysis, it's gonna showyou exactly the right timing so you can
get the most out of your incomewith SOL security. I'm gonna show you
how to reduce eliminate paying tax onup to eighty five percent of the income
that you're getting, show you howto stop from doubling or tripling your Medicare
premiums because you aren't aware how thisworks. To schedule your SOL Scaredy Analysis
Ummers nine five two seven seven seveneighty eight thirty eight nine five two seven,

(42:45):
seven seven eighty eight thirty eight.So we got time for this week
on Scary Tiement Radio. But I'llbe back next Saturday. We'll see you
then. He's a certified Financial planner, fiduciary and a contributor to the Wall
Street Journal and he's no ordinary Joe. You're listening to Joe Loucy on Secured Retirement Radio
Advertise With Us

Popular Podcasts

Dateline NBC
Stuff You Should Know

Stuff You Should Know

If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.

The Nikki Glaser Podcast

The Nikki Glaser Podcast

Every week comedian and infamous roaster Nikki Glaser provides a fun, fast-paced, and brutally honest look into current pop-culture and her own personal life.

Music, radio and podcasts, all free. Listen online or download the iHeart App.

Connect

© 2024 iHeartMedia, Inc.