February 17, 2025 • 28 mins
In this episode of 'Risky Benefits,' sponsored by Humana, the hosts discuss the importance of 401k planning with Jim Matthau, retirement services manager for the Vista 401k team. Jim provides an overview of Vista 401k, a supplemental retirement plan for select Florida school districts, and emphasizes the need to start investing early. He explains the tax benefits, flexibility in contribution adjustments, and the importance of diversification within a single plan. The conversation also covers the advantages of consolidating retirement funds and highlights the support available from Serity Partners, an advisory firm. The hosts and Jim underline the goal of ensuring financial well-being for a comfortable retirement.
To listen in and subscribe to more episodes, visit our website: fbmc.com/podcast.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:03):
Hey, thank you for listening into risky benefits, a podcast
that informs you on all thingsbenefits.
We've got a saying around here.
Benefits isn't your mainbusiness.
It's ours.
Thank you to this episode'ssponsor, Humana.
At Humana, they know thathealthy, happy people power a
successful business.
(00:24):
Their dental, vision, life, anddisability plans let you
construct a benefits packagethat sets over 50 years of
experience.
They design plans to addressoverall and financial well
being, with products that offeraward winning services, broad
networks, and modern benefitsthat serve a wide range of
member needs.
Rick & Kyla Video (00:43):
Well, hey everyone and thank you for
listening to Risky benefits.
Welcome to this week's episode.
Today we're live So i'm going toread this out so that we can get
the intro through but jim ourguest jim Matthau.
retirement services manager forvista 401k team, which is a
component of fbmc Today's topicof 401k planning is important
(01:07):
for anyone who's looking tolearn and build a comfortable
retirement.
So, planning for retirement canoften feel overwhelming.
But as Jim is going to leteverybody know, it it doesn't
have to.
and so we're going to get intothis.
We're going to talk through alot of those components.
But before we do, it would bereally nice, Jim, if we could
just get to know you.
Maybe help the listeners get toknow a little bit about you.
(01:28):
so maybe just talk aboutyourself.
I know that you've got adisclaimer that our compliance
team has basically asked you toread.
So maybe start there.
Okay.
And then we can questionwhether.
We believe anything you sayafter that.
C0001 (01:42):
Well, we'll see.
I guess the disclaimer is that,the material that, I'm about to
provide you is for informationalpurposes and educational
purposes only and should not beconstrued as investment advice.
And, please keep in mind thatperformance of funds or stocks
or the market in general, pastperformance is no indication of
(02:03):
future performance and Andthat's it.
fbmc-marketing_2_02-05-202 (02:06):
Well done, sir.
Well done.
Um, I'm pretty sure, though,that you gave me some advice
right before Did I not takethat?
C0001 (02:13):
No, definitely not.
Rick & Kyla Video (02:14):
It was more of a, it was more of a thought,
really.
Yeah.
It was more thought sharing.
Um, no, that's super cool.
Um, Jim, super excited to haveyou on.
I know, like, most people thatare out there, everybody's
working and then hopefullypeople are pulling a little bit
out of that paycheck to, to putforward for the You know, unless
you work for the government andyou kind of have a pension
(02:36):
that's preset for you, um, mostof the people in the private
sector and many people in publicsector, um, are are operating
off of 401ks.
Um, we'll get into all that, butwould love to learn a little bit
about you just to share with thelisteners out there before we
get rolling.
About me personally?
Yeah.
Oh, okay.
C0001 (02:54):
Well, I, moved to Tallahassee 22 years ago I'm
married, have three kids, we areabout to see the last one off
to, to college.
So, gonna be.
What college?
We are waiting to find out.
Rick & Kyla Video (03:09):
Oh, exciting.
Is that like your I don't wantto say it because I know it's
not Florida State and everybodyhere is from Tallahassee,
C0001 (03:16):
South
fbmc-marketing_2_02-05-2025 (03:17):
but It's UF.
It's UF.
My other two graduated from UF.
Well, because they graduated, hewants to If he had his choice,
it would be UCF.
Rick & Kyla Video (03:26):
Okay.
C0001 (03:27):
I say it jokingly.
They're, they're and
Rick & Kyla Video (03:29):
it's
C0001 (03:29):
insanely hard to get into these
fbmc-marketing_2_02-05-20 (03:31):
days.
It's gotten so difficult.
It's crazy.
Yeah, absolutely.
So, anyway, my oldest is Mary,lives in Gainesville.
Mary, My daughter.
my daughter, My daughter's in,uh, in Jacksonville.
She graduated a couple of yearsago and, and, and my youngest
(03:54):
we'll see, but he's, uh,
C0001 (03:55):
like I said, almost out of the house.
My wife grew up here.
I'm from New York.
Long Island originally lived mywhole life there before moving
down And I have been with FBMCfor five and a half years as the
retirement Services Manager.
Okay, so I just, I'm going toask, as somebody who lived in
Long Island, York and, know, didthe winter thing for years.
(04:18):
I'm just curious, how did thatfeel this year going through the
Tallahassee cold spell?
Cause I loved it personally, butI'm just curious.
Did you have like a moment ofwhat is happening right now?
It was bizarre.
It was, I went out that nightwith, with my youngest and it
was about 10 o'clock at night,we went on a walk.
And I felt like I was back onLong Island.
It was crazy.
And the next day he built asnowman.
(04:40):
and just to say, I live inFlorida and I built a snowman In
Florida.
It was, it was amazing.
I, And it stuck around.
It was, I really enjoyed it.
It It was, I think everyone did.
It was pretty cool.
Yeah.
Rick & Kyla Video (04:53):
I, think that actually it's like we, we went
sledding.
We went and bought an air Nice.
And put all the kids on it andpushed them down this massive
hill, which they loved.
but the funnest, one of thefunnest things was the street
turned to pure ice Yeah.
and we were like, I took thebottom out of a dog kennel, like
that hard plastic.
Yeah.
I went flying down the street.
(05:15):
Oh, I bet.
It was amazing.
I loved it.
So it was fun.
Well, go ahead.
I know Kyle, you can get usrolling on the Yeah.
So why don't you just tell us alittle bit about Vista 401k and
what that is and, you know, justBackground on that.
C0001 (05:28):
Sure.
The Vista 401k is, it's asupplemental retirement plan for
five different school districtsin in Florida.
Miami Dade, Charlotte, Madison,Monroe, and Okeechobee.
It is a grandfathered in planwhere no other districts are
allowed to.
Enter the plan, and it onlyexists for those five.
(05:49):
Um, it is, let's see, the VISTAplan is an excellent option.
As you know, or may know, thedistricts have the FRS, Florida
Retirement System plan, wherethey have to do 3% of their
income, which is great and it'sa great foundation.
But ours is a supplemental plan.
(06:10):
It's optional for people whowant to save more than just the
3%.
And although the three percent'sa terrific start I really
believe you need that extra,supplemental plan.
And and, we're our goal is totry and get as many people to
see it that way as possible.
Rick & Kyla Video (06:27):
I guess like one of the questions I,
Generally would ask is you yousaid that it has certain
entities that are a part of itand it's not something that
people can now do, right?
Like the government changedlegislation on 401ks within
these types of it.
Why?
What's that all about?
Like what
C0001 (06:47):
the why of it?
Yeah.
I'm not exactly sure why theydid it.
It was a number of years ago.
I And it's, it's interestingbecause they've made it so no
one else can enter it and thento leave it.
has its pitfalls too.
It's it's expensive for thedistricts to leave it.
Although one Pasco County usedto be a part of it and they
(07:09):
left.
I don't know.
I don't know the logic that wentbehind it.
I know it's been in effect, Ibelieve, since 1986.
Rick & Kyla Video (07:15):
So they're get there in like take Florida
as an example.
They're in the Floridaretirement system.
Yes, but they're also This islike a supplement to that.
They're also being given theopportunity essentially, to put
funds into that program so thatthey can ultimately, have both
really, right.
and, and maximize theirretirement.
C0001 (07:36):
And the 401k is my, I mean, there's other options,
there's a 403b and a 457, but weoffer the 401k and anyone who is
doing that, who is looking toinvest, I recommend you just
investigate the plans, find outthe expenses, find out what sort
of service you get and that sortof thing.
And.
(07:57):
pick the best option.
We think it's us, but I'm surethe others would put up a good
argument as to why you should gowith them.
Rick & Kyla Video (08:02):
I mean, so ultimately, why is this a smart
move?
Why, Why?
Why do it?
Why do you think it's us?
C0001 (08:11):
It's just, you You have to, it.
you have to think about thefuture.
You have to think aboutretirement.
You have goals and aspirations,things you wanna do when you
reach that that age, and youwanna have the money there to do
it.
You might be under themisconception that The F.
R.
S.
will be enough and I just, Ithink you need more in
(08:32):
retirement to do the things youwant and I think you need to
sort of carve out enough moneyto do that and to invest and to
do it every pay period and neverstop and never, if you can avoid
taking loans out or things alongthose lines on the plan, it's I
think it's a necessity when you,when you sit down and you think
(08:53):
about the things you want to doin retirement, you have to then
sit down and say, well, how muchis it going to cost and where am
I going to be at that And thisis just one way to, to, to
secure that retirement.
Rick & Kyla Video (09:05):
Yeah, it's like Jackson, my son got in the
car the other day and he said, Iguess, I don't know if you heard
this on YouTube or where youheard it, but he basically goes,
Dad, would you take a milliondollars today?
Or would you take a penny?
If I give you a penny a dayevery day and double it, would
you take that over 33 days?
And I, I was like, all right, Ifeel like, 33 day.
(09:26):
I feel like this is a trap.
It's a question.
for sure.
It was like, so, I'm like, I'mit, of course it pops up, and
it's like, 30, you know, thisequals 5 million over 33 days,
and I was like, wait, so like,I'm like, it's And it's double,
but it's beating.
Double.
Double.
so the total value is gettingdoubled.
Yes.
Right?
And so that's what it was.
(09:47):
I think, like, when hecommunicated it to it was, like,
a little different.
But moral of the story, it'scompounding Yes.
And so it's really, reallygetting people to I guess, the
value of the compoundinginterest.
So, I mean, I, it stands toreason, like if you have a
pension, and then you canadditionally save in this other
tool, that's, that's growing oncompound interest, More at
(10:09):
better, Right.
Right?
And, And I guess like, Nowadays,they're telling people, man You
need like 3 million seems to bethis magic number that you hear
from a lot of people at point ofretirement Do you ever just stop
and think about how much moneythat is?
Yeah.
I mean the later you start youain't, you ain't hitting that
three million dollars, Right.
right?
(10:30):
Like if unless you're reallyreally getting after it
aggressively early.
Yeah.
C0001 (10:34):
Right, even so, you're, there's limitations with the,
you can do up to, uh, 23, 500 isyour max.
And then if you hit 50, 50 yearold or another 7, 500, some
legislation just passed thatallows you to do a little more
than that when you hit 60.
but you really want to get at ityoung and do as much
Rick & Kyla Video (10:55):
Yeah.
So I think there's like, there'sa stigma about like, I don't
need to start saving forretirement yet.
You know, do you have like a agesuggestion when you advise
people to
C0001 (11:07):
Yes, the moment you start working.
Because, I look at it now, Ilook at the, the VISTA plan in
particular, and one problem wehave with younger people people
under 40.
not investing it.
They make up a very smallpercentage of the plan, and once
they hit 40, it's like alightbulb goes off and they go,
Oh, my gosh, I don't have enoughmoney.
Oh no.
And where our efforts ormarketing efforts or education
(11:29):
efforts, to webinars, marketingmaterials and whatnot, but to
make people understand that itshould be day one, when you're,
when you just get outta schooland, or, you know, whether it's
high school or college, whetheryou're working as, oh, a janitor
or, or, a bus driver or ateacher or a principal, whatever
it is, Mm-hmm.You need to investright away and, and you need to
(11:53):
sit down.
It's, it's hard because whenyou're 23 years old.
you're never going to die.
And you're never going toretire, but you sit down and you
have to say, okay.
if you say you can't afford it,you have to investigate what
you're doing every week.
Do you go out and get a coffeeat Starbucks or I think Yeah.
Rick & Kyla Video (12:15):
Rick gets enough for everybody.
I don't do soda, but.
I know that most people whodon't do coffee do soda.
and or Coke, whichever you callit.
And, and, I I do because I gosit there.
I drink a coffee.
I do my work um, I've seen youyeah, yeah,
C0001 (12:35):
it's true, but just something, somewhere in your
life do I go out to lunch everyday?
Well, maybe I can bring mylunch, you know, And I can just
add a little bit more each time,a little bit more.
and
Rick & Kyla Video (12:48):
I If you start, right, the day you start
working, it's almost like youdidn't even know that it's
missing.
You know?
Right.
Exactly.
So, do me a favor.
Sorry guys, the light keepscutting out on my Talk to us,
uh, Jim about the tax benefitsof 401k.
C0001 (13:05):
Well that's, that's the other benefit of it.
You are, your, um, payrolldeduction is coming out pre tax.
so the amount of taxation,federal tax coming out of your
salary is going to be less.
because it's a smaller, smalleramount.
that money will get invested inthe 401k and you won't have to
deal with the tax ramificationsuntil you pull the money out.
(13:29):
And you're not, you're notallowed to pull the money out
until you hit 59 and a half.
There's hardships and loans youcan do along the way, but you
have to be 59 and a half.
But you don't have to pull itout 59.
when you, when the governmentstarts making you pull it out,
It's at 73.
And the assumption is you'regoing to be in a lower tax
bracket at that.
(13:49):
point.
So you're saving money on taxesup front and then again in the
back when you're, when you'repulling it out at a tax bracket.
Rick & Kyla Video (13:55):
So did everybody hear that?
You're saving money on taxes.
Yes.
That's great.
Yeah.
Um, so do you have a certainamount that you recommend
contributing?
C0001 (14:07):
Well, you know, we do a newsletter every quarter.
It just went out yesterdayactually.
And a lot of times we'll talkabout personal maximums, because
I said 23, 500 is your maximum.
Well, that's great.
It would be nice to be able toput away 23, 500, but each year,
And that changes each year.
The IRS comes up with different,uh, different.
(14:28):
know, higher amounts usuallyeach year, although the, the
catchup contribution at 50didn't go up this year, but you
have to look at your ownfinances and say, how much can I
afford?
And you have to look at what youspend money on and if you can
decide.
Okay, maybe you need that coffeeevery day.
You know, maybe you, but maybeyou go out to eat too much.
(14:48):
Maybe you're maybe your car is alittle too fancy.
Maybe you're spending too much.
You just have to investigate itand take that out and put it in
your 401k and choose your ownmaximum because every, just,
everyone has a point where theybump up against it and say I
can't put any more in.
(15:08):
I got to pay it.
The essentials.
So I would recommend doing asmuch as you can answer your
question.
Rick & Kyla Video (15:17):
You know, it's funny most of us if not
many of us um, Live in asubscription world now, right
like so Netflix is on asubscription who moves on a
subscription like Peacock IApple TV like I could probably
think of a million differentsubscriptions your gym
(15:38):
membership your cell phone, yourapple iCloud storage and the
list goes on And it's so funnybecause we, we, We pull this
stuff out We set it up to comeright out either go on a credit
card or come right over our bankaccount.
And we're doing this and youlook at it and it's
inconsequential because you'relike, Oh, it's, you know 10 a
(16:00):
month or less a dollar 99 forlike iCloud store, whatever the
storage requirement is And Ithink about that sometimes it's
like you get so used to doingthat they've now created apps
that go and help you find allyour subscriptions so you can
save and maybe cancel some ofthese subscriptions.
And it's like, man, that conceptof pay yourself like if you, if
(16:22):
your first subscription was your401k subscription and you
thought about it in a similarway, it's like, Which will lead
me kind of to my next question,which is how easy is it to
change that contribution overtime?
If you started with, and I knowthis is gonna sound stupid, a 1
of your salary contribution, youcould do that, right?
And then presumably, what, howfrequently if I, if I, over time
(16:46):
I was like, okay, now I wannamove to a 2%.
Now I wanna move to 3%.
Right now I wanna move to 4 andjust keep climbing that ladder.
You know, because I think like10 percent is what people say
you should strive for.
Well, maybe I am not able to dothat, to your point, right?
Sure.
But could I do 2%?
And I guess like, I think aboutthat.
(17:07):
If you do your percent first,pay yourself first, and then,
and then go pay somebody else ifyou want the Netflix, if you
want the Starbucks, you know?
Sure.
So, so could you answer thatthough about like how frequently
can I change the contributionamount?
C0001 (17:21):
Yes.
As far as.
Opening a plan or changing it.
You can do it anytime you want.
It's, pretty simple process.
you can, one thing we've donenow is previously it was a
dollar amount.
If you did 25 per page, everypaycheck or 50, it stayed that
way for years.
We're encouraging percentagesbecause that'll grow with your
(17:44):
salary.
and more will be put, excuse me,put away.
We have another process though,every year you can, on January
1st, set it up so it increasesautomatically.
So your percent to your pointgoes from one to two.
Maybe you don't even realize it.
You don't.
It's, It happens automaticallyon January 1st.
Wow.
And it's it's um,
Rick & Kyla Video (18:06):
It's like everything else goes up every
year.
That's right.
That's right.
I know, I keep getting notesNetflix telling me.
Oh, hey, it's going to cost youmore.
I'm like aren't I getting thesame videos this year that I got
last year like what did I, whatchanged
C0001 (18:20):
Or it freezes on you That makes you, Right, You know, how
much are we paying for this?
Yeah.
I
Rick & Kyla Video (18:24):
watched the Tyson.
Kinda.
Did you though?
I feel like I watched abuffering match is what I
watched.
Anyway.
C0001 (18:33):
Well, you can make it anytime.
I mean, you, you can increase itwhenever you You get a raise in
the middle of the year, you canbump it up or you just decide
you have some extra.
Yeah.
so it's super flexible.
It is flexible.
And like I said, you can sign upanytime you want.
Rick & Kyla Video (18:48):
Okay.
So when you do get to the pointof retirement, what happens?
How do you get, how do youaccess
C0001 (18:55):
Well, if you are, once you hit the magic age 59 and a
half, which I four months awayfrom Oh! happy, happy old age.
Yeah, it's a, it's 59 and a halfis when you can take, take it
out without penalty.
(19:15):
If you are, let's say you'reworking for the school district
and you leave the well you canleave the money there until you
59 and a half, or you can rollit out.
But, um, if you.
You are actually able to take itout and spend it if you're not
59 and a half, but there's a 10percent penalty.
You have to pay the taxes, whichis, you know, roughly around
(19:36):
20%, percent and then a 10percent penalty on top of that.
So you want to avoid thepenalty.
and really to do that, it's 59and a half.
That's the magic number when youwithdrawing funds without
penalty.
Rick & Kyla Video (19:47):
Okay.
Is there any kind of reasoningbehind 59 and a half?
I No, I mean, they keep changinglike the art.
Okay.
59.
5 is when you can start takingit out, but then there's a
point, and you don't have to,but there's a point where the,
where the government says, nowyou have to.
Take out, there's a formula whenyou hit.
(20:08):
It's changed, to 70 5.
they just keep pushing it back,and I guess the logic, it's 73
now.
People are living longer?
Yeah, they're living longer.
And then maybe you're, you know,cutting a little slack that you
don't have to pull it out.
Right.
They need additional funding inthere to help So it probably
benefits them to have Right,right.
(20:28):
Yeah, that's true, too.
Absolutely.
I mean, it's just the law oflarge numbers.
C0001 (20:32):
Right.
And so you don't have the thingabout the Vista plan, though, I
do want to say is when youretire, Right.
You do not have to take yourmoney elsewhere.
In fact, you can stay with theVista plan.
You have access to a companycalled Serity Partners.
We have a relationship with themand at no additional cost to the
participant, you're able toaccess them and talk about
(20:54):
finances and they can give yourecommendations and suggestions,
Not just on the VISTA plan, butother So if you stay with us,
you can keep your funds hereindefinitely and you have access
to that.
You can also roll funds into theVista plan from other retirement
plans, other qualified includingyour drop funds.
(21:14):
If you have dropped money andyou're going to take it out,
let's say the drop money is youhave to take your drop it's half
a million dollars, which itcould be.
you'll have, if you take thatall out.
And put it in your bank account,for instance, or put it in an
investment that is not aqualified plan, The government
sees it as you made 500, 000that you'll pay tax on.
(21:36):
You'll pay tax as though you'vejust made 500, 000.
000.
a year.
you roll it into a 401k plan,the Vista 401k plan or other
too, you are shielding it that.
And then you'll take, if you,hey, I need 5, 000 this year.
Well, you'll just pay taxes onthat.
won't get hit with the wholething.
So the idea is, Consolidation,Keeping everything in one place,
(21:59):
because if you work severaldifferent places, your plans are
sort of all over the place.
So roll it into the VISTA plan,put your drop funds in there,
and experience Serity Partners.
they're uh, they're a registeredinvestment advisory firm.
And they're there for you.
Rick & Kyla Video (22:13):
Well, and it's interesting, It's funny,
right?
People think aboutdiversification.
So they think about, oh, welli've got these different plans
out here operating.
Must be good, right?
Because that's likediversification.
No, no, no, no.
That's not diversification.
Maximizing your dollar, meaningthe more money you have, the
greater the interest can earn onthat mass of funds.
(22:38):
The more disparate it is, theharder it's going to be for your
money to work for you.
C0001 (22:42):
Yes.
And in addition to it's, youcould have 10 different plans,
but if they're all invested thesame way, there's no
diversification at all.
You could have it in one planand you can diversify And it's,
they misunderstanddiversification.
It's not having multiple plans.
Yeah.
It's having all your funds, moreso in one plan, spread out
(23:03):
across a variety Fund types.
Of fund types based on your risktolerance, time horizon, that
sort of thing.
Rick & Kyla Video (23:11):
Which is kind of a good, I mean it's a good
little note for those that arewatching and listening.
You know, irrespective ofwhether you're in our plan or
whether you're in another plan.
Start day one And start puttingmoney away because I mean look
at like I sit down in front ofour TV at night and um It
flashes old photos as ourscreensaver guys I I just I
(23:34):
can't even I look at thepictures of our kids and I can't
even believe that five ten yearshas gone By yeah, so I mean
think about like what you're ifyou're putting money away every
year and all of a sudden youturn around You're like, where
did this money come from and inmy retirement account?
Well, that's what happens whenyou Put stuff away and don't
think about it, right?
You know, it's what happenswhether you like it or not with
(23:56):
the kids.
It's sad.
I'm just watching them.
I'm grateful for it, but Yeah,absolutely.
C0001 (24:01):
Yeah, but I do recall everyone people saying that take
advantage of the time with yourkids when they're little because
it's fast.
And I'm like that crazy.
Another 26 Right.
So, yeah.
Rick & Kyla Video (24:11):
These are the 40 year olds who are like, Uh, I
probably should have beenputting money away for the last
20 years.
Well, right.
When you have three kids to sendto college.
And you're like, well, that'sgoing to, I'm not going to be
able to save that much thisyear.
I've got to pay for college,Right, right.
Well, I had a question here.
It's not really a question.
It's more of like, I feel like astatement to the people
listening.
Like, what are some of yourretirement dreams?
(24:33):
I mean, if you're listening tothis, Think through that, right?
I mean, there are things thatyou are going to want to do one
day.
You're not, yes, we all need toeat.
We may still have a mortgage,most likely, at that time.
Just depending on your lifecircumstances.
So you need to pay for a placeto live.
You still got your car and Idon't know, you may want a new
(24:53):
car.
Not drive the same car yourwhole life, right?
You still want to drink coffee.
you still want to roll up toLucky Goat or Wherever you like
to go.
Um, and so there's those things,right?
But then there's, hey, I wasfortunate enough.
To make it to this point andstill have my significant other
with me and we'd like to go dothings together Then there's
(25:13):
that aspect of life, right?
And or my grandkids are thereand I'd like to do things for
them, not just for myself And Ithink once you get to the point
where you're capable of doingthose things, if you didn't have
the funds, that's, I mean, it'skind of a sad thing, you know,
so you really hope, hope for thebest for people when it comes to
those things, but, uh, I guessthat's what I would say around,
(25:36):
like, what are your dreams?
Where would you like to go?
What would you like to do?
Um and consider, you know, wewill contributing to a 401k or
whatever your retirement methodis get you there.
right It'll definitely helpabsolutely.
Right?
Well, Jim, we save kind of afinal question just for
everybody who listens.
and it's really what else?
(25:57):
What else would you wantlisteners, uh, of risky benefits
to know?
C0001 (26:02):
Well, I think what I like to do is just quickly summarize
what we, because you can do itall in a nutshell.
It's invest early, do yourmaximum, continue to invest
throughout.
Do not stop investing.
And then when you hit 59 and ahalf, consolidate if you have
(26:22):
other plans elsewhere, bring,and if you have dropped funds,
consolidate, bring them all in,um, diversification, like we
said, is it doesn't mean youhave multiple different
investments.
It means you have one or twoinvestments and you've gone
through the process ofdetermining what type of
investment investor you are,what's your risk tolerance,
what's your time horizon.
(26:44):
what kind of stomach do you havefor the ups and downs of the
market?
And then once you get that allsettled, you can breathe easy.
And know, for instance, you cankeep the money at the Vista 401k
plan.
You can bring other funds in.
And we have professionals hereto help you out with your with
your investments.
As you get older, as you haveideas.
(27:04):
as your ideas change, and itshould be something you revisit
yearly because you change eachyear and you want to make sure
it's in the right investmentthat investment that is right
for you at that time in yourlife.
Rick & Kyla Video (27:17):
That's awesome.
Um, well, Jim, I'd love to thankyou for coming and spending time
with us today.
Thank you.
I'm Super grateful for theservice you provide for, many of
our clients.
And in addition to that, I'djust like to think the
listeners.
Thanks for listening today.
If you have any questions aboutthe program, please contact or
look for information on ourhomepage at www.
(27:39):
fbmc.
fbmc.
com.
Jim, if you don't mind the VISTAwebsite address.
Oh, yeah.
C0001 (27:44):
Uh, vista401k.
com.
Rick & Kyla Video (27:45):
Okay.
Perfect.
Um, and remember, for all thelisteners, you can find us and
subscribe on any podcast app.
So thank you and have a greatday.
Hey, thank you for listening into risky benefits, a podcast
that informs you on all thingsbenefits.
We've got a saying around here.
Benefits isn't your mainbusiness.
It's ours.
Thank you to this episode'ssponsor, Humana.
At Humana, they know thathealthy, happy people power a
successful business.
(00:24):
Their dental, vision, life, anddisability plans let you
construct a benefits packagethat sets over 50 years of
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They design plans to addressoverall and financial well
being, with products that offeraward winning services, broad
networks, and modern benefitsthat serve a wide range of
member needs.
Rick & Kyla Video (00:43):
Well, hey everyone and thank you for
listening to Risky benefits.
Welcome to this week's episode.
Today we're live So i'm going toread this out so that we can get
the intro through but jim ourguest jim Matthau.
retirement services manager forvista 401k team, which is a
component of fbmc Today's topicof 401k planning is important
(01:07):
for anyone who's looking tolearn and build a comfortable
retirement.
So, planning for retirement canoften feel overwhelming.
But as Jim is going to leteverybody know, it it doesn't
have to.
and so we're going to get intothis.
We're going to talk through alot of those components.
But before we do, it would bereally nice, Jim, if we could
just get to know you.
Maybe help the listeners get toknow a little bit about you.
(01:28):
so maybe just talk aboutyourself.
I know that you've got adisclaimer that our compliance
team has basically asked you toread.
So maybe start there.
Okay.
And then we can questionwhether.
We believe anything you sayafter that.
C0001 (01:42):
Well, we'll see.
I guess the disclaimer is that,the material that, I'm about to
provide you is for informationalpurposes and educational
purposes only and should not beconstrued as investment advice.
And, please keep in mind thatperformance of funds or stocks
or the market in general, pastperformance is no indication of
(02:03):
future performance and Andthat's it.
fbmc-marketing_2_02-05-202 (02:06):
Well done, sir.
Well done.
Um, I'm pretty sure, though,that you gave me some advice
right before Did I not takethat?
C0001 (02:13):
No, definitely not.
Rick & Kyla Video (02:14):
It was more of a, it was more of a thought,
really.
Yeah.
It was more thought sharing.
Um, no, that's super cool.
Um, Jim, super excited to haveyou on.
I know, like, most people thatare out there, everybody's
working and then hopefullypeople are pulling a little bit
out of that paycheck to, to putforward for the You know, unless
you work for the government andyou kind of have a pension
(02:36):
that's preset for you, um, mostof the people in the private
sector and many people in publicsector, um, are are operating
off of 401ks.
Um, we'll get into all that, butwould love to learn a little bit
about you just to share with thelisteners out there before we
get rolling.
About me personally?
Yeah.
Oh, okay.
C0001 (02:54):
Well, I, moved to Tallahassee 22 years ago I'm
married, have three kids, we areabout to see the last one off
to, to college.
So, gonna be.
What college?
We are waiting to find out.
Rick & Kyla Video (03:09):
Oh, exciting.
Is that like your I don't wantto say it because I know it's
not Florida State and everybodyhere is from Tallahassee,
C0001 (03:16):
South
fbmc-marketing_2_02-05-2025 (03:17):
but It's UF.
It's UF.
My other two graduated from UF.
Well, because they graduated, hewants to If he had his choice,
it would be UCF.
Rick & Kyla Video (03:26):
Okay.
C0001 (03:27):
I say it jokingly.
They're, they're and
Rick & Kyla Video (03:29):
it's
C0001 (03:29):
insanely hard to get into these
fbmc-marketing_2_02-05-20 (03:31):
days.
It's gotten so difficult.
It's crazy.
Yeah, absolutely.
So, anyway, my oldest is Mary,lives in Gainesville.
Mary, My daughter.
my daughter, My daughter's in,uh, in Jacksonville.
She graduated a couple of yearsago and, and, and my youngest
(03:54):
we'll see, but he's, uh,
C0001 (03:55):
like I said, almost out of the house.
My wife grew up here.
I'm from New York.
Long Island originally lived mywhole life there before moving
down And I have been with FBMCfor five and a half years as the
retirement Services Manager.
Okay, so I just, I'm going toask, as somebody who lived in
Long Island, York and, know, didthe winter thing for years.
(04:18):
I'm just curious, how did thatfeel this year going through the
Tallahassee cold spell?
Cause I loved it personally, butI'm just curious.
Did you have like a moment ofwhat is happening right now?
It was bizarre.
It was, I went out that nightwith, with my youngest and it
was about 10 o'clock at night,we went on a walk.
And I felt like I was back onLong Island.
It was crazy.
And the next day he built asnowman.
(04:40):
and just to say, I live inFlorida and I built a snowman In
Florida.
It was, it was amazing.
I, And it stuck around.
It was, I really enjoyed it.
It It was, I think everyone did.
It was pretty cool.
Yeah.
Rick & Kyla Video (04:53):
I, think that actually it's like we, we went
sledding.
We went and bought an air Nice.
And put all the kids on it andpushed them down this massive
hill, which they loved.
but the funnest, one of thefunnest things was the street
turned to pure ice Yeah.
and we were like, I took thebottom out of a dog kennel, like
that hard plastic.
Yeah.
I went flying down the street.
(05:15):
Oh, I bet.
It was amazing.
I loved it.
So it was fun.
Well, go ahead.
I know Kyle, you can get usrolling on the Yeah.
So why don't you just tell us alittle bit about Vista 401k and
what that is and, you know, justBackground on that.
C0001 (05:28):
Sure.
The Vista 401k is, it's asupplemental retirement plan for
five different school districtsin in Florida.
Miami Dade, Charlotte, Madison,Monroe, and Okeechobee.
It is a grandfathered in planwhere no other districts are
allowed to.
Enter the plan, and it onlyexists for those five.
(05:49):
Um, it is, let's see, the VISTAplan is an excellent option.
As you know, or may know, thedistricts have the FRS, Florida
Retirement System plan, wherethey have to do 3% of their
income, which is great and it'sa great foundation.
But ours is a supplemental plan.
(06:10):
It's optional for people whowant to save more than just the
3%.
And although the three percent'sa terrific start I really
believe you need that extra,supplemental plan.
And and, we're our goal is totry and get as many people to
see it that way as possible.
Rick & Kyla Video (06:27):
I guess like one of the questions I,
Generally would ask is you yousaid that it has certain
entities that are a part of itand it's not something that
people can now do, right?
Like the government changedlegislation on 401ks within
these types of it.
Why?
What's that all about?
Like what
C0001 (06:47):
the why of it?
Yeah.
I'm not exactly sure why theydid it.
It was a number of years ago.
I And it's, it's interestingbecause they've made it so no
one else can enter it and thento leave it.
has its pitfalls too.
It's it's expensive for thedistricts to leave it.
Although one Pasco County usedto be a part of it and they
(07:09):
left.
I don't know.
I don't know the logic that wentbehind it.
I know it's been in effect, Ibelieve, since 1986.
Rick & Kyla Video (07:15):
So they're get there in like take Florida
as an example.
They're in the Floridaretirement system.
Yes, but they're also This islike a supplement to that.
They're also being given theopportunity essentially, to put
funds into that program so thatthey can ultimately, have both
really, right.
and, and maximize theirretirement.
C0001 (07:36):
And the 401k is my, I mean, there's other options,
there's a 403b and a 457, but weoffer the 401k and anyone who is
doing that, who is looking toinvest, I recommend you just
investigate the plans, find outthe expenses, find out what sort
of service you get and that sortof thing.
And.
(07:57):
pick the best option.
We think it's us, but I'm surethe others would put up a good
argument as to why you should gowith them.
Rick & Kyla Video (08:02):
I mean, so ultimately, why is this a smart
move?
Why, Why?
Why do it?
Why do you think it's us?
C0001 (08:11):
It's just, you You have to, it.
you have to think about thefuture.
You have to think aboutretirement.
You have goals and aspirations,things you wanna do when you
reach that that age, and youwanna have the money there to do
it.
You might be under themisconception that The F.
R.
S.
will be enough and I just, Ithink you need more in
(08:32):
retirement to do the things youwant and I think you need to
sort of carve out enough moneyto do that and to invest and to
do it every pay period and neverstop and never, if you can avoid
taking loans out or things alongthose lines on the plan, it's I
think it's a necessity when you,when you sit down and you think
(08:53):
about the things you want to doin retirement, you have to then
sit down and say, well, how muchis it going to cost and where am
I going to be at that And thisis just one way to, to, to
secure that retirement.
Rick & Kyla Video (09:05):
Yeah, it's like Jackson, my son got in the
car the other day and he said, Iguess, I don't know if you heard
this on YouTube or where youheard it, but he basically goes,
Dad, would you take a milliondollars today?
Or would you take a penny?
If I give you a penny a dayevery day and double it, would
you take that over 33 days?
And I, I was like, all right, Ifeel like, 33 day.
(09:26):
I feel like this is a trap.
It's a question.
for sure.
It was like, so, I'm like, I'mit, of course it pops up, and
it's like, 30, you know, thisequals 5 million over 33 days,
and I was like, wait, so like,I'm like, it's And it's double,
but it's beating.
Double.
Double.
so the total value is gettingdoubled.
Yes.
Right?
And so that's what it was.
(09:47):
I think, like, when hecommunicated it to it was, like,
a little different.
But moral of the story, it'scompounding Yes.
And so it's really, reallygetting people to I guess, the
value of the compoundinginterest.
So, I mean, I, it stands toreason, like if you have a
pension, and then you canadditionally save in this other
tool, that's, that's growing oncompound interest, More at
(10:09):
better, Right.
Right?
And, And I guess like, Nowadays,they're telling people, man You
need like 3 million seems to bethis magic number that you hear
from a lot of people at point ofretirement Do you ever just stop
and think about how much moneythat is?
Yeah.
I mean the later you start youain't, you ain't hitting that
three million dollars, Right.
right?
(10:30):
Like if unless you're reallyreally getting after it
aggressively early.
Yeah.
C0001 (10:34):
Right, even so, you're, there's limitations with the,
you can do up to, uh, 23, 500 isyour max.
And then if you hit 50, 50 yearold or another 7, 500, some
legislation just passed thatallows you to do a little more
than that when you hit 60.
but you really want to get at ityoung and do as much
Rick & Kyla Video (10:55):
Yeah.
So I think there's like, there'sa stigma about like, I don't
need to start saving forretirement yet.
You know, do you have like a agesuggestion when you advise
people to
C0001 (11:07):
Yes, the moment you start working.
Because, I look at it now, Ilook at the, the VISTA plan in
particular, and one problem wehave with younger people people
under 40.
not investing it.
They make up a very smallpercentage of the plan, and once
they hit 40, it's like alightbulb goes off and they go,
Oh, my gosh, I don't have enoughmoney.
Oh no.
And where our efforts ormarketing efforts or education
(11:29):
efforts, to webinars, marketingmaterials and whatnot, but to
make people understand that itshould be day one, when you're,
when you just get outta schooland, or, you know, whether it's
high school or college, whetheryou're working as, oh, a janitor
or, or, a bus driver or ateacher or a principal, whatever
it is, Mm-hmm.You need to investright away and, and you need to
(11:53):
sit down.
It's, it's hard because whenyou're 23 years old.
you're never going to die.
And you're never going toretire, but you sit down and you
have to say, okay.
if you say you can't afford it,you have to investigate what
you're doing every week.
Do you go out and get a coffeeat Starbucks or I think Yeah.
Rick & Kyla Video (12:15):
Rick gets enough for everybody.
I don't do soda, but.
I know that most people whodon't do coffee do soda.
and or Coke, whichever you callit.
And, and, I I do because I gosit there.
I drink a coffee.
I do my work um, I've seen youyeah, yeah,
C0001 (12:35):
it's true, but just something, somewhere in your
life do I go out to lunch everyday?
Well, maybe I can bring mylunch, you know, And I can just
add a little bit more each time,a little bit more.
and
Rick & Kyla Video (12:48):
I If you start, right, the day you start
working, it's almost like youdidn't even know that it's
missing.
You know?
Right.
Exactly.
So, do me a favor.
Sorry guys, the light keepscutting out on my Talk to us,
uh, Jim about the tax benefitsof 401k.
C0001 (13:05):
Well that's, that's the other benefit of it.
You are, your, um, payrolldeduction is coming out pre tax.
so the amount of taxation,federal tax coming out of your
salary is going to be less.
because it's a smaller, smalleramount.
that money will get invested inthe 401k and you won't have to
deal with the tax ramificationsuntil you pull the money out.
(13:29):
And you're not, you're notallowed to pull the money out
until you hit 59 and a half.
There's hardships and loans youcan do along the way, but you
have to be 59 and a half.
But you don't have to pull itout 59.
when you, when the governmentstarts making you pull it out,
It's at 73.
And the assumption is you'regoing to be in a lower tax
bracket at that.
(13:49):
point.
So you're saving money on taxesup front and then again in the
back when you're, when you'repulling it out at a tax bracket.
Rick & Kyla Video (13:55):
So did everybody hear that?
You're saving money on taxes.
Yes.
That's great.
Yeah.
Um, so do you have a certainamount that you recommend
contributing?
C0001 (14:07):
Well, you know, we do a newsletter every quarter.
It just went out yesterdayactually.
And a lot of times we'll talkabout personal maximums, because
I said 23, 500 is your maximum.
Well, that's great.
It would be nice to be able toput away 23, 500, but each year,
And that changes each year.
The IRS comes up with different,uh, different.
(14:28):
know, higher amounts usuallyeach year, although the, the
catchup contribution at 50didn't go up this year, but you
have to look at your ownfinances and say, how much can I
afford?
And you have to look at what youspend money on and if you can
decide.
Okay, maybe you need that coffeeevery day.
You know, maybe you, but maybeyou go out to eat too much.
(14:48):
Maybe you're maybe your car is alittle too fancy.
Maybe you're spending too much.
You just have to investigate itand take that out and put it in
your 401k and choose your ownmaximum because every, just,
everyone has a point where theybump up against it and say I
can't put any more in.
(15:08):
I got to pay it.
The essentials.
So I would recommend doing asmuch as you can answer your
question.
Rick & Kyla Video (15:17):
You know, it's funny most of us if not
many of us um, Live in asubscription world now, right
like so Netflix is on asubscription who moves on a
subscription like Peacock IApple TV like I could probably
think of a million differentsubscriptions your gym
(15:38):
membership your cell phone, yourapple iCloud storage and the
list goes on And it's so funnybecause we, we, We pull this
stuff out We set it up to comeright out either go on a credit
card or come right over our bankaccount.
And we're doing this and youlook at it and it's
inconsequential because you'relike, Oh, it's, you know 10 a
(16:00):
month or less a dollar 99 forlike iCloud store, whatever the
storage requirement is And Ithink about that sometimes it's
like you get so used to doingthat they've now created apps
that go and help you find allyour subscriptions so you can
save and maybe cancel some ofthese subscriptions.
And it's like, man, that conceptof pay yourself like if you, if
(16:22):
your first subscription was your401k subscription and you
thought about it in a similarway, it's like, Which will lead
me kind of to my next question,which is how easy is it to
change that contribution overtime?
If you started with, and I knowthis is gonna sound stupid, a 1
of your salary contribution, youcould do that, right?
And then presumably, what, howfrequently if I, if I, over time
(16:46):
I was like, okay, now I wannamove to a 2%.
Now I wanna move to 3%.
Right now I wanna move to 4 andjust keep climbing that ladder.
You know, because I think like10 percent is what people say
you should strive for.
Well, maybe I am not able to dothat, to your point, right?
Sure.
But could I do 2%?
And I guess like, I think aboutthat.
(17:07):
If you do your percent first,pay yourself first, and then,
and then go pay somebody else ifyou want the Netflix, if you
want the Starbucks, you know?
Sure.
So, so could you answer thatthough about like how frequently
can I change the contributionamount?
C0001 (17:21):
Yes.
As far as.
Opening a plan or changing it.
You can do it anytime you want.
It's, pretty simple process.
you can, one thing we've donenow is previously it was a
dollar amount.
If you did 25 per page, everypaycheck or 50, it stayed that
way for years.
We're encouraging percentagesbecause that'll grow with your
(17:44):
salary.
and more will be put, excuse me,put away.
We have another process though,every year you can, on January
1st, set it up so it increasesautomatically.
So your percent to your pointgoes from one to two.
Maybe you don't even realize it.
You don't.
It's, It happens automaticallyon January 1st.
Wow.
And it's it's um,
Rick & Kyla Video (18:06):
It's like everything else goes up every
year.
That's right.
That's right.
I know, I keep getting notesNetflix telling me.
Oh, hey, it's going to cost youmore.
I'm like aren't I getting thesame videos this year that I got
last year like what did I, whatchanged
C0001 (18:20):
Or it freezes on you That makes you, Right, You know, how
much are we paying for this?
Yeah.
I
Rick & Kyla Video (18:24):
watched the Tyson.
Kinda.
Did you though?
I feel like I watched abuffering match is what I
watched.
Anyway.
C0001 (18:33):
Well, you can make it anytime.
I mean, you, you can increase itwhenever you You get a raise in
the middle of the year, you canbump it up or you just decide
you have some extra.
Yeah.
so it's super flexible.
It is flexible.
And like I said, you can sign upanytime you want.
Rick & Kyla Video (18:48):
Okay.
So when you do get to the pointof retirement, what happens?
How do you get, how do youaccess
C0001 (18:55):
Well, if you are, once you hit the magic age 59 and a
half, which I four months awayfrom Oh! happy, happy old age.
Yeah, it's a, it's 59 and a halfis when you can take, take it
out without penalty.
(19:15):
If you are, let's say you'reworking for the school district
and you leave the well you canleave the money there until you
59 and a half, or you can rollit out.
But, um, if you.
You are actually able to take itout and spend it if you're not
59 and a half, but there's a 10percent penalty.
You have to pay the taxes, whichis, you know, roughly around
(19:36):
20%, percent and then a 10percent penalty on top of that.
So you want to avoid thepenalty.
and really to do that, it's 59and a half.
That's the magic number when youwithdrawing funds without
penalty.
Rick & Kyla Video (19:47):
Okay.
Is there any kind of reasoningbehind 59 and a half?
I No, I mean, they keep changinglike the art.
Okay.
59.
5 is when you can start takingit out, but then there's a
point, and you don't have to,but there's a point where the,
where the government says, nowyou have to.
Take out, there's a formula whenyou hit.
(20:08):
It's changed, to 70 5.
they just keep pushing it back,and I guess the logic, it's 73
now.
People are living longer?
Yeah, they're living longer.
And then maybe you're, you know,cutting a little slack that you
don't have to pull it out.
Right.
They need additional funding inthere to help So it probably
benefits them to have Right,right.
(20:28):
Yeah, that's true, too.
Absolutely.
I mean, it's just the law oflarge numbers.
C0001 (20:32):
Right.
And so you don't have the thingabout the Vista plan, though, I
do want to say is when youretire, Right.
You do not have to take yourmoney elsewhere.
In fact, you can stay with theVista plan.
You have access to a companycalled Serity Partners.
We have a relationship with themand at no additional cost to the
participant, you're able toaccess them and talk about
(20:54):
finances and they can give yourecommendations and suggestions,
Not just on the VISTA plan, butother So if you stay with us,
you can keep your funds hereindefinitely and you have access
to that.
You can also roll funds into theVista plan from other retirement
plans, other qualified includingyour drop funds.
(21:14):
If you have dropped money andyou're going to take it out,
let's say the drop money is youhave to take your drop it's half
a million dollars, which itcould be.
you'll have, if you take thatall out.
And put it in your bank account,for instance, or put it in an
investment that is not aqualified plan, The government
sees it as you made 500, 000that you'll pay tax on.
(21:36):
You'll pay tax as though you'vejust made 500, 000.
000.
a year.
you roll it into a 401k plan,the Vista 401k plan or other
too, you are shielding it that.
And then you'll take, if you,hey, I need 5, 000 this year.
Well, you'll just pay taxes onthat.
won't get hit with the wholething.
So the idea is, Consolidation,Keeping everything in one place,
(21:59):
because if you work severaldifferent places, your plans are
sort of all over the place.
So roll it into the VISTA plan,put your drop funds in there,
and experience Serity Partners.
they're uh, they're a registeredinvestment advisory firm.
And they're there for you.
Rick & Kyla Video (22:13):
Well, and it's interesting, It's funny,
right?
People think aboutdiversification.
So they think about, oh, welli've got these different plans
out here operating.
Must be good, right?
Because that's likediversification.
No, no, no, no.
That's not diversification.
Maximizing your dollar, meaningthe more money you have, the
greater the interest can earn onthat mass of funds.
(22:38):
The more disparate it is, theharder it's going to be for your
money to work for you.
C0001 (22:42):
Yes.
And in addition to it's, youcould have 10 different plans,
but if they're all invested thesame way, there's no
diversification at all.
You could have it in one planand you can diversify And it's,
they misunderstanddiversification.
It's not having multiple plans.
Yeah.
It's having all your funds, moreso in one plan, spread out
(23:03):
across a variety Fund types.
Of fund types based on your risktolerance, time horizon, that
sort of thing.
Rick & Kyla Video (23:11):
Which is kind of a good, I mean it's a good
little note for those that arewatching and listening.
You know, irrespective ofwhether you're in our plan or
whether you're in another plan.
Start day one And start puttingmoney away because I mean look
at like I sit down in front ofour TV at night and um It
flashes old photos as ourscreensaver guys I I just I
(23:34):
can't even I look at thepictures of our kids and I can't
even believe that five ten yearshas gone By yeah, so I mean
think about like what you're ifyou're putting money away every
year and all of a sudden youturn around You're like, where
did this money come from and inmy retirement account?
Well, that's what happens whenyou Put stuff away and don't
think about it, right?
You know, it's what happenswhether you like it or not with
(23:56):
the kids.
It's sad.
I'm just watching them.
I'm grateful for it, but Yeah,absolutely.
C0001 (24:01):
Yeah, but I do recall everyone people saying that take
advantage of the time with yourkids when they're little because
it's fast.
And I'm like that crazy.
Another 26 Right.
So, yeah.
Rick & Kyla Video (24:11):
These are the 40 year olds who are like, Uh, I
probably should have beenputting money away for the last
20 years.
Well, right.
When you have three kids to sendto college.
And you're like, well, that'sgoing to, I'm not going to be
able to save that much thisyear.
I've got to pay for college,Right, right.
Well, I had a question here.
It's not really a question.
It's more of like, I feel like astatement to the people
listening.
Like, what are some of yourretirement dreams?
(24:33):
I mean, if you're listening tothis, Think through that, right?
I mean, there are things thatyou are going to want to do one
day.
You're not, yes, we all need toeat.
We may still have a mortgage,most likely, at that time.
Just depending on your lifecircumstances.
So you need to pay for a placeto live.
You still got your car and Idon't know, you may want a new
(24:53):
car.
Not drive the same car yourwhole life, right?
You still want to drink coffee.
you still want to roll up toLucky Goat or Wherever you like
to go.
Um, and so there's those things,right?
But then there's, hey, I wasfortunate enough.
To make it to this point andstill have my significant other
with me and we'd like to go dothings together Then there's
(25:13):
that aspect of life, right?
And or my grandkids are thereand I'd like to do things for
them, not just for myself And Ithink once you get to the point
where you're capable of doingthose things, if you didn't have
the funds, that's, I mean, it'skind of a sad thing, you know,
so you really hope, hope for thebest for people when it comes to
those things, but, uh, I guessthat's what I would say around,
(25:36):
like, what are your dreams?
Where would you like to go?
What would you like to do?
Um and consider, you know, wewill contributing to a 401k or
whatever your retirement methodis get you there.
right It'll definitely helpabsolutely.
Right?
Well, Jim, we save kind of afinal question just for
everybody who listens.
and it's really what else?
(25:57):
What else would you wantlisteners, uh, of risky benefits
to know?
C0001 (26:02):
Well, I think what I like to do is just quickly summarize
what we, because you can do itall in a nutshell.
It's invest early, do yourmaximum, continue to invest
throughout.
Do not stop investing.
And then when you hit 59 and ahalf, consolidate if you have
(26:22):
other plans elsewhere, bring,and if you have dropped funds,
consolidate, bring them all in,um, diversification, like we
said, is it doesn't mean youhave multiple different
investments.
It means you have one or twoinvestments and you've gone
through the process ofdetermining what type of
investment investor you are,what's your risk tolerance,
what's your time horizon.
(26:44):
what kind of stomach do you havefor the ups and downs of the
market?
And then once you get that allsettled, you can breathe easy.
And know, for instance, you cankeep the money at the Vista 401k
plan.
You can bring other funds in.
And we have professionals hereto help you out with your with
your investments.
As you get older, as you haveideas.
(27:04):
as your ideas change, and itshould be something you revisit
yearly because you change eachyear and you want to make sure
it's in the right investmentthat investment that is right
for you at that time in yourlife.
Rick & Kyla Video (27:17):
That's awesome.
Um, well, Jim, I'd love to thankyou for coming and spending time
with us today.
Thank you.
I'm Super grateful for theservice you provide for, many of
our clients.
And in addition to that, I'djust like to think the
listeners.
Thanks for listening today.
If you have any questions aboutthe program, please contact or
look for information on ourhomepage at www.
(27:39):
fbmc.
fbmc.
com.
Jim, if you don't mind the VISTAwebsite address.
Oh, yeah.
C0001 (27:44):
Uh, vista401k.
com.
Rick & Kyla Video (27:45):
Okay.
Perfect.
Um, and remember, for all thelisteners, you can find us and
subscribe on any podcast app.
So thank you and have a greatday.
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