Episode Transcript
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Speaker 1 (00:09):
And good morning and welcome. Thank you so much for
tuning in. You are listening to Let's Talk Money here
on eight ten and one O three one WGY. I'm
Ryan Bouche and will be your host for the next hour.
Excited to be here and happy to have all of
you listeners tuning in as you oftentimes do on Sunday
(00:33):
and Saturday morning. So I know we all appreciate it
and love having you part of the show. So if
you do want to be part of the show and
have questions or have a topic to discuss, again, give
me a call one eight hundred Talk WGY.
Speaker 2 (00:47):
That's one eight hundred eight two five, five, nine four nine.
Speaker 1 (00:52):
I have plenty that we can jump into and discuss,
whether it's market related, you know, the economy and the
fan and I know that's always been a hot topic
over these past few years, and you know, even more
so as we kind of enter twenty twenty five with
some added uncertainties and you know a number of financial
(01:12):
planning topics and things that we've been dealing with, you know,
as we work with clients, and you know, oftentimes I
think a lot of those situations may mirror some of
the listening audience's situations, right. We we oftentimes see a
lot of clients deal with the same challenges or you know,
(01:33):
questions and issues as they approach retirement or maybe entering
retirement and happy to talk about that. So again, we
have a great show today. Thank you for for tuning in.
One eight hundred talk WGY. That's one eight hundred eight
two five, five, nine, four nine. So we can talk
about the market this week. You know, earlier in the week,
(01:55):
a little shortened week. We had Monday off. I am
just getting back into it. We had you know, kids
school break this past week, so my three kids were
running around and.
Speaker 2 (02:08):
Enjoying their time and you know, now getting back to it.
Speaker 1 (02:11):
So we had a shortened week in the markets with
Monday being a holiday and Tuesday Wednesday we saw SMP
hitting all time highs and we kind of had to
reversal on the back half of the week. We can
you know, talk about what's driving that and really what
the you know, the motivation or or triggers for that
reversal midweek and what we're seeing in the overall market today.
(02:36):
You know, I saw a lot of headlines about this.
Maybe maybe you have too, but Warren Buffett having a
huge cash position right now and his Berkshire half the
Way fund, you know, and I think a lot of
maybe misinterpretation there or you know, concerns revolved around that.
Speaker 2 (02:53):
We could talk a little bit about.
Speaker 1 (02:54):
He just put out his client letter which had some
interesting topics within it, so we can we can talk
about that.
Speaker 2 (03:02):
You know, the FED in the economy.
Speaker 1 (03:04):
FED came out with the statement this week not necessarily
in a rush to.
Speaker 2 (03:10):
Cut rates.
Speaker 1 (03:11):
You know, I think the sentiment around the FED has
changed pretty dramatically since the second half of last year,
and I know the FED gets a lot of criticism
and you know, maybe sometimes rightfully so maybe sometimes not
so much. It's hard to you know, argue against what
they've been doing over the past few years. You know,
when you step back and we're kind of in this
(03:33):
relatively strong economy given all the challenges and headwinds that
that I think the FED has faced, given the level
of inflation and everything else that they've had to deal with.
But you know, we're kind of getting into this period
now where you know, maybe a little uncertainty around the economy,
maybe some uncertainty around what inflation is going to do next,
(03:54):
and so we're certainly seeing a little bit of a
different tone in perspective from the Fed and what that
will mean, you know, moving forward, whether it's you know,
how it impacts you directly. Maybe you're you know, approaching
wanting to buy a house and you're looking at, you know,
where mortgage rates are today and the impact that you know,
(04:16):
the ten year Treasury has on that. I think that's
really kind of the bell weather the benchmark that drives
a lot of our consumer lending rates, and so that
has a much bigger impact than kind of what we've seen,
you know, what the FED does on the short end
of the curve and the Federal Fund rates, which is
more of a very short term lending rate. And we've
(04:40):
actually you know, seen that reversal really since the FED
began cutting rates back in September, and so I don't
think a lot of folks were expecting that, and certainly
it's had that impact on the overall market because you know,
it's the fedest cut rates the longer end of the
curve with impacts again most consumers and their and their
(05:01):
ability to lend has gone straight up since then, and
and we've seen it be pretty volatile over the last
couple of weeks in months, and so we can kind
of talk about impact that's having there. You know, a
lot of a lot of I don't know, concern is
the right word, but definitely getting a lot more questions
from you know, either prospective clients or current clients revolving
(05:25):
the administration right now. And I do think, you know,
we've seen a lot of headlines and you know, we've
we've had a Trump administration in the past, we've had
four years of his presidency, uh, you know, prior to
President Biden.
Speaker 2 (05:36):
But a lot of you know, I think a lot.
Speaker 1 (05:38):
Of headlines recently have made you know, some folks a
little you know, uneasy as to what's next, whether it's geopolitically,
whether it's the impact of you know, trade discussions more
you know, home and domestically and how that's going to
impact you know, both markets, but you know, just the
(06:01):
general uh you know, sense of of what's going to
happen from here and some of that, you know, again
markets and in consumers, you know, individuals like you and me.
You know, no one really likes uncertainty. And I do
think some of the headlines have been you know, peaked
a little bit more from a uncertainty standpoint, So having
a lot of questions about that, if you if you
(06:21):
do yourself happy to kind of walk through some of
the you know, major topics there and then you know,
I said earlier, we can talk you know, some of
the conversations we're having with clients.
Speaker 2 (06:33):
You know, we we were talking a lot about the four.
Speaker 1 (06:36):
You know, the general four percent role, right, that came
up with some client conversations, uh this week. And you
know how we think about that, right, because we're working
with clients all the time. Uh, you know, our our
clients vary in terms of life situations. Some are still uh,
you know, high earners building accumulating wealth, Some are entering
(06:57):
that phase where they're starting to think about retirement you know,
in the next maybe couple of years, and others you know,
have been retired and have been doing it for some time.
But you know, oftentimes we do talk about, especially with
retirement strategies, you know, the four percent role, the old
tried and true four percent rule on distributions and and
(07:17):
what that means. And so we had some pretty extensive
conversations with clients this week and talking about how we
think about it, right, I you know, to me personally,
I don't think there's any you know, hard and fast
rules around this. I do think you have to you know,
I do think it's a you know, a good starting
place for a conversation or to be thinking about it,
and maybe just a rule of thumb. But there's just
(07:40):
so much more that goes into all of this, you know,
not only from you know, the dollars and cents, but again,
you know, we talk about this often too, is this
psychology around retirement and how much of a change that
is for so many people and you know, walking through
(08:01):
these conversations and these situations because it is, you know,
it is difficult even if you're in a great financial place.
You know, not only the change in your work life
and maybe going from you know, working to retiring and
all the changes that that brings about, but also the
(08:23):
psychology around money and your investments.
Speaker 2 (08:27):
Right You've been accumulating, you've been saving.
Speaker 1 (08:28):
You've been doing such a great job, and now all
of a sudden you have to start pulling from that,
and you know that makes it that has a huge impact,
I'm folks, and rightfully so, it is a big transition.
We were joking, how you know, oftentimes we react as
you know client, especially during this time of retirement, you know,
as as financial psychologists going through it.
Speaker 2 (08:50):
And that's a big part of our job.
Speaker 1 (08:51):
Like I said, you know so much on the uh
you know, the dollars and and the numbers and making
decisions based around that, but there are so many times
where we help clients navigate their financial situation and a
lot more of emotional senses and topics, and you know,
sometimes they can be difficult conversations, but I know how
(09:13):
much of an impact that has and how much we
can help clients go through that. So again, our phone
lines are open one eight hundred talk WGY. That's one
eight hundred, eight two five, five, nine four nine.
Speaker 2 (09:29):
We're gonna go to.
Speaker 1 (09:30):
The phone lines. We have Nick in Boston. Nick, how
are you this morning? Good?
Speaker 3 (09:37):
How were you Ryan? First time in a long time.
Speaker 2 (09:39):
I'm doing great. Thanks for calling in.
Speaker 3 (09:42):
So my question is on the economy what you were
just talking about, and really what what what indicators should
investors be watching right now? And has the market accounted
for some of Trump's policy volatility?
Speaker 1 (09:59):
Yeah, it's it's a great question, and this is something
like I said, we're talking to clients out often right now.
And you know, I think from an economic standpoint, right
the one thing that I think drives the economy. And
many people think this isn't you know, a one off idea,
but I think one of the most important, And we
had some readings this week that came out. Driver of
(10:21):
the economy right now is going to be the jobs market.
Right the labor market is critical to the strength of
the economy. Some folks are worried about, you know, maybe
some of these governmental job cuts, but you know, those
are those are immaterial when you kind of look at
it from a grand scheme of things. This week we
had you know, continued unemployment claims number came in below
(10:44):
average for the last three to four years. This is again,
this is just a sign of strength in the economy
in terms of kind of market indicators.
Speaker 2 (10:52):
I do think what we're seeing right now.
Speaker 1 (10:54):
Is a little bit of a change of pace within
this administration.
Speaker 4 (11:00):
Right.
Speaker 1 (11:00):
We had, you know, if you go back to Trump's
first term in office, right, technology stocks did really well,
Financials we had super a ton of strength in the
US markets versus overseas, and you know, since the inauguration
about a month ago, you know, we're kind of seeing
a little bit of a shift in the market. Consumer staples, healthcare,
(11:25):
some more defensive areas of the market are actually outperforming.
Speaker 5 (11:29):
Uh.
Speaker 1 (11:29):
This last month, we're actually seeing you know, consumer discretionaries,
you know, technologies a little bit flat. We're kind of
seeing a reversal of what we saw in his first administration.
Doesn't mean it's necessarily a bad thing. You know, we're
going to see, you know, shifts in the market. I
think some folks were spooped up with you know, some
of the tech valuations that we saw some of their investments.
Speaker 2 (11:51):
We can talk about this later into AI which.
Speaker 1 (11:53):
I think you know, long term are going to pay dividends,
but they're not seeing a lot of the growth on
the bottom line quite yet. So valuations are high there.
You're seeing a little bit of a rotation into defensive sectors.
But you know, I think when you take a step back,
you look at the economy, you look at the stock market.
You know, we're still in a healthy, you know, bull market,
(12:14):
and so I do think, you know, it may help
to have a little bit more diversification. Right We've seen
you know, the mag seven drive the market over the
last two years, especially this may be an opportunity to
just kind of look to rebalance portfolios or take a
step back and really see how, you know, understand your
risk sentiment and understand kind of where your you know,
(12:36):
maybe not have all your eggs in one basket, so
to speak. So that's kind of how we're thinking about
and what we're looking at right now.
Speaker 2 (12:42):
Nick.
Speaker 3 (12:45):
That's great, Thank you very much, appreciate the time.
Speaker 1 (12:48):
All Right, you have a great day again. Our phone
lines are open one eight hundred talk w g Y.
That's one eight hundred eight two five five nine four nine.
We're going to go back to the phone lines. We
have Jim in Rockland County. Jim, how are you this morning?
Speaker 5 (13:04):
Pretty good? How are you doing, Ryan.
Speaker 2 (13:06):
I'm doing great. Thanks for the call.
Speaker 5 (13:09):
One to ask you a question. I guess it really
concerns what I would call a prodigal air. We have
somebody that were my wife and I plan to leave
a chunk of money too, and the person really hasn't
demonstrated any ability to handle money. And I know annuities
are not big around the Bouchet household, and I was
(13:33):
just wondering what would my alternative be so that this
person receives an income but doesn't get a whole bunch
of money all at once.
Speaker 2 (13:43):
Yeah, this is a great question. And you know, to me, Jim,
this kind of this falls in line with some of
the work.
Speaker 1 (13:49):
We do around state planning, and you know, we don't
have state lawyers in house, but we work with our
clients pretty closely with their lawyers and outside professional to
really kind of navigate some of these situations and circumstances.
Speaker 2 (14:06):
And you know, in.
Speaker 1 (14:07):
Something like that, sometimes one of the best things you
can do is come up with, you know, a trust
that really lays out and can kind of help you,
you know, mitigate some of these financial risks, you know,
for your ben for the beneficiary. And that's what we
see oftentimes, where it's a situation where you maybe want
(14:31):
to have a little bit more control, you know, God
forbid anything were to happen to you. But you know,
when that time does come, uh to have those protections
in place. Oftentimes we do see it come through the
use of a trust and you can, you know, come
up with really specific whether it's you know, a certain
amount each year or you know, maybe limited access to
(14:55):
a certain age where maybe at that particular age you
feel more confident that this individ can handle the financial
responsibilities that go into it. And along those lines, you know,
finding you know, whether it's someone you know or going
more of an independent route, and we help clients do
this sometimes where you know, they need, they really want
(15:18):
an independent trustee to help manage some particular type of
trust for them, just so that there's no ill will
or hard feelings with someone that maybe be a family
member or a friend of the family and just go
to an independent trustee to kind of help manage and
help make those decisions for that individual. But like I said,
(15:42):
I mean outside of you know, I think you're probably
bringing up the annuity in terms of what pays out
on an annual basis and what they can access annually.
Speaker 2 (15:51):
That maybe can help control it.
Speaker 1 (15:53):
But I think if you have a situation that requires
some fine tuning or really you know, some parameters around it,
you know, one of the best ways to do it
is around a certain type of trust to lay that
all out.
Speaker 5 (16:09):
Okay, so it would be the responsibility would be the
trust see the success or trustee to dole out a
certain amount of money each year.
Speaker 1 (16:20):
Let's say, yes, so it could be that, but it's
also you know, a lot of the parameters can be
drawn up by you, right, and so kind of give
that framework and you know what, you know, maybe what's
allowed to be spent through you know, if it's an
annual allotment, whatever that is, how that money can be used,
(16:43):
you know, what it can go towards. And like I said,
that way the you know, there's guardrails up there, especially
for that uh success or trustee to be able to
handle those requests or disbursements throughout you know, whether it's
five year period, ten year period, twenty year period, whatever
that looks like. But you can you can really kind
(17:05):
of be the one to drive what those parameters are
and putting those guardrails in place, and like I said,
that takes a little bit of the onus off of
the trustee. They'll go, you know, they'll they'll be able
to use that document to you know, help make those decisions.
But it can be really laid out by you know,
the person who's who accumulated that wealth and in your situation,
(17:26):
if that's you to to really you know, work within
a state attorney to figure out what's most important for that.
Speaker 5 (17:34):
Okay, Well, I thank you very much for your help.
Speaker 1 (17:38):
Yeah, no, thanks for the question. And like I said,
this is something we've dealt with in the past, and
you know, sometimes these are could be challenging conversations, right,
you know, especially if there's a situation where you know,
the beneficiar maybe either on the younger side or you know,
maybe it's just a large amount of wealth. And you know,
(18:01):
we see that, right, I mean, it can it can
be overwhelming to maybe go from you know, nothing or
or not as much money and then come into this,
you know, kind of sudden, you know, if you're a
beneficiary of an estate whatever it may be, but that
(18:22):
financial burden and responsibility can be quite quite dramatic and overwhelming,
and you know, and sometimes those protections need to be
put in place, and like I said, one of the
tools and approaches that we see oftentimes is using a
trust right to help set those parameters and guidelines put
(18:44):
them into place to really help manage that on an
ongoing basis. You know, if someone were to pass and
having it with your beneficiary's one of the things that
we do too oftentimes. And maybe not a situation like
that right where we have to necessarily, you know, try
to protect or use a trust for those guardrails. But
(19:07):
when we were working with clients, you know, we stress
the fact that hey, let's let's build a relationship with
the rest of your family as well. Let's have these conversations.
Let's figure out what types of conversations are appropriate, you
know today, and and you know how much to share.
Speaker 2 (19:24):
Because not maybe not everyone.
Speaker 1 (19:26):
And there was actually it's funny because there was an
interesting article in bear it was in Baron's this weekend
talking about the different generations where you know, maybe that
boomer generation is more worried because you know, they came
from maybe their parents grew up during the Great Depression.
They kind of have more of a mentality around money
(19:48):
that there's just such a fear of running out. So
they have a different approach to managing their wealth or
managing their assets versus some of the younger generations, who
you know, want to do more for their kids maybe
or do more sooner for their kids. And that's what
the article is talking a lot about. And I think
that's generational for for a lot of different reasons, right,
(20:10):
But you know, sometimes it's hard having those conversations and
sometimes you know, folks who have accumulated wealth and maybe
are retired, you know, they want to keep things a
little closer to the vest. But you know, having these conversations,
bringing the family into a conversation can do tremendous amount
of you know help and you know, put them in
(20:35):
a position that you know they can better maybe better
handle this wealth, better handle you know, if especially if
it's multi generational wealth, being in that position to handle
that understanding, you know, tax impact understanding, you know, maybe
what was important from a value standpoint from the parents
(20:57):
who accumulated that wealth. In having those conversations can go
such a long way and better being able to better
manage that for that next generation.
Speaker 2 (21:07):
It's so important.
Speaker 1 (21:07):
So there's so many different ways to to kind of
go about that.
Speaker 2 (21:11):
But it's a great question, Jim, and I really.
Speaker 1 (21:13):
Appreciate you calling in and you know, sharing your thoughts
and you know, thinking that through. But yeah, no, that's
something that we deal with often and something that is
a you know, sometimes can be difficult conversations. But I
think get done in the right way and really done
with professionals and thinking through what's important and you know
(21:35):
that message you want to share, it can be done.
It can certainly be done. So I hope you know,
wish you all the best of luck and the approach
that you take, and I'm sure you'll find the right
approach that works for you and your family. We are
nearing our news break. I do have we have David
and Amsterdam. David, maybe I can go to you quick,
(21:56):
you can ask the question you have and then I'll
I'll jump back into it after the news break, but
we'll get you.
Speaker 2 (22:02):
And we got a little bit more than a minute.
So how are you. Good morning, David, Good morning Ryan.
Speaker 4 (22:07):
This is the you said, David. I'm almost sixty. I'll
be retiring in the next six to nine months. I
have I was convinced that every years ago to buy
a whole life policy. What are your thoughts about surrendering
that and using cash value to purchase a term policy instead.
Speaker 2 (22:25):
All right, yeah, that's a great question, David.
Speaker 1 (22:28):
You know, like I said, we're approaching the news so
I will get into that a little bit more after
the news break, but it it's a great topic, and
especially you know, if you're six to nine months from retirement.
I mean, to me, and we had this conversation with
clients on Friday, actually, you know, to me, life insurance
(22:49):
is all about income replacement, right, It's it's risk management,
and it's risk management to be an income replacement tool
for clients that are, you know, at retirement age or
very close to retirement age.
Speaker 2 (23:04):
There tends to be a lack of a need for
life insurance, right.
Speaker 1 (23:08):
I mean, you know, as long as you know you've accumulated, well,
you're in a position to retire, oftentimes you don't need
that income replacement at that time, unless maybe there's a pension,
you know, something along those lines where you know, maybe
there's some different planning needs. So, David, it's a great point.
I'm going to come back to this when we get
back from the news. So I appreciate you calling in
(23:29):
and thank you so much. Yeah, so we got we'll
be heading to the news break. When we come back,
we talk more about the markets. We'll get into this
conversation about life insurance. I think it's an important one.
And uh yeah, we'll have the second half of the show.
You're listening to Let's Talk Money here on eight pen
in one o three one w g Y. And welcome
(23:58):
back to Let's Talk Money here in eight ten in
one o three one w g Y. I'm your host today,
Ryan Bouschet. Appreciate all the listeners out there tuning in
and calling into the show. We had a great start
to the show first half. We're on the back half
now we get another thirty minutes or so. So if
you do have any questions, want to reach out, give
(24:20):
me a call one eight hundred Talk WGY. That is
one eight hundred eight two five, five, nine, four nine.
Speaker 2 (24:28):
You know, we can get into a little bit of
more of the market situation.
Speaker 1 (24:33):
Talked a little bit about kind of this rotation we're
seeing within the market, something that actually you know, started
a little bit second half of last year. I think
there is more enthusiasm within markets when Trump was elected
back in November. We saw that both you know, in
business sentiment surveys, we saw that in consumer surveys. We
(24:57):
and then we saw it in the market. Right it
was you know, we had a pretty good pop, you know,
with some of the you know, financials peck US equities
leading the way, which it kind of goes into that
original playbook. We talked about the Trump two point zero
playbook in terms of what it means to the market.
Those are a lot of the the strength in areas
(25:18):
of the market that did well during his first administration,
and you know, if we have similar policies or approach
to UH that administration, you know, you may see some
similarities into what's going to happen in today's market. But
we are seeing a little bit of ah, you know,
change in UH those leaders over the last month, and
I think there's been a little bit of uncertainty within
(25:40):
the market given you know, a lot of the headlines,
whether it's been tariff related, which you know goes into
inflation and what higher rates could mean. And we were
kind of in this you know situation where we thought
rates were going to come down at the end of
the year, and so the conversation sort of shifted and
(26:00):
sentiments shifted there. You know, they they kind of reverse
course on some of the initial talks of terrorists. But
you know, it's still a concern in inflation. You know,
I would say is one of the biggest impact to
consumer sentiment that we've ever you know, that we could
see when you when you have times of high inflation,
(26:20):
you you know, whether it's the you know, administration that's
in office and you know, being voted out. I think
that played a big role in in November's election, But
also you know, just kind of future expectations of what
we're going to see in the strength of the economy
and people's perception of it.
Speaker 2 (26:39):
Uh.
Speaker 1 (26:39):
You know, inflation is a big headwind and so still
on the table, I think, and I think folks are
still you know, a little nervous about that. We had
some headlines about you know, Russia or Ukraine, and you know,
these things may play out well, but you know, there's
still geopolitical concerns out there and that can always have
an impact on market. So again, I think you're seeing
a little bit of a shift to uh more defensive
(27:01):
areas of the market over the last month. But we've
seen this in the past. We've seen this over the
last two years even and you know, those defensive sectors.
If we truly are in this kind of mid cycle
bull market, you know we'll we'll do well in certain environments,
will do well maybe short periods of time, but it
may not be uh, you know, a long term thing.
Speaker 2 (27:23):
But you know, as I.
Speaker 1 (27:24):
Said earlier, I think you know, in especially as we
hit all time highs, right, it's a good time to
just take a quick step back, take a look at
you know, your portfolio and are you you know, is
your portfolio aligned with what your financial goals are? Doesn't
make sense? Are you you know, maybe things have gotten
a little you know, out of top out of your
(27:46):
risk tolerance, or you know, out of you know, what
your your.
Speaker 2 (27:50):
Target allocation may be. And that's okay.
Speaker 1 (27:52):
You know that's going to happen, you you we want
to ride that momentum, right, you know, we we talk
a lot about I had these conversation, I talk about
it on the radio oftentimes too. Is you know, sometimes
people get scared of the market when we hit all
time highs and history will show you, research will will
back it up. Is that, you know, believe it or
(28:13):
not investing at all time highs is the best thing
that you can do over time.
Speaker 2 (28:17):
It's actually better than not.
Speaker 1 (28:19):
Investing at all time highs over the course of the
market history. And the reason being is that you know,
when we're hitting all time highs oftentimes there's a lot
of momentum in the market. You know, all time highs
create new all time highs, and that's a good thing.
That's a good thing in bull markets. We know the
market's up more than it's down historically, and so you
(28:39):
know that momentum can be a good thing. But if
you know you're feeling, you know, some of that uncertainty,
if some of the headlines are you know, have you
a little bit nervous, You know, it's always a good
time to just reassess where you're at, take a step back,
look at your portfolio.
Speaker 2 (28:54):
You know, are you allocated the way you should be?
Speaker 1 (28:57):
And you know there's no you know, there's no formula
for that, there's no right or wrong answer for that.
Speaker 2 (29:02):
It was just talking to a client.
Speaker 1 (29:05):
Uh, I think on Thursday about this or maybe Friday actually,
but you know, we got to do sometimes that makes
the most sense for your situation. And hey, maybe maybe
certain decisions you know, may cost you a few dollars
long term, and you know, if that works for you
and it's okay, hey go with it. Right.
Speaker 2 (29:26):
You want to you want to be able to sleep
well at night.
Speaker 1 (29:28):
You want to be able to make decisions that you
are financially confident and comfortable, and you know it aligns
with what you're trying to get out of your financial situation.
And so you know, having walking through these conversations, going
through these discussions, like I said, there's there's sometimes there's
there's maybe not a right or wrong answer. Sometimes there is,
(29:50):
but oftentimes there's there's a lot of nuance, there's a
lot of gray area, and uh, you know, working with
an advisor and going through these conversations, like I said
at the start of the show, out sometimes acting as
a financial psychologist for a financial therapist for clients and
families is part of our job versus you know, just
(30:11):
coming up with the numbers aspect of it. So good
stuff there, and uh, you know it's uh, you know,
they're important conversations. And again I'll just go back to uh,
you know, earlier we had David Colin had a good
question about life insurance. I'll give our phone lines out
one eight hundred talk w G Y that's one eight
(30:31):
hundred eighty two, five, five, nine or nine. If you
do have questions or if anything I've gone over has
sparked a new topic, give me a call one hundred
again one hundred eight two, five, five, nine or nine.
Speaker 2 (30:47):
But to David's point, so sounded like David is approaching.
Speaker 1 (30:50):
Retirement, maybe six to nine months from retirement, and he's
got a whole life insurance policy and he asked, you
know what it makes sense to you know, get the
cash value out, maybe put it into a term insurance policy.
And so you know, without fully understanding or knowing what
that whole life policy looks like, what the cash value is,
(31:13):
you know what it was intended for. It's hard to
give an exact answer, but I will kind of talk
about the framework of how we think about insurance and
what the needs are as I shared just before break
you know, life insurance to me, and you know, I
think how we talk about it as a firm again,
it's really meant to be income replacement, right. You know,
(31:36):
maybe you're going through a situation where you have younger
kids and you know you want to make sure you're
saving for college for them. Maybe you have a situation
where you still have a mortgage on your home and
you want to make sure if anything were to happen
to you, you want that paid off, and obviously you
want an income replacement. So you know, we'll kind of
look at, you know, thresholds and what makes the most sense.
(31:58):
And in a client's personal situation, is it you know,
maybe one person working in one of the person's home
with the kids, maybe both spouses are working. How do
we you know, fit the framework of that income that
needs to be replaced. As you get closer to retirement,
you know, to me, there becomes less of a need
for insurance. Historically, with the state planning rules, you know,
(32:21):
that's where we saw the use of whole life insurance
as a wave for an estate planning tool. Because the
thresholds are so high today, it's less so. The other
time that I could see insurance being used, you know,
through retirement is if it's a situation where it makes sense. Right,
You've got to go through the numbers on this, But
(32:41):
maybe someone has a pension and rather than you know,
opt for some sort of spousal benefit upon death, they
look to purchase a life insurance policy instead to keep
a higher you know, pension payout, an annual monthly payout,
whatever that may be, and buy a life insurance policy
(33:02):
to help supplement that should anything happen because they chose
not to do a spousal benefit. You know, oftentimes we
do recommend the spousal benefit, but if it makes sense
from a dollar standpoint to not have that and to
supplement it with insurance, that may be a good way
to go about that, you know, David, in your situation
(33:22):
if you're six to nine months out for retirement, if
you don't have a need for insurance, and like I said,
I don't know the exacts of your whole policy, but
it may be worthwhile to you know, look to cash
out and maybe you don't need life insurance. Again, if
you're at retirement age, we tend to not see a
(33:43):
strong need for most.
Speaker 2 (33:44):
Of our clients to have insurance.
Speaker 1 (33:46):
So again, without knowing your full situation, maybe that doesn't
pertain to you.
Speaker 2 (33:51):
Maybe there's a reason why you do need insurance.
Speaker 1 (33:53):
But again just in terms of a general framework of
how we think about it, those are a lot of
the conversations that we have have and like I said, oftentimes,
especially with the cost of whole life policy as you
your retirement, that really may not be needed. We're huge
fans of term insurance. We think that's really the best
in terms of cost and what it gives you and
(34:15):
gives you the flexibility around it. And you know, we
also say, you know, insurance really shouldn't be a substitute
for like an investment.
Speaker 2 (34:24):
Right, A lot of.
Speaker 1 (34:25):
Times these whole life policies are are sold as a
investment where you know, again, insurance is a risk mitigation tool.
Life insurance in particular is a income replacement tool. You know,
we don't view it as something that should be, you know,
an investment for you because there's there's a lot of parameters,
there's a lot of costs that you know, it doesn't
(34:46):
always necessarily line up.
Speaker 2 (34:48):
So appreciate the call.
Speaker 1 (34:50):
If you have any other specific questions or something that
I can go off of from that, you know, feel
free to give us a call out the office, would
you know, be glad to help you as you go
through that decision making process. Again, our phone lines are
open one hundred talk WGY. That's one eight hundred eighty
(35:10):
two five five nine four nine. We have Pat in
Albany pack in morning.
Speaker 6 (35:17):
Hi, good morning. I am one of three individuals who
are beneficiaries of an irrevocable trust. Each one of us
is getting a different percentage. The trust is made up
mostly of stocks, some mutual funds, some cash. I have
three questions, what is the best or is there a
(35:39):
better way than not in taking the inheritance, whether it
be in kind transfer or cash before it's distributed. Number two,
do we each have to take it the same way?
And Number three, what kind of professional should I be
speaking with to consult with for additional questions.
Speaker 2 (36:03):
Yeah, no, Pat, I appreciate the call.
Speaker 1 (36:05):
And you know, if you're coming into this, I'm sorry
for the circumstances that maybe you are. You're coming to this,
you know, as we think about this, Yeah, there there's
you know, I would say probably not one rule in
terms of the approach to it, you know a lot
oftentimes too, it can be you know, it may be
written into the trust in terms of if there's any
(36:26):
stipulations or restrictions.
Speaker 2 (36:29):
In terms of the professionals working.
Speaker 1 (36:31):
With and we see this and we've been dealing with,
you know, with this a lot lately. Is you know,
usually it's a it's a you know, team of three,
I would say, right, because I think there's three big
elements that are usually being considered under these circumstances. One,
there's a state planning attorneys if if they help you know,
(36:51):
draft the trust or we're part of the estate, you know,
knowing what the you know, ramifications, stipulations, if there's any
again you know, guardrails around accessing the funds and what
the trust lays out, they can be a huge and
very valuable resource. Having a CPA and someone who understands
(37:16):
the tax implications is critical, especially if there's some complexities there.
We oftentimes will you know, whether it's in house with
with our tax CPAs or external CPAs working through this,
but understanding the tax situation is really critical.
Speaker 2 (37:34):
And then you know, I would say.
Speaker 1 (37:35):
Third, and a firm like ours, right, a financial advisor
wealth management firm maybe is helping manage the the funds
or need help managing the funds and making sure that
the management of those accounts is really aligning to what's
stipulated within the trust, you know, accounting for if there's
(37:57):
particulars from a tax situation in terms of you know,
maybe certain income needs to be paid out versus you know,
being able to dip into principle or whatever is being
laid out and uh put into that trust in terms
of the access to those funds is really really important.
Speaker 2 (38:16):
So having all three, I think working together and really
coming up with the solid plan it is really important.
Speaker 1 (38:25):
And like I said, that's something that we've been working
with clients a lot lately. It seems like because you know,
there there can be some complexities with this and inheriting,
especially with the you know underlying wishes of the trust
and how it's laid out. There can be very kind
of unique factors and circumstances surrounding that. So that's that's
(38:47):
I think historically how we see, you know, the best
way to kind.
Speaker 2 (38:52):
Of approach it.
Speaker 6 (38:54):
Okay, that sounds great, thank you.
Speaker 2 (38:58):
Yeah, hopefully that helps answer.
Speaker 1 (39:00):
I know, I'm sure there's a lot of unique circumstances
surrounding that and hard to get into, you know, every
bit of it, but you know, kind of from a
high level, that's that's how i'd be thinking about it
and oftentimes what we come across when we're working in
that type of situation.
Speaker 6 (39:16):
All right, well, thanks so much, Ryan, I appreciate it.
Speaker 2 (39:18):
Have a great day you as well.
Speaker 1 (39:20):
I thank you for the call, and it was really
good topic and like I said, one that can be
rather complex depending on the situation.
Speaker 2 (39:30):
So thank you for calling. Impact.
Speaker 1 (39:32):
We have about ten minutes left. I'm going to go
and take a quick commercial break, but when we come back,
well the last piece of the show, you can give
me a call.
Speaker 2 (39:41):
One eight hundred talk WGY.
Speaker 1 (39:43):
That's one eight hundred eight two five five nine four nine.
Speaker 2 (39:47):
You're listening to Let's Talk Money.
Speaker 1 (39:48):
Here on eight ten in one O three one WGY
and welcome back to Let's Talk Money here on eight
ten and one O three one w g Y. I'm
Ryan Bouchet and I am your host today. Thank you
(40:09):
so much to all the listeners tuning in. Thank you
to the callers who called in some great questions so
far today, we still have another seven or eight minutes.
If you do have any questions or want to be
part of the show, give me a call one eight
hundred talk w g Y. That's one eight hundred eight, two, five, five,
(40:30):
nine or nine. We talked a lot about some planning
topics today, and I think that's appropriate given you know,
the work that we do as a firm, and I
can tell you just how important that financial planning aspect
can be. And you know it goes to that concept
(40:52):
and you know there's probably different ways to discuss it
or talk about it, but you know, especially in how
we're meeting with clients, right, there's maybe that difference of
like IQ and EQ, right, the emotional intelligence versus you know,
I Q intelligence if you will, And I think you
know that goes into not only you know, how you
(41:14):
meet communicate with folks, but you know how we think
about planning as well. Right, there's there's kind of like
the hard number objective part to planning, but then there's
a huge element of the subjective, right, that emotional aspect
where you know, again maybe based on the numbers, a
(41:34):
certain decision you could argue makes more sense, but emotionally,
you know what's the right thing for your situation, what's
the right thing for your circumstances, And so much of
the planning is part of that, right having you know,
having these deep conversations, understanding what's going on in our
client's lives, Understanding what's important, Understanding you know where their
(41:58):
values lie, where you know they are most comfortable, because
you know, at the end of the day, right you
you know, your money, what you've accumulated, is there to
support your wants, your desires, your financial needs.
Speaker 2 (42:12):
And that's going to be different for everybody.
Speaker 1 (42:14):
You know, everyone's going to have different priorities, you know,
things that they value most, especially financially, and being able
to walk through that having those conversations and you know,
part of the retirement process, as I said, and I
was working with a number of clients this week that
it pertained to is right you want to know if
(42:34):
you want to see the numbers, right, you want to see, hey,
I've accumulated X. Can I live off of why for
the next thirty years or whatever it may be. And
you know, you can show that and it can be
a high uh probability of success. Right, And that's fine
and well, and that's great, and you kind of see it,
(42:56):
you know what, you understand it. But there is a
there's a q emotional toll that folks go through as
they retire that you know, you're going from a point
again of accumulation. You've you've worked for you know, forty
plus years oftentimes you've accumulated all this wealth and you've
done a great job, you know, saving hard, you know,
(43:19):
finding ways to you know, extra pennies, dollars, putting into
a savings.
Speaker 2 (43:23):
Account so you can, you know, get to that next
phase of life.
Speaker 1 (43:26):
You can get to that retirement phase and be comfortable
and be set.
Speaker 2 (43:32):
But there's a there's a big switch.
Speaker 1 (43:34):
It's hard to turn that switch on where again you
go from that accumulation to now of a sudden you're
withdrawing from that wealth, right, You're trying to preserve that wealth,
and it's not easy, right and rightfully. So it's it's
a huge shift. Not only that, but you know, your
life changes a little bit. You think maybe going to
(43:56):
work every day and now you have to find, you know,
something to you you know, fill that void if you will,
and and that can be difficult in of itself.
Speaker 2 (44:06):
So there's a lot that goes into that process.
Speaker 1 (44:09):
And uh, sometimes we've had clients that even joke about that,
they're like, oh my god, this this did this felt
like a you know, therapy session, like are.
Speaker 2 (44:18):
We are we alone in this?
Speaker 1 (44:19):
Like you probably don't deal with that often, and we say,
you know, believe it or not, we really do during
this phase because it is.
Speaker 2 (44:26):
It is difficult. It's hard, and you want to you know,
you want to be making the right decisions.
Speaker 1 (44:30):
You want to be you know, having that partner with you,
you know, not just your spousal partner, but you know,
financial partner being able to be there, you know, give
you that guidance, give you that help and support that
you need as you go through these you know difficult
not that it's you know.
Speaker 2 (44:47):
Oftentimes it's it's a great time.
Speaker 1 (44:49):
Right, You've you've gotten to that point where you can
actually you know, retire and do it. Yeah, yeah, there's
retirement parties, right, it's a time for celebrating, but there
is a there is an emotional you know, change and
toll that that can bring on to and and working
with an advisor, working with someone who you trust and
can give you that guidance, can can make a huge difference.
(45:10):
And I do think you know, through the planning phases
and you know, a lot of the questions that we
had today about planning for a beneficiary or maybe inheriting
a trust, you know, thinking about life insurance as you
near retirement. I mean, these are all topics of planning
need and you know, it's.
Speaker 2 (45:33):
It's so important.
Speaker 1 (45:34):
It's so important to you know, figure out, have a
game plan, know what you're doing, and it makes going
through more difficult times, whether it's market difficulty, you know,
maybe something in your own personal life. Having that framework,
having that plan in place, makes going through that all
the much easier. It's you know, and maybe not everything
(45:57):
is going to be easy, but you know, having that
plan to fall back on, knowing that your financial affairs
are in order, knowing that you have something to fall
back on, and having that plan in place, and then
you know on top of that, having the trust and
guidance of a professional walking you through that or working
with you is you're making those decisions can make a
(46:20):
huge difference. So, you know, that's a lot of the
work that we do here at Bouchet, and you know,
I think it's what really sets us apart in our
relationships and in all the work that we do with
our clients. And we're so fortunate that they trust in
us to be part of that because they're you know,
they're very personal matters. I mean, finance is so personal.
(46:44):
Until you know, have the benefit and be able to,
you know, help our clients through these decisions and these
phases of their life is such an honor and we
we certainly don't take it for granted, and it's such
a great part of our job. So I will leave
it at that for today. We got about twenty seconds
(47:06):
left in today's show. Thank you so much for everyone
tuning in. You can catch us on Saturdays at ten
am and Sundays at eight am. So for the callers listeners, again,
thank you. I hope everyone has a great rest of
your weekend. You're listening to Let's Talk Money here on
a ten one oh three one WGY.
Speaker 2 (47:26):
We'll see you next weekend.
And good morning and welcome. Thank you so much for
tuning in. You are listening to Let's Talk Money here
on eight ten and one O three one WGY. I'm
Ryan Bouche and will be your host for the next hour.
Excited to be here and happy to have all of
you listeners tuning in as you oftentimes do on Sunday
(00:33):
and Saturday morning. So I know we all appreciate it
and love having you part of the show. So if
you do want to be part of the show and
have questions or have a topic to discuss, again, give
me a call one eight hundred Talk WGY.
Speaker 2 (00:47):
That's one eight hundred eight two five, five, nine four nine.
Speaker 1 (00:52):
I have plenty that we can jump into and discuss,
whether it's market related, you know, the economy and the
fan and I know that's always been a hot topic
over these past few years, and you know, even more
so as we kind of enter twenty twenty five with
some added uncertainties and you know a number of financial
(01:12):
planning topics and things that we've been dealing with, you know,
as we work with clients, and you know, oftentimes I
think a lot of those situations may mirror some of
the listening audience's situations, right. We we oftentimes see a
lot of clients deal with the same challenges or you know,
(01:33):
questions and issues as they approach retirement or maybe entering
retirement and happy to talk about that. So again, we
have a great show today. Thank you for for tuning in.
One eight hundred talk WGY. That's one eight hundred eight
two five, five, nine, four nine. So we can talk
about the market this week. You know, earlier in the week,
(01:55):
a little shortened week. We had Monday off. I am
just getting back into it. We had you know, kids
school break this past week, so my three kids were
running around and.
Speaker 2 (02:08):
Enjoying their time and you know, now getting back to it.
Speaker 1 (02:11):
So we had a shortened week in the markets with
Monday being a holiday and Tuesday Wednesday we saw SMP
hitting all time highs and we kind of had to
reversal on the back half of the week. We can
you know, talk about what's driving that and really what
the you know, the motivation or or triggers for that
reversal midweek and what we're seeing in the overall market today.
(02:36):
You know, I saw a lot of headlines about this.
Maybe maybe you have too, but Warren Buffett having a
huge cash position right now and his Berkshire half the
Way fund, you know, and I think a lot of
maybe misinterpretation there or you know, concerns revolved around that.
Speaker 2 (02:53):
We could talk a little bit about.
Speaker 1 (02:54):
He just put out his client letter which had some
interesting topics within it, so we can we can talk
about that.
Speaker 2 (03:02):
You know, the FED in the economy.
Speaker 1 (03:04):
FED came out with the statement this week not necessarily
in a rush to.
Speaker 2 (03:10):
Cut rates.
Speaker 1 (03:11):
You know, I think the sentiment around the FED has
changed pretty dramatically since the second half of last year,
and I know the FED gets a lot of criticism
and you know, maybe sometimes rightfully so maybe sometimes not
so much. It's hard to you know, argue against what
they've been doing over the past few years. You know,
when you step back and we're kind of in this
(03:33):
relatively strong economy given all the challenges and headwinds that
that I think the FED has faced, given the level
of inflation and everything else that they've had to deal with.
But you know, we're kind of getting into this period
now where you know, maybe a little uncertainty around the economy,
maybe some uncertainty around what inflation is going to do next,
(03:54):
and so we're certainly seeing a little bit of a
different tone in perspective from the Fed and what that
will mean, you know, moving forward, whether it's you know,
how it impacts you directly. Maybe you're you know, approaching
wanting to buy a house and you're looking at, you know,
where mortgage rates are today and the impact that you know,
(04:16):
the ten year Treasury has on that. I think that's
really kind of the bell weather the benchmark that drives
a lot of our consumer lending rates, and so that
has a much bigger impact than kind of what we've seen,
you know, what the FED does on the short end
of the curve and the Federal Fund rates, which is
more of a very short term lending rate. And we've
(04:40):
actually you know, seen that reversal really since the FED
began cutting rates back in September, and so I don't
think a lot of folks were expecting that, and certainly
it's had that impact on the overall market because you know,
it's the fedest cut rates the longer end of the
curve with impacts again most consumers and their and their
(05:01):
ability to lend has gone straight up since then, and
and we've seen it be pretty volatile over the last
couple of weeks in months, and so we can kind
of talk about impact that's having there. You know, a
lot of a lot of I don't know, concern is
the right word, but definitely getting a lot more questions
from you know, either prospective clients or current clients revolving
(05:25):
the administration right now. And I do think, you know,
we've seen a lot of headlines and you know, we've
we've had a Trump administration in the past, we've had
four years of his presidency, uh, you know, prior to
President Biden.
Speaker 2 (05:36):
But a lot of you know, I think a lot.
Speaker 1 (05:38):
Of headlines recently have made you know, some folks a
little you know, uneasy as to what's next, whether it's geopolitically,
whether it's the impact of you know, trade discussions more
you know, home and domestically and how that's going to
impact you know, both markets, but you know, just the
(06:01):
general uh you know, sense of of what's going to
happen from here and some of that, you know, again
markets and in consumers, you know, individuals like you and me.
You know, no one really likes uncertainty. And I do
think some of the headlines have been you know, peaked
a little bit more from a uncertainty standpoint, So having
a lot of questions about that, if you if you
(06:21):
do yourself happy to kind of walk through some of
the you know, major topics there and then you know,
I said earlier, we can talk you know, some of
the conversations we're having with clients.
Speaker 2 (06:33):
You know, we we were talking a lot about the four.
Speaker 1 (06:36):
You know, the general four percent role, right, that came
up with some client conversations, uh this week. And you
know how we think about that, right, because we're working
with clients all the time. Uh, you know, our our
clients vary in terms of life situations. Some are still uh,
you know, high earners building accumulating wealth, Some are entering
(06:57):
that phase where they're starting to think about retirement you know,
in the next maybe couple of years, and others you know,
have been retired and have been doing it for some time.
But you know, oftentimes we do talk about, especially with
retirement strategies, you know, the four percent role, the old
tried and true four percent rule on distributions and and
(07:17):
what that means. And so we had some pretty extensive
conversations with clients this week and talking about how we
think about it, right, I you know, to me personally,
I don't think there's any you know, hard and fast
rules around this. I do think you have to you know,
I do think it's a you know, a good starting
place for a conversation or to be thinking about it,
and maybe just a rule of thumb. But there's just
(07:40):
so much more that goes into all of this, you know,
not only from you know, the dollars and cents, but again,
you know, we talk about this often too, is this
psychology around retirement and how much of a change that
is for so many people and you know, walking through
(08:01):
these conversations and these situations because it is, you know,
it is difficult even if you're in a great financial place.
You know, not only the change in your work life
and maybe going from you know, working to retiring and
all the changes that that brings about, but also the
(08:23):
psychology around money and your investments.
Speaker 2 (08:27):
Right You've been accumulating, you've been saving.
Speaker 1 (08:28):
You've been doing such a great job, and now all
of a sudden you have to start pulling from that,
and you know that makes it that has a huge impact,
I'm folks, and rightfully so, it is a big transition.
We were joking, how you know, oftentimes we react as
you know client, especially during this time of retirement, you know,
as as financial psychologists going through it.
Speaker 2 (08:50):
And that's a big part of our job.
Speaker 1 (08:51):
Like I said, you know so much on the uh
you know, the dollars and and the numbers and making
decisions based around that, but there are so many times
where we help clients navigate their financial situation and a
lot more of emotional senses and topics, and you know,
sometimes they can be difficult conversations, but I know how
(09:13):
much of an impact that has and how much we
can help clients go through that. So again, our phone
lines are open one eight hundred talk WGY. That's one
eight hundred, eight two five, five, nine four nine.
Speaker 2 (09:29):
We're gonna go to.
Speaker 1 (09:30):
The phone lines. We have Nick in Boston. Nick, how
are you this morning? Good?
Speaker 3 (09:37):
How were you Ryan? First time in a long time.
Speaker 2 (09:39):
I'm doing great. Thanks for calling in.
Speaker 3 (09:42):
So my question is on the economy what you were
just talking about, and really what what what indicators should
investors be watching right now? And has the market accounted
for some of Trump's policy volatility?
Speaker 1 (09:59):
Yeah, it's it's a great question, and this is something
like I said, we're talking to clients out often right now.
And you know, I think from an economic standpoint, right
the one thing that I think drives the economy. And
many people think this isn't you know, a one off idea,
but I think one of the most important, And we
had some readings this week that came out. Driver of
(10:21):
the economy right now is going to be the jobs market.
Right the labor market is critical to the strength of
the economy. Some folks are worried about, you know, maybe
some of these governmental job cuts, but you know, those
are those are immaterial when you kind of look at
it from a grand scheme of things. This week we
had you know, continued unemployment claims number came in below
(10:44):
average for the last three to four years. This is again,
this is just a sign of strength in the economy
in terms of kind of market indicators.
Speaker 2 (10:52):
I do think what we're seeing right now.
Speaker 1 (10:54):
Is a little bit of a change of pace within
this administration.
Speaker 4 (11:00):
Right.
Speaker 1 (11:00):
We had, you know, if you go back to Trump's
first term in office, right, technology stocks did really well,
Financials we had super a ton of strength in the
US markets versus overseas, and you know, since the inauguration
about a month ago, you know, we're kind of seeing
a little bit of a shift in the market. Consumer staples, healthcare,
(11:25):
some more defensive areas of the market are actually outperforming.
Speaker 5 (11:29):
Uh.
Speaker 1 (11:29):
This last month, we're actually seeing you know, consumer discretionaries,
you know, technologies a little bit flat. We're kind of
seeing a reversal of what we saw in his first administration.
Doesn't mean it's necessarily a bad thing. You know, we're
going to see, you know, shifts in the market. I
think some folks were spooped up with you know, some
of the tech valuations that we saw some of their investments.
Speaker 2 (11:51):
We can talk about this later into AI which.
Speaker 1 (11:53):
I think you know, long term are going to pay dividends,
but they're not seeing a lot of the growth on
the bottom line quite yet. So valuations are high there.
You're seeing a little bit of a rotation into defensive sectors.
But you know, I think when you take a step back,
you look at the economy, you look at the stock market.
You know, we're still in a healthy, you know, bull market,
(12:14):
and so I do think, you know, it may help
to have a little bit more diversification. Right We've seen
you know, the mag seven drive the market over the
last two years, especially this may be an opportunity to
just kind of look to rebalance portfolios or take a
step back and really see how, you know, understand your
risk sentiment and understand kind of where your you know,
(12:36):
maybe not have all your eggs in one basket, so
to speak. So that's kind of how we're thinking about
and what we're looking at right now.
Speaker 2 (12:42):
Nick.
Speaker 3 (12:45):
That's great, Thank you very much, appreciate the time.
Speaker 1 (12:48):
All Right, you have a great day again. Our phone
lines are open one eight hundred talk w g Y.
That's one eight hundred eight two five five nine four nine.
We're going to go back to the phone lines. We
have Jim in Rockland County. Jim, how are you this morning?
Speaker 5 (13:04):
Pretty good? How are you doing, Ryan.
Speaker 2 (13:06):
I'm doing great. Thanks for the call.
Speaker 5 (13:09):
One to ask you a question. I guess it really
concerns what I would call a prodigal air. We have
somebody that were my wife and I plan to leave
a chunk of money too, and the person really hasn't
demonstrated any ability to handle money. And I know annuities
are not big around the Bouchet household, and I was
(13:33):
just wondering what would my alternative be so that this
person receives an income but doesn't get a whole bunch
of money all at once.
Speaker 2 (13:43):
Yeah, this is a great question. And you know, to me, Jim,
this kind of this falls in line with some of
the work.
Speaker 1 (13:49):
We do around state planning, and you know, we don't
have state lawyers in house, but we work with our
clients pretty closely with their lawyers and outside professional to
really kind of navigate some of these situations and circumstances.
Speaker 2 (14:06):
And you know, in.
Speaker 1 (14:07):
Something like that, sometimes one of the best things you
can do is come up with, you know, a trust
that really lays out and can kind of help you,
you know, mitigate some of these financial risks, you know,
for your ben for the beneficiary. And that's what we
see oftentimes, where it's a situation where you maybe want
(14:31):
to have a little bit more control, you know, God
forbid anything were to happen to you. But you know,
when that time does come, uh to have those protections
in place. Oftentimes we do see it come through the
use of a trust and you can, you know, come
up with really specific whether it's you know, a certain
amount each year or you know, maybe limited access to
(14:55):
a certain age where maybe at that particular age you
feel more confident that this individ can handle the financial
responsibilities that go into it. And along those lines, you know,
finding you know, whether it's someone you know or going
more of an independent route, and we help clients do
this sometimes where you know, they need, they really want
(15:18):
an independent trustee to help manage some particular type of
trust for them, just so that there's no ill will
or hard feelings with someone that maybe be a family
member or a friend of the family and just go
to an independent trustee to kind of help manage and
help make those decisions for that individual. But like I said,
(15:42):
I mean outside of you know, I think you're probably
bringing up the annuity in terms of what pays out
on an annual basis and what they can access annually.
Speaker 2 (15:51):
That maybe can help control it.
Speaker 1 (15:53):
But I think if you have a situation that requires
some fine tuning or really you know, some parameters around it,
you know, one of the best ways to do it
is around a certain type of trust to lay that
all out.
Speaker 5 (16:09):
Okay, so it would be the responsibility would be the
trust see the success or trustee to dole out a
certain amount of money each year.
Speaker 1 (16:20):
Let's say, yes, so it could be that, but it's
also you know, a lot of the parameters can be
drawn up by you, right, and so kind of give
that framework and you know what, you know, maybe what's
allowed to be spent through you know, if it's an
annual allotment, whatever that is, how that money can be used,
(16:43):
you know, what it can go towards. And like I said,
that way the you know, there's guardrails up there, especially
for that uh success or trustee to be able to
handle those requests or disbursements throughout you know, whether it's
five year period, ten year period, twenty year period, whatever
that looks like. But you can you can really kind
(17:05):
of be the one to drive what those parameters are
and putting those guardrails in place, and like I said,
that takes a little bit of the onus off of
the trustee. They'll go, you know, they'll they'll be able
to use that document to you know, help make those decisions.
But it can be really laid out by you know,
the person who's who accumulated that wealth and in your situation,
(17:26):
if that's you to to really you know, work within
a state attorney to figure out what's most important for that.
Speaker 5 (17:34):
Okay, Well, I thank you very much for your help.
Speaker 1 (17:38):
Yeah, no, thanks for the question. And like I said,
this is something we've dealt with in the past, and
you know, sometimes these are could be challenging conversations, right,
you know, especially if there's a situation where you know,
the beneficiar maybe either on the younger side or you know,
maybe it's just a large amount of wealth. And you know,
(18:01):
we see that, right, I mean, it can it can
be overwhelming to maybe go from you know, nothing or
or not as much money and then come into this,
you know, kind of sudden, you know, if you're a
beneficiary of an estate whatever it may be, but that
(18:22):
financial burden and responsibility can be quite quite dramatic and overwhelming,
and you know, and sometimes those protections need to be
put in place, and like I said, one of the
tools and approaches that we see oftentimes is using a
trust right to help set those parameters and guidelines put
(18:44):
them into place to really help manage that on an
ongoing basis. You know, if someone were to pass and
having it with your beneficiary's one of the things that
we do too oftentimes. And maybe not a situation like
that right where we have to necessarily, you know, try
to protect or use a trust for those guardrails. But
(19:07):
when we were working with clients, you know, we stress
the fact that hey, let's let's build a relationship with
the rest of your family as well. Let's have these conversations.
Let's figure out what types of conversations are appropriate, you
know today, and and you know how much to share.
Speaker 2 (19:24):
Because not maybe not everyone.
Speaker 1 (19:26):
And there was actually it's funny because there was an
interesting article in bear it was in Baron's this weekend
talking about the different generations where you know, maybe that
boomer generation is more worried because you know, they came
from maybe their parents grew up during the Great Depression.
They kind of have more of a mentality around money
(19:48):
that there's just such a fear of running out. So
they have a different approach to managing their wealth or
managing their assets versus some of the younger generations, who
you know, want to do more for their kids maybe
or do more sooner for their kids. And that's what
the article is talking a lot about. And I think
that's generational for for a lot of different reasons, right,
(20:10):
But you know, sometimes it's hard having those conversations and
sometimes you know, folks who have accumulated wealth and maybe
are retired, you know, they want to keep things a
little closer to the vest. But you know, having these conversations,
bringing the family into a conversation can do tremendous amount
of you know help and you know, put them in
(20:35):
a position that you know they can better maybe better
handle this wealth, better handle you know, if especially if
it's multi generational wealth, being in that position to handle
that understanding, you know, tax impact understanding, you know, maybe
what was important from a value standpoint from the parents
(20:57):
who accumulated that wealth. In having those conversations can go
such a long way and better being able to better
manage that for that next generation.
Speaker 2 (21:07):
It's so important.
Speaker 1 (21:07):
So there's so many different ways to to kind of
go about that.
Speaker 2 (21:11):
But it's a great question, Jim, and I really.
Speaker 1 (21:13):
Appreciate you calling in and you know, sharing your thoughts
and you know, thinking that through. But yeah, no, that's
something that we deal with often and something that is
a you know, sometimes can be difficult conversations. But I
think get done in the right way and really done
with professionals and thinking through what's important and you know
(21:35):
that message you want to share, it can be done.
It can certainly be done. So I hope you know,
wish you all the best of luck and the approach
that you take, and I'm sure you'll find the right
approach that works for you and your family. We are
nearing our news break. I do have we have David
and Amsterdam. David, maybe I can go to you quick,
(21:56):
you can ask the question you have and then I'll
I'll jump back into it after the news break, but
we'll get you.
Speaker 2 (22:02):
And we got a little bit more than a minute.
So how are you. Good morning, David, Good morning Ryan.
Speaker 4 (22:07):
This is the you said, David. I'm almost sixty. I'll
be retiring in the next six to nine months. I
have I was convinced that every years ago to buy
a whole life policy. What are your thoughts about surrendering
that and using cash value to purchase a term policy instead.
Speaker 2 (22:25):
All right, yeah, that's a great question, David.
Speaker 1 (22:28):
You know, like I said, we're approaching the news so
I will get into that a little bit more after
the news break, but it it's a great topic, and
especially you know, if you're six to nine months from retirement.
I mean, to me, and we had this conversation with
clients on Friday, actually, you know, to me, life insurance
(22:49):
is all about income replacement, right, It's it's risk management,
and it's risk management to be an income replacement tool
for clients that are, you know, at retirement age or
very close to retirement age.
Speaker 2 (23:04):
There tends to be a lack of a need for
life insurance, right.
Speaker 1 (23:08):
I mean, you know, as long as you know you've accumulated, well,
you're in a position to retire, oftentimes you don't need
that income replacement at that time, unless maybe there's a pension,
you know, something along those lines where you know, maybe
there's some different planning needs. So, David, it's a great point.
I'm going to come back to this when we get
back from the news. So I appreciate you calling in
(23:29):
and thank you so much. Yeah, so we got we'll
be heading to the news break. When we come back,
we talk more about the markets. We'll get into this
conversation about life insurance. I think it's an important one.
And uh yeah, we'll have the second half of the show.
You're listening to Let's Talk Money here on eight pen
in one o three one w g Y. And welcome
(23:58):
back to Let's Talk Money here in eight ten in
one o three one w g Y. I'm your host today,
Ryan Bouschet. Appreciate all the listeners out there tuning in
and calling into the show. We had a great start
to the show first half. We're on the back half
now we get another thirty minutes or so. So if
you do have any questions, want to reach out, give
(24:20):
me a call one eight hundred Talk WGY. That is
one eight hundred eight two five, five, nine, four nine.
Speaker 2 (24:28):
You know, we can get into a little bit of
more of the market situation.
Speaker 1 (24:33):
Talked a little bit about kind of this rotation we're
seeing within the market, something that actually you know, started
a little bit second half of last year. I think
there is more enthusiasm within markets when Trump was elected
back in November. We saw that both you know, in
business sentiment surveys, we saw that in consumer surveys. We
(24:57):
and then we saw it in the market. Right it
was you know, we had a pretty good pop, you know,
with some of the you know, financials peck US equities
leading the way, which it kind of goes into that
original playbook. We talked about the Trump two point zero
playbook in terms of what it means to the market.
Those are a lot of the the strength in areas
(25:18):
of the market that did well during his first administration,
and you know, if we have similar policies or approach
to UH that administration, you know, you may see some
similarities into what's going to happen in today's market. But
we are seeing a little bit of ah, you know,
change in UH those leaders over the last month, and
I think there's been a little bit of uncertainty within
(25:40):
the market given you know, a lot of the headlines,
whether it's been tariff related, which you know goes into
inflation and what higher rates could mean. And we were
kind of in this you know situation where we thought
rates were going to come down at the end of
the year, and so the conversation sort of shifted and
(26:00):
sentiments shifted there. You know, they they kind of reverse
course on some of the initial talks of terrorists. But
you know, it's still a concern in inflation. You know,
I would say is one of the biggest impact to
consumer sentiment that we've ever you know, that we could
see when you when you have times of high inflation,
(26:20):
you you know, whether it's the you know, administration that's
in office and you know, being voted out. I think
that played a big role in in November's election, But
also you know, just kind of future expectations of what
we're going to see in the strength of the economy
and people's perception of it.
Speaker 2 (26:39):
Uh.
Speaker 1 (26:39):
You know, inflation is a big headwind and so still
on the table, I think, and I think folks are
still you know, a little nervous about that. We had
some headlines about you know, Russia or Ukraine, and you know,
these things may play out well, but you know, there's
still geopolitical concerns out there and that can always have
an impact on market. So again, I think you're seeing
a little bit of a shift to uh more defensive
(27:01):
areas of the market over the last month. But we've
seen this in the past. We've seen this over the
last two years even and you know, those defensive sectors.
If we truly are in this kind of mid cycle
bull market, you know we'll we'll do well in certain environments,
will do well maybe short periods of time, but it
may not be uh, you know, a long term thing.
Speaker 2 (27:23):
But you know, as I.
Speaker 1 (27:24):
Said earlier, I think you know, in especially as we
hit all time highs, right, it's a good time to
just take a quick step back, take a look at
you know, your portfolio and are you you know, is
your portfolio aligned with what your financial goals are? Doesn't
make sense? Are you you know, maybe things have gotten
a little you know, out of top out of your
(27:46):
risk tolerance, or you know, out of you know, what
your your.
Speaker 2 (27:50):
Target allocation may be. And that's okay.
Speaker 1 (27:52):
You know that's going to happen, you you we want
to ride that momentum, right, you know, we we talk
a lot about I had these conversation, I talk about
it on the radio oftentimes too. Is you know, sometimes
people get scared of the market when we hit all
time highs and history will show you, research will will
back it up. Is that, you know, believe it or
(28:13):
not investing at all time highs is the best thing
that you can do over time.
Speaker 2 (28:17):
It's actually better than not.
Speaker 1 (28:19):
Investing at all time highs over the course of the
market history. And the reason being is that you know,
when we're hitting all time highs oftentimes there's a lot
of momentum in the market. You know, all time highs
create new all time highs, and that's a good thing.
That's a good thing in bull markets. We know the
market's up more than it's down historically, and so you
(28:39):
know that momentum can be a good thing. But if
you know you're feeling, you know, some of that uncertainty,
if some of the headlines are you know, have you
a little bit nervous, You know, it's always a good
time to just reassess where you're at, take a step back,
look at your portfolio.
Speaker 2 (28:54):
You know, are you allocated the way you should be?
Speaker 1 (28:57):
And you know there's no you know, there's no formula
for that, there's no right or wrong answer for that.
Speaker 2 (29:02):
It was just talking to a client.
Speaker 1 (29:05):
Uh, I think on Thursday about this or maybe Friday actually,
but you know, we got to do sometimes that makes
the most sense for your situation. And hey, maybe maybe
certain decisions you know, may cost you a few dollars
long term, and you know, if that works for you
and it's okay, hey go with it. Right.
Speaker 2 (29:26):
You want to you want to be able to sleep
well at night.
Speaker 1 (29:28):
You want to be able to make decisions that you
are financially confident and comfortable, and you know it aligns
with what you're trying to get out of your financial situation.
And so you know, having walking through these conversations, going
through these discussions, like I said, there's there's sometimes there's
there's maybe not a right or wrong answer. Sometimes there is,
(29:50):
but oftentimes there's there's a lot of nuance, there's a
lot of gray area, and uh, you know, working with
an advisor and going through these conversations, like I said
at the start of the show, out sometimes acting as
a financial psychologist for a financial therapist for clients and
families is part of our job versus you know, just
(30:11):
coming up with the numbers aspect of it. So good
stuff there, and uh, you know it's uh, you know,
they're important conversations. And again I'll just go back to uh,
you know, earlier we had David Colin had a good
question about life insurance. I'll give our phone lines out
one eight hundred talk w G Y that's one eight
(30:31):
hundred eighty two, five, five, nine or nine. If you
do have questions or if anything I've gone over has
sparked a new topic, give me a call one hundred
again one hundred eight two, five, five, nine or nine.
Speaker 2 (30:47):
But to David's point, so sounded like David is approaching.
Speaker 1 (30:50):
Retirement, maybe six to nine months from retirement, and he's
got a whole life insurance policy and he asked, you
know what it makes sense to you know, get the
cash value out, maybe put it into a term insurance policy.
And so you know, without fully understanding or knowing what
that whole life policy looks like, what the cash value is,
(31:13):
you know what it was intended for. It's hard to
give an exact answer, but I will kind of talk
about the framework of how we think about insurance and
what the needs are as I shared just before break
you know, life insurance to me, and you know, I
think how we talk about it as a firm again,
it's really meant to be income replacement, right. You know,
(31:36):
maybe you're going through a situation where you have younger
kids and you know you want to make sure you're
saving for college for them. Maybe you have a situation
where you still have a mortgage on your home and
you want to make sure if anything were to happen
to you, you want that paid off, and obviously you
want an income replacement. So you know, we'll kind of
look at, you know, thresholds and what makes the most sense.
(31:58):
And in a client's personal situation, is it you know,
maybe one person working in one of the person's home
with the kids, maybe both spouses are working. How do
we you know, fit the framework of that income that
needs to be replaced. As you get closer to retirement,
you know, to me, there becomes less of a need
for insurance. Historically, with the state planning rules, you know,
(32:21):
that's where we saw the use of whole life insurance
as a wave for an estate planning tool. Because the
thresholds are so high today, it's less so. The other
time that I could see insurance being used, you know,
through retirement is if it's a situation where it makes sense. Right,
You've got to go through the numbers on this, But
(32:41):
maybe someone has a pension and rather than you know,
opt for some sort of spousal benefit upon death, they
look to purchase a life insurance policy instead to keep
a higher you know, pension payout, an annual monthly payout,
whatever that may be, and buy a life insurance policy
(33:02):
to help supplement that should anything happen because they chose
not to do a spousal benefit. You know, oftentimes we
do recommend the spousal benefit, but if it makes sense
from a dollar standpoint to not have that and to
supplement it with insurance, that may be a good way
to go about that, you know, David, in your situation
(33:22):
if you're six to nine months out for retirement, if
you don't have a need for insurance, and like I said,
I don't know the exacts of your whole policy, but
it may be worthwhile to you know, look to cash
out and maybe you don't need life insurance. Again, if
you're at retirement age, we tend to not see a
(33:43):
strong need for most.
Speaker 2 (33:44):
Of our clients to have insurance.
Speaker 1 (33:46):
So again, without knowing your full situation, maybe that doesn't
pertain to you.
Speaker 2 (33:51):
Maybe there's a reason why you do need insurance.
Speaker 1 (33:53):
But again just in terms of a general framework of
how we think about it, those are a lot of
the conversations that we have have and like I said, oftentimes,
especially with the cost of whole life policy as you
your retirement, that really may not be needed. We're huge
fans of term insurance. We think that's really the best
in terms of cost and what it gives you and
(34:15):
gives you the flexibility around it. And you know, we
also say, you know, insurance really shouldn't be a substitute
for like an investment.
Speaker 2 (34:24):
Right, A lot of.
Speaker 1 (34:25):
Times these whole life policies are are sold as a
investment where you know, again, insurance is a risk mitigation tool.
Life insurance in particular is a income replacement tool. You know,
we don't view it as something that should be, you know,
an investment for you because there's there's a lot of parameters,
there's a lot of costs that you know, it doesn't
(34:46):
always necessarily line up.
Speaker 2 (34:48):
So appreciate the call.
Speaker 1 (34:50):
If you have any other specific questions or something that
I can go off of from that, you know, feel
free to give us a call out the office, would
you know, be glad to help you as you go
through that decision making process. Again, our phone lines are
open one hundred talk WGY. That's one eight hundred eighty
(35:10):
two five five nine four nine. We have Pat in
Albany pack in morning.
Speaker 6 (35:17):
Hi, good morning. I am one of three individuals who
are beneficiaries of an irrevocable trust. Each one of us
is getting a different percentage. The trust is made up
mostly of stocks, some mutual funds, some cash. I have
three questions, what is the best or is there a
(35:39):
better way than not in taking the inheritance, whether it
be in kind transfer or cash before it's distributed. Number two,
do we each have to take it the same way?
And Number three, what kind of professional should I be
speaking with to consult with for additional questions.
Speaker 2 (36:03):
Yeah, no, Pat, I appreciate the call.
Speaker 1 (36:05):
And you know, if you're coming into this, I'm sorry
for the circumstances that maybe you are. You're coming to this,
you know, as we think about this, Yeah, there there's
you know, I would say probably not one rule in
terms of the approach to it, you know a lot
oftentimes too, it can be you know, it may be
written into the trust in terms of if there's any
(36:26):
stipulations or restrictions.
Speaker 2 (36:29):
In terms of the professionals working.
Speaker 1 (36:31):
With and we see this and we've been dealing with,
you know, with this a lot lately. Is you know,
usually it's a it's a you know, team of three,
I would say, right, because I think there's three big
elements that are usually being considered under these circumstances. One,
there's a state planning attorneys if if they help you know,
(36:51):
draft the trust or we're part of the estate, you know,
knowing what the you know, ramifications, stipulations, if there's any
again you know, guardrails around accessing the funds and what
the trust lays out, they can be a huge and
very valuable resource. Having a CPA and someone who understands
(37:16):
the tax implications is critical, especially if there's some complexities there.
We oftentimes will you know, whether it's in house with
with our tax CPAs or external CPAs working through this,
but understanding the tax situation is really critical.
Speaker 2 (37:34):
And then you know, I would say.
Speaker 1 (37:35):
Third, and a firm like ours, right, a financial advisor
wealth management firm maybe is helping manage the the funds
or need help managing the funds and making sure that
the management of those accounts is really aligning to what's
stipulated within the trust, you know, accounting for if there's
(37:57):
particulars from a tax situation in terms of you know,
maybe certain income needs to be paid out versus you know,
being able to dip into principle or whatever is being
laid out and uh put into that trust in terms
of the access to those funds is really really important.
Speaker 2 (38:16):
So having all three, I think working together and really
coming up with the solid plan it is really important.
Speaker 1 (38:25):
And like I said, that's something that we've been working
with clients a lot lately. It seems like because you know,
there there can be some complexities with this and inheriting,
especially with the you know underlying wishes of the trust
and how it's laid out. There can be very kind
of unique factors and circumstances surrounding that. So that's that's
(38:47):
I think historically how we see, you know, the best
way to kind.
Speaker 2 (38:52):
Of approach it.
Speaker 6 (38:54):
Okay, that sounds great, thank you.
Speaker 2 (38:58):
Yeah, hopefully that helps answer.
Speaker 1 (39:00):
I know, I'm sure there's a lot of unique circumstances
surrounding that and hard to get into, you know, every
bit of it, but you know, kind of from a
high level, that's that's how i'd be thinking about it
and oftentimes what we come across when we're working in
that type of situation.
Speaker 6 (39:16):
All right, well, thanks so much, Ryan, I appreciate it.
Speaker 2 (39:18):
Have a great day you as well.
Speaker 1 (39:20):
I thank you for the call, and it was really
good topic and like I said, one that can be
rather complex depending on the situation.
Speaker 2 (39:30):
So thank you for calling. Impact.
Speaker 1 (39:32):
We have about ten minutes left. I'm going to go
and take a quick commercial break, but when we come back,
well the last piece of the show, you can give
me a call.
Speaker 2 (39:41):
One eight hundred talk WGY.
Speaker 1 (39:43):
That's one eight hundred eight two five five nine four nine.
Speaker 2 (39:47):
You're listening to Let's Talk Money.
Speaker 1 (39:48):
Here on eight ten in one O three one WGY
and welcome back to Let's Talk Money here on eight
ten and one O three one w g Y. I'm
Ryan Bouchet and I am your host today. Thank you
(40:09):
so much to all the listeners tuning in. Thank you
to the callers who called in some great questions so
far today, we still have another seven or eight minutes.
If you do have any questions or want to be
part of the show, give me a call one eight
hundred talk w g Y. That's one eight hundred eight, two, five, five,
(40:30):
nine or nine. We talked a lot about some planning
topics today, and I think that's appropriate given you know,
the work that we do as a firm, and I
can tell you just how important that financial planning aspect
can be. And you know it goes to that concept
(40:52):
and you know there's probably different ways to discuss it
or talk about it, but you know, especially in how
we're meeting with clients, right, there's maybe that difference of
like IQ and EQ, right, the emotional intelligence versus you know,
I Q intelligence if you will, And I think you
know that goes into not only you know, how you
(41:14):
meet communicate with folks, but you know how we think
about planning as well. Right, there's there's kind of like
the hard number objective part to planning, but then there's
a huge element of the subjective, right, that emotional aspect
where you know, again maybe based on the numbers, a
(41:34):
certain decision you could argue makes more sense, but emotionally,
you know what's the right thing for your situation, what's
the right thing for your circumstances, And so much of
the planning is part of that, right having you know,
having these deep conversations, understanding what's going on in our
client's lives, Understanding what's important, Understanding you know where their
(41:58):
values lie, where you know they are most comfortable, because
you know, at the end of the day, right you
you know, your money, what you've accumulated, is there to
support your wants, your desires, your financial needs.
Speaker 2 (42:12):
And that's going to be different for everybody.
Speaker 1 (42:14):
You know, everyone's going to have different priorities, you know,
things that they value most, especially financially, and being able
to walk through that having those conversations and you know,
part of the retirement process, as I said, and I
was working with a number of clients this week that
it pertained to is right you want to know if
(42:34):
you want to see the numbers, right, you want to see, hey,
I've accumulated X. Can I live off of why for
the next thirty years or whatever it may be. And
you know, you can show that and it can be
a high uh probability of success. Right, And that's fine
and well, and that's great, and you kind of see it,
(42:56):
you know what, you understand it. But there is a
there's a q emotional toll that folks go through as
they retire that you know, you're going from a point
again of accumulation. You've you've worked for you know, forty
plus years oftentimes you've accumulated all this wealth and you've
done a great job, you know, saving hard, you know,
(43:19):
finding ways to you know, extra pennies, dollars, putting into
a savings.
Speaker 2 (43:23):
Account so you can, you know, get to that next
phase of life.
Speaker 1 (43:26):
You can get to that retirement phase and be comfortable
and be set.
Speaker 2 (43:32):
But there's a there's a big switch.
Speaker 1 (43:34):
It's hard to turn that switch on where again you
go from that accumulation to now of a sudden you're
withdrawing from that wealth, right, You're trying to preserve that wealth,
and it's not easy, right and rightfully. So it's it's
a huge shift. Not only that, but you know, your
life changes a little bit. You think maybe going to
(43:56):
work every day and now you have to find, you know,
something to you you know, fill that void if you will,
and and that can be difficult in of itself.
Speaker 2 (44:06):
So there's a lot that goes into that process.
Speaker 1 (44:09):
And uh, sometimes we've had clients that even joke about that,
they're like, oh my god, this this did this felt
like a you know, therapy session, like are.
Speaker 2 (44:18):
We are we alone in this?
Speaker 1 (44:19):
Like you probably don't deal with that often, and we say,
you know, believe it or not, we really do during
this phase because it is.
Speaker 2 (44:26):
It is difficult. It's hard, and you want to you know,
you want to be making the right decisions.
Speaker 1 (44:30):
You want to be you know, having that partner with you,
you know, not just your spousal partner, but you know,
financial partner being able to be there, you know, give
you that guidance, give you that help and support that
you need as you go through these you know difficult
not that it's you know.
Speaker 2 (44:47):
Oftentimes it's it's a great time.
Speaker 1 (44:49):
Right, You've you've gotten to that point where you can
actually you know, retire and do it. Yeah, yeah, there's
retirement parties, right, it's a time for celebrating, but there
is a there is an emotional you know, change and
toll that that can bring on to and and working
with an advisor, working with someone who you trust and
can give you that guidance, can can make a huge difference.
(45:10):
And I do think you know, through the planning phases
and you know, a lot of the questions that we
had today about planning for a beneficiary or maybe inheriting
a trust, you know, thinking about life insurance as you
near retirement. I mean, these are all topics of planning
need and you know, it's.
Speaker 2 (45:33):
It's so important.
Speaker 1 (45:34):
It's so important to you know, figure out, have a
game plan, know what you're doing, and it makes going
through more difficult times, whether it's market difficulty, you know,
maybe something in your own personal life. Having that framework,
having that plan in place, makes going through that all
the much easier. It's you know, and maybe not everything
(45:57):
is going to be easy, but you know, having that
plan to fall back on, knowing that your financial affairs
are in order, knowing that you have something to fall
back on, and having that plan in place, and then
you know on top of that, having the trust and
guidance of a professional walking you through that or working
with you is you're making those decisions can make a
(46:20):
huge difference. So, you know, that's a lot of the
work that we do here at Bouchet, and you know,
I think it's what really sets us apart in our
relationships and in all the work that we do with
our clients. And we're so fortunate that they trust in
us to be part of that because they're you know,
they're very personal matters. I mean, finance is so personal.
(46:44):
Until you know, have the benefit and be able to,
you know, help our clients through these decisions and these
phases of their life is such an honor and we
we certainly don't take it for granted, and it's such
a great part of our job. So I will leave
it at that for today. We got about twenty seconds
(47:06):
left in today's show. Thank you so much for everyone
tuning in. You can catch us on Saturdays at ten
am and Sundays at eight am. So for the callers listeners, again,
thank you. I hope everyone has a great rest of
your weekend. You're listening to Let's Talk Money here on
a ten one oh three one WGY.
Speaker 2 (47:26):
We'll see you next weekend.
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