Let's Talk Money

May 30th, 2026.

Episode Transcript

Speaker 1 (00:00):
Hello, and good morning, folks. I promise you, well, I
made this promise a couple of months ago, that the
sun was going to get higher, it's going to get
warmer out You're going to really enjoy the spring weather.
And I apologize I lied to you. That is not
the case in upstate New York waking up the forty
degree temperatures. But they promise us that, they promise us

(00:21):
it's going to warm up. Now we'll see, hopefully it
will you know when. We don't know, but they say
it's going to warm up, and we deserve a little warm,
don't we end Upstate New York. How long of a
winter is this? You thought you thought New York state
taxes were driving people away. I'm pretty sure the lack

(00:43):
of sunshine and the over abundance of gray skies does
the same thing. But anyway, in all seriousness, folks, I
welcome you to today's show. I'm Stephen Bouchet. I am
sitting here live. I you know, as you know, I
love doing this show. I can't begin to tell you
how much I love doing this show, and you know,

(01:06):
being here today and I'll be with you again tomorrow morning.
It's just, you know, it brings me a lot of
joy to help you get your pointed in the right direction.
As I like to say, you get one opportunity to
retire one, only one, only one, folks. You don't get
to do it over again. The only thing you can
hope for when you reach whatever your your dream retirement

(01:31):
age is. For some people it's fifty five, sixty sixty five.
Some people want to work till till you know, as
long as they can. Look at Warren Buffett ninety four
years old, he just retired. Mario Gabelli and other investment
guru still working well into his eighties. And when I
say working, and I mean he takes full control of

(01:51):
everything that's going on. So everybody's different. It really depends
on what you know, you your designs. But what you
can't do is reach that retirement age and not be prepared,
not be able to have enough money to live on
unless unless social securities enough for you. Hey, I think

(02:14):
the average Social Security paycheck is about twenty thousand dollars
a year. If that's enough for you, If you're married
and that it's up to be forty thousand dollars a year.
If that's enough for you, then you're good. You are good.
But if you need dipty or seventy five or one
hundred thousand dollars or more, that means you got to
draw down on what you put away while you were working.

(02:38):
That's why I like to say, you get one opportunity
to retire. Don't mess it up. You can't. You can't
go back and make up for it, folks, you just
can't do that. Anyway, we got a lot to talk
about today, and I would love to talk to you.
The phone lines are wide open, Katie. My producer is

(03:02):
with me. We are ready to talk with you. If
you have any questions, any questions whatsoever. One eight hundred
eight two five five nine four nine, one eight hundred
eighty two five fifty nine forty nine, give me a call.
I'm gonna take a quick fifteen second break. Do not
go anywhere. Hello, I'm back, and I appreciate you letting

(03:25):
me take that quick six fifteen second break. You know,
I truly appreciate it. I had to wet my whistle
as as as they say, but I am here and
I would love to talk to you. One eight hundred
eight two, five, five nine four nine, one eight hundred
eighty two five fifty nine forty nine. So I don't

(03:47):
have to tell you. You know, another record high for
the NASTAC and SMP last night. Nine weeks of just
through the moon, I mean just straight up to the moon.
This rocket ship has taken off in the last two
months alone. So NASA up twenty eight percent in the

(04:10):
last two months alone. You heard me, folks, Just when
you thought things couldn't get worse, all of a sudden
things turned around. And that happens all the time. And
I know I sound like a broken record because I
talk about this all the time. But there's a reason
why I talk about this. I talk about this because
when there's volatility, I see so many, so many people

(04:32):
that really truly get scared out of the market state.
They do things they shouldn't do. They're thinking with their heart,
they are thinking, oh my god, I just lost five,
ten percent, whatever, twenty percent. I guarantee you you're gonna
lose it, and you're gonna lose it over and over
and over again. You'll always lose money if you're properly invested,

(04:55):
and that means you lose money. In bonds, you'll lose money,
and commodities like go you'll lose money. In real estate,
you will always lose money. And ironically it's just a
temporary loss unless you do what you shouldn't do in
that self, if your self kiss it goodbye, you realize
the losses. Now, will you be lucky enough to get

(05:17):
back into the market? Will it be lower than where
you got out? You see where the rub comes in.
You see where the problem is. You just don't know
how to do that. And that's why I keep saying
during times of volatility, do not get scared. Do not
look at it as an opportunity. Go, you know, search

(05:38):
the cookie jars, look under the match, get as much
cash as you can. When you see the market down ten, fifteen,
twenty percent or more, that's a buying opportunity. Put that
cash to work. If you're a conservative investor and you
always want it to be a more aggressive investor, perfect
timing when you see volatility, put that ask to work.

(06:01):
Maybe go from a fifty to fifty to a sixty
forty or an eighty twenty portfolio mix when the markets
are volatile. Well, right now the markets are at all
time highs. So Casey in my office, one of my traders,
and you know, portfolio analysis. You know, he took advantage

(06:22):
of the market's being at all time highs. You hear
me say all the time, we keep one to two
years worth of our clients' needs, cash needs that they
live on. So let's make believe you're pulling out sixty
thousand dollars a year to live on five thousand dollars
a month. Well, we'll take up to two years and
put it off to the side so that when that

(06:44):
next correction, when that next bearer market, when that next
recession comes, guess what, we don't get scared. Our clients
don't get nervous. They don't have to worry about going
back to work, hoping they're healthy enough and better than
that that there's a job out there for them. So
we had one to two years worth of needs, and

(07:04):
we start out with two and then we kind of
let it drift drift, drift, and then when my traders
at in Casey look at an opportunity, they immediately pull
it up. And that's what Casey did this week. So
for clients listening, if you saw some trades, Casey took
advantage of the market all time highs to replenish whatever
that two year window of your cash needs. We replenished it.

(07:30):
And that's a beautiful thing. You much would much rather
do that when the markets are at their all time highs.
And as somebody said to me the other day, and
I love it when I get this question, well, well,
the market's at at all time high. I can't invest now,
I said, no, wait, you should wait. Don't don't invest,
wait till the market goes on to make another new

(07:50):
all time high, and then another and another and another.
You get the point that I'm trying to make the
market always goes on and makes new all time high.
I said, I can show you statistics. You know a
lot of new investors with cash, they think spreading out
the instead of investing it right away. Let's do what
we call battle cross to average. Let's spread it out

(08:12):
over three four months. I can assure you that doesn't work,
but it feels good from your heart. I've trained and
mentored my advisors to teach our clients, especially clients that
come into money, show them the statistics that put the
money to work. Let time do what time does best,
and that's bring great returns, especially if you have a

(08:35):
well diversified portfolio, especially when that's planted towards more stock
and not over time, you'll be just fine. But sometimes
people like to feel good, you know, they think, oh, yeah,
I'm going to wait. You know, I'll put a little
bit in today, a little bit in the next month,
a little bit in the month after that. Well it
feels good. It just doesn't always work, and you know,

(08:57):
I unfortunately it feels good, and that I guess at
the end of the day is what matters. So if
you would much rather go slow and easy, then if
it makes you feel comfortable, that's all that matters. Your
talents for risk is all that matters. But I know
my team can can show you where putting the money

(09:20):
in is a lump sum is probably the best thing
to do over time. One eight hundred eighty two five
fifty nine forty nine. One eight hundred eighty two five
five nine four nine. So you know, this past week again,
Iran and the US scene to your temporary deal on
Memorial Day weekend with many of the key issues unresolved,

(09:43):
and as I sit here there, you are still unresolved.
The longest negotiation process ever. But I guess, I guess
when you know the thug who's running Iran is so
entrenched in some tunnel somewhere that they have to use
courier systems so that Israel or the US doesn't blow

(10:04):
them out of smithereens. And I say that, folks, because listen,
this war is emotional. Nobody likes war. I'm sorry we're
in it. At the end of the day, I think
we will be better off for it. I keep saying
that over and over again, especially. I had an in
depth conversation with the Jewish friend of mine this week,

(10:25):
and as he said to me, and I know this
is true. I have a lot of friends and clients
that are in this situation. You're afraid to go anywhere.
You know, haven't helped them go down to New York City,
just be harassed or worse yet attacked. And that's racism.

(10:46):
And we see it now more than ever, not just
with the Jewish people, but with other people and getting
iron and I shared with you. I get a friend,
a dear friend who is a woman from Iran smart woman,
and I spent a week with her in Spain. I
was in Spain last week. I don't know if you
knew better. Not beautiful country. I like to say, I'm

(11:08):
going to travel the world. I keep going back to Italy,
but this time I went back to Spain, Cossa, the
soul down. I flew in that Gibraltar and what a
rock that is. When they talk about the rock and
gibralt her folks, that is one big rock. And when
you fly in, the wing of the airplane is almost
clipping the rock. I spent some time in southern Spain.

(11:30):
I went to Sevil for day. I spent a night
in Marbella, which is a quaint little town that I
can't wait to go back to. And the last night
and Malka and threw out of Molica to come back.
It was a short trip, but this friend of mine
who was from my Ron, we spent a lot of
time talking and she gave me so much insight to people,

(11:52):
her relatives. Every once in a while she's able to,
you know, sneakily communicate with them somehow, some way, and
they are just scared to death. They're afraid to speak up,
they're afraid to do anything so for the people of Iran,
and they are good people. It's just the thugs running
the country that's not good. And these negotiations go on

(12:15):
and on and on and on and I do believe
in my heart when the war is over, when the
Strait of hor Moves opens up, when people don't have
to be afraid of the terrorists and nuclear bomb, when
that happens, and there's nothing political about that statement, folks,
this is true reality, true hardcore facts. When that happens,

(12:38):
I think the stock market has room to grow. Remember,
at the worst, the S and P was down just shy,
just shy of ten percent. At the worst point with
this conflict. If you were to tell me six months
ago that we're going to war with Iran Israel in
the US, I would say the market's going to be
down thirty percent overnight. The worst the market hit was

(12:59):
down less than ten percent. The S and P was
less less than ten percent. Just talk about a resilient market.
This market is by far resilient. So anyway, this week,
and it's going to be this coming week, we'll continue
to talk about Iran and the US and where are

(13:20):
we with the deal. You know, a few ships moved
through the Strait for moves, and oil fell below one
hundred dollars a barrow, which was good news. You had
the University of Michigan consumer sentiment fell to forty four
point eight in all time low. So people aren't feeling good.
But can you blame them. You know, they're still paying

(13:42):
more at the supermarket, they're still paying more at the
gas pumpt You can't blame them consumer sentiment. And we
had this war and as they said, you know, it's tragic.
You don't want to see our young soldiers, you know,
at Hans's Way, and they are, but they are serving

(14:03):
our country. Memorial Day, you know, they remember all those
people that made a difference in our lives, that fight
for our freedom and to protect this great country of ours.
We can't thank them enough. We really can't thank them enough.
So I guess in a way, you know, having consumer
sentiment index fall and April inflation hit a three year high,

(14:26):
so that means what will the Fed do with interest rates?
Because remember when inflation is high, they raise interest rates
to slow down the growth of the economy, to slow
down the prices of goods and services from getting out
of whack, to slow down basically, you know, they just

(14:48):
don't want, you know, people to pay more at the
grocery store or at the gas pump. And that's why
they raise interest rates and they lower interest rates when
they need to stimulate the economy, when they want to
get it going, they want to lower interest rates, so
more people go out and borrow money, more people, truly

(15:11):
again and businesses as well with lower interest rates. And
you see what it's like to buy a home where
you got mortgage rates between six and seven percent. And
that hurts, especially when we went through a period not
too long ago when interest rates for a mortgage was
between two and three percent and then three and four percent.
So to have it, you know, almost triple from its

(15:34):
low to it's high, you know, it was pushing seven percent.
You know, now we're down somewhere between six and six
and a half percent, depending on what type of mortgage
you get. Credit Card interest rates are over twenty percent.
I mean, I think the average is twenty six percent.
And it just breaks my heart to see consumers go

(15:55):
into debt. So, you know, higher interest rates is not
good for the economy. In this report on inflation, you know,
three year high, more than likely the Fed will probably
just pause. We have a new sheriff in town, Kevin Warsh,
who is actually from Lobbonville, a local boy. He is

(16:15):
now our federal reserved share and we'll see when he
comes out a couple of weeks first meeting, how he does.
I think I know him personally. I think he is brilliant,
he has a lot of experience, and I think he's going
to do a good job. You know, it's not an
easy job. J Powell, the most recent former fed Shair

(16:38):
didn't have it easy. None of them have it easy.
But it'll be nice to have a refreshed there with
Kevin Worsh in charge, and we'll see. We'll get a read.
But more than likely interest rates aren't going to be
cut any time too soon, with reports that inflation are
at a three year high. First quarter growth was revised

(16:59):
down to one point six percent, and as they said,
even with no deal in IRN. You know, for the week,
the S and P was up one point four percent.
Nasact are you ready to NASAC was up two point
four percent. I love that because we own as much
NASDAK as we do the broad stock market, so our clients,

(17:21):
this is how good our clients are doing. It. Gave
me a report in case and Polom kind of run
our investment team and they follow you know, from the
trades that they make and how we're doing compared to
the S and P five hundred indecks and our all
equity sleep. So the SMP is up ten percent year

(17:43):
to date. Our equity sleep is up seventeen percent year
to date, seven percent alpha seven percent more than the SMP.
Unheard of, unheard of over the last year. It was.
It was as similar. I forget the exact number, try
to get it on the break. But you know our clients,

(18:04):
you know, we made some decisions. As you heard me
say at the beginning of the show. We don't panic,
we don't get scared. We take the bull by the horns,
no pun intended, but we are more bullish than he missic.
We're not bearished. Ever. We know that stocks go but
we absolutely know that stocks go down. And when stocks

(18:28):
go down, that does not concern us. As they said,
we look for cash. If we do have clients that
are slowly investing the money over a dollar cost averaging period,
and when I trade or see the market down, you
know a good amount, they will speed up that dollar
cost savage and put all that cash to work. Take

(18:49):
advantage of the opportunity. That's the key, folks, that's the key.
So to think nine weeks in a row. Here we
are the S and P and NASDAC at all time highs.
That's a beautiful thing, folks. And that is a beautiful thing.
I mean, I can't begin to tell you that. Now.
The downside to all of this is this great country

(19:11):
of ours. The debt, the government debt is thirty one
trillion larger than the economy for the first time since
World Wark too. Let that think in thirty one trillion
dollar economy larger larger or debt larger than the economy
for the first time since World War Two. We have

(19:31):
to reign in spending. We have to figure a way
to fix popsy, to cut down costs. Our way out
of this, folks, isn't to just keep raising taxes and
stick it to the rich. There's a lot of rich
people that create a lot of jobs that get back
to the community in a very philanthropic way. The key

(19:54):
isn't to stick it to them. If anything, we want
to embrace them and have more more of that. And listen, folks,
you don't have to be a wizard from a school
standpoint to be really really successful. I had this conversation
over the last week how I'd made points it doesn't

(20:16):
impress me anymore when I see a resume come across
my desk from somebody who went to Harvard or Yale
or any of the IVY schools. Actually, if anything, I
just soon move on and look for somebody more qualified.
You know, the Ivy League school diplomas do not impress
me anymore. And you know, a lot of times people

(20:38):
can get as good of an education not going to college.
You know, sometimes they get poisoned to going to college.
And if you're a go getter, believe me, there's a
lot of successful people that never finished college, myself included.
I have a wonderful two year accounting degree from Hudson Valley,
but I never finished my degree at SEE. And I

(21:00):
didn't have anybody my parents were deceased. I just didn't
have anybody pushing me telling me at that time when
I was a young person, that that's what I should do.
And you know, believe me, it is important. But this
conversation that I was having, they said, what do you
think about trade schools? I said trade schools? I said, listen,

(21:21):
not every young boy and girl is ready to go
and spend four years, you know, in college learning something
that they may not understand or want to do. But
there's a lot of good men and women, young men
and women that may want to you know, learn a trade.

(21:42):
Pick the trade. I don't care. There's several of them,
especially with Global Boundaries in the area. Hudson Valley actually
now has a school up on the Global Boundaries campus,
so there's plenty of opportunities for a lot of young
people to learn a trade and listen. You know, successful
people aren't those that graduated from IVY schools. There's a

(22:06):
lot of successful people that have plumbing businesses, electrical contractors,
general contracting that learn the trade and do it well
and build the business and employ a lot of people
and still are good to the community. They still get
that all through a trade school. So if there's anybody

(22:27):
you know, young listening, you know, don't think you have
to go out there and apply to Harvard. If anything,
don't apply to Harvard. Sorry for all of you Harvard
grads out there, on IVY school grads, I'm sorry to
say that. You know, there's just there's alternatives, and not
everybody wants, wants, you know, to do the you know,

(22:53):
go that college up, folks. We're coming up to the
bottom of the hour. I can't believe it. Where does
the time go? You are listening to Let's Talk Money,
brought to you by Boushape and Inch Group, where we
help our clients prioritize their health while we manage their
wealth for life. We will be here on the other
side of the news break one eight hundred eighty two

(23:13):
five five nine four nine. One eight hundred eighty two
five fifty nine forty nine. If you have any questions,
any questions whatsoever, give me a call. I would love, love,
love to talk to you. Eighty is here to pick
you up and put you on my phone line. One
eight hundred eighty two five five nine four nine, See

(23:35):
you on the other side of the break. Hello, folks,
thanks for hanging in through the news. I can't thank
you enough. I truly, truly appreciate you tuning in every
Saturday at at ten and every Sunday morning at eight. Yes,
I will be here tomorrow morning. I will be with
you all weekend, and it brings me great joy to

(23:57):
be with you. Believe me, I keep saying, and there's
a reason why I say it. I love doing this
show with you. I can't begin to tell you for
thirty one years. I've been doing this show and it
brings me joy every every time I'm on Live on
the air with you. And last week I was in Spain.

(24:17):
I shared with you. I had a nice, nice trip actually,
you know, getting around. As I said, I want to
travel the world. I find I keep going back to Italy.
And there's a reason why I keep going back to Italy.
I just love Italy. The people are so warm and welcoming.
I love to cook. Let me say that again. I

(24:39):
love to cook and I love learning, and I've been
to a couple of cooking schools over there. But this
time I went to Spain. And what I did not,
you know, expect to enjoy Spain, but I really enjoyed Spain, like,
really enjoyed it. I went to some pretty cool areas.
But enough of my eighty two five, five, nine, four nine.

(25:04):
We have a lot to talk about, you know, just
so much to talk about. With the markets nine weeks
in a row being up closing at record highs, with
this mess in the Middle East still going on. Talk
about resiliency. The market is completely resilient. I mean, investors

(25:27):
continue to underestimate the strength of the US economy, corporate
earnings remain the biggest driver of stock prices. S and
P is weathered a lot of crisis is over the
last decade. That's why I'd love to give that average
annual return over the last fifteen years. Because when you
think about the the high the headlines, they were bad.

(25:49):
Long term investors who had the discipline and stayed invested
have been rewarded. Any listener on this show stayed the course.
How many times over the last twenty years did you
think the market was going to collapse? I mean, the
market climbs a wall of worry, and here we are

(26:11):
nine straight weeks over the last two months, mad stack
up twenty eight percent alone one eight hundred eighty two,
five five nine four nine, eight hundred eighty two, five
fifty ninety nine. Let's go to the phone lines we have, Peter,
see you in a calling. Hello Peter, Hello Steven, how
you doing?

Speaker 2 (26:30):
Thanks for taking my call.

Speaker 1 (26:33):
I got a question for you.

Speaker 2 (26:35):
That I wanted to get your thoughts on. I'm a
longtime investor qualified assets. Probably two thirds of my assets
are in qualified plans, and I'm thinking about migrating them
into the non qualified sector. Just want to get your
thoughts on that. Are you a fan of that or not?
And if so, what would be a prude.

Speaker 1 (26:56):
Approach to do that? So? I think what you're asking Peter?
Are you asking me about roth conversions? Well?

Speaker 2 (27:06):
Yes, or whatever other vehicles make sense in order to
effectively move qualified money from one column into the unqualified column.

Speaker 1 (27:16):
I know you got to pay the fiddler at some point,
But how old are you? You sound like a young man.
How old are you?

Speaker 2 (27:24):
Seventy seven?

Speaker 1 (27:26):
Are you really? God bless you? You don't sign and
so well you know you're already taking R and D
at this stage of the game. Do you work with
the good tanks? Prepare I do? I have?

Speaker 2 (27:44):
I have a Wealth Advisor, and I've got a CPA.
And know I benched Jackiet myself from the sidelines, right so.

Speaker 1 (27:56):
You know, better known as a backseat driver. It would
be like me going to my horse trainers and trying
to tell them how to train the race horses. I
don't know a clue about training them. I spent the
morning yesterday over on the backside of the barn by
the Oklahoma track, and you know I got a few
good trainers there. Mcel clement, Chad Brown, Tom Morley, and

(28:18):
I watched them with the horses and what they look
for and so forth. There's no way in heck I
could ever tell them how to train a horse. And
I can't believe Belmont's next week. But enough with that.
So this is what happens when you take Well, obviously
you're you're older than fifty nine and a half, so
you don't have to worry about the ten percent high arrestant.

(28:39):
The only if you're under the age of fifty nine
and a half you need to worry about that. So
you can take money out, you will be taxed Peter
on every dollar that comes out, every downalard that comes out,
that gets added to your income. It's like you had
a job and you earned that kind of money. And

(28:59):
the reason why I am as you have a CPA
is ask he or she how much can you convert
to a rock. So what happens is you take it
from one umbrella and it's still considered qualified, but you're
going to pay Let's make believe you do one hundred
thousand this year. You'll pay tax on one hundred thousand,

(29:19):
but you're able to move that into a raw I
RA And now that money will grow, you know, tasafer
and will be tax free when you start taking it
off out. So you know that's the thing at this
stage of the game. You know, I'm not sure. Are

(29:39):
you married? Yes? All right, So if you pass, we're married,
We've got we've got a couple of social securities and
attension and go and draw on the R and D.
So good. So when you pass, everything will go to
your spouse or vice versa. If she passes before you,

(30:02):
anything in her name will go to you. You don't
have to worry about anything. But upon the second passing
of both of you, you know that will go to
probably your kids, I'm guessing. And if so, they'll have
ten years to take that money out of the being
what we call an inherited ira, and they can pull
it all out year one, or they can spread it

(30:23):
over ten years, or wait, let it grow tax the
third and then take it all out. But within ten years,
that's a new rule. Within ten years they have to
take it out. But first and foremost, ask your tax
advisor Peter about your tax bracket, and if it's going
to push you into a higher tax bracket, then you

(30:43):
have to have here she kind of show you what
tax you will pay on that money? And is it
worth you? That's about the only way you can get
it out, or just take a distribution, don't put it
into a rap ira and spend the month, or put
it in your savings. Either way you're still going to
be taxed on it. Peter, great question. Can you be well,

(31:07):
stay healthy? Peter does not sound seventy seven years old?
Eighty two five fifty nine, forty nine. Let's go to
Jack from hut Jock. Talk to me about Hudson. Do
you like it down there?

Speaker 3 (31:23):
No, I've been born and raised here and it's not
Nel Hudson, not.

Speaker 1 (31:31):
The Husson that you remember. And unfortunately, like I think
of South Troy, North Troy, same thing, Jack, Unfortunately that
that that stuff happens in different cities. I only asked
my daughter's getting married in two weeks and she and there,
you know, very close friends went down and spent the

(31:53):
weekend in Hudson and they enjoyed it. You know, that
was kind of you know, then taking Lauren out for
her like bachelorette get away. And you know, my daughter's
like me, she's a foodie. She loves to eat, and
she says she found some good restaurants, and I haven't
been to Hudson in a long time. Anyway, you're not

(32:13):
calling to get my food recipes. So what can I
help you with, Jack, I'd.

Speaker 3 (32:19):
Rather go to Saint Augustine, Florida. I love Florida.

Speaker 1 (32:23):
Well, I can assure you the sun is probably out
better than this weather.

Speaker 3 (32:27):
Right. Oh yeah, we lived down there for like eighteen years.
I had to come back.

Speaker 1 (32:34):
Up a well ro or otherwise.

Speaker 3 (32:36):
I'd still be down there. My wife's not too late, Jack, No,
I'm seventy three.

Speaker 1 (32:44):
God bless you.

Speaker 3 (32:45):
She's sixty eight.

Speaker 1 (32:47):
Oh you're already younger, RelA.

Speaker 3 (32:51):
Well, yeah, here when she was eighteen.

Speaker 1 (32:54):
Oh wow, that's a love story. That's beautiful.

Speaker 3 (32:58):
She stayed by my side to sticking around.

Speaker 1 (33:01):
Jack, don't make me tear up. What's her name?

Speaker 3 (33:06):
Vanessa?

Speaker 1 (33:08):
Vanessa? Yes, God bless her, God bless both of you. Reason.

Speaker 3 (33:14):
We started putting money in RRAs when I first came out,
and we've got the traditional irays and I started some
Roth irays. Good.

Speaker 1 (33:27):
I love rothrays.

Speaker 3 (33:30):
I want to get these traditional If you've heard him
over to Roth all right, I just heard you, buncle
of somebody. Yep, that's what I would like to do.
We both have together probably eight hundred thousand dollars in iras.

Speaker 1 (33:56):
That's pretty good, Jack, good you for saving. So this
is this is this is what happens. Is I just
said to Peter when you convert, when you take money
out of your traditional IRA umbrella and shift it over
to the roth ira umbrella, you will pay tax on that.
Because you're over fifty nine and a half, you don't

(34:19):
have to worry about the ten percent tax. You know.
The beauty is in New York And I forgot to
tell Peter this. The first if you're married, you know,
the first twenty thousand dollars is tax free. So if
you take twenty thousand from you, twenty thousand from your wife,

(34:40):
new York State tax free. Not federal tax free, but
New York State tax free. A lot of people don't
know that in New York you can take twenty thousand
dollars per individual out of a retirement plan and not
be tax on it from a New York State standpoint.
And believe me, with these taxes in New York State,
that is a wonderful thing that you won't tax in

(35:00):
New York State. Finally, you get a little break. But
if you take out twenty five thousand, that extra five
thousand above the twenty will be taxed in New York State.
You can convert any time you want. And as I
shared with Peter Jack, you want to talk to your
tax prepairer because if it's going to put you let's
make believe. You know, I use that same example, one

(35:21):
hundred thousand dollars you take out and you put it
into the raw. You're going to pay tax on that
one hundred thousand, So you have to make sure that
it makes sense and what tax bracket will that put
you in? So do your homework before you do it.
We have two CPAs and an IRS and rolevation. We
do a lot of tax planning. I don't know who

(35:43):
is managing your money, but if you're not getting good advice,
especially tax advice, give us a call, come in for
a pro bono initial consultation and if you like what
we do, let us help you. Jack you in Vanessa,
and you know you'll you'll you won't be disappointed. I
can assure you that.

Speaker 3 (36:04):
Well I mentioned to the right tax advisor. No, well
that's a bat.

Speaker 1 (36:10):
No, Well you know that them pay tax.

Speaker 3 (36:18):
So you know.

Speaker 1 (36:20):
I've had this debate with a lot of my client
CPAs over the year. They'll say, oh my god, you
you created all these capital gains for your client. I said, yeah,
isn't that a beautiful thing? I said, I promise my
clients a couple of things. One, they will lose money
if they're properly invested over time, because the market, sure

(36:41):
it goes up, but it always goes down and then
ironically it always goes back up to make new all
time lives. That's the first given. The second given is
I hope I give my clients a big tax nightmare.
That means we made money. And I say to these CPAs, CPA,
what's wrong with making money and paying tax? You want

(37:03):
to just wait and not pay the taxman forever and
lose opportunities of making money. And a lot of CPAs
just don't understand that. But sometimes it is good to
take advantage of wealth conversions. I know in our office
for our clients, we are always always doing We have
spreadsheets where we look and see if it makes sense.

(37:24):
As they said, we do a lot of tax planning
strategizing with our clients. And I got some people that
are very qualified you know, if it makes sense, then
don't be afraid of it, especially if you're healthy, if
you're going to live another twenty years. And life expectancy
now in this country is pretty good, so there's a

(37:50):
good chance that you and or Vanessa will be with us,
Jack for a couple more decades.

Speaker 3 (37:58):
And wait, she was one hundred and three.

Speaker 1 (38:06):
Oh my god, really, I don't want to live that long. Wow,
But I healthwise, we're doing good good, you know what, Jack,
So at seventy three, the you know, the average life

(38:28):
expectancy for a woman, they always get to outlive us.
Isn't that a crazy thing? The average life expectancy, overall
life expectancy is seventy nine years old for men, you
and me, Jack, seventy six point five. For women, God
bless them, eighty one point four. They always have an
edge on us. That's the average life expectancy right now

(38:50):
in this great country of ours. And if you're seventy three,
believe it or not, for you, as a seventy three
year old man, that you got a real good chance
of at least another twelve to thirteen years to your
eighty five eighty six, and for Vanessa fourteen to fifteen years,
she'll be seventy I'm sorry, eighty seven to eighty eight.

(39:12):
Half of all seventy three year olds will live longer
than average. So you got something going for you there.
But do this strategizing. And as I said, if you're
not getting this kind of advice from either your CPA
or your current wealth advisor, give us a call. You'll
talk to my daughter, my beautiful daughter, Laurence. She's got
flying concierge. She takes care of all of my philanthropic

(39:36):
efforts throughout the community, and she'll set of a meeting
for you, and we'll and go. Wait me, if you're
in Hudson and you don't want to drive up Detroit,
we can do a zoom meeting. A lot of lot
of clients do zoom meetings. I'm up at all about
all the time, all right, So give us a call.
In the meantime, Be well, stay healthy. Give Vanessa a

(39:59):
little kiss on the cheek. Tell her it's from Stevie B.

Speaker 3 (40:04):
Thank you very much.

Speaker 1 (40:06):
All right, You'll be well. Jack one eight hundred, one,
eight hundred eight two, five five nine four nine one
eight hundred eighty two five fifty nine forty nine. Let
me take a quick fifteen second for a kind folks. Here,
I am I'm back, As Katie whispers in my ear,
I am back. I feel like Rocky wasn't he back?

(40:27):
One eight hundred eighty two five five nine four nine.
Give me Give me a question, any any question that
you may have pertaining to your financial situation. So we
talked about the market being resilient. And believe me, folks,
no matter what goes on in and around the world,
the market will always look at the fundamentals. Corporate earnings, jobs,

(40:48):
the economy, inflation. Those are the fundamentals that the market
looks at. Sure there's going to be geopolitical temporary spikes
of volatility. That just comes with the territory of investing.
And the key is not to get overwhelmed by it.
You know, the market climbs a wall of worry and

(41:09):
you know the good investors have have done well. You know,
as I said, you think of the headlines over the
last fifteen years. In your average return if you were
invested in the broad SMP stock market was over fourteen
percent a year year in year out, NASDAC almost twenty percent.

(41:30):
I tell clients all the time we own as much NASDAC,
and our clients for over twenty years have have done
well because of our commitment to NANSDAC. Our clients own
as much NANCEDACK as they do the Bronze Stock Market Index.
And you know your average return hope the last fifteen

(41:50):
years is fifteen almost twenty percent, nineteen and a half percent,
almost twenty percent over you know, over the last fifteen years.
Sorry about that. Somebody was trying to call me, folks,
so a little a little interruption there, let me let

(42:13):
them know I'm on radio, so they don't try to
call me again, folks. So you know, you think of
the headlines, and you know twenty percent for NASDAK, fourteen
to fifteen percent for the S and P and for
people who want bonds in their portfolio to soften the volatility.
Remember you heard me say this last week and I'm

(42:35):
sorry two weeks ago, and I say it often. Over
the last eleven years, including this year, the S and
P was down two years of the eleven and so
was the icehers core US aggregate bond in decks down
two years out of the eleven. So you're not guaranteed
not to lose money just because you have bonds, You're

(42:58):
you're going to be risk no matter what ask a
crass you have. So you know, that's why stocks don't
scare me, and that's why I own as much stocks
as I do anything. On eighty five five nine four nine,
let's go back to the phone lines where we have
Rich from Verry.

Speaker 4 (43:18):
Hello, Rich, Hey, Steve, how are you good morning?

Speaker 1 (43:23):
I'm doing great, Thank you.

Speaker 4 (43:26):
Good, very good.

Speaker 1 (43:27):
Hey.

Speaker 4 (43:28):
I got a question about annuity. I got an employer
funded annuity and I contributed as well. Should I convert
that to a IRA?

Speaker 1 (43:41):
Well, give me a little bit more idea. When you
say internal annuity at work, is it a pension plan?

Speaker 4 (43:54):
It's an employee employer funded annuity. And I had the
choice of going with fidelity or annuity when I started
working there, and I chose the annuity and it so
it's about one hundred and ten thousand dollars. Yeah, But
I'm just trying to prepare for retirement and looking for
the pot and the best you know, protect it and

(44:16):
the best option.

Speaker 1 (44:18):
All right, So I'm gonna give it to you straight,
and I'm gonna warn you ahead of time. I don't
like annuities at all, and unfortunately you know it used
to be worse twenty years ago. Most pension plans, especially
if you work in the not for profit community, they
always use the nodies because you know, there's these insurance

(44:38):
people that sell anudies make a lot of money on
average six percent commission on average. Think about that. You
invest one hundred thousand dollars and you know they'll tell
you there's no fees. It's in you know, it's like
buying a nolo mutual fund, but they get paid six
thousand dollars. That comes from somewhere. That comes because the
internal management fee between mortality and expense, between administrative fees

(45:05):
underlying investment expenses somewhere between two and four percent. I
always like to say it's around three, but let's somewhere
between two and four percent. So I just gave you
The average return for the S and P five hundred
indecks year in year out was fourteen point two percent
over the last fifteen years we use. We managed one

(45:27):
point seven billion dollars. That's one point seven with a
B billion dollars and we don't own any annuities and
no mutual funds. We own strictly exchange traded funds. The
internal management fee of our core position is point zero
three percent. That's a whole lot less than three percent.

(45:48):
So that means that if you were invested in a
sm P rook alike in that annuity and with me
you got fourteen percent a year, year in, year out
within your annuity, you only got eleven percent. You're in
here out because of those fees. So that's why you
have to be careful. If you can roll that into

(46:10):
an IRA, absolutely get a good I'm not sure if
they have an in service you know, opportunity for you
to do that, or if they have other choices. Rich,
If they have other choices, take advantage of the other
choices and if you want, you know, get those together
and call me back tomorrow or next week and I'll

(46:30):
kind of help pick what you should do. How old
are you? God bless you. I tell you we got
the we got the real good audience today. But you know,
get together what other companies are available and out point
in the right direction. Okay, Rich, good banks for calling,

(46:54):
Be well, stay healthy. You are listening to let's talk
money brought to you by Bouchet and and where we
help our clients prioritize their help while we manage their
wealth for life. I can't thank you enough for tuning
in today. I can't thank you enough really for tuning
in every every weekend, every Saturday at ten, every Sunday

(47:16):
morning at eight. And I'll be back tomorrow with you.
We didn't get a real chance to talk about a
lot of things I want to talk about, and I've
got a lot of things that i want to talk
to you about, you know, and variable of nodies usually
get me worked up more, you know, Rich Rich didn't
get me worked up all that much. I thought I
was pretty cool, calm and collective, and I didn't really

(47:38):
you know, put down on nodies like I used to.
You know, these I don't like a nodies. I can
assure you there's better ways to invest your money. Folks,
Come back tomorrow. Go to our website Bouchet dot com.
Have a great day. Bye bye,