Retirement Planning Show

July 1st, 2023

Episode Transcript

(00:00):
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(01:07):
Studio twenty two South Thames feed Boysville. That's Gio Geo Culinary Studio dot com.
Yeah, Welcome to the Retirement PlanningShow with host Dave Kopak. In
the financial services business for over thirtyfive years. Their Retirement Planning Group LLLC
is a registered investment advisor. DavidM. Kopac is also a registered representative

(01:30):
of persh kaplan Sterling Investments Incorporated PKSin their separate capacities. A registered representative
of PKS, David M. Copackmay recommend the implementation of securities through PKS
instead of Retirement Planning Group LLLC.Purs caplan Sterling Investments and Retirement Planning Group
LLC are not affiliated companies. Nowit's time for the Retirement Planning Show on

(01:53):
WGY by Specious Guys for Amber Wavesand Grain fu prefer Mine. Jean Majesty

(02:20):
is right the fruit and bread whenthe woman is America. I love you
americru you see shaken, he shakehis face some deed you a loving fun

(02:47):
because he be crown. He toldme he every by the food. See

(03:08):
all right, well, Ray Charles, to start the fourth of July weekend,
got blessed America. Hopeful everybody's travelingis safe. Paris is on fire.
Did you see that the news?Oh my god, Frances, I

(03:30):
mean Christ, They're going crazy overthere. Know what's going on? Anarchy?
Totally anarchy. Do you have anyidea what the humidity was yesterday?
No? We h. I gothome and I mowed and all that stuff.

(03:53):
When I got finished, I feltlike somebody hit me with a baseball
bat. I mean it was hotand muggy yesterday afternoon. So be careful.
Make sure you're drinking lots of liquids. But you know, I got

(04:13):
to figure this deal out. Youknow, I'm a mowing, I'm weedwacking,
I'm edging. You know, myson sitting by the pool having a
kool Aid, a nice cold one. I gotta figure out what this recipe
is. Well, good morning everyone, Happy fourth of July weekend. It's

(04:38):
gonna be a long weekend for alot of people. I know, our
office is closed on Monday because themarket's closed early, so we elected to
close. So a lot of peopleare going to have Saturday, Sunday,
Monday, and Tuesday for a longweekend. And this has really been pretty

(04:59):
crazy year. Go through it alittle bit, because, believe it or
not, folks were halfway through twothousand and twenty three. It doesn't seem
possible that we're halfway through two thousandand twenty three, but we are.
But we are. And I thinkif there's anything that we've learned about the
stock market in two thousand and twentythree, don't try to time it.

(05:26):
Because I went back this morning justto look at the gurus, the smart
people, and what they were predictingfor two thousand and twenty three. It
wasn't a bull market, I cantell you that much. Most of them
said, we'd be lucky if weget single digit gains this year, and
we'll go through where we are.But it's really been pretty amazing the amount

(05:49):
of updraft. And I guess historyhas taught us that don't try to time
the market. Stay fully invested,get in your acid allocation model, rebalance
it, stay fully invested, andthe markets will reward you. But on
Friday, it closed the books onthe first half of two and twenty three,

(06:14):
and the headline as I just said, bing bing bing bing. It
was a very strong start and gainedso far, if I guess, flown
underneath the radar for most investors becausea lot of people went to cash.
There's trillions of dollars, over fivetrillion dollars in cash still sitting on the

(06:35):
sidelines rather than being allocated into thestock market. So so we got a
good solid start the rally that beganpretty much the later part of October of
last year off the bear market lowas continue to grow in a lot of

(07:00):
believe that we're in the early stagesof a new bowl market. So there's
still plenty of uncertainty around economic andmonetary policy. And if you look at
the VIX, it's an index that'sa measure of market volatility, has declined
steadily since it fell to its lowestlevel in the bank episode in March.

(07:27):
So you know, that's another sectorthat did extremely well this week, the
financial sector. You know, Ialways say, go be buy in where
everybody nobody else wants to go.You know, we bought into XLF.
I think I've been talking about this, talked about it a few times,

(07:47):
which is the ETF, the financialETF. You know, it's JP Morgan,
Goldman, Sachs, Bank of America, blah blah blah, and go
through the whole laundry list. Butbanks at a pretty good rally this week,
and you were paid a nice dividendto sit on the sidelines. I
mean, those stocks weren't going away, folks. It's hard to pick the

(08:09):
one that's gonna be the leader.If you do the ETF, you're going
to be better served because you're gonnahave a lot of horses in the stable,
not just one. So so.Interest rates, of course, are
the driving force right now. Whenwill the Fed end its rates hikes?

(08:35):
A lot of people believe that there'stwo more baked in the cake. Another
twenty five basis points twice futures aresaying is that they're trading at about five
sixty six for the ten year.So I'm just flabbergasted by this economy.
And the first quarter GDP was releasedlast week showing that the economy grew by

(08:58):
him better than expected two percent tostart the year. And it's the consumer
personal consumption. We keep on buyingand buying and buying. Talking about buying
and buying and buying. My nephewcame over last night and they wanted steaks.

(09:20):
Right my wife called me and said, can you pick up some stakes?
And I said, yeah, I'llpick up some steaks, so I
won't mention where I went. SoI went and I picked up some steaks,
four steaks, four center cut sirloinsteaks. Eighty seven dollars. Eighty

(09:41):
seven dollars for four steaks. Imean, I didn't you know, I
didn't know, you know, Ijust grabbed the rapper and I walked out
and I went to the cash register. But wow, it's a lot of
money a piece of meat. Butyou know, the consumer is still going.

(10:05):
I don't care where you go.I you know, our office is
is just a little bit south ofSaratoga. A lot of times I have
to go into Saratoga for you,either the bank or I have to go
and pick up lunch at one ofthe restaurants in Saratoga, and Saratoga is
busting at the seams, busting atthe seams. So the consumer is still

(10:30):
purchasing. And bottom line gets downto is that if you look at where
the performance has been in the markets. Technology, of course, communications services
consumer discretionary. Consumer discretionary, notnon discretionary industrials, materials. Let me

(10:54):
look at ge. You'll punch itup and see what gas done so far
for a year to day. Geezup sixty percent something like that. Let
me just punch it up right now, mother, ge, which a lot
of your smart people told her tosell. You're to date. Yesterday it

(11:18):
was up two dollars an eleven cents. It's almost at one hundred and ten
dollars. Year to date, it'sup forty three point five. It's an
old story to you. You betthe horse, you bet the jackie.
I know the guy called in fromConnecticut and says you're wrong, you bet
the horse, but I bet thejackie. Larry culp Um unbelievable, unbelievable

(11:43):
what this guy has done as faras the parts were worth more than the
whole, which is obvious with what'sgoing on. So as we sit here
today and July first, two thousandand twenty three, which is hard for

(12:03):
me to even believe, the Dowis still lagging, dials up about three
point eight percent. S and Pfive hundred is up about sixteen fifteen point
nine. NASDAC is just kicking.It is up thirty one point seven percent
thirty one point seven percent, oneof the best starts ever. As far

(12:26):
as the NASDAC, I just wantto see what Triple Q's closed. Triple
Q's closed up at five dollars andsixty one cents for the year, it's
up thirty nine point six eight percentfor the first six months Triple Q's.

(12:46):
That's one of our positions. SoI would love to say to you folks
that market timing works, but Ithink it's obvious what we've seen here market
timing doesn't work. And for thepeople that sit out there and try to
jump in and jump out, allthe market information, all the data has

(13:07):
suggested to us is that it doesnot work. And this is why you
need to stay fully invested. What'sthe future for the next six months?
Who knows? I know one thingfor sure. All these experts have no
idea what's going on, because Ilook at their predictions for two and twenty
three and they weren't even close towhat's going on right now. The problem

(13:33):
is is that you've got a highconcentration of a few stocks. Again,
a high concentration of a few stocks, you know that have really maked up
the S and P five hundred andalso the NASDAC. As far as the
total return, this has got tobroaden out a little bit where there's got
to be more market participants and othersectors. I think you'll see that,

(13:56):
though, I think you'll see that. So but we're here until nine o'clock.
We love phone calls, even ifyou want to call in and say
happy Fourth of July weekend. Iknow, I got a little bit of
mowing to do when I go home, a little more edging to do,
and then I'm heading up to LakeGeorge. We've got a family party.
I told Zach this morning, mywife is now a golfer and she's killing

(14:20):
it. I'm gonna have to takelessons from her, Zack. She's doing
great, unbelievable. So all right, God blessed America. We'll be back
here in about two minutes or so. I'm Dave Kopeck. This is a
retirement planning show. We're here everySaturday live from seven am until nine am.

(14:46):
I come back and I do aRetirement Ready, which is topic specific
show that's from twelve to one,and it's repeated on Sunday nights from eight
until nine pm. But again,love to talk to you if you got
any questions about investment management, legacyplanning, long term care. I want
to talk about long term care planninga little bit when we come back,

(15:09):
because that's a topic that I've kindof avoided, but I think we kind
of found a sweet spot. Iwant to talk a little bit about it
so our listeners and our clients knowwhat's going on, and we'll see right
after the break. And as theysaid, God bless America the eighty six
percenters. Do you know that eightysix percent of the population has no defined
benefit pension plan? For most ofus, we have to take our life

(15:31):
savings and create a paycheck for therest of our lives in retirement. What
is your plan for retirement income distribution? How will you manage your assets during
the most critical years of your lifetime. Nobel Prize winning economists William Sharpe has
called retirement income distribution the nastiest,hardest problem in finance. He points out
that investment, uncertainty, and mortalitycan derail the most careful laid out retirement

(15:54):
income plan. Call our offices todayto start the process of building a retirement
come distribution plan. After forty oneyears of being in the financial services business.
You need to start taking action tostart building your own personal retirement income
distribution plan. How do you dothat? To take action? Five one
eight five eight zero one nine onenine. That's five one eight five eight

(16:15):
zero one nine one nine or RPGretire on the web. Don't procrastinate,
motivate to start building your retirement incomedistribution plan five one eight five eight zero
one nine one nine. If youhave any questions, please call in now
at one eight hundred eight two fivefifty nine forty nine. That's one eight
hundred talk WGY, one eight hundredtalk WGY. We are live in studio

(16:38):
to answer your questions. At thetwel whose Bostris brightest roll spinelight O the

(17:23):
sweet were so stream that still unbelievable. What a set of pipes? What

(18:51):
a set of pipes? And thepoor child, a poor woman is dead,
sad her daughter, drugs, discourageof this country, drugs, you
get rid of it. You imaginehow great things would be. Just horrible,

(19:14):
horrible, horrible, horrible. Thatgirl could sing just amazing, Whitney
Houston. I want to talk abouta topic that most people don't want to
talk about, and I was thinkingabout this driving down today. And we've
had a very hard time in thelast couple of years finding the right solution

(19:41):
for people for long term care insurance. And it's gotten extremely complicated for a
multitude of reasons and for people thatare out there that are looking for strategies
and ways to purchase long term care. There's alternative strategies today, alternative strategies
much more alternative than what we've hadin the past. There's linked benefit policies,

(20:07):
there's a critical care insurance. There'spolicies that will pay you cash reimbursement
or paid directly to the planned provider. But it's complicated, and it's it's
so complicated, it's nothing that Ithink you should just stick your toe in
the water and try to do itfor your clients. So we've elected to

(20:34):
work with Bob Vandy and Brian Johnsonfrom New York long Term Care Brokers for
their expertise in this arena. Wehad a meeting with them this past week.
I love Bob, I love Brian. They're just great people. They're
just when I say that they're greatpeople, it's an understatement. They are
just great people, honest, that'sthat. Don't believe the people that tell

(20:57):
you insurance people are a bunch ofbub Because you meet with those two guys,
you'll realize that these insurance guys arehonest, strong character, and they're
always going to do the right thingad tr thing ad TRT always do the
right thing. So the retirement planninggroup is going to work with them in

(21:18):
a strategic partnership because we've been tryingto do it ourselves. I thought he
knew enough about it that I couldbasically meander through it. And I don't
want to meander through it anymore becauseit's too complicated and there's too many issues,
and it's where people can really,really really get hurt in regard to
their financial plan and their retirement plan. As we all know, life evolves,

(21:42):
things happen. You know, Iburied a father when he was forty
four. My brother in law,Steve, died of cancer at forty six.
There's health events, you know,Julie's family cancers rampant, and her
family my family heart disease is rampant. So the thing is is that you

(22:04):
never know when the man upstairs isgoing to say, you know, it's
time for you to come with me, or he puts you in a situation
where you haven't extended stay, eitherat home, assisted living, in a
long term care facility. I knowbecause I lived it. My wife was
a caregiver for six and a halfyears. It's not an easy task.

(22:29):
It's not easy for a loved oneto do the things that are necessary.
We were fortunate that I made enoughmoney that Julie could do it, that
she didn't have to worry about thepaycheck. All she had to worry about
was facilitating what her mom and dadneeded for caregiving, whether it's going to
the doctor or you know, everything. All the horrible stuff that you think

(22:51):
about is caregiving. But we're doingthis because I'm now living it with a
lot of clients. We have alot of our clients now. I've been
doing it, folks, for fortyone years. I started in nineteen eighty
two in the financial services industry.A lot's changed since then. But what's

(23:12):
change is the dynamics of my clients. I've got clients that are older.
I've got clients they're in their eightiesand nineties simply because I've been working with
them for so many years, andthe bottom line gets down to now they're
facing more challenges in their lifetime becauseof longevity and because of what's happening with

(23:33):
their health. With their health.You know, a lot of times I'll
sit down with younger people in theirfifties and sixties and we'll have chats about
this, and you know, Ican see one of them, you know,
like tapping their finger like okay,let's get this over with, you
know, all right, you know, okay, yep, yep, yep.
But they don't realize I got aclient right now, one of my

(23:56):
best friends. It breaks my heart. A great, wonderful guy, was
a teacher in my school system.Very young. He wasn't much older than
us when he came into the systemto teach. And he's dealing with that
god darn, filthy rotten cancer.He's got cancer and it's really hit him

(24:23):
hard. And last week, twoweeks ago, he was in the office
and he you know, I hadto sit across from the table and do
some estate planning with him and hiswife and his sister in law and brother
in law. But he felt brokehis hip. This week now he's got
to be transferred into a long termcare facility. And thank god, we

(24:48):
bought him a policy about four orfive years ago before all of this horrific
stuff started with him. He's goingto have some benefit, but it's nowhere
near what he's going to need asfar as quality of care. So don't
fool yourself, folks, don't foolyourself that it's not going to happen to
you, because statistically healthy sixty fiveyear old couple, one of you is
going to need it. Okay,one of you is going to need it.

(25:10):
So we'll talk more about launch termcare with our shows over the next
year or so. And we're gonna, as I said, we have an
affiliation now with Bob Vandy and BrianJohnson, but we'll be right back.
We got a break for the news. This is the Retirement Planning Show.
If you any questions or comments,give me a call. I love to
have a chat with you, evenjust to say happy fourth of July.

(25:41):
Oh, I wish I was ina land cotton. All times are are
not fuck gotten? Look Away Awaylook Away Dixie Land. Why we shine

(26:12):
alwayway di Land? Take my standto live and die for dixie Land.

(26:37):
When I was born Early Lord onefrom stem look Away look Away look Away
Dixie Land. Oh Godly hand itloot. He is try school. Hush

(27:52):
little baby, don't you cry?You know you're daddy bound to die.

(28:15):
But all my trials lore so wow, I mean I could sing. You

(29:06):
don't know who that is? Elvis? Another unbelievable talent forty two years of
age, years of prescription drug abuse, sad an. You think about it,
What a talented, talented man hewould be today, which is hard

(29:32):
to believe. Eighty seven, almosteighty eight years old Elvis. So there's
a lot of people out there listening, because I know the age band of
our listeners that we're Elvis fans.Who's the number one recording artist that's sold

(30:02):
the most copies of music in theUnited States, either individual or a group?
Number one Beatles? Good? Who'stwo Elvis? Bingo? They just
heard this the other day, justheard this the other day. Elvis is
two Beatles or one yea a soulgone too soon? Too soon. We

(30:34):
have friends coming in for our littleparty, little copick party at the lake
once coming in from the West coastthe state of Washington, and my other
cousins coming in from Maine, andwe look forward to seeing them. I
haven't seen them for quite some timeand they're coming to see the barn.

(30:56):
The barn that I'm recreating, Itook my grandfather's burned down. All the
bones are up, folks, thebones are up. It's all framed out.
The slight goes back on and thesiding came out beautiful. I'll give
you a website pretty soon you cango to and you can take a look

(31:17):
at it. Because my cousin Dan, who's coming in from Dan's originally from
Maine has probably has coming to seehim Mark, and he's gonna put up
a website that's going to kind ofgo through the history of the barn.
And also, you know, I'mtaking photographs every day, Julie and I.
But it's pretty exciting, pretty excitingto do. I'm fortunate that I'm

(31:38):
blessed that I can afford to doit. And it's I've driven by that
barn a thousand times over the lasttwenty years, and I just said,
I can't let it go. Youcan't let it go. And when they
went in to check it before westarted dismantling, they said, probably one
more year. If we didn't takeit down this year, probably wouldn't have
survived. The winner of two thousandtwenty three, twenty four. So proud

(32:04):
to be able to do it andkeep the history of the Copeck family.
All Right, we've talked about themarkets. Don't try to time them and
talk a little bit now. Youknow, there's a lot of missteps out

(32:25):
there with retirement planning, and Ithink the biggest misstep is is that people
are sold a bill of goods ratherthan the financial advisor sitting there sometimes and
listening to the content of what theclient wants and needs in order to satisfy

(32:46):
a quality of life, peace ofmind, and comfort in their retirement years.
And if you close your eyes rightnow, there are a lot of
people that were very unhappy, veryunhappy in two and twenty two, about
right now, about right now,June July. I know, my wife
looked at me in July and said, do you know what the hell you're

(33:07):
doing? You know, our accountwas down almost fifty percent fifty five all.
But what I did focus is Ibought more. I didn't sell,
I didn't go to cash, andI've been rewarded handsomely because I did do
that. So sometimes it takes avery very very strong spine, and also

(33:32):
sometimes it takes the ability for youto take the noise out, turn the
TV off, and the radio withwhat I call the scream and monkeys,
the ones that really have no ideawhat the heck is going on. You
know, eventually they're right. Imean once every fifty times that they make

(33:54):
some kind of prediction, they endedup being right, and they you know,
they put it all over the internetand TV and radio. You know,
I called this, I called this, I called this, I told
you this was going to happen,and the other forty nine times they're wrong.
But planning for retirement is different.How is it different? Because most

(34:15):
people, you know, I'm sixtyseven years old. My daughter's going to
college in September to Lemoine. Idon't plan on retiring at all. I'll
keep my toe in the water untilthe man upstairs as it's time to go,
or I have health issues because Istink at golf. And I don't

(34:37):
like to sit on the beach allday long. Okay, I don't like
to bake in the sun. Somepeople love bacon. I'm not good at
bacon because I turned into bacon.But what I do like to do is
to interact with my clients because Ilove my clients. Some of them are

(34:58):
challenging at times, but overall,we have a great relationship with our clients.
We are probably going to have threehundred and fifty people at our Christmas
party this year. We're having ahell of a time. We found a
place in Saratoga, the Convention Center. That's where we're gonna have to have
our Christmas party this year. Butwe're gonna have one hell of a time

(35:19):
this year because we haven't had aChristmas party in three years and it's time
to really kick it in gear,full throttle. So we're gonna have fun.
But that's what retirement should be,fun, not stress and anxiety.
So when people call me, Ihad a guy called me this week and
he says, I don't know whereto start. I said, what are

(35:43):
you talking about? You don't knowwhere to start? He goes, Dave,
I have no idea where to start. I listened to your show all
the time, But I said,He goes, you know, I you
know I haven't called, I haven'tcome in. You know, I don't
have a lot of money yet andall that stuff. He goes, most
of my money's in my four ohone k's. That's fine. You can
come in. But today is theday you should start. Today. Today

(36:06):
is the day that you should startbecause it is a multi step process that
evolves over time. So if youwant to have a comfortable, secure,
fun retirement, you need to startbuilding the building blocks, building the financial

(36:28):
frame, the footings, the foundation. Once you got that, then we
put the cap on. Then westart framing, right, and we start
putting the sheet rot up and theelectrical and the plumbing. And it's no
different folks, with your retirement plan. And it should be fun. It
shouldn't be stressful. I think peopletake it too damn serious, right right,

(36:53):
In some ways I find it boringif you don't have yourself in a
position where you can't have your armsaround this. How do I get there?
How do I get there? Right? I always say it all the
time. No plan, any destinationwill do well. How do you get

(37:15):
there? You got to have aplan. And that's what I'm gonna go
through today. I'm gonna go throughthe plan. Whether you're forty five,
fifty five, or sixty five oreighty five. There is a plan in
place at the retirement planning group inorder to button things up. Button things
up, of course, you're goingto invest a hell of a lot differently

(37:37):
at forty five than you but ateighty five. But maybe not, but
maybe not. We had a couplethat came in the other day. They
both have pension benefits, they bothhave soul security. They're doing phenomenal as
far as cash flow. I lookat her and I look at him,
and I said, what are yougonna do with all this money? They
got seven figures of money A coupleof times over, I said, what

(38:00):
are you gonna do with all thismoney? They're just stare at me,
like, you know, I don'tknow. I guess that's why we're here.
I don't know what we're gonna dowith all this money. Well,
money can fund your future, andmoney can also fund a legacy. Money

(38:22):
can also fund college educations. Youcan go through the whole laundry list of
what money can fund. But yougotta have a plan, right. Sometimes
people need to decouple from saving fromsaving right to spending. Decoupling. Let's

(38:45):
go to Jim. Get a phonecall morning Jim, Hey, good morning
day. How are you. Prettymuch every weekend, and you know,
I'll mention what I do for aliving. I don't want to mention the
company, but I want to mentionwhat I do for a living and kind
of want to tie it into yourshow a little bit. Today, So
I drive a propaintra I've got justunder a thousand customers on my route.

(39:10):
What's interesting is I delivered to alot of folks that are approaching retirement or
retired. And these people that Idelivered to, I get an opportunity most
days to speak to them, eitherbriefly or sometimes extended conversations during the year
when it's not as busy. Andthe interesting thing and talking to all these

(39:34):
people is the ones I find thatare the most happy. I don't want
to say successful, but I meansuccess is part of the happiness, right.
The ones that I see that arethe most happy and don't seem to
have as much stress are the onesthat don't have a lot of stuff.
They don't have a lot of burdens, they don't have big homes, they

(39:58):
have simple properties, They live simply. They don't have a lot of complexity
in their life. And the partI appreciate in your show is all he's
talking about how the investments happen,and the planning for retirement and the whole
thing But there's another part of theplanning that I think is missed and where

(40:20):
I see it as being so successfulwith the people that I deliver to is
the ones that are the most successfuland happy are the ones that don't have
the burdens. And you know thehouse that you live in when you're fifty
fifty five years old and you livein a big house and you've got a
lot of stairs and you have alot of you know, you're not big

(40:44):
bathrooms. You don't have a simpleway to live when you get to the
point where you need the flexibility inthe house to stay downstairs or have a
big bathroom to be able to getin with a wheelchair or the walker.
They don't have any of those things. None of that stuff has been planned.
And I almost think that the peoplethat I service that have a big

(41:05):
front porch and an easy way toget in and out of the house and
a lawn that has no fancy stuffout there they're going to mess around with,
and nice wide driveway that's asphalt notgravel. It shovels or plows,
well, all these different things addup to a little bit more of a
simpler way of living when you getolder. Yeah, And I understand investing

(41:30):
and all that is important, butmaybe thinking about how are you're going to
live when you get older and andyou know, all these costs and all
this money you've got to have,right sure, or you don't need as
much money, or the money thatyou do have will last longer, it'll
go further if you don't have allthe complexities and burdens. And that's just

(41:53):
something I wanted to add to yourshow today. Well, I think you
said it. You know what,Bullseye, you're speaking. You're speaking my
language, brother, you're speaking mylanguage. I'm the happiest I ever was
in my lifetime. I can stillremember as a young kid. You know,
we didn't have a pot or anythingto throw it out of or you
know what I'm trying to say here, And the bottom line is is that

(42:15):
we had a little house in Scatticoke, New York, and we had a
little cottage at Stomach Lake up inArgyle, and you know, there was
no handheld devices, there was nointernet, there was no you know,
the TV was three channels, six, ten, thirteen. We didn't have
that funny antennis so we could getseventeen PBS. But you know, both

(42:42):
my parents were both my parents werefarmers. My grandparents never even had running
water in their house. They hada pump by the sink. They had
a three seater in the backyard,and they had a big old pot belly
stove in the parlor. In theparlor, and uh, I think about
how those people lived in the lifethat they had. And it didn't take

(43:06):
a lot to make him happy.Brother, not a lot. Well,
I just I just thought maybe itwas appropriate to share what I did.
And well, he let me.Can I just say one thing, my
cousins, my cousin's son, Iwon't mentioned the name of the company that
he works for, drives a propanetruck too. He delivers propane all over

(43:28):
the capital of district region. Well, I can tell you it's a great
job. I love the job.It pays incredibly Well. You can work
ten months a year and you getpaid one hundred grand. Yeah, you
don't work much in the summer atall. And uh, I mean you
worked to tell off in the winter. I'm not gonna say you don't.
Yeah, but during this time ofthe year, it's real nice. It's

(43:51):
a real nice job. I appreciateyou calling in here and God bless you,
and God bless the USA and keephim up the good work. Brother,
you too, buddy. Okay,easy, okay, God bless you.
Okay. By now we're gonna takea quick break. We'll be right
back. What well, yeah,sends a chill up. Went back.
That's a good phone call. It'skind of people I love dealing with,

(44:14):
good old, down to earth people, what I call the hard working savers.
We'll be right back the eighty sixpercenters. Do you know that eighty
six percent of the population has nodefined benefit pension plan. For most of
us, we have to take ourlife savings and create a paycheck for the
rest of our lives in retirement.What is your plan for retirement income distribution?
How will you manage your assets duringthe most critical years of your lifetime.

(44:37):
Nobel Prize winning economists William Sharpe hascalled retirement income distribution the nastiest,
hardest problem in finance. He pointsout that investment, uncertainty, and mortality
can derail the most careful laid outretirement income plan. Call our offices today
to start the process of building yourretirement income distribution plan. After forty one

(44:57):
years of being in the financial servicesbusiness. You need to start taking action
to start building your own personal retirementincome distribution plan. How do you do
that? To take action? Fiveone eight five eight zero one nine one
nine. That's five one eight fiveeight zero one nine one nine or RPG
retire on the web. Don't procrastinate, motivate to start building your retirement income

(45:19):
distribution plan five one eight five eightzero one nine one nine. If you
have any questions, please call innow at one eight hundred eight two five
fifty nine forty nine. That's oneeight hundred talk w g Y, one
eight hundred talk w G Y.We are live in studio to answer your
questions. All right, is thatJimmy Hendricks now? But I have no

(47:09):
idea who that was? Metallica?Is that who it was? Yeah?
Pretty pretty impressive. Well, happyfourth or July weekend, everybody. Hopefully
everybody's gonna be safe. Listen,d W I checks okay, So don't

(47:29):
go out there and drink and drive. Get a D designated driver d D
okay, and don't boat and drink. I'll be up in the lake.
I know that they usually this isthe weekend that they're big time. They're
out all over lake George, patrolsheriff, etc. And they should be.
It's been some horrific accidents up thereover the last few years. Well,

(47:52):
we're talking about retirement playing. Iwant to think that guy that called
in the propane truck driver thousand customers, he's talking about quality of you know,
I find this myself, folks.There's there's no doubt in my mind
that money does not make you happy. Doesn't money does not make you happy.

(48:15):
I can guarantee it. I've seentoo many people walk into my office
that have all sorts of money,bagloads of it, and that's there's no
guarantee that that cash is going toput a smile on your face. And
I think that's really a lot ofpeople out there are searching for that happiness,

(48:37):
that balance in their life. Thefun. That's why I talk about
retirement, the process, why itwants. You want it to be fun,
not to be stressed getting up atfive o'clock in the morning with your
knees knocking, because you want toknow what is the stock market going to
do today? You know, doI have you know, enough cash in

(49:00):
order to satisfy my income needs forthe month. So what I want to
do is to go through. I'mnot going to start it right now.
I'll start it when we come backfrom the top of the hour one.
I'll get into the what I considerto be the multi step process that evolves
over time. And when I saythe multi step process, I'll go through

(49:22):
the different I'll go through three ofthem. I'll go for the people that
are in their fifties, the peoplethat are in their mid mid to late
sixties, and the people that arein their eighties. And when I say
that there's a process, there isa process. But a lot of people
keep on saying, no, whatam I getting on my money? What
am I getting on my money?What am I getting my money? Well?
The thing the problem with that isthat ultimately all that money comes out

(49:45):
the door and you got to paytax on it. All Right, So
we've got a lot of money iniras four one k's four or three bs,
tax sheltered nuities, whatever it maybe that is a tax liability,
ird income or respected the decea right, you're gonna have somebody's gonna have to
pay the tax. Like series ebonds. We had a couple that came in

(50:07):
I don't know how much the fatherhad, like three four hundred thousand dollars
in series ebonds. And when Itold the guy in the amount of tax
liability that he had, I meanhis like chin dropped and hit the conference
table. It's a tax liability,you know. How do I get around
it? You can't get around it. You gotta paid tax. Government wants

(50:29):
their money, right, So planningfor taxes, all right. If you're
getting tax deductions over the years thatyour money is growing, then there's a
significant tax bill that awaits you.Right. If you're getting tax deductions over
the years that you're accumulating money,then there is a significant tax liability when

(50:54):
you withdraw those savings. And there'sways to minimize the retirement tax hit while
you save for the future, andto continue the process when the day arrives
when you actually stop working. Seeyou later, alligator, I'm out of
here. Take this job and shoveit the old Johnny paycheck. So bottom

(51:16):
line gets down to is that that'swhat we're gonna talk about. We're gonna
talk about the different stages of retirement. What you should be thinking about fifties,
sixties, i'll say, eighties,and how in how you want to
get your house in order all right, we got about a minute before we

(51:37):
have to say again we offer acomplimentary consultation at any of our four offices
Oneana. Talking about Oneana. I'mtalking to clients of mine the other day
in Oneana, and they're related tothe Smiths and make the pies up in

(52:00):
Galway. So I'm gonna stay realclose to these people because I figured I
can get a discount, a coupon. I'm kind of a coupon for a
discount on my pies at Smith's.So pretty cool. Great people, wonderful
people, wonderful people. I gottaget up there and get a Smith's pie.
I don't have to go too farbecause Fred the Butcher has Smith's Pies

(52:22):
right there by the register, ofcourse, and it calls me out.
So we'll be back at the topof the hour. We're gonna talk about
three different phases, three different steps, how you need to start thinking differently
in your sixties and eighties than youwere in your fifties. But give us
a call. Really enjoyed that phonecall from that gentleman one eight hundred.

(52:45):
Talk to WGY. I'm Dave Kopeck. This is a retirement planning show.
We'll see on the other side ofthe news. Welcome to the Retirement Planning
Show with host Dave Kopeck. Inthe financial services business for over thirty five
years. Their Retirement Planning Group LLCis a registered investment advisor. David M.
Copeck is also a registered representative ofpersh kaplan Sterling Investments Incorporated PKS in

(53:09):
their separate capacities. A registered representativeof p KS, David M. Copack
may recommend the implementation of securities throughPKS instead of Retirement Planning Group LLC.
Purs Capitlan Sterling Investments and Retirement PlanningGroup LLC are not affiliated companies. Now
it's time for the Retirement Planning Showon w g Ywhere the fire behind w

(54:02):
how do people fire? And somebodyall the way? You might sign out?
Who you fi? Wow? Listen, listen and I'm call from nature.

(54:34):
I don't have a salvation to writemy soul back back back, minute
mouth, a real child game radiogoing up, go backing away on the

(55:04):
downs, you awaken on the backcod and a hard away. Every mind
is like a sit down. Thevision he as lady time. Ye don't

(55:40):
have a wow? Get amy maywait you may not see Uggins find you

(56:06):
might in a way the lad nameshall I don't did you get your feet

(56:42):
going? I get your feet going? A lot of pickup trucks and cars
going down the road, windows down, singing Bob Van He said he was
last time he's here. We dida couple of songs and honor. Tina
Turnery said, boy, she hada pair of legs. I said,

(57:05):
this guy had. That guy hada pair of legs. Man that got
could dance. That guy could dance. Good music, doing a good job.
Zach, I love my Zach,my brother from another mother. All
Right, we're talking about the phasesof retirement. If you want to participate.
We had a nice phone call froma gentleman drives a propane truck,

(57:30):
has a thousand customers. The simplelife, the simple life, and I
think it makes a lot of sensefor a lot of people. You chase
your tail for so many years andthen you get to it, and then
you say, why did I dothat? You know, I missed out
on so many things for that froma lot of people. You know,

(57:51):
we like the mouse on the wheel. We just keep on spinning and spinning
and spinning until we get to ourdestination and you know, my son goes
out with a beautiful, beautiful girl, Marissa, and she's just a great
kid, great kid, and sheyou know, she just lost her grandparents,

(58:14):
very successful people, and it's justsad. It's sad, you know.
And I know that her mom wasdevastated. You know, they both
I think both of them passed fromcancer, if I'm not mistaken. It's
just horrible. You know, youwork all those years and you bust your
tail and you're trying to get yourselfin a position that you could really spend
some quality time with your kids andyour grandkids. You just never know,

(58:36):
folks, You never know. Imean, man upstairs is gonna say,
come with me. So we're gonnatalk about the different stages of retirement.
The preretirement stage. We'll start withthem. It's typically in your mid fifties,
fifty early sixties, somewhere around there. Depending. It's that's the time

(59:02):
that you need to seriously sit downand assess because ten years goes by like
what boom, there's the next tenyears. Talk to a doctor who's a
client of mine the other day,he says, how old are you,
Dave? I said, I'm sixtyseven. He's in his late seventies.

(59:22):
He says, well, don't pluckyour eyes, because you're gonna be my
age pretty soon. And you knowwhat, he's right, He's absolutely right.
So when I say preretirement refers tothe ten years or so before you
pull the plug and go into yourretirement years. It's the time that you

(59:43):
need to start getting clearer picture ofyour total savings, where your income streams
are going to come from during yourretirement years. You got to, you
know, basically do an assessment ofyour four on one K or fifty for
fifty seven plans if you're fortunate,if God has blessed you with a pension

(01:00:04):
benefit. But that's the time thatyou really got to start putting the rubber
to the road, you know,doing a plan, a plan, right.
You know, in your forties fifties, people like me that are in
their sixties, that have kids thatare still going to college, you know,

(01:00:30):
you've got money going out the door, a lot of money going out
the door to pay for college education, cars, incidentals, clothes, all
the fun stuff. So in yourearly stages, you know, you really
got to start creating if you haveto that little pile of cash additional savings

(01:00:57):
and looking at different types of incomestrategies for the eighty six percenters, the
eighty six percent of us that donot have pension benefits. Number two is
early retirement. We talk about rightwhen you first retire and your income sources

(01:01:22):
start to shift. You go fromreceiving a check to creating a check.
What I call prime time, thered zone point of entry. Pick one
right, critical, This is critical, the one that I always say over

(01:01:43):
and over and over again. Getyour buckets of money loaded up before you
walk out the door. Right,Start doing your trustee to trustee transfer,
get the cash over to a selfdirected IRA, and start build holding your
buckets of money. Sole security kicksin for a lot of us between sixty

(01:02:07):
five and sixty seven FRA full retirementage. You're gonna have to find out,
you know, when ultimately you wantto start taking that benefit. Some
people, we say, go getit if you have health issues, if
you have a situation where you've gotplenty of other money. Really this is

(01:02:29):
just kind of a supplement. We'lluse it as like a funny money.
The savings account for vacations, travel, maybe some things that you want to
do special with your wife, yourloved ones mid retirement number three seventy to

(01:02:52):
eighty ballpark. This is when westart losing a wheel or two off the
car. Find out if you hadenough in the pot cost of living adjustments.
Right his inflation affected you dramatically.Are you both still around as they're

(01:03:15):
the ben A death might be downsizing, like the gentleman that just talked about
the otto of smaller house, onefloor, lower cost area. A lot
of times women, if the husbanddies, they relocate. We've got a
situation right now where the mom isrelocating closer to her daughter. You want

(01:03:37):
to make sure that you've got allof the documents in place. Make sure
that you have your will, yourestate plan, you have someone who's named
as your power of attorney to executeyour wishes should become unable to do so
on your own behalf. And thenof course it's the last one, the

(01:04:00):
last stage of a retirement. Typicallywe have much more in what we call
healthcare cost. You know we're goingwith those copays and our coinsurance. You
got to figure out if you're goingto need some assistance, whether it's home

(01:04:26):
care, assistant living, or thedreaded place where you sometimes have to end
up in a long term care facility. Medicare does not cover this, folks,
Medicare does not cover this. Thisis your plan, your plan.
There's some minimal amount of Medicare benefit. Minimal. So if this does happen

(01:04:48):
to you, where is the moneygoing to come from in order to pay
for these services that are being providedto you? Because I know that ninety
nine point nine percent of the peoplethat I talked to at the retirement planning
group, they want to be homein their own house with their loved ones,

(01:05:12):
their own environment, their own bed, their own chair, their own
bathroom. So when people say tome, like the gentleman, when should
I start this? When should Iget going right? I don't know what
to do. No time is thewrong time. Sooner is better than later.

(01:05:39):
It's as simple as that. I'vemade tons of mistakes my own personal
life. You know, when wewere having children, Julie and I,
you know, I bought term levelterm insurance for five hundred thousand dollars.
No way that would have been morethan enough in order to take care.

(01:06:00):
No way was that enough for Julieand I was told by Dan Bouchard to
load up, buy more. You'renot buying enough. You know, King
Kong, you know, don't tellme, you know that's enough. It
wasn't enough. I should have hadat least two million dollars level term insurance
because when I when I bought it, I was in my early forties.

(01:06:23):
I could have bought a truckload ofit cheap. So my health insurance,
my not health insurance. My insuranceis going away this year. My life
insurance, my term insurance. I'vegot the conversion feature on it. But

(01:06:46):
I'm running numbers right now with ourfriends Bob Vandy to see what options I
have available to me at this ripeold age of sixty seven. So if
you're planning your financial future for retirement, pre middle post you know later stages,

(01:07:15):
late retirement, mid retirement, earlyretirement, and the one of course
pre retirement, when you start puttingthe rubber to the road, envision,
envision what you want. It shouldn'tbe what the advisor wants. It should

(01:07:38):
be what do you want? Andallow the financial planning team because we're teams
now. It's too complicated for oneindividual to do this. Let the financial
planning team fit you into the rightlifestyle in planning for your lifetime. Now,

(01:08:00):
Fidelity has thousands of employees, thousands. We have access because we're under
Fidelity Institutional Wealth Advisors. We haveaccess to all of those people. You
got to knock on the door,you got asked to be let in,
and they did all sorts of screeningand scrubbing on us and they let us

(01:08:24):
in. So we have a lotof resources that we can bring to the
table A to Z. But alsobut also we have I consider to be
great people locally here that I've knownover forty one years of being in the
business that are great strategic partners.Right, So it's time to take it

(01:08:54):
seriously. It's time to put yourfinancial position in place and stop procrastinating and
motivate and button it up. We'llbe right back the eighty six percenters.
Do you know that eighty six percentof the population has no defined benefit pension
plan? For most of us,we have to take our life savings and

(01:09:15):
create a paycheck for the rest ofour lives in retirement. What is your
plan for retirement income distribution? Howwill you manage your assets during the most
critical years of your lifetime. NobelPrize winning economists William Sharpe has called retirement
income distribution the nastiest, hardest problemin finance. He points out that investment,
uncertainty and mortality can derail the mostcareful laid out retirement income plan.

(01:09:39):
Call our offices today to start theprocess of building your retirement income distribution plan.
After forty one years of being inthe financial services business, you need
to start taking action to start buildingyour own personal retirement income distribution plan.
How do you do that? Totake action? Five one eight five eight
zero one nine one nine. That'sfive one eight, five eight zero one

(01:10:00):
nine one nine or RPG retire onthe web. Don't procrastinate, motivate to
start building your retirement income distribution planfive one eight five eight zero one nine
one nine. If you have anyquestions, please call in now at one
eight hundred eight two five fifty nineforty nine. That's one eight hundred talk
w g Y one eight hundred talkw G Y. We are live in

(01:10:21):
studio to answer your questions. Ohcan you see by the doors night?

(01:10:47):
What's the pride? It's five lightslast? Who's brought lights? Rights?
Ours through the pair? Spite orthe bread? Bert wee wi perse please

(01:11:12):
screaming the rags bread first night anda black us still see as stars sing

(01:11:43):
all the l amen to that greatestcountry on Earth, greatest country on Earth.

(01:12:15):
I always say this, and Iknow that our listeners, people that
listen to the show, The biggestmistake that I made in my life is
I never served my country. IfI had to do it over again.
Now, it was a difficult time. It was when Vietnam was flying around,

(01:12:38):
and there was all sorts of anxietyand stress about Vietnam. But I'm
always jealous when I go into theLegion and I sit there with these guys
that have served their country, andthere's such a camaraderie in a bond,
not different than somebody that wears theblue. The people that are out there

(01:12:59):
day in day out, that sacrificetheir lives for our lives. Like let
his poor state trooper gets shot.Done in eighty eight Jason after the one
hundred miles an hour Chase gets outof the car gets shot. Jim's that
works in our office, his futureson in law. That's the other thing

(01:13:24):
too, I should applaud Jimmy.Jimmy's daughter is now a doctor in Saratoga.
Jim Corcorne who works in my office. Both of his kids have done
extremely well. His one son isin cybersecurity and his daughter is now a
doctor. But she is going tomarry this gentleman who is now a brand

(01:13:44):
new Saratoga County sheriff. He's partof the new team that's up there in
Saratoga County. He golfs with usnow in our golf league on Thursdays,
and he is a wonderful human being, wonderful. We have a lot of
trooper we have a lot of sheriffs, We have a lot of municipal employees
that have worked and you know,protection that are clients of ours, and

(01:14:08):
I always say to them over andover again, you know, thank you
so much for your service, becauseyou know, a lot of times they're
taking for granted, not at theretirement planning group, not at the retirement
planning group. So all right,we want to finish up this one segment.

(01:14:30):
We're going to talk about the talkingabout hitting the ground, putting the
plan together. No matter what stagewritten. You know, nothing stays constant,
folks. Life doesn't stays constant.Health doesn't stay constant. I mean,
you know, my wife and Iare going to move up to the

(01:14:51):
lake this week, and I've madea pledge to my wife that I'm gonna
walk and exercise and stop grazing andeating and doing all the stuff I shouldn't
be doing because I have a COVIDbaby. You know, I gained almost
thirty pounds when COVID hit, andI've got to get rid of it because

(01:15:15):
my doctor doesn't mean want to seeme when I walk in there. So,
you know, when we talk aboutgetting prepared financially for everything, also,
you know there's part of that isalso your physical and your mental state.
You get into your retirement and Ithink, you know, one of
the things that I see over andover again is people are not prepared for

(01:15:35):
the mental part of it. Whatam I going to do all day long?
What am I going to do tokeep myself busy? You know,
some people they get into retirement andit's just, you know, it's the
yellow brick road. They love it, hop skip and jump away we go.

(01:15:57):
Other people get into retirement and it'snot so much fun. You got
to find something a passion. Soyou know, when people say to me
all the time, Dave, whenyou're gonna retire, I'm not going to
retire. I don't want to retireand do what. I love what I
do. I love my clients.I love participating here on the radio.
Hopefully you find an informative and educationalyou know, we get a lot of

(01:16:18):
compliments. We've opened up over fiftyhouseholds from radio this year, so it's
resonating. Our message is resonating.Do we have all the answers? Absolutely
positively? Not. Do we makemistakes sometimes? Absolutely positive? But I
can guarantee you one thing. We'regoing to be behind you a thousand percent,

(01:16:39):
and you know you've got somebody onyour team and when things are bad,
we're gonna step up and we're gonnatake care of things. I spend
a lot of time today at myage and with my clients ages shoot amplis
long term care facilities, going topeople's homes and seeing them because they're physically
not able to go. But that'srequired. I have to do that.

(01:17:01):
They don't want to see anybody else, They want to see me. And
until the day that I can't dothis for whatever reason, I will continue
to do that. Right And I'malways amazed when people say, well,
I work with this guy, butyou know it's he's with x y Z
Corporation. And I said, well, how do you deal with him?
He goes, well, I dealit's over the telephone. Over the telephone,

(01:17:25):
you over the telephone. It's aneight hundred telephone number. I don't
know about you, guys. Everytime I die in an eight hundred telephone
number, nobody answers beat boop boop, beep bopop beep boop, and then
no, sorry, I'm not here. Leave a message and I'll get back
to you as soon as I can. That's not planning for me, right,
that's just a disaster waiting to happen. At the retirement planning group,

(01:17:46):
there are people humans, not robots, not AI artificial intelligence, to pick
up the phone and say, RetirementPlanning Group, can we help you?
Hello, mister Apple, Yep,I get a hold of Day Or I
get old, Jim, I gotold, Lisa, I get over a
criscot, old, Nico Brenda.But the bottom line is is that that,

(01:18:09):
to me, says everything about whatwe try to do. We try
to have a process in place inorder to facilitate what you're looking for,
not what we're looking for. Andthen when we do that, we use
our ears instead of our mouth,and we listen to you as far as
what we're doing right, what we'redoing wrong, what you feel good about,

(01:18:29):
you feel uncomfortable about, and thenwe implement and we do, you
know, what we think is inthe best interests you know, there's This
has been a very very very verydifficult ear for a lot of reasons.
But bottom line is, I'm abig believer in this. Okay, the

(01:18:50):
sun always comes out, The sunwill always shine. You just got to
work your way through it, workyour way through it. So we're gonna
come back. It's our last segment, the last half hour. If you
got any questions or comments, it'sone eight hundred talk w G Y I'm
Dave Kolpak. This is a retirementplanning show. We'll be right back,

(01:19:13):
w y. Well, the eaglesbeen flying slow and the bag's been flying

(01:19:40):
low, and a lot of peoplesaying that America sticks at the ball.
We'll speaking just for me and somepeople from Tennessee. We got a finger
two to tell you all. Thislady may have stumbled, but she ain't
never failed. And if the Russia'sgonna believe that thinking almost ain't the hell.

(01:20:00):
We're gonna put her feedback on thepath and righteousness, and then God
bless a very good again. Andyou never didn't think that it ever would
happen again, and a very goodinns you. You never didn't think that
would ever get together again with damnSHOs. You were walking around and proud
that would talk her me aloud againin a miracle. You never didn't think

(01:20:23):
that it ever would happen again.From the sound up in Long Island,
out in San Francisco Bay, andeverything is in between them as our whole.
We may have done a little bitof fighting amongst ourselves. Put you
outside. People, best leave usa law, Goswell law, stick together

(01:20:45):
and you can take that to thebank. That's the cowboys and the hippies
and the rebels and the Yanks.You just gold play your hand on a
Fitzburg Theater fan. And I thinkyou're gonna finally understand Charlie Daniels. I'm

(01:21:09):
trying to who's that big song thathe had, Devil Devil coming Home?
So yeah, Georgia, something likethat, Yeah, m no. I
used to wear a big hat.I always had a big hat on anytime
I saw Charlie. Dannie's always abig hat, all right. Fourth of

(01:21:33):
July weekend. A lot of peopleare away. Good friends of mine um
down at the Jersey Shore. Iwas some friends of minor camping out on
the islands, like George. Idon't know where all this rain is coming

(01:21:54):
from. Is there are gonna besunny again and no rain? Just kind
of dry for a couple of days. Been fortunate, but I've been pretty
wet last couple of weeks. Sojust be safe, folks, take your

(01:22:15):
time, go slow. You saythat the traffic is going to be unbelievable,
it probably is. Bridon and Aidenfriends of mine were driving down to
the Jersey Shore. The wife hadgone a day earlier and they're down there
until Tuesday. But wow, Ican imagine the traffic. I've done that

(01:22:40):
a couple of times, and holymoly, holy macaroni, that's a lot
of traffic. All right, I'mgonna finish up here on a couple of
notes. We offer a complimentary consultation. There's a lot of you that have
taken advantage of it. Again.We have four locations, oneana downtown Albany

(01:23:03):
on eighty State Street. We haveour corporate headquarters in Malta, and we
also have a satellite office now inGlens Falls. If you want to take
advantage of our complimentary consultation, ifyou want to come in for something specific,
or if you want to come inand kind of button things up or
get a second opinion, never hurtsyou give us a call at five win

(01:23:26):
eight five eight zero one nine onenine. That's five on eight five eight
zero one nine one nine. That'sour corporate headquarters. And then of course
you can check us out on theweb at rpg retire dot com, rpg
retire dot com. You know,I keep on going over this. You

(01:23:47):
know, we get a lot ofmessaging. We're in a situation where there's
going to be trillions of dollars transferof transfer of wealth to the next generation.
And you know a lot of peoplewill sit there and they're kind of
shocked when they see the number whenwe put everything into e money or software

(01:24:10):
package as far as what their actualvalue of their estate. And then,
as I've said numerous times, there'snever any one size that fits all.
Everybody has different goals and objectives howthey ultimately want to have the money managed.
You've got to have the right mix, not only as far as what

(01:24:31):
your intentions are for your family,your values do you want to do some
gifting in your lifetime? Do youwant to do some money to a charity,
to a college. A lot ofindividuals have a soft spot in their
heart for animals. We can facilitatethat. Also. We have one woman

(01:24:56):
had a substantial amount of money withus since she actually donated a significant amount
of money for the kennel that shewas so proud to use, so they
wouldn't have to worry about the checkbookso much as far as the services that
they provided, which I thought wasunbelievable what she did. But getting into
it, you know, a solidretirement. We've always said that there's three

(01:25:23):
core things that we want to focusin on. Of course, we want
to focus in on guarantees to ensurethat you're covering your fixed expenses. We
want growth with a safety net inorder for you to have cost of living
adjustments. And if it's important foryou, legacy, the transfer of wealth
and the ex generation. But thebig thing, folks, is flexibility because

(01:25:48):
things change, people change, peopledie, we move, we go to
different locations, We've go to differentstates. We're seeing a lot of individuals
that are leaving New York State.You know, we have I think over
sixty households now of individuals that arejust in the state of Florida. So
I have to spend more time downthere simply because you know, the clients

(01:26:10):
want to see a face to face. A lot of times they'll travel up
here, they'll meet with people youknow they originally started up here. But
you know, we want to makesure that we're doing what we're supposed to
be doing. And the world ischanging because the technology zoom. Probably nine
and out of ten meetings that wehave with Fidelity now is now through Zoom.
It's not face to face. Andthe thing is is that most of

(01:26:31):
those individuals are not in the Fidelityoffices. They're in their homes, their
home office. That's the world thatwe live in today. You know,
we're in a building and I won'tmention where it is in my business,
but we're in a building that halfof the building is empty at one of

(01:26:51):
our locations because they said go aheadand leave, you can work from home
this one company, So they havethis unbelievably beautiful building that half of it
is unoccupied. And that's the normtoday, believe it or not. I

(01:27:12):
mean a lot of people have theability to have autonomy and work from their
homes. And I don't think that'sgoing to change at all. So the
thing is is that you've got tobe really kind of you know, discipline.
But the statistics, the statistics areout. They say that people get
more work done at home than theydo if they're working in a office environment.

(01:27:36):
Too much time spending, Bob,I guess by the water cooler,
and are all quite well aware thatin this world that we live in today,
most of us will retire with nopension benefit. Used to be a

(01:27:59):
common place where you would retire,you get a pension, you get your
health care in a way you wouldgo not so not so so if you
don't have a pension, there's waysto create a pension and stream of incomes
to give you that baseline income thatwe talked about, the guarantees that I
think are important. After forty oneyears of doing this in order to sleep

(01:28:24):
at night, and then I hadbeads of sweat on your forehead when you're
watching the stock market gyrate. Thatto me is not retirement. That's stress
and anxiety. And we go throughthe whole laundry list of different ways in
order to create guaranteed income for alifetime. I think you know what my

(01:28:46):
position in it is on annuities.You know, it's a very very small
percentage of our business. But I'man advocate of annuities. I think they
serve a purpose and if you understandthem, and if you do them correctly,
it's a great investment. But shouldyou put all your money into an
annuity? Absolutely positively? Not absolutelypositively not, But you should look at

(01:29:15):
the options to see if they're appropriatefor you in building a diversified retirement income
distribution plan. Because the l wordlongevity, I think you're going to hear
more about that in the years tocome, simply because of the pills and
what's happening with technology today. We'regoing to live a hell it a lot

(01:29:38):
longer than we ever anticipate. It'sstarting to happen. I mean, I've
got clients in their eighties and nineties. You would think that they're in their
sixties and seventies. They're in suchgreat shape. Should retire fifty five or
sixty sixty two sixty five? Youlive into your ninety ninety five, It's
a long time. A lot ofchanges, volatility in the stock market.

(01:30:01):
Is there enough in the pot shouldyou have some strategy in place in order
to meet those long term income needs. And as we just found out this
year, in the first six monthsstocks bonds we get cash, we're getting
almost five percent. We could begetting five percent right now in our money

(01:30:24):
market account of Fidelity five. Imean people would be banging the door down
a year and a half two yearsago for five percent. They'd be standing
in line from here to ten bucktwo five percent, yeah, five five
percent in the money market account.Corporate bonds are getting me eight and a
half nine percent, depending on thequality of the bond. Things change,

(01:30:47):
investments change, people change, ourpolitics change, our country is changing.
You've got to have flexibility. That'swhy we always focus in on that,
the ability to have flexibility, becausewhen people change and the system changes and
the economy changes, you have tohave trade offs. And as I say,

(01:31:13):
everyone's situation at the retirement planning groupis unique. We don't have one
cookie cutter approach and a one strategythat works for everybody at the retirement planning
group because everyone has a different wayto spend their money. Now here's the
one thing that I think everyone shouldheed. I've said this to individuals,

(01:31:38):
much more so than the last yearor two than I have probably in all
the years that I work. Whenyou build your retirement income distribution plan and
you build the cash flow that isgoing to be necessary for bucket one,
the money market account, which isactually a very competitive rate of return right

(01:31:59):
now said five percent. Instead ofhaving that money paid out to you on
a monthly basis, get a checkbookand only take the money that is necessary
that you need. Don't take thetax liability simply because you've got it on
a systematic withdrawal or a certain dollara month mount on a monthly basis,

(01:32:26):
or I'll just take There's a lotof times we see portfolios that come in
and we're doing an evaluation on them, and they'll say, jeez, I've
spent a lot of money in taxes. So well, you do realize is
that your dividends and your capital gainsare being paid out to you. You
understand that no, yes, thevariable, of course is both dividends are

(01:32:49):
going up. Capital gains. Atthe end of the year, they usually
kick out, whether it's a downmarket or a good market. A bad
market. You get a lot ofthe mutual funds that will kick out a
substance ancial amount of capital gains toyou because they're repositioning their portfolio, they're
harvesting the gains. So when wego through this, risk is part of

(01:33:19):
the game. That's part of thegame of managing assets. It's just a
question how much of that four letterword do you want risk? Because you
can adjust the throttle more or less. And then you also have to consider

(01:33:45):
your history as far as absorbing theshock to a portfolio when it sells off,
and we all know that's not fun. All right, I'm gonna take
my last break. Everybody's probably outgetting all their food, their beverages.

(01:34:06):
They're hot dogs, they're hamburgers,the kilbassa, the parogi, the glunky.
And I'll tell you what you know. You know what can really eat?
You can really My son Christopher,he's the size of a stick.

(01:34:27):
I see sometimes these plates that hemakes, and my son David, I
think they're part wolf. I getsack. All right, I'll be right
back after our last message here.God bless the USA folks, be safe,
enjoy yourself. I'm gonna head tothe lake after I do some work

(01:34:50):
this morning, and I'm gonna gosit on my boat and float. My
son, Christopher's coming up with Marissa, my daughter and my son going to
come up, and we're just goingto enjoy the beautiful Fourth of July weekend.
And I've got relatives coming in,one from the West Coast, one
from Maine, and I really lookforward to seeing them. So hopefully you're

(01:35:11):
going to have some fun, andyou're going to see your family, and
you're gonna get some rewarding laughter andlove, because that's what it's all about.
We'll see you on the other sideof this break. The eighty six
percenter is do you know that eightysix percent of the population has no defined
benefit pension plan. For most ofus, we have to take our life
savings and create a paycheck for therest of our lives in retirement. What

(01:35:34):
is your plan for retirement income distribution? How you manage your assets during the
most critical years of your lifetime.Nobel Prize winning economists William Sharpe has called
retirement income distribution the nastiest, hardestproblem in finance. He points out that
investment, uncertainty, and mortality canderail the most careful laid out retirement income

(01:35:56):
plan. Call our offices today tostart the process of building your retirement distribution
plan. After forty one years ofbeing in the financial services business, you
need to start taking action to startbuilding your own personal retirement income distribution plan.
How do you do that? Totake action? Five one eight five
eight zero one nine one nine.That's five one eight five eight zero one

(01:36:16):
nine one nine or RPG retire onthe web. Don't procrastinate, motivate to
start building your retirement income distribution planfive one eight five eight zero one nine
one nine. If you have anyquestions, please call in now at one
eight hundred eight two five fifty nineforty nine. That's one eight hundred Talk
WGY, one eight hundred talk WGY. We are live in studio to answer

(01:36:39):
your questions. All right, weare back. I'm Dave Kopec. This
is the Retirement Planning Show. Don'tforget about our topic specific show, Retirement
Ready twelve to one this afternoon eightto nine pm on Sunday nights, and
of course iHeartRadio. You can listento it at any time. Let's go
to fill in Texas Warning Phil.Very good morning, Dave. How are

(01:37:02):
you very good sir, Dave?My wife and I have one of these
gen Worth's long term care policies,and you know every few years you get
these letters about this optional inflation increasedprotection. You know we're in our early
seventies, and you know it's alwaysbased on your age. And I just
wondered if there's some sort of Iknow there's no black and white, but

(01:37:25):
how do you evaluate if it's worthit for like one hundred thousand dollars more
protection, it's you know, almosttwo hundred month dollars more a month.
How do you evaluate whether it's worthtaking that out? This is the way
I evaluate it. Can you fitit into your budget? That's the first
question. Do I have the moneyin order to make that payment? Yeah?

(01:37:47):
And that's that's a good question.And I get the issue is I
you know, the cash flow isn'tbad, I could afford it. Is
the return worth it? Well?Here, this is the other part of
it too, because I lived itfor six and a half years, so
I know, i've I've I canspeak about it because I've been on the
road and the rubbers hit the roadbeing caregivers and also understanding long term care

(01:38:10):
coverage. If you ever use it, Phil, it will be the best
money you've ever used. In yourlifetime. If you don't use it,
you're not going to know about itbecause you're through the pearly gates. Brother,
that's fair enough, then I doit. If it was me,
I'm just telling you, my hearttells me. If you can afford it,

(01:38:30):
do it. Okay, Well,fair enough, okayanks appreciate it.
Listen to you every every morning onSaturday in our walks. So appreciated.
Thanks well, God bless you,sir, God bless you. All right,
by bye, Okay, let's goto Nellie. Good morning, Nelly.
I love that name. Thank you. Hey, Dave. Um,
I've retired from the state of NewYork and Um I inherited a large sun

(01:38:57):
and in January of money from mydad. But I'm so we've decided,
we my husband, I've decided thatwe don't want to stay in New York
our grandsons and live in Florida.So we're getting ready to sell our home
here and we're we bought land andwe're building going to be building a home

(01:39:23):
in Florida. And I'm questioning ifwe moved down there, if we're there
six months, do we have topay any New York State income tax from
what do. Is it just youhave to move there six six months in
one day, six months in oneday, and you can all have to

(01:39:45):
pay New York State income tax andwonderful. That's why I'm shooting before June
and of twenty four on that,because I just wanted to make sure if
that was really the case. Yeah, most of my clients will do seven
months in Florida and five months uphere. Typically. What you see,
they used to come back and theydo May June, July, August,

(01:40:09):
September, October first they go backto the Sunshine State. Okay, all
right, give give me a buzz. If I can help you, my
love, I'd love to sit downwith you. Give me a call.
Okay, God bless you. Happyfourth of July two. All right,
my buddy Rick and Latham. Goodmorning, Rick, How you doing pal

(01:40:30):
good? Just softer question, Dave, how is the reconstruction of your grandfather's
barn coming along? Oh? It'sdoing fantastic, Rick, fantastic. If
you take my last name and yougo to copac kopyc dot net, kopyc

(01:40:50):
dot net, you can see it. And I'm going to add more pictures
into it as far as what itlooks like now because we're going through the
reconstruction process us. But thank you, sir, thank you so much.
It's really a heartfelt job. It'ssomething that I really it's dear, dear
to my heart, dear to myheart. One of my best friends is

(01:41:13):
a GC and I asked him howbig of a deal that project with me?
And he said, it's another itis it is a matter of fact.
You got your hands I got myhands full, but I've got I'll
give you the name of the guy, Jim Sweet. I found him through
a friend of mine and this isall he does is he reconstructs old barnes

(01:41:33):
and he he was he was ableto save every single one of the beams
and the pegs and he's just donean unbelievable job, unbelievable job. So
I will I'll mention his name alot. But if you go to my
go to Kopec dot net, youcan see the barn okay, and I

(01:41:54):
wish you the best for men.It's going to be a wonderful memorial to
your grandfather. Thank you, sir, God bless you. Lets you thank
you so much too. Yeah,it's uh, you know, I think
my wife thinks I'm crazy, youknow, um getting myself involved in something

(01:42:17):
like this. But now she's embracedit, and you know, we're gonna
have heehaw hey rides, and we'regonna have you know, we used to
have heehaw hey rides for Halloween.My next door neighbor is Frank Peelski.
He's got a small little farm andI used to go over and get some
bells a hay and the hay wagon. I have a tractor because I've got

(01:42:40):
ten acres in land. I usedto mother, so I used to go
over and get the wagon with youknow, the bells a hey, and
we'd have hehaw hey rides for thekids. So those will reappear for my
nieces and nephews and my nieces andnephews kids, and hopefully my boys get
going and my daughter and I hadget some grandkids here soon, so hopefully

(01:43:01):
they're listening. They get down ontheir knee, and they proposed this weekend.
So this was a good show.We had a lot of nice phone
calls, and it's always good totalk to the listeners. I hope that
you find the show informative. Wetry to do our best to make it
educational and fun. And not allnumbers and statistics. You know, retirement

(01:43:25):
is a time in your life whereyou should really be enjoying yourself. We
have a limited amount of time hereof course, on Earth, and I'm
a big believer as you find afinancial team that you're comfortable with, let
them worry about the money, andyou go have fun and do all the
things that you're supposed to be doing. Zach, what are you doing for

(01:43:49):
the fourth of July trying to avoidthe rain? I thought you're gonna say,
are you trying to avoid Joe Gallagher? That's an everyday thing. You
know that Gallagher just got into thestudio. That's an every day thing.
That's funny. That's funny how muchtime we got about a minute before we

(01:44:12):
got to say one minute? Okay, so again I'll give out. You
know. The thing is is thatfor people that are listening here with zoom
and technology, it's funny. Wegot a phone call from Texas, but
we're getting phone calls from all overthe country. People that listen to our
show and listen to iHeart Radio throughthe iHeart Radio app. If you haven't
done it yet, it's I doit all the time. I listen to

(01:44:34):
iHeart Radio through the app because there'sa multitude of stations that I can listen
to. I love talk radio.I can also play it in my car,
which I like. So Bottle mindgets down to is that if you
haven't done been to the our HeartRadio website, look it up. If
you're out of town, you canstill listen to the show. But as

(01:44:56):
always, have a wonderful, wonderfulFourth of July weekend with your family and
friends. God bless America. Godbless all those people that work and are
out there on a day to daybasis protecting us and our military and our
police officers. But God bless themall. And hopefully you have a wonderful,
wonderful Fourth of July. And asI always say, you know,

(01:45:18):
just keep it under control and enjoywhat you're doing, and you don't eat
too much hot dogs, cheeseburgers.God bless We'll see you next week.
The information provided is for educational informationalpurposes only. It does not constitute investment

(01:45:39):
advice, and it should not berelied on as such. It should not
be considered a solicitation to buyer orto offer as sales security. It does
not take into account, any investorsparticular investment objectives, strategies, tax status,
or investment horizon, You should consultyour attorney or tax advisor. Thank
you for listening to the Retirement PlanningShow hosted by David Kopeck. If you
would like to talk with Dave orsomeone at the Retirement Planning Group called five

(01:46:00):
one eight five eight zero one nineone nine. That's five one eight five
eight zero one nine one nine duringbusiness hours, or visit us at RPG
retire dot com. The Retirement PlanningGroup has three convenient offices located in Albany,
Malta and Glens Falls. Retirement PlanningGroup LLC is a registered investment advisor.
David M. Kopec is also aregistered representative of Perschcaplin Sterling Investments Inc.

(01:46:25):
PKS in their separate capacities. Aregistered representative of PKS, David M.
Kopeck may recommend the implementation of securitiesthrough PKS instead of Retirement Planning Group
LLC. Pershcamplin Sterlin Investments and RetirementPlanning Group LLC are not affiliated companies.
Tune in again next week for RetirementPlanning Strategies with David Kopeck on the Retirement
Planning show,