Episode Transcript
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(00:01):
Welcome to the Retirement Planning Show withhost Dave Kopak in the financial services business
for over thirty five years. TheirRetirement Planning Group LLLC is a registered investment
advisor. David M. Kopak isalso a registered representative of persh kaplan Sterling
Investments Incorporated PKS in their separate capacities. A registered representative of PKS, David
(00:23):
M. Copack may recommend the implementationof securities through PKS instead of Retirement Planning
Group LC. Parsh Capitlan, SterlingInvestments and Retirement Planning Group LLC are not
affiliated companies. Now it's time forthe Retirement Planning Show on WGY Satday.
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I think it was the Father Jaywas the father, Jeep dancing Man,
Sally good morning, singing Hoefully.You had a good week. A lot
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of people had the week off.A lot of people had the week off.
We had dinner last night in Saratogaat Max London's from my son's birthday.
And Saratoga is booming, booming,What a beautiful community, absolutely gorgeous
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up there. The track, Folks, opens on Thursday. That's how quick
summer's going by. The track openson Thursday. You blink your eyes and
the kids are going back to school. Just amazing, just amazing how quick
time goes by, so you betterenjoy it. This week was hot Muggy
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Rain. I know they're working onthe barn, and the barn is moving
quickly to be assembled. But thoseguys really they're like Spider Man the way
that they can bounce around on thosebeams, and but the sleek goes back
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on, sleek goes back on thisweek, which we're very excited about,
very excited about. So God blessthose guys. They really work hard.
This is the Retirement Planning Show.I'm Dave Kopec. We're here on the
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weekends. I'm here from seven tonine and today I'll be live from twelve
to one. Topic specific show.We're gonna talk a little bit about wealth
transfer, what's happening, what we'restarting to see in that show. Talk
a little bit about it today,but we're going to really focus in on
some strategies and some things that Ithink are important, especially if you're looking
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to transfer wealth. We had agreat week. We really met some wonderful
people this week at the office.One woman in particular who they lived down
in Duanesburg. She told me abouta toilet, a dry less toilet,
which what yeah, and they kindof described it to me. But as
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you know, I'm doing the barnand I don't want to go through all
of the transitions and all the thingsyou have to do to put water into
a barn. I'm not gonna insulateit. So I'm looking for a way
to you know, when we havefamily events or things going on, I
(04:14):
could use a toilet for The ladieswere gentlemen, and she told me about
it, but real nice people,wonderful people here and her husband came in
and had a chat and talked abouttheir personal situation. They educated me on
some options for me. So itwas nice to meet them and some of
the other people that we met withthis week. So you know, we
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offer a complimentary consultation at one ofour four offices, so if you'd like
to take advantage of that, we'dlove to sit down with you. If
you're outside the area, we doa lot of zoom meetings and we have
clients now I think something like intwenty eight states, So if you're looking
(04:57):
to have a chat go over yourown personal situation, we welcome that opportunity,
a couple of things, a littlehousekeeping September twenty eighth, Fairways,
a half moon, swing for acure, Swing for a cure. It's
for cancer. If you have notpartoct and our Gulf outing, it's a
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great day. Everybody walks away withsome form of a gift or things that
we hand out. A lot ofour vendors step up, our strategic partners
and help us out with it.But it's for cancer. One hundred percent
of the money goes to cancer.I think last year we did a combination
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of cancer and also cystic fibrosis,and this year one hundred percent is going
to go to cancer. And ifyou'd like to participate, I believe Jim
has all the specific in details.Would ask you to call our office,
But it's September twenty eighth, whichwill be here sooner than you think,
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and we would love to have youpartake. If you've got anyone that is
battling cancer, that has been inthe hot seat with a cancer event,
you know, we've got a wonderful, wonderful client right now, a great
friend of mine that is battling cancerthat just got transitioned into a nursing home,
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and I pray for him every daythat he's going to be okay,
but it's just a horrific, horrificdisease. Our little buddy Colton, I'm
going to see tomorrow. I'm goingto take him out on the boat,
bring him to the beach up inLake George. Colton, as you're all
quite well aware, battled cancer overthe last couple of years, and he's
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doing all right, folks, he'sdoing okay. You got a clear slate
the last time he was out inBoston. But that little boy is my
hero, and we're gonna take comeout and put some smiles on the faces
of him and his brother tomorrow.So just a crazy week. I mean,
really, you know, I understandwhy people now don't watch or listen
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to the news anymore. I sawa headline when I was doing some research
this morning for the radio show,and and it's just it's amazing to me
that we're talking about probably the mostsacred building in the United States, called
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the White House, and the articlewent over as far as cocaine and topless
women walking around the White House.And I'm saying, you gotta be kidding
me, you gotta be kidding me. I mean, that building stands for
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so much virtue, and we're talkingabout cocaine and topless events, the world's
upside down. We'll talk a littlebit about that. There's some recent data
that just came out, and we'lltalk a little bit about that, the
swarning. But the swarning, whatI want to talk about is the wealth
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transfer that's going on. I'm gonnatalk a little bit about the markets,
some of the information that came outthis week. We're gonna talk about most
Americans They're personal feelings today. It'sreally kind of a negative article that I
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read. But here's the headlines,and I guess we'll discuss a little bit
more detail. Most Americans don't believetheir children's lives will be better. Most
Americans don't believe that their children's liveswill be better than their's. Where and
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it's not a little little bit.This percentage here, seventy eight almost eighty
percent. Seventy eight percent said theirchildren's generation will have it worse off than
then. Pessimism. We'll talk aboutthe bullet points in this. We see
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it all the time. I hearit all the time. In two thousand
and one, it was forty twopercent now it's almost eighty percent percentage of
US adults who say there's children's generationwill have it worse off than there's did.
Why do you think that is.It wasn't a small survey either.
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It was done by the Wall StreetJournal. It was over a thousand America
in different geographic locations throughout the UnitedStates. So we'll talk a little bit
about that today. Two. Butagain this is talk radio. If you
would like to participate, you wantto ask a question about investments, asset
protection, legacy planning, transfer ofwealth in the next generation, we'd love
(10:18):
to have the opportunity to chat withyou. Go grab your either your first
or your second cup of coffee,and we have a lot of people that
listen to the show on Saturdays.We appreciate that. Just a little bit
of a bullet point here. Werepeat these shows on iHeartRadio. So if
(10:39):
you do not have the iHeartRadio app, go get it and you can follow
this show on iHeartRadio, whether it'sthe Retirement Planning Show or the Retirement Ready
Show, you can do it onyour time and on our time. So
again, take us along for theride, set us up on your laptop,
whatever. Maybe, but we'd loveto have the opportunity for you to
(11:03):
listen to the content and maybe someof the shows that you didn't hear previously.
And again it's iHeartRadio and I believeit's like eight hundred and fifty stations.
I'm not too sure how many programs, but if you bring up Retirement
Planning Group, you'll be able tosee us. Okay, we'll be right
back after this quick message. I'mDave Kopac. This is Retirement Planning Show.
(11:24):
We're glad to be here and we'llsee on the other side of this
break the eighty six percenters. Doyou know that eighty six percent of the
population has no defined benefit pension plan. For most of us, we have
to take our life savings and createa paycheck for the rest of our lives
in retirement. What is your planfor retirement income distribution? How will you
manage your assets during the most criticalyears of your lifetime. Nobel Prize winning
(11:46):
economists William Sharpe has called retirement incomedistribution the nastiest, hardest problem in finance.
He points out that investment, uncertainty, and mortality can derail the most
careful laid out retirement income plan.Call our offices today to start the process
of building your retirement income distribution plan. After forty one years of being in
the financial services business, you needto start taking action to start building your
(12:09):
own personal retirement income distribution plan.How do you do that? To take
action? Five one eight five eightzero one nine one nine. That's five
one eight five eight zero one nineone nine or RPG retire on the web.
Don't procrastinate, motivate to start buildingyour retirement income distribution plan five one
eight five eight zero one nine onenine. If you have any questions,
(12:31):
please call in now at one eighthundred eight two five fifty nine forty nine.
That's one eight hundred Talk WGY,one eight hundred talk WGY. We
are live in studio to answer yourquestions. Not be done nothing. You
(13:15):
can sing the copy song. Youcan say that you playing a game made.
No one can say all right,say good morning for back For those
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that are younger, those are theBeatles. Unbelievable, unbelievable group number one
in record sales of all time.I told you that last week, right,
Yeah, So I want to goback a little bit because I just
read through this a little bit.Um. It's done by the Wall Street
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Journal and the University of Chicago,and it pulled over a thousand Americans.
It a little over four and tenrespondents at healthcare costs are their largest economic
concern, with two thirds also identifyingthis curse that we're living through right now
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called inflation. No matter how muchthey increase your pay is one of the
quotes here. Everything else is goingup. Can't keep pace? Saw a
thing on TV the other day,and this is where our Florida listeners,
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which I find very problematic. AndI know that a lot of people are
moving to Florida, and I wouldhighly advise you to sit down with an
insurance professional PC property and casually andhave a chat about what it's going to
cost you for property and casually insurancein Florida right now. And I believe
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it was either I'm Bloomberg or oneof the investment banking channels. Investment channels,
they had a gentleman that they wereinterviewing older guy and he was talking
about, you know how his premiumfor his insurance has gone from like twenty
eight hundred to almost seven thousand dollarsper year. He said, I'm fixed
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income and with everything else going up, with healthcare with the cost of living,
food, etc. Now this billhe's electing, he's electing not to
have insurance on his home. Soit's really a daunting task for a lot
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of these people try to figure outthe different ways in order to live survive.
But inflation remains a major major concernfor people that are currently out there
that have been into the retirement foran extended period of time. Lowest number
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of respondents describing themselves. This isthe other thing that I find, excuse
me, a little troubling, butI see it and I hear it when
I have face to face meetings.Found that the lowest number of respondents describing
themselves as happy less than twelve percent. Another thirty percent of the individuals not
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too happy at all, which wasthirty percent almost half, almost fifty percent
of the respondence forty two not happy, depressed, very concerned. So why
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do you think that is? Youknow, there's a long determination that too
much money's going to the top,very very small percentage of the wealth.
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I mean, you look at Bezo'sboat. I think he spent a half
a billion dollars on his boat.I think it costs something like one hundred
and eighty thousand dollars a day torun it. It's the size of a
bigger I think might even be biggerthan a football field. And majority of
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Americans think that we're going in thedirection of what our founding fathers was very
concerned about, and that's oligarchs.Look at Russia, where you've got too
few people controlling most of the wealth, and they throw some crumbs to the
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rest of the people. I know, we work with a lot of hard
working savers. We work with alot of people National Grid, in both
bakeries, general elector you go throughthe whole laundry list of people that you
work with. Me. I thinkabout the people that are in our golf
league, plumbers, electricians, peoplethat work and professional industries that are working
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sixty seventy hours a week, andGod bless the people that are in the
restaurant businesses. The amount of effortthat they have to put in today in
order to bring it to the bottomline, the amount of hours. Everybody
says the same thing, there's justnot enough people. Where they all disappeared
to I have no idea, butno matter where you go, there's signs
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up all over the place, needhelp, need help, hiring now,
hiring now. I got a friendof mine in late George that's about ready
to kill himself, not because hewants to kill himself, but he's going
to work himself to death. Himand his wife, My wife and I
saw them a couple of weeks ago, and they're spent. Can't he can't
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find two line cooks to commit andhelp him. So I think there's a
lot of uncertainty. I think there'sa lot of anxiety. I think there's
a lot of depression. I thinkthere's a lot of people out there that
are really concerned about what's happening.And I think it's filtering in a little
bit with the overall sentiment as faras retirement planning and will I get to
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my destination, which we're going totalk about in the second half hour of
the first hour, and what peopleshould be doing and how they should be
allocating money. I know what I'mstarting to see. My crystal ball isn't
broken. But what I but Iwhat I see right now is that people
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are not retiring like I thought theywere going to when they had the opportunity
to go out the door. They'renot going out the door because the biggest
thing is exactly what the number oneconcerned was was healthcare. But the second
one is is that you know,they got kicked in the teeth last year.
They got kicked in the teeth.So when you see a headline where
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you say most Americans don't think theirchildren lives will be better, it's pretty
sickening. So if that is thecase, and the largest transfer of wealth
in the history of mankind is uponus in a very short period of time,
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we've talked a little bit about howyou need to dotrize and cross your
t's to make sure that the moneythat you've accumulated in your lifetime is going
to go to your children and notto either a long term care facility or
the state or federal government. Wesee people all the time that are top
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heavy. They have way too muchof their net worth allocated to pre tax
dollars four owenks, I raise,deferred compensate, whatever may be pre tax
money sum assize eight percent. Eightypercent of their net worth is money that's
allocated into complicated assets that are achillesheels as you age, not only as
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far as the tax liability, butalso what happens if the wheels start coming
off the bus and you need healthcare. You need healthcare. So if you're
in your forties and fifties and you'relistening to the show, because I know
we have a lot of younger peoplenow that are listening to the show because
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we see them in the office,you need to start thinking about how am
I allocating my money today so Ihave the ability to have tax preference money
later in life, money that whenI reach into the bucket, it's either
tax free or I get cap gains, or I might have it in a
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tax remissible bond portfolio. As faras money that I can get to that
is not subject to federal and possiblystate income tax and state income tax.
But as I said, when welook at headlines like this, you know,
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Fidelity gives us a lot of data. Information is you're all quite well
aware we clear all of our businessthrough Fidelity. But you know when you
start hearing people that eighty percent ofthe respond is deprived describe the economy as
poor or not good at all eightpercent in this survey, and most of
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them are living paycheck to paycheck.If there's one major event, one thing,
the wheels can come off the car, it can be devastating, devastating
their personal financial wealth. So whenwe come back, we're going to talk
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a little bit about talk to Markabout the markets a little bit, but
we're going to talk about what's comingdown the pike here as far as the
transfer of wealth and also ultimately thedistributions of your qualified assets, how you
ultimately want to have that money transferredto the next generation. I'm Dave Kopek.
It's a retirement planning show. We'llbe right back. Why were you?
(24:26):
It doesn't matter where we are.I'm gonna do this. Times is
much too quickly when when together thelaughing. I wish I could sing it
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to you. Oh no, Iwish I could sing it to you.
All right. If you've never seenthem in concert, go see him.
Probably one of the best concerts I'veever went to. Unbelievable, unbelievable.
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They see a lot of these groupsare getting old though, Man, a
lot of these groups are getting old. Well, the track is opening this
week. So for the people thatgo to the track the twenty first,
you're gonna get yourself the cooler.The eleventh, you're gonna get yourself the
sports bag with the logo or noI'm Sorry t shirt, a T shirt
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and the eighteenth you're gonna get yourselfthe bucket hat, very fashionable. And
on September first, the final giveawayis a red white tote bag. The
tote bag. So they've got somenice stuff this year. I actually just
saw this here in the studio.They've got some photographs of it. So
if you're going to the track,that's a nice gift, nice assortment of
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stuff. That's Sarah took. Hegives you. As they said, last
night, we were up there andwow, just a beautiful, beautiful,
beautiful, beautiful area. Beautiful arearight in our backyard here you think about
where we live as far as thebeauty lake George he had around X And
again, like I said, mybuddy Colt is doing pretty good. I
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don't know if you've been on gofund me. He has a site.
I Am Brave, I am Strong, I am Coult. That's his U
identifier. I am Brave, Iam Strong, I am Colt. So
if you get a chance to punchthat in to go fund me, and
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you see a picture of that littleguy sitting on his tractor and we're gonna
have him up at the lake andwe're gonna celebrate his success battling cancer.
But September twenty eight, Swing fora Cure at the Fairways a half Moon.
They do a phenomenal job, aphenomenal job. My cousin Carol works
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there and she stays on top ofthings and make sure that things click and
gets moving around. And mister Tansky, Bruce, gotta give the guy credit.
Man, he's got one beautiful facilitythere. It's a challenging course,
top notch restaurant. Think you've gota group pub there now, sports clubhouse,
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just beautiful right here in our backyardin half Moon. So September twenty
eight, Swing for a Cure.I am brave, I am strong,
I am COLT. Go fund me. That's why we're doing it. We're
gonna get some money out the Coltthis year, and we're also gonna help
the American Cancer Society. All themoney stays here in the Capital District region.
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One of the things I want totalk about today is that what's happening
with the transfer of wealth here overthe next twenty five to thirty years.
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And the reason why I want todo that is because I think it's critical
for people that want to transfer wealthand maximize it for their children and grandchildren,
especially with what I just talked about, with the concern that people have
the future of their children. Ifthis great wealth transfer is coming, wouldn't
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be a positive that the money goesto the kids and the grandkids at least
the bulk of it, good portionof it doesn't go and the destination that
you don't want it to go to. The other thing is is that titling
assets is critical, and how youestablished these assets on the front end,
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whether it's a trust, whether it'sa life insurance policy, utilizing the trust
for children that might have drug addiction, autism, physical needs that need to
be addressed. But it's estimated,it's estimated that approximately forty forty forty trillion
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dollars of qualified assets, forty trilliondollars that's currently out there right now is
going to transfer now over the nexttwenty to twenty five years. And most
of that money at the end isgoing to be controlled by women. Because
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the guys die sooner. Women arepoliced to inherit most of that money and
then ultimately they're going to have topass it down to their children or grandchildren,
and depending on life expectancy that moneycan increase during their lifetime. So
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they're also building maybe possibly a taxliability of their own that will have to
be satisfied at their death. SoI know that you hear a lot of
financial firms, you hear a lotof marketing, and it's specific to women
because they see the handwriting on thewall. It's just like the magazine the
article that was written decades ago,the Pig and the Python, The Pig
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and the Python. I saw thatbook probably, I don't know, it's
got to be at least twenty fiveyears ago, and I talked about the
dynamics of what was going to happenwith the boomers coming through and retire.
I mean to say it was inaccurateis an understatement. It was right on
target one, and I think they'reone hundred percent correct as far as this
wealth transfer, what the landscape lookslike, why financial advisors need to get
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more actively involved to accommodate the growingand unique needs of what knit women will
be facing. Women tend to beless aggressive than men. They're focused more
on life goals and they're more comfortablemaking financial decisions on their own, but
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with less less tolerance for investment risk. So it's critical that women seek professional
advice. I know that Fidelity isbuilding out a platform right now where we're
going to be going through different strategies, We're going to be going through different
(32:09):
unique ways in order for that wealthto be managed. But the bottom line
gets down to is that what Iconsider be the executive suite, the upper
management of corporate America, they're lookingtheir chops as far as how ultimately this
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wealth will be managed and how thefinancial services industry we'll be able to facilitate
the needs, the wants, thedesires of women. So currently, a
majority of financial advisors today, abouteighty five percent of the people that sit
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in the seats are men, aboutfifteen percent are female currently. So I
think you're going to start seeing moreand more investment banking firms, more teams
such as mine, that will seekout female financial advisors simply because the unique
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ability for them to integrate and basicallybe on the same page with the prospective
client or the existing clients that theinvestment banking firm has. You, Like,
I said, women, ten,I mean I see it right now.
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I think of one couple right nowthat came in both retired, I
believe Wednesday of this week. Wednesdayof this week, they both retired,
husband and wife, both professionals,and the wife basically said to me,
you know, Dave, I'm notas comfortable as my husband is when the
(33:59):
mark mark it sells off. AndI said, I understand that, And
I also understand is that our jobis to use our ears and not our
mouth. So as I sit here, I want to make sure that we're
all on the same page. SometimesI get my tail caught in the door
because I'll say, over and overagain to the mail, do you hear
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what she is saying as far aswhat her wishes are and what she's trying
to accomplish in her personal financial plan. So if I sit down with a
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husband and wife and I sense thatthe female is hesitant to give me the
full spiel to lay all the cardson the table, and I need to
dig a little bit deeper in orderto find what's really going on work com
and ground with the female rather thanthe mail or the couple together, I'll
(35:06):
basically say, maybe we should haveindividual chats and then we can kind of
meet in the middle to see ifwe can facilitate what everybody's looking for.
Here. There's a tendency sometimes withthe person that is making the investment decisions
(35:30):
to say these are some of thecommon phrases that I hear. She'll be
fine, I've got it taken careof, don't worry about it. You're
fine, honey, I got itall on a piece of paper in the
desk. You'll know where to goand what to do. Well, that's
not a plan. That's a disaster. I'm gonna tell you right now.
(35:52):
That's a disaster. After forty oneyears of doing this, that's not a
plan. That's a disaster. Sowe try to get a deep understanding from
the client about what it's important,not only as far as the ultimate goal
of the assets, but we needa picture, the financial picture of what
(36:13):
the client wants to achieve, boththe husband and wife. A lot of
times it's yellow brick wrote. Everybody'son the same page. But the thing
is is that I say this toNico sometimes and the rest of the staff
in the office. Sometimes you haveto ask questions that people don't want to
hear. Sometimes you have to askquestions to clarify exactly what the wife's goals
(36:38):
are versus the husband goals. Soyou can give meaningful, meaningful advice rather
than one that doesn't upset the applecart. Asking questions, asking questions.
(37:05):
I remember this being said to meat a workshop that I went to in
Nashville, Tennessee years ago. Askingquestion is only one half of the equations
advisors. Advisors need to listen towhat women have to say. Advisory relationships
(37:28):
should not be a one way communicationpath. It needs to be both the
advisor, the wife, the husband, and sometimes the children, sometimes the
children. I am a major advocate, major advocate to have the kids sit
at the table as long as everybody'scomfortable by doing that, because it will
(37:52):
give you a greater chance of succeedingin wealth transfer, no doubt about it.
After forty one years, I'll guaranteeit. That includes designing a specific,
comprehensive plan, recommending appropriate solutions,and because the kids are involved in
(38:16):
it and everybody's on the same page, you can pivot the plan. You
can adapt to the changing lifestyles andneeds over time. What happens if mom
dies before dad's and too much ofthe wealth planning and the transfer of wealth
planning was done on dad's death firstrather than mobs, So there's fluctuations,
(38:37):
there's variations in other economic forces.Of course, we know what happens with
black swan events. We've seen itin the last few years, what happened
when COVID hit, and the dynamicsof what it did to everybody. So
you're gonna hear us talk much moreabout this at the Retirement Planning Group.
(38:59):
I know that we are going todo a workshop in September with Lou Pierro
and w g Y. And we'regoing to be doing it because we understand
these detours that are out there andmanaging wealth and maximizing the wealth transferred to
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the next generation. I look forwardto that. It's been a while since
we went out and did a Dogand Pony. I think we're going to
do a couple of them. It'sgoing to be a collaboration between WGY my
organization, Lou Piero's organization, andhopefully you'll find it educational, informative,
and it will put you ultimately,ultimately in a better position in order to
(39:45):
achieve what you're trying to accomplish inyour lifetime. In your lifetime, I
know Lou has done a great jobwith webinars and podcast that's something that we're
trying to work on it now andget much more aggressive in as far as
financial information that you can actually getoff the web. But as you're quite
(40:07):
well aware, in the financial servicesindustry, we have a thing called compliance.
Compliance, and you want to makesure you're dot in your eyes and
crossing your teas, don't you don'tget yourself in a pickle. So if
you're in a situation right now thatyou're thinking about how do I build this
out, how do I put myselfin a position in order to maximize my
(40:34):
wealth transferred to the next generation.If it's important to you, if it's
important to you, give my officea call at five win eight, five
eights or one nine, one nine, so you'll either talk to Brenda,
Jim or my son Christopher, andit'll be more than happy to facilitate a
meeting face to face over the telephonezoom meeting. Get to be now that
(41:00):
probably ninety percent of my meetings arenow zoom meetings. Even with Fidelity,
most of our meetings are over zoom, not over a face to face.
I think we are going out inthe fall to Boston for a conference,
Nico and myself, so but Ilook forward to that because that's a good
(41:21):
way to rub elbows meet people thatare currently in the business and some of
the unique strategies that they're utilizing inthe areas that they live in. And
also it's a way for us tolisten to speakers that they bring in Q
and A rub elbows, which I'ma major, major believer in, because
(41:42):
we're not so unique that we knoweverything. We don't understand that we do
not know everything. We are notexperts, We never pro we would never
say that we're an expert because Idon't think anyone's an expert. I think
that this business is too complicated andthere's too many bumps the road that can
really detour you. So being anextra means that you're always right. Well,
(42:05):
I know that most people that arein this business are not right one
percent of the time. That's guaranteed. So all right, we're gonna be
right back after this quick message.But again, just be aware that this
train is coming down the track.We talked about the Boomer generation and how
the boomers were going to change retirement, Well the boomers are now going to
(42:27):
change wealth transfer of Dave Kopek.Be right back the eighty six percenter is
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
create a paycheck for the rest ofour lives in retirement. What is your
plan for retirement income distribution? Howyou manage your assets during the most critical
(42:47):
years of your lifetime. Nobel Prizewinning economists William Sharp has called retirement income
distribution the nastiest, hardest problem infinance. He points out that investment on
certain and mortality can derail the mostcareful laid out retirement income plan. Call
our offices today to start the processof building your retirement income distribution plan.
(43:08):
After forty one years of being inthe financial services business, you need to
start taking action to start building yourown personal retirement income distribution plan. How
do you do that? To takeaction? Five one eight five eight zero
one nine one nine. That's fiveone eight, five eight zero one nine
one nine or RPG retire on theweb. Don't procrastinate, motivate to start
(43:30):
building your retirement income distribution plan fiveone eight five eight zero one nine one
nine. If you have any questions, please call in now at one eight
hundred eight two five fifty nine fortynine. That's one eight hundred Talk WGY,
one eight hundred talk WGY. Weare live in studio to answer your
questions. Oh down Street, allright, we are back. Good morning,
(44:40):
Capital District Region and outside the CapitalDistrict. I'm Dave Copeck, the
president of the Retirement Planning Group.Again. We have four locations, Oneano
Albany. Our corporate headquarters is inMalta and Glens Falls. If you'd like
to sit down with us, we'dlove to have the opportunity have a chat,
whether it's face to face, whetherit's a meeting in our office.
(45:04):
I had a situation this week thatwas a couple too. To be exact,
I had a couple that came inand we were sitting down, we're
having a chat. And then Ihad another couple that came in and we
were discussing their personal situation. Andthe thing that was troubling to me is
that they had an irrevocable trust thatwas established and had been established for a
(45:27):
while. It hadn't been funded yet, and one was partially funded, the
other was not funded at all.And I'm always kind of perplexed when the
law firms do the irrevocable trust,and I don't want in particular. They'll
(45:49):
do the trust and they'll basically givethe trust to the client and say,
you know, thank you so much, see you later, alligator. And
I don't think they or give youany specifics as far as what should go
in the trust and what should notgo in the trust. And I think
(46:09):
there's so much misunderstanding out there asfar as irrevocable trust in New York State.
And I know that I've had thebarracuda on Frank Lang. I know
that Lou Pierro talks about it allthe time on his show. And I
know that a lot of people thatare out there that listen to w g
(46:30):
Y have heard us say over andover and over again, you can't overfund
an irrevocable trust. You cannot overfundan irrevocable trust in New York State because
in New York State you can dopartial revocation. So it means that if
(46:52):
you put too much money in cash, stocks, bonds, whatever it may
be, you put too much realestate in, you put too much of
anything in, you have the abilityto go back and do partial revocation on
some of the assets that you overfunded and still have the clock ticking or
(47:14):
the protection or the protection of theassets that are over the sixty months to
five year rule that currently exists.So when I hear people say, well,
we didn't know what to do orI was unsure of what should go
in and I don't want to putall my money in there, No,
(47:35):
you shouldn't put all your money inthere. I think the magical number is
one hundred and twenty five thousand dollarsin cash, right, but that's up
to you. It's a personal decision. But because of partial revocation and because
of what a cost right now,I'm going through this again, folks.
This is a warning to everybody thatlikes to procrastinate. This is a warning
(47:58):
to people that are out there thathave not dotted their eyes and crossed their
ties, that like to you know, let me think about it. Well,
we've got people that are going intonursing homes. And when I say
that, it's an astronomical figure today, it's an astronomical figure here in the
(48:19):
Capital Discac region for a long termcare facility. If you have not done
your planning, I mean you're talkingsixteen seventeen thousand dollars per month for basic
care that has nothing to do withPT drugs. Some of the facilities do
not accept insurance. You have topay for the meds. They will not
(48:45):
take your healthcare plan. So whenwe sit down with each client to evaluate
your current situation, to see whereyou are, how soon you should get
motivated. You know, I hada guy saved me the other day.
Well, you only did it threeyears ago, you know what, he's
(49:06):
one percent right, He was oneright. My wife said to me,
you're the cobbler's son. You doall this talking about it, but you
haven't buttoned up your personal situation.And I was embarrassed to be honest with
you. So don't do what Idid. Don't wait too long, you
(49:30):
know, get going understand the ruleswith irrevocable trust in New York State.
People say to me, well,I'm gonna move to another state. That
doesn't make any difference. Have thetrust set up here as a New York
trust. You heard Frank Lange saythat, and you'll have all the benefits
of a New York trust. Sowe kind of summarized here because we're gonna
(49:53):
have to break what about a minute, Zach, One minute before the top
of the hour. One minute.Okay, there's a lot of assets that
(50:13):
can go into an irrevocable trust,and what is the benefit of doing that.
Well, I think it's it's reallythree things. It's the protection it
gives you on those assets as faras legacy. The second thing is that
the trust acts in a capacity fiduciarycapacity to manage those assets for an extended
(50:37):
period of time, especially if youhave children or loved ones that have issues.
And the third and the most probablythe most important one that I just
said, is that they're not lockedaway forever where the key is thrown away.
If you make a mistake or you'veoverfunded it, or you want to
go on that cruise or the tripor by yourself that car that you always
(50:58):
want it, you can do it. You can do it. So if
you've done your documents and you haven'tfunded it, and you're you know,
either it's either been an oversight oryou've just haven't felt comfortable doing it,
do it. Do it. I'mactually gonna have Frank Gun next week.
We're going to discuss this in greaterdetail. So but that's the end of
(51:21):
the first hour. This is aretirement planning show. We're going to be
back for the second hour. We'regonna do the news. Have any questions,
give us a call one eight hundredtalk w g Y. We'll be
right back. Yeah. Welcome tothe Retirement Planning Show with host Dave Kopeck.
In the financial services business for overthirty five years. Their Retirement Planning
(51:43):
Group LLLC is a registered investment advisor. David M. Kopac is also a
registered representative of perish Kaplan Stirling InvestmentsIncorporated PKS in their separate capacities. A
registered representative a PKS, David M. Copeck may recommend the implementation of securities
through pks instead of Retirement Planning GroupLLC. Perst Capital and Sterling Investments in
(52:05):
Retirement Planning Group l else are notaffiliated companies. Now it's time for the
Retirement Planning Show on w g Yto replay in the Buck. They don't
know. I'm alone in the darktime and time again. I see your
(52:36):
smiling and side when I am tellme stay made me smile. We are
(53:00):
back very depressed. My Yankees arenot doing well. I talked to Zach
about it when I came in thissworn of Zach. You know there's a
sports radio show. His Mets aredoing good six in a row. I
(53:25):
got double Zax here today to zasBig Zach, Little Zach. They do
a great job. So proud tobe part of W Guy. They've been
great to us, and you know, we're very fortunate. We're blessed to
be on this radio station with thepeople that support us. And hopefully you
(53:47):
find an informative and educational that's ourjob to give you ideas and suggestions and
hopefully it will motivate you to takeaction. That's the big thing. Take
action. You never get hurt.It's like, uh, you know,
the fear of failure. That's howyou It's how you win. The fear
(54:09):
of failure. You're gonna lose alot of times before you get that big
w And uh, that's all right. I tell that to my staff all
the time. You know, justsay it the way it is, tell
them the facts. Sometimes people getupset set with me. I think I
said to a couple not too longago, and I had to apologize.
(54:32):
I said, you know, Isaid their situation, you know, throw
it out the window. That's notexactly how I said it, you know,
I said, I used a dirtyword. But I basically said is
that you know they had a mess, they had assets and all different locations.
And I know this for a fact, folks, Okay, I know
(54:54):
this for a fact. I don'tsay this because I'm trying to, you
know, either upset people or I'mtrying to make people uncomfortable. You know,
there's a sales process where they makeyou feel uncomfortable and then they give
you the answer. And then theanswer is they want you to say,
(55:15):
are you ready to take action?And the answer is either yet. So
if it's yes, then how canthey say no to filling out the paperwork
in order to facilitate the transfer ofthe assets? Right? That's a sales
process. What I try to dois to tell people is that listen,
when you've got ten or twelve differentdeath certificates, I got to go out
(55:36):
the door. You've got money that'ssitting at different locations, different investment banking
firms, cop you share. It'sa disaster. I could tell you right
now. We've had Lisa work forhours with boxes of documents, my operations
manager, and she on a oneto ten. Lisa is a ten.
(55:58):
She's phenomenal at what she does.Phenomenal. That's her forte. That's what
she does. She doesn't want tobe an advisor, she doesn't want to
do sales. She's an operations manager. In my humble opinion, there's nobody
better than Lisa. So when Isay button it up, put all the
(56:22):
pieces of the puzzle together, it'sfor twofold. It's for the love of
your family that you're not gonna youknow, it's bad enough. It's bad
enough losing a spouse or a lovedone, or a child or a son
or a daughter or whatever it maybe. Of course, when you lose
a spouse, of course, youknow someone that you've been with for thirty
or forty years. For some people, it's like tearing out their heart.
(56:45):
It's like tearing out their heart.Excuse me, I apologize, as you
can tell. Mike post nasal dripis back. It's has it worse than
me, which I feel bad forDavid Michael. So the thing is is
that simplifying Titling assets, putting moneyin a trust, right in irrevocable or
(57:12):
revocable trust, avoiding probate. Theseare all positives, not negatives. You
know, people say, well,you know, if I bring all this
money over, it's now with youguys, it's now in one location.
Yeah. Well, if you dothat, you're also going to get a
big reward at the end when yougo through the pearly gates because there's one
(57:34):
death certificate. There's not twenty orten or twelve or fifteen, whatever it
may be. I want to getback to that Wall Street report that we
talked a little bit, and I'mgoing to get into a retirement distribution planning.
It came out that fifty one percentof retirees report that their current income
(57:55):
is less than fifty percent of theirpre retirement income. So if you're making
one hundred grand, you're making fiftyone thousan dollars in retirement. Reaching retirement
with sufficient savings is currently a challengethat is only getting more difficult, and
they may fall short in their savingsbecause of the uncomfortable landscape that they're in.
(58:20):
As far as retirement distribution planning,sixty five stressed about managing the retirement
savings in over fifty percent feel theyare behind. So here here's an answer
(58:43):
to that is that retirement sixty fivepercent are stressed. Should there be stressed?
I mean, we talk about baselineincome, creating income that will last
a lifetime. We talk about Yes, bonds will fluctuate in value. Yes,
(59:07):
stocks will always fluctuate in value.Every day they either go up or
going down. Right, this weekthey went down, not significant, but
they went down. We've had apretty good rally here, right. What's
the market worried about? Markets worriedabout what the Fed's gonna do and how
(59:29):
much more gas they're going to puton the interest rate environment. So July
it's expected that interest rates are goingup again. What's gonna go do it
cause a little bit more volatility inthe markets, But your coupons are getting
greater. I had a guy saidto me the other day, bond investor.
(59:49):
I've known him for thirty years.He's been a client of mine for
thirty years. Wonderful people. Andhe said, Dave, we didn't have
a good year last year. AndI said, no, we didn't.
No, we didn't have a goodyear last year as far as your bond
portfolio. But I said, youknow what, let's go back on a
historical basis and see how we've doneover the last ten, fifteen, twenty
(01:00:12):
years. We've done good. Oh, I know we've done good, but
we didn't do good last year.So what we should do throw the baby
out with the bathwater, because youstill need coupon, you still need interest
rates. You don't want to havea high volatility portfolio with stocks. So
you've told me that you want fixedincome, you need that coupon in the
dividend. And I know, andhe knows. Eventually the markets are going
(01:00:34):
to correct in the bond market's goingto rally, and he's going to look
at a statement. He's gonna say, wow, we did pretty good here.
But that's the dynamics of a market, of a market that you've got
to create income for retirement because eightysix percent of us don't have pensions,
(01:00:58):
and that number's getting great, it'snot getting smaller because a lot of companies
are saying, I do not wantthis on my books. I don't want
the financial responsibility or the fiduciary responsibility. So consistently, over and over and
over and over and over again,what's the top concern this year? Changed
(01:01:22):
a little bit? Right? Thetop concerns right now on this survey,
Inflation in generating retirement income are thetop concerns. So retirees today face more
(01:01:49):
obstacles than they've probably ever faced inthe history of mankind, and there's a
grown appetite. Nearly all of thepeople, it's ninety five percent, believe
that financial help is important to preparefor retirement. Nearly all working respondents,
(01:02:10):
ninety five percent believe that financial helpis important to prepare for retirement. Now,
if you have a plan with Fidelity, because we are technically a Fidelity
office, because our relationship with Fidelityand we're part of Fidelity Institutional Wealth Advisors,
we can help you and we canassist you with your four O one
(01:02:35):
K program through your employer. Soif your employers offer you a Fidelity retirement
plan and you're looking for financial health, right, it doesn't make a lot
of sense to have a pool ofmoney that's not being managed and fully integrated
(01:02:59):
with the other assets. I hadthis conversation with a couple this week.
They have a significant amount of moneystill unqualified monies. They're in their mid
fifties, and it's at Fidelity,but it isn't with us. But we're
not integrating what we're doing with whatthey're doing on their side of defense.
And I said, this just doesn'tmake sense because it's not good for you
(01:03:21):
and it's not good for us becausewe're not getting a full picture of how
you're currently allocated and what we shouldbe doing on our side to basically give
you the diversity and the help thatyou're looking for, so we can provide
you a personalized individual report. Weuse e Money, we use our software
(01:03:52):
package through Fidelity, and we useFidelity Institutional Wealth Advisors. We have hundreds
of people that we can reach outto a Fidelity from CFAs, the PhDs,
the doctorates, whatever it may be. It is complicated and it is
(01:04:15):
different. But the thing is isthat there aren't answers out there and there's
ways to address it. It's justyou have to open up, have a
discussion, and ultimately, ultimately yourfinancial team and the people that you're working
with, and you and your spouseor your loved one or significant other,
then you've got to make the decisionif it makes sense for you. I'll
(01:04:39):
be right back the eighty six percenters. Do you know that eighty six percent
of the population has no defined benefitpension plan? For most of us,
we have to take our life savingsand create a paycheck for the rest of
our lives in retirement. What isyour plan for retirement income distribution? How
you manage your assets during the mostcritical years of your lifetime. Nobel Is
(01:05:00):
winning economists William Sharpe has called retirementincome distribution the nastiest, hardest problem in
finance. He points out that investment, uncertainty, and mortality can derail the
most careful laid out retirement income plan. Call our offices today to start the
process of building your retirement income distributionplan. After forty one years of being
in the financial services business, youneed to start taking action to start building
(01:05:24):
your own personal retirement income distribution plan. How do you do that? To
take action five one eight five eightzero one nine one nine. That's five
one eight five eight zero one nineone nine or RPG retire on the web.
Don't procrastinate, motivate to start buildingyour retirement income distribution plan five one
eight five eight zero one nine onenine. If you have any questions,
(01:05:45):
please call in now at one eighthundred eight two five fifty nine forty nine.
That's one eight hundred Talk WGY oneeight hundred talk WGY. We are
live in studio to answer your questions. The span that we have the gather
(01:06:29):
the tweets. That's my mind.The gather just to tell so where I'd
like to know. Can you tellat Please don't tell me, hey,
we are back in it. It'sjust the was so happy. Please,
(01:07:04):
I'm upset at Zachau Mets are winningand my Yankees are losing? How many
games back with the Yankees now it'sgotta be right? Oh my god,
that payroll. I'll tell you what. If the old man was there,
(01:07:25):
Steinbrenner, this wouldn't be going on. Heads would have been flying, no
way. The kids, a muchmore passive man than the father was.
George would have went down and hada chat with the boys. I think
they're gonna have to clean house,Zach, I really do personally. I
(01:07:46):
think, you know, sometimes themessaging gets old, goes in one ear
and out the other. Top down. I know the owner's not leaving,
but you know the general manager doesn'tdo it anything from you either. All
Right, this is a retirement planningshow. I'm Dave Kopak. We're talking
about some of the dynamics of thingsthat are happening currently in the marketplace.
(01:08:11):
Wealth transfer, the greatest in thehistory of mankind. How you're going to
set up your estate, how totitle assets, how to make sure that
money is in the right location.You know a lot of questions we get
as CODs, pods, joint tenniswith rightist survivorship, trust, irrevocable revocable
trust. I am a major advocateof a trust rather than doing anything else
(01:08:38):
because then the powers of the trustcan dictate how the money is allocated upon
your demise. And also, Idon't think there's I've asked this to attorneys.
There's not an age that it's toosoon to get money into a trust.
You heard Frank talk about putting moneyin an irrevocable trust helps you automatically,
automatically get more benefit for your child'seducation because once you put the money
(01:09:03):
in the trust, it gives yougives you the ability to get it outside
your estate. So you're going tohave the opportunity in order to maximize maximize
the amount of grants, etc.Through the college that your child is applying
for, which I didn't know thatuntil last year when Frank brought it up.
(01:09:26):
So all right, I got it. I got it. I got
a gentleman that's calling in that I'mgonna go to before we break because we
don't have a lot of time.Let's go to Andy morning. Andy so,
(01:09:49):
and he wants to know he hasa chance to buy life insurance for
fifty three dollars a month. Thatcoverage is about ten thousand dollars. Life
has story, They don't live verylong. They want to know what's your
thought on that. Well, I'man advocate of life insurance. I can
tell you that much because I'm achild of a father that did not have
(01:10:11):
adequate life insurance and he died atage forty four, nineteen sixty eight.
So I know what it's like meto have adequate life insurance coverage. Excuse
me, you don't want to buycoverage that you can't afford. I'm a
big believer in level term insurance.Level term insurance. It's just a question
(01:10:31):
do you need it for permanent ordo you need it for temporary? And
if you want, As I announcedlast week, we now have a working
relationship with advisors insurance brokers, andI'll be more than happy to have a
conversation with you in then to seeif it's something that is suitable for you
(01:10:54):
at the stage of your life.But I'm an advocate of insurance. I
am an advocate of insurance because I'veseen too many people that were either uninsured
didn't have the proper amount of insurance, and like, it's just a question.
You don't want to buy something thatyou're not going to be able to
afford, and you don't want tobuy something that's not going to be there
(01:11:17):
when you need it the most.Right, here's a story, true story.
A matter of fact, Bob Vandywas involved in this. When I
was working with Bob, we hada gentleman that came in, well known
in his community. I want totell you what he did, but he
(01:11:39):
did a pension max. He dida pension max for his wife. That
meant that he took the maximum NewYork State pension benefit and he did not
have any spousal benefit for his wifeif when he died. So he came
(01:12:03):
into us and he said, listento you on the radio. I got
myself in a predicament here, andI want you to tell me what you
think I should do. And youknow, they had a nice next day.
Not a lot of you know,not a lot huge amount of money,
but he had a decent amount ofmoney that he had accumulated in his
(01:12:25):
tech sheltered denuity his four H threeB, but the pension max. What
happened is that back in the gogo days, it was a universal life
policy, and in the hypothetical illustrationthey showed like twelve percent net return in
order for the policy didn't meet thegoals in order to be valid and to
(01:12:48):
stay in force through his lifetime.Well, of course it didn't happen,
right, So every year what washappening is that his cash value and the
insurance policy was going away, andeventually they said, this thing's going to
blow up. So you're paying Xnumber of dollars. It was like four
(01:13:09):
times more that they wanted, wentfrom like four thousand to sixteen thousand dollars
a year in order for the policyto stay in force. And then that
still wasn't going to guarantee it foran extended period of time. It's going
to be like in his eighties.So I bought brought Bob in for his
expertise, and I said, you'regoing to have to make a hard decision
(01:13:30):
here. You're gonna have to makea hard decision because there was still some
cash value in there. I said, you're either going to have to pay
the premium. Right, Bob's goingto have to work out a formula for
you in order for you to makethose payment premiums in order to keep the
policy in force, or you terminate. You take the cash value out of
(01:13:54):
it and you put it in yourpocket, and you walk away from the
protection and you keep your fingers us. But this is a decision that we
can't make for you. You're goingto have to make it based off of
the data and the information that wegive you. Okay, I'm gonna go
home and think about it. Sowhen home and thought about it, came
(01:14:16):
back about a week later, sittingin my office with Bob. We're very
upset at this insurance company. Andif you do any history on insurance universal
life, this was not uncommon,folks. This was happening all over the
place where a lot of these universallife insurance policies were blowing up. They
didn't buy the universal life with aguaranteed death benefit writer. They were buying
(01:14:40):
the ones that were basically there wasno guarantee. You know, you keep
your fingers crossed, then it's goingto meet the hypothetical illustration, which this
didn't. So what happened he said, terminated son, you know, tell
me what I have to do.So Bob went through it. I went
through it with him. He saida letter to the insurance company said I
(01:15:01):
want to terminate this policy. Pleasesend me my money, which he did.
Like four months later. He's dead. He died. I out of
the blue, he dies, AndI think the stress really had something to
do with it. What happened.So his wife was extremely upset, very
upset what had happened. I knewthat she was going to seek legal advice.
(01:15:26):
I think she did. And tomake a long story short, we
didn't get into it with her asfar as ultimately what she was going to
do. There was at one pointsome settlements by these insurance companies with these
universal life policies. Not too sureif she elected that or not, but
this just goes to show that lifeinsurance should be purchased with guarantees. Life
(01:15:56):
insurance should be bought with guarantees.There's shouldn't be a question work. We
see this all the time at theRetirement Planning Group. Policies that are out
there and there's a thing that youwant to do, and you might want
to do it yourself, or youcan call us and we'll do it for
you. You want to call andsay, listen, I've got this policy.
(01:16:17):
I see that the cash value isstarting to go down, down,
down, down down. Can youplease do an enforce illustration. Let me
know if this thing's gonna keep onticking, keep on moving forward, or
do I have a position right nowwith this insurance policy that's it's going to
implode right especially if it's important forwealth replacement for a surviving spouse or a
(01:16:42):
loved one. Critical critical, Knowwhat you own, Understand the dynamics of
what you're getting into. Pension maxcan work for a lot of good reasons
as far as legacy. Pension maxcan work as far as creating some form
of money to the next generation,especially if you have two pensions enough savings
(01:17:08):
in order to supplement. But thebottom line gets down to is purchasing insurance.
You've got to make sure that you'regoing through a revitable organization. I'm
a big believer open architecture. Youwant to go to an MGA, a
Master General agency that has multiple contractsand multiple insurance companies. So hopefully I
(01:17:28):
didn't get into that too much.But it's important to know what you own,
Okay, So I'm gonna come backin about three or four minutes.
We're going to break for the news. If you have any questions or comments.
This is usually when the phone startringing. It's one eight hundred talk
WGY. That's one eight hundred eighttwo five fifty ninety nine Dave Kopek And
(01:17:50):
this is the retirement Planning show.Why Baby, a Baby, My Baby
(01:18:13):
back it out? Hello, youlook so good. I'm so good.
You know you got me going justlike a new baby. Sorry, you're
(01:18:34):
back. What does that bring back? Memory? Some of the mamas in
the kitchen twisting? Shake it up? Baby. I can still see my
(01:18:55):
sister screaming and hollering in front ofthe TV. Ed Sullivan, Days gone
by, folks, days gone by. You know, this whole thing with
the barn has really brought me tighterand closer with my cousins and the Copeck
family. And it's amazing some ofthe pictures and content, milk bottles,
(01:19:17):
all all this stuff that we're startingto see that I haven't seen because my
cousin, Carrol, her family wasthe Schlusky the Schlusky farm right next to
the Copeck farm and Half Moon andI'm starting to see stuff that haven't seen
in decades, as far as photographsand milk bottles and advertisements. And my
(01:19:39):
grandfather's farm did milk processing, soa lot of the farmers used to bring
their milk to my grandfather to processit. But he would also have the
milk bottles there of the different farmersand how they branded their milk. So
it's pretty cool. It's it's beenhistory lesson and I found out that the
(01:20:00):
barn. I thought the barn wasbuilt in nineteen thirty one, the barn
was actually built like eighteen sixty andthe slate roof was put on in nineteen
thirty one when my grandfather did it. So been very educational, very educational.
(01:20:23):
If you're out looking for rates,if you're looking for guarantees, rates
have moved up this week and ata six month treasury you can get five
forty three. Twelve months you couldget five thirty eight, and the two
year is almost at five is atfour ninety five, four ninety five,
(01:20:45):
so a blended rate. If youdid a two twelve and at six you're
gonna get well over five percent rightnow and safe and secure. Just remember
treasuries don't pay you interests. Youget your interests when the bond matures,
you buy it at a discount toits face value. So for people that
(01:21:06):
are income looking for income, itmight not be a suitable type of investment.
Our money market account, I thinknicotomy the other day is almost five
percent, which is hard to believein our money market of fidelity. So
there are savers are being rewarded,ones that are conservative, that like guarantees,
(01:21:27):
and that's good. That's good.And again the show that you're listening
to, I'm gonna be talking aboutthis a little bit more because we're starting
to get a lot of headway.We're getting a lot of people that are
listening to us. We are oniHeartRadio. You got to get the iHeartRadio
app and just punch in the retirementPlanning show Retirement Planning Ready, and you'll
(01:21:48):
be able to listen to any showsthat you did not hear because you're either
out of the area or you werebusy, you just didn't have the time.
And I've done it myself. Ilike to critique the shows. I
like to listen to the people thatwe bring on our special guests. Like
I said, next week, we'regonna have Frank lang back on and we're
(01:22:08):
gonna talk a little bit about someof the titling of assets because we're hearing
more and more people I think thatare a little bit sitting on the sidelines
as far as how they should titletheir assets. Beneficiary designations are critical.
I think everybody understands that, andthey always trump the will, always trump
(01:22:30):
the will. I'm gonna talk alittle bit more about retirement income distribution simply
because the amount of money that's outthere. You know, there's forty trillion
dollars and qualified plans, and youknow, one of the things that we're
starting to see more and more ofis that people, because of what they've
gone through over the last few years, they're starting to tilt more that they
you know, seven out of tenpeople want some form of a guarantee with
(01:22:54):
or qualified assets and everything. Everybodyknows we talk about there's no cookie cutter
approach. There's no one size thatfits all. So as we say,
you know, depending on how involvedthat you want to be, it depends
on what you're looking for. Thegood news is that because of this current
interest rate environment, you can reallyhelp improve your retirement readiness and you can
(01:23:20):
basically have a portfolio that's going togive you a very very strong dividend portfolio,
not only as far as some ofthe stocks, but also as far
as the fixed income the bond portfolios. We've hesitated a little bit over the
last couple of months because I anticipatedthat the FED was going to have to
continue to raise rates. I thinkthe July one this is my personal opinion.
(01:23:44):
Okay, don't hold me to it. This is my personal feeling,
this will be it for a while, to be the last one for a
while, which I think will createsome opportunities in the fixed income arena.
You know, bonds will trade asaggressively, sometimes even more aggressively than stocks,
depending on their coupon. That meanstheir interest rate and also their credit
(01:24:04):
worthiness. If that is the case, it should open up some opportunities for
total return over the next twelve toeighteen months. I know that everybody's got
shortsighted. They want the money now, they want the instantaneous return. But
the bottom line is is that youknow, the markets don't do that.
Even if you look at the equitymarkets today, there's been a small concentration
(01:24:28):
of stocks that have really made upa big proportion of the total return,
especially with the NASDAC so we aremy opinion, I think that there's some
opportunities here for total return on thefixed income side. And you know,
Alliance Bernstein did a report which stillis valid. I actually talked to them
(01:24:49):
and I discussed it in a littlebit of detail over the last week or
so. Corporate bonds, historically,high yield corporate bonds diorcally have given you
stock market rates or returns with fiftypercent less volatility of the stock market.
They still hold to that. Soif that is the case, you're on
(01:25:12):
pretty solid ground right now for theopportunity to get into some fixed income,
some corporate bonds, and I thinkyou're going to see you know, you
got anywhere from a seven to anine handle seven to a nine, I
mean seven percent to nine percent.You can get a coupon yield off of
these portfolios, some of your closedend funds that are trading at a discount
(01:25:34):
to NAV they're giving you almost twelvepercent twelve percent as far as dividend and
coupon right now. Yes they're goingto fluctuate, yes, yes, they're
going to fluctuate in value. Butif you're looking for the mother's milk of
retirement, and that's income, rightwhat everybody's searching for, which I talked
a little bit about today. Youwant to be able to allocate yourself in
(01:25:56):
what we call yield enhancers to theportfolio. And this is something I had
to chat with the staff and withFidelity the other day. And we are
now in the position that I thinkthat we're going to start pulling a trigger
in order to add some yielded hanswersto our portfolios because we kind of think
we're in a sweet spot right now. Can't guarantee it, but I think
(01:26:17):
after forty one years of being inthe business that we're in a position right
now where we can add some yieldedanswers to our portfolio. So, but
I go back to what I saidover and over again when you're building out
your retirement plan. You know,I said the report to study seventy percent,
(01:26:38):
it was actually sixty eight percent.Other respondents are worried. They're concerned
about income, you know, especiallywith the volatility that we've had. You
need when you get out into yourretirement to get a plan that gives you
what we call baseline income. Youneed guaranteed income you want to make sure
(01:27:00):
that your day to day expenses,housing, food, utilities, taxes,
healthcare are covered by some form ofguaranteed income sources. These are the essentials,
These are the things that you wantto make sure And I just got
I personally, I wanted to goover this because I know a lot of
(01:27:21):
people will sit with a calculator.I just got my sole Security statement and
I was looking at it over thelast day or two and I'm trying to
figure out. You know, ultimately, as I've said the listening audience,
know that I won't take my soulSecurity benefit until age seventy. And I
looked at the number as far asthe difference from my full retirement age to
(01:27:44):
age seventy, and it's a fairlysignificant amount of money that you know,
ultimately, I'm doing this for Juliebecause Julie is going to live in Held
a lot longer than me. Butthe thing is I can't guarantee that,
but statistically she will. But it'snot going to hurt me not to delay,
because I'm not retiring anyway. I'mnot going anywhere right My daughter's going
to college, he's going to bethere for four years. I'm gonna do
(01:28:08):
what I have to do in orderfor the retirement planning group. And that
means I'm going to be sitting inthe seat and I'm gonna be working.
So it doesn't make sense for meto collect my SOLI security. But for
a lot of you that are listeningto this show, SOLI security will be
a critical, a critical component ofyour overwhall retirement plan. So when you're
sitting down and you're looking at thosenumbers, you know, some people will
(01:28:30):
say, well, you know,Jesus, I take it now. I'm
gonna have eighty ninety thousand dollars ifI wait until like my full retirement age,
or if I wait until age seventy. Yeah, but you're not solving
for that. What you're solving foris income to satisfy your expenses. Income
that will satisfy your expenses. Rightand like right now, we talk about
(01:28:56):
annuities all the time because they giveyou guaranteed income for life. Right now,
with the fixed income payments you canwhich you can get CDs guaranteed rates,
gigs through insurance companies, myga's multiyear guaranteed annuities, you can really
add some very attractive yield, longmedium and short term. So you know,
(01:29:21):
when they talk about laddered bonds,I'm not gonna bore you with that
because everybody knows what a laddered bondportfolio is. You've got to build it
out based off your income needs.But think about the cost of living.
What's it going to cost you nextfive, ten, fifteen, twenty years,
what's your anticipation. How important isfor you to have a cost of
(01:29:43):
living adjuster. You're gonna get yourcola on your soul security, but the
other assets that you have, wecan guarantee you, folks, certain amounts
of cola. There are annuities outthere, annuities during the little word,
annuities that will guarantee you a certaingrowth and a guarantee of a certain amount
of annuitization at certain ages. Right, so you automatically build in your cost
(01:30:09):
of living adjustment. This is suitablefor everybody, absolutely positively not, but
it makes a hell of a lotof sense for people that are adverse to
risk, which I know seven outof ten of you are seven out of
ten of you that are listening tothe show right now, want some form
of guarantees baseline income and want tohave security, and they want to sleep
at night. They don't want anxietyand stress. Give us a call.
(01:30:33):
We offer a complimentary consultation. Ouroffices in Malta. Our corporate office,
we're in Oneana downtown Albany, eightyState Street, and then of course we're
up in Glens Falls. But ourtelephone number at the office is five one
eight five eight zero one nine onenine. Check us out on the web.
(01:30:54):
It's rpgretire dot com. Again,that's rpgretire dot com and I'm Dave
Kopek. We're going to take ourfinal break. If you have any questions
or comments, we'd love to hearfrom you. One eight hundred Talk w
g Y. That's one eight hundredeight two five fifty nine forty nine.
Zach has sound asleep at the board. I want to wake him up.
Get those phones of ringing. Fiveone eight five eight zero one nine is
(01:31:18):
my office and today you can callat one eight hundred talk WGY one eight
hundred talk WGY. Any question youmay have, give us a call.
The eighty six percenters. Do youknow that eighty six percent of the population
has no defined benefit pension plan.For most of us, we have to
take our life savings and create apaycheck for the rest of our lives in
(01:31:41):
retirement. What is your plan forretirement income distribution? How will you manage
your assets during the most critical yearsof your lifetime. Nobel Prize winning economists
William Sharpe has called retirement income distributionthe nastiest, hardest problem in finance.
He points out that investment, uncertainty, and mortality can derail the most careful
laid out retirement income plan. Callour offices today to start the process of
(01:32:04):
building your retirement income distribution plan.After forty one years of being in the
financial services business, you need tostart taking action to start building your own
personal retirement income distribution plan. Howdo you do that? To take action?
Five one eight five eight zero onenine one nine. That's five one
eight five eight zero one nine onenine or RPG retire on the web.
(01:32:27):
Don't procrastinate, motivate to start buildingyour retirement income distribution plan five one eight
five eight zero one nine one nine. If you have any questions, please
call in now at one eight hundredeight two five fifty nine forty nine.
That's one eight hundred talk WGY,one eight hundred talk WGY. We are
live in studio to answer your questions, waiting for the break, senting for
(01:33:20):
something to say that this guy.All right, Chicago man, all right,
here's the trivia question. What's thisquote from? I is tired?
(01:33:44):
Boss? I'm just tired, boss, I is tired. You know what
it is. It's a movie.I didn't give you any more. You're
gonna have to do some research onthat. One guy was a monster,
huge guy. Here's the guy I'mnot telling you. You're gonna have to
(01:34:09):
come back with the answer. Iknow a lot of listening audience. That's
they know what it is. Allright, one eight hundred. Talk to
bg Y that's one eight fifty nine. One of fire. Our walkers in
Texas are still walking. In aphone call last week from Texas, they
said they listened to the show.Good morning to you get moving, get
(01:34:30):
motivated. How are you doing onyour diet? That's my goal my diet.
I was actually good last night.I had fish last night. Yeah,
I behaved myself a little bit.More about my gullfighting. September twenty
(01:34:53):
eighth at the Fairways of Half Moon, you can check out one of our
friends, one of our participants fromlast year. As far as some moneys
that we gave him. I ambrave, I am strong, I am
coult. It's my cousins. Littleboy I had a horrible time battled cancer
(01:35:17):
for an extended period of time.One of the bravest little boys you'll ever
meet in your life. He's actuallycoming up for a boat ride tomorrow but
September twenty eighth of this year atFairways of Half Moon. If you can't
attend, we'll still take a contributions. It's a pretty amazing organization. I'm
(01:35:40):
extremely impressed with the people here inAubany. The money stays here in Aubany.
We actually had a tour of thefacility the last time we were down
there. They do God's work.They do God's work. I just want
to finish up on one thing.You hear in the commercial that I run
here, the advertisement, how difficultretirement income distribution plan is. And I
(01:36:09):
think it's probably the most understood thingthat you can do with your investment portfolio.
It's complex, the tax rules arecomplex. Mistakes and oversights are extremely
(01:36:30):
common with retirement income distribution. Andif I think if you listen to our
message, you understand how you canavoid those mistakes. It can really save
you a lot of stress, andit can save you a lot of unnecessary
tax liability, and possibly the abilityfor you to live a lifestyle that's filled
(01:36:57):
with joy and happiness. It's carefree, not one that's trying to figure
out am I going to have enoughdividend coming in this month? You know,
we talk about point of entry beinga critical component of going into your
retirement years, and after forty oneyears of doing this, I can't over
(01:37:17):
emphasize enough. To me, it'sprobably the most critical part of going into
retirement because especially of what we experiencedover the last few years, low interest
(01:37:38):
rates, market volatility, the inabilityto get any kind of a yield.
Portfolio managers reaching out to assets thatprobably were not within their bucket list of
what they were looking for, butthey had to chase after them because the
(01:37:58):
need for yield within the portfolio.So when I say start building the buckets
of money and doing in service distributions, We've done more in the last six
months, folks, than I've probablydone in the last two years in service
distributions. People are listening to theshow and it's resonating and they understand the
(01:38:20):
reason why we do this. Whywe get the money out and start building
the buckets of money in order foryou to have adequate amounts of cash to
satisfy your income need day one dollarone when you walk out the door into
your retirement years. It's not timingthe market. It's the time that you're
(01:38:44):
going to have to take money outof your portfolio. And that means that
that big bucket, the cash bucket, which right now you're getting a very
competitive way to return on right fivepercent almost some money market accounts depending on
how AGGRESSI if you want to be, are paying you five percent. But
that money is there, it's growing. You're getting a competitive radio return.
(01:39:08):
And now now this is the otherthing you write checks against. It only
take off the portfolio. What isnecessary for income? If guy says,
listen, I need six or seventhousand dollars a month and are only spending
thirty five hundred or four thousand,why are you putting yourself in a position
(01:39:31):
for that's tax liability when you're notutilizing the money, and it's better inside
that rapper growing on a tax deferredbasis. The other thing is, don't
think that fifty nine and a halfis the hard number fifty nine and a
half. You can get to thatpool of money at age fifty five.
(01:39:53):
Yes, it has to stay inyour four oh one K, but you
can get to that money and starttaking distributions. So when we think about
retirement income distribution, it's not onlythe income that's necessary. It's always no.
(01:40:15):
You know, that's number one onthe list. I want to have
adequate amounts of resources in my retirementyears. But it's structuring the IRA.
I talked about TSPs a couple ofweeks ago and how you should structure your
TSP with iras, especially if it'simportant for you to have family wealth transfer.
(01:40:36):
Very few people say to us,you know it's not important for family
wealth transfer, Why is it.You're going to minimize tax liability. You
can structure the estate in order topay for specific taxes that maybe due upon.
If you have charitable intent, whicha lot of our clients do,
(01:40:59):
whether it's you know, the localgame, whether it's a college, a
university, whatever it may be,you can create trust that will last a
lifetime in order to pride income.I heard a think the other day about
how a woman has had set upa trust specifically for the homeless, for
(01:41:21):
the homeless in her community. Soyou know, there's different ways that you
can structure this where you get taxbenefits and you also get the transfer of
wealth to your loved ones, thepeople that you want to go to it.
But it starts with one thing.It's called planning. It's been proven
over and over again, whether it'sFidelity, Vanguard, Schwab, any major
(01:41:45):
investment banking firms. Working with afinancial team helps you put you in a
better spot. So if we canbe of assistance, as I say all
the time, it would be anhonor, be a privilege to help you.
We have four locations, Oneana Albany, our Office of Courses in Malta,
our corporated quarters and Glen's Falls.Give us a call. Our telephone
(01:42:10):
number is five one eight five eightzero one nine one nine. Check us
out on the web RPG retire dotcom, rpg retire dot com and take
an hour, take a couple hoursout of your schedule, come in and
have a chat. The worst thingthat can happen is that we chake hands
become friends. But typically when peoplecome in there's a good probability that you're
(01:42:32):
going to work with the Retirement PlanningGroup We've had the most successful six months
that we've ever had this year intwo thou and twenty three. A lot
of it has to do with you, the listeners of w g Y,
and from the bottom of my heart, I can't thank you enough a T
t RT. We always try todo the right thing. We always try
to let you be informed and educatedon the things that we're doing. I'm
(01:42:56):
very proud of the team that Ihave in my affiliation with Fidelity. There
are some major announcements coming. Ican't just let you know what it is,
but I think you're going to bepleasantly surprised about what we're doing and
what we're ultimately going to do foryou, for you the client and the
radio listener. So again, I'llbe back today at twelve to one topic
(01:43:18):
specific. We're gonna go in moredetail about this great wealth transfer. Please
tune in. If not, goto iHeartRadio to the app, download it
and you can listen to all ofour shows, whether it be the Retirement
Planning Show or the Retirement Ready Show. Be safe out there. Looks like
(01:43:41):
it's a little overcast. Looks likeit's a little overcast, but that's okay.
But as I said, I'm goingto be back here at twelve to
one in order to do retirement radio. I'm gonna go and do a little
bit of mowing right now, takea ride on my tractor and clean the
field up a little bit. Butagain, if we can be of assistance,
give to call at my office fiveone eight, five eight zero one
(01:44:03):
nine one nine. Again that's fiveone eight, five eight zero one nine
one nine. I'm Dave Kopeck.Be safe and absolutely have a wonderful weekend.
The information provided is for educational informationalpurposes only. It does not constitute
investment advice and it should not berelied on as such. It should not
be considered a solicitation to buyer orto offer a sales security. It does
(01:44:25):
not take into account any investors particularinvestment objectives, strategies, tax status,
or investment horizon. You should consultyour attorney or tax advisor. Thank you
for listening to the Retirement Planning Showhosted by David Kopeck. If you would
like to talk with Dave or someoneat the Retirement Planning Group, call five
one eight, five eight zero onenine one nine. That's five one eight,
five eight zero one nine one nineduring business hours or visit us at
(01:44:47):
RPNG retire dot com. The RetirementPlanning Group has three convenient offices located in
Albany, Malta and Glens Falls.Retirement Planning Group LLC is a registered investment
advisor. David M. Kopeck isalso a registered representative of Perschcaplin's Sterling Investments
INK PKS in their separate capacities.A registered representative of PKS, David M.
(01:45:09):
Kopeck may recommend the implementation of securitiesthrough pks instead of Retirement Planning Group
LLC. PERSH, Caplin, SterlinInvestments and Retirement Planning Group LLC are not
affiliated companies. Tune in again nextweek for retirement Planning Strategies with David Kopeck
on the Retirement Planning sh
Welcome to the Retirement Planning Show withhost Dave Kopak in the financial services business
for over thirty five years. TheirRetirement Planning Group LLLC is a registered investment
advisor. David M. Kopak isalso a registered representative of persh kaplan Sterling
Investments Incorporated PKS in their separate capacities. A registered representative of PKS, David
(00:23):
M. Copack may recommend the implementationof securities through PKS instead of Retirement Planning
Group LC. Parsh Capitlan, SterlingInvestments and Retirement Planning Group LLC are not
affiliated companies. Now it's time forthe Retirement Planning Show on WGY Satday.
(01:07):
I think it was the Father Jaywas the father, Jeep dancing Man,
Sally good morning, singing Hoefully.You had a good week. A lot
(01:41):
of people had the week off.A lot of people had the week off.
We had dinner last night in Saratogaat Max London's from my son's birthday.
And Saratoga is booming, booming,What a beautiful community, absolutely gorgeous
(02:05):
up there. The track, Folks, opens on Thursday. That's how quick
summer's going by. The track openson Thursday. You blink your eyes and
the kids are going back to school. Just amazing, just amazing how quick
time goes by, so you betterenjoy it. This week was hot Muggy
(02:25):
Rain. I know they're working onthe barn, and the barn is moving
quickly to be assembled. But thoseguys really they're like Spider Man the way
that they can bounce around on thosebeams, and but the sleek goes back
(02:47):
on, sleek goes back on thisweek, which we're very excited about,
very excited about. So God blessthose guys. They really work hard.
This is the Retirement Planning Show.I'm Dave Kopec. We're here on the
(03:07):
weekends. I'm here from seven tonine and today I'll be live from twelve
to one. Topic specific show.We're gonna talk a little bit about wealth
transfer, what's happening, what we'restarting to see in that show. Talk
a little bit about it today,but we're going to really focus in on
some strategies and some things that Ithink are important, especially if you're looking
(03:31):
to transfer wealth. We had agreat week. We really met some wonderful
people this week at the office.One woman in particular who they lived down
in Duanesburg. She told me abouta toilet, a dry less toilet,
which what yeah, and they kindof described it to me. But as
(03:53):
you know, I'm doing the barnand I don't want to go through all
of the transitions and all the thingsyou have to do to put water into
a barn. I'm not gonna insulateit. So I'm looking for a way
to you know, when we havefamily events or things going on, I
(04:14):
could use a toilet for The ladieswere gentlemen, and she told me about
it, but real nice people,wonderful people here and her husband came in
and had a chat and talked abouttheir personal situation. They educated me on
some options for me. So itwas nice to meet them and some of
the other people that we met withthis week. So you know, we
(04:36):
offer a complimentary consultation at one ofour four offices, so if you'd like
to take advantage of that, we'dlove to sit down with you. If
you're outside the area, we doa lot of zoom meetings and we have
clients now I think something like intwenty eight states, So if you're looking
(04:57):
to have a chat go over yourown personal situation, we welcome that opportunity,
a couple of things, a littlehousekeeping September twenty eighth, Fairways,
a half moon, swing for acure, Swing for a cure. It's
for cancer. If you have notpartoct and our Gulf outing, it's a
(05:21):
great day. Everybody walks away withsome form of a gift or things that
we hand out. A lot ofour vendors step up, our strategic partners
and help us out with it.But it's for cancer. One hundred percent
of the money goes to cancer.I think last year we did a combination
(05:41):
of cancer and also cystic fibrosis,and this year one hundred percent is going
to go to cancer. And ifyou'd like to participate, I believe Jim
has all the specific in details.Would ask you to call our office,
But it's September twenty eighth, whichwill be here sooner than you think,
(06:08):
and we would love to have youpartake. If you've got anyone that is
battling cancer, that has been inthe hot seat with a cancer event,
you know, we've got a wonderful, wonderful client right now, a great
friend of mine that is battling cancerthat just got transitioned into a nursing home,
(06:29):
and I pray for him every daythat he's going to be okay,
but it's just a horrific, horrificdisease. Our little buddy Colton, I'm
going to see tomorrow. I'm goingto take him out on the boat,
bring him to the beach up inLake George. Colton, as you're all
quite well aware, battled cancer overthe last couple of years, and he's
(06:50):
doing all right, folks, he'sdoing okay. You got a clear slate
the last time he was out inBoston. But that little boy is my
hero, and we're gonna take comeout and put some smiles on the faces
of him and his brother tomorrow.So just a crazy week. I mean,
really, you know, I understandwhy people now don't watch or listen
(07:13):
to the news anymore. I sawa headline when I was doing some research
this morning for the radio show,and and it's just it's amazing to me
that we're talking about probably the mostsacred building in the United States, called
(07:39):
the White House, and the articlewent over as far as cocaine and topless
women walking around the White House.And I'm saying, you gotta be kidding
me, you gotta be kidding me. I mean, that building stands for
(08:00):
so much virtue, and we're talkingabout cocaine and topless events, the world's
upside down. We'll talk a littlebit about that. There's some recent data
that just came out, and we'lltalk a little bit about that, the
swarning. But the swarning, whatI want to talk about is the wealth
(08:22):
transfer that's going on. I'm gonnatalk a little bit about the markets,
some of the information that came outthis week. We're gonna talk about most
Americans They're personal feelings today. It'sreally kind of a negative article that I
(08:43):
read. But here's the headlines,and I guess we'll discuss a little bit
more detail. Most Americans don't believetheir children's lives will be better. Most
Americans don't believe that their children's liveswill be better than their's. Where and
(09:05):
it's not a little little bit.This percentage here, seventy eight almost eighty
percent. Seventy eight percent said theirchildren's generation will have it worse off than
then. Pessimism. We'll talk aboutthe bullet points in this. We see
(09:31):
it all the time. I hearit all the time. In two thousand
and one, it was forty twopercent now it's almost eighty percent percentage of
US adults who say there's children's generationwill have it worse off than there's did.
Why do you think that is.It wasn't a small survey either.
(09:56):
It was done by the Wall StreetJournal. It was over a thousand America
in different geographic locations throughout the UnitedStates. So we'll talk a little bit
about that today. Two. Butagain this is talk radio. If you
would like to participate, you wantto ask a question about investments, asset
protection, legacy planning, transfer ofwealth in the next generation, we'd love
(10:18):
to have the opportunity to chat withyou. Go grab your either your first
or your second cup of coffee,and we have a lot of people that
listen to the show on Saturdays.We appreciate that. Just a little bit
of a bullet point here. Werepeat these shows on iHeartRadio. So if
(10:39):
you do not have the iHeartRadio app, go get it and you can follow
this show on iHeartRadio, whether it'sthe Retirement Planning Show or the Retirement Ready
Show, you can do it onyour time and on our time. So
again, take us along for theride, set us up on your laptop,
whatever. Maybe, but we'd loveto have the opportunity for you to
(11:03):
listen to the content and maybe someof the shows that you didn't hear previously.
And again it's iHeartRadio and I believeit's like eight hundred and fifty stations.
I'm not too sure how many programs, but if you bring up Retirement
Planning Group, you'll be able tosee us. Okay, we'll be right
back after this quick message. I'mDave Kopac. This is Retirement Planning Show.
(11:24):
We're glad to be here and we'llsee on the other side of this
break the eighty six percenters. Doyou know that eighty six percent of the
population has no defined benefit pension plan. For most of us, we have
to take our life savings and createa paycheck for the rest of our lives
in retirement. What is your planfor retirement income distribution? How will you
manage your assets during the most criticalyears of your lifetime. Nobel Prize winning
(11:46):
economists William Sharpe has called retirement incomedistribution the nastiest, hardest problem in finance.
He points out that investment, uncertainty, and mortality can derail the most
careful laid out retirement income plan.Call our offices today to start the process
of building your retirement income distribution plan. After forty one years of being in
the financial services business, you needto start taking action to start building your
(12:09):
own personal retirement income distribution plan.How do you do that? To take
action? Five one eight five eightzero one nine one nine. That's five
one eight five eight zero one nineone nine or RPG retire on the web.
Don't procrastinate, motivate to start buildingyour retirement income distribution plan five one
eight five eight zero one nine onenine. If you have any questions,
(12:31):
please call in now at one eighthundred eight two five fifty nine forty nine.
That's one eight hundred Talk WGY,one eight hundred talk WGY. We
are live in studio to answer yourquestions. Not be done nothing. You
(13:15):
can sing the copy song. Youcan say that you playing a game made.
No one can say all right,say good morning for back For those
(13:39):
that are younger, those are theBeatles. Unbelievable, unbelievable group number one
in record sales of all time.I told you that last week, right,
Yeah, So I want to goback a little bit because I just
read through this a little bit.Um. It's done by the Wall Street
(14:01):
Journal and the University of Chicago,and it pulled over a thousand Americans.
It a little over four and tenrespondents at healthcare costs are their largest economic
concern, with two thirds also identifyingthis curse that we're living through right now
(14:22):
called inflation. No matter how muchthey increase your pay is one of the
quotes here. Everything else is goingup. Can't keep pace? Saw a
thing on TV the other day,and this is where our Florida listeners,
(14:46):
which I find very problematic. AndI know that a lot of people are
moving to Florida, and I wouldhighly advise you to sit down with an
insurance professional PC property and casually andhave a chat about what it's going to
cost you for property and casually insurancein Florida right now. And I believe
(15:07):
it was either I'm Bloomberg or oneof the investment banking channels. Investment channels,
they had a gentleman that they wereinterviewing older guy and he was talking
about, you know how his premiumfor his insurance has gone from like twenty
eight hundred to almost seven thousand dollarsper year. He said, I'm fixed
(15:35):
income and with everything else going up, with healthcare with the cost of living,
food, etc. Now this billhe's electing, he's electing not to
have insurance on his home. Soit's really a daunting task for a lot
(15:58):
of these people try to figure outthe different ways in order to live survive.
But inflation remains a major major concernfor people that are currently out there
that have been into the retirement foran extended period of time. Lowest number
(16:26):
of respondents describing themselves. This isthe other thing that I find, excuse
me, a little troubling, butI see it and I hear it when
I have face to face meetings.Found that the lowest number of respondents describing
themselves as happy less than twelve percent. Another thirty percent of the individuals not
(17:00):
too happy at all, which wasthirty percent almost half, almost fifty percent
of the respondence forty two not happy, depressed, very concerned. So why
(17:23):
do you think that is? Youknow, there's a long determination that too
much money's going to the top,very very small percentage of the wealth.
(17:48):
I mean, you look at Bezo'sboat. I think he spent a half
a billion dollars on his boat.I think it costs something like one hundred
and eighty thousand dollars a day torun it. It's the size of a
bigger I think might even be biggerthan a football field. And majority of
(18:12):
Americans think that we're going in thedirection of what our founding fathers was very
concerned about, and that's oligarchs.Look at Russia, where you've got too
few people controlling most of the wealth, and they throw some crumbs to the
(18:33):
rest of the people. I know, we work with a lot of hard
working savers. We work with alot of people National Grid, in both
bakeries, general elector you go throughthe whole laundry list of people that you
work with. Me. I thinkabout the people that are in our golf
league, plumbers, electricians, peoplethat work and professional industries that are working
(19:02):
sixty seventy hours a week, andGod bless the people that are in the
restaurant businesses. The amount of effortthat they have to put in today in
order to bring it to the bottomline, the amount of hours. Everybody
says the same thing, there's justnot enough people. Where they all disappeared
to I have no idea, butno matter where you go, there's signs
(19:23):
up all over the place, needhelp, need help, hiring now,
hiring now. I got a friendof mine in late George that's about ready
to kill himself, not because hewants to kill himself, but he's going
to work himself to death. Himand his wife, My wife and I
saw them a couple of weeks ago, and they're spent. Can't he can't
(19:44):
find two line cooks to commit andhelp him. So I think there's a
lot of uncertainty. I think there'sa lot of anxiety. I think there's
a lot of depression. I thinkthere's a lot of people out there that
are really concerned about what's happening.And I think it's filtering in a little
bit with the overall sentiment as faras retirement planning and will I get to
(20:08):
my destination, which we're going totalk about in the second half hour of
the first hour, and what peopleshould be doing and how they should be
allocating money. I know what I'mstarting to see. My crystal ball isn't
broken. But what I but Iwhat I see right now is that people
(20:29):
are not retiring like I thought theywere going to when they had the opportunity
to go out the door. They'renot going out the door because the biggest
thing is exactly what the number oneconcerned was was healthcare. But the second
one is is that you know,they got kicked in the teeth last year.
They got kicked in the teeth.So when you see a headline where
(20:51):
you say most Americans don't think theirchildren lives will be better, it's pretty
sickening. So if that is thecase, and the largest transfer of wealth
in the history of mankind is uponus in a very short period of time,
(21:14):
we've talked a little bit about howyou need to dotrize and cross your
t's to make sure that the moneythat you've accumulated in your lifetime is going
to go to your children and notto either a long term care facility or
the state or federal government. Wesee people all the time that are top
(21:36):
heavy. They have way too muchof their net worth allocated to pre tax
dollars four owenks, I raise,deferred compensate, whatever may be pre tax
money sum assize eight percent. Eightypercent of their net worth is money that's
allocated into complicated assets that are achillesheels as you age, not only as
(22:02):
far as the tax liability, butalso what happens if the wheels start coming
off the bus and you need healthcare. You need healthcare. So if you're
in your forties and fifties and you'relistening to the show, because I know
we have a lot of younger peoplenow that are listening to the show because
(22:23):
we see them in the office,you need to start thinking about how am
I allocating my money today so Ihave the ability to have tax preference money
later in life, money that whenI reach into the bucket, it's either
tax free or I get cap gains, or I might have it in a
(22:45):
tax remissible bond portfolio. As faras money that I can get to that
is not subject to federal and possiblystate income tax and state income tax.
But as I said, when welook at headlines like this, you know,
(23:07):
Fidelity gives us a lot of data. Information is you're all quite well
aware we clear all of our businessthrough Fidelity. But you know when you
start hearing people that eighty percent ofthe respond is deprived describe the economy as
poor or not good at all eightpercent in this survey, and most of
(23:30):
them are living paycheck to paycheck.If there's one major event, one thing,
the wheels can come off the car, it can be devastating, devastating
their personal financial wealth. So whenwe come back, we're going to talk
(23:53):
a little bit about talk to Markabout the markets a little bit, but
we're going to talk about what's comingdown the pike here as far as the
transfer of wealth and also ultimately thedistributions of your qualified assets, how you
ultimately want to have that money transferredto the next generation. I'm Dave Kopek.
It's a retirement planning show. We'llbe right back. Why were you?
(24:26):
It doesn't matter where we are.I'm gonna do this. Times is
much too quickly when when together thelaughing. I wish I could sing it
(24:52):
to you. Oh no, Iwish I could sing it to you.
All right. If you've never seenthem in concert, go see him.
Probably one of the best concerts I'veever went to. Unbelievable, unbelievable.
(25:14):
They see a lot of these groupsare getting old though, Man, a
lot of these groups are getting old. Well, the track is opening this
week. So for the people thatgo to the track the twenty first,
you're gonna get yourself the cooler.The eleventh, you're gonna get yourself the
sports bag with the logo or noI'm Sorry t shirt, a T shirt
(25:37):
and the eighteenth you're gonna get yourselfthe bucket hat, very fashionable. And
on September first, the final giveawayis a red white tote bag. The
tote bag. So they've got somenice stuff this year. I actually just
saw this here in the studio.They've got some photographs of it. So
if you're going to the track,that's a nice gift, nice assortment of
(25:59):
stuff. That's Sarah took. Hegives you. As they said, last
night, we were up there andwow, just a beautiful, beautiful,
beautiful, beautiful area. Beautiful arearight in our backyard here you think about
where we live as far as thebeauty lake George he had around X And
again, like I said, mybuddy Colt is doing pretty good. I
(26:22):
don't know if you've been on gofund me. He has a site.
I Am Brave, I am Strong, I am Coult. That's his U
identifier. I am Brave, Iam Strong, I am Colt. So
if you get a chance to punchthat in to go fund me, and
(26:44):
you see a picture of that littleguy sitting on his tractor and we're gonna
have him up at the lake andwe're gonna celebrate his success battling cancer.
But September twenty eight, Swing fora Cure at the Fairways a half Moon.
They do a phenomenal job, aphenomenal job. My cousin Carol works
(27:10):
there and she stays on top ofthings and make sure that things click and
gets moving around. And mister Tansky, Bruce, gotta give the guy credit.
Man, he's got one beautiful facilitythere. It's a challenging course,
top notch restaurant. Think you've gota group pub there now, sports clubhouse,
(27:37):
just beautiful right here in our backyardin half Moon. So September twenty
eight, Swing for a Cure.I am brave, I am strong,
I am COLT. Go fund me. That's why we're doing it. We're
gonna get some money out the Coltthis year, and we're also gonna help
the American Cancer Society. All themoney stays here in the Capital District region.
(28:07):
One of the things I want totalk about today is that what's happening
with the transfer of wealth here overthe next twenty five to thirty years.
(28:27):
And the reason why I want todo that is because I think it's critical
for people that want to transfer wealthand maximize it for their children and grandchildren,
especially with what I just talked about, with the concern that people have
the future of their children. Ifthis great wealth transfer is coming, wouldn't
(28:49):
be a positive that the money goesto the kids and the grandkids at least
the bulk of it, good portionof it doesn't go and the destination that
you don't want it to go to. The other thing is is that titling
assets is critical, and how youestablished these assets on the front end,
(29:12):
whether it's a trust, whether it'sa life insurance policy, utilizing the trust
for children that might have drug addiction, autism, physical needs that need to
be addressed. But it's estimated,it's estimated that approximately forty forty forty trillion
(29:38):
dollars of qualified assets, forty trilliondollars that's currently out there right now is
going to transfer now over the nexttwenty to twenty five years. And most
of that money at the end isgoing to be controlled by women. Because
(30:00):
the guys die sooner. Women arepoliced to inherit most of that money and
then ultimately they're going to have topass it down to their children or grandchildren,
and depending on life expectancy that moneycan increase during their lifetime. So
(30:22):
they're also building maybe possibly a taxliability of their own that will have to
be satisfied at their death. SoI know that you hear a lot of
financial firms, you hear a lotof marketing, and it's specific to women
because they see the handwriting on thewall. It's just like the magazine the
article that was written decades ago,the Pig and the Python, The Pig
(30:48):
and the Python. I saw thatbook probably, I don't know, it's
got to be at least twenty fiveyears ago, and I talked about the
dynamics of what was going to happenwith the boomers coming through and retire.
I mean to say it was inaccurateis an understatement. It was right on
target one, and I think they'reone hundred percent correct as far as this
wealth transfer, what the landscape lookslike, why financial advisors need to get
(31:15):
more actively involved to accommodate the growingand unique needs of what knit women will
be facing. Women tend to beless aggressive than men. They're focused more
on life goals and they're more comfortablemaking financial decisions on their own, but
(31:41):
with less less tolerance for investment risk. So it's critical that women seek professional
advice. I know that Fidelity isbuilding out a platform right now where we're
going to be going through different strategies, We're going to be going through different
(32:09):
unique ways in order for that wealthto be managed. But the bottom line
gets down to is that what Iconsider be the executive suite, the upper
management of corporate America, they're lookingtheir chops as far as how ultimately this
(32:30):
wealth will be managed and how thefinancial services industry we'll be able to facilitate
the needs, the wants, thedesires of women. So currently, a
majority of financial advisors today, abouteighty five percent of the people that sit
(32:52):
in the seats are men, aboutfifteen percent are female currently. So I
think you're going to start seeing moreand more investment banking firms, more teams
such as mine, that will seekout female financial advisors simply because the unique
(33:14):
ability for them to integrate and basicallybe on the same page with the prospective
client or the existing clients that theinvestment banking firm has. You, Like,
I said, women, ten,I mean I see it right now.
(33:35):
I think of one couple right nowthat came in both retired, I
believe Wednesday of this week. Wednesdayof this week, they both retired,
husband and wife, both professionals,and the wife basically said to me,
you know, Dave, I'm notas comfortable as my husband is when the
(33:59):
mark mark it sells off. AndI said, I understand that, And
I also understand is that our jobis to use our ears and not our
mouth. So as I sit here, I want to make sure that we're
all on the same page. SometimesI get my tail caught in the door
because I'll say, over and overagain to the mail, do you hear
(34:23):
what she is saying as far aswhat her wishes are and what she's trying
to accomplish in her personal financial plan. So if I sit down with a
(34:43):
husband and wife and I sense thatthe female is hesitant to give me the
full spiel to lay all the cardson the table, and I need to
dig a little bit deeper in orderto find what's really going on work com
and ground with the female rather thanthe mail or the couple together, I'll
(35:06):
basically say, maybe we should haveindividual chats and then we can kind of
meet in the middle to see ifwe can facilitate what everybody's looking for.
Here. There's a tendency sometimes withthe person that is making the investment decisions
(35:30):
to say these are some of thecommon phrases that I hear. She'll be
fine, I've got it taken careof, don't worry about it. You're
fine, honey, I got itall on a piece of paper in the
desk. You'll know where to goand what to do. Well, that's
not a plan. That's a disaster. I'm gonna tell you right now.
(35:52):
That's a disaster. After forty oneyears of doing this, that's not a
plan. That's a disaster. Sowe try to get a deep understanding from
the client about what it's important,not only as far as the ultimate goal
of the assets, but we needa picture, the financial picture of what
(36:13):
the client wants to achieve, boththe husband and wife. A lot of
times it's yellow brick wrote. Everybody'son the same page. But the thing
is is that I say this toNico sometimes and the rest of the staff
in the office. Sometimes you haveto ask questions that people don't want to
hear. Sometimes you have to askquestions to clarify exactly what the wife's goals
(36:38):
are versus the husband goals. Soyou can give meaningful, meaningful advice rather
than one that doesn't upset the applecart. Asking questions, asking questions.
(37:05):
I remember this being said to meat a workshop that I went to in
Nashville, Tennessee years ago. Askingquestion is only one half of the equations
advisors. Advisors need to listen towhat women have to say. Advisory relationships
(37:28):
should not be a one way communicationpath. It needs to be both the
advisor, the wife, the husband, and sometimes the children, sometimes the
children. I am a major advocate, major advocate to have the kids sit
at the table as long as everybody'scomfortable by doing that, because it will
(37:52):
give you a greater chance of succeedingin wealth transfer, no doubt about it.
After forty one years, I'll guaranteeit. That includes designing a specific,
comprehensive plan, recommending appropriate solutions,and because the kids are involved in
(38:16):
it and everybody's on the same page, you can pivot the plan. You
can adapt to the changing lifestyles andneeds over time. What happens if mom
dies before dad's and too much ofthe wealth planning and the transfer of wealth
planning was done on dad's death firstrather than mobs, So there's fluctuations,
(38:37):
there's variations in other economic forces.Of course, we know what happens with
black swan events. We've seen itin the last few years, what happened
when COVID hit, and the dynamicsof what it did to everybody. So
you're gonna hear us talk much moreabout this at the Retirement Planning Group.
(38:59):
I know that we are going todo a workshop in September with Lou Pierro
and w g Y. And we'regoing to be doing it because we understand
these detours that are out there andmanaging wealth and maximizing the wealth transferred to
(39:21):
the next generation. I look forwardto that. It's been a while since
we went out and did a Dogand Pony. I think we're going to
do a couple of them. It'sgoing to be a collaboration between WGY my
organization, Lou Piero's organization, andhopefully you'll find it educational, informative,
and it will put you ultimately,ultimately in a better position in order to
(39:45):
achieve what you're trying to accomplish inyour lifetime. In your lifetime, I
know Lou has done a great jobwith webinars and podcast that's something that we're
trying to work on it now andget much more aggressive in as far as
financial information that you can actually getoff the web. But as you're quite
(40:07):
well aware, in the financial servicesindustry, we have a thing called compliance.
Compliance, and you want to makesure you're dot in your eyes and
crossing your teas, don't you don'tget yourself in a pickle. So if
you're in a situation right now thatyou're thinking about how do I build this
out, how do I put myselfin a position in order to maximize my
(40:34):
wealth transferred to the next generation.If it's important to you, if it's
important to you, give my officea call at five win eight, five
eights or one nine, one nine, so you'll either talk to Brenda,
Jim or my son Christopher, andit'll be more than happy to facilitate a
meeting face to face over the telephonezoom meeting. Get to be now that
(41:00):
probably ninety percent of my meetings arenow zoom meetings. Even with Fidelity,
most of our meetings are over zoom, not over a face to face.
I think we are going out inthe fall to Boston for a conference,
Nico and myself, so but Ilook forward to that because that's a good
(41:21):
way to rub elbows meet people thatare currently in the business and some of
the unique strategies that they're utilizing inthe areas that they live in. And
also it's a way for us tolisten to speakers that they bring in Q
and A rub elbows, which I'ma major, major believer in, because
(41:42):
we're not so unique that we knoweverything. We don't understand that we do
not know everything. We are notexperts, We never pro we would never
say that we're an expert because Idon't think anyone's an expert. I think
that this business is too complicated andthere's too many bumps the road that can
really detour you. So being anextra means that you're always right. Well,
(42:05):
I know that most people that arein this business are not right one
percent of the time. That's guaranteed. So all right, we're gonna be
right back after this quick message.But again, just be aware that this
train is coming down the track.We talked about the Boomer generation and how
the boomers were going to change retirement, Well the boomers are now going to
(42:27):
change wealth transfer of Dave Kopek.Be right back the eighty six percenter is
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
create a paycheck for the rest ofour lives in retirement. What is your
plan for retirement income distribution? Howyou manage your assets during the most critical
(42:47):
years of your lifetime. Nobel Prizewinning economists William Sharp has called retirement income
distribution the nastiest, hardest problem infinance. He points out that investment on
certain and mortality can derail the mostcareful laid out retirement income plan. Call
our offices today to start the processof building your retirement income distribution plan.
(43:08):
After forty one years of being inthe financial services business, you need to
start taking action to start building yourown personal retirement income distribution plan. How
do you do that? To takeaction? Five one eight five eight zero
one nine one nine. That's fiveone eight, five eight zero one nine
one nine or RPG retire on theweb. Don't procrastinate, motivate to start
(43:30):
building your retirement income distribution plan fiveone eight five eight zero one nine one
nine. If you have any questions, please call in now at one eight
hundred eight two five fifty nine fortynine. That's one eight hundred Talk WGY,
one eight hundred talk WGY. Weare live in studio to answer your
questions. Oh down Street, allright, we are back. Good morning,
(44:40):
Capital District Region and outside the CapitalDistrict. I'm Dave Copeck, the
president of the Retirement Planning Group.Again. We have four locations, Oneano
Albany. Our corporate headquarters is inMalta and Glens Falls. If you'd like
to sit down with us, we'dlove to have the opportunity have a chat,
whether it's face to face, whetherit's a meeting in our office.
(45:04):
I had a situation this week thatwas a couple too. To be exact,
I had a couple that came inand we were sitting down, we're
having a chat. And then Ihad another couple that came in and we
were discussing their personal situation. Andthe thing that was troubling to me is
that they had an irrevocable trust thatwas established and had been established for a
(45:27):
while. It hadn't been funded yet, and one was partially funded, the
other was not funded at all.And I'm always kind of perplexed when the
law firms do the irrevocable trust,and I don't want in particular. They'll
(45:49):
do the trust and they'll basically givethe trust to the client and say,
you know, thank you so much, see you later, alligator. And
I don't think they or give youany specifics as far as what should go
in the trust and what should notgo in the trust. And I think
(46:09):
there's so much misunderstanding out there asfar as irrevocable trust in New York State.
And I know that I've had thebarracuda on Frank Lang. I know
that Lou Pierro talks about it allthe time on his show. And I
know that a lot of people thatare out there that listen to w g
(46:30):
Y have heard us say over andover and over again, you can't overfund
an irrevocable trust. You cannot overfundan irrevocable trust in New York State because
in New York State you can dopartial revocation. So it means that if
(46:52):
you put too much money in cash, stocks, bonds, whatever it may
be, you put too much realestate in, you put too much of
anything in, you have the abilityto go back and do partial revocation on
some of the assets that you overfunded and still have the clock ticking or
(47:14):
the protection or the protection of theassets that are over the sixty months to
five year rule that currently exists.So when I hear people say, well,
we didn't know what to do orI was unsure of what should go
in and I don't want to putall my money in there, No,
(47:35):
you shouldn't put all your money inthere. I think the magical number is
one hundred and twenty five thousand dollarsin cash, right, but that's up
to you. It's a personal decision. But because of partial revocation and because
of what a cost right now,I'm going through this again, folks.
This is a warning to everybody thatlikes to procrastinate. This is a warning
(47:58):
to people that are out there thathave not dotted their eyes and crossed their
ties, that like to you know, let me think about it. Well,
we've got people that are going intonursing homes. And when I say
that, it's an astronomical figure today, it's an astronomical figure here in the
(48:19):
Capital Discac region for a long termcare facility. If you have not done
your planning, I mean you're talkingsixteen seventeen thousand dollars per month for basic
care that has nothing to do withPT drugs. Some of the facilities do
not accept insurance. You have topay for the meds. They will not
(48:45):
take your healthcare plan. So whenwe sit down with each client to evaluate
your current situation, to see whereyou are, how soon you should get
motivated. You know, I hada guy saved me the other day.
Well, you only did it threeyears ago, you know what, he's
(49:06):
one percent right, He was oneright. My wife said to me,
you're the cobbler's son. You doall this talking about it, but you
haven't buttoned up your personal situation.And I was embarrassed to be honest with
you. So don't do what Idid. Don't wait too long, you
(49:30):
know, get going understand the ruleswith irrevocable trust in New York State.
People say to me, well,I'm gonna move to another state. That
doesn't make any difference. Have thetrust set up here as a New York
trust. You heard Frank Lange saythat, and you'll have all the benefits
of a New York trust. Sowe kind of summarized here because we're gonna
(49:53):
have to break what about a minute, Zach, One minute before the top
of the hour. One minute.Okay, there's a lot of assets that
(50:13):
can go into an irrevocable trust,and what is the benefit of doing that.
Well, I think it's it's reallythree things. It's the protection it
gives you on those assets as faras legacy. The second thing is that
the trust acts in a capacity fiduciarycapacity to manage those assets for an extended
(50:37):
period of time, especially if youhave children or loved ones that have issues.
And the third and the most probablythe most important one that I just
said, is that they're not lockedaway forever where the key is thrown away.
If you make a mistake or you'veoverfunded it, or you want to
go on that cruise or the tripor by yourself that car that you always
(50:58):
want it, you can do it. You can do it. So if
you've done your documents and you haven'tfunded it, and you're you know,
either it's either been an oversight oryou've just haven't felt comfortable doing it,
do it. Do it. I'mactually gonna have Frank Gun next week.
We're going to discuss this in greaterdetail. So but that's the end of
(51:21):
the first hour. This is aretirement planning show. We're going to be
back for the second hour. We'regonna do the news. Have any questions,
give us a call one eight hundredtalk w g Y. We'll be
right back. Yeah. Welcome tothe Retirement Planning Show with host Dave Kopeck.
In the financial services business for overthirty five years. Their Retirement Planning
(51:43):
Group LLLC is a registered investment advisor. David M. Kopac is also a
registered representative of perish Kaplan Stirling InvestmentsIncorporated PKS in their separate capacities. A
registered representative a PKS, David M. Copeck may recommend the implementation of securities
through pks instead of Retirement Planning GroupLLC. Perst Capital and Sterling Investments in
(52:05):
Retirement Planning Group l else are notaffiliated companies. Now it's time for the
Retirement Planning Show on w g Yto replay in the Buck. They don't
know. I'm alone in the darktime and time again. I see your
(52:36):
smiling and side when I am tellme stay made me smile. We are
(53:00):
back very depressed. My Yankees arenot doing well. I talked to Zach
about it when I came in thissworn of Zach. You know there's a
sports radio show. His Mets aredoing good six in a row. I
(53:25):
got double Zax here today to zasBig Zach, Little Zach. They do
a great job. So proud tobe part of W Guy. They've been
great to us, and you know, we're very fortunate. We're blessed to
be on this radio station with thepeople that support us. And hopefully you
(53:47):
find an informative and educational that's ourjob to give you ideas and suggestions and
hopefully it will motivate you to takeaction. That's the big thing. Take
action. You never get hurt.It's like, uh, you know,
the fear of failure. That's howyou It's how you win. The fear
(54:09):
of failure. You're gonna lose alot of times before you get that big
w And uh, that's all right. I tell that to my staff all
the time. You know, justsay it the way it is, tell
them the facts. Sometimes people getupset set with me. I think I
said to a couple not too longago, and I had to apologize.
(54:32):
I said, you know, Isaid their situation, you know, throw
it out the window. That's notexactly how I said it, you know,
I said, I used a dirtyword. But I basically said is
that you know they had a mess, they had assets and all different locations.
And I know this for a fact, folks, Okay, I know
(54:54):
this for a fact. I don'tsay this because I'm trying to, you
know, either upset people or I'mtrying to make people uncomfortable. You know,
there's a sales process where they makeyou feel uncomfortable and then they give
you the answer. And then theanswer is they want you to say,
(55:15):
are you ready to take action?And the answer is either yet. So
if it's yes, then how canthey say no to filling out the paperwork
in order to facilitate the transfer ofthe assets? Right? That's a sales
process. What I try to dois to tell people is that listen,
when you've got ten or twelve differentdeath certificates, I got to go out
(55:36):
the door. You've got money that'ssitting at different locations, different investment banking
firms, cop you share. It'sa disaster. I could tell you right
now. We've had Lisa work forhours with boxes of documents, my operations
manager, and she on a oneto ten. Lisa is a ten.
(55:58):
She's phenomenal at what she does.Phenomenal. That's her forte. That's what
she does. She doesn't want tobe an advisor, she doesn't want to
do sales. She's an operations manager. In my humble opinion, there's nobody
better than Lisa. So when Isay button it up, put all the
(56:22):
pieces of the puzzle together, it'sfor twofold. It's for the love of
your family that you're not gonna youknow, it's bad enough. It's bad
enough losing a spouse or a lovedone, or a child or a son
or a daughter or whatever it maybe. Of course, when you lose
a spouse, of course, youknow someone that you've been with for thirty
or forty years. For some people, it's like tearing out their heart.
(56:45):
It's like tearing out their heart.Excuse me, I apologize, as you
can tell. Mike post nasal dripis back. It's has it worse than
me, which I feel bad forDavid Michael. So the thing is is
that simplifying Titling assets, putting moneyin a trust, right in irrevocable or
(57:12):
revocable trust, avoiding probate. Theseare all positives, not negatives. You
know, people say, well,you know, if I bring all this
money over, it's now with youguys, it's now in one location.
Yeah. Well, if you dothat, you're also going to get a
big reward at the end when yougo through the pearly gates because there's one
(57:34):
death certificate. There's not twenty orten or twelve or fifteen, whatever it
may be. I want to getback to that Wall Street report that we
talked a little bit, and I'mgoing to get into a retirement distribution planning.
It came out that fifty one percentof retirees report that their current income
(57:55):
is less than fifty percent of theirpre retirement income. So if you're making
one hundred grand, you're making fiftyone thousan dollars in retirement. Reaching retirement
with sufficient savings is currently a challengethat is only getting more difficult, and
they may fall short in their savingsbecause of the uncomfortable landscape that they're in.
(58:20):
As far as retirement distribution planning,sixty five stressed about managing the retirement
savings in over fifty percent feel theyare behind. So here here's an answer
(58:43):
to that is that retirement sixty fivepercent are stressed. Should there be stressed?
I mean, we talk about baselineincome, creating income that will last
a lifetime. We talk about Yes, bonds will fluctuate in value. Yes,
(59:07):
stocks will always fluctuate in value.Every day they either go up or
going down. Right, this weekthey went down, not significant, but
they went down. We've had apretty good rally here, right. What's
the market worried about? Markets worriedabout what the Fed's gonna do and how
(59:29):
much more gas they're going to puton the interest rate environment. So July
it's expected that interest rates are goingup again. What's gonna go do it
cause a little bit more volatility inthe markets, But your coupons are getting
greater. I had a guy saidto me the other day, bond investor.
(59:49):
I've known him for thirty years.He's been a client of mine for
thirty years. Wonderful people. Andhe said, Dave, we didn't have
a good year last year. AndI said, no, we didn't.
No, we didn't have a goodyear last year as far as your bond
portfolio. But I said, youknow what, let's go back on a
historical basis and see how we've doneover the last ten, fifteen, twenty
(01:00:12):
years. We've done good. Oh, I know we've done good, but
we didn't do good last year.So what we should do throw the baby
out with the bathwater, because youstill need coupon, you still need interest
rates. You don't want to havea high volatility portfolio with stocks. So
you've told me that you want fixedincome, you need that coupon in the
dividend. And I know, andhe knows. Eventually the markets are going
(01:00:34):
to correct in the bond market's goingto rally, and he's going to look
at a statement. He's gonna say, wow, we did pretty good here.
But that's the dynamics of a market, of a market that you've got
to create income for retirement because eightysix percent of us don't have pensions,
(01:00:58):
and that number's getting great, it'snot getting smaller because a lot of companies
are saying, I do not wantthis on my books. I don't want
the financial responsibility or the fiduciary responsibility. So consistently, over and over and
over and over and over again,what's the top concern this year? Changed
(01:01:22):
a little bit? Right? Thetop concerns right now on this survey,
Inflation in generating retirement income are thetop concerns. So retirees today face more
(01:01:49):
obstacles than they've probably ever faced inthe history of mankind, and there's a
grown appetite. Nearly all of thepeople, it's ninety five percent, believe
that financial help is important to preparefor retirement. Nearly all working respondents,
(01:02:10):
ninety five percent believe that financial helpis important to prepare for retirement. Now,
if you have a plan with Fidelity, because we are technically a Fidelity
office, because our relationship with Fidelityand we're part of Fidelity Institutional Wealth Advisors,
we can help you and we canassist you with your four O one
(01:02:35):
K program through your employer. Soif your employers offer you a Fidelity retirement
plan and you're looking for financial health, right, it doesn't make a lot
of sense to have a pool ofmoney that's not being managed and fully integrated
(01:02:59):
with the other assets. I hadthis conversation with a couple this week.
They have a significant amount of moneystill unqualified monies. They're in their mid
fifties, and it's at Fidelity,but it isn't with us. But we're
not integrating what we're doing with whatthey're doing on their side of defense.
And I said, this just doesn'tmake sense because it's not good for you
(01:03:21):
and it's not good for us becausewe're not getting a full picture of how
you're currently allocated and what we shouldbe doing on our side to basically give
you the diversity and the help thatyou're looking for, so we can provide
you a personalized individual report. Weuse e Money, we use our software
(01:03:52):
package through Fidelity, and we useFidelity Institutional Wealth Advisors. We have hundreds
of people that we can reach outto a Fidelity from CFAs, the PhDs,
the doctorates, whatever it may be. It is complicated and it is
(01:04:15):
different. But the thing is isthat there aren't answers out there and there's
ways to address it. It's justyou have to open up, have a
discussion, and ultimately, ultimately yourfinancial team and the people that you're working
with, and you and your spouseor your loved one or significant other,
then you've got to make the decisionif it makes sense for you. I'll
(01:04:39):
be right back the eighty six percenters. Do you know that eighty six percent
of the population has no defined benefitpension plan? For most of us,
we have to take our life savingsand create a paycheck for the rest of
our lives in retirement. What isyour plan for retirement income distribution? How
you manage your assets during the mostcritical years of your lifetime. Nobel Is
(01:05:00):
winning economists William Sharpe has called retirementincome distribution the nastiest, hardest problem in
finance. He points out that investment, uncertainty, and mortality can derail the
most careful laid out retirement income plan. Call our offices today to start the
process of building your retirement income distributionplan. After forty one years of being
in the financial services business, youneed to start taking action to start building
(01:05:24):
your own personal retirement income distribution plan. How do you do that? To
take action five one eight five eightzero one nine one nine. That's five
one eight five eight zero one nineone nine or RPG retire on the web.
Don't procrastinate, motivate to start buildingyour retirement income distribution plan five one
eight five eight zero one nine onenine. If you have any questions,
(01:05:45):
please call in now at one eighthundred eight two five fifty nine forty nine.
That's one eight hundred Talk WGY oneeight hundred talk WGY. We are
live in studio to answer your questions. The span that we have the gather
(01:06:29):
the tweets. That's my mind.The gather just to tell so where I'd
like to know. Can you tellat Please don't tell me, hey,
we are back in it. It'sjust the was so happy. Please,
(01:07:04):
I'm upset at Zachau Mets are winningand my Yankees are losing? How many
games back with the Yankees now it'sgotta be right? Oh my god,
that payroll. I'll tell you what. If the old man was there,
(01:07:25):
Steinbrenner, this wouldn't be going on. Heads would have been flying, no
way. The kids, a muchmore passive man than the father was.
George would have went down and hada chat with the boys. I think
they're gonna have to clean house,Zach, I really do personally. I
(01:07:46):
think, you know, sometimes themessaging gets old, goes in one ear
and out the other. Top down. I know the owner's not leaving,
but you know the general manager doesn'tdo it anything from you either. All
Right, this is a retirement planningshow. I'm Dave Kopak. We're talking
about some of the dynamics of thingsthat are happening currently in the marketplace.
(01:08:11):
Wealth transfer, the greatest in thehistory of mankind. How you're going to
set up your estate, how totitle assets, how to make sure that
money is in the right location.You know a lot of questions we get
as CODs, pods, joint tenniswith rightist survivorship, trust, irrevocable revocable
trust. I am a major advocateof a trust rather than doing anything else
(01:08:38):
because then the powers of the trustcan dictate how the money is allocated upon
your demise. And also, Idon't think there's I've asked this to attorneys.
There's not an age that it's toosoon to get money into a trust.
You heard Frank talk about putting moneyin an irrevocable trust helps you automatically,
automatically get more benefit for your child'seducation because once you put the money
(01:09:03):
in the trust, it gives yougives you the ability to get it outside
your estate. So you're going tohave the opportunity in order to maximize maximize
the amount of grants, etc.Through the college that your child is applying
for, which I didn't know thatuntil last year when Frank brought it up.
(01:09:26):
So all right, I got it. I got it. I got
a gentleman that's calling in that I'mgonna go to before we break because we
don't have a lot of time.Let's go to Andy morning. Andy so,
(01:09:49):
and he wants to know he hasa chance to buy life insurance for
fifty three dollars a month. Thatcoverage is about ten thousand dollars. Life
has story, They don't live verylong. They want to know what's your
thought on that. Well, I'man advocate of life insurance. I can
tell you that much because I'm achild of a father that did not have
(01:10:11):
adequate life insurance and he died atage forty four, nineteen sixty eight.
So I know what it's like meto have adequate life insurance coverage. Excuse
me, you don't want to buycoverage that you can't afford. I'm a
big believer in level term insurance.Level term insurance. It's just a question
(01:10:31):
do you need it for permanent ordo you need it for temporary? And
if you want, As I announcedlast week, we now have a working
relationship with advisors insurance brokers, andI'll be more than happy to have a
conversation with you in then to seeif it's something that is suitable for you
(01:10:54):
at the stage of your life.But I'm an advocate of insurance. I
am an advocate of insurance because I'veseen too many people that were either uninsured
didn't have the proper amount of insurance, and like, it's just a question.
You don't want to buy something thatyou're not going to be able to
afford, and you don't want tobuy something that's not going to be there
(01:11:17):
when you need it the most.Right, here's a story, true story.
A matter of fact, Bob Vandywas involved in this. When I
was working with Bob, we hada gentleman that came in, well known
in his community. I want totell you what he did, but he
(01:11:39):
did a pension max. He dida pension max for his wife. That
meant that he took the maximum NewYork State pension benefit and he did not
have any spousal benefit for his wifeif when he died. So he came
(01:12:03):
into us and he said, listento you on the radio. I got
myself in a predicament here, andI want you to tell me what you
think I should do. And youknow, they had a nice next day.
Not a lot of you know,not a lot huge amount of money,
but he had a decent amount ofmoney that he had accumulated in his
(01:12:25):
tech sheltered denuity his four H threeB, but the pension max. What
happened is that back in the gogo days, it was a universal life
policy, and in the hypothetical illustrationthey showed like twelve percent net return in
order for the policy didn't meet thegoals in order to be valid and to
(01:12:48):
stay in force through his lifetime.Well, of course it didn't happen,
right, So every year what washappening is that his cash value and the
insurance policy was going away, andeventually they said, this thing's going to
blow up. So you're paying Xnumber of dollars. It was like four
(01:13:09):
times more that they wanted, wentfrom like four thousand to sixteen thousand dollars
a year in order for the policyto stay in force. And then that
still wasn't going to guarantee it foran extended period of time. It's going
to be like in his eighties.So I bought brought Bob in for his
expertise, and I said, you'regoing to have to make a hard decision
(01:13:30):
here. You're gonna have to makea hard decision because there was still some
cash value in there. I said, you're either going to have to pay
the premium. Right, Bob's goingto have to work out a formula for
you in order for you to makethose payment premiums in order to keep the
policy in force, or you terminate. You take the cash value out of
(01:13:54):
it and you put it in yourpocket, and you walk away from the
protection and you keep your fingers us. But this is a decision that we
can't make for you. You're goingto have to make it based off of
the data and the information that wegive you. Okay, I'm gonna go
home and think about it. Sowhen home and thought about it, came
(01:14:16):
back about a week later, sittingin my office with Bob. We're very
upset at this insurance company. Andif you do any history on insurance universal
life, this was not uncommon,folks. This was happening all over the
place where a lot of these universallife insurance policies were blowing up. They
didn't buy the universal life with aguaranteed death benefit writer. They were buying
(01:14:40):
the ones that were basically there wasno guarantee. You know, you keep
your fingers crossed, then it's goingto meet the hypothetical illustration, which this
didn't. So what happened he said, terminated son, you know, tell
me what I have to do.So Bob went through it. I went
through it with him. He saida letter to the insurance company said I
(01:15:01):
want to terminate this policy. Pleasesend me my money, which he did.
Like four months later. He's dead. He died. I out of
the blue, he dies, AndI think the stress really had something to
do with it. What happened.So his wife was extremely upset, very
upset what had happened. I knewthat she was going to seek legal advice.
(01:15:26):
I think she did. And tomake a long story short, we
didn't get into it with her asfar as ultimately what she was going to
do. There was at one pointsome settlements by these insurance companies with these
universal life policies. Not too sureif she elected that or not, but
this just goes to show that lifeinsurance should be purchased with guarantees. Life
(01:15:56):
insurance should be bought with guarantees.There's shouldn't be a question work. We
see this all the time at theRetirement Planning Group. Policies that are out
there and there's a thing that youwant to do, and you might want
to do it yourself, or youcan call us and we'll do it for
you. You want to call andsay, listen, I've got this policy.
(01:16:17):
I see that the cash value isstarting to go down, down,
down, down down. Can youplease do an enforce illustration. Let me
know if this thing's gonna keep onticking, keep on moving forward, or
do I have a position right nowwith this insurance policy that's it's going to
implode right especially if it's important forwealth replacement for a surviving spouse or a
(01:16:42):
loved one. Critical critical, Knowwhat you own, Understand the dynamics of
what you're getting into. Pension maxcan work for a lot of good reasons
as far as legacy. Pension maxcan work as far as creating some form
of money to the next generation,especially if you have two pensions enough savings
(01:17:08):
in order to supplement. But thebottom line gets down to is purchasing insurance.
You've got to make sure that you'regoing through a revitable organization. I'm
a big believer open architecture. Youwant to go to an MGA, a
Master General agency that has multiple contractsand multiple insurance companies. So hopefully I
(01:17:28):
didn't get into that too much.But it's important to know what you own,
Okay, So I'm gonna come backin about three or four minutes.
We're going to break for the news. If you have any questions or comments.
This is usually when the phone startringing. It's one eight hundred talk
WGY. That's one eight hundred eighttwo five fifty ninety nine Dave Kopek And
(01:17:50):
this is the retirement Planning show.Why Baby, a Baby, My Baby
(01:18:13):
back it out? Hello, youlook so good. I'm so good.
You know you got me going justlike a new baby. Sorry, you're
(01:18:34):
back. What does that bring back? Memory? Some of the mamas in
the kitchen twisting? Shake it up? Baby. I can still see my
(01:18:55):
sister screaming and hollering in front ofthe TV. Ed Sullivan, Days gone
by, folks, days gone by. You know, this whole thing with
the barn has really brought me tighterand closer with my cousins and the Copeck
family. And it's amazing some ofthe pictures and content, milk bottles,
(01:19:17):
all all this stuff that we're startingto see that I haven't seen because my
cousin, Carrol, her family wasthe Schlusky the Schlusky farm right next to
the Copeck farm and Half Moon andI'm starting to see stuff that haven't seen
in decades, as far as photographsand milk bottles and advertisements. And my
(01:19:39):
grandfather's farm did milk processing, soa lot of the farmers used to bring
their milk to my grandfather to processit. But he would also have the
milk bottles there of the different farmersand how they branded their milk. So
it's pretty cool. It's it's beenhistory lesson and I found out that the
(01:20:00):
barn. I thought the barn wasbuilt in nineteen thirty one, the barn
was actually built like eighteen sixty andthe slate roof was put on in nineteen
thirty one when my grandfather did it. So been very educational, very educational.
(01:20:23):
If you're out looking for rates,if you're looking for guarantees, rates
have moved up this week and ata six month treasury you can get five
forty three. Twelve months you couldget five thirty eight, and the two
year is almost at five is atfour ninety five, four ninety five,
(01:20:45):
so a blended rate. If youdid a two twelve and at six you're
gonna get well over five percent rightnow and safe and secure. Just remember
treasuries don't pay you interests. Youget your interests when the bond matures,
you buy it at a discount toits face value. So for people that
(01:21:06):
are income looking for income, itmight not be a suitable type of investment.
Our money market account, I thinknicotomy the other day is almost five
percent, which is hard to believein our money market of fidelity. So
there are savers are being rewarded,ones that are conservative, that like guarantees,
(01:21:27):
and that's good. That's good.And again the show that you're listening
to, I'm gonna be talking aboutthis a little bit more because we're starting
to get a lot of headway.We're getting a lot of people that are
listening to us. We are oniHeartRadio. You got to get the iHeartRadio
app and just punch in the retirementPlanning show Retirement Planning Ready, and you'll
(01:21:48):
be able to listen to any showsthat you did not hear because you're either
out of the area or you werebusy, you just didn't have the time.
And I've done it myself. Ilike to critique the shows. I
like to listen to the people thatwe bring on our special guests. Like
I said, next week, we'regonna have Frank lang back on and we're
(01:22:08):
gonna talk a little bit about someof the titling of assets because we're hearing
more and more people I think thatare a little bit sitting on the sidelines
as far as how they should titletheir assets. Beneficiary designations are critical.
I think everybody understands that, andthey always trump the will, always trump
(01:22:30):
the will. I'm gonna talk alittle bit more about retirement income distribution simply
because the amount of money that's outthere. You know, there's forty trillion
dollars and qualified plans, and youknow, one of the things that we're
starting to see more and more ofis that people, because of what they've
gone through over the last few years, they're starting to tilt more that they
you know, seven out of tenpeople want some form of a guarantee with
(01:22:54):
or qualified assets and everything. Everybodyknows we talk about there's no cookie cutter
approach. There's no one size thatfits all. So as we say,
you know, depending on how involvedthat you want to be, it depends
on what you're looking for. Thegood news is that because of this current
interest rate environment, you can reallyhelp improve your retirement readiness and you can
(01:23:20):
basically have a portfolio that's going togive you a very very strong dividend portfolio,
not only as far as some ofthe stocks, but also as far
as the fixed income the bond portfolios. We've hesitated a little bit over the
last couple of months because I anticipatedthat the FED was going to have to
continue to raise rates. I thinkthe July one this is my personal opinion.
(01:23:44):
Okay, don't hold me to it. This is my personal feeling,
this will be it for a while, to be the last one for a
while, which I think will createsome opportunities in the fixed income arena.
You know, bonds will trade asaggressively, sometimes even more aggressively than stocks,
depending on their coupon. That meanstheir interest rate and also their credit
(01:24:04):
worthiness. If that is the case, it should open up some opportunities for
total return over the next twelve toeighteen months. I know that everybody's got
shortsighted. They want the money now, they want the instantaneous return. But
the bottom line is is that youknow, the markets don't do that.
Even if you look at the equitymarkets today, there's been a small concentration
(01:24:28):
of stocks that have really made upa big proportion of the total return,
especially with the NASDAC so we aremy opinion, I think that there's some
opportunities here for total return on thefixed income side. And you know,
Alliance Bernstein did a report which stillis valid. I actually talked to them
(01:24:49):
and I discussed it in a littlebit of detail over the last week or
so. Corporate bonds, historically,high yield corporate bonds diorcally have given you
stock market rates or returns with fiftypercent less volatility of the stock market.
They still hold to that. Soif that is the case, you're on
(01:25:12):
pretty solid ground right now for theopportunity to get into some fixed income,
some corporate bonds, and I thinkyou're going to see you know, you
got anywhere from a seven to anine handle seven to a nine, I
mean seven percent to nine percent.You can get a coupon yield off of
these portfolios, some of your closedend funds that are trading at a discount
(01:25:34):
to NAV they're giving you almost twelvepercent twelve percent as far as dividend and
coupon right now. Yes they're goingto fluctuate, yes, yes, they're
going to fluctuate in value. Butif you're looking for the mother's milk of
retirement, and that's income, rightwhat everybody's searching for, which I talked
a little bit about today. Youwant to be able to allocate yourself in
(01:25:56):
what we call yield enhancers to theportfolio. And this is something I had
to chat with the staff and withFidelity the other day. And we are
now in the position that I thinkthat we're going to start pulling a trigger
in order to add some yielded hanswersto our portfolios because we kind of think
we're in a sweet spot right now. Can't guarantee it, but I think
(01:26:17):
after forty one years of being inthe business that we're in a position right
now where we can add some yieldedanswers to our portfolio. So, but
I go back to what I saidover and over again when you're building out
your retirement plan. You know,I said the report to study seventy percent,
(01:26:38):
it was actually sixty eight percent.Other respondents are worried. They're concerned
about income, you know, especiallywith the volatility that we've had. You
need when you get out into yourretirement to get a plan that gives you
what we call baseline income. Youneed guaranteed income you want to make sure
(01:27:00):
that your day to day expenses,housing, food, utilities, taxes,
healthcare are covered by some form ofguaranteed income sources. These are the essentials,
These are the things that you wantto make sure And I just got
I personally, I wanted to goover this because I know a lot of
(01:27:21):
people will sit with a calculator.I just got my sole Security statement and
I was looking at it over thelast day or two and I'm trying to
figure out. You know, ultimately, as I've said the listening audience,
know that I won't take my soulSecurity benefit until age seventy. And I
looked at the number as far asthe difference from my full retirement age to
(01:27:44):
age seventy, and it's a fairlysignificant amount of money that you know,
ultimately, I'm doing this for Juliebecause Julie is going to live in Held
a lot longer than me. Butthe thing is I can't guarantee that,
but statistically she will. But it'snot going to hurt me not to delay,
because I'm not retiring anyway. I'mnot going anywhere right My daughter's going
to college, he's going to bethere for four years. I'm gonna do
(01:28:08):
what I have to do in orderfor the retirement planning group. And that
means I'm going to be sitting inthe seat and I'm gonna be working.
So it doesn't make sense for meto collect my SOLI security. But for
a lot of you that are listeningto this show, SOLI security will be
a critical, a critical component ofyour overwhall retirement plan. So when you're
sitting down and you're looking at thosenumbers, you know, some people will
(01:28:30):
say, well, you know,Jesus, I take it now. I'm
gonna have eighty ninety thousand dollars ifI wait until like my full retirement age,
or if I wait until age seventy. Yeah, but you're not solving
for that. What you're solving foris income to satisfy your expenses. Income
that will satisfy your expenses. Rightand like right now, we talk about
(01:28:56):
annuities all the time because they giveyou guaranteed income for life. Right now,
with the fixed income payments you canwhich you can get CDs guaranteed rates,
gigs through insurance companies, myga's multiyear guaranteed annuities, you can really
add some very attractive yield, longmedium and short term. So you know,
(01:29:21):
when they talk about laddered bonds,I'm not gonna bore you with that
because everybody knows what a laddered bondportfolio is. You've got to build it
out based off your income needs.But think about the cost of living.
What's it going to cost you nextfive, ten, fifteen, twenty years,
what's your anticipation. How important isfor you to have a cost of
(01:29:43):
living adjuster. You're gonna get yourcola on your soul security, but the
other assets that you have, wecan guarantee you, folks, certain amounts
of cola. There are annuities outthere, annuities during the little word,
annuities that will guarantee you a certaingrowth and a guarantee of a certain amount
of annuitization at certain ages. Right, so you automatically build in your cost
(01:30:09):
of living adjustment. This is suitablefor everybody, absolutely positively not, but
it makes a hell of a lotof sense for people that are adverse to
risk, which I know seven outof ten of you are seven out of
ten of you that are listening tothe show right now, want some form
of guarantees baseline income and want tohave security, and they want to sleep
at night. They don't want anxietyand stress. Give us a call.
(01:30:33):
We offer a complimentary consultation. Ouroffices in Malta. Our corporate office,
we're in Oneana downtown Albany, eightyState Street, and then of course we're
up in Glens Falls. But ourtelephone number at the office is five one
eight five eight zero one nine onenine. Check us out on the web.
(01:30:54):
It's rpgretire dot com. Again,that's rpgretire dot com and I'm Dave
Kopek. We're going to take ourfinal break. If you have any questions
or comments, we'd love to hearfrom you. One eight hundred Talk w
g Y. That's one eight hundredeight two five fifty nine forty nine.
Zach has sound asleep at the board. I want to wake him up.
Get those phones of ringing. Fiveone eight five eight zero one nine is
(01:31:18):
my office and today you can callat one eight hundred talk WGY one eight
hundred talk WGY. Any question youmay have, give us a call.
The eighty six percenters. Do youknow that eighty six percent of the population
has no defined benefit pension plan.For most of us, we have to
take our life savings and create apaycheck for the rest of our lives in
(01:31:41):
retirement. What is your plan forretirement income distribution? How will you manage
your assets during the most critical yearsof your lifetime. Nobel Prize winning economists
William Sharpe has called retirement income distributionthe nastiest, hardest problem in finance.
He points out that investment, uncertainty, and mortality can derail the most careful
laid out retirement income plan. Callour offices today to start the process of
(01:32:04):
building your retirement income distribution plan.After forty one years of being in the
financial services business, you need tostart taking action to start building your own
personal retirement income distribution plan. Howdo you do that? To take action?
Five one eight five eight zero onenine one nine. That's five one
eight five eight zero one nine onenine or RPG retire on the web.
(01:32:27):
Don't procrastinate, motivate to start buildingyour retirement income distribution plan five one eight
five eight zero one nine one nine. If you have any questions, please
call in now at one eight hundredeight two five fifty nine forty nine.
That's one eight hundred talk WGY,one eight hundred talk WGY. We are
live in studio to answer your questions, waiting for the break, senting for
(01:33:20):
something to say that this guy.All right, Chicago man, all right,
here's the trivia question. What's thisquote from? I is tired?
(01:33:44):
Boss? I'm just tired, boss, I is tired. You know what
it is. It's a movie.I didn't give you any more. You're
gonna have to do some research onthat. One guy was a monster,
huge guy. Here's the guy I'mnot telling you. You're gonna have to
(01:34:09):
come back with the answer. Iknow a lot of listening audience. That's
they know what it is. Allright, one eight hundred. Talk to
bg Y that's one eight fifty nine. One of fire. Our walkers in
Texas are still walking. In aphone call last week from Texas, they
said they listened to the show.Good morning to you get moving, get
(01:34:30):
motivated. How are you doing onyour diet? That's my goal my diet.
I was actually good last night.I had fish last night. Yeah,
I behaved myself a little bit.More about my gullfighting. September twenty
(01:34:53):
eighth at the Fairways of Half Moon, you can check out one of our
friends, one of our participants fromlast year. As far as some moneys
that we gave him. I ambrave, I am strong, I am
coult. It's my cousins. Littleboy I had a horrible time battled cancer
(01:35:17):
for an extended period of time.One of the bravest little boys you'll ever
meet in your life. He's actuallycoming up for a boat ride tomorrow but
September twenty eighth of this year atFairways of Half Moon. If you can't
attend, we'll still take a contributions. It's a pretty amazing organization. I'm
(01:35:40):
extremely impressed with the people here inAubany. The money stays here in Aubany.
We actually had a tour of thefacility the last time we were down
there. They do God's work.They do God's work. I just want
to finish up on one thing.You hear in the commercial that I run
here, the advertisement, how difficultretirement income distribution plan is. And I
(01:36:09):
think it's probably the most understood thingthat you can do with your investment portfolio.
It's complex, the tax rules arecomplex. Mistakes and oversights are extremely
(01:36:30):
common with retirement income distribution. Andif I think if you listen to our
message, you understand how you canavoid those mistakes. It can really save
you a lot of stress, andit can save you a lot of unnecessary
tax liability, and possibly the abilityfor you to live a lifestyle that's filled
(01:36:57):
with joy and happiness. It's carefree, not one that's trying to figure
out am I going to have enoughdividend coming in this month? You know,
we talk about point of entry beinga critical component of going into your
retirement years, and after forty oneyears of doing this, I can't over
(01:37:17):
emphasize enough. To me, it'sprobably the most critical part of going into
retirement because especially of what we experiencedover the last few years, low interest
(01:37:38):
rates, market volatility, the inabilityto get any kind of a yield.
Portfolio managers reaching out to assets thatprobably were not within their bucket list of
what they were looking for, butthey had to chase after them because the
(01:37:58):
need for yield within the portfolio.So when I say start building the buckets
of money and doing in service distributions, We've done more in the last six
months, folks, than I've probablydone in the last two years in service
distributions. People are listening to theshow and it's resonating and they understand the
(01:38:20):
reason why we do this. Whywe get the money out and start building
the buckets of money in order foryou to have adequate amounts of cash to
satisfy your income need day one dollarone when you walk out the door into
your retirement years. It's not timingthe market. It's the time that you're
(01:38:44):
going to have to take money outof your portfolio. And that means that
that big bucket, the cash bucket, which right now you're getting a very
competitive way to return on right fivepercent almost some money market accounts depending on
how AGGRESSI if you want to be, are paying you five percent. But
that money is there, it's growing. You're getting a competitive radio return.
(01:39:08):
And now now this is the otherthing you write checks against. It only
take off the portfolio. What isnecessary for income? If guy says,
listen, I need six or seventhousand dollars a month and are only spending
thirty five hundred or four thousand,why are you putting yourself in a position
(01:39:31):
for that's tax liability when you're notutilizing the money, and it's better inside
that rapper growing on a tax deferredbasis. The other thing is, don't
think that fifty nine and a halfis the hard number fifty nine and a
half. You can get to thatpool of money at age fifty five.
(01:39:53):
Yes, it has to stay inyour four oh one K, but you
can get to that money and starttaking distributions. So when we think about
retirement income distribution, it's not onlythe income that's necessary. It's always no.
(01:40:15):
You know, that's number one onthe list. I want to have
adequate amounts of resources in my retirementyears. But it's structuring the IRA.
I talked about TSPs a couple ofweeks ago and how you should structure your
TSP with iras, especially if it'simportant for you to have family wealth transfer.
(01:40:36):
Very few people say to us,you know it's not important for family
wealth transfer, Why is it.You're going to minimize tax liability. You
can structure the estate in order topay for specific taxes that maybe due upon.
If you have charitable intent, whicha lot of our clients do,
(01:40:59):
whether it's you know, the localgame, whether it's a college, a
university, whatever it may be,you can create trust that will last a
lifetime in order to pride income.I heard a think the other day about
how a woman has had set upa trust specifically for the homeless, for
(01:41:21):
the homeless in her community. Soyou know, there's different ways that you
can structure this where you get taxbenefits and you also get the transfer of
wealth to your loved ones, thepeople that you want to go to it.
But it starts with one thing.It's called planning. It's been proven
over and over again, whether it'sFidelity, Vanguard, Schwab, any major
(01:41:45):
investment banking firms. Working with afinancial team helps you put you in a
better spot. So if we canbe of assistance, as I say all
the time, it would be anhonor, be a privilege to help you.
We have four locations, Oneana Albany, our Office of Courses in Malta,
our corporated quarters and Glen's Falls.Give us a call. Our telephone
(01:42:10):
number is five one eight five eightzero one nine one nine. Check us
out on the web RPG retire dotcom, rpg retire dot com and take
an hour, take a couple hoursout of your schedule, come in and
have a chat. The worst thingthat can happen is that we chake hands
become friends. But typically when peoplecome in there's a good probability that you're
(01:42:32):
going to work with the Retirement PlanningGroup We've had the most successful six months
that we've ever had this year intwo thou and twenty three. A lot
of it has to do with you, the listeners of w g Y,
and from the bottom of my heart, I can't thank you enough a T
t RT. We always try todo the right thing. We always try
to let you be informed and educatedon the things that we're doing. I'm
(01:42:56):
very proud of the team that Ihave in my affiliation with Fidelity. There
are some major announcements coming. Ican't just let you know what it is,
but I think you're going to bepleasantly surprised about what we're doing and
what we're ultimately going to do foryou, for you the client and the
radio listener. So again, I'llbe back today at twelve to one topic
(01:43:18):
specific. We're gonna go in moredetail about this great wealth transfer. Please
tune in. If not, goto iHeartRadio to the app, download it
and you can listen to all ofour shows, whether it be the Retirement
Planning Show or the Retirement Ready Show. Be safe out there. Looks like
(01:43:41):
it's a little overcast. Looks likeit's a little overcast, but that's okay.
But as I said, I'm goingto be back here at twelve to
one in order to do retirement radio. I'm gonna go and do a little
bit of mowing right now, takea ride on my tractor and clean the
field up a little bit. Butagain, if we can be of assistance,
give to call at my office fiveone eight, five eight zero one
(01:44:03):
nine one nine. Again that's fiveone eight, five eight zero one nine
one nine. I'm Dave Kopeck.Be safe and absolutely have a wonderful weekend.
The information provided is for educational informationalpurposes only. It does not constitute
investment advice and it should not berelied on as such. It should not
be considered a solicitation to buyer orto offer a sales security. It does
(01:44:25):
not take into account any investors particularinvestment objectives, strategies, tax status,
or investment horizon. You should consultyour attorney or tax advisor. Thank you
for listening to the Retirement Planning Showhosted by David Kopeck. If you would
like to talk with Dave or someoneat the Retirement Planning Group, call five
one eight, five eight zero onenine one nine. That's five one eight,
five eight zero one nine one nineduring business hours or visit us at
(01:44:47):
RPNG retire dot com. The RetirementPlanning Group has three convenient offices located in
Albany, Malta and Glens Falls.Retirement Planning Group LLC is a registered investment
advisor. David M. Kopeck isalso a registered representative of Perschcaplin's Sterling Investments
INK PKS in their separate capacities.A registered representative of PKS, David M.
(01:45:09):
Kopeck may recommend the implementation of securitiesthrough pks instead of Retirement Planning Group
LLC. PERSH, Caplin, SterlinInvestments and Retirement Planning Group LLC are not
affiliated companies. Tune in again nextweek for retirement Planning Strategies with David Kopeck
on the Retirement Planning sh
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