Retirement Planning Show

July 15th, 2023

Episode Transcript

(00:01):
Welcome to the Retirement Planning Show withhost Dave Kopak. In the financial services
business for over thirty five years.Their Retirement Planning Group LLLC is a registered
investment advisor. David M. Kopakis also a registered representative of persh kaplan
Sterling Investments Incorporated PKS in their separatecapacities. A registered representative of PKS,

(00:22):
David M. Kopac may recommend theimplementation of securities through PKS instead of Retirement
Planning Group LLC. Pursh Capitlan SterlingInvestments and Retirement Planning Group LLC are not
affiliated companies. Now it's time forthe Retirement Planning Show on WGY. Just

(00:43):
the facts, man, Just thefacts. You want answers. I think
I'm entitled. You want answered thetruth. You can't handle the truth.
It's all the fugazi. You knowwhat if gays is pougazy. It's a
fake fagazzi. It's a wasi,it's a woozy, it's a fairy.
It doesn't exist. Showed me themoney. I need to feel you,
Jerry, show me the money,joy you Boddy out show me they where's

(01:08):
the peat? Where's the feat Hey, where's the meat. Hey, I

(01:44):
guess Zach said he was going toplay that for you. I like that.
Show me. That's a classic lineactually proposed to my wife, like
line from that movie. Did youreally uh well, she said show me
the money. No, I said, you complete me, which is part

(02:04):
of that movie. Really yep,Oh my god, Yeah you're romantic.
I'm a sap. Yep, youbet you. Of course that voice is
Druelo. Good morning, good morning. It's uh, I think we've had
enough rain. This is El Nino. So I got married? Is that?
Is that? Is that? What'sgoing on right now? Yes?

(02:27):
See I got married twenty five yearsago June, and it was El Nino.
And now it's twenty five years laterand this is we're in that same
weather pattern from twenty five years ago. Really moist a lot of moisture.
Oh my god. Yeah, it'scrazy. I mean my yard, you
know, it's squish, squish,squish. I got clay. The poor
guys that are doing the barn Itold you we're doing a way. They're

(02:51):
just having a water can't go anywhere. Yeah, they're just having a hell
of a time. They're trying toput the sleep back on. And you
know this rain doesn't help anything.Yeah, I'm so. I'm in a
sandbox in Clifton Park, so I'mlucky here. Yeah you are where you
are? Yeah yeah yeah. Sowell, good morning everyone. This is
the Retirement Planning Show. I'm DaveKopeck. I'm here with Droello and had

(03:15):
a great week. I met alot of wonderful people from radio and some
of them have moved forward with theRetirement Planning Group. Some of them are
thinking about it, whether they wantto move forward or not. But it's
always nice to meet with radio listeners, have a cup of coffee, shoot
the breeze, and you know,see how we can facilitate helping them address

(03:42):
which is for most of us,the biggest obstacle in our retirement years is
retirement income. Right, And we'regonna talk a little bit about that with
Druid Day. He's got he's gonnabe here from seven and eight, so
we're gonna get going here pretty quick. Uh, let's talk a little bit
about well, why don't you startoff? But you did a radio show

(04:02):
for years, so it's not likeI have to hold your hand, give
you a break for a few minutes. Yeah yeah, let me, let
me let me finish my donuts.There you go. H Yeah, there's
a there's a couple of different avidueswe could start off with. It could
start off with inflation. I mean, it seems to be the hot topic
obviously for retirees. It's a bigtopic because your your basket of goods is

(04:26):
more expensive than it used to be. But do you do any shopping for
your home? Do? I do? No? Like that? See I
I'm an early bird, which Ijust told you so a lot of times.
It's six am when Price Chopper opens. If she's got a list of
things that she needs, wolver andI'll pick him up at Market thirty two
in Clifton Park or up and Warrensburgat the Price Chopper because we predominantly shop

(04:53):
at Price Chopper. But um,meat today, meat beef. It's astronomical
the cost for meat, No kidding, Yeah, it's astronomical. I bought
four steaks. What four steaks?Not that long ago? It was almost
eighty dollars, Oh my goodness forfour steaks. The only saving grace you

(05:15):
have there is that if you goto a restaurant, it's it's probably sixty
five dollars each or at least soat a minimum. So you are in
a strange way of saving money.But you're right, it's a it's but
everything, even laundry. I mean, you know, I don't want to
sound like the Sally of the househere, but I am. You are.

(05:38):
She gives me the lesson, saysyou go do this now. So,
but even laundry to detergent. Inoticed the difference when I was picking
up laundry detergent the other day.It's SAMs. It's going up like three
bucks from what it typically was.So well, the good news is from
the peak inflation was about nine pointone and then the latest reading from last
week we're down to three. Sowhat do you think? So it's getting

(06:01):
there. I think the Fed's doingwhat they're trying to do, and that
suck every dollar out of the economy. It's working. Well. He's got
a headline, a lot to likein June's CPI, A lot to like,
a lot, a lot to likein June's CPI. Yeah, June's
CPI was good. It was itcame in better than expected. And again

(06:24):
that's the report. When I sayinflation, that's what I'm talking about.
The CPI report down from four tothree so in the peak was nine to
three. So that's that's good andthe only thing that consumed me last week.
They had a lot of FED speakersout last week talking throughout the country,
and they were a lot of themsaying they want to hike two more

(06:44):
times. I think the July hikethat month is a guarantee. I think
we're getting a hike, and Ithink that's it. Yeah, that's what
I think it should be, atleast I think, And I've been telling
our clients. I think it's agreat opportunity right now to get into bond
take those treasuries at five scent,absolutely right. We just had a whole
bunch of them this week that we'rebuying treasuries, and I think it's an

(07:06):
opportune time right now. We hada gentleman that just sold the house for
like three hundred and eighty thousand dollarsand was worried about FDIC. Right right,
for two fifty is putting in atreasury for a year five five point
four percent? All right, youdon't have to worry. Guaranteed triple A
rated. Yeah, and what doyou what are they six month or twelve
months? It's a twelve month.Yeah, yeah, it's it's it's nuts.

(07:28):
And I think, you know,I think the liquidity, uh stress,
the banks are past that from themassive withdrawals. Uh. So we
saw rates tick up briefly because ofthat. Well, you and I both
took money out of the bank.Yeah, and then and then and then
I did it because I was youknow, you never know, you know,
and I don't want to be sittingthere saying to myself, I wish

(07:49):
I should have you know, well, you think, oh, my money
is at Balls and Spot and Mightyis at Trustco. My money is at
whatever. Oh they're fine, they'refine. They're a local home. You
don't know, you don't know ifthey're fine, so you don't you know.
And then if you can get insteadof one percent, you get five
percent. That's kind of a nobrain. Well, these these are the
rates right now. UM, asof a close on Friday, the three

(08:11):
month was five thirty five. Wevery rarely do. A three month to
six month was five forty three.Yeah, and then the twelve month,
you know, trailed down a littlebit. Is that five to twenty seven?
But five point two seven guaranteed bythe US government, you know,
Um, and you know, andif and if inflation is in fact that
three, you're you're covering inflation.Sure, So yeah, why not,

(08:35):
It's it's kind of a no brainer. So so on your side of the
fence, with these rates going up, on the short term, what's going
on with mortgage rates. Mortgage rateshave started, so they went up,
and they were back up to wherethey were like November and at about seven
to seven and a half on thirtyyear fixed rate paper. And then with

(08:56):
the good employment report Friday and thegood inflation reports this week with the CPI
and PPI, they've actually come backabout two hundred basis points. That's a
big move. So now they gotback under seven percent towards the end of
the week. That's a big move. Yeah. Yeah, I mean,
I'm we're seeing such volatility, Butthen again, we've never come out of
a COVID situation with all that stimulus, so I think it's really hard to

(09:20):
navigate exactly what's going to happen.I think overall we are towards, you
know, going towards a recession.I think California is actually already in a
recession. And now the strike withthe with the saga or what have you
it's that's six hundred thirty thousand employeesin California alone. I think we're about

(09:41):
twenty eight thousand in New York Stateor maybe actually maybe it's one hundred and
sixty thousand, So that's going tobe interesting. But looking at shipping containers,
those are down twenty five percent fromthis time last year. That's a
good economic indicator as to where thingsare headed in terms of prices. So
employments starting to soften, inflations comingdown, Labor markets are obviously softening.

(10:03):
The only thing I didn't like aboutthe most recent employment report was wages.
Wages seem to be a little stickystill. I think they were up about
four percent. One of our Julieand I went up to dinner last night
up in Like George, one ofour favorite restaurants. I won't mention it
because this is not unless they payyou an endorsement exactly exactly. I put

(10:24):
his wife in a headlock and Isaid, listen, dinners for free to
night. We have fifty thou watsit says it for free, but the
bottom mikets down to it is thatwe had dinner last night. They can't
get people to work right, right, this guy, this guy that owns
this restaurant is working morning, noon, and night. Because this is when

(10:46):
you make your hay. You gotyour eight weeks up there, right,
this is when you make it.And he's working seven days a week.
And the guy's going to kill himself. And you know what that employment report
that looked it looked decent on thehead line, episode came in a little
low. They had negative revisions tothe previous report of one hundred thousand.
But most of the jobs that youdid get that out of the two hundred

(11:07):
and nine thousand were part time orpeople that are looking at second job.
So the part time workers was abig piece, and then second job people
was a big piece. So thatreport wasn't as as robust as everyone thinks
if you really dig into it.And that's probably it. Leisure and hospitality

(11:28):
for whatever reason, still seems togo up. But I gotta believe that's
peaked out at some point or backabove I think pre COVID levels in terms
of employment there. So people thatare coming in right now that are looking
at purchasing or property, are youtelling them to lock in or sit tight
for a while. I don't thinklike if if you have a contract in
hand, I don't think there's immediateneed to lock the rate right then and

(11:48):
there. Where it was this timelast year, you bet you as soon
as you got an accepted offer,we would lock it in because we had
we had time. It's the opposite. We have new clients radio radio listeners.
They've been listening and they came inthis week to have a chat with
us, and they're they're selling it. They're going to move to Rochester to

(12:09):
be closer to their son and hisfamily. And they said they put their
house on the market on a Thursday, I think last Thursday night, and
the house was sold within four hours, right, and they had they got
thirty thousand dollars more than the thanthe asking price right here too. They
wanted three fifty three forty nine nine. They ended up getting three eighty right,

(12:33):
three eighty And this is the guyjust talked about. They wanted the
treasury right and they said, youknow, it's just crazy. They had
multiple offers. I think they hadlike twenty twenty offers. Yeah that's something
more. Yeah, twenty offers andthey grabbed their hat and ran, they
said, think and they took theone for cash yeahs, it's so competitive,

(12:58):
and there's a segment of my boysthat can't get them more, can't
get a house because if you're inthat three hundred three fifty range, if
you have limited means in terms ofdown payment, it's hard to compete if
you have an fah mortgage and asmall down payment. It's said, but
there's a whole segment of people outthere right now that can't get a house
because they're getting outbid by your scenariocash, big down payment, conventional.

(13:22):
Uh. You know, if youneed seller concessions, you might might as
well just not even try. It'sit's it's it's very competitive. Then what
do you think is going to happenwhen rates go down? It's going to
be more competitive because there's going tobe more buyers that come in less inventory.
Inventory is the issue. Like ifyou look at the housing numbers,
the media likes to make it soundlike it's really bad. It's just it's

(13:43):
the numbers are down just because thelack of inventory, not because of the
buyers. Real estate values are up. I think you're to date four percent.
Well, I've listened to Bob Marinaon the radio and I've heard him
say that a three hundred and fiftythousand dollars house to three years ago now
is a five hundred dollar house,right, And they're still having issues getting

(14:03):
material really yeah, getting material.There's certain materials that they're still having difficulties
getting. You know, they're doinga subdivision up by us, and I'm
gonna say that probably fifty percent ofit is occupied already. You know,
the buildings are up, but theredoesn't seem to be that explosive growth like
you've seen before where he's just seetrucks and carpenters and materials all over the

(14:24):
place. I just think that theyhave to dole let out or just do
it on a very very systematic systematicand all right, this is you know
these products are going for this house. But well, when you go buy
a house like new construction for example, like you're talking about, it used
to be like when you and Ibuilt our houses, it was whatever you
want, pick this tile, pickthat, whatever you want. This is

(14:46):
your Now they tell you what youcould pick. Yeah, all right,
now we don't have those seven options. You have these two right because of
what you're talking about. So whenyou when you did your home, you
did you act as a GC.No, No, I didn't build and
build it. Yeah, because Iacted because my brother in law, So
I acted as I didn't act,I mean Jason did. He acted as

(15:07):
my GC, and I used allof the subs that he knew. And
to be honest with you, Iactually enjoyed it because I learned what it
took to take it from the diggingthe hole, putting the footings in the
foundation, capping it and framing itand going through the whole ballywack and how
to build a house. I usedthat analogy a lot of times with investing,

(15:30):
because you start with a base andthen you build, you know,
you go up right right, Andthat's true with investing. Foundation you gotta
have a good foundation. You gotto basically protect yourself. We're gonna talk
today about a couple of things.First and foremost about the real estate market.
We're gonna also talk about, probablyin the second half hour, we're
gonna get into reverse mortgages because Drew'sdoing a lot of work in that arena

(15:56):
and we're going to discuss how itcan be beneficial for retire Reece. And
as always, we have open linesif you would like to participate. It's
one eight hundred talk to WGY that'sone eight hundred and eight two, five
fifty nine forty nine. We're goingto take a quick break, we're gonna
come back and we're gonna finish upthis first half hour. It's seven twenty

(16:17):
two. What are we gonna aboutfive minutes when we come back ballpark?
Ballpark. Yeah, so we'll seeon the other side the eighty six percenters.
Do you know that eighty six percentof the population has no defined benefit
pension plan. For most of us, we have to take our life savings
and create a paycheck for the restof our lives in retirement. What is
your plan for retirement income distribution?How will you manage your assets during the

(16:40):
most critical years of your lifetime.Nobel Prize winning economists William Sharpe has called
retirement income distribution the nastiest, hardestproblem in finance. He points out that
investment, uncertainty, and mortality canderail the most careful laid out retirement income
plan. Call our offices today tostart the process of building a retirement income

(17:00):
distribution plan. After forty one yearsof being in the financial services business,
you need to start taking action tostart building your own personal retirement income distribution
plan? How do you do that? To take action? Five one eight
five eight zero one nine one nine. That's five one eight five eight zero
one nine one nine or RPG retireon the web. Don't procrastinate, motivate

(17:22):
to start building your retirement income distributionplan five one eight five eight zero one
nine one nine. If you haveany questions, please call in now at
one eight hundred eight two five fiftynine forty nine. That's one eight hundred
talk WGY one eight hundred talk wg Y. We are live in studio
to answer your questions. Hold onme years you go. Actually saw its

(17:56):
State Mathews tell us Philip Phillip,that's what I said. Dave Matthews is
up at Saratoga on the traffic startedthat crazy. Yeah, all right.
I'd love to listen to the music, but I want to get into the
nuts and bolts with Drew here becausehe's got to leave at eight o'clock.
He's got a tea time now.Unfortunately, Memorial Service up up near you.

(18:18):
And like George, I know youtold me I gotta bust your chops.
That's all right, so I gotthick skin. But Jimmy Corky wanted
to go golf on the other nightin our golf league, and I said,
Jimmy, I don't think we shoulddo it. It's that come on,
you know, by by By.You know, these guys are never
right. When the when the skiesfell apart, and it was like horrific,
he called me. He says,boy, you were right. It

(18:40):
was. It was black, likeeerily black. Wasn't it weird? The
sky? Even my son Christopher cameon and said, man, look at
this, this is like weird outside. It was. It was spooky,
you know. Even last night wasa weird color too. Yeah. So
all right, we're talking about themortgage your home. We're talking about reverse
mortgages. We're talking about the equitythat you have in your home, especially

(19:03):
if there's no need for legacy,the transfer of wealth. For a lot
of our seniors, the kids aredoing better than the parents did. The
kids are, you know, livingin other locations. Maybe there is no
kids, you know, there's nofamily that you want to leave your money
too. So you want to havea quality of life, So you've got
to report that. It's a protection. Yes, you know, I think

(19:26):
it's almost like another policy of protection. It protects your assets for you know,
right now, there's a bisconception alot a lot, and that's that's
always been the stigma. But rightnow it's sixty two and up. You
have to be sixty two years ofage or older to get a reverse mortgage.
And right now they're saying that there'seleven trillion dollars in equity throughout the

(19:48):
country for sixty two and over.I believe individuals just that segment, just
in Lake George, there's probably justkeep on going up like a rocket up
there. But it's but I mean, nowadays, it is not the it's
it's not the mortgage of last resort. It's not it's not for people that

(20:11):
are destitute. It is a wayto tool to help against retirement risks.
Right you told me the one time. It's a tool in the toolbox.
It's a tool in the toolbox.It's not the end all be all,
and it's not for people that aredestitute. Is a retirement tool. It
helps it with regard to inflation riskslike we're experiencing right now, stock market

(20:33):
volatility, healthcare needs, spending surprises, longevity, all those things it helps
protect against. And you know,every people come to you. They don't.
They don't they do. Sometimes thingshappen they don't. They don't plan
properly. The retirement plan isn't whereit should be, where they thought it
would be. So black helps filla lout of black Swan events. Right,

(20:56):
you know, if you need ifyou need a car, if you
need to put a new roof on, if you need modifications to your house,
uh for handicap showers or ramps orwhat have you. It's a it's
a pool of money that you cantap into if if your retirement assets are
going to end up, you know, being exhausted in ten years, it's
a way to extend those to fifteenor twenty years. It's it's uses for

(21:19):
that that's mainly four because nowadays they'reonly letting you access about fifty percent of
the value of your home. Soit's not like talk about the stigma on
how much they'll give you. Nota million bucks. I think they'll go
up to a million dollars these thesedays. So it's it's for this area.

(21:40):
It covers probably I would say atleast ninety percent of us. So
so in this area we're fine.So the the misconceptions are the government takes
my home. The government owns myhome. No, you own your home.
You have to actually maintain the home. You have to pay your taxes,
you have to pay your insurance up, keep it of it's your home.
And if you decide you want tosell it in three years, sell

(22:03):
it whatever, just like a regularmortgage, whatever equities in the house,
you take it with you. Youknow, when you pass on, your
kids get the house and they sellit and pay off whatever is old and
keep the equity. And in theunforeseen situation where you may owe more than
what the house is worth, yourkids have no liability. It's called a

(22:25):
non recourse mortgage, which is great. They're not exposed at any of that
and so so it protects them,protects you. It's a way to access
money. The most popular form oftaking the reverse these days is a heckam
home equity conversion mortgage or basically aline of credit. And nowadays we're talking

(22:45):
to you and I yesterday about this. It's kind of interesting, and an
increasing interest rate environment like we've beenin, it's actually beneficial because unlike you
take out a whole meca re lineof credit on your house, you get
one hundred thousand dollars whole mecre reline of credit. It's not going to
go to one hundred, five hundredand ten. That's it, and the
bank could act at some point.They could even cancel it on you if
they wanted to. With a wholeequity conversion mortgage, that equity line you

(23:08):
start out with grows every year bycurrent interest rates, so you get growth
on that equity line of credit.So it's actually the best time to take
it out in a higher interest rateenvironment because you're gonna get more growth on
that line of credit. So evenif you don't need it, but you
think you might need it down theroad, now's the time to do it,
just because the interest rates are thehighest they've been in forty years,

(23:30):
and it's a it's a great timeto get that growth on and it creates
right, you get a bigger benefitas you sit and wait, and they
can never take it away from you, regardless of what it increases too.
So if the rate the growth rateis seven today, does that mean that
it stays at seven or it doesit adjust every year? It adjusts so
based on current interest rates, Soyou might get seven this year, six

(23:51):
next year. Five. You know, it's based off a bunch of metrics,
is but usually it's the one yearsophie. So yeah, so sophie.
They used to use they used touse libor that's gone away, so
now it's uh, it's basically whattreasuries like. If you had an Adjustabrey
mortgage on your house is usually atbased on the one year um standard.

(24:12):
I forget the acronym all of asudden, but well here's the acronym right
now. We gotta take a break. Okay, so we're gonna take a
break. We're gonna come back.Droelle's here. We're gonna talk about the
reverse mortgages, the equity in yourhome, what to do in today's marketplace.
But give us a buzz at oneeight hundred, talk to bg Y
if you have a question. We'llsee on the other side. You know,

(24:45):
I'm a dreamer. All right,you are back. Good morning,
jeez. I'll tell you, Zach, you're done a good job with musical
morning. Yeah. Yeah, yougot dancing. You got your dancing,
and we got hit. You're hittingall the right chords all right. If

(25:07):
you would like to participate, it'sone eight hundred talk w G Y one
eight hundred eight to five fifty ninetynine. That's one eight hundred talk w
g Y. I'm Dave Kuppick herewith Droeella with Fairway Independent Mortgage. That's
what I said, licensed in allfifty states. There you go. And
I'm the branch manager in Clifton Parkand so if you need a mortgage anywhere
in all fifty states, this isthe guy. Yep, good stuff.

(25:30):
Are you starting to see exodus?Are you still seeing people leaving New York
for other locations? Yes, notnot as well. There's still they're still
going to other locations. But I'malso seeing an influx, which is which
is kind of funny. Um.Yeah, because Sarah Sarahtoga beautiful or is
it me? Is Sarahtoga at likeGeorge. I don't want to say it's

(25:53):
it's recessionary proof, but I feellike it is. Yeah, I feel
like values. I mean, SaratogaCounty is the fastest growing county in all
of New York. It is,yeah, and it continues to be.
It's been like that. A lotof growth, a lot of industry,
a lot of expansion. Obviously,Malta Saratoga Lake is off the off the
rails in terms of development and houses. And you know, there was a

(26:17):
six unit house on the water.I think it was like eight hundred thousand.
It's it's sold in about twenty fourhours. Sure, unbelievable. This
guy, this realtor, I can'tGucciardi or whatever his name is, Yeah,
Gucciardo. I saw one of hisshows and he was talking about he
loves Saratoga and Saratoga Lake as faras he thinks that lake George might have,

(26:40):
it's not going to get as muchbang for the buck as possibly.
I disagree with him, Yeah,I disagree. I disagree there. But
Saratoga I think is very limited asfar as your opportunities there. Now,
a lot of the waterfront has alreadybeen brought up. A lot of people
are buying up on the hill rightwith the vista, the view, which

(27:00):
is you know, I mean it'spretty Saratoo Lakes funny because certain parts of
the lake you can't get on inthe water. You gotta be across the
street. There's no there's no landright, it's exactly right. So which
I don't know, It's not onmy top ten. As a kid,
I used to go to Brown's Beach. Yeah, yeah, I want to
tell you what I saw a floatby me a few times. Yeah.
Yeah, So it's not you know, it's not one of my favorite spots

(27:23):
now. It's just it's just veryconvenient. If you're Albany up to Sarato,
it very convenient versus driving an hourto Lake George. But see,
everybody seems to think that lake.I used to buddies of mine would say,
what the hell would you want tolive up there for? I you
know, I just talked to youabout. I get off exit twenty two
and I'm like ten minutes off oftwenty two to get to my house.

(27:45):
Yeah, if I go to nineteenand eighteen and seventeen, I have everything.
I got home depot, I gotlows, I've got all the box
stores, I've got everything I couldpossibly want. It's fifteen twenty minutes away,
Walmart, everything everything, all thedoctors, you got, the hospitals.
Yeah, it's all there in Warrensburg. You know, I keep on
talking all the time. We doa radio show on Sundays up in that

(28:07):
market, and uh, you know, I love Warrensburg lawns. Warrensburg's a
great community, great restaurants there.You got I might drawn a blank on
that meat store up there. Ilove Oscars, Oscars, Yeah yeah,
and there's a couple others say meatbaby, I got I got it exactly,
yeah, exactly. I mean,there's just it's just a great area.
So it is talk. Let's getinto reverse mortgages a little bit more,

(28:30):
because the thing is is that I'mstarting to see, and this is
probably more common than in the past. People have lived a hell a lot
longer than what they anticipated. Sothe people that have been out there for
twenty plus years, they had twothree hundred thousand dollars, four hundred thousand
dollars, they thought that was morethan enough in the pot in order to

(28:52):
get them through their retirement years.They're starting to say, you know,
am I gonna am I gonna makeit. They're outliving their retirement. That's
it's like, it's like you yourlongevity, you OutKick the coverage. With
Julie, that's the same thing.But that's what's happening. You're right,
says looking at Julie's looking at me. He's looking at me. He's looking
at Julies. This doesn't add up. I think I remind her of that

(29:17):
every time I see this doesn't addup, you know, how did you
get hurt? So yeah, that'sthat's a common theme right now in this
environment because we did some years ago, we went through that big stretch with
a stock market to and do anythingfor about twelve years, and that might
have put a dent in people's retirementplans. But whatever the case may be,

(29:37):
lack of saving or what have you. Uh, yes, And so
that's why the reverse mortgage I thinkis going to be especially with the safeguards
that are in place nowadays versus theolder version. It protects the homeowners,
that protects their heirs, and it'sjust a tool to help supplement the retirement
income. Can all that money standthem is tax free? All tax free?

(30:00):
Obviously if you take a chunk andput in the bank, that's a
different story, right right if it'ssitting in or saving because a check in
well, let's talk about the differentways because you briefly touched on that.
So what's the different ways that youcan get into that. Can you take
a check a month? Do youhave to take a lump sum? Can
you just write a check against theequity line? Yeah? Whatever the line
is. I mean, what isthere any one that's preference over the others

(30:25):
simply because it gives you more bangfor your buck. If I'm getting growth
guaranteed growth, I want to takethe least amount out that I can,
right right, I don't want totake too much out and just let it
sit in the bank account. Well, yeah, I would highly recommend not
doing that. So, so typicallythere's a it's a combination of all that
you just mentioned. So if youhave a little mortgage left on your house,

(30:45):
pom long Sum pays that off becauseit has to be in the first
position, right, If you havea media cash need, yes, you
take the lump sum and you justtake what you need. So you can
take the lump sum. You canstructure it so you get a check every
month, and that check every monthcould be either structured over a certain period
of time five years, ten years, or it could be what they call
a ten year meaning forever or life. So you can do that. You

(31:07):
got the line of credit or acombination all the above, and you can
pay it back too. You canpay it back whenever you want. Also,
you could sell the house whenever youwant. Buddy of mine, his
son is doing it. He dida reverse mortgage on his house. The
guy did. He's in his earlyseventies and his son is basically using that
piggy back in order to flip houses. Yeah, there you go, he's

(31:27):
doing flips. There you go,because you can use it for. He
buys it for. He buys thestress properties. The kid goes in there,
fixes them up. Father charges himten percent, nice ten percent.
So if it's fifty thousand, yougot to give me five thousand dollars,
you got to give me ten Andthen he takes the money right and when

(31:49):
he gets it back, pays hisdad back plus the fig plus the vig
and it works for everybody. Kidsbuilding himself out a hell of an investment
portfolios. You know he's got Davidsays, he's got thirty door knobs.
Wow, you know what that is, right, he's got thirty, he's
got thirty runners. And he's inhe's in his early twenties. He's only

(32:09):
like twenty four to twenty five yearsold. Oh it's beautiful. He set
himself off for life, he is, because where do you think? Really,
well, what do yeah? Butwhat do he said? But what
he said to me, he said, mister Kopeck, That's why I love
that kid, he's the last one. Yeah, that kid, he's always

(32:30):
get over here to give you ahug. Yes, mister Kopeck. But
he always says to me, well, he's a CBA graduate to us there
there, he's got another ace inthe whole being a CBA graduate. But
he said, I'm i'm, I'mI'm putting roots into the capital of district
region. I don't know if Iwant to do that. But it's too
late now because he's got thirty.I mean, he could sell the portfolio

(32:52):
because there's private equity. Guys wouldcome in by the whole thing, have
a management company management, go toSouth Carolina wherever he wants to go.
Yeah, doesn't have to. Butbut that's a huge talk about retirement planning.
Yet I think it's I think it'sfun. What do you think those
properties are going to be worth whenhe's our age huge? Yeah, he's
got him at two. Everything.You know, I was always you and

(33:13):
I if I don't know if youremember the first house that I bought from
you, what you did the mortgage. I paid sixty nine thousand dollars for
the house in Riverguera Estates in Lathamin nineteen eighty I think eighty five or
eighty six. It's insane. Andthat house just sold, just sold for

(33:34):
three hundred and fifty thousand dollars.Three hundred and fifty thousand dollars. I
saw it. I saw it.It was, you know in the paper
that had sold for three hundred andfifty thousand dollars. So I have you
know, you'd say, does realestate give you pretty good bank for your
buck? Capital appreciation? You justtold me that you think that real estate

(33:57):
this year is going to grow aboutnine percent. I thought I was at
the beginning of the year. Youhad he asked me in January, and
you and I probably talked about this. I was thinking two to three percent.
We're we're four percent year to dateright now. Yeah, And you
look at Black Night, Corsolo,Jake Zillo, whatever you pick, all
those, all those indusicries are atabout four percent year to date, better

(34:20):
than we expected. So if youextrapolate out, yeah, you might be
looking at a nine percent number bythe end of the year, which is
which I never expected. Um,well, you think about it. When
you think about people that have reallydepockets and wealth in the Capital District region,
most of them all what a tonof real estate. Yeah, out
of real estate, out of commercialwarehouses, warehouses. You can't even you

(34:43):
can't even get a warehouse Islands GreenIsland. That industrial park is busting at
the seams with these new warehouses thatthey're putting up yep in Green Island.
That's nuts. You look at that. The prime storage facility the Mosers they
live in Saratoga has bought the fingerwas that fingerprint fingerpaint building in Saratoga?

(35:04):
Eleven million? Was that what itwas? Eleven? Yeah? Storage facilities
all throughout the country. You know, that's that's that's an amazing business.
We're talking about recurring revenue. Youknow, you know it's great about that
you have very little employees uh andbenefits barely any right, like a DBL
workman's compensation, all that stuff throughthe whole thing. If you can run

(35:30):
a business. You know, everybodysays robotics and you know AI and how
that's gonna change the world, youknow, way it's gonna If did you
hear Jamie Diamond this week? Now? Did you hear he talked about his
earnings? But I missed it?Now he said, get back to the
office, right, Okay? Ifwe don't want this working from home anymore.
We want the synergy, want theenergy, want people in the seats.

(35:52):
Right. If you want to stayhome, then you're gonna have to
find another position somewhere else. Hewants the people back right in the office.
Oh, I agree. I'm aI'm a big proponent of the four
day work week. I could seehow that has its merits for productivity.
But being in the office, there'snothing better. Think about it. If

(36:12):
you get out of college and you'retwenty two, twenty three years old,
how are you going to learn fromyour mentors without them being there? Absolutely
right, you need that synergy.I think about Christopher my Son and Nicholas
Nico, you know, being inin appointments with me. You know,
I know Nico would will say thisbecause he said this to me. I
pick up a lot of stuff.I use a lot of the analogies that

(36:36):
you use, you know, Iuse the conversations you talk about the state
planning and learn through care planning.You know, after forty one years you
learn certain things. You know.Some people take me the wrong way where
they think I'm maybe either too aggressiveor kurt That's a word that I'd like
to use. But after forty oneyears you've seen, right, it's like
everybody's jumping off the bridge last year. Actly what's gonna happen? You know?

(36:59):
Now you know everybody's you know,they're they're happy because you know,
the markets are starting to rebound.And now there's a report that I just
saw from Fidelity. You know ifthey're very bullish on bonds right now,
extremely bullsh them all right, halflast year bonds and everybody got out of
bonds because that's that's the time tostay and let your dive it and reinvest
right and then you get the bigbang for the buck when you see you

(37:21):
know, but we got to takeour last break. I agree, okay,
and Drew Sier we're gonna be talkinga little bit more about real estate
and the capital disagreegion, reverse mortgagesand what his crystal ball and for the
future is. But if you haveany questions or comments, we're live,
live, live, We're here inthe studio with Zach. You can give
us a call at one eight hundredtalk WGY. That's one eight hundred eight

(37:44):
two five fifty nine forty nine.We'll see right after this quick break.
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
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

(38:07):
William Sharpe has called retirement income distributionthe nastiest, hardest problem in finance.
He points out that investment, uncertaintyand mortality can derail the most careful laid
out retirement income plan. Call ouroffices today to start the process of building
your retirement income distribution plan. Afterforty one years of being in the financial
services business, you need to starttaking action to start building your own personal

(38:31):
retirement income distribution plan. How doyou do that? To take action?
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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

(38:52):
call in now at one eight hundredeight two five fifty nine forty nine.
That's one eight hundred at talk WGYone eight hundred talk w g Y.
We are live in studio to answeryour questions. All right, gold Cowls,

(39:22):
who's name of the group? Startswith the Genesis and he was not
the lead singer originally, right,and then the lead singer questions and he
started being the lead singer and theyjust exploded. How about all these bands
that are having their last tours.Yeah, we're like ninety years old.

(39:46):
They really really. That's ladies andgentlemen and all you grandmothers and grandfathers out
there in the audience. All right, bring the wheelchairs up here, let's
go. It was the most recentone to do their last tour. I
forget, They're just what's the onethat's doing it right now? Um?

(40:09):
Hotel California? Who's up Bend?Yeah, that's what I'm trying to think.
Eagles, Eagles that they just startedtheir last tour, right and you
had Elton John to his last thing. It's like, yeah, they're in
They're like they're almost eighty years old. Yeah, all right, one they
do one song and they have todrink some orange juice. How does that
work? All right? God blesshim? You remember Lawrence Welk, Yeah,

(40:36):
you remember that show? You know, I just thinking the bubbles.
I was thinking on the way downfrom the lake. Your dad died of
cancer, right, yes, youknow. September twenty eighth, we get
a little plug here. I alwaysdo it Swing for a Cure. Did
you play last year? You didplay? Yes year, didn't you yes?
September twenty eighth, I played withSwing for a Cure. I pay

(40:57):
with Donna yea. And what areyour rep I think from fidelity? Yeah,
yeah, So we're gonna get youthere again September twenty eighth. If
you're still here in the area,Yeah, I will be. I will
be. They're not chasing out oftown. So we're here with Dryella and
we're talking about real estate. Formost of us, it's probably the largest

(41:20):
net worth piece of the puzzle.It is um you know. For some
of us, it's uh, it'scumbersome because we're trying to figure out,
ultimately how we get that equity outof that house in order to facilitate quality
of life. I said to Drewtoday, it's it's a life changer for

(41:42):
a lot of people we've worked withindividuals. Every year at Christmas time,
I get a phone call from areferral that I gave to Drew, and
this gentleman said, You've changed mylife. You've made my life just so
much greater and better because I didthis reverse mortgage. Every year he calls
me, and you know, likethat's it's heartfelt, you know, it's
it's something that you know, youknow, and there's nothing in it for

(42:05):
us folks. Okay, I justwant to understand. It's not like Drews
dropping an envelope off on my desk, you know, for a referral or
anything like that. It's we doWe do this because it's the right thing
to do, and you know,it does change people's lives. Even if
even if you have a small mortgageon your house that's thirteen hundred a month,
right, if you can eliminate thatpayment thirteen hundred a month, huge,

(42:28):
you're you're fifteen thousand a year.You're seventy five thousand dollars over five
years that you can keep in yourpockets real money. Take maybe take less
from your retirement funds if you needto extend those longer. Because you're healthy
and you're gonna live longer than youexpected or whatever. It just it helps.
It helps secure your portfolio. Andwe talk about the kids a lot

(42:49):
too. But if you can protectyour liquid assets by drawing on the on
the assets from your home, yourhome is basically like a forced piggy bank
in a way. Right, it'snot an asset until it starts paying you
because all the years that you're living, you're you're working, or have you're
paying it, it's not paying you. So it's the one time where it
finally gets to pay you and bean asset. But if, but if,

(43:14):
if you can protect your liquid assetsto make those last longer by drawing
on your house home equity that's taxfree, then that then your heirs will
have more of a pot to getwhen you pass on. I worked for
a guy when I was going tocollege. I was bartending at a location
I won't mention. I won't mentionthe guy's name, but you would recognize

(43:36):
his name. Extremely successful businessman herein the capital DISACG region. And him
and I used to sit down afterwork and we'd have a beer together and
we would sit and just chat aboutthe market and you know, economics and
business and all that stuff. AndI was always you know, my dad
died young, so I really didn'thave like a mentor just like you.

(43:58):
Yeah, same boat, same boat. So the thing is is that I
always enjoyed sitting down with someone thathad that, you know, that manly
conversation that you could have. Andhe said, Dave, remember one thing.
When you buy a piece of realestate, and this guy had real
estate all over the Capital disc region. He goes, unless you have to
sell it, don't sell it.Because I've never sold a piece of property

(44:22):
in my entire life, and Inever intend to. He says, I'll
figure out other ways that I canutilize it, but I'll never sell that
property because look what I've amassed,right, Look what you know, Look
what I've created. And if Imentioned where I used to work, he
would know he really had a wholehell of a lot of money. Right.
And the thing is is that hesaid, never unless you're gonna you

(44:43):
know, you know, sell offeverything and go overseas or whatever, you
know, move to a new state. Don't sell all right, don't sell
a right real estate. It's amazing. Are you in the same camp?
Yeah? I agree. I meanI used to you know, you look
at it. I always look atthis neighborhood. I don't know why I
remember Luther Forest. It's like thosemy host my uncle's used to work in

(45:05):
Luther's Worst. Yeah, those townhousesback you know, nineties or forty fifty
thousand a piece. What do theyknow now? They're probably two arm and
forty thousand a piece. Not thatreally, not even that long ago.
It's amazing. Just to give youan idea. Well, the biggest thing
with real estate is that you've gotto manage it. And some people just
don't like that. Hello, thetoilet's broken, all right? You know,

(45:27):
Hello, you know I got aleak. You know, some people
say, you know, I justdon't want to deal with that, but
other people, you know, uh, delegate, you know, you and
I talk about some of these propertiesnow that are out there, these condos
that you can buy. You havea management company basically manage it for it.
Can they take Is that what theyget? Something like that? I
would say, yeah, not eventhat bad. And reverse mortgages too,

(45:51):
Now you can use those to buyhomes. You know, say you get
a reverse mortgage. Told you aboutI just told you what the kid does,
right his father did it so thekid could flip houses. Well,
that's that's that's a good one.I haven't even had that one come across
my desk. But but people inNew York they want to move to Florida,
they take out a reverse mortgage onthe house here, they pay for
a house down there for cash,or maybe they put up fifty percent down

(46:13):
there and the other is cash.So they have two assets without a monthly
payment on them. Sure, soit can be used to purchase a home
as well as to take money out. There was a big bugaboo and a
big no no in the investment bankingbusiness where you couldn't take the equity out
and put it into the stock market. They would they would hammer you.
That's a big compliance, right,compliance. So I'm gonna here's a disclaimer

(46:34):
here. I'm not recommending anybody takethe money out of their house and put
it into the stock market. Okay, that's my disclaimer because compliance, Securities
Exchange Commission Fendrin, that's a nono, right. And then stock market
insurance products actually right, a bigbig two no nos. Yep, it's
exactly right. It's to help supplementyour income, preserve your assets, have

(46:55):
your rainy day fund. Not nota lot of people. They may have,
they may be comfortable, but theydon't have a rainy day fund.
So when they have to get anew car, new roof, what have
you. It's a way to accesssome money. Um lifestyle enhancements that we've
talked about, modifications to the house, renovations, you want to go on
vacation, you can do that.You need in home care for your spouse

(47:19):
or what have you. You havethat it's a way not to touch your
assets and use that basically that thatpiggy bank that you've that you've put money
towards for the last twenty thirty years, So a lot of flexibility. So
now both of your kids are goingto be out of the house. You've
got this McMansion up there in CliftonPark, So will you keep the big
house? I think will downside?I think we will. I don't think

(47:44):
for at least ten years you will. Yeah, I think so. My
wife loves the house. And untilthe kids get settled. My daughter,
just like your daughters, they're gonnabe freshmen this fall in college, and
who knows, there's four years rightthere right. We'll see what happens after
they get out right where they endup. It's hard to believe in it,
right, it's hard to believe Drew, like we were talking just the

(48:04):
other day, when they were born. Jesus, it's just Drew's daughter.
My daughter graduated the same class atChen this year and I was thrown thrown
pieces of something at him. Youwere sitting in front of me, and
I got mad as hell up there. I just said the Drew. You
know, I went up there fairlyearly with my wife and my two sons

(48:25):
for my daughter's graduation. I'd walkin, they'd say, well, that
whole section I got saved, orthose that whole row I got saved.
I saw. I was not happy. Yeah, I didn't know you could
do that, but I guess shecan, so I guess you can.
All right, summarize because you onlygot a couple of minutes. So it

(48:45):
is reverse mortgage. It's a financialtool. It's not the it's not the
loan, the last resort anymore.You could take money on a home equi
line of credit that grows every year. You could take a lump sum,
you could take a monthly check.It is a non course. Your errors
will never be responsible to pay itback. Only the house itself can pay
it back, and it's only callablewhen you pass on, or if you

(49:08):
don't pay your taxes and your insurancebecause it is your house, or if
it's not your principal primary residence.Those are the callable features when you have
to pay it back. Don't dothey mandate that you still have to sit
for a video in a class inorder do have to take the counseling you
do right, They do want theydo want to make sure that you understand
right how it all works. Andit's like the the you know, the

(49:30):
the house. The your funds flowinto the house over years and years and
years and years, and at thispoint now the funds can flow out of
the house into you. Makes allthose sets of the world get a tax
free So there's there's it's a hugebenefit. It can supplement so many things.
It can it can fund so manyholes in your retirement plan. And

(49:52):
like we always say, it's notfor everybody, but but it does tool
a lot of needs a tool inthe toolbox. So if people want to
get a hold of you and wantto have a chat, the best way
to do that, and if theywant specifically to talk about reverse mortgages.
They can calle contact with you howI would just call me. But an
easy way to remember if you're drivingis Drewsteam dot com. That's the easiest

(50:13):
way. Just jump on my websiteand you have my telephone, my email,
everything but Drewsteam dot com to uhto keep it simple. Your your
new business and your new move oneyear, last month pretty all as well.
It's amazing, Yeah, pretty amazing. The time goes by as quick
as it does. Got a greatoffice in Clifton Park right where the Handiford
Plaza is, and MOS and fiveguys right in that plas. You guys

(50:37):
do construction loans, do construction loansand loans. UM do a lot of
debt service, debt coverage service loansnow where you can, you can qualify
people using their bank statements and cashflow UM, which is nice. Fha
usda VA UH your name at Jumbosecond Homes, Messment properties pretty much the

(50:58):
gamut. Everything's available and we're inall fifty states. Well, get my
best to your bride and your beautifuldaughter and your son. I know that
your son's extremely successful at a youngage down the southern state of my son
and him maybe they'll bump into oneanother this weekend. D Davidson, Tampa
can imagine being your twenties lived andTampa, I can't get ugly, especially

(51:19):
if you were my you know,partner. All Right, we gotta say
goodbye. Drew's gonna take off.He's got an obligation. Thank you,
Drew, thank you for having me. You bet we'll be right back in.
Welcome to the Retirement Planning Show withhost Dave Kopak. In the financial
services business for over thirty five years. Their Retirement Planning Group LLLC is a
registered investment advisor. David M.Kopac is also a registered representative of Parish

(51:45):
Kaplan Sterling Investments Incorporated PKS in theirseparate capacities. A registered representative of PKS,
David M. Copack may recommend theimplementation of securities through pks instead of
Retirement Planning Group LC. First Capitaland Sterling Investments in Retirement Planning Group l
ELSIE are not affiliated companies. Nowit's time for the Retirement Planning Show on

(52:07):
w g Y. There's something wrongwith the world today. I don't know
what it is. Something's wrong withour eyes listening things in a different way.

(52:28):
God, those at eight is he'sshowing those surprise. We're living on
the ends. Something wrong with theworld today, the night bows getting Damns

(52:53):
down down. Good morning. Iwant to thank Drew for coming in.
My buddy. One of the hardestworking guys. Do you ever want to
meet? He's got it. Hemust have some farming in his background.
His dad was a doctor, doctorLlo Clifton Park As Drew just said,

(53:16):
he passed from cancer. Don't forgetif you want to partake, participate September
twenty eighth, Swing for a cure, even if you want to just come
and have the dinner. Wonderful gifts, great day, all sorts of raffles,
etc. On. One percent ofthe money goes to the cancer American

(53:37):
Cancer Society here locally here in theCapital. Disagreegion. We've done it now.
I don't know how many years,A lot of years, and last
year I think we generated about twentythousand dollars. So it's a great event.
It's a nice day, great people. We do it at the Fairways
of half Moon. Mister Tansky andhis staff, they're do a phenomenal job

(54:00):
for us. They help us outa lot. So for Bruce and his
team up there. I want tothank him. Jimmy Corcoran in my office.
I can't think Jimmy enough. Youknow he really well everybody does.
I can't just say Jimmy. Everybody, Lisa Nico, my son, Christopher,
Brenda, my wife. My wifeis very involved in Julie. It's

(54:23):
a horrible disease. We've got agood friend of ours right now. Prayers
are working, folks, Prayers areworking our friend, our maid of honor,
and our wedding, Kelly. Keepon praying for Kelly because she's still
in pretty miraculous. We talked toher last night. We were up in
Lake George and her husband. Theyactually I actually went out and had dinner
with her husband last night, whichis great to hear. So, like

(54:45):
anything else, we take our healthfor granted, take her health for granted,
which is, you know, theprobably the most important thing. When
you don't have a good health,of course, things change, the wheels
start falling off. But today lookslike we're going to have some sunshine,

(55:07):
which is great. We're gonna beable to you know, dry out a
little bit. We've had a terriblesegment here. Next last couple of weeks
has really been I know that we'rebuilding a barn and it's really impeded their
progress putting the slate, putting thesleep back up on the roof. But
hopefully they're going to be able toget after it. But we're making great

(55:30):
progress with my grandfather's barn, andI really look forward to the the day
that that's finished where we can havea heehaw hey ride. But I'm live
if you have any questions or commentsone eight hundred talk w G Y one
eight hundred eight two five fifty nineforty nine. We'll be here till nine

(55:51):
o'clock and then this afternoon I'm backfrom twelve to one to do Retirement Ready,
which is a topic specific show.And as I said, if you
want to come in, we offera complimentary consultation that either our Albany office,
our corporate headquarters in Malta Glens Falls, or of course in Oneana,

(56:13):
New York. And if you'd liketo come in and have a chat and
see how we can facilitate helping youout putting the pieces of the puzzle together
for your PrePost retirement. I justa little additional information, Drew, was
you know, pretty informative about thereverse mortgages today and how they can benefit

(56:37):
people. And I think one ofthe things that I've seen what a reverse
mortgage does is that it taps intothat equity. It's no different if the
money was sitting in the backyard andburied. It allows you to do things
and have quality of life that youwouldn't necessarily have. And with the world
that we live in today, withhealthcare, cost of healthcare, you know,

(57:01):
skyrocketing, it's good to have thatresource available to it, especially if
you need any assistance. We hada gentleman in this past week use a
farmer, great man and listens tothe show every week. He's eighty eight
years young, and had a greatconversation with him. He knew my grandfather.

(57:22):
He knew some of my family mymother's side, because it was a
pretty close knit community. My grandfatherhad a dairy farm, but his dairy
farm, they also did milk processingfor a lot of the farmers in the
half Moon Waterford area, So notonly would they process their own milk,
but they would process milk for otherand label it and label it for those

(57:45):
farms like the Slutsky farm. Usethat as an example, but they're relatives
of ours. My aunt Jane wasa Schluski. So make a long story
short. It's always good to sitdown with people and kind of reminisce a
little but about days gone by.But this gentleman, I'll give you a

(58:06):
little tidbit. I won't, youknow, release a lot of information.
But this gentleman worked hard his entirelife. Sold his farm out of course,
at a time, you know,almost thirty years ago, when property
values were nowhere near what they aretoday, and his pool of money,
what he thought was more than adequateenough, really is not adequate enough in

(58:28):
order for him to have the kindof care that he needs. He currently
has a care giver that's with himabout thirty hours a week in order to
facilitate, you know, all thethings that he needs assistance with shopping,
you know, going out into thecommunity, doing the things that need to
get done. And I had hadthe opportunity to speak to the woman because

(58:52):
she came in with him into theoffice, and I was kind of flabbergasted
by her passion that she had forher job. And you know, the
thing is is that caregivers and peoplethat work in that arena, I don't
think it anywhere near the amount ofcredit that they should get. And I'll

(59:14):
tell you this morning, if she'slistening with my good new friend, I
want her to know that I wasso impressed by her. She actually said
that she wants to come in andtalk to me about her own personal situation
after we finish up with the gentlemanthat she's working for. But he is
probably this gentleman is probably a candidatefor the reverse mortgage simply because the pool

(59:39):
of money that he had is diminishing. And it's diminishing for a couple of
things. He said, children thathave had some issues that he's had to
help out with. But he's alsohad, you know, portfolios that did
not perform up to snuff where hethought he was going to be able to

(01:00:00):
draw the amount of money that hedrew off the portfolio. So we're actually
gonna have him sit down Withdrew andhis team and have a chat to see
if it makes sense. I knowthat there's a session that you have to
go through to see if you're qualified. I do believe probably because of his
age, he's probably gonna have tohave someone one of his family members.

(01:00:21):
His daughter is really his confidant andalso the person that acts in a fiduciary
capacity for him. But he seemshealthy as a like he's a bull.
I mean, he's just a verystrong man for his age of eighty eight.
But like anything else, as youget older, you know, things
start wearing down. And you know, I don't think he likes the situation

(01:00:44):
that he's in, but he understandsthat there are solutions, solutions, and
that's what we're going to try todo is give him some solutions. So,
as I said, this week wasa great week because we had a
lot of people come in. Ihad a lot of face to face meetings
with individuals that into the radio show. And one particular couple that came in,

(01:01:05):
we had a lot of last becausethey were talking about I would start
a sentence, then they would finishit. I would tell them about this
and I said, yeah, weknow all about the bar, and I
would start, you know, yeah, we know about your grandfather and the
farm and all that stuff. So, you know, people listen, they've
been listening for a long time,and I guess what I want to say
is thank you. It means alot to me, it means a lot

(01:01:25):
to the organization. You know,I've got a great team, and you
know a lot of times we wereour hearts on our sleeve, but it's
because we care. It's we carethat we're doing the right thing. You
know. I always say at TRT, always do the right thing. And
we had a woman that came infrom Massachusetts this past week, Judy.

(01:01:47):
She's probably listening this morning, andwe had a nice conversation with her and
we're going to try to facilitate somethings for her Monday that she hasn't been
able to do out in Massachusetts.But I think people realize is that we
will go the extra mile for you. We will do whatever is necessary in
order to put you in a betterspot. We're going to talk a little

(01:02:07):
bit about that when we come back, as far as some opportunities that I
think are starting to present themselves thatwe haven't seen for a while. And
we're going to talk a little bitabout fixed income guarantees in the bond market
because right now I'm very, veryoptimistic and bullish on the bond market.
But if you have any questions orcomments, we're here until nine o'clock.

(01:02:29):
It's a live show. I'm inthe studio. It's one eight hundred.
Talk to egy that's one eight hundredeight to five fifty nine forty nine will
be right back after this quick message. The eighty six percenter is do you
know that eighty six percent of thepopulation has no defined benefit pension plan.
For most of us, we haveto take our life savings and create a
paycheck for the rest of our livesin retirement. What is your plan for

(01:02:50):
retirement income distribution? How you manageyour assets during the most critical years of
your lifetime. Nobel Prize winning economistsWilliam Sharpe has called retirement income distribution the
nastiest, hardest problem in finance.He points out that investment, uncertainty,
and mortality can derail the most carefullaid out retirement income plan. Call our
offices today to start the process ofbuilding your retirement income distribution plan. After

(01:03:15):
forty one years of being in thefinancial services business, you need to start
taking action to start building your ownpersonal retirement income distribution plan. How do
you do that? To take action? Five one eight five eight zero one
nine one nine. That's five oneeight five eight zero one nine one nine
or RPG retire on the web.Don't procrastinate, motivate to start building your

(01:03:37):
retirement Income Distribution Plan five one eightfive eight zero one nine one nine.
If you have any questions, pleasecall in now at one eight hundred eight
two five fifty nine forty nine.That's one eight hundred talk WGY, one
eight hundred talk WGY. We arelive in studio to answer your questions.

(01:04:27):
All right, we are back.What is that like losing your mind?
Jimmi Hendrix, Is it real?Jimm I don't know that one. All
right, we're back. Hopefully you'regonna enjoy your day and all my son

(01:04:53):
and all of his friends and hisgirlfriend and they're all headed to the track
today for a day. It's Saratogasmy son Christopher, his girlfriend Marissa and
all other compadres. Great kids,absolutely fantastic kids. You know. One
of the things that I've noticed thisis a little bit of a plug.

(01:05:15):
One of the things that I've noticedis that my sons, even still to
this day, are very very closewith the kids that they went to school
with at Christian Brothers Academy CBA.And when I look at Chris sometimes and
I see the people that he surroundedwith and my son David, you know,

(01:05:35):
it's it's a lot of the kidsthat they've known for years, and
they went to school at Christian BrothersAcademy. But you know, I can't
I can't say enough about CBA.I always tell people that I honestly believe
it's one of the greatest things thatI did was to afford my children the
ability to go to CBA because theylearned discipline, they learned how to be

(01:05:59):
polite, they learned how to berespectful. I know Anne Marie, who's
listening to me right now. Oneof the biggest hurts that I have.
Her father was a graduate of CBA, lived well and I think into those
nineties, and when they had theFridays, he used to have to wear
their dress blues. And I wantit in the worst way to get my

(01:06:21):
sons over there to say hello toher father, and he had some health
issues and a couple of times thatwe wanted to coordinate. It had never
happened. But I know that AnneMarie is probably she listens every week.
I wanted to say to her thatI wish that day had happened, because
he was such a proud and respectfulperson and he enjoyed his time at CBA.

(01:06:44):
And I just think that if youhave the opportunity to send your child
to CBA. Timmy. It wasthe best one of the best decisions that
Julie and I ever made in ourlife. That's enough of that, all
right, you know, Drew andI talked a little bit about what's going
on in the stock market in thebond market, but at three percent,

(01:07:05):
CPI is one third where it wasa year ago, and inflation is slowing
grown across a number of categories,which hopefully will lessen the FED to keep
hiking. I think we're going toget it on the twenty fifth and the

(01:07:27):
twenty six, but the Fed willlikely still rate hikes this month, but
I think you're going to have acase where they might be done. This
might be it. And despite themarkets pretty strong gains that you've had in
certain indices. You know, webelieve at the Retirement Planning Group right now

(01:07:48):
and a lot of the investment bankingfirms that we work with, that we
are in a sweet spot right nowfor both stocks in bounds. And I'm
extremely up the mystic as I lookfor the second half of two thousand and
twenty three. I mean, theS and P five hundred so far this
year is up seventeen percent, andif you look at the NASDAC, I

(01:08:13):
believe we're up over thirty percent inthe NASDAC, going to punch up the
number. Right now, NAZDAC isup thirty four point eight percent. SNP
five hundred is up seventeen point threepercent, and the Dow, which has
been the lagger, I had apretty good week. It was up two
point three percent on the week,up almost four point one percent. But
I think, I think, whichI continue to say over and over again,

(01:08:36):
there's opportunities right now within your fixedincome portfolio. So with inflation continuing
it's downward path year over year,and with a FED preparing to end rate
hikes, you know, if thisisn't it, then I don't think.
You know, you might possibly getone more. But we think that this

(01:09:00):
holds. Yields are historically attractive acrossthe yield curve, and it provides opportunities
for investors to not only generate income, but total return, total return.
Basically, you do get some ALFA, you do get total return in these
but these bonds not only the opportunity, but high yields. High yield bonds

(01:09:23):
right now are I think extremely attractiveas far as the coupon, and as
growth softens the FED starts cutting rates, you're gonna start seeing that total return
and bond portfolios. I know wehave a lot of are strategic partners that

(01:09:43):
come in and have chats with us, and you know, most of the
large investment banking firms which I won'tmention, but you can probably guess who
they are that come in and they'rewholesalers. We call them the wholesalers,
but they're basically the liaison between theinvestment banking firm and the retirement planning group.

(01:10:03):
They believe that a lot of theheadwinds that we had in two thousand
or twenty two are gone, andnow you're going to basically you're building the
foundation for the next bull market andfixed income and I agree, I agree,
I personally believe that's what's happening rightnow. So the thing is is
that now is a good time tokind of re evaluate where you are on

(01:10:27):
your fixed income. And a lotof people were talking today at the beginning
of the show, where you canget over five percent guaranteed at a treasury.
There are CDs out there right nowthat give you a very attractive yield.
There's corporate investment grade bonds right now. Corporate bonds, depending on the
portfolio, can give you anywhere ona coupon, anywhere from around a six

(01:10:53):
to nine percent yield right now now. Of course, depending on the portfolio.
If you're building out your own bondportfolio, or if you're actually participating
in either an ETF or a mutualfun you know that's not going to be
guaranteed and that's not going to stayin place. But the thing is is
that that's still an extremely attractive couponfor people that have basically been starving for

(01:11:16):
yield over the last few years.So anytime that there's a volatile market,
usually when you come out the otherside, it creates opportunities, and I
think right now the opportunity is kindof screaming right now for fixed income.
So be careful your duration. Youknow, your bang for your buck sometimes

(01:11:44):
is when you go to the longerduration, you're going to get more bang
for your buck as far as totalreturn. But that's a slippery slope.
We believe that that's a slope thatshould be done by professional money managers,
people that do this fifty sixty hoursa week, that are inside the pits
that understand the bond market, understandwhere the benefit is, where they should

(01:12:04):
be on the yield curve, whattheir duration should be in their portfolios.
So, like I said, highyields right now are offer attractive. The
high yields have historically been called acouple of things, either high yield bonds,
corporate bonds, or junk bonds.But give a shout out to your

(01:12:26):
financial team, talk to your financialadvisor, see if there's an opportunity out
there for you. I know forsome of us right now, we are
currently in chats. A lot oftimes we go to Zoom for these conference
calls, which have historically been justover the internet where you could listen to

(01:12:48):
them either on the telephone or overthe internet. Now, because of technology,
you can actually ask questions. Youcan talk to the portfolio managers,
which I think are extremely important.But understand the risk that's in your portfolio.
You know, some people went tocash. There's still trillions of dollars
in cash out there for people thatgot scared that went to the money market

(01:13:10):
account. Now you might want adollar cost average in a little bit and
start getting a little bit more.I guess you get your toe in the
water, putting a little bit morerisk into the portfolio. So I know
that's what we're contemplating now. Weare starting to do that with some of
our clients. So again, ifyou want a second opinion, if you

(01:13:33):
want to come in and have achat with us about your own individual portfolio
or your retirement plan. Like Isaid, we have four locations now in
the Capital District region. We haveOneana, we have eighty State Street in
Albany, and our corporate headquarters isin Malta, and of course we have
the Glen's Falls location. So howdo you do that? You can simply

(01:13:54):
call us at five one eight fiveeight zero one nine one nine. That's
five one eight five eight zero onenine one nine, or check us out
on the web rpgretire dot com.My son Christopher changes up the presentations the
content on the website on a weeklybasis, so there's a lot of good

(01:14:15):
information there. So if you geta chance, again it's rpg retire dot
com, rpg retire dot com.And again if you want to come in
for a consultation, it's five winteight five eight zero one nine one nine.
That's five eight, five zero onenine one nine. That's our corporate
offices. We can either do itface to face, Zoom, I come

(01:14:39):
to you. I actually enjoyed doingthat, enjoy taking a ride every once
in a while, getting out andseeing the countryside of this beautiful area that
we live in. Zach, Igot one quick question for you. Are
the Yankees really in the last placetied for the Red Sox? That's sick.

(01:15:00):
How many games back are they now? I don't even want to think
about it. That's why I saidon the football season. They want to
think about it on the football season. It's just amazing with that peril,
it's something there's got to be achange in New York. I mean,
that's not good for baseball to havethe Yankees and you know, battling for
the bottom of the You know,real quickly, I wanted to talk to

(01:15:23):
because you're a big Yankees fan,So you know, Steinbrenner came out and
said, I don't understand why allthese Yankee fans are upset, blah blah
blah. Then they hire a brandnew heading coach that said, I understand
here in New York it's championship orbust right now. You think that's a
little contradicting. Yeah, well,I think you know what I said to
you a couple of weeks ago oneon. If you remember this, the

(01:15:43):
old man would have never put upwith this George heads heads would have been
chopped off. And you know what, he was a winner, whether you
liked him or not, he wasa winner and he drove winning to that
organization. I think his son isextremely passive. I think there needs to
be a change. You know,I coached for years, right, A

(01:16:03):
coach basketball for years, and Iplayed basketball high school and college. And
the bottom line gets down to Iam a firm believer that sometimes a coach
loses his voice. You know whatI mean by that falls on deaf ears,
deaf ears, and that's what's happening. I think with the Yankees,

(01:16:24):
I think that there's not enough youknow, razzle dazzle. This is what
we need to do. You needto be accountable, right, Accountable.
I think that's the biggest word,right, there's accountable accountability. Right.
So, like I said, Ithink changes need to be made there,
and I think it starts from thetop, and ultimately, you know,

(01:16:45):
like I said, it doesn't Idon't think it does. Any good for
Major League Baseball, for the Yankeesbeing the seller. And I know that
you know circumstances judge his injury.You think he's gonna sue. I think
the Yankees will sue the Dodgers organization. They'll want some form of compensation for
that toe injury. I honestly,I honestly think that's what's going to happen.

(01:17:06):
Might not know judges in sue,but I don't know about the Yankees.
Yeah, I think they can.I think they can if if I'm
paying this guy fifty million a year. Right, All right, Well we
come back. We're gonna be talkingabout retirement income distribution. We're gonna talk
a little bit about some opportunities thatI think are out there right now that
you might want to think about.If you're going into retirement, you're probably

(01:17:26):
picking a really good time to enterwhat we call point of entry. But
when we come back, we haveopen lines one eight hundred talk W g
Y one eight hundred talk W eighttwo five fifty ninety nine. Dave Kopek,
We'll be right back. Why theway I always do? How was

(01:18:08):
I know she was with the Russians? Too? Says you're given me all
this goofy music. I have noidea who the hell that is? Warren
Zevon Lawyers, guns and money rightup your alley. Lawyers, guns and

(01:18:28):
money. Boy, That's all II must admit, though. When I
was in downtown Albany when we openedup the Morgan Stanley Dean with her office
in downtown, um, the stupidathletic club was booming and had just opened
up. And to say that itwas beautiful as an understatement. And I

(01:18:51):
met so many great people down there, still friends of mine a matter of
fact. Best man and Julie andmy wedding is Brian mc can, who's
an attorney. And that's where Imet him. I saw this little red
headed guy run around in the basketballcourt and I wanted to nail him.
I just want to, you know, I gotta get this guy. I
gotta I gotta take a couple ofpops at him. And we became best

(01:19:12):
of friends. He's like a brotherto me now, Just a great,
great, great guy. Brian andCathy. All Right, Retirement income distribution.
You know, we talk about thisall the time. It's not uncommon
that we get a lot of peoplethat come into our business. They want
to know how do I create aretirement portfolio? Right as far as income,

(01:19:38):
not told to return, but income. And the first rule that we
always say over and over again,of course is what never run out of
money and the second rule is neverforget rule number one. Right, we
want to build a portfolio, folks, And it sounds pretty straightforward, but
where it gets complicated is negotiating betweenthe two conflicting concerns, one for safety

(01:20:03):
and of course the one for growth. That you need to have a hedge
against inflation, so you know there'szero risk and a lot of the treasuries
that we're buying right now, butthe bottom line gets down to is that
where rate's going to be in twelvemonths from now. I mean, yeah,
we're getting over a five handle anda treasury bond, but ultimately,
in my opinion, that value isgoing to erode because that nest take,

(01:20:27):
like I told you about the farmer, is a modest rate to return in
order to keep pace with inflation.You need growth. You need growth in
the portfolio. So what do youhave as an appropriate strategy balancing those two
conflicting requirements safety and inflation? Safetyand inflation, well, retirement fun portfolios.

(01:20:55):
I'm gonna say that again, retirementfun portfolios, because what's a name
on a ors retirement planning group.You have to basically think about capital preservation
and growth to protect against the abilityto have purchasing power. I think about
the last twenty twenty five years inmy own personal life, how things are

(01:21:15):
so much different. I've got adaughter that's going to college in September,
actually September August twenty third, sheleaves, And if I told you what
I'm gonna have to take out ofmy pocket to pay for her tuition over
the next four years, it's youknow, it's a huge figure. It's
an astronomical figure, to be honestwith you. So when I think about

(01:21:39):
that in today's dollars and what it'sgoing to be another ten, fifteen,
twenty, or thirty years from now, who knows what that number is going
to be, But it's true withliving expenses. Okay, So you've got
to make distributions right which erode yourdividends, and you've got to choose asset
classes right that it's going to giveyou the appropriate income but also give you

(01:22:00):
purchasing power and growth. So howdo you build it out? How do
you build it out. So you'vegot to design a portfolio that balances the
requirements of income, liquidity, andthen you still want diversification for growth,
long term growth in order to havepurchasing power. So it really is a
daunting task. And you hear allthese people about you know, we do

(01:22:23):
great and we get a great rateof return, we do all this,
okay, but you still have tosatisfy one thing risk that four little word.
A guy that came in this pastweek, great guy, and he's
down five hundred thousand dollars in hisportfolio from the peak five hundred thousand dollars.

(01:22:45):
He still needs income, still needsto be able to have adequate amounts
of income for his retirement. Andthe thing is is that he would love
to see that figure again that hehad at the peak, the five hundred
thousand dollars that's no longer priced intohis portfolio. That's a lot of money.
So our parents had a little thingcalled pension, right, eighty six

(01:23:11):
percent of us do not have pensions. So nobody has a crystal ball on
the future. Nobody knows when blackswan events are going to happen like we
just had with COVID. Nobody hasan idea as far as what will happen
with interest rates over the next threeto five ten years. So the total
return investment approach has been universally acceptedas far as a way for you to

(01:23:38):
baby have. We call it modernportfolio theory, the four percent rule in
order to basically withdraw off a portfoliosystematically and still have adequate amounts of cash
as far as longevity for your retirementyears. So I'm not really in that

(01:23:58):
camp anymore, okay, because wealways say at the retirement planning group,
we would want to see baseline income, and baseline income is really your soul
security. The assets that maybe oneof the spouses has a small pension benefit
your soul security. Those are critical, critical components that a lot of people
I think do not spend enough timein order to justify the reason why they're

(01:24:24):
selecting that option. Well, Julie, my wife is very fortunate that she
worked for the school district. Withthat job, you know, they didn't
get paid an astronomical amount of money, but with her job, her employee
benefit packages as much as her salary. She has phenomenal healthcare, which ultimately

(01:24:45):
funneled down to all of us inour house. She has great dental,
great vision, and she has apension, a pension benefit that she will
receive some form of a pension benefitdegenerate cash for the rest of her life.
So when you go through a marketlike we just went through, where
you could see a market go downthirty or forty percent, you see a
bond portfolio that's going down twenty percent, can you still support the distributions off

(01:25:11):
your portfolio without liquidating? Here thatcan I still support my quality of life
when the stock market goes down thirtythirty five percent, the bond market goes
down eighteen or twenty percent, Anddo I have to liquidate in order to
justify the amount of cash that hasto go out the door? Distributions are

(01:25:39):
being made by shaving shares off theportfolio, which we don't like. We
don't like, we don't like,the liquidate assets in out order to satisfy
income. So when you say thatit's a balancing act, I think I
would say that's an understatement. It'sreally you've got to basically rebalance the portfolio

(01:26:05):
between stocks, bonds, alternative investments, which has changed the landscape dramatically.
Alternative investments and go through the wholelaundry list of different alternative investments, but
one of course is an annuity.The annuity gives you guaranteed income that will

(01:26:26):
last you a lifetime no matter whathappens to the stock or bond market.
That's really considered an an alternative investment. And in the low interest rate environment
world that we were living in,it's easy for investors to become assessed right
as we are right now with yieldyield. So when I said that this

(01:26:49):
creates a great opportunity for retirees atthe beginning of this hour, in my
opinion, not only is it goodas far as the coupon, but also
creates a total return investment strategy thatyou're going to be able to get some
bang for your buck total return withthe fixed income that we haven't seen for
a while. What does that translateinto building a rainy day fund, higher

(01:27:14):
distributions possibly off the portfolio, andthe probability that the portfolio is not gonna
want run out of money. Right, it's not going to run out of
money. What was the main concernthat we said at the very beginning,
right, we want to build aportfolio, right that will never run out

(01:27:35):
of money. The second rule,never forget rule number one. We don't
want to run out of money becausewe know that longevity is here with us.
You know the CFP College of FinancialPlanning, they basically say now that
you have to manage your assets toage one hundred. Well, we're seeing

(01:27:57):
it. I've been doing it forforty one years. I've got clients that
are in their eighties and nineties.I just told to you about the farmer
eighty eight years old. Never thoughthe was going to live as long as
he did has. So when you'rebuilding out your income distribution plan, your

(01:28:20):
retirement income distribution plan, you've gotto start thinking about the baseline. The
approach that you're taking. Okay,you've got to understand is that distributions are
funded from a portion of your portfolio, dividends, interests, harvesting gains.

(01:28:45):
That's basically the three components. Dividends, interests, harvesting gains. A lot
of times when we exceed what wewant as far as our net return in
the portfolio, we want to harvestsome of that put it in cash.
That cash is there as a rainyday fund. And right now, with

(01:29:10):
money markets giving you a yield andexcess. I spoke to a client of
ours this past week and he says, do we have too much in cash
right now? And I said,I'm waiting for the twenty fifth and the
twenty six to hear what the statementis going to be by the FED.
But I said, don't be disappointed, because you're getting five He says what
I said, Yeah, we're gettingfive percent on our money market account right

(01:29:31):
now through Fidelity, So we're gettingan asset class that's giving us a total
net return that most people would havestood in line for hours to get a
five percent CD to three years agoat our local banks. So how might
an investor, our future retiree generatea stream of incomes to support lifestyle?

(01:30:02):
Big thing? Have a realistic sustainablewithdrawal rate. You can't come in and
say, you know, I'm lookingto get eight to ten percent off my
portfolio. What's sustainable? Historically fourpercent is sustainable. That's what modern portfolio
theory has taught us that if youtake four the chances are pretty good that

(01:30:26):
you're not going to run out ofthat. Is there a guarantee to that?
No acid allocation with alternative investments.Now you used to be sixty forty
sixty percent would be in fixed income, forty percent would be in equity,
or fifty fifty depending on your appetitefor risk, and make sure that you're

(01:30:49):
allocating the equity side in a portfoliothat's going to be able to generate high
cash value dividends in order to satisfythe additional need that you might have for
income. So it really is alandscape that's daunting for a lot of people.

(01:31:09):
The reason why I say it todaybecause I think that some of us
are probably looking at opportunities right nowthat we haven't seen for the last five,
six, seven, eight years.As far as these coupons, these
radar returns that we're receiving, they'revery attractive. They're very attractive, And

(01:31:30):
we've been spending a lot of timewith our friends at Fidelity or back office.
As you're all quite well aware,we have access to Fidelity institutional wealth
advisors. We are in contact withthem as far as the rebalancing of some
of our portfolios to satisfy the needsthat our clients have for their income.

(01:31:51):
But bottom line gets down to isthat in a low interest rate world,
it's easy for investors to become assessedright yield yield yield. Now the yield
is here. Now what you haveto do is how does that translate into
how you're going to allocate your assets? Are you sitting on too much cash?

(01:32:14):
Personally? I think there's way toomuch cash down the sidelines right now.
Too many people have gone to cashit have not reallocated into You're not
going to get that five hundred thousandback, or you're not going to get
that money back unless you get reallocatedinto risk assets because the fixed income won't
give you the total return that you'regoing to need. So if you need

(01:32:36):
to have a chat, we'll offera complimentary consultation at any of our four
offices Oneana Albany. Of course,our corporate headquarters is in Malta and Glens
Falls. Give us a qual atfive point eight five zero one nine one
nine five one eight five eight zeroone nine one nine, or check us

(01:32:57):
out on the web at rpg retiredot com. Will we get back.
We have probably about ten minutes.You have any questions, it's one eight
hundred talk WGY. That's one eighthundred eight two five fifty nine. Love
to have a chat with you,I'm Dave Kopac. This is the retirement
planning show the eighty six Percenters.Do you know that eighty six percent of

(01:33:17):
the population has no defined benefit pensionplan? For most of us, we
have to take our life savings andcreate a paycheck for the rest of our
lives in retirement. What is yourplan for retirement income distribution? How will
you manage your assets during the mostcritical years of your lifetime. Nobel Prize
winning economists William Sharpe has called retirementincome distribution the nastiest, hardest problem in

(01:33:40):
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
your own personal retirement income distribution plan. How do you do that? To

(01:34:01):
take action? Five one eight fiveeight zero one nine one nine. That's
five one eight, five eight zeroone nine one nine or RPG retire on
the web. Don't procrastinate, motivateto start building your retirement income distribution plan.
Five one eight five eight zero,one nine one nine. If you
have any questions, please call innow at one eight hundred eight two five

(01:34:23):
fifty nine forty nine. That's oneeight hundred talk w g Y, one
eight hundred talk w g Y.We are live in studio to answer your
questions. One, all right,we are back. That's a great song.

(01:35:19):
Well, who's that singer? What'shis name? Rob Thomas and Santana
Man, he's good. I lovethat song. I love that song.
I can see my son down inTampa dancing on that one. I think
my son's moving to Florida, folks, my oldest I think he's moving to

(01:35:42):
Tampa. That's where Druce's son is, and he loves it. I hate
to say it, my apple ofmy eye, my oldest boy, but
you know, I gotta do whatyou gotta do. What he's down there
right now interviewing with different companies,some property management, and he'll probably get

(01:36:02):
something. So I guess I'll betaking a lot of trips to Florida with
my wife to see my son.So let's go to Stephen Glenville. He's
Steve had a question about a will, Yes, sir, you got a
question about a will? What kindof a will, just a standard.

(01:36:23):
Well, I had a question abouta will. I had left my money
to my brother, will all myassets to my brother who's four years younger
than I am. But then thequestion came up, what if he predeceases
me. Yeah, it's a prosturbedwill, so it would not go to

(01:36:45):
his wife his kids. If hepredeceased me, it would go to his
kids. The question came up betweenme and my brother, is uh,
should I leave the will this wayand then and trust the money to his
kids who are it's a very tightfamily to no problems. He's worried about

(01:37:08):
supporting his wife. Well, thisis what I would say to you.
I'm not a big believer. Hewants me to rewrite the will so that
if he predeceases me, the moneywill go to his wife. I'm I'm
gonna answer, but I got alot of feedback. But I apologize.
But we're getting a lot of feedback. Let me just tell you my personal

(01:37:29):
feeling. I am not a bigbeliever in wills. I don't you think
you should have anything go through probatewills to me or a thing of the
past. I am a huge believerin trust, either an irrevocable or revocable
trust. More irrevocable trust, especiallyfor those children or miners. The powers
of the trust will dictate how themoney is doled out at certain intervals,

(01:37:54):
at certain ages, for certain events. And I know nothing about a trust
that I dislike as far as anearrevocable trust, especially here in New York
State, because an earrevocable trust hasthe ability to become revocable partially if you've
put too much money in or ifyou want to take money out, and
it doesn't have an impact on theremaining assets. The other thing is that

(01:38:16):
the trust is protected from creditors andpredators, evil sudden laws and daughter in
laws, and the wishes are followedbasically by the powers of the trust.
So I am a big believer intrust. And if you would like,
I think at eleven o'clock today,Lou Pierro is on a very competent attorney

(01:38:42):
with his team, and you mightwant to call in and have a more
specific discussion with him. As faras how to have a chat. I
know that they offer a complimentary consultation. I had a gentleman that didn't want
to go on the air, buthe wanted to know about charities donating to
a charity and using retirement assets.Yes, yes, you can utilize your

(01:39:11):
retirement assets. It's extremely advantageous forpeople, especially if you have charitable intent.
It can be advantageous to the charityof course because they're not going to
pay any tax liability on it,but especially if they're a nonprofit. Excuse
me, So donating to a charityis socially good. You got a lot

(01:39:32):
of personal satisfaction out of it,recognition for from the charity for receiving those
assets. One way to direct charitablegiving is to assign retirement assets specifically if
you want them to go to certaincauses. And as I said, I've

(01:39:54):
had a lot of clients over theyears that have left qualified assets to a
charity at death. But here's thegreat thing. You don't have to wait
till death in order for you toreceive the benefit of giving to a charity.
You can do it during your lifetimeand you're gonna get some tax benefit

(01:40:15):
from it. So if you decideto donate to a charity, then you
might want to sit down with yourfinancial team to find out exactly how the
processes. The check with the planadministrator or with the financial institution, the
custodian to make sure that you're diningyour eyes and crossing your teas to make

(01:40:35):
sure that you're doing it properly.So, yes, we've done it.
Fidelity is our custodian of our assets. And you know there's different ways,
there are different strategies to do it, but the bottom line gets down to
is that if you want to donateand give some of your qualified assets to
a charity, it's very It's somethingto give you a lot of people a

(01:41:00):
lot of great satisfaction. So thereare tax implications, so make sure you
understand what they are and how youcan take advantage of some of the deductions
that you would receive. So weactually had a woman there was a client
of ours and it was never married. She was very involved with horses and
there is a horse rehabilitation or horsefarm down in Chatamme area that she left

(01:41:28):
a significant amount of money to inorder to basically allow that organization to utilize
those assets in order to house morehorses. I don't think it's only horses.
I think there's other animals that areinvolved in it too. So if
you want to sit down here,you want to have a chat. We
put you in contact with Fidelity andwe can talk a little bit about qualified

(01:41:58):
Charitable remainder rust and I know it'ssomething that we've done some work in and
it'll be more than happy to facilitateit. So on my office is five
eight five eight zero one nine onenine. That's five eight five eight zero
one nine one nine, and youcan ask to speak to me. I
had a woman that called last week, and I know that I put her

(01:42:20):
in contact with an attorney. Ijust want I know she's listening right now.
I found out that he is.He was out last week on vacation.
He'll be back in the office onMonday. So if you want to
reach out to him on Monday,I know that he I left a message
for him that you'll be reaching outto him to talk to him about your
own personal situation. So well,listen, we've come to the last forty

(01:42:44):
seconds or so before I'm gonna haveto say goodbye. But be safe.
I know that the weather out therehas been horrific. Water has done some
unbelievable damage in the Hudson Valley region. I know up in Lake George we've
had some runoffs just be careful,folks, and if you see bad weather
coming, you know, try toavoid it and go inside and be safe.

(01:43:06):
So I'll be back from twelve toone for Retirement Ready. But again
thank you for listening. I'm DaveKopeck. This has been the Retirement Planning
Show. Have a great weekend andI'll see you next week for another retirement
planning show. Give us a callif we can be of assistance. Five
one eight, five eight zero onenine one nine, Be safe, God

(01:43:27):
bless. The information provided is foreducational informational purposes only. It does not
constitute investment advice and it should notbe relied on as such. It should
not be considered a solicitation to buyeror to offer a sales security. It
does not take into account any investorsparticular investment objectives, strategies, tax status,
or investment horizon. You should consultyour attorney, your tax advisor.

(01:43:48):
Thank you for listening to the RetirementPlanning Show hosted by David Kopeck. If
you would like to talk with Daveor someone at the Retirement Planning Group,
call five one eight, five eightzero one nine one nine. That's five
one eight ade zero one nine onenine during business hours or visit us at
RPG retire dot com. The RetirementPlanning Group has three convenient offices located in

(01:44:08):
Albany, Malta and Glens Falls.Retirement Planning Group LLC is a registered investment
advisor. David M. Kopec isalso a registered representative of Pershcamplin Sterling Investments
Inc. PKS in their separate capacities. A registered representative of PKS, David
M. Kopeck may recommend the implementationof securities through PKS instead of Retirement Planning

(01:44:29):
Group LLC. Pershcamplin Sterlin Investments andRetirement Planning Group LLC are not affiliated companies.
Tune in again next week for RetirementPlanning Strategies with David Kopeck on the
Retirement Planning s