Retirement Planning Show

August 26th, 2023

Episode Transcript

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

(00:23):
M. Copack may recommend the implementationof securities through PKS instead of Retirement Planning
Group LLC. Perst Capitlan Sterling Investmentsand Retirement Planning Group LC are not affiliated
companies. Now it's time for theRetirement Planning Show on WGY. When the

(00:54):
solved snow is fall, each becomesa dome. Then you hear hardcoll You
know who that is. There's nois it like camps. Good morning everybody,

(01:26):
No place like home boy. It'sa sentimental when this morning I dropped
my daughter off this week to uhcollege. She's now a lemoine fish dolphin.
Dolphin hard to believe. It's astrange mascot. Yeah, upstate New
York. He got a dolphin asa mascot. We were talking about about

(01:49):
that with some people yesterday possibly newclients dolphins, but a lot of positive
feedback, a lot of people likeLemoyne that went there. It isn't a
close knit kind of alumni too,very very very similar to Sienna Dolph Dolph
day. Yeah, I have togo up and hang out and put my

(02:12):
dolphin off and on, put mydolphin off and on, you know,
through the dolphin dance. I wonderif there's a special kind of dance called
the dolphin. All right, everybody, let's get up and do the dolphin.
The Saints who were the Saints?It used to be the Indians.

(02:32):
Yeah, yeah, and they changedthe Saints. But good morning. We're
reminiscing here a little bit. Thisis the Retirement Planning Show. I'm Dave
Kulpeck. I'm here with Nicholas Domas, certified Financial Planner with the Retirement Planning
Group. That sounds good to say, high does. And you can add
professional plankets, salt and on therePPC. I don't forget about that one.

(02:55):
Yeah. So we're we're up,and we've got another week to ten
days before the rubber hits the roadand we're back to the nine to five.
The vacations will be over with thekids will be in school. Boy.
The summer went by quick, didn'tit. I didn't take mine yet.
You didn't take your vacation yet.No. I think I might go
down to Savannah. I think inOctober A. I'm looking at all.

(03:20):
I don't know. Nothing's final yet. Kender's still got a lot going on.
So I'm gonna make sure she's goodto go and we'll book. That's
right. You had to cancel out. You had to cancel out, Yeah,
because of circumstances. Supposed to goto Nashville. Yeah. The a
little bit of housekeeping here. Ouroperations manager Lisa had major surgery on Friday.

(03:43):
She had a hip replacement. ButI'm happy to say I guess everything
went fine. Yeah, she's home, moving around. She texted us.
She's at home. Da amazing.It's just to me. You go in
the morning, you get a newhip, and you're back home by four
o'clock. I'm looking for a head, new head, new head. Yeah,

(04:04):
what are you in here for?Like to get a new head.
It might take a couple extra days, I think, then a hip.
Yeah, yeah, that might tickle. But kind of a crazy week in
the market, you know, Nicoand I were just talking about it.
You know, the Magnificent seven.That's what we keep on talking about.

(04:28):
You know, if you're in tripleq's, you're dancing in the street,
if you're in DAWs stocks. Thishas been a very limited market participation as
far as the gains in the market. Seven stocks have made up ninety percent,
ninety percent of the return in thesp five. Yeah, very concentrated.
I mean, you look at theDOW we're just talking about it,

(04:49):
it's at about thirty four thousand,three hundred and some change. Beginning of
twenty twenty two is at like thirtysix thirty six thousand, and then you
get this year. Chnology took offpretty quickly. I think triple queues are
still up about thirty seven thirty eight, yeah, on the year. And
then and then you look at theSMP and even that one's rally in quite

(05:10):
a bit. So you need tomake sure that you're aware of the current
market environment. There's a lot ofearnings that are pushing stocks forward right now,
and those earnings need to continue.I mean, we're in a high
rate environment. So it's a tricky, tricky ball park. It's been a
technology, it's been a technology rallyYeah, predominantly. Yeah, and now
you're starting to see some of thebellweathers earning seasons out. As of right

(05:38):
now, it's actually doing pretty well. But bottom line it's down to is
that you know, summer is basicallythis week and next week will probably be
low volume. This is when everybodyon Wall Street is getting their last week
or two in. But bottom lineis is that there's some uncertainty in the

(06:02):
market right now. And the uncertainty, of course, is what's the Fed
gonna do? Are they done?Are they not done? Are they going
to have another rate increase? Ithink they're done. Personally, I think
they're done. Yeah, I thinkwhen he's the trend is actually moving pretty
good as far as lower inflation.And if that is the case, folks,

(06:27):
a lot of your investment gurus,the people that analysts CFAs, all
the guys that have the day today, week to week job to do
analysis on the markets and the componentsof the market are pretty bullish on bonds.
Pretty bullish on bonds. Were thenext twelve to eighteen months. Yeah,

(06:49):
I mean, if you think aboutit in the past, I mean
we're probably around a peak. Sowe're at the peak of the interest rate
hikes, and typically there's a twelvemonth pause before rates start coming back down.
So if you think about it,maybe some point next summer, late
summer, if that was the last, the last hike here that we just

(07:11):
had, so h once race tostart coming back down, you're gonna see
some pop on the in the bondmarket because that generally increases the principal value
of these these bond holdings because there'snewer, less attractive bonds out there,
So those older ones are gonna beworth more value because they're kicking off higher
coupons. So I also agree,I think there is opportunity in that fixed

(07:34):
income space. And even if youdon't get capital appreciation, some of these
corporates are kicking off seven eight percentat this point, so it's pretty They
yielded pretty attractive angels right now.But the other the other thing is too
is that you know, on anhistorical basis October November, they've always been
considered to be strong market markets,you know, total return, but you

(07:59):
know, improving her lower volatively.The messaging from the Fed, I think
it's pretty favorable for both stocks andbonds and the uncertainty that remains will be.
You know, what is going tohappen to the eye word inflation?
Inflation? What's going to happen inthe wh the White House next year.

(08:22):
I'm actually it's a very sad day, I think for Americans when he got
a president, a former president beingindicted in his picture is all over the
internet and magazines, et cetera.Whether you're a Republican or Democrat, I
don't see how anyone can cheer andfeel good about this. Whether it's political

(08:43):
or not political, who knows.I try to stay out of that arena,
but I know one thing, it'sas a country. It saddens me
that we were we are so polarizedbetween a Democrat and a Republican. It's
almost like they can't even sit atthe table. And yeah, I had
this conversation with a client that camein this past week when we were talking

(09:05):
about the political landscape a little bit, and he's saying the past a lot
of times. I mean, yeah, if there are people that are on
both sides, but once a presidentwas elected, generally people would back them
up when you get behind him andsupport him. But at this point,
it's just it's a lot of hateout there. And a lot of people
are divided, and politics kind ofdrives a wrench in a lot of relationships.

(09:26):
The way that they speak to oneanother is challenging at best to listen
when they start calling people filthy names, and they start saying things about their
family and etc. I don't knowhow far you know this pendulum has gone.

(09:46):
It's I think it's gone way toofar. I used to tell you
I watched the news every night.I don't watch the news at all anymore.
Zero. I don't even turn iton. The only thing I watched
right now is I watched the financialchannels, and I do my own research
on the internet. I just Ican't do it. Use your laptop quite
a bit all the time. Iwas gonna say that, Yeah, I
use my laptop all the time.So all right, we're gonna talk a

(10:09):
little bit about protection. There's somethings going on recent meetings that I've had
with individuals with the New York StatePartnership Program. We're going to talk about
pensions and pensions selection. We've hada lot of people recently, state retirees,
teachers, New York State police thathave substantial pensions. Sometimes husband and

(10:31):
wives both have pension benefits which makeit very attractive as far as cash flow,
And Nico pointed something out to methis warning when we were talking about
our topic today, is that whatgood is a lot of cash flow if
you're not using it. And itmakes a lot of sense because you're you're

(10:52):
suffering a tax liability and those hardearned dollars that you've accumulated, whether it's
an a pension benefit or what formof distribution that you have with qualified assets,
you want to maximize them to minimizetax. Yes, you do want
creature comforts, you do want qualityof life. So we'll talk a little

(11:15):
bit about how we look at itand how we build out a retirement income
distribution plan. But this is liveradio, believe it or not. We
are actually here in the studio withthat evil production manager. A guy been
the name is Zach, who's aPhiladelphia Eagle fan. Giants got their number
this year, baby, Giants gottheir number this year. He's just gridding.

(11:39):
The Giants just picked somebody up.Yeah, they did. Simmons,
Yeah, defensive back when he's beenplaying light linebacker. I think they're going
to use him. They need somehelp in the secondary. The Giants need
some help in the secondary. Butwe're live. We're here if you want
to talk and have a question aboutinvestments, asset protection, legacy, retirement

(12:00):
income distribution. You want to talkabout how great it is to listen to
our show. We call our number, Call our number. What's the number
here? Five on eight talk wGUI one eight hundred. I gotta I
gotta go grab what I just started, one eight hundred, talked guy.

(12:22):
That's one eight hundred eight two fivefifty ninety nine. I'm Dave Kopek.
I'll be back here with Sleepy andDopey's in the booth. Zach we I,
you're right back the eighty six percenters. Do you know that eighty
six percent of the population has nodefined benefit pension plan? For most of
us, we have to take ourlife savings and create a paycheck for the
rest of our lives in retirement.What is your plan for retirement income distribution?

(12:46):
How will you manage your assets duringthe most critical years of your lifetime.
Nobel Prize winning economists William Sharp hascalled retirement income distribution the nastiest,
hardest problem in finance. He pointsout that investment uncertainty and mortality can derail
the most careful laid out retirement incomeplan. Call our offices today to start

(13:07):
the process of building your retirement incomedistribution plan. After forty one years of
being in the financial services business,you need to start taking action to start
building your own personal retirement income distributionplan. How do you do that?
To take action? Five one eightfive eight zero one nine one nine.
That's five one eight five eight zeroone nine one nine or RPG retire on

(13:28):
the web. Don't procrastinate, motivateto start building your retirement income distribution plan
five one eight five eight zero onenine one nine. If you have any
questions, please call in now atone eight hundred eight two five fifty nine
forty nine. That's one eight hundredtalk WGY, one eight hundred talk WGY.
We are live in studio to answeryour questions. I am a lineman

(14:01):
for the county and I drive themain road searching in the sun for another
below. I hear you singing inthe wire. I can give you to

(14:26):
the wind and the witcher tall lineis still on the line. No,
that's not Frank Sinatra. Who's that? So? I need a small face

(14:50):
shut folkon crane and if it's notCampbell. That's what I said. He's
related to God, rest his soul. You know, another one that's gone,

(15:16):
that's past. You know, lifeis fleeting. It's it's amazing how
quickly time goes by. You know, at the older you get, the
more you realize that you've just gotyou know, a limited amount of time
and you try to get everything done. And it's true with life and it's

(15:37):
also true with investments in retirement planning. Sounds kind of corny, but we
do have a limited amount of timein order to put the ducks in a
row in order to facilitate we hadWe've had a lot of great meetings recently.
And what I like about our meetingsis that, uh, we really
kind of get into a lot ofin depth conversations, but not so much

(16:03):
that you know, the people arelike glazed over where you know, deer
in the headlights. But I thinkone of the things that we try to
do is to separate ourselves from ourcompetitors. It's we don't have a cookie
cutter approach, you know what Imean. It's really our platform is really
specific to you, to the individualthat's sitting across from us, and everybody's

(16:27):
different. You know, you hearsomebody say, well, you always do
this one, or you always takethat option, or you do this.
That's not true. It's not trueat all. So this morning we're gonna
talk a little bit about protection.I want to get into a little bit
before we get into that, asfar as pension benefits and all that stuff.
The New York State Partnership for LongTerm Care, Yeah, because there

(16:48):
are a lot of people that arereceiving substantial, substantial increases in those policies.
And it's never been my position towalk away from an insurance product because
of the increase, because you're neveras young as you were when you got

(17:11):
the policy or as healthy, andyou'll never get that policy back again.
You'll never get it back again,especially with the partnership. Yep. I
mean those partnership policies are what doyou call them? You call them golden
Yeah, it's the golden nugget,the golden nugget. Yeah, it's the
golden nuggets, the best of thebreed. They you know, when they
came out, they priced them wrong. When they came out, They made

(17:33):
statements that they didn't back up whenthey came out. It was an interest
rate environment that they didn't expect interestrates to go to zero and one percent,
you know, so it was atsunami. But the benefits of that
partnership program, it's fun. Onceyou exhaust the plan or the actual benefit,

(17:55):
then your state's protected. You instantlyqualify for medicaid. At that point
qualify for medicaid. And the thingis is that they don't penalize you for
transferring assets. There's no look back. But the question becomes, doesn't make
sense for people to spend You know, if I'm paying three thousand dollars thirty

(18:17):
four hundred dollars a year, andwhen I took it out and now I'm
up to eight thousand dollars, whichshe was going to be eleanor seventy nine.
It was gonna be seventy nine hundred, almost eight thousand dollars a year,
and she started off it was likethirty four hundred and change, four
hundred a day, about six hundredright now. Wow, Yeah, she
spending it over twenty years, that'sshe's looking at. It's five hundred seventy

(18:41):
five whatever it is. So itwas so what we did, you know,
I'm not letting the cat out ofthe bag here, because you have
no idea who this woman is.But I met with her and face to
face with her family at her home, and we told her about seven eight
years ago, you know, Idon't like the train that's going down the
track here. And I know thatultimately New York State is not going to

(19:03):
back up what they told us inregards to you know, they weren't going
to increase the policies, but theydid. They've approved every almost every single
time that they've gone in to getan increase on these policies. And you
know, the sad part of thisis that there's not one partnership policy that
you can buy right now. Theydon't exist. So you ended up doing

(19:25):
a double band aid. We dida double band aid. We did the
trust she's over the five years,we put the money in there, the
home that she wanted to have inthere. She has about one hundred thousand
dollars of nonfurfeiture benefit, meaning thatwe're going to cancel out the policy.
She's got one hundred thousand dollars that'sthere if she ever needs it for home
care or assisted living. And we'rejust going to keep our fingers crossed because

(19:48):
the eight thousand dollars a year thatshe's paying. She's now going to put
it into her bank account and she'sgonna leave it there and she's going to
use that if if she has toas other some other form of you know,
resources. But you know, Ialways tell people this, and you
know, I've got a story totell because I've lived it. My wife

(20:11):
was a caregiver. You've heard mesay this numerous times for a lot of
I think about that last couple thatwe met with the sweet she's a teacher,
he works for a union, andyou know, they got more than
enough cash flow. Their problems notcash flow, it's risk management. It's
risk management, that's exactly right,bulls. And had good conversations with them.

(20:37):
They're gonna have a lot of excesscash flow in retirement, so with
between the two pensions and then socialSecurity layered on top of that figure to
me well into six figures. Soit was talking to them about potential estate
crashers pet potential long term care forthem goes into a nursing home or long
term care facility or needs assisted living. Let's what's gonna happ And I always

(21:00):
say to people, Okay, you'vegotta you know, we see it.
We see it all the time becauseof our book of business. Close your
eyes and now you're no longer home, you're in a long term care facility
where you're write in the check fromyea, where you're writ in the check.
That's the that's reality, you know. And the thing is is that
every nobody wants to talk about itbecause nobody wants to talk about bad health

(21:21):
or having health issues and not beingable to, you know, take care
of yourself. You know, it'sit sucks. I mean that's the only
way to know. I've seen it. I've lived it, and I've been
to people's houses. You sit acrossfrom them and you just you look at
the person and you just say,you know, I remember I remember this
person thirty years ago and how theylooked and how you know, it's it

(21:41):
really is depressing at times, butthat's father time. And father time has
a way of coming in and justclocking you, kicking your right in the
teeth. And now you've got tomake some decisions that are very difficult.
So you know, the biggest achillesseal I think for most people is that
they do no planning, hardly anyplanning at all. For a warm term

(22:03):
cure event. We've been doing alot of estate planning and having a lot
of conversations with clients more than ever, getting people set up with Frank Lang
or their their current attorney if theywant to do that, but just trying
to work around the estate and makesure that if something did happen, we
have wealth replacement for their surviving spouse, the assets aren't going to get eaten

(22:26):
up. And then also for legacypurposes, I mean for the beneficiaries if
you have children and you want togift money or you want to give money
to them. Had a lot ofconversations revolving that too. Specifically for this
couple. I mean, they're gonnahave pensions, access cash flow. They're
just their bank accounts are just goingto continue to increase in retirement. So
instead of leaving a zero point fivepercent savings account to them, let's start

(22:48):
looking at some legacy options. Wellnot only that, but the thing is
is that you had a great point. You've got a great point. I
mean, what is the plan forthe cash flow? I mean you talk
about your investment plan, your estateplan, but when you have substantial cash
flow, what is your income plant? You know, you have a component.
For Dan Bouchard, who I workedwith for years, he used to
have the one percent rule, andback then it made a lot of sense

(23:12):
because you could buy a whole hellof a lot of long term care for
one percent. So one percent rulewas is that take your investments and one
percent a year on a million dollarswould be ten thousand dollars a year.
If you could take one percent ofyour investment portfolio and protect everything and everything

(23:33):
you've accumulated in your lifetime, you'redoing a hell of a job, right.
But that doesn't exist at all anymorebecause the long term care policies out
there or they're expensive. Yeah,you can't get a policy for unless you're
doing it young. Yeah, that'swhat I was gonna say. You depending
on your age and your health.If you have poor health, it's going

(23:55):
to be even more expensive. Soyeah, you gotta be careful. But
that you got it? Is thata Philadelphia Eagles thing on that you got
odd something? Is that like aPhiladelphia Eagles something? Yeah? It is?
Why would you wear that? Wouldyou know? I'm a Giant fan.
I'm paying the bill here. Idon't see you wearing any Giants things.

(24:17):
All right, we gotta take abreak. We'll be back on the
other side of the half hour.Calvistun, Calvstun. I still here.
You see Wind's blue Win. Istill see her dark guys blue in.

(24:47):
She was twenty one when I leftCalvis Stun the Star. Now who's out?
That's Glen Campbell Ding. We havea winder. I know they're number

(25:08):
one. I know my artists.What's your father? Your father went to
see you home? My father?You and your father went to a concert.
Oh, we went to Eric Churchand Laney Wilson. What's last week?
What is that country? Yeah?What is? He's a country singer
and then she's a she's a countrysinger as well. Were they? You

(25:29):
were good? It was raining though, so yeah, I didn't have a
whole lot of fun there. Itwas wet. I wanted to go home.
Yeah, that's not fun, notfun being outside. It's like Jimmy
wanted to do golf on Thursday,and I said, you know, Jim's
gonna rain, but he's he's possessedto do that. Thursday Nightly said,
I you know, bring up ackyou weather, just bring up at you

(25:51):
weather. No, we're I thinkwe're gonna be okay, And I said,
no, You're not gonna be okay. It was like it was like
Caddyshack. I'm the best round inmy life. Get struck by lightning.
That's gym out there on seven edges. You just won't possessed. And that
leads me into golf September twenty eight. If you would like to participate.

(26:15):
As you know, I've had cancerthroughout my family and it's been devastating.
But we do a swing for hereSeptember twenty eight at Fairways of Half Moon.
All the proceeds will go to theAmerican Cancer Society this year. If
you would like to participate, it'sa great day, a lot of gifts,

(26:37):
entertainment. Well, we're gonna doeverything. We'll have you know,
rides and clowns, and we're gonnahave a car. We're gonna have a
good bus, ferris wheel. Holdon one you win a carbo hot tub,
get a hot tube. Sometimes aset of clubs from Northway eight.
Yep. I think we're gonna we'regonna knocking out of the ballpark. I

(27:00):
did. We did about twenty thousanddollars last year. We want to surpass
that this year. So if you'dlike to come and play and have a
great day with a lot of friendsand clients and guests. Colt is going
to be there, my cousin's sonwho was a cancer survivor. Colton is
now I think five, and he'sdone a unbelievable job. And then we're

(27:26):
also going to have some other specialguests and then but Jim will take your
reservation at five one eight, fiveeight zero one nine one nine. If
you can't come, you can stillmake a contribution. It's for a great
cause. Yeah, we've already hadquite a few people make contributions. Have

(27:49):
we starting to get checks in thehouse. Yeah, we really appreciate everybody.
For those of you that have alreadycontributed as well. You make them
right directly to the American Cancer Societytoo, not to Dave Kopec or Nico.
All Right, we're talking about pensions. We're talking about protection. We're
talking about this new world that welive in. If you have a pension,

(28:11):
you should be high fiveing and jumpingup and down, because almost ninety
percent of the population does not havea pension, and there's a lot of
different ways that you can take yourpension. Selection You can take an annuity,
all right, single life annuity,you can take what we call joint
life payments will stay exactly the same. But Stay in New York has what

(28:33):
we call the pop up options,which the bulk of the people will take
the pop up Yanke's been doing thatquite a bit recent. Don't talk about
the gangs, don't. I actuallyI can't talk about them. It's it's
so disgusting. Yeah, they're ona three hundred million dollars payroll and they're
in last place. That's just youknow what, I don't care what anybody

(28:56):
says. They need to clean house. They need to get rid of all,
they need to get even the ownerSteinberger, get rid of him,
his old man, his father man. They'd be lightning. They'd be lightning
bolts in that clubhouse team. Therewould be a brand new team. There's
no way that George would put upwith this. The kid is like complacent.
I don't know, maybe he doesn'tcare. You know when when the

(29:18):
father died. You do know thestory about that estate planning story, right,
George Steinberger died and when he died, right, there was no estate
tax. That was the one yearthat there was no estate tax. So
he had a multi billion dollar operationand there was no estate tax. So

(29:42):
those kids got everything tax free.Wow, one percent tax rate. That's
incredible, isn't it. Yeah,yeah, pretty amazing. So that this
kid is sitting on billions of dollarsof net worth. What year was that,
But I'll look it up. Idon't know, Just look up the
year that George Steinbentner died, andthat was the year that there was no

(30:03):
estate tax. So the thing isis that it don't tell me they don't
have the working capital, they don'thave the resources. It's one of the
most profitable organizations. But I'm gettingout a tangent here. As you can
tell, I've been a diehard Yankeefan my whole life. Twenty ten,
so that was the year that therewas no estate tax. But pop ups.

(30:27):
So with pop ups New York Statepopups? Is that something you're put
in a toaster it pops up withNew York State fans. That was a
pop tart? Remember, yeah?Remember pop tarts? Yeah? Yeah,
you haven't eaten a pop tart recently? No, No, I can't.
Those are two sweet My kids,my son Christopher used to eat those damn

(30:48):
things. And no, I can't. It's just two. It's just sweet,
all right. Let's get back topension pension options. The pop up
option is when you have the optionto take a lower benefit than your single
life allowance, and then if yourspouse passed away, then you pop up
to your original your originally you yourfull single life max max benefit, your

(31:12):
max benefit there. So, sothe thing is is that if you die
prematurely, if you die prematurely thepensioner, then you're going to receive your
error. Your husband or wife wouldreceive the benefit that's exactly the same as
you're receiving right now. But ifyour spouse passes away, which is not

(31:34):
the pensioner, then you go backto your maxim. I think it makes
all the sense in the world.There used to be a strategy that we
used to utilize all the time calledpension max with state retirees because there was
a big variance between the maximum andthe joint survivor. You know, say
it was fifty thousand dollars for asingle life and for you know, joint

(31:57):
life it was forty eight thousand dollars. Yeah, that eight thousand dollars instead
of you know, getting the jointlife you would take the eight thousand dollars
and buy an insurance policy, andthat would be a legacy. There would
be a transfer of wealth to thesurviving spouse in the form of a tax
free life insurance policy. I'm stillin the camp that that makes a lot

(32:19):
of sense for people, and speciallylarge spreads that have spreads, but they
also have cash flow that's coming outlike a fire hose. Yeah, because
no matter. You know Brian andmy friend Brian, of course, you
know he's retiring state retiree and veryshort in your future. Me and him
and I had this chat in thegolf cart a couple of weeks ago,

(32:40):
and I said to him, Isaid, you know you're gonna have to
make a decision here, and youshould be looking at it right now,
whether you want to take that maxpension, right, and because his wife's
got a great pension too, right, you got more than enough accumulated in
assets. I said, you're gonnafind yourself in a position that pool of

(33:00):
money, say some million dollars that'sin the I ras. You know that's
an achilles heel because you're gonna livelonger than you think, and then when
you least want the distribution, thedistributions to become the largest, and it's
always like you know, like yougot an Achilles heel. It just never
fixes, it never gets better,it gets worse. And so get ahead

(33:21):
of that R and D. AndI mean that first year, once you
hit seventy three, if you havea million bucks, it's gonna be around
forty grand. So again four percent, Wait, no, four grand.
If we have forty grand, I'msorry, I just had some coffee.
I'm trying to get there yet,So forty grand that first year. Eventually
it's going to be a really highnumber coming off your your IRA, your
deferred comp or whatever you might havesaved into those pretax dollars. They have

(33:45):
to come out. So why notget in front of it, start doing
some RMD planning. If you're notgoing to need that cash flow because you
already have strong pensions, you haveSoC security coming in at this point,
so why do you need that fortythousand dollars check in your bank account.
Let's get in front of that andput some velocity on those dollars. And
that's what we talked to a lotof folks. Amount Yeah, and the
other thing is too, is thatfor some of you that do have We

(34:06):
work a lot of companies, workwith a lot of people from National Grid,
We work with a lot of companies, Bimbo bakeries go through the whole
laundryless state retirees, but some ofthe plants allow you to do what they
call a lump some payment, andthat's the ability for you to take the
pool of money and do a IRArollover, meaning that that money is now

(34:27):
transferred from your company's plan to yourown self directed IRA. I'm gonna say
they're probably ninety percent of the peoplethat we work with, that's what they
do. Would you say that,Yeah, yeah, I would say nine
out of ten. Taking that lumpsome control your own fate, a little
more freedom, flexibility, liquidity,and you also have a legacy. Whatever
is left in the pot stays withyour family and loved ones. You take

(34:51):
a pension selection, and what yougot left after you die nothing zero,
ells, zippo exactly, unless youcould do a joint payment so your spouse
will receive the payments as well.But then after that there's no there's no
death benefit associated with that. Youcould actually some state employees do you have

(35:12):
the option to add children now asI told you about that one guy.
Yeah, the corrections officer was doingit unblueing. His benefit would have been
like one hundred and ten thousand dollarsa year single life. Yeah, he
did a joint life with his likeforty year old daughter. It was eighty

(35:34):
eight eighty thousand dollars. So whenhe dies, his daughter will receive that
eighty thousand dollars for as long asshe shall live. And he did it
because I didn't even know that youcould do this, to be honest with,
someone else brought it up this pastweek that I met with. They
probably heard, they probably heard ustalk about it on the radio. Yeah,
you know. Because the thing isis that if that is the case,

(35:55):
if you are asset rich and cashrich, cash flow rich, then
maybe that is an option that youtake for the starving artist child or the
child that you know will never havea pension benefit. But think about it
though a difference, I mean thethirty thousand dollars difference, Well that's thirty
for him, but for him hiswife has got a state pension two.

(36:16):
If we did pension max with him, I'm saying, yeah, I gagine
how much thirty thousand a year wouldbuy. Yeah. But the thing is
is that he's probably uninsurable. Yeah, yeah, he wasn't the picture of
health you'd get. You gotta geta lot of velocity. The rule,
you know, modern five percent.If you assume five percent and at eighty
thousand dollars, you're gonna you're gonnaneed about a million six one point six

(36:40):
million in death benefit. It's quickmath. Well I'm a smart guy.
Yeah, one point six five percentoff that especially in today's world with interest
rates at five five point three.Yeah. And the thing is is that,
you know he said that was quick. You can tell I worked in
the restaurant business because as soon asI looked at the receipt, I want
to know how much? What wasit? What was the percentage that they

(37:01):
paid me in my tip? WhenI was bart bartend and you see they
have Yeah, I don't like tipoptions. I don't like it. The
Delhi I go to them, likeGeorge the Deli. I go in there
and I'll buy charcoal, you know, for the for the grill. And
it comes up, you know howmuch you want to leave a tip?
Nice? I hit that button thatsays skip skip at I don't care.

(37:28):
Look, I got to tip themfrom the charcoal rist I'll go out and
steal it from the front yard orwhatever if I have to leave a tip
on charcoal. But so you know, the thing is is that you know,
we always tell individuals there's pros andcons and no matter what you do,
if you get a guaranteed pension benefit, of course it's regular income.

(37:50):
And that's the key word here forlife. For life, there's no responsibility.
You don't have to make any investmentdecisions that protects against the termination of
a plan. Right if you buy, you know, an annuity, meaning
that the annuity basically is now protected. You don't have to worry about is
the company going to go broke?The cons of courses set that you're vulnerable
to inflation and the income is dependentthe strength and the financial paying ability.

(38:20):
But New York State is the bestplace to buy an annuity if you're going
to do it yourself, create yourown pension benefit because you get the additional
five hundred thousand dollars of protection.Yep, exactly, So the state would
back up to five hundred thousand dollarsof that investment depending on how much you
do. Sure Again, but ifyou take that lump, so we don't
have to put it all into somesort of an annuity contract. I mean,

(38:42):
we could take a portion guaranteeing incomestream of let's say two thousand a
month. We'll see how much ittakes to buy that, and we can
do a tax free transfer from pretax to a pre tax annuity. Start
making those payments, and then youalso have some liquidity, some freedom with
the other side of your portfolio.If you need to access fifteen twenty thousand
dollars here and there, we certainlydo that. So all right, we're
gonna take a break. When wecome back, we're gonna talk a little

(39:05):
bit more about protection. When Isay protection in your retirement, it's not
long term care. It's not youknow how to protect your estate from a
Medicaid event. It's protection. Whenwe talk about protection, that's just one
component of how you can get hurtin your retirement years. The other thing
is is that if you're selecting thewrong type of investments for your retirement years.

(39:29):
We say this all the time.It's hard for people to make the
change from accumulator to one that's doingpreservation and distribution, huge, huge difference.
You know, when we have peoplecommit and say thous, well,
you know what am I getting onmy portfolio this year? What's my net
return? Well? That's important,of course it's important. But are you
drawn on that portfolio right? Ye? Are you taking distributions off that portfolio?

(39:52):
If you are, you've got tothink a little bit differently, because
it's critical that you have a portfoliothat's set up specific leave for retirement income
distribution, and you should get goingon that way before your retirement years.
I was looking at some of thesefour O one K statements and the options
that they have. I'm not gonnasay any specific companies, but some of

(40:13):
the fixed income options that they have, the bonds, their yields are near
junk. Some of the yields wecan get in iras right now, you
can get a treasury almost five pointfour percent one year one year treasury.
Some of these are getting two yeah, three, Like, what's the point
have you been? Well, they'rekeeping the spread. Yeah, the investment
banking firm is keeping the spread.They're going out. They're buying the same

(40:34):
thing that we're buying, except they'retaking their piece off the top, and
then they're giving the net return tothe investor, which is you know,
they're yeah, So we'll be rightback after this quick message. Dave Kopeck
here with Nicholas doomas certified financial planner. We are the Retirement Planning Group.
Four locations, Oneana, Albany headquartersis in Malta and then of course Lens

(40:58):
Falls. If you'd like to havea chat with us about your own personal
situation, it's pretty easy. Fiveone eight five eight zero, one nine,
one nine. If you have aquestion today, it's one eight hundred
talk to WGY. Even if it'soff topic, that's one eight hundred talk
WGY. We're here live. We'llsee you right after this. The eighty
six per centers do you know thateighty six percent of the population has no

(41:20):
defined benefit pension plan? For mostof us, we have to take our
life savings and create a paycheck forthe rest of our lives in retirement.
What is your plan for retirement incomedistribution? How will you manage your assets
during the most critical years of yourlifetime. Nobel Prize winning economist William Sharp
has called retirement income distribution the nastiest, hardest problem in finance. He points

(41:42):
out that investment, uncertainty and mortalitycan derail the most careful laid out retirement
income plan. Call our offices todayto start the process of building your retirement
income distribution plan. After forty oneyears of being in the financial services business,
you need to start taking action tostart building your own personal retirement income
distribution plan. How do you dothat? To take action? Five one

(42:04):
eight five eight zero one nine onenine. That's five one eight, five
eight zero one nine one nine orRPG retire on the web. Don't procrastinate,
motivate to start building your retirement incomedistribution plan five one eight five eight
zero one nine one nine. Ifyou have any questions, please call in
now at one eight hundred eight twofive fifty nine forty nine. That's one

(42:24):
eight hundred talk w g Y,one eight hundred talk w g Y.
We are live in studio to answeryour questions. I've been walking d streets
solong, singing the same old song. I know I'll be cracking these thirty

(42:52):
side walks a broadly where hustles thename the game, and nice guys get
washed away like the snow and therain. There's been a little of compromising

(43:14):
on the road to my horizon,but I'm gonna be where the lights?
I shine it on me like ariding storm. Now a boy, all
right, we are back. Didyou go out take a ride on your

(43:37):
horse? Did you what's what doyou what's the name of your horse?
What do you call your horse?My horse? My horse's name? What's
your horse's name? Hey, guyshave horses? Red red dragon, red
dragon? Now do you red storm? Red storm? Do you have a
horse? Did you ever have ahorse on the farm? Half a horse,

(43:59):
had a half horse, a minihorse? You know those little mini
horses, did you? Yeah?Did you guys have one of them?
Duchess as ed when you were akid, the front half or the back
half. It's a miniature horse.And his name was Duchess. And I
tried riding at one time and thatwas it. I didn't Yeah, didn't

(44:21):
go well. We ended up gettingrid of her. She she she bit
and mean. And then we hadgoats too. Well, she's some mechanic
ball, you know. It wasa mechanic bull horse. Do you ever
have goats? No? No,No fascinating animals. Yeah, we'll lead
anything. We'll eat tin cans.Billy. We had a billy goat named
Elvis. He used to chase mearound. I'd run in its pen,

(44:45):
jump up on its little roof inthis house, all of us bring back
memories. No, it did alot, did not sing. I got
my dog. I got a yellowlab and I've got her now. I
got her trained a little bit whereshe's uh, she wants a treat right,
So I'll say to her, yougotta sing, right, you gotta
you know, and I'll do youknow like that she's doing show. Yeah,

(45:09):
she'll do it. She'll just sitthere and start we go because she
wants a treat tree. We hadtwo other goats, Laverne and Shirley.
My parents were big into goats,No, not gots. They were big
into the singers, right, Laverneand Yeah and then Yeah Elvis. Yeah.

(45:30):
It was the names. The it'scrazy. You maybe think of something.
You go up. There's a farmin Vermont. I can't think of
the name of it, but it'sbig because they get goat milk there and
a lot of things dairy that it'sassociated with with the goats, cheese and
goat cheese. But I don't know. I just not a goat guy.

(45:53):
I guess never never really got attractedthe goats. We've got to gettack.
We've got about five minutes before thehour. The Yeah, let's get back
on the pension benefits here because I'lltell you what, growing up in Scatticoke,

(46:13):
there wasn't a lot of things todo there. But the one of
the things we did do is thatwe spent a lot of time working.
So I know what it's like towork. And typically farmers and people that
work in agriculture, as we're allquite well aware, it's a daunting task.

(46:37):
So when you get to the endof the line and you've got to
do some retirement planning, hopefully you'llkeep us in mind. Like we said,
we like working with hard working saversAnd it's uh like I said,
it's it's a landscape that changes consistently. You know, the Secure Act is
out and the thing that I findamazing, and they bring it up.

(46:59):
Try to bring it up every weekbecause the end of the year will be
here before you know it. Andif you make over one hundred and forty
five thousand dollars the ketchup provision forpeople over the age of fifty, it's
gone. It's gone. You gotto put it in ROTH. You can't
put it in pre tax So thething is is that if you're doing it
right now and you're doing the ketchupprovision, it ends, it ends this

(47:20):
year. And if your employer isnot talking. That's why Julie has been
on the phone with the TPA.So you know, we're a mending our
plan. It's going to allow youknow, guys that are over the age
of fifty that work with us ifthey want to to add additional the ketchup
provision and what the Secure Act isidentified it's designed to encourage more employers to

(47:42):
offer retirement plan benefits. Well doesn'tit's limiting. It's limiting. Yeah,
it's limiting it on the side.So the thing is is that for t
pas or employers that have for oweK programs that are not making these adjustments
to the plan, you're not goingto be able to make that ketchup provision.
They're trying to get more money thetax on the front end, I
mean from the employees income from work. They're trying to get the tax there

(48:07):
right than letting you defer it andthen eventually take it from you. But
that's what they're trying to do withthat. I mean. The one benefit
though is the roth I mean,if we've been we've been looking at ROTH
contributions, We're gonna, we're gonna, we're gonna have that January first,
January first, January first. Ourplan is being amended to allow us to
do ROTH. Well, we haveto, Yeah, we have to make

(48:30):
the amendment. You know, I'mnot too sure if you have employees over
the age of fifty, which wedo. I mean, you know you're
gonna want to be able to havethat ketchup provision and do it pre tax
or after tax. You know,it's entirely up to you. But bottom
line is is that the R andD rules changed seventy three. Ultimately it

(48:51):
will be seventy five, which isgreat. Yeah, which is phenomenal.
There's higher four one k ketchup contributions, meaning that they've increased it automatic enrollment,
you get an emergency withdrawal, alittle bit more flexibility because of what
we went through with COVID. Andthe big thing is is that you can
take some of those savings. Youcan do five twenty nine plan ROTH conversions

(49:15):
conversions, yeah, over a timeframe. Yeah, but yeah, I
was looking at that. There's someoptions with those five twenty nine plans too.
As far as what who's wroth it'sgoing to right, And as far
as you being the beneficiary versus yourchild being the beneficiary, you can get
pretty you can customize it. Sodid you spend when you when you just

(49:37):
finished your CFP, did they spendmuch time at all on your coursework on
pre tax versus after tax and thebenefits of either one. As far as
just traditional traditional versus defined contribution plansversus a traditional array versus ROTH traditional four

(49:57):
O one k versus ROTH four andone k. Oh, yeah, that
it is kind of just basic,basic kind of knowledge in the in the
test thing, we got a lotmore into the weeds in the CFP,
not specifically about those two types ofaccounts's kind of once pre tax ones post
tax a tax you get taxed forgrowth on the pre tax and then you
get tax free growth on the rath. But other than that, I mean

(50:19):
just contribution limits. And then uhthey even there was a lot of updated
information so they would talk about newnew laws, new regulations in the financial
service industry. Well, the bigone is of course as R and D
generally you know, it was agedseventy and a half. Then went to
seventy two. Now it's seventy three. So the thing is is that ultimately

(50:42):
it's going to be seventy five.I think in twenty and twenty five it
goes to seventy five, thirty three, two and thirty. It's that it's
that far out. Yeah, it'sten ten years. What's ten years?
Ye? So but you know,I'm in the camp, and I've been
in the camp for quite some time. You know, qualified assets are very
complicated. As you age, you'renever leaving a legacy. Y'reliving the tax

(51:05):
liability. So I'm a big believerto use that money in your lifetime and
you take tax preference money and passit on to your children a loved one.
So we'll talk a little bit moreabout that in the second hour,
but we are live. You havemany questions or comments. It's one eight
hundred talk WGY. That's one eighthundred eight two five fifty nine forty nine
gifts a qual at our office ifyou'd like a complimentary consultation five eight five

(51:28):
eight zero one nine one nine.Welcome to the Retirement Planning Show with host
Dave Kopak. In the financial servicesbusiness for over thirty five years, their
Retirement Planning Group LLLC is a registeredinvestment advisor. David M. Kopak is
also a registered representative of Parish KaplanSterling Investments Incorporated PKS in their separate capacities.

(51:50):
A registered representative of PKS, DavidM. Copack may recommend the implementation
of securities through pks instead of RetirementPlanning Group LLC. Perst Capital and Sterling
Investments in Retirement Planning Group l LCare not affiliated companies. Now it's time
for the Retirement Planning Show on wg Y. Almost even West Virginia Blue

(52:21):
Ridge Mountain, Chanriver life is old, older than the trees, younger than
the mountains grow in lack of threecountry roles? Is that Franks metric?
John Denver? I know that one, John Denver. It's John Denver,

(52:49):
West Virginia. We've got a clientloves West Virginia if he's listening or West
Virginia. There's a there's a girlthat's a phenomen up at chen volleyball.
I guess she's ranked as one ofthe top in the country. She's only
a junior and she's got a fullscholarship. She just accepted a full scholarship.

(53:13):
West Virginia. Yeah, we weretalking about that yesterday. Yeah,
they were saying her, which shehits the ball, she get hurt people.
Yeah, I'll tell you what.MICHAELA played with her. She's a
very talented child, very talented.So it's amazing she still got two more
years of high school and she's alreadygot the full scholarship at West Virginia.

(53:37):
Yeah, I'm just scratching my head. Why would you commit so early?
Yeah, I don't know. You'rejust dedicated that you want to get it
behind me, And well she probablydoesn't want to get hounded. Is that
one of like? Is that oneof the best volleyball schools. Chen is
always in the top. I'm sayingWest Virginia could be. I know nothing
about college volleyball only when I asallyI turned it on and I'll see,

(54:00):
I mean I love volleyball because weused to go to Old McHale's games.
Then COVID came and for two yearsit was a nightmare. So you know,
she's dropped out. She got justsick and tired of you know,
the mask and all the nonsense.Do you guys play volleyball up to Lake
George wet backyard? No, no, no, I was playing too many

(54:22):
trees. Last Saturday at my cousin'sgrad party, we were playing volleyball.
So Chris Abley as a house upin Lake George. I noticed the other
day when I drove by his housein the boat that he had a net
set up in the yard, notin the yard, in the water.
He's got a beautiful home, beautifulhome, an assembly point. And it's

(54:42):
obviously they were playing some volleyball.But great family, Chris and his wife
and Jay. You know Jay.You know Jay right, he went to
high school with me. Yeah,he was a little bit older than me.
Yeah, but yeah, I knowof him. Jay able To He
he you know, works with hisdad. My nephew worked with them,
Ben yep Ben Janis works with thoseguys, so you'll see them all.

(55:07):
Dakota work with him. Now.Dakota's doing HVA SA HVACT, so he's
doing well working for Eastern I gotsome friends at too HVACT too. Make
good money, make good money.And the other thing is too, is
that it's it's a job. You'realways going to have a job, plumber,
electrician. I always tell kids todayis that if you want to get

(55:28):
into a trade. We just talkedabout that with some friends the other day.
The opportunities are enormous right now forpeople that want to get into the
trades. Electrician, plumber. World'san oyster for you right now. So
all right, this hour, wewant to get into tax preference money.

(55:51):
If we had a nickel for everytime somebody said to us, you know,
I want to be able to getsome tax free assets out of my
accounts, right I don't want totax liability. Well, the sooner you
get going on some of these itemsthat we're going to discuss, they're better
off you're going to be. Iwish I knew more about HSA accounts health
savings accounts when I was younger.You opened one, didn't you? I

(56:15):
marched you, and I said,do it? Did you open up an
HSA? I did the tax taxdeferral contributions? Ye? And then well
it's not deferral because you don't paytax on the back end either. As
long as you use it for qualifiedmedical expenses, you could also use it
for premiums. Here's the thing thatI didn't realize until just recently. And

(56:37):
we had Bob Vandy and they weretalking a little bit about HSA the Health
Savings Account. You can use itto purchase long term care insurance. And
why is that important? Because whenyou do it when you're young, it's
going to be affordable. And youcan do it where you can pay for
it, and then at the endof five or ten years, depending on
the pay the structure, how youset it up, you never have to

(56:59):
make up payment again for the restof your life. Yeah, you can.
You can use it for Medicare,so Medicare premiums I believe, I'm
not just sure if you can.Usually that's just taken out of Social Security
for folks. But yeah, youcan use it for long term care premiums,
especially if you have a sizeable healthsame as account, you don't really
think you're gonna need it too much. But you know, single you can

(57:20):
do thirty six to fifty I thinkthey get increased in two thousand, twenty
three seventy three hundred if you're ina family plan for an HSSA. But
the big thing is that you know, all that money comes out Fidelity.
Here's here's a number that just uspretty striking to me. Fidelity came out
with a publication just recently and theysaid that you're gonna need approximately approximately three

(57:43):
hundred thousand dollars in a pot ofmoney for out of pocket expenses during your
retirement years for healthcare, and thathas nothing to do with long term care.
Really zero yep, three hundred thousanddollars. Well, was it a
couple of years ago? You alwaysused to say that two eighty Yes,
So it's increasing. It's increased alittle bit to about three hundred thousand dollars.

(58:04):
But you know, the thing isis that there's limits as far as
if you're forty or younger four hundredfifty forty one to fifty eight, fifty
fifty one to sixty sixteen ninety sixtyone to seventy fifty or forty five twenty
four thousand, five hundred and twenty. I don't know why they have limits
as far as age. To me, that doesn't make a lot of sense.
But you know that's just me becauseif I'm younger and I'm healthy,

(58:29):
why should I be limited by theamount of premium that I can put into
this thing? As long as ifI'm allowed to put seventy three hundred dollars
in as a family plan, ifI wanted to do four thousand dollars and
a large room care plan. Youknow why am I handcuffed? Yeah?
No, the health savings accounts thatare extremely powerful. It's like the ROTH.
I use this an analogy. It'slike the ROTH. It's like the

(58:52):
roth Ira of the health insurance field. As if that makes sense. Yeah,
absolutely, except you get one morebenefit and the tax. You get
a deduction on the front end foryour health savings account of contributions. But
with this also, the thing isis that you don't lose it. So
when you retire, the money goeswith you, doesn't stay with your employer,

(59:13):
so you don't you know, itdoesn't vanish. It's not like you've
got these other what are those otheraccounts, not health savings accounts, health
retirement accounts. Well, the onesthat you have to use them, that
you have to use in that year. And if you don't use it.
You know a lot of people runningaround they're getting prescription drugs, or they're
getting glasses or because if they don'tuse the money, they lose it.

(59:35):
I can't think the name of itright now, but the gentleman, you've
just said, HIRA accounts, healthretirement account Yeah, I think the gentleman
that we talked it with the otherday, he had an HIRA. Yeah,
you had a lot of money init that we need to look at
and get some numbers as far aswhat it can be utilize for. Because
the advantage of those accounts is onething that we like, and it's called

(59:57):
tax free, tax free income.We love tax free income, flexible spending
account. Yeah, I think that, Yeah, I think that's it.
That might be it, but yeah, tax preferenced, I mean, that's
that's what you want in this inthis world. You want tax free dollars
in retirement. It gives you alot of liquidity. You might be in
a high tax bracket in retirement aswell if you're someone with strong pension social

(01:00:21):
security, so having that after taxbucket could be extremely advantageous to you.
And then also, I mean asfar as a legacy and transfer of wealth,
the roth IRA is going to bea lot better than having a pre
tax deferred comp plan or some sortof four oh one K that's going to
be transitioned to the next generation.So a lot of benefits too to start

(01:00:45):
diversifying your your tax side of theportfolio. And the thing is has had
a lot of these uh investments thatwe're talking about, you need to get
in it before year's end. It'snot like you know, when you're doing
your taxes in April, you're I, oh, man, I wish I
did that. You know, here'slet me write a check. Can't do
it. You got to be init when the time frame. A lot

(01:01:06):
of these are based off of thecalendar, not when you're doing your taxes.
You know, I always say alot of times is that when you're
doing your taxes, you should alreadyyou should be putting the dot in the
eyes a crossing the teas, nottrying to put the whole sentence together,
because you know, a lot ofyour planning has to go between January first
in December thirty fours because once thecalendar ends, you've lost opportunities. Yeah.

(01:01:30):
The only thing I mean, youcould contribute upuntil that tax deadline to
AIRA or two a ROTH. Butas far as within like a non qualified
brokerage account, if you want todo some capital gains tax loss harvesting that's
due before December thirty first, Ihave to do it in that calendar year.
And then also hell, same asaccount contributions, those need to be
made by December thirty feet. Soall right, we're gonna take a break.

(01:01:52):
When we come back, we're gonnatalk a little bit more about tax
advantage investing again. We have fourlocations only you and I are going to
only it pretty soon. It's notthis Friday, it's the next is the
next Friday, we're going down toOneana. Are we going to their houses?
No? I think we're in ameeting right at the office. It's
just easier for us to do withyou office because we got to do that

(01:02:13):
hot spot that you were talking about. Oh okay, that's what I thought
you were talking about Steve, Andoh we're going out there too. Yeah,
that's coming up. That's coming upto We're going out to Oneida.
I want to see Steve's house.Yeah, yeah, yeah, cool guys.
I drove by it when I droppedmy I blew the horn b b
b b b b b b bbeep. They're they're one exit, one

(01:02:40):
exit or two exits before the exitthat I get off. Thirty three for
Lemoyne College, thirty three, there'sI think they're thirty four. A does
he have the car at that house? Yeah? Awesome, Yeah, I'm
definitely coming. Yeah, because hejust got that. I think we should
go out with the chevelle, yourchevelle, and we'll drive. We'll drag

(01:03:00):
racing. I don't know if thechevelle make it out there. What was
that smoking the bandit? I'll besmoking. You can be the bandit.
So I'm gonna be driving the bigtruck. Yeah, and then you'll get
the trans am. Absolutely a matterof fact, I told you this.
I don't know if you remember itor not. Were you turned to go

(01:03:21):
Upper Newtown Road to my house.Yeah, there's the body shop right there
for New Country. And I don'tknow if it's the manager or the guy
that's running, but he's got atrans am. Yeah, that's just like
smoking the bandit, the black onethat's Mint Mint. I wonder whose it
is. I don't know. Ithink it's the guy that actually runs the

(01:03:42):
shop because when he's not there,it's not sitting outside. You can see
in the window. It's covered upby a cover. But beautiful car.
You said you're your father wants oneof those. Yeah, he's been looking
for one of those for a while. That's out having a midlife crisis.
I see him the next time.He's got a ponytail and he's driving to
trans Ama. Say hey, what'sgoing on with Steve. I don't know

(01:04:05):
how he's going. He's vold,but get a wig. Jimmy Wick he
wears a wig is TOOPEC and theycall him Jimmy TOOPEC. Jimmy TOOPEC.
All right, we'll be right backafter this quick message the eighty six percenters.

(01:04:26):
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
most critical years of your lifetime.Nobel Prize winning economist William Sharp has called
retirement income distribution the nastiest, hardestproblem in finance. He points out that

(01:04:50):
investment, uncertainty, and mortality canderail the most careful laid out retirement income
plan. Call our offices today tostart the process of bill your retirement income
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

(01:05:11):
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
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

(01:05:34):
talk w G Y, one eighthundred talk w G Y. We are
live in studio to answer your questions. Well, you wonder why I always
dress in black, why you neversee bright colors on my bag? And

(01:05:58):
why does my appearance seemed to havea somber tone, Whether there's a reason
for the things that I have on. I wear the black for the poor
and the beaten down living in thehopeless, hungry side of town. I
wear it for the prisoner who islong paid for his crime, but he's

(01:06:23):
there because he's a victim of thetime. I wear the black. Never
read Johnny Cash, Frank snatchra JoaquimPhoenix. He did the Johnny Cash movie.
He did a great job on thattoo. I thought he was really
good in it. I'm not abig Buckeen Phoenix fan, though he's goodting

(01:06:46):
Joker too. He just came outwith Joker, who was the guy that
the Joker that died drug over dosein New York City. Unbelieve what a
job he did on not he wentdeep, you know, like you know,
my brother's a professional actor. Andyou know when some of these guys

(01:07:09):
when they take a part, theytake the part. You know, it's
just like mccotton, mccotton, what'shis name, mcconna, Matthew, Matthew.
When he did that part where heplayed the guy that had aids,
he lost like sixty pounds. Hewas like a stick. I think the

(01:07:30):
only thing he ate was a yogurt, one yogurt a day and influence.
The guy from Oppenheimer did the samething. Did he a guy from Peaky
Blinders? Yeah, yeah, he'san Oppenheimer. He lost a bunch of
weights, did he really? Hewas never really that big, but he
had to get down to a certainweight. They all do. It's amazing
to me, the discipline. Ialways say that, I said this to

(01:07:53):
our friend down in Cat's Skilled Timthe professional actor, the dedication, the
drive the professional actors have to beon stage or to do a part.
It's it's unbelievable at times. Unbelievewith Market Wallberg, he's always bulkan for
his movies and stuff. Yeah,a lot of those actors they go through
quite a bit just to make theirbodies. Julie. Julie told me Waltberg's

(01:08:15):
Oh, I know it is.We've got a very good friend of ours
are made of our Kelly that's battlingcancer right now. She's putting on one
hell of a fight. God blessher soul. Please say a prayer for
Kelly and John, her cousin John. They're both battling cancer right now.
But when she was in Boston,I think this is a great story.

(01:08:38):
It's a will put a smile onpeople's face. You know, she's going
through a difficult time. But theWallburgs are very involved for whatever reason,
in the hospital that she's going toout there for cancer research and stuff.
And one of the Wallbergs that ownsthe shop State has stayed in contact with
her, and she got a textmessage the other day that basically said,

(01:09:00):
we're thinking about you. You're inour thoughts and prayers. Hope everything is
good. So God bless the Godbless the Walberg. Yeah it wasn't it
was Marky Mark and the Funky Bunch. Yeah, it's all the brothers.
Yeah, it could have been rightthat we're in that group. But the
one that runs the restaurant out inBoston, I think that's him and one
of the other brothers. But Godbless their souls. I mean, they're

(01:09:20):
just great people. And you know, it's such a horrific disease and it
can really be devastating. We've we'veseen it, we've lived it, we've
lost loved ones. So anytime yougot a chance, Like I said,
September twenty eighth, we've got agolf outing that will be one for the
American Cancer Society. What's that woman'sname that participates, Carol? Carol?

(01:09:43):
Carol is it? Carol does agreat job with us and look forward to
it. If you'd like to bein the event or make a contribution,
called Jimmy corkran at five eight fiveeight zero one nine one nine five eight
five eight there a one nine onenine. He'll be more than happy to
either set you up with your foursomeor take your check. Just ask for

(01:10:10):
Jimmy Tupei. Jimmy Tuppei. That'shis new name, Jimmy Tuppei. We
gotta get him on the radio oneof these days. Jim has never done
the radio with us. To havehim do like insurance, I've had him.
I record some snippets for me.Yeah, how'd to go? Because
I was testing out the sound equipment. Yeah, he's got a great radio
voice, he does. I thinkhe does. Get I think he does

(01:10:31):
a great radio not the face,but just a voice. And you're gonna
take it there. I was,he's listening. I know he's listening.
He's underneath something, working on somethingright now. I know he's saying all
his son of a gun, likeeven with them. So all right,
we're talking about tax preference money.We're talking about putting the pieces of the
puzzle together for your retirement. Uh. You know, it's not uncommon when

(01:10:53):
people come into our office that theyare extremely top heavy, extremely top heavy,
way too much of their net worthis involved in pre tax money.
If you come in five to sevenyears, a lot of times we'll say,
turn that spick it off and startfilling up this bucket, whether it's
an HSA account or it's a rothbar one K or a roth ira.
Why are we doing that? Becauseyou're gonna want some money, folks,

(01:11:15):
that's going to be allocated into taxpreference buckets like which you said earlier.
The I mean the earlier the better. You're just gonna get more growth compounded
on top of itself in these rothor these after tax accounts, and it's
a tax shelter. You can placetrades within the WROTH. There's no tax
liability, and then eventually when youstart taking distributions or if you want to

(01:11:36):
pull money off of it, youhave that capability and it's all tax free
at that point. So it's agreat bucket of money to have in retirement
for the young folks. I highlystress looking at contributing to a roth ira
or a health savings account. Ijust spoke to a younger gentleman on Tuesday,
one of my old friends from highschool, and I talked to him

(01:11:59):
about a health save his account.He's got a high deductible health insurance plan
through his employer and UH, andI told him you should start looking at
a health sames account start to getsome contributions. Does this employer with a
high deductible plan. Do they evenlet him be aware that he has the
ability to do the HSA contribution.I don't think they really talk to the

(01:12:21):
employees about it. They do havea nice retirement plan though they're four one
K is structured pretty well. Yeah, you've got some good options and they're
good on that side. But Imean, I don't think a lot of
employers out there are talking about thisor the option to fund health save as
accounts. Yeah, yeah, andI agree. And then of course we
talk, you know, briefly aboutannuities and the benefits of annuities during the

(01:12:45):
accumulation and also during the income distributionphase. Uh, you know you can
do you can go on the internet, and I advise you to do this.
I'm not going to sit here andbore you and go over it.
But if you punch an m yGAS multi year guaranteed annuities versus taxable bonds
or CDs, there are grasps thatwill show you the difference on accumulation over

(01:13:09):
like a five or ten or twentyyear period of time where the annuity the
NYGA does not have any zero taxliability, so you're not receiving a ten
ninety nine versus a CD or acorporate bond or something that is taxable.
It's a huge difference, and keeprolling them into new contracts. So you
can buy a three year, multiyear guaranteed annuity which is about five percent

(01:13:30):
right now. Yeah, you couldlet that go and then once it matures,
you roll it into a new contractand you just kind of you just
keep letting it compound on top ofitself. You could also take the interest
off of these vehicles if you wantto, and there's a certain percentage you
could take. I think it's upto ten without any surrender charges or penalties,

(01:13:50):
so that they do have some freedoms. But again, the plan with
this money would be to set itaside, let it grow. It puts
some parachutes on your portfolio if youhave a large stock market exposure, if
you have large amounts of stock marketexposure in your four oh one K or
maybe your self directed IRA account.This is some sort of sort of hedge
for that. Also, our ourmoney market right now is getting about four

(01:14:13):
point eight four point nine percent,yeah, which is completely liquid, So
that is that's another option for thosehard working savers. These interest rates coming
up so much have really provided andan opportunity. That's uh, it's it's
increasing the risk free rate out there. Well, I think also, you
know what people a lot of timespeople say, well, you know,
why do we have so much cashcurrently sitting in a money market account?

(01:14:35):
Because you're getting in an unbelievable rateor return comparable to what we've seen over
the last three, four or fiveyears. There's no risk to the corpus,
to the principle because you're the interests. It's just like a CD or
any other money market account. You'regetting let's keep it simple, five percent.
So we've got one hundred thousand dollarsin there in a cash account.

(01:14:55):
It's going to be one oh fiveand a twelve month period of time ballpark.
It's gonna be somewhere in that arena. And the thing is is that
you know, tactically, strategically,I know we've talked about this over the
last couple of months. You're you'realways seeking out the opportunities to add yield
enhancement, yield enhancement to portfolios.And as I said, Nico and I

(01:15:17):
have had conversations. We've talked towholesalers, we've talked to Fidelity you know,
yield enhancers to a portfolio I thinkare going to be very attractive in
a very very short period of timesimply because of the dynamics. Interest rates
will stay either where they are orthe Fed will start reducing rates, which

(01:15:38):
means that you're going to get abang for your buck. You're gonna get
total return in your bond portfolio,which we have not seen for quite some
time. Do you know a lotof these covered call fund strategies, they
do a lot of index calls ratherthan individual stocks. I was I just
figured that out a couple of weeksago. And spy, Yeah, they'll
write it on an spy, they'lldo it. The other d Yeah,

(01:16:00):
do the index, they'll do thetriple ques, you know, the NASDAC.
But some of these are getting reallyattractive yields right now. Yeah,
And that's the thing. That's thething. The problem with those is that
you're going to get fluctuation. Andif people look at those as a alternative
to like a CD or a moneymarket account or something a little bit more

(01:16:24):
stable value and NYGA, that's notthe apple on the tree that you want
to select. You know, ifyou don't if you don't have a U,
the ability to think long term.I mean, I think about that
one that we have, that oneposition. We've held it for decades,
for years, and it's just it'sa core holding. I mean, Dan's
had it in his account for Idon't know, fifteen twenty years. You

(01:16:45):
know, I'm not going to mentionhis last name, but I'll tell you
what it is, the position,because if we mentioned it on the radio,
so I'm not going to talk aboutthe position. So but as I
said, you know, there's opportunityhe's out there right now that we haven't
seen in quite some time. Ifyou'd like to come in and have a
chat with us and get a secondopinion. I know that the only thing

(01:17:10):
that's you're gonna miss out on ismaybe a little bit of time watching the
debates on TV, which will probablydrive you insane, but you can give
us a qual five eight five eightzero one nine one nine. Do you
watch the debate the other night?The debate? Yeah? Absolutely not.
Yeah. Five eight five eight zeroone nine one nine. Is our office
telephone number five one eight five eightzero one nine one nine. Check us

(01:17:32):
out on the web RPG retired dotcom. I'm Dave Kopeck. I'm here
with Nicholas Dumas. We'll be backafter this quick message. Yeah you feel
the baby point two swing? Swing? Swing Swing. If I don't want

(01:18:12):
to swing the guys swinging, I'mgonna losen get known. Remember the song?
Yeah, I don't. I don'tknow the lyrics though I know that,
but the rap car do you hear? You used to hear these a
lot of basketball games. The cheerleadersbe dancing to it. Yeah, we

(01:18:36):
do one for my daughter's going toschool, so they're d one. They
just moved it. They were sayingtheir basketball programs pretty good. Yeah,
basketball is good, and I guesslacrosse is good. And I think they
said soccer to right, soccer,lacrosse, basketball, lacrosse. Oh not

(01:18:57):
sure about soccer. Yeah. Well, I'm gonna have to get some Lemoyne
gear. Get rid of my Siennagear, seeing that my contributions this year
and now going to lemoy Do youdonate over at Sienna occasionally? Depending on
what they're what they're looking for.I get a letter every year that they
want a little contribution from me.Yep, do you get to I don't

(01:19:19):
know why they want some love baby, They want some love, I love
how your checkbook. So eventually it'sjust crazy, you know, she was
she was going to Sienna until aboutfive, six, seven weeks ago,
and then all of a sudden she'sgoing to Lemoyne, which is fine.
She's got friends there and she's happy, and I think I Matt a little

(01:19:42):
bit surprised. The phone hasn't beenringing, which is good. That's a
good sign. But a few peoplehave told you they've got a good school
over there, and the couple ofscon went to school there. The attorney,
Yeah, so he was a goodschool. It was a good school.
He enjoyed his four years that hewas there. Did you know?
Did you do you know if theJorkland Fund there's still open at Idea?
Probably because I got on the websiteoccasionally, but I haven't seen any activity.

(01:20:06):
No, I'm not sure if theyclosed it, if they're still still
doing that. Well after you droveit into the ground, I kind of
checked to see if they're still holdingany of my positions and there, but
I didn't see anything. All right, again, we're here live if you
have any questions or comments. Beenpretty quiet. Everybody's probably out getting ready
for today's you know travers. Yep, Today's travers. You were saying,

(01:20:30):
there's there's four there's four horses,the winner of the Belmont, the Prickness,
the Kentucky Derby, and there's oneother Jim Dan, Jim Dan,
the Dandy winner. All four ofthem are racing today. I forgot to
eat at the trap at the Travers, I emailed Dan. Sometimes see who
he's got. Yeah, well,I go up to your office and give

(01:20:53):
him a call. Yeah. Thebut it's you know, it's a it's
a great day. This is goingto be a busy weekend in Saratoga,
So get ready if you're going upthere because Fish is in town. I
think they were last night tonight.You gotta give them credit. The money
that's being raised is going to helpthe people in Vermont. They were saying

(01:21:13):
ninety thousand people are going to beup there this weekend. I believe it.
It's a lot of people. Thatthey're saying is that if you're going
to the track, you better getgoing early because it's going to be a
bumper to bumper between the Fish fansand all the people that are coming for
the travers. Kendrick got called intowork tonight did Clinton Park? Did she
really? Yeah, she's at theClinton Park drothers yea, and they of

(01:21:35):
course she's got to go overflow rightafter OT. Yeah, so she's going
down there. Yeah, all right. Again, we are the Retirement Planning
Group. We have four locations,Oneano, Albany, Malta and of course
Glen's Falls. If you want tocome in for our complimentary consultation, we'd
love to have a chat with you. It's pretty simple to do. Just

(01:21:57):
dial the telephone number five one eightfive eight zero one nine one nine five
eight five eight zero one nine onenine. Uh. There's a lot of
things that we discussed with you onthe front end. It's a simple form
that we have you fill out andwe basically have a chat in regard to
what we're doing with our philosophy andtrying to mix that with your intent for

(01:22:20):
your retirement years. But we're live, we're here in the studio. Five
one eight five eight zero one nineone nine is our office telephone number today
this morning, it's one eight hundredtalk w g Y. We actually have
Warren that broke the ice, Warrenin half Moon. Good morning, Good

(01:22:41):
morning to you guys. You stoppedblue little board like you're yes for somebody
to call in, so I thoughthelp you out though, yes, we
are bored you. How do youdetermine the right asset allocation for your customers?
Well, we have, of course, we have a working relationship and
ship with Fidelity. We also haveanother strategic partner that we utilize as far

(01:23:05):
as building out our asset allocation models, but predominantly we use we are part
of Fidelity Institutional Wealth Advisors FI.What not every investment banking firm has that
privilege we do. We knocked onthe door, asked them if we could
come in, and they go througha screening process and then after that screening

(01:23:28):
process that either say yes or no, and we got to yes yep.
And for the individual Warren, generally, we're looking at what they need,
what stage of their life they're at. Are they in the accumulation phase do
so? Do we need more growthin the portfolio? Are they taking income
off their accounts at this point?So do we need to look at yield
enhancers like we talked about earlier.So kind of depends on the individual.

(01:23:51):
And then we go through Fidelity InstitutionalWealth Advisors and really design a customized portfolio.
Does that makes sense, Yeah,a little bit. I guess I'm
not not quite sure what that whatthat process entails. You know, you're
talking about the scond of vitality andletting them do it, So I don't

(01:24:12):
quite understand, well, how hotthat beside? What goes into what pots
of money? What we selve investmentinvestments. What we solve for, Warren,
is income income how much money?Because nine out of ten people that
walk into our office do not havepension benefits. So what we solve for
is we solve for income and whatis the pride or proper allocation based off

(01:24:36):
of the distribution that needs to beoff the portfolio to satisfy income needs.
And then we incorporate in soul securityand any other assets that you have such
as income producing properties, et cetera. But we have a software package.
It's called emoney. I talk aboutit all the time. E Money is

(01:24:58):
provided to us through we pay forit, but they, you know,
it's their software package. And whatit does is that it basically gives you
a dashboard, a dashboard of allyour income sources, including your stock in
bond portfolios. And basically what itdoes that it also gives us an RTQ,
a risk tolerance questionnaire that you haveto fill out so we know exactly

(01:25:21):
how much how much appetite for riskdo you have as far as volatility.
Okay, that makes a little moresense, I guess. Yeah. Well,
the thing is that, you know, like last year, people,
people would have come in last yearat the beginning of the year and said,
listen, I'm adverse to risk,and I want a bond portfolio because

(01:25:45):
I know the bonds will give meless the risk than I can have in
a stock portfolio. Well, lastyear it was pretty unique simply because of
the FED and what they were doingas far as putting the pedal on the
gas with higher interest rates, andyour average bond portfolio last year was down
somewhere between fifteen to eighteen percent negative. You still got you still got your
coupon, you still got your interestpayment. Now that is starting to heal,

(01:26:09):
meaning that some of those bond portfoliosare actually positive on the year total
return, including the dividend that's paidout. So you know, it depends
on your ability to look at thestatement at the end of the month and
say, you know, I likethis, I don't like this. This
is causing me anxiety because I'm downthree or four or five percent of my

(01:26:29):
portfolio. But that's our word risk. Anytime you're managing assets with stocks and
bonds, you're gonna have volatility.Alright, So already thank you. Does
that help you? Yeah a littlebit. Okay, have a great day.
I live in half Moon two,not too far from you. Yeah.

(01:26:53):
And as far as I mean Fidelity, I kind of mentioned that we
pass it off to them, westill have our hands on a steering wheel.
Yeah. So we're pulling the trickers, we're placing the trades. We're
looking at the funds that they bringto the table and make sure that they
align with us, our client's needsand all of that. And the thing
is the bottom blind gets down tois that you know this is this is

(01:27:18):
a conversation they just had with agood friend of mine. He says,
I can get five percent right now. He said, YE can get five
percent guaranteed yep. And I extendit out yep. I said, He
goes, I don't think I wantthis roller coaster anymore. He's been in
retirement just a short period of time. Because I don't like I don't like
this fluctuation. I'm up twenty,I'm down thirty, I'm up fifteen,

(01:27:40):
I'm down seven. Doesn't make mefeel warm and fuzzy. I want guarantees.
So I'm gonna call my financial advisor. I'm gonna tell him get me
out of the market because I wantsafety. I don't want guarantees. And
if I can get five percent,that's all I need. YEA, and
that hasn't been around for a longtime. You can get five percent,
I can't get six or seven percenton the bond portfolio. So let's go

(01:28:00):
to Paul and Troy. Hi.Paul, good morning, gentlemen. My
retirement has been with Fidelity YEA.And getting right down to it. What
is the difference between having a financialadvisor from Fidelity versus having you guys take

(01:28:24):
care of my money? Well,the biggest thing is that we have open
architecture. So even though we clearall of our business through Fidelity, we
have working relationships with Goldman, Sachs, JP, Morgan, Pemco. You
can go through the whole laundry list, so we're not handcuffed just Fidelity products,
and I think be in open architecturetoo. Not all of our clients

(01:28:44):
want stocks and bonds. They wantalternative investments, which we have a whole
stable full of opportunities in that arena. Also, yeah, I don't know.
As far as the advisors at Fidelity, I think we do a lot
more full picture planning. They mightbe gus more on the investment side and
have discussions. I know, Ithink it should be invested in this,
and that we get more into stateplanning, tax planning, legacy transferred while

(01:29:10):
long term care, long term careerplanning, so you get more of the
full financial picture with us rather thanthose those retail advisors. Plus, we
build Plus, we build a relationshipwith the client. You know, I've
been doing it now forty one years. Some of my clients have been with
me for decades. You know,it's you build a relationship, there's trust.

(01:29:32):
It's no different than a husband andwife. You know, when you
first meet, you're holding hands andyou know, trying to get to know
one another. It's no different inour business. It takes a while for
the team to get a comfort withthe new clients and what they're looking for.
What you're looking for. It mightbe entirely different than the spouse the
female and vice versa. What thespouse is looking for it could be entirely

(01:29:56):
different than our husband, So somehowyou have to work out a balance there.
And then the key that we liketo over emphasize is when you know,
the wheels start coming off the busand you start having events when of
the first spouse passes away understanding whata wealth replacement plan is and why it's
set up a certain way because there'scertain assets that should be retained by the

(01:30:17):
surviving spouse, and there's certain assetsthat should not be retained by the surviving
spouse based off of the size ofthe estate. Yeah, exactly. And
I feel like for a lot offolks having that advice or having that trusted
individual, it gives you more senseof security. I know, in a
lot of relationships, maybe one spousedeals with the finances, something happens to

(01:30:38):
that spouse, what's the other onegoing to do? They might not know
what they have, what their spousehas, and we're able to go through
everything with them and like Dave said, come up with a wealth replacement plan
or income replacement plan. Okay,that that sounds like the responsibilities of any
siduciary agent. Correct, yea,in some ways, I mean, and

(01:31:00):
I think that's a word that's misused. To be honest with you, I've
got kind of a negative feeling aboutpeople that blow their hornet that they act
in a fiduciary capacity. I cantell you by being in this business for
forty one years, everyone in ourbusiness has to act in a fiduciary capacity.
There's there's forms, there's documents.I do the compliance for the officers,

(01:31:23):
forms that I have to fill outevery week, every month, every
year that are necessary for to besubmitted into the Securiest Exchange Commission in FINRA
that basically says that we're doing ourdue diligence, due diligence and we're doing
what's in the client's best interests.And a lot of the investments that we
have to fill out the paperwork foryou have to show them. You have

(01:31:46):
to justify. Even on IRA rollovertoday, people don't even realize this financial
advisor has to basically give documentation whyit's advantageous for you to roll money out
of your qualified plan into a selfdirect that I RA and that's my responsibility
as the president of the company.I take it into the heart that people
need to understand is that you knowthis is this is something that is very

(01:32:11):
very important that the client understands andthe advisor understands that we are held to
a different standard as far as theability to work only in your best interests.
So a fiduciary is a great word, but believe me when I say
this, everyone in the financial servicesbusiness today acts in a fiduciary capacity without

(01:32:32):
doubt. Okay, Now, asfar as the client, the cost of
the client to have your services orFidelity agents, services commission or you know
the sea, Yeah, how doesthat work out between you and them?

(01:32:54):
Well, we charge never more thanone percent a year, that's our maximum,
never more than one percent on theassets that were responsible for and it
only goes down, it doesn't goup. The other thing is is that
I have to pay a fee toFidelity from that one percent in order to
basically use their services. So there'sa big there's a certain dollar amount that

(01:33:17):
I have to give them on anannual basis in order to work through their
distribution channel. Then, of coursemy overhead and expenses that I have as
any investment banking firm, you know, the lights, the payroll, and
go through the whole laundry list.So we try to make it the most
qust effective platform for the client inorder to facilitate what they're looking for.

(01:33:38):
But in the worst case scenario forthe retirement planning group would be one percent
to you. As far as theasset management, a big thing you want
to think about to our share class. So we have the opportunity, well
the privilege to use institutional share classes. So with each mutual fund, there's
different types of share glasses anywhere fromA shares to B shares, to SEE

(01:34:01):
shares, and institutional and advisory shares. Those are typically going to be your
lowest expense ratio on those mutual funds. We have the ability to use those
because we are in our ia.Okay, So I mean, without knowing
the numbers, would you say thatrpg is is less expensive to the client

(01:34:24):
than the fidelity agent would be.I would say they were about the same.
Okay. You know, because they'recharging a fee. If you want
to work with a team of Fidelity, they're going to charge your fee in
order to work through their distribution channel. Right. The only thing I would
say to you is this, Ithink our open architecture philosophy is that you

(01:34:45):
know they're good. I love Fidelity. You don't have to do a lot
of explaining about Fidelity when people comein and say, this is the platform
that we work through. But likeanything else, you know, I've got
five cars in my driveway, notall five or Chevies or Fords or Honda's.
You know, there's specific cars thatI like for particular people. I

(01:35:09):
mean, I've got an F onefifty pickup truck and my daughter drives a
Honda a court. I just thoughtthat that was a good car for her,
and I think the analogy would bethe same thing. In the investment
banking business. FIDELI did does agreat job, but they don't have all
the horses in the stable that Iwould want. You're great, Yeah,
yea, I completely agree with that, alright. So from what I've heard

(01:35:29):
so far is that you get intoa little more as far as the clients
themselves than Fidelity would as far asa state planning and elder care or that
kind of thing. Correct, Yeah, I would say, I would say,
yes, okay, we do alot more of the full picture.
So yeah, you can say thatyour name is Paul. Yes, yeah,

(01:35:53):
yeah, of course Paul. Anythingelse today or no, that's it.
I appreciate all the information you're goingup to travers. Uh no,
yeah, I'll say I've got todrive back to Lake George. I'm really
I'm like biting my fingernails trying tofigure out how I'm gonna get to hopefully
and get out of here and getback up there, because I think it's
gonna be packed, the traffic.I don't think you're wrong. Yeah,

(01:36:15):
it's gonna be packed. So hey, Paul, if we can be of
assistants, give us a call,because we got four locations and we always
like to sit down with people andtell you a little bit about what we
do and how we do it.Sounds good, Thank you very much,
Okay, god bless thank you.Yeah. I think you know there's a
distinction there, And I think thebiggest distinction that I would say is this

(01:36:38):
as far as, oh, we'renot an eight hundred telephone number, Yeah,
what's the ability of the individual onthat telephone to make decisions? A

(01:37:00):
lot of times they have a formor they have a sheet in front of
them and they have to fill outa certain score, and that's sort that
score will tell them where that clientneeds to go in the acid allocation model,
you know, So if you comein at at seven, you're gonna
go into be If you come inat A four, you're going to go
in the A. You know,it's just we don't do a cookie cutter

(01:37:24):
approach. We never have, wenever will. It's just our clients want,
uh, the ability. The otherthing is too, is that we
do a lot of handholding. Believeit or not. You know, there's
a lot of times clients need tohave a chat with us, not only
about investments, but life's challenges.A lot of those phone calls. Yeah,
I think we really form actual relationshipswith our clients. It's not just

(01:37:48):
call and yell at him about ourholdings or it's more, hey, how
was your weekend, How's how's yourson Charlie doing, How's how's this going?
And we really form deep connections witha lot of these clients. Yep,
all right, we're gonna take ourfinal break. We have probably in
time for one more phone call.One eight hundred talk WGY. That's one

(01:38:09):
eight hundred eight two five fifty ninetynine. We are the Retirement Planning Group
offices in Oneana, Albany, corporateheadquarters in Malta and Glens Falls. We
have a lot of Glens Falls listenersA lot of glens. False listen wi
wy yeah yep. So we'll beright back after this quick message the eighty
six per centers. Do you knowthat eighty six percent of the population has

(01:38:32):
no defined benefit pension plan. Formost of us, we have to take
our life savings and create a paycheckfor the rest of our lives in retirement.
What is your plan for retirement incomedistribution? How will you manage your
assets during the most critical years ofyour lifetime. Nobel Prize winning economist William
Sharp has called retirement income distribution thenastiest, hardest problem in finance. He

(01:38:55):
points out that investment, uncertainty,and 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
retirement income distribution plan. How doyou do that? To take action?

(01:39:16):
Five one eight five eight zero onenine one nine. That's five one eight
five eight zero one nine one nineor RPG retire on the web. Don't
procrastinate, motivate to start building yourretirement Income Distribution Plan five one eight five
eight zero one nine one nine.If you have any questions, please call
in now at one eight hundred eighttwo five fifty nine forty nine. That's

(01:39:38):
one eight hundred talk WGY, oneeight hundred talk WGY. We are live
in studio to answer your questions.You wiredly awake and hit me with the
hand of progn labor and we areback. We are back. Jack's Jane

(01:40:04):
to watch my blood. You're probablypeople are turning their stereos off. We
are back again. This is theRetirement Planning Show. If you're driving on
the North, well, you betterget going. Just thinking about that,
because I got to go back toLake George, and I'm trying to figure
out what's the back way to getaround. I might have to go up

(01:40:26):
thirty two. Get going so thatyou're not on the road one days.
I gotta stop at the house.Of course. I got a honey dud.
We got a honey do list fromthe mama. Yeah, my beautiful
bride, you're going up to thelake for going up for this afternoon and
tomorrow. Julie's got friends that arecoming up Monday. The girls that she
works with at school. Didn't shedo that every year? Yep? Yeah,

(01:40:49):
So let's be a nice day.I'd be Monday for them to chill
and have some fun and enjoy themselves. Are you staying out there for that
or no? No, we've gotappointment to Monday. Monday. We got
a point. It's busy day.We got a busy day of money.
So you know, I like thatguy's question from Paul because that's a very
I think that's a it's a goodquestion for people to understand who we are,

(01:41:12):
what we are, and how wedo it. And you know,
the thing is is that I thinkthe biggest thing that I can think of
of all the years that I've beendoing this now for forty one years,
there's a sense of security with ourclients, especially the female client, that
we are there. I mean,that's not a common that we hear people

(01:41:32):
say, I want to make suremy wife is protected. I think is
Charlene every time? Absolutely absolutely everything, I absolutely I help that family out
with and she's a wonderful woman.Charlene and her husband passed away late last
year and he said the first thingto do is to call us, and

(01:41:53):
she did that and we took herthrough everything, and yeah, I shouldn't
it sad. I'm gonna give acall just now. It's sad and people
and I used to always say this, and I still mean this. I
probably don't do it enough myself.People like a little handwritten note every once
in a while. It just showsthat you care. And I got a

(01:42:15):
bunch of handwritten notes for the CFPyep, so then I started sending some
notes back. I feel like it'sthe seventies. Yeah, everyone just tech
you you do the handwritten notes becauseyou can study better like that. Oh
these yeah, oh yeah, yeah, I need to you got yeah,
write it, I memorize it whenright, Yeah yeah. I just used

(01:42:39):
to do the same thing, exceptI'd have to sit there for like about
fifteen hours. What would take youtwo took me fifteen. You know,
I had a learning disability, right, they went away? No, never,
It never goes away. But itwas a challenge for me in school
because the thing is is that whenyou have learning disabilities and it's not identified
when you're young, you know,they think they think you're either lazy or

(01:43:01):
stupid. Right, Really it's youhave a read a sentence and then you'd
forget what Chris had it too initially, and then he had a teacher that
picked it up for reading comprehension.That's the big thing, reading comprehension.
So but again, we have anoffice in Walter that's where most of the

(01:43:21):
people come to our corporate headquarters.But we also have an office in Albany
and one on it and then ofcourse and cleanse falls. We would love
the opportunity to sit down with youif we can be of assistance, it
would be an honor you simply callus at one eight hundred. Talked w
G Y during the show, andthen of course if you want to set
up an appointment you can call usat five one eight five eight zero one

(01:43:45):
nine one nine. Thanks Nico forbeing here. Yeah, of course,
see you Monday, and please besafe folks, and have a great weekend.
Don't drink and drive and be carefulbecause there's gonna be a lot of
traffic out there today. God bless. The information provided is for educational informational
purposes only. It does not constituteinvestment advice and it should not be relied

(01:44:05):
on as such. It should notbe considered a solicitation a buyer or to
offer a seal security. It doesnot take into account any investors particular investment
objectives, strategies, tax status,or investment horizon. You should consult your
attorney or tax advisor. Thank youfor listening to the Retirement Planning Show hosted
by David Kopeck. If you wouldlike to talk with Dave or someone at
the Retirement Planning Group called five eightfive eight zero one nine one nine.

(01:44:28):
That's five one eight five eight zeroone nine one nine during business hours,
or visit us at RPNG retire dotcom. The Retirement Planning Group has three
convenient offices located in Albany, Maltaand Glens Falls. Retirement Planning Group LLC
is a registered investment advisor. DavidM. Kopec is also a registered representative
of PERSH Gaplet Sterling Investments Inc.PKS in their separate capacities. A registered

(01:44:51):
representative of PKS, David M.Kopeck may recommend the implementation of securities through
PKS instead of Retirement Planning Group llPERSH Kamplin's Sterling Investments. No Retirement Planning
Group LLC are not affiliated companies.Tune in again next week for Retirement Planning
Strategies with David Kopeck on the RetirementPlanning Show