Retirement Planning Show

April 26th, 2025

Episode Transcript

Speaker 1 (00:03):
Live from the wgy iHeart Studios. Welcome to the Retirement
Planning Show with your host Dave Kopec from the Retirement
Planning Group. Every week, Dave and his team discuss the
ways they can help people make informed decisions about a
wide array of retirement planning information that can support you
in developing a more certain financial future for you and

(00:23):
your family. Now it's time for Dave Gopec and the
Retirement Planning Show.

Speaker 2 (00:32):
All Right, good morning, good morning, good morning, good morning.
On this rainy Saturday. Believe in folks, it's the last
Saturday already of April, which is hard to believe. It's
twenty six next week when I talk to you, it's
going to be May. So here we are, early weeks past.

(00:55):
Talk a little bit about the screaming monkeys and how
they're probably in a state of depression because the markets
didn't go into the meltdown that a lot of them
have predicted. And we'll talk a little bit about some
things that are going on, a little bit of housekeeping.
I guess the bottom line first and foremost is I

(01:15):
left Clifton Park this morning and I have I saw
a price in gasoline that I haven't seen in a while.
Two dollars and seventy five cents. Two dollars and seventy
five cents put a big smile on my face. That
means more money in our pockets, more money for seniors,
more money for young people, people that have to travel

(01:37):
to work on a day to day basis. So you
should be happy. It's starting to kick in some of
these policies that the new administration is putting in. So
two seventy five, I don't know how low we're going
to go. Drill, baby, drill, Will you go with two
fifty two fifteen? If that does happen, it's going to

(01:57):
give you a lot of more discretionary because it won't
only be in gasoline at the pump. There will also
be fuel oil natural gas go right through the laundry list.
So it's a good sign. You know, there's a lot
of negativity out there. I don't try to talk politics
because that's a no win situation, So I don't talk

(02:20):
about democratic or Republican issues. I talk about facts. Facts.
That's all the Wall Street cares about is facts. I
don't care about all of the noise and the screaming monkeys,
which I love to talk about because ninety nine percent
of the time they're wrong, which I've got a lot
of hard data. I'm gonna talk a little bit about

(02:40):
this morning, and then my buddy Droiala is coming in.
I gave the staff the day off, they can just
chill and enjoy their weekend. But Drew's going to commit
at eight o'clock and he's going to talk about the
bond market, which is going through all sorts of gyrations
over the last two to three months, and he's going
to give us his perspective. Who was in the investment

(03:01):
banking business for years, he now is in the mortgage industry,
so you know, he's dealing with the interest rate environment
on a day to day basis, the individuals that he
works with as far as getting loans for homes, reverse mortgages,
et cetera. So that should be a very interesting hour,
the eight to nine hour. So here's a little bit

(03:23):
of housekeeping. As you're all quite well aware. I spoke
last week about Loopiro in his law firm, who comes
in on after Puro Law. We're doing our presentation again,
which we did last year at the Desmond the Crown Plaza,
which is over by the Airport. It's a free dinner

(03:45):
workshop presentation, and I'm going to talk a little bit
about what we're going to discuss, and I'm going to
give you a telephone number in order for you to
reserve your seat. And I would highly recommend if this
is something that you want to attend, that you get
to going. You get to going, because we've had a

(04:09):
lot of people already call, so many that we actually
have a website and we also have a local telephone
number for a twenty four to seven answering service, so
we don't miss your phone calls. But to make a
long story short, Lou and his team, myself and probably

(04:32):
Nico or my son or Christopher McCarthy will discuss a
little bit some of the topics. But basically this workshop
is the same one that we gave last year's strategies
to help you protect your income, preserve your estate, and
decrease your taxes. And after doing this now for forty
three years, I know it only takes one or two

(04:54):
mistakes to really have some major major problems with your
overall estate planning and wealth management during your retirement years.
So here are some of the topics that we're going
to discuss withdrawing your money from your IRA and trying
to minimize your tax liability. That's a big deal for
a lot of people. Common mistakes that are made by

(05:15):
you a retiree, keeping more of your Social Security benefits.
That might be a no brainer when the legislation goes
through because our new administration does not want to tax
social Security benefits. And we'll talk a little bit about that.

(05:35):
Understanding investment risk in your retirement years. And here's one
of the biggest achilles hell that we'll talk about. I
know that lou will get into it. We'll also talk
about long term care options for retirees and iras problem
or opportunity for some of you that have pension benefits,
other assets money that you put pre tax can be

(05:57):
extremely problematic as you age, and estate planning. We're going
to talk about taking away some of the anxiety that
people have. And I'll talk a little bit more about
this after I discuss the topics that we're going to discuss.
How to protect your home in retirement from a health event,

(06:17):
wealth transfer strategies, some of the best ones that are
currently out there, and how a trust can help you.
What is a trust? Why do I need one. What
are the different types of trusts that are out there.
I had an unbelievable chat yesterday Nico and I with

(06:37):
some phenomenal people. They live out in the Johnstown area
and he has multiple businesses, extremely successful, extremely successful couple,
multiple businesses, multiple things that they have to worry about.
And I basically said to him, I said, you know,

(06:57):
your whole thing is not managing your wealth as far
as your ROI return on your investment. It's basically putting
the pieces of the puzzle together in order to simplify
your estate is something should ever happen to you and
your wife and you both pass away at the same time.
So estate planning for a lot of us folks is critical.

(07:20):
Is critical. Then we're going to discuss that in greater
detail at this presentation. So if you want to come
to the presentation, WGY is sponsoring this with the Retirement
Planning Group and the Puro Law Firm, it's pretty easy.
It's going to be May twentieth, which is a Tuesday.

(07:43):
May twentieth, which is a Tuesday. Registration is at five
point thirty. We'll have a nice dinner, we'll have some chats,
some laughs, and then we'll get into the presentation again.
It's going to be at the Crown Plaza the Desmond,
which used to be the Desmond right next to the
air and space is limited. Last year, I think we

(08:04):
had about one hundred and fifty hundred and sixty people.
I don't know how many we got right now, but
Jimmy Corkoran basically said to me is that we're filling
up fast. So here's two different ways that you can
sign up for this presentation. So get your pen and pencil,
all right, we'll give you a couple of minutes. It's

(08:24):
WGY Seminar dot com. WGY Seminar dot com. Or call
this number. Call this number five one eight seven six
seven seventy seven seventy four. The telephone number is five

(08:49):
one eight seven six seven seventy seven seventy four. I'll
give that out two more times for today's show. But
again WGY Seminar dot com or call five seven six
seven seventy seven seventy four. Now, if you're gonna dial in,

(09:14):
they're going to ask you for a code, which is
the identifier for our presentation. The identifier, the code that
they're going to ask you for is h G T three,
Howard George Tango three HGT three, So I'll give it

(09:36):
I know that this is kind of long winded, so
I'll give it out a couple more times today. But
these presentations have always been fun. It's a great way
for us to meet some of our listeners. It's a
great way for us to introduce ourselves to the types
of services that we provide through the Retirement Planning Group.
As I said, it's gonna be the Retirement Planning Group

(09:58):
in conjunction with Pyro Law Firm, and also WGY is
sponsoring this with us, so we couldn't be happier. It's
something that I enjoy doing. I enjoy going out and
meeting the public, and it's complementary. There's nothing, no obligation
on your your part at it's an event. It's invitation only,

(10:22):
so you can't just show up. So if you're gonna come,
you got a call right five win eight seven sixty seven,
seventy seven, seventy four, or go to the web r
WGY Seminar dot com and then you're gonna need a
code and the code is h g T. I'm finding
it again, folks, I apologize. H GT three HGT three,

(10:48):
Howard George Tango three. We'll be right back. I'm gonna
take a break here, and after the break we'll come
back and we'll talk about the markets a little bit.
I'm Dave Kopek. This is the Retirement Planning Show. Six Percenters.
Do you know that eighty six percent of the population
has no defined benefit pension plan. For most of us,
we have to take our life savings and create a
paycheck for the rest of our lives in retirement. What

(11:10):
is your plan for retirement income distribution? How 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, hardest problem in finance. He points out
that investment, uncertainty, and mortality can derail the most careful
laid out retirement income plan. Call our offices today to

(11:32):
start the process of building your retirement income distribution 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 distribution plan. How do you do that?
To take action? Five one eight five eight zero one
nine one nine. That's five one eight, five eight zero
one nine one nine or RPG retire on the web.

(11:55):
Don't procrastinate, motivate to start building your retirement income distribution
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Speaker 3 (12:02):
If you have any questions, please call in now at
one eight hundred eight two five fifty ninety nine. That's
one eight hundred talk WGY one eight hundred talk WG.
Why we are live in studio to answer your questions.

Speaker 2 (12:16):
All right, we are back on Dave Kopek. We are alive.
We're not going to take any phone calls today because
I've got a lot of information to discuss, and of
course we've got our good friend Droiella coming on from
the eight to nine hour. I gave the staff the
morning off, mister McCarthy, Nico, my son, Christopher William, let

(12:40):
them sleep in a little bit, get a little charged
up and get ready for Monday morning. So everybody should
be happy this Saturday, because all the doom and gloom
and the negativity and everybody that basically said we got
to run for the hills, and you know, the screaming

(13:02):
monkeys were wrong again. Right. The equity in the bond
market staged a pretty strong rally this week. Okay. This
is why I say over and over again, folks, you
cannot what Miria sing it, open up your window loud
and proud. You can't time the market. You cannot time

(13:24):
the market. It's impossible, right, Remember what I said, most
of the market is. Of the trading now is done
by algorithms and computers and quants bots. You can go
through all of this nonsense that's out there now. So
the Dow was up two and a half percent on
the week, s and P five hundred was up four
point six percent. Nasdaq was up six point seven percent

(13:48):
for the week. So if you freaked out you went
to cash, you lost the opportunity to get the capital
acretion back in your portfolio. And overall right now, depending
on what your blend is between you know, bocks and
bonds and cash, you're probably down a little bit, but
not major because I know my own personal because you're
all quite well aware, I'm an equity investor. I like stock.

(14:12):
I don't need to be in bonds right now at
the stage of my life, and it wasn't fun to
look at over the last week or two. Not so
bad right now, Not so bad right now. So bottom
line gets down to is that don't try to time
the market because it is something that you're not going
to be able to achieve. Too many people have tried it,

(14:35):
and too many people have been unsuccessful. So markets possibly
could be range bound until we get you know what
I considered to be better indications of what's going on
with that word that we all hear now, tariffs, Right,
it could be flat. We could get a rally again.

(14:57):
One word, one word, one statement can send the market
through the roof again. So I know that the administration
has said that there are developments that are going on
with trade. They're not that far off from getting some agreements,

(15:19):
So that I think is really some of the uncertainty.
Wall Street does not like uncertainty. And China, our good
friends in China right are considering this is in the news.
I'm Bloomberg. I read it is considering exempting some US
goods from terrace. Okay, so the mountain caps are thawing, right.

(15:48):
The narrative and the headlines on trade can chain faster
than the weather. So bottom line is uncertainty will still
linger in these markets will not. There's not any doubt
in my mind. You've got too many things in the

(16:09):
pot right now, you got tariffs, You have the uncertainty
with our tax code. You have a lot of uncertainty
right now in regard to what's going to happen with
our deficit. You know how much focus is going to
be put on in these negotiations. Most of Wall Street

(16:33):
basically says they've kicked the can long enough down the road.
Now they need substance, substance as far as what's going
to happen and ultimately how we're going to basically pay
for this massive amount of debt that we have on
the books now. So the Fed, he came out and

(16:56):
basically said Fed Chairman Powell, he has no desire to
fire him. You know, I don't you know. So that
was a positive on Wall Street this week also, So
if you look at it overall, you know, we're halfway
off the lows. Now. What So the rebound in the

(17:19):
market since April ninth, when the tariff pause has triggered
about a ten percent rally in the S and P
five hundred from the low, and that's leaving the index
down the ballpark about ten percent. So if you're in
a balanced portfolio between stocks, bonds, alternative investments, you're probably
not down that much, So I think pessimism this kind

(17:47):
of fading away, fading away. But what I wanted to
do this morning when I woke up, I wanted you know,
I've been saying this for years. I don't know if
there was any hard data out there, and I know
I can remember what I've seen in the past, but
I just wanted to see if there was anything that

(18:09):
I could basically put my arms around and give it
a hug and a kiss this morning. And how accurate
are Wall Street predictions? How accurate are the these great
wonderful minds that are down there on Wall Street right

(18:30):
And basically what came back after reading all the research
and going through all the data, is that predicting where
the stock market will be a year from now is impossible.
Wall Street stock strategists have underestimated the S and P
five under index thirteen out of the last fifteen years.

(18:54):
So how accurate do you think that is? I got
a better chance to probably predict the weather for today.
Let me see, at twelve o'clock, the sun will come up,
it will be seventy five and sunny, and I'm gonna
go for a boat ride up on Lake George because
the rain is gonna dissipate and go away. So that's
my prediction. Probably not gonna happen, but that's my So

(19:18):
I'm always skeptical on stock market predictions for the coming year,
coming month, because most of it is an activate. I
go back to what I've said a thousand times, and
people say, oh my god, he's saying it again. Remember
Wall Street Week the elves, right, the elves would predict
what's going to happen to the stock market, and most

(19:40):
of them are wrong at the end of the year,
which is not uncommon. Right, So what do you do?
How do you deal with this when you have uncertainty
in the market? What action do you take when there's
uncertainty in the marketing? You don't do anything. You sit tight.

(20:05):
Because the people that freaked out, that were down, oh
my god, oh my god, what's happening? You know, you know,
what should we do and how should we allocate our money?
They were in the wrong asset allocation to begin with.
If you're freaking out, you've got the wrong asset allocation.
And if you're in retirement, you should have a certain
portion of your portfolio that meets your income needs. So

(20:27):
you don't have to freak out that you have the
ability to stay the course and let the markets do what.
This guy that came in yesterday, I'll tell you what.
I can't tell you how impressed I was with him.
He's probably listening right now, so he probably thinks I'm
patent him on the head a little bit. But this
guy has done I mean, this guy has done unbelievably

(20:48):
well in his life. Multiple companies. I won't tell you
what they are because I don't want to identify this guy.
And he said to me something that really resonated with me,
because as you get older, I think you feel more
tilted this way than you do. He said to me,
did you ever think that you would have the type
of wealth that you have now? And I never did.

(21:12):
And he said, because of that, I feel I'm obligated
to help other people. And he said, what I want
to do, and I've you know, he's reached out to
the school district that he's in. He wants to have
a program at the local school on personal finance for
young kids, which I said, that's a phenomenal idea. For years,

(21:40):
I used to go into Boston SPA Burn Hills, I
think burn Hills, Burnhill School District. A guy that I
used to coach against, and he was a teacher there,
and he used to have me come in and talk
to the kids about the basics. The seniors that were
going out into you know, college and hopefully in a

(22:00):
very short period of time getting a job, possibly sooner
because they can go to college. Just so they knew
the basics about how to invest, you know, how to
do an IRA, understanding the matching on a four oh
one K, why it's important to have life insurance, just
the basics, the foundation. And this guy is a major
advocate of it, major advocate of it, and I applaud it.

(22:23):
I think it should be mandatory for high school seniors
one semester to take a course in finance, that they
understand a checkbook, how to manage their assets, why they
don't want to go crazy with credit cards, multitude of
reasons why you want to do that. So you know,

(22:45):
bottom line gets down to is that you know, we
hear over and over again the people that have done
extremely well in their lives, you know, they don't reach
out and they don't you know, they're not helping people,
They're not facilitating this guy's just the opposite, just the opposite.
He's doing everything he can to help other people, and

(23:05):
also he thinks it's important for people. And I'll tell
you what I was so impressed by that that, you know,
I just I just want to make sure that people
understand is that there are still a lot of great
people out there that have done well for themselves and
they want to basically, you know, reach out and help
their fellow brother sister. But that was a quick boy,

(23:28):
that was a quick segment. We got about twenty some
seconds left here before I'm going to have to say
this is my first break. We'll talk a little bit
more about the markets when we come back. And when
we come back, you know, don't forget we've got Druiello
coming on at eight o'clock. And just so you understand,
I'll give you one more time at this next half hour.

(23:51):
What and how you get registered for our presentation. I'm
Dave Kopek. We'll be right back. Hello, there we go,
Yogi bear, Yogi go, Yogi. We are back Saturday morning.

(24:11):
I hope we don't have a summer like two years
ago where every Saturday and Sunday, if you remember it,
rained we all had water. We couldn't walk out in
our garden or our yards because it was squish wish
where you'd be stuck in the mud. The summer, the
warm season here is so short. It's just very difficult,

(24:34):
very difficult to go through life when every Saturday and
Sunday there's rain. When you want to go and have
some fun, have parties, etc. But if you want to
have fun and you want to have a great time,
and you want to meet some of the people that
are here on the radio, Strategies for Protecting Investing your

(24:54):
money during Retirement is going to be held May twentieth.
Registration starts at five point thirty at the Crown Plaza
the Desmond, which is right in that by the airport.
Plenty of parking right off the exit boom. You're right
in the door. This is a complimentary dinner presentation. Doesn't

(25:16):
cost you anything. The only thing it costs you is time.
T im me so my good friend Lupiro and Aaron
O'Connor myself. I'll probably have someone else from the Retirement
Planning group speak Nico, my Saun or Christopher whoever wants
to get up and say hi. But these are some

(25:37):
of the topics that we're going to discuss withdrawing money
from your IRA, minimizing the taxes on that, withdrawal mistakes
made by retirees, Social Security, how to eliminate some of
the tax liability on that, Understanding your risk of managing
money in your retirement years, long term care options, strategies
for stretching existing retirement accounts last a lifetime, right IRA

(26:03):
problems or opportunities, Anxiety from estate planning. Talk a little
bit more about that this morning. Protecting your home in
retirement from a health event, Wealth transfer strategies and trust.
Our good friends Lou and Aaron, we'll talk in detail

(26:23):
about revocable irrevocable, how to tidle assets. I'll tell you, folks,
you can eliminate a lot of frustration by understanding some
of these concepts and ideas. What do you do if
you want to attend, it's pretty easy. You can go
to the website wgyseminar dot com. Wgyseminar dot com. You

(26:44):
can call, if it's easier for you to call five
point eight seven six seven seven seven seven four five
point eight seven six seven seven seven seven four. I'll
give that number out one more time. A couple more
times throughout today's program, and you need a code. The

(27:04):
identifier is hg T three Howard George Tango three HGT three.
And now basically they'll be able to take your reservation
right then and there. I will say this, okay, and
this is not to be harsh. If you don't think

(27:27):
you can make it, don't call, not because we don't
watch you. But the reason for that is that last
year when we did this, we had a lot of
people that called, and there was probably fifteen to twenty
people that didn't show up. We told people, you know,
we're sorry. You know, we'll have another presentation in the

(27:48):
future where we could have allowed those people. If you're
not going to be able to attend, then do what
call ahead of time? Call ahead of time. But it's Tuesday,
May twentieth at five point thirty at the Desmond Hotel,
the Crown Plaza, Aubny. It's called now right next to
the airport and again five Pine eight seven sixty seven
seventy seven seventy four. The code is HGT three. And

(28:12):
if you want to just go to the web wgy
Seminar dot com and I think it'll be a great
night out, we'll have some rubber chicken for you. Well,
good Dave. I have a different engineer in here today,
and Kevin and I got to chuck a little bit
because he's about the same age as me and we
how many rubber chicken dinners have we been to Dave

(28:35):
in our lifetime? Too many? Right to But no, they
actually do a phenomenal job. The food will be phenomenal.
Last year, when I say that they did a phenomenal job,
it's an understatement. Everybody walked out of there. The food
was great, presentation was great. We got a lot of
positive response. We really enjoyed doing this. I enjoyed doing

(28:59):
it because I love I love to meet listeners, people
that listen to the show. We've met some great, great,
great people, phenomenal people, phenomenal people. And the common theme
that I hear over and over again, people that sit
down with us. I don't know why it took us
so long to get here. And as I've said a
million times over and over again, whether it's plane, train, car, boat, canoe,

(29:27):
I don't care what it is. If you can't get
to us, we'll get to you, okay, no matter where
you are. We're in twenty eight states. We have clients
in twenty eight states. That means that we spend a
lot of time doing meetings over the internet, either by
Zoom or Ring Central, where we physically get in a car, train, boat,

(29:51):
playing whatever it is and we come to you. So,
all right, earnings, Yeah, everybody was worried about earnings, right,
Oh my god, Oh my god. In the two week
span between April twenty first and May second, the S

(30:14):
and P five hundred companies have reported earnings. Six of
the MAGS seven companies. Guess what, earnings are off to
a solid start, with seventy five percent of the company's
reporting earnings above estimates right, surprisingly positively by ten percent

(30:36):
compared with the last ten year average of seven percent.
So consumers are worried. I mentioned this last week. I
go to Price Chopper early in the morning because I'm
up early and it gives me something to do, and
I enjoy shopping when there's nobody in the store. So

(31:00):
when the door, when the door is open at six
am at Market thirty two, I'm in there, mine in
my own business, sucking on my cup of coffee, and
then I'm talking to one of my favorite people at
the register. I won't mention her name an older woman.
And as I said last week, No, it wasn't last week,
it was the week before. She said to me, goes, Dave,

(31:22):
I know what you do. I've never you know, I
listened to your show. And she goes, I've never mentioned
this or asked this question to you before. But she goes,
should I be worried about sell security? Is that something
that I you know, I'm you know, it's really not
making me feel good about what's going on. And I

(31:43):
said to her, listen, dear, if you're receiving self security now,
nothing's gonna happen to it. It's only gonna get better
because you're gonna get to COLA. You're gonna get a
cost of living adjustment. Now. I can't predict the future
for my kids or my grandkids. There's probably going to

(32:03):
have to be some kind of an adjustment in regard
to the benefit that is paid to those kids. But
the Boomer generation, right, and the older boomers, we're okay,
we're okay coming out of this as far as social
security now, ultimately they're going to have to make some
hard choices as far as social security, medicare, Medicaid. You

(32:27):
know you've heard me say over and over again. There's
a lot of people that are listening to this show
right now, and attorneys hate this When I say this, Okay,
major arguments with attorneys. They have hundreds of thousands of dollars,
that's not millions of dollars in an irrevocable trust, more

(32:49):
than enough money in order to satisfy their healthcare needs
in their retirement years. But because it's legal, and this
is what the attorneys over emphasized to me. Because it's
legal and it's an option that's available in New York State.
If I title my assets in a trust and I

(33:10):
do it properly and it goes sixty months, five years,
and I have no incidents of ownership after that sixty
month period of time five years, I will qualify for
Medicaid assistance because I've basically forced myself to be impoverished.
That's a keyword, impoverished. So there are certain people out

(33:37):
there right now that have elected not to buy a
long term care policy, have elected not to utilize their
resources and allow the government to basically provide them long
term care benefits simply based off of legal bouncing around
with titling of assets Renstler County. Renstler County, ninety cents

(34:12):
of every dollar goes for Medicaid. Ninety cents of every
dollar that they generate in taxes goes for Medicaid. The
other ten cents goes for all the other all the
other things that need to get done. We have the

(34:33):
highest dollar amount paid in the United States in New
York for Medicaid. You can combine states and it still
doesn't catch up to New York. So when you say
that there's things that need to get fixed, there's a

(34:57):
lot of people that say, no, no, no, no, don't
touch my stuff. That's my little piggy bank. Leave my
money in the trust alone. Ultimately, hard choices are going
to have to be made. Hard choices are going to
have to be made. As far as the amount of

(35:20):
dollars that our society spends on healthcare is astronomical compared
to the rest of the world, So healthcare, long term care,
talk about it at the presentation. I know that Lou
and his team this is an area that they have

(35:41):
expertise in, probably the best in the area in my opinion,
as far as their capabilities and the resources. Lou's been
doing this almost as long as me. This is my
forty third year. I know that Lou hasn't. He might
be forty or forty one ballpark. So I know that

(36:05):
there's a lot of people out there that are scared,
that are concerned, that have fear about all of this news.
Like I told you two three, four weeks ago, turn
the damn TV off, shut it off, Go start your garden,
go to your popper house and start doing your seeds, exercise,

(36:26):
take a walk, take a hike, whatever, Because ultimately, the
markets have a way to basically come to their sanity,
not insanity. Markets always always overreact. So you're seeing a
major increase in your portfolio already over the last few weeks.

(36:49):
And I'm an optimist, right, I think that people ultimately
will come to the table common sense. Right. It has
to be fair. That's the word that I've always used
in my business. Fair. It has to be fair for you,
it has to be fair for me and ultimately someone,

(37:12):
if not both sides are going to have to make
an adjustment in order to facilitate. And that's ultimately what happens, folks, Right,
So take a deep breath. The financial markets will take
care of themselves. We're in the greatest country on earth. Yes,
we fight a lot, they had fields and the Lequois,
but ultimately people come to their senses of your right

(37:33):
back the eighty six percenters. Do you know that eighty
six percent of the population has no defined benefit pension plan.
For most of us, we have to take our life
savings and create a paycheck for the rest of our
lives in retirement. What is your plan for retirement income distribution?
How you manage your assets during the most critical years
of your lifetime. Nobel Prize winning economist William Sharp has

(37:54):
called retirement income distribution the nastiest, hardest problem in finance.
He points out that investment, uncertainty and mortality can derail
the most careful laid out retirement income plan. Call our
offices today to start the process of building your retirement
income distribution plan. After forty one years of being in
the financial services business, you need to start taking action

(38:16):
to start building your own personal retirement income distribution plan.
How do you do that? To take action? Five one
eight five eight zero one nine one nine. That's five
one eight five eight zero one nine one nine or
RPG retire on the web don't procrastinate, motivate to start
building your retirement income distribution plan five one eight five
eight zero one nine one nine.

Speaker 3 (38:37):
If you have any questions, please call in now at
one eight hundred eight two five fifty nine forty nine.
That's one eight hundred Talk WGY, one eight hundred Talk WGY.

Speaker 4 (38:47):
We are live in studio to answer your questions.

Speaker 2 (38:51):
All right, we are back. I'm Dave Kopek. I'm your host.
This is my twenty fifth year on radio, which is
hard to believe. Twenty five years hopefully informing, educating, love
doing it. We get a lot of positive feedback on

(39:11):
our show. We get a lot of individuals that call
us throughout the country that listen to our podcast. If
you miss the show, you can catch it on iHeartRadio.
iHeart does a great job putting our show out there
so people can listen to it. And as always, if anything,

(39:33):
piqut your interests, if you want to come in and
have a chat with us. The worst thing that can
happen is that we meet a new friend and we
have a conversation. We never ever ever do business at
the first meeting. Typically it takes two to three meetings
before we ultimately make a decision whether you want to
work with us and we want to work with you.

(39:55):
Sometimes it's just not a fit on our part where
people have unrealistic expectations and we can't facilitate that, and
it's just not worth the aggravation. Sometimes I have to
go into meetings and basically say goodbye to people because
they're expectations and is not going to be met through

(40:22):
the retirement planning group. As I say over and over again,
we're hitting We're looking for singles, maybe every once in
a while double. We're not trying to hit a triple
or a home run. That's not where we want to
be with retirees assets. So if you're in the situation
and you're looking to either get a second opinion, you're

(40:46):
not happy with what you're currently doing. If you're looking
to retire in the very near future, get going. You know,
having no plan is not a plan right. Any destination
will do right. You know. The thing that I'm perplexed

(41:07):
by is uh I talked a little bit about this
at the beginning of today's show. Is all these smart
people on Wall Street about the direction of a stock
or the stock market, and my question to them consistently

(41:27):
has always been, especially if I'm in a conference or something,
Can you tell me what tomorrow's news is going to be?
I'm getting you know, come up the lotto's tonight. You
got those numbers for me? Because I pretty much I
ignore the screaming monkeys, because I don't rely on analysts,

(41:49):
because stock market analysts are paid to focus on mostly
specific stocks and make predictions about their performance in the
future in the future, and most of them can't do it.
I think almost one hundred percent of them can't do it,
to be honest with you, Sometimes they get it right

(42:11):
and they make a big deal out of it, but
you don't really hear too much when they get it wrong.
So I think you're going to find that working with
a team, and I emphasize team because this business today
is too complicated for any one individual. You're going to
get fatigue trying to sit and stare at a computer

(42:34):
all day long and make a decision as far as
what direction the market's going to go in and buy
and sell and do this. As a matter of fact,
the guy yesterday that came in that was extremely wealthy
and we had a nice chat and he says he
was day traded, and he found out he couldn't do it,
and then he said, he just said, the hell, I'll
just put it into an index. Finally, the S and

(42:56):
P five hundred and he says, I've had it on
a cruise control for years. He's right, He's right. So
bottom line gets down to is that I understand that
this has not been a fun ride the early part
of twenty and twenty five. But like any other type

(43:19):
of investment or things in your life that you go through,
give it time, Give it time. You know, there's been
a lot of things in Washington that have peaked their
ugly heads as far as some of the decisions that
have been made in the past that are forcing this

(43:43):
administration to make some changes that whether you're Republican, independent, Democrat, Democrat,
you've got to figure out, you know, does this make
long term sense for us as a society. And I

(44:04):
think personally, ultimately we're all going to have to try
to figure out how we align ourselves in the financial markets.
As far as an optimist, a pessimist, or someone that
basically just give me something that's guaranteed and I don't
have to worry about it anymore. Give me a CD,

(44:27):
give me a fixed guaranteed annuity, you know, buy me
some treasuries because if you have a lot of money,
a lot of money. We deal with people that have
a few thousand dollars and we deal with people that
have multimillion dollars. Right, everybody basically has the same mantra.
What is that I don't want to lose money, right,

(44:47):
I don't want to lose money. I've worked hard, I've
busted my tail, right. I want to make sure that
the money's there, and I want to have a positive impact.
That was the other thing this guy talked about, which
I thought was great. Wants to have a positive impact
on his kids and his grandkids. He wants his wealth
to continue for generations and it can. But you've got

(45:13):
to understand is that when I started in this business
in nineteen eighty two, it's the difference between an apple
and an orange. This business has changed so rapidly just
in the last few years. And here's the big change.

(45:35):
Here's a big change that's going on right now that
everybody needs to be aware of. And women should listen
to this. You're going to get bombarded by marketing. You're
going to hear all of this sizzle snap, crackle pop.
How they want to have women as far as their clients,

(45:55):
and women are so important to us. And why is that?
Because the greatest wealth transfer in the history of mankind
is happening as we speak, estimated to be eighty to
eighty five trillion dollars. And guess who's getting the money

(46:16):
the women, because the guys die first. So you're going
to control the pocketbooks, and you're going to be bombarded
by financial organizations because they want to manage the money.
They want their money, they want their fee. And what

(46:37):
I always say to this over and over and over again,
and you've heard me say it, and if you come
to our presentation you'll hear me say it again. You
have to have a wealth management plan that has the
domino effect. When the first domino drops the rest of them,
you understand exactly where they're going to go. An extremely

(47:01):
wealthy person does not need to leave the whole boat
of money and assets in real estate, typically to the
surviving spouse. There are tactical ways in order for you
to slice and dice in order for it to be
adequate amounts of money for wealth replacement for a surviving

(47:23):
spouse that should be done on the front end, right,
But everybody's worried about ROI. You know, how do you
manage money? What's your asset allocation? What stocks you like? Now?
What sectors do you like? Now you do alternative investments,
private equity? You know, it's the sizzle, the snap, crackle
and pop. So again, before we have to break for

(47:49):
the top of the hour, that's been a really quick hour.
Am I doing good? Dave? Did you give me donuts
and cowp? No? But make a long story short if
you want to come to our presentation at the Desmond,
I'll give it out one more time in this I

(48:11):
know that this is long winded. Why am I doing it?
Because I want to make sure that if you did
not have the opportunity to go last year, you're going
to have the opportunity to go this year. Strategies for
protecting and investing your money during your retirement years myself Lupiro,
our teams, topics, IRA planning, distribution planning, social security, social

(48:35):
security planning, estate planning, trust, long term care planning, all
the stuff that you need to consider during your distribution
and your retirement years. So again, it's pretty easy. How
do you get ahold of us. How do you make
a reservation? You can call or not call. You can

(48:57):
go to the website wg Y Seminar dot com. As
you can tell this is new for me, two folks,
wgy Seminar dot com. You can call five win eight
seven six seven seventy seven seventy four five win eight
seven six seven seventy seven seventy four and you need

(49:20):
this code h g T three h g T three
and they'll book your reservation. We'll have a great night
out dinners on us. But please, please, if you can't attend,
have the decency to pick up the telephone and say
that I can't attend, let somebody else take my spot,
because I know that this will be sold out in

(49:42):
a very quick period of time. All right, I got
about twenty seconds left, ten forty seconds, five seconds, five seconds.
All right, We'll see you in a little bit. God bless.
I'm Dave Kopek.

Speaker 1 (49:58):
Live from the Double You ge y iHeart Studios. Welcome
to the Retirement Planning Show with your host Dave Kopec
from the Retirement Planning Group. Every week, Dave and his
team discuss the ways they can help people make informed
decisions about a wide array of retirement planning information that
can support you in developing a more certain financial future
for you and your family. Now it's time for Dave

(50:21):
Gopec and the Retirement Planning Show.

Speaker 2 (50:28):
All right, we are back, glad to be here on
the sunny, beautiful upstate New York day. I can't complain lately, though.
I just hope Drew that we don't have a summer
like we had two years ago. Remember it rained every weekend?

Speaker 5 (50:43):
Oh yeah, uh, next couple of weeks looks pretty good.
I think we're going to get a little wet weather.

Speaker 2 (50:48):
But then yeah, a whole showers bring may flower. I hope,
I hope because I'll tell you what, if it's a
wet summer, it's a long winter. You know how much
I love winter. Yes, yes, last time I was here,
there was in the ground. Yeah, it's good to see
you haven't been around for a while.

Speaker 5 (51:02):
No, No, I mean, first of all, you don't pay
me enough.

Speaker 2 (51:09):
I know that they're looking for you've been hiding out.

Speaker 5 (51:12):
At least have some coffee and downut and say I
got nothing here today, folks.

Speaker 2 (51:16):
You just went for your workout right. Yeah. Now, let
me ask a question. Before. I haven't seen you for
a while. You had a shoulder replacement and on where
do you stand right now? On June twentieth of last year,
June twentieth, where do you stand? As far as your
pet and.

Speaker 5 (51:28):
All that PT was done December, so I had to
go twice a week for about six months and back
to normal hitting a golf ball. Are you as far
as ever? Working out consistently? Back to my fift for
nine Iron actually played Schenectad Immuni on Thursday. Some guys

(51:49):
haven't played there in ten years. It was I love
that little track. It's nice.

Speaker 2 (51:53):
You know the dentists that we played with. I won't
mention the guy's name on the radio. The Indian guy. Yeah,
I saw him in Boca. He said to say, yeah,
he's a good egg. Kim and his wife were going
down to spend a few days. Nice people, real nice people. Yeah,
real nice people, really good. No, So I feel I
feel almost one hundred percent. Yeah, that's great.

Speaker 5 (52:12):
And then no pain. It's unbelievable. I deal with it
for like five years and then to have literally no
pain is is I'm sound like everybody else's done it.

Speaker 2 (52:22):
I wish I did it. Sooner speech. But it is
what it is.

Speaker 5 (52:26):
There's a shelf life, so you got to wait as
long as you can, I guess.

Speaker 2 (52:29):
So when you go through something like that, you go
through the operation. I'm assuming that you see the doctor
once you go through your pet and you're done, do
you have to go back to the doctor? Now?

Speaker 5 (52:40):
I saw him maybe six weeks after surgery for about
ten minutes and that was it. Because you know, Julie
had a hip oh really recently, over a year ago. Yeah,
I think it was a year ago in February, and
those are the same day surgery these days, right, It.

Speaker 2 (52:55):
Was amazing she walked in, she walked out the same day.
My father was a worthpedic surgeon.

Speaker 5 (52:59):
Back when he practiced, you'd be in the hospital for
probably a week major recovery.

Speaker 2 (53:05):
Now they get you up and walk in the next day, right,
the same day. Yeah, it's crazy. She had to walk
up steps and turn around and go down steps before
they would release her. It sounds so painful. It's just
what she was got. She was on the goofy pills.

Speaker 5 (53:18):
You know, I had no pain, I had throbbing. I
did not have any pain that The rehab was probably
the worst part not that it was painful, it's just long,
start out like a little baby.

Speaker 2 (53:29):
Well, you know the thing is, it's that technology today
that I just I just read a thing the other
day and I've been saying it on the radio for
quite some time. AI, they say, will extend ouralize it
will be not uncommon for people to live to like
one hundred and ten hundred and twenty years old because
of the new developments and healthcare from AI. Have you
read that? I read that the other day.

Speaker 5 (53:48):
He said the general our kids generation probably lived about
one twenty.

Speaker 2 (53:54):
I'm going in for a new head.

Speaker 5 (53:56):
Really, really what does name? Hugh Happners had that fro
nos Ted Williams. But they say, pick stay healthy kids,
Why in that room and pick out the head you
want better? Stay healthy because the next generation is learning
from AI. That's how they're going to pass theirs.

Speaker 2 (54:14):
It's just amazing. It's amazing what's going on today. It
really is.

Speaker 5 (54:18):
I love I mean it scares me and I love it.

Speaker 2 (54:21):
It's like Amazon, I love it and it scares me. AI.

Speaker 5 (54:24):
I have it on my home screen, actually on my
phone because I access it so much throughout the day.

Speaker 2 (54:30):
But what yeah, I don't know.

Speaker 5 (54:33):
I mean they must use it like crazy in your
business of predicting stock appreciation.

Speaker 2 (54:37):
I've said this over and over and over again. AI
will change. You know how much of a change that
we've had over the last five years. Over the next
five years, you won't recognize the financial services business. That's
my prediction. You won't recognize it.

Speaker 5 (54:51):
Someone told me last night, actually said the next five
years is like us advancing one hundred years before AI.

Speaker 2 (54:58):
No doubt, I've already seen it. A eyes really changing
our business. And the sad part, you know, the days
I'll just say this two people that you know you
go to the post down on Wall Street, right, and
you know you've got a market maker there for the stocks,
those days might be going, right. You know that that's
like dinosaur technology to the new world that we live in.

(55:21):
I mean they basically they have to control the orders
and all that stuff. There is a there is some
relevance for them to be there, but it's more visual
than it is an actual need for that, right, Yeah,
because you like the excitement and the craziness. A lot
of your exchanges are automatically done by you know, computers. Yeah,
they had they had darn COVID. They had a group
of traders.

Speaker 5 (55:41):
Every month they'd go to another Airbnb in some part
of the country. They're having a blast, California, Montana, Utah, Michigan,
all over the place.

Speaker 2 (55:50):
All right, enough about us. The rest of your family's good.
Everybody's great. Your son's good. Yeah, your wife's good. We're
just there for Easter. Yeah it was nice and we
were down in Boca free easter. Oh yeah, so we
we're in Tampa. Went for four days hot hot day
was ninety Never ever gonna let that was that three

(56:11):
letter word will never come out of my mouth yet. See,
I don't deal with heat. Well, see it wasn't It
was about eighty eighty five, when a good.

Speaker 5 (56:17):
Thing was that it was only due point was on
like sixty two sixty three, so it didn't have that
sticky hot humidity. It was just hot, which I'm not
used to it because.

Speaker 2 (56:25):
I was up here all winter. But no, it was.
It was great. Good to see everybody. All right, let's
let's get on with this, okay. Drew, of course, it
is in the mortgage industry and worked in the investment
banking industry for years before he got into the mortgage industry. What,
what's all of our predictions have gone to zero? Yeah?

Speaker 5 (56:46):
Yeah, I feel I feel with the even though it's
crazy voladile this year so far, I feel like we're
more on track with predictions this year than they were
the last two years. Last two years way off with rates.
This year we've already touched almost in that range, like
we thought we'd get to three eighty three ninety. We
did for a couple of days, and then we were

(57:08):
shot back up to like four and a half and
now I think we're hovering where we four to two three, Right,
But it's like buckle your chin strap every day you
walk in. You don't know what to expect.

Speaker 2 (57:19):
Well, you know, when the whole thing with the tariff thing,
you know, and they were worried about you know, I
thought we were going to have another major event with
dumping a bonds. I thought there was going to be
a blow up, you know what I'm talking about, right, Yeah,
And you know, I think it's spiked. It was unprecedented
the spike and interest rates up.

Speaker 5 (57:39):
Which was rare because when there's a flight to quality,
when the stock market goes down, usually bonds are a
beneficiary of that. And they were selling everything with both
hands for a period.

Speaker 2 (57:52):
There well a lot of this private equity which people
are running to now. They don't read the perspective's good
enough where they basically have a little word in there
called leverage. Right, So when that happened and you had
the bonds going in the other direction, what happens you
don't have an option.

Speaker 5 (58:08):
Where they sell in the bonds.

Speaker 2 (58:09):
They had to They had to cover you, cover you.
If you don't cover, you're going to blow up and
you're gonna own owe a lot of money.

Speaker 5 (58:17):
Right, yeah, and that makes sense. Yeah, So so maybe
it was it. I'd like to always look at the
silver lining and things, but maybe was it a cleansing effect?

Speaker 2 (58:26):
I think it is. I think it is, you know,
I think you know the mainia on Wall Street now
is all these alternative investments in private equity and go
through all the laundry lists. I've always said stay away.
You know, if I can't get into something that I
can liquidate the next day, I don't want it. And
a lot of these things, you don't control your destiny.
They're the guy that actually is the portfolio manager will
let you know when you can have your money I
don't want to get in bothered in any no, So

(58:49):
so tell me what's going on in the real estate
market because most individuals there too largest assets. This is
their investment, their four O one K and the equity
in their house.

Speaker 5 (59:00):
Yes, real estate, knock on Wood is doing quite well
existing now. If you listen to Diana Olk on c NBC,
you would think that were the great depression of real estate.
She can find the littlest nugget of regativity, she can
find the hair. They must tell her what to say,

(59:23):
because if it's on her own, there's no way she
would still have a job because she's always wrong when
she talks about real estate, and she she just tries
to well.

Speaker 2 (59:32):
I will say this just so you and I are
on the same page. Julie and I have been going
to Florida, this one location now for about two years
in the focus since MICHAELA went down to fau right
and real estate maybe not the primary. The homes condos
are selling like hotcakes right now, as far as that's selling,

(59:53):
not selling right, depreciating like hotcakes. Yes, you know what,
because yeah it's huay fees and the this all they
have to do now in order to get up to code. You.

Speaker 5 (01:00:02):
I tried to finance a couple of them and didn't
have any luck.

Speaker 2 (01:00:07):
H Awaife's as high as three thousand dollars a month.

Speaker 5 (01:00:09):
Yeah, So because of that collapse from a few years ago,
the rules and regulations put on condos, not just in
Florida but nationwide.

Speaker 2 (01:00:17):
Now is crazy.

Speaker 5 (01:00:20):
And the work that the condo associations have to do
to meet the requirements is almost impossible to do. And
so what happens is they have mechanics, liens and things
like that slapped on them until the work is done.
So even if they get the work done, it's the
condo association isn't going through the effort of removing the lean.

Speaker 2 (01:00:42):
I think you were the one that told me. Also,
which is another thing that I didn't realize because everybody said,
moved to Florida because the taxes are so cheap, right, Well,
they are for people that have been there for an
extended period of time. When you sell that house, it's reevaluated, right,
and the taxes are going through the roof.

Speaker 5 (01:00:58):
Because since twenty nineteen they probably went up one hundred
percent value. So of course the taxes are going up accordingly.
They obviously shot up fast and hard, and they're obviously
coming down a little bit now, trying to get back
to center where we don't see We haven't seen that
in the capital region at least, So real estate's coming

(01:01:19):
down a little bit in Florida, which is necessary because
they're up too far. But the condo thing, that's that's
kind of a that's a debacle at the moment.

Speaker 2 (01:01:26):
Well, I've read an article coming back in the plane.
It's not even the tip of the iceberg yet from
what this guy say. But the condo, Yeah, we gotta
take a break. We go back. We'll talk more with Droiela.
We'll discuss, you know, the current bond environment, real estate environment,
and some options that you might want to consider. Again,
this is the Retirement Planning Show, Dave Kopek and my
special guest is droiel will be right back. The eighty

(01:01:48):
six percenters. Do you know that eighty six percent of
the population has no defined benefit pension plan. For most
of us, we have to take our life savings and
create a paycheck for the rest of our lives in retirement.
What is your for retirement income distribution? How you manage
your assets during the most critical years of your lifetime
Nobel Prize winning economist William Sharp has called retirement income

(01:02:09):
distribution the nastiest, hardest problem in finance. He points out
that investment uncertainty and mortality can derail the most careful
laid out retirement income plan. Call our offices today to
start the process of building your retirement income distribution plan.
After forty one years of being in the financial services business,
you need to start taking action to start building your

(01:02:30):
own personal retirement income distribution plan. How do you do that?
To take action? Five one eight five eight zero one
nine one nine. That's five one eight five eight zero
one nine one nine or RPG retire on the web.
Don't procrastinate, motivate to start building your retirement income distribution
plan five win eight five eight zero one nine one nine.

Speaker 3 (01:02:50):
If you have any questions, please call in now at
one eight hundred eight two five fifty nine forty nine.
That's one eight hundred talk WGY one eight hundred talk WGA.

Speaker 4 (01:03:00):
Why we are live in studio to answer your questions.

Speaker 5 (01:03:02):
Portions of the following program were pre recorded.

Speaker 2 (01:03:06):
Al Right, we are back. Oh God. Sometimes you know
the breaks. The break is the funniest part of Lord.
Lord have mercy. I'm Dave Kopek and hearing my good
friend Drew doing Drew for god, thirty years, it's got
to be thirty years.

Speaker 5 (01:03:25):
I've been in the mortgage business now, thirty years. Was
January January of ninety five. I got my first one
through you. Yeah, my first, my first one in Clifton
Park one hundred years ago. Yep, you were working out
of Wolf Road. Yes, that was when I first started.

Speaker 2 (01:03:39):
Marine Middeland Bank Building which is now Anderson's Anderson Group. Yeah,
one twenty five Wolf that's exactly right. Yep. You were
in there too for a while. Do you still have
an office there? We had an executive suite there in
order to meet people. Were down in eighty State Street now, okay,
in the old IBM building downtown. Yeah, you know, big shot,
you know, I gotta gotta gotta have that image. There's

(01:04:01):
a there's a statue up on the roof of me.
Really on the roof that's that big dog. Another business
building is that the big all right? You know. The
thing is is that there's a lot of people out
there that have sat on the fence, and I know
that you've said don't sit on the fence now in

(01:04:22):
order for them to wait for the opportunity for interest
rates to drop before they buy a house. I've heard
this from developers too, is that I'll be back in
a year or two. Little they're coming back in a
year or two. Have they dropped rates? They so last year?

Speaker 5 (01:04:38):
So yes, So October of twenty three we're at eight
and a quarter. Then we dropped down, and then since
since the since the beginning of this year, we're steadily
steadly going down.

Speaker 2 (01:04:51):
And then we spiked back up with the whole tariff thing.

Speaker 5 (01:04:54):
Because the tariff thing is very it's it's a total
enigma at the moment because you're going to see short
term inflation, but you're definitely going to see a slow
down economic.

Speaker 2 (01:05:05):
Wait, I watched Cuddler every night. No, seriously, the numbers
are not there with inflation, not yet. Now. There's no
numbers right now indicating that we're headed to inflation and
all that the media and all the you know, the
screaming monkeys. I just saw gasoline Clifton Park where you
and I live to seventy five.

Speaker 5 (01:05:24):
Yeah, so far, I mean last month's inflation or this
month that came out in April from March they were
lower than expectations. Yeah, so so this is what they're saying.
This is what's under that.

Speaker 2 (01:05:34):
Under under what I considered to be media hype hostility,
with this insanity that you know, we're going to go
into this huge recession and higher inflation, which earnings are
coming out at ten percent.

Speaker 5 (01:05:52):
No now, terrif their teriff is actually slowing economic activity
not expanding well, which should bring down prices.

Speaker 2 (01:06:00):
What I think is happening is that people instead of
going for the twelve pack, they're getting the six pack.
Yeah right, I think they're they're just not extending themselves
because of uncertainty. But I think, you know, and you
can put off big purchases like cars. Well, when I
this is I just bought a car me too.

Speaker 5 (01:06:20):
I bought it because I was I was worried about
extra twenty five percent.

Speaker 2 (01:06:25):
I just bought a car because I had a pickup truck.
I still have the pickup truck. I can't get the
car for like a month. But I'm just not a
pickup truck guy. And the thing, it's just it's hard
to move that damn thing around. I mean, do you
want to truck? Yeah, It's like I mean, it's like,
to me, it's like driving a tractor trailer, right, you know,
it's just so I had it. I enjoyed it. But
I bought a Toyota Squila, which is that's pretty big. Yeah,

(01:06:48):
it's good size. It's good because I got the dogs.
I got the three dogs. Yeah, so I have three dogs. Yeah,
I got two multipoos on a yellow lab. My my
my yellow lab, Julie keeps the multipoose. Those are hers.

Speaker 5 (01:07:00):
That's what my daughter, my daughter, my wife wants an
ex as a multipool. They're great that we have a
Maltese and at a their lovers they bark like hell,
but they're like, I know their lovers. I have a
Maltese and a toy Yorky.

Speaker 2 (01:07:13):
So tell me a little bit about somebody that's currently
thinking about either retiring your first time home buyers. What's
the options available to them, because you just told me Florida,
which is something I think it's stunning that people should hear. Uh,
you can't for some of these condos now that they're
trying to sell. Yeah, you can't get financing. It's hard.

Speaker 5 (01:07:32):
It's hard because of that what I talked about before
the break and if if it's not warrantable, which right
now a lot of them are not, Fanny May Freddie
Mac won't finance them. And Freddie, you know, Fanny May
Freddie Mack is probably ninety percent of the financing in
this country. And then you have the portfolio lenders, like
the local banks that can do portfolio loans and they
can approve those. But that's that's not everybody would qualify

(01:07:56):
for that super strict on underwriting. So that's that I
think the condom marking for the moment, for the moment
is difficult, really difficult.

Speaker 2 (01:08:04):
I had I had an issue.

Speaker 5 (01:08:05):
Qualifying getting a condo done right here in Clifton Park,
really first time ever, that's been around for thirty years.

Speaker 2 (01:08:11):
We if you go, because I've got them sending me stuff.
Julie and I had a day we went out. We
were looking around, just wanted to see what the market was.
We're from Bocalry up to Palm Beach, Highland and del Ray,
really nice areas. You know, They're just send me a
lot of stuff. But I'm starting to see now forty
thousand off, seventy thousand off, you know, they're dropping them dramatically,

(01:08:33):
right and The reason is is because a lot of
these new assessments are coming right with these changes that
had to be made to the building, and it's a
huge ticket. It's a lot of money, and their h
awayfe is going through the roof. It is it is.

Speaker 5 (01:08:48):
I think I'm in the camp of just I'm gonna
rent January through March and then give the keys back
and go home. I have to deal with the heating
and the cooling, the roof, the landscape, pick nothing. Don't
want any responsibility for that. So I see, I see
that market probably improving, but Reynolds through the roof. I
wonder about the buying because, like you said, if the

(01:09:08):
value of the house goes up one hundred percent in
the last five years, so the taxes and then you
got the hurricanes in the storm, so then the homeowners
insurance has got up. The wildfires out in California are
gonna affect everybody now the New Jersey they caught the kid.
I don't think he did it on purpose, right, He
just did like a bonfire, didn't really put it out

(01:09:29):
all the way.

Speaker 2 (01:09:32):
So I haven't to be honest with you, There's been
so much going on with the business and everything I
really haven't had a chance to be honest with you.
I don't watch the news anymore. It's too depressing. Yeah,
it really is, and I get bleasee at reads. Unfortunately,
it's just it's just the news is just too negative
for me. I like to look on the sunny side
of the street, not the one that's you know, not

(01:09:55):
a positive side.

Speaker 5 (01:09:56):
The housing market I think is really intact for stability.
We still have the same issue of not having enough
supply which will support prices. Of course, there is way
too much demand versus the supply, even in the Capitol
District rec Yeah, yeah, Capitol District I think especially still
see multiple offers. Every deal I'm involved in goes higher
than the listing price. You think about it just pure economics.

(01:10:19):
Let's just go back to economics one on one. Supply demand.
We have the millennial generation, which is like seventy three million,
the largest ever going through the pipeline. Average age is
thirty five. If they if you multiply out home ownership
rates to where the boomers are, I think like seventy
four percent, they have to get from, you know, from

(01:10:39):
basically fifty percent to seventy four percent. They're going to
buy another ten million homes of the next ten years.
The gen zs, which the average age is only twenty.
Right now, home ownership rate is eight percent. And guess
what gen Z is maybe sixty nine million versus the
millennials at seventy three million, not even that big of
a difference. There's another fifteen million homes. You take out

(01:11:02):
deaths and people buying houses together, you're looking at about
eighteen million houses needed over the next ten years.

Speaker 2 (01:11:08):
So demand is huge. What is going on like in
California where these wildfires were all these houses burned down,
How are those people making out? You know, do you
have you track that all or you get any data
on that.

Speaker 5 (01:11:21):
I haven't paid attention to it a lot, but I
did you know how Trump went out there and said,
you got to get rid of these regulations, got to
speed track building from its. I don't think anything's changed.
I think these people are still like nothing's going on.

Speaker 2 (01:11:34):
Yeah, they basically yes to them to death until he
got on the plane and they basically said.

Speaker 5 (01:11:39):
We'll do what we want to do. Nothing's changed. No,
nothing has changed. And that's that's Uh. What's that one
hundred billion dollars.

Speaker 2 (01:11:46):
Or it's an astronomical figure. I think it's even higher
than that ridiculous amount of money. So so you take that
where there's a shortage, I don't know how people are staying. Well,
there's a mass exit that's going on right now in California.
Oh yeah, I went to I went to the Sky
a month ago recently. Yeah, that place is phenomenal. That's
where a lot of the Californians are going at the moment.

(01:12:07):
They're Texas and Idaho, and I mean it's a great climate.
I think they take Washington, Oregon and California, cut it
off and just float it out. We'll put a bridge
on it.

Speaker 5 (01:12:21):
You're like, uh, just gives Superman movie Miss test Boker
Otis Otisville Copeckfield.

Speaker 2 (01:12:33):
I already talked about that. Taking my ten acres and
turn it into like a little colony up there and
no taxes and great lifestyle and all you got to
do is put a smile on your face and you
can come through the gates.

Speaker 5 (01:12:44):
I did see something. If he floated it real quick,
I didn't. I didn't see any follow up on it.
But did you see how DeSantis is trying to maybe
get rid of property taxes in Florida.

Speaker 2 (01:12:54):
Would that be nuts? That would be absolutely I'll tell
you what if no income tax and no property text,
I think they probably can swing it because they basically
run you know, surplus every year in Florida. I mean,
Florida is not cheap now when you rent down there
and you also, you know, stay in a hotel where

(01:13:14):
you rent a car, all the above last week. I
think realistically, if you're going to Florida and you're going
to a hotel and you got a car, and you're
gonna go out and have something to eat, it's at
least one thousand dollars a day. Yeah, not cheap, do
you agree.

Speaker 5 (01:13:28):
Crazy traffic, I mean traffic everywhere you go, right, I
mean sometimes you go three miles and it takes you
half hour.

Speaker 2 (01:13:36):
The beauty is.

Speaker 5 (01:13:37):
I saw the Yankees came to town last week.

Speaker 2 (01:13:39):
I was there.

Speaker 5 (01:13:41):
We sat in the They blew it last night again. Yeah,
lately they've been stinking up a little bit. The reliever
stinks they should get rid of them. That that was
the he was supposed to be the second coming.

Speaker 2 (01:13:50):
Yeah, I know he's the second coming out right, Williams.
I turned it off. I couldn't watch it. I was
watching it last night sitting in my chair. I turned
it off because said, this isn't going to end well.
And I got up like a two thirty to use
the little boys room, and I looked at my phone
and I just threw my phone back on the chair.
I said, no, I can't believe this ruined by night.
So we got to break news. We're back. We'll talk about, Drew,

(01:14:11):
some of the things that you ought to be considering
if you're thinking about either relocating or moving out of
the Capital District to your retirement dream home. A lot
of things to consider, the zip code that you're moving
to and the expense that it will be. But again,
this is Dave Kopek, this is Retirement Planning Show. My
special guest is Droiello. We'll be back after the news.

(01:14:38):
All right, we are back. I'm Dave Kopek here with Droiello. Quickly,
I need to go over one thing here, Drew. We
have a presentation coming with our good friends at the
Pure Law Firm, Drew strategies to help you protect and
preserve your income and your estate, your taxes. As you're

(01:15:01):
quite well aware, only takes one mistake or two to
lose your nest egg. So we're talking about IRA planning,
social security, investment risk, long term care options, the state planning, trust,
wealth strategies, whole bunch of stuff. We had a great,
great participation last year. It's going to be May twentieth.
May twentieth, This sold out last year, will sell out

(01:15:24):
quickly again this year. So if you want to attend,
I would highly recommend that you get a going you
get your reservation in there and you can go to
WGY Seminar dot com. I just went there. It's great,
it's easy. The best way to do this is just
to go to WGY Seminar dot com. You can call
five one eight seven sixty seven seven seven seven four

(01:15:47):
five point eight seven sixty seven seven seven seven four
and there's a code that you have to put in
in order to get uh h GT HGT three. But
if you have any problems, call my office and speak
to Jim he can walk you through it, or Jared.

(01:16:09):
Either Jim or Jared and they can help you walk
through this. Okay. But May twentieth, at five point thirty
at the Crown Plaza, it's a free dinner, complimentary dinner presentation,
and I think you'll find it extremely foreigntive, educational, and
we have a lot of fun. Tuesday night. Tuesday night, statistically,

(01:16:32):
that's the night that people have the most flexibility. I
would agree with that. You agree with that, yes, Well,
as long as you agree with it, then I think
we're gonna leave it the way it is, as long
as as long as the Housewives of LA aren't on that.
My daughter, my daughter watches this stuff. My wife watches
Oh my god, hey, what gives me anxiety? My wife

(01:16:54):
watches all they do is fight. It gives me anxiety.
Like all they do is fight. My daughter, I said,
she goes. I find it hysterical. And I say to her,
how can you enjoy watching people fight? A? Oh, That's
what I'm saying.

Speaker 5 (01:17:07):
It's like not relaxing, not something I want to watch
before I go to bed at night. It's brutal, Like
she gets mad because I watch guns.

Speaker 2 (01:17:14):
And here here's here's a real quick question for you
before I forget. Do you watch traditional TV at all?
Or you do everything through well? I watch American Idol,
I watch The Tracker. Yeah. The reason why I say
it the major you know, it's sixteen thirteen now, ABC

(01:17:36):
CBSNB Smer watched the local news. I don't watch any
of the nonsense. Hope never. You know, I haven't done
it in years. Nope, in years. So yeah, I know,
all right, talk to me a little bit. Uh Drew.
As far as people, this is the thing that I
hear consistently. When should I buy? So? So if I'm
leaving here in Albany, should I wait until I sell

(01:17:57):
my house? Or how should I handle if I'm saying,
see New York, which a lot of people leave. Uh,
you know, we just came in number one again, were
leaving exodus. No. As far as the highest overall tax,
there's number We're number one, beautiful, We're number one. As
far as the we're the we're number one as far
as having the most tax burden. So we lead. We

(01:18:19):
always lead in the categories that you don't want to
lead it right, So if you're if you're leaving, I mean,
it is what it is.

Speaker 5 (01:18:28):
Just go whenever I think, I think if you're buying, Uh,
now is a great time, just because we do in
the Capitol region. I can't speak to other parts of
the state, but the Capital region, the demand is huge.

Speaker 2 (01:18:40):
I just talked about the millennials, the.

Speaker 5 (01:18:42):
Gen zers, multiple offers on everything, we're seeing, not enough supply.

Speaker 2 (01:18:46):
Builders can't keep up.

Speaker 5 (01:18:48):
You know, they got they slowed way down two thousand
and eight, two thousand and nine, they just started ramping
up trying to get caught up from that debacle, and
then COVID hits and then behind the eight ball again.
So nationwide, builders are about one point nine million home
shy of where they need to be, which is a
lot right now. Yeah, So so you know, it's interesting

(01:19:10):
though that the tariff thing, people got a little fraid.
A lot of contracts got canceled, but they get they
get stopped up. And then if you see interest rates
dip down, we think over the next year eighteen months,
you could see five percent on the lowest end, maybe
four and a half. But I kind of agree with you.
I think it'll be a mild recession if one does come,

(01:19:31):
and that'll get raised steadily into the fives. And it's
just amazing when you see rates like we tick down
to about six percent not too long ago, a few
weeks ago. It's just amazing to see the activity increase
when you see those lower interest rates. So we if
we get steady into the fives, then the market's going
to go on fire again. Right now, we're seeing good,

(01:19:52):
solid appreciation four or five percent, which you know, that's
as good as it gets. I think nationwide we're like
two point seven percent.

Speaker 2 (01:19:58):
So your cities, well, your cities like an Aubny, Schenectady, Troy,
will they ever come back? Yeah. From a real estate perspective,
here in Upstate New York. From a real estate perspective,
the buying is everywhere. Every house that I see go
on the market. People are looking at renovation loans at

(01:20:19):
this point, trying to find the diamond and the rough
because they can't if they have limited funds, they can't
compete with seven other offers that are cash offers and
fifty thousand higher. So they're trying to find renovation properties,
properties that need a little work that maybe you can't
live in, to try to find something that's somewhat affordable.
But yeah, I think in the Capital region, I really

(01:20:40):
haven't seen any weakness. I think if there's any real
estate agent listening right now, you want to call into
the show. And I mean, from what.

Speaker 5 (01:20:48):
I see, I'm probably preapproving two, three, four people a day,
and in a given week, I may only see three
contracts because they're out getting out bid.

Speaker 2 (01:20:59):
So you talked about Fannie May, was it Fannie Mae
and Freddy Mac? Yeah? Those are the two. Yeah, what
distinguishes those two? I mean, what what is the separation
of those two? Do they do they basically satisfy the
same need? Or are they just same thing?

Speaker 5 (01:21:16):
I think I think that they're I say, ninety percent
of their guidelines are exactly the same. I'm not sure
why they have two or need to. Some have different
like a seasonal second home, right, seasonal meaning can't live
there all year round, there's no thermostatically controlled heat source,
and water doesn't flow in the winter. That's a seasonal
second home. Freddy only does that? Oh really for some

(01:21:36):
reason Fanny doesn't. But other than that, like the guy
like self employed, if you've been self employed more than
five years, we only need one year of taxi turns
instead of two. What about as far as the down
payments now same three percent down for first time home
buyers three yeah.

Speaker 2 (01:21:52):
Yeah, if you're a first.

Speaker 5 (01:21:53):
Time home buyer and you have the limit, now it's
like over eight hundred thousand.

Speaker 2 (01:21:57):
Literally buy a house for eight thousand and three percent down.
Got an investment property, somebody wants to get involved. I mean,
my son's got some friends and I think Chris might
get involved in a two where they want to get
in and get some multi units. Yep.

Speaker 5 (01:22:08):
Investment property is a whole different animal. That's still they
changed the guidelines five six years ago and now if
it's multi family meaning two to four units, non owner
occupied investment property, you need twenty five percent down.

Speaker 2 (01:22:22):
That's the biggest bearrier to end. What happens if it's
over four units.

Speaker 5 (01:22:26):
Over four units, you go into the commercial world and
then you're probably still in the twenty five percent range.

Speaker 2 (01:22:31):
I would think for down payment, you could have three
primary houses like Latissia James.

Speaker 5 (01:22:36):
That that is. You know, I'm in the mortgage business.
I've been doing this thirty years. I'm a branch manager
in Clifton Park. I've been doing this a long time.
That's pretty black and white. She if she signed the
application that that was her primary.

Speaker 2 (01:22:50):
She is a big do do well. They had that.
They just had it on the news the other day.
They actually have a copy of it.

Speaker 5 (01:22:57):
It's black and white. Yeah, and that is with all
the things we do. If you came to me for
a mortgage application. We do all these different kind of
fraud checks on your income on other properties that you
know own. That not disclosing crazy stuff that we do.
The only place where we see fraud today is people
saying it's going to be a primary residence or a

(01:23:18):
secondary residence when it's really an investment property to get
the favorable terms.

Speaker 2 (01:23:23):
So when you say the favorable terms, this is interesting
to me. You're talking about the down payment, the percentage
of the down payment, and you're also talking about interest. Right,
you're going to pay a higher interest rate if it's
not owner occupied.

Speaker 5 (01:23:36):
So if you're if you're buying a single family investment fome,
you only need twenty percent down, But if you're buying
a single family primary residence, probably only need five percent down,
big difference, And the rate could be mid six is
on a primary and then you could be mid sevens
on an investment property.

Speaker 2 (01:23:55):
Okay.

Speaker 5 (01:23:56):
So, and I think another place where she has some
exposure is is that five unit that somehow got configured
to a four unit in Brooklyn Because you just asked
me about anything over four. Anything over four is commercial
whole different set of terms. You can't get a thirty
year amortization. On a commercial loan, they're usually twenty twenty
five at the most, so that there could be some

(01:24:18):
exposure there too.

Speaker 2 (01:24:19):
I would think that commercial real estate or multi units
would give a more favorable rate than a single family
or a duplex. You would think you would think that
the odds would be statistically more in the favor of
the bank or the financial institution by the more rents
that are generated by the property. They look at it.

Speaker 5 (01:24:41):
They look at it if you masses are buying single
family home, so if they get stuck with that house,
they can unload a single family way easier they can
a multi family even though you're right, because if you
get stuck with the house, at least you got rents
coming up. I get a real quick question for you.
You know, I'm a major advocate of reverse mortgages. Yes, right,
and we don't get compensated for it. You know, there's

(01:25:03):
no envelopes dropped off at my house. So, uh, it's
just I believe in it. It's a nine to one
one for people that have undersaved or they have no
desire to leave a wealth transfer. I had a situation
that I called you about and I was going to
refer these people too. And the woman sat down with

(01:25:23):
me and I said, listen, you are a candidate definitely
for a reverse mortgage. She goes, well, I did some
research on it after you and I discussed it. She goes,
when I die, they've got like thirty days, and if
they don't get out of the house and they don't
sell it within thirty days, they automatically, you know, start
the process of leaning the property and selling it.

Speaker 2 (01:25:44):
Is that true? Not true? Not true. They they have
up to it so much misinformation they have up to
a year that yeah, there's extent they want you to
sell the thing.

Speaker 5 (01:25:53):
I think within six months. I don't even think it's
thirty days, and then you can get extensions after that.
But they want to say that you're making a bona
fide ability to sell the house.

Speaker 2 (01:26:02):
Why that's listed, there's properly if there's no need for
legacy or train you want to get the equity out
of it if there is any.

Speaker 5 (01:26:09):
And banks collect an interest. Yeah, right, as long as
it doesn't sell. But no thirty days, no way.

Speaker 2 (01:26:14):
Yeah, we got to break here for our final break again.
If you want to come to our presentation at the
Desmond this is my last pitch. Folks, you gotta get going.
Go to WGY Seminar dot com. Wgyseminar dot com Tuesday,

(01:26:35):
May twentieth, registrations at five point thirty. It is a
complementatory complimentary dinner presentation sponsored by my good friend Loupiro
who does Life Happens Radio and his partner Aaron Connor
and myself and the Retirement Planning Group. Space is limited
wgy Seminar dot com and uh, you'll be able to

(01:26:58):
get in there pretty quick. We're going to take a
break and we come back for our last segment. We're
talking to Droiello and we're going to talk a little
bit more about some ideas and concepts in this crazy
interest rate environment that we're in right now with real
estate the eighty six percenters. Do you know that eighty
six percent of the population has no defined benefit pension plan?
For most of us, we have to take our life

(01:27:20):
savings and create a paycheck for the rest of our
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How 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, hardest problem in finance.
He points out that investment, uncertainty and mortality can derail

(01:27:42):
the most careful laid out retirement income plan. Call our
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(01:28:04):
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Speaker 3 (01:28:15):
If you have any questions, please call in now at
one eight hundred eight two five fifty nine forty nine.
That's one eight hundred Talk WGY one eight hundred talk WGY.

Speaker 4 (01:28:25):
We are live in studio to answer your questions.

Speaker 2 (01:28:29):
All right, we are back up Dave Kopek. This is
a retirement planning show. We're here on the weekends from
seven to nine, then from twelve to one we do
Retirement Ready, which is a topic specific show. So you
haven't had enough of my great experience in wisdom. You
can tune back in at twelve o'clock and we'll talk
a little bit more again. Droiello's here. We're talking about

(01:28:53):
the dynamics of what's happening in the interest rate environment.
Off air, we're just talking about economists. You put ten
economists in the room, you're gonna get ten different answers,
and most of the time maybe one or two of
them might be right. I mean, I just there's so
much anxiety and nonsense about future forecasting. Well, it's like

(01:29:15):
the statistic I just said to you, tell me what
the weather's going to be like tomorrow, and the lottery numbers,
and I might, I might have some kind of confident
that you really know what the hell you're talking about. Yeah,
oh you look. And that's that's I think why we
have a lot of volatility, And because you get you
got all these FED members where there's twelve or fourteen
of them, I forget, and they all speak on their

(01:29:37):
own throughout the country, and one says one, one says
the opposite, one says five percent inflation, one says two
percent inflation. Here's all over the place, But here are
my prediction we're not gonna have a recession. It inflation
will continue continue to go down. Yeah, I agree with that, right,
And I think that by the second half of this year,

(01:29:59):
we're gonna be smoking. I think I think the economy
is going to take off like a rocket because they're
going to cut in June, in my opinion, the federal
cutting June.

Speaker 5 (01:30:09):
They meet May seventh. By the way, next meeting seventh,
May seventh is their next meeting.

Speaker 2 (01:30:13):
Okay, that meg, I think they're cutting. Meg. And then
I think instead of having the two that it was anticipating,
four bulls four, you're you're definitely singing to the same choir. Yeah,
we go to the same church they are. They're always wrong.
They're always wrong. They're always that the key metrics wrong.
The key metric I just go, I guess in order

(01:30:35):
for me to be so correct, I just go to
the opposite of what they say.

Speaker 5 (01:30:38):
Yeah, And and the key metric I think to look
at is unemployment, because a majority of them predicted unemployment
at about four point two four point three percent. So
if you do hit four and a half percent, then
you got like ten or twelve of them saying, oh shoot,
we missed and the whole thinking is going to change
and then you're going to see the four cuts. So

(01:31:00):
that's the key metric. I think inflation is what the
Fed want to do. This is this is how crazy,
this whole thing is. What the Fed want to do?
They wanted to what slow the economy?

Speaker 2 (01:31:11):
Right? What did they want to see unemployment tick up?
What else did they want to see go down? And
the thing? You know what come on? Right? Right? I
mean it's just uh, you know, they're they're looking at that.
They don't want to have more than one. That's their
number that's there, and that's a marble cherry number.

Speaker 5 (01:31:28):
By the way, there's nothing in the in the letter
of the law, that's what what's included in that?

Speaker 2 (01:31:33):
What's not? I mean, it's just.

Speaker 5 (01:31:34):
They have the core, they have the PC, they have CPI,
they have the PPA.

Speaker 2 (01:31:39):
You think, do you think anybody that I work with
cares about p p I and PCE.

Speaker 1 (01:31:45):
No.

Speaker 2 (01:31:45):
All they care about is what. No, they care about
their stocks? Going, show me the money, show all the
rest of it. You know what they don't know. That's
your job, Dave, to show me the money, show me
the money. But I think I think we're we're I
think I think we are. I think one thing that's

(01:32:06):
a problem is everybody's mentality is too short term.

Speaker 5 (01:32:09):
Like you look at look at the media and oh, jeez,
one hundred days, what a mess? Were Like what it
I mean, it's it's three months.

Speaker 2 (01:32:19):
A two months ago we had one hundred thousand people
a day coming across our border, you know, all tattooed
from head to toe, you know, living in your bar,
carry machine guns.

Speaker 5 (01:32:30):
So it's like it's like you got to give it time.
And I think, quite honestly, everything got crazy out of
control during COVID and we needed to hit the stop button,
get everybody's head back on straight.

Speaker 2 (01:32:42):
Right.

Speaker 5 (01:32:42):
It got out of control with prices out of control,
with lack of jobs and services and paying for everything.
And I think prices need to come back a little
bit and get back to normal, right.

Speaker 2 (01:32:55):
And I just had a chat this morning with my
two buddies at Stewart's. In our chat, you know, they
sit there every morning when the doors open, they walk in,
you know, to have their coffee and have the chat.
And they they seem to think that the the the
unemployment will continue to be a problem because young people

(01:33:22):
don't want to.

Speaker 5 (01:33:24):
Work, and you know what's gonna happen. That's exactly what
they said. I agree, and I know that Mike's listening
to this. I agree, Mike.

Speaker 2 (01:33:32):
I'm just I just use your words, Mike, so I'll
buy your coffee next time. They don't want to work, Dave,
they don't want to work.

Speaker 5 (01:33:38):
You know what, Mike, You're one hundred percent right. I agree,
And you know what's happening. It's already happening. We are
replacing jobs with technology. And then when they do realize, oh, shoot.

Speaker 2 (01:33:49):
In all honesty, this is no lie. Okay, I'm gonna
ask you something because I know what my position is.
If I can fill a position by a computer, and
I have an attitude, a disposition, benefits and perks. I mean,
I'm using all the things that you go through as
an employer, vacation pay and all that stuff, if I can,
if I can either be as good or better using machine,

(01:34:13):
guess what I'm buying.

Speaker 5 (01:34:14):
Yeah, think about look at Amazon, I mean, for better
or for worse, You're probably going to see at night
a whole bunch of drones in the sky delivering packages.
And think about the gas, the insurance, the accidents, the
labor talking about that, What the hell happened all the drones?

Speaker 2 (01:34:33):
What's what's Trump got? What's Trump got? And those things disappeared?
That was bizarre. I think that was a Jersey. If
there's gonna be drones, that's where they gotta keep from Jersey.
Say that because you're married to Jerseys. I did. I
was born there actually too. It was funny. But I
think housing is going to be good.

Speaker 5 (01:34:53):
I think interest rates are going to come down, and
yes by now, because when interest rates do come down,
the competition is gonna heat up, and it'd be less supply,
more demand pushing higher, pushing values higher.

Speaker 2 (01:35:05):
Are you a big believer? And he lucks?

Speaker 1 (01:35:07):
Uh?

Speaker 2 (01:35:08):
Right now?

Speaker 5 (01:35:09):
Probably because people have those three percent rates they don't
want to give up. But there's a tremendous amount of
equity in the homes and people are carrying probably more
credit card debt than they should.

Speaker 2 (01:35:17):
What are those right now? What's the rate on a helock?

Speaker 5 (01:35:20):
It's usually tied to prime, so you can get it
like seven and a half percent high. Yeah, sometimes they
give it those teaser rates for six months, but you.

Speaker 2 (01:35:27):
Don't get the interest dedutch down a helock supposedly not
right legally not legally not.

Speaker 5 (01:35:34):
I don't know what you give your when you give
your account and your ten ninety eight's at the end
of the year he or.

Speaker 2 (01:35:39):
She puts in on what's an account? Who signed this?
Dave Kopak tax prepaer got a magic wand in my office,
Abra cadabra. So so let's let's highlight a little bit
because we only got about three or four minutes left.
I know that we like to have a laugh and
a chuckle and also seriously not I mean for people
that are either want to be a buyer, they want

(01:36:01):
to sell, they want to go to a different location,
what's your answer to them as far as what paths
should they take? Well, two things.

Speaker 5 (01:36:11):
One, it's so competitive you cannot have a contingency on
your house to sell in order to buy. So what
I've had to do is get very creative and figure
out ways for people to buy without selling, even though
chances are they will sell their house before they buy.
And two, if interest rates are a little too high
for you right now, but you know, you know I

(01:36:31):
can buy the house today because in two years it's
probably going to be cost me ten percent more.

Speaker 2 (01:36:37):
We can do a one year buy down the rate.

Speaker 5 (01:36:38):
So if rate's safe, for example today or six and
a half percent, we'll buy the rate down of five
and a half percent for them for the first twelve months,
and chances are they'll probably refinance in eighteen to twenty
four months, and maybe that helps them get into the
house a little more affordable.

Speaker 2 (01:36:52):
What I'm amazed by, Drew, I don't know what's going on.
We talk about homes and people building, and you know
the need for you that build some equity. Where the
hell are all these people coming from these apartment complexes.
They're all over the Capitol District new apartments.

Speaker 5 (01:37:09):
Yeah, well, you got a tremendous amount of renters because
a lot of them.

Speaker 2 (01:37:13):
But where are they coming from? Are they leaving Texas? Uh?
These are people that are coming to the Capitol district.

Speaker 5 (01:37:20):
You have a lot of we one of my one
of my favorite agents, he's Pakistani. The Pakistani Indian population
in the Capital region is exploding.

Speaker 2 (01:37:29):
Is it coming in from all over the world. Uh.

Speaker 5 (01:37:33):
You got a lot of kids living with their parents
and their basements equal to the highest level ever. And
now they're saying, I got to get out of this house.
I can't live with my parents too much longer, So
there's a there's a bubbling of of that going on
as well.

Speaker 2 (01:37:47):
It's amazing. My mother never allowed you to stay in
the basement. Let you out of the basement, get out
of et and he ain't coming back. That's pretty much
yet ain't coming back. So how do people get a
hold of you?

Speaker 5 (01:38:01):
Best way is just go to Drewsteam dot com. Drewsteam
dot com. I'm a branch manager in Clifton Park for
a Fairway Independent mortgage and been doing it now thirty years.

Speaker 2 (01:38:11):
Amazing. Yeah, I think my first mortgage with you when
we started was eleven and a half percent. I think
that was the number maybe back in the eighties, Yeah,
oh back then.

Speaker 5 (01:38:24):
Yes, definitely one hundred percent yeah, which which is hard.

Speaker 2 (01:38:29):
Is that amazing?

Speaker 5 (01:38:30):
It's come down for about thirty years straight.

Speaker 2 (01:38:32):
Yeah, And people and reverse mortgages. Is it still a
good time if people are.

Speaker 5 (01:38:36):
Interest to talk to one of your clients the other day,
houses are pretty much paid off, wants to do a
whole bunch of improvements to it, doesn't want to incur
another payment and it's going to take out a small
reverse mortgage to make the house really nice for that.

Speaker 2 (01:38:49):
I really liked dinner at the Lakeridge. That's one of
our favorites, is it. I like the Raymonds. The Raymonds
haven't been there in one hundred You can you can
buy me dinner though, right, No avelop for anything like that. No,
I'm no Letitia James. Stuff happening there. Okay, Well, listen,

(01:39:10):
this has been a great quick two hours today. It's
always amazing how quickly time goes by. I'll be back
at twelve o'clock to talk about insurance. Some ideas and
concepts that are currently in the marketplace that you should
consider if you're worried about legacy planning, the transfer of
wealth to the next generation. Uh, they're becoming much more

(01:39:33):
attractive than they've been in the past. They're basically empty
shells with a lot of velocity. You're paying for the benefit,
not the cash value build up, which I'll talk in
greater detail. But again, if we can be of assistance,
it would be an honor to sit down with you
met some great, great, great people this week. We met
a lot of people from radio. Give us a call.

(01:39:53):
Five one eight five eat zero one nine one nine.
That's five one eight five eat zero one nine one nine.
Check us out on the web rpgretire dot com, rpgretire
dot com. We'll be back next week.

Speaker 1 (01:40:13):
Thank you for listening to the Retirement Planning Show hosted
by Dave Kopek. If you would like to talk with
Dave or someone at the Retirement Planning Group, called five
one eight five aid zero one nine one nine. That's
five one eight five eight zero one nine one nine
during business hours, or visit RPG retire dot com. The
Retirement Planning Group has five convenient offices located in Albany, Malta,

(01:40:36):
Glens Falls, Syracuse, and Audiana. Tune in again next week
for retirement planning strategies with Dave Kopek right here on WGY.

Speaker 5 (01:40:51):
The information our services discussed on this show is for
informational purposes only and is not intended to be personal
financial advice.

Speaker 2 (01:40:57):
The investments and services offered by us may not be
suitable for all investors.

Speaker 5 (01:41:01):
If you have any doubts as to the merits of
an investor, you should seek advice from an independent financial advisor.