Retirement Planning Show

May 10th, 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 Kopec and the
Retirement Planning Show.

Speaker 2 (00:55):
And Good morning, Wake Up San Francisco, seven am on
was it Saturday May tenth? My name is Nicholas Dumas.
David Kopek, your host will be here for the twelve
to one o'clock show today, so if you want to
tune in at twelve you can do so. I'm here

(01:15):
with Chris McCarthy this morning. So how are you.

Speaker 3 (01:19):
I'm good, my friend. Good morning. How you doing?

Speaker 2 (01:22):
It looks like you just rolled out of bed.

Speaker 3 (01:23):
I pretty much did.

Speaker 2 (01:25):
Yeah, yeah, look good.

Speaker 3 (01:27):
Well. Thank you you're always pumping up my ego. I
appreciate it.

Speaker 2 (01:31):
Yeah, I'm I'm happy I get to do the show
with you today, and thanks for coming in this early
to talk to me.

Speaker 3 (01:38):
Hey, I've talked to you anywhere anytime.

Speaker 2 (01:40):
Pal. Yeah, so so we got a lot to discuss.
But first off, happy Mother's Day weekend to all those
moms out there. You know, it's a very special weekend.
It looks like we're gonna get some good weather on Sunday.
Last night checked out time. So I think tul Up
Festival is in Albany this weekend also, so you might
see me run around there picking picking tool ups with

(02:02):
Kendra on Sunday. But uh, but again, make sure you
wish your mother a happy Mother's Day and and take
care of getting that gift before all the flowers are
going this weekend.

Speaker 3 (02:12):
Yeah, it's usually beautiful down there really for Toulup Festival. Absolutely,
they do a marvelous job. I've never been really should
I mean, it's gonna be busy, yeah, it'll be busy,
but it's a great place to take a stroll. You know.
They usually have area music people, you know, groups and everything.

(02:34):
Usually a really good time.

Speaker 2 (02:35):
It's a great time of hear right now, you know,
hopefully we start getting some some more sun. We got
a lot of rain this week. But but yeah, the
Troy Farmers market's opening too, or it's always open, but
it's coming outside. I think last weekend was their first weekend,
so we'll be doing that on Saturdays, and then uh
we got tulip Fest on Sunday, nice Mother's Day, and
golfs right around the corner. So I'm getting excited over here, Chris.

Speaker 3 (02:58):
We don't have to worry about the course with being green, yeah,
not up to weather.

Speaker 2 (03:03):
No, I just gotta worry about the ponds and the
ducks on whole three.

Speaker 4 (03:07):
You know.

Speaker 3 (03:08):
There you go.

Speaker 2 (03:09):
Our golf league got canceled on Thursday.

Speaker 3 (03:12):
You know, probably was for the best. Yeah, you know,
with the little chili.

Speaker 2 (03:16):
And wet, we wouldn't needed our rain boots out there.
And then hopefully this weekend or this Thursday we get
out there. So I haven't checked the forecast that far out,
but but yeah, we uh so we're the retirement Planning Group.
This is the Retirement Planning Show. It's also a call
in show, so if you have any questions today or
if you want to, you know, bring up a topic,

(03:37):
we're more than happy to discuss that. As Dave says,
it's a talk show, not a babbel show, so we're
not here just babble for two hours.

Speaker 3 (03:45):
That's right.

Speaker 2 (03:46):
The number you can reach a SAT is one hundred
talk w guy. That's one eight hundred eight two five
fifty nine forty nine. If you have a question, calling
and ask it. There's no stupid questions. We've you know,
seen it all. There's a lot of folks out there
that have uncertainties right now in the market, you know,
and they want to explore different options with their retirement

(04:06):
assets that they've accumulated throughout their lifetimes. And we're here
to go through those different investment options that are available
to them. Especially if they're at that great age of
fifty nine and a half and they've done an in
service rollover into an IRA account, the investment arison is
a whole lot different than your current four one K plan.
So we're able to adjust and start looking at different

(04:29):
investment options that relate to your retirement date, your age,
and what you're looking to accomplish in this lifetime.

Speaker 3 (04:36):
You know what. I'm looking forward to that seminar on
May twenty. I'm looking forward to that big time.

Speaker 2 (04:43):
Yeah, I think it's going to be a great seminar.
May twentieth, it's a Tuesday, folks, and spots are filling
up fast. If you want to register, it's going to
be Dave Kopek and Lou Pierro will be the presenters.
And then you also get a nice dinner out of it,
and I think they have cheesecake. Always like the cheesecake.
But again it's May twentieth, Wgyseminar dot com. If you

(05:05):
want to register again, that's WGY Seminar dot com. So
I think we have another maybe forty to fifty seats,
So make sure you get your names in the in
the ring and we'll make sure that we save a
spot for you, so you're not standing in the back
next to McCarthy like I.

Speaker 3 (05:21):
It won't my heart. I mean, it's filling up quick,
like you said. And last year we had a wonderful show.
A lot of people just had the pleasure of meeting
them over the last year and yeah, just it's gonna
be a good time, very informative.

Speaker 2 (05:39):
Yeah, it doesn't commit to anything, right, just go to
the seminar, listen to what we have to say. And
we've done a lot of great work with individuals over
the last year since our last seminar at restructuring their estates.
A lot of people didn't have their basic legal documents done,
you know, will healthcare proxy, power of attorney. If you
need a life estate for your house, some sort of

(06:00):
trust to document, then we'll make sure that's done on
the estate side of things. And then your investment accounts, right,
those are your nestakes. That's what you've been building up
your whole life, and you're planning on turning that into
some sort of income stream and retirement, you need to
start adjusting. So we sit down and go through portfolios myself, Dave,
Chris and Chris, which you two have been doing a

(06:23):
great job with Nitrogen one of our software programs formerly
known as Risk Allies, where we're able to go through
different portfolios with you and show you the risk reward
that each portfolio would capture. You know, we try to
design more efficient portfolios by lowering risk as you get
older to retirement while you know, maintaining some level of

(06:45):
reward for you.

Speaker 3 (06:46):
So I didn't know what I was gonna talk about,
like you were saying with Nitrogen. You know, it's so
it's heart warming when we sit down with people and
you can show them up on the screen and they
can really grasp, you know, what each of the models
is intended to do, and like you said, what the
risk rewarded, so they're not going in completely blind to

(07:10):
what possibly can I helpen and how we fit everybody
according to the risk tolerance, so on and so forth.
So you know, it's it's just a wonderful time to
just sit down and we go over some great ideas
and also about that May twentieth seminar. You can also

(07:31):
call our office, right you can talk to Jimmy, you can.

Speaker 2 (07:35):
I think we're more navigating people to the website, okay,
just to make it easier because then it uploads it
automatically to the list.

Speaker 3 (07:41):
Oh, no doubt, no doubt.

Speaker 2 (07:43):
So again, but if you want to call our office
numbers five one eight, five eight zero one nine one
nine as well, and they can leave a message for
Jim Corkoran over there and uh, and he'll make sure
he gets the details on how to register out to
you as well. But I would I would encourage folks
to go right to that website. It's pretty easy. Wgy
sound in our dot com and just click that box.
You're not a robot going and fill out your name

(08:04):
and information real quick and then uh, then I'll add
you to the list and save you a seat, So
I hope give me not listening.

Speaker 3 (08:11):
He's probably getting mad at me.

Speaker 2 (08:12):
Yeah, he's probably upset. Uh, but still, you know, we're
we're we're there. You're not going to get a computer
when you call our office. You know, if you're someone
that's not too tech savvy, we're more than happy to
get you on the list as well. So again five
one eight five eight zero one nine one nine or
w g y Seminar dot com if you'd like to
register there. So I want to talk about the markets

(08:33):
real quick. So we had a pretty flat week in
a couple of indexes. The the the Dow was flat,
the S and P was flat. You know, we saw
some midweek adjustment. Market went up and mark came back
down a little bit. Yesterday. Uh you know, Trump announced
an agreement with the UK so ten percent tariff, and

(08:55):
then uh, yesterday he was announcing some changes with China.
I think you brought it down to eighty percent. So
stock market like that in the morning, but by the
end of the day it was down. But again, we
were flat on the week pretty much. The Nasdaq was
out about one hundred and twelve points, so nothing crazy.
And then the aggregate bond index was also flat. So

(09:16):
but if you start looking at some you know, one
month numbers, I think we're seeing some momentum in the markets.
We had that one week where it was all green days,
and now technology has made a comeback. Here. You look
at the NASDAK, it's up about nine and a half
percent over the last one month.

Speaker 5 (09:33):
You know.

Speaker 2 (09:33):
So if you got out beginning of April, it's probably
the worst time to head to the you know, to
head to the other side of the fence. You need
to stay diversified, stay invested during these difficult times in
the market while things are volatile, and just maintain your
portfolio allocation that you've designed, you know, based off those

(09:54):
risk tolerance numbers that we reviewed for you. So, yeah,
we didn't get a whole lot of calls over the
last few months from current clients because we've got a
lot of hedge and interest you know, dividend being replenished
into the accounts. So you know, even have the markets down,
you're kind of hedging with the interest and yield that
you're getting off your corporate bond positions or even covered

(10:14):
call writing ETFs that we have in a lot of
portfolios to provide some you know, downside protection.

Speaker 3 (10:22):
No, I think it's great. I mean, I love it that.
I've been with the firm for about a year and
three months, and ever since I first walked in through
the door. You guys have been hedging telling clients to
start moving over for a little bit because with the
markets at all time highs, things were bound to happen,

(10:44):
and it's always good to be prepared. And that's what
we were doing and have been doing for the last
year and three months. And like you said, it's nice
when you don't get a lot of phone calls because
people understand what they're in and why they're in it, so,
you know, just a good strategy.

Speaker 2 (11:03):
Yeah, I think. You know, building interest and dividend in
portfolios is important, especially for people entering retirement, building up
cash those buckets of money we talk about as far
as you know, building up a certain number of months
and distributions and the money market where you're still getting
about four percent right now. Interest and the Fed just
met this past week. Nothing was done with rates. You know,

(11:25):
we're staying flat for now, so keep collecting that coupon.
We had a small adjustment in the bond market also
a few weeks ago, so bond prices went down a
little bit, but we maintained yields. So even for those
folks entering the bond side of their portfolio, it's not
too bad of a time to do that. So when
we get back here, I want to talk about some

(11:45):
more leading indicators in the market right now, and then
you know, just discuss portfolio allocation real quick. But but
then later on in the show, I do want to
get into protecting the spouse, you know. I think it's
very important that we discussed different ways to protect, you know,
not the primary breadwinner in the relationship, but but the
other spouse, whether it's the husband or wife. What if

(12:08):
something were to happen to you, we want to make
sure that he or she is set, you know, for
the rest of their life as well. So we'll discuss
some different strategies there. But we're going to take a
quick break, folks, and when we come back, we'll get
into the markets a little bit more. If you want
to call in one eight hundred talk WGI again. That's
one one hundred eight two five fifty nine forty nine.
If you have any questions this morning, we'd be happy

(12:29):
to answer them.

Speaker 6 (12:30):
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

(12:50):
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 a retirement
income distribution plan. After forty one years of being in
the financial services business, you need to start taking action

(13:11):
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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. We are living through

(13:33):
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(13:56):
eighty eight five eight zero one nine one nine. That's
eight eight five eat zero one nine one night.

Speaker 2 (14:27):
And we are back.

Speaker 4 (14:29):
Ah.

Speaker 3 (14:30):
You know, I gotta tell.

Speaker 2 (14:31):
You give me head banging on a Saturday morning at
seven nineteen.

Speaker 3 (14:36):
I swear to God, I'm driving in and I'm going
I wonder what the musical theme is.

Speaker 2 (14:41):
But I didn't even tell him anything. This is just
this is zach and And you know, we had like
five people back there when I walked in.

Speaker 3 (14:51):
They might know having a party, they might How would
the show go to the tulip bath?

Speaker 2 (14:58):
You ever hear what's that song Tiptoe through the two?

Speaker 3 (15:01):
Oh?

Speaker 2 (15:01):
Yeah, yeah, yeah, it's in Uh that horror movie Insidious?
Have you ever seen that?

Speaker 3 (15:08):
No?

Speaker 2 (15:09):
I'm actually a horror movie buff. Watch a lot of
horror movies.

Speaker 3 (15:13):
Horror that wouldn't be final destination, but that that wouldn't.

Speaker 2 (15:17):
Yeah, that's horror. That was kind of like a sci
fi thriller. Yeah, some sort of movie like that. But hey,
we we gotta I think we got a caller. Uh, noah, noah,
we've got no online. How are you today?

Speaker 4 (15:30):
Noah, No one is doing fantastic. I'm loading the arc.

Speaker 2 (15:38):
Oh yeah, I'm loading the art. Make sure you get
on too.

Speaker 4 (15:44):
I need a unique animal, something different, and they have
directed me towards.

Speaker 5 (15:50):
Uh.

Speaker 4 (15:51):
I'm mister McCarthy there.

Speaker 3 (15:54):
So I think I think you've got.

Speaker 4 (15:59):
Around have been with the arc.

Speaker 3 (16:02):
I think you've got the unique animal coming.

Speaker 4 (16:08):
Oh my god, too much fun. My name in my
yard is squash.

Speaker 3 (16:17):
Everything you do is oh boy.

Speaker 4 (16:19):
My dog went out the yard. Hey, let me tell
you a story. By dog went out the yard today,
I said, hey, take a run. I still can't find.

Speaker 2 (16:27):
Her, he said, the swimming around the pond right now.

Speaker 3 (16:34):
Oh, that reminds me of the dog line. I can't
tell hear it. Okay, let's hear it. Uh, I'll tell you.
I can't take it anymore. We told my wife you
should start walking to get in shape. We said it
out Monday we had no idea what the hell he
is today, So I'm a little it's a little only.

(17:00):
I got to warm up here.

Speaker 4 (17:02):
Yeah, you gotta warm up. I tell you what that
was A that was a small chuckle. But you hit something.

Speaker 2 (17:12):
You know, We'll still amuse you.

Speaker 4 (17:18):
Uh you start, you started off the show. My daughter
came home late last night, so I'm kind of playing
a little ketchup this morning. Michaeleab flew back. But the
uh you started off Nico talking about how the market
has been resilient over the past few weeks. And I

(17:38):
think one one thing that the people that are out there,
they get nervous when you go through these gyrations. What
you saw is patience is your friend. You know. Don't
let your emotions make your decision. Because a lot of
our portfolios are back to either flat or maybe a
little bit plus for the year, and and uh, it

(18:00):
just goes to show that you can't let your emotions
make your decisions in these times.

Speaker 2 (18:07):
I absolutely agree with you. I got to hold tight
and stay true to how you designed your portfolio.

Speaker 3 (18:13):
So I'm trying to time the market.

Speaker 4 (18:17):
Yeah it's it's foolish, but listen, I'm gonna let you
guys go. I'm gonna hang up here and you guys
do your show. But the Chris, I'll be down at
the Mohawk when you go over the bridge, right there
by the wall.

Speaker 2 (18:33):
I can't wait to see you jump on.

Speaker 4 (18:36):
We'll see you'll see Noah's Noah's Ark. I will be there.

Speaker 3 (18:40):
And I keep driving right by. Get away take animal.

Speaker 2 (18:47):
All right? Everyone? That was That was Noah Noah copeck
up the sound of music. But anyways, Yes, Noah's Arc
will driving around the Tri State area. If you want
to jump on the the.

Speaker 3 (19:04):
Arc, it'll be a good time.

Speaker 2 (19:07):
Yeah. Yeah, have you ever seen that movie? Was it?
Evan Almighty?

Speaker 3 (19:10):
That the something? But not that I saw Bruce Almighty?
That was funny?

Speaker 2 (19:16):
Is on with Steve? He does like a Noah's Ark thing?

Speaker 3 (19:22):
Yeah?

Speaker 2 (19:23):
It was am I wrong?

Speaker 3 (19:25):
No, no, no, it was the sequel to Bruce Almighty. Yeah,
with Jim Carrey. And you're right, Steve Carrell was in it.
But no, I didn't see.

Speaker 2 (19:33):
The barely, I like barely remember it, but I remember
watching that as a child. But that just reminded me
of that. So but yes, that was Dave Kopek and
he will be presenting at the seminar down at the
Desmond I mean, I think it's the Crown Plaza now, yes, yeah,

(19:54):
but again it's right off the north Way there if
you want to attend, and it's going to be a Tuesday,
May tw twentieth, so sketch into your calendars and make
sure you register at w Guy Seminar dot com. So
before break, we were discussing the markets for a few
minutes there and I want to just get back into it.

(20:14):
There's a lot of you know, leading indicators out there
which are still showing, you know, good returns. You start
talking about you know GDP. Everyone's saying, oh GDP is down,
GDP is down. Core GDP, I think, is you know,
a more accurate representation of long term sediment in the market.
You start seeing core GDP numbers of plus three percent, right,

(20:36):
and that's consistent with last year, you know. So that's
what we're seeing right now. It's more consumer spending and
private investment focused, so consumer confidence, right, and the the
actual dollar you know, where is that that twenty bucks
in someone's wallet going? It's going to the economy right now?
You know a lot of people are still spending money
you're seeing retail sales up this year. I had the

(20:59):
actual will number somewhere. Retail sales up four point six
percent year over year, so still increasing retail spending. You're
seeing new home sales up seven point four percent in March.
You know that might coincide with decreasing rates a little bit.
You know, mortgage rates topped out at about seven and
a quarter seven point three. I think we're back down

(21:21):
to six and a half six point six somewhere in
that ballpark. So you're seeing new home sales increase, which
is a good leading indicator of you know, consumer confidence
in the market over the next several months here and
then you're also seeing a point seven percent in consumer spending.
So the PCEE, the personal consumption expenditure, it was up

(21:44):
about half a percent in February, it's up point seven
in March, and then April's will come out late May.
But again we're showing increasing consumer spending, consumer confidence, and
that's the heart of the economy, right the actual you know,
people spending their they're hard earned dollars and you know,
and contributing to these companies in the market. So a

(22:05):
lot of companies have good, good reports you know, a
lot of earnings have been coming out over the last
several weeks. We saw Microsoft and Meta come out with
great earnings. They also expanding their expanding their capital expenditure,
so that means they're investing in their businesses right which
was very good for consumer confidence and showing that these

(22:27):
companies aren't you know, closing down there or they're not
closing their front door because of where these tariffs stand
right now.

Speaker 3 (22:34):
So no, what I love about and I always appreciate
how though you are when you go over to market
and you're bringing out a lot of leading indicators that
I think are important for people to know. The bottom
line in my eyes is there's still uncertainty in the market.
We know that with the tariffs, we still are trying

(22:54):
to get a better handle on inflation. But numbers don't lie.
So we have a strong foundation of earning and consumer
confidence starting to pick up, and these indicators are very positive.
So that allows us to be more bullish maybe in
our approach for the next two three four years in

(23:16):
how we help manage people's money.

Speaker 2 (23:18):
I think it's time in the market. You know, don't
take these numbers and say, hey, I'm gonna jump in
the market for a month, you know you still have
to be in it for the long term. So maintain
a growth aspect to your portfolio if you're someone that
has that risk tolerance, and make sure the percentage is
suitable for your age and what you're looking to accomplish.

(23:39):
So every portfolio needs liquidity, flexibility, and growth and an
interest and yield, right, So we build that into the
portfolios through describing what we call the buckets of money.
So it's the bugets of money approach. You keep some
in cash money market for short term, you keep some
and fixed income corporate bonds, high dividend paying uh for

(24:01):
for midterm, and also cash creation in the account, and
then you keep some in growth. And that's what we're
talking about the stock market right now. Some people want
more in growth, some people want less. It all depends
on who you are as an investor, and we could
sit down and if you don't know that, you know,
we can go through it and kind of discuss the
different options available to you and really map out what

(24:22):
makes the most sense. So if you want to call
our office numbers five one eight, five eight zero nine
one nine. We also have a website Www. Dot rpg
retire dot com on the web. So if you want
to check out our website, rpg retire dot com, you
can also go through there and ask questions. There's a

(24:42):
little question box right at the bottom of the page
and it'll shoot us over an email. If you want
to put your info in there, we can give you
a call and answer those questions if you're someone that
doesn't want to talk today. But again, this is a
this is a call in show one eight hundred eight
two five fifty nine forty nine. If you have any questions,
feel free to call in. We're gonna take a quick
break and we'll be back right after this.

Speaker 5 (25:10):
Let me.

Speaker 3 (25:21):
But if I wasn't awake before I am.

Speaker 2 (25:24):
Now that Ozzy Osborne? Is that Ozzie? That's hey? You
can tell me the voice?

Speaker 3 (25:34):
Yeah, I couldn't hear the boys.

Speaker 2 (25:37):
Sharon, Sharon, You ever watched that the Osborne That shows
hilarious it is it's uh Sharon who took Someone came
in my room and took all my beers? You all
the bs fazzy. You never see that. I get that.
I get that on Facebook all the time. You ever

(25:59):
get the face Facebook reels? Do you do Facebook?

Speaker 3 (26:03):
Or no, I haven't done Facebook in years.

Speaker 2 (26:06):
Let me tell you they're they're dangerous. You start watching reels,
You're on it for fifteen minutes.

Speaker 3 (26:12):
Oh I know. I mean even the short YouTube, short videos,
they're crazy. You see one after another. Yeah, I just
keep running them crazy. Yeah, and then you gotta I
gotta get out and take a walk, which.

Speaker 2 (26:27):
Is happening in the last ten minutes, the last fifteen minutes.

Speaker 3 (26:30):
But you know one thing I wanted to touch on
real quick. You know, you did a marvelous job going
over the markets, and I think we know. One of
the major reasons I think why we didn't get a
lot of phone calls is that it's important for us
for the client to know what they're in and why
they're in it. And I think the more they understand,

(26:53):
the more comfortable they are. And we tell people it's
not going to be smooth sailing four seven, but we
prepare them and we prepare their portfolios for the stormy
days and and I think they appreciate that.

Speaker 2 (27:11):
Yeah. I think seventy five percent of people that come
in say they are in a target date fund in
their current four oh one K for fifty seven. You know,
deferred comp four or three B accounts and we just
go through what they're invested in now. Right, So maybe
they're in a target date twenty fifty fund, you know,
which would be a little bit more aggressive type of

(27:33):
approach because it's calculating another what twenty fifteen years? Do
I say, twenty forty and another fifteen years of working years,
so it's gonna again it's going to account for that
time arise. And or maybe they're all in a S
and P five hundred fund within their four oh one
K and they're getting closer to that retirement date, so
it's starting to shift those dollars more towards income, right,

(27:53):
you know, which we talk about in the appointments. So again,
know what you own, right, Know what the purpose of
your investments are a lot of people have you know,
two hundred, three hundred and four hundred thousand dollars in there,
some a million. You know, you might have it all
on an S and P five hundred index. So the
last couple of months have been very scary for you.

(28:13):
You know, they say emotionally investors feel losses twice as
much as they feel gains, right, right, So they start
they start looking at their accounts. They're getting nervous, they're
getting upset, you know, and if you haven't planned for
times like this, then then I can completely understand why
you're upset. You know, you might see your account down
fifteen to twenty percent in a month or two. And

(28:34):
we're talking a million bucks. That's a that's a lot
of money, right, one hundred and fifty two hundred thousand
dollars potentially, So make sure you you plan accordingly to
your retirement. You know, if you're someone that's a year away,
you're deep in the red zone right now. You know,
we tell folks three to five years prior to retirement,
you should be starting to look at your allocation and

(28:55):
planning your point of exit.

Speaker 3 (28:59):
Right.

Speaker 2 (28:59):
We talk about point of entry all the time. Point
of exit is just as important for people entering retirement,
and you want to make sure that you're starting to
generate that cash flow within your account to pull your
monthly distribution.

Speaker 3 (29:12):
So think I think that's also another compliment to the
open architecture that we have. You know, I love when
we sit down and we're working with clients. We're not
telling clients what they have to do. We want them
to understand. Like I said earlier, Okay, we're going to

(29:33):
make a shift. Maybe we're in the red zone. We
can't afford to take that big hit. But maybe they're
firm believer us I don't want to get out of
the market. We're not going to take them out of
the market. We're just going to shift the different percentages
as far as we're going to be in today and
maybe over five years when fleeting up to retirement. Maybe

(29:55):
they're starting to build the bomb portfolio twenty percent a year.

Speaker 2 (30:00):
Yeah, I mean, you look at even the bond market
right now, it's up five point three percent over the
last one year, so one year trailing, so from May
of last year to May now, you're looking at a
five point three percent in the bond market. You know,
it might make sense to start incorporating bonds into the portfolio.
I think they're still you know, price low, especially if

(30:23):
I Fed's gonna meet again in June. I'm not sure
if there's gonna be any adjustments to interest rates. But
you here Donald Trump all the time saying the Fed
needs a decrease rates and it'd be a stimulant to
the market. Right, So, you know, the bond market I
think is a good area right now. Still, we've been
advocates in corporates. I looked at a four oh one

(30:43):
K yesterday. You know, some of the bond options that
they have wire only getting about four percent four and
a half percent within those four oh one K plans.
We've got corporate bond mutual funds that are getting close
to seven some at eight. You know, they they might
be a little more validle and adjust the interest rates
a little bit more, But at the same time, we're

(31:04):
looking for cash flow. As long as you hold those
for you know, a certain duration, you should be able
to make up that any potential loss with the coupon
that those bonds are kicking off.

Speaker 3 (31:13):
So right, and you can't afford not to look at
the yields, especially like you said, we're building out a
portfolio that's going to incorporate a number of different parts
of the machine working.

Speaker 4 (31:27):
No.

Speaker 3 (31:27):
I love the one bomb portfolio that we put together ourselves.
I think it's it's just and I think people the
client that look at it and they understand it and
they're like, yeah, I want that part of my portfolio.
I think that'll be a valuable piece. Yeah.

Speaker 2 (31:45):
So I think it's important to review your retirement accounts consistently.
You know, maybe set aside some time, you know, once
a year or twice a year, don't go in there
every week and make adjustments. You know, you want to
be more of an advocate of being passive in investment
accounts and retirement accounts because once you start overtrading, you know,

(32:06):
historically it's tend to lack you know, market performance. So
leaving dollars invested in strong funds that have done well
consistent with their peers. So other uh So, if you're
in a five hundred index, look at how that five
hundred index is held up against other you know, five
hundred indexes. So there's portfolio managers out there that aren't

(32:27):
doing their job. So you want to make sure you're
constantly reviewing those funds that you're invested in. Because we're
talking a lot of money. At the end of the day.
One of the largest assets for people out there is
their four to one K accounts in their houses. You know,
we can't do much is too much with the houses,
but the four to one ks we can control. You know,
for for the most part, you know, I don't know
what the market's going to do tomorrow, but we can

(32:49):
start investing it in a way that makes a little
bit more sense, and it's geared towards a specific retirement
date for you, so we'd be happy to do that.
And if you're someone that's not fifty nine half and
we can't do an in service roll over out of
the plan into some sort of IRA account, then we
can always look at the plan options with you and
give you some recommendations, some thoughts towards what we think

(33:12):
makes the most sense, and do some research on the
funds that are available within the plan.

Speaker 3 (33:16):
And I think a lot of people really appreciate what
you just said. You know, if we're not greedy at all,
when people come in and they want to have us
help them, we're going to help you, whether the money
is with us or not. We want to see you
succeed and down the road. I think people appreciate that

(33:39):
would make them want to, you know, be clients of
ours even more, because that's what we're all about. We
don't have minimum. We'll talk to anybody that wants to.
If we can help you, we will, and you know
we're going to treat you the same whether you got
a dollar one hundred million dollars. And that's another uh

(34:00):
philosophy I've always loved about retirement planning group.

Speaker 2 (34:03):
Yeah, yesterday, I don't think you were in the appointment
with me. You might have been. Sometimes you doze off
in there.

Speaker 3 (34:11):
I gotta gets sleep from.

Speaker 2 (34:12):
I met with a couple their clients. But he is
fifty four, so he's younger, and his plan he's turning
fifty five this year, is to retire in two years
when he reaches fifty seven. You know, at that point
he wants to start taking distributions off his retirement accounts

(34:34):
to bridge him to pension and social security. The plan
for his pension was sixty and a half, So at
sixty and a half he'll start taking his pension, and
then at sixty two, I believe he's gonna take his
Social Security as soon as he's eligible. With him, he
needs to access that four to one K account at
fifty seven. I told him, hey, we're not rolling this
into an IRA. We're gonna leave it at the four

(34:55):
oh one K, so you have access prior to fifty
nine and a half of fifty five states, you can
access your four oh one K at fifty five if
you're separated from service for you know, ninety percent of
plans out there. But again, he's gonna leave it there
and will help him manage it. I gave him a
couple bond funds that were available within the plan because

(35:16):
he's in that red zone. He doesn't need the risk
at this point, especially with his portfolio size and his
contributions that he's making each year. We're able to map
out what the account potentially could be worth in two
years and then map out a distribution game plan and
show him, hey, after this bridge is done, if we
only get four percent, So even if we kept this
in the money market and money markets were still getting

(35:38):
four percent, you know, you started with this amount. This
is what you're gonna have at the end of it
when we kick on your pension, and then we can
decrease distributions to an appropriate withdrawal rate. You know, it
showed that account being there and being alive for the
rest of his life.

Speaker 3 (35:52):
So because beautiful and again that's another perfect example what
is best for the client. You know, if somebody says, oh,
I'm going to retire fifty seven, there's a lot of
maybe advisors out there, Oh, we'll roll it into the
Ira at that time, well, that may not be best
for the client. And we set ourselves ahead of the

(36:16):
pack because he appreciated that no doubt. And Chris Kopek
and I had a meeting Thursday. I think, lovely couple.
We're going to get married. They're looking at retirement in
two or three years, but they're they're not eligible. They're
old enough for an in service. So when Chris and

(36:38):
I looked at the gentleman and we said, yeah, we'll
be more than happy to manage. And he said you
will even though it's not under your roof. I said,
it doesn't matter. People come in here. If we can
help them, we're going to help them. And they really
appreciated that.

Speaker 2 (36:56):
Yeah, I think it's very important. So if you want
help from my Dave Copeck, Chris McCarthy, Chris Copec, you
can give our office a call at five one eight
five eight zero nine. This is a live show. If
you want to call in, it's one eight hundred talk WGI.
It's a talk show, not a babble show, as David say.

(37:16):
But again it's one eight hundred and eight two five
fifty nine forty nine. If you want to call in,
have any questions. Feel free to do so. We're going
to take a quick break and we will be back
right after.

Speaker 6 (37:25):
This 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 called retirement income distribution the nastiest,

(37:49):
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 own personal
retirement income distribution plan.

Speaker 3 (38:11):
How do you do that?

Speaker 6 (38:11):
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.
Are you ready for retirement or just hoping it works out.

(38:32):
Don't leave your future to chance. At the Retirement Planning Group,
we hope you create a personalized retirement plan so you
can relax knowing you are prepared. Take action today called
eight eight eight five eight zero one nine one nine.
That's eight eight eight five eight zero one nine one nine.
Or visit us at our website rpgretire dot com to
schedule your complementary consultation. Your future will say thank you.

Speaker 2 (39:10):
I'm no stranger to the rain. I'm a friend of
fund friend.

Speaker 7 (39:18):
Is in any wonder? Altm strives me. I've thought the
devil got down on his level, so he gave with Paul.

Speaker 2 (39:34):
Here comes.

Speaker 7 (39:38):
Stranger.

Speaker 2 (39:39):
We are back. Nice Keith Whitney for you this morning.
I thank everyone you're rolling out of bed. That's a
good song to get out of bed too, especially this
week with all the rain we've had, so no stranger
to it over here and uh over here in Albany,
so tulip Fest. That's probably good for the tulips all

(40:03):
the rain. Do you think it just soaked them?

Speaker 3 (40:06):
I thought there was a show on last the news,
and I thought they were saying too much water may
not be.

Speaker 2 (40:13):
Well we're a little late for that call, so it
might be soil fest. Soil running through the streets.

Speaker 3 (40:20):
It'll be wilted fest. Come on, I think we're gonna
be fine. Look pretty nice out right now.

Speaker 2 (40:28):
Yeah, and hopefully Sunday for Mother's Day, all his mother's
out there and all those sons and daughters, make sure
you get your mother a nice, big present. We got
a lot of great mothers in the RPG family, you know,
and grandmothers and great grandmothers work with people of all ages.

Speaker 3 (40:46):
Ye, love your mothers and grandmothers. I mean, my mother's
with me every day. You know, she's not in this world,
she died eleven years ago, but in my heart every day.
Just love them, hug them.

Speaker 2 (40:59):
Yeah, you a mommy's boy. Yes, you talk about your
mom a lot.

Speaker 3 (41:04):
My mom was like like most moms, just an incredible woman,
a real blessing. Yeah, you know, my unfortunately my father
died young, and my mother was just a rock, you know,
just and uh, you know, just a real blessing.

Speaker 2 (41:26):
Especially to put up with you. And you're rolling around
in that Mustang back in the day.

Speaker 3 (41:31):
Oh, I was, I was, I was leaving skid marks.
That'd be a chance I could. No, I wasn't.

Speaker 4 (41:37):
I was.

Speaker 3 (41:38):
I've always been good to my cars, never beat on
my cars. But yeah, we had a lot of fun,
a lot of fun.

Speaker 2 (41:45):
Speaking of mothers. I think next hour we're gonna get
into more protect the spouse, because I do want to
get back to that. We've been kind of market focused,
in portfolio construction focused this first hour, But the eight o'clock,
the eight to nine, I do want to speak about
protecting the spouse. I think we'll get into that a
little bit more. Do we have a caller over there?

(42:06):
Is that still? Noah, no caller? We do, we do, John,
We do have a caller, so we'll take this caller. Uh,
good morning John. How are you.

Speaker 4 (42:21):
You?

Speaker 3 (42:22):
Hi?

Speaker 2 (42:22):
John?

Speaker 5 (42:23):
Hello?

Speaker 2 (42:23):
Can you hear me?

Speaker 5 (42:24):
Hello? How are you are you?

Speaker 3 (42:27):
John?

Speaker 2 (42:27):
I got you? Good morning Hello, Hello.

Speaker 5 (42:31):
Interesting listening to you talk about the Tulip Fest this weekend.
My granddaughter is a member of the Tulip Court from
last year, so today's our last day in the new court.
The new court is coming in and uh they have
a coronation today and then the big gala tonight. So

(42:52):
it's been a great program and uh, it's done a
lot for her she was wanted if she was the
there's some one on the court. She was only eighteen,
and it did so much for her, building her confidence
and and so on. So it's a great program. And
they do a lot for the kids in the in
the Albany area.

Speaker 3 (43:12):
So that's.

Speaker 2 (43:14):
Yeah, that's great. I hope, I hope there's a great turnout.

Speaker 5 (43:19):
Uh, hopefully he's not going to rain on him because
the coronation is today in the park and then tonight
is uh they're big gala, which is like a formal dances,
a lot of fun. So and they had a couple
of activities yesterday at City Hall and so on. So nice,
nice program.

Speaker 2 (43:38):
Nice are you going for you guys? Go ahead?

Speaker 5 (43:41):
Yeah.

Speaker 4 (43:42):
Yeah.

Speaker 5 (43:42):
Last year when she was being put on the court,
I was her escort, which was really very nice to
be asked. I heard the escort her in even had
my puxedo on.

Speaker 3 (43:54):
Beautiful. That must have been a very proud moment.

Speaker 2 (43:57):
You probably looked like James Bonds, Oh for sure. So
what's going on? John? You got a question?

Speaker 5 (44:05):
Yeah, my question. I am seventy five, I'm gonna be
seventy six. I have a guaranteed pension, as does my wife.
We haven't noted that at all. We have a tax
sheltered annuity. It's a high water account. So basically if

(44:26):
the market goes off the cliff, we don't get hurt. However,
we don't gain all that much when the market goes
yellow it. I heard you mentioning bonds with a pretty
high yield. Would it be worth maybe looking at purchasing
some bonds with that? I don't know how long you

(44:47):
have to hold the bonds.

Speaker 2 (44:49):
So these bond funds that we talk about, you can
sell them whenever. It just acts like a mutual fund,
so typically you don't Some have short term trading fees,
so if you trade within thirty days or sixty days,
it might hit you with a short term trading fee,
so you want to be in it for at least
a month or two. But again they're pretty lately, yeah,

(45:09):
so you can get out of them whenever you want.
You said you're in a tax sheltered So is that
it's a non qualified annuity or is it an IRA?

Speaker 5 (45:20):
Is it? I don't know the difference, but it's a
tax shelter annuities. So the money when it went in
was not tax okay, so it might be a four
three be good.

Speaker 3 (45:31):
A lot of time people out there would when I
first started in the business, a lot of four three
bees depending on the company where people would call them
tax sheltered.

Speaker 2 (45:43):
Yeah, so you know within some of those I was
I was in.

Speaker 5 (45:48):
I'm a teacher. I was a teacher, so we could
shelter the money without taxes, and when we paid our
taxes at the end of the year, the money that
went in there was like, we didn't make it with
the idea that going to pay now, you know when
we take it out. So yeah, there's about two hundred
thousand there, beautiful.

Speaker 2 (46:06):
So that Yeah, that's an IRA or it's good, it's
a pre tax account, John. So you should be able to, Yeah,
depending on the annuity, you should be able to look
at the investment options that they have within it, and
they might offer some corporate bond funds. But also, you know,
if you don't want to be in that annuity, it
sounds like you have guaranteed income as as far as
your pension. You know, if you're out of that surrender period,

(46:29):
you could always roll that into just a self directed
IRA account and then the investment horizon might change for you.
You might get more bond options or take a portion
of it and get it out. But you definitely want
to look at the contract, you know. I don't want
to recommend doing anything. There might be income benefits tied
to it, or different riders on that annuity contract. They're
very there's a lot of different variables you want to

(46:52):
account for before you make a decision on anything with
those annuities.

Speaker 3 (46:56):
So I totally agree with that. Nike up.

Speaker 5 (47:02):
Maybe good thing to do would be a come in
and have you take a look.

Speaker 2 (47:06):
Yeah, I'd be happy to just sit down and if
you bring in a statement with the most recent statement
on that thing, then I can pretty much tell you
you know exactly what you got. And if I can't,
then McCarthy Kenny's been doing annuities for what forty years now,
so I think he knows his way around the block.

Speaker 3 (47:21):
So so, and I'll tell you John, you know, we'll
type it straight up. We're pro annuity people in certain situations.
Annuities are great, gotcha, But I think it'd be worth
you a while to take a look at the contract.

Speaker 5 (47:37):
I appreciate that, Thank you very much. Have a great day.

Speaker 2 (47:40):
Hey, bring your statement to toolip Fest. Maybe I'll bump
elbows with you and we can go over it down there,
all right, John, But again, this is a calling show, John,
just calling you a great question, and I like the
promotion to toolip Fest. I think they do it for
a great cause. So absolutely so again, if you want
to call our office numbers eight eight eight five eight

(48:02):
zero one nine one nine five one eight five eight
zero one nine one nine, whatever you want to dial.
I think the eight eight eight is the toll free,
right is that why Dave says that on the promos?
Eight eight eight yeah, five eight zero one nine one nine.

Speaker 3 (48:17):
Yes, you're probably right, I'm sure eight eight eight eight
eight eight. I mean you look us up.

Speaker 2 (48:26):
God, we're getting to the end of the first hour here.
I need to go grab another cup of coffee and
get ready for this eight to nine Protect your Spouse show.
You talk about protect your husband, protect your wife a
lot of times. Uh, there's one spouse that might be
the primary breadwinner, or one spouse that might know all
the finances and the other ones out in left field.

(48:49):
So we want to make sure you discuss that and
don't leave them with a mess if something were to
happen to you. You know, we see it all the time. Uh,
A lot of people bring in cardboard boxes with statements
and pass and use your names. You know, you want everything.
You know, We've got some people that set up binders,
you know, just to organize things and really and start

(49:09):
recognizing where different investment accounts and income sources are. So
get in front of the ball. You know, you don't
want to pass away and leave this nightmare for your
spouse and make sure that they're on the same you know,
the same wavelength and they understand where the different accounts are.
Even get more in front of that ball and start consolidation,

(49:31):
you know, start simplifying how many different custodians you have,
so where your accounts are, whether that's Fidelity with us,
there's Tia accounts out there, Vanguard, Touro Price, wherever you
might have assets. Start consolidating, simplifying a lot of people say,
don't have all your eggs in one basket. I don't

(49:51):
believe in that with a custodian. I think it makes
more sense to have all your eggs in a good
custodian's basket. You know, Fidelity, who we work with, is
a ten trillion company right now, you know, they're they're huge,
so it's a it's a great company. We love having
them as our custodian and we're able to place trades
through Fidelity for all of our clients. So again, if

(50:13):
you want to pick our brains. This is a talk show.
It's twenty eight eight, two, five, fifty nine, forty nine.
We had a good call from John there and then
we had Noah from Noah's Art call us earlier in
today's show. So we're at two. I want to make
to four by the end of the eight o'clock show.
So if you want to visit us on the web,
rpgretire dot com. Again, that's rpgretire dot com. There's a

(50:36):
May twentieth seminar coming up with Dave Kopek and Lou Pierro.
Lou is also on the radio here at w Guy
they're doing a joint seminar at Crown Plaza.

Speaker 3 (50:48):
You got it.

Speaker 2 (50:49):
It's the the old Desmond correct a twentieth. It's a
Tuesday and spots are filling up fast. Make sure you
register at wgy Seminar dot com and that's WGY Sminar
dot Com. Brings it to a page where you can
enter your personal information, so just your name and I
think you have to put an email in or something

(51:09):
like that, but again WGY Seminar dot com. Just click
that box that says you're not a robot. We don't
want robots there, and then go through and input your information.
So we spoke about the markets today, so a lot
of info on the markets was given out. As far
as you're to date returns, you know, the Dow, SMP,

(51:30):
and NASDAC are all down from least to worse. NASDAK
was down about seven percent year to date, but we
did have a good run the last month at being
up about nine and a half percent, so some momentum there.
But again we're gonna come back at eight and then
we are going to talk about protecting your spouse. I

(51:50):
think it's very important and in a lot of cases
we see early death, you know, an unexpected death, and
then it could leave your spouse knowing where they are,
what they have, or where income is going to be
coming from. And we want to make sure that everyone's
aware of that, so everyone stay tuned. We're going to
take a break for the news and when we come back,
we'll start our second hour here.

Speaker 1 (52:16):
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

(52:36):
your family. Now it's time for Dave Kopec and the
Retirement Planning Show.

Speaker 7 (53:00):
Around past been my whole love na around.

Speaker 2 (53:12):
Good morning, I never dreamed. My name's Nicholas Dumas, certified
Financial Planner with the Retirement Planning Group. That was my
good friend Keith Whitley. And I also have Chris McCarthy
here with me, and I do not sound like kid.
Get your viola out.

Speaker 3 (53:31):
With a two and a half minute that I played
when I was a kid.

Speaker 2 (53:34):
Yeah, I rocked in your kazoo? Is it the kazoo?

Speaker 4 (53:40):
No?

Speaker 3 (53:40):
No, no kazoo.

Speaker 4 (53:41):
No.

Speaker 3 (53:42):
It was two minutes and forty three seconds.

Speaker 2 (53:45):
That I rocked the viola I did. Is it the
small the big one, that's the big violin? Got the
big violin?

Speaker 3 (53:54):
Mamma CHOHn what mama chn big big?

Speaker 2 (54:00):
Speaking speaking Spanish over here, I don't know what I'm speaking.

Speaker 3 (54:05):
Yeah, if I sound different from people people passed.

Speaker 2 (54:09):
No, I don't know where did I say? I said, mana, mana.
It's like one on one on one or something.

Speaker 3 (54:18):
I think.

Speaker 2 (54:19):
I don't know. I might have used it wrong. I
have no idea. That's why I don't say. I don't
speak in foreign languages other than French. I don't speak French.

Speaker 5 (54:28):
You know.

Speaker 2 (54:29):
One of me, set Wheat says, so it's eight o
six it is. I believe I said. I don't know.
I might have said something foul. But but again, we
are the retirement planning group. Uh So, if you want
to sit down with us, our number is five eight
five eight zero one nine one nine. A lot of

(54:51):
folks don't like talking about their personal situations on the radio,
which is completely fine, But if you do want to
talk about something you got going on one eight two
five fifty nine forty nine. It is a talk show,
so feel free to call in and ask us any
questions you may have. We've got a seminar coming in
or coming up for those of you people just tuning in.

(55:12):
Uh it's a WGY seminar. Dot com is where you
can register it's May twentieth. It's Tuesday. Right at the
Desmond the Crown Plaza now right off the North Way there.
If you want to sit down, have a dinner, listen
to Dave Kopek and Lou Pierro speak about not only
the investment planning side of things, but also the estate
planning side of things. I think a lot of times

(55:34):
people come in from WGY just planning on discussing their
retirement accounts, but the estate is just as critical. So
you want to make sure that you have a basic will,
healthcare proxy POA, Beneficiary designations tod SO transfer on deaths,
on accounts. You want to make sure you avoid probate
p R O B A t E. That terrible word

(55:55):
called probate, And we can do that through you know,
not only basic legal documents, but also trust document or
some sort of life estate for your property. You want
to make sure you have everything in good order in
case something should happen to you.

Speaker 3 (56:10):
I think another very important topic is when where gifting
makes sense and where it doesn't, because I think a
lot of people always have good intention, but there's significant
tax implications and so on and so forth. When you
come in, you're going to get a lot of good

(56:31):
information at that seminar. You come in to us at
the retirement planning group, you're going to get a lot
of good information what you should do, what you shouldn't do.
And we're not lawyers, but we know enough to be dangerous.
We like to say, but it's worthwhile. There's you know,
there's we don't charge you get a free consultation to

(56:52):
come in and see us. We like to sit down
with people. We like to get to know them. We
want them to get to know us, Like you can
tell them what we do, how we do it, and
then we'll see if we're a good pit.

Speaker 2 (57:04):
I don't know if it's free. You gotta bring in
cookies or something. Okay, We had that one woman make
us two cheesecakes, homemade cheesecakes. I was taking a spoon
to that thing by the end of it. So that
was that was one of my darker amazing That was
rock bottom for me. Oh the fork to the cheesecake. Well,
if I have to be rock bottom, that's exactly how

(57:25):
I want to go. And then I turned it around
with my fitness pal.

Speaker 3 (57:29):
I know, man, you've got the eye at the tiger gum.

Speaker 2 (57:32):
Yeah, there's a great app you can track what you're eating.
And then I've been hitting the gym, so I don't
know if all you listeners can tell, but I'm down
fifteen pounds right now and I'm looking tredded.

Speaker 3 (57:42):
You can hear it in your boy.

Speaker 2 (57:45):
Anyways, this is a retirement planning show. If you want
to sit down and have a chat with us, not
about my personal health. It's five one eight five eight
zero one nine or eight eight eight five eight zero
one nine one nine, or check us out in the
way rpgretire dot com. I want to talk about spousal protection,
protecting your spouse in retirement, also before retirement, prior to

(58:11):
receiving a pension, if you're someone that might have one.
A lot of state employees out there are going to
receive pensions once they retire again once they retire, so
we do a lot of planning around making it to
that pension. We've seen cases where individuals have passed away
early and the spouse will receive a multiple of salary.

(58:35):
These state employees, it might be three time salary, so
if they're making one hundred thousand dollars a year, your
spouse would be entitled to a three hundred thousand dollars
death benefit, and then the pension would be fairy dust.
Sure it's gone. So we plan around that by potentially
buying some sort of term life insurance or you know,

(58:57):
guaranteed universal life if you don't want to you know,
user or lose it. The GUL will have more of
a lifelong death benefit associated with it. But again, I
think some sort of term coverage going to be your
cheapest option to get you to that pension. You know,
three hundred thousand dollars death benefit might not replace a
sixty thousand dollars a year pension that you were going

(59:18):
to receive.

Speaker 3 (59:18):
Well, just like you right there with the numbers you're
talking that's five years. Yeah, that's five years of payment.

Speaker 2 (59:25):
Or you'd have to receive twenty percent per year on
your three hundred thousand dollars investment to provide sixty thousand
dollars a year of income, which and.

Speaker 3 (59:34):
A lot of people that we don't have investment that
we can guarantee that absolutely not. But like you said,
I love what you brought up if it makes sense,
if it's a good fit. But like you said, we
have several clients right now that are taking out term
life insurance the least expensive to bid the gap between

(59:55):
today and when they retire. When they retire, it's up
to them what they want to do with the life insurance.
If they want to let it lap, let it lap.
It's served its purpose exactly, and that's what we're doing.
We're looking to protect get you to the finish line
so you can turn on that pension and then once

(01:00:17):
once we're there through the gates, we're good.

Speaker 2 (01:00:20):
Yeah, you get some sort of ten year term coverage.
You know, maybe you're retiring in six or seven years,
and then at the end of you know, six or
seven years, when you retire, you can just cancel that
term insurance and and move on. You've started collecting your pension.
But it gives you a piece of piece of peace
of mind. You've got at the end of the day

(01:00:41):
to have that coverage on your head for your spouse, right,
you want to make sure that they're accounted for, and
if you want to design it in some sort of
way to provide a monthly income if you were to
pass away, we can do that as well. Right, So,
once you receive that death benefit payout, maybe you bought
a million bucks in term coverage, which isn't gonna you know,

(01:01:03):
it's gonna be your cheapest option would be term insurance
because they're they're betting that you're going to make it
past that term anyways, there's no cash value, You're not
gonna get any money back at the end of it.
But it's it's insurance. You know, people have homeowners insurance,
people have car insurance. This is life insurance. It's for
your life in case something should happen to you, for
your your loved ones. So make sure your spouse is protected,

(01:01:26):
especially if you have children as well. You know a
lot of younger folks don't have any sort of term insurance.
They might have bought a house recently. You know, I
was talking about house sales earlier. They're up quite a
bit in March, and you know, people are buying houses
taking on debt obligations, and at a six percent interest rate,
that monthly payment's probably pretty hefty. I want to make
sure your spouse would be able to support that if

(01:01:48):
something should happen to you, so that so that they're
not forced to sell that place and go live somewhere
else or try to restructure their whole life because they're
dependent on that income stream that you had coming in.
So protect your your loved ones, whether that's your husband
or your wife. You want to make sure that they're
accounted for in your retirement plan.

Speaker 3 (01:02:08):
You know a lot of times when we're in appointments
and we talk to people about their pension or as
if it was an actual asset right in front of you.
For example, you just talked about somebody retired, let's say
from the state, sixty years old, sixty thousand a year
in pension. They lived twenty years, that's one point two million.

(01:02:33):
They die a month before their pension it's gone. So
get to the finish line. Protect because if that three
hundred thousand death benefit is trying to do the work
of a one point two million dollars bill, it's not
gonna happen.

Speaker 2 (01:02:49):
It's not gonna happen. Then, Also, once you make it
to that pension, make sure you have your spouse in
mind when you're making decisions. Right, you want to if
they're not going to have a pension, you want to
make sure there's some sort of joint ownership in that
pension or some sort of joint payout, whether that's a
seventy five percent pop up. So if you're receiving, you know,

(01:03:11):
two thousand dollars a month, if something were to happen
to you, they'd receive fifteen hundred dollars a month. But
if something were to happen to them, you'll pop up
to your full benefit, which might have been twenty three
hundred bucks a month. Right, So there's pop up options
with you know, State, So for state employees, some other
companies don't offer that, you know, some might just offer

(01:03:31):
one hundred percent joint life survivor fifty percent joint life
survivor seventy five percent, so you wouldn't pop up to
any single life allowance. But but again, you can provide
a benefit for your spouse. So if you're the primary
bread winner, maybe the spouse stayed home, took care of
the kids for a while, didn't make it back to work,
and she or he didn't have to you know, you

(01:03:54):
want to make sure that there's a guaranteed income source
for them as well. The spouse isn't going to receive
one of the two pensions, right so, or social securities
excuse me, so social securities, Uh, they will step up
to the higher of the two. But there's another income
source or income stream lost if something were to happen
to you, So you want to account for that.

Speaker 4 (01:04:13):
Right.

Speaker 2 (01:04:13):
There's a lot of different factors that go into making
the pension selection and social security selection that you need
to account for, and one being spousal protection. So we're
gonna take our first break of the hour. When we
get back, we're gonna talk more into pension and social
security selection. But if you have any questions, this is
a call and show one eight hundred eighty two five

(01:04:35):
fifty nine forty nine. Again, that's twenty eight hundred eight
two five fifty nine forty nine. We're going to take
a quick break. We'll be back right after this.

Speaker 6 (01:04:45):
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 will you manage your ass that's during the most
critical years of your lifetime. Nobel Prize winning economist William
Sharp has called retirement income distribution the nastiest, hardest problem

(01:05:09):
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
a 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.

Speaker 3 (01:05:30):
How do you do that?

Speaker 6 (01:05:30):
To take action? Five one eight five eight zero one
nine 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. We
are living through the greatest wealth transfer in the history
of mankind. Trillions of dollars of wealth will change hands

(01:05:52):
from one generation to the next, your money to our
beloved children and grandchildren. Are you ready? Your future is
written by chance, it's written by action. Now's the time
to build your plan, protect your assets, and position yourself
for the opportunity. Don't wait, take action. The future favors
those that are prepared. Call eighty eight five eat zero
one nine one nine. That's eighty eight five eat zero

(01:06:15):
one nine one nine.

Speaker 7 (01:06:30):
It's amazing how you can't speak right too. Where that
safe over, you can lie up the dull.

Speaker 2 (01:06:50):
And we are back.

Speaker 7 (01:06:54):
Guys are.

Speaker 2 (01:06:56):
Good morning.

Speaker 5 (01:06:58):
You know.

Speaker 2 (01:06:58):
I got to tell you some you like Keith Whitley now.

Speaker 3 (01:07:01):
The second thing I wanted to tell you. Yeah, I
love my hearing aids. These are the best I've ever had.
And they have a music part to the app yea.
And when I listen to music now, it's like it's
a whole new world I can listen to like his
voices so smooth. Huh. You know, it's just it's it's fun.

Speaker 2 (01:07:24):
Yeah, he's on my mount rushmore of country singers. Keith.
He he passed away early. I think he had alcohol.
He got alcohol poisoning something like that. He was in
his thirties, so he's not around anymore. No, he passed
away a long time ago. I think it was in
the eighties.

Speaker 3 (01:07:43):
Maybe, man, I did not know that. Like I said,
I wasn't familiar with him. But boy, that that voice.

Speaker 2 (01:07:50):
Oh he would have done great things. Yeah, he's not
a lot of good songs out. But but anyways, on
a higher note, it is Mother's Day weekend, so make
sure you you wish your mother a happy Mother's Day
and buyer a nice bouquet or Bokay, what is it,
I'm losing my mind. Okay, bouquet of flowers, roses, tulipsulps,

(01:08:17):
tulip fest.

Speaker 3 (01:08:18):
I'm just don't take them before the tulips is over. Yeah,
you know you have to wait until over then you
can cut them.

Speaker 2 (01:08:25):
Kender doesn't like tulips or no, she does.

Speaker 3 (01:08:27):
Like tulips, kind of hard not I think I put
it on it.

Speaker 2 (01:08:31):
She doesn't like is it Lily's? I don't know.

Speaker 3 (01:08:34):
I don't know.

Speaker 2 (01:08:37):
That's great. I should know that I bought. I bought
some flowers a couple of weeks ago. You know, I'll
do that every now and then, and uh what I buy?
She said they smelled like cat pee, So I don't
know which flower that is. If you know that flower,
call us fifty ninety.

Speaker 3 (01:08:56):
I'm not going to be snipping around for it.

Speaker 2 (01:09:00):
But anyways, let's get back to the show. It goes
by quick, so I want to make sure we get
all our information out there that we wanted to get
out today.

Speaker 3 (01:09:09):
We have fun, yes, So we were.

Speaker 2 (01:09:12):
Talking about pension selection, social security selection. They're very important
decisions once you make that election. You can't go back.
Social Security can go back once, but but for pensions,
you want to make sure that you lock in that
election for the rest of your life and also your
spouse's wife. You know a lot of times people will

(01:09:36):
come in, you know, and they might just have have
chosen the single life allowance, right, I'm never going to
pass away. You know that's not gonna happen to me.
Well it does, you know, we see it. I don't
want to say often, but we see it sometimes where
they'll make that single life allowance and then they pass
away early. You know, maybe they only received it for
five six years and now their spouse is there. They

(01:09:57):
were relying on that income and maybe they have to
go back to work, do some part time work. They're
receiving their Social Security at that point, or maybe they're
they stepped up to your Social Security after you passed away,
and now they lost their spousal benefit they were receiving.
They lost your pension. You know, we're talking thousands of
dollars a month that potentially went down the drain. So

(01:10:20):
now they need to replenish that or they need to
find a way to cash flow that off. Your retirement accounts,
which might cause them to draw more than is acceptable
based off of today's interest rates. In today's world, what
that portfolio can provide as far as income, So they
don't want to diminish their retirement assets and they go
back to work. You know, do you want that situation

(01:10:41):
for your spouse? Plan around that. You know, go to bed,
put your head on the pillow and feel comfortable at night.
Don't leave your spouse in a position where it's going
to make them, you know, go nuts if something were
to happen to you. They're going to be dealing with
enough emotionally where they don't need that financial burden as well.

Speaker 3 (01:11:00):
I type of back in the day when I would
sit with clients, whether it was the state or whatever,
the cost between the different choices was very, very astronomical
compared to what they are today. So a lot of
times it was very popular for people to take the

(01:11:22):
maximum option and they would buy life insurance to fill
the gap. But the refreshing part today is it's not
as costly as it used to be, but the planning
is critical. Just like you said, with the Social Security
we love to show people if you took Social Security

(01:11:45):
at sixty two. You waited until sixty seven. What is
your break even point? We tell people there's three phases
of retirement as well, the go go years, slow Goo years,
no go years. So a lot of people out there,
if the numbers work, we'll take those security earlier enjoy

(01:12:08):
the money. Well they can. But again it's not a
one size fits all. Every scenario need to be looked
at and there's a strategy, and we do that with pensions,
we do that with social security. You know, don't assume
you know what you're going to get, what selection you're

(01:12:28):
going to make, talk it over, make sure it's a
very educated decision before you do it.

Speaker 2 (01:12:35):
Yeah, I think pension max you discussed earlier on in
that brant you just went on, pension max is a
very it was a very utilized tool, I think longer
more probably ten fifteen years ago, rates were different, right, so,

(01:12:55):
and also payouts on pensions the spreads were a little
bit different, but now I think they narrowed a lit
little bit. So you'd be able to take the difference
between your single life and joint life allowance and invest
that or not invest it, but place that into an
insurance contract and see what it would pay out. It
was a great way to provide a legacy as well,

(01:13:16):
because once you and your spouse passed away, that pension's gone.
Whereas if you have some sort of life insurance pay
out that can be passed through to the children or
whoever you deem the inheritance or whoever you deem the
beneficiaries on that life insurance. So it was a good
way to transfer wealth from an income stream. But again

(01:13:37):
with social security also right making selections on when to
start that up take into account if something were to
happen to me, you know, is this sufficient enough for
my husband or wife for the rest of their lives
as well, So you might delay one. So sometimes we'll
delay the hire of the two to guarantee a higher
income stream for both if something were to happen to

(01:13:59):
either one of them, because they will either the spouse
that has the higher social security will continue on their
own or the other spouse will jump up to theirs
if something happened to them, you know, the primary bread winner.
So again there's a lot of social security planning. I
think we are advocates for for taking a little bit

(01:14:20):
earlier for people that have adequates amount and retirement assets,
you know, and they're not reliant on that Social Security income.
But there's a bunch of different scenarios that might make
that might take place in your retirement, and we want
to make sure we account for all of them. You know,
Premature death is one of those big ones.

Speaker 6 (01:14:37):
Yep.

Speaker 3 (01:14:38):
Absolutely, And like social Security took away a lot of
these strategies. I don't know if we call off hand
how many years ago they they cut back on a
lot of choices people had, but social Security. But trust
me when I say there's still strategies and they may

(01:14:58):
sound simple, they might be a little more complicated. But again,
you come in, have a talk, let's go over it.
Because every scenario and situation is different. So we want
to make sure we maximize what you're doing for your
pension as well. It's social Security.

Speaker 2 (01:15:16):
All it takes is one bad doctor's visit, you know,
don't let this be you, some of these nightmares that
we've seen. So again, make sure that you have protection
for your spouse. You've done income planning and we do
a lot of work and Excel. So Excel is a
it's a software, you know, program that you can use

(01:15:37):
to to calculate different income sources. I've done cash flow
reports through Excel for people showing each one of their
income sources, whether that's pension, social security, retirement, income distribution
off retirement assets. But again, we can use Excel. We
use e money, you know, which Chris McCarthy has a

(01:15:58):
lot of experience with Now.

Speaker 3 (01:16:00):
I'm trying, baby, I'm trying.

Speaker 2 (01:16:02):
He's using it every day. The money was out Friday.
I was very weird. It was that was the first
time I've ever seen the website under maintenance.

Speaker 3 (01:16:13):
Because I thought I was doing something wrong and all
of a sudden boom.

Speaker 2 (01:16:16):
But I was able to still use Excel.

Speaker 3 (01:16:19):
And you know what, and I have to pay you
a compliment. I mean it sincerely. I've had the pleasure
of seeing you a number of times, and you work
your magic with the Excel. It's impressive because what you're
able to put through when I mean that sincerely, So
when you make a presentation to the client, they're really
seeing a very concise look at what you're hoping.

Speaker 2 (01:16:43):
You can't conflight math right, basic math, you know. So
Excel helps me show that to people a lot of times.
I'll I'll do you calculations and future productions in my head.
But to break that down on the whiteboard or excel,
I think it gives people a real sigh of relief.

(01:17:04):
So if you're someone that just wants to do the
math with me or Chris or Dave or the other Chris,
we'd be happy to sit down and go through that
retirement income planning. But again, protect your spouse one bad
doctor's visit away. Make sure you get in and see

(01:17:25):
us before that happens, because some options might be taken
away from you if you do have a bad doctor's visit.
So so again, do planning now while you're healthy and
able and get in front of that ball in case
anything should happen to you want to make sure that
your spouse is protected. This is a call in show

(01:17:46):
numbers one, eight hundred eighty nine. It's a talk show,
not a babble show. So if you want to call
in and ask any questions, we're here and we'd be
happy to answer those. So everyone, we're about to break here.
If you want to call our office, it's five eight
five eight zero one nine one nine. We'll be backward
after this.

Speaker 4 (01:18:05):
Florence.

Speaker 2 (01:18:18):
It ain't easy pudding up with a road dog with
a cup with a little jack. You talk about the
back seat, I don't know.

Speaker 4 (01:18:34):
Don't ask me how she's said.

Speaker 2 (01:18:37):
And we are back. It's eight thirty three here in
upstate New York. I think I should get some good
weather tomorrow finally, folks, So hold on, We're almost there.

Speaker 3 (01:18:51):
I'm hoping this afternoon.

Speaker 2 (01:18:53):
We've got a couple of big seminars coming up. Number
one May twentieth, it's a Tuesday right at the Crown
Plaza if you want to register WGY so wgyseminar dot com.
And then Chris McCarthy's working on a seminar in June July, yep.

Speaker 3 (01:19:12):
Late June, and we're hoping to do the Old Dog
and Pony with a gentleman that we work with in
the business. And our main focus is to show people
different ways to set up guaranteed lifetime income, create their

(01:19:33):
own pensions, if you will, and also for people that
know that the market is a place to be to
make money, but they're afraid of downside. So we also
have this gentleman who's going to educate us on different
ways that you can invest your money with downside protection.

(01:19:54):
So I think it's going to be a great seminar
very informative detail.

Speaker 2 (01:20:00):
Well, the follow so structured products, Yes, structured annuities, and
it's an option to have market participation while also providing
a downside protection. So there's ways to participate in the
market but also protect yourself in case something drastic should

(01:20:24):
happen or if there's any pullbacks. So again, I think
that's going to be a very informative seminar in June
as well.

Speaker 3 (01:20:31):
I think, yeah, I'm excited about both, and I think
the structured annuity that you're touching on, with the upside
potential with the downside protection, it's going to be critical
for a lot of people that are either in or
approaching the red zone of retirement.

Speaker 2 (01:20:52):
Yeah, I think it's a very good opportunity for for
suitable investors. This was a type of investment that a
lot of firms used while rates were very low as
a fixed income substitute. During low interest rate environment, bonds
weren't clipping off a good coupon, so it might have

(01:21:14):
been a good spot to park some cash which provided
downside protection but also some sort of of growth component.
So but again I think that's going to be a
very informative workshop. So we'll have more information on that
as the week's progress here. But again we've got one
coming up, what in two weeks, Yeah, on Tuesday, May twentieth,

(01:21:36):
So again that's WGI sminar dot com to register there.

Speaker 3 (01:21:40):
So actually a week from tuesday.

Speaker 2 (01:21:43):
Yes, a week and a half. Yeah, it's coming up quick.

Speaker 3 (01:21:46):
I'll tell you if time is flying. But I'm really
looking forward to that seminar. I thought they did a
great job last year.

Speaker 2 (01:21:53):
Yeah, it's always nice. I love watching Dave present and
then also Lou does a great job too, very normative
and gets you know, right into the nitty gritty of
what needs to be discussed, you know, basic legal documents.
Whether an irrevocable or revocable trust makes sense, special needs
trust for people that have children with disabilities or children

(01:22:15):
that have you know, maybe alcohol addiction or drug problems.
So there's ways to structure your assets so that it's
not all paid out to them in one big lump sum.
So personalizing, customizing the estate in different ways makes sense.
Just through beneficiary designations, it's going to leave them a
lump sum potentially. So if you're someone that wants to

(01:22:38):
design some sort of pension or monthly annuity or monthly
income for your children. There's ways to do that.

Speaker 3 (01:22:46):
So I love the way because I think it's so
informative and how intertwined. Lose estate planning in Dave's financial
planning just messed together beautifully.

Speaker 2 (01:22:59):
Pean butter and jelly.

Speaker 3 (01:23:00):
It really really is. And you know, for example, what
was dancing in my mind. People out there to have
great intention, But before you give money, or you give
real estate, or you get the stocks, talk to either
us at Retirement Planning Group or lou Pierre that Perre

(01:23:24):
Law froom. You know, once you do some of these things,
you can't reverse the ship. Yeah, but it might have
devastating tax implications that could have been easily avoided if
you took the time to make sure this is what's
best for me. Yeah.

Speaker 2 (01:23:44):
I think we have a lot of great partnerships with
not only attorneys, but accountants as well, so CPAs you know,
we we work hand to hand with either your attorney
on the estate planning side of it or your CPA
or accountant on the tax side of it. So you
want all your professional relationships intertwined, you know. I like

(01:24:05):
how you said that. So it's important not only to
know the investment side of it, but also the estate
side of it. And the beneficiary designations are huge, They're crucial, right.
We've seen people come in with their mothers as their
beneficiary on their insurance policies still from thirty years ago,
you know, forty years ago. Since then the mother has

(01:24:26):
passed away. Make sure you start adjusting those beneficiaries, so
it's your current spouse or your children, or whoever you
want to leave that that asset too, because legally, whoever
you have as the beneficiary, that asset has to go
to that beneficiary. And even if it's an ex spouse,

(01:24:46):
you know, ex husband, ex wife. We've seen situations where
millions of dollars have gone to the wrong individual that
the individual who passed away probably did not want those
assets to go to, but they did because of the
beneficiary designations.

Speaker 3 (01:25:02):
So, you know, I also was reminded of an appointment
we had yesterday. A lovely eighty one and eighty two
year old married couple came in and they've done extremely
well for themselves and they had to balance sheet, all
beautifully laid out, and I said, you know, one of

(01:25:24):
the things we really do here and we take great
pride is to consolidate and simplify people's lives. And you
tucked on it earlier today, and that is it makes
sense to have or your eggs with one custodian. We
still give you complete architecture to do whatever you want.

(01:25:46):
Fidelity is hues. We love them. But when something happened,
it's one phone call, they call us. We take it
from there and we helped the spouse, We help the family.
We do things within seventy two hours. We take a
very difficult time and we hope we make it easier. Yeah,

(01:26:10):
and I'd love There's so many moving parts to the machine,
but I love it because we take great pride in
all of them.

Speaker 2 (01:26:18):
We've still got estates being settled from a year ago
that went through probate. You know, I see situations where
people come in and I meet with them for the
first time and they're going through a seven eight month
long probate or going through surrogate's court. So again, it's
very difficult, not only emotionally but financially for a lot

(01:26:43):
of people that don't have proper beneficiary designations or legal
documents in order for if something did happen to them.
So you know, that's The first thing that we ask
a lot of the time is do you have your will,
healthcare proxy, power of attorney, who's your benefic sharon this acount?
Who's your beneficiar in that account? What's the purpose of
these retirement accounts?

Speaker 4 (01:27:04):
Right?

Speaker 2 (01:27:04):
And then we start mapping out game plans that try
to provide the most efficiency to your portfolio while taking
into mind the estate and the spouse.

Speaker 3 (01:27:14):
Right.

Speaker 2 (01:27:15):
So getting back to the spouse, you said consolidation simplification. Again,
that makes their day so much easier if something were
to happen to you. You know, cardboard box mentality isn't
a good mentality to have. You know, I'm just gonna
throw all my statements here and they can go through
it if something happens to me. No, a lot of

(01:27:35):
times one of the spouses might not have a clue
what's going on financially, which is completely fine, you know,
that's not their their ordeal. Maybe they do, you know,
other things within the household. So if you're one of
those couples that you know you're the primary financial person
in the relationship, make sure you have a partnership with

(01:27:57):
either an advisor or just someone that your spouse could
turn to if something did happen to you, and we
are that individual for you know, a heck of a
lot of people out there, and we enjoy uh doing that,
you know, we enjoy being there. At the end of
the day, in case something does happen to you, we
step in, you know, let the spouse know where everything is,

(01:28:18):
start designing different income streams because, like I said earlier,
one of the social securities will go away, right and
if you had a pension, maybe seventy five or fifty
percent survivor or pop up, so maybe you passed away.
So now they're receiving fifty percent of that pension and
only one of the two social securities, you know, so
their income could be cut in half or cut even

(01:28:40):
less than that, you know, so you want to make
sure that they understand where that next paycheck is going
to come from. We can help them design that income
plan and make and let them understand. You know, a
lot of people don't know what a roth IRA is
versus a traditional IRA versus a tod or individual non
qualified account or some sort of brokerage accounts. So allowing

(01:29:02):
us to be that partner will allow your spouse to
have someone to contact if something were to happen to
you and start deciding where it makes the most sense
to pull money from. You know, maybe if you passed away,
there's probably circumstances out there where the spouse just liquidated
IRA accounts and took the money through it in the bank,
and you know, got worried and said, I need all

(01:29:24):
my money here so that you know, I have it
for the rest of my life and it's safe. And
you know, they could trigger huge tax liabilities for themselves.

Speaker 3 (01:29:32):
You know, you touched on something that I think is
critical in all different parts of life. It's very difficult
to do this, but you have to separate emotion from
business decisions. And the thing is that's what we try
to do. Our job is to meet people, see where

(01:29:53):
they are, where they want to go, and we show
them what their options are. And we want to of
my surprises later if everybody knows everybody's on the same page,
they're gonna sit back, they're gonna have a sigh of relief,
and they're gonna be much happier. We encourage all the

(01:30:14):
time parents can bring in children, not children in the
respect that the teenagers I'm talking about of any age.
We want the family to understand what we do, why
we're doing it, and then if something catastrophic does happen,
they know who to call.

Speaker 2 (01:30:32):
We've got a big conference room, so we're happy to
sit down with a full family. Done it numerous times,
always enjoy meeting the children. It also is a great
way for us to talk to them about future savings
for themselves. Right, so we discuss wroth iras, what are those,
why are they important for younger individuals. We talk about
health savings accounts, We talk about different strategies to help

(01:30:56):
them start investing or start saving for retirement, even if
it's thirty thirty five years out right. Now is the
biggest or the most important time for them to start,
you know, that investment plan because we can show them
the time value of investments and how it compounds on
top of itself over time. So not only can we

(01:31:19):
all get on the same page as far as the
parents estate, but we can really start helping your children
design retirement plans thirty forty years in the future. You know,
really show them what five percent a year of your
paycheck going into a retirement account is going to look like.
You know, you receive increases in salaries over the years,

(01:31:39):
so that five percents increasing over the years, or you
do a one percent automatic step up every year, So
first year you're doing five percent, next year six percent contributions,
the following year seven percent, and by the end of
it you're at ten percent. You know, contributions. You're getting
a good chunk of money going away towards retirement. So
allow us to sit down with not only you, but
also your family, start forming that relationship and really start

(01:32:02):
creating some generational wealth here. If that's what you want
to do, so give us a call. It's eight eight
eight five eight zero one nine one nine. Again, that's
eight eight eight five eight zero nine one nine. If
you want to sit down and have a conversation with
one of us, we'd be more than happy to do.

Speaker 5 (01:32:20):
So.

Speaker 2 (01:32:21):
We're going to take our last break of the show
and we will be back right after this.

Speaker 6 (01:32:28):
The population has Are you ready for retirement? We're just
hoping you have to take our future di chant 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 called retirement income distribution
the nastiest, hardest problem in finance. He points out that

(01:32:52):
investment uncertainty and mortality can derail the most careful laid
out retirement income plan. Call our offices today to start
the primus 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.

Speaker 3 (01:33:12):
How do you do that?

Speaker 6 (01:33:12):
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.
Are you ready for retirement or just hoping it works out?

(01:33:34):
Don't leave your future to chance. At the Retirement Planning Group,
we hope you create a personalized retirement plan so you
can relax knowing you are prepared. Take action today called
eight eight eight five eight zero one nine one nine.
That's eight eight eight five eight zero one nine one nine.
Or visit us at our website rpgretire dot com to
schedule your complementary consultation. Your future will say thank you.

Speaker 3 (01:34:12):
It's no secret that lately there ain't no escape.

Speaker 2 (01:34:15):
And let I and wake it up alone, just me
and the teavdil.

Speaker 5 (01:34:24):
No.

Speaker 3 (01:34:25):
I want to wish my kid's mom a very happy
birthday today and a wonderful Mother's Day tomorrow.

Speaker 2 (01:34:34):
Wow, So it's her birthday today.

Speaker 3 (01:34:36):
Her birthday, Yes it is. Wow. She is twenty nine.

Speaker 2 (01:34:39):
Again, so she better get all the gifts this weekend.

Speaker 3 (01:34:43):
Yep, it's a doubleheader every year. But her and I
are very very good plan.

Speaker 2 (01:34:50):
Are you gonna wish my mom a happy Mother's Day?

Speaker 3 (01:34:53):
Happy Mother's Day, Missus Dumas, Missus d Sherry.

Speaker 2 (01:34:59):
I think she's up at the Today they go up
to Lake George. They've got a boat up there in
the narrows, so very nice, beautiful, like I can't believe
they go up when it's raining too. I feel like
it'd be a little boring, you know, I tell you.

Speaker 3 (01:35:13):
You know some people that is the oasis, regardless of the.

Speaker 2 (01:35:18):
Yeah, they love it up there, So they go up
every weekend. I think they take off on Fridays. They
bring their little dog Rock over them. Yeah, so so
I think they're up there right now, and she'll be
coming back tomorrow. I think they're going out to some
Mother's Day brunch and then uh, we'll see him after that.
But they've got a happy Mother's Day to everyone out there.
Happy Mother's Day to my mom as well. Yeah, I

(01:35:38):
love you, mom, and uh now it's just a great
weekend to celebrate, you know, all those mothers out there.

Speaker 3 (01:35:45):
Yeah, and especially those in heaven as well.

Speaker 2 (01:35:49):
Exactly.

Speaker 3 (01:35:51):
But how about you, So what do you got going
under than a little Mother's Day? Action them?

Speaker 2 (01:35:56):
I gotta go to Ford the dealership. My truck's been
having some issues. It might be I think she's seen
her last days, so it might be showtime. I don't
want to. I want to see how much it's gonna
cost to fix this thing. I think the radiator shot,
but again, I'm not a mechanic. It's making noises and

(01:36:18):
the temp it's the engine's overheating a little bit. So
I want to bring it to the dealership, have them
look at it, see what's gonna cost, and then I'll
I'll see what we're gonna do there.

Speaker 5 (01:36:28):
Eh.

Speaker 3 (01:36:29):
It's just my way to approach it.

Speaker 2 (01:36:31):
Just like retirement planning, you need all the information before
you make it, so.

Speaker 3 (01:36:35):
That on what to do. So you played into that nicely.

Speaker 2 (01:36:39):
Yeah, So I'm gonna go over to the dealership today
and sit there for I don't know, maybe a couple hours.

Speaker 3 (01:36:44):
We'll see, you know, compending on what you went. Where
are you gonna go? You know, I don't know if
you got to Burn Hills? I know a guy. I'll
tell you that the radio shot.

Speaker 2 (01:36:56):
I don't want all my stalkers out there seeing where
I'm not telling them where I'm going. I'll be at
cool up Fest if you want to try to track
me down there, but I don't know. We'll talk about it. Yeah,
We'll only got like nine minutes left, and I want
to hit on one more topic. So protecting the spouse.
We've been talking about making sure that your spouse has

(01:37:18):
adequate amounts of resources to draw from post death. You know,
something happens prematurely and you die, you want to make
sure that your husband or wife is also protected. So diversification,
I think is another important aspect that you need to discuss.
We've seen situations where a husband or a wife might

(01:37:41):
have you know, hundreds of thousands of dollars in individual
stock positions. We see a lot. So they come in
and maybe they had an employee stock option plan or
some sort of purchase plan where they were receiving company
stock over the course of their work with that comp
and they might have thousands and thousands of dollars in

(01:38:03):
this one individual stock. We try to explain the the
speculative nature of that and divesting out of that one
individual stock because if that company goes out of business
or that stock goes to zero, what is your spouse

(01:38:24):
going to have If you have five hundred thousand dollars
and you know one stock and it goes to one
hundred thousand, that income for the surviving spouse is going
to change, or the amount that they have to pull
from in retirement is going to change. So divest out
of that stock position over a duration of time, no

(01:38:45):
even if it takes a few years. Start that time
frame now, so you could spread it out over different
tax years. You know, especially if it's in a non
qualified account, you want to be careful so you're not
selling out all in one year because you could really
affect your tax burden for that year. So we'll do
a game plan where maybe we do a five year

(01:39:06):
divesting schedule depending how much it is and what your
tax brackets are, and how much wiggle room you have
before that next tax bracket. And you know, if it's
trading at a long term capital gain, you know whether
that's fifteen percent or twenty percent depending on your income,
you know, versus a short term capital gain. If you
became vested in that plan recently and receive the shares

(01:39:29):
and then sell them within a year, you might be
taxed at your income bracket. So you want to be
aware of the tax consequences of divesting out of that
stock and what years it makes sense to do that.
We sit down and do this, you know, consistently. So
I think it's very important to have a game plan
to protect your spouse if you are invested in one

(01:39:50):
individual stock and have overconcentration in one area in the market.

Speaker 3 (01:39:56):
I couldn't agree with you more. I mean, I don't
think you're ever too young to go over any of
this stuff. You know, the less surprises people have, the
more comfortable and peace of mind they're going to have
going forward. And I couldn't agree with you more about
the aesops and whatever. Talk about having all your eggdrum

(01:40:19):
one basket. And it's not saying that the company isn't great,
it's not saying that the stock isn't going to continue
to do well, but it's preparing for good and bad
in the future and how can we best handle it.
So also we talk about this regularly, as far as

(01:40:41):
before you do anything, before you make any major financial decision, talk,
let's have a dialogue. Let's sit down, put all the
cards down the table, and make sure that everything we
proceed with is done with a very careful, thorough thinking
and a game plan.

Speaker 2 (01:41:02):
Like you said, do your due diligence, understand what your
own moral of the story. If you don't, you know,
you could be at risk. So make sure you understand
your investments. You understand what the purpose of your retirement
accounts are. We have a lot of people who receive pension,
social Security and then they've got an either deferred comp

(01:41:25):
or some sort of pre tax account that's just accumulating
on a pre tax basis and creating a real tax
liability on the estate. So get in front of that.
You know, if you're not going to utilize that deferred
comp or the IRA or four to oh one K
that you've created or if you only need you know,
one hundred or one hundred and fifty thousand of that account,

(01:41:45):
you know, start trimming some of that fat and spreading
it out over your years, over your sixties, over your seventies,
and creating a legacy or an inheritance. So trim off
ten fifteen thousand bucks a year and dump it into
a second to die life insurance policy or a guaranteed
universal life. We've been doing a lot of illustrations on

(01:42:05):
that and showing people the power of trimming some of
those pre tax assets off and creating a tax free,
a state tax free inheritance, you know, and really designing
a game plan that is going to pay out more
to your beneficiaries or guarantee a higher amount because who

(01:42:27):
knows what the market's going to do over the next
ten years. I mean, I don't know.

Speaker 3 (01:42:32):
And path performance is no indication of future.

Speaker 2 (01:42:36):
Yeah, past performance is not an indicator of future returns,
you know. So make sure you have a game plan,
make sure you have proper beneficiary designations, transfer on deaths.
You know, your basic legal documents. Trust whether it's revocable, irrevocable,
whatever makes more sense for you. I get all those
state planning documents in order for not only your spouse,

(01:42:57):
but also your children, protect your whole family at the
end of the day, and.

Speaker 3 (01:43:02):
I think it's again it cannot be emphasized enough. If
you are in the red zone for retirement leading up
to one or both spouses to get a pension, think
about if something catastrophic happened to one of you, are

(01:43:22):
you able to prepare for that, replace that pension that
before you get to the finish line you never collect it.
I think it's critical.

Speaker 2 (01:43:34):
Yeah, and we'll go in it. We'll go into more
detail at our seminar on you want to sit down.
It's getting too that last minute time frame here, so
make sure you put your name on the list. It's
Wgyseminar dot com and it's Wgyseminar dot com if you'd
like to register.

Speaker 3 (01:43:53):
It's gonna be a great, great seminar.

Speaker 2 (01:43:56):
It's gonna be a great seminar. Both Dave Kopek and
Lou Pierro to get up and discuss, you know, estate planning,
investment planning, and what you should be looking at as
you get closer to retirement. But if you want to
call our office numbers five, one, eight, five eight zero
one nine one nine. That's eight eight eight five eight
zero one nine one nine, or visit visit us on

(01:44:17):
the web at w or RPG retire dot com. Everyone,
thanks for listening, have a great day.

Speaker 1 (01:44:27):
Thank you for listening to the Retirement Planning Show posted
by Dave Kopek. If you would like to talk with
Dave or someone at the Retirement Planning Group called five
one eight five eight 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,

(01:44:50):
Glens Falls, Syracuse, and Aniana. Tune in again next week
for retirement planning strategies with Dave Kopek right here on WGY.

Speaker 2 (01:45:05):
The information or services discussed on this shows for informational
purposes only and is not intended to be personal financial advice.
The investments in services offered BYAS may not be suitable
for all investors. If you have any doubts as to
the merits of an investment, you should seek advice from
an independent financial advisor.