Retirement Planning Show

July 26th, 2025. 

Episode Transcript

Speaker 1 (00:00):
The opinions, viewpoints, and promises made during the following program
are not those of w g y it's staff, management
or parent company. iHeartMedia and good morning.

Speaker 2 (00:25):
Good morning, Happy Saturday. It is seven o five here
in Albany, New York.

Speaker 3 (00:31):
You know I come here as often as I can
get to hit the music selection.

Speaker 2 (00:36):
I know you do.

Speaker 3 (00:37):
It's like a mystery.

Speaker 2 (00:38):
Hey, you love it.

Speaker 3 (00:39):
I do.

Speaker 2 (00:39):
You're very good at the game too, where we try
to figure out who's playing the music.

Speaker 3 (00:44):
I do what I can. Who was that?

Speaker 2 (00:47):
No idea got me either, but it got me awake
a little bit, so that's good. I've got my coffee.
Macarthy's got his Stew's coffee over there. What do you do?
French vanilla?

Speaker 3 (01:00):
I did a little caramel mcatcheeer. I don't know what
it is. It's got caramel loven. I'm happy.

Speaker 2 (01:07):
So he's just black coffee with a couple of scorts
of caramel.

Speaker 3 (01:13):
I'll take whatever I can get.

Speaker 2 (01:14):
Nice, but but as bright and early. Thanks for waking
up with us. If you have tuned in, uh, this
is the retirement Planning show. Dave is probably gonna be
here for the eight o'clock hour, so again, it's just
me and McCarthy now, but if you have any questions
today it is a call in show. The number is
eight hundred and eight two five fifty nine forty nine.

(01:35):
We are taking callers today is a live show and
we're in studios. So again if you just want to
call our office as well, numbers eight eight eight five
eight zero one nine one night again that's five eight
zero one nine one nine. Where you can check us
out in the web rpgretire dot com. My name is
Nicholas Dumas. I'm a certified financial planner with the Retirement

(01:58):
Planning Group, been there for about eight years now. McCarthy's
been in the business for about forty yeah, and then
Dave's got about sixty no, forty two years in the business.
I believe endless time. So uh so, yeah, between the
three of us, we almost have a decade. They we're close. Yeah,

(02:18):
that's a that's a decade century. Excuse me, let me.

Speaker 3 (02:23):
I wish it was a decade. I want to feel
a little younger.

Speaker 2 (02:26):
Than that decade. Ten decades ten. I got a good
coffee a little.

Speaker 3 (02:30):
Bit, but and we have a lot of fun, a
lot of experience, a lot of fun.

Speaker 2 (02:33):
We do, and we had a good week in the markets.

Speaker 3 (02:37):
UH.

Speaker 2 (02:37):
The S and P was up about one point three
percent in the five day UH, Nasdaq was up about
one percent, and then the Dow was up about one
point two percent.

Speaker 4 (02:46):
UH.

Speaker 2 (02:47):
The aggregate bond indecks, so your bonds are about flat
on the week, but you should be collecting coupon still,
So that's great. Year to date, the S and P's
up about nine, Nasdaq's up about nine and a half,
the Dow is out of about six percent, and then
the aggregate bond index about one and a half one
point six percent. So if we look at the one years,

(03:07):
those are interesting as well. The SMP one year point
to point from last July to now is up about
seventeen percent, so we're still in a good role here.
Last year for twenty twenty four, SMP is about twenty
five percent for the year. So again, where we're seeing,
you know, consistent all time highs. You know, every time

(03:27):
you go online and you look up the markets, it's
going to say we're an all time high because we
keep growing, you know, consistently here. So there's a lot
going on. The Federal Reserve meets this week, so we'll
see what happens. I know there's a couple individuals in
the committee that might disagree with a you know, flat
rate here, but it sounds like they're going to keep

(03:49):
it consistent at a target FED funds right about four
and a quarter to four and a half. But again,
I think at some point here over the next several months,
you will see you know, some more press Sure, we're
already seeing pressure for rates to come down a little bit.
Inflation's cooled, uh for the most part, and uh, you know,
it's going to force the Fed's hand to make a
decision here. So this is what we've been waiting for, right,

(04:11):
This is why we have bonds. This is why we
have you know, coupon cash flow and you know, higher
interest bearing bonds because eventually here you're not gonna be
able to get rewarded as much.

Speaker 3 (04:22):
I think we're in a great spot and I couldn't
agree with you more. You know, back in twenty two,
when they raise the rates, you always say eleven times, right.

Speaker 2 (04:31):
Yeah, Baker's doesn't crazy, isn't it baker that the Baker's
doesn't that what they call it?

Speaker 3 (04:36):
Bakers? Well thirteen thirteen.

Speaker 2 (04:39):
Yeah, that was eleven. Is it okay? So maybe it's thirteen.

Speaker 3 (04:41):
Oh no, you got me confused.

Speaker 2 (04:43):
Not twelve.

Speaker 3 (04:44):
Oh boy, it's too early on a Saturday morning. At
least it's sunny.

Speaker 2 (04:47):
We'll get it rolling.

Speaker 3 (04:48):
But I think it's time. You know, what the hell
do I know? But I think it's time they need
to let's get this ice broken, let's get some rates
to give some optimism in the market that things are
better and we're going to be moving in that direction.

Speaker 2 (05:08):
It's supposed to be data driven, right, so that's what
the FED bases their decisions off of or all those external,
you know, data points. So you're starting to see house
prices some price drops. I don't know if you you know,
I get Zillow Redfin notifications all the time, and you're

(05:29):
starting to see a lot of price drops. I don't
know if that's a midsummer kind of cool down or
a lot of houses are purchased in the spring. But uh,
I don't know. You had drew on last week? Was
he talking at all about rates or.

Speaker 3 (05:41):
Well, I'll tell you one thing. He was talking about rates.
One of the tutors gentlemen that called in. It was
a very informative I learned. I felt like I was
at school. I loved it. But yeah, they were talking
all about what you just mentioned. You know, the rates
are going to come down, but they're still waiting for

(06:03):
other data to come out to support them dropping them.
You know. I think it's so when we meet with
clients all the time, one of the first things we
ask them is what are you paying on your mortgage?
Because we don't want people to pay off their mortgage.
We understand they want to get rid of the payment.

(06:24):
We get that, but why are you going to get
rid of I met somebody yesterday two and a half percent,
and they're saying, I want I'm paying more money to
pay it off quickly. I said that money might be
better spent putting it into your deferred compy, your four
to three.

Speaker 2 (06:42):
B or an IRA or a money market there you go,
money market's at four percent, you know, opportunity costs. You
take that money, throw it at your mortgage, which was
only bearing a two and a half percent interest rate.
You know you're losing out on that extra one and
a half percent that you have by just keeping it
in a money market fund.

Speaker 3 (07:02):
Absolutely, and then you still have the deduction for the
mortgage interest rate.

Speaker 2 (07:08):
Yep, so you a tax benefit also.

Speaker 3 (07:10):
That's right, So you're not really paying two and a half.
You might be paying two maybe one in three quartered exactly.

Speaker 2 (07:16):
So, so does it make sense to pay my mortgage off?
It depends on your interest rate and the current market rate.
So a lot of people do have those lower rates.
They might have bought their houses, you know, six, seven,
even five years ago, and they're locked in that two
and a half three percent three and a half percent,
and you've got the bank by the neck. I tell
people that all the time. You know, they want you

(07:37):
to pay that mortgage off at that point because they're
issuing new ones at seven that's right. So so again,
just just make sure you're aware of what you're doing.
A lot of people just do that extra two hundred
and three hundred dollars payment each month and are attacking
that principle, which is fine, you know, if you can
afford it, but you know, don't don't start extinguishing all

(07:59):
your or your savings accounts to try to pay that
mortgage off. So we see it all the time that
they had they think they need to pay their mortgage
off before retirement. I see a lot of folks go
into retirement still carrying a mortgage, and you know, cash
flow can support it depending on the amount of income
sources that you have when you do leave the workforce.
So we talk about all the time, you know, three

(08:21):
to five years out from retirement, that's the red zone,
as Dave likes to call it. You know, we're even
more advocates of extending that. You know, start looking at
this five to seven years out. Once you get to
two years one year, you know, you want all your
ducks in a row, So you need to start reallocating
your assets more towards income, more towards cash flow. You know,

(08:43):
in some ways to do that, you know, I wanted
to talk about on today's show, such as, you know,
different types of investments that will generate coupon, that will
generate interests that can start depositing to the core within
your you know, four to one k i R so
that once you do retire, we're not going to start

(09:03):
pro rating the account or not pro going through the
account and selling out of the different positions proportionately to
get you income on a monthly basis. You know, we're
trying to create that that cash bucket. So that you
could just start withdrawing from that, so it doesn't matter
where the market is when you do decide to put
in that notice. So we are going to take our

(09:25):
first break here, So if you want to call on,
this is a talk show one eight eight two five nine.
We'll be back right after this.

Speaker 5 (09:45):
Are you ready for retirement? I'm just hoping it works out.
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. Call
eight eight eight by the eight zero one nine. That's
eight eight eight five eight zero one nine one nine,
or visit us at our website rpgretire dot com. Schedule

(10:08):
your complementary consultation. Your future will say thank you. You've
spent a lifetime saving for retirement. Now it's time to
make that money work for you. Here's the secret most
people miss. You have to create your own retirement income plant.
Social Security is not enough, pensions are rare. You need
a strategy that turns savings into monthly income that will

(10:28):
last a lifetime. At the Retirement Planning Group, we build
customized income distribution plans so you can retire with confidence,
retire smart, live well. Call eight eight eight five eight
zero nine one nine for your complementary consultation.

Speaker 4 (11:07):
We are back.

Speaker 3 (11:09):
I am completely stumped at the music today, but I
like it. I don't get it, but I like it.
I don't know it, but I like it.

Speaker 2 (11:19):
Let's get a little Ozzie going. Oh boy, I know
it's next one. You have it all cued up.

Speaker 3 (11:25):
We gotta have a little Memoriam had a Blizard.

Speaker 2 (11:29):
Of Oz terrible week, lost Ozzie. Yeah, Hulk Hogan lost
Hulk Jamal from to.

Speaker 3 (11:37):
Be part of the Cosby Show.

Speaker 2 (11:39):
Cosby Show.

Speaker 3 (11:41):
It's again. Enjoy your life, plan for life, but enjoy
your life.

Speaker 2 (11:47):
Hulk Holkster was what seventy one I believe, yep, I
believe so ye brother, Now what he used to do,
Hulk Hogan.

Speaker 3 (11:57):
I will never forget watching WrestleMania years ago when he
picked up Andrea Giant. Oh my god, he picked it
was you know, it was all let into you know,
I think Andrea was coming off the ropes. So he
had a little momentum. But momentum or not for somebody

(12:19):
to pick him up has got to be one strong dude.

Speaker 2 (12:24):
Was he three punds.

Speaker 3 (12:26):
I think he was more four or five hundred. Oh
my god, he was a big.

Speaker 2 (12:31):
How tall was eight foot seven and a half feet that's.

Speaker 3 (12:34):
A good question. I would say he was getting up
near seven. Yeah, he had to be seven feet. He
was a big, big man and hoax that just it
was just crazy. Pick he just it was. The place
was govern nuts. I think it was one of the
largest WrestleManias at the time, if not the first one.

Speaker 2 (12:56):
Did he throw him? Did he throw?

Speaker 3 (12:58):
No?

Speaker 2 (12:59):
I just pick him up.

Speaker 3 (13:00):
But he just looked like he looked like he wasn't
gonna last long, but he did it.

Speaker 2 (13:06):
Leg started shaking.

Speaker 3 (13:08):
I remember when Hulk Hogan I first saw him in
a Rocky movie. He was I think Rocky three or two.
It was crazy. I'm looking at this guy compared to
Sylvester Stallone. He was huge. He was a monster. Yeah.
The next thing, you know, for the next forty years,

(13:29):
he was just a headliner.

Speaker 2 (13:32):
You sure he was in Rocky.

Speaker 3 (13:34):
He was.

Speaker 2 (13:34):
I don't remember him being in Rocky.

Speaker 3 (13:36):
He was throwing Sylvester Stallone around in the ring. It
was a big exhibition.

Speaker 5 (13:40):
Oh.

Speaker 2 (13:41):
It was one of the when he was starting to
get he was making his way.

Speaker 3 (13:44):
To right, and they gave him a spot right, and
they gave him a spot in the movie. And it
was all like a pr thing whatever. I still remember.
It was funny as hell. He used to call up
he called stallone, meet Meatball, Come over here, Meatball, and
he threw them in the ring.

Speaker 2 (14:05):
It was bizarre sly looked incredible in those movies too.
By Rocky four when he was facing the Russian. Oh,
that's the best one, Rocky. I think that's the one
he goes out to Russia. That's when he's doing his
training in the mountains.

Speaker 3 (14:21):
Yep, you get me all fired. I got the I
got the goosebump.

Speaker 2 (14:27):
But hey, it goes to show. You know, these celebrities
are passing away in their seventies. You know, granted they
probably had some health issues going on with their life choices,
but but again, you need to, uh, you need to
start planning, you know, in case you do pass away prematurely.
I've seen a lot of clients, you know, unfortunately pass

(14:49):
away well before when they thought they were you know,
and if you're someone that have has chosen your pension elections,
you've started receiving your solcial security, you have retirement income
coming in, you know, start making sure cash flow might
be fine. Your income while you and your spouse are

(15:09):
both living. What would happen if one of you passed away, right,
You want to take a look at that income for
the surviving spouse, and we go over that all the time,
especially when you're selecting your pension options. Just went through
it with a couple yesterday. She will be retiring from
the state in January, and we're already looking at her

(15:32):
pension estimates and the different options that are available to her.
You know, they have these options called pop ups, right,
So you can take an option on your pension to
where you know you'll receive a consistent amount of income
for the rest of your life while your spouse is alive,
and if something happens to your spouse, then you pop
up to your single life allowance. Something happens to you,

(15:56):
you can choose a survivorship option for your spouse as well.
So if you're receiving a consistent you know, let's say
five thousand dollars a month, maybe that pop up option
would be seventy five percent, which would be what thirty
five somewhere on there A little more than that, but
the spouse would receive seventy five percent of that five

(16:17):
thousand dollars a month for the rest of their life. Also,
you know, if you want to map that out, if
you have children, if you want to leave a legacy,
if the estate is important to you, you know, start
thinking about that as well. The pension goes away when
the two spouses go away. Generally, some pensions do allow
non spouse beneficiaries on those pensions. I think some corrections officers,

(16:40):
we've had that experience before. But again for most pensions
out there, they're gone when you're gone. So if you
want to leave some sort of legacy, cash flow is
great for you. Maybe you contributed to a four oh
one K or a deferred complain and you have a
couple hundred thousand in there, maybe two two hundred and
fifty thousand, because you're more reliant on your pension solid

(17:01):
security and you're going to be fine. That's just an
extra bucket of money. That's something you might want to
look at and try to carve some dollars out of
that to create a legacy for the kids that's tax free.
And then also, you know, within some sort of irrevocable
trust potentially for not only protection but also income distribution.

Speaker 3 (17:21):
I think another big point that popped up again We've
talked about it many times, is people waiting until they
get to the finish line to get to that pension.
I think it's critical that we look at how much
covered do you have because if something happens before you

(17:41):
get to that pension date, are you insured enough? Because
if you don't make it, you're only going to get
the insurance that you have at that time, and it
may not provide enough lifetime benefit for the surviving spouse.
So we talk about it all the time. We have
more and more clients a year, two years, five years

(18:04):
out to retirement, they take out a term life insurance
policy and they're going to make sure that they provide
adequate coverage to supplement the surviving spouse that they prematurely die,
and then once they finish line, they don't have to
keep the policy anymore.

Speaker 2 (18:26):
It's like you're jumping around on my head right now.
Just yesterday I went through that with the woman that's
retiring January of next year from the state. You know,
I told her her pension is actually her biggest liability,
right now, if something were to happen to you know
her over the next few months here, then that pension
would not get paid out. You know, the spouse would

(18:47):
receive a death benefit based on multiple of salary, which
would not be sufficient enough to cover that pension amount
that they were going to be receiving for the rest
of their life. So again, some sort of term covered.
Like you said, I believe she had additional coverage through
through the state. So something did happen to her, there
is a sufficient amount of there's a sufficient amount of

(19:09):
funds there to uh to to provide income for the
surviving spouse. But they were questioning whether or not they
needed insurance at that point, I said, you know, definitely
for you. But then as far as the other spouse,
I think he retired earlier this year, and we're not
going to continue coverage through the company. No children, legacy

(19:32):
is not a concern, and they've got adequate amounts of
resources to pull from for retirement, and we're kind of
working a little bit more towards the estate plan and
we're going to start looking at some long term care
options for them. Right So, so again I had a
lot of great appointments this week we get a lot
of great clients from this radio station, so you know,
we have no minimums. Also, I want to make sure

(19:54):
that that's you know, very transparent. We work with everybody.
I think our you know, smallest client, it might have
a few hundred bucks in a roth Ira, maybe nineteen
years old, just starting to save our our oldest or
our largest client might have you know, ten million bucks,
who knows. But uh, but again, we work with folks
of all different shapes and sizes. So if you want

(20:15):
to sit down, have a chat, meet with one of
our advisors at the office, our number is eight hundred
or eight eight eight I don't like doing that, or
five one eight. I think the toll free is eight
eight eight five eight zero one nine one nine, and
that's five one eight or eight eight eight five eight
zero nine one nine. There's a call in show as

(20:39):
well if you want to call in, ask a question,
or you know, just chat a little bit. Numbers eight
hundred eight two five fifty nine forty nine, and that's
one eight hundred eight two five fifty nine forty nine. Again,
we had a good week in the markets. The Federal
Reserve meets next week, so something to keep an eye
out on. I was reading a Baron's article. Apparently a

(21:01):
couple individuals within the Federal Reserve might be against staying flat.
So you know, who knows how that conversation after the
announcement is going to go this time. But we will
see the VIX. The volatility index is down to fourteen
point nine I believe, Yeah, fourteen point nine to three

(21:23):
the VIX is at right now, So you're starting to
see a little settling in the volatility index.

Speaker 3 (21:29):
You know.

Speaker 2 (21:29):
That means the so again that means the market's forecasting
not a lot of volatility at fourteen point nine three,
I think the average is around seventeen eighteen, where the
VIX tends to lie. So there's ways to invest in
the VIX as well. You know, I've done that a
few times for clients this past year and it's done well.

(21:49):
When April we saw some headwinds, you know, so you
want to have hedge. You know, we still maintain some
equity and stock exposure, some bond exposure, but a little
VIC play, you know, maybe some covered call writing strategies.
They need to diversify the portfolio and create interest, create dividend,
and create yield, especially if you're somebody that's you know,

(22:11):
coming up on that special retirement date. So again, if
you want to call it as a call in show
one eight hundred eight two five fifty nine forty nine
and it's one eight hundred eight two five fifty nine
forty nine, or you can call us at the office
that is five one eight five eight zero one nine.

Speaker 3 (22:31):
I can't emphasize to the people out there. We always
talk about the red zone. You know, see if within
the five years before you are going to retire, there
is no time early enough to learn about what your
game plan is going to be. I don't we We've
just recently had a client the past week. They've got

(22:55):
another seven to ten years to retirement. I love working
with them because that in tune. They want to make
sure the head of ahead of the curve, they want
to make sure to maximize it.

Speaker 2 (23:08):
Yeah, and a lot of folks, you know, retire as
early as fifty five, even earlier than that. If you're
a New York State employee, you have access to that
deferred comp well before that. If we're going to have
a strong pension and social security down the line, we'd
love to start mapping that out for you. So everyone,
this is a retirement planning show. We are going to
take our half hour break here and when we come back,

(23:28):
we will have Dave Kopek in the studio.

Speaker 4 (23:32):
It's show time, Ardine.

Speaker 2 (23:56):
And we are mac. Good morning, Good morning, It's a
retirement planning show for those of you just tuning in.
My name is Nicholas Dumas, certified financial planner with the
Retirement Planning Group. Alongside me is Christopher McCarthy and David Kopek.
We have been talking about the markets a little bit
in the first half as well as you know, retirement

(24:19):
years coming, cash flow needs. So so I want to
go over a little bit as far as the different
investment options to create cash flow, to create interest within
your account, you know, starting with your basic money market fund.

Speaker 5 (24:33):
You let me just say one thing before you going here,
and good morning everybody. You were talking about the deaths
over the last week, and of course I want to
say a special prayer for that little girl up in
Lake George. I was down in the Medical Republic. Of

(24:54):
course I watched the news up here. That's just a
horrible story, horrible story. So God rest her soul on me.
She rest in peace, you know, but the question I
got for you, I guarantee it.

Speaker 3 (25:08):
I don't. Maybe I don't.

Speaker 5 (25:09):
I won't guarantee it, but I'm gonna say, Hulk Hogan
was just recently married, and I wonder what's gonna come
out of that because she's got he's got a sizeable estate,
and he was distant from his daughter at least That's
what I read when I was flying yesterday. Yeah, so
I wondered how that whole thing is gonna shake out.
You know, he's got a sizeable estate, he's got a

(25:31):
new wife. It's only been married, I think, like what
eighteen months something like that. It's yeah, you guys know
one thing money changes people, Oh big time. I found
that out last week.

Speaker 2 (25:44):
Any think she might have her hands in the bag? Yeah, Cookie, Jar.

Speaker 5 (25:49):
You know, you never know, You never know what's gonna
happen around the corner. You know. The thing is is
that I had a guy say to me just recently.
We're just having a chat. Something happened in the business
that I did not digest well, and he just said,
you know what, David, Today the world is so different.
It's all about one thing.

Speaker 3 (26:09):
Business.

Speaker 5 (26:10):
It's all about business. And I agree, it's all about business.
And the question is is that did hul Cogan have
his act together? Because you guys know, one little mistake
to drag you into a litigation for years, for years,
right whose prints? I don't even think that they've settled
his estate yet. I mean, you go through all of

(26:32):
these major artists as far as it didn't dot the
rise and cross their teeth, and I think you said
it or somebody said it, you know, make sure you
got things buttoned up right.

Speaker 3 (26:43):
I couldn't agree more. Make sure your beneficiaris are up
to date, make sure your legal work is in order.
You know, the more you do now, the less headaches.
Headaches they'll be later. But if you if you take,
if you roll the dies, you never know what's going
to happen. And some of these estates will take too

(27:03):
much time to settle.

Speaker 2 (27:05):
Yeah, probate can generally take up to seven months, I
think they say in New York, but a lot of
the states go even longer than that. You know, so
you want to make sure you have everything in order.
I was telling people yesterday. As long as you have
proper beneficiaries, you know, and TODs pods on bank accounts,
a stake could be settled within a week or two.

(27:26):
You know, tops, we just need to open accounts for
the beneficiaries and transfer the assets after we receive a
death certificate. So very simple if you want it to
be well.

Speaker 5 (27:35):
The problem is is that everybody loves to procrastinate. What
you know, if we had a nickel every time that
somebody said, let me think about it, you and I'd
be sitting on a whole big pile of nickels, right.

Speaker 3 (27:48):
On a nice island, an island of nickel.

Speaker 5 (27:51):
Well, I just came back from the Dominican Republican. I'll
tell you what. I kissed the ground when I came
back here.

Speaker 2 (27:56):
I heard you're buying property down there into your second home.

Speaker 5 (28:01):
No, no, no, I went to wall one of those. This
is the first time I've ever gone to an all
inclusive and we had fun, but I would never go back.
It's just not my cup of tea. I told you
guys when I first sat down here, I like to
see the area, visit with the people and all that stuff.
They're basically saying don't go outside the complex, and that
doesn't give me a warm and fuzzy you know, I

(28:21):
couldn't agree with you and if you do go outside
the complex, make sure you go with someone and be
accompanied by somebody.

Speaker 2 (28:28):
And yeah, you guys can go tour Haiti.

Speaker 5 (28:31):
No no, no, no, no no, not that time, not
this time. We're it's uh to be honest with you.
We were down there for a wedding. It was a
beautiful wedding and it was absolutely you know, they did
a fantastic job as far as putting it together. It's
just it's different. You know that you're not in the
United States, and you know, you know, like I said,

(28:52):
with my kids, I was down there with my wife
and my kids. You know, dodge your eyes and crush
your teas and behave.

Speaker 2 (28:57):
We're all your kids. Down there are just two boys everybody.
Michaylo's Michaelo's with us too. Yeah, she's she's known historically.

Speaker 5 (29:04):
Now down there is the dancer nice. We were clubbing
one night, we went to the discoug. I actually tore
my leg apart again. My leg was feeling pretty good
until I tried to cut the rug at age sixty
nine and the rug, the rug ended up cutting me.

Speaker 2 (29:20):
They came out from beneath you.

Speaker 5 (29:24):
They're just getting they're just getting going. Like at midnight.
I said, see you boys and girls. Betty Bye is
calling for daddy. But they had fun. The kids had fun. Giovanni,
Lacy and Jess Socol you know them through your age, No,
just really good people. He's a Sianna guy.

Speaker 2 (29:44):
He's older than Chris.

Speaker 3 (29:45):
Yeah.

Speaker 5 (29:46):
Yeah, he's a couple of years older. He's David's age.
You're David's age. I think I'm a year older, year older. Yeah, yeah,
but they're they're sceny guys. And there was a lot
of Siana people there and it was fun. We had
a good time.

Speaker 2 (29:57):
And is David home or does he fly back into
right back into Tampa.

Speaker 5 (30:01):
He flew with us from Quick Quick Flight for fifty minutes.
You spend more time in the ground than you're doing
the air. I think, you know, as far as taxiing
and all the stuff that they talk about. But I
fly a lot now with Jet Blue, and I'll give
I'll compliment them. Jet Blue runs a good operation. You
phone them lately, I have not you.

Speaker 2 (30:21):
I've told you I always fly Jet Blue.

Speaker 3 (30:23):
I love them.

Speaker 2 (30:24):
I did United. United wasn't that bad either. Montana, Yeah, yeah,
that was pretty quick. Had to layover in Chicago and
then it was two hours of Chicago three hours to
Montana very quick.

Speaker 5 (30:37):
So tell me because I know, I text you the
most beautiful part of our country, everything out there. One
of people say to me, what did you like about
living out in the West, big.

Speaker 2 (30:47):
Big skies, everything's big the uh.

Speaker 3 (30:50):
Yeah.

Speaker 2 (30:51):
We visited three National parks in five days. My favorite
was the Titans. Yeah, I love the Titans. The Rockies.
You see all the rock you know. I saw the
same up in Glacier Park and then Yellowstone. That's more,
you know, if you want to drive around see animals,
it's more like a pet and zoo, I guess. But
I wouldn't pet the grizzlies, so.

Speaker 3 (31:11):
Stay away from them. Yeah, in the smart Man.

Speaker 2 (31:15):
And then the buffalo. I sent you a picture of
a buffalo that was like the first I said.

Speaker 3 (31:20):
You said, should I touch it?

Speaker 2 (31:21):
What my response was, yeah, yeah, I was so excited.
That was the first one I saw, and then we
ended up seeing like a million by the end of
the day. So at the end of the day we're like,
just get out of the get out of the road.

Speaker 5 (31:32):
Do you remember, you know it was such an advocate
to bring the buffalo back. It's a trivia question.

Speaker 3 (31:36):
Who was it? Did it?

Speaker 5 (31:38):
Probably twenty thirty years ago, multi multimillionaire, Probably probably a billionaire,
josh All Turner.

Speaker 2 (31:46):
The Bills Turner, the Buffalo Bills, Tim.

Speaker 3 (31:49):
Turner, Like, what the hell?

Speaker 5 (31:51):
You know?

Speaker 3 (31:52):
He's a he's a loyal ballplayer.

Speaker 5 (31:56):
So the markets. We're talking about the markets. And I
was listening on the way in, and I know you're
talking a little bit. I mean, it's unbelievable with somebody.
I mean, I go back to what I've said over
and over again. You know a lot of these quote
unquote individuals that have all this expertise are so wrong
about the markets consistently, consistently. You know, you put ten economists,

(32:17):
you're going to get ten different answers, and maybe one
out of the ten will be right when everything is
said and done. But I think all of this proves
to you over and over again, what stay fully invested,
don't try to time it, stay fully invested. Make sure
you're in your risk tolerance. And like, you know, I
know that Nico wants to talk about what do you
want to talk about cash and fixed income today?

Speaker 2 (32:37):
Yeah, unless that's gonna bore you, No.

Speaker 3 (32:39):
Not at all. I love it.

Speaker 5 (32:40):
To be asked me because I think it's like you said,
I think it's a huge opportunity right now.

Speaker 2 (32:43):
I feel like we talk about cash for a lot
in the show, but we don't actually get into how
that's created. So again, I wanted to start off with
money market a little bit and then go through based
off risk. So money market would be one of your
safer conservative you know, very short term paper is how
they create that yield. Right now, money market is about

(33:06):
four percent, right so if you leave your money in cash,
as we like to call it at Fidelity, we're getting
about a four percent interest rate right now. So that
would be a way to generate interest, to generate coupon
on a monthly basis within the account.

Speaker 3 (33:20):
You know.

Speaker 2 (33:20):
The next step up would be T bill, you know,
treasuries or T notes depending how long out you want
to go. But those are also yielding around four percent.
But the nice thing about those is if the Fed
comes and reduces rates here in a couple of months,
you're still locked into that interest rate for the duration
you choose. So if you do a you know, one year,

(33:40):
I think that's trading around four point one, maybe you'll
lock that in for the next year, but a lot
of those, well, all of the treasury bills that are
less than a year are going to be zero coupon
on new issues, so you're going to buy it a discount.
When it matures, you're going to get full price. But
the an't yields about four point four four point one

(34:02):
percent on that. Then there's multi year guaranteed annuity contracts mygas.
We've talked about these quite a bit over the last
couple of years, just because we haven't seen those rates
in a while. Ye, they are now the three years
still at about four percent, and then the five year,
I believe is a little higher.

Speaker 3 (34:23):
Yeah, there's one company that I think it's more than
that low minimum, but they're paying around five for five years.

Speaker 2 (34:31):
Yeah, it's five for five. Let me get the current rates.

Speaker 5 (34:36):
Well, I know that if you look at the treasure
right now, the market's telling you that they're looking for
a cut the three the three is at three or
four to thirty five, and then twelve months that's four
oh nine, two years at three ninety two, So you
got an inverted you'll curve here a little bit on
the front end. Uh, thirty year is still taken close
to five percent four ninety three. But you know it

(34:57):
doesn't make a lot of sense, squad, you know, grab
that on paper. But it's like you said, if you
can go out and get you know, both almost thirty
year paper and a treasury with the NYGA and getting
five percent guaranteed, I mean, the average bond portfolio is
done crap in the last three to five years, right,
total return. But like I say all the time, we

(35:17):
buy bond portfolios to satisfy income needs and then we
put alternative investment mints and that's ments in it in
order to enhance the portfolio. And it's worked for us.
It's worked for us. Here that music I brought my
guitar in. You like that. I learned this down in

(35:38):
the dr.

Speaker 3 (35:40):
Well, we're glad you came back, more knowledgeable thing.

Speaker 5 (35:45):
I'm ready to go, baby, All right, we'll be right back.
This is the Retirement Planning Show with Cheech Chong and Dave.

Speaker 3 (35:53):
We'll be right back.

Speaker 5 (35:54):
We are living through the greatest wealth transfer in the
history of mankind. Trillions of dollars of wealth will change
chance 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

(36:17):
favors those that are prepared. Call eighty eight five eight
zero one nine one nine. That's eighty eight five eat
zero one nine one nine. Retirement is in a Sunday thing.
It's a now thing. Whether you're just starting out or
nearing the finish line. The best time to build your
retirement plan is today. Don't wait for the right moment.

(36:38):
Let's create a plan that works for you, secure your
future and the freedom that comes with it. Call my
office today and take action. Eighty eight eight five EID
zero one nine one nine. That's eighty eight five EID
zero one nine one nine, and your future will thank you.

(37:13):
All right, Hello, I was figuring out the other day
when I got back last night, because you know where
you're going twelve hours traveling going through customs.

Speaker 3 (37:25):
Isn't that fun? You go through.

Speaker 5 (37:26):
Customs when you leave, and then you go through customs when.

Speaker 3 (37:30):
You come back.

Speaker 2 (37:30):
It's my favorite part.

Speaker 3 (37:32):
Oh yeah, I just love it, you know.

Speaker 5 (37:34):
And the thing is is that, of course somebody's bag
gets bounced. They open it up and then you stand
there and you wait, Well, I forgot to put that
in there. You know, it's any kind of liquid or
you know, a tube of hair gel that's that big,
you know, six feet that's six feet long.

Speaker 2 (37:50):
You can only have a certain amount.

Speaker 3 (37:52):
You can only have that.

Speaker 5 (37:54):
At my age, I'm using a lot of gel that's colorized.

Speaker 3 (38:00):
Had to be if I'm dyed my hair. Whatever. Get
through tonight.

Speaker 2 (38:03):
I got through pretty easily. They took a couple a
couple of bottles of jam for my buddy. Oh did
they got huckleberry jam? Yeah, out in Montana. Never even
heard of huckleberry before, really, but they tried to bring
some home and they and they snagged it from him.

Speaker 5 (38:17):
When I was out in the Midwest, it was big.
We used to drive for hours over to Colorado. Of course,
cors wasn't.

Speaker 3 (38:24):
A national brand when I was out there, really.

Speaker 5 (38:26):
Yeah, so we'd go to Course. It wasn't cores Light,
it was coursegar Course and oh yeah, they come back
in cases the football team, you know, just refreshments.

Speaker 3 (38:39):
You know. Yeah, that's what I love. That's how it's
labeled refreshment.

Speaker 5 (38:43):
Refreshments. But you know, you guys want to talk about
fixed income. I'm in I'm in the camp, and I've
been saying this for a while. Go get it because
all you can see right now it's ticking down. Raids
are ticking down as we speak.

Speaker 2 (38:57):
Yeah, in the multi year contracts, I want to go
back to those. The three year is at four point
nine percent as of this week, which is great, but
that is subject to change. The five year is five
point oh five percent, so you can get just over
five percent for five years in New York. If you're
outside of New York, that rate is going to be higher.

(39:17):
So so again, those are a few of the more safe,
you know options if you're more of a conservative investor.
And then the next stage I would say would be,
you know, intermediate risk. You've got corporate bonds and municipal bonds.
You can start looking at some of these rates, depending
on the type of bond that you hold, anywhere from

(39:41):
four and a half to eight and a half percent
in corporate bonds. You know, we have some high yield
bond funds that are getting close to closer to that
eight and a half percent, and that might come with
a little bit more investment risk because you might be
investing in some companies with you know, a greater default
risk to generate that higher yield. But investment grade credit

(40:02):
is probably getting closer to five and a half six percent,
which we generally do a blended you know, fixed income
corporate bond side of our portfolio to where we mix
in some of those investment grades some of the high yields.
You know, a lot of people diversify in the stock side,
make sure you're diversifying on the bond side as well.

Speaker 3 (40:22):
Well.

Speaker 5 (40:22):
The big thing I heard when I was traveling, I
don't even know if I just said this because my
brain is kind of fried. I've gone over ten thousand
miles like in the last week and a half traveling,
and then we added the dog and pony with National
Grid Buffalo, Syracuse in Aubany. So I feel like, you know,

(40:43):
if I'm repeating myself, it's because of my age. I
heard Trump say, or somebody came out so that Trump
the administration has approved private equity for a four to
one case.

Speaker 3 (40:57):
Did you hear that? Yeah?

Speaker 2 (40:58):
I mean the four to one case will still have
to accept them into their plans, right, so they'll have
to add them as an investment option. But yeah, you're
starting to see that. You saw anudies also get approved
yep last year yep.

Speaker 5 (41:10):
So huge fit. You shouldn't say a huge fan, huge
believer in that huge give people more freedom absolutely. You
know there's a lot of people out there that have undersaved,
that have inadequate amounts of money and they need to
have a pension benefit. Doesn't have to be all of
your money. You got to be careful of because when
you invest in those if it's a good chunk of

(41:32):
your money, sometimes you don't get the benefit unless you
stay with that particular company, right, you know what I'm saying.
So if they give you a number and your shopping,
if you want to retire and you're shopping that pool
of money for somewhere else, you got to make sure
you're not handcuffed into that product where you can't get
out of it, which you and I you know sales.

Speaker 3 (41:54):
Charges well, yeah, I mean we're for unbelievers. We love liquidity,
we love freedom, and like you said, you don't want
to get yourself in. We're also working on a number
of different new strategies with some of the products that
we have available.

Speaker 5 (42:13):
Now, you said that you wanted to sit down with
me this week and go over some ideas.

Speaker 3 (42:16):
Oh yeah, I'm very, very excited about it. I think
it fits in beautifully with the the income stream that
we work hard at providing our clients, and I think
it's it's a great way to look at increasing gains
in reducing risk. That's the bottom line. At the bottom line,

(42:39):
I think we do a great job with our income portfolio.

Speaker 2 (42:42):
Yeah, I'm a I'm a believer of the product McCarthy's
talking about. But going back to what you said, private equity, Yeah,
and even private credit buyer, beware in today's market, be careful.

Speaker 5 (42:55):
There's a lot of people out there and realizes that
they can't get their money out when they want to
get it out.

Speaker 2 (42:59):
Yeah, liquidity canncerns. Some private credit funds are now offering
quarterly liquidity, but there's redemption amounts, right, so they can
only redeem a certain amount of shares each quarter. You know,
and if you see a two thousand and eight again,
everyone's going to be trying to cash in. You know,
who knows if you can get your money or not.
So buy or beware. Like Dave said, I agree with

(43:19):
that big time.

Speaker 3 (43:21):
And you know, over the years, you know, I've done
business a certain way. I love what we do at
the Retirement Planning group, love being part of the team.
But you I want to say thank you to it.
I mean, liquidity is mere, Dave. You're winking at me
and you're looking at Are you going to think I'm

(43:43):
talented that?

Speaker 5 (43:44):
Don't wink at me? I don't.

Speaker 3 (43:47):
I got something in my eye.

Speaker 2 (43:48):
You wink at me?

Speaker 3 (43:50):
You know.

Speaker 5 (43:52):
You know I, miss I, Miss I haven't seen you
for two weeks. Miss you pick on me when you
were away.

Speaker 2 (43:59):
You didn't go with the someone brought can always in
this week, But unfortunately, all.

Speaker 5 (44:04):
I want to know is where's that woman with the bread?

Speaker 3 (44:07):
Oh?

Speaker 5 (44:08):
Is she coming in again? I don't know, but I
know they're coming in because they're doing They're doing business
with this. Uh but that's a funny story. Chuckle every time.
You know, I went five minutes into it. She brings
the bread in five minutes after the meeting. Give me
a piece of Oh God, do you know we had

(44:28):
an appointment during the week.

Speaker 3 (44:30):
I think you were down in d r and an
initial appointment. Wonderful, nice couple. They brought us a pie
from Smith Farms apple crum beautiful.

Speaker 5 (44:43):
Oh I still I think.

Speaker 2 (44:45):
I still think that I was last week.

Speaker 5 (44:47):
I still think that I can Jimmy took it.

Speaker 2 (44:49):
I think jim took it.

Speaker 3 (44:50):
Kim took about he took it least the quarter. He's
probably swearing at me right now.

Speaker 2 (44:55):
I didn't even see the pie. Usually it's at least
an hour or two.

Speaker 3 (45:00):
A very quick man.

Speaker 5 (45:01):
You got to be careful, either Jimmy or Lisa.

Speaker 3 (45:05):
They depend Lisa to the death. But that Jimmy, he's quick.

Speaker 2 (45:12):
And maybe it was you Smith.

Speaker 3 (45:16):
I don't lie about when I steal food. I tell you,
I'm an honesty You like Smith, The crust is good,
apple crumb, all of it. Well, just like you like
Pecastle Farm with the apple.

Speaker 5 (45:31):
I used to pick up the strawberry rubarb from my
father in law all the time.

Speaker 3 (45:34):
Lisa makes a hell of a strawberry RUBI to die for,
all right.

Speaker 5 (45:43):
So basically what's going on is that there's still some
decent coupon out there right now. There's still some decent
rates that we can capture.

Speaker 3 (45:51):
You know.

Speaker 5 (45:52):
I think he went to the I saw in the
news when I got up down there on vacation that
he went into the fed construction project with Powell, and
I guess he was two overly nice to him as
far as some of his comments about the overruns and costs,
but costs and all that would be interesting to see

(46:14):
what happens. Because it's this.

Speaker 2 (46:15):
Week, Yeah, the ninth thirtie, is that what it is?

Speaker 3 (46:21):
Yeah?

Speaker 5 (46:21):
Because I know which I can't believe here we are
already at the end of the month. You know, we're
gonna blink our eyes two weeks Michaelay goes back to college.

Speaker 3 (46:30):
That's crazy. It's been going fast. You're in August.

Speaker 2 (46:34):
That big that big guy with the suit's gonna be
going down Chimneys pretty soon.

Speaker 3 (46:37):
Yeah, corkorand oh boy, we opened the can room to.

Speaker 5 (46:48):
Jimmy will do anything for a dollar.

Speaker 3 (46:51):
I have to.

Speaker 5 (46:52):
If he's gotta go down to Chimney with a bag
with a red hat, he's going down.

Speaker 2 (46:56):
Jimmy Claus, Jimmy, Jimmy.

Speaker 3 (47:00):
He's probably banging on his dashboard in his.

Speaker 2 (47:03):
Truck right now, probably a hot tub.

Speaker 3 (47:05):
Yeah.

Speaker 5 (47:06):
But overall, it was a good week in the market.
The market is just so resilient. There's so much out
there as far as optimism, and I think I think,
like I said, you know, I think the second half
of the year. I don't have a crystal ball, but
my belly tells me that we're going to get some
substantial gains. The second half of the year. I think
the Fed starts cutting. We start seeing some of these

(47:29):
settlements in agreements with tariffs, with grow off to the races.

Speaker 3 (47:33):
I don't know.

Speaker 2 (47:34):
I think you know, I agree with you. Rates come down,
that's a stimulant, ye, But I remember your Black Swan
a while ago. I got a little something feeling in
my stomach.

Speaker 3 (47:46):
Something's coming.

Speaker 2 (47:47):
I don't know. You want to have, you know, don't
go full equity nothing right, have diversification with you know,
some bonds, some money market, maybe even a vis play.
You know, the vix is at fourteen point nine, so
it's prett low, you know, and who knows what's actually
gonna come out? What about that news that you don't
know about?

Speaker 3 (48:07):
You know.

Speaker 5 (48:07):
Aiden of course is working for another This is one
of our interns, but he's also they're family, good friends
of ours. He sent me a message when I was
down south and he basically said he's that, you know,
because I was talking to him about a couple of
stock positions which I think you might recognize which ones
I'm in.

Speaker 2 (48:23):
Yeah, you took a play in another one too, Microsoft.
Yeah that's what it was. Yeah, right before they jumped.

Speaker 5 (48:33):
But I got G and G e Verona. They're up
four hundred percent.

Speaker 2 (48:36):
Ge Verona was up like ten the other day.

Speaker 5 (48:38):
Yeah, it's unbelievable.

Speaker 2 (48:40):
Twenty in one.

Speaker 5 (48:41):
Day, one day, twenty points someone day.

Speaker 3 (48:44):
I saw that.

Speaker 5 (48:44):
It's just it's unbelievable. And I said to him, I said,
you know you, and he came back to you. I
was looking for some data if he could help me
with some stuff because I'm looking for some additional research.
And he goes, you know, Dave. He says, you can
be a bull, can be a bear, but don't be
a hog. Maybe you should take some money off the table.
I think I am. I'm gonna take a little bit off.

(49:05):
I think put some profits on the sidelines. So listen,
anything that we're talking about as far as recipes and
cookies and.

Speaker 3 (49:12):
Cakes, we gotta stop, man. We've got to people.

Speaker 5 (49:16):
Secret like I'm hob we just going to our offices.

Speaker 2 (49:19):
And did you see unh just going through a lot
of allegations right now. DJ's after gotta be careful with
that one. I bought a little bit.

Speaker 3 (49:31):
I know you did.

Speaker 5 (49:32):
All Right, we're going to be back. This is the
Retirement Planning Show. I'm here at Christ McCarthy and Nicholas Dumas.
We're a live show. If you have any questions or comments,
it's one eight hundred talk WGY. That's one eight hundred
eight two five nine. We'll see it right after.

Speaker 3 (49:47):
This quick break.

Speaker 1 (49:49):
The opinions, viewpoints, and promises made during the following program
are not those of WGY. It's staff, management or parent company. iHeartMedia.

Speaker 3 (50:02):
All right, we are back.

Speaker 5 (50:11):
One of the drums and Chris McCarthy on the bass.
That our new group RPG Air Guitar, Air drums, no copyrights.
You know that Julie and her brothers used to do
the Michael Jackson in the living room. Do you know
that you see them Jackson five, Jackson five. They used

(50:32):
to play the records and do uh you know they dance.
They had their whole routine out. Don't you wish you
had Cameron? Can you imagine Danny being Michael Jackson? No,
that's why I'm laughing. I loved them danced for this
big old white guy. He's just he's singing he's singing.

Speaker 3 (50:49):
He's no mj impersonator. I'll tell you that right now.

Speaker 5 (50:53):
It also before I forget a dear, dear, dear, dear,
dear friend of ours passed away a half resident for god,
I don't know, decades. Grace Kuwasneski, just a beautiful, beautiful woman,
picturesque somebody Dougie Kwasneski's relative. You guys know, doug right,

(51:18):
And but God rest her soul too. You know, we're
losing losing people. That's the hard part of our business,
being doing it for over forty years. Like you and I,
we start losing people and they pass away and just
you know, just stuff.

Speaker 3 (51:33):
So I'll be going. I think they're like family. That's
exactly family. That's exactly right. I've been blessed with some
of the nicest people I've ever met as clients, and
you know, you.

Speaker 5 (51:45):
Know, I want to get to uh you know, we
did some presentations out in Syracuse, Buffalo, and Albany for
National Grid, and we were, you know, talking about the
different things and strategies that people need to do in
order to have a successful and they're fortunate because they
have a very very strong benefit package. But there's always
decisions that have to be made. You know, when you

(52:08):
start getting ready to walk out the door, what's both
of your positions on the annuity with them or taking
the lump sum and rolling it into the IRA with
their cash balance account.

Speaker 2 (52:21):
I'm going to say roll it into the IRA. You know,
ninety percent of the time depends on the individual. But
having that freedom, having that ability to control your own fate,
you know, I think that is very important. Plus the
liquidity concerns and the legacy. You choose that annuity option
and you go single life, that's gone when you pass away.

(52:42):
So if you want to provide a benefit for your spouse,
you can do joint What.

Speaker 5 (52:47):
About what about if you have no kids? If you
have no kids, say it's you and your wife. There's
no I think a couple that I just recently met
with down in Florida, that they have no children, they
want to maximizing come, they want to do some they
have charitable intent. They could be a candidate for a
single life, not a single life, a joint life. But

(53:08):
it goes away when they go away.

Speaker 3 (53:11):
Yeah, I don't think it's the one size bet all,
but I do agree with Niko. I think a lot
of client that we've looked at to have that freedom with.

Speaker 2 (53:21):
That thumb depends on their other assets also.

Speaker 5 (53:25):
You know if they have able going to happen to
me and with social Security, it's going to start in September.

Speaker 2 (53:34):
Oh oh yeah, you turn in the seventy the big.

Speaker 5 (53:37):
One seven will be seventy in September, which is I
can't even believe it. I can't you believe it. Look
in the mirror and they say, who came to the house.

Speaker 2 (53:45):
You want to buy a life in turns policy off
of me with my wife will make Julie extremely rich.
She's already rich. She's got me. Yeah, oh yeah, I
think I got to take a picture.

Speaker 5 (54:05):
Said, I met some friends of hers who I'd never
met before, Stephanie and her daughter, and we had just
a great time.

Speaker 3 (54:11):
And I was teasing her the.

Speaker 5 (54:13):
Other day and you really, you picked the right apple
off the tree. There she is, she's drinking her coconut
drink and hanging out in the pool, and that's the boy.
Did you pick a winter when you've picked me? She
just yeah, right, sure, yeah, I picked the winter on
Give me another coconut, But I agree with you.

Speaker 3 (54:29):
Give me that coat. Hey, listen. Do you know what
they do down there?

Speaker 2 (54:33):
What they do the Dominican Republic?

Speaker 3 (54:34):
Yeah?

Speaker 5 (54:36):
Did you see did they walk around with coconuts and
they they'll chop them open for you, milk coke?

Speaker 3 (54:43):
You drink the coconut water. Wow?

Speaker 5 (54:45):
Water, that's cool, pretty cool. And Chris my son told
me that it's like ten times more electrolytes than power
power aid or Gatorade.

Speaker 2 (54:54):
No kid, Yeah, yeah, Chris drinks the coat. The coconut
water does quite a bit.

Speaker 5 (55:00):
So the thing is is that it was pretty cool.
I had never seen that before. But walking around the
pool with a wheelbarrow, well, coconuts in it, and he's
got a machete like four feet long. I'm saying, is
he carrying bodies out? Or what the hell's going on?
And then I saw him. He pulled over next to
somebody that was not too far from us, and I

(55:20):
was watching him flip flipsip snap snaps. You know, he's
popping this thing off with a machete and put a
straw in it, and I said, what the hell's he doing?
My wife said, that's coconut water.

Speaker 3 (55:32):
So and what they well, what did it go for?
A coconut?

Speaker 5 (55:36):
Five bucks, Hey can't beat that five pesos dollar or yeah,
five pesos pretty expensive of water, Well pasos comparable, that's
like a dollar fifty for the American dollar.

Speaker 3 (55:49):
But you know.

Speaker 5 (55:54):
That's that my cup of teeth. So you guy, you
guys are in the camp, take the money and run
because you're probably you're gonna have more controlling and a
more flexibility.

Speaker 3 (56:06):
Agreed. I mean that happened to be the statistic, But
I think we have to look at each case and
all the variables. Like you said, you know, if you've
got a spouse but no kids, you know, their future
plan might be different than legacy planning and other things
like that. So there's a lot of consideration. Charitable giving.

Speaker 5 (56:28):
You can do charitable giving and still get income off
the asset another option for people, especially if they have
no intention of leading assets to the next generation. But
you know, one of the things that I think you're
going to find more and more corporations because the lack
of pensions, people are going to make They're going to
have to make that decision whether they want to basically

(56:49):
take the guaranteed income option or whatever they want to do.
So I guess we have a phone call. Good morning.

Speaker 3 (56:59):
You're on the air, William. Yes, how are you, sir? Great?

Speaker 5 (57:08):
How are you? I'm doing fantastic. I'm back in the
United States. That's a good thing.

Speaker 6 (57:17):
I just had a question about gifting children. Yep, what's
the best way to you know, gift them without tax?
They're you know, the least amount of tax to be paid.
If I wanted to do that, and now you know,

(57:39):
while I'm still alive, I'm seventy five, and I'd like
to say I'd like to give them, say fifty thousand apiece.

Speaker 2 (57:50):
Yeah, So with gifting, there's an annual gift allowance that
the RS allows you to give without filing a form.
So that's nineteen thousand dollars a year. Now, you could
do that from you to one child, and then you
can also do it for your spouse to one child.

Speaker 5 (58:11):
Husband. Wives can do thirty eight.

Speaker 2 (58:13):
Yep, so thirty eight total nineteen and nineteen. Anything above that,
you know you're not gonna pay tax on, but you
have to file a Form seven oh nine with the IRSA. Wow,
I have a lot of people ask that you snapped
that right off. A lot of a lot of people,
uh pressed, So if you demand all right, you guys.

Speaker 3 (58:34):
Done.

Speaker 2 (58:34):
So if you go above nineteen thousand, you have to
file that form and it keeps track of how much
you've given that child up to that annual lifetime allowance
of about fourteen million right now, which is dropping to
seven million next year. So so again you're not gonna,
you know, owe a lot of tax there, William, right.

Speaker 6 (58:55):
So if they have to pay anything on that money, no, no, zero,
They don't.

Speaker 5 (59:01):
Have to claim it, don't.

Speaker 2 (59:03):
Now depends on how you give them. If you give
them appreciated stock and they go and sell it, he said, cash,
or if you just give them cash, Yeah, you're fine.

Speaker 3 (59:12):
Yep.

Speaker 5 (59:14):
Sometimes sometimes sometimes people will do that to get it
out out of their state. But yeah, if we can
help you, if you if you need any help, give
us a call at our office. We'll be more than
happy to assist you.

Speaker 3 (59:27):
Very good. Thank you, guys, God bless thank you. We'll
be back after this message.

Speaker 5 (59:31):
This is we are living through the greatest wealth transfer
in the history of mankind. Trillions of dollars of wealth
will change hands 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.

Speaker 3 (59:51):
Don't wait, take action.

Speaker 5 (59:53):
If future favors those that are prepared, call eighty eight
five eight zero one nine nine. That's eight eight eight
five eight zero one nine one nine. Retirement is in
a Sunday thing. It's a now thing. Whether you're just
starting out or nearing the finish line, the best time
to build your retirement plan is today. Don't wait for
the right moment. Let's create a plan that works for you.

(01:00:16):
Secure your future and the freedom that comes with it.
Call my office today and take action. Eighty eight eight
five eat zero one nine one nine. That's eighty eight
five EID zero one nine nine, and your future will
thank you.

Speaker 2 (01:00:29):
Portions of the following program will be recorded.

Speaker 5 (01:00:42):
All right, we are back. The big thing, Nico is
the form that you mentioned. Yeah, you can gift your
full unified credit and not have a tax consequence. Right,
And you were saying, how much is that right now?

(01:01:04):
Fourteen fourteen million? I g's heard a couple. That's why
a lot of people right now.

Speaker 2 (01:01:08):
No, it's individual, it's individual. So yeah, fourteen minutes.

Speaker 5 (01:01:11):
Because I remember, you can load up a trust, right,
maximize it with those assets, and.

Speaker 3 (01:01:23):
You know.

Speaker 5 (01:01:25):
You're in pretty good shape. Was first protecting your family
and friends. And however, you want to protect big thing. Okay,
when you give assets to children. I agree with this guy.
You want to do it and when you can see it, yeah,
and enjoy it, enjoy it right?

Speaker 3 (01:01:42):
Right?

Speaker 5 (01:01:43):
Your father just bought your house, right then your dad
by your house? No, you're still a house on I
tell you.

Speaker 2 (01:01:51):
When I bought the two family off him, yeah, it went.
I bought it for above appraisal, nod. He gave me
a good deal, but they got a praise lower than
what I paid, which was funny.

Speaker 3 (01:02:04):
You did he did? He golf the other night? Yeah?

Speaker 2 (01:02:07):
He golfed on Thursday.

Speaker 3 (01:02:09):
How'd you guys do? Who was the King of the hill?

Speaker 2 (01:02:12):
We played with Franken Bucky?

Speaker 3 (01:02:13):
Oh you did?

Speaker 5 (01:02:13):
So?

Speaker 3 (01:02:13):
Who was the King of the hill?

Speaker 2 (01:02:15):
They?

Speaker 3 (01:02:15):
They won?

Speaker 2 (01:02:17):
We played from the blue teeth though, so we played back,
oh did? And then the last hole we played like
the golds. So it was just fun. Yeah, we had
a good time.

Speaker 3 (01:02:24):
What'd you strew? The good people? What you and your
papa do?

Speaker 2 (01:02:28):
I think we were maybe even?

Speaker 3 (01:02:29):
Yeah?

Speaker 2 (01:02:30):
They they I think they're minus two.

Speaker 5 (01:02:32):
Wow, they're good golfers. A lot of good golfers aren't.
I'm always flabbergasted by Aid how well he plays golf.

Speaker 2 (01:02:39):
Yeah, he's really good. When you look at him, you
know it's his ball height too low kind of he
gets rolls. Mine goes, yeah, sky one hundred and fifty
feet in the air.

Speaker 3 (01:02:53):
Ye.

Speaker 5 (01:02:54):
So you know, if you're looking to reduce the size
of your estate, well, one of the things I want
to talk about this morning because I had a discussion
with a friend of mine the other day about large
iras and how difficult they are to maneuver around as
you age, especially with required minimum distribution. You know, I've
been a major advocate for years of spending qualified assets

(01:03:17):
down because it's money. There's no more stretch IRA. It's
money that's always going to be you know, taxable ird
income and respect to a deced and it's always money.
That is what I call the Achilles Heel of your
estate plan. So I know that there's more and more
individuals that we're talking to about legacy planning using qualified assets,

(01:03:41):
as far as using life insurance inside of trust, protecting
it from creditors, predators, evil son and laws and daughter
and laws. But there's also there's an annuity product out
there which I can't think of the name of it.
I was trying to think of the other day when
I was talking to him, And that's the one that defers.

Speaker 2 (01:03:58):
It defers b q LAC qualified Longevity Annuity Contract's exactly
how much is that?

Speaker 5 (01:04:04):
Now?

Speaker 2 (01:04:05):
It was one hundred and was it one hundred? I
think I think it's over two hundred.

Speaker 5 (01:04:09):
Now, yeah, I think it is too. I haven't I've
only done one or two of these. As far as
what it does is that it two ten. It allows
I was going to say, I think it's about Yeah,
it allows. You give me the nuts and bolts on
the QLEC because I I really don't know it that
well that I can speak about it.

Speaker 3 (01:04:30):
Yep.

Speaker 2 (01:04:31):
So qualified longevity Annuity contract is a way to defer
your R and D, your required minimum distribution with a
portion of your assets. So if you have a million
dollar four oh one k or IRA that's pre tax,
you can take two hundred and ten thousand dollars of
that and put it into what's called a qualified longevity

(01:04:51):
annuity contract both you and your wife and your wife
so she has an IRA with four hundred or six
seven hundred thousand, she do two hundred and ten thousand
into one of these also, so you can defer four
hundred and twenty thousand dollars in a qualified longevity annuity contract,
which I believe you have to anutize by age eighty five.

Speaker 3 (01:05:15):
I need to look at that. So, yeah it is,
it's eighty five.

Speaker 2 (01:05:19):
It's eighty five.

Speaker 3 (01:05:19):
I just I just looked it up on the internet.

Speaker 5 (01:05:21):
QULAC allows distributions to be laid until a predetermined payout date,
but no later than the person's eighty fifth birthday. What
happens if they drop dead before eighty five?

Speaker 2 (01:05:34):
It's just a free attack.

Speaker 5 (01:05:36):
Sigh, right, So it's still they don't lose the money.

Speaker 2 (01:05:38):
Tenure if it's a if it's going to a kid,
so somebody's saying, or it depends on the nuity.

Speaker 5 (01:05:43):
So it doesn't vaporize and go away. It's just a
way for you to defer to for some of your.

Speaker 2 (01:05:48):
Still that's bene. If it depends on the queue AC
you buy right, right. All those annudi companies are gonna
have different payouts. They might have a five year option,
you know. But yeah, I think it's a good way
to defer that R and D if you're someone that
doesn't need the money and also set up a lifetime income.

Speaker 5 (01:06:06):
So is that on an annual basis or is that
a total total dollar amount?

Speaker 3 (01:06:12):
So, because it.

Speaker 5 (01:06:15):
Meaning that if it's too is that too much?

Speaker 2 (01:06:17):
Lifetime limit? So that's your lifetime limit, that's the most
you can put into it, hundred thousand.

Speaker 3 (01:06:22):
What do you think of them? Well, first of all,
I think sure, I think it's the hell you've done it.

Speaker 5 (01:06:28):
I have not Yeah, because you don't hear them, you
don't hear them too often, But I don't people that
have got great pensions and assets and good portfolios that
don't need distributions off or qualified assets. I'm always scratching
my head why they're not being used more No aggressively,
I agree. I mean it makes sense if you can

(01:06:49):
do to carve out no doubt. And also I would
just think them when you guys were talking, I'm like,
you know we got that ten years with the inherited IRA, right,
you know, maybe some of these people should be looking
at anneuatizing their inheritance put her own lifetime. Well, there's
there's different ways to do that you know, you have

(01:07:09):
one company that you work with that allows you to
take it out over a lifetime rather than ten years.

Speaker 2 (01:07:14):
Am I correct by that? Just the non qualified but
not qualified not non qualify tax?

Speaker 3 (01:07:20):
Yeah, you know, I'm wondering how the iOS looked at that,
as far as if you can if you inherit an
io A. I understand the tenueable, but I wonder if
there's any exception if someone wanted toutize that inherited.

Speaker 5 (01:07:36):
Well, that's what that's why we hired you. You're supposed
to be telling us these you know, damn it, I
got something to do. I want to see them Monday
morning in my office at eight am.

Speaker 3 (01:07:44):
Yes, now, I'll be at eight thirty promptly. Well, you
know the thing is, is that the reason why I
say it is that you know.

Speaker 2 (01:07:54):
There's you can't anutize the death benefit.

Speaker 3 (01:07:57):
I'm just wondering.

Speaker 2 (01:07:58):
I feel like that's the answer, but I'm wondering.

Speaker 3 (01:08:02):
If there would be any exception or rules. No, you're
probably right, You're probably right. I just kind of you
often are you know, I get paid good money to
keep your ego up, so but but you know, you
never know, there might be certain rules that apply to

(01:08:26):
we got to find out about.

Speaker 5 (01:08:27):
Well, this goes back to what I've said one hundred times,
millions of times. I know a hundred times. There are
investments out there that make a lot of sense for
a lot of people. But you need to get underneath
the hood to see if it's something that's suitable for you. Right, absolute,
And you know, as much as you hear negativity about
annuity contracts, it makes up a very very small percent

(01:08:51):
of our business.

Speaker 3 (01:08:56):
I think it's good. I think that's going to change. Well,
it might change, but but you are right, But it
has to make sense. It has to be.

Speaker 5 (01:09:03):
It has to be in the client's best interest.

Speaker 3 (01:09:05):
In the paperwork that we have to go through.

Speaker 5 (01:09:07):
Well, everybody, they've heard me say that a thousand times.
It's just but it's so true. Yeah, because we can't
do this on a whim.

Speaker 3 (01:09:14):
Well you can't.

Speaker 5 (01:09:15):
Not only can't you do it on the whim, you've
got to get approval to even start the processing.

Speaker 2 (01:09:19):
Yeah, to hear a really cool strategy after that a
client wants to do on the other side of the break,
All right, I'll tell you about it's about annuity. We
got about social security.

Speaker 3 (01:09:30):
Okay, I like that. I'm awful. Okay, So here's the
big news of the day. You guys know, the big
news of the day. For the love of God, what
is the big news?

Speaker 5 (01:09:40):
Yankees have a third basement. Oh yeah, who they They
got the kid? Was it man or was out of Colorado?

Speaker 3 (01:09:45):
That's right. I don't know the name, but I saw
the blak that's what his name is. They're not doing good.
They need some help and they need some pictures.

Speaker 2 (01:09:53):
They got rid of the Mayhew.

Speaker 5 (01:09:54):
Yeah, yeah, see you later, alligator. Really I helped, you
know when I read that, I held my nose terrible. Yeah,
he did terrible, and you know, in his first couple
of years he was Yeah, he was a rising star.

Speaker 3 (01:10:07):
I know.

Speaker 5 (01:10:08):
But you know, it just goes to show. It's like
a picture.

Speaker 2 (01:10:11):
You know, he win a couple hitting or batting times.

Speaker 5 (01:10:13):
This guys still get paid when they're out and getting
Tommy John No, I mean there's such a there's such
a hot No.

Speaker 3 (01:10:18):
I didn't know that.

Speaker 5 (01:10:19):
Oh yeah, it's not like you know, I get hurt
and I don't get paid anymore. You get hurt and
you got a five year contract and you're your number one,
you're still getting chi chin for two three four five.

Speaker 3 (01:10:29):
That's cold, right, That's exactly.

Speaker 2 (01:10:31):
Right, Ryan McMahon. So it is from the Rockies, right.

Speaker 3 (01:10:35):
So one of the.

Speaker 5 (01:10:36):
Waiters, one of the waiters out of the Dominican Republicans,
My son had a Yankee had and I was wearing
a Yankee shirt one day and he just looked at
it and he says, no, no, no, no, no, no
no no. What do you say no about? I can't
I can't eat this fruit that's on my plate. What
he what he's saying is no, no, no, no, no,
no Red Sox Heller, he the red size. You can

(01:11:03):
try to upset my breakfast. Get out of here, shoe.

Speaker 3 (01:11:06):
Fa What about this kid to play shortstop for the Yankees?
Is he a goodbye? Every time I watch ESPN, I
see and I nothing personal against the kid.

Speaker 5 (01:11:19):
Here's here's my here's my answer to the Yankees. And
you guys know this because both of you played sports
as well as I did. Sometimes a coach loses his voice,
and you know what I mean by that. Sometime to
coach what loses his voice in the clubhouse?

Speaker 3 (01:11:37):
What does that mean? They don't listen? Right?

Speaker 5 (01:11:40):
And I think I think the Yankees have gone long
enough with Aaron Boone and with cash Man that there
should be a total not you know, not a you know,
just we're leaving get rid of them by the end
of the season. If they don't get where they want
to go. Sometimes you need to recharge. And I think
that's exactly what the Yankees need. So what do we

(01:12:01):
got here before? We have to take a break. About
a minute, But about a minute. Anything that we're talking about,
we do offer a complimentary consultation. This is all we
do is prem post retirement planning. So if you are
thinking about sitting down with a team, we'd like to
have the opportunity to.

Speaker 3 (01:12:17):
Sit down with you.

Speaker 5 (01:12:17):
All you have to do is pick up the telephone
one eight hundred talk WGY. That's one eight hundred eight
two five fifty ninety nine this morning. If you want
to sit down with us in our office five one eight,
five eight zero one nine one nine.

Speaker 3 (01:12:31):
I screwed up? Do you see that?

Speaker 5 (01:12:33):
I gave out the you never screwed up? And then
what's our what's our website.

Speaker 2 (01:12:40):
Rpgretire dot com www dot rpg retire dot com on
the web, our office numbers five one eight, five eight
zero one nine, one nine. There's also a call in
show if you want to call in over the break
and then we'll take you on the other side of
the half hour. It's eight hundred eight two five, so
one eight hundred eight two five fifty nine forty nine.

(01:13:02):
This is the Retirement Planning Show.

Speaker 3 (01:13:05):
And one I gotta tell you. One of my favorite
things about what will you offer? No minimum? No minimums
love that we don't care if you got a dollar
one hundred million.

Speaker 2 (01:13:15):
So bring in your five bucks and let's sit down
and have a chat. We will be back right after this. Ordine,

(01:13:46):
all right, we are back. I'm Dave Kopek. This is
the Retirement Planning Show. Good to be back. I've been
going a couple of weeks.

Speaker 3 (01:13:53):
I know. It's good to have your back.

Speaker 5 (01:13:55):
Yeah, it's uh, just weird not to people say to me.
Guy say to me the other day or sitting there,
He goes, when you're retiring. I said, I'm not retiring,
but I'm working less. I'm not working as many days.
I'm traveling more because I'm out seeing clients. But I
would really not be a happy person sitting at home

(01:14:17):
playing tied Aloo wings.

Speaker 3 (01:14:19):
I'm you and I are carbon copy.

Speaker 5 (01:14:22):
Here's a funny story. I went down to see a
guy in Florida. Just recently went down to see clients,
and I stopped in to see him. He's read by
the villages, and the guy works for a woman. This
guy has enough wealth. He doesn't have to worry about money, right.
He's got this beautiful place and he works for this woman.
He's my agent, same age as me. And she pays

(01:14:44):
him ten dollars an hour, and she feels good about it.
And he says, if it makes her feel good about it,
it's it's good for everybody, but it's for something for
him to do right, right, he feels good about it.
He's out helping somebody. You gotta have a purpose. Some
people can golf for the rest of their life. Some
people can, you know. I think about Joey, my good

(01:15:06):
friend that lives in the villages. He he works what
do they call it, a food bank or a kitchen
whatever they call it, for the for the church, for
the church down there, three days a week. He's in.
You know, he's doing what he did for his whole life,
working as.

Speaker 3 (01:15:22):
A chef and a cook. I bet you they love him.

Speaker 5 (01:15:25):
They do. They do And the thing is is that
I think what you have to do is before you
walk out into retirement, unless you're forced out, make sure
you're making decisions, that you have an idea of what
am I going to do?

Speaker 3 (01:15:38):
All day long. I couldn't agree with you more. I
don't ever see myself retiring. I love what I do
and now being with you guys, that just icing on
the cake.

Speaker 5 (01:15:51):
The you know it Also if you have a lot
of people don't realize this. If you're still working and
you have access to a four one K, you get
a large amount of money and irase you can roll
that IRA money into the four one K as long
as the plan allows it, and then you're not gonna
have any R and D s. And now your money

(01:16:11):
keeps on growing and growing and growing.

Speaker 3 (01:16:13):
That's all.

Speaker 5 (01:16:14):
It's adequate enough for you to have the quality of
life that you want. So the thing is is that
just you know, I always say it's planning.

Speaker 3 (01:16:22):
Well, the thing is, and that's what we take great pride.
It's our job to educate our client and what their
options are and what is most suitable for them, you know.
And that's what I love about the four of us.
I think we compliment each other beautifully. You know, you

(01:16:45):
and I bring and all we have in some areas
when I bring gray hair, well we've got plenty of that.
But we also bring experience and that we have time
over you know Nico and Chris, but they have knowledge.
I'm amazed at how much.

Speaker 5 (01:17:08):
We all know.

Speaker 4 (01:17:09):
Well.

Speaker 5 (01:17:09):
Our new employee, Jared too, I think by aggregating in
with us, this recent sea undergraduate blah blah blah, he's
going to end up basically going the same route that
Nico has gone and the baby. I think the way
you learn this business is they have to be involved
in it. You know, you can read all the books
that you want. But the thing is, I just read

(01:17:31):
a statistic, which I think is interesting for the audience.
The numbers still tell the tale of our industry. Depending
on where you go. It's almost still ninety five percent
of the people that start in this industry, ninety five
percent within five years are going and right now there

(01:17:54):
used to be fifty. Now there's sixty thousand individuals advisors
shortage in the United States. So there's a huge demand
for advisors right now.

Speaker 3 (01:18:05):
I couldn't agree with you more huge.

Speaker 2 (01:18:07):
Yeah, I think being in the business now almost ten years.
You definitely learned a lot through experience, so I can
talk to that. You know, the CFP definitely expanded my
knowledge quite a bit when I took that course, But
just the experience alone helped me with that CFP exam
a few years ago. But yeah, Jared's starting to help
out a lot more with appointment prep and you know,

(01:18:30):
operations is huge. Knowing the process, knowing how to transfer
assets efficiently.

Speaker 3 (01:18:34):
I think it's critical.

Speaker 2 (01:18:35):
I think it's very critical because then you understand the
process and oh my god.

Speaker 5 (01:18:40):
He's been a huge help, huge help. So tell me
a little bit the people that we're meeting with, our
new new prospective clients that are coming in. I know
that we got some phone calls. Let's go to the
phone call first. Who do we have on the phone there?
We have Amy from Schenectady.

Speaker 3 (01:18:58):
I like that name.

Speaker 5 (01:19:00):
Hi, Amy, Hi h.

Speaker 7 (01:19:03):
I have a question about how to get a reverse
mortgage and where to go and what the process because
I know you recommended that in some cases and I
didn't catch the process. I can hang up and if
you do that, yes, fine with me.

Speaker 2 (01:19:19):
I would love to thank you very much.

Speaker 5 (01:19:22):
Well, you know, Drew was on here with you the
other day last week. Week last week, Drew was on
and I think they had a specialist that called in
the gentleman that we utilize at the retirement Planning Group.
And I want to give a disclaimer to this. We
don't make any money on this. Okay, there's nothing in
this for us.

Speaker 3 (01:19:40):
Okay.

Speaker 5 (01:19:41):
The gentleman that we use is a gentleman by the
name of Drew I l O.

Speaker 3 (01:19:46):
Droiello.

Speaker 5 (01:19:47):
I'm not going to give out his telephone number. You
can reach him on the internet Drew's Team dot Com.
I believe it's Can you check that Drew's Team dot com?
I believe that's what it is.

Speaker 3 (01:20:00):
It is.

Speaker 2 (01:20:01):
Uh, well, you can just google Drew I l oh,
you can a I E L l O Ye. But yeah,
I got He's at Fairway Fairway Independent Mortgage.

Speaker 5 (01:20:14):
Yeah, in Clufton Park.

Speaker 2 (01:20:15):
Yeah, he's right at Fairway dot com.

Speaker 3 (01:20:18):
He he is excellent.

Speaker 5 (01:20:21):
Well, what I like about Drew is, as I've said
a thousand times, he started in our industry with I believe.

Speaker 3 (01:20:32):
I can't remember it.

Speaker 5 (01:20:33):
Was either Smith, Barney or Shearson Lehman, one of them,
I can't remember which one. In Boston and then he can't.
His dad had some health issues. His dad was an
orthopedic surgeon here, doctor i Elo, and then he came
back to the Capital District region and you know, got
involved in the mortgage industry.

Speaker 3 (01:20:53):
His dad, doctor Hippon Park. Yeah, that's his father. He
was my doctor.

Speaker 5 (01:20:58):
And also the two he's got two sisters. You probably
know both the sisters.

Speaker 3 (01:21:02):
I don't know about that.

Speaker 5 (01:21:03):
Yeah, they were. I think they were. I think approximately
Julie's age.

Speaker 3 (01:21:07):
But whatever.

Speaker 5 (01:21:08):
But the thing is is that, you know, talking about
reverse mortgages. I'm a major advocate of reverse mortgages. I
have been, I will continue to be as long as
it's something that is suitable for you. I'm going to
get back to what I said. If you have no
desire for legacy, if your kids are fine, if you're
sitting on all this cash, to me, it's a no brainer.

Speaker 3 (01:21:30):
I couldn't agree with you more. Use the equity in
your home.

Speaker 2 (01:21:34):
Enjoy especially with where rates are right now, I give
you a better pay out, So reverse mortgage might be
a good opportunity for you.

Speaker 5 (01:21:42):
All tax free money, all tax free, not obligated to
pay it back. The only thing you're obligated to do
is to take care of what you're taking care right now,
taxes and maintenance. And when you pass away, there's a
first sale sign that goes up front, or the kids
can write a check for the difference how much equity
has been taken.

Speaker 3 (01:22:01):
Out of the house. I agree, and I know that
they are very very strict on the rule. They make
sure that they don't give away the well, the big thing.

Speaker 5 (01:22:12):
The big thing used to be a lot of the
people out there would do the reverse mortgages and they'd.

Speaker 3 (01:22:17):
Buy life insurance.

Speaker 2 (01:22:20):
With the cash flow from it, with the cash flow
from it.

Speaker 5 (01:22:22):
And then some of these policies that they put the
cash flow into didn't make it to the finish line
because they were unrealistic, because they were goosing them up
in order to get a bigger commission.

Speaker 2 (01:22:32):
Right, I mean, this is all having them lapse early, yep.

Speaker 5 (01:22:36):
And the thing is is that they were frowned upon
that would never happen today in the financial services industry.
So you know, it's like anything else. I always do
the analogy of what our business was when I got
into it. You know, there's your little desk right there, Dave,
there's your phone and there's a phone book, and here's

(01:22:56):
some cards, some lead cards that we bought for you.
It's like a while less so.

Speaker 2 (01:23:03):
The Retirement Planning Group's been around twenty about well, ninety
nine was reallyated the first years, twenty six years. You know,
you don't make it that long if you don't do
business correctly.

Speaker 5 (01:23:14):
Adyt R T. I just talked about this the other day.
Always do the right thing, even if it hurts. You know,
sometimes people don't like to hear the honesty of what
needs to be said. And like I said at my age,
I don't I'm not afraid to tell people exactly what
they should do and if it, you know, offends them anyway.
It's not that I'm trying to be offensive, but don't

(01:23:35):
tell me you want a conservative investment and get fourteen
percent a year, right? You know what I'm talking about
a lot of these people that have come into us.
You know, we know that we picked the wrong apple
on the tree. That's why I always say to you guys.
You know I complimented you the other day and I
said to you, you did the right thing. There's certain
people we don't want to do business with because they
have unrealistic expectations on how much they can take off

(01:23:57):
of portfolio.

Speaker 2 (01:23:58):
Apparently twenty five percent a year that isn't isn't good
enough for that, gentleman.

Speaker 3 (01:24:03):
God, you're good, So no, but.

Speaker 2 (01:24:07):
I just said, yeah, I mean, that's one where you
know there's gonna be issues down the line. And you know,
if you can't be on the same field or same
you know, I don't know, same mindset as somebody, it
just doesn't make sense.

Speaker 3 (01:24:21):
And I think that's true.

Speaker 5 (01:24:22):
And you know, one of the things that happens in
our industry is that it's no different than I think
building a relationship with a wife or girlfriend or a friend.
You know, we've we've been dealing with some of our
clients for thirty years, right, And the thing is is
that sometimes you're gonna have conversations or things that are

(01:24:43):
maybe are not done on our side of the fence.
And both both they don't think things were done on
our side of the fence that should have been done.
But it's dialogue. You know, the guy across the street
is really no different than us.

Speaker 3 (01:24:59):
Okay. I mean, I have great respect for.

Speaker 5 (01:25:01):
The people that are in this financial services industry, great respect,
and I don't like people that talk negative about other
financial advisors, because I think that speaks not well of them. Right,
you know what you've heard me say this, right, So
the bottom line gets down to is that fine, I
don't find the right fit.

Speaker 2 (01:25:18):
I've seen a couple of advisors that stink. Really, I'm
just kidding.

Speaker 3 (01:25:24):
I know what you're saying.

Speaker 6 (01:25:24):
We are.

Speaker 2 (01:25:26):
We are running up on our break here though, so
we do have to break. If you want to call
in the numbers one eight hundred eight two five fifty
nine forty nine. We've got one more segment to take
your call, and that's one eight hundred eight two five
fifty nine forty nine. Is a retirement planning show. We'll
be back right after.

Speaker 5 (01:25:44):
This retirement is really subday thing. It's a now that
would be whether you're just starting out or nearing the
finish line. The best time to build your retirement plan
is today. Don't wait for the right moment. Let's create
a plan that works for you. Secure your future and
the freedom that comes with it. Call my office today

(01:26:05):
and take action. Eight eight eight five eight zero one
nine one nine. That's eight eight eight five eight zero
one nine one nine, and your future will thank you.
Are you ready for retirement or just hoping it works out.
Don't leave your future to chance. At the Retirement Planning Group,
we hope you create a personalized retirement plan so you

(01:26:26):
can relax knowing you are prepared. Take action today. Call
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.
We are living through the greatest wealth transfer in the

(01:26:47):
history of mankind. Trillions of dollars of wealth will change
hands from one generation to the next, your money for
our beloved children and grandchildren.

Speaker 3 (01:26:55):
Are you ready?

Speaker 5 (01:26:56):
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 wake take action.
If future favors those that are prepared, call eighty eight
five eight zero one nine one nine. That's eight eight
eight five eight zero one nine one nine. You've spent
a lifetime saving for retirement. Now it's time to make

(01:27:18):
that money work for you. Here's the secret most people miss.
You have to create your own retirement income plan. Social
security is not enough, pensions are rare. You need a
strategy that turns savings into monthly income that will last
a lifetime. At the Retirement Planning Group, we build customized
income distribution plans so you can retire with confidence, retire smart,
live well. Call eight eight eight five eight zero nine

(01:27:42):
one nine for your complementary consultation.

Speaker 3 (01:28:01):
We are back. It's going to be a beautiful day today.
Nico just.

Speaker 5 (01:28:08):
Told me is the Jim Dandy and that is at
five forty one pm. Did we confirm that yep okay.
Race date is July twenty six, Yeah, so I heard correctly.
Yes she did. So if you're a horse fan, probably
going to be a good race. And I just said

(01:28:30):
I got turned off by the racetrack last two years.
I probably won't go back because of what happened. I
was in the area where he set with the picnic tables,
and you can see the horses come in and out
all that paddick, and they're smoking weed next to me

(01:28:52):
and acting like complete idiots, drinking like complete idiots. And
I just said, this is my cup of tea anymore.
I don't I don't want to sit here and smell
that crap all day long.

Speaker 2 (01:29:04):
Inside, give me a hit.

Speaker 3 (01:29:06):
I went over.

Speaker 5 (01:29:07):
I went over to the garden and I basically said,
can you hit them? Hit them out of here, you know.
And you know we were told just to leave them alone,
you know, just you know, we're.

Speaker 2 (01:29:15):
Just insane, but that they could just do that.

Speaker 5 (01:29:19):
You can't smoke in certain areas, but you can sit
there and get high. And this I've said the story
a million times. A young guy and his wife and
his three, three beautiful kids, dressed in the nines, had
the kids off, had a little picnic table and a
lot of stuff, and here's these monkeys yep, next to them,

(01:29:39):
smoking weed. And these guys weren't young either. These guys
are in their forties and fifties back then, like complete jerks.
And I looked at my wife and she looked at me.
I said, I've done this once. Now this is twice.
There won't be a third time. And I said, if
we do go to the track ever again, we'll go

(01:29:59):
where we used to go to the clubhouse. But when
they start charging eighteen dollars for a beer, no, just.

Speaker 3 (01:30:09):
I think, just not my cup.

Speaker 5 (01:30:10):
Well, I'm not gambler. So if you like to gamble.
I guess it's great, but I'm not a gambler. You gambler.

Speaker 2 (01:30:15):
No, I don't do a lot of horse gambling.

Speaker 3 (01:30:17):
You No, No, I'm not not good at it. I
learned many years ago. If you wanted to get rich,
bet opposite me. Yeah.

Speaker 2 (01:30:28):
And we went to where we go? We went to, uh,
what's the one in Connecticut? Foxwoods? I went to Foxwoods
just to go to the Hell's Kitchen a couple of
months ago. And we ate there and then we didn't
even gamble. Yeah, we just went we walked around and
then went back to the hotel. But yeah, it's still.

Speaker 3 (01:30:47):
We're still talking about I think.

Speaker 2 (01:30:49):
So that was a good dinner, was it. Yeah it
was Gordon Ramsey. Yeah, like you said, Yeah, so it
was really good. And then they bring out I like
the was it the old fashions or the twiskey And
they come out and it's all smoky, a little box
with the whiskey in it, and then it had smoke

(01:31:10):
all around in there. You like bourbon, don't you. Yeah,
I'll do I'll do bourbon. Or your father, yeah, I'll
get into the honey bourbon. He likes the bourbon and
my brother. He drinks the whiskey.

Speaker 5 (01:31:22):
All right, We got about eight or nine minutes here
and uh to do a little bit of just so
everybody knows that, uh, you know, this is the time
of year. We're getting towards the end end of vacations.
I was just thinking that that's it for me for
a long time until I go to Europe, Go to go.
I go to Europe in September to see my cousin

(01:31:43):
in Poland that's gonna be a yeah, it should be fun.
But this is the time of year, that's probably a
good time to start buttoning everything up and see where
you stand, how you made it out so far, you're
to date, and maybe put plan together that uh you know,
get you on track. Never too early, no plan, right,

(01:32:09):
no destination, that's true, right, No.

Speaker 2 (01:32:12):
Plan is a plan, and it's a bad plan. So
sit down, review where you're at. Review your allocation. Now
we can we can take a look at it.

Speaker 3 (01:32:20):
Right.

Speaker 2 (01:32:21):
We have software that allows us to look at your portfolio,
your risk tolerance as an investor, how your portfolio aligns
to your risk tolerance, and then also compare it to
the market and see how efficient it actually is.

Speaker 5 (01:32:33):
Chris get back to you the software package. My son
you had a question about when we were away, I
told him to call you. Oh, yes, yes, yes, you
can get the answer you're looking for. Well, we still
have research to do, okay, all right, good, We still
make sure you make sure you bring them.

Speaker 2 (01:32:52):
Yeah, that's honey money. They made a couple of changes, right,
is that.

Speaker 3 (01:32:55):
What you're Yeah, yeah, and we're going to work through it.
We will work through it.

Speaker 5 (01:33:03):
And I mean we who made the changes, are old
software package or or the one that we currently just bought. No,
well e money money, the money made the change, and
they they made the change. Yeah, projection tool is going
to be different now.

Speaker 3 (01:33:21):
Oh it is.

Speaker 2 (01:33:21):
So we just have to adapt to it a little bit.
But it's fine.

Speaker 3 (01:33:24):
Yeah, yeah, we're gonna we're pivoting. It's at a different
avenue than we're to do with the current software.

Speaker 5 (01:33:33):
So right now we stand up one point three with
the dial five point five S and P almost at nine,
NAS dec is at nine, and the ten year Treasury
is at four thirty eight. So you know, going into
the fall, the fall is usually a pretty good time
to be in the market. Remember they say go away
and may come back in the fall.

Speaker 3 (01:33:52):
Well, I'm tough, famous phrase. I think the stage you set.
You know, we have a bond market we haven't really
had much of a conversation about for twenty years. You
guys taught me that. I think we're in a very
very solid place.

Speaker 5 (01:34:09):
And well, here's the thing, FOBC interest rate decision this week, yep,
that will drive the markets.

Speaker 3 (01:34:19):
Right.

Speaker 5 (01:34:19):
Non farm Payrolls estimate of Q two GDP PCE is
coming out. So there's a lot of data, a lot
of information coming out, and you know, we're a caution
you know, make sure that you were diversified, like everybody
here just said, and make sure you understand exactly what

(01:34:41):
you own. I'm not a big believer in products so
that I can't get out of them, Like I said, right,
If I can't get out of them, I don't want
to be in them. You know, these private equity, private credit,
all these deals that everybody's you know, talking about at
the cocktail hour's just not my cup of tea.

Speaker 3 (01:34:56):
You know, I couldn't agree with you more. I think
the only except to that rule is that if the
client's have the careful planning, it's a place they're never
going to want to leave. Yeah, well you can. You
can buy.

Speaker 5 (01:35:11):
There's private credit and private credit and private equity that
is inside ETFs and also mutual funds, so you can
participate in them. You just don't have on them individually,
and it still gives you liquidity.

Speaker 3 (01:35:25):
And those are the avenues we provide the client.

Speaker 2 (01:35:29):
Depending Yep, some et well, we actually there's a mutual
fund that we're starting to do some work with. That's
what I want to talk to you about. It's a
private credit fund. It's yielding about ten percent interest right now,
and it's quarterly liquidity, so it gives you some liquidity.
But there are redemption amounts like I was talking about earlier,
so you need to be careful. But you know, diversification.

(01:35:51):
Don't lock yourself into something that you can't get out of,
you know, we've seen horror stories with that.

Speaker 5 (01:35:56):
So well, second quarter earnings are off to a good start.
Eighty three percent are beating estimates eighty three which is
a great number. And S and P five hundred earnings
are expected to be revised up another five and a
half percent. So what's the mother's milk of the stock
market earnings? Yep, I'll answer, And earning they've been good. Yeah, Yeah,

(01:36:20):
earning has been good. They've been solid. And you know,
like I I think you said earlier, you know the
stage you set now, I think we're really looking to
see what the bed they're gonna do.

Speaker 3 (01:36:32):
This is a big week. It is gonna be a
big weay you think you got a fifty.

Speaker 5 (01:36:35):
I don't know what percentages are because of it out
of the office for a few days, I don't know
what the percentages are. As far as what the futures
are are you know what the futures are looking for.
Is the Fed gonna cut or not cut? What's Wall
Street saying as.

Speaker 2 (01:36:48):
Far as this week, Yeah, they're gonna ttay consistently and
four and a quarter to four and four point five?
Is that what they're saying. That's what they're saying.

Speaker 5 (01:36:55):
Maybe they might shock us, although the only thing I think.

Speaker 2 (01:36:57):
Three non parents. I was talking about it earlier. Yeah,
they've got a couple individuals on the federal reserves that
are going against right.

Speaker 5 (01:37:05):
Well yeah, yeah, they voiced it too, uh ahead of
the meeting. I know, maybe maybe Trunk got him in
his office and slapped him around a little bit. Basically,
you want to stick you want to stick around with
the next may.

Speaker 2 (01:37:20):
This is what you're gonna do if you use that
construction helmet wearing the other day.

Speaker 3 (01:37:24):
Yeah, there's a lot.

Speaker 5 (01:37:27):
There's a lot of screaming and squilling in that office
after you.

Speaker 3 (01:37:32):
I mean, I don't dispute what they're saying, but I
think it's time they got to throw us a bone.
I think it's you know, show good faith, drop it
a quarter of percent.

Speaker 5 (01:37:43):
It's funny because you know the paso down there, the
Dominican Paso. Uh, you know, you walk around one thousand
dollars bills in your pocket and it's like eight bucks
or avell it is. It's not a lot of money whatever.
I mean, can gasoline and it's a thousand dollars for gasoline.

Speaker 2 (01:38:01):
One one dollar is nineteen pesos.

Speaker 5 (01:38:04):
Yeah, so say it's almost twenty to one. So it's
just it's just weird, you know, walking down walking around
with that kind of money. We really didn't need it
because everything went on the credit card. But if you're
tipping some of the staff, I like to give them
the cash rather than right because they automatically get some

(01:38:24):
kind of gratuity.

Speaker 3 (01:38:26):
You just don't know how much that is. True.

Speaker 5 (01:38:29):
All right, summarize, guys, because we had to get out
of here in about a minute.

Speaker 2 (01:38:33):
We talked a lot today. We talked about retirement pre
pre and post retirement planning. We talked about the red zone.
We talked about income. Nyga's are at four point nine
percent for three years, great rate five point zero five
for five years if you're more of a conservative type
of investor.

Speaker 5 (01:38:50):
We told the woman to to call about your reverse.

Speaker 2 (01:38:52):
Cotgage, about reverse mortgages and drew I l O ai
E l l o. If you want to get more
information on that, Amy, I would give him a call.
He's at Fairway dot com. And then what else do
we talk about? We talked a little bit about uh,
Hulk Hogan passing away.

Speaker 5 (01:39:09):
Yeah, Hulk Hogan, Ozzy Osbourne.

Speaker 3 (01:39:12):
There was one other person, Jamal from Ugby Show. That's true.

Speaker 2 (01:39:17):
So again we did a lot of talking today. But
if you want to call our office, the number is
five one eight five eight zero one nine one nine.
We offer a complimentary consultation. You can come in, sit down,
have a chat with one of our advisors at the
office and see if you want to do business.

Speaker 3 (01:39:33):
And I'll tell you I'm loving more and more younger
people are coming in. I love it never too early
to plan well.

Speaker 5 (01:39:42):
You got to make sure there's some younger people that
are inside the office.

Speaker 1 (01:39:47):
Now again next week for retirement planning strategies with Dave
Kopek right here on wg Y.

Speaker 3 (01:40:01):
For services discussed on.

Speaker 2 (01:40:02):
This shows for informational purposes only and is not intended
to be personal financial advice. The investments in services offered
by US 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 advice