Retirement Planning Show

August 16th, 2025.

Episode Transcript

Speaker 1 (00:00):
The Opinion's viewpoints and promises made during the following program
are not those of wgy it's staff, management or parent company.

Speaker 2 (00:07):
iHeartMedia.

Speaker 3 (00:08):
The Jets and the Giants are having their game preseason game.

Speaker 2 (00:12):
Yeah, I think it's tonight. Yeah.

Speaker 3 (00:14):
So, but this is talk radio. If you aren't familiar
who we are, we are the Retirement Planning Group. We've
got five locations now in New York and we travel
all over the country. Florida is a big state for us.
I will be in Florida four months this year January, February, March,
in April. But I go back and forth a lot

(00:35):
to Florida, and you know, it's a great state. We've
got a lot of great clients down there. And I'm
always amazing you can have breakfast here in Aubany and
have lunch somewhere in Florida a little over two hours,
about two hours and twenty minutes ballpark.

Speaker 2 (00:54):
That's all along. It takes my son Fluid.

Speaker 3 (00:56):
Yesterday for the golf outing and in the morning he
had breakfast in Tampa and lunchtime he was having lunch
here in the Capitol District region. So I'm always you know,
as a kid that grew up in Scattycoke, New York.
The metropolis is Scatty Coke. I'm still flabbergasted by technology

(01:17):
and airplanes, and the kids today take it for granted.
You guys take it for granted because you don't know anything.

Speaker 2 (01:24):
But you know, you.

Speaker 3 (01:26):
Started flying with us when you were still in diapers,
So right, pretty much you've been a bran on an airplane.
I didn't go on my first airplane right until I
was almost eighteen.

Speaker 4 (01:38):
I don't remember when I was in diapers, but yeah,
in a while.

Speaker 3 (01:41):
Yeah, So again, this is talk radio. If you would
like to participate, we would love you for you to
call in. You know, just a ton of news out there,
a lot of things that are going on. You know,
everybody's worried. You know, what's going on with the whole
thing with Russian Ukraine. Hopefully God will that will come
to an end. You know, thousands of people million, I

(02:04):
think it's over a million people have died in that conflict,
and it's just it's hard to even comprehend. But you know,
the markets, there's some a little bit of depending on
the positions that you have. I was just telling Chris
some of the positions that I own personally took a
little bit on the chin, but they're up dramatically over

(02:24):
the last two to three years. And I just think
it's you've got a lot of institutions you're up, you know,
eighty ninety one percent on a position. Sometimes you're going
to take some money off the table and reposition. That
never hurts to take gains. But inflation, of course is
the CPI was in line with expectations, but when they

(02:48):
came out with the PPI, everybody was a little bit
concerned about that this past week. But you know, the consensus, Chris,
is still the Fed's going to ease September. Yeah, the
cuts are coming in September. That's what we've been hearing.
And that's kind of what we've been thinking too. We
thought it was going to happen at the end of July. Yeah,
but now we are more We have more certainty that

(03:14):
it's going to happen in September, or at least we think so.

Speaker 5 (03:18):
But you know, the market's not in a bad spot.
Like you said, it's starting to sell off a little bit.
It's being propped up and fueled by all these tech
companies and AI and even some of these energy companies,
like your beloved GE. They they've done really well, you
know over the last you know, twenty four months, really

(03:42):
two years, three or four years.

Speaker 3 (03:44):
I mean I think ge G's up like over three
in that period of time.

Speaker 2 (03:50):
Yeah, ge Verona.

Speaker 3 (03:52):
But you know, for a lot of years people were saying,
you know, you know, take it and throw it out
the window, right. You know, as I said, I'm a
big fan of Larry culp Dan in her corporation. Uh,
he did wonders over there, and he's doing the same
thing for GE. GE is really becoming, uh in my opinion,

(04:13):
you know, one of the best to breed a stock
that you can basically invest in and feel pretty comfortable
as far as what their business model is. And uh,
they seem to be focusing in They just came out
this week where I think they're investing three billion dollars.
GE applies here in the United States, which is good

(04:34):
to hear.

Speaker 2 (04:37):
You know.

Speaker 3 (04:38):
One of the things that we were just talking about,
Warren Buffett just took a big position in United Healthcare.

Speaker 2 (04:44):
Is that what it was?

Speaker 5 (04:46):
Miko Nico loves that stocks preaching it.

Speaker 3 (04:53):
Yeah, yes, you've got to give them credit. You know,
we've we got some positions there.

Speaker 2 (04:59):
Yeah, we do.

Speaker 3 (05:00):
So we're looking pretty smart now in that one.

Speaker 2 (05:03):
But uh.

Speaker 5 (05:05):
No, it isn't make up some but that's a huge
he just Buffett just took a one point eight billion
dollars stake in it.

Speaker 3 (05:12):
So that's all. Yeah, that's it. A couple dollars took
part of his dividend paid off. But uh, you know,
there's a lot of stuff. You know, the consensus on
Wall Street is that, you know, there's a dead man
walking and his name is Chairman Powell, and a lot
of people believe that he needs to go sooner than later.

(05:33):
The markets and financial Wall Street has basically, I think
lost their confidence in his narrative at the FEB. But
you know, we'll see, we'll see what happens. I mean,
they're they're basically trying to push him out the door.
They're already talking about the replacement for him. And also
there's going to be two seats in a very short

(05:56):
period of time. One gentleman has already been selected to
take with one position that's going to be opening up,
I believe in September. So bonds right now, if you're
out looking for coupon it's a good time to be
buying bonds, folks.

Speaker 2 (06:13):
Well they're starting to price that in.

Speaker 5 (06:15):
Yeah, we saw in the last you know, a couple
months here bonds are getting a little bit of a pop.

Speaker 3 (06:20):
So and small caps. Yeah, we got to take our
first break. This is Retirement Planning Show. I'm Dave Kopeck
here with my son Christopher Quobec. Can we move you
right back after this quick message? Are you ready for
retirement or just hoping it works out? Don't leave your

(06:41):
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you create a personalized retirement plan so you can relax
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at our website rpgretire dot com to schedule your complementary consultation.

(07:03):
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(07:26):
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Your money to our beloved children and grandchildren.

Speaker 2 (07:46):
Are you ready?

Speaker 3 (07:47):
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(08:08):
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Speaker 2 (08:37):
Good friends of mine.

Speaker 3 (08:39):
And you know, Bob's now leaving New York and he's
going to do a lot of construction in Knoxville, Tennessee,
which I know very well because I've been back and
forth to Naxville a lot of times. It's a great area.
It's like the Adirondecks, but it's in Tennessee, and beautiful area.
And the regulations now in order to build homes, especially

(08:59):
with power where everything's got to be changed over it
by the end of December thirty first to electric is
really it's going to impede a lot of these guys.
I mean, Chris basically said in this article, you know
he's got millions of dollars wrapped up in infrastructure with
natural gas, and you know, if the building's not up,

(09:22):
no natural gas. So I don't know what the hell
they're doing to me. It's crazy, but that's New York State.
So Marini's basically saying, see you later, alligator, I'm going
to Tennessee. And Chris Abley is kind of saying, you know,
you know this isn't right. And if you want to
read that article. It's in the Aubney Business Review. But

(09:43):
you know, we've got a lot of clients that have
a tendency once they retire to pack their bags and
go somewhere else. What would you say the percentage of
our book of business now people that live outside of
New York, now, Chris, probably twenty five percent.

Speaker 4 (10:01):
Yeah, maybe a little smaller than that. I don't know.

Speaker 5 (10:03):
I think I think a lot of people have gotten
or at least have a secondary home right in Florida, right,
But as far as like full time residents outside of
the state, yeah, I'd say, yeah, fifteen.

Speaker 2 (10:17):
And that that.

Speaker 3 (10:17):
Leads me to you know, one of the things that
we consistently say to individuals when you're doing your legal
work and you're sitting down with the attorney, we are
your zip codes. A lot of times people will say
to me that, you know, they're going to do their
estate planning and they're going to sit down with an attorney,
and I always say, before you do that, you make
the decision, do those legal documents. You got to make
sure you understand exactly where you're going to live. If

(10:39):
your primary resident's going to change from New York to Florida,
then you know, some of the things that you might
be doing here are not going to make economic sense
for you to do them at Florida because the house
is protected and the IRA is protected down in Florida.
You know, every county is different, every state is different,
and you better make sure you're stand exactly what those

(11:01):
rules and regulations are because you can have a huge
impact on your nest egge. But you know, one of
the things that we talk about consistently when we meet
with individuals is that's not only managing the money, it's
managing the overall estate plan.

Speaker 2 (11:16):
Right.

Speaker 4 (11:17):
Yeah, So it's a holistic approach.

Speaker 5 (11:19):
You're trying to dot all your eyes, cross all your te's,
make sure everything's protected. You want to set it up right.
So you want to know. We we met with the
people that are moving to Oklahoma, and you're saying that
to them, We're like, try and figure out what county
or at least once you start looking for homes in Oklahoma,
at least see look it up.

Speaker 2 (11:37):
Why why Old Oklahoma? Just out of curiosity? Is that
they have family there.

Speaker 3 (11:42):
I don't know, just from because your uncle and Leslie,
who are at our house right now, live in still Water.

Speaker 5 (11:49):
Yeah, I told them that, yeah, you know Oklahoma, yep,
So I think they just like the area. Yeah anywhere
but here anywhere. Yeah, it's crazy kind of the consensus. Yeah,
it's like your brother living in Florida and your sister,
both your sisters, Yeah, living in Florida down there. So
you wanted to talk a little bit Chris today about

(12:10):
roth Iras.

Speaker 2 (12:11):
Yes, I did.

Speaker 5 (12:12):
But before hitting on that, just to go back to
the market real quick, before the break, Yeah, we were
talking about bonds and small caps and how that's kind
of getting priced in with the rape cut. Just where
the market's at right now, like why, you know, everything
seems to be doing so good. The There's a couple
of articles that I read this morning. The first one

(12:34):
was from Business Insider and it said, uh, there's market
optimism that was fueled by big tech in buybacks and
basically it just went over. You know, why the market
was so bullish over this year because eighty one percent
of the S and P five hundred companies were beaten
their earnings estimates, which was the best result, you know,

(12:56):
since twenty twenty three. And a huge propon or factor
of this is the tech and AI sectors and they're
all power and like the the growth and the optimism
behind it and why you know you're seeing this this
run in tech stocks and the equities. But then you

(13:18):
switch over to the Wall Street Journal and read an
article that says, you know, care free market in quotations,
and then it says, but clouds may be forming. So
and it just goes over. You know how the market, Yes,
it's been on, it's been running. You know, inflation is
kind of lingering in the background. Elevated valuations of these companies,

(13:40):
you know, in these tech and AI companies, can they
continue to keep beating these earning multiples that they're just
you know, out those right, So and as soon as
they miss, you know, the they're gonna.

Speaker 3 (13:53):
They're gonna be hard, no doubt.

Speaker 4 (13:59):
That's kind of the census.

Speaker 3 (14:00):
So and I think that's what you're seeing now. I
think you're starting to see people build dry powder in
their portfolios. I mean, when you got stocks are up
to three four, it doesn't you know, probably pretty pragmatic
in order to take some of that profit and put
it on the sidelines.

Speaker 2 (14:17):
Right.

Speaker 5 (14:17):
So they were saying, like there's there's just elevated valuations.
In their opinion, political concerns as far as you know, geopolitically, and.

Speaker 2 (14:28):
There's also with the.

Speaker 5 (14:33):
With these s and P five hundred companies, there's you know,
like you were just saying dry powder that Business Insider
one was citing, you know, strong corporate buybacks. They have
seven trillion dollars set aside in dry powder. So that
is just a big old number that they have pushed
on the sideline. So someone something's kind of setting the
ball up here that maybe you got a big you

(14:56):
got a big purchase you're looking to make down the line,
you got you know, high month distributions. Her accounts up
you know, ten fifteen twenty percent year to date or
over the last you know, eighteen to twenty four months.
Maybe push some of that cash, rebalance the account into
some more bond focused or you know, small caps some

(15:18):
sectors that will benefit from rates being cut and kind
of get out of these like over not overvalued, but
just you know, highly appreciated would be the better word.
Tech stocks that have been you know, on a run
here because down the line, you know, it may they
miss earnings, like we were just saying, it could turn

(15:41):
around a company that just beat earnings, actually, but they
missed on one of their revenue on revenue or something.

Speaker 2 (15:47):
Yet one of their other performance.

Speaker 5 (15:49):
Factors was it's a stock called Applied Materials AM A
T is the ticker, and overnight, you know, you're sitting
there with the stock.

Speaker 4 (15:58):
Overnight it dropped like anywhere from ten to fifteen percent.

Speaker 2 (16:01):
Got kicked in the teeth.

Speaker 4 (16:02):
Yeah, so you could wake up the next day not
have anything to do with it.

Speaker 2 (16:05):
Well, that goes.

Speaker 3 (16:06):
That goes to individual stock selections versus a basket and
ETF for you know, a diversified mutual fund, however you
want to classify it. You know, as you get older
and you know, depending on the size of your bucket
of money. You know, I manage my assets a hell
of a lot different than probably most people in my
age because I'm working still, I have no desire to retire,

(16:27):
you know, so you know, I probably if you looked
at my portfolio for my age, but most people would say,
you're you're way way too tilted towards stocks. But you know,
I know that you wait long enough, stocks come back,
so it doesn't bother me. But bottom line is is
that you know, there's a lot of things going on
out there in the marketplace right now. But in Barns,

(16:48):
I get Barons every week. I get Barons every day. I'm,
you know, a subscriber to Barons. And the buzz out
there right now is private equity. Private equities now going
to be available crypto, a lot of things that the
Trump administration is allowing in retirement plans right And one

(17:11):
of the bold headlines inside Barons this week, I haven't
had a chance to read it yet, so I'm not
going to get into the nuts and bolts, but I
believe in it because you know, the thing is is
that the retail investor, in my opinion, is always late
to the game. You know, a lot of this stuff
comes out, but it says private equity is knocking on
the door of Americans retirement funds. Yeah, they don't let

(17:36):
it in. Don't let it in. Don't let it in.
Don't let it in. Yeah, that's interesting.

Speaker 5 (17:42):
But I did see something about robin Hood that app
that super easy to navigate on your phone. People going
in and buy stocks and stuff or mutual funds ETFs.
The they're really something that said that they're going to
allow private investments through their platform.

Speaker 4 (17:57):
So something must be working on the back end.

Speaker 5 (17:59):
Where these he's private either they're making ETFs or something
on the back end where they're going to release them.

Speaker 2 (18:06):
Excuse me, it's like privately. You know, it's like target
date funds.

Speaker 3 (18:10):
You know, we work with one of the major corporations,
uh you know here locally in the capital, just throughout
the state really uh national grid, and you know a
lot of their selection with Vanguard is target date.

Speaker 5 (18:23):
Well yeah, even your ge one of all of them
they well, a lot of companies, it's all well it's
c ya.

Speaker 3 (18:29):
They're covering there ends. I mean they're acting in a
fiduciary capacities these and they win there with these target
date funds. I honestly think that you're better off managing
it yourself just by using bond funds and the S
and P five hundred rather than target date funds. Because
people don't realize is that you look at you got internationally,

(18:51):
you get emerging markets, you got a lot of what
I considered to be stuff that people should probably shouldn't.

Speaker 5 (18:56):
Well, someone's managing that target date fund. So it's different managers.
And we got to say goodbye, we got to break here.
We'll be right.

Speaker 3 (19:04):
Backing that are still working there's two things that I
keep on saying over and over and over again, whether
you become a client or not where you listen to
the show, consistently get a WROTH account. If you're not
allowed to do it because of your income, if you

(19:27):
have the ability to do with through your employer, do
it through your employer, because there's no requirements with the
WROTH for one K as far as income. Right, you
could whether you make one hundred thousand dollars or eight
million dollars, So you can still contribute to a WROTH
for on one K. And what's great about it is

(19:48):
two things, right, tax free growth, tax free distributions like that,
tax free growth and tax free distributions right, and there's
no other investment like it. Yeah, it's after tax money,
but that's okay, folks, that's okay to pay a little
bit of money while you're accumulating because the WROTH option

(20:13):
is probably the greatest thing since slice spread. And then
the HSA he'll save his accounts is right behind it.

Speaker 2 (20:21):
Yeah.

Speaker 5 (20:21):
I was just preaching HSAS to a younger woman who
came in. She was in her mid thirties, and her
husband didn't come because he's like we're too young. We
don't need to go in there and you know, chat
with those guys. But it's like, you're never too young.
We have clients who are younger than me in their
early early twenties, late teens, early twenties, and they've been

(20:45):
with us for a couple of years.

Speaker 3 (20:46):
So it's like, I think about the kid that started
with us at eighteen. He was the moment yards and
all that stuff. I just talked to him the other day.
He's a great Kideah. I went to high school with him.
He's a great kid. Yeah, he's a great kid.

Speaker 2 (20:55):
I know.

Speaker 4 (20:56):
And now he's done well, he's actually a cop now
I know.

Speaker 3 (20:58):
So I didn't want to let the cat out of
the bag here and don't identify him too much, but
you talk about her that same name. He's just got
It's just you know, some people just get their act
together much sooner, younger than other individuals, and he just
seems to be one of those guys that just really
has it. He's right on the ball. So you were
talking with the younger woman about what the Roth option Roth.

Speaker 5 (21:22):
Well, she came in and you know everyone kind of
hears about Roth. So she's like, I was thinking about
opening up a roth Ira, and they said, I think that's,
you know, one hundred percent what you should do if
you want to open it, because it makes all the
sense in the world. But yeah, I also told her
to have her and her husband check and see if
they because they didn't have health insurance. So it's like

(21:42):
you check through your company that if they have a
high deductible plan, you can hop on contribute to an HSA.
You know, if you let it sit, just like the
guy from National Grid who was telling us that he
did it, and you let it sit. You're you're genuine,
genuinely pretty healthy. You're in your thirties. You're probably not
going to the doctor that much unless you have health issues.

(22:04):
But if you don't, it makes all the sense in
the world because you can contribute to the HSA account
if it just sits there for five, ten, fifteen years
before you have to use substantial health payments out of it.
You just let it sit for five ten fifteen years
invested in the S and P five hundred or something,

(22:25):
you know, within the equity market for growth, and that
money has been grown for you and you can and
it's never going to go away. You just roll it
out when you retiree you can use it for medical
expenses in retirement.

Speaker 2 (22:37):
You want to ensure.

Speaker 3 (22:38):
You know, one of the things we just had a
woman that came in that we were trying to do
some tactical planning on a substantial amount of money that's
in qualified assets, and one of the things that we're
talking about was the conversion. You know, converting some of
the money over to the RATH. Problem is is that

(23:00):
she's already subject to R and D required minimum distribution.
You can't you can't do it. That portion of the
money that comes out that's required minimum distribution, you can't
not use that in order to put it into a WROTH.
So she'd have to accelerate over and above that. And
when you look at it as far as the tax ramifications,

(23:22):
it's pretty significant. So you know, you just got to
make sure when you're doing stuff like this. You know
a lot of people get into the wroth four O
and K or the roth ira and they're not looking
you know, they're not sitting down with a plan. And
I say this over and over again. I was just

(23:44):
talking to a couple the other day and we were
talking to them about you know, building a plan. And
you know, they basically said, what do we need to do?
And I said, I've said it to you now about
five times. You don't have a plan. Do you understand
that you don't have a plan. You know, you build
a house, you have a blueprint.

Speaker 2 (24:04):
Right.

Speaker 3 (24:05):
You go to a basketball game, the coach has some
kind of a plan, a game plan, right, football game plan.
Everybody has a plan. A lot of people come in
and they got helter skelter, They got money all over
God's creation. They don't know what's going to be retained,
what's not going to be retained. Do you understand that
you can disclaim assets money that should go to the

(24:27):
wife or should go to the husband, and the rest
of the money should go to the kids or the grandkids.
You need a plan. It's as simple as that, right,
find a team that you feel comfortable with and get
a plan.

Speaker 5 (24:40):
Yep, And let's circle back to the roth here the
uh I just looked up. Did you know there's a
super ketchup ages sixty to sixty three now the new
super Ketchup?

Speaker 2 (24:50):
Yeah?

Speaker 3 (24:50):
Yeah, I don't know that. I'm on top of everything, Chris.
Don't you think anything goes by radio? I don't know
the but anyway, a lot of people don't know.

Speaker 5 (25:03):
Like we were just talking to this guy yesterday and
he didn't know that he could contribute because he had
a roth Ira outside of his four oh one K
plan and he was doing all pre tax in his
four to one k YEP, and we told him, you know,
your three years three four years out for retirement, maybe
switch your pre tax contributions to start incorporating WROTH through

(25:26):
your four and one K plan in your last couple
of years of your high earning your highest earning years
while you're working, so you're contributing a lot more to ROTH.
And then he's contributing outside of it too, So you
can still contribute outside of it as well with additional money,
but you can also you know, double down and do
it in your four to one K plan as well,
which he didn't know that was a possibility. So within

(25:47):
the four to one K plan, you know, the standard
limit is twenty three five hundred dollars for this year,
but then ages fifty to fifty nine you have an
additional sixty four and above, but you have an additional
seventy five hundred dollars that you can add on to
that to get to thirty one thousand, and now with the.

Speaker 2 (26:07):
New super catchup No.

Speaker 5 (26:09):
Ages sixty to sixty three, you can do an additional
eleven two hundred and fifty dollars on top of the
twenty three thousand, five hundred, So you can do a
total of thirty four thousand, seven hundred and fifty dollars
if your playing allows it.

Speaker 3 (26:23):
So that's and you multiply that lot, you multiply that
by two husband and wife that might have the option
to do that. It's a whole hell of a lot
of money, right. Throw an HSA on top of there too.
You know, they got almost one hundred thousand dollars a
year that they're going to have as far as tax
preference money. You know, one of the things that you
here consistently, you know it. Just met with a guy

(26:45):
the other day. We were talking about you know, he's
sitting there with these large R and ds, and he said,
you know, when I worked, you know, over the years
that I worked, you know, the roth Ira and the
specifically the roth four oh one K did not exist
for most of the years that he was employed. And
he says, if it had, he would have put the

(27:07):
bulk of his money after tax in the raw rather
than traditional because he you know, the consensus is is
that when you retire, you're going to be in a
lower tax bracket. That's not necessarily true depending on the
amount of wealthy have created pension benefits, social security and
everything else. So in his situation, you know, no matter,

(27:30):
he probably would have been better off to take the
WROTH option when he was accumulating money simply because of
all the right off and the deductions that he had.
And now he's sitting there, he's being forced to take
requirement of distributions and he's not in a lower tax bracket,
and now he's got to pay the taxes because of

(27:50):
these contributions that he put in pre tax, pre tax pretax.

Speaker 5 (27:55):
Right, And that's the thing too to hit on with this,
this WROTH inside a four to one K, you don't
have income limitations on it. Outside of a four to
one K if you're just doing it in like a
raw ira you open at a you know, brokerage the
income eligibility, so for single filers, it'll phase out around

(28:18):
one hundred and fifty thousand dollars a year and then
you become ineligible if you're making one hundred and sixty
five thousand and up, so it'll just completely phase out.

Speaker 4 (28:28):
You're not eligible to contribute to a raw IRA anymore. Yep.

Speaker 5 (28:31):
Married Finally, jointly, it's a little bit, a little bit higher,
phases out at like two hundred and thirty six to
two hundred and forty five thousand dollars.

Speaker 2 (28:38):
So all right, we got to take a break. We
got a hard break.

Speaker 3 (28:42):
In about five seconds, we'll be back worth more knowledge
for 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 help you create a personalized
retirement plan so you can relax knowing you are for
take action today. Call eight eight eight five eight zero

(29:03):
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. 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

(29:24):
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 last a lifetime.
At the Retirement Planning Group, we build customized income distribution
pins so you can retire with confidence, retire smart, live well.
Call eight eight eight five eight zero nine one nine

(29:45):
for your complementary consultation. 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,

(30:05):
and position yourself for the opportunity. Don't wait, take action.
The 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. Retirement is
in a Sunday thing. It's a now thing. Whether you're
just starting out or nearing the finish line, the best

(30:26):
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 and take action. Eighty
eight eight five eight zero one nine one nine. That's
eighty eight five eight zero one nine one nine, and
your future will thank you. How you manage that over

(30:49):
the age of sixty five, seventy, whatever the age is
that you retire is going to be critical, not only
as far as your net return, how much is going
to go in your pocket for the state of the
federal government, but ultimately if you get sick or ill,
where's the money gonna go. Then we're gonna talk a
lot about that. Denon Bouchard's gonna come on in the

(31:11):
next hour. My former partner who specialized and protection worked
for meeka and work with me for ten, twelve, fifteen years,
whatever it was, We're gonna talk about, you know, understand
what you're creating, you agreet.

Speaker 5 (31:25):
Yeah, Yeah, I agree. I mean, I think the more
you're informed on it is, like obviously, the better. A
lot of people are just not educated on what they're
really contributing to what they're building, and then they get
to the point where they're, you know, a couple of
years out from retirement and they're trying to figure it out.
Like the guy yesterday was saying to me, He's like, wow,

(31:46):
this is this is a lot of information. It's like,
I'm this is kind of overwhelming at some times, and
I'm like, well, yeah, it's you're three four years out
from retirement, so you came in at a good time.
I was like, imagine the people that come in when
they're a year out you try to do it all
in the same year. Like, it's a lot of information.

Speaker 2 (32:02):
We got to.

Speaker 5 (32:04):
Get you up to speed on everything that we're going
to be doing and everything that goes into, you know,
building out a retirement plan. So it's something that if
you can start building out the plan five years out
instead of all in one year, it'll it'll be a
lot smoother.

Speaker 2 (32:20):
And that's what I was telling, well, that's that's one of.

Speaker 3 (32:22):
The reasons why I worry about alternative investments and crypto
and you know, private equity go into four owin K participants.
You know, if that's going to happen, then there should
be some kind of control that no more than five
or ten percent of the total those all those investment
options should go in alternative types of investments because you know,

(32:46):
when there's a mania like this, that's usually that you know,
hazard there's a sign out there you know, purchaser consumer beware.

Speaker 2 (32:54):
Yeah, I think.

Speaker 5 (32:55):
I think with the crypto thing, I think with people
who are getting into the two big ones that we
see right now is his Bitcoin and ethereum obviously, but
those are gonna those are gonna act like if you look,
they're already tracking like what S and P five. I mean,
it's more volatile, but they're they have ETFs on these

(33:15):
now you can buy him on these exchanges. You can
buy it directly through Fidelity. I'm assuming Vanguard and all
the other companies. You can do the same thing. It's
they're they're getting more and more like you know stocks.

Speaker 3 (33:30):
On any other they had a guy and they had
a guy very similar, and they had a guy on
TV the other day on Bloomberg.

Speaker 2 (33:38):
He's a billionaire.

Speaker 3 (33:39):
He got involved in crypto years ago when it was
like a dollar and now he's a billionaire. He's like
thirty some years old. He's a billionaire. And he basically says,
it's still I don't I don't. I don't know enough
about this to even have a conversation about it. Okay,

(34:01):
to me, it's still like somewhere in the outer space.
Try a lot of people, it is, Yeah, yeah, trying
to understand crypto and you know you can you can
have your own coins now, and.

Speaker 5 (34:11):
Well there's a ton of I mean yeah, me and
you could sit here and type in you know, uh,
create a cryptocoin dot com or whatever, and we could
create one. But that doesn't that doesn't mean anything, you know.
And like a lot of celebrities and people out there,
you can you see them creating these coins, but it's
all just to get rich quick scheme. Like it's they're
gonna get a coin, get a bunch of people to

(34:32):
invest in it, and then they're gonna sell theirs. It's
just that's what they're saying, you know, buyer beware of
is these meme coins is what they're calling them. Like
people are going in and just creating a coin, trying
to get a bunch of people to buy into it,
so that there's you know, they make all millions of
dollars and then they just sell it and there's.

Speaker 2 (34:51):
Not a lot of restrictions on it.

Speaker 5 (34:52):
Right now, there's probably a ton of lawsuits going on
behind the scenes with the people that are doing all
these meme coins, and then everyone else is going broke
off them.

Speaker 2 (35:01):
But there's there's ones.

Speaker 5 (35:03):
If you're looking into crypto, you just got to do
your research, go into the vetted ones, go into ones
that have been around, you know, for a long period
of time. It's just like any other investment. You know,
if you're looking at an ETF, you're looking at a stock.
You're gonna buy a penny stock, or you're gonna buy
like you know, Apple, Google, Microsoft, Like it's it's the
same thing. And the Apple in Google or Microsoft of

(35:24):
crypto is is ethereum and bitcoin.

Speaker 3 (35:27):
Well, you know, I get to you know, what's what's
a suitable investment when you're in your sixties and seventies.
M you know, if you gotta yeah, I mean, if
you've got a Sandbox account, you want to play around, Yeah,
we're gonna go play around.

Speaker 5 (35:39):
We're not recommending, you know, people who are retired taking
income to say, hey, let's you know, load up on bitcoin.

Speaker 2 (35:44):
It's not well, you know, for.

Speaker 3 (35:45):
The people that have been basically banging the drum and
saying that, you know, you're missing on at a huge
opportunity here, they've been right, oh yeah, yeah, I mean
the damn thing a few years ago or a couple
of years ago was like twenty five thirty thousand. Now
it's what one hundred and twenty or whatever the hell
it is.

Speaker 2 (36:02):
Yeah, I mean it's one.

Speaker 3 (36:03):
Hundred and twenty five thousand, one hundred and twenty five dollars.
I mean it's just uh, you know. So the thing
is is that like anything else. So your brother you
I know, your brother's big time into it, and you
know the train has passing me by and I'm in
the camp.

Speaker 2 (36:21):
Now.

Speaker 3 (36:22):
Fidelity come out has come out. They have a uh
uh crypto fund now or ETF.

Speaker 4 (36:29):
Yeah they can, well that's the thing. Yet they have ETFs.

Speaker 5 (36:33):
I think it's like f BTC and then f et
H is like their ETFs on it. Yeah, but and
it just tracks the performance of bitcoin itself. But if
they through the platform, we can set it up to
where you're buying bitcoin itself and buying ethereum itself.

Speaker 4 (36:49):
I think that's the way you got to do it.
I don't think.

Speaker 5 (36:53):
I mean, yes, you get the benefit of like the
traditional market, it's in ETF, it opens and closes, but
bitcoin itself is a it's a the crypto market. I
don't even really associate with like the traditional market because
it's twenty four hours a day round the clock, seven days.

Speaker 2 (37:09):
We never shuts down, right, so it's three.

Speaker 5 (37:12):
So I wouldn't even want to associate that with the
traditional market that you know, opens and closes Monday through Friday.

Speaker 2 (37:19):
Yeah, if that's if.

Speaker 5 (37:21):
It's me personally like, I want to buy it as
like almost like a separate asset class outside of my investments,
as just like an equity and like an equity play.
But I would rather be in the one that if
Saturday morning, I wake up and it's you know, everything's
you know, going down tanking and you can't get out

(37:43):
because you're in the ETF and it's going to open
up Monday and on. No, No, that makes sense, you
know what I mean. I'd rather just get into it
that way.

Speaker 3 (37:51):
So, you know, I guess the consensus here on my
part would be this, you know, you're going to start
seeing more and more opportunities out there that we haven't
seen traditionally in four oh one ks, that you, as
an individual, you're going to have the ability to invest
in these types of things.

Speaker 2 (38:10):
Make sure you understand what.

Speaker 3 (38:11):
The hell you're doing, okay, because this mania, you know,
I'm always Wall Street always comes out with these manias, right,
I've seen a lot of them in forty three years,
and sometimes they don't work out for you as a
consumer of financial products. So when you start hearing alternative investments,
crypto private equity are coming to your four oh one k,

(38:34):
you got to ask yourself what could possibly go wrong here?
You know what's what's the real, what's underneath the hood.
So that's my little tidbit for today. Buyer beware. Yeah,
you should know everything that you're putting money into. You
always do your research on anything you're throwing thousands of

(38:56):
dollars at or hundreds of thousands or millions or howe
much money you're put into something. So I know that
you're you're heading to the golf course. I will be
there shortly. Mister Bouchard is coming in for the next
hour with me. Your overall feeling right now as we
head into the fall of twenty twenty five, you bullish

(39:19):
or bearish?

Speaker 5 (39:21):
I think I'm leaning exactly towards what that Wall Street
Journal article said.

Speaker 2 (39:28):
I'm cautious.

Speaker 5 (39:29):
I don't make sure, I, like you, know what's coming
out with these tech companies, and I think AI on
an efficiency standpoint, these companies are beating their earnings because
things are becoming more efficient, they're cutting costs, they're you know,
they're cleaning up stuff due to how productive AI is
helping with productivity. But it's not there's going to be

(39:53):
a day where they miss these You can't just keep
beating your earnings by these multiples that they're beaten them at.
So I think eventually, you know, if now's the time.
You know, you got like I was saying earlier, you
got big purchases, you're taking a high monthly income, You're
you know, something's coming down the line. Your account's done
great over the last couple of years. Might not be
a bad time to rebalance. Yeah, get some more bonds in,

(40:14):
get some.

Speaker 3 (40:14):
More might not be a bad time to have some
dry powder cash. You're getting four percent still sitting in cash.
It's not a bad idea. So again, you want to
come in and have a chat with us. You know,
Chris meets with a lot of individuals now and be
more than happy to have a conversation. We offer a
complimentary consultation at our office. You know, there's five locations

(40:35):
in New York. We use the Regis Corporation throughout the
United States. That's an executive suite. So if we're in
a city we have multiple appointments, then we'll go to
Regis Corporation if they have a facility there and use it.
Call our office at eighty eight five EAT zero one
nine one nine. That's eighty eight five eat zero one
nine one nine. And to say, listen, I listened to

(40:57):
David on the radio or on a podcast. However you
listen to us and we're weren't happy to sit down
with you and hopefully facilitate what you're looking for. And again,
as always, you know, our job is to educate and
inform you and not to sell you. And then the
first meeting is a chat, and then the second meeting
when you come back, we try to go through some

(41:18):
of the things that we think you should do. And
then typically the third appointment is one where we basically
put the rubber to the road. So again we'll be
right back after the news.

Speaker 1 (41:30):
The opinions, viewpoints, and promise is made during the following
program are not those of wgy it's staff management or
parent company, iHeartMedia.

Speaker 3 (41:39):
A healthy sixty five year old couple right now, they
anticipate you're going to have each individual out of pocket
expenses and this has nothing to do with long term
care one hundred and seventy two thousand dollars over their lifetime.

Speaker 2 (41:53):
Over their lifetime.

Speaker 6 (41:54):
Yeah, it's easy to see.

Speaker 2 (41:56):
It easy to happen. Yeah, you trip up and get unhealthy.

Speaker 6 (42:01):
If you have to go out of pocket, you're draining
down everything that you've worked hard with. If you don't
have a good fortune to have health insurance and yourself insured,
it is very.

Speaker 3 (42:15):
Very difficult. So I want to get into the When
you and I were working together, we both had the
opportunity to utilize the New York State Partnership for Long
Term Care YP, which there's still a lot of policies
out there for individuals that purchased them when they were available.

Speaker 6 (42:36):
It was a good, good policy because basically what you
did is the policy gave you X amount of dollars
to utilize. Then if you exhausted that amount of money,
then the state would take over. It would take a
portion of your income, but not touch your asset. Right, Okay,
if you're self insured, the first thing you do is
going right into your pocket and then they're going after

(42:57):
your asset. So that was a protection and upfront protection
which I took advantage of and still have right right
and hopefully I'll never have to use it.

Speaker 3 (43:10):
Let me just stop you, because there used to be
policies that were life.

Speaker 2 (43:14):
Pay, ye condensed pay, like a ten ten pay.

Speaker 3 (43:19):
Now those policies that were ten pays, because I know
what happened to the traditional ones where they get little notices.

Speaker 2 (43:25):
Every once in a while it's going to be an increase, there's.

Speaker 3 (43:27):
Going to be an increase in your in your policy,
and people freak out and they don't know what to do,
right because most of the well the reason why I
say that is because most of the people that sold, sold,
and emphasized sold long term care policies are no longer
in the business, right, They're no longer They got nothing

(43:47):
to mark.

Speaker 2 (43:48):
It's the market's not there anymore. So markets the product.

Speaker 3 (43:52):
So if you had right exactly, if you had a
ten pay and you completed it, yep, And are the
insurance companies going back to those individuals and so they're.

Speaker 2 (44:03):
Going back to everybody get it from them? Definitely? They are,
very definitely.

Speaker 6 (44:07):
So you have to make a decision and it usually
come with options, you know, option A, B or C. Right,
take this amount of an increase, no increase, you know,
stick with what you've got, or take this increase or
take that option. So if everybody comes to me and
says I'm going to make changes to your policy, I'll say,

(44:28):
all right, show me where the law is that you
can make the changes, and if you do make the changes,
I'm going to make it to my benefit. I'm not
going to drop everything i've got just because you're making changes,
because obviously I'm self insured if I drop the policy,
and that's not a position you want to be in.

Speaker 2 (44:46):
That's not a position you want to be it.

Speaker 3 (44:48):
Well, everybody's got this panacea that I'm going to do
the trust and once I do the trust, everything it's
going to go away. And it's that that's not true.
And you you know, you know it's not true, and
that's I trust.

Speaker 2 (44:59):
You want to find you turney to got you into
the trust? Right, that's exactly right.

Speaker 3 (45:03):
Yeah, now try to find him exactly because most of
them are either dead or they're gone, or you know,
they're no longer in business.

Speaker 2 (45:08):
Yeah, it's not it's not an option.

Speaker 3 (45:11):
So the thing is is that the policies that are
currently out there, you know, are a lot different than
the ones that you and I. There's really nothing like
the partnership. So we're not even going to talk about
the partnership because there's no uh, total asset protection or
dollar dollar for dollar. So the only thing that you
could possibly do now are these alternative products that you know,

(45:32):
the dual where it gives you life insurance, insurance in
long term care. What's your position on those?

Speaker 2 (45:38):
Well?

Speaker 6 (45:39):
Better than nothing, right, that's the first thing. Get it,
get its young stage that you can at the health
that's the best healthier you can.

Speaker 2 (45:47):
And it.

Speaker 6 (45:50):
Is as simple as being uninsured or being insured. Right,
it's always better to have the insurance company in front
of your dollars instead of your dollars direct.

Speaker 2 (45:59):
Just how big of a bus her do you want?
Exactly exactly what's affordable?

Speaker 6 (46:02):
You know you can't go broke putting it into insurance premiums,
but it can save you a great deal of money.
So from an affordability standpoint, if you're looking at putting
a plan together, what do you want to protect? Do
you have money to protect? If you do, how do
you protect it yourself? Insure or you go out and
use one of these policies that allows you some maneuverability

(46:25):
if become ill or don't become ill.

Speaker 3 (46:28):
Right, your mom was how long with her dementia I
want to say five seven years so, and she had
a partnership. So people that had those policies basically praise
them exactly that it was the greatest thing since sliced bread.

Speaker 2 (46:46):
Very definitely.

Speaker 3 (46:47):
You and I had a client where she had dementia.
The son and daughter still to this day talk to
us as if we gave them the best thing they
could ever possibly have because the policy paid well over
a half a million dollars for her care.

Speaker 6 (47:02):
Well back when when those policies were available, we were
helping people. You know, I felt real good in that
marketplace because it can just totally wipe you out when
you get in that situation, not only you, but the
people that you want to inherit your wealth. Right, so
you're protecting generations with that policy.

Speaker 3 (47:22):
Best thing you ever said was the one percent rule? No, seriously, yeah,
well that made all those sense in the world. Well,
if you could take one percent off your portfolio to
protect everything that you've ever accumulated in your.

Speaker 2 (47:33):
Lifetime, that's correct, right, you did listen a couple it
was a slower, pretty word. Oh you know how much
I'd love the insurance. When I first met you, Oh
my god, you would run out of the room.

Speaker 6 (47:46):
Insurance would come up, and you see, you see his
rear end going out the door as soon as came up.

Speaker 3 (47:51):
But but I I've you expanded your I'm a believer.
Oh yeah, one hundred percent. But my age has something
to do with it too.

Speaker 1 (47:58):
Yeah.

Speaker 6 (47:58):
But you also see how it affects people if they don't.
And that's that's the most harmful thing to watch somebody
go through everything they've worked so hard for on that situation.

Speaker 2 (48:09):
Very differently.

Speaker 3 (48:10):
All right, we got to take a hard break. I
got Dan Bouchard here. We're talking about insurance and retirement.
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
can relax knowing you are prepared. Take action today called

(48:30):
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.
You've spent a lifetime saving for retirement. Now it's time
to make that money work for you. Here's the secret

(48:50):
most people miss. You have to create your own retirement
income plan. Social security is not enough, tensions 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

(49:10):
five eight zero nine one nine for your complementary consultation.
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.

Speaker 2 (49:25):
Are you ready?

Speaker 3 (49:26):
Your future isn't 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.
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. Retirement is
in a Sunday thing. It's a now thing. Whether you're

(49:49):
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 and take action eighty
eight five eight zero one nine one nine. That's eighty
eight five EID zero one nine one nine, and your

(50:12):
future will thank you.

Speaker 4 (50:14):
Portions of the following program will be recorded.

Speaker 3 (50:17):
To basically go, you know, only to the long term
care facility when they absolutely have to. And that's not
the case when you're trying to qualify for Medicaid.

Speaker 6 (50:26):
Nope, they Medicaid will put you through the hoops. You
gotta jump through enough hoops to get to medicaid right.
And basically you have to go through everything you've got
before you can get to medicaid right. And being self
insured means all assets, you know, tapping into your home equity, sure,

(50:49):
tapping into your four oh one K, your iras, just
to do what you've got to do to get through.
And I'm not saying this happens everybody. It doesn't, but
those it does happen into really really affects generations, generations,
and and that's you know, we go through this life
working hard. I want to pass everything on to our errors.

(51:11):
And when you see it dissolve that way, it really
makes you scratch your head and say, boy, I gotta
do something.

Speaker 3 (51:20):
Because the average cost right now, I heard Lupiro talk
about it just recently. It's about seventeen to eighteen thousand
dollars a month right now. Wow, in the Capitol District region. Well,
I know that you have a partnership program. Yes, your
partnership program has got to be what at least five
hundred dollars.

Speaker 2 (51:36):
A day now up over the years, Yeah, whatever, because
you got it at the early stages, so you got it.
You're under two undred and fifty dollars a day back then.

Speaker 3 (51:45):
Yeah, so it's got to be at least five hundred
dollars a day right now. And the thing is is
that what's amazing about that program was that it basically
gave you some kind of security, some kind of courtly
to know that you had this pool of money that
you could utilize.

Speaker 2 (52:03):
That bridge.

Speaker 3 (52:04):
Right, it's exactly right, a bridge. But the bottom line
gets down to now that that doesn't exist. As I
said to you at the beginning, when we started talking
about this, these hybrids now, the life insurance with the
long term care. Your position is something's better than nothing.

Speaker 6 (52:19):
Oh, very definitely, because you know, like everyone, you look
at a situation, how many people are going to be
in a long term care situation. They may just up
and die and not begin in there. Between a husband
and wife of spouses, one of the two very likely
will be in that situation. The question is what assets

(52:40):
do you use to do that? Do you want to
go in pocket? Do you want to self insure whateverything
you've got? Do you want to put a band aid
or protection in front of it with a policy, And
if the policy can give you the ability to have
life insurance or this protection, why not?

Speaker 2 (52:58):
Why not?

Speaker 3 (52:58):
If anybody there as any questions, that's listening, anybody out there,
anybody out there, hello, But if you have any questions,
you know Dan has done this for decades. He's got
more experience and expertise and long term care than probably
anybody that I know. I'm going to open up the
lines here. It's one eight hundred talk WGY. That's one

(53:21):
eight hundred eighty two five fifty ninety nine. If you
have any questions about your New York State Partnership program. Uh,
if you have any questions about long term care planning,
I like the one DAN that you used to always say,
the one percent rule. If you could take one percent
off of your investment portfolio in order to protect everything
that you've you you know, accumulated in your lifetime in

(53:45):
order to give you the care that you want at
later stages of life, then you're doing a pretty good job.

Speaker 2 (53:50):
Yep.

Speaker 6 (53:51):
And if you stop and think it's not just a
band aid, you've got a support system by taking that
percentage and utilizing towards protecting that those assets all right,
being alive, you're churning out money each year just through
your investments, pension, whatever it might be. And instead of

(54:15):
self ensuring, without any backup or band aid, you can
go through your own assets pretty quickly. So put a
policy in front of your assets to protect those assets.
It's the best way I can put it.

Speaker 2 (54:28):
Yeah.

Speaker 3 (54:29):
I like the idea with these HSA now the Health
Savings accounts. You can utilize them in order to purchase
long term care. But I also like them because the
ability for you to basically have you do a combination
of the HSA account with some form of long term
care coverage. I think basically, you have a pretty good
plan under the current market conditions.

Speaker 6 (54:50):
And when you look at the alternative of something happening
for a husband or a wife, have those protections and
how much protects And you think about how long you've
worked and how hard you've worked, and why you want
this money to move through your retirement and also be
left for your errors. You're saying to yourself, I got

(55:14):
to protect this somehow, right, all right, don't don't just
leave it out in the open to get kicked right.

Speaker 3 (55:19):
The It's funny because I was just thinking, I don't
know what, maybe just think of this, but I kind
of chuckled myself here. There used to be a lot
of organizations and we used to do it ourselves. We'd
go out and do the rubber chicken dinner. Yeah, and
we'd go out, we'd present. There used to be one
group in particular, I can't even think of the name,
but it doesn't make any difference. And that's all they did.

(55:40):
They all they did was market long term care, basically
the partnership program. And they'd have the dinners and they
have people come in and they'd eat the dinner and
they would talk about the benefits. You don't see that
at all. No, you know, as a matter of fact,
I say people, I don't know. That's why I'm asking you.
Where do people go to get educated at us? I
have no idea because to have a basic understanding of

(56:03):
how our system affects us when we get in these situations,
and then how to protect ourselves from those situations. To me,
you've got to have somebody to work with. You've got
to have a financial planner. You've got to have someone
who will watch over these things and put you in
a position, whether it be trust, whether it be setting asides,

(56:28):
whether it be passing it on to the next generation,
taking other options if you need guidance. You know, people
that have lots of money, this is not a big deal.
But the people that you know, it's the middle class
class people that really get kicked in the camp with
this type of planning. And the thing is is that
a lot of people think, and I say this over

(56:48):
and over again because I see it consistently, where they
think if they do an irrevocable trust, the medicaid trust
that protects them, they don't understand is that you're still
going to be out of pocket, especially if if you
need home care, assistant living. And depending on where you
want to go, a lot of times they don't say, listen,
pick the nursing home that you want to go to.

(57:09):
You're going to go wherever the bed's available. And I
don't know what, is it fifty or one hundred mile Radiusly.

Speaker 6 (57:13):
Yeah, it can be Vermont, it can be in Massachusetts,
wherever the bed pops up that they can pop you into.
And it's really that simple. And again, I'm an insurance man.
My background is in the financial planning side of things.
Is it best to self insure and just roll the dice,

(57:34):
or is it best to back it up with a
given policy, whether it be the combination life insurance, long
term care insurance, whatever's out there, it's got to be better,
more affordable and self insuring if either one of you
or your spouse get in that situation.

Speaker 3 (57:50):
Well, Bobby a good friend of ours, Bob v Andy
from Advisor's insurance broker. You know, for years and years
their focus was just on long term care, mostly just
long term care planning. The dynamics of their organization has
changed too, as far as they're more involved in a
broader platform of insurance products. But I had Bob on

(58:15):
I don't know, probably about six eight months ago, we
really had a one hour show that was specific just
about what was going on in long term care planning,
and he was the one that basically said to me,
I didn't realize that the New York State Partnership still existed.
I thought it was gone. But the organization still exists
because it monitors. But you can't get a policy.

Speaker 2 (58:37):
Exactly.

Speaker 6 (58:38):
If you have a policy, it'll take care of you,
but you can't go out and get one now.

Speaker 3 (58:42):
And I thought when the interest rates moved up that
the insurance companies would come out in some form of
a policy dam because that was always the big thing.
It was the amount of people that held onto the policy.
They weren't getting the people walking away from them, right Yeah.
But it was also the interest rate environment. Interest rates
had dropped so dramatically that they're reserves that they were

(59:06):
mandated to keep.

Speaker 2 (59:07):
YEP. As far as the amount of money that was
fixed income, there just.

Speaker 6 (59:10):
Aren't the companies out there carrying the policies. They don't exist,
they don't and it's a vowel area for both the
insurers and the insurers, right, all right, I mean it's
big money for an insurer to take care of that risk,
all right, for the premiums that they get.

Speaker 3 (59:29):
Well, it must be because you've got insurance companies that
are writing fairly substantial checks ye to policyholders to basically
say go away. Yep, we don't want you know, we
don't want to have this responsibility.

Speaker 2 (59:41):
Exactly, exactly.

Speaker 6 (59:43):
Yes, it's a sticky area, very sticky. But again, like
anything else, look at your assets. Is it smart to
take a small, small percentage of those assets to protect
the assets. That's all we're talking about here. That's all
we're talking about here. It's an all enough situation. If

(01:00:03):
it's never going to happen to you, God bless you,
all right, if that's what you think, and you can
self insure and you don't care what happens to the people.

Speaker 3 (01:00:11):
What's the bulk of the people. The bulk of people
that are listening to the show have no protection they.

Speaker 6 (01:00:18):
Have And it's understandable because these are not simple areas
to understand.

Speaker 2 (01:00:23):
These are not simple things to do.

Speaker 6 (01:00:26):
You know, what do I know about medicare or medicaid
and how it affects my assets? Where do I go
to find that information? Who's out there giving this information out?
It's not somebody you can go to to get so
you're flying by the seat of your pants and helping
you don't get knocked down.

Speaker 3 (01:00:46):
All right, We've got Dan Bouchard. He's going to be
here for the extra half hour. We're talking a little
bit more about the insurance industry and how to protect
your assets in retirement. If you have any questions or comments,
we'd love to hear far me. It's one eighth talk WGY.
That's one eight hundred eighty two, five fifty nine forty nine.
One eight hundred talk WGY. We're gonna have to take

(01:01:08):
a break care for the local news, and we come back.
We're going to talk about this in greater detail, but
if you have a specific question, I'll give out the
number one more time. One eight hundred talk WGY. That's
one eight hundred eight two, five fifty nine forty nine.
We'll be right back after this quick message. I mean,
when I think about those policies that we originally had,

(01:01:31):
the survivorship sure because of the higher interest rates and
the minimum amount of money that you could basically the
velocity on them Dan, we're Yep, it was unbelievable. I
actually didn't believe it when I first saw it because
the numbers were staggering.

Speaker 2 (01:01:44):
Yep.

Speaker 3 (01:01:45):
As far as the amount of wealth transfer that you
could pass on totally tax free to the next generation, yep.

Speaker 6 (01:01:52):
Well, when when we work hard all these years and
we look at where we're vulnerable, and you look at
how do you protect yourself, how to become unvulnerable, it's
shifting the risk. It's like you do with your automobile,
your homeowners. You just say, look, if something catastrophic happens,

(01:02:12):
I don't want it all on my shoulders. I want
to pass it through the insurance company and I'll take
a portion of my income in order to protect that.

Speaker 2 (01:02:19):
That's what we're talking about with the premiums.

Speaker 3 (01:02:22):
Well, you've done a lot of work in insurance, life, insurance,
long term care planning. This is the one that I
wanted to get in with you in this segment, just
to in general terms, not to get into any specific
product or Now you hear a lot of negative about annuities, Well,
and I don't understand it because I'll tell you what.

(01:02:44):
I don't understand it because everybody talks about you know,
they're ill liquid, they're expensive, they you know, but they
never talk about the benefit. They always talk about all
the negatives that they perceive, that they perceive. And I
always you know, of all the years that you and
I have done annuity business and we created pension plans
for people, not one of those individuals ever came back

(01:03:06):
to us and said, you know, I wish we never
did this.

Speaker 2 (01:03:09):
Now what well, now.

Speaker 6 (01:03:11):
What understand an annuity? It's it's all around you. You're
so security is basically annuity. They take a sum of
money over what you've earned over the years, and they
pay it out to you. They annuitize it over your lifetime. Okay,
an insurance company is taking a lump sum of money

(01:03:33):
and then paying it back to you. All right, why
an annuity? Why shift it to them? Because if you
try to keep that money and invest it and then
draw it down at the same time, you don't have
the expertise. You just don't have the acumen to move
in the directions you have to move in and across
the broad spectrum of investments that are available.

Speaker 3 (01:03:57):
Son, and then you throw in top of that, yeah,
required minimum distribution.

Speaker 6 (01:04:02):
Yeah, and then understanding require minimum destributions are they is
it seventy seventy two or seventy three? You know, take
a dartboard out and throw it at it. But and
what's the required minimum distribution? Why why should I have
to take this money out? Well, you never pay any
tax on it, and they want you to take it
out so they can tax you.

Speaker 2 (01:04:22):
It's really that simple, all right.

Speaker 3 (01:04:24):
And the thing is is that you know, I think
it's almost ninety percent now. It used to be eighty
six or eighty seven percent of the population did not
have pension benefits. Now it's or ninety percent of the
individuals that are currently out there. A lot of the
plans they basically give you incentives where they they want
to buy out.

Speaker 2 (01:04:41):
They don't want you. They don't want to be responsible.

Speaker 6 (01:04:43):
They don't want you, they don't want to neutize you, right,
that's exactly, they don't want to be in the business.

Speaker 3 (01:04:48):
A lot of more and more companies are doing that
where they're getting letters where they're basically saying, we've got
this pool of money, yep, we would prefer to have
you take the pool of money where we don't want
the responsibility of managing these assets for the rest of
your life.

Speaker 6 (01:05:02):
And try to find someone to do it for you. Yeah,
you know, most people don't have an understanding of what
has to be done for a long term commitment like
that in order to make it come to fruition. Yes,
we know, if we get a lump some of money,
we got to do something with it. But do we

(01:05:22):
put it all into one thing and annuitize it at
that point in time? Do we shift a portion of
it to the annuity side? How and where do we go?
So to have an investment advisor, someone who can give
you options so that you can select. Yeah, I'd like
to do that, but I'd also like a lump some
over here, or I'd like some over here. I want

(01:05:42):
to give this to my heirs and the rest can
go to charity or whatever it might be.

Speaker 3 (01:05:49):
We talk a lot about baseline income, social security. If
you're fortunate to have a pension yep, right, A lot
of times you might have one of the spouses that
has a pension. And then you know, we've got the
software package. Now, that's one thing that we didn't have.
We didn't have what we call the dashboard.

Speaker 2 (01:06:08):
Yeah, plug in.

Speaker 3 (01:06:09):
You put all the data in there and it's basically, Yeah,
it's basically it's right here. I mean, there there's your
cash flow analysis, and this is exactly what you can expect.
You do some hypotheticals, but it's minimal. You know, if
you have a pension, you've got social security, you can
put those numbers in. You know, we try to shoot
for five or six percent cash flow off the pool

(01:06:31):
of money. But the thing is is that the variable,
the variable for a lot of people is that they
don't have the pension. All they have is that one
guarantee and it's called social security. And a lot of
people when you talk to them about social Security, their
knees are knocking because they don't think it's going to
be around.

Speaker 6 (01:06:48):
Yeah, I know, the people are very worried about.

Speaker 3 (01:06:52):
Well you hear about you know, it's going to be depleted,
and you know the Washington keeps on kicking the can
down the road. I mean to me, it's very simple
to It's just they got to make some minor adjustments,
like when they.

Speaker 6 (01:07:04):
Got to opt the individuals that keep contributing to Its
as simple as that, absolutely simple as that. I mean,
the higher income you know, it currently stops what one
hundred and sixty thousand.

Speaker 2 (01:07:14):
It's like one sixty and change or something.

Speaker 6 (01:07:16):
So just keep take the cap off of it, right,
and that'll definitely offset the problems or what they think
of the problem is going to be with the situation.
It's got to be there. This this country couldn't survive
without social security.

Speaker 3 (01:07:32):
You're when you talk twenty years of retirement now, yeap,
what would be your suggestions? I mean your top like
top suggestion to people that are either entering into retirement
or contemplating retirement. If you've been doing it now for
twenty years.

Speaker 6 (01:07:50):
Marry right, You've got to look at your situation when
you know, we laugh, but you're in a partnership with
someone and you're looking at combined incomes or you're looking
at income.

Speaker 2 (01:08:10):
One might have a pension and the other might not.
So you've got to look at your situation.

Speaker 6 (01:08:15):
And you know, what do you suggest to somebody who's retirement, Well,
you got to have a basic amount of money coming
in from either you or your spouse, and look at
what your expenses are.

Speaker 3 (01:08:27):
That's a big deal today, you know, blended families, Oh yes,
very definitely. I mean your wife passed and from cancer
and you're married. The second time.

Speaker 2 (01:08:34):
Yep.

Speaker 3 (01:08:34):
And you're fortunate that you know, you and Bev did
both well financially for yourselves. But for a lot of people,
you know, that's a gidde up. Oh yeah, because a
lot of times you'll have a spouse that will come
into the relationship with much more money than the other,
and then you've got to try to figure out if
there is an early demise, what happens. I mean, how

(01:08:59):
do you take care? I mean, I've got a situation
right now where the wife passed away prematurely after a
short marriage. She came to the marriage with more money
than him. And you know, the way that we set
it up is, and I don't think the kids are
overly happy about it is but.

Speaker 2 (01:09:18):
All went to the new husband.

Speaker 3 (01:09:19):
Well didn't it. It's gonna the income is going to
go to the husband, and then once he passes away,
asset to the kids. Kids will the kids will receive
the assets. But I think it's fair. But the thing
is the kids are they want it now?

Speaker 2 (01:09:36):
Well, it's understandable, it's understandable.

Speaker 6 (01:09:38):
But you know, when you're making these plans, you don't
look at every situation of what that could happen to you.
So you just position yourself so that your spouse isn't
left destitute something happens to you. And yes, you may say,
all right, I want my kids to do this or

(01:10:00):
have this and that, but put.

Speaker 2 (01:10:02):
That all in a plan. You got to have a plan.

Speaker 3 (01:10:04):
You know, one of the greatest risks out there for
people that are listening today that are state retirees is
getting to the finish line. And they don't realize is that,
you know, if they don't get to the finish line,
they don't get a pension benefit. That means that in
order for them to get the pension, they have to
retire and then start receiving the check. If they die
prematurely before they actually retire and get the pension, they

(01:10:27):
lose the pension. They get a death benefit that they
don't get the pension. So a lot of times when
we meet with people that work for the state and
we tell them that is that listen, you could be
a candidate bridge for a bridge in order to basically
have some protection so your spouse is protected, that there
will be adequate amounts of resources.

Speaker 6 (01:10:47):
Term policy until that goes to your retirement exactly right.

Speaker 3 (01:10:51):
And then if you know, if you want to keep
it great, you know, if you don't know, one could
be a decreasing term. Policy can start out when I'm
out and go down as you can to retirement, have
it disappear, or you can have a lump sum and
then you can make a decision at that time. Then
maybe you want to convert some of it so you
have a permanent policy. You want you want to give
yourself the options. What why is there such a either

(01:11:15):
a bias or a negativity by the general public to insurance.

Speaker 2 (01:11:23):
If you can kick when you when you.

Speaker 6 (01:11:27):
When you look at insurance and you look at what
we pay for insurance between automobile which you know right
now through the roof homeowners insurance, cost of homes going up,
so's the cost of premiums.

Speaker 2 (01:11:40):
All right?

Speaker 6 (01:11:41):
Those are these are a good portion of a of
a person's income is going out to insurance. Never mind
the personal insurances, whether it be life insurance or health
insurance that they're out of pocket. So when you combine
all the insurances, it's really kicking you in the wallet.
It's kicking you all and that's why and people are
concerned and rightfully, so.

Speaker 3 (01:12:00):
We got to take a hard break. Damn sure, We're
going to come back. We're going to finish up our
last segment with Dan Bluchard. This is the Retirement Planning Show.
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
can relax knowing you are prepared. Take action today. Called

(01:12:24):
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
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You have spent a lifetime saving for retirement. Now it's
time to make that money work for you. Here's the

(01:12:44):
secret most people miss. You have to create your own
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You need a strategy that turns savings into monthly income
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(01:13:25):
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(01:13:46):
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Speaker 6 (01:14:11):
Where they want to go, they know what they want
to keep, they know who they wanted to go to,
but they don't necessarily know where to go to make
that happen.

Speaker 3 (01:14:21):
As much as this business has changed in the forty
three years that I've been doing it, and for the
amount of years that you did it and still are
involved in it. Some things don't change. Work Place teaching
and assistance with your employer employer still does not exist,

(01:14:43):
no at all, And I can understand why, because you
can't as an employer say you've got to do this, this, this,
and this, because it could come back at you.

Speaker 6 (01:14:52):
So they stay away from it. They stay away from it. Unfortunately,
it leaves everybody else hanging. They don't know where to go,
how to go about moving in a direction from a
financial planning standpoint.

Speaker 3 (01:15:05):
Well, I think it's a sin, to be honest, Well,
I do too. It's because you in a marketplace that
you and I both know. When you're young, think back
when we were in our thirties and forties, fifties. But
if you think about it, you don't. You don't have
time to think now. You're so busy with kids and
responsibility and jobs, trying to make money morning, noon and night.

(01:15:27):
And you know the thing is is that you go
home and your wife might say, hey, listen, you know
I got the guy coming over. The insurance guy is
going to come over. Everything was fragmented right, you had
the insurance guy, you had maybe lucky if you had
the employer plan, and then you might have some money
on the sidelines that you invested, you know, with Merrill
Lynch or one of the major investment banking firms, or

(01:15:48):
Morgan Stanley back in the day. But the bottom line
is that now you know, everybody talks about building out
a plan, but a lot of people don't do it.
I mean, the thing that I see consistently Dan and
I say it every week on this show, la.

Speaker 2 (01:16:06):
Yep, it's no more complicated than that.

Speaker 6 (01:16:08):
But again, you and I have some stability in the
financial world where we know what our options are. So
to try to put a plan together when you're not
even in this realm, where do you go? You've got
to find somebody like Dave. You've got to find somebody
that will start you down the road to get you

(01:16:28):
thinking about what you want to do and how you
want to do it, and let them put the options together.
So get someone that can help you. And that's the
best advice I can give.

Speaker 3 (01:16:38):
The insurance in the street, your background was meeka than
with MetLife, and the traditional insurance model is no longer
no longer exists.

Speaker 2 (01:16:55):
Doesn't exist.

Speaker 6 (01:16:56):
I mean, they're not even There used to be tons
of Metal Life agents out there.

Speaker 3 (01:17:01):
There used to be offices in every corner. Think about Troy.
How many offices Because you're a Troy guy, troilet, but
how many? I mean think about it, how many there
is multiple offices the MetLife offices through the city at Troy.

Speaker 2 (01:17:15):
Sure, but.

Speaker 6 (01:17:18):
Again the industry has changed. They don't have employees anymore
that are out, you know, seeking and you just don't
know where to go. I don't know how people maneuver
through this world. The Internet, Yeah, well that's got a
lot to do with it.

Speaker 2 (01:17:34):
I think it does.

Speaker 6 (01:17:34):
You can and you can learn a lot from the Internet.
And you can also go in a lot of wrong
directions with the internet too, But have that information available
where we didn't years ago. That's the major difference.

Speaker 3 (01:17:48):
I think what happens is that the Monday morning quarterbacks,
the ones that are always right, the ones that basically
I told you to do this on Monday right, have
a real impact on people. I mean, it's been proven
over and over and over again. Whether it's Vanguard, whether
it's Schwab, whether it's Fidelity, UH, working with the financial

(01:18:09):
advisor has been it helps you, you get a greater return,
you get a better plan. But there's always this.

Speaker 6 (01:18:18):
Stand officer story. Somebody's going to push you into something
they're worried about. Salesperson's going to grab you out of
your arm without a doubt, twist it without.

Speaker 2 (01:18:26):
That's not the case the majority of the time.

Speaker 3 (01:18:29):
Well, I think what happened is that the greatest thing
that ever happened Dan in our business without a doubt
is you know, commissions really are I think of the past. Yep,
most of asset management now is fee based. Ninety seven
percent of our business, yes, is fee based. But the
other thing is too is that insurance products, life insurance,
long term care, you know, annuities, whatever, there are commissions

(01:18:51):
that are paid on those policies.

Speaker 5 (01:18:53):
Yep.

Speaker 3 (01:18:53):
Right, most people know that there's a fee that's associated
with these products. But I always say that annuities and
insurance products are just like automobiles exactly.

Speaker 6 (01:19:05):
They're built in, built in profit, built in residual to
the person who's selling to you, you shouldn't even have
to think or worry about it because you're not going
to change it.

Speaker 3 (01:19:17):
Because the twenty years that you've been out of business.
In the financial services business, I say this over and
over again. In order to do an insurance product today,
you have to have a sheet of paper about a
foot high that.

Speaker 2 (01:19:30):
Has compliance, compliance, and clients, all the things to justify
why this is the right.

Speaker 6 (01:19:36):
I'm not stealing from this person. I'm not taking this
and doing this. I'm not You know, you've got to
sign your life away. And that's one of the things.

Speaker 3 (01:19:43):
Don't frustrate it. Don't get caught. Ye don't get caught
doing anything funny, buddy, because you know what, they'll pull
your license at the drop of a hat.

Speaker 6 (01:19:50):
Well, that's one of the things that helped me retire
was the compliance side of things. It got ridiculous, it is,
And you know, I'm an honest person. I wouldn't screw
anybody over for any reason whatsoever. But they had me
doing jumping through hoops just to sit down with you
before we even touch the dime.

Speaker 3 (01:20:08):
Well, you know a lot of people that are in
the industry, they understand the compliance that we have to
go through. But the continuing education now too, what we're
mandated to do every year just to stay in the business,
just to stay in the business. So the reason why
I tell the public this. I want you to understand
that there is a lot of protection out there as

(01:20:29):
a consumer of financial products, that.

Speaker 6 (01:20:31):
You never see what is going on at all times,
So the state is looking after you in many ways,
and rightfully so and rightfully, it can't be a wild
wild West out there. There's got to be compliance, there's
got to be rules, there's got to be lanes that
we have to go down to keep everybody happy.

Speaker 3 (01:20:52):
So you're we've only got a couple of minutes left
here before we're going to have to say goodbye. You're
summary of what people if I'm five to seven to
ten years away from retirement, whatever it may be, yep,
what's your course of action?

Speaker 2 (01:21:09):
What do you tell? What are you telling people? When
I tell.

Speaker 6 (01:21:12):
People is to seek out advice from someone who's in
the industry that will give you options. You know what
you think you want to do, Explain that to someone
and let them show you the path they get there.

Speaker 2 (01:21:26):
All right.

Speaker 6 (01:21:27):
You can't devise your own way to get there because
you don't know the different avenues that have to be taken.
So find someone who can advise you. And that's the
best way I can.

Speaker 3 (01:21:39):
Put I was just going to say something to you
because I know you're going to chuckle when I say that.
Can you explain open architecture?

Speaker 2 (01:21:48):
Open architecture? Oh yeah, that's it. You can go anywhere.

Speaker 3 (01:21:52):
You just always say, what the hell are you talking
about open an architecture.

Speaker 2 (01:21:55):
I don't even have an architecture, never mind having it open.

Speaker 3 (01:22:00):
They not having an ax to grind it is the
best ways to wait to say it.

Speaker 2 (01:22:03):
You know.

Speaker 3 (01:22:04):
The thing is you've got to go somewhere where you're
not charged differently, or the financial advisor has no incentive
to do a particular product over another one because he
gets a big fat check by using the other one.

Speaker 6 (01:22:18):
So so yeah, I mean there are still commissionable products
out there, and the person that's giving you advice has
got to be paid somehow.

Speaker 2 (01:22:26):
All right.

Speaker 6 (01:22:26):
You're not going to pay an upfront free all the time,
So let the industries take care of it. You know,
be comfortable with the direction that you're taking and the
person you're taking it with and how they're paid or
not paid, and.

Speaker 2 (01:22:40):
Just get the job done. You know, they're better than
doing nothing.

Speaker 3 (01:22:43):
There's over a fifty thousand financial advisors shortage right now.

Speaker 2 (01:22:48):
Oh I believe it.

Speaker 3 (01:22:48):
In our industry. And you know why because guys my
age are retiring.

Speaker 2 (01:22:53):
Oh yeah, and nobody's taking your place. And there's very
few people out there that they're showing.

Speaker 6 (01:22:57):
Up because there's nothing. There's no school to go through,
there's no industry pushing it along.

Speaker 3 (01:23:03):
Well there is, there is, but it's the same as
it was thirty years ago. They bring him in, they
get the hundred names on the list of their relatives.
Now they're still doing that. Yeah, they're still doing that,
which is you know. The thing is is that I
always say over and over again, find a team. You
have to work with a team, yep, because the business
is too complicated today for one wanted person to do

(01:23:26):
it all. So I want to thank Dan for coming
in today. He's been a good friend for many, many
many years.

Speaker 2 (01:23:33):
Uh.

Speaker 3 (01:23:33):
He already told me I owe him a dinner, so
I'm gonna have to take him and his bride out.

Speaker 2 (01:23:38):
He'll probably.

Speaker 3 (01:23:40):
McDonald's mind. But I want to thank you for coming in.
Dan's going to fill in for me occasionally when I'm
no longer in town, so he'll be here maybe a
little bit more on a frequent basis. And UH as
always we offer a complimentary consultation at any of our offices.
You know, Syracuse is becoming a pretty busy office for us,

(01:24:02):
So if you're on the peripheral, you're out in the
Fultonville area, Saint Johnsville, etcetera. You want to go out
to Syracuse to meet us. Our telephone number is eight
eight eight five eight zero one nine one nine. That's
eight eight eight five eight zero one nine one nine.
I'm Dave Kopek with Dan Bouchard, and I want to
thank my son Chris for coming in. I'll see you
next week for another retirement planning show.

Speaker 5 (01:24:25):
The information our services discussed on this show is for
informational purposes only and is not intended to be personal
financial advice. The investments and services offered by US may
not be suitable for all investors.

Speaker 4 (01:24:35):
If you have any doubts as to the merits of
an investment, you should seek advice from an independent financial
advice