Retirement Planning Show

August 23rd, 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.

Speaker 2 (00:16):
I love this new music. It's just the killer, isn't that.
I'm Dave Kopek. Good morning. This is the Retirement Planning Show.
We're here on the weekends too. Over the markets a
little bit, talk a little bit about pre and post
retirement planning. A lot of stuff going on out there,

(00:38):
especially this past week, kind of make your head spin.
Big thing, of course was the FED, which we'll discuss.
Good little housekeeping. My son is here. I guess mister
McCarthy's coming in for the second hour. Is that the
game plan? Yeah? Can you hear me now? Yeah, I

(01:00):
can hear you now here we go all right.

Speaker 3 (01:05):
So.

Speaker 2 (01:07):
I guess mister McCarthy is coming in. That is the
word which if we don't have that mic work and
we're gonna have to tell them stay home. So we're
gonna have to test it before our first break. But
bottom line gets down to is that markets took off yesterday. Huh, Yes,
they did well. What was the reason they are anticipating? Well,

(01:32):
Powell was hinting at a rate cut in September. So
this has been market the mania, the mania of Wall Street,
you know, the single event that seems to be driving
everyone's attention. Whether Jerome Powell and his board we'll cut rates.

(01:55):
Powell signaled that incoming data, this is the word, incoming
data may warn aren't a shift in the federal reserves
current policy rate. Well, the Federal remains on alert for
higher inflation trends in the months ahead. It also recognizes
that the labor market has the potential to deteriorate quickly

(02:17):
given recent signs of softing. If you watch financial channels,
and if you watch any of the data and the
individuals that are looking at the data, a lot of
people think that he's behind the curve. He should have
acted sooner. So we'll see. But earnings are coming in

(02:39):
for most better than expected this past week. The S
and P five hundred sectors. Sectors we're driven by cyclical
sectors and technology lab But of course, when you hear
interest rates are moving, what's the one that's going to
move the most and the quickest? Real estate? Real estate

(03:01):
was up about two point eight percent, Energy, two and
a half, materials, financials, and on the bottom of the chart,
Communication services and information technology was down in the week.
So but we're getting a broadening, which is good for
individuals that have diversified portfolios. But as I said, you know,

(03:26):
current levels at the FED is four point twenty five
to four and a half percent, and Paul basically said
that the FED remains in a tough position. I don't know.

Speaker 4 (03:37):
You know.

Speaker 2 (03:37):
The thing is is that there's a lot of stuff
being thrown. One of the FED governors, I guess, played
games with mortgages. Just yeah, don't do as I do, right,
do what I say, don't do what I do. So
I guess she's playing games. She's got two primary homes

(03:59):
rather than one primary way home. So it's the same
with Latitia James here in New York. Who knows. So
there are downside risk diversifications, your friend, we're bullish on bonds, Chris, Yeah,
we and we have been for the last you know year.
You told me it. Statistic yesterday the S and P
five hundred was up like nine and change. And what

(04:21):
our our income portfolio, no, our our sixty forty, our
sixty forty compared to the S and P five hundred,
we were up about what seven and a half. Yeah,
so that's good. Yeah, no, it is good. So we're tracking,
you know, on a on a pretty good basis. I mean,
of course we're not going to get the entire market

(04:42):
returns because of it's not one hundred percent of the market.
Well yeah, but it might be surprising what you get
as far as total return as we get close to
the year end because of capital appreciation with bons.

Speaker 3 (04:54):
Right, yeah, and we we also didn't hit the lowest
of the lows in April when all the tariff news
was coming out and the SMP was down fifteen percent.
So that's the forty percent set aside in bonds, you know,
has its has its purpose. But yeah, if we do
see a rate cut, you know, which everyone seems to

(05:17):
now be pricing in for September excuse twenty five basis
points seems to be the consensus. If that's if that happens,
then yeah, that'll be great for bonds.

Speaker 2 (05:27):
Yeah. So we had a strong rally on Friday, I
believe it or not. Even with that rally, you know,
it was it was kind of shocking to me that
some of the indices were actually down on the week.
NASDAK was down sixty basis points, s and P five
hundred was pretty much flat on the week, was up

(05:49):
thirty bits. DAL for the week was up one and
a half. So if you look for you're to date
that was up seven point three. S and P five
hundred is now up ten ten percent. That broke the
nine handle as deck eleven point three and the treasury
pretty much ten years pretty much flat on the air.

(06:11):
I still think it's a great buy an opportunity, and
treasuries so get them. What can four two six is
a pretty good great We're going to be talking about
tax freeze today. There's an article in Barns also that
you might want to take a look at as far
as tax free municipal bonds. A lot of your portfolio
managers that work in fixed income believe, especially for people

(06:31):
that are high net worth that have a lot of wealth,
it's a great opportunity to buy some tax freeze, not
only for the coupon, but also for the ability to
get some capital appreciation here as the Fed starts lowering rates.

Speaker 3 (06:47):
Yeah, the uh, the tax free specifically look very well
or you know, very good compared to the same thing
as the corporates that we're looking at. You know, you're
seeing seven eight percent yields in corporates. What you're seeing
you know three four five percent yields in tax freeze,

(07:09):
which for higher net worth investors, you know, people who
are in the thirty two and thirty seven percent tax brackets,
it makes all the sense in the world for them
to load up on these municipal bonds right now.

Speaker 2 (07:19):
Sure, absolutely, because.

Speaker 3 (07:20):
They are kicking off higher yields than historically they have
in the last twenty years. And then on top of that,
you know, the bonds still haven't appreciated since twenty twenty two.

Speaker 2 (07:32):
Is destruction.

Speaker 3 (07:33):
When rates got hiked seven times, I think, I don't.

Speaker 2 (07:37):
Know historically.

Speaker 3 (07:41):
High number of rate hikes in twenty twenty two, which
caused all these bonds to go down fifteen to twenty percent.

Speaker 2 (07:49):
Yeah, I think we'd got kicked in the teeth. Oh yeah,
I got kicked in the teeth. But the thing is
that you're buying the coupon. You know, you got to
have a long term time horizon, sometimes with fixed income,
but you know, would you do for me today? Attitude
with a lot of people. You got to remember is
that anytime your stocks or bonds, it's a long term investment.

(08:09):
You know, three to five years, more on the five
than the three. But we're still going to be watching
the Fed uh see if any statements come out before
the September meeting. And then of course the US tax bill,
We're going to see what's going on with that. There's
gonna we're going to try to get some changes there

(08:33):
through the legislative process. But opportunities exists, folks. I like
to say that opportunities exist. So where do they exist today? Well,
I personally think that once all of the policies get
in place and we start getting lower interest rates, I

(08:54):
favor stocks still, but I'm a stock buyer. I love
fixed income because of the coupon, what it does for
the ability to act as a buffer some ballast in
your portfolio. We'll be right back. Are you ready for

(09:16):
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 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

(09:39):
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

(10:00):
ask 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 one 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

(10:20):
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. If future favors
those that are prepared, call eighty eight five eight zero

(10:41):
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 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

(11:04):
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 future will thank you.
All Right, we are back. I'm Dave Kopek, the president

(11:25):
of the Retirement Planning Group. We have five locations in
New York. If you're listening outside of New York, we
use the Regis Corporation to meet with people face to
face if they don't want to meet us in their homes.
So if anything that we're discussing is of interest to you,
don't be afraid to pick up the telephone and call

(11:46):
our office at eighty eight five eat zero one nine nine.
Eighty eight five eight zero one nine one nine, and
we'll be more than happy to try to sit down
with you and see if we can help you a
little housekeeping. Here with a golf last week and had
a pretty good participation in honor of my brother in
law who died of cancer. We raised forty three hundred

(12:09):
dollars for the American Cancer Society, and I want to
thank all the participants and everybody that helped us out
my wife and did an unbelievable job. Again, thank you, Julie,
if you're listening. And of course September twenty fifth of

(12:29):
this year is our golf outing that we do through
Retirement Planning Group, and it's become pretty big over the
last few years. Last year, I think we did like
sixteen thousand dollars. Our goal this year is to do
twenty five thousand dollars. But there's a little bit of
a twist this year, as if you've listened to this

(12:50):
show over the years, this is our twenty fifth year
on radio. You know, one of the things that I've
always regretted as my own personal life is I did
not serve my country. I didn't go into the military.
And you know, because of that, there's a soft spot
in my heart because I'm a child of the sixties

(13:11):
and seventies, and I remember the guys coming home from Vietnam,
the ones that came back that were shooking up and
also the guys that didn't come back and the guys
that did come back that had some wounds and some difficulty.
So this year we're going to we had to go
through an approval process and we're very proud that we

(13:33):
got approved for this because of the type of program
that we run, the Swing for the Cure. We're going
to be participating with tunnels to towers, Tunnel to towers,
and you know, it's something that I looked at, I
did a little research, very high percentage. It's like ninety
five ninety seven percent of the money that's generating goes

(13:56):
to the individuals. It helps them quality of life, life,
getting the homeless vets off the street. They're just doing amazing.
They're doing God's work. And so if you if you're
a vet, if you're someone that has a saft spot
in your heart and you want to participate, a lot
of people that are not clients of ours that participated

(14:17):
last year simply because they just wanted to be involved,
you can do that. All you have to do is
to call my office at eight eight eight five eight
zero one nine nine. And whether it's Jared Lisa, Jim Corkoran,
whoever may be, who picks up the telephone, just tell

(14:38):
them that you heard me discuss it. We'll be discussing
it every week now until we actually have the golf outing.
But it's a Thursday, September twenty fifth. It's going to
be held at the half Moon golf course that mister
Tansky owns, fair Ways of half Moon, yep. And you know,

(15:02):
it's always a great day. He does a phenomenal job there.
It's a great banquet facility. Last year we had a
couple hundred people there, but again September twenty fifth, fair
Ways of half Moon. We're going to be doing it
for Tunnel to Towers and we're also going to do
a small percentage to the American Cancer Society, an honor

(15:24):
of my brother in law and some of our friends
are maid of honor who passed away last year from cancer.
And you know, all of us folks, all of us
have either known someone or someone in our family that
has been bitten by this horrific disease. So bottom line

(15:47):
gets down to is that it's an honor to do this.
One hundred percent of the money that's generated from this
goes to these organizations. I pick up the cost and
our wholesalers and our strategic partners, people that are near
and dear to us help me facilitate this. So again,
swing for Cure September twenty fifth and be there because

(16:11):
it's a great day and you're honoring people that have
basically given the ultimate sacrifice as far as they're defending
our country. So also one last thing. I saw a
thing on TV. And people know most of a lot

(16:35):
of the people that listen to the show love sports
as much as we love sports. And a buddy of
mine texts me because I've been a major negative voice
about NIL and how it's changing college sports. And I

(16:56):
knew that he had had a discussion about this, but
I never heard the full thing. Lou Saban is on
YouTube and he's talking about why he's no longer coaching
college football, and if you get a chance, go watch
that on YouTube. It's not long, but he basically says

(17:20):
him and his wife, she came to him one afternoon
after they had these recruits coming to the college and
they have like a picnic or a banquet at their
house and she sat down with them afterwards and she goes,
why are we doing this? And he goes, what do
you mean by that, dearie, she goes. The only thing

(17:41):
that these kids are worried about right now is the money.
How much money am I getting? You know, I'm trying
to talk to them about this university and how diverse
it is and how great it is and how the
college education is going to be and the whole focus.
And he's that was like the light that went off
in his head that it's time to leave. But you know,

(18:02):
we've we've lost a lot of great coaches, or yes,
a lot of great coaches. Tony Bennett, well, I've always
been a big fan of him. Basketball the coach Virginia,
same thing, same messaging. So I know that you're a
big sports fan. How'd Yankees do last night? I didn't
even watch. Yeah, don't lose the one? He lost again?

(18:24):
Boston has swing. I've been on a run though, so
they've been doing pretty five and two. But whatever, Okay,
enough enough of my banter. But again, if you want
to go for swing for the Cure September twenty fifth,
you know, we have unbelievable gifts and prizes and raffles
and things that you can win a car so hole

(18:45):
in one, So if you feel lucky, somebody just got
a hold in one. Oh there, you know it was
talking about the Oh yeah, the guy, the guy Batilla.
You hit a hole in one and then he gave
the car to his caddy. That's great, good for him.
Well after you win like about four or five million
dollars or what the hell it is. I mean, these
guys win more in the tournament sometimes than the people

(19:07):
make in a lifetime. But it's crazy. So you gave
the car to the caddy.

Speaker 3 (19:12):
Yeah, the caddy was jumping up and down, freaking out,
freaking out. Yeah, it was cool. That's great. All right.

Speaker 2 (19:20):
So let's talk a little bit about tax freeze and
why we like them right now.

Speaker 3 (19:26):
Yeah, I mean it's uh, they have a pretty good story.
I mean, if you've got a lot of money sitting
in equities or a high net worth individual, these tax
frees look really attractive because they're the yield on them
is tax free. So if you get into federally on
a federal level, so if you have New York state
specific municipal bond funds, which we do work with a

(19:49):
few of them, and those are federal and state tax free,
so you won't have any tax implications with a New
York state specific, but the main one to get rid
of is the federal So if you're in a thirty
two or thirty seven percent tax bracket, you know, for example,
if you're in a thirty seven percent tax bracket, some

(20:09):
of these comparables to like an after tax return are
equity returns. You know, they's seven and a half to
eight percent tax equivalent yield that you're getting on these
municipal bond funds.

Speaker 2 (20:25):
Which is phenomenal. Yeah, it's great.

Speaker 3 (20:29):
So the if you're in a thirty two percent tax bracket,
it still you know, makes sense. Maybe it's not seven
and a half to eight percent on the the after
tax return, but it's it's going to be. You have
people six and a half to seven.

Speaker 2 (20:42):
Yeah, you have people that are I mean, you're not.
This is not home run investing. This is uh, you know,
diversifying the portfolio and basically having some tax preference money.
You know, because most of us, if you look at
most of the people that walk into the retirement planning group,
you know, I wish I could say that you don't
we only work with gazillionaires, but that's not the case.
We work with a lot of hard work and savers.

(21:04):
They made themselves a million two three million dollars over
those years of being employed. But a lot of it, folks,
is in problematic money, and that's called an IRA or
four and one kay, And that's the money that's always
going to be your achilles heel because it's always taxes
ordinary income. There's never a step up in basis. And
when you take the money out, you're going to pay

(21:26):
the tax, and when your kids take it out, they're
going to pay the tax. So there's some great ways,
some tactical ways that you can do with state planning,
some charitable giving, you know, in order to facilitate you know,
how to get those assets if you have charitable intent,
the most tax efficient way out of your hands and

(21:47):
into your you know, charity tunnel to towers, your synegogue,
your church, you know, your alumni of XYZ University. So
just realizes that there's different ways in order to facilitate
tax preference money. But when I got in the business

(22:10):
years ago, nineteen eighty two, this was a big ticket item.
We had tax reeminispal ensured tax remunicipal bonds for like
eight nine percent. So if you remember NOVENE, some people
probably remember Novene. As far as the unit investment trust,

(22:32):
they were huge. There were big time investments for a
lot of people, and it was always great because it
was exempt if it state specific from state and federal tax.
So opportunity the alert community bonds is back is back,
right in.

Speaker 3 (22:53):
The credit quality has also never been better. You know,
the high share of these under buying bonds that they
have in these mutual funds are investment grade, which is
you know, triple A or double A rated. They have
very low default rates because in twenty twenty two when
rates were hiked, you know a historical amount of times,

(23:15):
it wasn't that hard for them to go out. They
didn't have to go look into junk bonds to get
high yield. So they As far as like the credit
quality on these mutual funds, it's never really been better
as specifically in high the high yield space.

Speaker 2 (23:27):
Yep. Well, here here's the thing right now, triple A paper,
triple A paper. You know the report that we got
from Fidelity, thirty year municipal yields right now are about
four point six two four point sixty five. So someone
that's in the top marginal tax bracket, that's equivalent right

(23:48):
now to seven point eighty three taxable yield. I think
a lot of people will take that, right, I think so? Yeah,
all right, Wow, that was quick. We'll be back after
the news. That's not too bad. Got kind of a

(24:11):
good beat to it. Tapping my foot. I said this
last week, folks, and I'll say it. I'll keep on
saying it. We used to play some nice music between breaks.
We no longer can do that for legal reasons. So
bottom line gets down to is that I'm gonna sing

(24:33):
my own songs. I want to come in with a guitar.
Said no, you'd have no listeners. Chase them all out.
I know that Eddie, Eddie and Mike would listen, but
they guarantee them. Ed's listen right now. He says he
listens every week. He's he's gonna invite us over to

(24:54):
his house. His beautiful bride's gonna make his dinner. I'm
gonna hold him to it. I was very upset at
golf this week. Very upset. Well, you're very impatient when
you got twelve people in front of you. You're trying
to golf. That's not golf. That's like standing in the
line at the airport. Three hours, three hours and fifteen

(25:21):
minutes to play nine holes of golf is goofy. That
doesn't make sense at all. I think that's a lot
of one of the biggest reasons why people don't play golf,
because if you play eighteen holes, what do you plan?
You plan on? How old that? That's never how They
just stacked up the They have too.

Speaker 3 (25:38):
Many leagues is their issue. Yeah, and they stack them
up right.

Speaker 2 (25:42):
And I'm paying thousands of dollars for him to basically
give me poor service. And it's going to change. It's
going to change. So to all of our listeners, we
got some good things happening. We're growing, we're expanding. We're
going to be in the Hudson area pretty soon with
an off us. We have a lot of listeners all

(26:03):
the way down Poughkeepsie and Hudson, so we need to
have a presence down there. We have an announcement that's
coming out. We're going to be on another station down there,
so we're excited about that. We're excited. You know, We've
got a great working relationship with our friends here at iHeartRadio,
and as I've always said, I am humbled to be

(26:28):
able to work through this distribution channel. It's a great
bunch of people. Everybody does their best, and you know,
we're not one hundred percent, but no one is one
hundred percent. You know, sometimes there's glitches and giddy ups
and there's problems, but we work through that. And as
I've said numerous times, our job here is not to

(26:50):
sell you. It's to educate you. And then you're going
to have to make a decision if it makes sense
for you to have a chat with us. We offer
a complementary consolation soon to be six offices, and all
you have to do is just call our telephone number
eighty eight five eat zero one nine one nine eighty

(27:10):
eight five eat zero one nine nine, and we'll have
a chat with you. Kind of do a little screening
and scrubbing, trying to figure out which direction we need
to put you in, whether it's a meeting with me
or my son Christopher, or Chris McCarthy or Nicholas, and
try to help you put you on the path to

(27:32):
worry free. Mom showed me a video the other day, Chris,
and the video was about as we age and how
people have become a little depressed about the aging process,
and there was two individuals that talked about all the

(27:53):
things that you should be thankful for and not all
the things that you're grumpy about, Like, you know, I
can't get up and I can't run as fast. You
know my hair is turning gray. Yeah, right, sounds like
good advice. My belly. My belly is a little bit
bigger than a little bit. But the bottom line gets

(28:13):
down to you got your health, you got your wealth,
you got a beautiful family. What resonated with me with
that presentation of this presentation, this video was that this
gentleman talked about all the people that we've lost that
didn't seal the things that they should have saw. And

(28:35):
it hit me hard because I can remember Stevie, my
brother in law, just before he passed, was basically talking
about all the things that he was going to miss
in his life. He knew he was dying, and he
knew he wouldn't see his daughters walk down he couldn't
walk him down the aisle. He'd never see his grandkids.
And it's sad, it's really sad when you think about that,

(28:55):
but it's also it makes you kind of kicks you
in the teeth and say, you know, I'll stop complaining.
You know, you lived a long life. You've seen a
lot of great things. More so me my father. My
dad died at forty four, and he didn't see a
lot of things. He worked, and when he was just
starting to see some daylight and some money in his pocket,
you know, the man upstairs said, it's time for you

(29:16):
to come and be with me. And you know, that's
kind of a craw that I've always had in my life,
is that, you know, you know, I get up there,
I'm going to ask him, I'm gonna sit down with him.
I want an appointment. I want to find out why
he took my dad so young. But enjoy everything. That's
why I always say to people, you know, I try
to get ahold of some people the other day, great

(29:38):
clients of ours that live in the southern tier of
the state, and they're they're out living the good life.
They're out traveling and vacationing and doing all the things.
And that's what I think you should do. If you're
fortunate to get to the finish line and you're going
into your retirement years, the last thing you need to
worry about is yields, and you know, total return and

(30:00):
asset allocation models and building out your portfolios and building
out your estate plan. Let the team do that. Let
the team do that. You an agreement, my son, Yeah,
I agree one hundred percent.

Speaker 3 (30:12):
And like you were saying, there's nothing worse than a
someone who's got a pessimistic mindset and outlook on things.
So people who are optimistic and you know, happy and
thankful like that's always I think the best way to
go about things.

Speaker 2 (30:27):
But as far as the getting close to retirement, yeah,
people have to flip that switch. You know.

Speaker 3 (30:35):
It's we talk about it all the time, transitioning from
saving mindset to then now taking those distributions and going
and spending that money, traveling, doing the things you've always
wanted to do in retirement because you don't know how
much longer you have as far as your life and
your life expectancy, and so we always talk.

Speaker 2 (30:58):
I just had a conversation the other day with a guy.
He he's living well below his means, and we ran
some projections him and yesterday in our meeting, and yeah, I.

Speaker 3 (31:08):
Brought it up because I was just like, I'm gonna
I'm gonna bump up your spend level and we're gonna
start yelling at you to take distributions and go enjoy
this money because you know, from what I'm seeing, like
even with conservative growth rates, you're gonna you're gonna your
assets are going to grow in retirement because you're not
spending that much money. So yeah, I mean, and then

(31:29):
I think he liked to hear it. He's like, Wow,
that's you know, that's a relief knowing that you know,
my annual expenses are and what I live on to
live comfortably is just well below what I could potentially
live on.

Speaker 2 (31:41):
I up to spend level by fifty percent. And that's
what we're going to tell you.

Speaker 3 (31:48):
You don't want to You don't want to be eighty
five with a absolutely massive or yeah in the requirement
minimum distribute, the R and D on that is gonna
be huge. You know, you're getting forty fifty sixty seventy
eighty thousand dollars checks coming out because the government wants
their tax dollars, and you're gonna be you know, immobile.

(32:08):
You're not gonna be able to travel or spend as
much quality time with your family as you would like
as you could in your sixties. So we overemphasize taking
distributions is something that if you can do it. You know,
we're not saying we'll go and blow all your money
in the first ten years of retirement, but if it
makes sense and you can plan around it, it's it's

(32:29):
something that we definitely overemphasize.

Speaker 2 (32:31):
Yeah, and I can't overemphasize that enough.

Speaker 4 (32:34):
You know.

Speaker 2 (32:34):
One of the things that I've seen and I overemphasize
this all the time. You know, I've got some people
coming in this week that are I think they're going
to be clients of ours. And one of the things
I can think this one couple that I basically said,
you know, you've worked all this all this time, you've
accumilated all this money, and now's the time to basically dance,

(32:56):
you know, dance as if nobody was watching. You know
that old name is quote, go have fun, Go do
the things that you want to do in your lifetime.
I don't know what I would do sitting around all
day long. You know, I know that people find passions
and they you know, they volunteer. I will continue to
work as long as I can until I have you know,

(33:16):
the either bad health or my mind won't allow me
to work, or they cheat. We kick you out. You guys,
kick me out. You're sick of the sick and listen
it to me. But the bottom line gets down to
is that that's what you have to find. You have
to find that special. I mean, I think about you
know a lot of the people we just we just

(33:37):
got some new clients. He bought another farm, you know,
our friend down in Florida.

Speaker 3 (33:43):
Yeah, yeah, he's And that's the thing, like he's got
a side, like he's staying busy too, and you should.
He's working at a farm for ten bucks an hour.
Yeah you should. And the thing I love that that
is so funny. That is so funny. I get a
hoot every time I think about that. And he does
that because he doesn't want to think that. It makes sense.

Speaker 2 (34:05):
You want to have a relationship with your employee or
your employer to where he's like, I want to she's
got to feel okay with telling me what to do. Yeah,
but that's funny. But you know when Chris McCarthy comes in,
When I told you last week that there was an
article in Barns and I don't know if you went

(34:26):
and you looked at it, or if you have barons
online and you're really having a hard time with your
mic over there today, aren't you. Yeah? Is it because
you're playing around with it? Or is it because it
just won't No, one of the straps is a little loose.
It's fine, Is that what it is? Yeah? Yeah, it
did scare me. I thought you fell off the chair.

(34:46):
But there's an article in Barns. And I always say,
it's always nice to have like somebody else's opinion, because
you hear me talk about, you know, all the things
that are good out there and things that I think,
are you know something that you should look at that
have been tarnished or there is a bad image of them.

(35:08):
But in Baron's last week, there was an article in there.
It's called Annuities are coming in new shapes and sizes.
Here are the best ones. And the first paragraph I
want to just read this to you. It kind of
summarizes everything that I think. Okay, if you fret about
losing money in stocks, you can now buy an annuity

(35:33):
that will trigger a double digit positive return in the
S and P five hundred. If the S and P
five five hundred is down for the year, do you
hear that they're going to give you a double digit
positive return if the S and P five hundred is
down for the year, if you worry about outliving your
nest egg, which William Sharp talks about all the time.

(35:53):
Who's William Sharp? The Sharp ratio? Okay, some annuity is
not only guarantee life long in but double it if
you end up in a nursing home. What's one of
the greatest concerns for people income and nursing home. And
there's a new way they'll pay her airs the amount
of your original investment, even if it's drawn down to
a dollar. Come on, folks, you got to take a

(36:16):
look at these things. Welcome back after the news in
this break, 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.

(36:40):
Take action today called eight eight eight five eight zero
one nine 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.

(37:01):
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 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

(37:21):
eight eight eight five eight zero one 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. Are you ready?
Your future is written by chance, it's written by action.

(37:42):
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
just starting out or nearing the finish line. The best

(38:05):
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 EID zero one nine one nine. That's eighty
eight five AID zero one nine nine, and your future

(38:26):
will thank you. All Right, we are back. I'm Dave Kopek.
I want to finish that because I think it's important
for people to understand. You know, our job is to
educate and inform, not to blow smoke and give you.

(38:47):
You know what I call the pinocchio. You know, there's
a lot of guys that talk about annuities as if
they're just junk. And the only reason why guys like
I talk about them is because we're getting a big
fat la la la. It's all BS, folks, it's BS.
It's a marketing ploy. So when Baron puts the last

(39:09):
I had to cut quick off of this. What I
wanted to overemphasize is this last paragraph. Whatever retirement risk
keeps you up at night, chances are very high that
now an annuity can assure that you can basically address
those fears. Thanks to an explosion of innovative products and features.

(39:31):
What have I been saying for the last three or
five years. Don't judge a product by things that happened five, eight, ten, fifteen,
twenty years ago. Okay, my son was just in Syracuse
meeting with another investment banking for him that we do
business with. He had lunch with the president of the company.

(39:53):
What'd you just say to me at the break? You
don't have to mention the name of the company or
the product, but what you just say to me at
the break?

Speaker 3 (40:00):
The old six and six products we were talking to.
We went and had lunched, me and McCarthy, and they
now have the same thing, but it's a seven and seven.
So there's just so many products out there that we
don't even fully know the full scope of what's available
to us. And he then this, what's cool about the
guy that we met with is he loves these products so.

Speaker 2 (40:23):
Much he owns all of them.

Speaker 3 (40:25):
He owns like eight because he said, I sell him
so much that I wanted to fully understand the bells
and whistles. The bells and whistles with them. So he
owns like all the ones that he fully pushes. I
think he's got like six to eight different annuity contracts
that he just throws money at to see, like, how
does this work?

Speaker 2 (40:46):
What do the participation rates look like? In action? Can
I withdraw my money? Is it easy?

Speaker 4 (40:50):
Like?

Speaker 3 (40:51):
How does everything flow through the process of this? So,
I mean as far as someone to reach out to
and ask questions on it, I mean we picked his
brain for probably forty five minutes.

Speaker 2 (41:01):
Yeah, No, he's a great plus, he's a wonderful man.
I hold a grudge against him because he is a
Syracuse fan. But you love Syracuse. Yeah, You've made Syracuse.
And I was always a big Saint John's fan before Syracuse.
But now that we have an office out in Syracuse,
I'm starting to get the orange the juice in me.

(41:23):
But what Chris meant by seven and seven seven percent
guaranteed income and seven percent guaranteed growth, So I have
to look at the product. You know, don't hold me
to this because I need to look at it. But
the old six six used to be six percent income,
six percent growth guaranteed. If you do better than that,
then you get better than the six percent growth. You know,

(41:46):
when I looked at it for the first time, I said,
there's no way. There's no way. But it was and
we did. I don't know, I was the number three
producer in the country at one time in those products
with the company that we were utilizing because we did
so much of it. And as I said over and
over again, we've never had one client come back to
us and say that we wish we never did this.

(42:08):
So just just realize, and I'm not I'm not saying
this to beat a dead horse. Don't throw the baby
out with the bath water. Make sure you understand all
the options that are available to you, because their chances are, folks,
what you're looking for is out there. It's just got
to make sure that you're going to a firm that

(42:29):
has the ability to open up the cabinets and offer
you all the products, not just one section of the
cabinet agreed or disagree. Yeah, you want someone who has
open architecture.

Speaker 3 (42:42):
So if they have, you know, a certain vendetta to fill,
or they have you know, only one area that they
can turn to if you have an issue or you
want you know, a new product that's available out there
and they.

Speaker 2 (42:54):
Say, oh no, well we can't offer that.

Speaker 3 (42:55):
We have you know this instead, that probably means they're
they're not an open architecture firm. You want someone who
has the ability to invest in turn in any direction
because the market is always changing.

Speaker 2 (43:08):
Well, last year there was almost four hundred and fifty
billion with a B four hundred and fifty billion dollars
that went into those And like I said before, there's
products out there and now they give you liquidity. There's
no sales charge. They're very low fee, low cost. You
can buy index funds. You can layer on additional benefits

(43:30):
if you want. You just need to understand. The key
word here is guarant t guarantee, and that's very It's
a word that's not used very often in our business
unless it's CDs and treasuries. So people like to hear
Seven out of ten of you love to hear that word,

(43:52):
but most of you had in a different direction because
you've been told I think pinocchios about the prom as
far as the ability for you to facilitate what you're
looking for. So we're gonna have more dog and ponies
on these starting in the fall. We had one already.

(44:12):
We've had a very positive response so far with the products.

Speaker 3 (44:17):
With the products, yeah, yeah, no, we've had a lot
of good responses with the products. I did just look
up our municipal bond portfolio just to see what we
were getting. And on our the one that we designed
at the retirement plan. Yeah, yeah, it's four point eight percent.
So in a thirty two percent tax bracket, not including
if you have New York State municipal bonds, the tax

(44:39):
equivalent yield on that is just over seven percent, seven
point zero six percent.

Speaker 2 (44:45):
But if you have state, and then you add in
city and yeah, live in New York City, right, you're
even higher.

Speaker 3 (44:51):
And then a thirty seven percent tax bracket, it's a
seven point six to two percent tax equivalent yield.

Speaker 2 (44:57):
So that's that's a.

Speaker 3 (44:59):
Really good yeah, total return from these municipal bonds.

Speaker 2 (45:03):
You know, the bottom I gets down to. You know,
I've got a friend of mine, I think I've mentioned
it on the radio. His job, he says, to individuals
that come into him that have high net worth, our
job is not to make you more money. Our job
is to protect what you have and basically give you
moderate growth. Keep what you have and get it more

(45:25):
tex sufficiently down the road the eighty we're getting tons
of phone calls. Tons. I can't tell you how many
phone calls we get weekly because our messaging about the
eighty five trillion dollar wealth transfer if you have the
ability and the Glens Falls Business Journal and also the
Saratoga Business Journal. I have an article in there this month,

(45:45):
the August edition that talks about this wealth transfer, eighty
five trillion dollars of wealth that will transfer over the
next twenty to thirty years from my generation to our
children and grandchildren. Take a look at it. Read it.
You know it's education. It doesn't talk about products. It
talks about things that people need to do in order

(46:05):
to basically wake up and more tax efficiently transfer wealth
because there's tons of ways, tons of ways. We had
a gentleman that was an intern with me. I rode
on a golf cart with him a couple of weeks ago.
He works with a major investment banking firm and he
basically handles people that have fifty million dollars of wealth

(46:27):
or more. And he discussed with me some of the
strategies that they're utilizing. Whether you got fifty thousand dollars
or you got fifty million dollars, everybody wants the same thing.
How can I tax efficiently get to my money right?
How do I tax how do I keep more for
me and less for them. And there's ways to do it, folks,

(46:48):
but you got to have what a plan. So and
you're right, Chris, there's a huge difference between accumulation, preservation
and distribution. Yeah. Yeah, and once that, you know, once
that switch gets turned on. You know, a lot of
people are kind of still in this. I mean, it
takes a period of time to get used to it,
you know, you're not. The first year is always like

(47:09):
the test year.

Speaker 3 (47:10):
Once we get everything rolled over, we have a lot
of appointments, we're structuring everything, you know, we're moving all
the assets in, we're establishing accounts, we're setting up a
periodic plan and banking instructions, and there's a lot that
goes into it on the front end. But you know,
once everything's established in, you know, set with the accounts

(47:30):
and the plan that we have put together, you know,
it should be pretty smooth from there, and then if
any changes come up, we we will address them at
that point in time. You know, down the line, every
six months we meet or less than you know, some
people are like, I only want to see you once
a year. That's fine, you know, we'll go everything in
one appointment and any changes or.

Speaker 2 (47:52):
Those will all always be addressed at those meetings. Excuse me,
all right, my last pro promo here, Swing for a Cure.
September twenty fifth, fair Ways a half Moon. All the
money generated, we'll go to the Tunnel to Towers and
a small percentage is going to go to the American
Cancer Society. I think we decided that seventy percent is

(48:13):
going to go to the Tunnel to Towers thirty percent
of the American Cancer Society. This year. We're going to
mix it up every year. We're gonna have different organizations.
But I'm honored. You know, we went through an approval
process to be able to do this with Tunnel to Towers.
They're gonna have some representatives there. And if you're a VET,
if you're someone that has a soft spot in your heart,
you want to help those people out. September twenty fifth,

(48:35):
swing Firk here, call my office eighty eight five eight
zero one nine one nine said you heard Dave on
the radio and you want to participate. We're gonna have
lots of prizes and gifts. One hundred percent of the
money raised, folks, goes to those organizations. We pick up
the tab, the Retirement Planning Group and our strategic partner.
So be an honor, be an honor for you to

(48:57):
stop in, especially if you're a vet. Please you know call,
We would love to have you. Eight eight eight five
eight zero one nine one night. We had unbelievable participation
last year and again we want to knock it out
of the ballpark for what I considered to be great heroes.
So we're going to come back. We're going to take
a break here in a couple of minutes. We're going

(49:19):
to talk a little bit more about some of the
structures and some of the things that are going out.
We're going to talk a little bit about index the
direct in direct indexing, direct invexing. This is something that
we're finding more and more individuals are going to probably

(49:40):
be individuals that are will likely this is non qualified
money that you're going to be a candidate to look
at this type of investing because it does a lot
in regards to limiting tax liability. So again, we are
the Retirement Planning Group. We've got soon to have six

(50:01):
locations in New York. If you like to commit and
have a chat with us, it's pretty easy. Eighty eight
eight five eight zero one nine one nine, Oh, they'll
get some basic information and an honor to sit down
with you and see if we can help you and
see if we can put you in the right spot
for your pre and post retirement years. We are major

(50:22):
advocates of a fully integrated plan, not only as far
as your investment management, your estate planning, the legacy gifting,
et cetera. And I know that the people that we
work with, I've been doing it a long time now,
forty three years. I feel pretty comfortable the people that

(50:43):
we recommend to some of our strategic partners. So again
when we come back, we'll talk a little bit more
about the landscape that's out there right now. But again
we're going to be live. We're going to open up
the telephone lines when we come back. If you want
to reach us this morning, you have your own specific question,
it's one eight hundred talk WGY. That's one eight hundred

(51:08):
eight two five fifty ninety nine. Chris McCarthy's going to
be here in our next segment, and eighty eight five
eight zero nine is my office if you want to
have a chat with us.

Speaker 1 (51:24):
The opinions, viewpoints and promises made during the following program
are not those of wgy it's staff, management or parent company. iHeartMedia.

Speaker 2 (51:43):
All Right, we are back. I'm Dave Kopek, your host.
I'm here with Chris McCarthy and my son, Chris terfer
Copec with a K. McCarthy's with a C. My son
is known as special K McCarthy's known as.

Speaker 4 (51:58):
Not those specialty though.

Speaker 2 (52:02):
That hell wal though.

Speaker 4 (52:04):
Well, I'll tell you, everybody's.

Speaker 2 (52:06):
Asking Dad, Dad, he's out in his car.

Speaker 4 (52:10):
You know, I gotta tell you.

Speaker 2 (52:12):
You spend more time in your car that you spend
at your desk. I don't know what are you doing
out there anyway? Nearly not enough time, Not nearly enough time.

Speaker 4 (52:20):
You know. I was driving in and I was hearing
you guys, Yeah, and you were talking about some of
the things that we're working with. We've been in the
business a long time.

Speaker 2 (52:31):
Well, I've been in it securities, securities industry. I've been
in the securities industry for forty three years. Okay, but
I've been in the business for forty five because I
worked for an insurance company right for two for two
years and I'm still for it. And he wouldn't and
he wouldn't allow us the gentleman that ran the office.
He didn't. He didn't want you to involved in securities.

Speaker 4 (52:53):
Yeah, he wanted all well, he wanted he.

Speaker 2 (52:55):
Wanted safety, and you know that was fine because he
was not risk taker. He was risk adverse and he
you know, if you want safety and guarantees. We got annuities,
fixed annuities.

Speaker 4 (53:11):
Well back in the day when we came into business.
Interest rate but high like that, not even anyone.

Speaker 2 (53:17):
As high as fourteen fifteen percent.

Speaker 4 (53:20):
It was crazy. Today doesn't even compare well.

Speaker 2 (53:23):
I just looked on the national basis. You know, outside
of New York State, you can still get six percent,
you know, guaranteed in an annuity, right, so you know,
I guarantees principle and interest. I mean that's a pretty
good So if you're listening in Florida or other states,
you know, that's a hell of a lot more than
you can get in a treasury right now or a CD.

Speaker 4 (53:43):
Right.

Speaker 2 (53:43):
I shouldn't say that about CDs because maybe there's some
incentives out there that there's you know, one of the
things that I'm starting to see more and more of.
You remember zero coupon bonds. Did you ever do any
of zero coop on bonds.

Speaker 4 (53:56):
You get I knew of them, No, I did not.

Speaker 2 (53:59):
You buy it's basically a treasury. You know, you're buying
a future value at a discount. And for years we
traded the hell out of zero coupon bonds, right and
when they were very interest rates sensitive, and you could
you could really get yourself a pretty good pop, especially
when you're buying them at twelve, thirteen, fourteen percent. He
had declining interest rates. It was unbelievable the velocity you

(54:23):
get on those things. But I'm starting to see again
with some of the investment banking firms that they're doing
a dual value. They're doing like a treasury with an
SEP S and P five hundred where they're blending them
so you know you're gonna get your money back and
if the stock market does X, you know over that
period of time, which I think they're pretty good. You know,

(54:45):
for people that are adverse, then they don't want to
have any of their principle. I mean, time is your
your enemy, but you can liquid eate them at any time.
So if you get a pretty good run in the
market and you got declining interest rates, you could probably
get a pretty good bang for your bucket those types
of investments right now.

Speaker 4 (55:00):
Oh, I have no doubt.

Speaker 2 (55:01):
Yeah.

Speaker 4 (55:02):
No, We've been telling clients for well over the last
year that the stage is set and the beds are
gonna drop rights. And I think we're putting our clients
in a very solid position to be able to take
advantage of even with the rates going down and yield's
going down, the bonds appreciation of waiting.

Speaker 2 (55:26):
Did you did you go to the Baron's article about
annuities doing?

Speaker 4 (55:29):
I think I have forwarded it to you, guys.

Speaker 2 (55:31):
No, I get barons every week, so I read. Okay,
I read it. Befre he out a bet.

Speaker 4 (55:36):
Hey, you leave my bed alone, you leave my head alone?

Speaker 2 (55:40):
What time you get up this morning? I got up
at sixth What times do you get up?

Speaker 4 (55:43):
I don't care.

Speaker 2 (55:45):
I left the house of four thirty.

Speaker 4 (55:47):
Good for you.

Speaker 2 (55:49):
He wants his praise for waking up before the same.

Speaker 4 (55:51):
Everybody was happy to be home safe.

Speaker 2 (55:53):
The most beautiful to me, it's the most beautiful time
of the day, especially up in Lake George. Oh, I
bet you see. I hear the loons in the morning.

Speaker 4 (56:03):
I don't hear anything until the hearing.

Speaker 5 (56:05):
Eighth My wife will say we just go back to bed.
You're bugging me, my bride. But one of the things
in that article that I wanted to overemphasize to you,
because I knew you're coming in today. I didn't know
if it was going to be your nico, but I
guess you drew the straw that you were going to
be the one volunte Well, you guys are going to

(56:26):
have a lot because I'm out a lot in September.
I'm going to Europe and I have weddings to attend,
So you guys are going to have to take care
of the ship here. But in that article, and I
want to quote it word for word. Okay, we don't
get to use the word guarantee often in our business,
but there are some people who want to hear that word.

Speaker 4 (56:50):
Absolutely.

Speaker 2 (56:51):
Seven out of ten if the survey that was just
done by I'm trying to think that they the serve
I'll find it, but it was basically seven out of
ten future retirees wanted some form of guaranteed income for
their retirement years.

Speaker 4 (57:12):
I believe it wholeheartedly. So yeah, well, you know so
many people in our generation, the parents are the ones
that had the pension right so between our generation and
the generation before, there's been a huge overhaul. So people
like you said, what are the number of people that

(57:35):
have pension today?

Speaker 2 (57:37):
Well, I know what the number is. Nationwide. It was
eighty seven percent and now ninety percent do not have pensions, right,
so nine out of ten people. I mean, you see
all of these incentives that go over the news where
XYZ Corporation is sending out letters to their pensioners that

(57:59):
they want to buy them out. They want to basically
give them a lump sum, let them take the money
and now because they don't want the responsibility, right, I
believe that for decades, and that's a lot of major
companies did it. I think FedEx did it with their employees,
their retirees.

Speaker 4 (58:14):
And I'm telling you, I mean just it's been a
huge reversal, but the concerns never changed. The previous generation
just happened to have the luxury and well deserved pension.
What we do, as everybody knows, is we help people
create their own pension. And I'll tell you, I do apologize.

(58:36):
You're right I didn't forward you the article about Bean.

Speaker 2 (58:39):
You didn't, but I wasn't going to bust your chops
on the radio.

Speaker 4 (58:41):
Well, you can bust my job because the article I
did send you, but you already get it because you
get Barn. But the thing is, I also forwarded Baron's
recently came out with an article of I believe the
one hundred annuity.

Speaker 2 (58:56):
They did, and it's in that. It's in it's in
that public last week's Okay, very good. So I told people,
this is not us talking to you folks right. This
is an investment banking magazine for the financial services industry
that talks about this in an unbiased, right basis. They're

(59:17):
going to show you the pros and the cons and
what's good and what's bad and what. But like anything else,
don't throw this whole negativity at that product because you
don't know what the hell you're talking about.

Speaker 4 (59:28):
That's right, you know the one thing I was thinking
about and divide you know down here today.

Speaker 2 (59:33):
I saw your corvette out there.

Speaker 4 (59:35):
You did You did so what.

Speaker 2 (59:37):
I just never knew you had a ponytail until you
took your hat. You leave my ponytail alone. It like
the flow and the wind.

Speaker 4 (59:45):
No, what I was thinking is when we sit down
with any client at any time, we get to know them.
We get to look at the situation, we find out
what their goals are. Us looking into annuities for clients
is no different than any other investment. If it doesn't fit,
you don't talk about it. But whether we're talking about

(01:00:07):
stocks or mutual funds or ETF it does not matter.
It's a careful analysis to see what the pros and
cons are and if it'll work for you.

Speaker 2 (01:00:18):
Right. Well, you know, I'm a stock buyer and everybody
has Like when I go out for dinner, you know,
most likely I'm getting a fil a mignon because there's
very few restaurants that can screw up a filet mignon, right,
especially the way I get it well done. So everybody
thinks I'm nuts, but.

Speaker 4 (01:00:39):
I'm the same way you are.

Speaker 2 (01:00:40):
It's how I like my meat. Tell Julie likes her
is a little bit medium. Well. But bottom like it's
down to is that it's no different with financial products
and financial services. You know, show me, show me what's
on the menu. Right, So when we come back, we're
going to talk a little bit more about creating in
come and retirement. But I'm Dave Kopek. This is the

(01:01:03):
retirement planning show. We're here every week hopefully educate you
on your retirement. We'll be right back. Are you ready
for retirement or just hoping it works out? Don't leave
your future at a chance. At the Retirement Planning Group,
we hope you create a personalized retirement plan so you

(01:01:23):
can relax knowing you are prepared. Take action today. Called
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schedule your complementary consultation. Your future will say thank you.
You've spent a lifetime saving for retirement. Now it's time

(01:01:46):
to make that money work for you. Here's the secret
most people miss. You have to create your own retirement
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You need a strategy that turns savings into monthly income
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(01:02:28):
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(01:02:51):
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(01:03:12):
will thank you. All Right, we are back. I'm Dave Kopek.
I'm here with Chris McCarthy hello, and of course my
son Christopher William and we're here on the weekends. You know,

(01:03:32):
retirement is a whole different ballpark. One of the things
that I always say to individuals, is that right now
ninety nine percent of individuals that are out there that
are receiving these distributions from their four own k's iras,
et cetera. Now you're going to have to basically build
out a plan that could last for maybe years longer,

(01:03:55):
maybe years longer than you worked. You know, if you
worked for thirty years, you might live thirty five. Let's
say you're retiring to fifty five, sixty, you lived to
ninety five or one hundred, which is not pyeing the
sky today with technology and healthcare. I just saw in
today's paper that one of the oldest living humans in
the United States there is right here in the capital,

(01:04:16):
one hundred and eleven. She just had It's in today's time.
She just turned one hundred and eleven.

Speaker 4 (01:04:22):
I thought there was somebody on the not on the news,
not long ago locally, that.

Speaker 2 (01:04:27):
Was I just told my son a break. I said,
you know, I got a good chance now living over
one hundred, I won't be retired for twenty years. And
he just said, where do I put in my nation?

Speaker 4 (01:04:42):
The conversation did not happen, is when do I line
up my next state that I'll be working out.

Speaker 2 (01:04:48):
They just called Merrill legency if they had any openings
in their office.

Speaker 4 (01:04:55):
No, it is, It's crazy. And the more time goes
on a little more and more concerned about outliving the money.

Speaker 2 (01:05:03):
Well they should be. They should be. And the other
part of it they should be concerned about is what
you talked about. You know at the break, you know, uh,
are you entering into a bowl or a bear market
when you go into your retirement years now, people have
millions and millions and millions of dollars that really, you know,
it's going to have an impact, but not as much
as somebody that has four or five, eight, nine hundred
thousand dollars now that now has to take that money

(01:05:24):
and they have to basically build out. And the worst
thing you can do as a financial advisor, in my opinion,
it's start a distribution plan that you might have to
change or modify in the years to come because you
didn't set it up right in the very beginning.

Speaker 4 (01:05:39):
I couldn't agree with you much.

Speaker 2 (01:05:40):
Do you hear what I just said? Because you didn't
set it up right in the beginning, and you basically
have a clarity with these individuals and they understood that,
you know, if there is a downdraft in the market,
because I remember twenty and twenty two as if it
was yesterday. Oh remember how great that was? Oh yeah,
No matter what you touch turned to, you know, you
step in it.

Speaker 4 (01:06:01):
But are you talking about two thousand and.

Speaker 2 (01:06:03):
Two, twenty twenty two. Yeah. No, We've gone through a
lot as far as god, financial crisis and everything, Internet bubble,
you go through all of it, But in twenty and
twenty two, there's no ballast. There was nowhere to go.
The safest place in twenty and twenty two is what cash?

Speaker 4 (01:06:22):
That's right, energy or energy? Yep, No, it was like
the sky was falling.

Speaker 2 (01:06:31):
So, you know, people talk about there's all sorts of
articles out there right now, private credit, private equity, all
these different options that are going to buyer beware. And
I've said this, but one of the things that I'm
trying to overemphasize to people is that, you know, the
red zone is critical for retirees today. You know, we
work with a lot of major corporations. We do a
lot of work with National Grid, and we always tell

(01:06:52):
them when you hit in a fifty nine and a
half sixty, start building out your buckets of money. Critical, yep,
start building out those buckets of money. The other thing
is too, if you have the ability. We've got a
gentleman and his wife coming in I think Monday. He
didn't realize that through his employer he had a pension benefit.

(01:07:14):
So he's looking to add all the pension options. What
he's going to take the selection? And I said to him,
why would you do that? Why would you take those
pension selections? We're here on the bottom. It says that
you can get a distribution, you can get a lumpsom distribution.
It's significant. It's like seven hundred thousand dollars or something
like that. I said, you have more than enough money
on the sidelines, right that we can probably even give

(01:07:37):
you more more money and income than what you're being
proposed here. And if you and your wife die in
a very short period of time, that seven hundred thousand
dollars is gone, right. So you got to think it out, absolutely,
you got to think it out as far as these
options that are available to you. And a lot of times,
a lot of times I don't know how much clarity

(01:07:58):
people actually get. That's why I think this three appointment
approach that we do makes all the sense in the world.
We sit down, have a chat, they come back basically say,
show us what you think we should do, and we
send them on their way home. Typically unless people say,
we're ready to move now and think about it, feel

(01:08:21):
comfortable about it, and then on the third appointment we implement.

Speaker 4 (01:08:24):
I I love it even from day one because I
was never ever a closer, you know, I just you know,
I don't look at us. I never looked at myself
as a salesman, right, you know. It's always been a
service industry, and the thing is my job is to,
like you said, for all forty years, get to know

(01:08:46):
your client. Don't make them feel like you got something
in your back pocket and you're just dying for the
right opportunity to pull it out and sign them up.

Speaker 2 (01:08:55):
I don't know if that's even in the business anymore.
Do you think it is.

Speaker 4 (01:09:00):
I'll tell you yes. You don't think it's as prevalent,
but yes, because I think the people doing business right
now that are taking clients out of thing they shouldn't
be taking them out of right. But I'd like to
think not as often.

Speaker 2 (01:09:22):
I've seen it.

Speaker 3 (01:09:23):
Just within the last year, there's definitely the same. It's
it's never I mean, there's always going to be people
who are over salesman and pushing you on products you
probably don't need to line their pockets with money. It's
never going away. It's just a personality trait. It's not
something to do with the business. It's it's to do
with the person. So that's always going to be in

(01:09:44):
the business. But as far as you know, setting it
up through the three appointment approach, there's just a lot
of stuff you got to cover. The first appointment, we
have no idea who these people are or what they're
looking to accomplish, if they're going to be a good fit,
if they have realistic expectations, what you know, what do
they need? So yeah, the first three appointments are just

(01:10:08):
kind of to fully construct a plan. By the third appointment,
we know them pretty well. We have an idea on
you know, what products would help them, or you know
what investment allocation they'd want to be in, or if
insurance is a need. So by the time you get
to that appointment, you're fully aware of how you can
help them out.

Speaker 4 (01:10:26):
You know what, I love totally piggybacking off of what
he just said. When people come in and we are
in the second appointment and we go over our our
thoughts are projections, so on and so forth, I think
a lot of people are surprised how conservative right we actually,

(01:10:48):
and because we would rather promise something that can be
achieved easily versus misleading them into higher rates of return
that may not be as feasible.

Speaker 2 (01:11:01):
Right.

Speaker 4 (01:11:01):
And then when they see what the money can do
in a more conservative approach, if we improve on that,
that's where the excitement begins. Because if we often talk
about people's spend levels and retirements, so on and so forth.
And you know, David, you said something earlier, and I
totally agree the red zone. At least it's fifty nine

(01:11:24):
and a half.

Speaker 2 (01:11:24):
Yeah. The problem is that most people don't plan, right.
You know, I can't tell how many pointments I've had
in the last two three weeks where I said, you know,
they keep on saying, well, what should we do? I'll
say it again, you need a plan, blah blah blah
blah blah. We talk a little bit more. Now, what
should we do? Okay, you're mine, I'm gonna come over
and I'm gonna help here. Let me write it on

(01:11:46):
the board. Here, it starts with a P ends with
an end. You put an L and A in there.
You need a plan, right, you're gonna build a house.
You got a blueprint?

Speaker 4 (01:11:56):
Well, you go to what you do?

Speaker 2 (01:11:57):
A football game. You're not sitting around all week having
chats and hey, throw the ball around guys. You know, Hey,
good job here. You guys are shooting good today. You
got it. I played sports my whole life. Right, you
always have a plan. It's just like building a house
or anything else in business. You run a business. Every year,
we start off, we have a business plan. Where are we?
We sit down every Monday and Friday? How did we do?

(01:12:19):
What do we got going on this week? You know
what needs to get done? Why people don't get this?
I don't understand. I think it's either it's uh they
are they can't find the time. They like to procrast
I think this, that's to me, it's procrastination.

Speaker 4 (01:12:36):
Well, there's no doubt. You know, we've known this for years.
When you get ninety nine yeses in one no, and
whether it's in a sales format or anything else, somebody
can't pull the trigger. They can't make a decision right
and that's okay, that's okay, we're still going to put

(01:12:56):
our best foot forward. But after a while, sooner or later,
if you wait too long, it's going to come back
and haunt you.

Speaker 2 (01:13:05):
Yeah so, And I.

Speaker 4 (01:13:08):
Would even dare to say maybe stretching out the red
zone instead of fifty nine and a half, people should
start planning a fifty five or younger.

Speaker 2 (01:13:16):
Well, there's one thing that I know for sure, and
I say this over and over again. If you have
the ability to do an HSA, and you're young, and
you're healthy, and you also have you know, the high
deductible plan right in order for you to contribute to
an HSA, and then you do the wroth. You're gonna

(01:13:37):
remember Dave Kopek because when you get into your retirement years,
you're going to have a whole hell of a lot
of money tax free they can get your hands on.
Because everybody I sit down with that's top heavy. They're
trying to figure out, how do I get this money
out the door with the least amount of attacks, right,
And sometimes the horse is already out the barn. And
depending on your age, there's not a lot of things

(01:13:58):
you can do right. You know, you got to tactically
manage the other assets in order to facilitate possibly reducing
a bracket in order to basically get the assets out
of a qualified planet over to the next generation. Well,
we just saw this, yep, like we see it all
the time.

Speaker 3 (01:14:16):
It's these four oh one k plan provider whoever's their
advisor on the plan or whoever. They never see them,
They never hear from them, they never see them. They
never show them how to manage their website. They don't
tell them that they have other investments that they can
go into. They don't do anything. I don't know what
they do, but they these people come in and they're
sitting in a target date fund for twenty five years,

(01:14:38):
thirty years, and I show them on the website. Hey,
you know, you know you had investments available to you,
like the S and P five hundred or this large
cap growth index that. Yeah, your your target date fund
has grown year over year on average at like seven
to nine percent. Whatever they do. But these investments over
here have been growing at thirteen or sixteen over the

(01:15:00):
the last ten years. If you got like a little
bit more aggressive while you were working, you haven't even
looked at this thing.

Speaker 2 (01:15:05):
In ten twenty thirty years.

Speaker 3 (01:15:08):
You might as well go aggressive, and you might as
well look at your plan options. So it's it's unbelievable
to me that they don't have these conversations with their employees.

Speaker 4 (01:15:16):
Yeah, you know, that's something I really take a lot
of pride in when we sit down with clients and
maybe they're not in a position even though they may
want to do business with us, but they're not in
a position to do so we'll still help them. We'll
still look over what they have available. Two to four
one K four.

Speaker 3 (01:15:34):
Yeah, I just switched that guy's allocation right on his phone.
I'm like, did you even know this was here? He's like, no,
I had no idea.

Speaker 2 (01:15:40):
I think it's a sin. Yeah, I think it's a
sin to be honest with you because the people that
need it the most get the least amount of attention.
It's like the guys that advertise on TV. You know,
if you got five hundred thousand dollars, will work with you? Yep,
you know why? And you know why is that? Why
want you work with the guy that's got five thousand,
well dollars and cents. We'll be back after this break.

(01:16:01):
I'm Dave Kopek with Chris Kopek and of course, mister McCarthy,
we'll be right back. It was like, all right, we
are back. It's gonna be a beautiful day in upstate
New York. No matter where you are listening, hopefully you're

(01:16:21):
gonna have a beautiful day. I guess that storms off
the coast, Huh didn't it?

Speaker 4 (01:16:26):
Yeah? Thank god. I mean we're supposed to get some marina,
I think.

Speaker 2 (01:16:28):
Tomorrow, but I don't think it has anything to do.
Oh no, we're bleasted. We're not getting hit with that hurricane.
Thank god it didn't hit Flord again, right or the Carolinas.
You know they didn't that last one. They really got
blast at big time. So that's one thing about Upstate
New York. I mean, it's beautiful during the spring, summer,

(01:16:51):
and fall. I just I don't like the last one.

Speaker 4 (01:16:53):
Right.

Speaker 2 (01:16:54):
What about what about winter? I hate winter. There's nothing
about winter that I like anymore. When I was your age,
I liked it because I skied and I did a
lot of fun things. You know. I used to tease
your mother around the snow and throw snowballs at her.
But how she throw snowballs at me? I'm trying to
talk out there, and my days is shoveling her over it.

(01:17:18):
I'm not shoveling. I'm not snow blowing. Those days are going.
I'm not doing that anymore. You don't know. I mean,
I agree with you.

Speaker 4 (01:17:26):
As I get older, I'm leaning forward to warm more
than the cold.

Speaker 2 (01:17:30):
Yeah, but winter can be beautiful to the surecan for
about even when Santa comes down the chimney. I'm ready
to go. What do you got for me, Bob? Nothing? Okay,
more cold. We're heading the Florida, get the car hunt.

(01:17:51):
But no, I'll tell you what. Two years ago I've
said this, you guys. You know, I slipped and the
fell on the steps, and thank god, the rail was there.
We had a rail at the time, and I grabbed
a rail, but I still went down hard on my
hip and I was really I'd laid there for about
five ten minutes, and I was actually afraid to get up.
I was concerned that something was, you know, wrong with me.

(01:18:12):
But make a long story short. That was the day
that I said this is it? No more, I'm not
doing it. I'm not so, you know, Julie and I
spent two months in Florida last year. We're going to
spend four months this year. I'll fly back and forth
to visit you in the snow, or we'll do a
lot of zoom phone calls or meetings over the internet,
which is pretty amazing today.

Speaker 4 (01:18:30):
What about us coming down the flood.

Speaker 2 (01:18:32):
But you guys can come and visit. But I've got
a room set up for you at at the Executive
Suites on the other side of the state. On the
side of it. You're in Sarrisota. I'm over in Boca.

Speaker 4 (01:18:45):
There you go, there you go.

Speaker 2 (01:18:47):
But you know, the thing is is that as you
get older, I understand now why more and more individuals
enjoy the war. You stay more active. I mean, if
you're involved, I know that you work out a lot.
My son does too. I'm not a big going to
a gym guy, right, you know, I just don't like them.
You know. There's just I'm always walking around with my
wipes always great. People are hacking and coffin, you know, right,

(01:19:10):
I just I always feel like it's just a germ fest.

Speaker 4 (01:19:14):
Oh, there's no doubt. I mean when the weather's nice, yeah,
but it's great to be outside.

Speaker 2 (01:19:18):
But if you can be outside, you know, for eleven
out of the twelve months, we will stay here. I
will come back and forth. But bottom I gets down too,
is that you know, we've got lots of clients now
throughout the United States. We got a lot of clients
in Florida. So I'll be busy.

Speaker 4 (01:19:35):
It's gonna be I'll be even more opportunity down there
as well.

Speaker 2 (01:19:38):
Yeah, we'll have some fun, we'll meet some people. Actually,
I think I'm somewhere. I think I'm gonna have some
kind of a party down there after the first of
the year, and have you know, all of our clients
come in and just have a Kumbaya. I think it's
a great idea, probably at the villages, because we have
a lot of clients in the villages. I did that couple.
I didn't do it last year. Two years ago. I
did it. We had a nice dinner get together.

Speaker 4 (01:20:01):
So you don't give me the wrong date. You always
have a happen they giving me the wrong date in location.
You know, not fun having a party by yourself in
the middle of a field.

Speaker 2 (01:20:16):
Hey, Dave, matter of fact, you take seventy from the
East coast to the West coast or vice versa. Whatever
you want to do, you go through Julie and I
took it a couple of times to go from Boca
over to Sarasota. Cattle. You don't realize that there's a
lot of cattle ranches in Florida. You take seventy over
and I did not know that. Astonishing. A lot of

(01:20:38):
sod farms and a lot of cattle, a lot of beefers, fruit,
a lot of fruit, a lot of fruit, a lot
of oranges, grapefruits.

Speaker 4 (01:20:47):
Yeah, blood is a pretty cool state. It's pretty cool.

Speaker 2 (01:20:50):
So I always like to ask you, guys, what are
you seeing now? What's what's the what's the face to
face meetings that we're having now? As far as the
concern or what's motivating people to come into the retirement
planning group?

Speaker 3 (01:21:06):
I mean the same things, yeah, the same things that
have always motivated people to go to a financial advisement team.
Just figuring out how to navigate retirement. When do I
have enough money? You know that's always the number one question. Yeah,
and then how am I gonna, you know, do what
we do all this? You know, do I roll what
happens with my account? How do I roll it out?

(01:21:26):
How do I set up an income stream? How do
I what should I be invested in? How do I
do legacy planning? You know, am I is this IRA
going to be set aside for my kids? Or should
I be doing something else? You know, should I get
legal documents? And does irrevocable trust make sense? Should I
protect these things? If you're worried about long term care

(01:21:47):
you have long term care insurance, you know, there's a
whole slew of questions. That's why it's the three meeting
of process. You know, there's a lot of things to
hit on. We just went and had a meeting with
our buddy in Syracuse and it was like an hour
and a half. He's like, oh my god, I didn't
I didn't expect you know, us to cover this many things,
Like an hour flew by because we were just sitting

(01:22:07):
there talking to him about a bunch of different things.
So it's like, was that our existing client or the
no existing both of them, you know, both of them
went over. Even the first guy was like, can we
is it all right? Am I wasting your guys time?
We're like no, you know, we booked these appointments out
to cover you know, a chunk of time because we
know they can always go over.

Speaker 4 (01:22:26):
Yep. It's not going to be rushed. And I think
a lot of people also appreciate all the different strategies
that we offer. We're not going to sit there and
boy you to death with the analyticals about every single
investment that's out there. You know, Special K does a
phenomenal job. We also talk about different strategies about what

(01:22:48):
you have today, where you wanted to go. How can
we set you up in the most beneficial way. I
think another thing is also very important is our strong
alliances with legal and accounting people. You know, we take
a lot of pride and we have no financial interest
or bias. We want people that are going to take

(01:23:10):
care of our people, our client well.

Speaker 2 (01:23:13):
I think you know, one of the things that I
have found in the last few years is that probably
more in the last five to ten years, and when
I've seen when you and I first started, people want
the one stop shop.

Speaker 4 (01:23:27):
Yep.

Speaker 2 (01:23:29):
They don't want to run all over town in order
to keep their finances. And you know, the big one,
the referral that you gave is Terry as far as healthcare,
has been a huge bonus for us because the thing
is is that regal fidelity came out with their twenty
and twenty five State of Retirement Planning survey, and the
thing that keeps on going up and up and up

(01:23:49):
and up. The sixty five year old couple today can
expect to spend one hundred and seventy two five hundred
dollars on healthcare throughout the retirement per individual. That's up
four percent from last year. Every year goes up, I know,
so once seventy two five times too. That's a whole
hell of a lot of money out of pocketing. Hey, listen,
I just found a new doctor. I was at the doctor.

(01:24:10):
You guys know. I was at the doctor yesterday with
my new doctor. I love this guy excellent. If I
could give his name out, I would. A matter of fact,
I'm so impressed with him, and so is Juliet. Julie's
actually thinking about moving over to him because she was
so impressed by our meeting. Uh. You know, I don't
have to tell you the cost of health insurance adds up.

(01:24:31):
And it's one of the things that people need to
understand is that, yeah, at sixty five you get Medicare,
but what what does Medicare cover? And what your supplement
cover and what are you gonna do for dental? What
are you gonna do for vision? And all the other stuff.
It's it's a lot about a lot ab out of pocket.

Speaker 4 (01:24:48):
But we also know that the number of people that
we've been seeing that health insurance is one of the
biggest motivators to wait until sixty five. You know. So
I couldn't agree with you more. Yes, I remember. I'm
a man. I've told you the story. Back in the
late nineties. He used to own a local farm. One
of the nicest guys I ever had a pleasure of meeting.

(01:25:09):
And we were sitting and we were talking. I was
getting his business set up for his employees with health
and draw and everything that's happening today, he predicted back
in the late eighties. I swear to you.

Speaker 2 (01:25:22):
Dave Wilkie and Fred Schafer two very good friends of mine.
Dave Wilkie ran Wilkie in Associates. He ran all the
health care for most of your associations in the Capitol
district and a lot of school districts, et cetera. Et
Fred still does it. Fred Schaeffer, who's a great guy,
great friend. And they had this they said, hold on tight,

(01:25:46):
hold on tight, do you know, one of the biggest
expenditures that's on the books for school districts that you
as a taxpayer. Oh, it's got to be healthy. It's
got to be a lot of these teachers. I had
a teacher that was a retired teacher that came just recently.
I think he's spending ten dollars a month for his
health care ten dollars now. He justifies it by saying,

(01:26:09):
you know, when he started, and he's right, he only
made seven or eight thousand dollars when he started, and
the unit's got so strong they basically, you know, they
took the cash register out of the school when they retired.
Because healthcare, when you think about it, is probably either
number one or number two. It's either cost of living,
put in a roof over your head, or healthcare. And

(01:26:31):
for most of us, I'm paying nineteen hundred dollars a
month now for health care. I know it's a lot
of money. Yeah, it's expensive.

Speaker 3 (01:26:40):
I mean, it's just like, that's what and that's why
there's so much coming out now, whether they're trying to
regulate it. You got RFK in there trying to replicate
exactly what's going on over in every other country in
the world because there's no price there's no price limitations
on drugs or any of that stuff.

Speaker 2 (01:26:57):
In the United States.

Speaker 3 (01:26:58):
You know, eighty five percent of these pharmaceutical companies revenue
comes right from here in the United States. So when
you don't have any limitations set up, it's a trickle
down effect. You know, if drugs are charging you fifteen
hundred bucks for the beloved ozempic and over in Europe
they're charging one hundred, you know, they're going to push
ozepic a hell of a lot more in the United

(01:27:19):
States than they are in Europe because they're just making
more money off of it.

Speaker 2 (01:27:23):
That's why everything's so expensive. And fidelities. Example, they said,
if a single thirty five year old male or female
opens an HSA account this year and contributes to twenty
and twenty five max. This is for individual forty three
hundred dollars, he will have five hundred and four thousand
dollars for healthcare expenses in retirement, assuming he masks out

(01:27:43):
his contributions every year and earns a net seven percent return.
So he does it, he's got five oh four, his
wife's got five oh four. You got over a million
dollars for healthcare in your retirement years, plus whatever you've
got in wroth and four oook if you're fortunate that
God has blessed you with a pension benefit, right right.
You know, listen to me, folks, I've been doing it

(01:28:04):
a long time. You are way way way too much
tilted pre tax rather than after tax. I totally agree,
and you better. It's refreshing. You got paid on Friday.

Speaker 4 (01:28:16):
Hey man, I know, really, I gotta be nice to
you till the next payper. No I was gonna say,
you know, And that's all part of us is we
educate the people what to day.

Speaker 2 (01:28:27):
All right, We're gonna be back if you have any questions.
One eight hundred talk WGY. I'm Dave Kopek. We'll be
right back. 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 prepared.

(01:28:49):
Take action today called eight eight eight five eight zero
one nine one nine. That's eight eight eight five eight
zero one nine one nine, or visit us at our
website RPG retire dot com 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

(01:29:09):
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 nine for

(01:29:33):
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 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 wake take action.

(01:29:56):
If future favors those that are prepared, call five eat
zero one nine one nine. That's eight eight 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

(01:30:17):
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 EAT zero one nine one nine. That's eighty eight
five EID zero one nine nine, and your future will
thank you. Portions of the following program wire be recorded.

(01:30:45):
All righty, we're back.

Speaker 4 (01:30:47):
I think the lights on look good.

Speaker 2 (01:30:49):
Yeah, we're good.

Speaker 4 (01:30:49):
For the love of God. Book.

Speaker 2 (01:30:51):
Do you hear that heavy metal music to bring us
in big?

Speaker 4 (01:30:54):
I am lucky if I hear anything, but I'll take
heavy metal music.

Speaker 2 (01:30:58):
Oh yeah in my head on the computer.

Speaker 4 (01:31:02):
We've been meaning to tell you to stop that, but
you know.

Speaker 2 (01:31:06):
I'll tell you. You know healthy, You know when you're
getting old, when you can't listen to music or TV anymore.
Some of the music today I love, but some of
it is just like, wow, there's rap stuff. I'm just
not into rap. First of all, most of it is filthy.
The language is filthy.

Speaker 4 (01:31:23):
Yeah, well some of it, yeah, definitely is.

Speaker 2 (01:31:25):
And I don't like to, you know, women shouldn't be
addressed or talked about as if they're tramps. Yeah, I
just think it's horrific.

Speaker 4 (01:31:34):
You know.

Speaker 2 (01:31:34):
The thing is show some respect.

Speaker 4 (01:31:36):
Yeah, there should be maybe different standards, you know. Well,
I remember back in the day though, Fred Asterica, the Legends, No,
the legendary bands that we grew.

Speaker 2 (01:31:49):
Still the Rolling Stones are out on tour. You guys
are like ninety I know, but I can't. I can't go. Yeah,
I feel like they're doing themselves a disservice.

Speaker 4 (01:31:57):
I know, I know, you know, I want to move.

Speaker 2 (01:32:00):
Harry comes over here. Hey, come, I make over here.

Speaker 4 (01:32:05):
Somebody tried that battery coming out on a.

Speaker 2 (01:32:10):
You get to a point where you should you know, first,
they're chazillionaires, right, I know Bob Dylan is still stringing
the guitar. Who Dylan, isn't he?

Speaker 4 (01:32:20):
Oh Bobby Dylan.

Speaker 2 (01:32:21):
Bob Dylan. I think he's still out there. He's just
the Saratoga I think.

Speaker 4 (01:32:25):
I know. I agree, I mean and believe me, I
have a a special part of my heart.

Speaker 2 (01:32:32):
Well, it's the same thing with the few.

Speaker 3 (01:32:34):
What do you mean they don't want to retire the
these bangs?

Speaker 2 (01:32:38):
Why are you trying to phone me out every every week.
You're saving when I'm not going to retire. I'm not. No,
I'm not. I don't say that.

Speaker 3 (01:32:45):
No, but the you just said, you know, I'm not
gonna said, I'm not gonna.

Speaker 2 (01:32:48):
Want to take me for a ride in this new pickup.
I'm afraid to him, we're gonna take him fishing kind
of waiting at me. No, no, don't go. No, No,
he's got bad intentions. Oh God, Nico's got a new
pickup truck. It's very nice. Oh, it's beautiful.

Speaker 4 (01:33:08):
And I'll tell you well, does absolutely well does a tremor.

Speaker 2 (01:33:14):
Yeah, it's good, beautiful, it's a good look. I liked.
I called him and I said, it's got nice accents.
I just yeah, I just looked at it yesterday. Actually
it was really nice. He's got a smile as he should. Well,
he's a man with his new truck. There you go.
He kids in country and winstern end Boll.

Speaker 4 (01:33:31):
Watch out.

Speaker 2 (01:33:32):
He's a country boy, Scanty Coke. He lives in the
town of Scatty. He don't want to he won't admit
to that, but he lives in the town of Scatty Coke.
Well tell you he's a Melrose boys. You know what,
good lad town of scatty Coke. All his mail goes
to Melrose, but he went to mechanical school. How the
hell does that make sense?

Speaker 4 (01:33:53):
Trying to figure it out. I'm just happy to be here.

Speaker 2 (01:33:58):
All right. You know, one of things that we really
haven't talked about, you know, this whole transfer of wealth,
the legacy planning. You know, you know a lot of
people have been very fortunate and they're blessed with the
amount of money that they've accumulated in their lifetime. And
it's complicated sometimes as far as when do the children

(01:34:19):
get these moneies that we've accumulated. I'm in the camp now,
probably more so maybe because of my age that I
think you should probably gift a little bit more while
you're alive rather than leaving this large amount of money. Agreed, right,
I do agree with eighty five trillion dollars is being transferred.
Why not watch the kids enjoy it absolutely, you know,

(01:34:41):
and do some of the things that you know, maybe
they can't afford to do right now because they're limited
by their savings.

Speaker 4 (01:34:48):
So do not transfer houses in the kid's name right ever,
Always talk to an attorney first before you make any
changes to any deeds, because that is something we run
into probably more often than we can.

Speaker 2 (01:35:05):
Well, when you do that, you're transferring your cost basis
to the kid.

Speaker 4 (01:35:10):
And taking away to step up in cost bases at that.
You know, again, some of these are very simple fixes,
but you gotta talk before you act. You gotta go
see somebody. It's even a phone call.

Speaker 2 (01:35:27):
Well, you know, the thing is is that you've got
to make sure that the person that you're working with.
I'm going through a dance right now with an attorney
that has done some things and I'm not real happy about.
Guys probably know who I'm talking about, and I'm very
perplexed because why things were done the way they were.

(01:35:51):
And also I'm trying to get some response and I'm
not getting a response. I'm getting ghosts, which which is
upsetting me. Which it's wrong, it is wrong. But the
bottom line is is that be careful with the guy
or gal that says they can do everything. Because we've

(01:36:13):
done some dances in the last year with attorneys that
I question where their motivation lies.

Speaker 4 (01:36:23):
I totally agree.

Speaker 2 (01:36:24):
And you know, if I question what what's really going
on here?

Speaker 4 (01:36:28):
I agree. You know, we are all busy. But we're
in a business. We're in a service business. We're here
to serve people. We return call. I call the office,
you get real people. We return calls.

Speaker 2 (01:36:45):
Well, not only that, but you call the retirement planning group.
The chances are pretty high you're getting a human oh,
because you'll hear me scream often. Get the phone. You know,
I don't know what you're doing, but somebody, get the phone.
Bottom line gets down to is that people want every

(01:37:06):
time I call and I get a computer, hit this
hit that hit, this hit, that beat beat boom boom
boom beat beep. Uh, it turns me off, and the
chances are pretty High'm not gonna do business with those
people ever again.

Speaker 4 (01:37:22):
I think that's why it's it's so much of a
plus for us, because it is it's so much more personable.
You call an office, you get a human being. It's refreshing.
I don't care, not just us, any office, you know.
It's the way it sho.

Speaker 2 (01:37:39):
So summer is ending next weekend. Uh is going to
be the last hurrah, which is hard to believe. Labor
Day weekend, summer is over with. When we come back
after next weekend, we're in September, which usually means it's
time to get the rubber to the road and get
busy on doing the things that you said that you're

(01:38:00):
gonna get going doing in the fall. So you know,
it's always a good time to sit down and do
a review. We offer a complimentary consultation. You know, you
can sit down with one of us and have a chat. Uh,
the new software advice on. What do you guys think?
It's great? It's great.

Speaker 4 (01:38:18):
I mean, I'm I'm impressed. You know, I'm a I'm
a baby in this field, but the more I use it,
the more impressive the presentations everything. Yeah, you know, we
met with our buddy out in Syracuse and we're talking
about it, and I think he was very impressed. Yeah,
just how comprehensive, how much?

Speaker 2 (01:38:38):
How much hands on do the clients if they want
with advice on.

Speaker 3 (01:38:41):
We just send them access and then they can see,
you know, they have like a dashboard where they can
see their accounts, you know, see any type of We
can upload stuff into there too, and it's like a
shared file space. Soah, tax returns, statements, performance reports, you know,
all that stuff can be uploaded. What about as far
as how does e money integrate into that E money separate,

(01:39:04):
so it's like two separate portals.

Speaker 2 (01:39:05):
You know, you don't want to, i mean utilize.

Speaker 3 (01:39:08):
Eventually down the road, Advice On is coming out with
a financial planning tool and we're going to check and
see what that's like if it's comparable to E money, Yeah,
but E money is totally separate. That's that's for like
your financial planning plan. So like the there's a my
plan feature through the money that we use that can
break down, you know, year by year based on all

(01:39:28):
these factors that we input, what does retirement look like
on a thirty to forty year basis? You know, what
does the outlook look like? Are you gonna run out
of money? You know the question that everybody always asks.
And we can plug in hypotheticals and conservative growth rates, inflation,
all that stuff.

Speaker 4 (01:39:44):
Oh, it calculates all your rd rm ds it yeah,
I mean, it's it's very takes taxes in the consideration,
so it's it's it's pretty thorough and if and if
that gives you a you know, one hundred likelihood of
success rate then on a conservative basis, and then it's just.

Speaker 3 (01:40:01):
Like a comfort level for people like Okay, we can
do this. We can, you know, spend this much money
every year.

Speaker 2 (01:40:07):
Yeah, so I'll go ahead.

Speaker 4 (01:40:09):
No, I'm just gonna say that's even further emphasizes how
strongly we feel about conservative outlook. Right, you know, we
would rather get people focused on a much more obtainable
goal because anything on top of that is going to
be gravy and they're going to be smiling ear to
ear right.

Speaker 3 (01:40:30):
It's just as simple as under promise and overdeliver. If
you under promise and they're okay with the results and
then you do better than the conservative estimates, you know
they're going to be twice as happy.

Speaker 2 (01:40:43):
That's what I always say to my wife. Do you
sound like under promise over deliver?

Speaker 4 (01:40:54):
You still love you? I get no respect ticket, No,
don't get let me.

Speaker 2 (01:41:00):
Going the uh No, I'll tell you what you know.
As I said, you know, we live in a world
today where I think, I mean, we're already three quarters
of the way through this year almost and it's hard
to believe we're gonna blink our eyes and will be October.
But you know, now's the time if you're thinking about retirement,
or if you're looking at different teams and I emphasize

(01:41:21):
team because it's too complicated for I think any one
individual to do it. There's just too much. There's just
too many things that you have to understand.

Speaker 4 (01:41:30):
You know, we spoke earlier and I think we all
agree with it, with the exception of a few. But
if you're looking at your portfolio, and if you've got
more than fifty positions in your portfolio, yeah, we talked about.

Speaker 2 (01:41:45):
The biggest question we have is why, especially if you've
got ETFs, OH or mutual funds.

Speaker 4 (01:41:53):
Because it's overkill and too many times we've seen people
come in with the portfolio and they have some winners,
there's no doubt, but they also have their dogs. And
when you're looking at the overall way to return of
your portfolio, it's not very good.

Speaker 2 (01:42:09):
Well directed, you do know direct invests indexing, yes, has
a lot of positions you buy well because that's that's
for a reason for that, that's right for tax lost harvesting.
So but it should never happen in an i R.
We got to take a break and say goodbye. We'll
be back next week for another retirement planning show. Be
Safe in a joyer weekend.

Speaker 3 (01:42:37):
The information or services discussed on this show is for
informational purposes only and is not intended to be personal
financial advice.

Speaker 2 (01:42:43):
The investments and services offered b