Retirement Planning Show

September 6th, 2025. 

Episode Transcript

Speaker 1 (00:00):
The Opinion's viewpoints and promises made during the following program
are not those of w g Y It's staff management
or parent company. Iheartmediah.

Speaker 2 (00:16):
Come on, you're gonna wrap over that McCarthy everything I said,
rap good to start wrapping. Good morning, Good morning to you.

Speaker 3 (00:27):
How are you?

Speaker 2 (00:28):
You just got in here? Would you just roll out
of bed?

Speaker 3 (00:30):
I did? Uh pretty much? Yeah, yeah, it's the old
roll and drive. Roll out of bed and drive?

Speaker 2 (00:38):
Is that that's what they call it?

Speaker 3 (00:39):
I do what I can.

Speaker 2 (00:40):
Yes, I've been telling the field since three am. Harvesting season. No,
I'm just kidding. I'm not a farmer. No, God bless
him though.

Speaker 3 (00:52):
I know.

Speaker 2 (00:54):
We have quite a few farmers now as clients. We
do hard working savers. You know, they grinded their whole
life and now they want to retire and we started
helping them plan that.

Speaker 3 (01:07):
Yeah, it's great, it's great. We're very fortunate. We get
some wonderful people. Yeah, wonderful people we get to work with.
So it's a real blessing. All right.

Speaker 2 (01:18):
Well, my name is Nicholas Dumas. I'm certified financial planner
with the Retirement Planning Group. Along with me today is
Christopher McCarthy, the financial advisor with the firm, and he's
been with us now for coming up on two years.

Speaker 3 (01:31):
Yeah, yeah, a little over a year.

Speaker 2 (01:33):
And a half now, yep, yeah, it rounds up.

Speaker 3 (01:36):
It's well, we were good at that.

Speaker 2 (01:39):
You came on around my birthday. It's in February, right.

Speaker 3 (01:42):
Yeah, yep, it was middle of February. Yeah, in twenty
twenty four. I only wish it was the sooner. Yeah, yeah,
we have a good time.

Speaker 2 (01:52):
Well, Dave was on your back for a while trying
to get you to to come over to the light.

Speaker 3 (01:58):
You know what was really funny would always say to
me every year I would see him at least at
a golf tournament, memorial golf tournament, and he said, when're
you going to give me a call? Never, in my
wildest dream was I ever thinking about the opportunity of
working with you guys. So it was just out of
the blue. Yeah, it was, like I said, it was

(02:20):
a real gift.

Speaker 2 (02:22):
We're glad to have you too.

Speaker 3 (02:24):
Well, thank you.

Speaker 2 (02:25):
I tell people all the time, I hate you because
you're the nicest guy I know never met.

Speaker 3 (02:30):
Anybody hate me because I'm beautiful and the nice guy.
Come on, no, no, we have fun, you know. Like
I said, it's it's been a blessing and it's been
a real pleasure and honor to work with everybody that
we work with at the office. Good people.

Speaker 2 (02:50):
You make me cry.

Speaker 3 (02:51):
Oh stop it.

Speaker 2 (02:53):
Speaking of golf outings, yes, we do have a golf
outing coming up and Dave really wants to promote this.
We need to get people to sign up and register.
Each year we do an annual Swing for a Cure
golf tournament. We host it right at Fairways of half
Moon and Mechanicville, and this year it's on Thursday, September
twenty fifth, and we're doing it for two organizations. So

(03:17):
this year we're supporting the American Cancer Society like we
always have, and we're also doing it for Tunnel to Towers.
So Tunnel to Towers Foundation, for those of you that
don't know, it honors the legacy of a firefighter Steven
Siller and all the responders and military personnel who have
made the ultimate sacrifice. So again it's a great organization.
I believe they build homes for veterans and all that.

(03:40):
So I think next week we're going to have a
representative on the radio on the eight to nine to
discuss what they do in their purpose a little bit more.
But again we think it's a great organization. You know,
they support the veterans and all those people out there
that sacrifice their time for us right and sacrifice potentially
their lives to to take care of their country. So

(04:02):
again we're doing this tournament. It's September twenty fifth, it's
a Thursday. It's going to be a eight fifteen registration
and a nine to fifteen shotgun start. So if you
want to call our office the numbers five one, eight, five,
eight zero nine. We still have a lot of room
for golfers. And then even if you don't golf, we
also do a luncheon so you can sit down, have

(04:24):
a nice meal. There's a bunch of baskets and raffles,
and Jim Corkoran in our office does a great job of,
yes he does, you know, making sure that there's a
bunch of prizes that you can win.

Speaker 3 (04:37):
I think it's it's wonderful, you know, Like I said,
a lot of people, I don't think take enough time
to really think about behind the scenes, what a lot
of people have sacrificed in order for us to sit
here with the freedom and the peace of mind knowing
that people are out there willing to sacrifice themselves for

(05:01):
our safety and our welfare. Uh, it's just it's an
honor to do tournaments like this and fundraisers and donate.

Speaker 2 (05:10):
Yeah, and we have a lot of clients who have served,
and I believe a lot of them are coming to
the tournament as well, so it'll be nice to, you know,
chat with them and talk about their years. And but again,
if you want to contribute, just reach out to our office. Again,
it's five eight five eight zero one nine one nine.

(05:30):
You could also sponsor a hole if you want to
sponsor a hole, and we can put a nice picture
of your smile in there next to the t box
or whatever you want us to do. We'd very much
appreciate it. But again, it's a it's a great time.

Speaker 3 (05:44):
You know.

Speaker 2 (05:44):
We have a lot of clients there that go. Uh
there's some UH partners that that will go with us
as well, some attorneys that we work with, some UH
CPAs or so again, it's just a good time. And
Fairways is a great course for those of you that
haven't played there. It's one of my home courses. I
grew up in Mechanicsville and that's right around the corner.
So they always keep the course in good shape. So again,

(06:06):
you can call our office if you want to submit
a foursome. It's September twenty fifth and it's gonna be
a nine to fifteen shotgun start. Just reach out to
our office five one eight five eight zero nine one nine,
or you could send Jim cork In an email at
Jim c so Jim c at rpgretire dot com.

Speaker 3 (06:27):
He does a fabulous job. I mean the amount of
book that goes in. I mean again, it's maybe not
taking the time or understanding what goes on behind the scene,
but the the people he coordinates and the prizes, and
he does a fabulous job. He really does. And I've

(06:49):
always felt, you know, we never do enough for our
first responders or our veteran So again, it's a wonderful
way to get back.

Speaker 2 (06:56):
Yeah, in the American Cancer Society too, you know, it's
also arding them. And we've been down to their location
in the past. II I believe it was in Leatham,
uh somewhere down there, but we went over to their
their site where they actually do, you know, help these folks,
and you're able to see, you know, the wigs that
they were putting together and the people that were there,

(07:19):
and you know, it's just a great organization as well.
It's a it's really heartwarming seeing these folks dedicate their
time to help others, you know.

Speaker 3 (07:29):
So again we're so blessed. There's so many wonderful people
out there that they don't get the recognition in my opinion,
they deserve. And you know, I remember my mother passed
away at cancer, you know, and it's nothing like it
when it hits you right between the eyes and the people,

(07:52):
the medical people, the hospice people, everybody was just above
and beyond what you could hope for. And again, just
so fortunate for the people we have that are they're
ready to help us whenever we need it. Really heartwarming.

Speaker 2 (08:10):
It affects everybody, you know, cancer in one way or
the other. Everyone knows someone who's been affected by it.
So anything we can do to help, you know, And
we're trying to promote this so that people are aware
that we're trying to do this.

Speaker 3 (08:22):
Every year.

Speaker 2 (08:23):
We've raised a lot of money in the past. This
is the fifteenth annual Swing Free Cure Golf Tournament. So
again that's September twenty fifth. If you'd like to register,
please give us a call. Office is five one eight
five eight zero one nine one nine. We can get
even more information over to you if you want to,
so again, submit your foursome. I believe it's one hundred

(08:44):
and forty is it one hundred and forty five dollars
of golfer? And then that also includes the banquet after
and then you can buy Mulligan's. You could buy a
there's a putting contest we do, which I think Jim
rigs it. But again you can you can do the
putting content too. Hey he wanted the last four years

(09:04):
in a row. No, I'm just kidding. Well, I don't
think he wanted the last one. I've never had a pleasure.
I'm looking forward to playing golf with you guys. Yeah
never Friday. I'll finally be able to see your swing.

Speaker 3 (09:15):
Yeah, well, you're not going to be looking long.

Speaker 2 (09:18):
Not gonna be the quick, quick swing. Just get over
the ball and let it go.

Speaker 3 (09:23):
Actually, I'm trying to slow it down.

Speaker 2 (09:25):
Nice, nice, all right. We're getting pushed off by the
music here, So if you want to call in, this
is a call in show today it's one eight hundred
eight two five fifty ninety nine. We're gonna get into
the markets when we get back, but everyone're gonna take
a quick break.

Speaker 4 (09:38):
Uh.

Speaker 2 (09:39):
You can reach us at twenty hundred eight two five
fifty nine forty nine.

Speaker 5 (09:49):
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 were prepared. Take action today. Call
eight eight eight five eight zero one nine one nine.
That's eight eight eight five eight zero one nine one nine,
or visit us at our website rpgretire dot com to

(10:11):
schedule your complementary consultation. Your future will say thank you.
You've spent a lifetime saving for retirement. Now it's time
to make that money work for you. Here's the secret
most people miss. You have 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

(10:32):
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 one nine for your complementary consultation.
Retirement is in a Sunday thing. It's a now thing.
Whether you're just starting out or nearing the finish line,

(10:55):
the best time to build your retirement plan is today.
Don't wait for the right moment. Let's create a plan
that works for you. Secure your future and the freedom
that comes with it. Call my office today and take action.
Eighty eight eight five eat zero one nine one nine.
That's eighty eight five eight zero one nine nine, and

(11:15):
your future will thank you.

Speaker 6 (11:18):
The biggest mistake in retirement planning waiting too long. The
sooner you start, the more options and peace of mind
you'll have. Dave Kopek and the Retirement Planning Group are
here to help you build a smart plan that grows
with you. Whether you're five years out or just getting serious,
now is the time.

Speaker 7 (11:35):
Don't put it off.

Speaker 6 (11:37):
Visit rpgretire dot com or call eight eight eight five
eight zero nineteen nineteen to schedule your consultation today.

Speaker 7 (11:45):
Start early, retire better, and.

Speaker 2 (11:54):
We are back. We are right here on WGI seven seven.
Those of you waking up good morning, We do have
a caller on the line. We've got a guy named
Paul in the car. Good morning, Paul, Hey.

Speaker 8 (12:13):
Good morning guys. How are you Thanks for taking my call?

Speaker 2 (12:16):
Yeah, no problem, How are you?

Speaker 8 (12:19):
I got a quite good I got a question about
social security. So unfortunately, my wife died a year and
a half ago, and I'm sixty two, and I understand
I'm entitled on like half of her social security. My
question is is should I should I consider taking that?

(12:40):
And then if I do, when I get to be
sixty five and take my own or sixty seven, whenever
that happens, do I also still keep the half of hers?
Or does that go away? How does that whole thing work?

Speaker 2 (12:53):
So you get the hire of the two Paul, So again,
sorry to hear that about your wife. But if you yeah,
if you do start receiving half verse, you got to
be careful because that's your social Security start date. Technically,
even on the spousal benefit. In the past, you used
to be able to delay that, so you can delay
your own benefit, receive your spousal benefit, and then pop

(13:14):
up to your own at the point you reach you know,
sixty five, sixty seven whenever you want to turn yours on.
But now you gotta be careful because if you turn
it right on at you know, sixty two, then that's
going to be your Social Security start date. So from
what I've experienced in the past, your benefit would be
reduced because you started early as well. So you'd want
to talk to the sociality. Yeah, talk to the Social

(13:35):
Security Administration. I know that might be tough to get
on the phone with them or set up an appointment.
Not sure who your local security office is with the
with car New York. That was a bad joke about that. Actually,
Oh okay, look at I got his location out of him.
I'm right behind you, Paul, you see me. I'm way

(13:57):
even just kid. But again, yeah, touch base with the
local Social Security office, and you know they're there there.
They're there to help you. They're not there to try
to get you into the wrong benefit. So they're gonna
try to maximize that for you too.

Speaker 8 (14:10):
So okay, yeah, so it's not rul Someone told me
that you get half your spoutsors and yours.

Speaker 4 (14:16):
That's not true.

Speaker 2 (14:17):
No, No, you get one or the other, whichever is higher.
But even you'd be the widower's widower's benefit as well,
so you wouldn't get half of hers, you'd get her
full benefit versus your full benefit.

Speaker 3 (14:31):
I got you.

Speaker 8 (14:32):
Okay, So I would still wait to delay to take
that either way, whatever's highest, I still.

Speaker 4 (14:36):
Want to delay it.

Speaker 2 (14:38):
Yeah.

Speaker 3 (14:38):
Yeah.

Speaker 2 (14:38):
And you said you're sixty two. Yeah, yeah, yeah, yeah,
widowers benefit you could perceive as early as sixty But yeah,
so you're sixty two, so you're fine. I would like,
I said, talk to Social Security Administration or go online
SSA dot gov and uh, just go onto your account
should show you some numbers.

Speaker 8 (14:59):
Great, Thank you so much for your help, guys.

Speaker 3 (15:01):
Love you welcome.

Speaker 2 (15:03):
Yeah, no, I appreciate you calling me paul A good question.
We get that, We get that a lot, you know,
and that's kind of revolving around what we wanted to
discuss today, right. We wanted to talk about most commonly
asked questions that that we see as advisors at the
retirement planning group. You know, there's that core I would say,

(15:25):
five or six questions that every single person that steps
through the door tends to ask.

Speaker 6 (15:31):
Uh.

Speaker 2 (15:31):
So I do want to go through those most commonly
asked questions, and you know we're going to cover them
in quite some detail here, just to try to ease
the mind of the listening audience. But I do want
to talk a little bit about the markets today, so
I like running through kind of what the five day did.
So for the week, the SMP was about flat, the
Dow was down about one hundred and ninety points, which

(15:53):
only works out to be about point five percent, and
then the Nasdaq was actually up seventy points, so about
point three percent. We had some you know, tech rallies
in the megacap space, so again that pushed tech forward
a little bit, and then in the aggregate bond index
it was up about half a percent. So a year
to date, we're looking at an SMP five hundred up

(16:14):
ten and a half percent, Dows up seven percent, Nasdax
up twelve and a half, and then the aggregate bond
index is up about three point three percent. You know,
that's just the bond index. We have some more high
yield or even longer duration bonds. You're looking at a
lot of those mutual funds. If you're invested in, you know,

(16:34):
a corporate bond mutual fund with a little bit higher yield,
you should be seeing somewhere around six percent year to
date returns, and we're six to seven just from that
yield that the bond is kicking out each month. Uh,
also combined with some capital appreciation. Now, the tough thing is,
we did see some pressure on the treasuries, so rates

(16:55):
actually increased a little bit for a second there with
the whole tariff dilemma and whether or not it was legal.
But now you're starting to see that treasury kind of
simmer again and come back down. So I believe that
the six months at about three point eight percent. You're
looking at a one year still a little under four
percent so on the treasury bill side. But again, Mark,

(17:15):
it was about flat this week. You know, to keep
it short, We've got a big meeting coming up the
sixteenth and seventeenth of September here with the Federal Reserve,
so we'll see what happens there. But jobs report was
weaker than expected, so you'd probably see a FED that
might be a little bit more dubvish here and potentially
start decreasing rates.

Speaker 3 (17:34):
I hope, though.

Speaker 2 (17:36):
Who you got next one? Who's that Dave? Is that Dave?
We got Dave? Hey, Dave? Good morning, Good morning, gentlemen,
Good morning, gentlemen, good morning.

Speaker 3 (17:48):
Yeah.

Speaker 4 (17:48):
I'm sitting in Washington, DC, getting ready to go to
a wedding that you guys know on at But I
was just listening to the show. I wanted to mention
something that gentleman that just called in. It just happens.
Yesterday I signed up for Social Security and I went
to the Glenn's Falls office and then they did it
by a phone appointment. But I couldn't have been happier

(18:11):
when more impressed with this guy. He was out of
the Troy office. His first name is Dan. I wish
I could have had his last name because I'd promote him.
But there's a lot of caveats, especially if your wife
is younger than you are, which my wife is, and
you know what would happen with widow benefits, and it's
a little bit more complicated, but you know she is

(18:34):
eligible because Julie is sixty, but she gets the higher
of the two benefits. But my benefit because of her
age would decrease a little bit because she's not full
retirement age FRA, which I never realized, which I didn't
realize until yesterday. So I couldn't agree with you more. Nico,
get on the phone with Social Security because they can

(18:55):
really give you a lot of details and they're wonderful people.
I went to the Glenswall's office and then I had
the phone conversation yesterday and October. Baby, the money starts
coming in in October. I need it.

Speaker 2 (19:11):
How's it feel now that you're you're going to receive
your social over scary? Yeah? I didn't say it.

Speaker 4 (19:19):
No, No, I think it's crazy. And it's just it's
kind of like you think that it's a distance away
and then all of a sudden, boom, you're eligible for benefit.
I waited to the very end. I'll be seventy in September,
so I wanted to maximize it. I wanted to maximize
it Chris for Julie because she was a little over

(19:43):
nine years younger than me. But make a long story short,
it was pretty simplistic, pretty easy, and I was extremely
impressed with the people at Social Security.

Speaker 3 (19:54):
Yeah. I've always had good dealing with them.

Speaker 2 (19:57):
Well, you're going to you're gonna need it. You're gonna
need the Social Security Now. We just ordered a bunch
of Eddie F's on you yesterday.

Speaker 4 (20:05):
It's it's amazing. You know, Like when I'm in town,
you guys go to uh, you know, Burger King or
you know, the sub place. But when I'm out of
town and you guys get the opportunity to buy lunch,
You're going to Eddie F's.

Speaker 2 (20:19):
We all got nicetas showtime.

Speaker 4 (20:27):
You deserve it. But listen, guys, I'm listening, have a
great show. But I wanted to chirp in there. My
advice to people that they should probably get a hold
of them at least six months. I think you get
a letter. You basically get a letter from them and
basically say contact us. You know you're eligible for benefit,
and the more you can sit down. I sat down
face to face and then I actually did the benefit

(20:49):
over the telephone. So yeah, very impressed. Okay, guys, go get.

Speaker 3 (20:55):
Them, have at time, have a fun time, all right.

Speaker 2 (21:00):
Yeah. So SSA dot gov is where you know, I'll
try to direct people. That's where you should start. You know,
if you don't have a Social Security online account, so
for your benefits, you're able to go on. You can
even apply through that website right on SSA dot gov.
You know, Dave just said he did it over the phone.
He actually sat down face to face with somebody also.

(21:21):
But for people that are just curious about it, you know,
it doesn't hurt to set up that SSA dot gov account,
you know, especially if you're gonna sit down and meet
with us. We generally asked that you bring in your
Social Security statements and they do not mail those anymore.
They used to mail them out to you, but now
you have to go online to print that out. So

(21:42):
again SSA dot gov if you want to go online
view your benefits or you know, have your spouse do
it as well, and then we'll be able to get
some projections on what your Social Security numbers should look
like based off of if you continue to work until
a certain age. So again, you want to read all
that information on the first pages. Well, on the right,
generally you have a chart that shows you at different

(22:03):
ages what the amounts would be. And on the left
there's a lot of herbiage there that goes through what
those estimates are based off of.

Speaker 3 (22:11):
I'll tell you one thing. We can't say it enough.
It's never too early to plan. Get your information sooner
than later. Go straight to the horse's mouth. You know,
there's a lot of wonderful people out there, but not
everybody says what is accurate or true. So, especially when
you're talking about very important areas social security, tax planning,

(22:36):
estate planning, retirement planning. You know, this is not you know,
come in for an hour and you're gonna know everything
you need to know for the rest of your life.
It's a process. Yeah, and we're proud to be part
of the process. Yeah.

Speaker 2 (22:51):
You need to know what you're electing as well, right,
and what you're tying yourself into Social Security. Yeah, once
you make the decision, it is pretty much final. I'm
gonna say pretty much because you do have the option
to revoke your decision one time. So if you started
to take early and then let's say you wanted to

(23:11):
go back to work because he got bored, and then
you want to turn your Solid Security off because you're
going to make more than that income limit each year,
then you can revoke your Social Security election. But then
you got to pay the money back.

Speaker 3 (23:23):
So you have to do it all within a year, right,
something like that.

Speaker 2 (23:26):
I believe. So, you know, I haven't gone through that
situation with anybody. You know, most folks when they retire,
they stay retired. But there are those those people that
you know just want to get back to work or
you know, get that nine to five, or they like
that consistency in their life to where they have something
to wake up and and go to. So uh, but again,

(23:47):
you know, make sure you you think through your election.
You want to think about your spouse as well.

Speaker 3 (23:53):
You know.

Speaker 2 (23:53):
That's one of those most common questions that we're going
to cover today is when should I take my Social Security?

Speaker 3 (23:59):
You know?

Speaker 2 (23:59):
And I think now it's a good segue to get
into that once we come back from the half hour here.
But everyone, this is the Retirement Planning Show. We are
the retirement Planning Group. If you want to sit down
and have a conversation with us, we have multiple office locations.
Our main office is in Malta, New York, right next
to the Albany Saratoga Speedway, So if you want to

(24:19):
stop in and see us. I believe this is the
last year with the Albany Saratoga Speedway. So catch us
on a Friday, then go catch some races. That'd be
a great friday to me.

Speaker 3 (24:30):
So it's a beautiful back to back you can't lose.

Speaker 2 (24:34):
Maybe I'll go with you, So call our office numbers
five on eight five eight zero one nine. We're gonna
take a break. We'll be back right after this and

(24:58):
we are back the Calling Show. Have any questions one
eight hundred and eight two five fifty nine forty nine
one eight hundred talk WGY and uh, we're here. We're
here until nine o'clock today. We're live in studio. If
you want to call in and ask a question or

(25:21):
have a conversation, we've been more unhappy to do that.
All right, So I'm going to get to the the
question that kind of came up before we even mentioned it.
A lot of times when when people come into the office, Uh,
one of the conversations is surrounding their social security, you know.
So a lot of times we sit down and they last,

(25:44):
when should I start taking my social security?

Speaker 3 (25:48):
You know?

Speaker 2 (25:48):
And there's a lot of different considerations to to think
about before making that decision, you know, number one being
marital status. Right, So are you single, are you married?
What is your benefit going to be? What is your
spouse's benefit going to be? You know, are you the
primary breadwinner? Did you make more during your working years?

(26:11):
Did the spouse stay home, you know, maybe take care
of the children. So maybe that spouse is only going
to be receiving half of yours, you know, or maybe
both of you are high earners, so you're both going
to have strong social securities, you know, so they're not
as reliant on your own benefit. Because your spouse, if

(26:31):
they are not a high earner, they'd have the potential
to receive half of your benefit when you turn yours on.
So again, they can't start receiving that until you turn
your own benefit on. Right, So your spouse cannot turn
on half of your benefit if you're not receiving yours yet.
But again, if you're going to receive three thousand a

(26:52):
month at sixty seven, your full retirement age, then your
spouse would be be entitled that to fifteen hundred a
month at their full retirement age. Again, so if they
start taking early, let's say the spouse wants to take
it sixty two your sixty seven, and you turned yours on,
they would receive less than half. So you receive about
seventy five percent of fifty percent.

Speaker 3 (27:14):
I'll tell you it just I remember and correct me
if I'm wrong. I think years ago there was a
lot more option what you could do with Social Security.
I think they scaled back, but there's still, like you said,
a lot of consideration. You know, it's not a one
size fits all. You know, if you're married, it's one
spouse going to continue to work. Maybe the other one isn't. Now,

(27:38):
you know, there's a lot of different consideration, and that's
what we need to sit down. It's never too early
to plan. Let's put all the variables out on the
table and consider what the best food is.

Speaker 2 (27:52):
Yeah, and then maybe if you're single, you know, you
don't have a spouse to think about their benefit as well,
and you have an appropriate amount of retirement assets, you
have a good amount of income streams coming in, maybe
it does make sense to take years earlier if you
do retire earlier. But everyone's unique. Everyone's situation depends on
them and what their retirement expenses are and what they're

(28:14):
looking to accomplish in retirement. So everyone's Social Security election
is unique. So we have conversations around it. I'm becoming
much more of an advocate of taking early depending on
who you are. You know, you don't know what's coming
around the corner health wise. You know, health concerns or
another big topic to think about with Social Security election.

(28:37):
You know, family history, how old are your parents, are
they still living? Is there you know, health issues that
run through the family. So again, you want to consider
your health, You want to consider your marital status, like
McCarthy said, you want to consider work. You know, is
your spouse still working, do you plan on working? Maybe

(28:57):
you're retiring from your full time job, but you're going
to do something, you know, part time. There is an
income limit. So if you start receiving your Social Security
prior to age sixty seven, which is your full retirement age.
It used to be sixty six, and then there's some
folks that qualify for sixty six and two months, four months,

(29:18):
six months to eight months, but I think we're past
that age group now, so most folks are sixty seven
is your full retirement age, and then where's I getting
out with it? So if you're prior to sixty seven
and you retire, start receiving your Social Security, you can
only make up to twenty three thousand a year approximately.
I think it's twenty three four hundred bucks. Don't quote

(29:40):
me on that, but I think that's the exact number.
So again, you have to be careful with that income
limit if you do part time work and make over
that for every two dollars you make above that number,
they're going to deduct a dollar from your Social Security
but then they give it back to you once you
hit your full retirement age from what I've from what
I've read online. But still, you know, if you're gonna
do some work and you don't need that income just yet,

(30:02):
I would continue to delay it at that point, right
just to not make things complicated.

Speaker 3 (30:08):
You know, one of my favorite calculations we do pretty
much every appointment is how would you fare between taking
at sixty two or sixty seven? And the calculation that
we often do the break evens anywhere from age seventy
nine to eighty two. So people sit there. I think

(30:29):
a lot of people might be surprised. And the thing
is we're always preaching, like you said, earlier we got
the go go years, the slogo years, and the no
go years. We encourage our clients to use the money earlier,
enjoy it. You know. We have a lot of famous

(30:49):
saying that we shared with people or the appointments. But
the point is do you want more money later when
you can't enjoy it as much now?

Speaker 2 (30:58):
I said all the time, how many game is a
bingo can you play?

Speaker 3 (31:02):
You know? And you can't put a.

Speaker 2 (31:04):
We can't put a hitch on a hearse. I've been
using that one a lot recently. I've gotta I gotta
stop with those.

Speaker 3 (31:11):
Hey, it gets the point across.

Speaker 2 (31:15):
Hey, God willing in the creek, don't.

Speaker 3 (31:16):
Rise there you go, you're on fire today.

Speaker 2 (31:20):
I hear a lot of sayings in this industry, you know,
I know, we work with a lot of the I
don't want to say older, uh, the older generation, I
guess you could say. And some of those sayings are
just you know, they're they're great.

Speaker 3 (31:35):
Oh I love them. But you know, David when he
called in and I'm right there with him, it's amazing
how when you get older, time seems to go faster,
and it does, it does. It is Uh, it's a
roller coaster. That's a fun roller coaster. It's a fast
roller coaster. So again, we emphasize all the time, never

(31:59):
to plan. It doesn't matter what we're talking about. Time
creeps up and if here before you know it.

Speaker 2 (32:07):
Yeah, money grows, you know, compound interest. You want to
start saving for retirement now versus tomorrow.

Speaker 3 (32:16):
Right.

Speaker 2 (32:16):
We get a lot of younger clients that come into
the office in their twenties, thirties. You know, we had
our client we have clients in their teens. We have
children with UTMA accounts. You know, their parents set up
a uniform transfer to minor account for them. Maybe they're
you know, seven months old. So we have accounts set
up for people of all ages. You know, there's different

(32:38):
investment philosophies for each of them. Right, you want to
be more aggressive in younger folks accounts. You know, for
that UTMA account with a seven month old as the
miner on it, you know, you've got about seventeen years
there before they would potentially use it, So you have
a lot of you have a long time arise in
there to grow assets and use that for you know,

(33:00):
college tuition, a first time car purchase, or a home
first time home purchase. You know, there's a lot of
different uses for those types of accounts. But yeah, like
McCarthy said, procrastination is not your friend. Time goes fast
and as you get older it speeds up. You know,
everyone gets into that nine to five mentality. You know,

(33:22):
every day flies by if you're busy. So again, you know,
sit down, review your situation. We've been talking a little
bit about social security. There's some other considerations to think about,
you know, spend levels, right, what are your expected expenses
in retirement? What's your baseline income need that you are

(33:44):
going to have on a monthly basis, So you want
to evaluate what are you netting now from work right
before you retire, so you can start planning. How am
I going to hit that number when I'm not receiving
a paycheck every two weeks? You know, if I turn
myself security on, if I turn it, if I have
a pension available to me, how much do I have

(34:04):
in retirement assets? You know, all that affects your Social
Security election as well. You know that's something that we
sit down, review and go through in the office on
a daily basis to try to figure those numbers out.
Because everyone, like I said, is unique, right, and everyone
has their own situation. You want to solve for their
income needs in retirement, not their you know, maximum growth potential.

(34:28):
You want to do it with an efficient type of
portfolio to solve what they need off the accounts without
taking on too much risk.

Speaker 3 (34:35):
I love what you just said because again it just
emphasizes how important the planning process is. You know, if
not something where somebody's gonna call up and say should
I take it? Sixty two sixty seven. Let's do a calculation. Then, Oh,
have a nice day. Everything you just nailed on, the
spending levels, the providing a guaranteed income for the spouse

(35:01):
that may not have been the high earner, so many
different variables. It's not a one size. That's all. The
more information we're given when we meet, the better job
we can do for you, bottom line, and we I
love interacting. I love the back and forth, you know,

(35:22):
and it's amazing how much we uncover in a very
short period of time. But we got to sit down,
we got to look at the information. We gotta talk,
and then we're going to put a game plan together.

Speaker 2 (35:35):
What would you say, the back and forth looks like
like a tennis match kind of.

Speaker 3 (35:39):
I wouldn't know. No, I wouldn't say it. More like
it's it's more of a nice flow.

Speaker 2 (35:43):
Did you watch the US Open at all?

Speaker 3 (35:45):
I did? I did Alchavez's top.

Speaker 2 (35:49):
I think sometimes I'm like center out there on the
Financial Advisor table one and thirty mile p you waste it, baby,
you do? What are you gonna do with this four one?

Speaker 3 (36:03):
I can't hear you.

Speaker 2 (36:05):
Yeah, I couldn't stay up that they go so long,
those tennis matches you get started at like seven.

Speaker 3 (36:11):
Yeah, I never understood. I'd like to see the ladies
playing as much as the man. But yeah, those.

Speaker 2 (36:19):
Matches we've got the was it Amanda the American she's
in the championship against that. I believe she's still today.
That should be a best today. And then we get
Alcarez Center again again on Sunday. Yeah, Carlos made Djokovic

(36:41):
or yeah, Djokovic not look too too great. I was
watching that a little bit ill.

Speaker 3 (36:49):
I'm still amazed how well he plays at his age.

Speaker 2 (36:54):
Yeah, it's incredible.

Speaker 3 (36:55):
He's the real deal.

Speaker 2 (36:56):
Tennis the world's healthiest sport, is it?

Speaker 3 (36:59):
Really?

Speaker 2 (37:00):
That's what they call it. Apparently a tennis player lives
longer than an average life expectancy, So I believe that
they're in great shape. All right, we're going to take
a break. We'll be back right after this.

Speaker 5 (37:13):
We are living through the greatest wealth transfer in the
history of mankind. Trillions of dollars of wealth will change
hands from one generation to the next, Your money to
our beloved children and grandchildren. Are you ready? Your future
is written by chance, it's written by action. Now's the
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(37:35):
favors those that are prepared. Call eighty eight five eight
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(37:56):
that turns savings into monthly income that will last a lifetime.
That's the Retirement Planning Group. We build customized income distribution
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Call eight eight eight five eight zero one nine one
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Speaker 6 (38:13):
Retirement might feel far off, or maybe it's just around
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The experienced team at Retirement Planning Group makes the process simple, straightforward.

Speaker 7 (38:25):
And all about you.

Speaker 6 (38:26):
No pressure, just smart advice to help you feel confident
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Speaker 5 (38:45):
Are you ready for retirement? For just hoping it works out?
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(39:07):
your complimentary consultation. Your future will say thank.

Speaker 2 (39:12):
You and we are back to Retirement Planning Show. Thanks
for tuning in this morning. A lot of weddings, A

(39:33):
lot of weddings going on days that one. I'm going
to one today. You were at one recently?

Speaker 3 (39:39):
Last weekend my buddy, uh Sandy and I went out
to Newport, Rhode Island.

Speaker 2 (39:47):
Very nice, Yeah, good spot. How far is that drive?
About three and a half three and a half hours.
I haven't been over to Newport in a while.

Speaker 3 (39:57):
It's a beautiful area.

Speaker 2 (39:58):
Who got married her nephew, nice.

Speaker 3 (40:02):
Her nephew, very nice people.

Speaker 2 (40:05):
A lot of barn weddings, I know I've heard the
same thing recently.

Speaker 3 (40:10):
This one was right on the water, I mean, very
nice location. Yeah really, but I've been hearing the same
thing to barn wedding.

Speaker 2 (40:18):
We've got one today, a barn wedding, and then I've
got one October. In October, that's my cousin. She's getting
married at a barn in Granville.

Speaker 3 (40:28):
Mm hmmm.

Speaker 2 (40:29):
So we got a bmb for that night because I
think it's like an hour away or an hour hour
and a half away from us. So we're going to
that one. But tonight it's in Johnsonville. It's kind of
my neck of the woods out pass Gaticoat a little bit,
so that one won't be as as far to go to.
But yeah, the barn weddings and sit on haybales, and

(40:50):
I'm gonna wear my boots, got you go boy in
my cowboy hat.

Speaker 3 (40:56):
I went to a barn wedding and it was one
of the high the stays of the summer, and the
air conditioning was not working. They had these monster fans.
I wish I could remember, but they pulled it off.
They did a nice job, but it was hot. Yeah,
that tie did not stay on long.

Speaker 2 (41:17):
I was gonna say, you got your tie on. Your
suit jacket probably came off.

Speaker 3 (41:22):
Oh, I don't think the jacket got out of the car.

Speaker 2 (41:25):
The pants are probably hanging on a stall.

Speaker 3 (41:27):
Now let's get let's get carried away. But it was fun.

Speaker 2 (41:32):
Ye had the barn weddings.

Speaker 3 (41:35):
I don't even know how the bride and groom. They
didn't look like they sweat. I had sweat on credit.
I mean it was just hot, but they pulled it
off beautifully.

Speaker 2 (41:47):
Yeah, I don't know. We'll see. I've never been to
a barn wedding, so it'll be fun.

Speaker 3 (41:53):
Well, at least it'll be comfortable. It'll be wet.

Speaker 2 (41:55):
Because it's supposed to rain today. We're doing the dance
rain dance. Hopefully that barn's got an aluminum roof that'll
be loud.

Speaker 3 (42:06):
One can only hope.

Speaker 2 (42:07):
I just went I went to you know, I did
go to a barn wedding about two months ago up
in Glenn's Falls. But AnyWho, getting back to the common questions,
we talked about social security quite a bit again. If
anyone has any further questions on that, we'd be happy
to take a step back and answer that. It's a
call and show one eight hundred and eight two, five,

(42:30):
fifty nine, forty nine if you want to call in
and ask some questions today. But we started speaking a
little bit about retirement assets. You know, that's something that
factors into when to take social security. How much you
have saved up? Are you going to be relying on,
you know that social security or do you have some
buffer with retirement savings that you've contributed to throughout your

(42:51):
working years? So again, retirement assets. I get asked a lot,
how do I take money from my accounts?

Speaker 3 (43:00):
Right?

Speaker 2 (43:00):
You know, they've saved, they've contributed, they've they're used to
putting money in, you know, But how do we reverse
that and start taking money off this account now that
we're retired and don't have the paycheck coming in. I
want to answer that kind of in a two part answer,
number one being the actual process and number two being

(43:21):
the the actual portfolio designed to solve, you know, how
to take income off that account. Number one, the process
is pretty straightforward. You know, a lot of people aren't
aware of how it works, you know. So if you
do have a four to oh one K and you
decide to work with us, we will open a rollover
IRA account. So just a traditional IRA pre tax IRA

(43:44):
account if your four oh one K is all pre tax,
and we do a rollover from your four oh one
K into that IRA account, and that's where we set
up a link to your bank if you provide us
with avoid to check, so we could set that link
up and then on a monthly basis, we start depositing
money into your bank account off that IRA, we can

(44:07):
withhold taxes, so based on your income and retirement, will
elect a percentage to withhold for federal, and then we'll
also elect a percentage to withhold for state, potentially depending
on how much you're going to be taking off of
that IRA account on a yearly basis. Right, because the
first twenty thousand dollars each year in New York State

(44:29):
is exempt from New York state taxation, So the first
twenty thousand you take off your retirement account, we don't
have to worry about that state tax. But again, we
set it up for like a monthly deposit, kind of
like your Social Security and we can you know, navigate
that however you want. You can do it monthly, you
can do it weekly, buy weekly just like your paycheck,

(44:49):
or we can stagger it. You know, maybe you receive
your Social Security the first of each month, and you
want to receive this the fifteenth of each month, we
can do that as well, so it's very specific to
how you want the money distributed off your retirement accounts.
Once we have that bank linked, we can also send
out one time distributions. So if you call in say, hey,

(45:10):
I need another six thousand dollars I need to fix
something on my house, then we can send that out
as well. Generally, we'll still have enough in the money
market account to where we wouldn't have to sell out
of anything to get you that money, and we can
just send it out usually the same day, depends on
your receiving bank. But again either one to two business

(45:33):
days and we can get that money out to you.

Speaker 3 (45:35):
No, and I'll tell you another thing. I think it's
strong to mention as well as that a lot of
people who feel good about the game plan we put together,
and they may be over fifty nine and a half,
they're currently working. There's a way we can do what
they call an in service transfer. They're going to continue

(45:55):
to work, continue to contribute to whether it they're for
one be New York State, the third comp four fifty
seven but we can take a percentage of those assets
before they retire and get them into the retirement investment
game plan. That'll get them so as soon as they retired,

(46:17):
there already the rubbers to the pavement and we're ready
to go.

Speaker 2 (46:21):
It's a great time to do in service rollovers right
now too. Markets up and I look at the NASDAK
it's up thirty percent over the last one year trailing
when you roll over your four to one K if
it's not with the same company, right, So we work
with Fidelity. There's the retirement department called Fidelity Net Benefits.
You know, you have the option to roll over in kind.

(46:44):
What does that mean? You can keep some of the
positions that are within the four to oh one K.
Some might not be eligible for an inkind rollover and
they would just issue cash, so they would sell that
position and roll over cash. But what I'm trying to
get at is it's been a good, you know, few
years in the market here. If you're over fifty nine
and a half, you should be considering an in service

(47:06):
rollover because you know they generally will send a check,
right so maybe it's a good time to get that
check and then reinvest it into a portfolio that's more
fit for your retirement date.

Speaker 3 (47:18):
Exactly.

Speaker 2 (47:19):
You might be you know, all equity, all stock, very
aggressive in your retirement account. Right now, it probably wouldn't
be a bad time to start de risking if you're
getting closer to that retirement date. Interest rates are high,
you can get better yields in the bond market. Three
four years ago, we wouldn't be talking about it. You know,
we had to look elsewhere for dividend, for interest, for coupon,

(47:40):
you know, we were looking at more alternative type of investments,
covered call writing strategies, high dividend kickers. So right now
it's a good time to think about it. Right if
you are over fifty nine and a half, like McCarthy said,
you have that option. Maybe you plan on working for
another three four years. Do that in service rollover, get
it into an IRA account where you have a whole

(48:03):
lot more investing options. Oh yeah, versus your twenty to
thirty funds. You have to choose from within your current
four and K plan.

Speaker 3 (48:12):
I think another great point that we often talk to
clients about is once they may do that in service transfer,
they're still going to be contributed. Like I said, to
the four one K four three B. That money is
where they can continue to be a little more aggressive
because the money remaining will keep it in equities, so

(48:36):
on and so forth, and then every paycheck you continue
to contribute. That I think is the part of portfolio.
It makes sense to be a little more aggressive where
the money that they bring with us to the self
directed IRA is going to be all ready to be
put into the three bucket design that income game plan

(49:01):
that they're going to be all ready to go as
soon as they're ready to lead.

Speaker 2 (49:05):
So that brings us to the next part of the
how do I take income off my account?

Speaker 4 (49:10):
Right?

Speaker 2 (49:11):
Or how do I take money from my accounts? That
retirement you know, the investment philosophy behind it. You know
you mentioned the buckets of money. You know, we talk
about that all the time. That's how we design your
income or how the account's going to provide income, and
we use the bucket of buckets of money approach. Uh,

(49:31):
there's three different classes or three different buckets within your
you know four oh one k i RA account. You've
got bucket number one for short term you know, immediate
cash needs, and i'd be I would say zero to
two years. You know, probably you want enough in your
money market or you know, treasury bills, depending how short

(49:53):
term they are. That's a good asset to put in
that bucket number one as well. But generally we like
to have about a year's worth of distributions already set aside.
So if we plan on sending you know, three thousand
dollars a month, that'd be thirty six thousand dollars we'd
want in that money market account. And then bucket number
two would be more medium turn something that's stable but

(50:17):
provides high interest, right so that would be your corporate bonds.
That'd be your bond portfolio, which right now you can
get six percent, you can get seven percent interest, even
eight percent on some of these high yield corporate bond funds.
You know, those might fluctuate a little bit more, but
you're rewarded with a higher coupon. You know, maybe less
credit quality, but a lot of those, even high yield
funds are pretty high in credit quality right now. Is

(50:41):
looking at it the other day, it was about ninety
percent investment rate, which.

Speaker 3 (50:45):
That's exactly what I was going to show.

Speaker 2 (50:48):
Yeah, which is pretty pretty interesting. So you can get
high coupon and hopefully stability and even if rates come down,
potentially those bond funds can pop a little bit or
appreciate in value. So again that bucket number two is
for that medium and interest and cash flow within the account.
But you also need growth. So that's bucket number three,

(51:09):
and that's for long term growth. That's going to be
your stock market exposure, whether that be sm P five hundred, indecks,
some technology funds, some financials, energy, whatever the case may be.
You also want to have, you know, long term growth
exposure because the cost of goods is getting more and
more expensive. Right trucks are no longer twenty thousand dollars

(51:32):
twenty five thousand dollars, they're seventy or eighty thousand dollars.
So you need long term growth within the portfolio as well.
So if you have any questions today, it's a call
in show one eight hundred and eight two five fifty nine,
forty nine, or you can call our office if you're
a little shy uh five one eight five eight zero
one nine one nine toll free eight eight eight five

(51:53):
eight zero one nine one nine, or check us out
on our website www dot rpg retire dot com again.
My name is Nicholas Dumas. I'm here with Chris McCarthy.
We're gonna take a break. We'll be back.

Speaker 1 (52:09):
The opinions, viewpoints, and promises made during the following program
are not those of wgy it's staff, management or parent company.

Speaker 9 (52:16):
iHeartMedia and good morning, Good morning those of you just
tuning in.

Speaker 2 (52:30):
This is the Retirement Planning Show. My name is Nicholas Dumas,
certified financial planner with the Retirement Planning Group. Along with
Christopher McCarthy, wealth advisor with the firm. We're here each
week from seven to nine am. If you want to
tune in and you know, we discuss some retirement topics.
We discussed some current events. We discuss weddings we're going

(52:52):
to and football games and tennis.

Speaker 3 (52:56):
But love it.

Speaker 2 (52:57):
But we're here. So if you want to start Saturday
with us, you know we're gonna be here to try
to help it get going in the right direction and
in the right mindset. This month, we do have a
golf outing. I talked about this on the last hour
for those of you that were tuned in for the
seven o'clock show. It's gonna be our fifteenth annual swing

(53:18):
for Cure Golf Tournament tight at fair ways of half
Moon and Mechanicville, New York. Well it's actually half Moon,
I know, yes, but it's right next to Mechanicville. Yes,
it is tradon Johnson Road up there, up past the
Mechanical School. But again it's Thursday, September twenty fifth. We
have spots open, you know. Again, we're getting close here,

(53:41):
so make sure you call into the office numbers five
one eight, five eight zero one nine nine and uh
and talk to Jim Corcoran. He is the organizer of
all of this and he does a great job.

Speaker 3 (53:55):
Yes he does, yep.

Speaker 2 (53:56):
And we want to help him out by promoting this event. Again.
We've been doing it for a long time. It's a
swing for a cure. We're doing it for two foundations
this year, not only the American Cancer Society but also
Tunnel to Towers. So Tunnel to Towers Foundation. It's a
charity that helps a lot of veterans out there, and

(54:16):
I think it's just a it's for a great cause,
you know, all those people that sacrificed. The least you
can do is, you know, give up a Thursday. You're
not even giving it up you're going golfing, and you know,
donate even if you can't make it. Checks can be made,
payable to tunnel to towers. If you do want to contribute,

(54:37):
you know, any amount helps. It doesn't have to be
you know, three hundred, four hundred, five hundred dollars. You know,
if you want to send twenty bucks in, you know,
every little piece will help. The will help the cause here.

Speaker 3 (54:49):
Yep, great causes. Great causes can never do enough for
the veteran. And it goes without saying the cancer victim.
You know, it just wonderful people. And I tried to
get in. I don't know if I ever told you
I tried to get into the military years ago. Unfortunately
because of the hearing. Oh yeah, but uh, I have

(55:12):
a tremendous respect. Once in a while I kind of
think of what would life be like had I gotten in.

Speaker 2 (55:19):
I could see you in a in a uniform. You're
a good man, Thank you, Lieutenant McCarthy. What what But
that's so that's sad. You know, I wish you were
able to get in. Well, like I said, I just
have a you want to do something and he can't.

Speaker 3 (55:38):
Well, you know, it's just something that at the time
was I felt strongly about and uh, I think my
life needed more structure and direction at that time, and
it wasn't in the cards.

Speaker 2 (55:51):
But are you a trouble maker?

Speaker 3 (55:53):
No, no, I wouldn't say it was a troublemaker, but I,
you know, back in the day, was well going to
explore a lot of different options. I wasn't sure exactly
what path I wanted to take, but God was good
to me still is.

Speaker 2 (56:10):
Yeah, you look good McCarthy.

Speaker 3 (56:12):
Oh you're flattering me.

Speaker 2 (56:14):
So you've made it through life so far, very very good.

Speaker 3 (56:17):
Well, thank you right back at you.

Speaker 2 (56:19):
I appreciate it. S. There's different sponsorship levels, so you
can sponsor a hole for the swing for your Cure
Golf tournament coming up again, it's September twenty fifth. There's
different sponsorship levels. If you want to sponsor a hole,
Bronze would be three hundred dollars, Silver would be four
hundred and twenty five dollars. That includes recognition on the

(56:39):
tournament handouts. Your gold one would be a twosome in
the tournament, so that's a five hundred and fifty dollars
and then your six hundred and fifty dollars Platinum level
would also get you. It would get you a foursome
in the tournament, so that would pay for everything, your foursome,
your recognition on the tournament handouts, and also your whole

(57:00):
sponsor signs. So again you can donate, you know, even
if you don't want to come, or you can come
to the luncheon after. We're gonna have a great spread
of food. I think last year I had maybe three
or four chicken cutlets. They were amazing. I think they
do sausage, peppers and onions too. There's a lot of
different options, and yeah, even if you just want to

(57:21):
come for the luncheon, or if you want to golf
and then your your husband or wife wants to come
to the luncheon, you know, we can definitely do that
as well.

Speaker 3 (57:28):
I think I think Fairways does a great job. The
course has come a long way. The food is very
very good. They have a beautiful facility.

Speaker 2 (57:37):
So they've got this They've got this thing with four
wheels driving around that have these cold crispy beers in
the back of it too. So for someone that likes
to have a beer or two at golf, you know
there will be a cart driving around handing those out.
They're not handing them. You gotta pay. There's always a

(57:57):
hitch water and Gatorade too. Place we get a hot one,
but generally it's a little cold, you know, so i'd
wear you know something I.

Speaker 3 (58:05):
Like after what we've been through with some of the heat.
I like to rephoto. It's comfortable.

Speaker 2 (58:10):
Yeah. I like the crisp you know, you're starting to
get that fall air, and it's football season. I can't
wait to get the crock pot out and make some
of those hearty meals. It's gonna be a nice fall.

Speaker 3 (58:24):
Yeah. I love ball too.

Speaker 2 (58:26):
I got I got beat up before for saying that
I drink pumpkin spice lattes on air.

Speaker 3 (58:34):
We're gonna go open a can of wood.

Speaker 2 (58:36):
Ass right here, But I just I just want to
say it's pumpkin spice season too, of course, you know.

Speaker 3 (58:43):
And if anybody's speaking going after you.

Speaker 2 (58:45):
I'm I'm so I want. We're gonna have to pick
up some pumpkin spice creamer for the kitchen, just for you, pal,
just for you. You're not gonna drink any with me.
Hell yes, I like the pumpkin spice. It gets me
in the you.

Speaker 3 (58:58):
Can't drink pumpkin spice a lot.

Speaker 2 (59:00):
You gotta have a you gotta have a team of
pumpkin spice people.

Speaker 3 (59:06):
Bring it. We gotta do it. We're we're gonna get
a bus.

Speaker 2 (59:10):
We'll have a pumpkin spice station at the Swing Career
of Cure if you want to come. It's again on
September twenty fifth, and we'll have a little you know jug,
a pumpkin spice creamer.

Speaker 3 (59:22):
There maybe a big jug pumpkins.

Speaker 2 (59:25):
Some pumpkin pies and it could be going. Now I
can't make all these false promises. But again, there's gonna
be great food there, there's a raffle, So there's gonna
be a raffle. There's gonna be a putting contest, there's
gonna be Mulligan's. You could purchase, you know, everything you
typically get at one of those tournaments. I think everyone
gets baggies too, so there'll be a little baggy of

(59:45):
you know, golf balls, some teas, and I think divvot repair.
We got divvot repairs one year, so you get some
goodies too. So again there's the main purpose of this
is to raise money, you know, and we've raised a
lot of money over the years. I'm not sure what
the exact dollar amount was last year, but I want

(01:00:05):
to say it was close to fourteen thousand. Maybe maybe
it was.

Speaker 3 (01:00:10):
Seventeen thousand kind of but maybe maybe it was fourteen
But it was very good.

Speaker 2 (01:00:15):
But again, you know, and our a lot of our
partners will cover the cost of the food and uh
running the event, so they'll cover that, and then whenever
we get for donations and you know, the raffles and
the baskets that will add into that, you know, final
contribution that we're able to make to Tunnel for Towers

(01:00:37):
and Americans Cancer Society.

Speaker 3 (01:00:39):
So you know, it's wonderful. A lot of the companies
that we affiliate with very generous, like you said, either
donations or prizes Nicknack. But the golf is just again
it's for a great cause and just a lot of
great people.

Speaker 2 (01:00:58):
So anything you can do to contribute with great appreciate it.
You can call our office at five one eight five
eight zero one nine one nine for more information or
if you want to put in a team. You know,
we have a lot of spots for teams. So if
you're a client or if you're someone that's met with
us in the past, or you know, if you're someone
that's never met us, feel free to give our office
a call and we can get you out there as
a four summer. We can match you with another two

(01:01:19):
sum you know, or maybe you need one more person.
We've probably got that person. So again, Jim does a
great job of getting all those teams aligned and making
sure that he stacks his team as well so that
he could try to win the tournament every year.

Speaker 3 (01:01:31):
So, yeah, he does a great job. I'm amazed at
what he does.

Speaker 2 (01:01:35):
Yeah, I splip that by you, I said, Jim stacks
his team.

Speaker 3 (01:01:38):
So Jil, we already knew that. In the first dollar to.

Speaker 2 (01:01:42):
Call our office numbers five one eight five eight zero
one nine one nine. We got to take our first break.
Then we get back. We're gonna start hammering on those
common questions that people ask in retirement.

Speaker 5 (01:01:58):
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 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

(01:02:21):
schedule your complementary consultation. Your future will say thank you.
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

(01:02:44):
that comes with it. Call my office today and take action.
Eighty eight eight five eight zero one nine one nine.
That's eight eight eight five eight zero one nine nine,
and your future will thank you.

Speaker 7 (01:02:57):
Time flies and retirement will be here before you know it.

Speaker 6 (01:03:00):
Are you ready? Don't wait until it's two weight to
get your plan in place. Dave Kopek and the team
at Retirement Planning Group are helping people just like you
take control of their financial future right now. Call eight
eight eight five eight zero nineteen nineteen today or go
to rpgretire dot com to schedule your consultation.

Speaker 7 (01:03:21):
Retirement won't wait. Why should you.

Speaker 5 (01:03:24):
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 for
our beloved children and grandchildren.

Speaker 3 (01:03:35):
Are you ready?

Speaker 5 (01:03:35):
Your future is written by chance, it's written by action.
Now's the time to build your plan, protect your assets,
and position yourself for the opportunity. Don't wait, take action.
The future favors those that are prepared. Call eighty eight
eight five eight zero one nine one nine. That's eight
eight eight five eight zero one nine one nine.

Speaker 2 (01:03:54):
Portions of the following program will be recorded. All right,
we're back. There's a call in show if you have
any questions one eight hundred and eight two five fifty

(01:04:15):
nine forty nine, or if you want to call our
office five one eight five eight zero one nine one nine.
Toll free is eight eight eight five eight zero one
nine one nine. So in the first hour we were
talking about some common questions. We got into social security.
We got to do retirement asset distribution, so retirement account

(01:04:35):
retirement income distribution, taking money off those four oh one
k's deferredcount for fifty seven plans, four or three b's
iras you know roth iras non qualified accounts. And now
I wanted to address probably the most common question that
we get. You know, when can I retire, right, do

(01:04:57):
I have enough? And how do you typically approach that question? McCarthy,
I want to put you on the hot seat.

Speaker 3 (01:05:06):
Well, my first question often is when do you want
to retire? You know? And then but like you said,
you know, we've got to look at the whole picture.
But I want to say more often than not that
people are surprised and how soon they can retire. I
think that so many people have been in that accumulation

(01:05:28):
phase for so long, and then you're always here, you know,
the greatest fear we're going to outlive our money, so
on and so forth. And I like to think, you know,
through our planning process, we put a lot of minds
at ease. So again, there are a number of factors

(01:05:49):
that are going to play into when people can feasibly retire.
But I love I think more people are pleasantly surprised
that it's sooner than they think that's going to be. Yeah.

Speaker 2 (01:06:02):
I think for maybe one in every three people, I say,
you could have retired two years ago, you know, And
for the other two they're ahead of pace from where
they probably needed to be to retire. A lot of
people don't understand that they have the asset level, they
have the income sources to have a successful retirement. You know,
there's a lot of different factors that go into it, clearly,

(01:06:27):
but when you're working, right, you're grossing a certain amount,
So the amount of money you make, you got your
gross number, but you're actually netting a lot less than that. Right.
There's a lot of deductions that come out of your
paycheck on a bi weekly or weekly or monthly however
you're paid basis, right, So not only does federal state

(01:06:49):
tax get taken out, but you're also contributing to social
programs like Medicare, social Security, you know, and all these
deductions that them out before you net that final deposit
in your bank account. Right, maybe you're making contributions to
your four ROH and K, Right, so you're putting money

(01:07:11):
into a four ROH one K account versus in retirement,
you're not going to be doing that. You're taking money
out of a four ROH and K and you're paying
federal and state tax, you know, so you don't have
to worry about all those additional deductions that are going
to be coming out of your paycheck. So again, your
net number and your gross number might be vastly different.
So you want to take that into account when you're

(01:07:33):
planning when you can retire. What is your true expense level? Right?
What are you spending money on on a monthly basis,
and what does that number look like? Maybe you tell
me you need four thousand dollars a month, right, so
forty eight thousand dollars a year to live comfortably. You
have Social Security that's going to be fifteen hundred dollars
a month. If you took up sixty five. You're going

(01:07:56):
to go onto Medicare for health insurance purposes, so they're
going to they're going to deduct a dollar amount to
pay for your Medicare. But again, maybe you're netting social
Security somewhe around eleven hundred and twelve hundred bucks a month.
Your spouse maybe they have fifteen hundred a month or
solid security, so they're netting the same. We're already halfway there, right,
We're at twenty one twenty two hundred dollars a month net.

(01:08:18):
And now you have, you know, a retirement account with
let's say three hundred and fifty thousand dollars in it. Right,
you have your deferred comp plan that you contributed to
and now it's time to take that and start receiving
income off of it. You know, a let's say five
percent distribution rate, just to keep it simple, why'd I
say three hundred and fifty. Then that's going to make

(01:08:39):
a little more difficult. So you're looking at seventeen thousand,
five hundred dollars a year of income from that deferred COMPU.

Speaker 3 (01:08:47):
So that would you got it.

Speaker 2 (01:08:50):
I've really made this very easy because divide that by twelve.
So now you're looking you're looking at what about fifteen
hundred bucks a month, just to keep it simple, seventeen
to five, so that'd be eighteen thousand a year, so
fifteen hundred a month there. So now you're at thirty
five hundred, well thirty seven hundred, right because eleven eleven

(01:09:11):
is twenty two hundred, So it's your two social securities
plus fifteen hundred. You're at about thirty seven hundred a month.
We're right there. You're a deferred comp you have deferred comps.
So maybe you have a pension too. You know, maybe
that pension brings it well over that four thousand dollars
a month number at that point. So so again there's
ways to hit that number. That's always what I'm thinking about,

(01:09:32):
you know, that spend level or that net number that
you're getting from your paycheck. And if I see that
you have some bank accounts that have grown and they're
consistently growing, it means that your net income is solving
your expenses, plus you're saving. So that net number is
probably not exactly what you need on a monthly basis.
You probably really need less than that. But if I
can solve for that net number still, then you're still

(01:09:53):
going to be saving in retirement you So, so again
it always revolves around that spend level is what I
constantly go back to on whether or not you can
retire and do you have enough? Right in that case,
I think that three hundred and fifty thousand dollars deferred
comp plan would get them right to their you know,

(01:10:13):
spend level or what they need on a monthly basis.

Speaker 3 (01:10:16):
So you know what I wanted to share with you.
Chris Kopek and I had an appointment late Thursday afternoon,
super cool couple, super cool, and they came right in
and they said, well, we just want to be up
front with you guys. We're shopping advisors. And we said
that's great. We encourage it. So we start having a

(01:10:39):
conversation and he hands a spreadsheet that he put together
a beautiful job for the appointment. So we're looking at it,
and it didn't take long to see certain figures like
you were saying, spend level so on and some on.
And we're looking at it, and the gentleman said, well,
what do you thinking you're going to be fine? And

(01:11:04):
both he and his wife just look and they said,
you're the first advisers that told us that everybody else
is the same. We're going to lose money in like
ten years, We're going to be out of money. And
we're like, no, you're going to be fine. And then
you could just see. I love the reaction, and I
know you do too. You either get people's eyeballs, they

(01:11:27):
get bigger because they're excited, they like the news that
they're hearing, they need to hear the news that they're hearing,
or they just sighed they feel like, wow, we're going
to be okay.

Speaker 2 (01:11:43):
Well, I think you see a lot of advisors that
try to just you know, punch holes or punch you,
try to beat you up and say you need to
work with me so I can get you in the
right spot. You might be there already, you know, we're
here to facilitate what's your look for. We act in
a fiduciary capacity, put ourselves in your shoes and make

(01:12:04):
the best selections that we see fit for you. So again,
I think a lot of people don't understand or maybe
they don't want to accept the fact that they can retire.
You know, maybe it's a mental hurdle that they need
to get over as well. You know. But a lot
of times we've had conversations and you know, things will
get emotional, right. We have very emotional meetings with clients

(01:12:27):
that are finally getting to that retirement date that they've
been thinking about for five years, for ten years, for
fifteen years, and we're finally there, and you know, things
get emotional, and it's always nice to have a person
to work with or a partner to get you there.

Speaker 3 (01:12:45):
You know.

Speaker 2 (01:12:45):
And that's what we try to be for individuals, not
only on the retirement side, but also the estate side.

Speaker 3 (01:12:52):
You know.

Speaker 2 (01:12:52):
I had a meeting last week with a future generation
for a family. I had a meeting two weeks ago
with a whole family with their mother that they brought
in to start planning her estate, and you know, we
really sit down with with full families and you know,
get to know the children so that they have a face,
someone to call if something happens to mom and dad,

(01:13:13):
someone to help clean up that estate. And make sure
that everything gets passed through as tax efficiently as possible
and also as easy as possible. You don't want to
emphasize that easy. You know, don't make your kids go
through probate for months and months. Have everything set up
so that there's appropriate beneficiaries on file. Maybe there's a

(01:13:36):
trust account, how is the trust going to be or
how's the house going to be distributed? At your demise,
Just make sure you have all that on file. Make
sure the kids are aware. Maybe you have a coin collection,
maybe have a baseball collection, baseball card. I had that
the other day, which I thought was really interesting. He
had all these cards from the fifties and sixties. He

(01:13:57):
got them appraised and they're you know, for X amount
of dollars or so we got to make sure your
kids know or make sure someone knows, or you have
a you know, a sheet to go to in case
something happened to you. All your passwords, a lot of
things are online nowadays, so they might need user names
and passwords, maybe your email user name and password so

(01:14:19):
that they can reset passwords get in. There's a lot
of different, you know, types of accounts out there, and
just make sure you've got the estate in good order.
I think we do a lot of work there.

Speaker 3 (01:14:31):
I couldn't agree with you more, especially about getting the
kids involved. You know, this is something that too many
times over the years we have seen where a parent
or both parents will pass away and it can be
a nightmare trying to settle a lot of things. Whereas

(01:14:53):
if you have the family as a whole, they don't
have to know every single detail, but they need to
know who to call. We emphasized simplifying and consolidating people's estates,
not just the retirement plan. We take a lot of
pride in the service that we do. The people were
affiliated with something tragic or heartbreaking happened, it's one phone

(01:15:19):
call and we facilitate to their needs and get stuff done,
and you know, it's a very important. The other day,
we also had an appointment with the elderly couple and
the husband just warmed my heart. He looked at what
they used to have and how it has downsized. We

(01:15:44):
were able to consolidate and simplify, and he just looked
at me and said, it's so nice that things are
just easier to manage now.

Speaker 2 (01:15:54):
The postman probably loves them too, because he didn't get
statements from twelve different companies every single month. Consolidation, simplification.
As your friend, like McCarthy was saying, but again, you know,
when can I retire? Do I have enough? It depends
on you. It also depends on your future what you
plan on doing in retirement. You're going to be moving
out of the area. Are you going to stay local?

(01:16:16):
Are you going to sell your house buy a new one? Downsize?
You know, there's a lot of questions that go into
when can I retire and doesn't make sense. So if
you want us to sit down and go through your situation,
we typically send you a questionnaire booklet helps you get
everything mapped out, and then we asked that you bring
that into the appointment with you and we can start
going through your situation. The number here is eight two

(01:16:38):
five eight hundred eight two fifty nine. If you want
to call in, this is a call in show. We
would love to have some questions today we're gonna take
a break. We'll be back right after this. Sure, we're back.

(01:17:14):
Just smack my head off the microphone. Damn, did you
see that? I think I'm concussed seeing everything's blurry.

Speaker 3 (01:17:25):
That's the story of my life.

Speaker 2 (01:17:28):
Eight miles an hour. Did you know that? That's all?
Well I didn't. You don't even know what I'm talking about.
Eight miles an hour for brain injury. I guess you
could very you could go almost brain dead if you
have a impact at eight miles an hour. Really, you
see all these kids driving around on their scooters and

(01:17:51):
e bikes, flying through town, no helmet.

Speaker 3 (01:17:58):
Back in the day, well, yeah, we did have the scooters.

Speaker 2 (01:18:01):
Not good.

Speaker 3 (01:18:03):
No, it's not good at all. I mean I got
away with a couple of lucky scrapes in my day,
but that was a long time ago.

Speaker 2 (01:18:13):
I was at a helmet on. I used to raise
dirt bikes and I'd always have, you know, the helmet
and neck brace. I had chest protector boots, you know,
you name it.

Speaker 3 (01:18:24):
That's a real deal. You're doing the dirt.

Speaker 2 (01:18:28):
Yeah, that's a little different than the bike, but that's
not concrete. I was on dirt, you know, so dirt
doesn't hurt as much.

Speaker 3 (01:18:36):
Did you have a lot of Did you have a
number of spells?

Speaker 2 (01:18:40):
Yeah, I broke my arm when I was about maybe
seven or eight. Started my first dirt bike I got
when I was three. Can tell you that. Yeah, yeah,
three years old.

Speaker 3 (01:18:52):
I was going into the wrong family. Yeah, I need
some more of a toy in my childhood. Yeah.

Speaker 2 (01:19:00):
I got up on the dirt bike, raced for probably
ten years. Then I gave it up.

Speaker 3 (01:19:05):
You know.

Speaker 2 (01:19:05):
I think it was after I broke my arm or no,
I think I hit a tire or something, because on
a lot of the tracks they would have tires around
the side, and if you go off you hit that tire,
that bike's gonna stop, you know, but your body's gonna
keep going.

Speaker 3 (01:19:19):
Yeah.

Speaker 2 (01:19:19):
I think I flew over the bars and hurt my
neck a little bit. But I'm still I'm still walking.

Speaker 3 (01:19:25):
I know. And I bet you had a lot of fun.

Speaker 2 (01:19:28):
So God bless there you go. But anyways, did you
have something else?

Speaker 3 (01:19:34):
No, you got to thank the big guy?

Speaker 2 (01:19:36):
Yeah, yeah, so thankful every day. You know a lot
of people are out there struggling and you know, in
very bad situation. So I don't know why, you know,
some people are miserable. You got to appreciate your your
time in this in this world. So be happy, have fun,

(01:19:56):
and I'll tell you, like I said, drive it, like
you stole it.

Speaker 3 (01:19:59):
I I couldn't have said it better. No, like I said,
I couldn't agree with you more. We're blessed with wonderful philosophies.
We're blessed with a lot of great people. To walk
into our office now, some of the nicest people. It's
been such a pleasure.

Speaker 2 (01:20:19):
A lot of folks out there that are you know,
less fortunate. No, that's why we're also doing our Swing
for a Cure Golf tournament right again, September twenty fifth.
It's a Thursday. We have spots if you want to
come to. Our Swing for a Cure Golf tournament supports
the American Cancer Society. This year we're doing a co
sponsorship Tunnel Tunnel to Towers. We're going to be contributing

(01:20:42):
to so American Cancer Society Tunnel to Towers Foundation. If
you want to register a foursome, please call our office
numbers five one eight, five eight, zero one nine nine.
Even if you call today, you can leave a message.
Jim Corker will get back to you on Monday, and
we'll make sure we get your names for your foursome
and get you on the list. So again, it's our

(01:21:04):
fifteenth annual Swing for a Cure golf tournament. We're trying
to raise as much money as possible for these two foundations,
and even if you can't make it again, any contribution helps.
You can make checks payable to Tunnel to Towers or
to speak to Jim. You know, if you want to
contribute to American Cancer Society, I'm sure you can make
a check payable to them as well. But the numbers

(01:21:24):
five one eight, or actually do eight eight eight five
eight zero one nine one nine. That's the toll free.

Speaker 3 (01:21:30):
So yeah, I'm looking forward to it. You know, it's
always wonderful, heartwarming to be a part of these wonderful
events and stuff. So and then you would say, maybe
next week there's gonna be a spokesperson for.

Speaker 2 (01:21:46):
Yeah, I believe next Saturday we're gonna we're gonna have
someone from Tunnel to Towers on the radio with us
eight to nine. I believe it's next Saturday. Jim was
telling me the dates last week, but you know, we
were running around last week, so so again we're gonna
we're gonna have a representative from Tunnel to Towers to
speak about their organization and what they do for folks

(01:22:08):
and all those veterans out there and firefighters and servicemen
and women. So so again we are going to have
a representative on. But that's someone that we really wanted
to to try to contribute to as well this year.

Speaker 3 (01:22:20):
No, it'll be a great time. I'm looking forward to it.

Speaker 2 (01:22:23):
All right, let's get back to the show. So again,
if you want to if you want to contribute, or
play or come to the luncheon in that swim for
your care golf tournament, just call the office or email Jim.
It's Jim c at rpgretire dot com. So the next
question that I had that I wanted to go over,
because we are running out of time on today's show.

(01:22:45):
We're getting closer these days, they fly by, they do
two hours flies by. How much am I going to
pay in tax and retirement? Is that not a common
question that you see, of course, because I get that
quite a bit.

Speaker 3 (01:22:57):
Well, look at how often we pull out the twenty
twenty five tax bucket.

Speaker 2 (01:23:02):
Yeah, the tax brackets, We've got those right, on the table.
We got a nice little binder, and uh, you know,
that's a very common question that I see. How much
am I gonna pay in taxes? I don't know.

Speaker 3 (01:23:15):
It's one of my favorite responses.

Speaker 2 (01:23:18):
Yeah, thirty two and seventeen dollars. It depends, right, It
depends on when you start taking your Social Security. It
depends on whether or not you're gonna have a pension.
Where is that pension from? Do you have a pension
from New York State? There's no state tax on that
you have, you know, social Security coming in all right,

(01:23:39):
how much you're receiving from Social Security, they can only
tax you on fifty to eighty percent potentially or even
less than that. You're also gonna get a six thousand
dollars deductible now on Social Security. So there's so many,
so many, uh, different valuables yet different variables that you
have to consider before I can tell you the exact
dollar amount you're gonna pay in taxes. Every sing we

(01:24:00):
do tax planning. We don't do tax filing just about yet.
You know, we are looking at opportunities in the accounting
industry to try to provide tax filing for clients as
well and we'll see if we make any progress there,
but we want to make sure we pick the right
shoe for the foot.

Speaker 3 (01:24:17):
So I think a lot of things, you know, piggybacking
off of what you're just going over, that go far
beyond just the point blank you know, what are you
going to pay in taxes? You know, we also developed
strategies as far as should we be maybe considering wealth conversion,

(01:24:38):
should we be, tax harvesting should be? You know, I
mean it's a lot more than meet THEI. And that's
what I love about the services that we provide. And
you know, what is your estate planning strategy going to be?
You know, we're not attorneys, but we work closely with attorneys,

(01:24:59):
and we know enough i'd like to think to be dangerous.
And but if we don't know something, we'll tell you.
But we'll get you any answer.

Speaker 2 (01:25:08):
Such a great you know explanation as well. You know
what type of accounts you mentioned pre tax?

Speaker 3 (01:25:14):
Right?

Speaker 2 (01:25:15):
Pre tax accounts? Do you have WROTH accounts? Do you
have non qualified brokerage accounts?

Speaker 3 (01:25:22):
Right?

Speaker 2 (01:25:22):
So that's all going to go into the how much
am I going to pay in taxes in retirement question?
If you're pulling a consistent monthly income off of a
pre tax IRA. You know, we can try to figure
that out right, And a lot of people don't know
with tax brackets there, you've got to look at the
effective rate when you start taking these, you know, withholdings

(01:25:43):
from those monthly payments. So there's tax brackets, yes, But
if you're pushed into another tax bracket, and it's laddered, right,
so the first X amount of dollars is going to
be at ten percent, the next X amount of dollars
at twelve, and then so on and so forth. So
again it brings you down to an effective rate. And
that's what I try to plan for. So a lot

(01:26:04):
of advisors will say twenty percent federal, five percent state. Oh,
a lot of times your effective rates going to be
closer to fifteen sixteen percent for you know, the average
distribution rate on an individual in retirement, depending on your
income sources. Some folks are way higher than that, some
folks are less than that. Some folks are in the

(01:26:25):
tax bracket to where you can pay zero percent capital
gain tax. A lot of people don't know. That's the thing.
So we do a lot, a lot of tax planning
with folks. We do tax loss harvesting, like you mentioned,
at the end of each year in those non qualified accounts,
so non retirement accounts. You're going to get capital gain
distributions if you own mutual funds, so you want to

(01:26:48):
make sure you're aware of those June. You know, some
kick kick them out in June, most of them kick
them out in December, so you want to be aware
of those. Long term and short term. Capital gain distribution
is clearly your short term is going to be taxed
at your income rate, long term at capital gains rate,
so you want to plan around that, and you want

(01:27:10):
to you know, potentially take losses at the end of
the year or take losses throughout the year. Shift right,
You don't have to just sell the money and let
it sit in cash. Don't reinvest in the same asset class.
You know it might count as a wash sale. So
if you do sell and harvest a loss, don't go
right back into the position the next day. Typically you

(01:27:31):
want to wait thirty days so you don't get hit
with a wash sale. But maybe you shift sectors, so
you sell a healthcare ETF that's down. Healthcare has been down,
so it might be read in your account. You could
sell that in your non tax sheltered brokerage account. It'll
recognize that loss and then shift to a tech fund
or to a finance fund or you know, even individual

(01:27:54):
stock or a mutual fund, whatever you're looking to do.
You know, probably not a mutual fund, right because I
just mentioned they kick out capital gains. So we do
a lot of exchange traded funds in those non qualified
accounts for tax purposes.

Speaker 3 (01:28:08):
No, I love it, you know. I mean when you
get in the weed, to me that this is all exciting,
and we're working on a couple of new strategies right
now that I'm very excited about. And I'm sure we'll
be talking more in the future, not so distant future.
But I love it. I love getting in the weeds.
I love looking at all these different angles.

Speaker 2 (01:28:30):
How deep you want to go, how dow far down
you want to go into.

Speaker 3 (01:28:33):
It doesn't matter.

Speaker 2 (01:28:35):
We're not getting we're in the weed.

Speaker 3 (01:28:38):
It doesn't matter how.

Speaker 2 (01:28:40):
We're not getting into direct indexing today. No, it's too
early for that.

Speaker 3 (01:28:44):
Nope, we're not going to do that. And there's a
couple other things I think we're investigating. But it's exciting, it's.

Speaker 2 (01:28:52):
Exciting everything's exciting. It is a very exciting world.

Speaker 3 (01:28:56):
It is. It's fun.

Speaker 2 (01:28:58):
This is the retirement Planning Ship. Our office numbers eight
eight eight five eight zero nine one nine. If you
want to sit down, have a chat, we have multiple
office locations, or we can come to you, okay, and
that's five one eight, or it's eight eight eight five
eight zero one nine one nine. We'll be back right
after this.

Speaker 5 (01:29:22):
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 office today and take action.

(01:29:43):
Eighty eight eight five eight zero one nine one nine.
That's eight eight eight five eight zero one nine one nine,
and your future will thank you. We are living through
the greatest wealth transfer in the history of mankind. Trillions
of dollars of wealth will change hands from one generation
to the next, your money to our beloved children and grandchildren.

Speaker 3 (01:30:02):
Are you ready?

Speaker 5 (01:30:03):
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.
Your 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.

Speaker 6 (01:30:22):
Planning for retirement doesn't have to be overwhelming, especially when
you have the right team by your side. At Retirement
Planning Group, Dave Kopek and his team are here to
help you build a strategy tailored to your goals and lifestyle.
Whether you're nearing retirement or just getting started, now's the
time to take control of your future. Schedule your free
consultation today at rpgretire dot com or call eight eighty

(01:30:46):
eight five eight zero nineteen nineteen Retirement Planning Group.

Speaker 7 (01:30:50):
Retire with confidence.

Speaker 5 (01:30:52):
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 retire
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

(01:31:13):
with confidence. Retire smart live well call eight eight eight
five eight zero nine one nine for your complementary consultation.

Speaker 2 (01:31:35):
And we are back. It's eight forty seven am here
on Saturday, right here on WGY. My name is Nicholas Dumas.

Speaker 3 (01:31:43):
I'm CHRISTI from McCarthy.

Speaker 2 (01:31:45):
Look at that he wanted to announce himself. I was
going to introduce you to those people just tuning in.

Speaker 3 (01:31:50):
I enjoy when you do it. Do you like smooth?

Speaker 2 (01:31:53):
Do you like the way I say your name?

Speaker 3 (01:31:56):
Absolutely? You got a nice.

Speaker 2 (01:31:59):
Smooth you do? You always call me big guy? I
do Why Why do you do that?

Speaker 3 (01:32:06):
Because it's sort of like.

Speaker 2 (01:32:08):
A because my muscles?

Speaker 3 (01:32:10):
No, no, no, it's it's for me. It's almost like
it's a term of endearment, you know. It's like when
somebody that you're like your brother.

Speaker 2 (01:32:20):
I only do that if I don't know somebody's name.

Speaker 3 (01:32:22):
Do you know what?

Speaker 2 (01:32:23):
Do you know my name?

Speaker 3 (01:32:24):
I do know you. When I went to You'll Be,
I didn't know a lot of people's names, and I
called people big guy, And you know, twenty thirty people
would turn around at this buddy time, good buddy, hey buddy,
big guy, big guy. To me, it's more.

Speaker 2 (01:32:39):
It gets me pumped up. I like when you call
me big gay.

Speaker 3 (01:32:41):
Yeah, well you are.

Speaker 2 (01:32:43):
Hey, what's going on, big guy? All right? We have
next question? All right, So last we were talking about
how much am I going to pay in taxes? You know,
clearly it depends on your income, what you're receiving your
non qualified accounts any ten ninety nine's get you want
to make sure you go over that review it. Did

(01:33:04):
your advisor do any tax sauce harvesting for you last year?
Was he even able to do it? Or here he
or she were they able to do it? You know,
there might be gains in the accounts. There might be
an appreciated stock that you've held for years and years
and years and you can't really harvest that because it's
that such a gain. So so again, there's different types

(01:33:26):
of accounts, there's different income sources. They're all taxed a
little bit differently, and you want to know how that's
going to affect you and affect that net number that
you receive on a monthly basis to spend. The last
thing that I had that I get a lot is insurance.
It's revolving insurance. And I think a lot of people
don't know whether or not they need insurance, or should

(01:33:48):
I have insurance? Should I have long term care insurance?
You know, that's another question. I think all of these
questions today. The answer is it depends, you know, and
we're gonna have more specific answers for you. If you
bring a question air booklet in with you, you know
that we send you, So we send that out to you,
fill it out, you bring it into your appointment. We're
able to sit down and go through it and start

(01:34:09):
answering these questions or start you know, coming up with
a game plan or you know, that first appointent, we're
not going to give you a million answers. We're going
to take that appointment to listen to you and listen
and hear what you're trying to accomplish. And the next
appointment is when we typically sit down, go through a strategy,
talk about different ideas, different concepts, and what makes the
most sense to accomplish what you're trying to accomplish in retirement.

(01:34:34):
So should I have life insurance? What are you trying
to ensure?

Speaker 3 (01:34:39):
Right?

Speaker 2 (01:34:39):
I think that's one of the main questions, just like
your car insurance, just like your your homeowner's insurance. You're
trying to insure against your death right. So so life insurance.
You're ensuring that your spouse would be able to survive
without you or your kids would receive a tax efficient estate.

(01:35:00):
That's what you're insuring. So you want to evaluate that
and what is your insurance need? Right, you have a
million dollar IRA account, Yeah, the kids are just going
to get that. Well, why don't we get a three
hundred thousand dollars insurance policy to cover the tax on that? Right?
Insurance tax free. It's a great way to pass on
assets to the next generation if you're someone that cares

(01:35:21):
about that. You know, some clients think they've given their
kids enough throughout their lifetime and they do not need
to give them anymore at their passing. You know, if
you have a house, that's going to get a step
up in basis under current legislation, so that's a tax
efficient transfer the house. You know, we tell people spend
down your iras, you know, spend those in retirement. The

(01:35:44):
required minimum distribution will turn on and make you spend
them down even if you haven't taken that money off
the account in your sixties. You know, depending on your
current age, your RM d might be seventy three, or
it might be seventy five. You know, it's going to
be pushed back in twenty thirty three to age seventy five,
you know, so they are going to make you start

(01:36:04):
taking even if you're not at this point in your life.

Speaker 3 (01:36:08):
You know, I think another very very and it's because
of working with you and Dave and Chris did, I've
really been much more in tune, and that is people
getting ready to retire and really asking themselves do they
have enough coverage to carry them until they start their pension.

(01:36:30):
And a lot of people we have a number of
state employees, and the state has great benefits, we all
know that, but a lot of times we're seeing the
husband or her wife or both that are waiting on retirement.
If something was to happen to them today before they

(01:36:52):
take their pension, they might get two or three times salary,
which is nothing to balk at, but is that enough really,
because they didn't get to the finish line, they didn't
get to turn the pension on. And you and I
often say in appointment when we look at a pension
that's a million dollar, maybe one point five or two

(01:37:15):
million dollar asset and if you don't get to the
finish line to turn it on, you're not going to
get it. So well, I'm finding a lot of gap insurance,
and I think it's very important take out a term
policy for two, three, five years, however long it is
until you retire. Once you get to the finish line

(01:37:36):
and you turn on your pension, maybe you don't need
the policy anymore.

Speaker 2 (01:37:40):
It's too a short term, you know, I think tens
maybe the lowest. You can do. A ten year term policy,
even if you're retiring in three years. You know, just
have it, you know, get that term policy. It's gonna
be the cheapest option ensure ensures you to get to
that pension. Yeah, we see it all the time. You know,
if you didn't make it to that retirement date, you
just get a benefit pay out of two three times

(01:38:02):
your salary. You know, if you're making one hundred grand
a year at the state, that typically are going to
get what sixty percent of you for your pension, maybe
fifty percent, So fifty sixty thousand dollars a year of
pension money, three hundred thousand dollars in death benefit. Right
if you die, you're making one hundred grand a year
times three, three hundred thousand dollars in death benefit. Isn't
going to pay out sixty thousand dollars a year, do you?

Speaker 3 (01:38:25):
I mean, think about it. You know, if the avid
person worked to live another fifteen to twenty.

Speaker 2 (01:38:31):
Years, you need twenty percent per year. Yeah, in order
to pay that pension out.

Speaker 3 (01:38:38):
That's not going to last, that's right, and that's why
you know these are consideration. You take out a policy
for two, three, five, however many years to retirement, and
then once you reas to go line the finish line,
maybe you just don't need the policy anymore. Then you
give it up.

Speaker 2 (01:38:58):
Yeah, then you lit a LAPPS or you know, you
cancel it. So that's a great way to protect your pension.
And a lot of people don't know about that or
haven't planned for that. So if you're five years out,
if you're ten years out, and you're going to be
entitled to a pension, right, make sure that you protect
that pension for your spouse. When you make that pension
election too, have your spouse in mind. You know, we've

(01:39:20):
seen individuals do the single life, and you know, I
think Dave almost put a guy in a headlock one
time because he didn't protect his wife. So you want
to make sure that you look at the pension options.
Do they have pop up options? Do they have you know,
just one hundred percent joint life survivorship options. Most pensions
you know do I don't think I've seen one that hasn't.

(01:39:41):
So again, look at all the pension options available. See
what one makes the most sense for not only you,
but if something were to happen to you, because you
want to try to get the most money you can
off of off that pension, because you work so hard
to get there.

Speaker 3 (01:39:54):
Right, And I think it's you know, I love having
the discussion with client to commit depension options. You just
talked about life insurance needs, long term care needs? Are
these things you and I had an appointment yesterday and
I love the way you handled it. Lovely. Couple have

(01:40:16):
done very well for themselves. You said you were going
to get back to him about long term care, and
within the first minute of covering that, you said, we're
not going to do it too expensive. I don't think
the reward. I think people really appreciate that sort of
honesty and being a fun especially in this world because

(01:40:40):
so many people feel like they're being sold something.

Speaker 2 (01:40:43):
Again specific to their situation too, because the legacy was
not a concern, right, so the protection of the estate
isn't as crucial to them, sound as important to get
assets to the next generation. So a nursing home, you know,
if one house goes in and you have a communal spouse,
there's some freedoms that you can do to shift assets

(01:41:05):
around and protect the estate for the surviving spouse. Right
they can do spousal refusal. They can refuse to pay
for your care. It's when that second spouse goes in
is when they can really start coming after the estate.
But you know, at that point, where's the money going,
you know, use it for yourself. And they had enough
assets to where they could probably self fund, you know,

(01:41:26):
some sort of long term care stay. But again it's
just you know, it's very expensive. Right now, we do
a lot of irrevocable trust work as some sort of
asset protection from a medicaid standpoint. So if you don't
want your money going to the state and you want
to try to protect you know, those non qualified assets
you have, and the irrevocable trust is a great way.

Speaker 3 (01:41:47):
To do that.

Speaker 2 (01:41:47):
In New York State, I had something else I wanted
to talk about the Swing for your Care Yes, Bish
boom Bank before we have to let you go. Just
want to make sure everyone's aware that we do have
our Swing for a Cure golf tournament coming up. That's
the fifteenth one. It set the Fairways of Half Moon Thursday,

(01:42:08):
September twenty fifth, So again it's in a few weeks here.
We still have spots available. So again we're trying to
promote this as much as we can. Make sure that
you call our office if you want to attend. It's
eight eight eight five eight zero one nine one nine,
or you can reach out to Jim Corkoran Jim c
at rpgretire dot com. Again that's Jim c at rpg

(01:42:29):
retire dot com. September twenty fifth. You know, put a
foursome in if you want to sponsor a hole, we
have you know, whole sponsorship, so we could put a
big smiley face of yours on the t box or
do whatever you want there. There's gonna be a car.
I believe I think you might be able to win
a car if you get a hole in one. Jim
had a hot tub last year. So there's all these
prizes you could win, there's baskets, there's a raffle, and

(01:42:52):
it's for a great cause. So again we're doing it
for the American Cancer Society and the Tunnel to Tunnel
to Towers Foundation, So if you want to call, if
you want to attend, that'd be great. Numbers eight eight, eight, five,
eight zero one nine one nine. Everyone. Thanks for listening
today and we will see you again next week. The

(01:43:15):
information or services discussed on this show is for informational
purposes only and is not intended to be personal financial advice.
The investments and services offered by US may not be
suitable for all investors. If you have any doubts as
to the merits of an investment, you should seek advice
from an independent financial advisor.