Episode Transcript
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Speaker 1 (00:00):
The opinions, viewpoints, and promises made during the following program
are not those of wgy it's staff, management, or parent company. iHeartMedia.
Speaker 2 (00:23):
All right, good morning, I'm Dave Coopak. This is Retirement
Planning Show. Another week is passed last Saturday in October
twenty twenty five. The year is flying by radio listeners,
(00:46):
podcast listeners, car play listeners. However you listen to the show,
it is amazing that we're at the end of the year.
You go in the stores and there's no Halloween stuff anymore.
It's all been sold. It's all on a huge discount
of Santa Claus and the elves and ho ho ho.
(01:09):
So before you know it, the year will be over with.
So I've been talking about a lot of stuff today,
but overall, you and know the market. I always say
this over and over again. You know, market timing is
something that you should never even consider, especially with the
(01:30):
history of our friends on Wall Street. As far as
the individuals that try to predict what's going to happen
for the whole year, they've been consistently proven wrong. And
here we go again, here we go again. You know,
twenty twenty five, another two percent, pretty much across the
(01:54):
board for all the indices this week, the doll was
up two point two s and P was up one
point nine, AZDEK was up two point three, but dial's
up eleven s and P five hundred is up about sixteen,
and then the nasdac's up about twenty and the nice thing, folks, here,
here's the catalyst for a lot of this. The ten
(02:15):
year Treasury closed on Friday at three ninety nine below
a four handle three point nine to nine, which is
extremely positive for.
Speaker 3 (02:27):
A lot of.
Speaker 2 (02:27):
Things, which we'll discuss today, But overall, a lot of
people should be happy with their portfolios. You know, diversification
is your friend. But you know, I want to go
back and say over and over again, just make sure
you understand that no one has a crystal ball for
(02:51):
the future, and you want to make sure that you're
allocating your money properly based off of not only the
stage of life that you're in, but also you want
to make sure that you're properly allocating your money for
income income. So we'll talk a little bit about that
(03:11):
today because that's top of mind for a lot of people.
You know, we've got a lot of offices now in
New York State. I want to welcome our listeners down
at WKIP down in the Southern region. That's a new station,
new signal for us. We have an office there now,
So if anything that I'm discussing you want to come
in and have a chat with us, be more than
happy to sit down with your face to face. But
(03:34):
we give out our Telenumber telephone number throughout the show.
It's a toll free number, and if you want to participate,
if you want to call in and ask a question,
that's great. If not, you'll hear consistently our telephone number
that you can call my office because we do offer
a complementary consultation. Sit down, have a chat and see
(04:00):
if the retirement planning group can kind of fit into
your overall plans. Little housekeeping, little housekeeping. This, my friends,
is probably the greatest risk and the greatest concern that
(04:21):
I'm hearing consistently now when we have face to face meetings.
We used to talk initially for a very short period
of time about healthcare and long term care. Now it
makes up maybe sometimes half of our initial meeting.
Speaker 3 (04:40):
With individuals.
Speaker 2 (04:42):
So, as I've said, starting last week, we've had a
lot of people call in I've had to expand the
room because of the participation that we're going to receive
for this. But on November twentieth at the Crown Plaza
that's the Desmond next to the airport, we're having another
(05:02):
presentation that will basically facilitate the worries that you have
about your future healthcare cost. So planning for your long
term care needs. Your healthcare needs is probably, in my
opinion this is a guy that's been in the business
for forty three years, it's probably one of the most
(05:24):
important decisions that you're gonna have to make. So this
is a free informational presentation. Okay, it's going to be
talking about health insurance, pre and post retirement, long term
care planning. Will try to hopefully demystify your options and
(05:45):
answer your specific questions. We'll open it up to Q
and A. We're not going to have it for an
extended period of time because really this is really a
personal decision, but we're going to give you enough information
on November twentieth that you can basically have a pretty
go on understanding of your independence, the choices that you have,
(06:05):
and how you can protect your assets from possibly a
catastrophic expense.
Speaker 3 (06:12):
I know this.
Speaker 2 (06:14):
The saint and I the saint is my wife lived
this for six and a half years. My wife was
a caregiver for her mom and dad and she wouldn't
have had it any other way. But the bottom line
gets down to it's a demanding, demanding position. Some of
us do not have that ability to have a child
(06:37):
or a loved one take care of us. So we
invite you to join the conversation November twentieth at the
Crown Plaza. The Desmond seating is limited. We have expanded
this out because we are getting a very very strong response,
So you want to reserve your seat, I would call today, folks. Okay,
(06:59):
I'm going to give out the tele from number a
few times every break. I'm going to discuss this a
little bit more and more. But you can call our
office at eighty eight eight eight eight five eads zero
one nine nine eight eight eight five eads zero one
nine one nine and leave a message and just say
I want to reserve a spot for myself and my
spouse or whoever. I don't care how many people you bring.
(07:21):
We're going to have some pickies and some refreshments. And
when I say refreshments. They won't be alcoholic refreshments. They
are going to be coffee, tea, and you know, some
sodas water. So bottom line, I know that this is
not a topic that most of us like to talk
about when we get sick or ill, but it's a
topic that you must have. I've seen devastating results to estates.
(07:51):
I have seen families not talk to one another anymore.
I have seen almost fists fights in diference room. As
far as what this impact is on individuals, So you
know this nonsense. She'll take care of me, I'll take
care of her. If we get bad, or we get
(08:13):
sick or ill, I'll just drive off the bridge. You know,
you gotta be realistic about this, okay, because, as I said,
if you get into an extended, extended healthcare event, you're
going to find yourself in a position where you're going
to go through a whole hell of a lot of money.
Speaker 3 (08:31):
You know.
Speaker 2 (08:32):
Fidelity just came out over the last couple of months
with their twenty and twenty five retiree healthcare cost estimate.
Speaker 3 (08:41):
Every year it goes up.
Speaker 2 (08:43):
Right now, in their twenty fourth annual estimate reveal, sixty
five year old retiring today could spend one hundred and
seventy two five hundred dollars on healthcare in retirement, times
two for a husband and wife. One in five Americans
say they never considered healthcare costs during the retirement. You're
(09:07):
playing with dynamite if you're one of the one one
in five, and there's a lot of things that are happening,
opportunities that exist if you're not educating yourself on this.
Believe me, this is not about ROI, acid allocation, any
of that crap. This is about trying to figure out
(09:29):
what do I do when I've got major issues here
and who's gonna basically step in and help me? So
call my office if you want to reserve your seat.
November twentieth, eighty eight five EAT zero one nine nine
eighty eight five eat zero one nine one nine.
Speaker 4 (09:50):
Time flies and retirement will be here before you know it.
Are you ready? Don't wait until it's too way 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. Retirement won't wait.
(10:16):
Why should you.
Speaker 2 (10:18):
You've spent a lifetime saving for retirement. Now it's time
to make that money work for you. Here's the secret
most people miss. You have to create your own retirement
income plant. Social security is not enough, pensions are rare.
You need a strategy that turns savings into monthly income
that will last a lifetime. At the Retirement Planning Group,
we build customized income distribution pins so you can retire
(10:39):
with confidence, retire smart, live well.
Speaker 3 (10:42):
Call eight eight eight five eight.
Speaker 2 (10:44):
Zero nine one nine for your complementary consultation.
Speaker 5 (10:48):
Born on America's darkest day of nine to eleven, the
Tunnel to Towers Foundation has been helping America's heroes ever since.
People who put their lives on the line for our
country and our communities need your help now more than ever.
Join Tunnel to Towers on its mission to do good
in their honor. Never forget nine to eleven or the
sacrifices of this country's heroes and their families. Show your support.
(11:12):
Donate eleven dollars a month at T two t dot org.
That's t the number two T dot org.
Speaker 2 (11:18):
Attention future retirees. A financial threat who is putting your
retirement at risk. The cost of long term care can
be well over one hundred thousand dollars a year fidelities.
Recent studies suggest retirees could need hundreds of thousands of
dollars just to cover medical expenses in retirement. You need
to address this risk now. To be prepared, call my
(11:40):
office to fight out your options. Call eighty eight five
eight zero one nine one nine eighty eight five eight
zero one nine one nine for a complimentary.
Speaker 3 (12:00):
All right, we are back.
Speaker 2 (12:02):
I'm Dave Kopek, president of Retirement Planting Group, Glad to
be here. We're going into our twenty six year on radio.
My forty third in the business. So I've seen a
lot of ups down sideways, but nothing that I'm seeing
(12:22):
now as far as how Americans are addressing this is
what I call the healthcare crisis. I honestly believe it's
a healthcare crisis, and I think that you're going to
see more and more individuals they're going to delay retirement
or they're going to have to continue to work in
retirement in order to basically facilitate the type of healthcare
(12:45):
that's either the costs that they expect and do they
have enough of retirement savings in order to facilitate that.
I mean, it's scary. My wife and I went to
the pharmacy the other day and picked up some prescription
drugs and sticker shock. You know, my healthcare with MVP,
(13:12):
a Medicare supplement no longer exists at the end of
the year. So I'll be sitting at the front at
this presentation November twentieth because you have until December in
order to elect where you want to go and what
you want to do, and you know you're going to
have to find out the right tools, the right guidance.
(13:33):
This is not a sales presentation. This is not company
X trying to sell you X products. This is going
to be about healthcare, the choices where you can go,
what options you should be looking at. Okay, long term care,
what are the options? Where should you be going? You
want home care, assisted living, long term care facility. This
(13:53):
panacea that everybody seems to think that you can put
your money into an irrevocable trust and not have to
worry about your asset is crap. You just don't you know,
this is just nonsense. Folks, if you want to stay
home and if you basically want to care right, you're
going to have to have money, Okay, And now midiicate
(14:16):
eligibility is getting much more difficult and the IRA depending
on the county that you're living in or the state
that you're living in, they're going after the iras. So
this crap that they don't go after the iras is
that I just had a meeting in our Syracuse office
with an attorney out there that we're working with, and
I said, listen, Tim, what is going on here? I said,
(14:40):
why are their advertisements and why are their attorneys out there?
They're basically saying that the IRA is protected from a
medicaid event as long as you have in imperiodic payments.
Speaker 3 (14:52):
He says, well, it depends, and I said, depends on
what he says.
Speaker 2 (14:56):
It depends on the county and the state that you
live in. I know, but I said, I know where
we live in the Capital District region. The counties now
are aggressively going after iras because we get the letters
from the counties that basically say, mister and missus Apple
need to take this amount of money out of the IRA.
Not what they were previously taking So you know, I
(15:19):
know a lot of people are leaving New York and
I this election personally, myself thinked that if we have
some results, people are going to leave in droves. I'm
hearing it consistently here and I'm seeing it. Over a
million people I think over the last ten years have
left New York State. Why is that because the cost
(15:41):
of living here is too much.
Speaker 3 (15:46):
Too much? If you have health.
Speaker 2 (15:47):
Insurance, right, and you know you're living modestly and you've
got but every family is different. A lot of people
don't have health care that's provided by the state or
municipality or the organization that you work with. Most people
are what we call the hard working savers that we
work with, are busted in your know what in order
(16:08):
to basically pay these bills, and when they get a
chance to leave, they run. I mean, I was just
down in Tennessee and you talk about a panacea, an
absolutely beautiful state that looks like the Adirondicks, at least
where I was, Pigeon Forge, Knoxville, et cetera. It's God's
country and it's a fraction of the cost to live
(16:30):
down there versus New York. No state income tax. Ultimately,
hard decisions are going to have to be made pre
I post retirement. Do you stay or do you go?
And I hate to say it that you know a
good portion of the people that we're working with now
the reason why I travel so much, they've decided to
(16:51):
go see you later, alligator, we're out of here. So
for the people that that are listening that are in
there forties and fifties, because we have a lot of
people now that listen to the show, they're in the
forties and fifties. I'm telling you right now the greatest
thing that you can have in your retirement and you
(17:13):
should run Monday morning to get this into your plan,
especially if you have the chance to change your insurance
now to a high deductible plan, get an HSA, get
a health savings account. It plays an important role not
only for your health care cross now but in the future.
(17:36):
What I mean by the future, of course, your retirement
triple tax advantage contributions to the accounter made pre tax.
You withdraw the funds to pay for qualified medical expenses
tax free, and you invest the funds right anyway that
you want, and you get tax free growth. The only
(17:58):
thing that's possibly better than an HSA, now, which it
is is the wroth because there's no handcuffs. There's nothing
that says you have to use the money for specific
goals and objectives. But HSA serve I think a critical
component of retirement readiness for the future, no doubt about it.
(18:25):
I tell my son, I tell Nico, I tell everybody
that works in my office. Get an HSA. Matter of fact,
I told Nico. I grabbed the paperwork and I said, here,
you're doing this. So you know, as we get longer
in the tooth and we start thinking about Medicare eligibility,
(18:48):
understanding the potential costs that you're going to face. You
still have a cost for Medicare. What's your Medicare supplement?
What do they cover? What they don't cover? What's the
you know, prescription drug plan?
Speaker 3 (19:04):
About it?
Speaker 2 (19:04):
If you want dental or vision. I mean I had
to fully detached retina. I don't want to leave my doctor,
doctor Raboti. To me, he's my hero. He saved my eye.
So you've got to these are I know, this is
a journey today that none of us expected, none of
(19:24):
us dealing with this astronomical expense for healthcare. But the
reality is this is where we are. You can't put
your head in the sand and basically say, oh, you know,
I'm not going to worry about it. You know, things
will happen. Things will happen. You know, never never me, Right,
(19:46):
I don't get sick. But when you have a major
investment banking firm, right, I mean Fidelity does not have
to talk about health insurance.
Speaker 3 (19:58):
Right.
Speaker 2 (19:59):
They manage in excess of fifteen trillion dollars of assets trillion.
But the mothership, what I call the mothership, They're trying
to strengthen the relationship between you and us the financial advisor,
to deliver better outcomes, no doubt about it. I'm so
(20:27):
impressed when I go out there and Nico, myself and
my son went out this year to see the presentation
of the three day presentation that they have in Boston.
And it's not about asset allocation and money management and
all that. There's some of it, okay, a lot of
it has to do with what's going on, what's happening
in our economy, what's happening with pre and post retirees.
(20:50):
What is the attitude towards individuals, How do they feel
about what's happening I mean, people are scared to death.
That's the bottom line. People are scared together. Retirement readiness
as far as the people that feel optimistic.
Speaker 3 (21:08):
Is horrible.
Speaker 2 (21:09):
The actual percentage. My son Christopher has all the numbers,
But the bottom line gets down to is that what
you have to do as a consumer of financial products
is to find a team that you feel comfortable with
that's not going to just sit there and tell you
how great we are at managing money. We got stellar results,
and you know that's that's great.
Speaker 3 (21:30):
Good for you.
Speaker 2 (21:30):
Okay, I'm happy you got stellar results, But what the
hell good is it if it all goes away because
you haven't protected it or you don't have the right coverage. Right,
see you later. Whoop, there goes all my money. So
I'm gonna stop ranting on this. I'll just give dates
and times, but I'm going to tell you right now,
(21:51):
in my opinion, in my opinion, and as I said,
I've been doing it forty three years now, choosing healthcare
coverage retirement can be one of the most complex decisions
that you, as a future retiree is going to make.
(22:16):
All the numbers speak for themselves. People are scared. People
don't know what to do, what elections to take.
Speaker 3 (22:25):
Right.
Speaker 2 (22:27):
So we're going to have this workshop to educate, not
to sell you anything. It'd be great you come in,
have a chat with us and you become a client.
That'd be fantastic. Our job is to educate and inform it,
and ultimately you have to make a decision. Are these
guys sitting on my side of the table or are
they just worried about selling a product. So again, November twentieth,
(22:57):
it's going to be right by the airport, easy to
get in, easy to get out, right off the exit.
It's at the Crown Plaza, and we're going to be
talking about long term care, and we're going to talk
about healthcare. We're going to try to demystify this unbelievable
(23:20):
trick that you have to go through and try to
answer your specific questions so you can do what you
can go into retirement. You can have confidence, you can
have independence, and you know that your assets. Some of
you might say, you know what, we don't have an option.
We've got to get the hell out of here. We've
(23:40):
got to get out of New York. That's the bottom line.
That's what I'm hearing. That's what I'm hearing now we
don't have an option. It costs too much. I can't
stay here. Taxes are killing me, healthcare is killing me.
And maybe it's time to take the money and run,
(24:01):
cash out, reposition it somewhere else. That is consistently what
we're hearing now. And it's sad because these are great people.
These are great people pillars of the community. So not
only as far as the community, their church, their synagogue,
the organizations, the charity work that they do. But we'll
(24:23):
be back. Hopefully this is helping you. This is the
retirement Planning Show. I'm Dave Kopek, your host. We'll be back.
We'll talk a little bit more about this and then
the markets and some of the things that you should
be doing as you get ready for years. Then all right,
(24:58):
we are back. I'm Dave Kopek, your host. Hopefully you
went and got your other cup of coffee. I know
you watched a game last night at TV. Has a
great game, shen Saratoga. It was thirty five twenty one.
The end result sheen came through. Didn't know if they
were going to do it at the very beginning, but
(25:20):
that's a city to itself. My wife worked there at
SHN and how many kids thousands of kids go to
that school. I think, my two cents, they should break
it in two. They should have like North and South Colony.
It's too big. Too many kids that are great athletes
(25:42):
don't play sports there, especially teams that are like ten, twelve,
fifteen kids on the team. You got great athletes that
are not playing a lot of reasons for that, which
we'll get into. As you know, I coached basketball coach.
My son played high school and college basketball, and bottom
(26:03):
line gets down to I love sports. That's why our
office in Syracuse always have great conversation with existing clients
and perspective clients. You know, it's a big year out Syracuse.
Carmelo anthony Son is now on the Orange, so we'll
see what happens. I don't know if you watch sports
(26:24):
at all. I've kind of lost interests in sports, not
only professional but also college. You know when Loui Saban says,
basically the pot is spoiled money. The root of all
evil is what money. I want to screw things up,
start throwing money around. That's what's happened to sports. You know,
(26:47):
you got a story this week about the NBA, you know, gambling,
you know, I mean, these guys aren't making enough money.
They're making millions and millions of dollars. They got to skim,
they got to you know, do illegal stuff as far
as you know, playing cards, whatever they were doing. But
college sports, I think, are down the tubes. You're going
(27:08):
to have a handful of colleges that will compete consistently
for the championship, and that'll be it. Then you'll have b's,
You'll have the B team, you always have the A's,
fifteen twenty teams. You know, I talk to my friends
about this consistently, how it's hard for me to watch
college sports. Now. You know, a kid comes in freshman,
(27:29):
eighteen year old, and they're paying them five six seven
eight million dollars. He gets miffed, you're not giving me
enough time, or I don't like you know what you're doing,
or you know, I want these kind of receivers. And
then he leaves in the sophomore year and he goes,
I gets another five eight ten million. To me, that's wrong,
(27:52):
And you know, I don't care how much you love
your team, but I could care less of watching them anymore.
I used to sit in front of the TV all
the time. Myself and my father in law Bill and
watch sports all weekend long. No more could care less.
But like I said, money is the root of all evil,
(28:17):
and that's what's happened at college sports. And now now
if you can see the coach of Michigan State which
I can't think of his name, now, the basketball coach
I'm having.
Speaker 3 (28:29):
To brain drain. He's irate.
Speaker 2 (28:33):
Why is that because now they're gonna let pros, pros
that don't make it come back and play college basketball.
Why not you paid four or five, six, seven, eight
million bucks? It's nuts. College education isn't enough anymore. All right,
(28:59):
today we're talking talking about this new world that we
live in. You know, I'm banging the drum here on
our presentation November twentieth at the Desmond on healthcare and
long term care. As I said, there's a limited amount
of seats. I wouldn't miss out on this opportunity simply
because you're gonna get a lot of good information. You're
(29:19):
gonna have people that are gonna be discussing this that
have expertise in this field. It works specifically in these fields.
And you know, I think you're going to get a
whole different view as far as what you should do.
And for those that are not staying in New York State,
there are options that they're probably will discuss that you
(29:39):
should be at least considering if you're relocating out of
the Empire State, which the guy on Root nine calls
the Vampire State. I don't know if you ever go
buy that. Heading on Route nine towards Malta, there's a
guy that has big signs tax is too high in
the Vampire State. I actually know his name, but I'm
(30:01):
not going to mention it. Uh. The stock market, like
I said, don't try to time it, folks. You know,
we're in a situation right now that I think we're
in a sweet spot. And I've been saying that for
a while. And when I say that stocks continue to
(30:23):
climb the wall of worry, I mean the bullmarket celebrated
a significant milestone this month. It's third birthday, October of
two thy and twenty two. Remember that how fun that
year was. No matter what you touched, you were a dummy.
Bonds did terrible stock. The only thing that was the
(30:44):
only place to go, of course, was what cash or
a CD or money market account. But in October twenty
two the equities bottomed out after declining twenty five percent,
and then the wall of worry diminished, and now you've
seen substantial gains. Since October of twenty and twenty two below,
(31:09):
the S and P five hundred has gained ninety percent,
ninety eight percent if you include the dividends. That's a
pretty impressive run, right, But this bull market isn't in
terms of strength, not on the top of the list.
(31:33):
Eight Okay, of those since two thousand and nine to
twenty and twenty, right, you've had.
Speaker 3 (31:46):
I'm no, I think there's.
Speaker 2 (31:47):
Eight eight total of eight gains where you've had two
hundred percent return. So this market is uh, you know what.
Some we're in the middle. But when you look at
the fundamentals, those are the things that I look at.
(32:08):
You know, after all these years of being in business,
I honestly believe that there's really three thrings, three things fundamentals,
what comes next? And you know, I'm a big believer
in earnings and assets and strong financial statements. And I'm
also a big believer that you should do some homework yourself, right,
(32:30):
because I found that the analysts on Wall Street, most
of them stink in my opinion, So we listen. We
aggregate a lot of information from the mothership. You know,
we get research from all the investment banking firms from
Goldman Sachs to JP Morgan right down the list, and
(32:52):
we take a lot of their data and a lot
of their information. We sit down and we try to
build out plans myself, Chris, the two, Chris's Nico. But
you know, the FED is in focus and there is
no way in my opinion, that they're going to stand
in the way of this bull market. And I think
(33:14):
you're going to see two more cuts this year. And
you know we're at three ninety nine right now in
the tenure, and this will propel, in my opinion, propel
a lot of good things such as housing, cost of
(33:35):
goods and services, loans. So you know, earnings have been
coming in strong. Over the next two weeks, nearly sixty
percent of the S and P five hundred companies will
report results. The Magnificent seven Alphabet, the Amazon, Apple, Meta,
(33:57):
Microsoft Navideo. They're supposed to be post Wall Street's looking
for about fifteen percent year over year earnings growth. So overall, overall,
keep your personal expectations realistic potential marketing moving events on
(34:22):
the horizon, tech earnings, the megatechs, the October thirtieth tariff negotiation.
That's the deadline with our friends down south, with Mexico.
Speaker 3 (34:38):
Chinese.
Speaker 2 (34:39):
They're going to have a chat in South Korea with
the President of the United States. And November tenth is
the deadline for the US China trade truths.
Speaker 3 (34:49):
So you know.
Speaker 2 (34:53):
You're playing cards, right, You never want to show your hand.
But we know and they you know, we're joined at
the hip in a lot of ways. We need them,
they need us. Okay, that's the bottom line. So near term,
you're gonna hear noise, the noise of the market. I
(35:19):
always say that a pause or a sell off is healthy.
People shouldn't freak out. Oh my god, Oh my god. Right,
you want that to happen, right, you want to basically
have a pause. You do want to have a little
bit of a sell up. It's what I call a ketchup. Right,
you're slowing the ball down. But I humbly state that
(35:42):
I think that this bull market has still a ways
to go. And as I said, you know, as we
sit here today, the Dow was up two point two percent,
for the week, SMP was up one point nine the Nasdaq.
But we don't watch the market week to week because
it's something that we don't believe. Then, so the week ahead,
(36:03):
the FED meeting will dominate investor attention, and there's gonna
be a host of if they get get it out
the door, GDP, growth, PCE.
Speaker 3 (36:13):
Inflation, and employment costs.
Speaker 2 (36:15):
We'll see if they get it out the door because
of the government shutdown, which is a whole another topic.
So overall, you know, lower interest rates, if you're chasing coupon,
if you're chasing coupon interest rates, if you're looking for
a specific yield in your portfolio, get it going. Get
(36:38):
it going, because you're probably going to see interest rates drop.
And if they drop, that means the coupon that you're
going to get there's gonna be less. And if you
like safety and guarantees, now's the time to capture. I'm
going to be back after this quick break. I'm Dave Kopek.
This is a retirement planning show.
Speaker 3 (37:00):
Any questions you.
Speaker 2 (37:00):
Can call in one eight hundred talk WI one eight
hundred eight five fifty nine to forty.
Speaker 4 (37:11):
Retirement might feel far off, or maybe it's just around
the corner. Either way, it's never too early to start planning.
The experienced team at Retirement Planning Group makes the process simple,
straightforward and all about you. No pressure, just smart advice.
To help you feel confident about what's next. Visit rpgretire
dot com or give them a call at eight eight
(37:32):
eight five eight zero nineteen nineteen to schedule your consultation today.
That's rpgretire dot com. Your future self well, thank you.
Speaker 2 (37:41):
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 (37:51):
Are you ready?
Speaker 2 (37:52):
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 the opportunity. Don't wait, take action. The
future favors those that are prepared. Call eighty eight five
eight zero one nine one nine. That's eighty eight five
eats zero one nine one nine.
Speaker 5 (38:11):
Ali Dwyer and her three sons lost their hero, Stephen.
Serving our country in the United States Army was Stephen's calling,
and flying helicopters was his passion. Stephen was killed in
a Blackhawk helicopter crash over the Mediterranean Sea. Thanks to
friends like you, Tunnel to Towers provided his family with
a mortgage free home, giving them security and hope in
their darkest hours. Help more families like the Dwiers. Donate
(38:34):
eleven dollars a month to Tunnel to Towers at T
two t dot org. That's t the number two t
dot org.
Speaker 3 (38:42):
Retirement is in a Sunday thing. It's a now thing.
Speaker 2 (38:45):
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 him. Call in my office today and
take action. Eighty eight five eight zero one nine nine.
That's eighty eight five eight zero one nine nine and
(39:09):
your future will thank you. All Right, we are back,
Happy Saturday, the last Saturday in October, Ashley. Do you
(39:34):
like donuts?
Speaker 3 (39:36):
You do? All right? Do you eat donuts a lot? You do?
Speaker 2 (39:44):
I got some donuts the other day at Smith's. You
know what Smith's is. It's out in Galloway. They're known
for apple pies. You go all over and I found
out the other day. I was talking to the boss,
Lady Shelley. She's the boss. She seems like she's the boss.
(40:04):
They make twenty five hundred pies a month, two thy
five hundred pies a month. But I must admit blust,
I'm you know, we're gonna have a contest, her and
I who makes the best apple pie?
Speaker 3 (40:19):
Her me, you're pointing to me.
Speaker 2 (40:24):
But to make a long story short, they do donuts,
apple cider donuts, and I gotta say they're pretty good.
So if you're out for a drive today, you're out
in Galway, you're heading out towards Amsterdam, pull off and
stop at Smith's and you're gonna get some pretty good stuff,
(40:45):
pretty good stuff. If you're on a diet, don't go
to Smith's. If you're not worried about it, go to
Smith's because it's good, good, good good. You know, last
night my wife the Saint went up to our friend's house.
(41:07):
As everybody knows, I live in the country and half Moon,
which is changing. Half Moon is changing dramatically. Meet for me,
it's to the negative, not the positive, but the dynamics
that half Moon were changing. It's becoming a bedroom community
all the farms are being sold off, and well, you
see his homes. But she went up the butchies Pingalski's.
(41:31):
They do puzzles, and we went up. I made an
apple pie and we sat down at the table and
we had a chat. Why am I saying this because
I think it's kind of relevant for people that are
going into retirement. And her husband, Frank lived to one hundred.
He was like one month shy of one hundred and one.
(41:54):
Used to always talk about Frank being on his tractor,
you know, ninety some years old. He's out there and
Butcher's sitting next to someone on the tractor, you know, mowing, bailing,
you know, just amazing people. And but She's got a
birthday coming up. She's gonna be ninety eight. And I
said to her, I said, Butch, I'm just curious, you're
(42:18):
gonna be ninety eight years old in the very short
period of time. And I said, when you turn ninety eight,
I'm just curious what your thoughts are, what's good and
what's bad about being ninety eight? And I just waited
a little bit. You know, she kind of smiled. She's unbelievable.
This woman's unbelievable. She's you know, jumping jacks, the way
(42:39):
she moves around, garden, cooking, you know, all the things
that you wouldn't think that a ninety eight year old
woman is doing.
Speaker 3 (42:47):
She's doing.
Speaker 2 (42:48):
And she said, stay active, stay active. And the negative
is because she lost her husband. Is she's lonely being
by herself. So you know, when you've got the good times,
when you got the good times, you better enjoy them
because you might have some bad times. You might have
(43:11):
some bad times. But ninety eight years old, it's gonna
be ninety eight December. We'll have a he hall party
for believe me. And when we have that party, there's
nobody on earth that deserves it more than Butchy because
she is basically the heart and soul. I also said
one thing which I thought was kind of amazing. I said,
how many vacations have you guys taken? You guys go
(43:34):
to the ocean, the beach? You know, did you take
a trip up to Lake George or any Not one?
Not one vacation. Because they had a farm. They had
to take care of the girls, right, the cows. She said, well,
Frank left one time. He went to Indiana for you know,
a presentation on cornst Butchie, that's not a vacation. So
(43:59):
things change change, dynamics change, you know. I always say
this over and over again. As a kid grew up
parents were farmers, you know. You know, I still remember
things that my kids think. You know, I'm a dinosaur,
you know, an outhouse, the pump in the kitchen. You know,
my grandparents on my mother's side did not have running
(44:21):
water or a bathroom. They had a three seater outside
until they moved to Scatty Cook to live with us.
That's the way it was. It's how they lived. And
bottom line gets down to is that, you know. For
my personal feeling is is that we get wrapped up
on too many materialistic things. I stopped at Smith's the
(44:42):
other day and I think I said this to them.
It's funny because once you grow up on a farm
or work on a farm, there's a smell that you smell,
you know, the cows and the silads and just everything,
the crops. And I said to him when I walked
in the door, I said, I feel like I'm home.
I can smell like this smells like where I grew up.
(45:02):
So the heart, you know, and the soul of these
are people that work seven days of the week, three
sixty five. Like Butcher said, they never had a vacation,
or and her husband, and we're worrying about how many
botox shots and trips and vacations and it's just to me,
it's just it's pie in the sky. But all right,
(45:27):
back to the financial markets here, So enjoy what you got,
that's my and when you got a great time, enjoy it,
enjoy it, enjoy it, enjoy it for our listeners. Also,
just so you know, we are going down the first
week of November to do the presentation tunnel to Towers
twenty thousand dollars five thousand to the American Cancer Society.
(45:50):
So again for all the participants in our golf outing.
It was a great, great, great year. We met our
goal twenty five thousand dollars and I can't think enough.
And you know, we'll do it again. The sixteenth Golf
Outing will be next year. Where we're going to have it.
I'm not too sure. I think we're going to change
(46:11):
the format a little bit, but we will definitely have it.
You know, in barons, I get barons every week and
inside Barns there's an article and one of the things
that I'm always flabbergasted by is late to the game.
Late to the game. You know you've heard people for years,
(46:34):
four years talk about how insurance products are just a
scam and a rip off and you should never do them,
and you know you hear it all over. The only
reason why people are recommending insurance products is because they
get a big fat commission and they're a liquid All
that is crap. That's all nonsense. Okay, that is nonsense.
(46:58):
If you believe that, then you're talking to the wrong team. Okay,
because I do the analogy. Insurance products have changed as
dramatically as financial products. So guess what's in barns this week?
People are living longer. Here's how wealth management needs to
(47:18):
adapt Morgan Stanley. Guys know who more I used to
work with for Morgan Stanley. Right, financial advisors must rethink
retirement modeling, integrating wealth management needs with insurance products and
other multi generational advice.
Speaker 3 (47:40):
Isn't that amazing?
Speaker 2 (47:43):
Linked to the game, Linked to the game, rethinking retirement modeling?
Why is that? Because no one has a crystal ball.
People know that there are certain products out there that
give you peace of mind. They also know that you
have to change your philosophy from income distribution from accumulation.
(48:08):
And they also know that for some of the spouses,
which sometimes it's the female guys go quicker and the
ladies stick around, maybe there should be a certain amount
of money that is guaranteed for wealth replacement for the
surviving spouse. Right, what's the number one thing that you
(48:28):
consistently hear over and over and over and over again.
Do I have enough money? Do I have enough money?
Speaker 3 (48:39):
Well?
Speaker 2 (48:39):
Tell me how you want to live, and what do
you think is a realistic expectation? How much money you
can take off that portfolio?
Speaker 3 (48:50):
I don't know.
Speaker 2 (48:52):
Well, let me tell you what forty three years has
showed me. Okay, people that have a certain amount of
baseline income guaranteed income for the rest of their lifetime
and their spouse have happier retirements. They spend more money
in retirement because they're not staring at the box every day,
(49:15):
Oh my god, what the market do today? And the
third thing is is that it allows you to have
what peace of mind, quality of life.
Speaker 3 (49:26):
Now.
Speaker 2 (49:26):
I don't know about you, but myself, personally, I don't
want to go into retirement worrying about what did the
stock market, another black Swan event, Marco goes down twenty
five thirty forty fifty percent.
Speaker 3 (49:39):
Is that possible? Absolutely one percent.
Speaker 2 (49:46):
Will it happen again, most likely in some capacity, especially
in the world that we live in today. But the
thing is is that now you've got the greatest wealth
transfer in the history of mankind. Multi generational wealth plan
is already at a rage. We're already talking about it,
Nico myself. We probably have handled more insurance products this
(50:08):
year than we've done in the last three or five years.
Why because people understand understand they're living longer, right, they
want to have a wealth transfer to the next generation.
They need to understand that a certain portion of their
money should be retained and certain should go. So they
need to understand a disclaimer on their IRA and they
(50:30):
need to understand also, is that if I live like
a Butcher or Frank to ninety eight or one hundred,
is there enough money in the pot? Family units are
living longer and longer.
Speaker 3 (50:44):
Right.
Speaker 2 (50:46):
Here's another part of the Morgan Stanley thing. Half of
today's five year olds are expected to live past the
age of one hundred, impacting labor, healthcare and high asset.
Allocate your money. Half of five year olds today are
expected to live past the age of one hundred, So
(51:11):
please don't listen to the screaming monkeys. Understand exactly what
you've created. You've got millions and millions of dollars. Okay,
you still need to have a plan. But if you
are hardworking saver, you got five hundred to a million
five two million dollars hard earned savings. You got to
(51:33):
think about this, especially if you're responsible for that big
monkey on your back called healthcare and long term care.
November twentieth, Crown Plaza eight eight eight five eight zero
one nine to one nine.
Speaker 3 (51:48):
Check it out.
Speaker 2 (51:49):
Call Jim, say you want to see.
Speaker 3 (52:19):
All right? We are back. Good morning.
Speaker 2 (52:24):
October twenty fifth, ten twenty five, twenty twenty five, ten
twenty five, twenty twenty five. Do you see that ten
twenty five right? Pretty good? Huh. Let's say I had
all my friends good morning. I got some nice text
(52:48):
messages they were in the break from my buddies.
Speaker 3 (52:55):
You know.
Speaker 2 (53:00):
We're going to cover a lot of information this next hour,
so hold on tight, get your pencil and piece of
paper out for all of our listeners. Down to WKIP
down the Poughkeepsie area. Welcome, love having you. We have
an office down there now, so if you want to
have a chat, we'll be more than happy to sit
(53:21):
down with you face to face. Schedule the appointment to
see if we can be of assistance to your pre
and post retirement planning. That's all we do. We've got
six locations now. We have Poughkeepsie, Oneana, Albany, Syracuse, Malta
Slash Saratoga, and of course Glenn's Fall. So anything that
we're discussing, whether it's on investment managed asset protection, legacy planning,
(53:45):
and of course retirement income distribution. And that's what I'm
going to focus in now, folks, is retirement income distribution,
because there's a lot of bad information out there. On
my part, I think that's how my heart tells me
that people really don't understand that there are products that
have been designed recently that are specific for the boomer
(54:05):
generation and the generations to come that basically tackle the
big question, right, what happens the notion that you're going
to be four plus decades in retirement. Four you tire
(54:27):
at sixty sixty five and I lived one hundred, one
hundred and five one hundred and ten. This is on
chartered territory. Try to get that out of my mouth.
Uncharted territory. And I don't care how good you are
(54:48):
at managing money, right, I think a lot of guys
blow their horns how great they are at managing money.
But when you've got to have money coming to you
for possibly forty plus years, you got to change the
(55:09):
script a little bit, right, Maybe you need to adjust
and look at things a little bit differently than you
have in the past. And what I mean by the past,
during your accumulation years, that's the past. But as you
prepare for your distribution years, you need to change it up.
(55:34):
Put in a different offense to your plan. Right, slow
the ball down? Because why because one major event, one
major event on the front end, can really blow up
(55:58):
your retirement for an extent that period of time, if
not forever. And we're all quite well aware, you know,
most of us, especially the listeners to this show. If
you think about it, a forty year retirement, have you
saved enough in the honeypot? You got enough money in
(56:23):
there in order to basically face the challenges that we
face during unprecedented times in the financial markets. So you're
going to have to adapt to what I call the
changing financial future. When I say it's changed since I've
(56:46):
been in the business, it's an understatement. It's an understatement.
The financial services business has done a three hundred and
sixty degree turn. And some of the things that we
talk about with prospective clients is now you're at a
(57:07):
different stage. You know, we're starting to see more and
more individuals. We had a couple this past week in
our Syracuse office. He works for National Grid. She's got
a very good job with one of the universities there
in Syracuse, and they're a blended family. And I talk
about this all the time, blended families and the challenges
(57:31):
that we face with blended families. My kids, his kids,
their kids, our kids. So even though the kids may
be out of the house and you're starting to think
about retirement, you got somewhere between ten to twenty years
(57:52):
before you're going to walk out the door. People are
working longer. If you're fifty, you might not retire at
sixty five or seventy. Now it's time to, you know,
take a reality check, take stock, make adjustments, ensure that
you're on a solid path or retirement and also protecting
assets or protecting that legacy for the children of a
(58:15):
previous relationship. So when I say that planning for retirement
today is different from when I got into the business,
it's an understatement. The financial landscape has shifted dramatically. Pensions
are rare, right Capital District region, That's not the case
because we have so many people that work for the state.
(58:39):
Life expectancy or longer that we talked about. Healthcare costs
are through the roof, and the burden of planning is
largely motivated by you. Okay, you so married partners, blended families,
coordinating your financial future together other is just not smart.
(59:01):
It's essential. It's essential. We have a software package called
the Money that I call it. It should dashboard you
know exactly where you are. We pay for it, you
don't pay for it. It's a service that I get
through Fidelity, the Mothership, and it's you know, for people
(59:24):
not to take advantage of it, I think is very foolish.
But retirement used to be the old remember the three
legged stool, social Security, your pension, personal savings. Today, for
most of us, for a lot of married couples, it's
a balancing act between your four oh one, k Ira,
(59:46):
any savings and investments that you've accumulated in your lifetime,
potentially part time work. And then of course social Security
means part of the plan, but for most of us
it's nowhere near it enough in order to have quality
of life. They just came out for twenty twenty six.
(01:00:08):
I think it's two point eight percent for the COLA
for social Security. So the bottom line gets down to
is that this reality check means that individuals in their
fifties and even sixties need to plan together, probably with
greater accuracy and precision and teamwork than ever before. And
(01:00:35):
I made some notes this morning. When I got up,
my wife basically told me to get out of bed
because I woke up at three o'clock and I was
moving around looking at my phone.
Speaker 6 (01:00:44):
She goes, get up, get up, She'll be texting me
now it's to happen.
Speaker 2 (01:00:56):
But the bottom line is is that married couples today
of them have their own careers, previous careers, save these accounts,
retirement timelines, children from a previous marriage. But when it
comes to retirement planning, consolidation, coordination is key, right, not
going to live separate houses that can go on separate vacations. Right,
(01:01:20):
So we're going to talk a little bit about this,
and I think it's critical that you understand exactly what
we're seeing day to day at the Retirement Planning Group.
But again we'll be back after this quick message. This
is the Retirement Planning Show. I'm Dave Kopek, your host.
We'll see on the other side of this break. And again,
(01:01:41):
don't forget about November twentieth at the Crown Plaza.
Speaker 4 (01:01:48):
Retirement might feel far off, or maybe it's just around
the corner. Either way, it's never too early to start planning.
The experienced team at Retirement Planning Group makes the process simple,
straightforward and all about you. No pressure, just smart advice
to help you feel confident about what's next. Visit rpgretire
dot com or give them a call at eight eight
(01:02:09):
eight five eight zero nineteen nineteen to schedule your consultation today.
That's rpgretired dot com. Your future self, well, thank you.
Speaker 2 (01:02:18):
Your retirement future. Are you dreaming of a comfortable, financially
secure retirement. It's closer than you think. The best time
to start planning was yesterday. The second best time is now.
Even small consistent contributions make a huge difference over time
thanks to the power of compound. Don't let your retirement
dreams just remain dreams. Start setting up your goals today.
(01:02:39):
Take control of your future. Call eighty eight bitate zero
one nine one nine. That's eighty eight fit eight zero
nine one nine for a free consultation.
Speaker 5 (01:02:49):
When US Navy Chief Petty Officer Michael Thomas Earnst was
killed in the line of duty, Tunnel to Towers provided
his wife and children with a mortgage free home. Since
Tunnel to Towers was founded in the aftermath of nine
to eleven, the Ernest family is one of many the
foundation has helped, but many more heroes and their families
are still in need. Together we can say thank you
(01:03:09):
by showing them our support. Now donate eleven dollars a
month to Tunnel to Towers at T two t dot org.
That's t the number two T dot org.
Speaker 2 (01:03:20):
Are you ready for retirement or just hoping it works out?
Don't leave your future to chance. At the Retirement Planning Group,
we hope you create a personalized retirement plan so you
can relax knowing you are prepared. Take action today. Called
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 dischedule
(01:03:43):
your complementary consultation. Your future will say thank you. All right,
we are back ten, twenty five, twenty and twenty five.
(01:04:10):
Unbelievable heading down the path, sliding down towards the end
of the year. You know, when my kids say to
me the time goes by quickly, I want to slap them.
They have no idea. You know, it's said I remember
my parents'. Oh Jesus, they're saying it again. You know,
(01:04:32):
as you get older, time goes by quicker. Now I'm
the old guy. It's always say, I used to be
the youngest guy in the room. I'm the oldest guy
in the room. So we're talking about getting ready for retirement.
There's a lot of blended families out there. Blended families
make it complicated only if you don't do what plan.
(01:04:58):
You know what I say, consistently, no plan, any destination
will do. So, you know a lot of couples have
their own careers, their own homes, their own savings accounts,
an idea when they're going to be ready for retirement,
Not all couples come together with the same balance sheet.
(01:05:22):
Some come in stronger than other ones. So whether you
retire together we're years apart, your financial and your lifestyle goes,
in my opinion, should be unified so there's no misunderstanding
and there's no mismatch. And timing, spending, expectation, investment strategies
(01:05:43):
can create unnecessary friction and that is an understatement and
possibly financial shortfalls. You know, you don't want to be
sitting there when it's snowing and blowing in all but
in New York and Mama says, see you later. I'm
going to Florida for four months. Let me know how
(01:06:04):
things are. Take care of the dogs and the kidy cat. Right,
You got to be on the same page. Longer lives,
longer retirements. Thanks for advances. Of course, we just talked about.
You know, fifty year olds can be talking about fifty
years with what's happening with technology and AI and everything
(01:06:31):
that's going on out there. Is I said this the
other day. I like to say things over and over
and over again because it's just who the hell I am.
We saw presentations in Boston on AI that blew my mind.
(01:06:53):
And when I say that AI is going to change
our lives, it's an understatement. It's unders I have a
cousin right now that just had surgery in Boston on
Friday yesterday and went to a hospital over there that
specialized in surgery on spines, and they did all sorts
(01:07:15):
of gadgets and gizmos and studies and images, a lot
of it was AI. And when they got in there,
they knew exactly what they were going after. And a
mass on this tumor, not a tumor, a mass on
a spine, and thank god, it looks like everything came out. Okay,
(01:07:38):
But a dances in healthcare, folks are going to change
our lives. That means that retirements that were twenty and
thirty years are going to be possibly thirty to forty
to fifty years. And you got to be prepared for
decades of expenses including a cost of living. What's that inflation?
Speaker 3 (01:07:55):
What else? Healthcare? That's inflation? Possible long term care expenses? Right?
Speaker 2 (01:08:02):
Excuse me? And are you living on a fixed income?
So how do you make that happen? Well, there are
products that are designed specifically for seniors. Okay, they're called
insurance products. That's Why these guys are just getting on
the ship okay, because they see the train that's coming
down the track. Why are investment banking firms getting into
(01:08:22):
insurance products? Because they know what the hell's going on.
They see it, They see it on a consistent basis,
They see people leaving coming to guys like me. Because
we've been talking about it for years. It only makes
up a very very very small percentage of our business,
but we offer it because some people like to sleep
at night. They like the ability to have guaranteed income
(01:08:46):
for a portion of their assets. Not pie in the
sky right. Don't listen to these screaming monkeys. They don't
know what the hell is talking about. They really don't.
It irritates me. It irritates me when I hear them
talk negative about other financial advisors too. That just shows
(01:09:09):
me that they are basically very small individuals, have a
very low self esteem of themselves. Don't like anybody that
talks negative about people that are in my business because
I know what we go through in order to do
the right thing and what is required now as far
(01:09:29):
as education right, what we have to do in order
to facilitate the right thing. Our fiduciary responsibility and that's
all a bunch of crap too. Fiduciary raw fiduciaries. I'm
a fiduciary because I have an RIA, but I don't care.
You're working for XYZ banking firm. You're not going to
(01:09:50):
be out there willy nilly trading and doing stuff and
you know, basically beating the hell out of people. Those
days are gone. Those days are gone. So don't listen
to all of this. You know what I call you,
step in it. Right, So, healthcare we talked about. I've
(01:10:12):
talked about it in detail for almost a full hour
today for a healthy sixty five year old couple. Everybody
knows that it's going to be hundreds of thousand dollars
in medical expenses over your lifetime, healthy sixty five year
old couple. Right, it's crucial to understand. That's why we're
doing the presentation.
Speaker 3 (01:10:29):
Right.
Speaker 2 (01:10:29):
I'm not an insurance specialist, but I'm bringing them in.
I'm not a long term care specialist, but I know
enough about it that I can discuss it. But we're
bringing the experts in that this is all they do,
medical and long term care, and how you can facilitate
this option in your retirement plan. If I had a
whole room of people and said to them, all right,
(01:10:53):
seventy percent of you are going to have an event
in your lifetime. Okay, it might be a year, it
could be three years, could be five, five years. Raise
your hand if you want some protection. They'd all raise it, right,
everybody would raise their hand. Yep, I want it, yep,
I want it, yep, I want it. But now you
(01:11:13):
gotta pay for it. Okay, you want long term Now,
don't talk to me a lot about long term care insurance.
Don't talk to me about long term care insurance. Right,
I'm just going to do an irrevocable trust. Good luck,
good luck. So you know there's things that you can
(01:11:33):
do pre rather than post. You're better off to do
it pre than post, because you're going to get the
cost of these goods and services and products a hell
of a lot less than when you get them and
you walk out at sixty five seventy. But it's a
good feeling when it's all buttoned up, right, You've got
the whole package with a bow on it, and out
(01:11:53):
the door you go. And what are you going to do?
Have fun? Enjoy your retirement. No one has a crystal ball?
How long it's going to last? I have stories that
will make you cry if I tell you about them, right,
the things that people were prepared for, and then you know,
disaster struck.
Speaker 3 (01:12:10):
It kills us.
Speaker 2 (01:12:10):
Sometimes a lot of times we go home with tears
in our eyes with things that have happened to our clients.
But you got to take your own personal limitory right.
You need to communicate, You need to align your goals
with your spouse, your loved ones, your family.
Speaker 3 (01:12:25):
Right.
Speaker 2 (01:12:25):
What's my hopes, my fear? What are my priorities? What's
my foundation? Do I understand where I'm going? If the
first domino drops, where the rest of them will go?
What am I going to do when I get sick
or real? Who's going to take care of me? I mean,
some of these kids out there are really screwy. I
mean we've got situations where parents have lost money to kids.
They won't give it back, They borrowed money, won't give
(01:12:47):
it back. They need a kick right in the can,
that's what they need. I'm flabbergasted sometimes, but what kids
do to their family. But these are conversations that we
have and sometimes I'm telling you, folks, it's not fun.
(01:13:08):
Sometimes it's very agonizing. It stays with you for an
extended period of time. I got stories I honestly believe
would make you cry if I told them to. They
upset me, they upset my wife, they upset my staff.
But you know what, we try to tackle it the
best way we can. We try to evaluate it, understand it. Basically,
give you an approach, a plan in order to facilitate.
(01:13:29):
Sometimes those plans people won't do because they're going to
have stress, anxiety, and it might cause a total breakup
of the family. You know, a lot of times one partner,
one individual in the marriage is a little bit more
tolerant than the other. That partner might not necessarily want
(01:13:53):
to go down the path with the step children or
you know, the children that are from a previous marriage.
Speaker 3 (01:14:01):
It's not easy. It's not easy, you know.
Speaker 2 (01:14:07):
And if the documents are not set up right, And
mom wanted Dad to have a certain amount of money
in order to have quality of life, but she didn't
dot her eyes across our tees and the money went
to the kids rather than Dad, or went into a
trust in order for it to be used as long
as he lives, and then it goes to the kids,
and it came well, she didn't want that, she didn't
(01:14:29):
want to take care of him. She basically wanted the
money to go to us. Well, he's not going to
have quality of life now, he's going to really be
in a very difficult situation because we didn't dot our
eyes and crossed our t's when you guys work with
the attorney and guess what. Now he's not going to
have quality of life and he's going to basically have
to go back to work. No, he's not my father,
(01:14:58):
That's reality. Those are conversations that I've had. So bottom
line gets down to, as we go through this new
world that we live in as far as pre and
post retirement planning, there's some basic common mistakes.
Speaker 3 (01:15:17):
That I want you to avoid, which.
Speaker 2 (01:15:19):
I'm going to get into in our last half hour, Okay,
and you know, hopefully you'll take it to heart, because
you know, after forty three years, there's not too much
that I've missed.
Speaker 3 (01:15:32):
Folks.
Speaker 2 (01:15:33):
I can basically go through some really really difficult conversations
with you. So again, don't forget. I can't over emphasize
this presentation enough. November twentieth at the Crown Plaza presentation
on healthcare and long term Care in the year twenty
(01:15:58):
and twenty five for pre post retirees. Right, it's an
educational workshop. Come take notes. We want to have a
chat with us. Great, If you don't, that's great too,
But I can tell you right now you're gonna leave
there with a boatload of information. Boatload And if you're
not talking about this, you're doing yourself and your family
(01:16:21):
a huge disservice. So if you want to attend November
twenty at at the Crown Plaza, Paul Jim eight eight
eight five eight zero one nine one nine eighty eight
eight five eat zero one nine one nine. We'll be
right back after our break. I'm Dave Kopek, and you're
listening to the Retirement Planning Show, heard here every Saturday
from seven to nine.
Speaker 3 (01:16:55):
All right, we're back.
Speaker 2 (01:17:01):
Second's gonna be a beautiful day outside, blue skies, sunny,
blue skies. Smiling at me. Remember that one. You don't
know that one, do you?
Speaker 3 (01:17:13):
Actually?
Speaker 2 (01:17:16):
Ashley is my spectacular engineer. She's doing a phenomenal job.
Phenomenal job. So we always like to give compliments when
people are doing things well, and she's doing a fantastic job.
(01:17:37):
I'll give out the workshop one more time.
Speaker 3 (01:17:39):
Folks.
Speaker 2 (01:17:41):
I just had a guy and he says, hey, yeah,
we know, we know you got a workshop, Bobby, you
too much. So good morning. Hopefully you're going to have
a fantastic weekend. All my kids are in Florida right now.
All four of my children in Florida. Christopher flew down,
(01:18:04):
my daughter Mikaela is in Boca, my daughter Caitlin is
in Sarasota, and my son David Michael flew down last
night from Tampa to spend time with his brother in
Fort Lauderdale. So all four of my kids are sitting
(01:18:26):
somewhere in an eighty degrees sunny spot. The boys are
probably playing golf, hitting the beach, doing some fun stuff
our friends down at WKIP. Just so you know you're new,
we have three signals that we go out on SYR
(01:18:51):
out of Syracuse, A ten WGI here in Albany, and
of course KIP now in Poughkeepsie, Syracuse, pick Keepsie, Bickkeepsie, Syracuse,
Pickkeepsie area. We offer a complimentary consultation. We'll be doing
some dogging ponies down there. That means workshops the rubber
chicken dinners I call them. Look forward to it. Love
(01:19:15):
the Southern Tier. I think one of my favorite spots
is rhine Beck. Really pretty area, beautiful, kind of reminds
me where I live in the country, a lot of
beautiful farms. So if anything that we're discussing, the people
down at WKIP in that area give us a call.
We can sit down with you and have a chat.
(01:19:37):
Eight eight eight five eight zero one nine one nine
is our telephone number eight eight eight five eight zero
one nine nine. And for all of our listeners outside
the five one eight throughout the country, we do broadcast
this over the podcasts iHeartRadio. We're in twenty eight states now.
I know that we've got a lot of individuals that
call us. With the ability you would take Algy Today's
(01:20:00):
Zoom Ring Central, it's like you're sitting in our living room.
Some people are very comfortable with it, some people don't
like it. I'm getting acclimated to it because it's the
new world that we live in. People are busy. They
want to have appointments on their time, not on our time.
That allows it. We can do a lot of appointments
(01:20:22):
in one day through Zoom and technology that kind of
does not happen when you have to travel and do
face to face meeting. So again, if anything that we're
discussing you want to have a chat, whether it's on
investment management, asset protection, legacy, retirement, income distribution, we'll be
more than.
Speaker 3 (01:20:41):
Happy to have a chat with you.
Speaker 2 (01:20:43):
And again, as I said earlier in today's show, don't
forget if you're out there, you're driving around, go get
a donut Smith's. Those Smith's pies, those apple cider donuts
go down pretty good too. I grew up in Scatty Cooke,
(01:21:09):
which I think population like, I don't know five six
hundred o what it is. I have to look it up.
Not a whole hell a lot of people. And uh,
you know, it's probably one of the greatest things that
ever happened to me. He was grew up in Scatty
Cook because you know, it was just in the sixties.
Growing up, it was just a good place to grow up.
You had everything self contained. We were talking about this
(01:21:32):
the other day with some friends of mine. He grew
up in Scatty Cook. You hillbilly, a hick, you know,
I city, I'm not ill billy, I'm not a hick.
You know, we had a restaurant and both my parents
were farmers. But the bottom line gets down town is
that we had We had the IgA, we had Patsonelli
who had the drug store. We had Bots, which was
(01:21:54):
another store down there. We had Aguay, we had Wiley Brothers.
Everything you needed was right right there within walking This
is a scatty cook people. You know, everybody knew one another.
It was a great community. It still is a great community.
I don't know what it's like now because I haven't
lived there in a long time, but you know, I
kind of yearned for those days.
Speaker 3 (01:22:13):
I miss those days. You know.
Speaker 2 (01:22:16):
I've got neighbors now. I don't even know who the
hell they are. I wave to them, I don't know
their names. I've seen them for the last thirty years.
I can't even tell you what their names are. That's
the world that we live in today, but since the
world that I like, as you can tell them a talker.
So we're going to talk about common mistakes to avoid.
(01:22:37):
So hopefully you're going to get your pencil and piece
of paper on again. And these are some notes that
I think are critical. Okay, don't listen to the screaming
monkeys Number one. Please don't listen to the screaming monkeys
because one specific retirement strategy does not fit for everybody.
(01:22:58):
Each individual has different histories, benefits, health considerations, family considerations.
Eaedy to customize your plan accordingly. Okay, I had a
previous marriage. I have a daughter, Caitlin, by a previous marriage. Okay,
(01:23:21):
so I am a blended family. I have three children
by my beautiful bride, Julie, So we are the new
I think prototype for a lot of us, over fifty
percent of the population as previous children. So I have
to customize my plan specific to my daughter and my grandchildren.
(01:23:50):
I think it's important that you understand that, and you
understand that you know because of that, an eight hundred
telephone number, in my opinion, does not fit the built.
The other thing that is critical, one spouse will outlive
(01:24:13):
the other. Typically statistically, women live longer than men. As
judge couple that you still always say, why is that?
Because the guys have had it it's time to go.
But you want to make sure that your plan ensures
(01:24:33):
that the surviving spouse, and I want to overemphasize this
word has adequate income. Adequate not too much income or
too many assets, because the thing is is that as
you age, especially if it's qualified assets, as you age,
(01:24:55):
there's a thing called RMD. As you age, there's a
chance for you to have health issues. You only want
to leave what's necessary for quality of life. So if
you've got a two three million, two three million dollar IRA,
dad dies, Mom is not gonna need all that money,
so you can disclaim a portion of it, get it
to the kids or the grandkids. It's outside the estate,
(01:25:17):
outside the reaches of Medicaid long term care. So you
need to plan accordingly that when the first spouse passes away,
what is going to be retained for quality of life?
Third TWA waiting too long to plan?
Speaker 3 (01:25:47):
What do I say? Every week? Everybody hear me say
this consistently.
Speaker 2 (01:25:51):
I'll sit down with people and they'll say, what do
you think, Dave, Well, what's what's my aunts are going
to be? Mister Apple, You're gonna tell me I need
a plan. Yep, That's exactly what I'm gonna say to you. Right,
you're in a basketball game, you're in a football game,
you're in any kind of a game. Right, the analogy
and sports, you got what you got?
Speaker 3 (01:26:11):
A game? Plan.
Speaker 2 (01:26:11):
You have no plan, so any destination will do it.
So the earlier you coordinate and take action right, action
ends equals what results action reaction. The more options you have,
the better the chances are you going to have what success? Well,
I don't want success. I haven't had anybody say that
to me. You want success, you want to button it up.
(01:26:36):
You want to have your family feel comfortable. And that's
the other part of it, discussing. Sit down and have
a chat, let people know what the plan is right,
and the final one is the one that for a
lot of us, especially with blended families and for even
(01:26:59):
our own children estate planning. Eighty five trillion dollars will
pass to the next generation over the next twenty to
thirty years. So what do you got to do? You
got to make sure that your wills, your healthcare directives,
(01:27:21):
your durable power of attorneys probably the most important document
that you have that most people pooh pooh, don't spend
a lot of time. Beneficiary designations are up to date
on your insurance, your four oh one K, your IRA, etcetera, etcetera,
(01:27:42):
anything with a beneficiary form. And then what having a
let me put this in bold plan in place protects
not only your loved ones, your family, and also limits
the ability for our friends to go after these assets
(01:28:06):
if there's an illness or premature death. If you do
that right, if you do what I'm telling you to do,
chances are you're going to have a pretty good ride,
not a lot of bumps. So as we're all quite
(01:28:28):
well aware, I've been doing this show now, this is
going on my twenty six year on radio.
Speaker 3 (01:28:35):
Right.
Speaker 2 (01:28:37):
What I'm talking about is optional. You don't have to
do any of it, but to me, it's a necessity.
If you don't do it, then you're doing yourself a
huge disservice. We'll be back after this quick message. Our
final break will tell you a little bit more about
my workshop. I'm Dave Kopek. This is a retirement planning show.
(01:28:58):
We'll see on the other side of this break.
Speaker 4 (01:29:10):
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 eight
(01:29:33):
eight five eight zero nineteen nineteen Retirement Planning Group. Retire
with confidence.
Speaker 2 (01:29:39):
You've spent a lifetime saving for retirement. Now it's time
to make that money work for you. Here's the secret
most people miss. You have to create your own retirement
income plant. Social security is not enough, pensions are rare.
You need a strategy that turns savings into monthly income
that will last a lifetime. At the Retirement Planning Group,
we build customized income distribution poins so you can retire
(01:30:00):
with confidence, Retire smart, live well. Call eight eight eight
five eight zero nine for your complementary consultation.
Speaker 5 (01:30:08):
Born on America's darkest day of nine to eleven, the
Tunnel to Towers Foundation has been helping America's heroes ever since.
People who put their lives on the line for our
country and our communities need your help now more than ever.
Join Tunnel to Towers on its mission to do good
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(01:30:31):
Donate eleven dollars a month at T two t dot org.
That's T the number two T dot org.
Speaker 2 (01:30:38):
Attention, future retirees, A financial threat is putting your retirement
at risk. The cost of long term care can be
well over one hundred thousand dollars a year fidelities. Recent
studies suggest retirees could need hundreds of thousands of dollars
just to cover medical expenses in retirement. You need to
address this risk now. To be prepared, call my office
(01:30:59):
to fight out your option. Well eighty eight five eat
zero one nine one nine. Eighty eight five eat zero
one nine one nine for a complimentary consultation. All right,
(01:31:19):
we are back. I can't believe that it's October twenty fifth.
Just time is boom going by quick man. So we're
(01:31:40):
talking a little bit in this hour about blended families
getting prepared in your fifties and sixties for our retirement
that could last forty to fifty years. And here's some
final thoughts that I have that hopefully will resonate for
the people that want to take action. Okay, you don't
(01:32:02):
want to take action, don't call us playing Tillie winks.
You want to sit on the fence. Keep on sitting
on the fence because we're busy. We don't have time
for people that want to procrastinate. So for people that
are in the fifties and sixties retirement planning, in my opinion,
it's no longer optional. It's no longer optional if you
(01:32:25):
want to get to the finish line. It's a necessity.
Especially for married couples. We're navigating this journey together through
blended families. Okay, it just makes it a little bit
more complicated, but it isn't complicated. If you have a
(01:32:46):
conversation and everybody's on the same page, what's the worst
thing can happen. That's why in the office I always
get teed off when people don't have a chat with me.
If there's something going on right, the sooner you go
after it, the easier it is to fix. Soon you
go after it, the easier it is to fix. And
(01:33:07):
that's the landscape of this complex world that we live
in today, much more complex than it was in the past,
but it's also filled with opportunities for those that are
what prepared, prepared. You think the Olympic team in nineteen
(01:33:29):
eighty on the hockey rink up in Lake Placid, do
you think that they were prepared for that night, for
that day. Herb Brooks, the coach. I have a jersey
inside my conference room, the goalie, Craig. So working together,
(01:33:52):
asking the right questions, making informed decisions can transform this
time of your life of uncertainty into a decade decades
of confidence and preparation. So you got to have a conversation.
(01:34:16):
Sometimes you need to have somebody else there. Sometimes you
need a mediator. I don't mind doing it. I'll do
it anytime. I'm not scared. You know, there's conversations that
I've had with individuals. I knew they weren't going to
like my answer, but I didn't care because I knew
(01:34:38):
that that's what they needed to hear. And I've discussed
this on the radio show of hard conversations that I've
had with individuals, and some have said stick it, and
others have basically said, you know what I needed that
told you about the detective New York City detective. I
(01:35:01):
thought he was going to basically beat me up with
the conversation that I had with him. Two weeks later,
he walked in my office and he says, you know what,
You're right, You're one hundred percent right, and he did
what he told him to do, and he died a
year later. He died a year later. He thought he
was invincible. He died a year later. If he didn't
(01:35:21):
listen to me, she would have been basically penniless. His
second wife, she would have had social Security. And that's it.
So you have to share your plan. Make sure everybody's
on the same same page. You know, retirement cannot just
be about you surviving, you know, meeting your bills and
(01:35:43):
your payments and stuff. It should really be a time.
This is the last phase you're going from fall into
winter of your life. It's the last phase of your
life that you should truly enjoy. Your go go years,
go go slow, goo no go. Your go go go
years should be the years that you're dancing in the street.
(01:36:04):
You see all the commercials on TV right where they're
toasting one another, they're dancing. They're on the Viking cruise
and that's what you're That's what it should be. I
got clients in mind there Christ. They spend more time
on Viking Cruise Line than I think they spend on
on land. But you know what they deserve it. Jealous
(01:36:26):
is out. But the retirement planning group. You know, it's
not about our o I if it is, that's what
you're only concerned about what am I making on my money?
Don't come to us. We're not a good fit because
we're never going to say that. You know, we're great
at managing money and all, you know, because you know what,
(01:36:47):
we have good years and bad years. Overall it comes
out good. But you know what, we try to manage
assets so people have what consistent cash flow and they
understand that the money's going to come in the door.
Speaker 3 (01:37:00):
Right.
Speaker 2 (01:37:00):
You can't compare an apple to an orange. You can't
compare an index to a diversified portfolio that's facilitating income
for your retirement years. And you know what, we have
people that have hundreds of thousands of dollars, if not
thousands of dollars, and we have multimillionaires as clients. We
don't treat them any differently than the person that comes
(01:37:22):
in that might have forty fifty, sixty thousand dollars because
that money is as important as the person that might
have twelve, fifteen to twenty million dollars with us. So
I understand that this is a new role that we
live in. But I can tell you right now, what
I'm seeing is probably the most concern that I've ever
(01:37:45):
seen that I've been in the business as far as
healthcare and long term care. You know, there are people
right now that do not have healthcare. There are people
out there right now that have limited healthcare, that have
huge deductibles, out of pocket expenses. Okay, I don't have
(01:38:11):
a magic wand, but I do know one thing. If
you're only working with XYZ, you're not working with all
the companies that are out there. You need to understand
exactly how you can transform your personal situation into one
that you can have confidence in confidence. I'm confident in
my plan at least for this year. Who the hell
(01:38:34):
knows what's going to happen with healthcare? Who knows what's
going to happen with healthcare? I talked to Lupiro all
the time. We talked to a lot of attorneys in
the Capital Distinct region. You lay around long term care
with health care, well, I don't want to talk about that.
What do you mean you don't want to talk about it?
(01:38:55):
It's your greatest risk. You don't want to talk about it.
But right now you've got a time bomb that's about
ready to go off. And you don't want to talk
about it. No, I don't want to talk about it.
Then you you're not gonna work with us? Then okay,
because I've had guys walk out. I had one guy
that was like so irate with me because he only
wanted me to talk to him and not his wife
(01:39:18):
got up and left. You know, I didn't care. Nika
was there. His eyes were as big as saucers. You know,
Like I said, I don't care.
Speaker 4 (01:39:27):
Go.
Speaker 2 (01:39:29):
My job is not only to protect you. My job
is to protect your wife. She's already told you like
three or four times she would be lost. She doesn't
know what's going on. She needs somebody. Something happens to you,
she needs a team. She'll be all right. I got
it all on a piece of paper. No, she's not
going to be all right. No, she's not going to
be all right. If that's your plan, it's a crappy plan.
(01:39:53):
So that's my story and I'm sticking to it. And
here's how much time do I have that I want
to blow my horn one more time. About two and
a half minutes. Yeah, somewhere around there. All right, I'm
gonna blow my horn one more time if you do
(01:40:14):
not have confidence in your health plan for your retirement years. Okay,
I'm gonna be talking about this now for the next
three or four weeks because the presentation is not until
the twentieth, probably more so this week because we're getting
such an acceleration of people that are calling. If you
(01:40:36):
want to reserve your seat, it's going to be held
at the Crown Plaza, Okay, and we're gonna be talking
about major trends in healthcare and long term care. The
future of health and long term care is being shaped
today by the aging baby boom generation. Okay, there's a
(01:41:01):
lot of trends. There are certain things that are going on.
There's certain products that are being designed specifically. So if
you're tired of worrying about health care costs planning for
long term care costs, probably one of the most important
decisions that you can make, in my opinion, is how
(01:41:21):
to tackle it and how do I move forward in
order to basically meet this challenge. So, as I said,
we have a free over emphasize free, no cost. It's
an informative presentation on long term care and health insurance.
Hopefully it's going to show you many more options answer
(01:41:43):
questions that you have so you can protect your independence
and the assets that you've worked so hard to accumulate.
So join us for this presentation and conversation on November
twentieth at the Crown Plaza Crown Plaza. If you don't
know what the Crown Plaza is, it's the Desmond It's
(01:42:05):
the big oldtel right there by the airport. Seating is limited, right,
We've added more seats because we've had such a strong
desire for people to come. You can reserve your spot
today by simply calling my office at eighty eight five
eight zero one nine nine eight eight eight five eight
(01:42:27):
zero one nine nine. Leave a message on any of
the voicemail your name telephone number will call you so
we can reserve your spot and, like anything else, take action.
Don't sit on the fence. Action will get you results.
God bless you all. I'll see you next week for
another retirement planning show. I'm Dave Kopek, presently retirement for
(01:42:51):
our friends at WKIP. If you have any questions, call
ups at an office eighty eight five eight zero one
nine one nine. I'll see next week for another show.
Speaker 5 (01:43:06):
The information or services discussed on this show is for
informational purposes only and is not intended to be personal
financial advice. The investments in services offered by US may
not be suitable for all investors.
Speaker 3 (01:43:16):
If you have any doubts as to the merits of
an investment, you should seek advice from an independent financial
advent
The opinions, viewpoints, and promises made during the following program
are not those of wgy it's staff, management, or parent company. iHeartMedia.
Speaker 2 (00:23):
All right, good morning, I'm Dave Coopak. This is Retirement
Planning Show. Another week is passed last Saturday in October
twenty twenty five. The year is flying by radio listeners,
(00:46):
podcast listeners, car play listeners. However you listen to the show,
it is amazing that we're at the end of the year.
You go in the stores and there's no Halloween stuff anymore.
It's all been sold. It's all on a huge discount
of Santa Claus and the elves and ho ho ho.
(01:09):
So before you know it, the year will be over with.
So I've been talking about a lot of stuff today,
but overall, you and know the market. I always say
this over and over again. You know, market timing is
something that you should never even consider, especially with the
(01:30):
history of our friends on Wall Street. As far as
the individuals that try to predict what's going to happen
for the whole year, they've been consistently proven wrong. And
here we go again, here we go again. You know,
twenty twenty five, another two percent, pretty much across the
(01:54):
board for all the indices this week, the doll was
up two point two s and P was up one
point nine, AZDEK was up two point three, but dial's
up eleven s and P five hundred is up about sixteen,
and then the nasdac's up about twenty and the nice thing, folks, here,
here's the catalyst for a lot of this. The ten
(02:15):
year Treasury closed on Friday at three ninety nine below
a four handle three point nine to nine, which is
extremely positive for.
Speaker 3 (02:27):
A lot of.
Speaker 2 (02:27):
Things, which we'll discuss today, But overall, a lot of
people should be happy with their portfolios. You know, diversification
is your friend. But you know, I want to go
back and say over and over again, just make sure
you understand that no one has a crystal ball for
(02:51):
the future, and you want to make sure that you're
allocating your money properly based off of not only the
stage of life that you're in, but also you want
to make sure that you're properly allocating your money for
income income. So we'll talk a little bit about that
(03:11):
today because that's top of mind for a lot of people.
You know, we've got a lot of offices now in
New York State. I want to welcome our listeners down
at WKIP down in the Southern region. That's a new station,
new signal for us. We have an office there now,
So if anything that I'm discussing you want to come
in and have a chat with us, be more than
happy to sit down with your face to face. But
(03:34):
we give out our Telenumber telephone number throughout the show.
It's a toll free number, and if you want to participate,
if you want to call in and ask a question,
that's great. If not, you'll hear consistently our telephone number
that you can call my office because we do offer
a complementary consultation. Sit down, have a chat and see
(04:00):
if the retirement planning group can kind of fit into
your overall plans. Little housekeeping, little housekeeping. This, my friends,
is probably the greatest risk and the greatest concern that
(04:21):
I'm hearing consistently now when we have face to face meetings.
We used to talk initially for a very short period
of time about healthcare and long term care. Now it
makes up maybe sometimes half of our initial meeting.
Speaker 3 (04:40):
With individuals.
Speaker 2 (04:42):
So, as I've said, starting last week, we've had a
lot of people call in I've had to expand the
room because of the participation that we're going to receive
for this. But on November twentieth at the Crown Plaza
that's the Desmond next to the airport, we're having another
(05:02):
presentation that will basically facilitate the worries that you have
about your future healthcare cost. So planning for your long
term care needs. Your healthcare needs is probably, in my
opinion this is a guy that's been in the business
for forty three years, it's probably one of the most
(05:24):
important decisions that you're gonna have to make. So this
is a free informational presentation. Okay, it's going to be
talking about health insurance, pre and post retirement, long term
care planning. Will try to hopefully demystify your options and
(05:45):
answer your specific questions. We'll open it up to Q
and A. We're not going to have it for an
extended period of time because really this is really a
personal decision, but we're going to give you enough information
on November twentieth that you can basically have a pretty
go on understanding of your independence, the choices that you have,
(06:05):
and how you can protect your assets from possibly a
catastrophic expense.
Speaker 3 (06:12):
I know this.
Speaker 2 (06:14):
The saint and I the saint is my wife lived
this for six and a half years. My wife was
a caregiver for her mom and dad and she wouldn't
have had it any other way. But the bottom line
gets down to it's a demanding, demanding position. Some of
us do not have that ability to have a child
(06:37):
or a loved one take care of us. So we
invite you to join the conversation November twentieth at the
Crown Plaza. The Desmond seating is limited. We have expanded
this out because we are getting a very very strong response,
So you want to reserve your seat, I would call today, folks. Okay,
(06:59):
I'm going to give out the tele from number a
few times every break. I'm going to discuss this a
little bit more and more. But you can call our
office at eighty eight eight eight eight five eads zero
one nine nine eight eight eight five eads zero one
nine one nine and leave a message and just say
I want to reserve a spot for myself and my
spouse or whoever. I don't care how many people you bring.
(07:21):
We're going to have some pickies and some refreshments. And
when I say refreshments. They won't be alcoholic refreshments. They
are going to be coffee, tea, and you know, some
sodas water. So bottom line, I know that this is
not a topic that most of us like to talk
about when we get sick or ill, but it's a
topic that you must have. I've seen devastating results to estates.
(07:51):
I have seen families not talk to one another anymore.
I have seen almost fists fights in diference room. As
far as what this impact is on individuals, So you
know this nonsense. She'll take care of me, I'll take
care of her. If we get bad, or we get
(08:13):
sick or ill, I'll just drive off the bridge. You know,
you gotta be realistic about this, okay, because, as I said,
if you get into an extended, extended healthcare event, you're
going to find yourself in a position where you're going
to go through a whole hell of a lot of money.
Speaker 3 (08:31):
You know.
Speaker 2 (08:32):
Fidelity just came out over the last couple of months
with their twenty and twenty five retiree healthcare cost estimate.
Speaker 3 (08:41):
Every year it goes up.
Speaker 2 (08:43):
Right now, in their twenty fourth annual estimate reveal, sixty
five year old retiring today could spend one hundred and
seventy two five hundred dollars on healthcare in retirement, times
two for a husband and wife. One in five Americans
say they never considered healthcare costs during the retirement. You're
(09:07):
playing with dynamite if you're one of the one one
in five, and there's a lot of things that are happening,
opportunities that exist if you're not educating yourself on this.
Believe me, this is not about ROI, acid allocation, any
of that crap. This is about trying to figure out
(09:29):
what do I do when I've got major issues here
and who's gonna basically step in and help me? So
call my office if you want to reserve your seat.
November twentieth, eighty eight five EAT zero one nine nine
eighty eight five eat zero one nine one nine.
Speaker 4 (09:50):
Time flies and retirement will be here before you know it.
Are you ready? Don't wait until it's too way 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. Retirement won't wait.
(10:16):
Why should you.
Speaker 2 (10:18):
You've spent a lifetime saving for retirement. Now it's time
to make that money work for you. Here's the secret
most people miss. You have to create your own retirement
income plant. Social security is not enough, pensions are rare.
You need a strategy that turns savings into monthly income
that will last a lifetime. At the Retirement Planning Group,
we build customized income distribution pins so you can retire
(10:39):
with confidence, retire smart, live well.
Speaker 3 (10:42):
Call eight eight eight five eight.
Speaker 2 (10:44):
Zero nine one nine for your complementary consultation.
Speaker 5 (10:48):
Born on America's darkest day of nine to eleven, the
Tunnel to Towers Foundation has been helping America's heroes ever since.
People who put their lives on the line for our
country and our communities need your help now more than ever.
Join Tunnel to Towers on its mission to do good
in their honor. Never forget nine to eleven or the
sacrifices of this country's heroes and their families. Show your support.
(11:12):
Donate eleven dollars a month at T two t dot org.
That's t the number two T dot org.
Speaker 2 (11:18):
Attention future retirees. A financial threat who is putting your
retirement at risk. The cost of long term care can
be well over one hundred thousand dollars a year fidelities.
Recent studies suggest retirees could need hundreds of thousands of
dollars just to cover medical expenses in retirement. You need
to address this risk now. To be prepared, call my
(11:40):
office to fight out your options. Call eighty eight five
eight zero one nine one nine eighty eight five eight
zero one nine one nine for a complimentary.
Speaker 3 (12:00):
All right, we are back.
Speaker 2 (12:02):
I'm Dave Kopek, president of Retirement Planting Group, Glad to
be here. We're going into our twenty six year on radio.
My forty third in the business. So I've seen a
lot of ups down sideways, but nothing that I'm seeing
(12:22):
now as far as how Americans are addressing this is
what I call the healthcare crisis. I honestly believe it's
a healthcare crisis, and I think that you're going to
see more and more individuals they're going to delay retirement
or they're going to have to continue to work in
retirement in order to basically facilitate the type of healthcare
(12:45):
that's either the costs that they expect and do they
have enough of retirement savings in order to facilitate that.
I mean, it's scary. My wife and I went to
the pharmacy the other day and picked up some prescription
drugs and sticker shock. You know, my healthcare with MVP,
(13:12):
a Medicare supplement no longer exists at the end of
the year. So I'll be sitting at the front at
this presentation November twentieth because you have until December in
order to elect where you want to go and what
you want to do, and you know you're going to
have to find out the right tools, the right guidance.
(13:33):
This is not a sales presentation. This is not company
X trying to sell you X products. This is going
to be about healthcare, the choices where you can go,
what options you should be looking at. Okay, long term care,
what are the options? Where should you be going? You
want home care, assisted living, long term care facility. This
(13:53):
panacea that everybody seems to think that you can put
your money into an irrevocable trust and not have to
worry about your asset is crap. You just don't you know,
this is just nonsense. Folks, if you want to stay
home and if you basically want to care right, you're
going to have to have money, Okay, And now midiicate
(14:16):
eligibility is getting much more difficult and the IRA depending
on the county that you're living in or the state
that you're living in, they're going after the iras. So
this crap that they don't go after the iras is
that I just had a meeting in our Syracuse office
with an attorney out there that we're working with, and
I said, listen, Tim, what is going on here? I said,
(14:40):
why are their advertisements and why are their attorneys out there?
They're basically saying that the IRA is protected from a
medicaid event as long as you have in imperiodic payments.
Speaker 3 (14:52):
He says, well, it depends, and I said, depends on
what he says.
Speaker 2 (14:56):
It depends on the county and the state that you
live in. I know, but I said, I know where
we live in the Capital District region. The counties now
are aggressively going after iras because we get the letters
from the counties that basically say, mister and missus Apple
need to take this amount of money out of the IRA.
Not what they were previously taking So you know, I
(15:19):
know a lot of people are leaving New York and
I this election personally, myself thinked that if we have
some results, people are going to leave in droves. I'm
hearing it consistently here and I'm seeing it. Over a
million people I think over the last ten years have
left New York State. Why is that because the cost
(15:41):
of living here is too much.
Speaker 3 (15:46):
Too much? If you have health.
Speaker 2 (15:47):
Insurance, right, and you know you're living modestly and you've
got but every family is different. A lot of people
don't have health care that's provided by the state or
municipality or the organization that you work with. Most people
are what we call the hard working savers that we
work with, are busted in your know what in order
(16:08):
to basically pay these bills, and when they get a
chance to leave, they run. I mean, I was just
down in Tennessee and you talk about a panacea, an
absolutely beautiful state that looks like the Adirondicks, at least
where I was, Pigeon Forge, Knoxville, et cetera. It's God's
country and it's a fraction of the cost to live
(16:30):
down there versus New York. No state income tax. Ultimately,
hard decisions are going to have to be made pre
I post retirement. Do you stay or do you go?
And I hate to say it that you know a
good portion of the people that we're working with now
the reason why I travel so much, they've decided to
(16:51):
go see you later, alligator, we're out of here. So
for the people that that are listening that are in
there forties and fifties, because we have a lot of
people now that listen to the show, they're in the
forties and fifties. I'm telling you right now the greatest
thing that you can have in your retirement and you
(17:13):
should run Monday morning to get this into your plan,
especially if you have the chance to change your insurance
now to a high deductible plan, get an HSA, get
a health savings account. It plays an important role not
only for your health care cross now but in the future.
(17:36):
What I mean by the future, of course, your retirement
triple tax advantage contributions to the accounter made pre tax.
You withdraw the funds to pay for qualified medical expenses
tax free, and you invest the funds right anyway that
you want, and you get tax free growth. The only
(17:58):
thing that's possibly better than an HSA, now, which it
is is the wroth because there's no handcuffs. There's nothing
that says you have to use the money for specific
goals and objectives. But HSA serve I think a critical
component of retirement readiness for the future, no doubt about it.
(18:25):
I tell my son, I tell Nico, I tell everybody
that works in my office. Get an HSA. Matter of fact,
I told Nico. I grabbed the paperwork and I said, here,
you're doing this. So you know, as we get longer
in the tooth and we start thinking about Medicare eligibility,
(18:48):
understanding the potential costs that you're going to face. You
still have a cost for Medicare. What's your Medicare supplement?
What do they cover? What they don't cover? What's the
you know, prescription drug plan?
Speaker 3 (19:04):
About it?
Speaker 2 (19:04):
If you want dental or vision. I mean I had
to fully detached retina. I don't want to leave my doctor,
doctor Raboti. To me, he's my hero. He saved my eye.
So you've got to these are I know, this is
a journey today that none of us expected, none of
(19:24):
us dealing with this astronomical expense for healthcare. But the
reality is this is where we are. You can't put
your head in the sand and basically say, oh, you know,
I'm not going to worry about it. You know, things
will happen. Things will happen. You know, never never me, Right,
(19:46):
I don't get sick. But when you have a major
investment banking firm, right, I mean Fidelity does not have
to talk about health insurance.
Speaker 3 (19:58):
Right.
Speaker 2 (19:59):
They manage in excess of fifteen trillion dollars of assets trillion.
But the mothership, what I call the mothership, They're trying
to strengthen the relationship between you and us the financial advisor,
to deliver better outcomes, no doubt about it. I'm so
(20:27):
impressed when I go out there and Nico, myself and
my son went out this year to see the presentation
of the three day presentation that they have in Boston.
And it's not about asset allocation and money management and
all that. There's some of it, okay, a lot of
it has to do with what's going on, what's happening
in our economy, what's happening with pre and post retirees.
(20:50):
What is the attitude towards individuals, How do they feel
about what's happening I mean, people are scared to death.
That's the bottom line. People are scared together. Retirement readiness
as far as the people that feel optimistic.
Speaker 3 (21:08):
Is horrible.
Speaker 2 (21:09):
The actual percentage. My son Christopher has all the numbers,
But the bottom line gets down to is that what
you have to do as a consumer of financial products
is to find a team that you feel comfortable with
that's not going to just sit there and tell you
how great we are at managing money. We got stellar results,
and you know that's that's great.
Speaker 3 (21:30):
Good for you.
Speaker 2 (21:30):
Okay, I'm happy you got stellar results, But what the
hell good is it if it all goes away because
you haven't protected it or you don't have the right coverage. Right,
see you later. Whoop, there goes all my money. So
I'm gonna stop ranting on this. I'll just give dates
and times, but I'm going to tell you right now,
(21:51):
in my opinion, in my opinion, and as I said,
I've been doing it forty three years now, choosing healthcare
coverage retirement can be one of the most complex decisions
that you, as a future retiree is going to make.
(22:16):
All the numbers speak for themselves. People are scared. People
don't know what to do, what elections to take.
Speaker 3 (22:25):
Right.
Speaker 2 (22:27):
So we're going to have this workshop to educate, not
to sell you anything. It'd be great you come in,
have a chat with us and you become a client.
That'd be fantastic. Our job is to educate and inform it,
and ultimately you have to make a decision. Are these
guys sitting on my side of the table or are
they just worried about selling a product. So again, November twentieth,
(22:57):
it's going to be right by the airport, easy to
get in, easy to get out, right off the exit.
It's at the Crown Plaza, and we're going to be
talking about long term care, and we're going to talk
about healthcare. We're going to try to demystify this unbelievable
(23:20):
trick that you have to go through and try to
answer your specific questions so you can do what you
can go into retirement. You can have confidence, you can
have independence, and you know that your assets. Some of
you might say, you know what, we don't have an option.
We've got to get the hell out of here. We've
(23:40):
got to get out of New York. That's the bottom line.
That's what I'm hearing. That's what I'm hearing now we
don't have an option. It costs too much. I can't
stay here. Taxes are killing me, healthcare is killing me.
And maybe it's time to take the money and run,
(24:01):
cash out, reposition it somewhere else. That is consistently what
we're hearing now. And it's sad because these are great people.
These are great people pillars of the community. So not
only as far as the community, their church, their synagogue,
the organizations, the charity work that they do. But we'll
(24:23):
be back. Hopefully this is helping you. This is the
retirement Planning Show. I'm Dave Kopek, your host. We'll be back.
We'll talk a little bit more about this and then
the markets and some of the things that you should
be doing as you get ready for years. Then all right,
(24:58):
we are back. I'm Dave Kopek, your host. Hopefully you
went and got your other cup of coffee. I know
you watched a game last night at TV. Has a
great game, shen Saratoga. It was thirty five twenty one.
The end result sheen came through. Didn't know if they
were going to do it at the very beginning, but
(25:20):
that's a city to itself. My wife worked there at
SHN and how many kids thousands of kids go to
that school. I think, my two cents, they should break
it in two. They should have like North and South Colony.
It's too big. Too many kids that are great athletes
(25:42):
don't play sports there, especially teams that are like ten, twelve,
fifteen kids on the team. You got great athletes that
are not playing a lot of reasons for that, which
we'll get into. As you know, I coached basketball coach.
My son played high school and college basketball, and bottom
(26:03):
line gets down to I love sports. That's why our
office in Syracuse always have great conversation with existing clients
and perspective clients. You know, it's a big year out Syracuse.
Carmelo anthony Son is now on the Orange, so we'll
see what happens. I don't know if you watch sports
(26:24):
at all. I've kind of lost interests in sports, not
only professional but also college. You know when Loui Saban says,
basically the pot is spoiled money. The root of all
evil is what money. I want to screw things up,
start throwing money around. That's what's happened to sports. You know,
(26:47):
you got a story this week about the NBA, you know, gambling,
you know, I mean, these guys aren't making enough money.
They're making millions and millions of dollars. They got to skim,
they got to you know, do illegal stuff as far
as you know, playing cards, whatever they were doing. But
college sports, I think, are down the tubes. You're going
(27:08):
to have a handful of colleges that will compete consistently
for the championship, and that'll be it. Then you'll have b's,
You'll have the B team, you always have the A's,
fifteen twenty teams. You know, I talk to my friends
about this consistently, how it's hard for me to watch
college sports. Now. You know, a kid comes in freshman,
(27:29):
eighteen year old, and they're paying them five six seven
eight million dollars. He gets miffed, you're not giving me
enough time, or I don't like you know what you're doing,
or you know, I want these kind of receivers. And
then he leaves in the sophomore year and he goes,
I gets another five eight ten million. To me, that's wrong,
(27:52):
And you know, I don't care how much you love
your team, but I could care less of watching them anymore.
I used to sit in front of the TV all
the time. Myself and my father in law Bill and
watch sports all weekend long. No more could care less.
But like I said, money is the root of all evil,
(28:17):
and that's what's happened at college sports. And now now
if you can see the coach of Michigan State which
I can't think of his name, now, the basketball coach
I'm having.
Speaker 3 (28:29):
To brain drain. He's irate.
Speaker 2 (28:33):
Why is that because now they're gonna let pros, pros
that don't make it come back and play college basketball.
Why not you paid four or five, six, seven, eight
million bucks? It's nuts. College education isn't enough anymore. All right,
(28:59):
today we're talking talking about this new world that we
live in. You know, I'm banging the drum here on
our presentation November twentieth at the Desmond on healthcare and
long term care. As I said, there's a limited amount
of seats. I wouldn't miss out on this opportunity simply
because you're gonna get a lot of good information. You're
(29:19):
gonna have people that are gonna be discussing this that
have expertise in this field. It works specifically in these fields.
And you know, I think you're going to get a
whole different view as far as what you should do.
And for those that are not staying in New York State,
there are options that they're probably will discuss that you
(29:39):
should be at least considering if you're relocating out of
the Empire State, which the guy on Root nine calls
the Vampire State. I don't know if you ever go
buy that. Heading on Route nine towards Malta, there's a
guy that has big signs tax is too high in
the Vampire State. I actually know his name, but I'm
(30:01):
not going to mention it. Uh. The stock market, like
I said, don't try to time it, folks. You know,
we're in a situation right now that I think we're
in a sweet spot. And I've been saying that for
a while. And when I say that stocks continue to
(30:23):
climb the wall of worry, I mean the bullmarket celebrated
a significant milestone this month. It's third birthday, October of
two thy and twenty two. Remember that how fun that
year was. No matter what you touched, you were a dummy.
Bonds did terrible stock. The only thing that was the
(30:44):
only place to go, of course, was what cash or
a CD or money market account. But in October twenty
two the equities bottomed out after declining twenty five percent,
and then the wall of worry diminished, and now you've
seen substantial gains. Since October of twenty and twenty two below,
(31:09):
the S and P five hundred has gained ninety percent,
ninety eight percent if you include the dividends. That's a
pretty impressive run, right, But this bull market isn't in
terms of strength, not on the top of the list.
(31:33):
Eight Okay, of those since two thousand and nine to
twenty and twenty, right, you've had.
Speaker 3 (31:46):
I'm no, I think there's.
Speaker 2 (31:47):
Eight eight total of eight gains where you've had two
hundred percent return. So this market is uh, you know what.
Some we're in the middle. But when you look at
the fundamentals, those are the things that I look at.
(32:08):
You know, after all these years of being in business,
I honestly believe that there's really three thrings, three things fundamentals,
what comes next? And you know, I'm a big believer
in earnings and assets and strong financial statements. And I'm
also a big believer that you should do some homework yourself, right,
(32:30):
because I found that the analysts on Wall Street, most
of them stink in my opinion, So we listen. We
aggregate a lot of information from the mothership. You know,
we get research from all the investment banking firms from
Goldman Sachs to JP Morgan right down the list, and
(32:52):
we take a lot of their data and a lot
of their information. We sit down and we try to
build out plans myself, Chris, the two, Chris's Nico. But
you know, the FED is in focus and there is
no way in my opinion, that they're going to stand
in the way of this bull market. And I think
(33:14):
you're going to see two more cuts this year. And
you know we're at three ninety nine right now in
the tenure, and this will propel, in my opinion, propel
a lot of good things such as housing, cost of
(33:35):
goods and services, loans. So you know, earnings have been
coming in strong. Over the next two weeks, nearly sixty
percent of the S and P five hundred companies will
report results. The Magnificent seven Alphabet, the Amazon, Apple, Meta,
(33:57):
Microsoft Navideo. They're supposed to be post Wall Street's looking
for about fifteen percent year over year earnings growth. So overall, overall,
keep your personal expectations realistic potential marketing moving events on
(34:22):
the horizon, tech earnings, the megatechs, the October thirtieth tariff negotiation.
That's the deadline with our friends down south, with Mexico.
Speaker 3 (34:38):
Chinese.
Speaker 2 (34:39):
They're going to have a chat in South Korea with
the President of the United States. And November tenth is
the deadline for the US China trade truths.
Speaker 3 (34:49):
So you know.
Speaker 2 (34:53):
You're playing cards, right, You never want to show your hand.
But we know and they you know, we're joined at
the hip in a lot of ways. We need them,
they need us. Okay, that's the bottom line. So near term,
you're gonna hear noise, the noise of the market. I
(35:19):
always say that a pause or a sell off is healthy.
People shouldn't freak out. Oh my god, Oh my god. Right,
you want that to happen, right, you want to basically
have a pause. You do want to have a little
bit of a sell up. It's what I call a ketchup. Right,
you're slowing the ball down. But I humbly state that
(35:42):
I think that this bull market has still a ways
to go. And as I said, you know, as we
sit here today, the Dow was up two point two percent,
for the week, SMP was up one point nine the Nasdaq.
But we don't watch the market week to week because
it's something that we don't believe. Then, so the week ahead,
(36:03):
the FED meeting will dominate investor attention, and there's gonna
be a host of if they get get it out
the door, GDP, growth, PCE.
Speaker 3 (36:13):
Inflation, and employment costs.
Speaker 2 (36:15):
We'll see if they get it out the door because
of the government shutdown, which is a whole another topic.
So overall, you know, lower interest rates, if you're chasing coupon,
if you're chasing coupon interest rates, if you're looking for
a specific yield in your portfolio, get it going. Get
(36:38):
it going, because you're probably going to see interest rates drop.
And if they drop, that means the coupon that you're
going to get there's gonna be less. And if you
like safety and guarantees, now's the time to capture. I'm
going to be back after this quick break. I'm Dave Kopek.
This is a retirement planning show.
Speaker 3 (37:00):
Any questions you.
Speaker 2 (37:00):
Can call in one eight hundred talk WI one eight
hundred eight five fifty nine to forty.
Speaker 4 (37:11):
Retirement might feel far off, or maybe it's just around
the corner. Either way, it's never too early to start planning.
The experienced team at Retirement Planning Group makes the process simple,
straightforward and all about you. No pressure, just smart advice.
To help you feel confident about what's next. Visit rpgretire
dot com or give them a call at eight eight
(37:32):
eight five eight zero nineteen nineteen to schedule your consultation today.
That's rpgretire dot com. Your future self well, thank you.
Speaker 2 (37:41):
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 (37:51):
Are you ready?
Speaker 2 (37:52):
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 the opportunity. Don't wait, take action. The
future favors those that are prepared. Call eighty eight five
eight zero one nine one nine. That's eighty eight five
eats zero one nine one nine.
Speaker 5 (38:11):
Ali Dwyer and her three sons lost their hero, Stephen.
Serving our country in the United States Army was Stephen's calling,
and flying helicopters was his passion. Stephen was killed in
a Blackhawk helicopter crash over the Mediterranean Sea. Thanks to
friends like you, Tunnel to Towers provided his family with
a mortgage free home, giving them security and hope in
their darkest hours. Help more families like the Dwiers. Donate
(38:34):
eleven dollars a month to Tunnel to Towers at T
two t dot org. That's t the number two t
dot org.
Speaker 3 (38:42):
Retirement is in a Sunday thing. It's a now thing.
Speaker 2 (38:45):
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 him. Call in my office today and
take action. Eighty eight five eight zero one nine nine.
That's eighty eight five eight zero one nine nine and
(39:09):
your future will thank you. All Right, we are back,
Happy Saturday, the last Saturday in October, Ashley. Do you
(39:34):
like donuts?
Speaker 3 (39:36):
You do? All right? Do you eat donuts a lot? You do?
Speaker 2 (39:44):
I got some donuts the other day at Smith's. You
know what Smith's is. It's out in Galloway. They're known
for apple pies. You go all over and I found
out the other day. I was talking to the boss,
Lady Shelley. She's the boss. She seems like she's the boss.
(40:04):
They make twenty five hundred pies a month, two thy
five hundred pies a month. But I must admit blust,
I'm you know, we're gonna have a contest, her and
I who makes the best apple pie?
Speaker 3 (40:19):
Her me, you're pointing to me.
Speaker 2 (40:24):
But to make a long story short, they do donuts,
apple cider donuts, and I gotta say they're pretty good.
So if you're out for a drive today, you're out
in Galway, you're heading out towards Amsterdam, pull off and
stop at Smith's and you're gonna get some pretty good stuff,
(40:45):
pretty good stuff. If you're on a diet, don't go
to Smith's. If you're not worried about it, go to
Smith's because it's good, good, good good. You know, last
night my wife the Saint went up to our friend's house.
(41:07):
As everybody knows, I live in the country and half Moon,
which is changing. Half Moon is changing dramatically. Meet for me,
it's to the negative, not the positive, but the dynamics
that half Moon were changing. It's becoming a bedroom community
all the farms are being sold off, and well, you
see his homes. But she went up the butchies Pingalski's.
(41:31):
They do puzzles, and we went up. I made an
apple pie and we sat down at the table and
we had a chat. Why am I saying this because
I think it's kind of relevant for people that are
going into retirement. And her husband, Frank lived to one hundred.
He was like one month shy of one hundred and one.
(41:54):
Used to always talk about Frank being on his tractor,
you know, ninety some years old. He's out there and
Butcher's sitting next to someone on the tractor, you know, mowing, bailing,
you know, just amazing people. And but She's got a
birthday coming up. She's gonna be ninety eight. And I
said to her, I said, Butch, I'm just curious, you're
(42:18):
gonna be ninety eight years old in the very short
period of time. And I said, when you turn ninety eight,
I'm just curious what your thoughts are, what's good and
what's bad about being ninety eight? And I just waited
a little bit. You know, she kind of smiled. She's unbelievable.
This woman's unbelievable. She's you know, jumping jacks, the way
(42:39):
she moves around, garden, cooking, you know, all the things
that you wouldn't think that a ninety eight year old
woman is doing.
Speaker 3 (42:47):
She's doing.
Speaker 2 (42:48):
And she said, stay active, stay active. And the negative
is because she lost her husband. Is she's lonely being
by herself. So you know, when you've got the good times,
when you got the good times, you better enjoy them
because you might have some bad times. You might have
(43:11):
some bad times. But ninety eight years old, it's gonna
be ninety eight December. We'll have a he hall party
for believe me. And when we have that party, there's
nobody on earth that deserves it more than Butchy because
she is basically the heart and soul. I also said
one thing which I thought was kind of amazing. I said,
how many vacations have you guys taken? You guys go
(43:34):
to the ocean, the beach? You know, did you take
a trip up to Lake George or any Not one?
Not one vacation. Because they had a farm. They had
to take care of the girls, right, the cows. She said, well,
Frank left one time. He went to Indiana for you know,
a presentation on cornst Butchie, that's not a vacation. So
(43:59):
things change change, dynamics change, you know. I always say
this over and over again. As a kid grew up
parents were farmers, you know. You know, I still remember
things that my kids think. You know, I'm a dinosaur,
you know, an outhouse, the pump in the kitchen. You know,
my grandparents on my mother's side did not have running
(44:21):
water or a bathroom. They had a three seater outside
until they moved to Scatty Cook to live with us.
That's the way it was. It's how they lived. And
bottom line gets down to is that, you know. For
my personal feeling is is that we get wrapped up
on too many materialistic things. I stopped at Smith's the
(44:42):
other day and I think I said this to them.
It's funny because once you grow up on a farm
or work on a farm, there's a smell that you smell,
you know, the cows and the silads and just everything,
the crops. And I said to him when I walked
in the door, I said, I feel like I'm home.
I can smell like this smells like where I grew up.
(45:02):
So the heart, you know, and the soul of these
are people that work seven days of the week, three
sixty five. Like Butcher said, they never had a vacation,
or and her husband, and we're worrying about how many
botox shots and trips and vacations and it's just to me,
it's just it's pie in the sky. But all right,
(45:27):
back to the financial markets here, So enjoy what you got,
that's my and when you got a great time, enjoy it,
enjoy it, enjoy it, enjoy it for our listeners. Also,
just so you know, we are going down the first
week of November to do the presentation tunnel to Towers
twenty thousand dollars five thousand to the American Cancer Society.
(45:50):
So again for all the participants in our golf outing.
It was a great, great, great year. We met our
goal twenty five thousand dollars and I can't think enough.
And you know, we'll do it again. The sixteenth Golf
Outing will be next year. Where we're going to have it.
I'm not too sure. I think we're going to change
(46:11):
the format a little bit, but we will definitely have it.
You know, in barons, I get barons every week and
inside Barns there's an article and one of the things
that I'm always flabbergasted by is late to the game.
Late to the game. You know you've heard people for years,
(46:34):
four years talk about how insurance products are just a
scam and a rip off and you should never do them,
and you know you hear it all over. The only
reason why people are recommending insurance products is because they
get a big fat commission and they're a liquid All
that is crap. That's all nonsense. Okay, that is nonsense.
(46:58):
If you believe that, then you're talking to the wrong team. Okay,
because I do the analogy. Insurance products have changed as
dramatically as financial products. So guess what's in barns this week?
People are living longer. Here's how wealth management needs to
(47:18):
adapt Morgan Stanley. Guys know who more I used to
work with for Morgan Stanley. Right, financial advisors must rethink
retirement modeling, integrating wealth management needs with insurance products and
other multi generational advice.
Speaker 3 (47:40):
Isn't that amazing?
Speaker 2 (47:43):
Linked to the game, Linked to the game, rethinking retirement modeling?
Why is that? Because no one has a crystal ball.
People know that there are certain products out there that
give you peace of mind. They also know that you
have to change your philosophy from income distribution from accumulation.
(48:08):
And they also know that for some of the spouses,
which sometimes it's the female guys go quicker and the
ladies stick around, maybe there should be a certain amount
of money that is guaranteed for wealth replacement for the
surviving spouse. Right, what's the number one thing that you
(48:28):
consistently hear over and over and over and over again.
Do I have enough money? Do I have enough money?
Speaker 3 (48:39):
Well?
Speaker 2 (48:39):
Tell me how you want to live, and what do
you think is a realistic expectation? How much money you
can take off that portfolio?
Speaker 3 (48:50):
I don't know.
Speaker 2 (48:52):
Well, let me tell you what forty three years has
showed me. Okay, people that have a certain amount of
baseline income guaranteed income for the rest of their lifetime
and their spouse have happier retirements. They spend more money
in retirement because they're not staring at the box every day,
(49:15):
Oh my god, what the market do today? And the
third thing is is that it allows you to have
what peace of mind, quality of life.
Speaker 3 (49:26):
Now.
Speaker 2 (49:26):
I don't know about you, but myself, personally, I don't
want to go into retirement worrying about what did the
stock market, another black Swan event, Marco goes down twenty
five thirty forty fifty percent.
Speaker 3 (49:39):
Is that possible? Absolutely one percent.
Speaker 2 (49:46):
Will it happen again, most likely in some capacity, especially
in the world that we live in today. But the
thing is is that now you've got the greatest wealth
transfer in the history of mankind. Multi generational wealth plan
is already at a rage. We're already talking about it,
Nico myself. We probably have handled more insurance products this
(50:08):
year than we've done in the last three or five years.
Why because people understand understand they're living longer, right, they
want to have a wealth transfer to the next generation.
They need to understand that a certain portion of their
money should be retained and certain should go. So they
need to understand a disclaimer on their IRA and they
(50:30):
need to understand also, is that if I live like
a Butcher or Frank to ninety eight or one hundred,
is there enough money in the pot? Family units are
living longer and longer.
Speaker 3 (50:44):
Right.
Speaker 2 (50:46):
Here's another part of the Morgan Stanley thing. Half of
today's five year olds are expected to live past the
age of one hundred, impacting labor, healthcare and high asset.
Allocate your money. Half of five year olds today are
expected to live past the age of one hundred, So
(51:11):
please don't listen to the screaming monkeys. Understand exactly what
you've created. You've got millions and millions of dollars. Okay,
you still need to have a plan. But if you
are hardworking saver, you got five hundred to a million
five two million dollars hard earned savings. You got to
(51:33):
think about this, especially if you're responsible for that big
monkey on your back called healthcare and long term care.
November twentieth, Crown Plaza eight eight eight five eight zero
one nine to one nine.
Speaker 3 (51:48):
Check it out.
Speaker 2 (51:49):
Call Jim, say you want to see.
Speaker 3 (52:19):
All right? We are back. Good morning.
Speaker 2 (52:24):
October twenty fifth, ten twenty five, twenty twenty five, ten
twenty five, twenty twenty five. Do you see that ten
twenty five right? Pretty good? Huh. Let's say I had
all my friends good morning. I got some nice text
(52:48):
messages they were in the break from my buddies.
Speaker 3 (52:55):
You know.
Speaker 2 (53:00):
We're going to cover a lot of information this next hour,
so hold on tight, get your pencil and piece of
paper out for all of our listeners. Down to WKIP
down the Poughkeepsie area. Welcome, love having you. We have
an office down there now, so if you want to
have a chat, we'll be more than happy to sit
(53:21):
down with you face to face. Schedule the appointment to
see if we can be of assistance to your pre
and post retirement planning. That's all we do. We've got
six locations now. We have Poughkeepsie, Oneana, Albany, Syracuse, Malta
Slash Saratoga, and of course Glenn's Fall. So anything that
we're discussing, whether it's on investment managed asset protection, legacy planning,
(53:45):
and of course retirement income distribution. And that's what I'm
going to focus in now, folks, is retirement income distribution,
because there's a lot of bad information out there. On
my part, I think that's how my heart tells me
that people really don't understand that there are products that
have been designed recently that are specific for the boomer
(54:05):
generation and the generations to come that basically tackle the
big question, right, what happens the notion that you're going
to be four plus decades in retirement. Four you tire
(54:27):
at sixty sixty five and I lived one hundred, one
hundred and five one hundred and ten. This is on
chartered territory. Try to get that out of my mouth.
Uncharted territory. And I don't care how good you are
(54:48):
at managing money, right, I think a lot of guys
blow their horns how great they are at managing money.
But when you've got to have money coming to you
for possibly forty plus years, you got to change the
(55:09):
script a little bit, right, Maybe you need to adjust
and look at things a little bit differently than you
have in the past. And what I mean by the past,
during your accumulation years, that's the past. But as you
prepare for your distribution years, you need to change it up.
(55:34):
Put in a different offense to your plan. Right, slow
the ball down? Because why because one major event, one
major event on the front end, can really blow up
(55:58):
your retirement for an extent that period of time, if
not forever. And we're all quite well aware, you know,
most of us, especially the listeners to this show. If
you think about it, a forty year retirement, have you
saved enough in the honeypot? You got enough money in
(56:23):
there in order to basically face the challenges that we
face during unprecedented times in the financial markets. So you're
going to have to adapt to what I call the
changing financial future. When I say it's changed since I've
(56:46):
been in the business, it's an understatement. It's an understatement.
The financial services business has done a three hundred and
sixty degree turn. And some of the things that we
talk about with prospective clients is now you're at a
(57:07):
different stage. You know, we're starting to see more and
more individuals. We had a couple this past week in
our Syracuse office. He works for National Grid. She's got
a very good job with one of the universities there
in Syracuse, and they're a blended family. And I talk
about this all the time, blended families and the challenges
(57:31):
that we face with blended families. My kids, his kids,
their kids, our kids. So even though the kids may
be out of the house and you're starting to think
about retirement, you got somewhere between ten to twenty years
(57:52):
before you're going to walk out the door. People are
working longer. If you're fifty, you might not retire at
sixty five or seventy. Now it's time to, you know,
take a reality check, take stock, make adjustments, ensure that
you're on a solid path or retirement and also protecting
assets or protecting that legacy for the children of a
(58:15):
previous relationship. So when I say that planning for retirement
today is different from when I got into the business,
it's an understatement. The financial landscape has shifted dramatically. Pensions
are rare, right Capital District region, That's not the case
because we have so many people that work for the state.
(58:39):
Life expectancy or longer that we talked about. Healthcare costs
are through the roof, and the burden of planning is
largely motivated by you. Okay, you so married partners, blended families,
coordinating your financial future together other is just not smart.
(59:01):
It's essential. It's essential. We have a software package called
the Money that I call it. It should dashboard you
know exactly where you are. We pay for it, you
don't pay for it. It's a service that I get
through Fidelity, the Mothership, and it's you know, for people
(59:24):
not to take advantage of it, I think is very foolish.
But retirement used to be the old remember the three
legged stool, social Security, your pension, personal savings. Today, for
most of us, for a lot of married couples, it's
a balancing act between your four oh one, k Ira,
(59:46):
any savings and investments that you've accumulated in your lifetime,
potentially part time work. And then of course social Security
means part of the plan, but for most of us
it's nowhere near it enough in order to have quality
of life. They just came out for twenty twenty six.
(01:00:08):
I think it's two point eight percent for the COLA
for social Security. So the bottom line gets down to
is that this reality check means that individuals in their
fifties and even sixties need to plan together, probably with
greater accuracy and precision and teamwork than ever before. And
(01:00:35):
I made some notes this morning. When I got up,
my wife basically told me to get out of bed
because I woke up at three o'clock and I was
moving around looking at my phone.
Speaker 6 (01:00:44):
She goes, get up, get up, She'll be texting me
now it's to happen.
Speaker 2 (01:00:56):
But the bottom line is is that married couples today
of them have their own careers, previous careers, save these accounts,
retirement timelines, children from a previous marriage. But when it
comes to retirement planning, consolidation, coordination is key, right, not
going to live separate houses that can go on separate vacations. Right,
(01:01:20):
So we're going to talk a little bit about this,
and I think it's critical that you understand exactly what
we're seeing day to day at the Retirement Planning Group.
But again we'll be back after this quick message. This
is the Retirement Planning Show. I'm Dave Kopek, your host.
We'll see on the other side of this break. And again,
(01:01:41):
don't forget about November twentieth at the Crown Plaza.
Speaker 4 (01:01:48):
Retirement might feel far off, or maybe it's just around
the corner. Either way, it's never too early to start planning.
The experienced team at Retirement Planning Group makes the process simple,
straightforward and all about you. No pressure, just smart advice
to help you feel confident about what's next. Visit rpgretire
dot com or give them a call at eight eight
(01:02:09):
eight five eight zero nineteen nineteen to schedule your consultation today.
That's rpgretired dot com. Your future self, well, thank you.
Speaker 2 (01:02:18):
Your retirement future. Are you dreaming of a comfortable, financially
secure retirement. It's closer than you think. The best time
to start planning was yesterday. The second best time is now.
Even small consistent contributions make a huge difference over time
thanks to the power of compound. Don't let your retirement
dreams just remain dreams. Start setting up your goals today.
(01:02:39):
Take control of your future. Call eighty eight bitate zero
one nine one nine. That's eighty eight fit eight zero
nine one nine for a free consultation.
Speaker 5 (01:02:49):
When US Navy Chief Petty Officer Michael Thomas Earnst was
killed in the line of duty, Tunnel to Towers provided
his wife and children with a mortgage free home. Since
Tunnel to Towers was founded in the aftermath of nine
to eleven, the Ernest family is one of many the
foundation has helped, but many more heroes and their families
are still in need. Together we can say thank you
(01:03:09):
by showing them our support. Now donate eleven dollars a
month to Tunnel to Towers at T two t dot org.
That's t the number two T dot org.
Speaker 2 (01:03:20):
Are you ready for retirement or just hoping it works out?
Don't leave your future to chance. At the Retirement Planning Group,
we hope you create a personalized retirement plan so you
can relax knowing you are prepared. Take action today. Called
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 dischedule
(01:03:43):
your complementary consultation. Your future will say thank you. All right,
we are back ten, twenty five, twenty and twenty five.
(01:04:10):
Unbelievable heading down the path, sliding down towards the end
of the year. You know, when my kids say to
me the time goes by quickly, I want to slap them.
They have no idea. You know, it's said I remember
my parents'. Oh Jesus, they're saying it again. You know,
(01:04:32):
as you get older, time goes by quicker. Now I'm
the old guy. It's always say, I used to be
the youngest guy in the room. I'm the oldest guy
in the room. So we're talking about getting ready for retirement.
There's a lot of blended families out there. Blended families
make it complicated only if you don't do what plan.
(01:04:58):
You know what I say, consistently, no plan, any destination
will do. So, you know a lot of couples have
their own careers, their own homes, their own savings accounts,
an idea when they're going to be ready for retirement,
Not all couples come together with the same balance sheet.
(01:05:22):
Some come in stronger than other ones. So whether you
retire together we're years apart, your financial and your lifestyle goes,
in my opinion, should be unified so there's no misunderstanding
and there's no mismatch. And timing, spending, expectation, investment strategies
(01:05:43):
can create unnecessary friction and that is an understatement and
possibly financial shortfalls. You know, you don't want to be
sitting there when it's snowing and blowing in all but
in New York and Mama says, see you later. I'm
going to Florida for four months. Let me know how
(01:06:04):
things are. Take care of the dogs and the kidy cat. Right,
You got to be on the same page. Longer lives,
longer retirements. Thanks for advances. Of course, we just talked about.
You know, fifty year olds can be talking about fifty
years with what's happening with technology and AI and everything
(01:06:31):
that's going on out there. Is I said this the
other day. I like to say things over and over
and over again because it's just who the hell I am.
We saw presentations in Boston on AI that blew my mind.
(01:06:53):
And when I say that AI is going to change
our lives, it's an understatement. It's unders I have a
cousin right now that just had surgery in Boston on
Friday yesterday and went to a hospital over there that
specialized in surgery on spines, and they did all sorts
(01:07:15):
of gadgets and gizmos and studies and images, a lot
of it was AI. And when they got in there,
they knew exactly what they were going after. And a
mass on this tumor, not a tumor, a mass on
a spine, and thank god, it looks like everything came out. Okay,
(01:07:38):
But a dances in healthcare, folks are going to change
our lives. That means that retirements that were twenty and
thirty years are going to be possibly thirty to forty
to fifty years. And you got to be prepared for
decades of expenses including a cost of living. What's that inflation?
Speaker 3 (01:07:55):
What else? Healthcare? That's inflation? Possible long term care expenses? Right?
Speaker 2 (01:08:02):
Excuse me? And are you living on a fixed income?
So how do you make that happen? Well, there are
products that are designed specifically for seniors. Okay, they're called
insurance products. That's Why these guys are just getting on
the ship okay, because they see the train that's coming
down the track. Why are investment banking firms getting into
(01:08:22):
insurance products? Because they know what the hell's going on.
They see it, They see it on a consistent basis,
They see people leaving coming to guys like me. Because
we've been talking about it for years. It only makes
up a very very very small percentage of our business,
but we offer it because some people like to sleep
at night. They like the ability to have guaranteed income
(01:08:46):
for a portion of their assets. Not pie in the
sky right. Don't listen to these screaming monkeys. They don't
know what the hell is talking about. They really don't.
It irritates me. It irritates me when I hear them
talk negative about other financial advisors too. That just shows
(01:09:09):
me that they are basically very small individuals, have a
very low self esteem of themselves. Don't like anybody that
talks negative about people that are in my business because
I know what we go through in order to do
the right thing and what is required now as far
(01:09:29):
as education right, what we have to do in order
to facilitate the right thing. Our fiduciary responsibility and that's
all a bunch of crap too. Fiduciary raw fiduciaries. I'm
a fiduciary because I have an RIA, but I don't care.
You're working for XYZ banking firm. You're not going to
(01:09:50):
be out there willy nilly trading and doing stuff and
you know, basically beating the hell out of people. Those
days are gone. Those days are gone. So don't listen
to all of this. You know what I call you,
step in it. Right, So, healthcare we talked about. I've
(01:10:12):
talked about it in detail for almost a full hour
today for a healthy sixty five year old couple. Everybody
knows that it's going to be hundreds of thousand dollars
in medical expenses over your lifetime, healthy sixty five year
old couple. Right, it's crucial to understand. That's why we're
doing the presentation.
Speaker 3 (01:10:29):
Right.
Speaker 2 (01:10:29):
I'm not an insurance specialist, but I'm bringing them in.
I'm not a long term care specialist, but I know
enough about it that I can discuss it. But we're
bringing the experts in that this is all they do,
medical and long term care, and how you can facilitate
this option in your retirement plan. If I had a
whole room of people and said to them, all right,
(01:10:53):
seventy percent of you are going to have an event
in your lifetime. Okay, it might be a year, it
could be three years, could be five, five years. Raise
your hand if you want some protection. They'd all raise it, right,
everybody would raise their hand. Yep, I want it, yep,
I want it, yep, I want it. But now you
(01:11:13):
gotta pay for it. Okay, you want long term Now,
don't talk to me a lot about long term care insurance.
Don't talk to me about long term care insurance. Right,
I'm just going to do an irrevocable trust. Good luck,
good luck. So you know there's things that you can
(01:11:33):
do pre rather than post. You're better off to do
it pre than post, because you're going to get the
cost of these goods and services and products a hell
of a lot less than when you get them and
you walk out at sixty five seventy. But it's a
good feeling when it's all buttoned up, right, You've got
the whole package with a bow on it, and out
(01:11:53):
the door you go. And what are you going to do?
Have fun? Enjoy your retirement. No one has a crystal ball?
How long it's going to last? I have stories that
will make you cry if I tell you about them, right,
the things that people were prepared for, and then you know,
disaster struck.
Speaker 3 (01:12:10):
It kills us.
Speaker 2 (01:12:10):
Sometimes a lot of times we go home with tears
in our eyes with things that have happened to our clients.
But you got to take your own personal limitory right.
You need to communicate, You need to align your goals
with your spouse, your loved ones, your family.
Speaker 3 (01:12:25):
Right.
Speaker 2 (01:12:25):
What's my hopes, my fear? What are my priorities? What's
my foundation? Do I understand where I'm going? If the
first domino drops, where the rest of them will go?
What am I going to do when I get sick
or real? Who's going to take care of me? I mean,
some of these kids out there are really screwy. I
mean we've got situations where parents have lost money to kids.
They won't give it back, They borrowed money, won't give
(01:12:47):
it back. They need a kick right in the can,
that's what they need. I'm flabbergasted sometimes, but what kids
do to their family. But these are conversations that we
have and sometimes I'm telling you, folks, it's not fun.
(01:13:08):
Sometimes it's very agonizing. It stays with you for an
extended period of time. I got stories I honestly believe
would make you cry if I told them to. They
upset me, they upset my wife, they upset my staff.
But you know what, we try to tackle it the
best way we can. We try to evaluate it, understand it. Basically,
give you an approach, a plan in order to facilitate.
(01:13:29):
Sometimes those plans people won't do because they're going to
have stress, anxiety, and it might cause a total breakup
of the family. You know, a lot of times one partner,
one individual in the marriage is a little bit more
tolerant than the other. That partner might not necessarily want
(01:13:53):
to go down the path with the step children or
you know, the children that are from a previous marriage.
Speaker 3 (01:14:01):
It's not easy. It's not easy, you know.
Speaker 2 (01:14:07):
And if the documents are not set up right, And
mom wanted Dad to have a certain amount of money
in order to have quality of life, but she didn't
dot her eyes across our tees and the money went
to the kids rather than Dad, or went into a
trust in order for it to be used as long
as he lives, and then it goes to the kids,
and it came well, she didn't want that, she didn't
(01:14:29):
want to take care of him. She basically wanted the
money to go to us. Well, he's not going to
have quality of life now, he's going to really be
in a very difficult situation because we didn't dot our
eyes and crossed our t's when you guys work with
the attorney and guess what. Now he's not going to
have quality of life and he's going to basically have
to go back to work. No, he's not my father,
(01:14:58):
That's reality. Those are conversations that I've had. So bottom
line gets down to, as we go through this new
world that we live in as far as pre and
post retirement planning, there's some basic common mistakes.
Speaker 3 (01:15:17):
That I want you to avoid, which.
Speaker 2 (01:15:19):
I'm going to get into in our last half hour, Okay,
and you know, hopefully you'll take it to heart, because
you know, after forty three years, there's not too much
that I've missed.
Speaker 3 (01:15:32):
Folks.
Speaker 2 (01:15:33):
I can basically go through some really really difficult conversations
with you. So again, don't forget. I can't over emphasize
this presentation enough. November twentieth at the Crown Plaza presentation
on healthcare and long term Care in the year twenty
(01:15:58):
and twenty five for pre post retirees. Right, it's an
educational workshop. Come take notes. We want to have a
chat with us. Great, If you don't, that's great too,
But I can tell you right now you're gonna leave
there with a boatload of information. Boatload And if you're
not talking about this, you're doing yourself and your family
(01:16:21):
a huge disservice. So if you want to attend November
twenty at at the Crown Plaza, Paul Jim eight eight
eight five eight zero one nine one nine eighty eight
eight five eat zero one nine one nine. We'll be
right back after our break. I'm Dave Kopek, and you're
listening to the Retirement Planning Show, heard here every Saturday
from seven to nine.
Speaker 3 (01:16:55):
All right, we're back.
Speaker 2 (01:17:01):
Second's gonna be a beautiful day outside, blue skies, sunny,
blue skies. Smiling at me. Remember that one. You don't
know that one, do you?
Speaker 3 (01:17:13):
Actually?
Speaker 2 (01:17:16):
Ashley is my spectacular engineer. She's doing a phenomenal job.
Phenomenal job. So we always like to give compliments when
people are doing things well, and she's doing a fantastic job.
(01:17:37):
I'll give out the workshop one more time.
Speaker 3 (01:17:39):
Folks.
Speaker 2 (01:17:41):
I just had a guy and he says, hey, yeah,
we know, we know you got a workshop, Bobby, you
too much. So good morning. Hopefully you're going to have
a fantastic weekend. All my kids are in Florida right now.
All four of my children in Florida. Christopher flew down,
(01:18:04):
my daughter Mikaela is in Boca, my daughter Caitlin is
in Sarasota, and my son David Michael flew down last
night from Tampa to spend time with his brother in
Fort Lauderdale. So all four of my kids are sitting
(01:18:26):
somewhere in an eighty degrees sunny spot. The boys are
probably playing golf, hitting the beach, doing some fun stuff
our friends down at WKIP. Just so you know you're new,
we have three signals that we go out on SYR
(01:18:51):
out of Syracuse, A ten WGI here in Albany, and
of course KIP now in Poughkeepsie, Syracuse, pick Keepsie, Bickkeepsie, Syracuse,
Pickkeepsie area. We offer a complimentary consultation. We'll be doing
some dogging ponies down there. That means workshops the rubber
chicken dinners I call them. Look forward to it. Love
(01:19:15):
the Southern Tier. I think one of my favorite spots
is rhine Beck. Really pretty area, beautiful, kind of reminds
me where I live in the country, a lot of
beautiful farms. So if anything that we're discussing, the people
down at WKIP in that area give us a call.
We can sit down with you and have a chat.
(01:19:37):
Eight eight eight five eight zero one nine one nine
is our telephone number eight eight eight five eight zero
one nine nine. And for all of our listeners outside
the five one eight throughout the country, we do broadcast
this over the podcasts iHeartRadio. We're in twenty eight states now.
I know that we've got a lot of individuals that
call us. With the ability you would take Algy Today's
(01:20:00):
Zoom Ring Central, it's like you're sitting in our living room.
Some people are very comfortable with it, some people don't
like it. I'm getting acclimated to it because it's the
new world that we live in. People are busy. They
want to have appointments on their time, not on our time.
That allows it. We can do a lot of appointments
(01:20:22):
in one day through Zoom and technology that kind of
does not happen when you have to travel and do
face to face meeting. So again, if anything that we're
discussing you want to have a chat, whether it's on
investment management, asset protection, legacy, retirement, income distribution, we'll be
more than.
Speaker 3 (01:20:41):
Happy to have a chat with you.
Speaker 2 (01:20:43):
And again, as I said earlier in today's show, don't
forget if you're out there, you're driving around, go get
a donut Smith's. Those Smith's pies, those apple cider donuts
go down pretty good too. I grew up in Scatty Cooke,
(01:21:09):
which I think population like, I don't know five six
hundred o what it is. I have to look it up.
Not a whole hell a lot of people. And uh,
you know, it's probably one of the greatest things that
ever happened to me. He was grew up in Scatty
Cook because you know, it was just in the sixties.
Growing up, it was just a good place to grow up.
You had everything self contained. We were talking about this
(01:21:32):
the other day with some friends of mine. He grew
up in Scatty Cook. You hillbilly, a hick, you know,
I city, I'm not ill billy, I'm not a hick.
You know, we had a restaurant and both my parents
were farmers. But the bottom line gets down town is
that we had We had the IgA, we had Patsonelli
who had the drug store. We had Bots, which was
(01:21:54):
another store down there. We had Aguay, we had Wiley Brothers.
Everything you needed was right right there within walking This
is a scatty cook people. You know, everybody knew one another.
It was a great community. It still is a great community.
I don't know what it's like now because I haven't
lived there in a long time, but you know, I
kind of yearned for those days.
Speaker 3 (01:22:13):
I miss those days. You know.
Speaker 2 (01:22:16):
I've got neighbors now. I don't even know who the
hell they are. I wave to them, I don't know
their names. I've seen them for the last thirty years.
I can't even tell you what their names are. That's
the world that we live in today, but since the
world that I like, as you can tell them a talker.
So we're going to talk about common mistakes to avoid.
(01:22:37):
So hopefully you're going to get your pencil and piece
of paper on again. And these are some notes that
I think are critical. Okay, don't listen to the screaming
monkeys Number one. Please don't listen to the screaming monkeys
because one specific retirement strategy does not fit for everybody.
(01:22:58):
Each individual has different histories, benefits, health considerations, family considerations.
Eaedy to customize your plan accordingly. Okay, I had a
previous marriage. I have a daughter, Caitlin, by a previous marriage. Okay,
(01:23:21):
so I am a blended family. I have three children
by my beautiful bride, Julie, So we are the new
I think prototype for a lot of us, over fifty
percent of the population as previous children. So I have
to customize my plan specific to my daughter and my grandchildren.
(01:23:50):
I think it's important that you understand that, and you
understand that you know because of that, an eight hundred
telephone number, in my opinion, does not fit the built.
The other thing that is critical, one spouse will outlive
(01:24:13):
the other. Typically statistically, women live longer than men. As
judge couple that you still always say, why is that?
Because the guys have had it it's time to go.
But you want to make sure that your plan ensures
(01:24:33):
that the surviving spouse, and I want to overemphasize this
word has adequate income. Adequate not too much income or
too many assets, because the thing is is that as
you age, especially if it's qualified assets, as you age,
(01:24:55):
there's a thing called RMD. As you age, there's a
chance for you to have health issues. You only want
to leave what's necessary for quality of life. So if
you've got a two three million, two three million dollar IRA,
dad dies, Mom is not gonna need all that money,
so you can disclaim a portion of it, get it
to the kids or the grandkids. It's outside the estate,
(01:25:17):
outside the reaches of Medicaid long term care. So you
need to plan accordingly that when the first spouse passes away,
what is going to be retained for quality of life?
Third TWA waiting too long to plan?
Speaker 3 (01:25:47):
What do I say? Every week? Everybody hear me say
this consistently.
Speaker 2 (01:25:51):
I'll sit down with people and they'll say, what do
you think, Dave, Well, what's what's my aunts are going
to be? Mister Apple, You're gonna tell me I need
a plan. Yep, That's exactly what I'm gonna say to you. Right,
you're in a basketball game, you're in a football game,
you're in any kind of a game. Right, the analogy
and sports, you got what you got?
Speaker 3 (01:26:11):
A game? Plan.
Speaker 2 (01:26:11):
You have no plan, so any destination will do it.
So the earlier you coordinate and take action right, action
ends equals what results action reaction. The more options you have,
the better the chances are you going to have what success? Well,
I don't want success. I haven't had anybody say that
to me. You want success, you want to button it up.
(01:26:36):
You want to have your family feel comfortable. And that's
the other part of it, discussing. Sit down and have
a chat, let people know what the plan is right,
and the final one is the one that for a
lot of us, especially with blended families and for even
(01:26:59):
our own children estate planning. Eighty five trillion dollars will
pass to the next generation over the next twenty to
thirty years. So what do you got to do? You
got to make sure that your wills, your healthcare directives,
(01:27:21):
your durable power of attorneys probably the most important document
that you have that most people pooh pooh, don't spend
a lot of time. Beneficiary designations are up to date
on your insurance, your four oh one K, your IRA, etcetera, etcetera,
(01:27:42):
anything with a beneficiary form. And then what having a
let me put this in bold plan in place protects
not only your loved ones, your family, and also limits
the ability for our friends to go after these assets
(01:28:06):
if there's an illness or premature death. If you do
that right, if you do what I'm telling you to do,
chances are you're going to have a pretty good ride,
not a lot of bumps. So as we're all quite
(01:28:28):
well aware, I've been doing this show now, this is
going on my twenty six year on radio.
Speaker 3 (01:28:35):
Right.
Speaker 2 (01:28:37):
What I'm talking about is optional. You don't have to
do any of it, but to me, it's a necessity.
If you don't do it, then you're doing yourself a
huge disservice. We'll be back after this quick message. Our
final break will tell you a little bit more about
my workshop. I'm Dave Kopek. This is a retirement planning show.
(01:28:58):
We'll see on the other side of this break.
Speaker 4 (01:29:10):
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 eight
(01:29:33):
eight five eight zero nineteen nineteen Retirement Planning Group. Retire
with confidence.
Speaker 2 (01:29:39):
You've spent a lifetime saving for retirement. Now it's time
to make that money work for you. Here's the secret
most people miss. You have to create your own retirement
income plant. Social security is not enough, pensions are rare.
You need a strategy that turns savings into monthly income
that will last a lifetime. At the Retirement Planning Group,
we build customized income distribution poins so you can retire
(01:30:00):
with confidence, Retire smart, live well. Call eight eight eight
five eight zero nine for your complementary consultation.
Speaker 5 (01:30:08):
Born on America's darkest day of nine to eleven, the
Tunnel to Towers Foundation has been helping America's heroes ever since.
People who put their lives on the line for our
country and our communities need your help now more than ever.
Join Tunnel to Towers on its mission to do good
in their honor. Never forget nine to eleven or the
sacrifices of this country's heroes and their families. Show your support.
(01:30:31):
Donate eleven dollars a month at T two t dot org.
That's T the number two T dot org.
Speaker 2 (01:30:38):
Attention, future retirees, A financial threat is putting your retirement
at risk. The cost of long term care can be
well over one hundred thousand dollars a year fidelities. Recent
studies suggest retirees could need hundreds of thousands of dollars
just to cover medical expenses in retirement. You need to
address this risk now. To be prepared, call my office
(01:30:59):
to fight out your option. Well eighty eight five eat
zero one nine one nine. Eighty eight five eat zero
one nine one nine for a complimentary consultation. All right,
(01:31:19):
we are back. I can't believe that it's October twenty fifth.
Just time is boom going by quick man. So we're
(01:31:40):
talking a little bit in this hour about blended families
getting prepared in your fifties and sixties for our retirement
that could last forty to fifty years. And here's some
final thoughts that I have that hopefully will resonate for
the people that want to take action. Okay, you don't
(01:32:02):
want to take action, don't call us playing Tillie winks.
You want to sit on the fence. Keep on sitting
on the fence because we're busy. We don't have time
for people that want to procrastinate. So for people that
are in the fifties and sixties retirement planning, in my opinion,
it's no longer optional. It's no longer optional if you
(01:32:25):
want to get to the finish line. It's a necessity.
Especially for married couples. We're navigating this journey together through
blended families. Okay, it just makes it a little bit
more complicated, but it isn't complicated. If you have a
(01:32:46):
conversation and everybody's on the same page, what's the worst
thing can happen. That's why in the office I always
get teed off when people don't have a chat with me.
If there's something going on right, the sooner you go
after it, the easier it is to fix. Soon you
go after it, the easier it is to fix. And
(01:33:07):
that's the landscape of this complex world that we live
in today, much more complex than it was in the past,
but it's also filled with opportunities for those that are
what prepared, prepared. You think the Olympic team in nineteen
(01:33:29):
eighty on the hockey rink up in Lake Placid, do
you think that they were prepared for that night, for
that day. Herb Brooks, the coach. I have a jersey
inside my conference room, the goalie, Craig. So working together,
(01:33:52):
asking the right questions, making informed decisions can transform this
time of your life of uncertainty into a decade decades
of confidence and preparation. So you got to have a conversation.
(01:34:16):
Sometimes you need to have somebody else there. Sometimes you
need a mediator. I don't mind doing it. I'll do
it anytime. I'm not scared. You know, there's conversations that
I've had with individuals. I knew they weren't going to
like my answer, but I didn't care because I knew
(01:34:38):
that that's what they needed to hear. And I've discussed
this on the radio show of hard conversations that I've
had with individuals, and some have said stick it, and
others have basically said, you know what I needed that
told you about the detective New York City detective. I
(01:35:01):
thought he was going to basically beat me up with
the conversation that I had with him. Two weeks later,
he walked in my office and he says, you know what,
You're right, You're one hundred percent right, and he did
what he told him to do, and he died a
year later. He died a year later. He thought he
was invincible. He died a year later. If he didn't
(01:35:21):
listen to me, she would have been basically penniless. His
second wife, she would have had social Security. And that's it.
So you have to share your plan. Make sure everybody's
on the same same page. You know, retirement cannot just
be about you surviving, you know, meeting your bills and
(01:35:43):
your payments and stuff. It should really be a time.
This is the last phase you're going from fall into
winter of your life. It's the last phase of your
life that you should truly enjoy. Your go go years,
go go slow, goo no go. Your go go go
years should be the years that you're dancing in the street.
(01:36:04):
You see all the commercials on TV right where they're
toasting one another, they're dancing. They're on the Viking cruise
and that's what you're That's what it should be. I
got clients in mind there Christ. They spend more time
on Viking Cruise Line than I think they spend on
on land. But you know what they deserve it. Jealous
(01:36:26):
is out. But the retirement planning group. You know, it's
not about our o I if it is, that's what
you're only concerned about what am I making on my money?
Don't come to us. We're not a good fit because
we're never going to say that. You know, we're great
at managing money and all, you know, because you know what,
(01:36:47):
we have good years and bad years. Overall it comes
out good. But you know what, we try to manage
assets so people have what consistent cash flow and they
understand that the money's going to come in the door.
Speaker 3 (01:37:00):
Right.
Speaker 2 (01:37:00):
You can't compare an apple to an orange. You can't
compare an index to a diversified portfolio that's facilitating income
for your retirement years. And you know what, we have
people that have hundreds of thousands of dollars, if not
thousands of dollars, and we have multimillionaires as clients. We
don't treat them any differently than the person that comes
(01:37:22):
in that might have forty fifty, sixty thousand dollars because
that money is as important as the person that might
have twelve, fifteen to twenty million dollars with us. So
I understand that this is a new role that we
live in. But I can tell you right now, what
I'm seeing is probably the most concern that I've ever
(01:37:45):
seen that I've been in the business as far as
healthcare and long term care. You know, there are people
right now that do not have healthcare. There are people
out there right now that have limited healthcare, that have
huge deductibles, out of pocket expenses. Okay, I don't have
(01:38:11):
a magic wand, but I do know one thing. If
you're only working with XYZ, you're not working with all
the companies that are out there. You need to understand
exactly how you can transform your personal situation into one
that you can have confidence in confidence. I'm confident in
my plan at least for this year. Who the hell
(01:38:34):
knows what's going to happen with healthcare? Who knows what's
going to happen with healthcare? I talked to Lupiro all
the time. We talked to a lot of attorneys in
the Capital Distinct region. You lay around long term care
with health care, well, I don't want to talk about that.
What do you mean you don't want to talk about it?
(01:38:55):
It's your greatest risk. You don't want to talk about it.
But right now you've got a time bomb that's about
ready to go off. And you don't want to talk
about it. No, I don't want to talk about it.
Then you you're not gonna work with us? Then okay,
because I've had guys walk out. I had one guy
that was like so irate with me because he only
wanted me to talk to him and not his wife
(01:39:18):
got up and left. You know, I didn't care. Nika
was there. His eyes were as big as saucers. You know,
Like I said, I don't care.
Speaker 4 (01:39:27):
Go.
Speaker 2 (01:39:29):
My job is not only to protect you. My job
is to protect your wife. She's already told you like
three or four times she would be lost. She doesn't
know what's going on. She needs somebody. Something happens to you,
she needs a team. She'll be all right. I got
it all on a piece of paper. No, she's not
going to be all right. No, she's not going to
be all right. If that's your plan, it's a crappy plan.
(01:39:53):
So that's my story and I'm sticking to it. And
here's how much time do I have that I want
to blow my horn one more time. About two and
a half minutes. Yeah, somewhere around there. All right, I'm
gonna blow my horn one more time if you do
(01:40:14):
not have confidence in your health plan for your retirement years. Okay,
I'm gonna be talking about this now for the next
three or four weeks because the presentation is not until
the twentieth, probably more so this week because we're getting
such an acceleration of people that are calling. If you
(01:40:36):
want to reserve your seat, it's going to be held
at the Crown Plaza, Okay, and we're gonna be talking
about major trends in healthcare and long term care. The
future of health and long term care is being shaped
today by the aging baby boom generation. Okay, there's a
(01:41:01):
lot of trends. There are certain things that are going on.
There's certain products that are being designed specifically. So if
you're tired of worrying about health care costs planning for
long term care costs, probably one of the most important
decisions that you can make, in my opinion, is how
(01:41:21):
to tackle it and how do I move forward in
order to basically meet this challenge. So, as I said,
we have a free over emphasize free, no cost. It's
an informative presentation on long term care and health insurance.
Hopefully it's going to show you many more options answer
(01:41:43):
questions that you have so you can protect your independence
and the assets that you've worked so hard to accumulate.
So join us for this presentation and conversation on November
twentieth at the Crown Plaza Crown Plaza. If you don't
know what the Crown Plaza is, it's the Desmond It's
(01:42:05):
the big oldtel right there by the airport. Seating is limited, right,
We've added more seats because we've had such a strong
desire for people to come. You can reserve your spot
today by simply calling my office at eighty eight five
eight zero one nine nine eight eight eight five eight
(01:42:27):
zero one nine nine. Leave a message on any of
the voicemail your name telephone number will call you so
we can reserve your spot and, like anything else, take action.
Don't sit on the fence. Action will get you results.
God bless you all. I'll see you next week for
another retirement planning show. I'm Dave Kopek, presently retirement for
(01:42:51):
our friends at WKIP. If you have any questions, call
ups at an office eighty eight five eight zero one
nine one nine. I'll see next week for another show.
Speaker 5 (01:43:06):
The information or services discussed on this show is for
informational purposes only and is not intended to be personal
financial advice. The investments in services offered by US may
not be suitable for all investors.
Speaker 3 (01:43:16):
If you have any doubts as to the merits of
an investment, you should seek advice from an independent financial
advent
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CrimeLess: Hillbilly Heist
It’s 1996 in rural North Carolina, and an oddball crew makes history when they pull off America’s third largest cash heist. But it’s all downhill from there. Join host Johnny Knoxville as he unspools a wild and woolly tale about a group of regular ‘ol folks who risked it all for a chance at a better life. CrimeLess: Hillbilly Heist answers the question: what would you do with 17.3 million dollars? The answer includes diamond rings, mansions, velvet Elvis paintings, plus a run for the border, murder-for-hire-plots, and FBI busts.