Episode Transcript
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Speaker 1 (00:00):
The opinions, viewpoints, and promises made during the following program
are not those of w g y it's staff, management
or parent company. iHeartMedia and good Morning seven o five
here in the Capitol District.
Speaker 2 (00:21):
My name's Nicholas Dumas, a certified financial planner with the
Retirement Planning Group, and alongside me is David Kopek, president
of the Retirement Planning Group.
Speaker 3 (00:30):
Good morning, good morning, good morning, good morning, good morning,
good morning, good morning, good morning, good morning. Waking up,
waking up. We went to you know, you told me
the other night that you went to someplace, and Julie
and I went there last night.
Speaker 2 (00:51):
Emma jans Oh, Emma Jane's.
Speaker 3 (00:53):
I mean, I tell you what. The food was delicious.
Speaker 2 (00:55):
Yeah. Usually I'll get their places packed. Yeah, it is
on around the weekends. I get there pasta. They got
some chicken pasta. It's pretty good. And Kendro will do
a hamburger over there.
Speaker 3 (01:08):
I had the lobster pot pie. Wow, it was delicious,
and Juliete Crat we did the appetizers. But place is packed.
I saw a good buddy of mine's daughter, Caitlin Burdar.
It was a beautiful, beautiful child. She's working at Goldman Sacks.
(01:29):
Very excited, very excited, and so we had a nice
night out.
Speaker 2 (01:33):
We Uh, do you try pulling her over to the
dark side.
Speaker 3 (01:35):
Yeah, gonna wait, she needs to get license.
Speaker 2 (01:38):
Oh so she's she's young, she's in the industry college.
It's good to see it, you know, more folks.
Speaker 3 (01:45):
So we went to Emma Jane's and it was great.
And you know, bottom mine gets down to is that
it's obvious this guy knows what he's doing, because the
place was packed. And you know, I always like to
give compliments to people because I grew up in the
restaurant business. So if you're up next to Fred the butcher,
Emma James is right there, and I was, I was impressed.
(02:06):
I was impressed. Saw some people, Julie saw some teachers
that she worked with. So it was a nice night out,
nice night out. And uh, now we're watching the kids tonight,
Vince's kids.
Speaker 2 (02:17):
We're babysitting so they can go to Emma James.
Speaker 3 (02:20):
No, so they're up at my house in like George honeymoon.
Oh the anniversary.
Speaker 2 (02:25):
Nice. How much it cost to rent that place off?
Speaker 3 (02:29):
You a lot?
Speaker 2 (02:30):
Yeah?
Speaker 3 (02:31):
You double. I've seen in action in Boston. Wow, bmb
it for I've seen in action in Boston. That was
That was the dentists. Those are the d that was me.
I have to put you I'd have to put hazard
signs up all over the front of the yard, hazard,
Nico's and town. You ever seen the thing on TV,
(02:54):
the cartoon the Tasmanian Devil.
Speaker 2 (02:58):
Yeah, it was good time. We had a good time
in Boston.
Speaker 3 (03:01):
Yeah, I know, we learned a lot and my son
I went to betty By and you guys, you know,
I'm getting up and you guys are just coming in.
Speaker 2 (03:08):
No, No, it wasn't that bad. Ye it was. It
was a good time.
Speaker 3 (03:13):
Yeah, I don't know.
Speaker 2 (03:14):
I'm not gonna tell the listening audience what was said.
Speaker 3 (03:16):
The mayor, the Mayor of Boston. All right, a little
housekeeping before we get into today's show again. We had
to extend it again because we have so many people
signing up for this November twentieth at the Crown Plaza,
we're having a presentation. We're going to have two UH speakers,
(03:38):
one that's going to focus in on health insurance and
the other one on long term care. The topic is
long term care and health insurance crisis that we're going
through right now sticker shock. A lot of people were
starting to see what they're gonna have to pay for
twenty twenty six. Also a lot of people are looking
at what they need to do for long term care
if it happens to them in their retirement years. That
(04:00):
is really sticker shock. In the Capitol District now it's
about eighteen thousand dollars a month for a long term
care facility, as high as twenty so registrations at five
point thirty. Presentation starts at six thirty. It's at the
Crown Plaza, which is of course in the Desmond That's
how we know it. If you want to attend, you
(04:21):
should attend. You should attend this if you have concerns
over health insurance and long term care. I give out
the number a few times today eighty eight eight five
eight zero one nine one nine call reserve your seat.
We'll have well over one hundred people. Now we're going
to have well over one hundred people that will be
attending this, So it's important if you want to attend.
(04:44):
It's a big topic for a lot of people.
Speaker 2 (04:46):
It's consistently brought up throughout appointments, you know, healthcare, long
term care? What do I do? My parents are in
a facility right now. The estate is dwindling. You know,
how do I get in front of this for my children?
How do I start planning so that I'm not a
burden on the family. You know, there's options, and that's
what you know. The two individuals are going to speak
about at the Desmond. So I'm excited. I always like
(05:10):
seeing Chris present, so I've.
Speaker 3 (05:13):
Never seen him present. I've never seen Chris present. I
spoke to him. I was actually going to do the
presentation of long term care, and I said to Jimmy,
I'm gonna call it Chris and tell him. And then
I got on the phone with Chris and I called
me back and he's not I'm not going to do it.
I don't like Chris to it because he's very knowledgeable,
extremely knowledgeable.
Speaker 2 (05:30):
He knows all the If I ever have a question
about anything, he's the guy I go to. So he's
he's gonna be very informative. Again, this is just educational.
We're not out here trying to scare you. But these
are realistic numbers that we see on a daily basis.
So we see it as our job to present this
to our clients and also, you know, prospective clients that
come in. We want to make them aware of the
(05:52):
Achilles heel that can potentially train their retirement.
Speaker 3 (05:56):
Train the retirement and poverish your spouse and basically put
yourself in a position where you're going through your life
savings in order to pay for these types of services.
So again, November twentieth, long Term Care and Health Insurance Crisis.
It's held at the Crown Plaza. Registrations at five thirty.
(06:16):
Six point thirty will be the presentation. We've got some
picky food. This is not a rubber chicken dinner. We're
not going to feed you, you know, mashed potatoes and
chicken and roast beef. We've got cheese and crackers and
fruits and picky food like just finger food and just
enough to get you over the hump. So either eat
(06:38):
before or post if you need a big meal. But
it will be fun. And then at the end we'll
open it up for a question and answer, which I
think is really important because that's really where you get
specifically the questions that you're looking for. They're going to
speak forty minutes a piece. They'll have a ten minute
break in between, and then hwet a at the end.
(07:01):
So we should probably be done. Nico home a safe.
Speaker 2 (07:06):
Eight thirty, yeah, I would say, and then uh, like
Dave said, if you want to grab food beforehand or after,
you know that taco bell line might be a little
long after.
Speaker 3 (07:16):
So we saw some pizza, bring out the pizza wagon.
Speaker 2 (07:19):
We'll give out five.
Speaker 3 (07:21):
Kwasnski's got that hot dog cart that he's not usable.
We'll bring that dog the hot dogs Dougy. You know
my cousin Doug, Right, he bought a hot dog cart.
He did, Ye, he bought a hot dog cart. That's
his job for his retirement. He's gonna be go around
sell hot dogs somewhere up around Saratoga. So that's that's
sounds great outside the track, yeah, anywhere. But the problem
(07:44):
with him is that he didn't do his homework. If
you found out that when you do that and you
try to get a permit, you got to have one
of those kitchens, like a qualified.
Speaker 2 (07:54):
Kitchen inspect you yeah, health inspection.
Speaker 3 (07:58):
Yeah, the whole nine yards. So he's got this beautiful
hot the cart. I told him, So I'll give you
a deal. Give you a deal on I always like
to buy stuff from people that are in hardship or divorce.
About my house, about my jet ski about my boat,
best deals.
Speaker 2 (08:18):
I just want to want to get rid of it.
Speaker 3 (08:20):
That's how I got my first boat. My first boat
was She said, just take just take the payments over.
I said, yes, ma'am, I'll be more than happy.
Speaker 2 (08:27):
To take it off your hands.
Speaker 3 (08:29):
I'll take it off your hand.
Speaker 2 (08:31):
Do you want to get in the markets right now
or do you want to wait until the next segment.
Speaker 3 (08:34):
No, we'll wait to this. What I want to talk
about briefly is because we talked about long term care,
what's going on? You and I met with an individual
in our Syracuse office this past week that I want
to talk a little bit about that meeting because I
think it's imperative that people understand know what you own,
(08:55):
know what you own. And in this situation, she had
no idea and he had no idea what they had
purchased as far as a life insurance policy with the assumption,
with the assumption that they had long term care coverage,
and we were in the meeting, I didn't even throw it.
To be honest with the Nico came in and we
sat down and he looked at the contract in a
(09:18):
very short period of time and he says, uh, oh,
it's not a long term care policy. So we'll discuss
that when we get back the open lines. We're here,
we're live. When eight hundred talked to be Gi Dave
Kopek with Nicholas Dumas, we'll be right back.
Speaker 4 (09:47):
The biggest mistake in retirement planning waiting too long. The
sooner you start, the more options and peace of mind
you'll have. Dave Kopek and the Retirement Planning Group are
here to help you build a smart plan that grows
with Whether you're five years out or just getting serious,
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Speaker 5 (10:04):
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Speaker 4 (10:05):
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Speaker 5 (10:14):
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Speaker 3 (10:16):
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Speaker 6 (10:47):
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(11:10):
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Speaker 3 (11:23):
At the Retirement Planning Group, we hope you create a
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Take action today called eight eight eight five eight zero
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(11:44):
future will say thank you. All right, we are back.
I'm Dave Kopek. This is our twenty sixth year now
on radio, my forty third year in business, which is
(12:04):
hard to believe. So a lot of water's going over
the DM. We've heard almost everything that you could possibly
hear and see in the financial services industry to say
that this is unprecedented times very depressing. I don't even
watch the news anymore. It's too depressing. I just I
(12:26):
used to watch it every night. I don't even watch
it all anymore. But I want to touch base on
a couple of things here. You know, we say over
and over again, know what you own, make sure you're
dotting your eyes and crossing your t's. And for some
people there's a thing called you know. I believe in you,
and I trust you, and I know that you're going
to send me down the right path. So we met
(12:50):
with two individuals in Syracuse, both retired teachers. Both retired teachers.
He's former military. She's been a teacher for know, well
over like thirty four years, yeah, thirty four years. And
you know, we were talking about their estate plan and
Nico came in. She showed me the policy she had.
(13:13):
She goes, this is life insurance of long term care.
It's okay, good, so you know we're going through he
has none, she does, you know, what are the ramifications
if he gets sick or ill? You know, how do
you protect the estate? And what happened?
Speaker 2 (13:28):
Yeah, So I think both of them had issues with
their insurance policies. Hers was, you know, major, because she
believed that she had long term care coverage attached to
the policy when right on the policy you could see
that there was a chronic illness writer. So in bold
letters it said this is a chronic illness writer. It
(13:49):
does not include long term care insurance. So again we
just went through and pointed that out to her. You know,
when she would qualify for that if she was on
her deathbed. You know, I think you need a certain
amount of ADLs that you can't function. You know, you
wouldn't really be able to access it for a nursing
home or long term care facility potentially. Right, So again,
(14:10):
that policy probably wouldn't pay out if she went to
a nursing home, and we just wanted to make sure
that she was aware of that, and now we're looking at,
you know, she's probably not going to have to use
that accelerated death benefit for the chronic illness rider, so
we're looking at dropping that off the contract so that
there's not as much fees she's not paying for that
(14:31):
rider that she's probably not going to utilize, and maybe
we'll just use this as a you know, some sort
of whole life or universal life policy for the death benefit.
So so again, like Dave said, know what you own.
Make sure you're aware of those life insurance policies that
you purchased and why you purchased them.
Speaker 3 (14:48):
Never good, never a bad idea of his second opinion.
Speaker 2 (14:51):
You know, we're talking about it, the life accident, health
and Insurance license. Yes, it's it's not the easiest thing
to get, but a lot of people have it out
there and they might be selling Paul that they don't
fully understand. So make sure you know and you do
your due diligence before you make that you know, annual
premium which I think she was paying what three thousand
dollars a year.
Speaker 3 (15:10):
Thirty four dollars, But it's a fairly sizeable death benefit.
It's like what three hundred and fifty.
Speaker 2 (15:15):
Thousand, It is about three hundred and sixty five thousand
dollars death benefit, and then it had that accelerated.
Speaker 3 (15:21):
Which they need for him.
Speaker 2 (15:23):
Yeah, the life insurance. That's why we didn't want to,
you know, get rid of it. It doesn't have it
doesn't have a huge cash value because I think the
policy has been getting eaten up by the fees associated
with the rider. But but again it's a sizeable death
benefit that's there for the husband. She's got the bigger
pension and social security, so that'll help account for that
because they both did single lives on their pensions, and
(15:45):
then even him, you know, I think his insurance agent
didn't do, you know, everything that he or she should
have because he had a convertible. He was able to
convert his term insurance into a whole life policy. But
he was trying to do it for two or three years,
and she wouldn't do it until finally, I think the
(16:05):
conversion was almost expiring, and then they finally converted that
to whole life.
Speaker 3 (16:10):
So it doesn't I don't even know what the hell
that thing. I'm sitting there, I'm scratching my head. I'm
saying this doesn't make sense.
Speaker 2 (16:16):
Probably could have saved him some money on premium, you know.
Speaker 3 (16:22):
And that's the other thing too, is that if you're young,
your forties and fifties, and you're looking at life insurance
and you're buying turn make sure you got the conversion
feature because you never know, you know, if you're going
to have insurability, and the conversion feature allows you to
do the conversion even if you're uninsurable, which is you know,
that's extremely important. You know, I say this all the
(16:42):
time you listen to the show. I've said it for years.
The biggest mistake I made was not to go high
enough with my death benefit. That's why I always tell
young guys like Nico and my son, you know, shoot
for the moon if they underwrite you. First of all,
term insurance at their age is so cheap because you know,
as you age you have more responsibilities than you know,
(17:03):
a million dollars just be a lot of money, not
so much anymore.
Speaker 2 (17:06):
I agree with you too on the conversion. Make sure
you look at policies that you can convert, because if
you can't qualify, you know, after your twenty year term
is up, maybe you had a health event and now
maybe developed cancer or you had a heart attack. You know,
maybe now they won't.
Speaker 3 (17:21):
Well that's his case issue.
Speaker 2 (17:23):
Yeah, exactly, So maybe they won't. You won't qualify for
life insurance at the end of that term if you
want to do some sort of whole life policy, so
that gives you the option, which I think is a
great idea.
Speaker 3 (17:35):
Dave well As I said, Okay, you know, these guys
chuckle sometimes because when I meet with the people, they said,
I've got my gun out and how many holes I
can put in your boat. But the reality is is
that you want me to put holes in your boat.
If there's no holes in your boat, then you've done
a really good job. If there's lots of holes in
(17:57):
your boat, when you sit down with us in deep dude.
Speaker 2 (18:00):
Do yeah, I'm gonna start calling you Jack Sparrow your cannons.
Speaker 3 (18:07):
I've always been kind of a you know, a Western guy,
you know, like Clint Eastwood type of dude, you know,
right into town, my big old horse in my six shooter.
Speaker 2 (18:22):
I don't see is that I was watching Yellowstone. I
think you're more of a You're more of a John Dunton.
Speaker 3 (18:31):
Like Haws and you know, what it ponder, big old hoss.
But make a long story short. You know, we're we're
seeing some things right now that are concerning to me.
And when I say that, a lot of people, I
don't think understand how important it is to basically button
(18:54):
things up. You know, understand exactly what you've created in
your lifetime as far as your overall estate. I just
lost a good friend. I just found out last night.
A good friend of mine died. They buried him yesterday,
same age as me. I was shocked when I found out.
Do you know Chris Marshan. I've heard you say the
name CGM Construction. Oh yeah, sim he died, really died.
(19:20):
They buried him yesterday Friday.
Speaker 2 (19:23):
I've heard of the company, which, yeah, I've.
Speaker 3 (19:25):
Known him for fifty years. He was best friends with
my cousin, Serge lived in Waterford. But you know, you
just you never know, and you've got to make sure
that things are buttoned up and you understand the ramifications.
You know. I say this over and over and over again,
but it's one hundred percent true. Know what happens when
the first domino drops.
Speaker 2 (19:44):
You said something that resonated the other day in Syracuse
with the last appointment there the plan, you know, you
kept saying the plan. You know, you were giving him
a B plus. Everything's great, everything looks you know, good
for your a state.
Speaker 3 (20:01):
For him because he knew where everything was.
Speaker 2 (20:03):
Yeah, but the plan as far as what happens when you.
Speaker 3 (20:07):
Pass away, nobody knows anything.
Speaker 2 (20:09):
Yeah. I mean I think he's structured, he has it
in his head. But you know, there were a few
pieces that were missing. So again we kept referring back
to the investments are probably in good shape.
Speaker 3 (20:21):
You know.
Speaker 2 (20:21):
He had his four to oh one case though, which
that was something that we could have, you know, got
into an IRA and then started doing some estate work
on that. But but again, I like that the plan,
you know, I think that's the big thing with him
is he doesn't really have a plan for the beneficiaries
of the accounts or doesn't give them any options.
Speaker 3 (20:38):
He's got long term care, his wife doesn't. He's got
a great policy through the New York State Partnership. She
has none, and he's basically you know, God is a
state set up right now, I love you planning when
he dies, everything goes to her. That's not a good plan,
especially if she gets into an extended long term care
(21:00):
event because but she's what he's basically saying is that
I think he thinks he might, but who the hell knows?
Speaker 2 (21:09):
She has the assets to solve self insurance, but how
like she needs someone to do that for her, right.
Speaker 3 (21:15):
Right when he's got the four O one k at
the old company, he's got a brokerage account, he's got
a bank account. You know, we'll talk a little bit
about that today, why it's important to consolidate and simplify
as you age, not only for your spouse but also
for your family and your loved ones. And we'll go
through some of those bullet points. But make a long
(21:35):
story short, that policy that we were just talking about,
because the woman said, well, let's get rid of this.
You know, no, you don't get rid of insurance policies.
I mean, let's try to figure out what we can
do with that policy, because you're never going to be
as young as you were, as healthy as you are.
The velocity on the money because of the age she
had for what like ten twelve years she got in
(21:57):
twenty twelve, yeah, thirteen years. So to make a long
story short, you know, you know life insurance you.
Speaker 2 (22:05):
Have, I mean she only had seventeen grand in cash value.
She's been paying thirty five hundred.
Speaker 3 (22:10):
What I'm worried about is, you know, we have to
do an in force illustration on that to see under
the current crediting method, is that thing going to stay afloat?
Because if it's eroding the.
Speaker 2 (22:21):
Cash value, that's what it seems like.
Speaker 3 (22:23):
If the cost of the insurance is getting up every year, more.
Speaker 2 (22:27):
Expensive, it could lapse.
Speaker 3 (22:29):
Statistically that that will blow up unless she throws more
money into the policy. But corkorand Jimmy will do that.
Speaker 2 (22:35):
Jimmy will basically thirty five. Yeah, so she's put forty
grand in their cash values at seventeen you know, so
that's getting eaten.
Speaker 3 (22:43):
Well, there's that writer on it.
Speaker 2 (22:45):
That's what I think is.
Speaker 3 (22:45):
Yeah, you know, that's what I think it is. But
make a long story. Sure, So we're live, we're here
in the studio. We're going to be here until nine o'clock.
We're going to be talking about some of the things
that you should be doing. I can't even believe the
folks she got, you know, like five six weeks. We're
finished with the year twenty twenty five. So we'll talk
about some of the things that you should be thinking
about and doing. Uh, year end planning, which is hard
(23:07):
to even believe that we're year in planning.
Speaker 2 (23:09):
What are you gonna get me for Christmas?
Speaker 3 (23:10):
Or you got it for you?
Speaker 2 (23:12):
What did you get me?
Speaker 3 (23:13):
You saw it? Is that the blow up down in
the truck?
Speaker 2 (23:17):
Is it where? I didn't see it yet? And I said,
apply in the back seat? Can I can I regift it?
Speaker 6 (23:28):
Sure?
Speaker 3 (23:29):
You can do whatever you want to do with it.
Speaker 2 (23:30):
McCarthy.
Speaker 3 (23:34):
Don't squeeze it too hard though I thought that was
that's right. Well you don't, well you don't keep we'll
give them McCarthy. That's it. So all right, well we
come back. We're going to talk a little bit more
about some things that you should be doing. As far
as this new workshop that we've got November twentieth, long
(23:54):
Term Care and Health Insurance Crisis Crown Plaza. That's the
Desmond as we all know it, just reasons at five
thirty presentations at six thirty eighty eight five eats zero
one nine nine eight eight eight five eats zero one
nine nine reserve you seat. I think this is a
critical workshop for a lot of you, especially if you're
dealing with health issues. If you're dealing with long term
(24:17):
care possibly issues, you want to know what's available to
you in the things that you should do in order
to protect your overall estate. So we'll be right back
after the news. Yeah, but as far as the over
(24:49):
world costs, all right, we're back. Happy Saturday, November eighth.
Speaker 2 (25:01):
Just today.
Speaker 3 (25:02):
Jeez, I can't believe. It's like time is just flying.
I mean, I say this too frequently. I don't know
if it's because of my age.
Speaker 2 (25:13):
It's the most wonderful time. I love this time of year, don't.
I don't know about you.
Speaker 3 (25:20):
When I see twenty nine yesterday morning, there's nothing I
like about twenty nine zero zip. When I see I
see my dogs go outside, usually like we're gonna want
to hang around for a while. They did their business,
and they they're like scratching at the door.
Speaker 2 (25:39):
Probably not honey, she's probably fine out.
Speaker 3 (25:42):
The yellow lab is fine. It's it's too munchkins.
Speaker 2 (25:45):
They don't get a lot of meat on their bones.
Speaker 3 (25:46):
The multipoos.
Speaker 2 (25:48):
You guys have electric blankets. I wish I did blankets. No,
you guys don't do that. Me and Kender each have
our own sit there on the couch and.
Speaker 3 (25:57):
I got my wife, it's my heated blanket.
Speaker 2 (26:00):
Yeah, woman, what a what a great woman. The Saint
Julia is the saint.
Speaker 3 (26:08):
She'd have to be.
Speaker 2 (26:09):
There was a smile on her face too. I like
when Julie's in the office.
Speaker 3 (26:14):
I know you do. She seems to spend a lot
of time in your off.
Speaker 2 (26:18):
What's going on here? Relaxed?
Speaker 3 (26:23):
All right again again, let's go through a couple of
things here. You know we're talking about know what, Joan.
I always think it's important for us to discuss things
that we see on a weekly daily basis. You know,
hopefully it resonates with you, it makes you take action.
You know, it never hurts to get a second opinion.
(26:47):
I've said this for years. A lot of times people
come in and sit down with us and we tell
them you're in great shape, you've got everything buttoned up,
and some other times we've got lots of holes in
the boat.
Speaker 2 (26:59):
It doesn't hurt take an hour out just to reassure
that you're in good shape. You know, I say it
all the time. What do you need us for?
Speaker 3 (27:06):
Then? Right?
Speaker 2 (27:07):
I don't say that all the time, but we said
that in appointment last week. You know, it seems like
they had everything figured out, so, you know, shook hands
and see you later. We'll see you later.
Speaker 3 (27:17):
Can we have our cups back?
Speaker 2 (27:18):
Yeah, leave the coffee cups and the counter on the
way out.
Speaker 3 (27:24):
We give away coffee cups, but we can't help them out.
You go leave the cups.
Speaker 2 (27:29):
But no. I would say probably ninety percent of people
out there there's something that we can help them on.
It either save them money on something like an insurance policy.
Speaker 3 (27:37):
What do you think our closing ratio is people that
come in yeah, ballpark probably, you know, I would say
eighty percent work with us.
Speaker 2 (27:46):
Yeah, I say close to that.
Speaker 3 (27:49):
This past week, just to give a heads up, you know,
some people are going to see it when we send
out our email blast our prospective clients and existing clients.
We went down to New York Tunnel to towers to
give out the check. They get the check for twenty
thousand dollars. We ended up having a beautiful lunch at
Cosmos in Newburgh, which is a phenomenal restaurant. I don't
(28:09):
know if you've ever been there or not, but if
you get a chance to go, I mean that the
food was just phenomenal and just a great organization. The
guy that we met with was a phenomenal young man, Colin,
but we will continue to support. So twenty thousand went
to Tunnel to Towers and five thousand went to the
American Cancer Society. And that's it for this year. We're
(28:32):
all buttoned up as far as our the monies that
we've donated July and I went to the American Cancer
Society the other day, yesterday, I think it was yesterday.
So it's hard to believe that, you know, we're in
November now.
Speaker 2 (28:48):
Is Georgia still there now?
Speaker 3 (28:50):
She retired. She's in Pittsburgh with her family. She wanted
to be closer to her grandchildren.
Speaker 2 (28:56):
Good for her.
Speaker 3 (28:56):
Yeah, she's a wonderful lady. She asked about us all
the time, the guy was saying, but yeah, she's just
a wonderful, wonderful woman. She's she's got a lot of
godly things that she does for people that you don't
even hear about, that she does behind the scenes.
Speaker 2 (29:15):
So they're still right here in Latham, right down on
Wade Road.
Speaker 3 (29:20):
Go down Wade Road. It's like the second or third
building on the left hand side, you know, where that
new Ford Dealership has on the main drag choice Connectedy Road,
Latham Forward, take a right on Wade right. It's the
second or third building on your lofty.
Speaker 2 (29:35):
American Cancer drove by it a couple months ago when
I was test driving those forwards, all.
Speaker 3 (29:39):
Right and barons. This weekend there's an article and I
want to read the headlines. One way to solve the
retirement savings gap increase availability of annuities in four one
K programs. If annuities are to become more broadly adopted
in four one k's, consumer education and product innovation are needed.
(30:00):
I think that's already happened.
Speaker 2 (30:03):
What's your perception as far as annuities right now in
four one ks? I think that's a good option. I
think a lot of teachers h if you have a
TIA account, then you have the option for an annuity
within those contracts. But I don't. I don't like those contracts. Uh,
the liquidity is not there. Really, I think you're gonna
(30:25):
you might see people throwing too much money into annuities
and it, you know, restricts them in retirement if they
need to access some cash. So, but I like the
idea of an annuity. Pensions are gone, you know, for
the most part, unless you're part part yeah, for a
part of your four to one k or retirement assets,
and a newity might make sense for a guaranteed income source,
(30:46):
especially if you know you don't have really strong social securities,
just something for for sleeping at night, you know that
paycheck's coming in.
Speaker 3 (30:54):
So in the article appearances too often, accumulation phase when
individuals build well for retirement, is the main focus of
retirement savings vehicles. Annuities, by contrast, provide for both. And
that's true, the accumulation and also the decumulation, where you
basically turn these assets into an income that will last
a lifetime. And I think that's important because not everybody.
(31:17):
You know, we had a guy the other guy, remember
the guy that we met with. He said, you had
mentioned something the other day. Stay in your lane, which
I say quite a bit. Stay in your lane. Don't
go outside your boundaries as far as your risk tolerance,
because that's when you're gonna get bit and things will
happen that you're not going to be happy with. And
I think that's true with annuities. I mean, people don't
(31:38):
understand that annuities are there for one purpose. In my opinion,
is to provide guaranteed income that will last a lifetime.
And they've trained so much in the last few years.
I mean, we've seen dramatic changes as far as cost.
The structure basically suspenders and a belt on a portfolio
where you can't lose any money at all. Yeah.
Speaker 2 (32:00):
I like for the accumulation fit, so you can structure
it however you want. I'd like the accumulation phase, right,
I like that being the buffer products that we talk
about occasionally, and you can get market participation with a
participation rate that's higher than what the market gets, and
also get a downside buffer protection on the downside, so
(32:22):
accumulating that and then you can always ten thirty five
it to something that's going to pay out once you're
done on the accumulation side, you know, and do some
sort of spear or something like that. But there's ways
to structure guaranteed income sources, just like a pension company does.
Speaker 3 (32:36):
So well, there's there's a lot of stuff going on
Trump's there's an executive order that he plays that basically
leads to the removal of barriers for planned fiduciaries and
the availabilities of annuities been put into four to one case,
which I think is a broader menu of options. Some
people are not subject to a good feeling about risk
(33:02):
in their retirement portfolios. And if they're in the accumulation
phase and they just see the thing keep on chugging positive,
up and up and up, I think that gives them
some self confidence that they're moving in the right direction
to leave and see see you later. Yeah, I'm going
to retire.
Speaker 2 (33:18):
And I think crypto has been another major topic that
people have been talking about, and that being implemented into
four rowing k's. You know, how's that doing. Over the
last month, crypto has been beat up. So again, you
need to be careful about what you're investing your fourrowin
K assets in. If you don't have parachutes, you know
your one hundred percent stocks, and you're a year or
(33:39):
two out from retirement, a market correction could offset it
could cause your retirement to go.
Speaker 3 (33:47):
Back twenty twenty two. Perfect example. Stock stocks are bonds.
Speaker 2 (33:52):
With fifteen twenty depending on what you were in and.
Speaker 3 (33:55):
An aggregation you were down about twenty percent.
Speaker 2 (33:58):
So you need to be careful to know what your
own annuities are an option right, and if you're someone
that has just not looked at them because they have
a bad reputation. I don't agree with that. You know,
you need to take a look and see if it
does make sense for your portfolio, and at the end
of the day, maybe it doesn't. You know, some people
come in and they've got pensions, you know, two three
(34:18):
different pensions, social security, and they say, should I be
looking at an annuity? Probably not. You know, I'd rather
have some liquidity in your account so that you can
you know, access some money because they're probably not going
to need it. Or we take a look at some
sort of life insurance for the kids, and maybe to
a spend down on your pre tax assets. So there's
a lot of different conversations. There's probably holes in your
(34:38):
ship that you have no idea are there, so start
filling them.
Speaker 3 (34:42):
Well. I like inside this articles it says basically, should
a sixty five year old be a stock picker? You know?
I mean that's really trying to generate returns that will
see them through, you know, trying to hit that home run.
I've you know, undersaved. Now I need to get ten, twelve,
fifteen percent of my portfolio, not five or six percent
(35:04):
a year. So you know, it's it's like anything else.
You need to understand the options that are available to
then you select the one that basically fits not only
for you, your family, your loved ones, your spouse. But
what I say over and over again, the more diversified
you are, the better off you're going to be and
you're going to sleep real well, real well at night.
Speaker 2 (35:26):
Depends on your risk tolerance. You know who you are
as an investor. You know, how much stocks should you own,
what do you have for guaranteed income sources? How much
risk can you absorb in the portfolio? You know, depending
on the monthly distribution you're taking off. You know, there's
a lot of conversations that you had. So but again
we always you know, we tell folks if they want
(35:47):
a sandbox account, you know, we can give them trading
access right through Fidelity. They can have a little sandbox
account that they play around with stocks. But you know,
we don't generally recommend doing that with your four O
one k I RA savings.
Speaker 3 (35:58):
Well, it's like our client that came in the other
day last week and you know, we went over their
estate plan, their investments that they I said to him,
I said, I guess we're done here. He says, Now
I want to talk about my sandbox account. Yeah, it's
a million dollar account. He just plays around with you.
(36:19):
You were in that No, I wasn't.
Speaker 2 (36:20):
I know you weren't. Oh, you weren't in that meeting, Chris,
your son was in it? Okay with you? I thought
you were in the meeting. I said, I was taking
a nap.
Speaker 3 (36:27):
I said, that's right. I forgot. That's right. You're in
the men's room. Hang around there. You hang around there.
But to make a lot, to make a long story short,
almost fall off my chair. I said, you play around
with a million dollars, just in and out, and said, yeah,
(36:47):
that's what I enjoyed doing. But the problem with him
is said, he's too concentrated in more stuff. All right,
we got to take a break. We'll come back. This
is retirement planning show of you. Any questions or comments.
It's one eight hundred talk w g Y. That's one
one hundred and eight two five fifty nine forty nine. Helload,
all of our friends down in the Kingston Poughkeepsie area, Newburgh.
We'll be right back.
Speaker 4 (37:12):
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.
Speaker 5 (37:23):
Goals and lifestyle.
Speaker 4 (37:25):
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
eight five eight zero nineteen nineteen Retirement Planning Group.
Speaker 5 (37:40):
Retire with confidence.
Speaker 3 (37:42):
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 plans so you can retire
(38:03):
with confidence, Retire smart, Live well. Call eight eight eight
five eight zero nine one nine for your complementary consultation.
Speaker 6 (38:12):
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 Ernst 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
(38:32):
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. Attention, future retirees.
A financial threat is putting your retirement at risk. The
cost of long term care cannet well over one hundred
thousand dollars a year fidelities. Recent studies suggest retirees could
(38:54):
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 to find out your options.
Call eighty eight five eight zero one nine one nine
eighty eight five eight zero one nine one nine for
a complementary consultation.
Speaker 3 (39:17):
All right, we're back. Talk a little bit about the
market at the break. We're just talking about, you know,
some of the volatility that we've seen in the past week.
I mean, we've had an unbelievable ride. You know, we've
had unbelievable capital appreciation and a lot of stocks you know,
(39:37):
n video planeteer, some of them got kicked in the
teeth a little bit this past week, but still are
of an astronomical great to return over the last twelve, eighteen,
twenty four months. But there's an article in Baron's this week,
if you want to read it. The base talks about
AI and the AI stocks and how there's this little
bit of a sell off right now. Correction. The analogy
(40:02):
between the dot com bubble and this is in essence,
I'm going to try to summarize this because I don't
have the article in front of me right now, is
that there's no comparison because all of these companies have
extremely strong balance sheets, unbelievable earnings, and the money that
they're spending is basically to broaden out their potential with
(40:24):
this AI platform. And what we've seen in the financial
services business when they talk about this AI is being
just the tip of the iceberg. I can't even imagine
where we're going with AI in the very near future
because it's accelerating dramatically.
Speaker 2 (40:43):
I think it's a big, very big driver of the
economy right now. You look at markets. Apple reported great
earnings qualcom Tesla Amazon and all the earnings are up
yere over year, and you know they're progressing. You know,
profit margins are expanding because the technology driving down costs
with a lot of these companies too. And what does
that show that shows profitability and profitabilities with drives market
(41:06):
price and earnings, well, earnings per share.
Speaker 3 (41:09):
Well, you know what Wall Street's worried about. And the
other side of that coin is these major layoffs.
Speaker 2 (41:15):
Yeah, the jobs market. You know, you're starting to see layoffs, freezes,
you know, that's concerning.
Speaker 3 (41:22):
Thousands and thousands of people.
Speaker 2 (41:25):
The government shutdowns concerning you know, there's some negative negative
insurances in the market as well.
Speaker 3 (41:31):
Oll Street doesn't like uncertainty. But the bottom, Mike, it's
down to it's a point in time. If you like
the stock, you know, two three weeks ago and it's
you know, ten twelve, fifteen percent less. Uh, you know,
might be a buy an opportunity. It's just you know,
where where's your Most of our clients are not stock jockeys,
(41:53):
you know what I mean. Our clients are basically riding
the wave of retirement. They want strong dividends, incomes, dreams.
Speaker 2 (42:01):
I've got a balanced portfolio that's returned about eleven twelve
percent this year, at about fifteen.
Speaker 3 (42:08):
Ours has this year. And the reason for that, I'll
tell you, that's exactly right. You just hit the bullseye.
We're getting some capital appreciation in the fixed income market
which you and I haven't seen in a long time. Yeah,
that's the reason why. And it will continue. It will
continue as long as the Fed's got their pedal decreasing
off interest rates, not pushing them down increasing interest rates,
(42:31):
you should see more total return in bond portfolios. The
article in Barns this week about corporate bonds, high yielding
corporate bunds. You know, when we were out in that
conference in Boston, we had a meeting with Alliance Bernsteam,
which has historically been a really strong fixed income high
yield bond portfolio manager, and I said to him about
(42:54):
the white paper. Remember I asked them about the white paper.
I said, you guys used to have a white paper
that you basically came out out with the research report
that said, if you invest in high yield bonds, you'll
get stock market reach of returns after risk with fifty percent, right,
bull with fifty percent less risk. And I said this
that's the whole trudessay is absolutely yeah.
Speaker 2 (43:14):
I think now more than ever, you know, the FED
started decreasing rates. You know, we'll see consumer sentiments down too.
I think it's the lowest it has been since twenty
twenty two.
Speaker 3 (43:23):
Yep.
Speaker 2 (43:23):
So that's another driver of the market. You know, people's
confidence in it. So so again there's there's different indices
you know, you need to keep track of. And uh,
you know, bonds are doing well this year. I think
we've got some fixed income positions that are up seventy
eight percent already and we're only into November here, so
we'll see what continues. But you know, I'm optimistic. I
(43:44):
think if you have a well balanced portfolio with high yield,
you know, in the in the corporate bond space, I
think you're in a great spot. Treasuries are around three
seven three six is that what it is right now?
With the tenure one year is about three point six.
Speaker 3 (43:58):
And then there's the money market is still yielding US
A four.
Speaker 2 (44:02):
The money mark's about three point eighty five, so it's
starting to tick down a little bit. And then CD
rate it's anything, you know, it's fifteen months that you're
looking at about four percent CDs. You know, lack of
liquidity there, so that's what you get, the little benefit
and interest because there's surrender charges if you're ever to
get in and out. Money market's subject to change. You know,
it's ready to keep coming down. That's the shortest term paper,
(44:24):
so that I'll react instant well not instantaneously, but pretty quickly.
So so again, just know what you're investing in, make
sure getting the best rate. I meet with people that
have two three hundred thousand dollars sitting in a checking
account or savings account. It's not getting anything, you know.
I wanted to go back to the annuities we talked
about earlier. I forgot to bring up that there is
(44:46):
New York State insurance on those things as well. I
just remembered because we were talking about banks. They only
got about two hundred and fifty thousand per registration in
FDIC insurance, whereas New York State backs up to five
hundred thousand dollars in a in a newity contract. So
be be aware, be aware of what you own, Know
(45:06):
what the purpose of your investments are. You know, are
you in the retirement income distribution phase? Are you in
the accumulation phase. What's the point of your life insurance?
Do you have a chronic illness rider or do you
have a long term care rider? You know, we talk
about all the time. It doesn't hurt to get a
second opinion.
Speaker 3 (45:21):
So, I mean, the n AS, they could still up
about twenty percent. We're down three on the week. SMP
was down one point six, and that I was down
one point two. You know, you know, you know me.
I'm not a week to week, day to day guy
on the stock market. I'm a long term investor. But
I just think that, you know, there's just a lot,
there's just so much negativity, there's so much bad news.
(45:47):
I think, what's this thirty eight or thirty nine days
now that they shut the government down because they can't
sit down and have a chat with the Trump administration.
I mean, to me, it's just it's it's not sensical.
Speaker 2 (45:58):
But what was it one point five trillion? Yeah, they're
holding back right now.
Speaker 3 (46:02):
Yeah, It's like, you know, come on, they talk about
trillions as if we're talking about a million dollar bill.
It's just, you know, we're in deep weeds as far
as debt, thirty eight trillion dollars right now, and it's
ticking up, it's not ticking down. I mean, I don't know.
Larry Cudler doesn't seem to be overly concerned about it.
A lot of people that you talk to, some of
(46:25):
the you considered to be the minds of Wall Street,
the people that supposedly have to know. You look at
the pie. As far as our revenues that are coming
into the federal government, how much of that percentage is
for debt coverage. It's only getting bigger, it's not getting smaller.
So I think ultimately they're going to have to make
some tough decisions down there. You just can't have, you know,
(46:47):
Santa Claus type of spending. You got to have to
basically put yourself in a position where you're spending dollars
on things that make sense, common sense, And I don't
know if that's going to ever come out of Washington.
I mean, look at the I hate to bring up
a bad topic because I'm not a political animal on radio,
(47:08):
but you know, there's a lot of concern how many
people are gonna leave in New York City now with
this election from mayor. Yeah, you know, there was the
thing that The New York Post said, the twenty six
percent of the respondents of the survey said that they're
contemplating leaving New York. Twenty six percent.
Speaker 2 (47:25):
Now said I was watching the news and I know
I shouldn't, but I was watching it the other day.
Uh something something stuck stuck with me that I was
watching the GOP. Some leaders in the GOP were talking.
I think Lisa McClain came up and she said, nothing's free, right,
nothing in this world is free. You know someone's gonna
(47:47):
pay for it. So again, I think there's a lot
of political battles going on right now, and it's it's
for the right reasons.
Speaker 3 (47:55):
So well, I think, you know, no matter what side
of the aisle that you're on, whether you're an independent,
Republican or a Democrat, we should all have a common goal,
the betterment for everyone. I understand, and I've said this myself.
I think that there is a huge wealth gap. I
mean when you have I mean, all you have to
do is go down to Florida and drive A one
(48:16):
A from Miami all the way up to Palm Springs.
Just take that drive and you're going to see houses
that will just blow your eyeballs out of your head
and on the left hand side in the inner coastal,
the boats are bigger than the houses. I mean, the
amount of wealth that certain people have is just I
mean it's gushing. It's like a fire hose. And the
question becomes is there is that right? I mean, do
(48:39):
we live in a society today where there's so much
wealth should be concentrated with so few people. I mean
that was the problem when they started this country. They
were concerned about what oligarchs ye oligarchy. So when we
come back, we're going to talk about two topics, and
the second hour we're going to talk about it's that
time of year where you have to start thinking about
doing some planning. As far as you're in planning, we'll
(49:02):
talk a little bit about that. We're also going to
talk a little bit about why it's important to consolidate
and simplify. But here I go again. I'm going to
bring out my drum. Can you give me a drum beat?
You did pretty good, Just give it a boop pop
all right. On November twentieth, at the Crown Plaza, which
(49:25):
is the Desmond right next to the airport, we are
doing a presentation on the current health insurance in long
term care crisis that a lot of people are going through.
So if you want to find out what your options
are and maybe some alternative things, you can do registrations
at five thirty, presentations at six thirty November twentieth. If
(49:50):
you want to attend, it's pretty easy. Eighty eight five
eat zero one nine nine eighty eight five eight zero
one nine nine, give the off. It's a quall. You'll
leave a message and to say I want to reserve
certain amount of seats. We should have well at least
one hundred, maybe over one hundred people that will be
(50:11):
attending this, so we do have a limit how many
people we can put in. We're going to find out
what that number is probably either Monday or Tuesday from
the staff. But if you want to attend, eighty to
eight five eight zero one to nine one nine, and
you'll get some I think, very positive information and data
as far as what your solutions can be for healthcare
(50:34):
and also learn long term care planning.
Speaker 2 (50:39):
Agreed, Yeah, I agree. I think it's going to be
very informative. Again, we're not here to blow smoke and
you know, pull rabbits out of hats. We're here to
just sit down and teach you. You know what's out
there and what's available to you. Educate you. You know,
that's the main goal here. You know, the more informant
(50:59):
we can be, the better off, the better idea you
can have. So again, just come. It's at the Desmond's,
great location. I love it there. It looks like a
little town when you go inside, and I've been there
a few times. For New Year's they do a New
Year's celebration.
Speaker 3 (51:13):
So first walk in there there's a board, there's a
picture of you.
Speaker 2 (51:16):
Yeah, that's not allowed. Yeah, so I have to go
on the back door, that side door. That's why I
always go in the back door. So again, just give
us a call eight eight eight five eight zero one
nine one nine And that's eight eight eight five eight
zero one nine one nine. You can leave a message
for Jim Corcoran or Jared Yost and we'll get you
(51:38):
on the attendee list. Again, it's gonna fill up quick,
so get your name in the in the hat.
Speaker 3 (51:43):
So all right, if you're right back, This is the
Retirement Planning Show on Dave Pelpbeck with Nicolas Dumas.
Speaker 2 (52:10):
Hello, it's a retirement planning show. My name is Nicholas Dumas,
Certified Financial Planner. We're here. It's at five am. For
those of you joining us in the Southern region, Welcome.
We just started on wk IP probably a month ago.
So again, if you're listening, we're here. You can call
(52:30):
our office at eight eight eight five eight zero one
nine nine against the Retirement Planning show here every week
seven to nine am to discuss you know, pre and
post retirement planning needs, investment management, retirement, income distribution, asset protection,
state planning. Now do you have you all your ducks
(52:51):
in a row? We're getting to your end here. So
again it's November eighth. We've got about two months left
in this calendar year. Things you could do prior to
the end of twenty twenty five to help your tax
situation and also start working on simplifying, consolidating, you know,
and restructuring the estate for your beneficiaries. We see premature
(53:12):
death all the time in this business. It is sad,
but it happens. So you need to make sure that
you and your loved ones are protected and that's what
we do on a daily basis. We try to make
sure beneficiary designations are correct on accounts. We try to
make sure the estate is in order. You have your
basic legal documents, will health care proxy, power of attorney,
(53:34):
and if you're someone that an irrevocable or revocable trust
would make sense for, we discuss those matters as well.
We have attorneys that we can set you up with
that specialize in the elder law field. So again, the
state is crucial. We've seen too many cardboard boxes come
into the office. So again, and what does that mean.
(53:55):
That means they come in with statements from all over
the place, and that that makes our job a lot
harder and your kid's job a lot harder.
Speaker 3 (54:03):
So consolidate, simplify. We're going to talk about that in
the first half hour, and then the second half hour
we'll talk a little bit about your in It's that
time of the year you need to in great tax
many with your investments. That was good.
Speaker 2 (54:26):
I like that because it's your stocking seal stressful.
Speaker 3 (54:32):
Time, Bob. Get your bonds and.
Speaker 2 (54:35):
Make sure your stocks are performing and your bonds are
kicking out coupons every month for your income. How do
you like that?
Speaker 3 (54:45):
Give me a hitch, give me something that coffee you're drinking,
Oh yeah, hitting that, hitting that moonshine for mechanical.
Speaker 2 (54:52):
You got the Jack Daniels in the in the kitchen. Yeah,
all right.
Speaker 3 (55:00):
We are back. This is Retirement Planning Show. And of
course I want to say hello to our listeners down
in the Kingston, Poughkeepsie, Newberg area. We do have an
office down there now if you want to meet with
us face to face. We have offices in Syracuse, Onyanna, Albany,
Saratoga and of course Glenn's Falls. Anything that we're discussing,
(55:20):
if you want to come in have a chat. We
do offer a complementary consultation and it's usually a good time.
We get to meet you, you get to meet us,
you get to see the type of work that we do.
We've met a lot of great people, a lot of
great people. This year probably the biggest year that we've
ever had.
Speaker 2 (55:38):
We don't have an axe to grind, No, we're here
to help you. We're a registered investment advisor. You know,
we clear through Fidelity all of our client's assets that
we manage in house or have fidelity and then we're
able to invest in anything pretty much in the market
except for speculative penny stocks. But again, ETFs from all
(55:59):
over the place mutual funds from all the different investment companies.
We don't have to just go through Fidelity, so we
can design portfolios based on the best funds that we
see fit.
Speaker 3 (56:10):
All right, let's talk about Nico, because I know that
you've heard me say this a million times.
Speaker 2 (56:14):
You want to talk about me. I do want to
talk to talk about me. You love to talk about it.
Speaker 3 (56:18):
Oh, I love you.
Speaker 2 (56:18):
I'm in a good mood today. I know what's going
on Saturday.
Speaker 3 (56:22):
And you got here early.
Speaker 2 (56:23):
I got here.
Speaker 3 (56:24):
You got to be here before me.
Speaker 2 (56:25):
Well, I've moved so now I didn't for the dolls
and whistles. I drove by your house this morning, did
you because I was going to pick you up?
Speaker 3 (56:33):
Did you too?
Speaker 2 (56:34):
No? No, no tooting. I didn't actually on your road,
but I drove by it.
Speaker 3 (56:41):
You went by the Porsche.
Speaker 2 (56:42):
Dealership I did.
Speaker 3 (56:44):
That's moving, you know, down here to really yep, the Lexus.
Speaker 2 (56:49):
There used to be a gas station right there, right.
Speaker 3 (56:52):
When I first moved there, twenty eight years ago, which
doesn't seem possible, so twenty seven years to be exact.
All right, We're going to talk about why you want
to consolidate and simplify as you get closer to the retirement,
and I've seen clients that have had helter skelter where
(57:16):
they've got money's all over God's creation. And we'll start
with number one. Why I think it's important, and that's
portfolio management. Why why you want to simplify and why?
Why is that nego.
Speaker 2 (57:31):
Helps eliminate overlap, I would say is one of the reasons.
Number two. It helps us design a portfolio to solve
for income. It makes things easier, you know, so you
don't have distributions coming from four different accounts when they're
all a pre tax you know, ira, you can consolidate
that into one and start managing it a lot easier.
You know, you don't want four chefs in the kitchen, right,
(57:53):
so you always say you it's easier to manage that
distribution based off of one account.
Speaker 3 (58:00):
Well, simplicity is your friend. Simplicity is your friend. Consolidation
and simplification is your friend during your retirement years, because
your job should be go have fun and enjoy yourself,
not worry about all the things that stress can really
push on you if things are not working out. And
(58:21):
the thing that I say is that you can't have
any too many cooks in the kitchen. There needs to
be one person, one person that's basically the captain of
the ship that's making the decisions. And I think you'll
find is that by simplifying and putting yourself in a
position where your portfolio is meeting and ensuring that your
(58:42):
investments are correctly allocated, the asset allocation in order to
facilitate your goals. Because as we're quite well aware, as
we age or income might either grow greater or less,
and typically when one of the houses passes away, you
need to do some tactical planning.
Speaker 2 (59:04):
Yeah, because you're going to lose the lower of the
two social securities. If they did a single life allowance
on their pension, you might lose that. You know, you
might have an insurance policy that pays out. How are
you going to manage that? You know a lot of
people are going right to the mortgage with it, So
if they get an insurance policy to pay off the
mortgage might not make sense, right if you have a
two and a half percent mortgage, three percent mortgage, retain
(59:25):
that money and use it for income. So so there's
there's options, you know, and retirement income distribution is huge.
That's why I think consolidation is a very important and.
Speaker 3 (59:37):
Use the guy in circus as an example. He's just
a matter of fact. They made a note here in
my notes in order to talk about it. Here's a
gentleman that had money all over God's creation. He's got
one point seven million herees got a million hereries got
four five hundred thousand here four or five hundred thousand there.
If he adds, it'll all up. He's over three million dollars.
Three million dollars. With the retirement planning group we're going
(59:58):
to be managing, is asked for sets through seventy five
basis points.
Speaker 2 (01:00:02):
Yeah, so we got break points. We never charge more
than one percent. We have no minimums, so we work
with everybody. We're here to help you, you know. And
we also need to keep the lights on at the office.
So that's how we're compensated, you know. And that's probably mentioned,
you know, nine times out of ten on the first appointment.
That's how this is how we're compensated. We also like
(01:00:23):
baked goods, so if you bring in muffins and cookies,
we won't say no to those.
Speaker 3 (01:00:27):
But cinnamon bread that I would like to try one day.
If you have cinem actually brought cinnamon raisin muffins in
the office because I was basically.
Speaker 2 (01:00:39):
English muffins.
Speaker 3 (01:00:40):
I brought them in because I was basically sticking it
to Waldo and Corkoran that you know. I'm being a
nice soldier here. I'm bringing stuff in that we can share.
So the next time that cinnamon bread shows up, please
leave me one piece.
Speaker 2 (01:00:55):
It goes quick. It was funny. I bought a bag
of those cinnamon rays and muffins the same day you
did together. They're good.
Speaker 3 (01:01:04):
Well the reason why boy buye one? We got two free? Yeah, yeah,
the price dropper yep. So I do that too, Gobble
them up.
Speaker 4 (01:01:11):
Time flies and retirement will be here before you know it.
Speaker 5 (01:01:14):
Are you ready?
Speaker 4 (01:01:16):
Don't wait until it's too weight to get your plan
in place. Dave Kopik and the team at Retirement Planning
Group are helping people just like you take control of
their financial future right now. Call eight eight eight five
eight zero nineteen nineteen today or go to rpgretire dot
com to schedule your consultation.
Speaker 5 (01:01:35):
Retirement won't wait. Why should you.
Speaker 3 (01:01:39):
We are living through the greatest wealth transfer in the
history of mankind. Trillions of dollars of wealth will change
hands from one generation to the next. Your money for
our beloved children and grandchildren. Are you ready? Your future
isn't written by chance, it's written by action. Now's the
time to build your plan, protect your assets, and position
yourself for the opportunity. Don't wait, take action. The future
(01:02:01):
favors those that are prepared. Call eighty eight five eat
zero one nine one nine. That's eighty eight five eats
zero one nine one nine.
Speaker 6 (01:02:09):
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.
(01:02:33):
Donate eleven dollars a month at T two t dot org.
That's t the number two t dot org.
Speaker 3 (01:02:40):
Retirement isn't a Sunday thing, It's a now thing. Whether
you're just starting out or nearing the finish line. The
best time to build your retirement plan is today. Don't
wait for the right moment. Let's create a plan that
works for you, secure your future and the freedom that
comes with it. Call my office today and take action.
(01:03:01):
Eight eight eight five eight zero one nine one nine.
That's eight eight eight five eight zero one nine one
nine and your future will thank you. All Right, we
are back on Dave Kopek, your host. This is a
retirement planning show talking the reason why you want to
basically button things up and simplify the process during your
(01:03:26):
retirement years. You know, we've got a thing that we
specifically say three to five years the red zone. To
start building out your plan your buckets of money. Use
a software package called e money that puts everything there
what we call your dashboard. So one of the other
things too, is that how much money do you think
is wasted because people are not managing their assets on
(01:03:49):
a tax efficiency basis?
Speaker 2 (01:03:52):
Oh, for tax purposes, yeah, per individual or do you
think like the whole book I would say, you know,
thousands of dollars.
Speaker 3 (01:04:03):
I would say thousands of dollars and individuals lose on
an annual basis because they don't manage their porfoct.
Speaker 2 (01:04:10):
And if you get off set twenty twenty five grand
and cap gains. You know, you're looking at what three
grand four grand in taxes ode?
Speaker 3 (01:04:17):
Just right there?
Speaker 2 (01:04:18):
Yeah, just on that. You know, if you sold or
if you captured some gains. I know a lot of
people are in tech. Maybe you trim some gains this year,
there might be some taxiability that's ode. But if you
get out in front of it and start looking at
the losses, maybe you had a healthcare fund in there
or something that's down, you could sell and restructure. Doesn't
mean you have to get out of the market. You
(01:04:39):
just need to switch it to a different area of
the market.
Speaker 3 (01:04:42):
So well, you know a lot of times when the
financial advisors sit down with individuals and you've got multiple statements,
you've got multiple accounts, and you've got money that's supposedly
sitting you know, it's not accounting for us to see
people that have hundreds of thousands of dollars sit in
a savings account or a money market account. Let's fine,
a dandy if you'd like to have that safety, But
(01:05:03):
what good is all that interest because it's all going
to be taxed as ordinary income.
Speaker 2 (01:05:06):
I saw an account earlier this year. It's probably six hundred,
seven hundred thousand dollars just cash. Guess how much in
short term capital gains? No idea, three hundred thousand dollars
your kid. It's like day trading. I don't know what
they were doing. It counts only up maybe fifteen sixteen
percent this year, but the tax liability is astronomical. It'll
(01:05:29):
be careful folks, especially with the short term trading fees.
That's your income level, so that's tax that your income rate,
not the capital gains rate.
Speaker 3 (01:05:36):
So well, you know, when you talk about tax efficiency,
it's easy to do it if it's consolidated. You know,
you don't have multiple tax documents, you don't have multiple
ten ninety nine s k ones, et cetera. You got
to make your life simpler. That increases the likelihood that
you're going to basically have reduction in tax liability. You know,
(01:05:56):
the problem that we see is that people are so
way way way way I'm going to say it. I'm
going to overemphasize it way way way to allocate it
with pre tax dollars rather than after tax dollars. What
do I mean by that? Four oh one K four
three B deferred compensation? Go through it you know, ultimately
that money's coming out and it's better for you to
(01:06:16):
take it out and basically leave that as a legacy
or a tax liability. I RD income respect to a decedent.
So the likelihood of working your way through that by
fragmentation is probably zero. Did none?
Speaker 2 (01:06:31):
Yeah, you gotta be careful. If you have a wrath
option in your four oh one k, start looking at it.
You know, depending how old you are and when you're
looking to retire, start building up an after tax bucket.
In the past, a lot of people their largest asset
was their house, but now I'm starting to see more
and more people come in in their four oh one
ks or are their largest asset and it's also their
largest tax liability. So be careful. I know what you're
(01:06:54):
contributing to your retirement years. You know a lot of
people say, yeah, this is fine, defer the income you're
going to being a lower tax bracket. It's not the
case for a lot of folks out there. They might
be making more in retirement, So why are you deferring
that income to a time where you're going to pay
more tax on it? So, again, does it make sense
to keep contributing to pre tax, or recognize that tax
(01:07:15):
now and allow it to grow tax free in the
retirement account. You're right, I see it all the time.
People are just so top heavy.
Speaker 3 (01:07:22):
Well, the thing is is that you know you need
to understand too, is that streamline and putting your estate
plan in order with those types of assets very complicated.
That's why Ed Slott has become a gazillionaire writing these books.
As far as the retirement planning time bomb. You know
your qualified assets. Basically, you know you don't have a
(01:07:42):
plan the government as a plan. But it's better to
have your plan the government's plan because when you least
want the distribution is when they become the greatest. And
the thing is is that when you pass the money on,
someone's going to have to pay the tax. And it's
just a question, you know, how do you ultimately want
to have your estate paid out? And you know the
(01:08:02):
state settlement is already an emotional issue. So you know,
we just lost the loved one, a father, a brother,
a sister, a mom, a aunt or whatever it may be.
You're gonna make it much more complex. I think about
Larry and his wife. The sister died and if you
know the story and then when I talk talk about it,
(01:08:23):
you'll resonate with you. Sister died, she left this huge
IRA to her sister, Larry's wife. I know, yeah, you
know what I'm talking about, right. So now they've already
had substantial income in retirement, both retired, both with pension,
both with social Security, great savers. So now they've got
(01:08:45):
this huge IRA, well over a million dollars.
Speaker 2 (01:08:50):
I'm trying to give it to and now they're.
Speaker 3 (01:08:52):
Trying to gift it away. Well you can't. I mean,
if they had had contingent beneficiaries on the account, they
could have done it because they could have disclaimed some
of the money and got it to the next generation.
Speaker 2 (01:09:04):
I had a lower tax bill to them too, there
in a lower tax bracket.
Speaker 3 (01:09:08):
And Larry's saying to me, I don't want this money.
You know, I'm paying higher Medicare and higher taxes and
I got to take the money out and all this stuff.
He's just I don't want it. You know what, she
should have came to us and had to chat with
us as far as what she wanted to do with us,
because ultimately, the way it was configured is that it
was just a massive tax liability that's going to be
(01:09:31):
laid on him and his wife, and ultimately they want
to give the money to the kids, but it's going
to be a you know, a third less at least
because of the tax concept.
Speaker 2 (01:09:41):
Mean, the nice thing was she was an eligible designated beneficiary,
so she didn't have to spend it down within ten years,
you know. But still she's got to take this R
and D based on her life expectancy now off of
it each year and she's trying to get it over
to the nieces and nephews as much as she can.
But there's a very problematic asset for them. And like
(01:10:01):
you said, it adjusts their medical care premiums, right because
you're claiming that income, So it's going to increase your
Medicare bracket or not your your IERMA, your income related
to medical adjusted expenses or.
Speaker 3 (01:10:13):
High does that go? You know, is there a cap
on that or is it just goes to the ceiling
the more money you make, I mean, it just keeps
on going up and up and up.
Speaker 2 (01:10:20):
I think the highest it pays like five hundred a
month month per individual. Yeah, it starts at like two
hundred and twenty four thousand dollars of joint income that's
starting it start. It increases from the one to eighty
five to the two one hundred and some change. Don't
quote me on that.
Speaker 3 (01:10:35):
Yeah, I mean not a lot of people are going
to fall into that. But the thing is is that
a lot of our clients do because we do have
some high network people. But you know, streamline your estate
folks understand exactly what you've created. It simplifies it for
your loved ones. Make sure that you're having some type
of interaction with your CPA, your financial team, and your
estate planning attorney. We find we just everybody that we
(01:10:58):
seem to sit down with, it was the last time
you saw your attorney after you drafted these I haven't
seen him in twelve years, or I just called them
because I hadn't talked to him in twelve years, and
you know, I wanted to see, you know, how much
more I should be doing in regards to my state plan.
You should be looking at that on an annual basis
with your financial team. So the state planning with eighty
(01:11:22):
five trillion dollars being transferred over the next twenty to
thirty years from the boomer generation to their kids and grandkids,
believe me, believe me do in your eyes, acrossing your
te's can be a very thoughtful way for you to
minimize tax liability and increase their wealth transfer.
Speaker 2 (01:11:41):
Or instead your money would be going to the government. Right,
So stop procrastinating and start coming up with a plan.
And how are you going to distribute those assets? You're
going to do it tax free or are you going
to leave a pre tax IRA account that's going to
be spent down over ten years on your current legislation. Right,
let's just say that doesn't change if you have a
trust as a beneficiary. We talk about this before the show.
(01:12:01):
That's condensed to five years of withdrawals to liquidate that
IRA account. So know the plan, know the estate, and
make sure your spouse knows as well. It's not just
you with your you know binder that you come in
and see us with what we want to see your spouse.
We want to make sure they're aware of what's happening.
And if something happened to you or your spouse, where
(01:12:23):
would those income sources come from? And what do your
assets look like? How much do you need? How much
should we disclaim to the next generation. We do a
lot of estate planning, which I think separates us from
the average Joe over here at retirement planning group.
Speaker 3 (01:12:37):
I remember the gentleman that we met with. It's Syracuse,
and I just said to them. I just looked at
him and I said, you know, this is not about
asset allocation or managing your money. This is about a plan.
You don't have a plan. You're basically you're flying by
the seat of your pants. And you know you've done
a good job. But you know, I've already showed you
(01:12:59):
that there's going to be complicated events because you're not
having this dialogue with the people that are going to
basically receive this money. He had no he did not
want to tell his kids so much money yet remember.
Speaker 2 (01:13:12):
That, Yeah, I wanted to keep it hush hush. Well,
I don't know if they want to keep it. See,
they just never It's never came up right. And if
your kids don't know what's going on, I've got a.
Speaker 3 (01:13:22):
Four million dollars stay probably a pretty good idea for
you to have a chat with your kids.
Speaker 2 (01:13:26):
It's gonna make it difficult for them if they don't
know what's going on, They're gonna have to figure it out.
Speaker 3 (01:13:31):
And then my final thought on this, as far as
you know, consolidation and simplification, It's been proven over and
over again, folks, working with a financial team basically allows
you to make better decisions. The cost of working with
the team, of course, is made up by tax reduction, simplification,
(01:13:53):
less fees paid on your investment portfolio. And it's been
proven that a trusted advisor can guide you through the
process and simplify, simplify the anxiety and stress when the
first spouse passes away and you're basically doing a wealth
replacement income plan for the surviving spouse, which is typically
(01:14:15):
who the female wife.
Speaker 2 (01:14:18):
I feel bad for a lot of people out there.
I think they get a lot of bad information.
Speaker 3 (01:14:21):
Do you know.
Speaker 2 (01:14:23):
There's great, great advisors and accountants and you know, attorneys
out there, but there's also not good ones. You know,
not great ones that know what you need and they
don't act in a fiduciary capacity. So make sure you
have a good relationship with your advisor, your account and
you need to create a team. That's something else you
(01:14:44):
said this week, I got to stop hanging out with you.
Speaker 3 (01:14:46):
I love you too, I know that you just you're
amazed by my brilliance.
Speaker 2 (01:14:50):
You're only as good as your God. There you go.
Speaker 3 (01:14:54):
You're only as good as your team, absolutely right.
Speaker 2 (01:14:57):
So if you have a good accountant, you have a
good advisor, you have a good attorney, then you should
be in good shape. Right. So again, if we could
be that advisor for you, we'd love to be. And
if we can't, we'll tell you. You know, sometimes we tell
folks we're not good for them right there, they're looking
for a different type of relationship exactly.
Speaker 3 (01:15:19):
We decided this isn't gonna work.
Speaker 2 (01:15:22):
So so again, if you want a second pair, advise,
or if you want someone to you know, sit down
with you. Maybe you've never met with an advisor. It's
very straightforward process. We just send you a packet to
help guide us in that initial conversation. Fill it out
to the best of your ability. Then we come in.
We'll sit down and start going through the situation and
see where we can help. Our number is eight eight
eight five eight zero one nine one nine. Again that's
(01:15:45):
eight eight eight five eight zero one nine one nine.
If you want to come in and have a chat,
could also visits on the web rpg retire dot com.
We're gonna take quick break. We'll be back right after this.
Speaker 3 (01:16:18):
All right, we are back. This is the Retirement Planning Show.
I'm Dave Kopeck, your hosts. We're here on the weekends
from seven am at the nine am to hopefully education
will form you on this new path that we have
in retirement. It's called personal responsibility. A lot of it
is on you, the individual. And again we want to
say hello to our listeners down at the WKP and
(01:16:41):
the Southern tier of the state renew down there. If
anything that we're discussing, you want to have a chat
with us, you can gi us a quality office eighty
eight five EAT zero one nine one nine. That's eighty
eight five eat zero one nine one nine. Or today
if you have a question, we're live in the studio.
It's one eight hundred talk to WGY. That's one eight hundred,
eight fifty nine forty nine. And believe it or not,
(01:17:03):
it's that time of year.
Speaker 2 (01:17:05):
Getting close end of the year tax planning. I think
it's huge crucial. You know, if you have non qualified
accounts IRA money coming off, that's income for you. Have
you withheld any taxes on that? How much have you taken?
How much is subject to new York State tax. You know,
start planning and really coming up with an idea because
(01:17:29):
that December thirty one, twenty twenty five deadlines approaching, yep,
pretty quickly. Before you know it, it's gonna be New Year's,
that big old ball is going to drop, and then
we're gonna be in twenty twenty six. So any last minute,
we do a lot of tax loss harvesting. Mid to
late December. A lot of those year end capital gain
(01:17:49):
distributions come out mid December early December. It's those mutual
funds that have been placing trades all year. They finally
kick out those capital gains to the shareholders, usually in December,
some kickout in June.
Speaker 3 (01:18:02):
All for non qualified accounts.
Speaker 2 (01:18:04):
For non qualified accounts, that's where it's a tax liability.
So you can go in and offset that with some
losses in the account if you have any losses. A
lot of times we go in and everything's green. So
the last few years we really haven't been able to
do too much tax loss harvest thing. But again there's
u there's ways to offset some of that tax liability
for you.
Speaker 3 (01:18:24):
And the other thing is too is that you know,
as we say consistently you know, it's not a you
set it and forget it. You know, effective retirement planning
is it's a process. It's not a one time event.
So as you get towards you know, calendar ear end,
you want to be making sure that you're assessing where
(01:18:44):
you are, not only in regards to your portfolio, but
also like you're what we what we're talking about for
people that are sixty five that are looking at their
medicare subs. You know, some of the companies are walking
away from every responsibility. You're going to have to find
a new provider. You need to review it. That's why
we're having the presentation again. I'll give it out on
(01:19:07):
November twentieth, Long Term Care and Health Insurance Crisis Crown
Plaza Hotel, which is right next to the Albany County Airport.
Five point thirty is registration. Six point thirty is the presentation.
If you want to attend, eighty eight five eight zero
one nine nine eight eight eight five eight zero one
nine one nine to register. I can't tell you this
(01:19:28):
is critical, folks, for a lot of people. You don't
want to be in a position when you're trying to
figure this out when there's fire in the basement.
Speaker 2 (01:19:36):
Yeah, I think long term care is critical. People live it.
I think that's the ones that want to have a
conversation about it have lived through it, right, They've seen
it with their parents. But for those folks that were
lucky enough not to have to deal with it with
their loved ones or their their parents or their aunt,
their uncle, you know, they're probably not aware of the
(01:19:57):
potential consequences that their estay could face. So again, I
think this presentation is going to be great. It's going
to give you options or ideas different avenues you can
go down to account for some sort of long term
care or assisted living later on in life. So call
our office eight eight eight five eight zero one nine
one nine if you want to get your name on
(01:20:17):
the list. It is filling up and we only have
a certain amount of seats, so make sure you call today,
leave a voicemail. We're not going to be there today
and Jim, we'll get back to you on Monday.
Speaker 3 (01:20:27):
The other thing is too, is that you know your
qualified plans depending on when you follow your deadline for
your taxes, your contributions. If you're doing higher raise, you
have until Abril fifteenth, HSA accounts, which we are major
advocates for health savings accounts. If you're changing over to
a high deductible plan NICO, then they become eligible for
(01:20:50):
a tax deductible contribution HSA. It's an extremely powerful tool,
not only for healthcare QUST during your pre retirement, both
for post retirement. It's I consider it to be as strong,
if not as strong as a rough IRA WROTH for
(01:21:11):
a one K, so make sure you look into that,
especially if you're going into a high deductible plan HSC.
You still got your HSI.
Speaker 2 (01:21:18):
I do and triple tax benefit as long as you
use it for qualified health expenses. Right now, the minimum
for a high deductible plan is one thousand, seven hundred
dollars for an individual, So if you're deductible is over
one thousand, seven hundred dollars, which is nothing you would
be able to contribute to a high health savings account
(01:21:38):
if you're that's for individual coverage. The deductible is three
thy four hundred dollars for family coverage. So again you
can open up an HSA and make those contributions tax
deductible and they'll grow tax free and tax free distributions
as long as you swip that debit card which you
get from Fidelity when we open Health Saves accounts when
(01:21:59):
you go to the doctor.
Speaker 3 (01:22:01):
And then don't forget too. You know this is the
time of year you hear it consistently, not only with
your financial team. Tax lost harvesting, and this involves you're
going to sell some investments that a loss to offset
any gains from other sales, which can of course lower
your overall tax bill. And I want to overemphasize this
(01:22:24):
again has nothing to do with qualified money. This is
non qualified ordinary income assets.
Speaker 2 (01:22:32):
I had a really interesting situation this year too, because
we do a lot of work with accountants. I was
able to figure out for a client that she had
a very large carryover or carry forward loss, so we
were able to diversify her individual account that she's held
for years.
Speaker 3 (01:22:50):
Because of that loss.
Speaker 2 (01:22:51):
She had about a fifty thousand dollars carry forward loss
that she's been carrying that her account told me about,
which I would have had no idea about if I
didn't to the account. So we were able to free
up I think like two hundred and fifty thousand dollars
in our portfolio to diversify it to spread it out.
I think she had a little too much international exposure,
especially with the year we had in international. I think
(01:23:12):
it was a great time to capture some of those gains.
We did it without really recognizing recognizing gains because we
use that carry forward loss to offset the gains that
I sold out of in the non qualified account.
Speaker 3 (01:23:24):
Yeah, which is yeah. And there's there's an old saying
right there. If you don't use it, you lose it.
I mean, you've got to have that completed by December
thirty first in order to basically realize what Nico just said. So,
you know, being proactive now, I mean we get busy
and we get into the holidays and we forget about stuff. Now,
it's the start. If you're looking at your portfolio, you're
(01:23:45):
talking to your team now, it's probably not a bad
idea to be looking at what where you stand as
far as gains and losses.
Speaker 2 (01:23:51):
Thanks a great time. You know, a lot of people
say it is Christmas rally. December last year was not
a good month in the markets, so it doesn't always happen.
We've seen positive gains. The Nasdaq techs up what twenty
percent this year, the SMP's up fifteen percent. You know,
I know we've seen some drawbacks or some of the
market has moved down over the last couple of weeks,
(01:24:14):
specifically AI tech docs, but again it's still not a
bad time to capture some gains or you know, diversify.
We've had a very bowl market. I think we're in
the what sixteenth year of a of a bowl market here,
so historically at the conference and Fidelity they said it
runs for about eighteen eighteen years. So how much more
do you want to play? Let's start looking at these
(01:24:35):
bonds that are offering seven percent interests eight percent interest
and you know, start collecting coupon versus you know, pedal
to the metal growth.
Speaker 3 (01:24:44):
So I think is charitable giving time of year when
people start thinking about, you know, how they want to
get deductions. If you're seventy and a half. Nico and
I were just talking about this today before we started
today's show, you can do what they call qualified charitable
distribution to satisfy your distributions off of your qualified plans
(01:25:06):
and not have it as a taxable event, which is
a huge home run.
Speaker 2 (01:25:11):
Yeah, I can go towards your required minimum distribution. If
you're someone seventy three and older. But yeah, qualified charitable I'm.
Speaker 3 (01:25:18):
Surprised they didn't move that up. He was seventy three.
They kept it at seventy and a half. You can
still do it at seventy and a half, but they
didn't mirror it to seventy three under the new R
and D rules.
Speaker 2 (01:25:28):
I just don't understand why it's not allowed at fifty
nine and a half. You know, qualified charitable donations. You
should be able to take pre tax money and throw
it towards a charity and you know, not get taxed
on it. Yeah, but again that's at seventy and a
half is when you can make these qualified charitable donations.
Speaker 3 (01:25:44):
And then of course beyond investments. It's a good time,
you know, in your financial life, if you've had a windfall,
if you're sitting down with your family a turkey time
at you know, Christmas dinner. We have a lot of
individ jewels the gift money to their loved ones, their
family this time of year. So if you're reviewing your
(01:26:06):
estate plan and you're looking at ways to reduce maybe
some of your wealth, it's what is it, nineteen thousand
dollars a year right now per individual, per individual?
Speaker 2 (01:26:18):
Yeah, so a husband can give nineteen thousand, wife could
give nineteen thousand to the child. If the child has
a spouse, you can give another nineteen thousand, another nineteen
thousand without having to report Form seven or nine. I believe.
Speaker 3 (01:26:32):
And then you know, if you're gifting to family loved ones,
you know, husband and wife. You know, nineteen thousand dollars
per individual, right, that's thirty eight times two for a
husband and wife, daughter, son in law, son in law daughter.
You know, you've got thirty eight times two. That's seventy
(01:26:55):
six thousand dollars. Multiplied by the amount of kids that
you have, that can add up to be real money.
And you know, sears, ensuring you know, quality of life,
some of the things that the kids might want to do.
It's funny. I was just thinking about this today, you know,
I was thinking about my buddy that passed away. Was
he was extremely successful, work like a dog his whole life,
(01:27:18):
and I'm saying to myself, he has all this wealth,
and I'm wondering. I'm saying to myself, I wonder if
he truly enjoyed it, you know what I mean, did
he really maximize the wealth that he that he accumulated
in his lifetime in order to put a smile on
his face.
Speaker 2 (01:27:34):
You know what I mean, Spend it, enjoy it. And
we said all the time, see too many old people
with too much money. So get in front of that,
you know, start spending it while you're young and able. Right,
So you want to be able to go out do
those things that you've envisioned for your retirement years. And
you know if the kids some people don't want to
really leave an inheritance, or the kids are very well off, right,
(01:27:57):
they've done well, they've you know, made it. They're very
successful in their careers, so they don't really need the assets.
So now start thinking of ways to enjoy those golden years.
And we say it all the time, Go go, go
go numbers eighty eight five eight zero one nine one nine,
and that's our office number eight eight eight five eight
(01:28:17):
zero one nine one nine. We're going to take our
final break and we'll be back after this short message.
Speaker 4 (01:28:32):
The biggest mistake in retirement planning waiting too long. The
sooner you start, the more options and peace of mind
you'll have. Dave Kopek and the Retirement Planning Group are
here to help you build a smart plan that grows
with you. Whether you're five years out or just getting serious,
now is the time.
Speaker 5 (01:28:50):
Don't put it off.
Speaker 4 (01:28:51):
Visit rpgretire dot com or call eight eight eight five
eight zero nineteen nineteen to schedule your consultation today.
Speaker 5 (01:28:59):
Start early, retire, better.
Speaker 3 (01:29:01):
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.
(01:29:22):
Take control of your future. Call eighty eight five eight
zero one nine one nine. That's eighty eight five eight
zero nine one nine for a free consultation.
Speaker 6 (01:29:32):
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.
(01:29:54):
Donate eleven dollars a month to Tunnel to Towers at
T two T dot org. That's T the number two
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Speaker 3 (01:30:03):
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 RPG retire dot com
(01:30:25):
to schedule your complementary consultation. Your future will say thank
you who you're back. Happy Saturday, end of year of
most folks. November eighth, Nica and I are just sitting
(01:30:47):
there kind of shaking her head. I just said, am
I going to go out and do some yard work?
And he said, are you going to put the Christmas
lights up? And I was almost like, wow, jeez, probably
not a bad idea. Well, it's warm, but we're going
to finish up here a little bit about some of
the things, you know. One of the things that we
have found for a lot of seniors, people that are
fifty five and older, assessing your insurance coverage that you
(01:31:12):
currently have, because what you have currently you might be
able to move into something else that is more suitable
for your retirement years, meaning high cash value life insurance
policies that give you more benefit later in life, and
you have the protection you had the life insurance. Something
happened to you, there would have been a wealth transfer
to your family. But now you're later in life, you're
(01:31:35):
fifty five, sixty years, you're thinking about you know, I
don't need as much wealth transfer because I've accumulated quite
a bit of money. Now, I'm just thinking about long
term care insurance. Long term care insurance, so that cash
value can be moved into another insurance policy that provides
the type of coverage that you need at this stage
(01:31:56):
of life, not what you had during your accumulation years.
Speaker 2 (01:32:00):
Yeah, so you can transfer it to a new policy
that has some sort of long term care rider attached
to it. Hybrid policies are really the only option I
would say that's out there right now that makes sense
for a lot of people. You know, traditional long term
care policies I haven't even looked at one in years
where it's just a straight long term care benefit user
or lose it. Right now, they do a death benefit
(01:32:21):
that you can access for long term care insurance, an
accelerated death benefit. So again there's hybrid policies you could
look at if you're someone that's concerned with long term care,
where you just convert it. You know, you don't always
have to just take the cash value and transfer it.
If your cost basis is higher than that cash value,
(01:32:41):
you can always liquidate it and then just purchase a
new policy. It's a replacement still, but there's paperwork to
go through, but a lot of paperwork. But again there's options.
You're not locked into the life insurance that you bought
fifteen years ago.
Speaker 3 (01:32:56):
And I think that's critical because that's one of the
things that we have found all years that I've been
doing this. Now. Don't assume that the insurance coverage that
you have now is the right type of coverage. I mean,
you should be looking at that. I'm not gonna say
every year, but every three to five years should be.
You should be looking at your insurance coverage, you know,
(01:33:16):
to access is this really what I need at this
stage of my life. You know, I had term insurance
a huge amount of well not huge, nowhere near what
I needed toward bus five hundred thousand dollars. That wouldn't
have taken care of Julie, you know, that wouldn't have
been adequate enough in order to take care of her
(01:33:37):
when I was in my go go years. So the
thing is is that now I'm at a different stage
of my life as far as the type of care
and assistance that I could possibly need, which is what home,
home care, assisted living, or a long term care facility. So,
you know, it's never an easy topic. It's never something
that people like to talk about, is getting ill or sick.
(01:33:58):
But I think when you sit down and you talk
to your financial team, tax team, and you try to
basically put a personalized plan in place for this stage
of life, it's complicated. So you want to build a
solid foundation. What is a solid foundation? You don't want
to have a lot of your money at risk. You
want to have some insurance protection to absorb some of
(01:34:19):
the shock.
Speaker 2 (01:34:20):
Yeah, even to just supplement you know, you said earlier
in the show, eighteen thousand dollars a year in New
York State a month, sorry, eighteen thousand per month, So
how are you going to count for that? If you
buy a policy that's going to pay out you know,
ten grand or eleven or twelve grand, that'll help, right,
And then you've got account for the other five six
(01:34:41):
grand that you might need, whether that's your social security,
if you have a pension, you know, there's ways to plan,
or if you have adequate amounts in your IRA, you
can start setting up a monthly distribution to help account
for that expense as well. So a lot of people
go into assisted living facilities now too. I see it
quite a bit.
Speaker 3 (01:34:59):
Or I think we should open one.
Speaker 2 (01:35:02):
I think that's a good idea.
Speaker 3 (01:35:03):
I think we should. We'll charge you got your.
Speaker 2 (01:35:06):
Half, charge yup, and we sell. There's a bunch of jello,
way more jello than the average assisted living there. There's
a lot of people going to the like senior living
or senior apartments, right, so they don't get the twenty
four hour care, but there there's people there, right.
Speaker 3 (01:35:30):
So I talk about the one out in Massachusetts. It's
like a city to itself. It's got everything you can imagine.
It's got stores and shops and beauticians and everything you
can imagine is right, there and it's all three it's
assisted living, long term care, and then they have these
small private apartments where people just want to be in
(01:35:51):
a community and be safe, you know, feel comfort, and
it's it's a it's amazing. You buy, you buy into it,
you buy into it, you pay like three four or
five hundred thousand dollars whatever it is the type of
unit that you get, and then you can basically live
there for as long as you shall live. Because if
you don't need assistant living, but you need more you know,
(01:36:14):
hands on, you need to go into a long term
care facility, they just transition you right in that that compound.
Speaker 2 (01:36:20):
The memory care facilities are expensive too. We've seen people
get quoted at twelve thirteen thousand dollars a month on
on those. So it's a lot of money. If you
don't have a plan, it's a bad plan, right, So
to get in front of it, we do a lot
of work with irrevocable trusts to start protecting some assets,
you know, non qualified money, your house, you know, those
(01:36:43):
are assets that could go into an irrevocable trust. Life
insurance if you have high cash value life insurance, that's
an asset that they will come after. You know, you
have to fill out a booklet. And I've seen these
booklets and they ask everything. You know what first two questions?
What color toenails? Do you have? Only ask everything?
Speaker 3 (01:37:01):
So you know, do you have cash value life insurance?
And do you have any non qualified annuities? If you do,
chances are there and go to the county so you know,
just a heads up. The more proactive you can be,
the more information that you have access to. You know,
I blow a horn about e money and how developed
(01:37:21):
it can possibly be integrated into your overall wealth management plan.
E Money is a software package what I call your
financial dashboard that we provide you through Fidelity. So if
any of this is resonating with you and you want
to come in and have a chat with us. As
I said, we offer a complimentary consultation at any of
(01:37:43):
our offices and you can call eighty eight five eight
zero one nine one nine. It's that time of year,
maybe you need a second opinion. Maybe you're thinking about
I've had enough, I'm going into the green pastors the retirement.
Don't do it unless you have a chat with a team,
and emphasize team, because this business is too complicated and
(01:38:03):
then again November twentieth, you want to give out those details, Nico.
Speaker 2 (01:38:07):
November twentieth at Crown Plaza formerly the Desmond, we're doing
a seminar. It starts registrations at five thirty and then
six thirty the presenters will begin speaking. We're gonna have
two one specifically talking about long term care and insurance options,
and then the other on health insurance. So two major
(01:38:29):
topics that I discuss in pretty much every single appointment
with people that come in health insurance and long term care.
So again, if you want to put your name on
the list, it's right at the Crown Plaza, the Desmond.
The numbers eight eight, eight, five, eight zero one nine
one nine. Will probably last hour and a half. I
would say two hours max. And there'll be some finger foods,
(01:38:51):
so if you're hungry, we'd ask you you eat dinner
prior or after. But again there'll be some some finger
foods to get you over the hump.
Speaker 3 (01:39:00):
A little beverage coffee, tea, and I guess bottled water
we're going to have also. But it's not for the food, folks,
it's for the content. It's for the presentation. Again, I
can't overemphasize enough. I don't think Nico can too. The
greatest risk for a lot of us is not having
adequate amounts of money. It's a health event, and we've
(01:39:22):
seen devastating situations in the years that we've been working.
I've seen some where millions of dollars have been evaporated
because of caregiving. The one woman I talked about, the
reason what motivated me to do this presentation is we
had a client that was spending forty thousand dollars a
(01:39:43):
month for her care in her home. Two caregivers.
Speaker 2 (01:39:45):
That's if you have nobody, Yeah, two.
Speaker 3 (01:39:47):
Caregivers twenty four to seven, three sixty five and all
the incidentals. It's forty thousand dollars a month.
Speaker 2 (01:39:53):
Yeah, something to facilitate your financial matters. Also nice she's
paying for like a book keeper. There's a lot of
expenses that add up if you're someone that doesn't have
someone uh that's going to step up and help with
all the expenses and you know, managing your bills and
all that, not just the care, the healthcare, right, So
(01:40:14):
there's a lot of expenses that could come up and
make sure your estate's protected and we're gonna be talking
about all that November twentieth, So get your name on
the list. Call our office eight eight eight five eight
zero one nine one nine.
Speaker 3 (01:40:28):
What are you doing today?
Speaker 2 (01:40:30):
I'm going to T Mobile. You are, Yeah, I'm gonna
go right after this. My phone, I'll be there for
five hours.
Speaker 3 (01:40:36):
My phone. I've called my wife's cousin like two times now,
like at two three o'clock in the morning. My phone
is like it's got a mind of its own. It's
doing its own thing. I don't know what's going on.
Speaker 2 (01:40:46):
I'm gonna bring your phone to No, I don't watch you.
I swear. I cannot deal with customer service. I always
I just have to go to the store. Now I
can't do.
Speaker 3 (01:40:54):
The like it used to be if you have these
things attached to or hips up. But it was good
to be here this week. Everybody be safe. I'll be
back from twelve to one to do a topic specific
show that today We're going to be talking a little
bit about know what you own. We're into some details
as far as the surprises that show up sometimes that
(01:41:15):
people think they have something and they don't necessarily have
the apple that they think that they had. But again,
i'll be back from twelve to one, and then, of course,
if we can be of assistance, it would be an
honor for us to sit down with you and Nico, myself,
my son Chris or Christopher McCarthy. We'll sit down with you.
(01:41:35):
It's one eighty eight five eight zero one nine nine.
Eighty eight five eat zero one nine one nine is
our office telephone number, and it's football time.
Speaker 2 (01:41:53):
It is my Jayhawks got beat last night?
Speaker 3 (01:41:56):
What did think? Oh?
Speaker 2 (01:41:57):
Got it, Mike? Yeah, they lost a UNC Is there
really so whatever?
Speaker 3 (01:42:02):
All right, Okay, we'll be back next week for another
retirement planning show again if we can be of assistance.
Pretty easy to give us a call at our office
eight eight eight five et zero one nine one nine.
If you want to attend the presentation at the Crown
Plaza over the twentieth same number eight eight eight five
et zero one nine one nine. Be safe and enjoy today.
Speaker 2 (01:42:29):
The information or services discussed on this show is for
informational purposes only, and it is not intended to be
personal financial advice. The investments and services offered by us
may not be suitable for all investors. If you have
any doubts as to the merits of an investment, you
should seek advice from an independent financial
The opinions, viewpoints, and promises made during the following program
are not those of w g y it's staff, management
or parent company. iHeartMedia and good Morning seven o five
here in the Capitol District.
Speaker 2 (00:21):
My name's Nicholas Dumas, a certified financial planner with the
Retirement Planning Group, and alongside me is David Kopek, president
of the Retirement Planning Group.
Speaker 3 (00:30):
Good morning, good morning, good morning, good morning, good morning,
good morning, good morning, good morning, good morning. Waking up,
waking up. We went to you know, you told me
the other night that you went to someplace, and Julie
and I went there last night.
Speaker 2 (00:51):
Emma jans Oh, Emma Jane's.
Speaker 3 (00:53):
I mean, I tell you what. The food was delicious.
Speaker 2 (00:55):
Yeah. Usually I'll get their places packed. Yeah, it is
on around the weekends. I get there pasta. They got
some chicken pasta. It's pretty good. And Kendro will do
a hamburger over there.
Speaker 3 (01:08):
I had the lobster pot pie. Wow, it was delicious,
and Juliete Crat we did the appetizers. But place is packed.
I saw a good buddy of mine's daughter, Caitlin Burdar.
It was a beautiful, beautiful child. She's working at Goldman Sacks.
(01:29):
Very excited, very excited, and so we had a nice
night out.
Speaker 2 (01:33):
We Uh, do you try pulling her over to the
dark side.
Speaker 3 (01:35):
Yeah, gonna wait, she needs to get license.
Speaker 2 (01:38):
Oh so she's she's young, she's in the industry college.
It's good to see it, you know, more folks.
Speaker 3 (01:45):
So we went to Emma Jane's and it was great.
And you know, bottom mine gets down to is that
it's obvious this guy knows what he's doing, because the
place was packed. And you know, I always like to
give compliments to people because I grew up in the
restaurant business. So if you're up next to Fred the butcher,
Emma James is right there, and I was, I was impressed.
(02:06):
I was impressed. Saw some people, Julie saw some teachers
that she worked with. So it was a nice night out,
nice night out. And uh, now we're watching the kids tonight,
Vince's kids.
Speaker 2 (02:17):
We're babysitting so they can go to Emma James.
Speaker 3 (02:20):
No, so they're up at my house in like George honeymoon.
Oh the anniversary.
Speaker 2 (02:25):
Nice. How much it cost to rent that place off?
Speaker 3 (02:29):
You a lot?
Speaker 2 (02:30):
Yeah?
Speaker 3 (02:31):
You double. I've seen in action in Boston. Wow, bmb
it for I've seen in action in Boston. That was
That was the dentists. Those are the d that was me.
I have to put you I'd have to put hazard
signs up all over the front of the yard, hazard,
Nico's and town. You ever seen the thing on TV,
(02:54):
the cartoon the Tasmanian Devil.
Speaker 2 (02:58):
Yeah, it was good time. We had a good time
in Boston.
Speaker 3 (03:01):
Yeah, I know, we learned a lot and my son
I went to betty By and you guys, you know,
I'm getting up and you guys are just coming in.
Speaker 2 (03:08):
No, No, it wasn't that bad. Ye it was. It
was a good time.
Speaker 3 (03:13):
Yeah, I don't know.
Speaker 2 (03:14):
I'm not gonna tell the listening audience what was said.
Speaker 3 (03:16):
The mayor, the Mayor of Boston. All right, a little
housekeeping before we get into today's show again. We had
to extend it again because we have so many people
signing up for this November twentieth at the Crown Plaza,
we're having a presentation. We're going to have two UH speakers,
(03:38):
one that's going to focus in on health insurance and
the other one on long term care. The topic is
long term care and health insurance crisis that we're going
through right now sticker shock. A lot of people were
starting to see what they're gonna have to pay for
twenty twenty six. Also a lot of people are looking
at what they need to do for long term care
if it happens to them in their retirement years. That
(04:00):
is really sticker shock. In the Capitol District now it's
about eighteen thousand dollars a month for a long term
care facility, as high as twenty so registrations at five
point thirty. Presentation starts at six thirty. It's at the
Crown Plaza, which is of course in the Desmond That's
how we know it. If you want to attend, you
(04:21):
should attend. You should attend this if you have concerns
over health insurance and long term care. I give out
the number a few times today eighty eight eight five
eight zero one nine one nine call reserve your seat.
We'll have well over one hundred people. Now we're going
to have well over one hundred people that will be
attending this, So it's important if you want to attend.
(04:44):
It's a big topic for a lot of people.
Speaker 2 (04:46):
It's consistently brought up throughout appointments, you know, healthcare, long
term care? What do I do? My parents are in
a facility right now. The estate is dwindling. You know,
how do I get in front of this for my children?
How do I start planning so that I'm not a
burden on the family. You know, there's options, and that's
what you know. The two individuals are going to speak
about at the Desmond. So I'm excited. I always like
(05:10):
seeing Chris present, so I've.
Speaker 3 (05:13):
Never seen him present. I've never seen Chris present. I
spoke to him. I was actually going to do the
presentation of long term care, and I said to Jimmy,
I'm gonna call it Chris and tell him. And then
I got on the phone with Chris and I called
me back and he's not I'm not going to do it.
I don't like Chris to it because he's very knowledgeable,
extremely knowledgeable.
Speaker 2 (05:30):
He knows all the If I ever have a question
about anything, he's the guy I go to. So he's
he's gonna be very informative. Again, this is just educational.
We're not out here trying to scare you. But these
are realistic numbers that we see on a daily basis.
So we see it as our job to present this
to our clients and also, you know, prospective clients that
come in. We want to make them aware of the
(05:52):
Achilles heel that can potentially train their retirement.
Speaker 3 (05:56):
Train the retirement and poverish your spouse and basically put
yourself in a position where you're going through your life
savings in order to pay for these types of services.
So again, November twentieth, long Term Care and Health Insurance Crisis.
It's held at the Crown Plaza. Registrations at five thirty.
(06:16):
Six point thirty will be the presentation. We've got some
picky food. This is not a rubber chicken dinner. We're
not going to feed you, you know, mashed potatoes and
chicken and roast beef. We've got cheese and crackers and
fruits and picky food like just finger food and just
enough to get you over the hump. So either eat
(06:38):
before or post if you need a big meal. But
it will be fun. And then at the end we'll
open it up for a question and answer, which I
think is really important because that's really where you get
specifically the questions that you're looking for. They're going to
speak forty minutes a piece. They'll have a ten minute
break in between, and then hwet a at the end.
(07:01):
So we should probably be done. Nico home a safe.
Speaker 2 (07:06):
Eight thirty, yeah, I would say, and then uh, like
Dave said, if you want to grab food beforehand or after,
you know that taco bell line might be a little
long after.
Speaker 3 (07:16):
So we saw some pizza, bring out the pizza wagon.
Speaker 2 (07:19):
We'll give out five.
Speaker 3 (07:21):
Kwasnski's got that hot dog cart that he's not usable.
We'll bring that dog the hot dogs Dougy. You know
my cousin Doug, Right, he bought a hot dog cart.
He did, Ye, he bought a hot dog cart. That's
his job for his retirement. He's gonna be go around
sell hot dogs somewhere up around Saratoga. So that's that's
sounds great outside the track, yeah, anywhere. But the problem
(07:44):
with him is that he didn't do his homework. If
you found out that when you do that and you
try to get a permit, you got to have one
of those kitchens, like a qualified.
Speaker 2 (07:54):
Kitchen inspect you yeah, health inspection.
Speaker 3 (07:58):
Yeah, the whole nine yards. So he's got this beautiful
hot the cart. I told him, So I'll give you
a deal. Give you a deal on I always like
to buy stuff from people that are in hardship or divorce.
About my house, about my jet ski about my boat,
best deals.
Speaker 2 (08:18):
I just want to want to get rid of it.
Speaker 3 (08:20):
That's how I got my first boat. My first boat
was She said, just take just take the payments over.
I said, yes, ma'am, I'll be more than happy.
Speaker 2 (08:27):
To take it off your hands.
Speaker 3 (08:29):
I'll take it off your hand.
Speaker 2 (08:31):
Do you want to get in the markets right now
or do you want to wait until the next segment.
Speaker 3 (08:34):
No, we'll wait to this. What I want to talk
about briefly is because we talked about long term care,
what's going on? You and I met with an individual
in our Syracuse office this past week that I want
to talk a little bit about that meeting because I
think it's imperative that people understand know what you own,
(08:55):
know what you own. And in this situation, she had
no idea and he had no idea what they had
purchased as far as a life insurance policy with the assumption,
with the assumption that they had long term care coverage,
and we were in the meeting, I didn't even throw it.
To be honest with the Nico came in and we
sat down and he looked at the contract in a
(09:18):
very short period of time and he says, uh, oh,
it's not a long term care policy. So we'll discuss
that when we get back the open lines. We're here,
we're live. When eight hundred talked to be Gi Dave
Kopek with Nicholas Dumas, we'll be right back.
Speaker 4 (09:47):
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control of your future. Call eighty eight five eight zero
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Speaker 6 (10:47):
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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 mediterrane and see
thanks to friends like you, Tunnel to Towers provided his
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(11:10):
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Speaker 3 (11:23):
At the Retirement Planning Group, we hope you create a
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Take action today called eight eight eight five eight zero
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(11:44):
future will say thank you. All right, we are back.
I'm Dave Kopek. This is our twenty sixth year now
on radio, my forty third year in business, which is
(12:04):
hard to believe. So a lot of water's going over
the DM. We've heard almost everything that you could possibly
hear and see in the financial services industry to say
that this is unprecedented times very depressing. I don't even
watch the news anymore. It's too depressing. I just I
(12:26):
used to watch it every night. I don't even watch
it all anymore. But I want to touch base on
a couple of things here. You know, we say over
and over again, know what you own, make sure you're
dotting your eyes and crossing your t's. And for some
people there's a thing called you know. I believe in you,
and I trust you, and I know that you're going
to send me down the right path. So we met
(12:50):
with two individuals in Syracuse, both retired teachers. Both retired teachers.
He's former military. She's been a teacher for know, well
over like thirty four years, yeah, thirty four years. And
you know, we were talking about their estate plan and
Nico came in. She showed me the policy she had.
(13:13):
She goes, this is life insurance of long term care.
It's okay, good, so you know we're going through he
has none, she does, you know, what are the ramifications
if he gets sick or ill? You know, how do
you protect the estate? And what happened?
Speaker 2 (13:28):
Yeah, So I think both of them had issues with
their insurance policies. Hers was, you know, major, because she
believed that she had long term care coverage attached to
the policy when right on the policy you could see
that there was a chronic illness writer. So in bold
letters it said this is a chronic illness writer. It
(13:49):
does not include long term care insurance. So again we
just went through and pointed that out to her. You know,
when she would qualify for that if she was on
her deathbed. You know, I think you need a certain
amount of ADLs that you can't function. You know, you
wouldn't really be able to access it for a nursing
home or long term care facility potentially. Right, So again,
(14:10):
that policy probably wouldn't pay out if she went to
a nursing home, and we just wanted to make sure
that she was aware of that, and now we're looking at,
you know, she's probably not going to have to use
that accelerated death benefit for the chronic illness rider, so
we're looking at dropping that off the contract so that
there's not as much fees she's not paying for that
(14:31):
rider that she's probably not going to utilize, and maybe
we'll just use this as a you know, some sort
of whole life or universal life policy for the death benefit.
So so again, like Dave said, know what you own.
Make sure you're aware of those life insurance policies that
you purchased and why you purchased them.
Speaker 3 (14:48):
Never good, never a bad idea of his second opinion.
Speaker 2 (14:51):
You know, we're talking about it, the life accident, health
and Insurance license. Yes, it's it's not the easiest thing
to get, but a lot of people have it out
there and they might be selling Paul that they don't
fully understand. So make sure you know and you do
your due diligence before you make that you know, annual
premium which I think she was paying what three thousand
dollars a year.
Speaker 3 (15:10):
Thirty four dollars, But it's a fairly sizeable death benefit.
It's like what three hundred and fifty.
Speaker 2 (15:15):
Thousand, It is about three hundred and sixty five thousand
dollars death benefit, and then it had that accelerated.
Speaker 3 (15:21):
Which they need for him.
Speaker 2 (15:23):
Yeah, the life insurance. That's why we didn't want to,
you know, get rid of it. It doesn't have it
doesn't have a huge cash value because I think the
policy has been getting eaten up by the fees associated
with the rider. But but again it's a sizeable death
benefit that's there for the husband. She's got the bigger
pension and social security, so that'll help account for that
because they both did single lives on their pensions, and
(15:45):
then even him, you know, I think his insurance agent
didn't do, you know, everything that he or she should
have because he had a convertible. He was able to
convert his term insurance into a whole life policy. But
he was trying to do it for two or three years,
and she wouldn't do it until finally, I think the
(16:05):
conversion was almost expiring, and then they finally converted that
to whole life.
Speaker 3 (16:10):
So it doesn't I don't even know what the hell
that thing. I'm sitting there, I'm scratching my head. I'm
saying this doesn't make sense.
Speaker 2 (16:16):
Probably could have saved him some money on premium, you know.
Speaker 3 (16:22):
And that's the other thing too, is that if you're young,
your forties and fifties, and you're looking at life insurance
and you're buying turn make sure you got the conversion
feature because you never know, you know, if you're going
to have insurability, and the conversion feature allows you to
do the conversion even if you're uninsurable, which is you know,
that's extremely important. You know, I say this all the
(16:42):
time you listen to the show. I've said it for years.
The biggest mistake I made was not to go high
enough with my death benefit. That's why I always tell
young guys like Nico and my son, you know, shoot
for the moon if they underwrite you. First of all,
term insurance at their age is so cheap because you know,
as you age you have more responsibilities than you know,
(17:03):
a million dollars just be a lot of money, not
so much anymore.
Speaker 2 (17:06):
I agree with you too on the conversion. Make sure
you look at policies that you can convert, because if
you can't qualify, you know, after your twenty year term
is up, maybe you had a health event and now
maybe developed cancer or you had a heart attack. You know,
maybe now they won't.
Speaker 3 (17:21):
Well that's his case issue.
Speaker 2 (17:23):
Yeah, exactly, So maybe they won't. You won't qualify for
life insurance at the end of that term if you
want to do some sort of whole life policy, so
that gives you the option, which I think is a
great idea.
Speaker 3 (17:35):
Dave well As I said, Okay, you know, these guys
chuckle sometimes because when I meet with the people, they said,
I've got my gun out and how many holes I
can put in your boat. But the reality is is
that you want me to put holes in your boat.
If there's no holes in your boat, then you've done
a really good job. If there's lots of holes in
(17:57):
your boat, when you sit down with us in deep dude.
Speaker 2 (18:00):
Do yeah, I'm gonna start calling you Jack Sparrow your cannons.
Speaker 3 (18:07):
I've always been kind of a you know, a Western guy,
you know, like Clint Eastwood type of dude, you know,
right into town, my big old horse in my six shooter.
Speaker 2 (18:22):
I don't see is that I was watching Yellowstone. I
think you're more of a You're more of a John Dunton.
Speaker 3 (18:31):
Like Haws and you know, what it ponder, big old hoss.
But make a long story short. You know, we're we're
seeing some things right now that are concerning to me.
And when I say that, a lot of people, I
don't think understand how important it is to basically button
(18:54):
things up. You know, understand exactly what you've created in
your lifetime as far as your overall estate. I just
lost a good friend. I just found out last night.
A good friend of mine died. They buried him yesterday,
same age as me. I was shocked when I found out.
Do you know Chris Marshan. I've heard you say the
name CGM Construction. Oh yeah, sim he died, really died.
(19:20):
They buried him yesterday Friday.
Speaker 2 (19:23):
I've heard of the company, which, yeah, I've.
Speaker 3 (19:25):
Known him for fifty years. He was best friends with
my cousin, Serge lived in Waterford. But you know, you
just you never know, and you've got to make sure
that things are buttoned up and you understand the ramifications.
You know. I say this over and over and over again,
but it's one hundred percent true. Know what happens when
the first domino drops.
Speaker 2 (19:44):
You said something that resonated the other day in Syracuse
with the last appointment there the plan, you know, you
kept saying the plan. You know, you were giving him
a B plus. Everything's great, everything looks you know, good
for your a state.
Speaker 3 (20:01):
For him because he knew where everything was.
Speaker 2 (20:03):
Yeah, but the plan as far as what happens when you.
Speaker 3 (20:07):
Pass away, nobody knows anything.
Speaker 2 (20:09):
Yeah. I mean I think he's structured, he has it
in his head. But you know, there were a few
pieces that were missing. So again we kept referring back
to the investments are probably in good shape.
Speaker 3 (20:21):
You know.
Speaker 2 (20:21):
He had his four to oh one case though, which
that was something that we could have, you know, got
into an IRA and then started doing some estate work
on that. But but again, I like that the plan,
you know, I think that's the big thing with him
is he doesn't really have a plan for the beneficiaries
of the accounts or doesn't give them any options.
Speaker 3 (20:38):
He's got long term care, his wife doesn't. He's got
a great policy through the New York State Partnership. She
has none, and he's basically you know, God is a
state set up right now, I love you planning when
he dies, everything goes to her. That's not a good plan,
especially if she gets into an extended long term care
(21:00):
event because but she's what he's basically saying is that
I think he thinks he might, but who the hell knows?
Speaker 2 (21:09):
She has the assets to solve self insurance, but how
like she needs someone to do that for her, right.
Speaker 3 (21:15):
Right when he's got the four O one k at
the old company, he's got a brokerage account, he's got
a bank account. You know, we'll talk a little bit
about that today, why it's important to consolidate and simplify
as you age, not only for your spouse but also
for your family and your loved ones. And we'll go
through some of those bullet points. But make a long
(21:35):
story short, that policy that we were just talking about,
because the woman said, well, let's get rid of this.
You know, no, you don't get rid of insurance policies.
I mean, let's try to figure out what we can
do with that policy, because you're never going to be
as young as you were, as healthy as you are.
The velocity on the money because of the age she
had for what like ten twelve years she got in
(21:57):
twenty twelve, yeah, thirteen years. So to make a long
story short, you know, you know life insurance you.
Speaker 2 (22:05):
Have, I mean she only had seventeen grand in cash value.
She's been paying thirty five hundred.
Speaker 3 (22:10):
What I'm worried about is, you know, we have to
do an in force illustration on that to see under
the current crediting method, is that thing going to stay afloat?
Because if it's eroding the.
Speaker 2 (22:21):
Cash value, that's what it seems like.
Speaker 3 (22:23):
If the cost of the insurance is getting up every year, more.
Speaker 2 (22:27):
Expensive, it could lapse.
Speaker 3 (22:29):
Statistically that that will blow up unless she throws more
money into the policy. But corkorand Jimmy will do that.
Speaker 2 (22:35):
Jimmy will basically thirty five. Yeah, so she's put forty
grand in their cash values at seventeen you know, so
that's getting eaten.
Speaker 3 (22:43):
Well, there's that writer on it.
Speaker 2 (22:45):
That's what I think is.
Speaker 3 (22:45):
Yeah, you know, that's what I think it is. But
make a long story. Sure, So we're live, we're here
in the studio. We're going to be here until nine o'clock.
We're going to be talking about some of the things
that you should be doing. I can't even believe the
folks she got, you know, like five six weeks. We're
finished with the year twenty twenty five. So we'll talk
about some of the things that you should be thinking
about and doing. Uh, year end planning, which is hard
(23:07):
to even believe that we're year in planning.
Speaker 2 (23:09):
What are you gonna get me for Christmas?
Speaker 3 (23:10):
Or you got it for you?
Speaker 2 (23:12):
What did you get me?
Speaker 3 (23:13):
You saw it? Is that the blow up down in
the truck?
Speaker 2 (23:17):
Is it where? I didn't see it yet? And I said,
apply in the back seat? Can I can I regift it?
Speaker 6 (23:28):
Sure?
Speaker 3 (23:29):
You can do whatever you want to do with it.
Speaker 2 (23:30):
McCarthy.
Speaker 3 (23:34):
Don't squeeze it too hard though I thought that was
that's right. Well you don't, well you don't keep we'll
give them McCarthy. That's it. So all right, well we
come back. We're going to talk a little bit more
about some things that you should be doing. As far
as this new workshop that we've got November twentieth, long
(23:54):
Term Care and Health Insurance Crisis Crown Plaza. That's the
Desmond as we all know it, just reasons at five
thirty presentations at six thirty eighty eight five eats zero
one nine nine eight eight eight five eats zero one
nine nine reserve you seat. I think this is a
critical workshop for a lot of you, especially if you're
dealing with health issues. If you're dealing with long term
(24:17):
care possibly issues, you want to know what's available to
you in the things that you should do in order
to protect your overall estate. So we'll be right back
after the news. Yeah, but as far as the over
(24:49):
world costs, all right, we're back. Happy Saturday, November eighth.
Speaker 2 (25:01):
Just today.
Speaker 3 (25:02):
Jeez, I can't believe. It's like time is just flying.
I mean, I say this too frequently. I don't know
if it's because of my age.
Speaker 2 (25:13):
It's the most wonderful time. I love this time of year, don't.
I don't know about you.
Speaker 3 (25:20):
When I see twenty nine yesterday morning, there's nothing I
like about twenty nine zero zip. When I see I
see my dogs go outside, usually like we're gonna want
to hang around for a while. They did their business,
and they they're like scratching at the door.
Speaker 2 (25:39):
Probably not honey, she's probably fine out.
Speaker 3 (25:42):
The yellow lab is fine. It's it's too munchkins.
Speaker 2 (25:45):
They don't get a lot of meat on their bones.
Speaker 3 (25:46):
The multipoos.
Speaker 2 (25:48):
You guys have electric blankets. I wish I did blankets. No,
you guys don't do that. Me and Kender each have
our own sit there on the couch and.
Speaker 3 (25:57):
I got my wife, it's my heated blanket.
Speaker 2 (26:00):
Yeah, woman, what a what a great woman. The Saint
Julia is the saint.
Speaker 3 (26:08):
She'd have to be.
Speaker 2 (26:09):
There was a smile on her face too. I like
when Julie's in the office.
Speaker 3 (26:14):
I know you do. She seems to spend a lot
of time in your off.
Speaker 2 (26:18):
What's going on here? Relaxed?
Speaker 3 (26:23):
All right again again, let's go through a couple of
things here. You know we're talking about know what, Joan.
I always think it's important for us to discuss things
that we see on a weekly daily basis. You know,
hopefully it resonates with you, it makes you take action.
You know, it never hurts to get a second opinion.
(26:47):
I've said this for years. A lot of times people
come in and sit down with us and we tell
them you're in great shape, you've got everything buttoned up,
and some other times we've got lots of holes in
the boat.
Speaker 2 (26:59):
It doesn't hurt take an hour out just to reassure
that you're in good shape. You know, I say it
all the time. What do you need us for?
Speaker 3 (27:06):
Then? Right?
Speaker 2 (27:07):
I don't say that all the time, but we said
that in appointment last week. You know, it seems like
they had everything figured out, so, you know, shook hands
and see you later. We'll see you later.
Speaker 3 (27:17):
Can we have our cups back?
Speaker 2 (27:18):
Yeah, leave the coffee cups and the counter on the
way out.
Speaker 3 (27:24):
We give away coffee cups, but we can't help them out.
You go leave the cups.
Speaker 2 (27:29):
But no. I would say probably ninety percent of people
out there there's something that we can help them on.
It either save them money on something like an insurance policy.
Speaker 3 (27:37):
What do you think our closing ratio is people that
come in yeah, ballpark probably, you know, I would say
eighty percent work with us.
Speaker 2 (27:46):
Yeah, I say close to that.
Speaker 3 (27:49):
This past week, just to give a heads up, you know,
some people are going to see it when we send
out our email blast our prospective clients and existing clients.
We went down to New York Tunnel to towers to
give out the check. They get the check for twenty
thousand dollars. We ended up having a beautiful lunch at
Cosmos in Newburgh, which is a phenomenal restaurant. I don't
(28:09):
know if you've ever been there or not, but if
you get a chance to go, I mean that the
food was just phenomenal and just a great organization. The
guy that we met with was a phenomenal young man, Colin,
but we will continue to support. So twenty thousand went
to Tunnel to Towers and five thousand went to the
American Cancer Society. And that's it for this year. We're
(28:32):
all buttoned up as far as our the monies that
we've donated July and I went to the American Cancer
Society the other day, yesterday, I think it was yesterday.
So it's hard to believe that, you know, we're in
November now.
Speaker 2 (28:48):
Is Georgia still there now?
Speaker 3 (28:50):
She retired. She's in Pittsburgh with her family. She wanted
to be closer to her grandchildren.
Speaker 2 (28:56):
Good for her.
Speaker 3 (28:56):
Yeah, she's a wonderful lady. She asked about us all
the time, the guy was saying, but yeah, she's just
a wonderful, wonderful woman. She's she's got a lot of
godly things that she does for people that you don't
even hear about, that she does behind the scenes.
Speaker 2 (29:15):
So they're still right here in Latham, right down on
Wade Road.
Speaker 3 (29:20):
Go down Wade Road. It's like the second or third
building on the left hand side, you know, where that
new Ford Dealership has on the main drag choice Connectedy Road,
Latham Forward, take a right on Wade right. It's the
second or third building on your lofty.
Speaker 2 (29:35):
American Cancer drove by it a couple months ago when
I was test driving those forwards, all.
Speaker 3 (29:39):
Right and barons. This weekend there's an article and I
want to read the headlines. One way to solve the
retirement savings gap increase availability of annuities in four one
K programs. If annuities are to become more broadly adopted
in four one k's, consumer education and product innovation are needed.
(30:00):
I think that's already happened.
Speaker 2 (30:03):
What's your perception as far as annuities right now in
four one ks? I think that's a good option. I
think a lot of teachers h if you have a
TIA account, then you have the option for an annuity
within those contracts. But I don't. I don't like those contracts. Uh,
the liquidity is not there. Really, I think you're gonna
(30:25):
you might see people throwing too much money into annuities
and it, you know, restricts them in retirement if they
need to access some cash. So, but I like the
idea of an annuity. Pensions are gone, you know, for
the most part, unless you're part part yeah, for a
part of your four to one k or retirement assets,
and a newity might make sense for a guaranteed income source,
(30:46):
especially if you know you don't have really strong social securities,
just something for for sleeping at night, you know that
paycheck's coming in.
Speaker 3 (30:54):
So in the article appearances too often, accumulation phase when
individuals build well for retirement, is the main focus of
retirement savings vehicles. Annuities, by contrast, provide for both. And
that's true, the accumulation and also the decumulation, where you
basically turn these assets into an income that will last
a lifetime. And I think that's important because not everybody.
(31:17):
You know, we had a guy the other guy, remember
the guy that we met with. He said, you had
mentioned something the other day. Stay in your lane, which
I say quite a bit. Stay in your lane. Don't
go outside your boundaries as far as your risk tolerance,
because that's when you're gonna get bit and things will
happen that you're not going to be happy with. And
I think that's true with annuities. I mean, people don't
(31:38):
understand that annuities are there for one purpose. In my opinion,
is to provide guaranteed income that will last a lifetime.
And they've trained so much in the last few years.
I mean, we've seen dramatic changes as far as cost.
The structure basically suspenders and a belt on a portfolio
where you can't lose any money at all. Yeah.
Speaker 2 (32:00):
I like for the accumulation fit, so you can structure
it however you want. I'd like the accumulation phase, right,
I like that being the buffer products that we talk
about occasionally, and you can get market participation with a
participation rate that's higher than what the market gets, and
also get a downside buffer protection on the downside, so
(32:22):
accumulating that and then you can always ten thirty five
it to something that's going to pay out once you're
done on the accumulation side, you know, and do some
sort of spear or something like that. But there's ways
to structure guaranteed income sources, just like a pension company does.
Speaker 3 (32:36):
So well, there's there's a lot of stuff going on
Trump's there's an executive order that he plays that basically
leads to the removal of barriers for planned fiduciaries and
the availabilities of annuities been put into four to one case,
which I think is a broader menu of options. Some
people are not subject to a good feeling about risk
(33:02):
in their retirement portfolios. And if they're in the accumulation
phase and they just see the thing keep on chugging positive,
up and up and up, I think that gives them
some self confidence that they're moving in the right direction
to leave and see see you later. Yeah, I'm going
to retire.
Speaker 2 (33:18):
And I think crypto has been another major topic that
people have been talking about, and that being implemented into
four rowing k's. You know, how's that doing. Over the
last month, crypto has been beat up. So again, you
need to be careful about what you're investing your fourrowin
K assets in. If you don't have parachutes, you know
your one hundred percent stocks, and you're a year or
(33:39):
two out from retirement, a market correction could offset it
could cause your retirement to go.
Speaker 3 (33:47):
Back twenty twenty two. Perfect example. Stock stocks are bonds.
Speaker 2 (33:52):
With fifteen twenty depending on what you were in and.
Speaker 3 (33:55):
An aggregation you were down about twenty percent.
Speaker 2 (33:58):
So you need to be careful to know what your
own annuities are an option right, and if you're someone
that has just not looked at them because they have
a bad reputation. I don't agree with that. You know,
you need to take a look and see if it
does make sense for your portfolio, and at the end
of the day, maybe it doesn't. You know, some people
come in and they've got pensions, you know, two three
(34:18):
different pensions, social security, and they say, should I be
looking at an annuity? Probably not. You know, I'd rather
have some liquidity in your account so that you can
you know, access some money because they're probably not going
to need it. Or we take a look at some
sort of life insurance for the kids, and maybe to
a spend down on your pre tax assets. So there's
a lot of different conversations. There's probably holes in your
(34:38):
ship that you have no idea are there, so start
filling them.
Speaker 3 (34:42):
Well. I like inside this articles it says basically, should
a sixty five year old be a stock picker? You know?
I mean that's really trying to generate returns that will
see them through, you know, trying to hit that home run.
I've you know, undersaved. Now I need to get ten, twelve,
fifteen percent of my portfolio, not five or six percent
(35:04):
a year. So you know, it's it's like anything else.
You need to understand the options that are available to
then you select the one that basically fits not only
for you, your family, your loved ones, your spouse. But
what I say over and over again, the more diversified
you are, the better off you're going to be and
you're going to sleep real well, real well at night.
Speaker 2 (35:26):
Depends on your risk tolerance. You know who you are
as an investor. You know, how much stocks should you own,
what do you have for guaranteed income sources? How much
risk can you absorb in the portfolio? You know, depending
on the monthly distribution you're taking off. You know, there's
a lot of conversations that you had. So but again
we always you know, we tell folks if they want
(35:47):
a sandbox account, you know, we can give them trading
access right through Fidelity. They can have a little sandbox
account that they play around with stocks. But you know,
we don't generally recommend doing that with your four O
one k I RA savings.
Speaker 3 (35:58):
Well, it's like our client that came in the other
day last week and you know, we went over their
estate plan, their investments that they I said to him,
I said, I guess we're done here. He says, Now
I want to talk about my sandbox account. Yeah, it's
a million dollar account. He just plays around with you.
(36:19):
You were in that No, I wasn't.
Speaker 2 (36:20):
I know you weren't. Oh, you weren't in that meeting, Chris,
your son was in it? Okay with you? I thought
you were in the meeting. I said, I was taking
a nap.
Speaker 3 (36:27):
I said, that's right. I forgot. That's right. You're in
the men's room. Hang around there. You hang around there.
But to make a lot, to make a long story short,
almost fall off my chair. I said, you play around
with a million dollars, just in and out, and said, yeah,
(36:47):
that's what I enjoyed doing. But the problem with him
is said, he's too concentrated in more stuff. All right,
we got to take a break. We'll come back. This
is retirement planning show of you. Any questions or comments.
It's one eight hundred talk w g Y. That's one
one hundred and eight two five fifty nine forty nine. Helload,
all of our friends down in the Kingston Poughkeepsie area, Newburgh.
We'll be right back.
Speaker 4 (37:12):
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Speaker 5 (37:23):
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Speaker 3 (39:17):
All right, we're back. Talk a little bit about the
market at the break. We're just talking about, you know,
some of the volatility that we've seen in the past week.
I mean, we've had an unbelievable ride. You know, we've
had unbelievable capital appreciation and a lot of stocks you know,
(39:37):
n video planeteer, some of them got kicked in the
teeth a little bit this past week, but still are
of an astronomical great to return over the last twelve, eighteen,
twenty four months. But there's an article in Baron's this week,
if you want to read it. The base talks about
AI and the AI stocks and how there's this little
bit of a sell off right now. Correction. The analogy
(40:02):
between the dot com bubble and this is in essence,
I'm going to try to summarize this because I don't
have the article in front of me right now, is
that there's no comparison because all of these companies have
extremely strong balance sheets, unbelievable earnings, and the money that
they're spending is basically to broaden out their potential with
(40:24):
this AI platform. And what we've seen in the financial
services business when they talk about this AI is being
just the tip of the iceberg. I can't even imagine
where we're going with AI in the very near future
because it's accelerating dramatically.
Speaker 2 (40:43):
I think it's a big, very big driver of the
economy right now. You look at markets. Apple reported great
earnings qualcom Tesla Amazon and all the earnings are up
yere over year, and you know they're progressing. You know,
profit margins are expanding because the technology driving down costs
with a lot of these companies too. And what does
that show that shows profitability and profitabilities with drives market
(41:06):
price and earnings, well, earnings per share.
Speaker 3 (41:09):
Well, you know what Wall Street's worried about. And the
other side of that coin is these major layoffs.
Speaker 2 (41:15):
Yeah, the jobs market. You know, you're starting to see layoffs, freezes,
you know, that's concerning.
Speaker 3 (41:22):
Thousands and thousands of people.
Speaker 2 (41:25):
The government shutdowns concerning you know, there's some negative negative
insurances in the market as well.
Speaker 3 (41:31):
Oll Street doesn't like uncertainty. But the bottom, Mike, it's
down to it's a point in time. If you like
the stock, you know, two three weeks ago and it's
you know, ten twelve, fifteen percent less. Uh, you know,
might be a buy an opportunity. It's just you know,
where where's your Most of our clients are not stock jockeys,
(41:53):
you know what I mean. Our clients are basically riding
the wave of retirement. They want strong dividends, incomes, dreams.
Speaker 2 (42:01):
I've got a balanced portfolio that's returned about eleven twelve
percent this year, at about fifteen.
Speaker 3 (42:08):
Ours has this year. And the reason for that, I'll
tell you, that's exactly right. You just hit the bullseye.
We're getting some capital appreciation in the fixed income market
which you and I haven't seen in a long time. Yeah,
that's the reason why. And it will continue. It will
continue as long as the Fed's got their pedal decreasing
off interest rates, not pushing them down increasing interest rates,
(42:31):
you should see more total return in bond portfolios. The
article in Barns this week about corporate bonds, high yielding
corporate bunds. You know, when we were out in that
conference in Boston, we had a meeting with Alliance Bernsteam,
which has historically been a really strong fixed income high
yield bond portfolio manager, and I said to him about
(42:54):
the white paper. Remember I asked them about the white paper.
I said, you guys used to have a white paper
that you basically came out out with the research report
that said, if you invest in high yield bonds, you'll
get stock market reach of returns after risk with fifty percent, right,
bull with fifty percent less risk. And I said this
that's the whole trudessay is absolutely yeah.
Speaker 2 (43:14):
I think now more than ever, you know, the FED
started decreasing rates. You know, we'll see consumer sentiments down too.
I think it's the lowest it has been since twenty
twenty two.
Speaker 3 (43:23):
Yep.
Speaker 2 (43:23):
So that's another driver of the market. You know, people's
confidence in it. So so again there's there's different indices
you know, you need to keep track of. And uh,
you know, bonds are doing well this year. I think
we've got some fixed income positions that are up seventy
eight percent already and we're only into November here, so
we'll see what continues. But you know, I'm optimistic. I
(43:44):
think if you have a well balanced portfolio with high yield,
you know, in the in the corporate bond space, I
think you're in a great spot. Treasuries are around three
seven three six is that what it is right now?
With the tenure one year is about three point six.
Speaker 3 (43:58):
And then there's the money market is still yielding US
A four.
Speaker 2 (44:02):
The money mark's about three point eighty five, so it's
starting to tick down a little bit. And then CD
rate it's anything, you know, it's fifteen months that you're
looking at about four percent CDs. You know, lack of
liquidity there, so that's what you get, the little benefit
and interest because there's surrender charges if you're ever to
get in and out. Money market's subject to change. You know,
it's ready to keep coming down. That's the shortest term paper,
(44:24):
so that I'll react instant well not instantaneously, but pretty quickly.
So so again, just know what you're investing in, make
sure getting the best rate. I meet with people that
have two three hundred thousand dollars sitting in a checking
account or savings account. It's not getting anything, you know.
I wanted to go back to the annuities we talked
about earlier. I forgot to bring up that there is
(44:46):
New York State insurance on those things as well. I
just remembered because we were talking about banks. They only
got about two hundred and fifty thousand per registration in
FDIC insurance, whereas New York State backs up to five
hundred thousand dollars in a in a newity contract. So
be be aware, be aware of what you own, Know
(45:06):
what the purpose of your investments are. You know, are
you in the retirement income distribution phase? Are you in
the accumulation phase. What's the point of your life insurance?
Do you have a chronic illness rider or do you
have a long term care rider? You know, we talk
about all the time. It doesn't hurt to get a
second opinion.
Speaker 3 (45:21):
So, I mean, the n AS, they could still up
about twenty percent. We're down three on the week. SMP
was down one point six, and that I was down
one point two. You know, you know, you know me.
I'm not a week to week, day to day guy
on the stock market. I'm a long term investor. But
I just think that, you know, there's just a lot,
there's just so much negativity, there's so much bad news.
(45:47):
I think, what's this thirty eight or thirty nine days
now that they shut the government down because they can't
sit down and have a chat with the Trump administration.
I mean, to me, it's just it's it's not sensical.
Speaker 2 (45:58):
But what was it one point five trillion? Yeah, they're
holding back right now.
Speaker 3 (46:02):
Yeah, It's like, you know, come on, they talk about
trillions as if we're talking about a million dollar bill.
It's just, you know, we're in deep weeds as far
as debt, thirty eight trillion dollars right now, and it's
ticking up, it's not ticking down. I mean, I don't know.
Larry Cudler doesn't seem to be overly concerned about it.
A lot of people that you talk to, some of
(46:25):
the you considered to be the minds of Wall Street,
the people that supposedly have to know. You look at
the pie. As far as our revenues that are coming
into the federal government, how much of that percentage is
for debt coverage. It's only getting bigger, it's not getting smaller.
So I think ultimately they're going to have to make
some tough decisions down there. You just can't have, you know,
(46:47):
Santa Claus type of spending. You got to have to
basically put yourself in a position where you're spending dollars
on things that make sense, common sense, And I don't
know if that's going to ever come out of Washington.
I mean, look at the I hate to bring up
a bad topic because I'm not a political animal on radio,
(47:08):
but you know, there's a lot of concern how many
people are gonna leave in New York City now with
this election from mayor. Yeah, you know, there was the
thing that The New York Post said, the twenty six
percent of the respondents of the survey said that they're
contemplating leaving New York. Twenty six percent.
Speaker 2 (47:25):
Now said I was watching the news and I know
I shouldn't, but I was watching it the other day.
Uh something something stuck stuck with me that I was
watching the GOP. Some leaders in the GOP were talking.
I think Lisa McClain came up and she said, nothing's free, right,
nothing in this world is free. You know someone's gonna
(47:47):
pay for it. So again, I think there's a lot
of political battles going on right now, and it's it's
for the right reasons.
Speaker 3 (47:55):
So well, I think, you know, no matter what side
of the aisle that you're on, whether you're an independent,
Republican or a Democrat, we should all have a common goal,
the betterment for everyone. I understand, and I've said this myself.
I think that there is a huge wealth gap. I
mean when you have I mean, all you have to
do is go down to Florida and drive A one
(48:16):
A from Miami all the way up to Palm Springs.
Just take that drive and you're going to see houses
that will just blow your eyeballs out of your head
and on the left hand side in the inner coastal,
the boats are bigger than the houses. I mean, the
amount of wealth that certain people have is just I
mean it's gushing. It's like a fire hose. And the
question becomes is there is that right? I mean, do
(48:39):
we live in a society today where there's so much
wealth should be concentrated with so few people. I mean
that was the problem when they started this country. They
were concerned about what oligarchs ye oligarchy. So when we
come back, we're going to talk about two topics, and
the second hour we're going to talk about it's that
time of year where you have to start thinking about
doing some planning. As far as you're in planning, we'll
(49:02):
talk a little bit about that. We're also going to
talk a little bit about why it's important to consolidate
and simplify. But here I go again. I'm going to
bring out my drum. Can you give me a drum beat?
You did pretty good, Just give it a boop pop
all right. On November twentieth, at the Crown Plaza, which
(49:25):
is the Desmond right next to the airport, we are
doing a presentation on the current health insurance in long
term care crisis that a lot of people are going through.
So if you want to find out what your options
are and maybe some alternative things, you can do registrations
at five thirty, presentations at six thirty November twentieth. If
(49:50):
you want to attend, it's pretty easy. Eighty eight five
eat zero one nine nine eighty eight five eight zero
one nine nine, give the off. It's a quall. You'll
leave a message and to say I want to reserve
certain amount of seats. We should have well at least
one hundred, maybe over one hundred people that will be
(50:11):
attending this, so we do have a limit how many
people we can put in. We're going to find out
what that number is probably either Monday or Tuesday from
the staff. But if you want to attend, eighty to
eight five eight zero one to nine one nine, and
you'll get some I think, very positive information and data
as far as what your solutions can be for healthcare
(50:34):
and also learn long term care planning.
Speaker 2 (50:39):
Agreed, Yeah, I agree. I think it's going to be
very informative. Again, we're not here to blow smoke and
you know, pull rabbits out of hats. We're here to
just sit down and teach you. You know what's out
there and what's available to you. Educate you. You know,
that's the main goal here. You know, the more informant
(50:59):
we can be, the better off, the better idea you
can have. So again, just come. It's at the Desmond's,
great location. I love it there. It looks like a
little town when you go inside, and I've been there
a few times. For New Year's they do a New
Year's celebration.
Speaker 3 (51:13):
So first walk in there there's a board, there's a
picture of you.
Speaker 2 (51:16):
Yeah, that's not allowed. Yeah, so I have to go
on the back door, that side door. That's why I
always go in the back door. So again, just give
us a call eight eight eight five eight zero one
nine one nine And that's eight eight eight five eight
zero one nine one nine. You can leave a message
for Jim Corcoran or Jared Yost and we'll get you
(51:38):
on the attendee list. Again, it's gonna fill up quick,
so get your name in the in the hat.
Speaker 3 (51:43):
So all right, if you're right back, This is the
Retirement Planning Show on Dave Pelpbeck with Nicolas Dumas.
Speaker 2 (52:10):
Hello, it's a retirement planning show. My name is Nicholas Dumas,
Certified Financial Planner. We're here. It's at five am. For
those of you joining us in the Southern region, Welcome.
We just started on wk IP probably a month ago.
So again, if you're listening, we're here. You can call
(52:30):
our office at eight eight eight five eight zero one
nine nine against the Retirement Planning show here every week
seven to nine am to discuss you know, pre and
post retirement planning needs, investment management, retirement, income distribution, asset protection,
state planning. Now do you have you all your ducks
(52:51):
in a row? We're getting to your end here. So
again it's November eighth. We've got about two months left
in this calendar year. Things you could do prior to
the end of twenty twenty five to help your tax
situation and also start working on simplifying, consolidating, you know,
and restructuring the estate for your beneficiaries. We see premature
(53:12):
death all the time in this business. It is sad,
but it happens. So you need to make sure that
you and your loved ones are protected and that's what
we do on a daily basis. We try to make
sure beneficiary designations are correct on accounts. We try to
make sure the estate is in order. You have your
basic legal documents, will health care proxy, power of attorney,
(53:34):
and if you're someone that an irrevocable or revocable trust
would make sense for, we discuss those matters as well.
We have attorneys that we can set you up with
that specialize in the elder law field. So again, the
state is crucial. We've seen too many cardboard boxes come
into the office. So again, and what does that mean.
(53:55):
That means they come in with statements from all over
the place, and that that makes our job a lot
harder and your kid's job a lot harder.
Speaker 3 (54:03):
So consolidate, simplify. We're going to talk about that in
the first half hour, and then the second half hour
we'll talk a little bit about your in It's that
time of the year you need to in great tax
many with your investments. That was good.
Speaker 2 (54:26):
I like that because it's your stocking seal stressful.
Speaker 3 (54:32):
Time, Bob. Get your bonds and.
Speaker 2 (54:35):
Make sure your stocks are performing and your bonds are
kicking out coupons every month for your income. How do
you like that?
Speaker 3 (54:45):
Give me a hitch, give me something that coffee you're drinking,
Oh yeah, hitting that, hitting that moonshine for mechanical.
Speaker 2 (54:52):
You got the Jack Daniels in the in the kitchen. Yeah,
all right.
Speaker 3 (55:00):
We are back. This is Retirement Planning Show. And of
course I want to say hello to our listeners down
in the Kingston, Poughkeepsie, Newberg area. We do have an
office down there now if you want to meet with
us face to face. We have offices in Syracuse, Onyanna, Albany,
Saratoga and of course Glenn's Falls. Anything that we're discussing,
(55:20):
if you want to come in have a chat. We
do offer a complementary consultation and it's usually a good time.
We get to meet you, you get to meet us,
you get to see the type of work that we do.
We've met a lot of great people, a lot of
great people. This year probably the biggest year that we've
ever had.
Speaker 2 (55:38):
We don't have an axe to grind, No, we're here
to help you. We're a registered investment advisor. You know,
we clear through Fidelity all of our client's assets that
we manage in house or have fidelity and then we're
able to invest in anything pretty much in the market
except for speculative penny stocks. But again, ETFs from all
(55:59):
over the place mutual funds from all the different investment companies.
We don't have to just go through Fidelity, so we
can design portfolios based on the best funds that we
see fit.
Speaker 3 (56:10):
All right, let's talk about Nico, because I know that
you've heard me say this a million times.
Speaker 2 (56:14):
You want to talk about me. I do want to
talk to talk about me. You love to talk about it.
Speaker 3 (56:18):
Oh, I love you.
Speaker 2 (56:18):
I'm in a good mood today. I know what's going
on Saturday.
Speaker 3 (56:22):
And you got here early.
Speaker 2 (56:23):
I got here.
Speaker 3 (56:24):
You got to be here before me.
Speaker 2 (56:25):
Well, I've moved so now I didn't for the dolls
and whistles. I drove by your house this morning, did
you because I was going to pick you up?
Speaker 3 (56:33):
Did you too?
Speaker 2 (56:34):
No? No, no tooting. I didn't actually on your road,
but I drove by it.
Speaker 3 (56:41):
You went by the Porsche.
Speaker 2 (56:42):
Dealership I did.
Speaker 3 (56:44):
That's moving, you know, down here to really yep, the Lexus.
Speaker 2 (56:49):
There used to be a gas station right there, right.
Speaker 3 (56:52):
When I first moved there, twenty eight years ago, which
doesn't seem possible, so twenty seven years to be exact.
All right, We're going to talk about why you want
to consolidate and simplify as you get closer to the retirement,
and I've seen clients that have had helter skelter where
(57:16):
they've got money's all over God's creation. And we'll start
with number one. Why I think it's important, and that's
portfolio management. Why why you want to simplify and why?
Why is that nego.
Speaker 2 (57:31):
Helps eliminate overlap, I would say is one of the reasons.
Number two. It helps us design a portfolio to solve
for income. It makes things easier, you know, so you
don't have distributions coming from four different accounts when they're
all a pre tax you know, ira, you can consolidate
that into one and start managing it a lot easier.
You know, you don't want four chefs in the kitchen, right,
(57:53):
so you always say you it's easier to manage that
distribution based off of one account.
Speaker 3 (58:00):
Well, simplicity is your friend. Simplicity is your friend. Consolidation
and simplification is your friend during your retirement years, because
your job should be go have fun and enjoy yourself,
not worry about all the things that stress can really
push on you if things are not working out. And
(58:21):
the thing that I say is that you can't have
any too many cooks in the kitchen. There needs to
be one person, one person that's basically the captain of
the ship that's making the decisions. And I think you'll
find is that by simplifying and putting yourself in a
position where your portfolio is meeting and ensuring that your
(58:42):
investments are correctly allocated, the asset allocation in order to
facilitate your goals. Because as we're quite well aware, as
we age or income might either grow greater or less,
and typically when one of the houses passes away, you
need to do some tactical planning.
Speaker 2 (59:04):
Yeah, because you're going to lose the lower of the
two social securities. If they did a single life allowance
on their pension, you might lose that. You know, you
might have an insurance policy that pays out. How are
you going to manage that? You know a lot of
people are going right to the mortgage with it, So
if they get an insurance policy to pay off the
mortgage might not make sense, right if you have a
two and a half percent mortgage, three percent mortgage, retain
(59:25):
that money and use it for income. So so there's
there's options, you know, and retirement income distribution is huge.
That's why I think consolidation is a very important and.
Speaker 3 (59:37):
Use the guy in circus as an example. He's just
a matter of fact. They made a note here in
my notes in order to talk about it. Here's a
gentleman that had money all over God's creation. He's got
one point seven million herees got a million hereries got
four five hundred thousand here four or five hundred thousand there.
If he adds, it'll all up. He's over three million dollars.
Three million dollars. With the retirement planning group we're going
(59:58):
to be managing, is asked for sets through seventy five
basis points.
Speaker 2 (01:00:02):
Yeah, so we got break points. We never charge more
than one percent. We have no minimums, so we work
with everybody. We're here to help you, you know. And
we also need to keep the lights on at the office.
So that's how we're compensated, you know. And that's probably mentioned,
you know, nine times out of ten on the first appointment.
That's how this is how we're compensated. We also like
(01:00:23):
baked goods, so if you bring in muffins and cookies,
we won't say no to those.
Speaker 3 (01:00:27):
But cinnamon bread that I would like to try one day.
If you have cinem actually brought cinnamon raisin muffins in
the office because I was basically.
Speaker 2 (01:00:39):
English muffins.
Speaker 3 (01:00:40):
I brought them in because I was basically sticking it
to Waldo and Corkoran that you know. I'm being a
nice soldier here. I'm bringing stuff in that we can share.
So the next time that cinnamon bread shows up, please
leave me one piece.
Speaker 2 (01:00:55):
It goes quick. It was funny. I bought a bag
of those cinnamon rays and muffins the same day you
did together. They're good.
Speaker 3 (01:01:04):
Well the reason why boy buye one? We got two free? Yeah, yeah,
the price dropper yep. So I do that too, Gobble
them up.
Speaker 4 (01:01:11):
Time flies and retirement will be here before you know it.
Speaker 5 (01:01:14):
Are you ready?
Speaker 4 (01:01:16):
Don't wait until it's too weight to get your plan
in place. Dave Kopik and the team at Retirement Planning
Group are helping people just like you take control of
their financial future right now. Call eight eight eight five
eight zero nineteen nineteen today or go to rpgretire dot
com to schedule your consultation.
Speaker 5 (01:01:35):
Retirement won't wait. Why should you.
Speaker 3 (01:01:39):
We are living through the greatest wealth transfer in the
history of mankind. Trillions of dollars of wealth will change
hands from one generation to the next. Your money for
our beloved children and grandchildren. Are you ready? Your future
isn't written by chance, it's written by action. Now's the
time to build your plan, protect your assets, and position
yourself for the opportunity. Don't wait, take action. The future
(01:02:01):
favors those that are prepared. Call eighty eight five eat
zero one nine one nine. That's eighty eight five eats
zero one nine one nine.
Speaker 6 (01:02:09):
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.
(01:02:33):
Donate eleven dollars a month at T two t dot org.
That's t the number two t dot org.
Speaker 3 (01:02:40):
Retirement isn't a Sunday thing, It's a now thing. Whether
you're just starting out or nearing the finish line. The
best time to build your retirement plan is today. Don't
wait for the right moment. Let's create a plan that
works for you, secure your future and the freedom that
comes with it. Call my office today and take action.
(01:03:01):
Eight eight eight five eight zero one nine one nine.
That's eight eight eight five eight zero one nine one
nine and your future will thank you. All Right, we
are back on Dave Kopek, your host. This is a
retirement planning show talking the reason why you want to
basically button things up and simplify the process during your
(01:03:26):
retirement years. You know, we've got a thing that we
specifically say three to five years the red zone. To
start building out your plan your buckets of money. Use
a software package called e money that puts everything there
what we call your dashboard. So one of the other
things too, is that how much money do you think
is wasted because people are not managing their assets on
(01:03:49):
a tax efficiency basis?
Speaker 2 (01:03:52):
Oh, for tax purposes, yeah, per individual or do you
think like the whole book I would say, you know,
thousands of dollars.
Speaker 3 (01:04:03):
I would say thousands of dollars and individuals lose on
an annual basis because they don't manage their porfoct.
Speaker 2 (01:04:10):
And if you get off set twenty twenty five grand
and cap gains. You know, you're looking at what three
grand four grand in taxes ode?
Speaker 3 (01:04:17):
Just right there?
Speaker 2 (01:04:18):
Yeah, just on that. You know, if you sold or
if you captured some gains. I know a lot of
people are in tech. Maybe you trim some gains this year,
there might be some taxiability that's ode. But if you
get out in front of it and start looking at
the losses, maybe you had a healthcare fund in there
or something that's down, you could sell and restructure. Doesn't
mean you have to get out of the market. You
(01:04:39):
just need to switch it to a different area of
the market.
Speaker 3 (01:04:42):
So well, you know a lot of times when the
financial advisors sit down with individuals and you've got multiple statements,
you've got multiple accounts, and you've got money that's supposedly
sitting you know, it's not accounting for us to see
people that have hundreds of thousands of dollars sit in
a savings account or a money market account. Let's fine,
a dandy if you'd like to have that safety, But
(01:05:03):
what good is all that interest because it's all going
to be taxed as ordinary income.
Speaker 2 (01:05:06):
I saw an account earlier this year. It's probably six hundred,
seven hundred thousand dollars just cash. Guess how much in
short term capital gains? No idea, three hundred thousand dollars
your kid. It's like day trading. I don't know what
they were doing. It counts only up maybe fifteen sixteen
percent this year, but the tax liability is astronomical. It'll
(01:05:29):
be careful folks, especially with the short term trading fees.
That's your income level, so that's tax that your income rate,
not the capital gains rate.
Speaker 3 (01:05:36):
So well, you know, when you talk about tax efficiency,
it's easy to do it if it's consolidated. You know,
you don't have multiple tax documents, you don't have multiple
ten ninety nine s k ones, et cetera. You got
to make your life simpler. That increases the likelihood that
you're going to basically have reduction in tax liability. You know,
(01:05:56):
the problem that we see is that people are so
way way way way I'm going to say it. I'm
going to overemphasize it way way way to allocate it
with pre tax dollars rather than after tax dollars. What
do I mean by that? Four oh one K four
three B deferred compensation? Go through it you know, ultimately
that money's coming out and it's better for you to
(01:06:16):
take it out and basically leave that as a legacy
or a tax liability. I RD income respect to a decedent.
So the likelihood of working your way through that by
fragmentation is probably zero. Did none?
Speaker 2 (01:06:31):
Yeah, you gotta be careful. If you have a wrath
option in your four oh one k, start looking at it.
You know, depending how old you are and when you're
looking to retire, start building up an after tax bucket.
In the past, a lot of people their largest asset
was their house, but now I'm starting to see more
and more people come in in their four oh one
ks or are their largest asset and it's also their
largest tax liability. So be careful. I know what you're
(01:06:54):
contributing to your retirement years. You know a lot of
people say, yeah, this is fine, defer the income you're
going to being a lower tax bracket. It's not the
case for a lot of folks out there. They might
be making more in retirement, So why are you deferring
that income to a time where you're going to pay
more tax on it? So, again, does it make sense
to keep contributing to pre tax, or recognize that tax
(01:07:15):
now and allow it to grow tax free in the
retirement account. You're right, I see it all the time.
People are just so top heavy.
Speaker 3 (01:07:22):
Well, the thing is is that you know you need
to understand too, is that streamline and putting your estate
plan in order with those types of assets very complicated.
That's why Ed Slott has become a gazillionaire writing these books.
As far as the retirement planning time bomb. You know
your qualified assets. Basically, you know you don't have a
(01:07:42):
plan the government as a plan. But it's better to
have your plan the government's plan because when you least
want the distribution is when they become the greatest. And
the thing is is that when you pass the money on,
someone's going to have to pay the tax. And it's
just a question, you know, how do you ultimately want
to have your estate paid out? And you know the
(01:08:02):
state settlement is already an emotional issue. So you know,
we just lost the loved one, a father, a brother,
a sister, a mom, a aunt or whatever it may be.
You're gonna make it much more complex. I think about
Larry and his wife. The sister died and if you
know the story and then when I talk talk about it,
(01:08:23):
you'll resonate with you. Sister died, she left this huge
IRA to her sister, Larry's wife. I know, yeah, you
know what I'm talking about, right. So now they've already
had substantial income in retirement, both retired, both with pension,
both with social Security, great savers. So now they've got
(01:08:45):
this huge IRA, well over a million dollars.
Speaker 2 (01:08:50):
I'm trying to give it to and now they're.
Speaker 3 (01:08:52):
Trying to gift it away. Well you can't. I mean,
if they had had contingent beneficiaries on the account, they
could have done it because they could have disclaimed some
of the money and got it to the next generation.
Speaker 2 (01:09:04):
I had a lower tax bill to them too, there
in a lower tax bracket.
Speaker 3 (01:09:08):
And Larry's saying to me, I don't want this money.
You know, I'm paying higher Medicare and higher taxes and
I got to take the money out and all this stuff.
He's just I don't want it. You know what, she
should have came to us and had to chat with
us as far as what she wanted to do with us,
because ultimately, the way it was configured is that it
was just a massive tax liability that's going to be
(01:09:31):
laid on him and his wife, and ultimately they want
to give the money to the kids, but it's going
to be a you know, a third less at least
because of the tax concept.
Speaker 2 (01:09:41):
Mean, the nice thing was she was an eligible designated beneficiary,
so she didn't have to spend it down within ten years,
you know. But still she's got to take this R
and D based on her life expectancy now off of
it each year and she's trying to get it over
to the nieces and nephews as much as she can.
But there's a very problematic asset for them. And like
(01:10:01):
you said, it adjusts their medical care premiums, right because
you're claiming that income, So it's going to increase your
Medicare bracket or not your your IERMA, your income related
to medical adjusted expenses or.
Speaker 3 (01:10:13):
High does that go? You know, is there a cap
on that or is it just goes to the ceiling
the more money you make, I mean, it just keeps
on going up and up and up.
Speaker 2 (01:10:20):
I think the highest it pays like five hundred a
month month per individual. Yeah, it starts at like two
hundred and twenty four thousand dollars of joint income that's
starting it start. It increases from the one to eighty
five to the two one hundred and some change. Don't
quote me on that.
Speaker 3 (01:10:35):
Yeah, I mean not a lot of people are going
to fall into that. But the thing is is that
a lot of our clients do because we do have
some high network people. But you know, streamline your estate
folks understand exactly what you've created. It simplifies it for
your loved ones. Make sure that you're having some type
of interaction with your CPA, your financial team, and your
estate planning attorney. We find we just everybody that we
(01:10:58):
seem to sit down with, it was the last time
you saw your attorney after you drafted these I haven't
seen him in twelve years, or I just called them
because I hadn't talked to him in twelve years, and
you know, I wanted to see, you know, how much
more I should be doing in regards to my state plan.
You should be looking at that on an annual basis
with your financial team. So the state planning with eighty
(01:11:22):
five trillion dollars being transferred over the next twenty to
thirty years from the boomer generation to their kids and grandkids,
believe me, believe me do in your eyes, acrossing your
te's can be a very thoughtful way for you to
minimize tax liability and increase their wealth transfer.
Speaker 2 (01:11:41):
Or instead your money would be going to the government. Right,
So stop procrastinating and start coming up with a plan.
And how are you going to distribute those assets? You're
going to do it tax free or are you going
to leave a pre tax IRA account that's going to
be spent down over ten years on your current legislation. Right,
let's just say that doesn't change if you have a
trust as a beneficiary. We talk about this before the show.
(01:12:01):
That's condensed to five years of withdrawals to liquidate that
IRA account. So know the plan, know the estate, and
make sure your spouse knows as well. It's not just
you with your you know binder that you come in
and see us with what we want to see your spouse.
We want to make sure they're aware of what's happening.
And if something happened to you or your spouse, where
(01:12:23):
would those income sources come from? And what do your
assets look like? How much do you need? How much
should we disclaim to the next generation. We do a
lot of estate planning, which I think separates us from
the average Joe over here at retirement planning group.
Speaker 3 (01:12:37):
I remember the gentleman that we met with. It's Syracuse,
and I just said to them. I just looked at
him and I said, you know, this is not about
asset allocation or managing your money. This is about a plan.
You don't have a plan. You're basically you're flying by
the seat of your pants. And you know you've done
a good job. But you know, I've already showed you
(01:12:59):
that there's going to be complicated events because you're not
having this dialogue with the people that are going to
basically receive this money. He had no he did not
want to tell his kids so much money yet remember.
Speaker 2 (01:13:12):
That, Yeah, I wanted to keep it hush hush. Well,
I don't know if they want to keep it. See,
they just never It's never came up right. And if
your kids don't know what's going on, I've got a.
Speaker 3 (01:13:22):
Four million dollars stay probably a pretty good idea for
you to have a chat with your kids.
Speaker 2 (01:13:26):
It's gonna make it difficult for them if they don't
know what's going on, They're gonna have to figure it out.
Speaker 3 (01:13:31):
And then my final thought on this, as far as
you know, consolidation and simplification, It's been proven over and
over again, folks, working with a financial team basically allows
you to make better decisions. The cost of working with
the team, of course, is made up by tax reduction, simplification,
(01:13:53):
less fees paid on your investment portfolio. And it's been
proven that a trusted advisor can guide you through the
process and simplify, simplify the anxiety and stress when the
first spouse passes away and you're basically doing a wealth
replacement income plan for the surviving spouse, which is typically
(01:14:15):
who the female wife.
Speaker 2 (01:14:18):
I feel bad for a lot of people out there.
I think they get a lot of bad information.
Speaker 3 (01:14:21):
Do you know.
Speaker 2 (01:14:23):
There's great, great advisors and accountants and you know, attorneys
out there, but there's also not good ones. You know,
not great ones that know what you need and they
don't act in a fiduciary capacity. So make sure you
have a good relationship with your advisor, your account and
you need to create a team. That's something else you
(01:14:44):
said this week, I got to stop hanging out with you.
Speaker 3 (01:14:46):
I love you too, I know that you just you're
amazed by my brilliance.
Speaker 2 (01:14:50):
You're only as good as your God. There you go.
Speaker 3 (01:14:54):
You're only as good as your team, absolutely right.
Speaker 2 (01:14:57):
So if you have a good accountant, you have a
good advisor, you have a good attorney, then you should
be in good shape. Right. So again, if we could
be that advisor for you, we'd love to be. And
if we can't, we'll tell you. You know, sometimes we tell
folks we're not good for them right there, they're looking
for a different type of relationship exactly.
Speaker 3 (01:15:19):
We decided this isn't gonna work.
Speaker 2 (01:15:22):
So so again, if you want a second pair, advise,
or if you want someone to you know, sit down
with you. Maybe you've never met with an advisor. It's
very straightforward process. We just send you a packet to
help guide us in that initial conversation. Fill it out
to the best of your ability. Then we come in.
We'll sit down and start going through the situation and
see where we can help. Our number is eight eight
eight five eight zero one nine one nine. Again that's
(01:15:45):
eight eight eight five eight zero one nine one nine.
If you want to come in and have a chat,
could also visits on the web rpg retire dot com.
We're gonna take quick break. We'll be back right after this.
Speaker 3 (01:16:18):
All right, we are back. This is the Retirement Planning Show.
I'm Dave Kopeck, your hosts. We're here on the weekends
from seven am at the nine am to hopefully education
will form you on this new path that we have
in retirement. It's called personal responsibility. A lot of it
is on you, the individual. And again we want to
say hello to our listeners down at the WKP and
(01:16:41):
the Southern tier of the state renew down there. If
anything that we're discussing, you want to have a chat
with us, you can gi us a quality office eighty
eight five EAT zero one nine one nine. That's eighty
eight five eat zero one nine one nine. Or today
if you have a question, we're live in the studio.
It's one eight hundred talk to WGY. That's one eight hundred,
eight fifty nine forty nine. And believe it or not,
(01:17:03):
it's that time of year.
Speaker 2 (01:17:05):
Getting close end of the year tax planning. I think
it's huge crucial. You know, if you have non qualified
accounts IRA money coming off, that's income for you. Have
you withheld any taxes on that? How much have you taken?
How much is subject to new York State tax. You know,
start planning and really coming up with an idea because
(01:17:29):
that December thirty one, twenty twenty five deadlines approaching, yep,
pretty quickly. Before you know it, it's gonna be New Year's,
that big old ball is going to drop, and then
we're gonna be in twenty twenty six. So any last minute,
we do a lot of tax loss harvesting. Mid to
late December. A lot of those year end capital gain
(01:17:49):
distributions come out mid December early December. It's those mutual
funds that have been placing trades all year. They finally
kick out those capital gains to the shareholders, usually in December,
some kickout in June.
Speaker 3 (01:18:02):
All for non qualified accounts.
Speaker 2 (01:18:04):
For non qualified accounts, that's where it's a tax liability.
So you can go in and offset that with some
losses in the account if you have any losses. A
lot of times we go in and everything's green. So
the last few years we really haven't been able to
do too much tax loss harvest thing. But again there's
u there's ways to offset some of that tax liability
for you.
Speaker 3 (01:18:24):
And the other thing is too is that you know,
as we say consistently you know, it's not a you
set it and forget it. You know, effective retirement planning
is it's a process. It's not a one time event.
So as you get towards you know, calendar ear end,
you want to be making sure that you're assessing where
(01:18:44):
you are, not only in regards to your portfolio, but
also like you're what we what we're talking about for
people that are sixty five that are looking at their
medicare subs. You know, some of the companies are walking
away from every responsibility. You're going to have to find
a new provider. You need to review it. That's why
we're having the presentation again. I'll give it out on
(01:19:07):
November twentieth, Long Term Care and Health Insurance Crisis Crown
Plaza Hotel, which is right next to the Albany County Airport.
Five point thirty is registration. Six point thirty is the presentation.
If you want to attend, eighty eight five eight zero
one nine nine eight eight eight five eight zero one
nine one nine to register. I can't tell you this
(01:19:28):
is critical, folks, for a lot of people. You don't
want to be in a position when you're trying to
figure this out when there's fire in the basement.
Speaker 2 (01:19:36):
Yeah, I think long term care is critical. People live it.
I think that's the ones that want to have a
conversation about it have lived through it, right, They've seen
it with their parents. But for those folks that were
lucky enough not to have to deal with it with
their loved ones or their their parents or their aunt,
their uncle, you know, they're probably not aware of the
(01:19:57):
potential consequences that their estay could face. So again, I
think this presentation is going to be great. It's going
to give you options or ideas different avenues you can
go down to account for some sort of long term
care or assisted living later on in life. So call
our office eight eight eight five eight zero one nine
one nine if you want to get your name on
(01:20:17):
the list. It is filling up and we only have
a certain amount of seats, so make sure you call today,
leave a voicemail. We're not going to be there today
and Jim, we'll get back to you on Monday.
Speaker 3 (01:20:27):
The other thing is too, is that you know your
qualified plans depending on when you follow your deadline for
your taxes, your contributions. If you're doing higher raise, you
have until Abril fifteenth, HSA accounts, which we are major
advocates for health savings accounts. If you're changing over to
a high deductible plan NICO, then they become eligible for
(01:20:50):
a tax deductible contribution HSA. It's an extremely powerful tool,
not only for healthcare QUST during your pre retirement, both
for post retirement. It's I consider it to be as strong,
if not as strong as a rough IRA WROTH for
(01:21:11):
a one K, so make sure you look into that,
especially if you're going into a high deductible plan HSC.
You still got your HSI.
Speaker 2 (01:21:18):
I do and triple tax benefit as long as you
use it for qualified health expenses. Right now, the minimum
for a high deductible plan is one thousand, seven hundred
dollars for an individual, So if you're deductible is over
one thousand, seven hundred dollars, which is nothing you would
be able to contribute to a high health savings account
(01:21:38):
if you're that's for individual coverage. The deductible is three
thy four hundred dollars for family coverage. So again you
can open up an HSA and make those contributions tax
deductible and they'll grow tax free and tax free distributions
as long as you swip that debit card which you
get from Fidelity when we open Health Saves accounts when
(01:21:59):
you go to the doctor.
Speaker 3 (01:22:01):
And then don't forget too. You know this is the
time of year you hear it consistently, not only with
your financial team. Tax lost harvesting, and this involves you're
going to sell some investments that a loss to offset
any gains from other sales, which can of course lower
your overall tax bill. And I want to overemphasize this
(01:22:24):
again has nothing to do with qualified money. This is
non qualified ordinary income assets.
Speaker 2 (01:22:32):
I had a really interesting situation this year too, because
we do a lot of work with accountants. I was
able to figure out for a client that she had
a very large carryover or carry forward loss, so we
were able to diversify her individual account that she's held
for years.
Speaker 3 (01:22:50):
Because of that loss.
Speaker 2 (01:22:51):
She had about a fifty thousand dollars carry forward loss
that she's been carrying that her account told me about,
which I would have had no idea about if I
didn't to the account. So we were able to free
up I think like two hundred and fifty thousand dollars
in our portfolio to diversify it to spread it out.
I think she had a little too much international exposure,
especially with the year we had in international. I think
(01:23:12):
it was a great time to capture some of those gains.
We did it without really recognizing recognizing gains because we
use that carry forward loss to offset the gains that
I sold out of in the non qualified account.
Speaker 3 (01:23:24):
Yeah, which is yeah. And there's there's an old saying
right there. If you don't use it, you lose it.
I mean, you've got to have that completed by December
thirty first in order to basically realize what Nico just said. So,
you know, being proactive now, I mean we get busy
and we get into the holidays and we forget about stuff. Now,
it's the start. If you're looking at your portfolio, you're
(01:23:45):
talking to your team now, it's probably not a bad
idea to be looking at what where you stand as
far as gains and losses.
Speaker 2 (01:23:51):
Thanks a great time. You know, a lot of people
say it is Christmas rally. December last year was not
a good month in the markets, so it doesn't always happen.
We've seen positive gains. The Nasdaq techs up what twenty
percent this year, the SMP's up fifteen percent. You know,
I know we've seen some drawbacks or some of the
market has moved down over the last couple of weeks,
(01:24:14):
specifically AI tech docs, but again it's still not a
bad time to capture some gains or you know, diversify.
We've had a very bowl market. I think we're in
the what sixteenth year of a of a bowl market here,
so historically at the conference and Fidelity they said it
runs for about eighteen eighteen years. So how much more
do you want to play? Let's start looking at these
(01:24:35):
bonds that are offering seven percent interests eight percent interest
and you know, start collecting coupon versus you know, pedal
to the metal growth.
Speaker 3 (01:24:44):
So I think is charitable giving time of year when
people start thinking about, you know, how they want to
get deductions. If you're seventy and a half. Nico and
I were just talking about this today before we started
today's show, you can do what they call qualified charitable
distribution to satisfy your distributions off of your qualified plans
(01:25:06):
and not have it as a taxable event, which is
a huge home run.
Speaker 2 (01:25:11):
Yeah, I can go towards your required minimum distribution. If
you're someone seventy three and older. But yeah, qualified charitable I'm.
Speaker 3 (01:25:18):
Surprised they didn't move that up. He was seventy three.
They kept it at seventy and a half. You can
still do it at seventy and a half, but they
didn't mirror it to seventy three under the new R
and D rules.
Speaker 2 (01:25:28):
I just don't understand why it's not allowed at fifty
nine and a half. You know, qualified charitable donations. You
should be able to take pre tax money and throw
it towards a charity and you know, not get taxed
on it. Yeah, but again that's at seventy and a
half is when you can make these qualified charitable donations.
Speaker 3 (01:25:44):
And then of course beyond investments. It's a good time,
you know, in your financial life, if you've had a windfall,
if you're sitting down with your family a turkey time
at you know, Christmas dinner. We have a lot of
individ jewels the gift money to their loved ones, their
family this time of year. So if you're reviewing your
(01:26:06):
estate plan and you're looking at ways to reduce maybe
some of your wealth, it's what is it, nineteen thousand
dollars a year right now per individual, per individual?
Speaker 2 (01:26:18):
Yeah, so a husband can give nineteen thousand, wife could
give nineteen thousand to the child. If the child has
a spouse, you can give another nineteen thousand, another nineteen
thousand without having to report Form seven or nine. I believe.
Speaker 3 (01:26:32):
And then you know, if you're gifting to family loved ones,
you know, husband and wife. You know, nineteen thousand dollars
per individual, right, that's thirty eight times two for a
husband and wife, daughter, son in law, son in law daughter.
You know, you've got thirty eight times two. That's seventy
(01:26:55):
six thousand dollars. Multiplied by the amount of kids that
you have, that can add up to be real money.
And you know, sears, ensuring you know, quality of life,
some of the things that the kids might want to do.
It's funny. I was just thinking about this today, you know,
I was thinking about my buddy that passed away. Was
he was extremely successful, work like a dog his whole life,
(01:27:18):
and I'm saying to myself, he has all this wealth,
and I'm wondering. I'm saying to myself, I wonder if
he truly enjoyed it, you know what I mean, did
he really maximize the wealth that he that he accumulated
in his lifetime in order to put a smile on
his face.
Speaker 2 (01:27:34):
You know what I mean, Spend it, enjoy it. And
we said all the time, see too many old people
with too much money. So get in front of that,
you know, start spending it while you're young and able. Right,
So you want to be able to go out do
those things that you've envisioned for your retirement years. And
you know if the kids some people don't want to
really leave an inheritance, or the kids are very well off, right,
(01:27:57):
they've done well, they've you know, made it. They're very
successful in their careers, so they don't really need the assets.
So now start thinking of ways to enjoy those golden years.
And we say it all the time, Go go, go
go numbers eighty eight five eight zero one nine one nine,
and that's our office number eight eight eight five eight
(01:28:17):
zero one nine one nine. We're going to take our
final break and we'll be back after this short message.
Speaker 4 (01:28:32):
The biggest mistake in retirement planning waiting too long. The
sooner you start, the more options and peace of mind
you'll have. Dave Kopek and the Retirement Planning Group are
here to help you build a smart plan that grows
with you. Whether you're five years out or just getting serious,
now is the time.
Speaker 5 (01:28:50):
Don't put it off.
Speaker 4 (01:28:51):
Visit rpgretire dot com or call eight eight eight five
eight zero nineteen nineteen to schedule your consultation today.
Speaker 5 (01:28:59):
Start early, retire, better.
Speaker 3 (01:29:01):
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.
(01:29:22):
Take control of your future. Call eighty eight five eight
zero one nine one nine. That's eighty eight five eight
zero nine one nine for a free consultation.
Speaker 6 (01:29:32):
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.
(01:29:54):
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 3 (01:30:03):
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 RPG retire dot com
(01:30:25):
to schedule your complementary consultation. Your future will say thank
you who you're back. Happy Saturday, end of year of
most folks. November eighth, Nica and I are just sitting
(01:30:47):
there kind of shaking her head. I just said, am
I going to go out and do some yard work?
And he said, are you going to put the Christmas
lights up? And I was almost like, wow, jeez, probably
not a bad idea. Well, it's warm, but we're going
to finish up here a little bit about some of
the things, you know. One of the things that we
have found for a lot of seniors, people that are
fifty five and older, assessing your insurance coverage that you
(01:31:12):
currently have, because what you have currently you might be
able to move into something else that is more suitable
for your retirement years, meaning high cash value life insurance
policies that give you more benefit later in life, and
you have the protection you had the life insurance. Something
happened to you, there would have been a wealth transfer
to your family. But now you're later in life, you're
(01:31:35):
fifty five, sixty years, you're thinking about you know, I
don't need as much wealth transfer because I've accumulated quite
a bit of money. Now, I'm just thinking about long
term care insurance. Long term care insurance, so that cash
value can be moved into another insurance policy that provides
the type of coverage that you need at this stage
(01:31:56):
of life, not what you had during your accumulation years.
Speaker 2 (01:32:00):
Yeah, so you can transfer it to a new policy
that has some sort of long term care rider attached
to it. Hybrid policies are really the only option I
would say that's out there right now that makes sense
for a lot of people. You know, traditional long term
care policies I haven't even looked at one in years
where it's just a straight long term care benefit user
or lose it. Right now, they do a death benefit
(01:32:21):
that you can access for long term care insurance, an
accelerated death benefit. So again there's hybrid policies you could
look at if you're someone that's concerned with long term care,
where you just convert it. You know, you don't always
have to just take the cash value and transfer it.
If your cost basis is higher than that cash value,
(01:32:41):
you can always liquidate it and then just purchase a
new policy. It's a replacement still, but there's paperwork to
go through, but a lot of paperwork. But again there's options.
You're not locked into the life insurance that you bought
fifteen years ago.
Speaker 3 (01:32:56):
And I think that's critical because that's one of the
things that we have found all years that I've been
doing this. Now. Don't assume that the insurance coverage that
you have now is the right type of coverage. I mean,
you should be looking at that. I'm not gonna say
every year, but every three to five years should be.
You should be looking at your insurance coverage, you know,
(01:33:16):
to access is this really what I need at this
stage of my life. You know, I had term insurance
a huge amount of well not huge, nowhere near what
I needed toward bus five hundred thousand dollars. That wouldn't
have taken care of Julie, you know, that wouldn't have
been adequate enough in order to take care of her
(01:33:37):
when I was in my go go years. So the
thing is is that now I'm at a different stage
of my life as far as the type of care
and assistance that I could possibly need, which is what home,
home care, assisted living, or a long term care facility. So,
you know, it's never an easy topic. It's never something
that people like to talk about, is getting ill or sick.
(01:33:58):
But I think when you sit down and you talk
to your financial team, tax team, and you try to
basically put a personalized plan in place for this stage
of life, it's complicated. So you want to build a
solid foundation. What is a solid foundation? You don't want
to have a lot of your money at risk. You
want to have some insurance protection to absorb some of
(01:34:19):
the shock.
Speaker 2 (01:34:20):
Yeah, even to just supplement you know, you said earlier
in the show, eighteen thousand dollars a year in New
York State a month, sorry, eighteen thousand per month, So
how are you going to count for that? If you
buy a policy that's going to pay out you know,
ten grand or eleven or twelve grand, that'll help, right,
And then you've got account for the other five six
(01:34:41):
grand that you might need, whether that's your social security,
if you have a pension, you know, there's ways to plan,
or if you have adequate amounts in your IRA, you
can start setting up a monthly distribution to help account
for that expense as well. So a lot of people
go into assisted living facilities now too. I see it
quite a bit.
Speaker 3 (01:34:59):
Or I think we should open one.
Speaker 2 (01:35:02):
I think that's a good idea.
Speaker 3 (01:35:03):
I think we should. We'll charge you got your.
Speaker 2 (01:35:06):
Half, charge yup, and we sell. There's a bunch of jello,
way more jello than the average assisted living there. There's
a lot of people going to the like senior living
or senior apartments, right, so they don't get the twenty
four hour care, but there there's people there, right.
Speaker 3 (01:35:30):
So I talk about the one out in Massachusetts. It's
like a city to itself. It's got everything you can imagine.
It's got stores and shops and beauticians and everything you
can imagine is right, there and it's all three it's
assisted living, long term care, and then they have these
small private apartments where people just want to be in
(01:35:51):
a community and be safe, you know, feel comfort, and
it's it's a it's amazing. You buy, you buy into it,
you buy into it, you pay like three four or
five hundred thousand dollars whatever it is the type of
unit that you get, and then you can basically live
there for as long as you shall live. Because if
you don't need assistant living, but you need more you know,
(01:36:14):
hands on, you need to go into a long term
care facility, they just transition you right in that that compound.
Speaker 2 (01:36:20):
The memory care facilities are expensive too. We've seen people
get quoted at twelve thirteen thousand dollars a month on
on those. So it's a lot of money. If you
don't have a plan, it's a bad plan, right, So
to get in front of it, we do a lot
of work with irrevocable trusts to start protecting some assets,
you know, non qualified money, your house, you know, those
(01:36:43):
are assets that could go into an irrevocable trust. Life
insurance if you have high cash value life insurance, that's
an asset that they will come after. You know, you
have to fill out a booklet. And I've seen these
booklets and they ask everything. You know what first two questions?
What color toenails? Do you have? Only ask everything?
Speaker 3 (01:37:01):
So you know, do you have cash value life insurance?
And do you have any non qualified annuities? If you do,
chances are there and go to the county so you know,
just a heads up. The more proactive you can be,
the more information that you have access to. You know,
I blow a horn about e money and how developed
(01:37:21):
it can possibly be integrated into your overall wealth management plan.
E Money is a software package what I call your
financial dashboard that we provide you through Fidelity. So if
any of this is resonating with you and you want
to come in and have a chat with us. As
I said, we offer a complimentary consultation at any of
(01:37:43):
our offices and you can call eighty eight five eight
zero one nine one nine. It's that time of year,
maybe you need a second opinion. Maybe you're thinking about
I've had enough, I'm going into the green pastors the retirement.
Don't do it unless you have a chat with a team,
and emphasize team, because this business is too complicated and
(01:38:03):
then again November twentieth, you want to give out those details, Nico.
Speaker 2 (01:38:07):
November twentieth at Crown Plaza formerly the Desmond, we're doing
a seminar. It starts registrations at five thirty and then
six thirty the presenters will begin speaking. We're gonna have
two one specifically talking about long term care and insurance options,
and then the other on health insurance. So two major
(01:38:29):
topics that I discuss in pretty much every single appointment
with people that come in health insurance and long term care.
So again, if you want to put your name on
the list, it's right at the Crown Plaza, the Desmond.
The numbers eight eight, eight, five, eight zero one nine
one nine. Will probably last hour and a half. I
would say two hours max. And there'll be some finger foods,
(01:38:51):
so if you're hungry, we'd ask you you eat dinner
prior or after. But again there'll be some some finger
foods to get you over the hump.
Speaker 3 (01:39:00):
A little beverage coffee, tea, and I guess bottled water
we're going to have also. But it's not for the food, folks,
it's for the content. It's for the presentation. Again, I
can't overemphasize enough. I don't think Nico can too. The
greatest risk for a lot of us is not having
adequate amounts of money. It's a health event, and we've
(01:39:22):
seen devastating situations in the years that we've been working.
I've seen some where millions of dollars have been evaporated
because of caregiving. The one woman I talked about, the
reason what motivated me to do this presentation is we
had a client that was spending forty thousand dollars a
(01:39:43):
month for her care in her home. Two caregivers.
Speaker 2 (01:39:45):
That's if you have nobody, Yeah, two.
Speaker 3 (01:39:47):
Caregivers twenty four to seven, three sixty five and all
the incidentals. It's forty thousand dollars a month.
Speaker 2 (01:39:53):
Yeah, something to facilitate your financial matters. Also nice she's
paying for like a book keeper. There's a lot of
expenses that add up if you're someone that doesn't have
someone uh that's going to step up and help with
all the expenses and you know, managing your bills and
all that, not just the care, the healthcare, right, So
(01:40:14):
there's a lot of expenses that could come up and
make sure your estate's protected and we're gonna be talking
about all that November twentieth, So get your name on
the list. Call our office eight eight eight five eight
zero one nine one nine.
Speaker 3 (01:40:28):
What are you doing today?
Speaker 2 (01:40:30):
I'm going to T Mobile. You are, Yeah, I'm gonna
go right after this. My phone, I'll be there for
five hours.
Speaker 3 (01:40:36):
My phone. I've called my wife's cousin like two times now,
like at two three o'clock in the morning. My phone
is like it's got a mind of its own. It's
doing its own thing. I don't know what's going on.
Speaker 2 (01:40:46):
I'm gonna bring your phone to No, I don't watch you.
I swear. I cannot deal with customer service. I always
I just have to go to the store. Now I
can't do.
Speaker 3 (01:40:54):
The like it used to be if you have these
things attached to or hips up. But it was good
to be here this week. Everybody be safe. I'll be
back from twelve to one to do a topic specific
show that today We're going to be talking a little
bit about know what you own. We're into some details
as far as the surprises that show up sometimes that
(01:41:15):
people think they have something and they don't necessarily have
the apple that they think that they had. But again,
i'll be back from twelve to one, and then, of course,
if we can be of assistance, it would be an
honor for us to sit down with you and Nico, myself,
my son Chris or Christopher McCarthy. We'll sit down with you.
(01:41:35):
It's one eighty eight five eight zero one nine nine.
Eighty eight five eat zero one nine one nine is
our office telephone number, and it's football time.
Speaker 2 (01:41:53):
It is my Jayhawks got beat last night?
Speaker 3 (01:41:56):
What did think? Oh?
Speaker 2 (01:41:57):
Got it, Mike? Yeah, they lost a UNC Is there
really so whatever?
Speaker 3 (01:42:02):
All right, Okay, we'll be back next week for another
retirement planning show again if we can be of assistance.
Pretty easy to give us a call at our office
eight eight eight five et zero one nine one nine.
If you want to attend the presentation at the Crown
Plaza over the twentieth same number eight eight eight five
et zero one nine one nine. Be safe and enjoy today.
Speaker 2 (01:42:29):
The information or services discussed on this show is for
informational purposes only, and it is not intended to be
personal financial advice. The investments and services offered by us
may not be suitable for all investors. If you have
any doubts as to the merits of an investment, you
should seek advice from an independent financial
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