Retirement Planning Show

November 29th, 2025.

Episode Transcript

Speaker 1 (00:00):
I mean an.

Speaker 2 (00:01):
The opinions, viewpoints, and promises made during the following program
are not those of wgy it's staff, management or parent company. iHeartMedia.

Speaker 3 (00:19):
All right, good morning, morning, good morning, good morning. On
a frosty soon to be December morning, November twenty night,
snow the four letter word. How were the roads when

(00:41):
you came in ash So? So, yeah, be careful because
it is slippery in spots. So if you're out about,
take your time. You got some salt, spread it around
because the sidewalks are slippery. But November, folks, is almost gone.

(01:07):
Hard to believe. I had a whole bunch of people
at the house for Thanksgiving and everybody was saying the
same thing, like, Wow, what's going on here? Why is
time going by so quickly? I don't know. I can't
answer that, but I know everybody I talked to seems
to think that time is flying flying. I have some

(01:31):
sad news this morning, especially for people that are northern
people north of Lake George. Buddy Mine called me this
morning because he knows them up early and sent me

(01:54):
a message and said, sticks and stone just burned to
the ground. So if you're familiar with stick and stones,
restaurant up in Screwing Lake Leave Exit twenty five. Uh

(02:18):
did make it burned to the ground last night. Great spot,
great food, very very sad. Believe the individuals that run
that owners are originally from Clifton Park. So if you're
out and about, you're driving around, you drive by, you're

(02:40):
not going to see too much. I guess from what
Dave said, who lives up there, that it's gone gone.
So sorry to say, that's one of our favorite spots.
Julie and I used to go up there quite a bit,
great wood fired pizza. Hopefully they're gonna reconstruct it. But

(03:04):
as we're all quite well aware, I grew up in
the restaurant business, and it ain't fun, folks. It's a
tough business. Tough, tough, tough, especially today trying to find
worker worker workers. But sorry to say, Sticks and Stones
is going he said. The fire alarm was at four
am this morning. He got in the car, went over

(03:25):
there and it was fully engulfed. You know, I always
tell you, by the grace of God, I got another
story for you today because I think it will resonate
with a lot of people. You know, I've been very
fortunate my life to have a great family surrounding me.

(03:48):
And as I got later in life, I realized how
important my family was, and you know, I started reaching
out to my cousins and having family events and parties
and visitations. You know, you're young and you're running around.
You got kids and responsibilities at baseball games and basketball games.
You really don't have a lot of downtime. But my cousin,

(04:10):
Doug and his wife Debbie, went for a trip to Ireland,
and Debbie, of course is Irish and Dougie is Polish.

(04:31):
But they went over to have a good time and
they loved it and enjoying themselves and kicking their heels up,
and time to come home. Get on the airplane, fly
back to Boston. Doug gets off the airplane, walks four
or five steps. He looks at his wife and he says,
I can't go any further, and she goes, what are

(04:56):
you talking about. She goes, yeah, he says, I got
to sit down and something's not right. So he sat
down and they called the wheelchair. Wheelchair came checked him out.
She called her niece who lived in Boston, and she goes,
you're not taking us to the car. You're taking us
right to the hospital. So I went to the hospital

(05:19):
and Doug is a very, very, very lucky man. He
had a blood clot, was alone and got bits and
pieces over the holiday. Actually the air flight, being in
the airplane possibly could have saved his life because where

(05:40):
the clot was, and I don't know all the dynamics,
but it just goes to show you that you never know,
you never know, folks, And that's why I say, this
is the time of year A lot of times when
we sit down with our family and friends and relatives,
it's Thanksgiving. We have a long weekend of us get
together starting on Wednesday, Thursday, Friday, Saturday, Sunday. I know

(06:04):
my son is flying back to Florida tomorrow, and you know,
it's a good time to have a chat because you
never know when the man's gonna call you. But bottom
line is, Doug is a very very lucky man, very
lucky man. And the thing is is that he's recuperating.

(06:28):
He's back at his home in Saratoga, and of course
we wish him a speedy recovery. But they had to
go in through his groin area and go into his
lungs and get the clad out. But he's a very
fortunate guy, very fortunate. So during this holiday time, you know,

(06:56):
we mentioned this last week when we we're doing the radio,
it's important to have conversations with your family to make
sure everybody's on the same page. But bottom line gets
down to is that you know, there's a whole hell
of a lot of money that's going to be transferred

(07:18):
over the next twenty to thirty years from my generation
to our children and our grandchildren, and leaving your children
in the dark. I'm always kind of perplexed by it
when people say, you know, I don't want to really
tell them how much wealth we have. I don't think
that's a good idea. You know, dot in your eyes

(07:38):
and crossing your t's simplifying everything is basically saying I
love you. I don't want this to be problematic. I
don't want you to go through a whole bunch of nonsense,
multiple death certificates. You know, when people hear us say that,
you know, consolidate and simplify, they say, well, the only
reason why Dave you want to do that is because
you want to, you know, get the money. No, it's

(08:01):
not we don't want to get the money. Okay, we
manage enough money. We're doing okay. I just know that
by consolidating and simplifying, it's going to make it much
easier for your loved ones, especially when you're trying to
figure out if there's going to be monies that are

(08:21):
going to pass on to the next generation, because a
lot of times, if you've done well, the surviving spouse
does not leave, need not leave, doesn't need all the
doray meat, all the money, right, So you want to
pass on some of the wealth that you've accumulated to

(08:43):
the next generation, to your charities, your endowments, whatever it
may be, and the surviving spouse should only retain what
is necessary for quality of life for a lot of reasons,
for state planning.

Speaker 1 (08:56):
Purposes, et cetera, et cetera.

Speaker 3 (08:58):
So we talk a little litle bit about that today,
But we had a pretty good, pretty good week in
the market this past week, pretty amazing. But bottom line
gets down to is that as November wraps up, you
know you're going to start hearing people their predictions for
twenty twenty six. Throw them out the window because most

(09:22):
of them are wrong. And we'll talk a little bit
about that when come back. But I'm live in the studio.
This is the Retirement Planning show you any questions or
comments one eight hundred Talk to MEGY one eight hundred
Talk WGY. Lines are open.

Speaker 4 (09:45):
Retirement might feel far off, or maybe it's just around
the corner. Either way, it's never too early to start planning.
The experienced team at Retirement Planning Group makes the process simple, straightforward,
and all about you, no pressure, smart advice. To help
you feel confident about what's next. Visit rpgretire dot com
or give them a call at eight eight eight five

(10:07):
eight zero nineteen nineteen to schedule your consultation today. That's
rpgretired dot com. Your future self well, thank you.

Speaker 3 (10:16):
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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
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(10:39):
That's eight eight eight five eight zero one nine one nine,
and your future will thank you.

Speaker 5 (10:45):
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and flying helicopters was his passion. Stephen was killed in
a Blackhawk helicopter crash over the Mediterranean Sea. Thanks to
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(11:08):
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(11:28):
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Speaker 1 (11:52):
All right, we're back.

Speaker 3 (12:02):
Best friend is an irishman that went to uh Michigan
law school and today is a big game at Michigan
Ohio State. So there'll be a lot of people watching
that one today. A lot of good football, so a

(12:27):
lot of good games. Kiffin down Old Miss is going
to make a decision today where he's going. I guess
LSU wants some pretty bad But bottom mind is is
that no matter where he if he stays at Little Miss,
goes to LSU, it's a multi mil day. It's like

(12:49):
one hundred million dollars he's looking at as far as compensation,
So he'll be all right. No matter where he goes,
he'll be okay. But getting back to the markets, you know,
last week I spent a lot of time out of
the office last week doing a little quality time with
my wife and family and kids flying in. But it

(13:13):
was a good week. We had a good week in
the markets. And you know, there's you know this all
this fear, I think a little bit is dissipating. But
for the week, the Dow was up three point two
s and P was up three point seven and the
Nasdaq was up almost five percent for the week. For

(13:34):
the week, And as we start wrapping up the year
twenty and twenty five, don't listen to the guys that
are going to have all the predictions for twenty and
twenty six because as I said, they have no idea
what the hell they're talking about. And if you look
at their track records, they prove it right that they

(13:57):
make these guestimates as far as what's going to happen.
But as you navigate the landscape, how does that sound?
As you navigate the landscape, you know you have to
look at what's happening, not only domestically but globally.

Speaker 1 (14:11):
You know, there is a major concern over the.

Speaker 3 (14:15):
Last couple of months with what AI valuation concerns. But
as like anything else, right, diversification is your friend. The
markets are resilient and strong, equity gains, right, I think

(14:35):
I think are fading away right with the recession fears, right,
I don't think anybody is worried about recession anymore. So
I think twenty twenty six, with what's happening, and I

(14:57):
look at it. You know, I'm a fundamentalist, you know,
I'm not a technician. I look at the fundamentals and
I tell you know, it's like, you know, tell me
a little bit of the backdrop of what's going on,
and we'll see where we stand. But I think twenty
twenty six, with a couple of things, acceleration of earnings,
the mother's milk right of the stock market, lower interest rates,

(15:23):
and tax policies that are being implemented that get some
of the burden off of our backs provides, in my opinion, optimism.
And we've had a pretty good run here over the
last three years. I don't have to tell anybody that's
been an equity investor that you've got some probably some

(15:45):
nice gains not only in individual stocks, but also with
your indices and also with portfolios. But it's also a
good time for you to sit down with your financial team.
As I say over and over again, make sure your
positioned properly for twenty twenty six. You know, things change
when you got to start taking income off of portfolio.

(16:09):
Things change when you got to start taking distributions off
the money that you've accumulated over those thirty forty fifty
years that you've been working. So make sure you understand that.
And as I said over and over again, there's I
think there's a lot of things to be in my
opinion optimistic. I always believe that when the market sells off,

(16:35):
it's also an opportunity for us to look at, you know,
our shopping list. There are some things right now that
I think are you know, pretty attractive as far as
you know, dipping your toe in the water. There's still
a lot of money, seven trillion dollars sitting on the sidelines.

Speaker 1 (16:56):
You know.

Speaker 3 (16:56):
I think that the AI investment is one that will
change the world.

Speaker 1 (17:04):
I've said that to you. I've seen.

Speaker 3 (17:07):
Presentations, specifically the one that I had in Boston with Fidelity,
on how AI is going to change our business, the
financial services business. And not only will it reshape our business,
but it's going to reshape a lot of things, folks.
And you know, the thing is like anything else. There

(17:29):
was a lot of horses out there. When the car came,
you got the wheel and you got the engine. Everybody's
worried about what's gonna happen to all the horses. Well,
you know what, things change, You have to adapt. Uncertainty
sometimes creates opportunity, and for people that can see through
to the next side, creates opportunities. And I believe that

(17:52):
AI is going to not only change the world that
we live in today, but I think it's going to
be a catalyst for a lot of new businesses. They
say that AI is going to change healthcare. I saw
a presentation I talked about this last week and had
a woman called me and she wanted to know, you know,

(18:14):
where I saw the presentation. She wanted to see if
you know, she could watch it. And I said to her,
I said, the thing is is that you know, going
to a doctor's office just for some basic stuff. Now,
when you have the capability of basically talking to the doctor,
a lot of your data, a lot of your information

(18:34):
can be exchanged right over the internet. It's going to
be a catalyst for you know, in my opinion, for
better health care. Who the hell wants to go to
the doctor's office and sit there for an hour and
a half before you even get in the door to
see the doctor? Always figure it out. I mean, if
I did that, I'd be I'd be out of business
in a very short period of time. I used to

(18:54):
always tease my doctor, Steve. I used to say to them,
you know, if I do business like you, I'd be
out of business. You know, your appointment's at three o'clock,
four fifteen, and I'm just sitting in the room and
I gotta wait for you for another half an hour
because you're bsing and you're jerking around with somebody else
next door, and I think it's gonna something. You know,

(19:16):
are you gonna find a lot of people say yeah,
I like that idea. I got an appointment of three fifteen.
It's gonna be three fifteen when the doctor gets on
the screen. So the AI trade, I think remains intact.
That's my personal feeling. And I think you're going to
see more market leadership in AI and I think it's

(19:38):
going to broaden, So you know, I think it's a
great opportunity for the young people, people that are in
the financial markets. I think you're gonna start seeing changes.
We're already seeing it. In our office. We're in the
process of getting and we just had a news offer

(20:00):
package that we just got.

Speaker 1 (20:03):
From.

Speaker 3 (20:03):
Now we're getting another one, the layer on top of
the one that we have to give us more bills
and whistles. So bottom line gets down to is that
this new world that we live in, as far as technology,
you better embrace it. It's like anything else because the

(20:24):
train ain't is stopping right, Get on the train, go
for the ride, or get off and try to figure
out how you could basically still be sticks and stones
and all the other stuff that you're you know, still
trying to stay back in the dinosaur age. We've seen
so much change. I was saying this the other day

(20:46):
to a buddy mine and we're just shooting the breeze
and having a chat and talk to him for quite
a while, and I said, if you think about I
got out of high school in nineteen seventy three, and
we've seen so much. You know, when I first got
in this business, the Dow broke two thousand for the
very first time. Nineteen eighty two, nineteen eighty two, I

(21:13):
believe the Dow broke two thousand for the very first time.
Oh my god, you know, oh god, we're breaking two thousand.
It's just it just goes to show is that, you know,
stay focused, understand that change, embrace it because you're not

(21:35):
going to be able to stop. Because productivity is the
name of the game now. Cost cutting is the name
of the game. Now.

Speaker 1 (21:45):
Supply chain is the name of the game. Now.

Speaker 3 (21:50):
Right, that's where we are. I saw a thing the
other day. The automation process at Amazon at one of
their warehouses blows me away. Blows me away as far
as the technology that they have in these warehouses and
all these packages. My wife needed shower heads for our

(22:12):
house because the ones that we had were just horrible.
She goes online orders three shower heads, and the next
day in the box on the front porch is three
shower heads. I mean, I'm still like flabbergasted by this

(22:33):
technology that we now have. So here is my little
tidbit about the markets, because we don't really talk about
the markets on the day to day, month to month basis.
We're all long term investors at the RPG Retirement But
you know, we've navigated a pretty complex landscape over the

(22:55):
past few years. You know, there's been valuation concerns, there's
been global uncertainty, right, but there's resilience the market. I
always say this, the markets are resilient. And when you
look at some of these strong equity gains and you
look at what's happening with interest rates, you know, I

(23:19):
think in all in all honesty, I think twoenty and
twenty six shapes up to be a pretty good year.

Speaker 1 (23:29):
You know, we've had back to.

Speaker 3 (23:30):
Back gains here over the last three years, you know,
twenty three, twenty four, twenty five. Now we're going into
twenty six. So let's see what happens. Diversify, let the
you know, opportunities present themselves. Markets continue to offer opportunities

(23:52):
on the fixed income side and on the equity side.
And as I said, growth, earnings growth is the mother
milk of the markets. And you know Wall Street's looking
at twelve to fifteen percent earnings growth. That should drive equity. So,

(24:13):
as I said, last week, we had a really good week.
Dow was up three, SAP was up almost four, Nasdaq
was up almost five. Stay invested, folks, stay invested.

Speaker 1 (24:27):
We'll be back. I'm Dave Kopek.

Speaker 3 (24:29):
This is a retirement planning show.

Speaker 1 (24:53):
All right.

Speaker 3 (24:56):
Those two squirrels, Ashley and David are here at the studio.
Did you go home? You did go home down to Poughkeepsie, Yeah,
oh yeah. As she went home for her turkey turkey dinner.
Did you do turkey? Oh yeah, we did turkey and ham.

(25:19):
And of course my wife is unbelievable.

Speaker 1 (25:23):
Ah she does it. I really don't. The saint made
a spectacular dinner. Again.

Speaker 3 (25:35):
Everything about my Julia's family F A, M, I L. Y.
Everything else is just whatever. Well, she's got enough money
to pay the bills, and she's got her family. She's
a happy, happy girl. I guess that's the way it
should be. You know, Cianna one again and I've seen
them play this year.

Speaker 1 (25:56):
I went down.

Speaker 3 (25:57):
I saw two games, and they should have bet Colgate
in my opinion. The one kid thought he was metal
lark lemon, dribbling around like I. You know, I couldn't
understand why he was doing what he was doing. And
I just said keptain saying get the ball down low,
because they really have some horses down low. Sianna has

(26:21):
got some good ballplayers. This freshman out of Maryland, he's
going to be unbelievable.

Speaker 1 (26:28):
Unbelievable.

Speaker 3 (26:30):
But there's five and two. Sianna's five and two. They
went again last night and they got another game today
against the American Eagles, whoever they are even know who
they are. But I think Sienna is going to surprise
a lot of people. That's my prediction is that Sienna
will do better than what a lot of people think.

(26:50):
And I think Jerry's doing a hell of a job.
That easy getting kids, that easy, getting kids unless you
got some doray me. You know, Nil is changing sports,
and I think to the worse, not to the better.
You know, when you get a college education, you get housing,
you get food, and you might have a few bucks

(27:10):
in your pocket. You know, that's a whole hell of
a lot of money right there. But now you've got
to pay these kids, you know, the top talent, the
top talent. These kids are getting millions and millions of dollars,
millions at eighteen nineteen.

Speaker 1 (27:23):
Years of age, which I just think is just foolish.
What's going to happen.

Speaker 3 (27:30):
You're gonna have ten, twelve, fifteen teams that will consistently
vue for the title because the other schools can't afford
to do it, so they're might You know, I said this,
I don't know a few weeks ago, and I think
what's going to happen is that there's going to have
to be some kind of restriction or cap or there's

(27:55):
going to have to be you know, the haves versus
the have nots. Instead of Division one, you got Division
one ABC based off of nil dollars, and then they
can go they can transfer every year, get eight million,
this year, eight million, next year eight million, eight million.

(28:15):
You know, it adds up to be real money. My
son yesterday, David Michael is home from Tampa said you
got to watch this show, and we sat down to watch.

Speaker 1 (28:35):
It on ESPN. It was in ESPN.

Speaker 3 (28:40):
It's called The Cocaine Quarterback, about this kid from USC
that made the team as a walk on. And I
won't give you all the details of the but if
you get a chance to watch it, it's pretty amazing.
This guy ended up working for the cartel, being a

(29:02):
huge distributor of drugs, and the story in itself is
just unbelievable about how this kid he started as a
volleyball player at USC and ended up getting hooked into
steroids and stuff which led him into drugs, and it's
just an unbelievable story. I think there's three We watched

(29:27):
all three parts yesterday. The money, the money in sports
today is just it. It's even hard to comprehend. It's
even hard to comprehend the type of money that's being

(29:48):
pushed out the doors to these young adults, millions and
millions and millions and millions of dollars. I don't know
about you guys, but I don't watch a lot of
sports as much as I used to because it's kind
of turned me off. But I will say this, Sienna's

(30:11):
worth watching this year, So go watch Sienna. It might
be on today to see if they're on. Sienna is
playing the American Eagles. They're in a tournament down Washington, DC.
So that's enough of that. Enough of sports. My son
will be here at eight. Supposed to be here at seven.

(30:33):
Obviously he took a little longer nap. Must have stayed up.
Said he's playing cards with his friends last night, so
he must have stayed up and played cards too late.
But my son Christopher will be here from.

Speaker 1 (30:47):
Eight to nine.

Speaker 3 (30:50):
So couple things, Barons. There is the publication that most
of us in the financial services business get. I get
a hard copy in the office, and I also get
the digital. And there's an article this morning that caught
my eye which I think I read it this morning

(31:11):
when I first got up. And this is the caption,
wait until seventy to claim social security. Don't let these
myths convince you otherwise. Now this is what I did.
I just started believing it or not collecting social security

(31:32):
September of this year because I reached the age of seventy.
So I waited until I was seventy to collect the
maximum benefit. Why did I do that? Because my wife
is younger than me, and I wanted to make sure
that she was going to get the maximum social Security
but also she's going to get a cola and also

(31:53):
statistically she's going to have that benefit for a long
period of time. But what it says here is not
surprising to me, but it might be surprising to you,
the listener. Only ten percent of Americans delay Social Security
benefits until age seventy ten. It means nine out of

(32:15):
ten you rush to get it before age seventy despite
potential of a seventy seven percent higher monthly check.

Speaker 1 (32:25):
That you can receive.

Speaker 3 (32:29):
Right because it increases eight percent a year until it
max is it caps out at age seventy. Twenty three
percent of women and twenty two percent of men claim
social Security at age sixty two, with half claiming before
full retirement age. For a lot of us at sixty seven, now, FIRA,

(32:57):
so wait until age seventy has been I think the
advice by a lot of people, especially if you have
assets that you can use to bridge to hire social
Security benefits, Yet only ten percent of you do that. Now,
I did it, and I did it because I didn't

(33:17):
need the money because I was working. There's no reason
for me to collect the benefit. Right, if I don't
need the cash, the dora me. So here are the
things that everybody says, you know, the three big myths. Right,
social Security system is going broke in less than a decade.

(33:42):
It will exhaust its trust fund. That doesn't mean it
will not pay benefits, because it's a pay as you
go type of plan. But if nothing is done to
replenish the fun it would still pay you about seventy
seven percent of the benefit. It will never happen, folks. Okay,

(34:03):
I'm not going to go through the content of this
entire article, but in essence, I've been saying there would
be anarchy. Okay, there would be anarchy if Social Security
didn't pay us the benefits or if they reduced them dramatically. Now,
should they change the formula? You know, should they change

(34:25):
the formula in Washington? As far as who can receive benefit? Okay,
widow benefit everybody's aware of is sixty widow widower sixty right?
Should that be changed? Early benefits sixty two? Should that

(34:46):
be changed? See, I would say widow or widower benefit
sixty three? Bump it up three years? Right, Early benefits
sixty five I've sixty seven. You get your FRA, and
you know, maybe you eliminate the seventy. But it's pretty

(35:13):
easy to solve this. But no one's got the backbone
in Washington to make hard decisions because they look at
the statistics and the data and the information, with all
of their polling and all their research, and they find out,
oh Jesus, if I do that, I might not get reelected.

Speaker 1 (35:31):
Right. Second thing, people die and leave money on the table.
That's true.

Speaker 3 (35:44):
Studies have shown that Americans tend to underestimate their chances
of living a long life. The American Academy of Actuary
shows a sixty five year old non smoking male retiree

(36:05):
and average health has a thirty three percent chance of
living to age ninety, a thirteen percent chance of living
to ninety five, and a three percent chance of living
to one hundred. If he's married to a sixty five
year old non smoking female in similar health, her respective

(36:27):
numbers are forty five percent, twenty one percent, and six percent.
See you, women always outlive us. In general, if you
live much past eighty, you come out ahead by delaying
social securities. Right, you can't look at it. I disagree
with that you solve for income income, not breaking even.

Speaker 1 (36:51):
We'll be right back.

Speaker 4 (37:07):
The biggest mistake in retirement planning waiting too long. The
sooner you start, the more options and peace of mind
you'll have. Dave Kopik 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 (37:25):
Don't put it off.

Speaker 4 (37:26):
Visit rpgretire dot com or call eight eight eight five
eight zero nineteen nineteen to schedule your consultation today. Start early,
retire better.

Speaker 3 (37:38):
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

(38:01):
dischedule your complementary consultation. Your future will say thank you.

Speaker 5 (38:07):
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

(38:28):
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. 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

(38:50):
strategy that turns savings into monthly income that will last
a lifetime. At the Retirement Planning Group, we build customized
income distribution plans so you can retire with confidence. Are smart,
Live well? Call eight eight eight five eight zero one
nine one nine for your complementary consultation.

Speaker 1 (39:08):
You know like it. We like the beach.

Speaker 3 (39:10):
You like the beach, All right, Barons this week, I'm
not gonna borrow you know, bore you with the reading
the content because you can go buy barons. But believe me, okay,
a lot of people get social Security for all the
wrong reasons.

Speaker 1 (39:30):
Okay.

Speaker 3 (39:31):
And if you're getting it because you think it's gonna stop,
it's gonna go broke, you're doing I think you're doing
yourself a huge disservice, especially especially if it's important for
you to have guaranteed income with a COLA a cost
the living adjustment. Right then this artle talks about getting
out of early some of the people and they want

(39:53):
to invest it. Yeah, you know, that's great if everything's
going right, But what happens if it doesn't go right?

Speaker 1 (40:01):
Right?

Speaker 3 (40:02):
But you got to be sensitive to understand that every
year you wait, you delay, it's eight percent eight percent
more in benefit and it caps off at age seventy.
So I'm in the camp that if you have the

(40:27):
problematic money, what's the problematic money? IRA four oh one
K four H three B. All the money that's out
there that's pre tax, that's the bridge to hire social Security.
Use that even if you have to spend it down,

(40:50):
deplete it right, you use one. We've done this before
with lots of clients where the husband or wife has
large iras no pension benefits you know, or one has
a pension benefit and you're trying to basically build income streams,
we'll use one of the I rays in order to

(41:11):
delay delay taking Social Security, which allows it to grow
get bigger. Here's an example. Good buddy of mine, his
wife died cancer. She was our maid of honor. He

(41:42):
was in the process of retiring firefighter good Albany, and
we had a chat about his benefits and her benefits,

(42:03):
and he sat down and did a calculation as far
as what was the best way for him in order
to take Social Security. Because even though he's not sixty
two or sixty five, he is sixty and he had

(42:28):
widower benefits. So as of right now, what he's doing,
which makes all the sense in the world, just so
you know, if you have this available to you, that
he's now collecting his pension, his wife's pension, and also

(42:51):
the widower benefit that is provided to him through Social Security,
and he'll do that at until age sixty seven and
then he'll kick on his benefit, so he'll have a
substantial increase and at sixty seven and it's all the mechanics.

(43:13):
So right now he's got three guaranteed income streams. He's
got a pension, his wife's pension, and then he has
social security, so he's in really good shape as far
as guaranteed income streams. And at sixty seven, maybe he'll
wait to seventy. Who the hell knows. Maybe it might
make sense for him, but he could turn it on

(43:37):
at any time, you know, once he reaches either sixty two,
sixty five, sixty seven, seventy. But just don't get it
because it's available. Sit down with your team and run
some projections. You know, regardless of where you stand today.

(43:58):
You also have to be aware of, you know, comparing
today's dollars to what you anticipate what it's going to
cost to live over the next ten to fifteen twenty years.
Who would think that we would be spending the money
that we're spending now on healthcare ten twelve fifteen years ago.

(44:19):
Who would think that we'd be paying the taxes that
we're paying now ten twelve fifteen years ago. So it's
important for you to have portfolios that will give you
purchasing power. There's ways that you can structure your investments
and your selection of your pension and social security that

(44:39):
will automatically give you cost of living adjustments it's just
building out the plan, building out the plan.

Speaker 1 (44:51):
You know.

Speaker 3 (44:51):
One of the things that Chris McCarthy said the other
day we were sitting having a chat. We have the
software package that I talk about all the time, e Money,
that allows us to basically go in and we can
run some projections as far as cash flow analysis, and

(45:11):
it basically gives you a pretty good idea pretty good
summary of exactly you know, what's the probability. I think
it's the probability percentage that you're going to achieve what
you're looking for as far as retirement income. And the
thing is is that simply by making some choices and selections,

(45:32):
we can get pretty high, you know, a ninety probability
that we're going to be able to hit our target.
So if you're thinking about getting Social Security, if you're
thinking about selecting the option, make sure you understand all

(45:52):
especially if you were a widower or if you were
married previously, because that goes into the calculation also previous marriages.
You know, we used to be able to call down
there and have a chat with Elizabeth. Now we can't

(46:13):
do that anymore. Now we have to basically call the
eight hundred telephone number but most of the individuals that
we've talked to are very good at what they do.
I tip my hat yahs with you. There's one gentleman
that we just recently worked with over in the Troy office.
It's just did a phenomenal job given the client specific
details as far as what her options were. So again,

(46:36):
you know, if you're building out retirement income distribution plans
for most of us, that's going to be one of
the most critical component of your overall retirement plan, and
Social Security for some of us will be a major
major selection because for a lot of us, that's the
only guaranteed guaranteed with a KOLA. Now you can build

(46:57):
that out yourself. You can build out your own pension benefits,
which Chris McCarthy has really brought a lot to the
table since he's been with us over the last couple
of years. As far as retirement income distribution, you use
an annuities. You know, when I say that annuities have
changed and they're unbelievable as far as the benefits that

(47:20):
they provide you the consumer, it's an understatement.

Speaker 1 (47:25):
It's an understatement.

Speaker 3 (47:26):
So just be aware that there are ways for you
to create your own pension benefit if you don't like
the volatility and you don't like the ups and downs
and the uncertainty of the stock market. And that's okay.
I say this all the time. It's okay to say, hey, what,
you know what, I don't want to go on the
roller coaster anymore. I've had the roller coaster the last

(47:49):
forty years. I want to seven out of ten of you,
over seventy percent of people that go into retirement right now,
do not want to go on the roller coaster anymore.
They don't market volatility. They don't want it the fluctuation
and the stocks in the bond market. They want to
know that X number dollars is coming in the door.
Good days, bad days, and guess what, you live happier

(48:10):
and you live a better life.

Speaker 1 (48:12):
It's proven.

Speaker 3 (48:13):
It's in black and white. Eleven thousand, two hundred people
every day today turn sixty five, eleven two hundred. It's
a whole hell of a lot of people that are
getting ready to go into retirement. And that's going to
happen for another five or six years. So bottom line

(48:35):
is is that you know, at the retirement planning group,
it sounds kind of corny. We don't select the investments
that we think you.

Speaker 1 (48:43):
Need.

Speaker 3 (48:45):
We select the investments that we know you do need, Okay,
because that's critical, because it's it's important to know that
you're in an investment portfolio that gives you the ability
to sleep at night, not to stare at the ceiling fan,
not worry about you know, is the money going to
go away before I go away? Because that's not fun.

(49:08):
That's not fun, that's not retirement. That's a stress test.
And we don't need those at sixty five, seventy five,
eighty five years old. So again, we offer a complementary consultation.
We have six offices now in New York, which is
hard to believe. Syracuse is really booming for us. We
do a lot of work at Syracuse now. Nico was
out there a couple times this past week, Chris McCarthy

(49:31):
and I think my son was out there also. But
you know, we're kind of on the cusp our signal
on WGY goes out you can catch the eight ten,
but we're on WSYR in Syracuse. We're on WKIP down
in the Hudson Biughkeepsie area that's Ashley's hometown, down to Poughkeepsie.

(49:55):
So anything that I'm talking about is of interest to you,
we're more than happy to sit down with you and
have a chat. All you have to do is call
our office at eighty eight five eight zero one nine
one nine. It's a great time of year to basically
get everything set up, get everything lined up in regard
to your overall financial and your retirement plan. So again,

(50:19):
our telephone number is eight eight eight five eight zero
one nine one nine, and we can either do it
by zoom, ring, central, face to face meetings, telephone call,
whatever works for you, and we'll be more than happy
to sit down with you. So again we're going to
be uh here until nine o'clock. My son's going to

(50:41):
be here with me for the second hour, and anything
that you'd like to talk about you want to call in.
It's one eight hundred talk WGUI. That's one eight hundred
eight two five fifty nine forty nine. And hopefully everybody
had an absolutely fantastic Thanksgiving. Hard to believe we got
what some days left before ho Ho Santa Claus. And

(51:03):
then we're going into a new year. This time has
just flown by. I'll tell you what this year is
going by so quick, so again, we'll be back. This
is the Retirement Planning Show. I'm Dave Kopek, your host,
but doing it now for twenty six years and radio
forty three in the business. We're right back, all right,

(51:39):
we are back. Was the first thing I said to
you guys is sworn. I said, be careful, don't go outside.
Be careful. It's gonna be slippery, it's icy. So my
son just walks into the studios as I just slipped
and fell out in.

Speaker 1 (51:53):
The parking lot. You weren't listening, I did, you are?
You're gonna live? I think I was, So let's move
on there. You brought it up. Be careful, folks.

Speaker 3 (52:08):
Two years ago, I fall out my front door, and
I don't know how I didn't break my hip.

Speaker 1 (52:13):
I really don't. I don't know how I didn't break
my hip.

Speaker 3 (52:17):
We're gonna go quickly because we have a phone call.
We have Mike and sco Harry him.

Speaker 6 (52:21):
Mike, Good morning, Dave, I'll worry buddy, good, very very good. Yeah,
a subject. I'm on the fence regarding whether or not
I should take Social Security or not. I'm actually a
client of yours. I met with Nico and Chris about
a year ago. Nice great people. Yeah, And so I

(52:43):
just I just retired a couple of days ago from
the State. I'm sixty years old. So I you know,
I expect a pension of about six thousand dollars a month,
and I have about a half a million dollars in
my four oh one k So at sixty two, I
expect to get about let's say, about twenty two hundred
dollars a month, or about twenty seven thousand dollars in

(53:05):
social security if I decide to take it at sixty two.
If I wait until I'm sixty seven, right around thirty
five hundred thirty six hundred a month. So there's a
big bump in you know that social security. But then
somebody did mention to me, well, why don't you take
it at sixty two and invest that twenty seven thousand
dollars a year over the next you know, seven or

(53:27):
eight years, and compounding you may even make more money
than waiting until you're sixty seven. So I just want
to get your opinion about that.

Speaker 3 (53:35):
Well, I think, first and foremost, because you already have
a pension, you're you're ahead of the game, meaning that
you're going to have the ability to make choices that
individuals that don't have a pension can make because you
also have the strength and the wherewithal and the financial

(53:56):
backing of the State of New York with that pension benefit,
so you never have to worry about it it. Uh,
does your wife work and does she have a pension?

Speaker 6 (54:06):
She will get a small pension, so combination she she
just retired, well we Bill just retired a couple of
days ago, so she'll get a small pension too as well.
But a combination of about six thousand dollars between the
two of them, two of us.

Speaker 1 (54:22):
Okay.

Speaker 3 (54:23):
So what I would say to you is that the
you know your your your pension selection. Have you done it?

Speaker 6 (54:31):
Yes?

Speaker 1 (54:31):
Okay?

Speaker 3 (54:32):
So did you leave any benefit for your wife? If
if you if if you pass away before your wife,
what does she receive?

Speaker 6 (54:41):
She will receive the joint pop up seventy okay.

Speaker 1 (54:46):
So good.

Speaker 3 (54:48):
So she's going to get four thousand dollars a year.

Speaker 1 (54:51):
Correct from the site from.

Speaker 3 (54:52):
The six So and then what's the plan for the
four oh and k money that deferred com.

Speaker 6 (55:02):
We were actually just going to take the dividends on
a monthly basis and that's roughly about let's say between
fifteen hundred and two thousand dollars a month.

Speaker 3 (55:16):
Okay, yeah, see that's your achilles hell. The money, the
pre tax money is the money that really is problematic
because as you age, the distributions get larger, and when
you least want the money is when they become the greatest.
So that's really what I would focus in. I mean,
your pension selections depending on your quality of life and

(55:38):
how much you need for spending and your social security.
That's a calculation. I mean you should come into the
office and sit down with those guys and go through
your projections. But sure, what I would really focus in on, Mike,
is I really would really focus in on that pre
tax money because here's my final question to you. Do

(56:01):
you have long term care insurance?

Speaker 6 (56:05):
We don't.

Speaker 1 (56:05):
Okay? Do you have a home?

Speaker 6 (56:09):
Yes?

Speaker 1 (56:09):
Do you own the home?

Speaker 6 (56:12):
How we do pay that?

Speaker 1 (56:13):
Right? Is it in a trust?

Speaker 6 (56:16):
It is not in a trust?

Speaker 1 (56:17):
Get in the.

Speaker 3 (56:18):
Office, calls matter of fact, make sure I'm make sure
I'm in the meeting. Please ask that I attend that meeting.

Speaker 7 (56:28):
Please absolutely all right, brother, I'll say this too about
the social security question that you brought up. You know,
Typically what we go over is there's always this break
even point whether you know, you take it at right
at sixty two versus delaying it to say sixty seven,

(56:48):
and where does it you know, benefit you to where
you can say, you know, I made more money by delaying.
And that range usually falls anywhere from age seventy eight
to eighty two when we run those numbers. So what
we've been telling people is if you're you don't really
have long and it's always a personal decision, but if
you don't have longevity in your family, you know, and

(57:10):
you want to utilize that money sooner in that your
early years of retirement to you know, supplement your lifestyle
and travel and do things, and you could use the
money earlier. Take it, you know, just take it right
away at sixty two because you can always invest, you know,
whatever you're not using as well, and you can make
up that difference. So I'd say most of the times,

(57:31):
other than certain specific situations, we're telling people, you know,
it makes sense right to just take it at sixty two.

Speaker 3 (57:37):
But you also want to make sure, Mike, as you
also want to make sure that you've got adequate amounts
of wealth replacement for the surviving spouse. You already know that,
you already know she's going to lose twenty five percent.
She loses one of the social securities. You follow me,
you die before her. Yeah, she loses two thousand that

(57:58):
she loses one of the social security benefits. So that's
one of the things that we kind of key in
on because you know, I'll use me as an example.
I'm seventy years old and my father died at age
forty four in nineteen sixty eight. Okay, so how do
I put that into my calculation because you know, he
died of a massive heart attack. But you know, bottom

(58:21):
line is is that with technology today and with stents,
and I just talked about my cousin. My cousin got
off a plane in from a trip to Ireland and
walked four or five steps, got in a wheelchair, and
they brought him to mass General ended up having emergency
surgery because he had a blood clot in his lung.

(58:44):
You know, we're gonna and I'm not trying to be
I guess gloom and doom here, but the gloom and
doom I think a lot of the things that's happened
in the past we can kind of look at that
as maybe it's not going to happen to us because
of technology and healthcare today, things are so different than

(59:04):
they were when my dad died in nineteen sixty eight
and Doug, my cousin, got off the airplane, you know, ten, twelve, fifteen,
twenty years ago. He might have gotten off the airplane
because of you know, the changes that we have in
medication and with technology, you know what I'm saying.

Speaker 6 (59:21):
Sure, sure, right, right, And my wife is five years
younger than me too. Yeah, that's another consideration.

Speaker 3 (59:28):
Yeah, so realistically she's got they say the mail lives
eight years less, so she could live thirteen to fifteen
years longer than you. And you know, I don't have
to tell you. You know, you're you've been around the block.
Things cost a whole hell of a lot of money
to live today, you know what I.

Speaker 6 (59:46):
Mean, Absolutely doesn't it. Yes, I totally agree, totally agree.

Speaker 3 (59:52):
Well, get in, get in the call on Monday, and
get in the office because you're going to blink your
eye and it's going to be the end of the year. Okay,
right right, right, all.

Speaker 6 (01:00:02):
Right, I appreciate I appreciate you taking my call. Thanks Mike,
all right, take care.

Speaker 1 (01:00:07):
Thanks, Okay, you agree, Yeah, no, I agree.

Speaker 3 (01:00:13):
You know, no one's got a crystal ball in our future,
and thank god we don't, you know, because but the
bottom line is is that, you know, in that situation
right there, he's fortunate, he worked hard, he's got the
pension benefit, he's got social Security.

Speaker 1 (01:00:30):
You know, you add it up.

Speaker 3 (01:00:33):
Uh, if he's got he's over one hundred thousand dollars
a year, just him, that's sixty five. He's at thirty
five hundred, at sixty two, he's at twenty seven hundred.
You know, that's over one hundred thousand with the six
thousand just him, right, So it's very solvable.

Speaker 1 (01:00:53):
We'll be right back.

Speaker 4 (01:01:09):
Planning for retirement doesn't have to be overwhelming, especially when
you have the right team by your side. At Retirement
Planning Group, Dave Kopek and his team are here to
help you build a strategy tailored to your goals and lifestyle.
Whether you're nearing retirement or just getting started, now's the
time to take control of your future. Schedule your free
consultation today at rpgretire dot com or call eight eight

(01:01:33):
eight five eight zero. Nineteen nineteen Retirement Planning Group Retire
with Confidence.

Speaker 3 (01:01:39):
Attention, future retirees. A financial threat is putting your retirement
at risk. The cost of long term care can be
well over one hundred thousand dollars a year fidelities. Recent
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(01:02:01):
to fight out your options well eighty eight five eat
zero one nine one nine eighty eight five eat zero
one nine one nine for a complimentary consultation.

Speaker 5 (01:02:10):
Born on America's darkest day of nine to eleven, the
Tunnel to Towers Foundation has been helping America's heroes ever since.
People who put their lives on the line for our
country and our communities need your help now more than ever.
Join Tunnel to Towers on its mission to do good
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(01:02:33):
Donate eleven dollars a month at T two t dot org.
That's t the number two t dot org.

Speaker 3 (01:02:39):
We are living through the greatest wealth transfer in the
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(01:03:01):
favors those that are prepared. Call eighty eight five eight
zero one nine one nine. That's eighty eight five eat
zero one nine one nine. All right, we are back.

(01:03:27):
Coil had twenty three. See oh wili is that the
kid out of Fulton. Yeah, look like I'm not a nisky?
Is it Brendon Coil?

Speaker 1 (01:03:43):
Yeah?

Speaker 3 (01:03:44):
It is for Sienna, it is yeah, six seven. I
just sat on the radio before you came out. I
was I was impressed with those guys the last game
that they played. I think once they gel, once they
get to know one another. They're five and two right now.
They should really, in my opinion, should be you know,

(01:04:04):
they should never lost the cold game. They gave that
game away. Well the kid hit a half court shot.
Well yeah, the kid hit it. But they had like
a ten to twelve point lead there. They gave up
but I just thought that one kid was doing too
much metal arc lemon, you know, hogging the ball instead
of passing the ball. You know, I just was it

(01:04:27):
was a close game, but you know it's beginning of
the season. Jelling, jelling. Did you like me when I
was a coach? Yeah? Sure, when I get paid next week.
Your coaching style was intense. Yeah, I would say that
I was intense. Show me the loser. I'll show you

(01:04:48):
a loser. But I wish I could go back because
that shouldn't really been the mantra. But the thing is
is that you got to you know, in sports, you know,
you look at the clock at the end of the game, right,
you want to show a couple more points more than
the other guys. This is the way I was brought up,
the metropolis of Scatty Cook. Yeah, you're a metropolis. Background

(01:05:13):
in the hood. I lived in the hood, underneath the
hood of a grill flipping burgers. All right, we're here
until nine o'clock at the top of the hour. We
always like phone calls. Mike had a good question, and
the question that we got from Mic, of course, is,

(01:05:34):
you know, putting the pieces of the puzzle together, and
I think that. You know, one of the things that
we talk about. I was talking a little bit about
AI this morning, Chris and how we're getting another software
package that's going to complement the one that we have. Now,
what do you think of AI so far from what
you've seen?

Speaker 7 (01:05:52):
Well, yeah, with AI, I bring it up in like
every meeting now just because I want to see different
I guess positions and fields of work with whoever we meet. Well,
he's just asking, you know, what's what's it?

Speaker 3 (01:06:08):
Like?

Speaker 7 (01:06:08):
You know, are you guys seeing it in your industry
or utilizing it in any way? Uh, just because the
Fidelity conference we went to was pretty eye opening for
our industry because they were saying already like seventy five
percent of advisors are utilizing it in some way. So
so I think it's it's gonna change. I mean, obviously

(01:06:31):
it's going to change every industry. It just depends on
you know how much. But for us, you know, it's
it's the one like they were the girl was going
over at that that conference. It's almost in that one
woman asked that question that advisor. She said, you know,
don't you think this is going to take the personal
touch out of the business? And that's a pretty valid question,

(01:06:54):
you know. But then the speaker had a good response
to it. You know, she said, you don't have to
utilize it in that way. Then you know, it's you
still own your business and your practice. You can helping,
you know, remedial tasks behind the scenes with it. You know,
it's just there to you can boost efficiencies with it
across your business without it taking the personal touch away,

(01:07:16):
like utilizing those videos of you know, the advisor dressed
up as Santa Claus saying Merry Christmas or whatever.

Speaker 1 (01:07:24):
You know, I think it.

Speaker 3 (01:07:26):
Fills the holes in the boat. That's where I look
at it. It's it's going to take technology farther than
probably most of us thought was capable first heard about AI. Well,
what I saw was not as much about the personal

(01:07:46):
touch as it was about the capabilities of how it
can not only structure in a state plan They've got
new software. I didn't even show this to you, guys.
I just got a memo the other day. They now
have a state planning integrated with that software package and
with our other advice on. It integrates into all all
three of them. As far as the overall it's documents

(01:08:10):
and it's just it's yeah, I got to sit down
with you guys on Monday when we have our Monday
morning meeting and show you that remind me to do that. So,
but I want to go back to a couple of
things that I think are you know, as we get
closer to your end and people are starting to think about,
you know, see you later, alligator, I'm finished with work,

(01:08:33):
you know, it doesn't necessarily mean that, you know, you're
out of the workforce. I've had a lot of conversations
with people recently, and I don't know why. It's maybe
it's because of the boomer generation, but a lot of
people are retiring, but they're not retiring. They're they're taking
a new career path. They're getting a job that they've

(01:08:54):
always wanted to do. They're volunteering, they're they're staying active.
They're they're not just you know, sitting at home, you know,
doing the garden and you know, splitting wood in the fall.
And I think that that's important that before we actually
exit stage right and you go into your retirement, you
have a chat with your spouse about you know, what's

(01:09:16):
what's my short term, a medium term and long term goals?
Over the next ten, twelve, fifteen years of retirement. Because
what we're starting to see, as I just said to Mike,
is that we're starting to see that, you know, people
are living a hell of a lot longer than what
they anticipated, and they're much more active than what they

(01:09:38):
anticipated for their retirement years, right, you know.

Speaker 7 (01:09:42):
Yeah, And when we build out the UH projections and
utilize the E money for you know, a financial plan,
when we're sitting down, we're putting life E'SPECANCYE out until
you know, ninety ninety five most of the time. So
it's it's we're already rejecting for that longevity.

Speaker 3 (01:10:02):
No means I got another twenty year. There you go,
you got twenty more years of me baby, twenty five.

Speaker 7 (01:10:10):
That's a ninety five the uh so, yeah, that's that's
already part of the plan. And and in most case scenarios,
what what we've been seeing is people coming in a
lot younger, i'd say, and by younger, I'm saying in there,
you know, mid fifties, mid to early fifties and saying, hey,

(01:10:30):
you know, can I retire early? I think the the
work life balance dynamic kind of changed after COVID. You
know more people are thinking not necessarily about you know,
how much can I accumulate it? You know, how quickly
can I get out of here so I can go
enjoy you know, my life.

Speaker 3 (01:10:51):
Yeah, I think that's yeah, that's about very valid. I
think it's very valid. I've done that myself. Well, you
do a reassess of where you are at the stage
of life that you're in, and you know, you want
to make sure that you're you know, going to be
able to take care of the bucket list. You know,

(01:11:12):
is the bucket list? How many of the buckets have
not been addressed yet? What what you're you know, what
you're trying to do? I mean, your mom and I
wanted to go to Poland this year. We had it
all planned out. We're going to see relatives and we're
going with Sharon and uh, we're gonna spend time. And

(01:11:34):
then the missiles started flying around, you know, with Putin,
and nobody felt comfortable, you know, with drones flying around,
you know, bombs, airports being closed, so we pushed it off.

Speaker 1 (01:11:46):
Yeah, bombs aren't bombs. Are bombs aren't fun?

Speaker 3 (01:11:49):
No? Men like bombs, MENO like bombs. So you know,
the thing is is that you know, you change, you
change it up. So what we didn't get done this year,
hope we can do next year. But you know, one
of the things that we try to do is when
we meet with individuals is to try to facilitate not
only their investment concerns, but also, you know, to allow

(01:12:12):
you to live your life, to live your life, to
do all the things that you've wanted to do, and
not worry about the financial part of it because you know,
I mean had one person yet when I've walked into
the either nursing home or met them when the spouse
has passed away, where they basically said, you know, how

(01:12:35):
are we doing what kind of return do we get
on our investments this year? Everybody always wants the same
thing over and over again. They just want quality of life.
They want to know that they're taken care of. And
it's going to be a simple process to transition over
from a two family home or two family, two person
home to a one person home. And that's traumatic in itself.

(01:12:57):
You've been with somebody for thirty forty fifty years. It's
a big change. Big change.

Speaker 1 (01:13:02):
Yeah.

Speaker 7 (01:13:03):
I think a lot of it too has to do
with working from home. I don't think it in like
work satisfaction. I think there's a lot of people coming
in that don't really necessarily love what they're doing in
the last you know, a couple of years here, whether
it's with the state or you know, a private company
that they're working for, or you know, something along those lines,

(01:13:23):
where their work dynamic shifted, you know, drastically since twenty
twenty and now they're either you know, remote or partly
remote or one hundred percent remote. And and you know
that that definitely is something that plays into a factor
of you know, how I guess excited you are to

(01:13:45):
get up and go to work every day. You know,
some people just are like, it's it's not really motivating.
It's not not something I want to do anymore.

Speaker 1 (01:13:53):
Yeah.

Speaker 3 (01:13:54):
But bottom mine gets down to is that, you know,
one of the things that you need to unders understand
is that sometimes the way that your assets are positioned
during your accumulation years. These are conversations that we're having
much more dialogue about as far as how do you
allocate money at retirement versus when it was during your

(01:14:17):
accumulation years. Because things change. There's certain things that are covered,
certain types of investments that are probably more suitable for
you during your retirement versus ones that were probably more
suitable during your accumulation years, And simply by just adjusting

(01:14:39):
or modifying can put you in such a better spot. So,
you know, that's one of the things that we're starting
to see that in our meetings a lot of people
are embracing the idea or the concept is that, yeah,
I'm in a different spot. I need to think of
things differently, and I need to reposition some of my
assets differently because because of the current status. You know,

(01:15:03):
some people have pensions, some don't. The ones that don't
have pensions, you got to think a little bit differently
as far as how much risk do you want in
your portfolio?

Speaker 7 (01:15:12):
Right, Yeah, that's always going to be something that we
go over, you know, shifting the risk as you get
closer and closer to eventually exiting. But a lot of
what we do too, I will say is we just
had a conversation last week about this is, well, after
you're fifty nine and a half and we roll out,
you know, a majority portion in your four oh one

(01:15:34):
K or whatever retirement account you're contributing to, you know,
we go aggressive with your contributions from now on, because
you know it's let that be your equity focus because
you're buying in every pay period, so your dollar cost
averaging into the equity market.

Speaker 1 (01:15:52):
But we'll go over that. We got to take a break.

Speaker 3 (01:15:56):
News time, quick half hour and we're done. All right,
We are back. Last half hour, go by quick. Be

(01:16:20):
careful out there, folks, if you're a senior, even if
you're not a senior. My son just slipped and fell
coming into the parking lot here at the studios and Latham.
It is slippery. There is ice on the walkways, so
be careful. The last thing you want to do is

(01:16:40):
slip and fall. My cousin Carol just had a hip replacement.
Well I've had a hip replacement two years ago now
think so two years ago. So it's amazing the technology
what they can do today. Your mom's doing great. Carol's
getting on her on her she's only a couple of
weeks and she's up and walking around. But she's still

(01:17:04):
a lot of discomfort. But it gets better. The hardest
part with hip replacement or any of the knee replaces,
the pt he really push you, yeah, he really pushed you.
So but we have open lines you'd like to participate.
We're live in the studio. We're full of turkey. We
got a dinner to go to tonight, and that's it

(01:17:26):
will be the last hur off for the holiday weekend.
My son gets on an airplane. We're just chuckling. He's
gonna be back in eighty degree weather tomorrow, eighty one
Sonny and Tampa. Well, I'm glad he got the full
effect of New York while he was here. Yeah, and
it's snowed him in. Yeah, he's got the full effect.

Speaker 1 (01:17:49):
All right.

Speaker 7 (01:17:51):
But well, yeah, let me I want to touch on
what we were talking about before with the shifting risk, because, uh,
the scenario we went over you know last week that
I was just touching on before the break was, as
you're getting closer and closer to retirement at fifty nine
and a half, you can roll out you know that

(01:18:12):
four oh one K, four h three B whatever retirement
account you have non taxable event as a non taxable event. Yes,
in what we've what we would do or suggest is
rolling out a majority stake of it.

Speaker 1 (01:18:25):
So say you have you.

Speaker 7 (01:18:27):
Know, for simple terms, say you have a million dollars.
You have a million dollars in your four O one
K and we would then roll out you know, nine
hundred thousand or nine hundred and fifty thousand and leave
you know, some money in there so you can continue
to contribute to the plan while you still work. You know, say,
if you want to retire at sixty two is the goal, Well,

(01:18:48):
from fifty nine and a half to sixty two, you
still have that you know, smaller pool of money that
you're going to contribute to every pay period still, and
we would just shift that to a more equity focused,
you know, if not one hundred sen equity focused, and
let that be your equity exposure because you're constantly buying
into that in the market, so that can withstand you know,

(01:19:08):
more volatility than the money we just rolled out to
go into a managed account to try and get you
ready for sixty two. So the plan for that money
that you rolled out would be, let's be a little
more conservative, maybe a more balanced portfolio or something income
generating to just start building out that cash for the

(01:19:29):
eventual retirement date or the money that sits in that
you know Form one K plan still can be in
the equity market and let that be your growth portion
in keep buying in every pay period. So if the
market does continue to rally and grow, you are growing
with it and you're still buying into it.

Speaker 3 (01:19:50):
Yeah, I mean, you know, I think the size of
the pot is important too. You know, you meet, We
meet with a lot of people that are radio listeners.
We don't have a minimum because I think it's a
disservice to the radio listeners to say, well, you don't
have enough money. You can't come and talk to us

(01:20:10):
because you only have you know, fifty thousand dollars and
our minimum is five hundred thousand. Well, that's not how
we roll. We roll that whether you got five dollars
or five million dollars, We're going to take the time
and sit down with you and try to discuss how
we can facilitate. But it's sad sometimes to tell people that,

(01:20:33):
you know what, you're in a position that's not good.
You know, you've undersaved, or you've been in a situation,
you've gone through a divorce. This is typically what we hear.
You go through a divorce, you've spent all sorts of money, assets,
got split up, and now you know you're starting over
again in your fifties, and you know the reality is

(01:20:56):
is that living today in the United States and having
the responsibility of a home and a car, and energy
and taxes, and it takes a lot of money. And
depending on the you know, when I first got in
the business, to have someone walk in the door to

(01:21:19):
have a million dollar portfolio, you know, we would say
it pain weeb, that's a whale. You know, that's somebody
that's got some significant money. Now we see a lot
of people that have a million dollars or more of assets,
because it takes a lot of money in order for
you to take distributions off of a portfolio in order

(01:21:39):
to facilitate quality of life.

Speaker 1 (01:21:43):
So if you're.

Speaker 3 (01:21:46):
In your fifties and you got a couple hundred thousand
or three or four or five or six, seven hundred
thousand dollars, depending on the quality of life that you
want the type of guaranteed income streams. If you don't
have a pension, then it's going to be critical of
what we talked about in the original part of today's
show about social security and how to select it and

(01:22:08):
how to manage the assets. Because you know, we all
remember the dot com bubble, the financial you know bubble,
what we went through in twenty twenty two, when no
matter what you touched went down, whether it was fixed
income or it was equity, you got to make hard decisions.
Sometimes those decisions are is that I'm not going to

(01:22:30):
be able to retire until I'm much later than what
I originally.

Speaker 1 (01:22:34):
Thought, you know.

Speaker 3 (01:22:36):
Yeah, And you know, choices that you make early in
life have an impact on quality of life later.

Speaker 7 (01:22:46):
In life, right, And I think that it all really
depends on too, is like how much what's your what's
your current standard of living? You know, because some people
who you know live pretty modestly. They could retire early
if it makes sense, if they saved, save, saved, saved,
then you live, you know, under your means.

Speaker 1 (01:23:05):
It's really not.

Speaker 7 (01:23:06):
That hard to hit those numbers earlier and earlier than
you normally would.

Speaker 3 (01:23:11):
But at what time, I mean, you go out say
I'm sixty two, I want to retire. I've had enough,
or my body's beat up. You know a lot of
hard working people out there that work their you know,
what's off and they say, hey, I want to retire,
and then they go out and they try to retire
with the money that they've accumulated. They get Social Security

(01:23:34):
early at sixty two because they just had it and
they say, Holy Christ, look how much it costs now
for healthcare because I don't qualify for Medicare, right, So
that's really Achilles Hill. That's for a lot of people.
Is the biggest reason why people don't retire between sixty
two and sixty five is because they get sticker shocked

(01:23:56):
for healthcare.

Speaker 7 (01:23:58):
Yeah, and a lot of that is bridging to that point,
you know, to get to sixty five, Well.

Speaker 1 (01:24:03):
You got a bridge. You gotta have money the bridge
you do, or.

Speaker 7 (01:24:06):
You got to have someone who is still working that
has benefits. So if one of the spouses enjoys their
job and one doesn't, you know, one can retire and
the other one, you know, can still work if they
have good benefits through their current work. And you know,
that could be a strategy, but it all depends on,

(01:24:26):
you know, obviously, how quickly you want to get out
of there, and then bridging that gap. Yes, you do
need money, especially with healthcare now. But yeah, I guess, yeah,
I get what you're saying.

Speaker 3 (01:24:42):
Well, you know, the thing is is that the old
saying sooner's better than later couldn't be truer in our world.
That we live in today. You know, I try to
tell young individuals if you're working, you know, the problem
is is that a lot of young kids today they're
coming out of college, is they're already have a mortgage.
It's the damn college loans that they have. And the

(01:25:03):
thing is is that that's going you know, you know,
that's really a lot of reasons. I mean, just just
look at the data, the information you got a lot
of young people are going home to live, not because
they want to go home live mom and dad again,
is because they're you know, struggling with debt and being
able to pay the bills, and you know rents are expensive.

(01:25:24):
Now then you've got a college loan that has to
be paid off. So you know, you got to think.
Had a good conversation with my niece at Thanksgiving and
she's in the process right now. Of she was a
veterinarian assistant and she loved animals, but she wanted to

(01:25:46):
start working on humans. So now she's becoming an URN.
She's going to be an RN in May, and now
she's so excited about what she's doing. She wants to
go on to get her degree. So she does where
they put you under the anesthesiologists, anesthesiologist, nurse and it's

(01:26:10):
like another three years. And I just said to her,
I said, you know, that sounds fantastic, But bottom line
is is that you know what kind of money are
you going to have to spend in order to facilitate
what you what you want to do. But you know,
choices you make. But she's young. She's a couple of
years younger than you, isn't she maybe even younger, but.

Speaker 1 (01:26:34):
We might be around the same agent, maybe a year
younger than me.

Speaker 3 (01:26:36):
But you know, the thing is is that she did
her did her college, and she wasn't happy with.

Speaker 1 (01:26:40):
The choice, and then she went back to college.

Speaker 3 (01:26:42):
It's funny. I've had two nieces that have done that.
Haley did the same thing. Now she's an r end.
So the thing is is that it's just got to
think it out. You got to make sure that the
decisions that you're making are not going to have a
huge impact. Because you were here a week or two
ago talking about the difference between twenty five and thirty five.

Speaker 1 (01:27:07):
Yeah, it's huge.

Speaker 3 (01:27:08):
Putting money away at seven percent, you know what the
difference would be, you know, at age sixty five versus
someone that started the twenty five versus thirty five and
it is huge.

Speaker 7 (01:27:20):
Yeah, and we I mean, I guess the big thing
is just informing. Did you know that they're adding financial
literacy courses they shouldn't. Yeah, I guess it just passed.
One of the our clients just came in and he's
like a huge advocate for you know, financial literacy. He
lives out and you know, they own a farm, and

(01:27:42):
people locally around where he lives. He holds these investment
clubs and you know, does like financial literacy talks at
local schools and he's been advocating for this, he said
four years. And he said the first time he went
into the board in the school board and said, you know,
raise your hand if you guys took geometry or algebra two,

(01:28:04):
trigonometry and you know, everyone there raise your hand. And
he's like, well, why are we taking these courses? When's
the last time you used it? And he's like, when's
the last time you you know, wrote a check or
need alone or you know stuff like that where you're
going to need to figure out how to do.

Speaker 3 (01:28:19):
This book cash flow. Right, we'll be right back after
this quick message.

Speaker 4 (01:28:32):
Time flies and retirement will be here. Before you know it.
Are you ready? Don't wait until it's too weight to
get your plan in place. Dave Kopek and the team
at Retirement Planning Group are helping people just like you
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eight eight five eight zero nineteen nineteen today or go
to rpgretire dot com to schedule your consultation. Retirement won't wait.

(01:28:57):
Why should you.

Speaker 1 (01:28:59):
Reach?

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(01:29:20):
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(01:29:51):
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Speaker 3 (01:29:59):
Your retirementw sure are you dreaming of a comfortable, financially
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(01:30:19):
Take control of your future. Call eighty eight by eight
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Speaker 1 (01:30:32):
All right.

Speaker 3 (01:30:38):
You know there was a course when I was going
to Hoosick Valley, mister Giletta. It was from cohos used
to run a business class, business math or something like that.
But it was, you know, instead of take geometry or trigonometry,

(01:30:58):
you take you know, business math.

Speaker 1 (01:31:01):
And it was a great course. It was a great course.

Speaker 3 (01:31:04):
And why more schools are not focusing in on that
they are. Now, well, here's when you said that. It
kind of resonated with me because I know the gentleman
that you're talking about, who's a great guy, and I
had to chat with him when I first met with
him about he's an advocate, a major advocate to get going.

(01:31:24):
You know the ten percent rule at least put ten
percent away on a weekly basis your paycheck. Yeah, you know,
the rainy day fund. But you know, the thing is
is that people really don't they don't know our family,
but our family, a lot of our family members are

(01:31:45):
hard working people. You know, their plumbers, they're electricians, they're
construction workers, they do landscaping, farmers, and you know, you
work your tail off six seven days a week. The
last thing you're that you're thinking about is how do
I sit down in order to basically put my house
in order financially. You're just trying to keep it going,

(01:32:09):
you know, Well, yeah, that's why, you know, that's why
you know, you know what I'm saying. Yes, yeah, I
get what you're saying.

Speaker 7 (01:32:17):
And that's why that you know, client of ours, he
was saying, he holds all these financial literacy like courses,
not courses, but just talks and does investment clubs to
show people. And he's like, I use myself as an example.
He's like, I'll go in and put money into this
account just to show them, you know, how how quickly
it'll grow if you just stay consistent. And that's part
of what New York State just passed is uh K

(01:32:40):
through twelve. Now they're they're introducing a financial literacy instruction
for public schools. So what that's going to include is
in their curriculum is budgeting and money management, wages and taxes, savings, investments,
debt management, credit cards, credit scores, banking, saving for education

(01:33:03):
and retirement, insurance, and the basics of borrowing and buying homes,
which is all of those things you are going to
need and utilize throughout the rest of your life. And
I think ninety percent of the stuff that you learn
in you know, high school, in elementary school, outside of
basic math and curriculum and writing and reading is like

(01:33:25):
you don't use it.

Speaker 1 (01:33:26):
Yeah, goes out the window. Right.

Speaker 3 (01:33:28):
You know, you're you're you're good at basically regurgitating something
that you've you sit and you study for and then
you regurgitate it, put it on a piece of paper
and then you never use it again the.

Speaker 1 (01:33:38):
Rest of your life. Well, and that was the thing,
that was the.

Speaker 7 (01:33:40):
Last time you talked had to chat about dinosaurs. Well,
that's what I said to the That's what I said
to our client. I said, when's the last time, when's
the last time you had to prove a triangle as
a triangle, like in geometry.

Speaker 1 (01:33:51):
I'm like, I've never.

Speaker 7 (01:33:52):
Ever had to prove that, you know, a circle is
a circle?

Speaker 3 (01:33:57):
And I thought, what's that thing you used to do
downstairs with all your buddies He bounced the ball into
the cup?

Speaker 7 (01:34:06):
What was that punk? Oh yeah, beer punk. Yeah. I
don't know what that had to do with anything, but
the circle. It's prove its a circle. You can get
that brown ball into that cup. But you're one last
thing I want to let people know because this is
the time of year you should be doing it. Okay,

(01:34:27):
we are getting our contribution limits for qualified plans are increasing. Okay,
so when you're four oh one K for twenty and
twenty six goes to twenty four thousand and five hundred.
For those over the age of fifty, you can do
thirty two thousand, five hundred dollars. It's a lot of
money times two husband and wife and then your I ray.

(01:34:52):
It's rising to seventy five hundred for twenty and twenty
six and you can do eleven hundred, not one thousand,
eleven hundred dollars if or over the age of fifty,
So they are increasing and workers earning one hundred and
fifty thousand or more must make four to one k
catch up contributions post tax ROTH contributions, which I have

(01:35:13):
no idea what they're why they're doing that. It's a
stupid law and for you know, it's more stupidity coming
out of Washington. But it's actually good because you want
to have some tax preference money, right You want to
have money that you can reach in the bucket and
it's tax free post tax. The WROTH contributions are advantageous,

(01:35:36):
especially as you get into your retirement years and you
need to get some cash and you can get to
that account and it's not going to be a taxable
event for you. So just be aware of that. I
know that, you know, we Julie just did a whole
bunch of paperwork, my wife. We've added the WROTH four
to one K option in our plan. I think that's

(01:35:59):
effective January first, if I'm not mistaken, So just be aware.
Is that the catch up contributions are available for employees
age sixty to sixty three, which is another weird what
you can add an additional eleven two hundred and fifty dollars.
So these are variables that you need to be aware

(01:36:20):
of because if you don't use it, you lose it.
You can't go back and say I wish I did that.
And it's twenty and twenty six. So I'm a huge
advocate folks of WROTH.

Speaker 1 (01:36:32):
Huge, yeah, roth.

Speaker 7 (01:36:35):
Having the option to have WROTH and diversify a little bit,
get some after tax money is always huge.

Speaker 1 (01:36:40):
You know.

Speaker 7 (01:36:40):
We always advocate that for folks who have the you know,
availability to do that. And that's part of something too,
you know that we always will say, is like the
conversation of at fifty nine and a half, you can
roll out money. Usually it's if they haven't contributed to
some sort of WROTH and they have the availability to
it's all right now out for the next you know,

(01:37:01):
a couple of years, or if you're going to sixty five,
you know, probably six years in the next five and
a half years, you know, start shifting and contributing at
least a portion of what you're contributing into rowth, just
so you have that option at retirement.

Speaker 3 (01:37:19):
And be aware also that if you're currently working, you know,
if you have money in an IRA, right and you're
working past the age of seventy three, which a lot
of people are today, Okay, if it stays in the IRA,
you're going to be subject to R and D whether
you want to have it come out or not. If

(01:37:40):
your employer's plan the four one K allows you to
roll that money into the four one K, which it
does for a lot of individuals, you'd be better off
to take that IRA money. If you're continuing to work
and you want to let the money grow for another
few years, roll it into the four to h one

(01:38:02):
K and then you're not going to be subject to
RMD because you're still participating in an employer's plan and
that money is gone in the IRA. So that's an
option that's available. We've done it for a few people,
but just be aware is that a lot of people
are working longer in life. You know, they say that
the seventy is the new fifty. I don't know about that.

(01:38:23):
But I can tell you one thing for sure. We're
definitely seeing people work a hell of a lot longer
than they anticipate.

Speaker 1 (01:38:31):
Yeah, I mean people.

Speaker 7 (01:38:32):
Well, I guess part of that too is like that
remote work, like it's a lot easier for people to
continue working, And that was part of some of the statistics.

Speaker 1 (01:38:40):
I guess I was wrong. I was looking that up
over a break.

Speaker 7 (01:38:43):
I guess more people are more satisfied with across the
board as far as working remotely.

Speaker 3 (01:38:47):
And well, you just gave me the number. Almost a
third of the population is working remotely.

Speaker 7 (01:38:51):
Yeah, I went from nine percent you know, pre COVID
across the United States of people working from home to
thirty two percent and are doing some type of remote work.

Speaker 1 (01:39:02):
So it's almost.

Speaker 3 (01:39:02):
A billy says, that's huge.

Speaker 1 (01:39:06):
Yeah, that's a why billy A lot of people.

Speaker 3 (01:39:08):
God rest his soul, But listen, we offer a complimentary consultation.
Now is the time, right, man up, pony up, get
on the horse, get ready to rock and roll for
twenty twenty six. We have a lot of locations now
that we can meet you face to face. If you
don't want to meet face to face, we can do

(01:39:29):
zoom meetings. Rings Central. We just do a conference call
and it's a great opportunity for us to have a
chat with you to see if the retirement plant. The
business is changing a lot of folks. The business has
changed so much just in the last few years. Products
are changing, opportunities are presenting themselves to individuals that allow

(01:39:52):
you to basically take more control of your net worth.
So the worst thing that can happen is, you know,
you become friends. We have a chat. Our Syracuse office
is extremely busy if you're on the CUSP, if you're
between Albity and Syracuse, and it's easier for you to
go to Syracuse. Well, we got a brand new office

(01:40:15):
out there on sixty seven hundred Kirkfille Road.

Speaker 1 (01:40:20):
Came out beautiful. Yeah, it looks good. The office looks
absolutely fantastic.

Speaker 3 (01:40:24):
So if we can be of assistance, it would be
an honor to sit down with you. Eighty eight five
EAT zero one nine one nine is our telephone number.
What do I got ash about? A minute? About two
minutes left? Eighty eight five EAT zero one nine one nine.
You can check us out on the web rpgretire dot com.

(01:40:45):
And Who's gonna win the Big Game? Today Ohio State
or Michigan.

Speaker 7 (01:40:53):
I mean, Ohio State's had a tough time beating Michigan
over the last couple of years. But at Michigan, yeah,
I think it'll be a good game. I think Ohio
State it'll beat him, though. Yeah, they're too good this year. Yeah,
it's uh. And then of course you're helpless New York Giants.

(01:41:14):
Are they playing this weekend?

Speaker 1 (01:41:16):
No, they play Monday night.

Speaker 3 (01:41:20):
They play Monday night. Yes, you still you're still a
New York Giants fan, unfortunately.

Speaker 6 (01:41:26):
But.

Speaker 7 (01:41:28):
I'm on the next year now. This year doesn't matter.
I hope they lose out. So you're getting your cousin wants.

Speaker 3 (01:41:33):
Us to go in on seats with him for the
Buffalo Bills in their new stadium. That's a five hour
drive though, Yeah, that is a pretty far drive. That's
not a hop skipping a jump. So we'll see, we'll see.
But again, thank you for listening. And again this is
the Retirement Planning Show where the Retirement Planning Group and
we have offices throughout New York and anything that we're

(01:41:56):
talking about. If you want to come in have a chat,
it's pretty simple. Just dial eighty eight five E to zero.
One nine, one nine. It will try to facilitate a
meeting that you would like and have a great fantastic
end of the Thanksgiving holiday. Be safe, don't go outside

(01:42:16):
without knowing there's ice out there. Please be careful, folks,
and we'll see you next week.

Speaker 1 (01:42:28):
The information or services discussed on this show is for
informational purposes only and is not intended to be personal
financial advice. The investments and services offered bias 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