Episode Transcript
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Speaker 1 (00:03):
Why from the WUS Why Are iHeart Studios. Welcome to
the Retirement Planning Show with your host Dave Kopak from
the Retirement Planning Group. Every week, Dave Kopak and his
team discuss the ways they can help people make informed
decisions about a wide array of retirement planning information that
can support you in developing a more certain financial future
(00:25):
for you.
Speaker 2 (00:25):
And your family.
Speaker 1 (00:26):
Now it's time for the Retirement Planning Show.
Speaker 2 (00:39):
The first that took us.
Speaker 3 (00:44):
Lack of dogs, make too much Tis.
Speaker 2 (00:47):
Man go.
Speaker 3 (00:54):
Us Hollis where that one gets you going?
Speaker 2 (01:02):
Good afternoon, Syracuse, Wake up, It's time for the Retirement
Planning Show. I'm Dave Kopeck, your host. Great to be here.
I got my son with me today again. Christopher William
who's a financial analyst here with the Retirement Planning Group.
Good afternoon, Chris, Good afternoon. So who's gonna win the
(01:24):
big basketball game today? T? T tick? Is it gonna be?
Can you imagine what it's gonna be like at Madison
Square Garden today? It's gonna be insane. Yeah, you're gonna
watch it with your posse, Yes we are.
Speaker 3 (01:39):
I don't think anyone expected them to be up too.
Oh so pretty amazing. It'd be good for New York.
I'll tell you what, it'd be great for New York.
It's been a long, long, long time. So oh yeah,
they've got a great team and this this they'll be,
this will be in your face, this will be a
nail bier. I think, yeah, they've all been I mean
(02:01):
they've all come down to the last shot so far.
So from two to zero. You don't think anyone expected that.
Give me the rock, Give me the rock. I was
a shooter. I think, yeah, Emphasis Onds, he's.
Speaker 2 (02:20):
A wise guy. I don't believe it's folks. I'm going
into the three on three in the Olympics. All right,
it's good to be here. We are the Retirement Planning Group.
We have five locations. We'll be out in Syracuse on
Monday meeting with some clients and some prospective clients. It's,
you know, a daunting task sometimes, this new world that
(02:44):
we live in. In the year twenty and twenty five,
eleven thousand, four hundred Americans will turn sixty five every day.
It's a historic milestone. Four point one eight million people
are reaching the re what we call the traditional retirement
age this year and it's the highest on record. So
(03:09):
there's a lot of you that are either sixty five
or you're gonna be sixty five. This will continue right
through in the year two thousand and twenty seven. And
what this means is that ultimately nine out of ten
of us, ninety percent of us are gonna basically have
to take our life savings. And now we're gonna have
(03:31):
to basically take that money. We've received a check for
the last thirty five forty years. Now we're gonna have
to create a check that could possibly last longer in
retirement than the number of years that we were employed.
So we're gonna talk about what we considered to be
some key lessons things to think about. And uh, again,
(03:54):
this is talk radio, not Babbel radio. We love phone call.
I think it always makes it much more interesting for
listening audience. I'm going to give out our telephone number
at the studio three one five four to two one
ninety seven ninety seven. That's three one five four to
two one nine seven ninety seven. That's three one five
(04:16):
four to two one WSYR. Even if it's off topic,
that's fine. But today we're talking about retirement income distribution.
And how to understand understand how to build it out
in some of the things that you might want to
consider when you start building out your retirement income distribution plan.
(04:36):
So here's the key question, Chris, how soon should they
start thinking about this.
Speaker 3 (04:41):
They should start thinking about this at least five years
out from their expected retirement date. If you're past that,
you know, we always say the range of three to
five years, you should really start considering either meeting with
a financial planner and getting some type of goal or
idea of what retirement would look like and get some
(05:02):
projections built out for you, whether that's through some type
of software system or however you may even go about it.
Getting an idea of what retirement could look like based
on your current assets is critical.
Speaker 2 (05:17):
And when you say critical, we have a software package
that we call E Money, and E Money is something
that we clear all of our business through Fidelity Investments,
and it's a software package that we get through Fidelity
that allows us to aggregate. When we see aggregate allows
(05:38):
us to basically have a dashboard of exactly where you
stand today today in twenty twenty five, and where you
want to be over the next three to five to
seven to ten to fifteen, twenty years, and what we
do is we put in some calculations, some basic calculations.
What don't you go through that a little bit about
(05:58):
the data that we can put put in put in
and then what we do as far as some additional
you know, like rates or returns and the inflation factor.
Speaker 3 (06:08):
Yeah, so this is all based on a confidential questionnaire
booklet that we have all of our prospective clients fill
out for the initial appointment. So what we do is
we take that data and within the booklet, what's important
to note is getting a baseline spend level as far
as what you're currently spending right now, what are your
(06:30):
expenses and how much money's going out the door to
supplement your current lifestyle. That's a huge part of it.
So we can show you, you know, what the projections
are kicking off for a base line spend level in retirement.
So that information that we take into account for any money,
is your current four oh one K plan or whatever
(06:54):
investment retirement account that you're currently contributing to through work,
whether that's a four to one K deferred comp TSP,
whatever it may be, your current social Security projections, whether
that's at sixty two, sixty seven seventy whenever you plan
on taking that. And then any type of other investments
you have outside, whether it's a raw IRA or any
(07:16):
other investment accounts you know that are going towards your retirement.
Speaker 2 (07:20):
Or or if you're lucky, what a p word.
Speaker 3 (07:25):
A pension, Yeah, any type of pensions as well. That'll
all be incorporated in to calculate out what the spend
level is. Through the software system, we input you know,
an inflation rate, in a growth rate. These are very
modest projections. We don't like to overestimate in these projections.
We want to give people a comfort spend level in retirement.
(07:46):
So the projections we project in these are we over
estimate for inflation and underestimate for a growth rate to
kind of show you what a baseline spen level would
be in retirement. And then we sit down once this
is all input and have the follow up appointment and
review you know, what the what the projections they're telling us,
So we'll just walk through the system with them and
(08:08):
show them, you know, based on what the input we
put in through the information you provided us, this is
what retirement could potentially look like and it factors in.
You know what you're currently contributing to your plan, So
contributions you're making, we can always add those in. As
far as someone who's saying, well, I contribute ten percent
(08:29):
of my salary to my four oh one k okay,
so they would just take your salary, take the ten
percent from that and add it in. It's like an
annual contribution to the accounts. So it gives a fairly
good estimate on what a comfortable spend level in retirement
would be.
Speaker 2 (08:46):
Well, this is what I would say to you. You
know one of the things that you just said, and
I want to get into because we're getting a couple
of phone calls here. What I want people to understand
is that the data, the information that we put in
it is fairly accurate, folks, because we're using your information.
The only hypothetical would be the net return that we
(09:06):
receive on the portfolios, and then of course the inflation factor.
So a lot of these calculations are going to run
pretty pretty pretty consistent with what you can expect. But
we got a gentleman, Dick that's on the telephone. Dick,
good afternoon, how can we help you?
Speaker 4 (09:27):
Okay, I'm make so security out to the age seventy Yep.
Day that night, turn around and I'm still working and
I'm seventy five, and they're still taking so Security out
of me.
Speaker 2 (09:40):
Yep.
Speaker 4 (09:41):
Well, two questions. Will they readjust it?
Speaker 2 (09:45):
Possibly? Possibly they might, They might readjust it. But the
thing is is that if you're getting if you're a
W two, they're going to take that money out. What
you can do is you contact Social Security and they'll
basically tell you if there's a the adjustment. But at
age seventy, I think you probably already were aware of it.
That was the maximum benefit that you were going to receive,
(10:07):
So you did start taking it at age seventy.
Speaker 5 (10:11):
Yeah, I took it at seventy.
Speaker 4 (10:13):
But I'm fortunate enough to make more money now than
I did back then.
Speaker 2 (10:16):
So how are you I'm assuming that you're getting your
money W two not ten ninety nine.
Speaker 5 (10:21):
No, I'm I own a business, Okay, Okay, that's how
That's how I pay him?
Speaker 2 (10:30):
Okay, Okay. Yeah. I mean, are you having a problem
as far as paying the bills or stuff or are
you just concerned because you want to see if there's
more benefit available to you because you're you're still making
additional contributions.
Speaker 4 (10:44):
Yeah, when I put in fifteen thousand in one year. Yeah, say,
well wait a second, I shouldn't be getting month more money.
Speaker 2 (10:52):
Now, Well, what I would do is, because you're receiving benefit,
there's a toll free number that you can call Social
Security and they'll give you the exact the answers. They'll
bring up your account and it'll be specific to what
you're trying to get the answers to.
Speaker 4 (11:07):
Okay, well there is a number.
Speaker 2 (11:10):
To cop Yeah. Matter of fact, if you need that number,
deck call our office. We'll be more than happy to
help you and facilitate. We have that number available for you.
Speaker 5 (11:21):
Well, can I ask you another question?
Speaker 2 (11:24):
Absolutely? Today's your lucky day? You get two Okay?
Speaker 5 (11:28):
Yeah, I own a business. Now when I go to
read retire, h do you look at a financial investor?
Does he look at the business as it's worth so
much money?
Speaker 2 (11:48):
Well, you know what eb it is, right, A lot
of a lot of times, a lot of times businesses.
That's the multiplier they use as far as the valuation
of the businesusiness and depending on the uniqueness of it
or the recurring revenue of the business will basically give
(12:08):
you the multiplier and our business EBITA is what they
use in order for the valuation of the financial services industry. Now,
so I would say, is your business unique? If you
walk away from it? What happens to your cash.
Speaker 5 (12:21):
Flow goes down?
Speaker 2 (12:26):
When I when, but when somebody else I still.
Speaker 4 (12:30):
I still have salesmen that are producing.
Speaker 2 (12:32):
Well, that's what I mean. That's why I'm saying to you,
is that the the business doesn't evaporate, right, doesn't doesn't
basically eviscerate. So what happens is that now because of
that recurring revenue, you're going to have some type of
value to the business. So, uh, what I would say
to you is that your CPA firm should be able
to assist you with that.
Speaker 5 (12:54):
Yeah, my lasked that and that hasn't worked.
Speaker 4 (12:57):
Okay, well, okay, so I got to make an appointment
with you you people, now, Yeah, come on in.
Speaker 2 (13:03):
We're right off a carrier circle of be an honor
to sit down with you, sir.
Speaker 4 (13:08):
Okay, thank you very much for the.
Speaker 2 (13:10):
Involve Okay, God bless I'll talk to you all right.
We're gonna take our first break, We'll we come back.
We're gonna have a lot more questions from you the
listener three one five four to two one ninety seven
ninety seven. That's three one five or two one ninety
seven ninety seven three one five four to two one
ws yr. This is the Retirement Planning Show. I'm Dave
(13:33):
Kopek and here's my son with me, also Christopher william
And as always, any question at all, even if it's
off topic, We'll be right back who I are. 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
(13:53):
can relax knowing you are prepared. Take action today called
eight eight eight five eight zero one nine one nine.
That's eighty eight five eight zero one nine, Or visit
us at our website rpgretire dot com to schedule your
complimentary consultation. Your future will say thank you.
Speaker 1 (14:13):
On iHeartRadio and one o six nine FM.
Speaker 2 (14:19):
The room that you're traveling along, there's one day here
in the next day going.
Speaker 4 (14:23):
Sometimes you've been, sometimes you stay up.
Speaker 3 (14:26):
Sometimes you turn your back to the wind. There's a
world outside every dark in doors.
Speaker 2 (14:33):
All right, we are back. Good music, all right, We
love music, especially good music. This is the retirement planning show.
We're glad to be here. It's like we might have
some sun. First and foremost, before we get into the
(14:57):
show in greater detail, I want to send out my
heart felt blessings to all of the phenomenal mothers that
are out there. You know, the people that make the
house come together, take care of us and good times
(15:17):
and bad times. So for all the moms out there,
I would say one thing, God, bless you. God bless
your special day tomorrow, and hopefully it's going to be
filled with happiness and kindness and the love of family
and friends.
Speaker 3 (15:33):
You want to add to that, Yeah, I know you
said it. You said it perfect. Yeah, Happy Mother's Day.
All the mothers out there. You know, we appreciate everything
that you do and hope you enjoy your day, especially
when you bake.
Speaker 2 (15:46):
Yeah only teasing, only teason, I'm not really teasing. As
matter of fact, we said that the other day to
a woman. She came into the office with two cheesecakes. Yeah,
those are great.
Speaker 3 (16:00):
God to hit on what that guy's question was, as
far as the collecting Social Security at age seventy, then
it increase your benefit yes, I just looked it up
here and it says, at least according to this article says, yes,
working while collecting Social Security at age seventy can increase
(16:22):
your benefits slightly if your earnings are among your top.
Speaker 2 (16:25):
Thirty five years.
Speaker 3 (16:28):
So if your earnings are still are you in your
top earning years after the age of seventy. It said
that each year the Social Security Administration reviews your earnings record,
and then if the new earnings are higher than your
thirty five highest earning years used in their benefit calculation,
social Security will replace the lower year with the higher ones.
(16:50):
So it's gould incrementally.
Speaker 2 (16:52):
So is it done automatic or does he have to
call Social Security in order to kick it in the
higher benefit? I think my heart tells me that it's
done automatically. I think I think so. Yeah, I think
it's done automatically.
Speaker 3 (17:05):
It says they review your earnings record, but it says
it's going to be a modest increase in your monthly
don down in.
Speaker 2 (17:10):
The cave with their what pens and paper and the cave.
Oh yeah, we're all our social Security documents are held
somewhere down in West Virginia, I guess or wherever the
hell it is. But again this is talk Radio. If
(17:31):
you have a question or comment, hopefully we can help you.
Three one five four to one ninety seven ninety seven.
Our job is to try to help you, educate you
and the options that are available to you during your
pre and post retirement years. So today we're talking about
retirement income distribution. We're talking about the options that are
(17:53):
available to you, and we're talking about why you should
really have a pretty good understanding before you go into
your retirement years as far as your readiness. It is
important to have a plan. It is important for you
(18:14):
to be retirement ready. The worst thing you could do
is to retire, not have a plan, get a large check,
and then say what am I going to do with this?
And how can I now create the income that I
desired during my retirement years? You're already two steps behind.
So it's important for you to sit down, build out
(18:35):
a plan and understand some financial terms. And there's one
that you should understand wholeheartedly is that protected income is
available to you. Okay, what is protected income? There's three
components that the retirement planning group that we talk about
all the time. Of course, it's a pension right, if
(18:58):
you're fortunate God has blessed you with a company that
gives you a pension, or you have a pension from
a previous employer, that's fantastic. Social Security right, another guaranteed
income stream. This one's kind of good too because it's
got a cola acrost, the living adjustment, and then of
(19:19):
course annuities right National Grid right four oh one K
program their cash balance account. If they don't take the
cash balance account rolling into an IRA, what they do
they buy them an annuity that will give them income
that will last a lifetime. Right, So you need to
(19:40):
understand not only the terminology being used, but you also
need to understand is that how all of these components
can work together to put a smile on your face
and basically give you satisfaction and peace of mind during
your retirement years.
Speaker 3 (19:57):
Yeah, those are you know, the ways that people do
supplement their income in retirement, Social Security, pensions, and then
the use of annuities. Income generating annuities, so we we
do work with the annuity side, you know, generating that
pension benefit that people don't have. You know, in some
case scenarios, someone has a strong pension and strong Social Security,
(20:19):
they may not be a candidate for the annuity unless
they want more guaranteed income in retirement. But you know,
for the people that have a large four to one
K plan, no type of pension benefit through work, and
are looking and don't want to ride the wave of
the market, you know, they don't want to see the
ups and downs. They're more of a conservative investor and
(20:40):
they want to put a lump some of their money,
not the whole thing, but a chunk of what they've
saved up in their four oh one K and generate
themself a pension benefit. There are options out there through
relationships we have with insurance companies that these annuity products
can do that. So we we do see that. You know,
(21:01):
the other way to create income in retirement is by
utilizing what we call our income model portfolio. Uh that's
just a model we build out in house through the
conversations we have with not only Fidelity, but other representatives
and wholesalers in from the you know, large financial institutions
(21:22):
that we have relationships with will build out mutual funds
ETFs utilizing bonds in equity positions to generate high dividends
so that when that money does get rolled out of
their retirement account, whether it's a four oh one K
or TSP or deferred comp whatever it may be.
Speaker 2 (21:43):
Four oh three b yep, New York State deferred compensation
TSP YEP. Go through the whole laundry list yep.
Speaker 3 (21:50):
That that money then gets rolled out, you know, invested accordingly,
you know, based on their risk tolerance, and then income
is pulled off that from the dividen an interest to
supplement on a monthly basis.
Speaker 2 (22:04):
I'm going to give a heads up to the people
that are listening that are in their forties and fifties,
please listen to this pull off. Turn the radio up,
close the sun roof, turn the radio down. Okay. Private
sector pensions private now are available to about four four
(22:27):
percent of the workforce. So that means Generation X will
be finding itself entering into the retirement without a pension
to provide for protected income. There are products, there are
investments that you can allocate some of your money into
(22:48):
during your accumulation years. This is a big debate going
on in Washington States in the financial services industry that
in your four to oh one cap program, there should
be an option that will avail you to provide you
protected income once you walk out the door that will
(23:10):
last a lifetime, not only for yourself but also for
your spouse. Congress has enabled right some of these investments
to go into four ohwing K programs you need. I
can't overemphasize this enough, folks. You need to see if
your employer is providing this option to you and if
(23:33):
it is being afforded to you. There's some bells and
whistles that you need to understand. First, what is the benefit? Second,
is there a spousal option? Third, is a portable Okay?
Once you find that out, okay, then you can sit
and make a decision whether it's suitable for you during
(23:54):
your accumulation years in order to allocate some of your
assets too. But now it's time. Now it's time for
you to do a little bit of work, because no
one's going to do it for you. It's been proven
over and over and over again, whether it's Fidelity, Schwab,
(24:16):
any of the major investment banking firms, working with a
financial team, working with a financial advisor is going to
be extremely beneficial for you as far as your likelihood
of having success if you're pre and post retirement years.
Speaker 3 (24:36):
Yeah, utilizing you know, a financial management team and relying
on you know, their advice and projections in software systems
that they may have for you, you know, So we
utilize e money and that's just the way that we
can take someone who is sixty in planning on retiring
at sixty two or sixty five, plug in all their
(24:59):
information and give them projections based on that you know,
baseline spend level they're looking to accomplish in retirement, and
the main thing there is just to give them peace
of mind that it is, it is doable viewing it.
You know, a lot of people me included, are visual learners.
So showing them what is how that it's all gonna
(25:19):
play out. You know, they're not just going to retire
and figure it out once that happens, it's it's on
the board, you know. We show them how it's gonna work,
how it's gonna play out, Explain to them the scenario
of rolling the account over, building out those buckets of money,
utilizing the three bucket approach, and then paying them out
in income stream and retirement.
Speaker 2 (25:41):
So here's some key lessons from the study that we're
talking about. Basically, basically, this has been information that has
been provided from the baby boom generation that's already been
out the door for five to six to seven years. First,
get going earlier, the better. Second, understand the financial products
(26:06):
that are available to you in order to give you
retirement readiness. Three, make sure when you select social security.
I can't say that past you understand the reason why
you're selecting it, because you should be solving for income,
not for breaking even. And Fourth, you want to make
(26:27):
sure that you're working with an independent financial advisory firm
that does not have an ax to grind, that has
an open architecture that affords you to have a lot
of different options, not a select few. That's your situation,
give us a call. That's the business that we're in
doing pre and post retirement planning. Give us a call.
(26:49):
Eight eight eight five eight zero one nine nine. Will
be right back after this quick message. Why are all right?
Speaker 4 (27:11):
You got it now? All right?
Speaker 2 (27:18):
Get you banging your foot in your head and whatever else.
It's good to be here, folks. You know we're talking
about this emotional toll sometimes that individuals are facing during
their pre im pulse retirement years. So today we're going
(27:45):
to talk a little bit about the data. The information
that's coming in that Fidelity other major investment banking firms
are digetting and giving back to US financial advisors. With
the earlier boomers that went out first, nearly half forty
(28:11):
six percent say spending their savings is creating anxiety, it
is having an emotional toll on them, and nearly a
third thirty two percent, are spending money faster than they expected.
Why is this? Why is there such a negative impact
(28:36):
Because they did not have a clear plan for drawing
their savings down and knowing how to generate income in
retirement before they walked out the door.
Speaker 3 (28:47):
Yeah, it's uh, it's something that people really don't plan for,
which is shocking to say.
Speaker 2 (28:52):
And here is that.
Speaker 3 (28:54):
You know, you could be retired for anywhere from thirty
to forty years and it's not it's not plan. You know,
a study showed that the average person spends more time
planning a two week vacation than decades of retirement, which
was pretty staggering to read, but it's true. You know
a lot of people just work and work and work,
(29:15):
and then they're twenty thirty years into a company and
they're like, oh, time to retire. Yeah, and then that's
when they come in and try and plan everything in
the last year when they're trying to button everything up,
and we see it all the time. It's it's not
it's something you don't want to deal with because when
those people come in the door, you can tell they're stressed.
They're trying to figure everything out within a twelve month
(29:36):
timeframe and praying that the market stays where it is
or goes up. Point of entry, Yeah, point of entry
is huge critical. You could if you got into the
market or you were going to retire in twenty twenty
two and you're getting out of the market when you
saw bonds go down twenty percent in equities did the
(29:57):
same thing. There was nowhere to hide. So that was
a horrible year for people to retire.
Speaker 2 (30:03):
Yep, yep. And if they did not have protected income
or if they basically got kicked in the teeth and
then they ran for the sidelines, they can get backed in.
Now they're really in a difficult spot. So in this
survey survey, survey, I really have a hard time talking
(30:26):
to you. Yes, I don't know what's going on with
me today. Social Security, Yeah, survey unbelievable, responded, said, three
tasks are nearly equal as far as difficulty, and it's
confusing when it comes to their planning. What is it
prioritizing what to spend the money on? Number one? Should
(30:47):
I get the Corvette? Should we buy the house down
in Florida? Should I always, you know, go on this vacation,
this trip taking all the kids and the grandkids to Disney.
Estimating how much money to set aside for healthcare costs,
that's critical, folks. Fidelity says a healthy sixty five year
old couple, it's gonna need three hundred and thirty thousand
(31:10):
dollars of out of pocket expense for the rest of
their lives. And that has nothing to do with long
term care. And this is the one that we're really
focusing in on today. How to sequence withdrawals from their accounts?
How do they get the money? Yeah, so how do
they get the money? Tell tell them the bucket approach
(31:30):
that we utilize.
Speaker 3 (31:31):
Chris, The three bucket approach that we overemphasize to all
of our clients is that you got three separate buckets
to segment your retirement account. And bucket won being cash
and cash alternatives. So that is money market funds, treasuries,
treasury bills just you know, liquid myga's safe, safe assets.
(31:58):
You know, they're not not gonna fluctuate. You're just looking
for consistent low, very low, if not zero volatility. Bucket
two is income generating assets through equities and mutual funds,
whether that's utilizing bonds or like a covered call writing
strategy for the equities and generating high dividends in order
(32:21):
to fill bucket one. And then the third bucket is
for long term growth in appreciation. That is the equity sleeve.
So there's going to be different percentages allocated into each
of those buckets for every individual. It's never a cookie
cutter approach, you know, it's always more of a comfort
level in filling out a risk tolerance questionnaire and then
(32:41):
we'll see, you know, how you're judge on how risky
you want to be with these assets. But a mixture
of the three is something that we always emphasize and
that's important to have, you know, a blend of the
three in your retirement accounts. And then how we gear
those up is you know, we have an income model
(33:02):
that we've been utilizing for a lot of retirees who
are taking distributions and income off of their portfolio on
a monthly basis, and that's just kicking interest and dividends
from this bucket two and bucket three, you know, utilizing
equities and mutual funds in bonds to supplement their income,
(33:22):
kick it into the first bucket like that money market fund,
and then we pay them out on a monthly basis.
Speaker 2 (33:29):
And just so you can conceptually think of this, you've
got your four oh one K, your sixty years age,
you want to retire at sixty five. You know, you
build you need to build out a plan. You need
to start going in order to get the foundation set
up in regard to how you're going to basically pay
your bills once the paycheck stops. So if you got
(33:49):
a million dollars inside your four oh one K, we'll
just keep that simple. You roll that out into a
self directed IRA. You're gonna still make your contributions that
your employer over the next five years, but that's gonna
be the base that's gonna start your buckets of money.
We're gonna have our dividends. We're gonna have our dividends
swept into bucket number one. So let's just say we're
(34:11):
gonna go safe the red zone. We're gonna go five
percent guaranteed, fifty thousand dollars will now go into that
bucket for the next three to five to six years,
depending and now you're gonna have fifty thousand times five.
You've got a quarter of a million dollars. You got
two hundred and fifty thousand dollars in cash before you
walk out the door, So your point of entry is
(34:31):
not as critical as it would be for the guy
that took the money, walked out the door and say,
now I got to figure out what to do with it.
So it can be very emotional thing when you wake
up one day and realize that the paycheck from work
isn't going to be coming in anymore, and you're left
with this lump sum of money that has to last
possibly for the next twenty thirty forty years. If there's
(34:55):
just one thing you could do to prepare and lower
your anxiety, it's the bucket of money income plan. And
the most important thing in that plan is having enough
protected income between social security annuities, a pension, laddered bonds,
(35:16):
whatever it is. For those essessionals essential expenses they have
to pay for like housing, food, electricity, healthcare and all
it does, folks, it's just going to make your life
a lot easier.
Speaker 3 (35:35):
Yeah, yeah, And that's why we emphasize coming in and
at least breaking down your your baseline spending so we
get a grasp on like how much money's going out
the door right now, so we can plan for that
in retirement and supplement that income that you do need
through Social Security, pensions and distributions off of your retirement accounts.
(35:57):
But like you was saying, you know, the worst thing
to do is procrastinate. You know, a lot of people
who we see come in, uh, if they are younger
and they heed by the the red zone. You know,
they're five years out from retirement, they're sixty and they're
planning on retiring at sixty five. We can roll that
money out because they're over fifty nine and a half
(36:18):
and it opens that window for us and we can
build out these buckets of money for the next five years.
So by the time sixty five comes around, hiss, the
you know example person, their their account is established, it's
working for them. You know, there's plenty of cash build
up in that money money market position, and he's ready
to go when retirement comes out the door. It's not
(36:39):
a stressful year figuring out how this is all going
to be worked out.
Speaker 2 (36:43):
Here's a statistic that's unbelievable. And don't forget we've got
open telephone lines. This is not Babbel Radio. It's talk
radio three one five for two one ninety seven ninety seven.
We're the Retirement Planning Group three one five four seven
ninety seven. We love phone calls. Thinks it's much more
(37:03):
interesting for you the listener three one five four two
one ninety seven ninety seven. Here's it unbelievable. Ninety seven
percent say having protected income in addition to soil security
and retirement is valuable ninety seven percent. Ninety six percent
(37:27):
consider them extremely or somewhat important for their peace of
mind and financial security. So what's that saying? You're looking
for this product it's out there or products, and most
of you deviate and do not build out this type
of portfolio. And why is that? Because you think that
(37:51):
mister or miss wonderful that has all the answers on
Monday in regard to the stock market or the bond
market is going to actively manage to poorfolio and get
you to your final destination. The question I have for
you is that what happens to you If that doesn't
work out, what happens is that person going to step
(38:13):
up and write the checks that now you still need
to have. So it's a time that you have to
make very, very, very definite decisions about your future. It's
a beginning, not an ending. And for some of you
who could last for thirty years, we'll be right back.
We are living through the greatest wealth transfer in the
(38:34):
history of mankind. Trillions of dollars of wealth will change
hands from one generation to the next. Your money to
our beloved children and grandchildren. Are you ready? Your future
is written by chance, it's written by action. Now's the
time to build your plan, protect your assets, and position
yourself for the opportunity. Don't wait to take action. The
future favors those that are prepared. Call eighty eight five
(38:58):
eight zero one nine to one nine eight eight eight
five eats zero one nine one nine. Jesus, it is
a friend. Yeah, I know, he's been a good friend
of mine. All right, it's something's changing. He hard did
(39:19):
he find himself? Well, there's a heart problem. Watch all
the girls used to go google over this guy, including
your mother. Can't think of the guy's name though. All right,
we are back. If you have a question in comment
(39:41):
three one five, four to seven ninety seven. We offer
a complimentary consultation at our office, my Carrier Circle if
you want to come in. It's pretty easy to do.
Just style eighty eight five eats zero one nine one
nine eight eight eight five eats zero one nine one nine.
We're gonna start having some dogg and ponies out in Syracuse,
some seminars, some workshops. We do a lot of them
(40:02):
throughout the state of New York. We're gonna start doing
them in Syracuse in the very short period of time.
We'll give you more data on that. But again, we're
the retirement planning group, and today we're talking about what
I considered be probably the most critical component of your retirement,
and that is building out your retirement income distribution plan
before I want to overemphasize it before you retire. So
(40:27):
bottom line gets down to is that we talk about
ideas and concepts. Okay, there's a lot of different ways
for you to manage money. Now we're just basically talking
about some my what I considered to be the basics. Okay,
there's really four ways that you can manage money. You
can buy an annuity. We'll give you a guaranteed income stream
(40:49):
for life. You can build out a diverse portfolio that
will give you periodic payments. You can do total return.
We basically take income from investments in the form of interest, dividends,
and capital gains actively managed. And then some people that
like the pedal to the metal. They got two pensions,
(41:11):
they got two solid securities. They want a high dividend portfolio.
We can do that with income producing equities, strong earning,
strong balance sheets. So there's benefits to all three four
right four. But the bottom line gets down to it
(41:31):
has to be specific for you. And what has to
be specific for you is how big of a roller
coaster can you take a ride on?
Speaker 3 (41:39):
Yeah, yeah, as far as you know risk tolerance. Like
we said it touched on earlier. You know, everyone fills
out their own RTQ, So if they don't know, a
risk tolerance questionnaire is what URTQ stands for. And so yeah,
if a husband wife come in and the husband is
wants to go all equity, he comes back at ninety
(42:00):
as far as you know his risk tolerance score, and
then the wife's a twenty. Well, the husband's accounts, we
can invest accordingly to how he wants and be very
aggressive and equity positions, and then the wife's we can
go more conservative into you know, bonds and money markets.
So there's no there's no cookie cutter approach. Everything is
(42:21):
specific to the individual and planned around each individual. So
building out the h the financial plan has to do
a lot with what individuals are looking to accomplish with
their own assets.
Speaker 2 (42:37):
Then I think what's important, folks, and this is critical.
It's finding the right strategy for you right, the investment
options that you select right with the help and assistance
of your financial team. We'll take into account time horizon. Well,
(43:02):
Chris just talked about your RTQ, your risk tolerance, how
big of a roller coaster do you want to get on,
and having a better understanding of the appropriate way in
order for you to draw down assets. Just realize that
big four oh one K, that big IRA, that big TSP,
(43:23):
all that money that's sitting there and what I call
the piggy bank account right that money's coming out. There
is a crosshair on that money, pre tax money. It's
the most complicated money in your estate. Never a step
up in basis always taxes ordinary income, and you're sending
(43:46):
a tax liability rather than a legacy to your children.
You need to understand all your options, understand your overall
financial picture, how much is necessary in your lifetime, how
much is necessary for wealth replacement for a surviving spouse,
and you now can retire in confidence. And then you
(44:06):
also know you got a piece of this or part
of it that's going to be your legacy to the
next generation. The money you want to send to the
next generation is unburdened by tax, has a step up
and basis, and when the kids get a hold of it,
there's not an iou yeah to hit on that.
Speaker 3 (44:24):
What he's talking about right now too, is the the
usage of like a second to die life insurance policy
that we've done a lot of work with and that
just sets up exactly that. So a couple comes in
as a large four to one k account of all
pre tax money. They don't they have strong social securities.
(44:46):
Maybe one or two of them have a pension, so
as far as income in retirement, it's not top priority
to them. You know, they want to leave a legacy
to their children. Setting up a second to die policy
so that when the second parent dies, the children inherit.
You know, all of this, this large lump sum of
tax free money. Instead of inheriting the IRA account, which
(45:09):
is a force liquidation like he just went over. You know,
you're getting a ten year spend down, it's taxable, it's
unpreferenced assets, whereas they could inherit. You know, a tax
free lump sum through the usage of a second ed
eye policy.
Speaker 2 (45:26):
And it's the thing is is that it's just a question.
I always say this if you're trying to get more
clarity on how complicated IRA assets are, not only during
your lifetime, but also if you're looking to pass these
assets onto the next generation. There are two authors that
(45:47):
I always recommend for people to read. One is ed
Slot s l Ott. It is a CPA. He is
considered to be the IRA distribution Guru. I under one
of his programs at PBS in the Capital District region
of Walbany. Ed's a great guy, extremely informative. He has
(46:10):
all sorts of data and information on the web. The
second person is now retired. Her name is Natalie Choked Choate.
She talks about the IRA and the four oh one
K and the step as the mortgage on your IRA.
That's a beautiful number, and it's a big number, and
(46:32):
it's probably for most of us, it's the largest asset
that we have besides maybe the equity that we have
in our home, but it's not yours. There is a
big tax liability depending on the state that you live in,
income tax, federal tax, and depending on where we live
the state that we live in, there could possibly be
(46:53):
a state tax. So planning understanding the options that are
available to make sure you have some guidance and you're
working towards not only what you're trying to achieve, but
also to secure not only a fulfillment retirement for you.
For a lot of our clients, they're basically worried and
(47:13):
concerned about their kids in the future that they have.
Speaker 3 (47:17):
Yeah, and that's where that you know, second, a EYE
policy comes back into play. And if they do set
that up, you know, once that's funded, they we tell
them to utilize the IRA account and spend it down
And that's the whole purpose of that is go enjoy retirement,
you know, do all the things you wanted to do, travel,
do these excursions and trips that you've always wanted to
(47:40):
do with your spouse or loved ones or friends or family,
whoever it may be. You know, go go live your
life in retirement years, because when you're you know, rm
D years hit and you're seventy three or later in
your rm D years and you're eighty years old, you're
probably not going to be taken as many of these
trips as you would be when you're in your mid
(48:00):
to late sixties. So we always overemphasize spend your money.
Set up, you know, button up your financial plans so
that you feel comfortable going and taking these trips and
doing these things you've always wanted to do. It shouldn't
be stressful. You know, this is something that you saved
up for for your life, and as long as everything's
buttoned up in your you have a comfort spend level
(48:24):
and income coming in the door.
Speaker 2 (48:27):
Spend it. Yeah, absolutely, not only spend it. Not only
spend it. Make sure you understand folks. You know, we
live in a world today that we have more option
than we ever thought we were going to have. And
the thing is is that what's complicated sometimes is individuals
(48:48):
become overwhelmed by the selection of investment options. I know
that there's sometimes when we do presentations. The individuals that
are there, they look like deer in the headlights. It's
important for you, as a consumer of financial products to
understand is that there's basically a chair for you. There's
(49:11):
a place for you to sit with your assets. Okay,
And what I mean by that is that with our
open architecture platform, you'll never hear us say don't do this,
don't do that, because it's my feeling is that every
individual is different in your ability to absorb or have
(49:33):
risk in your portfolio is not the same for mister
Apple as it is for missus Zebra. So because of that,
our open architecture platform provides you the capability and the
capacity to fulfill your retirement ideas what you're looking for,
and also to fulfill that with the right types of products.
(49:54):
It's as simple as that.
Speaker 3 (49:56):
Yeah, Yeah, it's exactly that. And sitting down and buttoning
everything up, and it all starts with, you know, coming
in setting up the appointment, you know, sitting down and
reviewing all these different options and understanding what makes sense
for you and your family. And that's the main thing.
You know, all these products that we're talking about aren't
(50:18):
necessarily a blanket approach. They don't fit everybody. So unless
you come in and sit down and we look at
the confidential questionnaire booklet that we have everybody fill out
and input this stuff any money and look at projections
and review your situation, then we don't know. So it's
it's very important to you know, set time aside to
(50:41):
look at your retirement years because, like we've been overemphasizing,
it could be thirty to forty years of your life,
you know, with what people living longer, you know, technology
in medical the medical industry getting better, So it's it's
definitely something to take time, set it aside and get
everything buttoned up.
Speaker 2 (51:02):
All right, We only got a minute or two here
left here, so again just so our listeners note, we
have a location a Carrier Circle and Pioneer Park. If
you want to come in for a complementary consultation. There's
a couple of different ways that you can do it.
You can call toll free eight eight eight five eight
(51:23):
zero one nine one nine. That's eight eighty eight five
eight zero nine nine and you can leave a message
and someone from my office will contact you to schedule
the time that's convenient for you. The second way that
you can do it is to go to our website
rpgretire dot com. There's a tab there that says contact,
(51:45):
click it, fill out a note, tell the staff what
you're looking for, and as they said, we can sit
down have a chat to see if we can fulfill
what you're looking for. We really work in four different
areas investment, manage, acid protection, legacy, and of course retirement
income distribution. If we can be of assistance, it would
(52:07):
be an honor. But bottom line gets down to I'm
gonna say it's loud and proud today because I haven't
been able to say in a long time. Go Nix. Yeah,
go New York, Go to New York. Go so again. Everybody,
have a safe and wonderful weekend. Happy Mother's Day to
all the beautiful moms out there, and may God bless
(52:28):
you all. We'll see you next week for another retirement
planning show.
Speaker 1 (52:35):
Thank you for listening to the Retirement Planning Show hosted
by Dave Kopec. If you would like to talk with
Dave or someone at the Retirement Planning Group, called eight
eight eight five eight zero one nine one nine. That's
eight eight eight five eight zero one nine one nine
during business hours or visit RPG retire dot com. The
Retirement Planning Group has five convenient offices located in Syracuse, Oneonta, Albany, Malta,
(53:00):
and Glenn Falls. Tune in next week for retirement planning
strategies with Dave Kopeck right here on WSYRS The Retirement
Planning Show. Right here on WSYRS, The Retirement Planning Show
Why from the WUS Why Are iHeart Studios. Welcome to
the Retirement Planning Show with your host Dave Kopak from
the Retirement Planning Group. Every week, Dave Kopak and his
team discuss the ways they can help people make informed
decisions about a wide array of retirement planning information that
can support you in developing a more certain financial future
(00:25):
for you.
Speaker 2 (00:25):
And your family.
Speaker 1 (00:26):
Now it's time for the Retirement Planning Show.
Speaker 2 (00:39):
The first that took us.
Speaker 3 (00:44):
Lack of dogs, make too much Tis.
Speaker 2 (00:47):
Man go.
Speaker 3 (00:54):
Us Hollis where that one gets you going?
Speaker 2 (01:02):
Good afternoon, Syracuse, Wake up, It's time for the Retirement
Planning Show. I'm Dave Kopeck, your host. Great to be here.
I got my son with me today again. Christopher William
who's a financial analyst here with the Retirement Planning Group.
Good afternoon, Chris, Good afternoon. So who's gonna win the
(01:24):
big basketball game today? T? T tick? Is it gonna be?
Can you imagine what it's gonna be like at Madison
Square Garden today? It's gonna be insane. Yeah, you're gonna
watch it with your posse, Yes we are.
Speaker 3 (01:39):
I don't think anyone expected them to be up too.
Oh so pretty amazing. It'd be good for New York.
I'll tell you what, it'd be great for New York.
It's been a long, long, long time. So oh yeah,
they've got a great team and this this they'll be,
this will be in your face, this will be a
nail bier. I think, yeah, they've all been I mean
(02:01):
they've all come down to the last shot so far.
So from two to zero. You don't think anyone expected that.
Give me the rock, Give me the rock. I was
a shooter. I think, yeah, Emphasis Onds, he's.
Speaker 2 (02:20):
A wise guy. I don't believe it's folks. I'm going
into the three on three in the Olympics. All right,
it's good to be here. We are the Retirement Planning Group.
We have five locations. We'll be out in Syracuse on
Monday meeting with some clients and some prospective clients. It's,
you know, a daunting task sometimes, this new world that
(02:44):
we live in. In the year twenty and twenty five,
eleven thousand, four hundred Americans will turn sixty five every day.
It's a historic milestone. Four point one eight million people
are reaching the re what we call the traditional retirement
age this year and it's the highest on record. So
(03:09):
there's a lot of you that are either sixty five
or you're gonna be sixty five. This will continue right
through in the year two thousand and twenty seven. And
what this means is that ultimately nine out of ten
of us, ninety percent of us are gonna basically have
to take our life savings. And now we're gonna have
(03:31):
to basically take that money. We've received a check for
the last thirty five forty years. Now we're gonna have
to create a check that could possibly last longer in
retirement than the number of years that we were employed.
So we're gonna talk about what we considered to be
some key lessons things to think about. And uh, again,
(03:54):
this is talk radio, not Babbel radio. We love phone call.
I think it always makes it much more interesting for
listening audience. I'm going to give out our telephone number
at the studio three one five four to two one
ninety seven ninety seven. That's three one five four to
two one nine seven ninety seven. That's three one five
(04:16):
four to two one WSYR. Even if it's off topic,
that's fine. But today we're talking about retirement income distribution.
And how to understand understand how to build it out
in some of the things that you might want to
consider when you start building out your retirement income distribution plan.
(04:36):
So here's the key question, Chris, how soon should they
start thinking about this.
Speaker 3 (04:41):
They should start thinking about this at least five years
out from their expected retirement date. If you're past that,
you know, we always say the range of three to
five years, you should really start considering either meeting with
a financial planner and getting some type of goal or
idea of what retirement would look like and get some
(05:02):
projections built out for you, whether that's through some type
of software system or however you may even go about it.
Getting an idea of what retirement could look like based
on your current assets is critical.
Speaker 2 (05:17):
And when you say critical, we have a software package
that we call E Money, and E Money is something
that we clear all of our business through Fidelity Investments,
and it's a software package that we get through Fidelity
that allows us to aggregate. When we see aggregate allows
(05:38):
us to basically have a dashboard of exactly where you
stand today today in twenty twenty five, and where you
want to be over the next three to five to
seven to ten to fifteen, twenty years, and what we
do is we put in some calculations, some basic calculations.
What don't you go through that a little bit about
(05:58):
the data that we can put put in put in
and then what we do as far as some additional
you know, like rates or returns and the inflation factor.
Speaker 3 (06:08):
Yeah, so this is all based on a confidential questionnaire
booklet that we have all of our prospective clients fill
out for the initial appointment. So what we do is
we take that data and within the booklet, what's important
to note is getting a baseline spend level as far
as what you're currently spending right now, what are your
(06:30):
expenses and how much money's going out the door to
supplement your current lifestyle. That's a huge part of it.
So we can show you, you know, what the projections
are kicking off for a base line spend level in retirement.
So that information that we take into account for any money,
is your current four oh one K plan or whatever
(06:54):
investment retirement account that you're currently contributing to through work,
whether that's a four to one K deferred comp TSP,
whatever it may be, your current social Security projections, whether
that's at sixty two, sixty seven seventy whenever you plan
on taking that. And then any type of other investments
you have outside, whether it's a raw IRA or any
(07:16):
other investment accounts you know that are going towards your retirement.
Speaker 2 (07:20):
Or or if you're lucky, what a p word.
Speaker 3 (07:25):
A pension, Yeah, any type of pensions as well. That'll
all be incorporated in to calculate out what the spend
level is. Through the software system, we input you know,
an inflation rate, in a growth rate. These are very
modest projections. We don't like to overestimate in these projections.
We want to give people a comfort spend level in retirement.
(07:46):
So the projections we project in these are we over
estimate for inflation and underestimate for a growth rate to
kind of show you what a baseline spen level would
be in retirement. And then we sit down once this
is all input and have the follow up appointment and
review you know, what the what the projections they're telling us,
So we'll just walk through the system with them and
(08:08):
show them, you know, based on what the input we
put in through the information you provided us, this is
what retirement could potentially look like and it factors in.
You know what you're currently contributing to your plan, So
contributions you're making, we can always add those in. As
far as someone who's saying, well, I contribute ten percent
(08:29):
of my salary to my four oh one k okay,
so they would just take your salary, take the ten
percent from that and add it in. It's like an
annual contribution to the accounts. So it gives a fairly
good estimate on what a comfortable spend level in retirement
would be.
Speaker 2 (08:46):
Well, this is what I would say to you. You
know one of the things that you just said, and
I want to get into because we're getting a couple
of phone calls here. What I want people to understand
is that the data, the information that we put in
it is fairly accurate, folks, because we're using your information.
The only hypothetical would be the net return that we
(09:06):
receive on the portfolios, and then of course the inflation factor.
So a lot of these calculations are going to run
pretty pretty pretty consistent with what you can expect. But
we got a gentleman, Dick that's on the telephone. Dick,
good afternoon, how can we help you?
Speaker 4 (09:27):
Okay, I'm make so security out to the age seventy Yep.
Day that night, turn around and I'm still working and
I'm seventy five, and they're still taking so Security out
of me.
Speaker 2 (09:40):
Yep.
Speaker 4 (09:41):
Well, two questions. Will they readjust it?
Speaker 2 (09:45):
Possibly? Possibly they might, They might readjust it. But the
thing is is that if you're getting if you're a
W two, they're going to take that money out. What
you can do is you contact Social Security and they'll
basically tell you if there's a the adjustment. But at
age seventy, I think you probably already were aware of it.
That was the maximum benefit that you were going to receive,
(10:07):
So you did start taking it at age seventy.
Speaker 5 (10:11):
Yeah, I took it at seventy.
Speaker 4 (10:13):
But I'm fortunate enough to make more money now than
I did back then.
Speaker 2 (10:16):
So how are you I'm assuming that you're getting your
money W two not ten ninety nine.
Speaker 5 (10:21):
No, I'm I own a business, Okay, Okay, that's how
That's how I pay him?
Speaker 2 (10:30):
Okay, Okay. Yeah. I mean, are you having a problem
as far as paying the bills or stuff or are
you just concerned because you want to see if there's
more benefit available to you because you're you're still making
additional contributions.
Speaker 4 (10:44):
Yeah, when I put in fifteen thousand in one year. Yeah, say,
well wait a second, I shouldn't be getting month more money.
Speaker 2 (10:52):
Now, Well, what I would do is, because you're receiving benefit,
there's a toll free number that you can call Social
Security and they'll give you the exact the answers. They'll
bring up your account and it'll be specific to what
you're trying to get the answers to.
Speaker 4 (11:07):
Okay, well there is a number.
Speaker 2 (11:10):
To cop Yeah. Matter of fact, if you need that number,
deck call our office. We'll be more than happy to
help you and facilitate. We have that number available for you.
Speaker 5 (11:21):
Well, can I ask you another question?
Speaker 2 (11:24):
Absolutely? Today's your lucky day? You get two Okay?
Speaker 5 (11:28):
Yeah, I own a business. Now when I go to
read retire, h do you look at a financial investor?
Does he look at the business as it's worth so
much money?
Speaker 2 (11:48):
Well, you know what eb it is, right, A lot
of a lot of times, a lot of times businesses.
That's the multiplier they use as far as the valuation
of the businesusiness and depending on the uniqueness of it
or the recurring revenue of the business will basically give
(12:08):
you the multiplier and our business EBITA is what they
use in order for the valuation of the financial services industry. Now,
so I would say, is your business unique? If you
walk away from it? What happens to your cash.
Speaker 5 (12:21):
Flow goes down?
Speaker 2 (12:26):
When I when, but when somebody else I still.
Speaker 4 (12:30):
I still have salesmen that are producing.
Speaker 2 (12:32):
Well, that's what I mean. That's why I'm saying to you,
is that the the business doesn't evaporate, right, doesn't doesn't
basically eviscerate. So what happens is that now because of
that recurring revenue, you're going to have some type of
value to the business. So, uh, what I would say
to you is that your CPA firm should be able
to assist you with that.
Speaker 5 (12:54):
Yeah, my lasked that and that hasn't worked.
Speaker 4 (12:57):
Okay, well, okay, so I got to make an appointment
with you you people, now, Yeah, come on in.
Speaker 2 (13:03):
We're right off a carrier circle of be an honor
to sit down with you, sir.
Speaker 4 (13:08):
Okay, thank you very much for the.
Speaker 2 (13:10):
Involve Okay, God bless I'll talk to you all right.
We're gonna take our first break, We'll we come back.
We're gonna have a lot more questions from you the
listener three one five four to two one ninety seven
ninety seven. That's three one five or two one ninety
seven ninety seven three one five four to two one
ws yr. This is the Retirement Planning Show. I'm Dave
(13:33):
Kopek and here's my son with me, also Christopher william
And as always, any question at all, even if it's
off topic, We'll be right back who I are. 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
(13:53):
can relax knowing you are prepared. Take action today called
eight eight eight five eight zero one nine one nine.
That's eighty eight five eight zero one nine, Or visit
us at our website rpgretire dot com to schedule your
complimentary consultation. Your future will say thank you.
Speaker 1 (14:13):
On iHeartRadio and one o six nine FM.
Speaker 2 (14:19):
The room that you're traveling along, there's one day here
in the next day going.
Speaker 4 (14:23):
Sometimes you've been, sometimes you stay up.
Speaker 3 (14:26):
Sometimes you turn your back to the wind. There's a
world outside every dark in doors.
Speaker 2 (14:33):
All right, we are back. Good music, all right, We
love music, especially good music. This is the retirement planning show.
We're glad to be here. It's like we might have
some sun. First and foremost, before we get into the
(14:57):
show in greater detail, I want to send out my
heart felt blessings to all of the phenomenal mothers that
are out there. You know, the people that make the
house come together, take care of us and good times
(15:17):
and bad times. So for all the moms out there,
I would say one thing, God, bless you. God bless
your special day tomorrow, and hopefully it's going to be
filled with happiness and kindness and the love of family
and friends.
Speaker 3 (15:33):
You want to add to that, Yeah, I know you
said it. You said it perfect. Yeah, Happy Mother's Day.
All the mothers out there. You know, we appreciate everything
that you do and hope you enjoy your day, especially
when you bake.
Speaker 2 (15:46):
Yeah only teasing, only teason, I'm not really teasing. As
matter of fact, we said that the other day to
a woman. She came into the office with two cheesecakes. Yeah,
those are great.
Speaker 3 (16:00):
God to hit on what that guy's question was, as
far as the collecting Social Security at age seventy, then
it increase your benefit yes, I just looked it up
here and it says, at least according to this article says, yes,
working while collecting Social Security at age seventy can increase
(16:22):
your benefits slightly if your earnings are among your top.
Speaker 2 (16:25):
Thirty five years.
Speaker 3 (16:28):
So if your earnings are still are you in your
top earning years after the age of seventy. It said
that each year the Social Security Administration reviews your earnings record,
and then if the new earnings are higher than your
thirty five highest earning years used in their benefit calculation,
social Security will replace the lower year with the higher ones.
(16:50):
So it's gould incrementally.
Speaker 2 (16:52):
So is it done automatic or does he have to
call Social Security in order to kick it in the
higher benefit? I think my heart tells me that it's
done automatically. I think I think so. Yeah, I think
it's done automatically.
Speaker 3 (17:05):
It says they review your earnings record, but it says
it's going to be a modest increase in your monthly
don down in.
Speaker 2 (17:10):
The cave with their what pens and paper and the cave.
Oh yeah, we're all our social Security documents are held
somewhere down in West Virginia, I guess or wherever the
hell it is. But again this is talk Radio. If
(17:31):
you have a question or comment, hopefully we can help you.
Three one five four to one ninety seven ninety seven.
Our job is to try to help you, educate you
and the options that are available to you during your
pre and post retirement years. So today we're talking about
retirement income distribution. We're talking about the options that are
(17:53):
available to you, and we're talking about why you should
really have a pretty good understanding before you go into
your retirement years as far as your readiness. It is
important to have a plan. It is important for you
(18:14):
to be retirement ready. The worst thing you could do
is to retire, not have a plan, get a large check,
and then say what am I going to do with this?
And how can I now create the income that I
desired during my retirement years? You're already two steps behind.
So it's important for you to sit down, build out
(18:35):
a plan and understand some financial terms. And there's one
that you should understand wholeheartedly is that protected income is
available to you. Okay, what is protected income? There's three
components that the retirement planning group that we talk about
all the time. Of course, it's a pension right, if
(18:58):
you're fortunate God has blessed you with a company that
gives you a pension, or you have a pension from
a previous employer, that's fantastic. Social Security right, another guaranteed
income stream. This one's kind of good too because it's
got a cola acrost, the living adjustment, and then of
(19:19):
course annuities right National Grid right four oh one K
program their cash balance account. If they don't take the
cash balance account rolling into an IRA, what they do
they buy them an annuity that will give them income
that will last a lifetime. Right, So you need to
(19:40):
understand not only the terminology being used, but you also
need to understand is that how all of these components
can work together to put a smile on your face
and basically give you satisfaction and peace of mind during
your retirement years.
Speaker 3 (19:57):
Yeah, those are you know, the ways that people do
supplement their income in retirement, Social Security, pensions, and then
the use of annuities. Income generating annuities, so we we
do work with the annuity side, you know, generating that
pension benefit that people don't have. You know, in some
case scenarios, someone has a strong pension and strong Social Security,
(20:19):
they may not be a candidate for the annuity unless
they want more guaranteed income in retirement. But you know,
for the people that have a large four to one
K plan, no type of pension benefit through work, and
are looking and don't want to ride the wave of
the market, you know, they don't want to see the
ups and downs. They're more of a conservative investor and
(20:40):
they want to put a lump some of their money,
not the whole thing, but a chunk of what they've
saved up in their four oh one K and generate
themself a pension benefit. There are options out there through
relationships we have with insurance companies that these annuity products
can do that. So we we do see that. You know,
(21:01):
the other way to create income in retirement is by
utilizing what we call our income model portfolio. Uh that's
just a model we build out in house through the
conversations we have with not only Fidelity, but other representatives
and wholesalers in from the you know, large financial institutions
(21:22):
that we have relationships with will build out mutual funds
ETFs utilizing bonds in equity positions to generate high dividends
so that when that money does get rolled out of
their retirement account, whether it's a four oh one K
or TSP or deferred comp whatever it may be.
Speaker 2 (21:43):
Four oh three b yep, New York State deferred compensation
TSP YEP. Go through the whole laundry list yep.
Speaker 3 (21:50):
That that money then gets rolled out, you know, invested accordingly,
you know, based on their risk tolerance, and then income
is pulled off that from the dividen an interest to
supplement on a monthly basis.
Speaker 2 (22:04):
I'm going to give a heads up to the people
that are listening that are in their forties and fifties,
please listen to this pull off. Turn the radio up,
close the sun roof, turn the radio down. Okay. Private
sector pensions private now are available to about four four
(22:27):
percent of the workforce. So that means Generation X will
be finding itself entering into the retirement without a pension
to provide for protected income. There are products, there are
investments that you can allocate some of your money into
(22:48):
during your accumulation years. This is a big debate going
on in Washington States in the financial services industry that
in your four to oh one cap program, there should
be an option that will avail you to provide you
protected income once you walk out the door that will
(23:10):
last a lifetime, not only for yourself but also for
your spouse. Congress has enabled right some of these investments
to go into four ohwing K programs you need. I
can't overemphasize this enough, folks. You need to see if
your employer is providing this option to you and if
(23:33):
it is being afforded to you. There's some bells and
whistles that you need to understand. First, what is the benefit? Second,
is there a spousal option? Third, is a portable Okay?
Once you find that out, okay, then you can sit
and make a decision whether it's suitable for you during
(23:54):
your accumulation years in order to allocate some of your
assets too. But now it's time. Now it's time for
you to do a little bit of work, because no
one's going to do it for you. It's been proven
over and over and over again, whether it's Fidelity, Schwab,
(24:16):
any of the major investment banking firms, working with a
financial team, working with a financial advisor is going to
be extremely beneficial for you as far as your likelihood
of having success if you're pre and post retirement years.
Speaker 3 (24:36):
Yeah, utilizing you know, a financial management team and relying
on you know, their advice and projections in software systems
that they may have for you, you know, So we
utilize e money and that's just the way that we
can take someone who is sixty in planning on retiring
at sixty two or sixty five, plug in all their
(24:59):
information and give them projections based on that you know,
baseline spend level they're looking to accomplish in retirement, and
the main thing there is just to give them peace
of mind that it is, it is doable viewing it.
You know, a lot of people me included, are visual learners.
So showing them what is how that it's all gonna
(25:19):
play out. You know, they're not just going to retire
and figure it out once that happens, it's it's on
the board, you know. We show them how it's gonna work,
how it's gonna play out, Explain to them the scenario
of rolling the account over, building out those buckets of money,
utilizing the three bucket approach, and then paying them out
in income stream and retirement.
Speaker 2 (25:41):
So here's some key lessons from the study that we're
talking about. Basically, basically, this has been information that has
been provided from the baby boom generation that's already been
out the door for five to six to seven years. First,
get going earlier, the better. Second, understand the financial products
(26:06):
that are available to you in order to give you
retirement readiness. Three, make sure when you select social security.
I can't say that past you understand the reason why
you're selecting it, because you should be solving for income,
not for breaking even. And Fourth, you want to make
(26:27):
sure that you're working with an independent financial advisory firm
that does not have an ax to grind, that has
an open architecture that affords you to have a lot
of different options, not a select few. That's your situation,
give us a call. That's the business that we're in
doing pre and post retirement planning. Give us a call.
(26:49):
Eight eight eight five eight zero one nine nine. Will
be right back after this quick message. Why are all right?
Speaker 4 (27:11):
You got it now? All right?
Speaker 2 (27:18):
Get you banging your foot in your head and whatever else.
It's good to be here, folks. You know we're talking
about this emotional toll sometimes that individuals are facing during
their pre im pulse retirement years. So today we're going
(27:45):
to talk a little bit about the data. The information
that's coming in that Fidelity other major investment banking firms
are digetting and giving back to US financial advisors. With
the earlier boomers that went out first, nearly half forty
(28:11):
six percent say spending their savings is creating anxiety, it
is having an emotional toll on them, and nearly a
third thirty two percent, are spending money faster than they expected.
Why is this? Why is there such a negative impact
(28:36):
Because they did not have a clear plan for drawing
their savings down and knowing how to generate income in
retirement before they walked out the door.
Speaker 3 (28:47):
Yeah, it's uh, it's something that people really don't plan for,
which is shocking to say.
Speaker 2 (28:52):
And here is that.
Speaker 3 (28:54):
You know, you could be retired for anywhere from thirty
to forty years and it's not it's not plan. You know,
a study showed that the average person spends more time
planning a two week vacation than decades of retirement, which
was pretty staggering to read, but it's true. You know
a lot of people just work and work and work,
(29:15):
and then they're twenty thirty years into a company and
they're like, oh, time to retire. Yeah, and then that's
when they come in and try and plan everything in
the last year when they're trying to button everything up,
and we see it all the time. It's it's not
it's something you don't want to deal with because when
those people come in the door, you can tell they're stressed.
They're trying to figure everything out within a twelve month
(29:36):
timeframe and praying that the market stays where it is
or goes up. Point of entry, Yeah, point of entry
is huge critical. You could if you got into the
market or you were going to retire in twenty twenty
two and you're getting out of the market when you
saw bonds go down twenty percent in equities did the
(29:57):
same thing. There was nowhere to hide. So that was
a horrible year for people to retire.
Speaker 2 (30:03):
Yep, yep. And if they did not have protected income
or if they basically got kicked in the teeth and
then they ran for the sidelines, they can get backed in.
Now they're really in a difficult spot. So in this
survey survey, survey, I really have a hard time talking
(30:26):
to you. Yes, I don't know what's going on with
me today. Social Security, Yeah, survey unbelievable, responded, said, three
tasks are nearly equal as far as difficulty, and it's
confusing when it comes to their planning. What is it
prioritizing what to spend the money on? Number one? Should
(30:47):
I get the Corvette? Should we buy the house down
in Florida? Should I always, you know, go on this vacation,
this trip taking all the kids and the grandkids to Disney.
Estimating how much money to set aside for healthcare costs,
that's critical, folks. Fidelity says a healthy sixty five year
old couple, it's gonna need three hundred and thirty thousand
(31:10):
dollars of out of pocket expense for the rest of
their lives. And that has nothing to do with long
term care. And this is the one that we're really
focusing in on today. How to sequence withdrawals from their accounts?
How do they get the money? Yeah, so how do
they get the money? Tell tell them the bucket approach
(31:30):
that we utilize.
Speaker 3 (31:31):
Chris, The three bucket approach that we overemphasize to all
of our clients is that you got three separate buckets
to segment your retirement account. And bucket won being cash
and cash alternatives. So that is money market funds, treasuries,
treasury bills just you know, liquid myga's safe, safe assets.
(31:58):
You know, they're not not gonna fluctuate. You're just looking
for consistent low, very low, if not zero volatility. Bucket
two is income generating assets through equities and mutual funds,
whether that's utilizing bonds or like a covered call writing
strategy for the equities and generating high dividends in order
(32:21):
to fill bucket one. And then the third bucket is
for long term growth in appreciation. That is the equity sleeve.
So there's going to be different percentages allocated into each
of those buckets for every individual. It's never a cookie
cutter approach, you know, it's always more of a comfort
level in filling out a risk tolerance questionnaire and then
(32:41):
we'll see, you know, how you're judge on how risky
you want to be with these assets. But a mixture
of the three is something that we always emphasize and
that's important to have, you know, a blend of the
three in your retirement accounts. And then how we gear
those up is you know, we have an income model
(33:02):
that we've been utilizing for a lot of retirees who
are taking distributions and income off of their portfolio on
a monthly basis, and that's just kicking interest and dividends
from this bucket two and bucket three, you know, utilizing
equities and mutual funds in bonds to supplement their income,
(33:22):
kick it into the first bucket like that money market fund,
and then we pay them out on a monthly basis.
Speaker 2 (33:29):
And just so you can conceptually think of this, you've
got your four oh one K, your sixty years age,
you want to retire at sixty five. You know, you
build you need to build out a plan. You need
to start going in order to get the foundation set
up in regard to how you're going to basically pay
your bills once the paycheck stops. So if you got
(33:49):
a million dollars inside your four oh one K, we'll
just keep that simple. You roll that out into a
self directed IRA. You're gonna still make your contributions that
your employer over the next five years, but that's gonna
be the base that's gonna start your buckets of money.
We're gonna have our dividends. We're gonna have our dividends
swept into bucket number one. So let's just say we're
(34:11):
gonna go safe the red zone. We're gonna go five
percent guaranteed, fifty thousand dollars will now go into that
bucket for the next three to five to six years,
depending and now you're gonna have fifty thousand times five.
You've got a quarter of a million dollars. You got
two hundred and fifty thousand dollars in cash before you
walk out the door, So your point of entry is
(34:31):
not as critical as it would be for the guy
that took the money, walked out the door and say,
now I got to figure out what to do with it.
So it can be very emotional thing when you wake
up one day and realize that the paycheck from work
isn't going to be coming in anymore, and you're left
with this lump sum of money that has to last
possibly for the next twenty thirty forty years. If there's
(34:55):
just one thing you could do to prepare and lower
your anxiety, it's the bucket of money income plan. And
the most important thing in that plan is having enough
protected income between social security annuities, a pension, laddered bonds,
(35:16):
whatever it is. For those essessionals essential expenses they have
to pay for like housing, food, electricity, healthcare and all
it does, folks, it's just going to make your life
a lot easier.
Speaker 3 (35:35):
Yeah, yeah, And that's why we emphasize coming in and
at least breaking down your your baseline spending so we
get a grasp on like how much money's going out
the door right now, so we can plan for that
in retirement and supplement that income that you do need
through Social Security, pensions and distributions off of your retirement accounts.
(35:57):
But like you was saying, you know, the worst thing
to do is procrastinate. You know, a lot of people
who we see come in, uh, if they are younger
and they heed by the the red zone. You know,
they're five years out from retirement, they're sixty and they're
planning on retiring at sixty five. We can roll that
money out because they're over fifty nine and a half
(36:18):
and it opens that window for us and we can
build out these buckets of money for the next five years.
So by the time sixty five comes around, hiss, the
you know example person, their their account is established, it's
working for them. You know, there's plenty of cash build
up in that money money market position, and he's ready
to go when retirement comes out the door. It's not
(36:39):
a stressful year figuring out how this is all going
to be worked out.
Speaker 2 (36:43):
Here's a statistic that's unbelievable. And don't forget we've got
open telephone lines. This is not Babbel Radio. It's talk
radio three one five for two one ninety seven ninety seven.
We're the Retirement Planning Group three one five four seven
ninety seven. We love phone calls. Thinks it's much more
(37:03):
interesting for you the listener three one five four two
one ninety seven ninety seven. Here's it unbelievable. Ninety seven
percent say having protected income in addition to soil security
and retirement is valuable ninety seven percent. Ninety six percent
(37:27):
consider them extremely or somewhat important for their peace of
mind and financial security. So what's that saying? You're looking
for this product it's out there or products, and most
of you deviate and do not build out this type
of portfolio. And why is that? Because you think that
(37:51):
mister or miss wonderful that has all the answers on
Monday in regard to the stock market or the bond
market is going to actively manage to poorfolio and get
you to your final destination. The question I have for
you is that what happens to you If that doesn't
work out, what happens is that person going to step
(38:13):
up and write the checks that now you still need
to have. So it's a time that you have to
make very, very, very definite decisions about your future. It's
a beginning, not an ending. And for some of you
who could last for thirty years, we'll be right back.
We are living through the greatest wealth transfer in the
(38:34):
history of mankind. Trillions of dollars of wealth will change
hands from one generation to the next. Your money to
our beloved children and grandchildren. Are you ready? Your future
is written by chance, it's written by action. Now's the
time to build your plan, protect your assets, and position
yourself for the opportunity. Don't wait to take action. The
future favors those that are prepared. Call eighty eight five
(38:58):
eight zero one nine to one nine eight eight eight
five eats zero one nine one nine. Jesus, it is
a friend. Yeah, I know, he's been a good friend
of mine. All right, it's something's changing. He hard did
(39:19):
he find himself? Well, there's a heart problem. Watch all
the girls used to go google over this guy, including
your mother. Can't think of the guy's name though. All right,
we are back. If you have a question in comment
(39:41):
three one five, four to seven ninety seven. We offer
a complimentary consultation at our office, my Carrier Circle if
you want to come in. It's pretty easy to do.
Just style eighty eight five eats zero one nine one
nine eight eight eight five eats zero one nine one nine.
We're gonna start having some dogg and ponies out in Syracuse,
some seminars, some workshops. We do a lot of them
(40:02):
throughout the state of New York. We're gonna start doing
them in Syracuse in the very short period of time.
We'll give you more data on that. But again, we're
the retirement planning group, and today we're talking about what
I considered be probably the most critical component of your retirement,
and that is building out your retirement income distribution plan
before I want to overemphasize it before you retire. So
(40:27):
bottom line gets down to is that we talk about
ideas and concepts. Okay, there's a lot of different ways
for you to manage money. Now we're just basically talking
about some my what I considered to be the basics. Okay,
there's really four ways that you can manage money. You
can buy an annuity. We'll give you a guaranteed income stream
(40:49):
for life. You can build out a diverse portfolio that
will give you periodic payments. You can do total return.
We basically take income from investments in the form of interest, dividends,
and capital gains actively managed. And then some people that
like the pedal to the metal. They got two pensions,
(41:11):
they got two solid securities. They want a high dividend portfolio.
We can do that with income producing equities, strong earning,
strong balance sheets. So there's benefits to all three four
right four. But the bottom line gets down to it
(41:31):
has to be specific for you. And what has to
be specific for you is how big of a roller
coaster can you take a ride on?
Speaker 3 (41:39):
Yeah, yeah, as far as you know risk tolerance. Like
we said it touched on earlier. You know, everyone fills
out their own RTQ, So if they don't know, a
risk tolerance questionnaire is what URTQ stands for. And so yeah,
if a husband wife come in and the husband is
wants to go all equity, he comes back at ninety
(42:00):
as far as you know his risk tolerance score, and
then the wife's a twenty. Well, the husband's accounts, we
can invest accordingly to how he wants and be very
aggressive and equity positions, and then the wife's we can
go more conservative into you know, bonds and money markets.
So there's no there's no cookie cutter approach. Everything is
(42:21):
specific to the individual and planned around each individual. So
building out the h the financial plan has to do
a lot with what individuals are looking to accomplish with
their own assets.
Speaker 2 (42:37):
Then I think what's important, folks, and this is critical.
It's finding the right strategy for you right, the investment
options that you select right with the help and assistance
of your financial team. We'll take into account time horizon. Well,
(43:02):
Chris just talked about your RTQ, your risk tolerance, how
big of a roller coaster do you want to get on,
and having a better understanding of the appropriate way in
order for you to draw down assets. Just realize that
big four oh one K, that big IRA, that big TSP,
(43:23):
all that money that's sitting there and what I call
the piggy bank account right that money's coming out. There
is a crosshair on that money, pre tax money. It's
the most complicated money in your estate. Never a step
up in basis always taxes ordinary income, and you're sending
(43:46):
a tax liability rather than a legacy to your children.
You need to understand all your options, understand your overall
financial picture, how much is necessary in your lifetime, how
much is necessary for wealth replacement for a surviving spouse,
and you now can retire in confidence. And then you
(44:06):
also know you got a piece of this or part
of it that's going to be your legacy to the
next generation. The money you want to send to the
next generation is unburdened by tax, has a step up
and basis, and when the kids get a hold of it,
there's not an iou yeah to hit on that.
Speaker 3 (44:24):
What he's talking about right now too, is the the
usage of like a second to die life insurance policy
that we've done a lot of work with and that
just sets up exactly that. So a couple comes in
as a large four to one k account of all
pre tax money. They don't they have strong social securities.
(44:46):
Maybe one or two of them have a pension, so
as far as income in retirement, it's not top priority
to them. You know, they want to leave a legacy
to their children. Setting up a second to die policy
so that when the second parent dies, the children inherit.
You know, all of this, this large lump sum of
tax free money. Instead of inheriting the IRA account, which
(45:09):
is a force liquidation like he just went over. You know,
you're getting a ten year spend down, it's taxable, it's
unpreferenced assets, whereas they could inherit. You know, a tax
free lump sum through the usage of a second ed
eye policy.
Speaker 2 (45:26):
And it's the thing is is that it's just a question.
I always say this if you're trying to get more
clarity on how complicated IRA assets are, not only during
your lifetime, but also if you're looking to pass these
assets onto the next generation. There are two authors that
(45:47):
I always recommend for people to read. One is ed
Slot s l Ott. It is a CPA. He is
considered to be the IRA distribution Guru. I under one
of his programs at PBS in the Capital District region
of Walbany. Ed's a great guy, extremely informative. He has
(46:10):
all sorts of data and information on the web. The
second person is now retired. Her name is Natalie Choked Choate.
She talks about the IRA and the four oh one
K and the step as the mortgage on your IRA.
That's a beautiful number, and it's a big number, and
(46:32):
it's probably for most of us, it's the largest asset
that we have besides maybe the equity that we have
in our home, but it's not yours. There is a
big tax liability depending on the state that you live in,
income tax, federal tax, and depending on where we live
the state that we live in, there could possibly be
(46:53):
a state tax. So planning understanding the options that are
available to make sure you have some guidance and you're
working towards not only what you're trying to achieve, but
also to secure not only a fulfillment retirement for you.
For a lot of our clients, they're basically worried and
(47:13):
concerned about their kids in the future that they have.
Speaker 3 (47:17):
Yeah, and that's where that you know, second, a EYE
policy comes back into play. And if they do set
that up, you know, once that's funded, they we tell
them to utilize the IRA account and spend it down
And that's the whole purpose of that is go enjoy retirement,
you know, do all the things you wanted to do, travel,
do these excursions and trips that you've always wanted to
(47:40):
do with your spouse or loved ones or friends or family,
whoever it may be. You know, go go live your
life in retirement years, because when you're you know, rm
D years hit and you're seventy three or later in
your rm D years and you're eighty years old, you're
probably not going to be taken as many of these
trips as you would be when you're in your mid
(48:00):
to late sixties. So we always overemphasize spend your money.
Set up, you know, button up your financial plans so
that you feel comfortable going and taking these trips and
doing these things you've always wanted to do. It shouldn't
be stressful. You know, this is something that you saved
up for for your life, and as long as everything's
buttoned up in your you have a comfort spend level
(48:24):
and income coming in the door.
Speaker 2 (48:27):
Spend it. Yeah, absolutely, not only spend it. Not only
spend it. Make sure you understand folks. You know, we
live in a world today that we have more option
than we ever thought we were going to have. And
the thing is is that what's complicated sometimes is individuals
(48:48):
become overwhelmed by the selection of investment options. I know
that there's sometimes when we do presentations. The individuals that
are there, they look like deer in the headlights. It's
important for you, as a consumer of financial products to
understand is that there's basically a chair for you. There's
(49:11):
a place for you to sit with your assets. Okay,
And what I mean by that is that with our
open architecture platform, you'll never hear us say don't do this,
don't do that, because it's my feeling is that every
individual is different in your ability to absorb or have
(49:33):
risk in your portfolio is not the same for mister
Apple as it is for missus Zebra. So because of that,
our open architecture platform provides you the capability and the
capacity to fulfill your retirement ideas what you're looking for,
and also to fulfill that with the right types of products.
(49:54):
It's as simple as that.
Speaker 3 (49:56):
Yeah, Yeah, it's exactly that. And sitting down and buttoning
everything up, and it all starts with, you know, coming
in setting up the appointment, you know, sitting down and
reviewing all these different options and understanding what makes sense
for you and your family. And that's the main thing.
You know, all these products that we're talking about aren't
(50:18):
necessarily a blanket approach. They don't fit everybody. So unless
you come in and sit down and we look at
the confidential questionnaire booklet that we have everybody fill out
and input this stuff any money and look at projections
and review your situation, then we don't know. So it's
it's very important to you know, set time aside to
(50:41):
look at your retirement years because, like we've been overemphasizing,
it could be thirty to forty years of your life,
you know, with what people living longer, you know, technology
in medical the medical industry getting better, So it's it's
definitely something to take time, set it aside and get
everything buttoned up.
Speaker 2 (51:02):
All right, We only got a minute or two here
left here, so again just so our listeners note, we
have a location a Carrier Circle and Pioneer Park. If
you want to come in for a complementary consultation. There's
a couple of different ways that you can do it.
You can call toll free eight eight eight five eight
(51:23):
zero one nine one nine. That's eight eighty eight five
eight zero nine nine and you can leave a message
and someone from my office will contact you to schedule
the time that's convenient for you. The second way that
you can do it is to go to our website
rpgretire dot com. There's a tab there that says contact,
(51:45):
click it, fill out a note, tell the staff what
you're looking for, and as they said, we can sit
down have a chat to see if we can fulfill
what you're looking for. We really work in four different
areas investment, manage, acid protection, legacy, and of course retirement
income distribution. If we can be of assistance, it would
(52:07):
be an honor. But bottom line gets down to I'm
gonna say it's loud and proud today because I haven't
been able to say in a long time. Go Nix. Yeah,
go New York, Go to New York. Go so again. Everybody,
have a safe and wonderful weekend. Happy Mother's Day to
all the beautiful moms out there, and may God bless
(52:28):
you all. We'll see you next week for another retirement
planning show.
Speaker 1 (52:35):
Thank you for listening to the Retirement Planning Show hosted
by Dave Kopec. If you would like to talk with
Dave or someone at the Retirement Planning Group, called eight
eight eight five eight zero one nine one nine. That's
eight eight eight five eight zero one nine one nine
during business hours or visit RPG retire dot com. The
Retirement Planning Group has five convenient offices located in Syracuse, Oneonta, Albany, Malta,
(53:00):
and Glenn Falls. Tune in next week for retirement planning
strategies with Dave Kopeck right here on WSYRS The Retirement
Planning Show. Right here on WSYRS, The Retirement Planning Show
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