Episode Transcript
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Speaker 1 (00:03):
Why from the w S 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 discussed 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
(00:24):
future for you and your family. Now it's time for
the Retirement Planning Show.
Speaker 2 (00:31):
Come on, just this old guitar and a empty bottle
of food. I don't blame him because he's running here.
But the meanest thing that he ever did was before
he left, he and named me soue. Well he must
go up to them. It seems I had to fight
(00:53):
my whole life.
Speaker 3 (00:55):
I'm Dave Copec. This is the Retirement Planning Show. I
guess we can get rid of the country music. We've
had a little bit of technical difficulty today. Well, we're
going to work our way through it. I'm assuming that
we are in good shape and we're live, which live
is good.
Speaker 4 (01:15):
Live is good.
Speaker 3 (01:16):
I'm with my son Christopher William from the Retirement Planning Group,
and all is good now, which is good to hear.
This is talk radio to our good friends in Syracuse.
Three one five four to seven ninety seven is our
telephone number if you want to call in and ask
a question specific to you and what you're concerned about.
(01:41):
And when I say that we're the Retirement Planning Group,
we've got five locations now in New York State, Syracuse
being our newest. Uh to say that we're busy in
Syracuse is an understatement, and we love the people that
we're meeting. We're out there quite a bit. We're going
to be out there a lot more in the months
and years to come. So anything that I'm discussing more
(02:03):
than happy to try to be specific for your own
personal situation. And the telephone number that you can call
is three one five four ninety seven ninety seven. That's
three one five four to two one wsy R. I'm
here this afternoon with my son Christopher William Chris.
Speaker 4 (02:23):
Hello, Hello, good afternoon. We are here to.
Speaker 3 (02:28):
Talk about tax advantage investments. And the reason why we're
talking about that is that we've seen a lot of
people that have a lot of money, a lot of
money sitting in cash cash equivalents CDs, and we're going
to talk a little bit about maybe ways that we
can reallocate that money in order for it to work
(02:49):
for you rather than work for our good friends at
the State of New York and also the federal government.
So if you have any questions on what we're talking about,
we're more than happy to try to facilitate your question.
Again our telephone number here we are live on this
(03:10):
Saturday afternoon three one five four two one seven ninety seven. Okay,
As I said, there's about seven trillion dollars sitting in
cash right now, and that cash is all ten ninety nine.
There's also a lot of money sitting in treasuries, which
is subject to federal taxation but not state. So if
(03:36):
you're looking for ways in order to allocate your money
to get some tax preference what we call tax advantaged investments,
we're going to talk a little bit about that day.
And what do we mean by tax advantage. Basically, what
it refers to is any type of investment, financial account
(04:00):
savings plan that is either taxable, right, that's taxable, that
now you want to turn it into tax deferred tax
exempt in order to facilitate the ability for lost opportunity.
Speaker 4 (04:17):
Cause.
Speaker 3 (04:17):
So, first and foremost we're going to be talking about
a product that we do a lot of work in
and that's called myga's multi year guaranteed annuities. Okay, they
are similar to a CD, meaning that you get a
guaranteed rated return for a specific period of time. But
(04:40):
the biggest difference with an MYGA versus a CD is
that it grows on a tax deferred basis rather than
a taxable basis.
Speaker 5 (04:52):
Yes, in the NYGA products that he's referring to are
often to us through different you know, relationships we have
with insurance companies, and they can be offered on different
timeframes as well, whether that's three years, five years, seven years,
even ten years. So you put your initial investment in
(05:14):
and then you know, three years down the line, the
investment matures and it grows on a tax deferred basis.
Speaker 4 (05:20):
Like he was saying, what's the options at the end
of the third year.
Speaker 5 (05:24):
The third year, you get the option to like roll
it into another one yep, So you can then roll that,
you know, whatever lump sum that you invested in in
year one right into another three, five, seven, ten year annuity,
or you know, you can turn on an income stream
from it, or take the money and run.
Speaker 3 (05:44):
The thing that if you move to another company, it's
very similar to what you have to do with Iraise Irase.
You have to do a rollover with the annuity products
because you've had the tax deferred growth. Unless you want
to be taxable all in one year, you do it.
They call a ten thirty five exchange. So the world
of financial planning management is complicated, and you want to
(06:08):
make sure that you're doting your eyes and you're crossing
your t's and you're basically facilitating what you're looking for.
CD certificate's a deposit. You're getting a ten ninety nine
on an annual basis. That means you're gonna pay the
tax on an annual basis. Right, you're gonna get a
ten ninety nine, and depending on the state and federal
tax liability, whatever you're yielding on that portfolio, you're going
(06:31):
to send a chuck of it back to our friends.
Mygas are different, meaning that they are similar, but they
allow you to keep on allowing the money to grow
on a tax deferred basis until you either withdraw it
or you basically start taking systematic withdrawals on a monthly
(06:52):
basis or a certain percentage. So you need to understand nygas,
you need to understand the key differentiation. You need to
understand which one is right for you versus the NYGA
versus the CD, And you need to also understand the
safety the guarantees that are associated with both. Now, CDs
(07:15):
are FDIC insured. That means that the Federal Deposit Insurance
Corporation basically, when you purchase a CD, anything that exceeds
two hundred and fifty thousand dollars right that is not
protected by FDIC, they would not ensure the full value
(07:35):
of the contract. With nyga's In New York State, they
are guaranteed up to five one hundred thousand dollars through
the New York State Insurance Fund. So understanding how both
can complicate compliment, not complicate compliment one another not only
(07:57):
during your accumulation but also during your retirement years is
extremely important.
Speaker 4 (08:03):
Yeah.
Speaker 5 (08:04):
Yeah, And the uh, you know, the difference between CDs
and myga's also is that the the mygas often do
have a higher, you know, minimum investment amount. Usually it's
like around ten thousand is probably the lowest. Some of
them are one hundred thousand. As far as what you've
got to initially invest to get into these products for
(08:26):
the higher rate, right, for a higher rate. Then this
is mainly utilized for money that's not that's sitting on
the sidelines.
Speaker 4 (08:35):
You're not using it.
Speaker 5 (08:36):
Maybe it's just accumulating, you know, very low interest rates
that are in your bank account. Lazy money, yep, your stuff,
the extra excess cash that you're not really utilizing. It's
more of like a safety net that you just like
having in your bank account. It can be put into
one of these products and you know have deferred taxation,
(08:57):
a pretty competitive rate with wherever inter straits are at,
and and it will supplement your income eventually when you
can you can turn it on three, five, seven, ten
years down the line to help supplement income.
Speaker 3 (09:13):
And the thing is what a lot of people are
looking for during the retirement years. If you have a pension,
you have Social Security, you have moneys inside iras, four
oh one k's, four three b TSPs, you know, all
your pre tax money. Myga's basically offer you another tax
(09:33):
deferred vehicle so you can control your tax liability. The
money associated with these types of investments are only taxed
when the payout is received, So that means that if
you put x number dollars in and you allowed to
grow over a certain period of time. There's no tax
liability until you withdraw the money. So with CDs, that's
(09:56):
not the case. With CDs with certificates to deposit, you're
gonna pay the tax on an annual basis, not because
you want to, but because it is in a tax
a bull account.
Speaker 4 (10:07):
Rather than a tax deferred account.
Speaker 3 (10:10):
You're going to basically feel the pinch come April fifteenth
when you have to pay the taxes. Both of these
offer multi year guaranteed rates of returns, meaning can go
one year, three year, five years, seven years. I don't
know if there's one, and I know there's three, five
and seven.
Speaker 4 (10:27):
I don't think there's one.
Speaker 3 (10:29):
CDs there are, Yeah, CDs, there are, Yeah, CDs there are.
So when you're weighing the differences between a tax preference account,
myga's and CDs, you'll need to consider how long you're
going to be able to leave the money there and
if you can contribute additional monies to them. Some of
(10:49):
them allow you to do that, So make sure you
understand that you can reduce this tax liability. You can
have the liquidity that you're looking for, but you've basically
have to dot, you rize and across your t's because
these can be complicated when you add both of them together.
So if you want to sit down with us, give
(11:10):
us a call at our office eighty eight five eight
zero one nine one nine. We're located right off a
Carrier Circle and Pioneer Park. We are more than happy
to sit down with you and discuss how we can
be hopefully beneficial to your pre and post retirement plans. Again,
our telephone number is eight eight eight five eight zero one.
Speaker 4 (11:32):
Nine one nine.
Speaker 3 (11:32):
If you want to talk to us today, it's three
one five four to one ninety seven ninety seven. That's
three one five four to two one ninety seven ninety seven.
We'll be right back. You've spent a lifetime saving for retirement.
Now it's time to make that money work for you.
Here's the secret most people miss. You have to create
your own retirement income plan. Social security is not enough,
(11:53):
pensions are rare. You need a strategy that turns savings
into monthly income that will last a lifetime. At the
Retirement Planning Group, we build customized income distributions so you
can retire with confidence, retire smart, live well call eight
eight eight five eight zero one nine one nine for
your complementary consultation.
Speaker 6 (12:13):
Nine FM. I keep a close watch on this heart
of mine. I keep mines wide open all the time.
I keep the ends out for the tilt mine big
calls your mind.
Speaker 4 (12:30):
All right, we are back line, my boy, Johnny. I
love Johnny Cash. Again.
Speaker 3 (12:39):
This is talk radio, not you know, sit and wait.
We don't like the babble. We like to get phone
calls because I think it makes it much more interesting
for you, the consumer of financial products and people that
have to basically take this monkey and put it on
your back, and you're basically going to have to manage
assets for twenty five thirty years. Our oldest client just
(13:01):
passed away one hundred and two years old. Some of
our clients are well into their nineties and eighties and seventies.
I've been doing it now for forty three years, been
on radio now for twenty five years. And bottom line,
you got to dot yourrize and crush your teas because
it's a world today where your ability to go into
(13:22):
retirement and have comfort and understand that you're not going
to have stress is going to be basically on your
shoulders and whatever team that you pick in order to
manage your assets during your pre and post retirement years.
Speaker 4 (13:34):
So my son and.
Speaker 3 (13:35):
I are today talking about tax advantage investments. We're talking
about the types that are out there. These are only
two that we're going to discuss, and the reason why
we're talking about them is because there are trillions of
dollars out there that are sitting in cash and cash equivalence,
and people need to understand that there are situations out
(13:55):
there that will give you tax benefits.
Speaker 4 (13:59):
You need to understand that.
Speaker 3 (14:00):
There's all the ability for you to take these assets
and build out a plan so you're going to maximize
the dollars for you and minimize the tax liability. So
we talked about myga's multi year guaranteed anudies, which are
very similar to CDs. We talked about how they grow
on a tax deferred basis. You're only pay the tax
(14:22):
on these monies when you withdraw them. There's also some
tax preference on these assets when you turn them into income.
And when we talk about the buckets of money, not
only do we utilize CDs, we also utilize NYGAS. But
the one that we're going to talk about right now
is one that has really kind of been in the back.
(14:44):
It hasn't come to the forefront until just recently, and
that's tax free municipal bonds.
Speaker 5 (14:50):
Yeah, the tax free municipal bonds that are offered through
different mutual funds that are out there. You know, the
benefit of the is if you find yourself in a
higher tax bracket.
Speaker 4 (15:03):
If you're.
Speaker 5 (15:07):
In a higher tax bracket, you know your you're paying
a lot of taxes out the door. You know, your
mutual fund investments right now are kicking off high capital
gains and a lot of money is going out the door,
both federal and state tax wise. The benefit of these
municipal bond funds is that if they are issued by
your home state, that being New York, they are both
(15:28):
federally and state tax exempt. So you know the benefit
of that is the interest that gets kicked off of
these funds is both federal and state tax exempt. So
the you can collect and mitigate a lot of your
tax liability just by transferring your positions from say a
corporate bond fund to a municipal bond fund, by knocking
(15:52):
down the tax liability that you have.
Speaker 3 (15:55):
Well, not only that, but the thing is is that
you know, there's there's there's always a question what would
be more advantageous for me a taxable investment such as
a CD or a money market account or a tax
remunicipal bond portfolio. Of course, your tax bracket's going to
(16:15):
factor into it, but what also is going to factor
into it is ultimately the liquidity feature that you're looking
for and how quickly you need to get your hands
on that money.
Speaker 4 (16:25):
So there are.
Speaker 3 (16:28):
Tax remunicipal bond portfolios right now, depending on the yields
that you're looking for, that can range anywhere, depending on
the quality of the portfolio, anywhere from like three and
a half to five percent. There's also the portfolios if
you look at total returns, how have they done over
the last one year, three years, five years. Ultimately you're
(16:51):
going to have to try to figure out if you're
going to be able to handle volatility in the movement
of the net asset value. One particular that we utilize
has had a pretty strong track record over the last three, five, seven,
ten years. But what has worked against us is that
we've been in such a low interest rate environment, we
really haven't had the chance to get total return. That
(17:13):
means capital appreciation in the bond portfolio, meaning that the
net asset value will increase as interest rates job. So
understand that tax freeze are not necessarily only for the wealthy.
There are some people, believe it or not, that have
bought these investments as an alternative to an equity position,
(17:33):
believing that they were bullish on tax freeze as a
sector as an investment for a specific period of time.
So there are a lot of options that are available
that are state specific, meaning the state that you live in.
Meaning that if you live in New York State, you
buy New York state tax for municipal bonds, not only
(17:54):
will it be exempt from federal but it will be exempt,
of course from state. Some people say, listen, and I
don't like to be just state specific. I like the
whole universe. And they'll go out and they'll buy a
national portfolio, which is fine. People that live in Florida,
people that live in states that have no income state
tax liability. The national are is probably going to be
(18:17):
the preferential choice anyway. So understand that there's options available
in order to under I guess under report, under pay
the amount of cash that is not under report. That's
probably the wrong word. The amount of cash that you
have to send in on a quarterly annual basis for
(18:39):
tax liability. It's just a question of how you allocate
the money the type of safety that you want. Bonds
are no different than stocks. They fluctuate on a daily basis,
but if you have a long term time horizon, it's
an option that you should probably consider.
Speaker 5 (18:57):
Yeah, and with the bond market, it's currently said up
right now to where rates are likely going to go
down in the next meeting that the Fed has in June.
So being in some type of municipal bond mutual fund
while collecting those tax exempt you know, interest and dividends
off of those mutual funds, you may get some capital
(19:18):
appreciation as well from the mutual fund itself. That is,
you know, taxed the capital appreciation.
Speaker 4 (19:25):
On the fund.
Speaker 5 (19:26):
But you know, it never hurts to make money in
both areas. You know, you can collect the dividend while
interest rates are still high, and then once these rates,
if they start cutting rates, these bonds work inversely to
interest rate cuts, so they will the principal amount that
you invested will appreciate in value.
Speaker 4 (19:43):
Right absolutely.
Speaker 3 (19:44):
So, again, if this is something that you would like
to discuss with us face to face, try to put
your whole plan together in regards to your pre and
post retirement years. We're a big believer that you get
going sooner than later, three to five years before you
walk out into retirement. Give us a call at our
office eighty eight five eight zero one nine one nine.
(20:06):
That's eighty eight five eight zero one nine one nine.
So you'd like to set up an appointment at our
office Pioneer Park, Business Park. I'd be more than happy
to sit down with you and have a chat to
see if we can facilitate what you're looking for. Also,
if you want to call in today, we are live
in the studio. Our telephone number here today is three
one five four to two one ninety seven ninety seven.
(20:30):
You have a question about investment management, asset allocation, IRA distribution,
legacy planning, long term care planning. We do it all.
We have many years. I've been doing it for forty
three years and as I said, I've been on radio
for twenty five so there's not a lot of things
that I haven't bumped into as far as how to
(20:51):
help people facilitate what they're.
Speaker 4 (20:53):
Looking for during their retirement years.
Speaker 3 (20:55):
So bottom line, where do you think we're headed as
far as interest rates down?
Speaker 5 (21:04):
I think June they're all pricing in their first rate cut.
I think the bonds itself over the last month, you've
seen it, they've appreciated in value.
Speaker 4 (21:12):
A little bit. Capital appreciation.
Speaker 5 (21:14):
Yeah, they're up, you know, a couple percent. Some of
the ones that we're currently invested in on the corporate
side have appreciated, you know, two three percent. But yeah,
it seems like they're all pricing in. Now's the time
we got good inflation numbers, job numbers were good. Market
kind of bounced back a little bit here after the
agreement that seems to be.
Speaker 4 (21:36):
The term the ters with China.
Speaker 5 (21:38):
Yeah, yeah, they at least came to an agreement on
ten percent. So that's it's something that you know, the
market's kind of breathing here for a second. And then
in June, we'll see what happens with this FED meeting.
If they end up, if they're correct about pricing in
the first rate cut for June, and then these bonds
should you know, the underlying the principal value that people
(21:59):
invested in should appreciate value.
Speaker 4 (22:01):
If they do end up cutting.
Speaker 3 (22:02):
The doubt for the week was up three point four percent.
S and P five hundred was up five point three percent,
and the Nasdaq was up in astonishing seven point two
percent for the week. Year to date, dollar is up
about thirty basis points, S and P five hundred is
up one point three percent, and the Nasdaq is pretty
(22:23):
much flat. It's down about fifty bases points. So we've
come back a long way, folks. And what's the messaging
on this. Don't try to time the market. Don't try
to time the market because you just can't do it.
You just can't do it. It's futile. I've been doing
it now for forty three years. Build out your asset allocation,
find your sweet spot, find the investments that you feel
(22:43):
comfortable with. Work with your team of advisors to make
sure that you've got the right asset allocation, and make
sure that you're not taking excessive distributions, that you're maximizing
the dollars for you and minimizing the tax liability, and
you should be in a pretty good spot, pretty good spot.
So again, as I said, we do offer a complementary consultation,
(23:06):
but we're live today if you'd like to call in.
This is not babble radio. It's talk radio and it's
three one five four to two one ninety seven ninety seven.
Is our telephone number here, three one five four to
two one ninety seven ninety seven. If you have a question,
Believe me, there's probably a lot of other people out
there that aim the same question, whether it's on investments,
(23:28):
asset protection, legacy, transfer of wealth.
Speaker 4 (23:32):
Uh.
Speaker 3 (23:33):
One of the biggest areas that we work in now
is what's happening with the wealth transfer eighty five trillion
dollars estimate it to transfer over the next twenty five
to thirty years of wealth transfer. There's a lot of
people that are trying to scratch their heads on how
to protect it, get it to their children, their loved ones,
not the evil son in law or daughter in law,
(23:54):
the pool boy. Make sure you understand the documents that
you're drafting, Understand exactly how you're setting up your beneficiary designations.
It is critical if you're worried about where the money's
going to go and it's going to follow the bloodline.
Speaker 5 (24:09):
Yeah, yeah, getting I mean knowing what you have is
obviously always very important. Setting it up, you know, building
out a plan for when that eventual retirement date comes.
I think that's you know, one of the many benefits
of working and sitting down with a financial advisement team.
Like we always stress at least three to five years
before you end up making that eventual exit in the retirement.
(24:30):
You know, there's a lot of statistics out there and
stats and numbers that will go over you know how
beneficial it is for clients to sit down with a
financial team and have investment professionals manage their assets even
before you know they leave for retirement. At fifty nine
and a half, you can roll those assets out into
(24:51):
a rollover IRA managed by a financial advisement team. So
that's typically what we do with clients is you know,
it's not only the investment management side, it's the behavioral
coaching side, you know, going through rough times in the
market like we just went through, you know, telling people
to stay invested, not you know, be too scared like
(25:14):
he like my dad was just saying, market's already back
up on the SMP for the year. So Nasdaq's flat
and the dows you know, up a little bit as well.
So we've had big moves, there's been Yeah, I mean
we've always expected the volatility.
Speaker 4 (25:27):
You know that's I mean the benefit of.
Speaker 3 (25:31):
Your mother had me sleeping out in the doghouse about
a month ago. Oh yeah, now I've moved back then
into the Uh.
Speaker 4 (25:40):
Good for you. So listen.
Speaker 3 (25:42):
We're here live, folks, if you want to call us.
We are the Retirement Planning Group. We are new to Syracuse.
We're actually going to be moving into a new building
in the very near future that we just purchased. So
we're very excited about Syracuse. We love Syracuse sports, we
love the area. We got a lot of clients out there.
(26:02):
We do a lot of work with National Grid and
we have a lot of clients from other organizations. Love
to have this chance to talk to you. Give us
a call today three one, five, four ninety seven. Will
be right back after this break.
Speaker 1 (26:17):
All right, News Radio five seventy WS y R on
iHeartRadio and one O six nine FM.
Speaker 7 (26:25):
Hello, here's a burning thing and it makes a fiery ring.
Would boy wild desire? I fell in into a ring of.
Speaker 4 (26:46):
Five Alry, we are back.
Speaker 7 (26:48):
I've fell into a burning ring on the fire.
Speaker 4 (26:52):
Get tote tapping and.
Speaker 3 (26:56):
This is the Retirement Planning Show. I'm Dave Kopek, the
president of Retirement Planning Group. It's good to be here.
It's Saturday, Saturday afternoon, and it's hard to believe that
we're already the seventeenth of May. You should lick your eyes.
Are going to be halfway through the year. Lick your
(27:17):
eyes again, and the Santa Claus is becoming down the chimney.
You know, we've got clients in twenty eight states. I
was in Boston yesterday to see clients, and you know,
when I'm driving back, I brought my wife with me
because a lot of our clients over the years have
become very good friends of ours. Time goes by quick, folks,
(27:40):
and if you're ignoring the basics, you're really going to
get yourself in deep weeds if you don't pro you know,
get proactive, especially three to five years before you retire.
So you know, I know that my son has been
with me now for four years and the rest of
the team the Retirement Planning Group, we try to basically
(28:02):
motivate people to take action. We do all of our
business through Fidelity. We're an open architecture platform. We have
no bias, we have no proprietary products. If there's a
ticker symbol, we can purchase it. And the bottom line
gets down to is that we really focus in on
four primary areas investment management, asset protection, legacy planning, and
(28:26):
really are FORTE is building out retirement income distribution models,
which seven out of ten of you right now want
safety and guarantees, and nine out of ten of you
are going to have to do it during your retirement year.
So the deadline, the line in the sand for you
should be if you're fifty nine to sixty, you want
(28:49):
to retire at sixty five, go find a team. Go
find a team to work with because all the data,
all the information basically will tell you to be in
a much better spot. You don't want to wait before
you walk out the door. Now today we're here live.
I'll give out our telephone and number again. We have
(29:09):
a very capable, wonderful woman in our Syracuse facility three
one five four to two one ninety seven ninety seven
three one five four to two one w s y
R three one five four to two one ninety seven
ninety seven.
Speaker 4 (29:25):
Question.
Speaker 3 (29:26):
I always think it makes it much more interesting for
our listeners.
Speaker 5 (29:31):
Yeah, to hit on what he was just talking about,
you know, with the UH the advantages of utilizing a team,
going to work with a team. There's a smart asset
study that I was just looking into as far as
you know, what those numbers were on the benefits of
working with a financial advisor. And you know, this study
(29:51):
indicated that clients who were working with financial advisors can
achieve annual returns that are two point three nine percent
to two point point seven eight percent higher even after
accounting for their fees and inflation year over year.
Speaker 4 (30:05):
Yeah, which is huge.
Speaker 5 (30:06):
So an additional two you know, to to two to
two and a half two zero point seven eight percent
a year on top of your you know assets, especially
when you're talking big figures, you know, hundreds of thousands,
if not millions of dollars that you've saved up and
accumulated that adds up over time. And not only that,
you know, enhance returns is one thing, but the behavioral
(30:29):
coaching you know that we or I discussed before the
break and just helping clients avoid you know, emotional investment
decisions in you know, panic selling. Maybe at the bottom,
you know, like we just went through with the tariff discussions,
and you know, all the news and craziness that goes
on in the media knowing when to sell and when
(30:51):
not to sell when something seems like it's a severe
issue versus something that's minor that we've already been through before.
Like in twenty eighteen, the same thing happened with his
tariff talk. That the craziness that's going on now, it
happened once before. In twenty eighteen, Marco was down eighteen
percent I think the S and P five hundred before
almost to almost identically. Yeah, they came to an agreement
(31:14):
with China and then it turned right background and went
back to all time highs and we're, you know, about
where we started the twenty twenty five at So. So, yeah,
those are a few, you know, of the statistics, you know.
So another one that's pretty alarming is that seventy approximately
seventy five percent of individuals with a financial advisor feel
(31:35):
prepared for retirement going into retirement, compared to forty five
percent of those managing their finances independently.
Speaker 3 (31:44):
So and most of them, most of them need to
understand is that you know, all these studies, whether it's Fidelity,
whether it's Vanguard, whether it's t ro Price, whether it's Vanguard,
they all say the same thing, right, you're going to
be better off working with a financial team than you
are basically flying by yourself. And the net result is
going to basically be more money in the pot, uh
(32:05):
for your retirement years.
Speaker 5 (32:07):
So yeah, we we also calculate in through like the
projections and software system that we utilize the money satisfying
baseline income needs. So you know exactly like what a
comfort spend level looks like going into retirement.
Speaker 3 (32:22):
So you people have no idea when you talk about
tell them what baseline income is.
Speaker 5 (32:26):
Baseline income is. Just make yourself a budget, figure out
how much money is going out the door, and the
in that right there is your baseline income needs, you know,
satisfying your rent, your phone payment, car payment, whatever bills
you got, creature comforts, yep, groceries, everything, you know, just
factor that into how much money is going out the door.
(32:48):
How much do we live comfortably on right now? So
that when you sit down or you fill out you know,
our confidential questionnaire booklet and it says what are your
current expenses or how much money are you looking to
satisfy for retirement? You write down, you know whatever that is, Well,
we got fifty thousand dollars going out the door a
(33:08):
year and our expenses, so we need to at least
have fifty coming in to live to keep our same
quality of life. You know, if we can get an
extra ten to fifteen thousand, you know, and take a
trip here and there, that'd be great. So that's what
the planning does, that's what the software system helps us with.
And the benefit of utilizing a team.
Speaker 3 (33:29):
That goes back to the couple that came in in
Syracuse and sat down with us, and he was making
quite a bit of money, half a million dollars a
year and he was leaving his job, he was going
into the retirement, and he's trying to figure out, you know,
what am I going to need in order to satisfy
the amount of money in order to have the same
quality of life that I have now. So my son
(33:52):
and I sat down with him and we basically went
through some projections and we added in the solid security
benefits that they're going to receive, both the husband and wife,
and then the pool of money that they had, and
when we came to our calculation, you know, without any risk,
basically a very conservative portfolio. You know, on a one
to ten is probably about a two. We came up
(34:13):
with about two hundred and twenty to two hundred and
thirty thousand dollars a year, basically twenty thousand dollars a month.
Right now, with all said and done, after he pays
his taxes, after he makes his four oh one K contributions,
et cetera, he's taken home about fifteen thousand dollars a month. So,
(34:36):
make a long story short, he's going to have more
spendable income during his retirement years than he had during
his high pay salary years. And the thing is is
that they were like leper couns walking out the door
kicking their heels up because they know that they can
retire and they have adequate amounts of cash in order
(34:56):
to satisfy quality of life. And that's what it's all about,
being able to satisfy quality of life.
Speaker 4 (35:02):
When we talk about three stages.
Speaker 3 (35:05):
Of retirement, go go slo goo No go, go go
slo go, no go. Those are the years that you're
going to basically deal with during your retirement years. Go
go having fun, taking trips, doing all the things with
the kids and the grandkids. No go, there's a health
event one of you needs basically some type of care
(35:27):
or assistance and basically no go is. Of course there's
major health events. One of the spouses has passed away.
So just realize is that there's a very short window,
very short window for you to enjoy your retirement years.
It's going to go by quicker than you think. After
(35:48):
forty three years of being in the business. Get prepared,
take action. Give us a call at eight eight eight
five eight zero one nine one nine and say listen
and listen to the show. We're going to retire in
a very short period of time. We'd like to commit
and have a chat. One of us from the retirement
planning group is more than happy to sit down with
you and see if we can facilitate what you're looking for.
Speaker 5 (36:10):
Yeah, and every situation is different too, you know some
that's why that baseline income feature that we always ask
for is critical that we understand how much money are
you looking to satisfy for in retirement and then with
the go Go slogo and Nogo years phrase, the go
Go years, that can also be factored into your retirement
(36:31):
planning because once you retire, you know you can take
larger portions of the money off of your retirement assets
and have a higher spend level, and like say the
first five years of retirement, because that's the those first
five years you're going to travel and do all the
things you wanted to do and spend more money than
you necessarily would in you know, your later years of life,
(36:53):
say seventy or mid seventies to early eighties, you're not
probably going to be doing as many things at that
point in time in your life as you would in
your early to mid sixties.
Speaker 3 (37:06):
All right, again, we're live in the studio. I don't
know what's going on. Our phones are ringing off the
hook for weeks. I guess everybody must be out having picnics.
The sun's out, Sun's out. Our telephone number is three
one five four to two one ninety seven ninety seven.
Three one five four to two one nine seven ninety seven.
If you have a specific question about your own personal
(37:27):
retirement plan IRA rollovers, should you do it? Lump some distributions?
How do we create a pinch and benefit? Long term
care planning, estate planning, legacy planning. Give us the call
three one five four to two one nine seven ninety seven.
Hopefully we can direct you in the right direction and
we'll be right back after this quick message. Are you
(37:50):
ready for retirement or just hoping it works out? Don't
leave your.
Speaker 4 (37:53):
Future to chance.
Speaker 3 (37:54):
At the Retirement Planning Group, we hope you create a
personalized retirement plan so you can relax knowing you were prepared.
Take action today called eight eight eight five eat zero
one nine nine. That's eight eight eight five eight zero
one nine nine, Or visit us at our website rpgretire
dot com to schedule your complimentary consultation. Your future will say,
(38:16):
thank you. How highs the water, Mama? Two feet high
and rise?
Speaker 7 (38:24):
How highs the water, Papa?
Speaker 4 (38:26):
You said, is two feet high and rise? But we
can make it to the road.
Speaker 7 (38:31):
And a homemade boat because that's the only thing we
got left as a float.
Speaker 4 (38:35):
It's already overall of o et modes. All right, we
are back.
Speaker 3 (38:41):
Well Johnny Cash there my favorite singers, Mama. I had
the opportunity to meet with Dave Allen last week. Wonderful, wonderful,
wonderful guy. We're gonna do some special things with ws
y R. With mister Allen. He really is pretty. He's special,
That's all I got to say. I've met a lot
(39:02):
of people in the business over the last twenty five years,
and I think Dave Allen he is a very very
talented radio personality. So we have a woman that broke
the ice. Today we have Shelley. Hi, Shelley Time.
Speaker 8 (39:18):
Mister Kopek, how are you.
Speaker 4 (39:19):
I'm doing fantastic. How are you today?
Speaker 8 (39:22):
I'm very good? Thank you. I just kind of made
a compiled list of kind of what I'm looking at
for a retirement. And if you want me to, I
can just quickly go down the list.
Speaker 4 (39:37):
And you don't, you don't, you don't even have to
do it. Quickly. Take your time, my dear, take your time.
Speaker 8 (39:42):
Okay. I am sixteen years old. I am very healthy.
I just had my annual physical yesterday and DAC says,
I'm I'm doing great. I want to retire this year.
I work for a Slide County. It looks like, according
to the calculator, with my retirement system, it looks like
(40:05):
I will be getting about fourteen dollars a month for pension.
I have no debt. I have two years worth of
my salary in a savings a town.
Speaker 4 (40:16):
Good for you, Good for you.
Speaker 8 (40:19):
But see uh no diabetes. I'm not abust of course
sixty two. I will draw for security. I have nothing
in the market invested in the market. Let's see you
what else. I also have a freelance business, which will
(40:39):
pretty much supplement my income long term. So what do
you do.
Speaker 4 (40:44):
Do you own a home?
Speaker 8 (40:46):
I do?
Speaker 4 (40:47):
Okay?
Speaker 8 (40:48):
Is it paid off totally? Yeah?
Speaker 4 (40:51):
Okay? You got long term care insurance?
Speaker 8 (40:55):
I have like an accident in life insurance. I I
plan on retaining my health insurance through Oswigo County once
I retire.
Speaker 4 (41:08):
Yeah, but that won't pay for long term care.
Speaker 3 (41:11):
What I would say to you is that it's obvious
that you've done very well and you kind of got
all your eggs in the basket. What I would say
to you is that probably your biggest achilles here right
now if.
Speaker 4 (41:22):
You get sick. Are you married?
Speaker 8 (41:24):
I'm single?
Speaker 3 (41:25):
Okay, then that makes it even worse. So you're worried
about protecting your assets?
Speaker 8 (41:32):
Yeah? Yeah, I do have one child, my son. He's
thirty five.
Speaker 3 (41:37):
Yeah, you want him to receive these ats? Do you
want him to receive these assets?
Speaker 8 (41:43):
Definitely?
Speaker 5 (41:43):
Yeah?
Speaker 4 (41:44):
Okay.
Speaker 3 (41:44):
Well, the reason why I say, from what I can
hear just briefly right now, your achilles here would be
if there's a long term care event, then you have
to have help or assistance, either an assistant living or
a long term care facility. You know, those are big
ticket items. Laun room care facility is going to range
anywhere from twelve to sixteen thousand dollars a month. So
(42:08):
what I would say is that probably have you done
any legal work yet as far as durable power of attorney,
healthcare proxy, a trust? Okay, then you should come in
and have a chat with me. I'll send you down
the road to what you should do. But I think
overall you're in pretty good shape, but you're legal. The
(42:30):
legal side of your planning needs to get done, and
the sooner the better.
Speaker 8 (42:34):
Okay.
Speaker 4 (42:37):
I like that. Well do you like that answer?
Speaker 3 (42:41):
I do?
Speaker 4 (42:41):
I do.
Speaker 8 (42:42):
There's there's many things that I need to Okay, as
far as the legal, I mean, I think I'm going
to be pretty good financially. But as far as the
legal and the coverage, you know, for insurance coverage for
you know, anything coming up in the fere, I think
I think that's my next step.
Speaker 3 (43:03):
Well, Shelly, we have a software package we can tell
you exactly where you are. You know, I brag about it.
It's called e money. It's what we call the dashboard
your personal dashboard, and we can really put you in
a pretty good spot as far as you know, in
exactly almost exactly where you're going to stand. So we
send you a form to fill out, and then after
(43:23):
you come in, we talk to you. Then we come
we have you come back for a second meeting, and
we get it in front of you visually so you
can see exactly where you're going to stand. And a
lot of times I don't know about you, but for me,
if I hear it and I see it, it's better
if I see it both ways rather than just hearing.
Speaker 8 (43:42):
It right right right, I.
Speaker 3 (43:45):
Need to see it, So give me a call. As
I said, we're out in Syracuse a lot now. We
have a lot of clients out there now. So if
if you want to give us a call, I'll be more.
Just say that you spoke to us on the radio
and you want to come in and talk to me.
Speaker 4 (44:01):
Okay, sound good?
Speaker 8 (44:04):
Sounds good?
Speaker 4 (44:05):
Do you bake?
Speaker 8 (44:07):
Do I think.
Speaker 4 (44:13):
He doesn't need any more pastries? My son says, I
don't need any more pastries.
Speaker 8 (44:19):
But I am a seamstress and a tailor, so well, well, I'll.
Speaker 4 (44:24):
Tell you what.
Speaker 3 (44:25):
Then we can work a deal out, Darling. All right, well,
God bless Shelley. I look forward to sitting down. Give
my office a call. I'll give out the telephone number
after you hang up.
Speaker 8 (44:35):
Okay, okay, thank you so much.
Speaker 3 (44:37):
All right, God bless, have a great weekend. You sounds
like a great person. Sounds like a great yep, sounds
like a great person. I'm talking to my engineer out
in Syracuse and I want to basically, you know, I
said to her before we get the phone call, what
you do, turn the phones off. So I'm gonna say
it again, want you to turn the phones off. So
(44:58):
every time I say that, I guess we can phone
call if you have a question. We love questions. Three
one five four two one ninety seven ninety seven three
one five four to two one nine seven ninety seven.
That's WSYR. Give us a call. Hopefully we can direct
you in the right spot. And our telephone number at
our corporate headquarters is eight eight eight five eight zero.
Speaker 4 (45:22):
One nine one nine.
Speaker 3 (45:23):
If you want to call in to set up an appointment,
that's eight eighty eight five eight zero.
Speaker 4 (45:28):
One nine one nine.
Speaker 3 (45:30):
You know whether you got two thousand dollars or two
million dollars. We work with everyone. I feel that it's
an obligation. If we're on radio, we are destined to
sit down with anybody that needs help and assistance, and
to me, it's a blessing for us to be able
to do it in order to facilitate this unbelievable world
(45:54):
that we live in today, in order to you know,
get our way to the yellow brick row to retirement.
But again, the telephone number for the station, if you
want to call in and probably have about four or
five minutes left, is three one five four to two
one nine seven ninety seven. That's three one five four
to two one W S y R. What do he got, Sun?
(46:18):
I think we covered a lot. I mean yeah, I
think the Syracuse area is great. We love going out there. Well,
the building, it'll be exciting. Not only yep, we got
a new building that I purchased and we're going to
be in a great I'll tell you where it is soon.
I don't want to get ahead of myself a little bit,
but we worked that out this week and it's a
great location, very easy. It's right off of thirty five
(46:42):
and it's not too far from the hotel that we
stay at So we're excited.
Speaker 4 (46:47):
We're excited.
Speaker 3 (46:48):
Syracuse is a great area where both sports fans. Chris
played basketball, I played basketball. I coached basketball. So bottom
line gets down to is that, well, you'll see a
lot of us at Chuse games. They'll be in the stands.
You'll see me.
Speaker 4 (47:05):
I'm the the skinny guy with the Yeah, it'll be
a tough fine.
Speaker 3 (47:12):
Where's Waldoughe where's Waldough? But no, we do love Syracuse.
Good hard working people are the type of people that
we work with. We do a lot of work, as
I said, with National Grid and of course with a
lot of people that listen to the radio. If anything
that we're discussing is if of interest, you want to
sit down with us, it's pretty simple. Just call our
office eighty eight five eight zero one nine nine. That's
(47:36):
eighty eight five eat zero one nine one nine. Then
we'll have a chat with you. And bottom line gets
down to is that we've got some opportunities right now.
I think we're pretty I think we're pretty bullish. I
feel pretty optimistic that we've gone through the worst here.
I might be wrong, but bottom line is that I
think we're heading into some clear sailing here over the
(47:58):
next six to eight to twelve months, it seems to
be a lot of pieces of the puzzle coming together.
Speaker 4 (48:04):
For as far as our economy.
Speaker 5 (48:06):
Yeah, the data that come that's coming out, you know,
and think it's shocking a lot of people. I think
we there were some analysts that thought we were in
a worse spot than we really were. You know, the
job data was good, inflation numbers are good.
Speaker 4 (48:17):
Analysts are like weathermen.
Speaker 5 (48:19):
Right half of them or right, half of them are wrong.
They're mostly wrong, right, But yeah, I mean it's it's good.
I mean, we talked a lot about, you know, the
tax optimization in the beginning of.
Speaker 4 (48:28):
The the show today.
Speaker 5 (48:30):
Then we kind of highlighted on the benefits of dealing
with a financial planning team and and that's what we do.
It's a comprehensive financial planning approach through whether it's tax optimization,
a state planning, risk management, you know, that's another big piece.
If people want you know, safety in things like m
YGA is over investing their money in the stock market,
(48:53):
you know, we do offer products like that.
Speaker 4 (48:55):
We do life insurance.
Speaker 5 (48:56):
As well, long term care YEP and insurance. And then
just overall, like goal setting, through our e money software system.
You know, if people want to pack it up and
leave the snowy state of New York and head down
to Florida and buy a home down there, we can
build out, you know, different plans and goals in the
system itself and see how that all is going to
(49:17):
play out and affect your net worth or your monthly
distributions that we're going to be sending off your retirement accounts.
Speaker 3 (49:23):
Just remember one thing, folks, retirement right now, for a
healthy sixty five year old couple, our industry is saying,
plan to manage assets for thirty five years. I mentioned
this this morning at one of the other radio shows
that we do that if you're working with a financial team,
look down the ladder and make sure you feel comfortable
(49:45):
with the younger employees because statistically, most likely you're going
to be working with them much longer than the older
dog such as myself. So make sure you understand what
the succession plan is. There's a lot of changes going
on in our industry. A lot of guys are selling
their book a business out to these private equity firms.
(50:06):
I am not a big believer in it. I think
ultimately it's going to come back to bite a lot
of people. So understand exactly the team that you're working
with and what their short term, medium term, and long
term planning position is in regards to their own firm,
to their own firm, because I think it's critical for
you to understand is that there's not going to be
(50:27):
any bumps in the road and they're going to be
able to facilitate what you're looking for over the next
twenty thirty years.
Speaker 5 (50:34):
You agree, yeah, yeah, We always you know, throw the
hypotheticals in for you know, death to occur at ninety
or ninety five now, you know, for our estimates, So
you're talking about someone who's retiring at sixty two or
sixty sixty five, you know that's thirty thirty five years
out as far as planning for what income needs they're
(50:55):
looking at all.
Speaker 3 (50:56):
Right, I think we've got about a minute left, if
I'm not about one minute left, So I'll say one
thing here again, It would be an honor, It would
be a pleasure to sit down with you. We don't
alligator rustle anybody. We basically have a nice conversation at
our first meeting, we sit down, have a chat, and
then we have you come back in the second meeting
(51:18):
to go over some ideas and concepts. If you want
a second opinion, then you can come on. In a
lot of times we tell people listen to your financial
team's doing a great job for you. Sometimes we say, hey,
you know, we don't like what we see, so but
it's up to you. And again, our telephone number for
(51:39):
a complimentary consultation Pioneer Business Park or our offices is
eight eight eight five eet zero one nine one nine.
God bless, Be safe and enjoy your weekend and we'll
see you next week for another retirement planning show.
Speaker 4 (51:58):
Thank you.
Speaker 1 (51:58):
If we're listening to the Retirement Planning Show hosted by
Dave Kopek. 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, Audianta, Albany,
(52:22):
Malta and Glen Falls. Tune in next week for retirement
planning strategies with Dave Kopec Right here on WSYRS, The
Retirement Planning Show. Right here on WSYRS, The Retirement Planning Show,
Why from the w S 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 discussed 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
(00:24):
future for you and your family. Now it's time for
the Retirement Planning Show.
Speaker 2 (00:31):
Come on, just this old guitar and a empty bottle
of food. I don't blame him because he's running here.
But the meanest thing that he ever did was before
he left, he and named me soue. Well he must
go up to them. It seems I had to fight
(00:53):
my whole life.
Speaker 3 (00:55):
I'm Dave Copec. This is the Retirement Planning Show. I
guess we can get rid of the country music. We've
had a little bit of technical difficulty today. Well, we're
going to work our way through it. I'm assuming that
we are in good shape and we're live, which live
is good.
Speaker 4 (01:15):
Live is good.
Speaker 3 (01:16):
I'm with my son Christopher William from the Retirement Planning Group,
and all is good now, which is good to hear.
This is talk radio to our good friends in Syracuse.
Three one five four to seven ninety seven is our
telephone number if you want to call in and ask
a question specific to you and what you're concerned about.
(01:41):
And when I say that we're the Retirement Planning Group,
we've got five locations now in New York State, Syracuse
being our newest. Uh to say that we're busy in
Syracuse is an understatement, and we love the people that
we're meeting. We're out there quite a bit. We're going
to be out there a lot more in the months
and years to come. So anything that I'm discussing more
(02:03):
than happy to try to be specific for your own
personal situation. And the telephone number that you can call
is three one five four ninety seven ninety seven. That's
three one five four to two one wsy R. I'm
here this afternoon with my son Christopher William Chris.
Speaker 4 (02:23):
Hello, Hello, good afternoon. We are here to.
Speaker 3 (02:28):
Talk about tax advantage investments. And the reason why we're
talking about that is that we've seen a lot of
people that have a lot of money, a lot of
money sitting in cash cash equivalents CDs, and we're going
to talk a little bit about maybe ways that we
can reallocate that money in order for it to work
(02:49):
for you rather than work for our good friends at
the State of New York and also the federal government.
So if you have any questions on what we're talking about,
we're more than happy to try to facilitate your question.
Again our telephone number here we are live on this
(03:10):
Saturday afternoon three one five four two one seven ninety seven. Okay,
As I said, there's about seven trillion dollars sitting in
cash right now, and that cash is all ten ninety nine.
There's also a lot of money sitting in treasuries, which
is subject to federal taxation but not state. So if
(03:36):
you're looking for ways in order to allocate your money
to get some tax preference what we call tax advantaged investments,
we're going to talk a little bit about that day.
And what do we mean by tax advantage. Basically, what
it refers to is any type of investment, financial account
(04:00):
savings plan that is either taxable, right, that's taxable, that
now you want to turn it into tax deferred tax
exempt in order to facilitate the ability for lost opportunity.
Speaker 4 (04:17):
Cause.
Speaker 3 (04:17):
So, first and foremost we're going to be talking about
a product that we do a lot of work in
and that's called myga's multi year guaranteed annuities. Okay, they
are similar to a CD, meaning that you get a
guaranteed rated return for a specific period of time. But
(04:40):
the biggest difference with an MYGA versus a CD is
that it grows on a tax deferred basis rather than
a taxable basis.
Speaker 5 (04:52):
Yes, in the NYGA products that he's referring to are
often to us through different you know, relationships we have
with insurance companies, and they can be offered on different
timeframes as well, whether that's three years, five years, seven years,
even ten years. So you put your initial investment in
(05:14):
and then you know, three years down the line, the
investment matures and it grows on a tax deferred basis.
Speaker 4 (05:20):
Like he was saying, what's the options at the end
of the third year.
Speaker 5 (05:24):
The third year, you get the option to like roll
it into another one yep, So you can then roll that,
you know, whatever lump sum that you invested in in
year one right into another three, five, seven, ten year annuity,
or you know, you can turn on an income stream
from it, or take the money and run.
Speaker 3 (05:44):
The thing that if you move to another company, it's
very similar to what you have to do with Iraise Irase.
You have to do a rollover with the annuity products
because you've had the tax deferred growth. Unless you want
to be taxable all in one year, you do it.
They call a ten thirty five exchange. So the world
of financial planning management is complicated, and you want to
(06:08):
make sure that you're doting your eyes and you're crossing
your t's and you're basically facilitating what you're looking for.
CD certificate's a deposit. You're getting a ten ninety nine
on an annual basis. That means you're gonna pay the
tax on an annual basis. Right, you're gonna get a
ten ninety nine, and depending on the state and federal
tax liability, whatever you're yielding on that portfolio, you're going
(06:31):
to send a chuck of it back to our friends.
Mygas are different, meaning that they are similar, but they
allow you to keep on allowing the money to grow
on a tax deferred basis until you either withdraw it
or you basically start taking systematic withdrawals on a monthly
(06:52):
basis or a certain percentage. So you need to understand nygas,
you need to understand the key differentiation. You need to
understand which one is right for you versus the NYGA
versus the CD, And you need to also understand the
safety the guarantees that are associated with both. Now, CDs
(07:15):
are FDIC insured. That means that the Federal Deposit Insurance
Corporation basically, when you purchase a CD, anything that exceeds
two hundred and fifty thousand dollars right that is not
protected by FDIC, they would not ensure the full value
(07:35):
of the contract. With nyga's In New York State, they
are guaranteed up to five one hundred thousand dollars through
the New York State Insurance Fund. So understanding how both
can complicate compliment, not complicate compliment one another not only
(07:57):
during your accumulation but also during your retirement years is
extremely important.
Speaker 4 (08:03):
Yeah.
Speaker 5 (08:04):
Yeah, And the uh, you know, the difference between CDs
and myga's also is that the the mygas often do
have a higher, you know, minimum investment amount. Usually it's
like around ten thousand is probably the lowest. Some of
them are one hundred thousand. As far as what you've
got to initially invest to get into these products for
(08:26):
the higher rate, right, for a higher rate. Then this
is mainly utilized for money that's not that's sitting on
the sidelines.
Speaker 4 (08:35):
You're not using it.
Speaker 5 (08:36):
Maybe it's just accumulating, you know, very low interest rates
that are in your bank account. Lazy money, yep, your stuff,
the extra excess cash that you're not really utilizing. It's
more of like a safety net that you just like
having in your bank account. It can be put into
one of these products and you know have deferred taxation,
(08:57):
a pretty competitive rate with wherever inter straits are at,
and and it will supplement your income eventually when you
can you can turn it on three, five, seven, ten
years down the line to help supplement income.
Speaker 3 (09:13):
And the thing is what a lot of people are
looking for during the retirement years. If you have a pension,
you have Social Security, you have moneys inside iras, four
oh one k's, four three b TSPs, you know, all
your pre tax money. Myga's basically offer you another tax
(09:33):
deferred vehicle so you can control your tax liability. The
money associated with these types of investments are only taxed
when the payout is received, So that means that if
you put x number dollars in and you allowed to
grow over a certain period of time. There's no tax
liability until you withdraw the money. So with CDs, that's
(09:56):
not the case. With CDs with certificates to deposit, you're
gonna pay the tax on an annual basis, not because
you want to, but because it is in a tax
a bull account.
Speaker 4 (10:07):
Rather than a tax deferred account.
Speaker 3 (10:10):
You're going to basically feel the pinch come April fifteenth
when you have to pay the taxes. Both of these
offer multi year guaranteed rates of returns, meaning can go
one year, three year, five years, seven years. I don't
know if there's one, and I know there's three, five
and seven.
Speaker 4 (10:27):
I don't think there's one.
Speaker 3 (10:29):
CDs there are, Yeah, CDs, there are, Yeah, CDs there are.
So when you're weighing the differences between a tax preference account,
myga's and CDs, you'll need to consider how long you're
going to be able to leave the money there and
if you can contribute additional monies to them. Some of
(10:49):
them allow you to do that, So make sure you
understand that you can reduce this tax liability. You can
have the liquidity that you're looking for, but you've basically
have to dot, you rize and across your t's because
these can be complicated when you add both of them together.
So if you want to sit down with us, give
(11:10):
us a call at our office eighty eight five eight
zero one nine one nine. We're located right off a
Carrier Circle and Pioneer Park. We are more than happy
to sit down with you and discuss how we can
be hopefully beneficial to your pre and post retirement plans. Again,
our telephone number is eight eight eight five eight zero one.
Speaker 4 (11:32):
Nine one nine.
Speaker 3 (11:32):
If you want to talk to us today, it's three
one five four to one ninety seven ninety seven. That's
three one five four to two one ninety seven ninety seven.
We'll be right back. You've spent a lifetime saving for retirement.
Now it's time to make that money work for you.
Here's the secret most people miss. You have to create
your own retirement income plan. Social security is not enough,
(11:53):
pensions are rare. You need a strategy that turns savings
into monthly income that will last a lifetime. At the
Retirement Planning Group, we build customized income distributions so you
can retire with confidence, retire smart, live well call eight
eight eight five eight zero one nine one nine for
your complementary consultation.
Speaker 6 (12:13):
Nine FM. I keep a close watch on this heart
of mine. I keep mines wide open all the time.
I keep the ends out for the tilt mine big
calls your mind.
Speaker 4 (12:30):
All right, we are back line, my boy, Johnny. I
love Johnny Cash. Again.
Speaker 3 (12:39):
This is talk radio, not you know, sit and wait.
We don't like the babble. We like to get phone
calls because I think it makes it much more interesting
for you, the consumer of financial products and people that
have to basically take this monkey and put it on
your back, and you're basically going to have to manage
assets for twenty five thirty years. Our oldest client just
(13:01):
passed away one hundred and two years old. Some of
our clients are well into their nineties and eighties and seventies.
I've been doing it now for forty three years, been
on radio now for twenty five years. And bottom line,
you got to dot yourrize and crush your teas because
it's a world today where your ability to go into
(13:22):
retirement and have comfort and understand that you're not going
to have stress is going to be basically on your
shoulders and whatever team that you pick in order to
manage your assets during your pre and post retirement years.
Speaker 4 (13:34):
So my son and.
Speaker 3 (13:35):
I are today talking about tax advantage investments. We're talking
about the types that are out there. These are only
two that we're going to discuss, and the reason why
we're talking about them is because there are trillions of
dollars out there that are sitting in cash and cash equivalence,
and people need to understand that there are situations out
(13:55):
there that will give you tax benefits.
Speaker 4 (13:59):
You need to understand that.
Speaker 3 (14:00):
There's all the ability for you to take these assets
and build out a plan so you're going to maximize
the dollars for you and minimize the tax liability. So
we talked about myga's multi year guaranteed anudies, which are
very similar to CDs. We talked about how they grow
on a tax deferred basis. You're only pay the tax
(14:22):
on these monies when you withdraw them. There's also some
tax preference on these assets when you turn them into income.
And when we talk about the buckets of money, not
only do we utilize CDs, we also utilize NYGAS. But
the one that we're going to talk about right now
is one that has really kind of been in the back.
(14:44):
It hasn't come to the forefront until just recently, and
that's tax free municipal bonds.
Speaker 5 (14:50):
Yeah, the tax free municipal bonds that are offered through
different mutual funds that are out there. You know, the
benefit of the is if you find yourself in a
higher tax bracket.
Speaker 4 (15:03):
If you're.
Speaker 5 (15:07):
In a higher tax bracket, you know your you're paying
a lot of taxes out the door. You know, your
mutual fund investments right now are kicking off high capital
gains and a lot of money is going out the door,
both federal and state tax wise. The benefit of these
municipal bond funds is that if they are issued by
your home state, that being New York, they are both
(15:28):
federally and state tax exempt. So you know the benefit
of that is the interest that gets kicked off of
these funds is both federal and state tax exempt. So
the you can collect and mitigate a lot of your
tax liability just by transferring your positions from say a
corporate bond fund to a municipal bond fund, by knocking
(15:52):
down the tax liability that you have.
Speaker 3 (15:55):
Well, not only that, but the thing is is that
you know, there's there's there's always a question what would
be more advantageous for me a taxable investment such as
a CD or a money market account or a tax
remunicipal bond portfolio. Of course, your tax bracket's going to
(16:15):
factor into it, but what also is going to factor
into it is ultimately the liquidity feature that you're looking
for and how quickly you need to get your hands
on that money.
Speaker 4 (16:25):
So there are.
Speaker 3 (16:28):
Tax remunicipal bond portfolios right now, depending on the yields
that you're looking for, that can range anywhere, depending on
the quality of the portfolio, anywhere from like three and
a half to five percent. There's also the portfolios if
you look at total returns, how have they done over
the last one year, three years, five years. Ultimately you're
(16:51):
going to have to try to figure out if you're
going to be able to handle volatility in the movement
of the net asset value. One particular that we utilize
has had a pretty strong track record over the last three, five, seven,
ten years. But what has worked against us is that
we've been in such a low interest rate environment, we
really haven't had the chance to get total return. That
(17:13):
means capital appreciation in the bond portfolio, meaning that the
net asset value will increase as interest rates job. So
understand that tax freeze are not necessarily only for the wealthy.
There are some people, believe it or not, that have
bought these investments as an alternative to an equity position,
(17:33):
believing that they were bullish on tax freeze as a
sector as an investment for a specific period of time.
So there are a lot of options that are available
that are state specific, meaning the state that you live in.
Meaning that if you live in New York State, you
buy New York state tax for municipal bonds, not only
(17:54):
will it be exempt from federal but it will be exempt,
of course from state. Some people say, listen, and I
don't like to be just state specific. I like the
whole universe. And they'll go out and they'll buy a
national portfolio, which is fine. People that live in Florida,
people that live in states that have no income state
tax liability. The national are is probably going to be
(18:17):
the preferential choice anyway. So understand that there's options available
in order to under I guess under report, under pay
the amount of cash that is not under report. That's
probably the wrong word. The amount of cash that you
have to send in on a quarterly annual basis for
(18:39):
tax liability. It's just a question of how you allocate
the money the type of safety that you want. Bonds
are no different than stocks. They fluctuate on a daily basis,
but if you have a long term time horizon, it's
an option that you should probably consider.
Speaker 5 (18:57):
Yeah, and with the bond market, it's currently said up
right now to where rates are likely going to go
down in the next meeting that the Fed has in June.
So being in some type of municipal bond mutual fund
while collecting those tax exempt you know, interest and dividends
off of those mutual funds, you may get some capital
(19:18):
appreciation as well from the mutual fund itself. That is,
you know, taxed the capital appreciation.
Speaker 4 (19:25):
On the fund.
Speaker 5 (19:26):
But you know, it never hurts to make money in
both areas. You know, you can collect the dividend while
interest rates are still high, and then once these rates,
if they start cutting rates, these bonds work inversely to
interest rate cuts, so they will the principal amount that
you invested will appreciate in value.
Speaker 4 (19:43):
Right absolutely.
Speaker 3 (19:44):
So, again, if this is something that you would like
to discuss with us face to face, try to put
your whole plan together in regards to your pre and
post retirement years. We're a big believer that you get
going sooner than later, three to five years before you
walk out into retirement. Give us a call at our
office eighty eight five eight zero one nine one nine.
(20:06):
That's eighty eight five eight zero one nine one nine.
So you'd like to set up an appointment at our
office Pioneer Park, Business Park. I'd be more than happy
to sit down with you and have a chat to
see if we can facilitate what you're looking for. Also,
if you want to call in today, we are live
in the studio. Our telephone number here today is three
one five four to two one ninety seven ninety seven.
(20:30):
You have a question about investment management, asset allocation, IRA distribution,
legacy planning, long term care planning. We do it all.
We have many years. I've been doing it for forty
three years and as I said, I've been on radio
for twenty five so there's not a lot of things
that I haven't bumped into as far as how to
(20:51):
help people facilitate what they're.
Speaker 4 (20:53):
Looking for during their retirement years.
Speaker 3 (20:55):
So bottom line, where do you think we're headed as
far as interest rates down?
Speaker 5 (21:04):
I think June they're all pricing in their first rate cut.
I think the bonds itself over the last month, you've
seen it, they've appreciated in value.
Speaker 4 (21:12):
A little bit. Capital appreciation.
Speaker 5 (21:14):
Yeah, they're up, you know, a couple percent. Some of
the ones that we're currently invested in on the corporate
side have appreciated, you know, two three percent. But yeah,
it seems like they're all pricing in. Now's the time
we got good inflation numbers, job numbers were good. Market
kind of bounced back a little bit here after the
agreement that seems to be.
Speaker 4 (21:36):
The term the ters with China.
Speaker 5 (21:38):
Yeah, yeah, they at least came to an agreement on
ten percent. So that's it's something that you know, the
market's kind of breathing here for a second. And then
in June, we'll see what happens with this FED meeting.
If they end up, if they're correct about pricing in
the first rate cut for June, and then these bonds
should you know, the underlying the principal value that people
(21:59):
invested in should appreciate value.
Speaker 4 (22:01):
If they do end up cutting.
Speaker 3 (22:02):
The doubt for the week was up three point four percent.
S and P five hundred was up five point three percent,
and the Nasdaq was up in astonishing seven point two
percent for the week. Year to date, dollar is up
about thirty basis points, S and P five hundred is
up one point three percent, and the Nasdaq is pretty
(22:23):
much flat. It's down about fifty bases points. So we've
come back a long way, folks. And what's the messaging
on this. Don't try to time the market. Don't try
to time the market because you just can't do it.
You just can't do it. It's futile. I've been doing
it now for forty three years. Build out your asset allocation,
find your sweet spot, find the investments that you feel
(22:43):
comfortable with. Work with your team of advisors to make
sure that you've got the right asset allocation, and make
sure that you're not taking excessive distributions, that you're maximizing
the dollars for you and minimizing the tax liability, and
you should be in a pretty good spot, pretty good spot.
So again, as I said, we do offer a complementary consultation,
(23:06):
but we're live today if you'd like to call in.
This is not babble radio. It's talk radio and it's
three one five four to two one ninety seven ninety seven.
Is our telephone number here, three one five four to
two one ninety seven ninety seven. If you have a question,
Believe me, there's probably a lot of other people out
there that aim the same question, whether it's on investments,
(23:28):
asset protection, legacy, transfer of wealth.
Speaker 4 (23:32):
Uh.
Speaker 3 (23:33):
One of the biggest areas that we work in now
is what's happening with the wealth transfer eighty five trillion
dollars estimate it to transfer over the next twenty five
to thirty years of wealth transfer. There's a lot of
people that are trying to scratch their heads on how
to protect it, get it to their children, their loved ones,
not the evil son in law or daughter in law,
(23:54):
the pool boy. Make sure you understand the documents that
you're drafting, Understand exactly how you're setting up your beneficiary designations.
It is critical if you're worried about where the money's
going to go and it's going to follow the bloodline.
Speaker 5 (24:09):
Yeah, yeah, getting I mean knowing what you have is
obviously always very important. Setting it up, you know, building
out a plan for when that eventual retirement date comes.
I think that's you know, one of the many benefits
of working and sitting down with a financial advisement team.
Like we always stress at least three to five years
before you end up making that eventual exit in the retirement.
(24:30):
You know, there's a lot of statistics out there and
stats and numbers that will go over you know how
beneficial it is for clients to sit down with a
financial team and have investment professionals manage their assets even
before you know they leave for retirement. At fifty nine
and a half, you can roll those assets out into
(24:51):
a rollover IRA managed by a financial advisement team. So
that's typically what we do with clients is you know,
it's not only the investment management side, it's the behavioral
coaching side, you know, going through rough times in the
market like we just went through, you know, telling people
to stay invested, not you know, be too scared like
(25:14):
he like my dad was just saying, market's already back
up on the SMP for the year. So Nasdaq's flat
and the dows you know, up a little bit as well.
So we've had big moves, there's been Yeah, I mean
we've always expected the volatility.
Speaker 4 (25:27):
You know that's I mean the benefit of.
Speaker 3 (25:31):
Your mother had me sleeping out in the doghouse about
a month ago. Oh yeah, now I've moved back then
into the Uh.
Speaker 4 (25:40):
Good for you. So listen.
Speaker 3 (25:42):
We're here live, folks, if you want to call us.
We are the Retirement Planning Group. We are new to Syracuse.
We're actually going to be moving into a new building
in the very near future that we just purchased. So
we're very excited about Syracuse. We love Syracuse sports, we
love the area. We got a lot of clients out there.
(26:02):
We do a lot of work with National Grid and
we have a lot of clients from other organizations. Love
to have this chance to talk to you. Give us
a call today three one, five, four ninety seven. Will
be right back after this break.
Speaker 1 (26:17):
All right, News Radio five seventy WS y R on
iHeartRadio and one O six nine FM.
Speaker 7 (26:25):
Hello, here's a burning thing and it makes a fiery ring.
Would boy wild desire? I fell in into a ring of.
Speaker 4 (26:46):
Five Alry, we are back.
Speaker 7 (26:48):
I've fell into a burning ring on the fire.
Speaker 4 (26:52):
Get tote tapping and.
Speaker 3 (26:56):
This is the Retirement Planning Show. I'm Dave Kopek, the
president of Retirement Planning Group. It's good to be here.
It's Saturday, Saturday afternoon, and it's hard to believe that
we're already the seventeenth of May. You should lick your eyes.
Are going to be halfway through the year. Lick your
(27:17):
eyes again, and the Santa Claus is becoming down the chimney.
You know, we've got clients in twenty eight states. I
was in Boston yesterday to see clients, and you know,
when I'm driving back, I brought my wife with me
because a lot of our clients over the years have
become very good friends of ours. Time goes by quick, folks,
(27:40):
and if you're ignoring the basics, you're really going to
get yourself in deep weeds if you don't pro you know,
get proactive, especially three to five years before you retire.
So you know, I know that my son has been
with me now for four years and the rest of
the team the Retirement Planning Group, we try to basically
(28:02):
motivate people to take action. We do all of our
business through Fidelity. We're an open architecture platform. We have
no bias, we have no proprietary products. If there's a
ticker symbol, we can purchase it. And the bottom line
gets down to is that we really focus in on
four primary areas investment management, asset protection, legacy planning, and
(28:26):
really are FORTE is building out retirement income distribution models,
which seven out of ten of you right now want
safety and guarantees, and nine out of ten of you
are going to have to do it during your retirement year.
So the deadline, the line in the sand for you
should be if you're fifty nine to sixty, you want
(28:49):
to retire at sixty five, go find a team. Go
find a team to work with because all the data,
all the information basically will tell you to be in
a much better spot. You don't want to wait before
you walk out the door. Now today we're here live.
I'll give out our telephone and number again. We have
(29:09):
a very capable, wonderful woman in our Syracuse facility three
one five four to two one ninety seven ninety seven
three one five four to two one w s y
R three one five four to two one ninety seven
ninety seven.
Speaker 4 (29:25):
Question.
Speaker 3 (29:26):
I always think it makes it much more interesting for
our listeners.
Speaker 5 (29:31):
Yeah, to hit on what he was just talking about,
you know, with the UH the advantages of utilizing a team,
going to work with a team. There's a smart asset
study that I was just looking into as far as
you know, what those numbers were on the benefits of
working with a financial advisor. And you know, this study
(29:51):
indicated that clients who were working with financial advisors can
achieve annual returns that are two point three nine percent
to two point point seven eight percent higher even after
accounting for their fees and inflation year over year.
Speaker 4 (30:05):
Yeah, which is huge.
Speaker 5 (30:06):
So an additional two you know, to to two to
two and a half two zero point seven eight percent
a year on top of your you know assets, especially
when you're talking big figures, you know, hundreds of thousands,
if not millions of dollars that you've saved up and
accumulated that adds up over time. And not only that,
you know, enhance returns is one thing, but the behavioral
(30:29):
coaching you know that we or I discussed before the
break and just helping clients avoid you know, emotional investment
decisions in you know, panic selling. Maybe at the bottom,
you know, like we just went through with the tariff discussions,
and you know, all the news and craziness that goes
on in the media knowing when to sell and when
(30:51):
not to sell when something seems like it's a severe
issue versus something that's minor that we've already been through before.
Like in twenty eighteen, the same thing happened with his
tariff talk. That the craziness that's going on now, it
happened once before. In twenty eighteen, Marco was down eighteen
percent I think the S and P five hundred before
almost to almost identically. Yeah, they came to an agreement
(31:14):
with China and then it turned right background and went
back to all time highs and we're, you know, about
where we started the twenty twenty five at So. So, yeah,
those are a few, you know, of the statistics, you know.
So another one that's pretty alarming is that seventy approximately
seventy five percent of individuals with a financial advisor feel
(31:35):
prepared for retirement going into retirement, compared to forty five
percent of those managing their finances independently.
Speaker 3 (31:44):
So and most of them, most of them need to
understand is that you know, all these studies, whether it's Fidelity,
whether it's Vanguard, whether it's t ro Price, whether it's Vanguard,
they all say the same thing, right, you're going to
be better off working with a financial team than you
are basically flying by yourself. And the net result is
going to basically be more money in the pot, uh
(32:05):
for your retirement years.
Speaker 5 (32:07):
So yeah, we we also calculate in through like the
projections and software system that we utilize the money satisfying
baseline income needs. So you know exactly like what a
comfort spend level looks like going into retirement.
Speaker 3 (32:22):
So you people have no idea when you talk about
tell them what baseline income is.
Speaker 5 (32:26):
Baseline income is. Just make yourself a budget, figure out
how much money is going out the door, and the
in that right there is your baseline income needs, you know,
satisfying your rent, your phone payment, car payment, whatever bills
you got, creature comforts, yep, groceries, everything, you know, just
factor that into how much money is going out the door.
(32:48):
How much do we live comfortably on right now? So
that when you sit down or you fill out you know,
our confidential questionnaire booklet and it says what are your
current expenses or how much money are you looking to
satisfy for retirement? You write down, you know whatever that is, Well,
we got fifty thousand dollars going out the door a
(33:08):
year and our expenses, so we need to at least
have fifty coming in to live to keep our same
quality of life. You know, if we can get an
extra ten to fifteen thousand, you know, and take a
trip here and there, that'd be great. So that's what
the planning does, that's what the software system helps us with.
And the benefit of utilizing a team.
Speaker 3 (33:29):
That goes back to the couple that came in in
Syracuse and sat down with us, and he was making
quite a bit of money, half a million dollars a
year and he was leaving his job, he was going
into the retirement, and he's trying to figure out, you know,
what am I going to need in order to satisfy
the amount of money in order to have the same
quality of life that I have now. So my son
(33:52):
and I sat down with him and we basically went
through some projections and we added in the solid security
benefits that they're going to receive, both the husband and wife,
and then the pool of money that they had, and
when we came to our calculation, you know, without any risk,
basically a very conservative portfolio. You know, on a one
to ten is probably about a two. We came up
(34:13):
with about two hundred and twenty to two hundred and
thirty thousand dollars a year, basically twenty thousand dollars a month.
Right now, with all said and done, after he pays
his taxes, after he makes his four oh one K contributions,
et cetera, he's taken home about fifteen thousand dollars a month. So,
(34:36):
make a long story short, he's going to have more
spendable income during his retirement years than he had during
his high pay salary years. And the thing is is
that they were like leper couns walking out the door
kicking their heels up because they know that they can
retire and they have adequate amounts of cash in order
(34:56):
to satisfy quality of life. And that's what it's all about,
being able to satisfy quality of life.
Speaker 4 (35:02):
When we talk about three stages.
Speaker 3 (35:05):
Of retirement, go go slo goo No go, go go
slo go, no go. Those are the years that you're
going to basically deal with during your retirement years. Go
go having fun, taking trips, doing all the things with
the kids and the grandkids. No go, there's a health
event one of you needs basically some type of care
(35:27):
or assistance and basically no go is. Of course there's
major health events. One of the spouses has passed away.
So just realize is that there's a very short window,
very short window for you to enjoy your retirement years.
It's going to go by quicker than you think. After
(35:48):
forty three years of being in the business. Get prepared,
take action. Give us a call at eight eight eight
five eight zero one nine one nine and say listen
and listen to the show. We're going to retire in
a very short period of time. We'd like to commit
and have a chat. One of us from the retirement
planning group is more than happy to sit down with
you and see if we can facilitate what you're looking for.
Speaker 5 (36:10):
Yeah, and every situation is different too, you know some
that's why that baseline income feature that we always ask
for is critical that we understand how much money are
you looking to satisfy for in retirement and then with
the go Go slogo and Nogo years phrase, the go
Go years, that can also be factored into your retirement
(36:31):
planning because once you retire, you know you can take
larger portions of the money off of your retirement assets
and have a higher spend level, and like say the
first five years of retirement, because that's the those first
five years you're going to travel and do all the
things you wanted to do and spend more money than
you necessarily would in you know, your later years of life,
(36:53):
say seventy or mid seventies to early eighties, you're not
probably going to be doing as many things at that
point in time in your life as you would in
your early to mid sixties.
Speaker 3 (37:06):
All right, again, we're live in the studio. I don't
know what's going on. Our phones are ringing off the
hook for weeks. I guess everybody must be out having picnics.
The sun's out, Sun's out. Our telephone number is three
one five four to two one ninety seven ninety seven.
Three one five four to two one nine seven ninety seven.
If you have a specific question about your own personal
(37:27):
retirement plan IRA rollovers, should you do it? Lump some distributions?
How do we create a pinch and benefit? Long term
care planning, estate planning, legacy planning. Give us the call
three one five four to two one nine seven ninety seven.
Hopefully we can direct you in the right direction and
we'll be right back after this quick message. Are you
(37:50):
ready for retirement or just hoping it works out? Don't
leave your.
Speaker 4 (37:53):
Future to chance.
Speaker 3 (37:54):
At the Retirement Planning Group, we hope you create a
personalized retirement plan so you can relax knowing you were prepared.
Take action today called eight eight eight five eat zero
one nine nine. That's eight eight eight five eight zero
one nine nine, Or visit us at our website rpgretire
dot com to schedule your complimentary consultation. Your future will say,
(38:16):
thank you. How highs the water, Mama? Two feet high
and rise?
Speaker 7 (38:24):
How highs the water, Papa?
Speaker 4 (38:26):
You said, is two feet high and rise? But we
can make it to the road.
Speaker 7 (38:31):
And a homemade boat because that's the only thing we
got left as a float.
Speaker 4 (38:35):
It's already overall of o et modes. All right, we
are back.
Speaker 3 (38:41):
Well Johnny Cash there my favorite singers, Mama. I had
the opportunity to meet with Dave Allen last week. Wonderful, wonderful,
wonderful guy. We're gonna do some special things with ws
y R. With mister Allen. He really is pretty. He's special,
That's all I got to say. I've met a lot
(39:02):
of people in the business over the last twenty five years,
and I think Dave Allen he is a very very
talented radio personality. So we have a woman that broke
the ice. Today we have Shelley. Hi, Shelley Time.
Speaker 8 (39:18):
Mister Kopek, how are you.
Speaker 4 (39:19):
I'm doing fantastic. How are you today?
Speaker 8 (39:22):
I'm very good? Thank you. I just kind of made
a compiled list of kind of what I'm looking at
for a retirement. And if you want me to, I
can just quickly go down the list.
Speaker 4 (39:37):
And you don't, you don't, you don't even have to
do it. Quickly. Take your time, my dear, take your time.
Speaker 8 (39:42):
Okay. I am sixteen years old. I am very healthy.
I just had my annual physical yesterday and DAC says,
I'm I'm doing great. I want to retire this year.
I work for a Slide County. It looks like, according
to the calculator, with my retirement system, it looks like
(40:05):
I will be getting about fourteen dollars a month for pension.
I have no debt. I have two years worth of
my salary in a savings a town.
Speaker 4 (40:16):
Good for you, Good for you.
Speaker 8 (40:19):
But see uh no diabetes. I'm not abust of course
sixty two. I will draw for security. I have nothing
in the market invested in the market. Let's see you
what else. I also have a freelance business, which will
(40:39):
pretty much supplement my income long term. So what do
you do.
Speaker 4 (40:44):
Do you own a home?
Speaker 8 (40:46):
I do?
Speaker 4 (40:47):
Okay?
Speaker 8 (40:48):
Is it paid off totally? Yeah?
Speaker 4 (40:51):
Okay? You got long term care insurance?
Speaker 8 (40:55):
I have like an accident in life insurance. I I
plan on retaining my health insurance through Oswigo County once
I retire.
Speaker 4 (41:08):
Yeah, but that won't pay for long term care.
Speaker 3 (41:11):
What I would say to you is that it's obvious
that you've done very well and you kind of got
all your eggs in the basket. What I would say
to you is that probably your biggest achilles here right
now if.
Speaker 4 (41:22):
You get sick. Are you married?
Speaker 8 (41:24):
I'm single?
Speaker 3 (41:25):
Okay, then that makes it even worse. So you're worried
about protecting your assets?
Speaker 8 (41:32):
Yeah? Yeah, I do have one child, my son. He's
thirty five.
Speaker 3 (41:37):
Yeah, you want him to receive these ats? Do you
want him to receive these assets?
Speaker 8 (41:43):
Definitely?
Speaker 5 (41:43):
Yeah?
Speaker 4 (41:44):
Okay.
Speaker 3 (41:44):
Well, the reason why I say, from what I can
hear just briefly right now, your achilles here would be
if there's a long term care event, then you have
to have help or assistance, either an assistant living or
a long term care facility. You know, those are big
ticket items. Laun room care facility is going to range
anywhere from twelve to sixteen thousand dollars a month. So
(42:08):
what I would say is that probably have you done
any legal work yet as far as durable power of attorney,
healthcare proxy, a trust? Okay, then you should come in
and have a chat with me. I'll send you down
the road to what you should do. But I think
overall you're in pretty good shape, but you're legal. The
(42:30):
legal side of your planning needs to get done, and
the sooner the better.
Speaker 8 (42:34):
Okay.
Speaker 4 (42:37):
I like that. Well do you like that answer?
Speaker 3 (42:41):
I do?
Speaker 4 (42:41):
I do.
Speaker 8 (42:42):
There's there's many things that I need to Okay, as
far as the legal, I mean, I think I'm going
to be pretty good financially. But as far as the
legal and the coverage, you know, for insurance coverage for
you know, anything coming up in the fere, I think
I think that's my next step.
Speaker 3 (43:03):
Well, Shelly, we have a software package we can tell
you exactly where you are. You know, I brag about it.
It's called e money. It's what we call the dashboard
your personal dashboard, and we can really put you in
a pretty good spot as far as you know, in
exactly almost exactly where you're going to stand. So we
send you a form to fill out, and then after
(43:23):
you come in, we talk to you. Then we come
we have you come back for a second meeting, and
we get it in front of you visually so you
can see exactly where you're going to stand. And a
lot of times I don't know about you, but for me,
if I hear it and I see it, it's better
if I see it both ways rather than just hearing.
Speaker 8 (43:42):
It right right right, I.
Speaker 3 (43:45):
Need to see it, So give me a call. As
I said, we're out in Syracuse a lot now. We
have a lot of clients out there now. So if
if you want to give us a call, I'll be more.
Just say that you spoke to us on the radio
and you want to come in and talk to me.
Speaker 4 (44:01):
Okay, sound good?
Speaker 8 (44:04):
Sounds good?
Speaker 4 (44:05):
Do you bake?
Speaker 8 (44:07):
Do I think.
Speaker 4 (44:13):
He doesn't need any more pastries? My son says, I
don't need any more pastries.
Speaker 8 (44:19):
But I am a seamstress and a tailor, so well, well, I'll.
Speaker 4 (44:24):
Tell you what.
Speaker 3 (44:25):
Then we can work a deal out, Darling. All right, well,
God bless Shelley. I look forward to sitting down. Give
my office a call. I'll give out the telephone number
after you hang up.
Speaker 8 (44:35):
Okay, okay, thank you so much.
Speaker 3 (44:37):
All right, God bless, have a great weekend. You sounds
like a great person. Sounds like a great yep, sounds
like a great person. I'm talking to my engineer out
in Syracuse and I want to basically, you know, I
said to her before we get the phone call, what
you do, turn the phones off. So I'm gonna say
it again, want you to turn the phones off. So
(44:58):
every time I say that, I guess we can phone
call if you have a question. We love questions. Three
one five four two one ninety seven ninety seven three
one five four to two one nine seven ninety seven.
That's WSYR. Give us a call. Hopefully we can direct
you in the right spot. And our telephone number at
our corporate headquarters is eight eight eight five eight zero.
Speaker 4 (45:22):
One nine one nine.
Speaker 3 (45:23):
If you want to call in to set up an appointment,
that's eight eighty eight five eight zero.
Speaker 4 (45:28):
One nine one nine.
Speaker 3 (45:30):
You know whether you got two thousand dollars or two
million dollars. We work with everyone. I feel that it's
an obligation. If we're on radio, we are destined to
sit down with anybody that needs help and assistance, and
to me, it's a blessing for us to be able
to do it in order to facilitate this unbelievable world
(45:54):
that we live in today, in order to you know,
get our way to the yellow brick row to retirement.
But again, the telephone number for the station, if you
want to call in and probably have about four or
five minutes left, is three one five four to two
one nine seven ninety seven. That's three one five four
to two one W S y R. What do he got, Sun?
(46:18):
I think we covered a lot. I mean yeah, I
think the Syracuse area is great. We love going out there. Well,
the building, it'll be exciting. Not only yep, we got
a new building that I purchased and we're going to
be in a great I'll tell you where it is soon.
I don't want to get ahead of myself a little bit,
but we worked that out this week and it's a
great location, very easy. It's right off of thirty five
(46:42):
and it's not too far from the hotel that we
stay at So we're excited.
Speaker 4 (46:47):
We're excited.
Speaker 3 (46:48):
Syracuse is a great area where both sports fans. Chris
played basketball, I played basketball. I coached basketball. So bottom
line gets down to is that, well, you'll see a
lot of us at Chuse games. They'll be in the stands.
You'll see me.
Speaker 4 (47:05):
I'm the the skinny guy with the Yeah, it'll be
a tough fine.
Speaker 3 (47:12):
Where's Waldoughe where's Waldough? But no, we do love Syracuse.
Good hard working people are the type of people that
we work with. We do a lot of work, as
I said, with National Grid and of course with a
lot of people that listen to the radio. If anything
that we're discussing is if of interest, you want to
sit down with us, it's pretty simple. Just call our
office eighty eight five eight zero one nine nine. That's
(47:36):
eighty eight five eat zero one nine one nine. Then
we'll have a chat with you. And bottom line gets
down to is that we've got some opportunities right now.
I think we're pretty I think we're pretty bullish. I
feel pretty optimistic that we've gone through the worst here.
I might be wrong, but bottom line is that I
think we're heading into some clear sailing here over the
(47:58):
next six to eight to twelve months, it seems to
be a lot of pieces of the puzzle coming together.
Speaker 4 (48:04):
For as far as our economy.
Speaker 5 (48:06):
Yeah, the data that come that's coming out, you know,
and think it's shocking a lot of people. I think
we there were some analysts that thought we were in
a worse spot than we really were. You know, the
job data was good, inflation numbers are good.
Speaker 4 (48:17):
Analysts are like weathermen.
Speaker 5 (48:19):
Right half of them or right, half of them are wrong.
They're mostly wrong, right, But yeah, I mean it's it's good.
I mean, we talked a lot about, you know, the
tax optimization in the beginning of.
Speaker 4 (48:28):
The the show today.
Speaker 5 (48:30):
Then we kind of highlighted on the benefits of dealing
with a financial planning team and and that's what we do.
It's a comprehensive financial planning approach through whether it's tax optimization,
a state planning, risk management, you know, that's another big piece.
If people want you know, safety in things like m
YGA is over investing their money in the stock market,
(48:53):
you know, we do offer products like that.
Speaker 4 (48:55):
We do life insurance.
Speaker 5 (48:56):
As well, long term care YEP and insurance. And then
just overall, like goal setting, through our e money software system.
You know, if people want to pack it up and
leave the snowy state of New York and head down
to Florida and buy a home down there, we can
build out, you know, different plans and goals in the
system itself and see how that all is going to
(49:17):
play out and affect your net worth or your monthly
distributions that we're going to be sending off your retirement accounts.
Speaker 3 (49:23):
Just remember one thing, folks, retirement right now, for a
healthy sixty five year old couple, our industry is saying,
plan to manage assets for thirty five years. I mentioned
this this morning at one of the other radio shows
that we do that if you're working with a financial team,
look down the ladder and make sure you feel comfortable
(49:45):
with the younger employees because statistically, most likely you're going
to be working with them much longer than the older
dog such as myself. So make sure you understand what
the succession plan is. There's a lot of changes going
on in our industry. A lot of guys are selling
their book a business out to these private equity firms.
(50:06):
I am not a big believer in it. I think
ultimately it's going to come back to bite a lot
of people. So understand exactly the team that you're working
with and what their short term, medium term, and long
term planning position is in regards to their own firm,
to their own firm, because I think it's critical for
you to understand is that there's not going to be
(50:27):
any bumps in the road and they're going to be
able to facilitate what you're looking for over the next
twenty thirty years.
Speaker 5 (50:34):
You agree, yeah, yeah, We always you know, throw the
hypotheticals in for you know, death to occur at ninety
or ninety five now, you know, for our estimates, So
you're talking about someone who's retiring at sixty two or
sixty sixty five, you know that's thirty thirty five years
out as far as planning for what income needs they're
(50:55):
looking at all.
Speaker 3 (50:56):
Right, I think we've got about a minute left, if
I'm not about one minute left, So I'll say one
thing here again, It would be an honor, It would
be a pleasure to sit down with you. We don't
alligator rustle anybody. We basically have a nice conversation at
our first meeting, we sit down, have a chat, and
then we have you come back in the second meeting
(51:18):
to go over some ideas and concepts. If you want
a second opinion, then you can come on. In a
lot of times we tell people listen to your financial
team's doing a great job for you. Sometimes we say, hey,
you know, we don't like what we see, so but
it's up to you. And again, our telephone number for
(51:39):
a complimentary consultation Pioneer Business Park or our offices is
eight eight eight five eet zero one nine one nine.
God bless, Be safe and enjoy your weekend and we'll
see you next week for another retirement planning show.
Speaker 4 (51:58):
Thank you.
Speaker 1 (51:58):
If we're listening to the Retirement Planning Show hosted by
Dave Kopek. 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, Audianta, Albany,
(52:22):
Malta and Glen Falls. Tune in next week for retirement
planning strategies with Dave Kopec Right here on WSYRS, The
Retirement Planning Show. Right here on WSYRS, The Retirement Planning Show,
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