Episode Transcript
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Speaker 1 (00:09):
All right, Saturday, August thirtieth. Hard to believe, folks. We're
in the backstretch here of summer. It goes by too quick.
(00:29):
I'm Dave Kopak, president of the Retirement Planning Group. We
have six locations now in New York State. We have Syracuse, Balta, Saratoga, Albany, Oneana,
Glens Falls, and our new offices in Hudson, New York.
(00:51):
So anything that I'm talking about, chances are pretty good
you're going to listen to it and hear it, and
we can get to you either by train, plane, car, boat, run, jog,
whatever we can get to you. So if you want
to come in for our consultation, we have more than
an off office to facilitate it. We use the Regius
(01:15):
Corporation throughout the United States. We have clients in twenty
eight states now, so we go to major metropolitan areas.
Is a executive suite business. We can use their facilities
and meet face to face with our clients. So it's
good to be here. I'm in Blink George, New York,
(01:37):
and I'm doing it for my studio at my house,
So it's always nice to be able to have continuity
a little housekeeping here. Next week, I won't be here,
but there will be someone sitting in the seat in
order to do the show. I'm at a wedding. The
(02:02):
best man in my wedding and his daughter is getting married.
She's a doctor in Maryland, and we're going to go
down and spend the weekend with this beautiful girl and
her future husband, who's an engineer who I love. He's
a great young man. So I won't be here next week,
and then the following week I go to Europe for
two weeks. So for the next three weeks I won't
(02:23):
be here, but one of my competent, very competent professionals
that work with the Retirement Planning Group, either Nicholas Christopher
McCarthy or Christopher Kopek my son, will be here in
order to facilitate what I consider it to be a
very good educational show for you the listener, in order
(02:46):
to find out the bumps in the road for a
worry free retirement. You know, the Retirement Planning Show tries
to do topics, specific topics on a weekly basis that
will help you navigate this daunting task of managing assets
(03:08):
for decades during the retirement years. But as always, we
open the telephone lines because I personally, after forty three
years of being in the business in twenty five years
on radio, think that it's much more interesting for you
the listener and for the individuals that are out there
that are listening to the show. If you call in
with your particular questions, even if they're off topic, that's fine,
(03:30):
no big deal. So if you want to call in
our telephone number at the station, I have a very
competent staff in Syracuse that would be more than happy
to facilitate the question and get you on the air.
Three one five four to two one ninety seven ninety seven,
three one five four to two one ninety seven ninety seven.
That's three one five four to two one WSYR and
(03:54):
don't be bashful. We don't bite, and hopefully we can
help you with your questions about your own personal situation.
But this week we're talking about a topic that is
top of mind for most of us, retirement income distribution.
And I think, as we're all quite well aware, planning
(04:15):
for retirement is probably one of the most crucial aspects
of financial wellbeing during your later years of life, and
for most of you, you're looking to create a sustainable
retirement income plan that will allow you to enjoy all
(04:36):
the fruits of your hard working years and enjoy your
golden years without the word stress and worrying about outliving
your savings, meaning the money goes away before you go away.
So you need a financial strategy to ensure a steady,
sustainable income to cover your expenses during your retire army years. Right,
(05:02):
and what people say over and over again, Dave, what
do we need to do? All right? Mister Apple? You
need to have a plan. Dave, what do we need
to do? All right? Missus Zebra, you need a plan?
What do you mean by that? You don't have a plan.
How'd you build your house? Well we have blueprint? Well
where's your blueprint for retirement? We don't have one. You
(05:22):
need a plan and that's the problem. Ninety nine percent
of you that are listening to the show today you
have no plan. And don't think you're unique, right, don't
think you're unique because when I say that, we live
in a different world today. I started in nineteen eighty
(05:43):
two with a company called pain Weber, and then I
opened up the Albany, New York office of Morgan Stanley
and then I went independent on my own, and when
I went independent, I found one thing for sure that
there are many things out there that I was not
(06:04):
aware of working for an investment banking firm, such as
what insurance annuities, long term care planning, life insurance planning,
tax planning, legacy planning. And what has happened and what
has basically evolved over the years is that now we
(06:26):
work with teams teams. I have a team. I have
eight people that work at the retirement planning group. That's
my nucleus. Plus I have all the resources the back
office of Fidelity Investments and all of their resources. And
then I have Strategic Partners attorneys CPAs, geriatric care managers.
(06:47):
Why do I do it that way rather than hiring
these people myself? Because I think you can't be everything
to everybody, That's why. And I don't think that you
can contain the expertise that you need for certain things,
especially especially as retirement gets much more complicated, much more complicated.
(07:11):
So you know the sad part of what's going on today.
About fifty percent of American adults right now have no
retirement savings. Fifty twenty twenty two of the most recent
d fifty four, twenty three percent of US households had
(07:33):
no retirement account assets. And that's sad. What do you
think is going to happen there with those individuals? What
kind of a retirement do you expect them to have?
Are you already seeing it? Even though we're going to
receive the greatest wealth transfer in the history of mankind
(07:55):
over the next twenty to thirty years, are children and
grandchildren estimated to be somewhere around eighty five trillion dollars.
We're becoming a society of the haves and the have nots.
There's a whole hell of a lot of money down there, folks.
I don't care where you go. I spend a lot
of time in Florida because we have almost one hundred
(08:18):
households in Florida. I spend four out of the twelve
months in Florida. I fly back and forth to New
York and anywhere else that I have to be, but
go to Florida. Go from we have a home in
Boca and if you go all the way up to
you know, Palm Beach, Deerfield Highland, I don't care where
(08:40):
you go. And you go on a one A and
you look at the houses on their hand side and
then the left hand side. The boats are bigger in
the inner coastal than the houses that are on the ocean.
And when I say that there's a whole hell of
a lot of money, it's an understatement. It's an understatement
that's in my heart. I have such passion and love
(09:02):
for the people that we work with that are trying.
We work with a lot of hard working savers. We
work with the electricians, we work with the plumbers, We
worked with the small businessman, We work with the teachers.
We worked with the people that worked in the factories.
We worked with Bimbo bakeries, we work with National Grid.
(09:27):
And what we try to do is to accomplish a
plan that fits into what they can afford to do,
and not worry about am I going to have enough money?
Is my money going? To? Ask me my lifetime? How
do I pay these astronomical bills for health care? Did
you ever think did you ever think in your lifetime
(09:50):
that you would pay the kind of premiums that you
pay right now for healthcare? A friend of mine, Dave Wilkie,
when we're in an employee benefit company, was a big
wig with met Life for years. Then he started his
own consulting firm. He told me ten fifteen years ago
that this was the train was headed in this direction.
I thought he was smoking pot. There's a chuckle at him,
(10:13):
right yeah, sure, yeah, Well now I'm feeling the pinch myself.
My wife is nine years younger than me. I have
a daughter at Florida Atlantic University who needs health care.
My wife was a teacher. She just recently retired, but
she only taught for twelve years because she watched our
kids and she stayed. She was a stay at home mom.
(10:35):
Got rest her. I got not rest her, but God
praiser for doing that. And so when she retired, she
got out of the system to come work with me.
She didn't have health care for us, she had health
care for her. I'm paying nineteen hundred dollars a month
right now, so we come back. We'll talk about what
(10:56):
you need to do. But give us a qull all right,
I'm back the State Kopec, president of the Retirement Planning
(11:20):
Group figure. Enjoying your weekend with family and friends. In
a very short period of time, I'm gonna be out
on the boat. It's actually a fairly nice day here
in like Georgia, New York. So I'm gonna get out
(11:40):
there and do a little riding around, see some friends.
You would do a little fishing. So again, if you'd
like to participate and ask a question, don't be bashful.
We don't bite three one five, four two one ninety
seven ninety seven, three five ninety seven ninety seven any
question at all, even if if it's off topic, that's fine.
(12:01):
Three one five four to two one wsyr. We love
questions because I think it always makes it a little
bit more interesting, not only for me but also for
the listeners. And if you don't want to go on
the air, that's okay. A very competent engineer can forward
on the message to me. So we're talking about retirement
(12:23):
income distribution when the check stops and you got to
create a check because nine out of ten of us
do not have pension benefits. So when we focus in
on what we call retirement income distribution strategies at the
retirement Planning Group, we want to design and provide a program,
(12:45):
a system, an investment platform that provides you consistent and
sustainable income that will cover your expenses after you stop
working and you go into your retirement years, consistent and sustainable,
not a portfolio that's going to be managed by chance.
(13:09):
What I call, you know, basically taking a distribution off
the portfolio and keeping my fingers crossed that things are
going to work out. We talk about all the time
baseline income and why it's important. Baseline income is all
of the income that's going to come into your household
that is guaranteed social Security, pension benefits, income from rentals,
(13:34):
whatever it may be. As long as it's consistent, it's
going to go into what we call the baseline. So
managing your savings, investments, and other income sources to basically
ensure that you have enough money to cover your expenses
throughout your retirement and also make sure that there's adequate
(13:55):
amounts of money there in order to provide income for
the surviving spouse. Critical. I'll see people sometimes that they'll say,
I'm going into retirement, I'm getting my pension. I said,
what pension selection, I'm getting the most I can get.
You are, Yeah, what about your wife or your husband? Well,
(14:18):
I'm in pretty good shape, I said. What happens is
something happens to you, what kind of a predicament will
that put your spouse in well, I'm in good shape,
I said. I didn't ask you that. I asked you,
what is the consequence to your spouse if you don't
live a long life and your pension benefit goes away
(14:39):
much sooner than what you expected. And one of the
social security benefits because when the first spouse passes away,
you lose one of the social security benefits. So proper planning,
all right, is not only necessary as far as understanding
the shortfalls, but especially with increasing life expectancies, the unbelievable
(15:07):
rising healthcare costs that I just talked about, on certain
economic conditions that we've seen in the last five to
ten years. Right, So your retirement income plan needs to
mitigate these risks to ensure that you and your spouse,
your loved ones, your significant other, whatever it is to
remain financially independent and stable. So how do you start off?
(15:37):
It's like anything else. I played sports my whole life.
I coached basketball. What do you have to do? You
got a goal, right, what's your goal for retirement? What's
your goal for the football game, what's your goal for
the basketball game? What's your game plan? So here are
some of the questions that we ask you when you
(16:00):
walk in the door at the retirement planning group? What
age do you want to retire? I want to retire tomorrow. Okay,
that sounds good. So how do we accomplish that. Let's
go all the data, all the information and see exactly
where you are. And basically we're going to do kind
of a P and L P and L. Where do
(16:20):
you stand and do you have adequate amounts of resources
in order for you to do the ability to get
cash flow pay for health care, maybe have a few
extra bucks in your pocket, do some vacations, etc. Do
you want to travel? What kind of lifestyle do you want?
And do you have envision for yourself in your retirement years?
(16:43):
What's your zip code? This is the biggest one, folks.
I'm going to Carolina. I can't stand New York anymore,
whether it thinks taxes are too high, I'm going to
the Carolina as well. Why are you going to the Carolinas? Well,
better lifestyle down there, better weather, et cetera. Well, you're
(17:05):
a state retirement Yeah. Do you realize that your pension
is not taxed in New York State but it will
be taxed down there? Really? Yes? Do you also understand
what the current value of your home is here in Upstate.
In order for you to duplicate that down there, is
it going to be an even Stephen where you're gonna
have to take more money out of your pocket vice versa,
(17:25):
you take a little bit less. So it's critical that
you understand that you have certain things that need to
get done before you can actually pull the plug and
say see you later, alligator, take this job and you
know what. But the most important one is what will
(17:47):
your activities be in your hobbies? Is there certain things
that you want to pursue in your retirement years that
you were unable to do during your working years? You know,
for a lot of us, you know you want to golf,
you want to play tennis, you want to play pickleball.
Pickleball is huge, folks. When I say it, choose it's
(18:10):
down in Florida. Pickleball is just like out of this world.
But in order to accomplish this your retirement goals, you
have to assess your current financial situation and be realistic
right in meatory your assets, what are your liabilities? How
(18:31):
much income are you going to need? What do you
think your expenses are going to be? Right? And how
are you going to derive this from all of these
different types of assets that you've accumulated in your lifetime?
Your retirement accounts four oh one k, I raise deferred
compensation four oh three b's what's the current ballots? How
(18:56):
much are you contributing each year? And when do you
think adequate enough in order for you to facilitate what
you're going to need. Most people walk in they're like six, eight, ten,
twelve months for retirement and say, listen, I want to
retire in January. I want to retire in June of
next year. And they have no idea, they have no
idea what their success rate would be because they haven't
(19:19):
done an evaluation as far as where they actually what
is my financial situation? A lot of us have investment portfolios, stocks, bonds,
mutual funds, real estate, a lot of real estate, and
a lot of us have debt. For a society that
(19:40):
people love those credit cards, which I say, it's the
cancer to our society. People are paying twenty five, twenty
nine thirty percent for those credit cards because they got
to have it. So you got to break down your
current expenses, the essential, the discretionary, the old Dave Ramsey
(20:02):
I'm a big fan of Dave Rancy and I believe
in his process greens and means what can you afford?
Are you living in a lifestyle that's outside your lane?
And then once you have done your current financial situation,
you need to probably try to sit down and figure
out a guesst of it. You're not going to be
one hundred percent correct in this, but you're going to
(20:23):
be pretty close as your guestimate as far as your
retirement expenses. Housing, you're you going to rent? Do you
have a mortgage, property taxes, utilities, maintenance costs, hoas, blah
blah blah. Healthcare this is the big one right now
that we're going through a lot of our clients and
prospective clients. What's the premium going to be for Medicare?
Supplemental insurance? Out of pocket expenses? Fidelity just came out
(20:47):
our mothership, who we clear all of our business through
one hundred and seventy two five hundred dollars per sixty
five year old individual. Out of pocket expenses estimated during
your retirement years. That money comes from. Do you like
to eat groceries? What's your transportation going to be? How
much clothing do you need. What are the other essentials
(21:09):
that you need? You know, a lot of people want
to travel, they have hobbies. What's going to be your
discretionary spending? And of course debt? How much remaining debt
do you have and how are we going to pay
it off? The common rule of thumb is that you'll
need somewhere between seventy to eighty percent pre retirement income
(21:32):
to maintain your lifestyle. What do I mean by that?
If you're making one hundred thousand dollars a year and
your net and seventy right after you pay all your taxes,
it's seventy to eighty percent of the seventy not the
gross amount because of the money that you've been living on,
of course, is not one hundred grand. It's one hundred
grand minus everything that you've done as far as your
(21:52):
contribution to your forum, on K taxes, et cetera. So
it can vary significantly based on your personal goals and situation.
But Ballpark, we use the seventy to eighty percent of
the net, and then we factor in this is the
money that you're going to also get on Social Security,
(22:15):
which hopefully picks up the gap that we're looking to
pick up if you've been a good saver and you've
put more than enough money as far as your four
oh one K and your personal savings accounts. So when
we come back, we're going to talk a little bit
about how to identify your sources of retirement income. There's
(22:36):
certain things that you need to start looking at, especially
if you're five to ten years out. I'm Dave Kopek.
This is a retirement planning show. We're here every week.
Well hopefully educate you on the opportunities for your retirement years.
We'll be right back. All right, you'd have to do.
(23:27):
We're back Gay, come back to your host, President of
the Retirement Planning Group. This is my twenty fifth year
on radio, and it's good to be here. As I said,
we're here on the weekends one to two hopefully inform
(23:49):
you on some of the obstacles that you're going to
face during your retirement years. Our topic today is retirement
income distribution. Why it's extremely important to plan ahead. No
plan any destination will do. So. You need to diversify
your income sources from social security to your investments, not
(24:12):
only for peace of mind, but also to help you
protect your future and have confidence that you can retire confidence.
You know, people like going to retirement that to say,
you know, this guy is good at managing money and
they don't go through all of the other aspects of
retirement are fooling themselves. You know, I've been doing it
(24:35):
a long time, folks, and I can tell you one thing.
You know, just by doing it hit or miss, you
know I'm going to retire, I'm going to manage the money,
and I'm going to take distributions. You're doing yourself a
disservice not only to yourself, your family and your loved ones,
because it's more than that today, much more than that today.
(24:57):
A proper retirement plan encompasses really four to five things.
The first, of course, is investment management, understanding the options
that are available to you. The second is protecting protecting
those assets, especially if there's a health event. The third
(25:19):
is probably the one that most of us are top
of mind right now, is a health event, right, how
do we pay these extravagant costs for health care? And
the fourth is the legacy. If it's important to you,
A lot of people will say to us, say listen, Dave,
I could care less. My kids are doing better than me. Whatever,
(25:40):
is left in the pot is left in the pot.
And if there isn't anything left in the pot, that's
okay too. Because my kids, I educated them, I put
them through school. They're doing great. They don't need my money,
and other people are just the opposite. They'll say, you
know what, I want to maximize the legacy, the transfer
of wealth to my children and my loved one. So
(26:02):
let's focus in on retirement income. Next week, we're going
to talk a little bit about legacy. I got a
special guest that's going to come in next week and
talk to you on the show. But top retirement income sources,
of course, for most of us is the number one
that all of us have. It's what social Security. It
(26:27):
is a lifetime benefit with a coal cost a living adjustment. Second,
if you're fortunate, you're in the lucky club, you got
a pension benefit. Then you're two steps ahead of your peers.
The third, we're you a good retirement saver. Right, annuities.
(26:47):
A lot of the companies have annuities. National Grid, if
you turn on your cash balance account, that's an annuity.
IBW electrical workers, they have annuities that they fund it
for theirployees life insurance, part time work, real estate, and
go through all of them. But there's a lot of
different ways that you can get income, and one that
(27:10):
we consistently see over and over again, especially for seniors
that have undersaved, is reverse mortgages. We have no vague,
We get no compensation on reverse mortgages. But I'm a
major advocate of reverse mortgages because it gives you dignity,
quality of life, and rather than sitting on that equity
(27:30):
and having no quality of life and not being able
to do the things that you want to do, that's
really not a good life. That's really not a good life.
I've seen life changing events with reverse mortgages. So when
you hear all this negativity about them and all this nonsense,
in my opinion, and like I said, we don't get compensated.
(27:52):
There's nothing in this for us except quality of life
for our clients. We refer them to a person that
I know, that I trust, and it's a life changing
event for some people. So here's some key takeaways for
you someone that's going into retirement. Diversification. Diversification, diversification. The
(28:16):
more you can diversify your income sources, the better off
you're going to be, and the more secure you're going
to be in your retirement social security, a pension, retirement savings,
if you're fortunate enough that you might have a trust
that pays you some assets, real estate, diven ends off
(28:36):
of portfolio, annuities, part time work, supplemental, all different ways
that you can basically create income. But also the key
to this is that you don't want to create a
lot of income and a lot of it's going to
go out the door because you did not understand the
tax implications of these different streams of income. And it
is extremely important. The worst investment you can make, without
(29:01):
a doubt, is to put money pre tax away, too
much of it, too much pre tax, and then it
just sits there and it grows and it grows and
it grows. All you're doing, folks, is you're building a
large bucket of money for Uncle Sam. The state and hopefully,
depending on the state that you live in, that there's
no estate tax what we call the triple tax. So
(29:24):
you need to understand the tax implications of the assets
that you have selected in order to put money in
during your accumulation years. So you have a well planned,
tax efficient strategy that ensures not only financial stability in
your retirement, but also more money is going to stay
with you and less is going to go to our
friends in Washington and our good friends in Albany. So
(29:52):
a lot of people say, why diversify, Dave, Why shouldn't
I just stay in the traditional stocks and bonds? Okay,
risk mitigation, Risk mitigation, that's a big word for me.
By diversifying your income by the different types of asset classes,
(30:17):
you reduce the impact of fluctuations in any single source.
As an example, in twenty twenty two, when all hell
broke loose and stocks and bonds, stocks drop, bonds drop,
everything you touched. The only thing that was good was
what cash and alternative investments? What do I mean but
alternative investments annuities? Who the hell cares how much it fluctuates.
(30:42):
You don't care because it's guaranteed income stream for life.
I don't care how much it fluctuates. It's not my problem.
The insurance company guaranteed guaranteed a portion of my munkey,
my monkey. My money is going to be created into
a pension that will last a lifetime to cover my
living expenses. I don't care what happens to the portfolio
because not only are they guaranteed in the hedge on it,
(31:05):
they're giving me what risk mitigation inflation. That's the cancer
that eats away at all during our returnment years. Our
money's purchasing power over time diminishes. So depending solely on
(31:33):
fixed income like a pension, you're susceptible to rising cost.
So that's why a diversified portfolio with investments and annuities
and hedge can put you in a position that will
maintain your purchasing power. You can ladder annuity products in
(31:55):
order for you to build your own cola, just like
Social Security, where every two to three years you're gonna
get more money because you're gonna turn on another bucket
of money what we call the bucket of money concept,
and it basically adjust based off of inflation that you're
gonna have more money in the pot that comes in
(32:17):
on a monthly basis, so you can do what live
financial stability. Well, that was a quick section. We're gonna
come back for our last section again. If you want
to participate, Folks three one five ninety seven, I don't
(32:39):
BUYE three one five four seven ninety seven. Do you
have any question at all where they happen, you try
to help you.
Speaker 2 (32:47):
We'll be right back after this quick message.
Speaker 1 (33:18):
All right, we are back. Good afternoon. Talking about planning
your retirement income distribution, which most of you don't do.
You get this big pile of cash and just go
in and say, you know, this is what I need
on a monthly basis. You know, as I said three
(33:38):
to five years the red zone, now say it's five
to seven red zone is that you want to be
able to have a plan, start your buckets some money
understanding how diversifying retirement sources for income is going to
be an excellent way for you to build retirement income.
And it's a smart way to secure law long term
(34:01):
financial security, folks. It helps you protect yourself from unforeseen risk,
which we call but black swan events, not only as
far as the markets, but also rates. Remember the ruin
rates were happy when we got one percent at the bank. Wow,
one percent, let's run down there and get that one tomorrow.
(34:23):
Things happen good inbad being on earth here for as
long as I have we realize, right, things are out
of our control, but they're really not. You have the
ability to build out your own plan because not out
of ten of us now do not have pension benefits,
So that means that you can build your own retirement
(34:44):
savings and distribution plan and understand it. They have strategies
that will maximize your income, minimize your tax liability, and
if it's important to build an income stream that will
last not only for your lifetime, your spell us lifetime,
and only retain what is necessary at the first death
(35:04):
for wealth's replacement. That's the biggest mistake that most of
you will make. I love you planning. Oh, I love you, darling.
I love you too, sweetheart. So when I die, I'm
going to leave everything to you, and I'm going to
do the same for you, sweetheart. Not good, especially if
it's iray money large irays, because chances are it's not
(35:26):
going to go to Mama and the kids. Chances are,
because of the statistics and what's happening today, guide dies first.
That's why two thirds of the wealth by two thousand
and thirty will be controlled by women. That's why you're
seeing all this advertisement. Women, women, women, we love women. Women,
Come on and we got special seminars and workshops. We
(35:47):
love women, we love women, we love women. Because you're
going to control all the money by two thousand and
thirty two thirds of it. So we love women. We
love women, So please come in and let us sit
down with you so we can charge your fee every
year to manage your assets. No smoke and mirrors. That's reality, folks,
that's what's happening. So you're going to see all sorts
(36:09):
of marketing, all sorts of advertisements. Were already starting to
see it, right, Just realize is that there's strategies in
order for you to maximize income, minimize tax. And one
of the things that is one of the most important
documents that you have is called a beneficiary form, and
(36:32):
the beneficiary form basically trumps your will, your trust, those
assets are going to go with the names that are
on the beneficiary form, and you should have a IRA disclaimer.
I had a guy that came in when we first
(36:52):
started doing the radio, husband and wife, wonderful people. They
wanted to meet us in the CircUse of so I said, sure,
come on, and we sat down with them, and their
situation was all screwed up, kind of an understatement. Their
beneficiary forms were wrong, their trust that they established that
(37:15):
they thought was going to protect assets was wrong, and
they basically were in a situation where they're basically their
entire life savings was not set up properly for what
they wanted to be done. So being bashful and being shy,
you know, I try to be cordial and nice and
(37:37):
tell them in a very soft way that what they
had was basically a mishmash. It was a whole bunch
of screwed up documents that had no cohesiveness as far
as what they were trying to accomplish. So I'm sitting
there and I'm going through my job when I meet
(37:57):
with people, because after doing it for forty for years,
I can tell pretty quickly what needs to get done.
I was putting holes in their boat, and there was
a lot of holes in their boat when they walked
out the door. But the common thing that I heard
over and over again from this couple was great, we
(38:19):
didn't know that really. Okay, no, that makes a lot
of sense. I agree we should probably do that they leave.
I have a pretty good idea when people leave whether
they're coming back or not. And I knew they weren't
coming back because they had a relationship with a financial advisor.
(38:41):
Didn't know if it was a male or a female,
and They basically said they just couldn't sever that relationship,
you know, even though it was screwed up and things
were not right and the beneficiary forms are wrong. They
didn't have a disclaimer. Some of their contingent beneficiaries didn't
make a lot of sense because a problematic Marri just
and I said to them, I said, really, you know,
(39:03):
you've got a plan right now that you've got to
keep your fingers crossed that things work out, because if
they don't, all hell's going to break loose. That's not
a plan, right, That's not a plan. What that is
is that I'm going to bed at night. I'm going
to do some hail Mary's and our fathers in some
of the venus, and I'm going to pray that things
(39:24):
work out. And I'm in the camp that as many
much as you pray, it's also good to have the
documents set up properly so you don't have to pray.
So I'm gonna have to say goodbye here pretty soon.
So I want to give you my conclusion. I want
to summarize. I've got a whole bunch more stuff here
(39:45):
that will just dazzle you bike your eyes pop right
out of your head when I talk about this, but
I'm gonna summarize here a little bit. Retirement planning right,
getting to the finish line requires not only saving, but
(40:07):
also understanding and utilizing all these other financial legal, tax
options in order for you to have long term financial security.
It's not about ROI return on investment. It's about dotting
your eyes, making sure you understand the documents that you've established,
(40:35):
Understanding what documents and what assets need to be retained,
Understanding and building a diversified portfolio to help you navigate
the financial challenges of retirement. Which will happen. It's going
to happen. There will be another black Swat event, there
will be unexpected market volatility, there will be inflation. But
(40:59):
the thing is is if it comes, if you listen
to us at the retirement planning group, you'll still be
able to enjoy your lifestyle that you've worked so damn
hard to achieve. Right, So now it's time to take action,
(41:21):
not procrastination. Right. We all love to procrastinate, especially me
going to the dentist. I can figure there's not an
excuse that I haven't had to go to the dentist.
It's like going to a torture chamber for me going
to the dentists, because every time that I'd been to
the dentist, especially when I was a kid, it was
(41:42):
like we had a dentist, make a long story short,
that didn't believe in novah came for kids. So I
can still see the car when we went down to
the dentist and my mother was driving and all three
of us were in the back seat. It was like
an insane asidum. We're all at beats of sweat on
our forehead. We were like crying and we were like
in convulsions before we even got into the dentist office.
(42:05):
Because what you always found, always found a cavity. But
we don't do novacaine mary for children. For the baby teeth.
You know, we'll take care of it and make sure
that it's you know, not going to ride out of
their head, but we're going to drill, drill, drilled, and
we always got drilled. So I understand what it's like
(42:28):
to procrastinate, especially with the dentists. So that's an analogy
that I use. How it's easy for you to procrastinate
because you don't want to evaluate what your current situation is.
You don't want to build out your current income streams
you rather try to figure out you can do it
by yourself rather than speaking with a financial advisor. That
could ensure you that you're going to have a solid
(42:49):
plan for your retirement. And it's been proven by all
the major investment banking firms, all the no load funds,
et cetera, et cetera. Working with the financial advisor helps you,
doesn't hurt you. So with that plug, I'll give out
our telephone number. We have six locations now in New York.
(43:13):
We have Syracuse, Hudson, Maltas, Saratoga, Albany, flens Falls, and Oneana.
So if anything that I'm talking about makes sense and
you want to come in and kick our tires, and
we'll kick your tires to see if we can build
(43:35):
some kind of bond in order to work with you
in order to optimize your situation, moost your retirement, and
make you feel financially secure. As I've always said, it's
an honor on our part to basically facilitate what you're
looking for, give you a good retirement plan with low expenses.
(43:57):
Our expenses are extremely low compare to our competition, and
ensure ensure that you have the retirement that you so deserve,
which is a retirement that's filled with happiness, contentment, and security.
So check us out on the web. We have a
web page rpg retire dot com. That's our website, rpgretire
(44:24):
dot com. If you want to come in and have
a chat eight eight eight five eight zero nine. That's
eight eight eight five eight zero one nine one nine
and say, hey, I listened to Dave on the radio.
I'd like to come in and have a conversation. We
(44:45):
don't alligator. I'll see you, folks. The first meeting is
just come in, let's have a chat, see if we
can be of assistance. Requiet back in the second meeting
to tell you what we think you should do. Let
you go home and think about it. In the third meeting,
that's when we put the rubbert the road. Then we
actulutely start implementing your plan. I hate to tell you, folks,
(45:08):
it's a little tidbit. And now let some of you
were out there, that's probably why we're doing to get
any phone calls. Today. Tennessee is up by ten twenty
four to fourteen. So come on, ques, let's get going.
Let's have a winning football season. I'm a huge sports fan.
As I said, I've coached football or coach football, coach basketball,
(45:32):
played high school and college basketball. But I love sports,
and I love Syracuse sports. I'll be back next week.
If the creek don't rise, I'm Dave Kopek. See you
next week.
All right, Saturday, August thirtieth. Hard to believe, folks. We're
in the backstretch here of summer. It goes by too quick.
(00:29):
I'm Dave Kopak, president of the Retirement Planning Group. We
have six locations now in New York State. We have Syracuse, Balta, Saratoga, Albany, Oneana,
Glens Falls, and our new offices in Hudson, New York.
(00:51):
So anything that I'm talking about, chances are pretty good
you're going to listen to it and hear it, and
we can get to you either by train, plane, car, boat, run, jog,
whatever we can get to you. So if you want
to come in for our consultation, we have more than
an off office to facilitate it. We use the Regius
(01:15):
Corporation throughout the United States. We have clients in twenty
eight states now, so we go to major metropolitan areas.
Is a executive suite business. We can use their facilities
and meet face to face with our clients. So it's
good to be here. I'm in Blink George, New York,
(01:37):
and I'm doing it for my studio at my house,
So it's always nice to be able to have continuity
a little housekeeping here. Next week, I won't be here,
but there will be someone sitting in the seat in
order to do the show. I'm at a wedding. The
(02:02):
best man in my wedding and his daughter is getting married.
She's a doctor in Maryland, and we're going to go
down and spend the weekend with this beautiful girl and
her future husband, who's an engineer who I love. He's
a great young man. So I won't be here next week,
and then the following week I go to Europe for
two weeks. So for the next three weeks I won't
(02:23):
be here, but one of my competent, very competent professionals
that work with the Retirement Planning Group, either Nicholas Christopher
McCarthy or Christopher Kopek my son, will be here in
order to facilitate what I consider it to be a
very good educational show for you the listener, in order
(02:46):
to find out the bumps in the road for a
worry free retirement. You know, the Retirement Planning Show tries
to do topics, specific topics on a weekly basis that
will help you navigate this daunting task of managing assets
(03:08):
for decades during the retirement years. But as always, we
open the telephone lines because I personally, after forty three
years of being in the business in twenty five years
on radio, think that it's much more interesting for you
the listener and for the individuals that are out there
that are listening to the show. If you call in
with your particular questions, even if they're off topic, that's fine,
(03:30):
no big deal. So if you want to call in
our telephone number at the station, I have a very
competent staff in Syracuse that would be more than happy
to facilitate the question and get you on the air.
Three one five four to two one ninety seven ninety seven,
three one five four to two one ninety seven ninety seven.
That's three one five four to two one WSYR and
(03:54):
don't be bashful. We don't bite, and hopefully we can
help you with your questions about your own personal situation.
But this week we're talking about a topic that is
top of mind for most of us, retirement income distribution.
And I think, as we're all quite well aware, planning
(04:15):
for retirement is probably one of the most crucial aspects
of financial wellbeing during your later years of life, and
for most of you, you're looking to create a sustainable
retirement income plan that will allow you to enjoy all
(04:36):
the fruits of your hard working years and enjoy your
golden years without the word stress and worrying about outliving
your savings, meaning the money goes away before you go away.
So you need a financial strategy to ensure a steady,
sustainable income to cover your expenses during your retire army years. Right,
(05:02):
and what people say over and over again, Dave, what
do we need to do? All right? Mister Apple? You
need to have a plan. Dave, what do we need
to do? All right? Missus Zebra, you need a plan?
What do you mean by that? You don't have a plan.
How'd you build your house? Well we have blueprint? Well
where's your blueprint for retirement? We don't have one. You
(05:22):
need a plan and that's the problem. Ninety nine percent
of you that are listening to the show today you
have no plan. And don't think you're unique, right, don't
think you're unique because when I say that, we live
in a different world today. I started in nineteen eighty
(05:43):
two with a company called pain Weber, and then I
opened up the Albany, New York office of Morgan Stanley
and then I went independent on my own, and when
I went independent, I found one thing for sure that
there are many things out there that I was not
(06:04):
aware of working for an investment banking firm, such as
what insurance annuities, long term care planning, life insurance planning,
tax planning, legacy planning. And what has happened and what
has basically evolved over the years is that now we
(06:26):
work with teams teams. I have a team. I have
eight people that work at the retirement planning group. That's
my nucleus. Plus I have all the resources the back
office of Fidelity Investments and all of their resources. And
then I have Strategic Partners attorneys CPAs, geriatric care managers.
(06:47):
Why do I do it that way rather than hiring
these people myself? Because I think you can't be everything
to everybody, That's why. And I don't think that you
can contain the expertise that you need for certain things,
especially especially as retirement gets much more complicated, much more complicated.
(07:11):
So you know the sad part of what's going on today.
About fifty percent of American adults right now have no
retirement savings. Fifty twenty twenty two of the most recent
d fifty four, twenty three percent of US households had
(07:33):
no retirement account assets. And that's sad. What do you
think is going to happen there with those individuals? What
kind of a retirement do you expect them to have?
Are you already seeing it? Even though we're going to
receive the greatest wealth transfer in the history of mankind
(07:55):
over the next twenty to thirty years, are children and
grandchildren estimated to be somewhere around eighty five trillion dollars.
We're becoming a society of the haves and the have nots.
There's a whole hell of a lot of money down there, folks.
I don't care where you go. I spend a lot
of time in Florida because we have almost one hundred
(08:18):
households in Florida. I spend four out of the twelve
months in Florida. I fly back and forth to New
York and anywhere else that I have to be, but
go to Florida. Go from we have a home in
Boca and if you go all the way up to
you know, Palm Beach, Deerfield Highland, I don't care where
(08:40):
you go. And you go on a one A and
you look at the houses on their hand side and
then the left hand side. The boats are bigger in
the inner coastal than the houses that are on the ocean.
And when I say that there's a whole hell of
a lot of money, it's an understatement. It's an understatement
that's in my heart. I have such passion and love
(09:02):
for the people that we work with that are trying.
We work with a lot of hard working savers. We
work with the electricians, we work with the plumbers, We
worked with the small businessman, We work with the teachers.
We worked with the people that worked in the factories.
We worked with Bimbo bakeries, we work with National Grid.
(09:27):
And what we try to do is to accomplish a
plan that fits into what they can afford to do,
and not worry about am I going to have enough money?
Is my money going? To? Ask me my lifetime? How
do I pay these astronomical bills for health care? Did
you ever think did you ever think in your lifetime
(09:50):
that you would pay the kind of premiums that you
pay right now for healthcare? A friend of mine, Dave Wilkie,
when we're in an employee benefit company, was a big
wig with met Life for years. Then he started his
own consulting firm. He told me ten fifteen years ago
that this was the train was headed in this direction.
I thought he was smoking pot. There's a chuckle at him,
(10:13):
right yeah, sure, yeah, Well now I'm feeling the pinch myself.
My wife is nine years younger than me. I have
a daughter at Florida Atlantic University who needs health care.
My wife was a teacher. She just recently retired, but
she only taught for twelve years because she watched our
kids and she stayed. She was a stay at home mom.
(10:35):
Got rest her. I got not rest her, but God
praiser for doing that. And so when she retired, she
got out of the system to come work with me.
She didn't have health care for us, she had health
care for her. I'm paying nineteen hundred dollars a month
right now, so we come back. We'll talk about what
(10:56):
you need to do. But give us a qull all right,
I'm back the State Kopec, president of the Retirement Planning
(11:20):
Group figure. Enjoying your weekend with family and friends. In
a very short period of time, I'm gonna be out
on the boat. It's actually a fairly nice day here
in like Georgia, New York. So I'm gonna get out
(11:40):
there and do a little riding around, see some friends.
You would do a little fishing. So again, if you'd
like to participate and ask a question, don't be bashful.
We don't bite three one five, four two one ninety
seven ninety seven, three five ninety seven ninety seven any
question at all, even if if it's off topic, that's fine.
(12:01):
Three one five four to two one wsyr. We love
questions because I think it always makes it a little
bit more interesting, not only for me but also for
the listeners. And if you don't want to go on
the air, that's okay. A very competent engineer can forward
on the message to me. So we're talking about retirement
(12:23):
income distribution when the check stops and you got to
create a check because nine out of ten of us
do not have pension benefits. So when we focus in
on what we call retirement income distribution strategies at the
retirement Planning Group, we want to design and provide a program,
(12:45):
a system, an investment platform that provides you consistent and
sustainable income that will cover your expenses after you stop
working and you go into your retirement years, consistent and sustainable,
not a portfolio that's going to be managed by chance.
(13:09):
What I call, you know, basically taking a distribution off
the portfolio and keeping my fingers crossed that things are
going to work out. We talk about all the time
baseline income and why it's important. Baseline income is all
of the income that's going to come into your household
that is guaranteed social Security, pension benefits, income from rentals,
(13:34):
whatever it may be. As long as it's consistent, it's
going to go into what we call the baseline. So
managing your savings, investments, and other income sources to basically
ensure that you have enough money to cover your expenses
throughout your retirement and also make sure that there's adequate
(13:55):
amounts of money there in order to provide income for
the surviving spouse. Critical. I'll see people sometimes that they'll say,
I'm going into retirement, I'm getting my pension. I said,
what pension selection, I'm getting the most I can get.
You are, Yeah, what about your wife or your husband? Well,
(14:18):
I'm in pretty good shape, I said. What happens is
something happens to you, what kind of a predicament will
that put your spouse in well, I'm in good shape,
I said. I didn't ask you that. I asked you,
what is the consequence to your spouse if you don't
live a long life and your pension benefit goes away
(14:39):
much sooner than what you expected. And one of the
social security benefits because when the first spouse passes away,
you lose one of the social security benefits. So proper planning,
all right, is not only necessary as far as understanding
the shortfalls, but especially with increasing life expectancies, the unbelievable
(15:07):
rising healthcare costs that I just talked about, on certain
economic conditions that we've seen in the last five to
ten years. Right, So your retirement income plan needs to
mitigate these risks to ensure that you and your spouse,
your loved ones, your significant other, whatever it is to
remain financially independent and stable. So how do you start off?
(15:37):
It's like anything else. I played sports my whole life.
I coached basketball. What do you have to do? You
got a goal, right, what's your goal for retirement? What's
your goal for the football game, what's your goal for
the basketball game? What's your game plan? So here are
some of the questions that we ask you when you
(16:00):
walk in the door at the retirement planning group? What
age do you want to retire? I want to retire tomorrow. Okay,
that sounds good. So how do we accomplish that. Let's
go all the data, all the information and see exactly
where you are. And basically we're going to do kind
of a P and L P and L. Where do
(16:20):
you stand and do you have adequate amounts of resources
in order for you to do the ability to get
cash flow pay for health care, maybe have a few
extra bucks in your pocket, do some vacations, etc. Do
you want to travel? What kind of lifestyle do you want?
And do you have envision for yourself in your retirement years?
(16:43):
What's your zip code? This is the biggest one, folks.
I'm going to Carolina. I can't stand New York anymore,
whether it thinks taxes are too high, I'm going to
the Carolina as well. Why are you going to the Carolinas? Well,
better lifestyle down there, better weather, et cetera. Well, you're
(17:05):
a state retirement Yeah. Do you realize that your pension
is not taxed in New York State but it will
be taxed down there? Really? Yes? Do you also understand
what the current value of your home is here in Upstate.
In order for you to duplicate that down there, is
it going to be an even Stephen where you're gonna
have to take more money out of your pocket vice versa,
(17:25):
you take a little bit less. So it's critical that
you understand that you have certain things that need to
get done before you can actually pull the plug and
say see you later, alligator, take this job and you
know what. But the most important one is what will
(17:47):
your activities be in your hobbies? Is there certain things
that you want to pursue in your retirement years that
you were unable to do during your working years? You know,
for a lot of us, you know you want to golf,
you want to play tennis, you want to play pickleball.
Pickleball is huge, folks. When I say it, choose it's
(18:10):
down in Florida. Pickleball is just like out of this world.
But in order to accomplish this your retirement goals, you
have to assess your current financial situation and be realistic
right in meatory your assets, what are your liabilities? How
(18:31):
much income are you going to need? What do you
think your expenses are going to be? Right? And how
are you going to derive this from all of these
different types of assets that you've accumulated in your lifetime?
Your retirement accounts four oh one k, I raise deferred
compensation four oh three b's what's the current ballots? How
(18:56):
much are you contributing each year? And when do you
think adequate enough in order for you to facilitate what
you're going to need. Most people walk in they're like six, eight, ten,
twelve months for retirement and say, listen, I want to
retire in January. I want to retire in June of
next year. And they have no idea, they have no
idea what their success rate would be because they haven't
(19:19):
done an evaluation as far as where they actually what
is my financial situation? A lot of us have investment portfolios, stocks, bonds,
mutual funds, real estate, a lot of real estate, and
a lot of us have debt. For a society that
(19:40):
people love those credit cards, which I say, it's the
cancer to our society. People are paying twenty five, twenty
nine thirty percent for those credit cards because they got
to have it. So you got to break down your
current expenses, the essential, the discretionary, the old Dave Ramsey
(20:02):
I'm a big fan of Dave Rancy and I believe
in his process greens and means what can you afford?
Are you living in a lifestyle that's outside your lane?
And then once you have done your current financial situation,
you need to probably try to sit down and figure
out a guesst of it. You're not going to be
one hundred percent correct in this, but you're going to
(20:23):
be pretty close as your guestimate as far as your
retirement expenses. Housing, you're you going to rent? Do you
have a mortgage, property taxes, utilities, maintenance costs, hoas, blah
blah blah. Healthcare this is the big one right now
that we're going through a lot of our clients and
prospective clients. What's the premium going to be for Medicare?
Supplemental insurance? Out of pocket expenses? Fidelity just came out
(20:47):
our mothership, who we clear all of our business through
one hundred and seventy two five hundred dollars per sixty
five year old individual. Out of pocket expenses estimated during
your retirement years. That money comes from. Do you like
to eat groceries? What's your transportation going to be? How
much clothing do you need. What are the other essentials
(21:09):
that you need? You know, a lot of people want
to travel, they have hobbies. What's going to be your
discretionary spending? And of course debt? How much remaining debt
do you have and how are we going to pay
it off? The common rule of thumb is that you'll
need somewhere between seventy to eighty percent pre retirement income
(21:32):
to maintain your lifestyle. What do I mean by that?
If you're making one hundred thousand dollars a year and
your net and seventy right after you pay all your taxes,
it's seventy to eighty percent of the seventy not the
gross amount because of the money that you've been living on,
of course, is not one hundred grand. It's one hundred
grand minus everything that you've done as far as your
(21:52):
contribution to your forum, on K taxes, et cetera. So
it can vary significantly based on your personal goals and situation.
But Ballpark, we use the seventy to eighty percent of
the net, and then we factor in this is the
money that you're going to also get on Social Security,
(22:15):
which hopefully picks up the gap that we're looking to
pick up if you've been a good saver and you've
put more than enough money as far as your four
oh one K and your personal savings accounts. So when
we come back, we're going to talk a little bit
about how to identify your sources of retirement income. There's
(22:36):
certain things that you need to start looking at, especially
if you're five to ten years out. I'm Dave Kopek.
This is a retirement planning show. We're here every week.
Well hopefully educate you on the opportunities for your retirement years.
We'll be right back. All right, you'd have to do.
(23:27):
We're back Gay, come back to your host, President of
the Retirement Planning Group. This is my twenty fifth year
on radio, and it's good to be here. As I said,
we're here on the weekends one to two hopefully inform
(23:49):
you on some of the obstacles that you're going to
face during your retirement years. Our topic today is retirement
income distribution. Why it's extremely important to plan ahead. No
plan any destination will do. So. You need to diversify
your income sources from social security to your investments, not
(24:12):
only for peace of mind, but also to help you
protect your future and have confidence that you can retire confidence.
You know, people like going to retirement that to say,
you know, this guy is good at managing money and
they don't go through all of the other aspects of
retirement are fooling themselves. You know, I've been doing it
(24:35):
a long time, folks, and I can tell you one thing.
You know, just by doing it hit or miss, you
know I'm going to retire, I'm going to manage the money,
and I'm going to take distributions. You're doing yourself a
disservice not only to yourself, your family and your loved ones,
because it's more than that today, much more than that today.
(24:57):
A proper retirement plan encompasses really four to five things.
The first, of course, is investment management, understanding the options
that are available to you. The second is protecting protecting
those assets, especially if there's a health event. The third
(25:19):
is probably the one that most of us are top
of mind right now, is a health event, right, how
do we pay these extravagant costs for health care? And
the fourth is the legacy. If it's important to you,
A lot of people will say to us, say listen, Dave,
I could care less. My kids are doing better than me. Whatever,
(25:40):
is left in the pot is left in the pot.
And if there isn't anything left in the pot, that's
okay too. Because my kids, I educated them, I put
them through school. They're doing great. They don't need my money,
and other people are just the opposite. They'll say, you
know what, I want to maximize the legacy, the transfer
of wealth to my children and my loved one. So
(26:02):
let's focus in on retirement income. Next week, we're going
to talk a little bit about legacy. I got a
special guest that's going to come in next week and
talk to you on the show. But top retirement income sources,
of course, for most of us is the number one
that all of us have. It's what social Security. It
(26:27):
is a lifetime benefit with a coal cost a living adjustment. Second,
if you're fortunate, you're in the lucky club, you got
a pension benefit. Then you're two steps ahead of your peers.
The third, we're you a good retirement saver. Right, annuities.
(26:47):
A lot of the companies have annuities. National Grid, if
you turn on your cash balance account, that's an annuity.
IBW electrical workers, they have annuities that they fund it
for theirployees life insurance, part time work, real estate, and
go through all of them. But there's a lot of
different ways that you can get income, and one that
(27:10):
we consistently see over and over again, especially for seniors
that have undersaved, is reverse mortgages. We have no vague,
We get no compensation on reverse mortgages. But I'm a
major advocate of reverse mortgages because it gives you dignity,
quality of life, and rather than sitting on that equity
(27:30):
and having no quality of life and not being able
to do the things that you want to do, that's
really not a good life. That's really not a good life.
I've seen life changing events with reverse mortgages. So when
you hear all this negativity about them and all this nonsense,
in my opinion, and like I said, we don't get compensated.
(27:52):
There's nothing in this for us except quality of life
for our clients. We refer them to a person that
I know, that I trust, and it's a life changing
event for some people. So here's some key takeaways for
you someone that's going into retirement. Diversification. Diversification, diversification. The
(28:16):
more you can diversify your income sources, the better off
you're going to be, and the more secure you're going
to be in your retirement social security, a pension, retirement savings,
if you're fortunate enough that you might have a trust
that pays you some assets, real estate, diven ends off
(28:36):
of portfolio, annuities, part time work, supplemental, all different ways
that you can basically create income. But also the key
to this is that you don't want to create a
lot of income and a lot of it's going to
go out the door because you did not understand the
tax implications of these different streams of income. And it
is extremely important. The worst investment you can make, without
(29:01):
a doubt, is to put money pre tax away, too
much of it, too much pre tax, and then it
just sits there and it grows and it grows and
it grows. All you're doing, folks, is you're building a
large bucket of money for Uncle Sam. The state and hopefully,
depending on the state that you live in, that there's
no estate tax what we call the triple tax. So
(29:24):
you need to understand the tax implications of the assets
that you have selected in order to put money in
during your accumulation years. So you have a well planned,
tax efficient strategy that ensures not only financial stability in
your retirement, but also more money is going to stay
with you and less is going to go to our
friends in Washington and our good friends in Albany. So
(29:52):
a lot of people say, why diversify, Dave, Why shouldn't
I just stay in the traditional stocks and bonds? Okay,
risk mitigation, Risk mitigation, that's a big word for me.
By diversifying your income by the different types of asset classes,
(30:17):
you reduce the impact of fluctuations in any single source.
As an example, in twenty twenty two, when all hell
broke loose and stocks and bonds, stocks drop, bonds drop,
everything you touched. The only thing that was good was
what cash and alternative investments? What do I mean but
alternative investments annuities? Who the hell cares how much it fluctuates.
(30:42):
You don't care because it's guaranteed income stream for life.
I don't care how much it fluctuates. It's not my problem.
The insurance company guaranteed guaranteed a portion of my munkey,
my monkey. My money is going to be created into
a pension that will last a lifetime to cover my
living expenses. I don't care what happens to the portfolio
because not only are they guaranteed in the hedge on it,
(31:05):
they're giving me what risk mitigation inflation. That's the cancer
that eats away at all during our returnment years. Our
money's purchasing power over time diminishes. So depending solely on
(31:33):
fixed income like a pension, you're susceptible to rising cost.
So that's why a diversified portfolio with investments and annuities
and hedge can put you in a position that will
maintain your purchasing power. You can ladder annuity products in
(31:55):
order for you to build your own cola, just like
Social Security, where every two to three years you're gonna
get more money because you're gonna turn on another bucket
of money what we call the bucket of money concept,
and it basically adjust based off of inflation that you're
gonna have more money in the pot that comes in
(32:17):
on a monthly basis, so you can do what live
financial stability. Well, that was a quick section. We're gonna
come back for our last section again. If you want
to participate, Folks three one five ninety seven, I don't
(32:39):
BUYE three one five four seven ninety seven. Do you
have any question at all where they happen, you try
to help you.
Speaker 2 (32:47):
We'll be right back after this quick message.
Speaker 1 (33:18):
All right, we are back. Good afternoon. Talking about planning
your retirement income distribution, which most of you don't do.
You get this big pile of cash and just go
in and say, you know, this is what I need
on a monthly basis. You know, as I said three
(33:38):
to five years the red zone, now say it's five
to seven red zone is that you want to be
able to have a plan, start your buckets some money
understanding how diversifying retirement sources for income is going to
be an excellent way for you to build retirement income.
And it's a smart way to secure law long term
(34:01):
financial security, folks. It helps you protect yourself from unforeseen risk,
which we call but black swan events, not only as
far as the markets, but also rates. Remember the ruin
rates were happy when we got one percent at the bank. Wow,
one percent, let's run down there and get that one tomorrow.
(34:23):
Things happen good inbad being on earth here for as
long as I have we realize, right, things are out
of our control, but they're really not. You have the
ability to build out your own plan because not out
of ten of us now do not have pension benefits,
So that means that you can build your own retirement
(34:44):
savings and distribution plan and understand it. They have strategies
that will maximize your income, minimize your tax liability, and
if it's important to build an income stream that will
last not only for your lifetime, your spell us lifetime,
and only retain what is necessary at the first death
(35:04):
for wealth's replacement. That's the biggest mistake that most of
you will make. I love you planning. Oh, I love you, darling.
I love you too, sweetheart. So when I die, I'm
going to leave everything to you, and I'm going to
do the same for you, sweetheart. Not good, especially if
it's iray money large irays, because chances are it's not
(35:26):
going to go to Mama and the kids. Chances are,
because of the statistics and what's happening today, guide dies first.
That's why two thirds of the wealth by two thousand
and thirty will be controlled by women. That's why you're
seeing all this advertisement. Women, women, women, we love women. Women,
Come on and we got special seminars and workshops. We
(35:47):
love women, we love women, we love women. Because you're
going to control all the money by two thousand and
thirty two thirds of it. So we love women. We
love women, So please come in and let us sit
down with you so we can charge your fee every
year to manage your assets. No smoke and mirrors. That's reality, folks,
that's what's happening. So you're going to see all sorts
(36:09):
of marketing, all sorts of advertisements. Were already starting to
see it, right, Just realize is that there's strategies in
order for you to maximize income, minimize tax. And one
of the things that is one of the most important
documents that you have is called a beneficiary form, and
(36:32):
the beneficiary form basically trumps your will, your trust, those
assets are going to go with the names that are
on the beneficiary form, and you should have a IRA disclaimer.
I had a guy that came in when we first
(36:52):
started doing the radio, husband and wife, wonderful people. They
wanted to meet us in the CircUse of so I said, sure,
come on, and we sat down with them, and their
situation was all screwed up, kind of an understatement. Their
beneficiary forms were wrong, their trust that they established that
(37:15):
they thought was going to protect assets was wrong, and
they basically were in a situation where they're basically their
entire life savings was not set up properly for what
they wanted to be done. So being bashful and being shy,
you know, I try to be cordial and nice and
(37:37):
tell them in a very soft way that what they
had was basically a mishmash. It was a whole bunch
of screwed up documents that had no cohesiveness as far
as what they were trying to accomplish. So I'm sitting
there and I'm going through my job when I meet
(37:57):
with people, because after doing it for forty for years,
I can tell pretty quickly what needs to get done.
I was putting holes in their boat, and there was
a lot of holes in their boat when they walked
out the door. But the common thing that I heard
over and over again from this couple was great, we
(38:19):
didn't know that really. Okay, no, that makes a lot
of sense. I agree we should probably do that they leave.
I have a pretty good idea when people leave whether
they're coming back or not. And I knew they weren't
coming back because they had a relationship with a financial advisor.
(38:41):
Didn't know if it was a male or a female,
and They basically said they just couldn't sever that relationship,
you know, even though it was screwed up and things
were not right and the beneficiary forms are wrong. They
didn't have a disclaimer. Some of their contingent beneficiaries didn't
make a lot of sense because a problematic Marri just
and I said to them, I said, really, you know,
(39:03):
you've got a plan right now that you've got to
keep your fingers crossed that things work out, because if
they don't, all hell's going to break loose. That's not
a plan, right, That's not a plan. What that is
is that I'm going to bed at night. I'm going
to do some hail Mary's and our fathers in some
of the venus, and I'm going to pray that things
(39:24):
work out. And I'm in the camp that as many
much as you pray, it's also good to have the
documents set up properly so you don't have to pray.
So I'm gonna have to say goodbye here pretty soon.
So I want to give you my conclusion. I want
to summarize. I've got a whole bunch more stuff here
(39:45):
that will just dazzle you bike your eyes pop right
out of your head when I talk about this, but
I'm gonna summarize here a little bit. Retirement planning right,
getting to the finish line requires not only saving, but
(40:07):
also understanding and utilizing all these other financial legal, tax
options in order for you to have long term financial security.
It's not about ROI return on investment. It's about dotting
your eyes, making sure you understand the documents that you've established,
(40:35):
Understanding what documents and what assets need to be retained,
Understanding and building a diversified portfolio to help you navigate
the financial challenges of retirement. Which will happen. It's going
to happen. There will be another black Swat event, there
will be unexpected market volatility, there will be inflation. But
(40:59):
the thing is is if it comes, if you listen
to us at the retirement planning group, you'll still be
able to enjoy your lifestyle that you've worked so damn
hard to achieve. Right, So now it's time to take action,
(41:21):
not procrastination. Right. We all love to procrastinate, especially me
going to the dentist. I can figure there's not an
excuse that I haven't had to go to the dentist.
It's like going to a torture chamber for me going
to the dentists, because every time that I'd been to
the dentist, especially when I was a kid, it was
(41:42):
like we had a dentist, make a long story short,
that didn't believe in novah came for kids. So I
can still see the car when we went down to
the dentist and my mother was driving and all three
of us were in the back seat. It was like
an insane asidum. We're all at beats of sweat on
our forehead. We were like crying and we were like
in convulsions before we even got into the dentist office.
(42:05):
Because what you always found, always found a cavity. But
we don't do novacaine mary for children. For the baby teeth.
You know, we'll take care of it and make sure
that it's you know, not going to ride out of
their head, but we're going to drill, drill, drilled, and
we always got drilled. So I understand what it's like
(42:28):
to procrastinate, especially with the dentists. So that's an analogy
that I use. How it's easy for you to procrastinate
because you don't want to evaluate what your current situation is.
You don't want to build out your current income streams
you rather try to figure out you can do it
by yourself rather than speaking with a financial advisor. That
could ensure you that you're going to have a solid
(42:49):
plan for your retirement. And it's been proven by all
the major investment banking firms, all the no load funds,
et cetera, et cetera. Working with the financial advisor helps you,
doesn't hurt you. So with that plug, I'll give out
our telephone number. We have six locations now in New York.
(43:13):
We have Syracuse, Hudson, Maltas, Saratoga, Albany, flens Falls, and Oneana.
So if anything that I'm talking about makes sense and
you want to come in and kick our tires, and
we'll kick your tires to see if we can build
(43:35):
some kind of bond in order to work with you
in order to optimize your situation, moost your retirement, and
make you feel financially secure. As I've always said, it's
an honor on our part to basically facilitate what you're
looking for, give you a good retirement plan with low expenses.
(43:57):
Our expenses are extremely low compare to our competition, and
ensure ensure that you have the retirement that you so deserve,
which is a retirement that's filled with happiness, contentment, and security.
So check us out on the web. We have a
web page rpg retire dot com. That's our website, rpgretire
(44:24):
dot com. If you want to come in and have
a chat eight eight eight five eight zero nine. That's
eight eight eight five eight zero one nine one nine
and say, hey, I listened to Dave on the radio.
I'd like to come in and have a conversation. We
(44:45):
don't alligator. I'll see you, folks. The first meeting is
just come in, let's have a chat, see if we
can be of assistance. Requiet back in the second meeting
to tell you what we think you should do. Let
you go home and think about it. In the third meeting,
that's when we put the rubbert the road. Then we
actulutely start implementing your plan. I hate to tell you, folks,
(45:08):
it's a little tidbit. And now let some of you
were out there, that's probably why we're doing to get
any phone calls. Today. Tennessee is up by ten twenty
four to fourteen. So come on, ques, let's get going.
Let's have a winning football season. I'm a huge sports fan.
As I said, I've coached football or coach football, coach basketball,
(45:32):
played high school and college basketball. But I love sports,
and I love Syracuse sports. I'll be back next week.
If the creek don't rise, I'm Dave Kopek. See you
next week.
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