Episode Transcript
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Speaker 1 (00:00):
The information our services discussed on this show is for
informational purposes only, and it is not intended to be personal
financial advice. The investments and services offered by us may
not be suitable for all investors. If you have any
doubts as to the merits of an investment, you should
seek advice from an independent financial advisor.
Speaker 2 (00:24):
All Right, Syracuse.
Speaker 3 (00:29):
In surrounding areas and those listening on iHeartRadio, I'm your host,
Dave Kopek. I'm here on this absolutely beautiful Saturday in
upstate New York. I don't know about you guys, but
where I'm sitting right now, it is absolutely gorgeous out
a beautiful fall day. Hopefully you're enjoying it as much
as myself.
Speaker 2 (00:51):
Today's a big day for me.
Speaker 3 (00:52):
My wife and I are celebrating our anniversary, so we
get some family in from around the country and we're
going to have a nice day and some festivities. I
want to talk a little bit about some recent things
that I'm seeing and if you're new to the show,
(01:15):
this is the Retirement Planning Show. All we do at
the Retirement Planning Group is pre and post retirement planning.
We have a brand new office too. I'm very proud
of its sixty seven hundred Kirkville Road. They did an
absolutely beautiful job building it out. It's gorgeous. Is there
anything that I'm talking about? You're going to have the
(01:36):
ability to come in and have a face to face
meeting with us at your convenience. So I'll give out
my telephone number. You'll hear it on some of our ads.
Our telephone number at our office is eight eight eight
five eight zero one nine nine eight eight eight five
eight zero one nine nine. And of course today this
(01:57):
is not babble radio. This is talk radio, okay, WSYRS
talk radio. We always appreciate and like phone calls because
I think it makes it much more interesting for the listener.
So our number at the studio is three one five
four two one ninety seven ninety seven. That's three one
(02:20):
five four to two one nine seven ninety seven. Excuse me,
I've got a scratch in my throat, and I apologize, folks.
I don't know if I'm catching a cold and met
my first fall cold here.
Speaker 2 (02:33):
I don't know.
Speaker 3 (02:34):
But our telephone number again is three one five four
to two one ninety seven ninety seven. If you would
like to participate and have a question about my topic,
sticker shock. That's the topic, sticker shock. How many of
(02:57):
you have looked at your premium for healthcare? Sticker shock.
I'll give you a brief summary of what's happened to
the Kopek family. My wife was blessed and I was
(03:22):
blessed that she was able to stay home with our
children as they were growing up. She had the hardest
job in the house, and that was the person that
was responsible for the home and the kids and all
the things that needed to get done, the transportation, all
the running around and when I was working. So when
(03:48):
the kids ultimately got a little bit more self sufficient,
my wife went back to school and was teaching. She
only taught for thirteen years and she retired last September.
About it a little over year. And when she retired,
(04:12):
she went into the HR department and found out that
we no longer had healthcare the family.
Speaker 2 (04:19):
Through her plan.
Speaker 3 (04:20):
We could do Cobra, but we basically were on our
own because we have a young daughter. I have a
twenty year old daughter that goes to school in Florida
at FAU Florida Landing University, and myself and then I
had a son at the time that was still he
was twenty five at the time.
Speaker 2 (04:40):
It's twenty six now.
Speaker 3 (04:42):
But we found out that her health did not continue
for us, and we're going to have to go out
into the marketplace and find a plan. I said, Okay,
a big deal, let's go out and do it. Well,
I have a mortgage again, I have a mortgage. Ament
(05:03):
we're paying one nine hundred dollars approximately. It's a little
bit less than that a month.
Speaker 2 (05:11):
So that's twenty two thousand.
Speaker 3 (05:16):
Dollars a year over twenty two thousand dollars a year
for health insurance. And to say that it's sticker shock
is kind of an understatement.
Speaker 2 (05:31):
But here what I this is what I will say.
I'm not unique.
Speaker 3 (05:40):
So for a lot of us that want to go
into retirement a little bit early before Medicare kicks in,
or if some of us are going into retirement and
now the company no longer picks up the cost, we're
going to have to pick it up. Be aware that
(06:04):
it's going to basically be sticker shock. And when I
say sticker shock, it's kind of an understatement because not
only do you have to worry about healthcare, you're gonna
(06:26):
have to worry about one other topic that most people
don't even want to think about, and most of you
will probably do nothing about it simply because you pooh
poo it. You put it on the back burner, and
you just don't ever think it's gonna happen to you. Now,
my background is in investment banking. A lot of people
(06:50):
don't know my background, but I started with pain Weber.
Then I went to Morgan Stanley, and then after Morgan Stanley,
I started my own shop.
Speaker 2 (07:01):
In nineteen ninety nine.
Speaker 3 (07:04):
I said, I'm going to do my own thing. So
my background is an investment banking. It's not in insurance
in protection products. But when I got into retirement planning
and I started doing dogging ponies, what I call the
rubber chicken dinners. You invite people out, you give them
(07:25):
a dinner so they can sit and listen to your spiel.
I had a guy call me one time and he
said to me, I went to your dinner the other night.
I said, wow, that's great, and he says, you're good.
I liked your topic. I enjoyed your presentation. But you're
(07:46):
missing the point, good man. You're only talking about one
specific thing and you're missing. Possibly the biggest mistake that
most people make in retirement is that they don't have
protection on their assets. I said, well, I talk about
trust in the legacy planning and irrevocable trust, and you
(08:06):
know legacy. You know I want to know title your money.
I'm not talking about that talking about health.
Speaker 2 (08:16):
A health event.
Speaker 3 (08:18):
What happens if you need care in your home, assistant living,
or a long term care facility, Then what happened after
this guy had to chat with me, we had a meeting,
sat down, I had a conversation. I said, this guy's
pretty sharp. Well, a guy's name. He was a gentleman
(08:39):
by the name of Kevin Johnson, and Kevin Johnson had
a business that was called New York Long Term Care Brokers.
And then him and I got together and we started
doing some business together, and ultimately we formed an alliance
where I would have some of his individuals come in
(09:03):
and basically have their expertise utilized for my clients on
long term care planning and also health insurance. Health insurance,
and what has transpired since that event has been just
amazing as far as the cost of healthcare now in
(09:25):
New York State, we used to have a plan still exist,
but no one sells it anymore because no insurance company
basically supports it or issues policies. It was called the
New York State Partnership for Long Term Care Planning. Guys,
remember that it was an agreement between you, the insurance company,
(09:53):
and the State of New York, and it basically said this,
there's still policies out there, there's still some people. I
met a gentlemen a couple of weeks ago and he
went over his policy and to say that it was
unbelievable as an understatement. But I'm gonna really get into
this when we come back. I need to take a
hard break. I'm Dave Callbeck. This is a retirement planning show.
(10:15):
We'll see on the other side of this break, all.
Speaker 2 (10:43):
Right, go cues.
Speaker 3 (10:51):
The game against Pittsburgh today, So it's how we make out.
I want to get back to the topic that I
was discussing about the New York State Partnership Program for
Long Term Care, and that product came out and it
(11:15):
was technically, I think probably one of the best programs
that was out there as far as long term care protection.
And as I said, it was an agreement between you,
the insurance company in New York State. What it said
was this, we will give you total asset protection if
you purchase a policy. Once you exhaust the benefits of
(11:36):
the policy, will automatically put you on Medicaid extended coverage.
We won't go after assets, but we will go after
some of your income. Pretty good deal, huh. You could
also do dollar for dollar protection certain dollar amount five
hundred and seven to fifty one million, where you could basically,
(11:59):
rather than doing a total asset protection, you could do
a specific dollar amount.
Speaker 2 (12:04):
It's going.
Speaker 3 (12:07):
The insurance companies walked away from it. They didn't price
it right. People didn't lapse the policies. If you remember
jen Worth and a lot of them, they basically blew
up because they had exposure to the tune of billions
of dollars that they did not think was going to
stand the books. Because life insurance and term insurance there's
(12:31):
a lot of lapse ratios. One turn Carecter wasn't a
lot of lapse ratios. So there was also a requirement
that they had to do a certain amount of reserve
requirements that was fixed income.
Speaker 2 (12:44):
Low interest rates. Even blew it up even more. Go
through the whole laundry list why it blew up.
Speaker 3 (12:50):
But the reason why I'm saying this to is that
it was a great program that allowed the average man,
middle class to have long term care protection and not
basically have to go through this gain of shuffling assets,
going into a trust, all the games that you have
to play in order to basically get qualified for Medicaid
(13:12):
assistance medici eligibility. So today, in order to get those policies,
it would be an astronomical amount of money. Okay, so
they know that the average person is not going to
pay for it, So what do they do? They just
eliminate it. They don't issue any more policies. The ones
(13:34):
that are out there, the ones that are currently out
there are fantastic. Now they've increased them, some of the
insurance companies that increase the premium. But I can tell
you this much, the pool of money that you have
in order to replace that, it would cost you three, four, five,
six times more.
Speaker 2 (13:53):
In premium that you initially started off with.
Speaker 3 (13:58):
So what are you to do? What is the average
guy going to do? Well, you hear the attorneys out
there banging the drum. You put your assets into a
Medicaid trust, right, and you got sixty months, You got
five years before the assets are protected, and then you're
on your merry way. Right, those assets that have been
(14:20):
there for sixty months, there's no incidence of ownership once
they're outside your estate, right, they can't go after. People
are confused, they don't know what to do. They've had
loved ones that have had need for long term care.
(14:42):
Told you about my friend that owned New York long
term care brokers. We started this affiliation and it was
working out great.
Speaker 2 (14:53):
Then what happened.
Speaker 3 (14:55):
Get to the point, Dave, get to the point. The
point is this. My in laws love to smoke cigarettes
and they like to scotch every once in a while too.
So my wife ended up being a caregiver for six
(15:16):
and a half years, not teaching, but basically now staying
at home taking care of mom and dad because they
were so sick and they needed their daughter. What does
that do to a family, right? Think about it, someone
(15:37):
doing caregiving six and a half years, basically pushing aside
what their priorities are, their family, their children. Right to
say it was stressful as an understatement. Did it cause
stress and cracks in our marriage? Yes, But for all
(15:59):
of you that are listening today, most of you that
are listening today, that's what you've done. I always chuckle
when people say, well, she's going to take care of me.
He's going to take care of her. Our daughter's going
to do it, or our son's going to do it.
Do you really realize what you're doing?
Speaker 2 (16:17):
Folks?
Speaker 3 (16:20):
Have you ever sat back and said, really, is that
what I want to do? I want to have my
kid or my wife dress me, bathe me, transfer me,
do the toileting, change my diaper.
Speaker 2 (16:38):
It's complicated.
Speaker 3 (16:40):
And when I say it's complicated, it's complicated because if
everybody had enough dead arrows money yelt in the bank
right be in that event, because you would just basically
pay for the policy. Now I mentioned earlier today, I
(17:05):
just had a client pass away this week.
Speaker 2 (17:07):
Beautiful woman, school teacher, never married.
Speaker 3 (17:12):
She was spending forty thousand dollars a month twenty four
to seven three sixty five for caregiving in her home.
Forty thousand dollars a month. Now, you'll hear the attorneys
(17:33):
and people say to you that if you put your
assets into a trust and you get over the hump,
those assets are protected and your IRA is protected because
if you put it into periodic payments. Right, they'll go
after the incompa. They won't go after the asset.
Speaker 2 (17:57):
Not true. Not true.
Speaker 3 (18:02):
And the reason why it's not true is because now
the county's depending on the county. Can't talk about every county,
but I know that a lot of the counties that
we're we're getting lenders from. They basically say, mister and
missus Apple. Mister Apple's in the nursing home. He's got
that large IRA with a million dollars in it, and
(18:24):
he's taking periodic payments. He's taking his RMD. Well, now
he's got to take three or four times out of
there because he's.
Speaker 2 (18:32):
In a Medicaid bed.
Speaker 3 (18:34):
And now we're going to do his payments based on
life expectancy, no longer on periodic payments required minimum distribution.
So the attorneys will say to you, Yep, you're right, Dave,
that's exactly what's happening. I said, Well, what happens if
he lives a long life, what's the end result, Well,
(18:55):
the IRA is going. What happens if the wife needs
the IRA for you know, to live, Well, we can
do some nine to one one planning.
Speaker 2 (19:05):
What is that?
Speaker 3 (19:06):
Well, you'd have to cash it out, and we'd have
to spend it down all in a period of time,
short period of time. And now that million dollar IRA,
if it's taxed, you know, a couple of years period
of time, right, what's that tax liability? And how much
is going to evaporate? So, really, folks, what I'm getting
to here, there's no free lunch. Okay, you can't just
(19:27):
twitch your nois and put your money into a trust
and the county's going to come in now and absorb.
Medicaid expenditure in New York State is astronomical. We're the
number one state we leave the nation and our.
Speaker 2 (19:39):
Expenditures for medicaid.
Speaker 3 (19:42):
Right, check it out, do a little Google search as
far as where New York State stands as far as
Medicaid expend Do you wonder why we have these taxes
that will basically drive you nuts and drive people where
out of New York? See you later. I'm not doing
this anymore. Already paid for my house. Now I got
to pay for it again with school taxes and property taxes.
Speaker 2 (20:06):
Right, who are we fooling?
Speaker 3 (20:11):
So somewhere within this mix, I'm going to try to
give you some answers today of what I think for
most of you that are listening to this show is
their greatest risk in your retirement. If you're mister and
missus Apple and you got one hundred and fifty, say
one hundred thousand dollars of income of which you're driving
(20:33):
Social Security, and you got that big IRA, you know
you got a million, million and a half in an IRA.
You think you're on pretty good ground as far as
where you stand. Well, that depends on zip code. That
depends on zip code as far as where you're moving to.
(20:55):
So before you move and you say see you later, alligator,
I'm out of New York and I'm moving here or
I'm moving there, wherever it may be.
Speaker 2 (21:03):
You need.
Speaker 3 (21:03):
Three out of my four kids live in Florida. I
spent four months in Florida, right, but I haven't made
it my permanent address. But Florida gives you asset protection
on your IRA and also on your home. That's why
a lot of people move to Florida and make it
their permanent address. So complicated landscape, you need to understand
(21:28):
where the land mines are and how your piggy bank
can basically blow up pretty quick if you do not
select the right options for your pre and post retirement years.
So when we come back, we're going to talk about
some actions you can take, things you can do in
(21:50):
order to prepare for what I think is inevitable for
a lot of us in our lifetime because of pills
and stents and bypass surgery and everything that's happening, especially
with AI coming down the track. Now, you're going to
live one hell of a lot longer than you expect.
You're going to be decades into retirement. And my question
to you, how are you going to pay for healthcare?
(22:12):
How are you going to pay for healthcare navigating the
complexities of that in your retirement years.
Speaker 2 (22:20):
Dave copeac this is a retirement Planet show. We'll be
back after the news. All right, I like it.
Speaker 3 (23:10):
All right, we are back. I'm Dave Kolpak, the president
of Time and Plenty Group. We have six locations now
in New York. When I travel outside in New York,
I go to the Regis Corporation r E.
Speaker 2 (23:26):
G US.
Speaker 3 (23:27):
I meet with individuals through the Regis Corporation. They have
offices in most major metropolitan areas. So I'm in Florida.
That's the facility that I use. But We're in Syracuse now.
We have a beautiful office at sixty seven hundred Kirkfield Road,
brand new, absolutely gorgeous spot. We have one in Albany
(23:49):
on eighty State Street. We're in Saratoga slash Malta, Glen's Falls,
Oneana and Hyde Park are new ones in Hyde Park too.
So our message is resonating because our job is not
to sell your products or manage money specifically in one silo.
(24:11):
It's to basically build a plan that basically takes care
of you in your retirement years, everything from investment management,
asset protection, legacy planning, and a course. For a lot
of us it's retirement income distribution. But I'll give out
our telephone number here at the station. This is live,
it's not a pre recorded show. Three one five four
(24:32):
to two one ninety seven ninety seven, three one five
four to two one ninety seven ninety seven. I do
four live shows on Saturday. Saturday is a workday for me,
which I enjoy. And UH, if you have any questions,
you can call. But we're today we're talking about healthcare.
We're talking about healthcare again. Our telephone number at the
(24:53):
studio if you have a question is three one five
four to two one ninety seven ninety seven. Don't be bashful.
We don't bite. Even if it's off topic, that's fine.
But healthcare and retirement, folks, is becoming a major event,
major event. So if you're retiring before that magical age
(25:17):
is sixty five, when you're Medicare eligible, you better explore
your options before you go out and say goodbye, because
the cost of coverage today can literally pop your eyes
out of your head. You know, it's just it's amazing.
I told you about my own personal situation. I'm paying
(25:42):
nineteen hundred dollars a month right now for healthcare and
it's a mortgage again. And to be honest with you,
I don't understand how people are doing it today.
Speaker 2 (25:56):
I really don't.
Speaker 3 (25:57):
I work with a lot of hard working save plumbers, electricians,
people that have small businesses, and you know, this is
something that's really starting to erode not only their confidence
to go into retirement, but maybe their inability to go
into retirement. More and more data is coming out where
(26:23):
they're basically saying, we can't do it, we don't have
enough in the pot or what I anticipated that my
cost was going to be. For some of these services
and benefits that I need during my retirement years are
not attainable. So you're going to have to look at
some maybe alternative strategies. High deductible plans. High deductible plans,
(26:48):
I mean I've seen high deductible plans. They are as
high as ten thousand dollars.
Speaker 2 (26:52):
That's out of pocket.
Speaker 3 (26:55):
So you got protection if it's you know, a catastrophe,
you're in the hospital, a major surgery, but you're going
to pay the first ten out of your pocket. So
here's my question to you. How confident are you with
the plan that you currently have, not only during your
accumulation years, but also how's your plan going to be
(27:19):
implemented in your retirement years.
Speaker 2 (27:23):
So when we sit.
Speaker 3 (27:24):
Down with individuals, we have a strategic partner that we
work with and handles all of our medical insurance. People
are astonished when they look how much medical cost is
going to be in their retirement, especially if they want
to retire before sixty five, right, especially if they want
(27:45):
to retire, you know, before sixty five.
Speaker 2 (27:48):
Then for individuals that go into.
Speaker 3 (27:49):
Retirement, right, they're thinking about, you know, what happens if
I get sick or ill? What am I going to do,
then what are my options? Well, what's transpired is the
insurance companies have come out with new products, new products
(28:14):
that are kind of specific for this large segment of
our population called the boomers, which is now eleven thousand,
two hundred people a day turning the age of sixty five.
So you've got life expectancies increasing. You have people that
(28:37):
are unprepared for a potential health event, and they're trying
to figure out before I get out the door, are
there ways for me to structure my estate in order
to basically receive the benefits that I wish to receive,
and that jeopardize everything that I've accumulated in my life time.
(29:03):
And this only gets more complicated when you add another
layer on top of that called blended families, which we're
dealing with all the time now. Blended families and blended
families can basically cause a lot of concern, not only
(29:24):
in regards to the dynamics of the family, but.
Speaker 2 (29:34):
Who is going to basically take the ball and run
with it.
Speaker 3 (29:39):
If I have children by a previous marriage, or my
wife has children by a previous marriage, and there is
a health event and there is a certain amount of
money that's set aside for those children, and I'm in
a situation where I need care or assistance. What happens
(30:02):
to the money if I deplete those assets before I
go through the pearly gates. The money that was intended
for my children is no longer there. The money that
I have set aside for my new spouse might be there.
And how is that handled? Once I passed away and
(30:25):
either he or she utilizes that money in their lifetime,
does it stay with them or is there a structure?
Is there a policy in place somehow that basically allows
that money to be managed in a prudent way, in
a fiduciary capacity, And once the spouse passes away, then
(30:53):
the money would go to the children from a previous marriage,
helping to what equal lives inherenteds without complicating the estate
plan or what I call the estate battle. I mean,
I've been in my conference room and I've seen people
(31:16):
with their heads almost blown off because of the anger
that's inside them because we didn't dot our eyes and
crossed our t's when they initially started the plan, and
they basically forgot to put in a couple of things
that basically what protected their family, their kids by a
(31:37):
previous marriage.
Speaker 2 (31:44):
There's no easy answer. There's no easy answer.
Speaker 3 (31:48):
There are getting back to long term care insurance. The
new plans that are out there now are a combination
of life insurance with long term care. If you don't
use it, you don't lose it, meaning that the life
insurance typically is owned by a trust, paid into the trust,
(32:09):
and then the spouse can utilize the money in her
or his lifetime, and then it gets passed on to
the children, which we'll talk a little bit more in
greater detail.
Speaker 2 (32:19):
But this is complicated, folks. I've Dave Copeck. This is
the retirement planning show. All right. I like to tune
(33:01):
Alison a good job now. Dave Kopeck is a retirement
planning show.
Speaker 3 (33:08):
We're here on SYR Live on the weekends. Love to
be here, Love qs QS has got a big game
this weekend, Old Pittsburgh. See how we make out right?
You know, I try to put as many holes in
(33:29):
the boat as I can, because my job is not
to tell you how rosy things are. My job is
to basically tell you these are the mistakes that people
have made and how you can avoid them during your
retirement and are quite well aware. If you've got enough
money and things are rosy, it's a yellow brick row.
(33:50):
But if you don't have enough money, or if you
make mistakes, you could really put yourself in your family
in a very difficult spot. Today October eighteenth, twenty twenty five,
my personal feeling is after doing this now for forty
three years, overlooking healthcare costs and not addressing long term
(34:16):
care could devastate your retirement plan then, I mean devastate,
permanently devastated. So what are you to do? The sony
you could discuss this, the better off you are if
(34:36):
you hear any of our ads promos. We have a
thing which I wish I was the one that originated it,
but I didn't. Prudential Insurance used to come out years
ago with a thing called the red zone, and the
red zone is anywhere from three to five years. I
now say it should be five to ten before you
(34:58):
walk out into reti vironment. You need to know what
mistakes you don't want to make in regard to your
retirement plan in order to invest your assets properly, to
minimize risk, not only as far as asset management, but
also to minimize your risk as far as asset protection
(35:20):
and healthcare. So you know, if you invest poorly and
you're not diversifying your investments and you're too conservative and
you don't meet the goals that you're trying to achieve
once you walk out the door, that's not going to
(35:43):
totally devastate you, Okay, But what is going to devastate
you is if you're in a situation and you haven't
dotted your eyes and crossed your t's, and now you're
spending money that you never thought you'd have to spend
to the tune of ten to fifteen to twenty thousand
dollars a month, you're going to wake up pretty quick
(36:06):
and you're going to basically say what do I do
in order to basically get this ship, you know from
basically flipping over. You know a lot of times people
retired too early. Sometimes we have to have conversations with
him that you know, you're not ready to go yet.
(36:29):
You have an unrealistic expectation. Sometimes people have a misunderstanding
of what a withdrawal.
Speaker 2 (36:37):
Strategy should be.
Speaker 3 (36:39):
You know, I had a guy one time who's down
a Florida. He had a small portfolio, not significant. You know,
he wanted to get fifteen percent a year off the portfolio.
So one of the guys that works with me had
to chat with me. He says, Dave, this guy has
unrealistic expectations. They said, well, what'd you say to one?
(37:03):
What'd you tell him?
Speaker 2 (37:05):
Said?
Speaker 3 (37:05):
I can't tell him anything, but this is the number
that he's looking for. I said, well, well I can't,
you know, I said, I'll take care. So I called
the guy and I had a conversation with him, and
I said, listen, you know what I wish I had
this magic wand here in my office, but it's broken.
So you have to have a real expectation as far
(37:27):
as what a withdrawal strategy can be without the money
going away. Before you go away, he says, I'm going away.
I said, okay, you're going away. That's fine. I'd rather
have you go away. And when you blow up, you know,
give me a call, you know, let me know how
(37:49):
you made out with this.
Speaker 2 (37:49):
You know, I only need fifteen percent a year. Well,
he did call me.
Speaker 3 (37:53):
He did call me back, and he blew up because
he was overspending. Spending too much early in retirement can
lead you to outlive your savings. That's a wake up
call right, money's going now, what are you going to do?
(38:16):
So one of the things that I try to overemphasize
is these are the things that can hurt you in retirement.
These are the bumps in the road that you want
to try to avoid if you possibly can. Okay, Now,
we live in a society today where we take better
(38:39):
care of ourselves. People are not smoking their brains out,
you know, we're exercising more, we're eating healthy. We're doing
a lot of positive things, especially my generation, the boomer generation, right.
Speaker 2 (38:55):
So that's a positive.
Speaker 3 (38:57):
The negative is is that some of us have a
tendency to make a dollar and we want to spend
a dollar twenty five. So both extremes that I just
talked about can be problematic. You have to find balance,
and the balances is that ignore all the hot topics
(39:21):
out there what I call the screaming monkeys on Monday morning,
they tell you how great everything is and how wonderful
they are at managing money, and build a plan that's
realistic so you avoid you avoid retirement mistakes. Living today
is expensive. I don't have to tell anybody that's listening
(39:43):
to this show. Living today is expensive. Healthcare, food, taxes,
go through the whole laundry list. I actually feel sorry
for some sometimes, for these young kids that are just
starting off that not only have this responsibility of trying
(40:08):
to have a quality of life and have kids and
blah blah blah, go through the whole laundry list, and
they got this anchor attached to them and it's called
a college loans. So at the retirement Planning group, as
I said, we build plans that we believe are realistic,
(40:32):
are sustainable, And you need to understand the land minds
that you have in your own personal situation. Right, if
you don't have any kind of protection on your estate,
will you nilly? You want to just go and whatever
happens happens. That's fine, it's your money. But if you
want a plan, and I emphasize that word, that four
(40:52):
letter word, because everybody that basically comes in, I'll say
to them what I say all the time. Plan, Yes, sir, yes, ma'am.
Speaker 2 (41:02):
A plan.
Speaker 3 (41:03):
You need a plan, because if you don't have a plan,
what's the thing that I say on it? Any destination
will do the domino effect. When the first domino drops,
how many more are going to drop? Well? I want
to know where they're all going to drop. When the
first domino drops, I want to know where the rest
of them are going to go, because I want to
(41:23):
make sure that I have a block somewhere that they
don't keep on going, that it stops. So I know
that I have plenty of money in order to facilitate
quality of life, and there's ways to do that.
Speaker 2 (41:36):
That's why we.
Speaker 3 (41:37):
Integrate all the time with attorneys and CPAs to have
a strategic plan that is not only specific to you
and what you're trying to achieve, but also a plan
that everybody feels comfortable with. We're all on the same
page because I can't tell you how many people I've
met with that at irrevocable trusts and the houses in
(41:58):
there are nothing else. Well, how come you didn't put
any more money into the trust? Well you know I
can't get the money. Well it's not true. You can
get the money. You can do partial revocation. You do
realize that we're the only state of the fifty that
allows you to do partial revocation. Yeah, but then I
got to get my kids. Well, if the kids don't
(42:18):
give you the money, then fire the kids, because you
could change your trustees at any time. But going back
to what we originally started with today, I'm a big believer,
whether it's the retirement planning group or someone that you
feel comfortable dealing consulting with, a financial and I emphasize
(42:41):
this word too, financial team, not an advisor team is
the best way for you to basically reach your goals,
your specific goals, and to ensure that you're going to
have a retirement that is lasting, stress free and allows
(43:02):
you to do all the things that you wanted to
do in your retirement years. And what minimize what stress?
We don't want stress, We want happiness, we want joy.
If you think we're the team where you want to
come in and kick our tires and we'll kick gears
a lot of times. I've met a wonderful gentleman that
came in older guys in his eighties. We had a
(43:24):
nice chat. He's got probably the best long term care
policy I've ever seen. He's got about eight hundred thousand
dollars in protection. He's paying a fraction of the cost
to what I would think that he should be paying
for the thing. And we had a nice chat and
I basically said to him, you know what, my good man,
you hit a home run. I can't help you. You're
managing your money properly. You've got a good plan, the
(43:48):
people are taking care of you, you got good protection,
you got a fantastic long term care policy. You know what,
Go enjoy your life. You've done your best and it's
come out to be fantastic. But some people come in
and I say, I think we can help you. And
(44:11):
in the second meeting we come back with ideas and suggestions.
Let you go home and think about it, and then
at the third meeting, if you're ready, we implement. We
put the pedal to the metal. So if that sounds
like something that you're looking for, that's what we do
with the retirement Planning group. And again, as I said,
(44:33):
we're at sixty seven hundred Kirkfield Road, Suite one A.
As soon as you pull in, you'll see two signs
parking for a retirement planning group. I've been coming out
to Syracuse quite a bit over the last few years
because we do a lot of work with National Grid.
We thought it would be not only in our best interest,
but also the best interest for our clients that are
(44:55):
currently out there to have a presence. But I couldn't
be prouder love Syracuse because you're quite well aware. I
love the restaurants out there. One of my favorite spots,
of course, is not too far from our office, is.
Speaker 2 (45:06):
The Brooklyn Pile.
Speaker 3 (45:08):
So listen, you guys, have a great weekend. If we
can be of assistance, give me a call at the office,
and if not, we'll see you next week for another
retirement planning show.
Speaker 2 (45:19):
If they create, don't rise.
The information our services discussed on this show is for
informational purposes only, and it is not intended to be personal
financial advice. The investments and services offered by us may
not be suitable for all investors. If you have any
doubts as to the merits of an investment, you should
seek advice from an independent financial advisor.
Speaker 2 (00:24):
All Right, Syracuse.
Speaker 3 (00:29):
In surrounding areas and those listening on iHeartRadio, I'm your host,
Dave Kopek. I'm here on this absolutely beautiful Saturday in
upstate New York. I don't know about you guys, but
where I'm sitting right now, it is absolutely gorgeous out
a beautiful fall day. Hopefully you're enjoying it as much
as myself.
Speaker 2 (00:51):
Today's a big day for me.
Speaker 3 (00:52):
My wife and I are celebrating our anniversary, so we
get some family in from around the country and we're
going to have a nice day and some festivities. I
want to talk a little bit about some recent things
that I'm seeing and if you're new to the show,
(01:15):
this is the Retirement Planning Show. All we do at
the Retirement Planning Group is pre and post retirement planning.
We have a brand new office too. I'm very proud
of its sixty seven hundred Kirkville Road. They did an
absolutely beautiful job building it out. It's gorgeous. Is there
anything that I'm talking about? You're going to have the
(01:36):
ability to come in and have a face to face
meeting with us at your convenience. So I'll give out
my telephone number. You'll hear it on some of our ads.
Our telephone number at our office is eight eight eight
five eight zero one nine nine eight eight eight five
eight zero one nine nine. And of course today this
(01:57):
is not babble radio. This is talk radio, okay, WSYRS
talk radio. We always appreciate and like phone calls because
I think it makes it much more interesting for the listener.
So our number at the studio is three one five
four two one ninety seven ninety seven. That's three one
(02:20):
five four to two one nine seven ninety seven. Excuse me,
I've got a scratch in my throat, and I apologize, folks.
I don't know if I'm catching a cold and met
my first fall cold here.
Speaker 2 (02:33):
I don't know.
Speaker 3 (02:34):
But our telephone number again is three one five four
to two one ninety seven ninety seven. If you would
like to participate and have a question about my topic,
sticker shock. That's the topic, sticker shock. How many of
(02:57):
you have looked at your premium for healthcare? Sticker shock.
I'll give you a brief summary of what's happened to
the Kopek family. My wife was blessed and I was
(03:22):
blessed that she was able to stay home with our
children as they were growing up. She had the hardest
job in the house, and that was the person that
was responsible for the home and the kids and all
the things that needed to get done, the transportation, all
the running around and when I was working. So when
(03:48):
the kids ultimately got a little bit more self sufficient,
my wife went back to school and was teaching. She
only taught for thirteen years and she retired last September.
About it a little over year. And when she retired,
(04:12):
she went into the HR department and found out that
we no longer had healthcare the family.
Speaker 2 (04:19):
Through her plan.
Speaker 3 (04:20):
We could do Cobra, but we basically were on our
own because we have a young daughter. I have a
twenty year old daughter that goes to school in Florida
at FAU Florida Landing University, and myself and then I
had a son at the time that was still he
was twenty five at the time.
Speaker 2 (04:40):
It's twenty six now.
Speaker 3 (04:42):
But we found out that her health did not continue
for us, and we're going to have to go out
into the marketplace and find a plan. I said, Okay,
a big deal, let's go out and do it. Well,
I have a mortgage again, I have a mortgage. Ament
(05:03):
we're paying one nine hundred dollars approximately. It's a little
bit less than that a month.
Speaker 2 (05:11):
So that's twenty two thousand.
Speaker 3 (05:16):
Dollars a year over twenty two thousand dollars a year
for health insurance. And to say that it's sticker shock
is kind of an understatement.
Speaker 2 (05:31):
But here what I this is what I will say.
I'm not unique.
Speaker 3 (05:40):
So for a lot of us that want to go
into retirement a little bit early before Medicare kicks in,
or if some of us are going into retirement and
now the company no longer picks up the cost, we're
going to have to pick it up. Be aware that
(06:04):
it's going to basically be sticker shock. And when I
say sticker shock, it's kind of an understatement because not
only do you have to worry about healthcare, you're gonna
(06:26):
have to worry about one other topic that most people
don't even want to think about, and most of you
will probably do nothing about it simply because you pooh
poo it. You put it on the back burner, and
you just don't ever think it's gonna happen to you. Now,
my background is in investment banking. A lot of people
(06:50):
don't know my background, but I started with pain Weber.
Then I went to Morgan Stanley, and then after Morgan Stanley,
I started my own shop.
Speaker 2 (07:01):
In nineteen ninety nine.
Speaker 3 (07:04):
I said, I'm going to do my own thing. So
my background is an investment banking. It's not in insurance
in protection products. But when I got into retirement planning
and I started doing dogging ponies, what I call the
rubber chicken dinners. You invite people out, you give them
(07:25):
a dinner so they can sit and listen to your spiel.
I had a guy call me one time and he
said to me, I went to your dinner the other night.
I said, wow, that's great, and he says, you're good.
I liked your topic. I enjoyed your presentation. But you're
(07:46):
missing the point, good man. You're only talking about one
specific thing and you're missing. Possibly the biggest mistake that
most people make in retirement is that they don't have
protection on their assets. I said, well, I talk about
trust in the legacy planning and irrevocable trust, and you
(08:06):
know legacy. You know I want to know title your money.
I'm not talking about that talking about health.
Speaker 2 (08:16):
A health event.
Speaker 3 (08:18):
What happens if you need care in your home, assistant living,
or a long term care facility, Then what happened after
this guy had to chat with me, we had a meeting,
sat down, I had a conversation. I said, this guy's
pretty sharp. Well, a guy's name. He was a gentleman
(08:39):
by the name of Kevin Johnson, and Kevin Johnson had
a business that was called New York Long Term Care Brokers.
And then him and I got together and we started
doing some business together, and ultimately we formed an alliance
where I would have some of his individuals come in
(09:03):
and basically have their expertise utilized for my clients on
long term care planning and also health insurance. Health insurance,
and what has transpired since that event has been just
amazing as far as the cost of healthcare now in
(09:25):
New York State, we used to have a plan still exist,
but no one sells it anymore because no insurance company
basically supports it or issues policies. It was called the
New York State Partnership for Long Term Care Planning. Guys,
remember that it was an agreement between you, the insurance company,
(09:53):
and the State of New York, and it basically said this,
there's still policies out there, there's still some people. I
met a gentlemen a couple of weeks ago and he
went over his policy and to say that it was
unbelievable as an understatement. But I'm gonna really get into
this when we come back. I need to take a
hard break. I'm Dave Callbeck. This is a retirement planning show.
(10:15):
We'll see on the other side of this break, all.
Speaker 2 (10:43):
Right, go cues.
Speaker 3 (10:51):
The game against Pittsburgh today, So it's how we make out.
I want to get back to the topic that I
was discussing about the New York State Partnership Program for
Long Term Care, and that product came out and it
(11:15):
was technically, I think probably one of the best programs
that was out there as far as long term care protection.
And as I said, it was an agreement between you,
the insurance company in New York State. What it said
was this, we will give you total asset protection if
you purchase a policy. Once you exhaust the benefits of
(11:36):
the policy, will automatically put you on Medicaid extended coverage.
We won't go after assets, but we will go after
some of your income. Pretty good deal, huh. You could
also do dollar for dollar protection certain dollar amount five
hundred and seven to fifty one million, where you could basically,
(11:59):
rather than doing a total asset protection, you could do
a specific dollar amount.
Speaker 2 (12:04):
It's going.
Speaker 3 (12:07):
The insurance companies walked away from it. They didn't price
it right. People didn't lapse the policies. If you remember
jen Worth and a lot of them, they basically blew
up because they had exposure to the tune of billions
of dollars that they did not think was going to
stand the books. Because life insurance and term insurance there's
(12:31):
a lot of lapse ratios. One turn Carecter wasn't a
lot of lapse ratios. So there was also a requirement
that they had to do a certain amount of reserve
requirements that was fixed income.
Speaker 2 (12:44):
Low interest rates. Even blew it up even more. Go
through the whole laundry list why it blew up.
Speaker 3 (12:50):
But the reason why I'm saying this to is that
it was a great program that allowed the average man,
middle class to have long term care protection and not
basically have to go through this gain of shuffling assets,
going into a trust, all the games that you have
to play in order to basically get qualified for Medicaid
(13:12):
assistance medici eligibility. So today, in order to get those policies,
it would be an astronomical amount of money. Okay, so
they know that the average person is not going to
pay for it, So what do they do? They just
eliminate it. They don't issue any more policies. The ones
(13:34):
that are out there, the ones that are currently out
there are fantastic. Now they've increased them, some of the
insurance companies that increase the premium. But I can tell
you this much, the pool of money that you have
in order to replace that, it would cost you three, four, five,
six times more.
Speaker 2 (13:53):
In premium that you initially started off with.
Speaker 3 (13:58):
So what are you to do? What is the average
guy going to do? Well, you hear the attorneys out
there banging the drum. You put your assets into a
Medicaid trust, right, and you got sixty months, You got
five years before the assets are protected, and then you're
on your merry way. Right, those assets that have been
(14:20):
there for sixty months, there's no incidence of ownership once
they're outside your estate, right, they can't go after. People
are confused, they don't know what to do. They've had
loved ones that have had need for long term care.
(14:42):
Told you about my friend that owned New York long
term care brokers. We started this affiliation and it was
working out great.
Speaker 2 (14:53):
Then what happened.
Speaker 3 (14:55):
Get to the point, Dave, get to the point. The
point is this. My in laws love to smoke cigarettes
and they like to scotch every once in a while too.
So my wife ended up being a caregiver for six
(15:16):
and a half years, not teaching, but basically now staying
at home taking care of mom and dad because they
were so sick and they needed their daughter. What does
that do to a family, right? Think about it, someone
(15:37):
doing caregiving six and a half years, basically pushing aside
what their priorities are, their family, their children. Right to
say it was stressful as an understatement. Did it cause
stress and cracks in our marriage? Yes, But for all
(15:59):
of you that are listening today, most of you that
are listening today, that's what you've done. I always chuckle
when people say, well, she's going to take care of me.
He's going to take care of her. Our daughter's going
to do it, or our son's going to do it.
Do you really realize what you're doing?
Speaker 2 (16:17):
Folks?
Speaker 3 (16:20):
Have you ever sat back and said, really, is that
what I want to do? I want to have my
kid or my wife dress me, bathe me, transfer me,
do the toileting, change my diaper.
Speaker 2 (16:38):
It's complicated.
Speaker 3 (16:40):
And when I say it's complicated, it's complicated because if
everybody had enough dead arrows money yelt in the bank
right be in that event, because you would just basically
pay for the policy. Now I mentioned earlier today, I
(17:05):
just had a client pass away this week.
Speaker 2 (17:07):
Beautiful woman, school teacher, never married.
Speaker 3 (17:12):
She was spending forty thousand dollars a month twenty four
to seven three sixty five for caregiving in her home.
Forty thousand dollars a month. Now, you'll hear the attorneys
(17:33):
and people say to you that if you put your
assets into a trust and you get over the hump,
those assets are protected and your IRA is protected because
if you put it into periodic payments. Right, they'll go
after the incompa. They won't go after the asset.
Speaker 2 (17:57):
Not true. Not true.
Speaker 3 (18:02):
And the reason why it's not true is because now
the county's depending on the county. Can't talk about every county,
but I know that a lot of the counties that
we're we're getting lenders from. They basically say, mister and
missus Apple. Mister Apple's in the nursing home. He's got
that large IRA with a million dollars in it, and
(18:24):
he's taking periodic payments. He's taking his RMD. Well, now
he's got to take three or four times out of
there because he's.
Speaker 2 (18:32):
In a Medicaid bed.
Speaker 3 (18:34):
And now we're going to do his payments based on
life expectancy, no longer on periodic payments required minimum distribution.
So the attorneys will say to you, Yep, you're right, Dave,
that's exactly what's happening. I said, Well, what happens if
he lives a long life, what's the end result, Well,
(18:55):
the IRA is going. What happens if the wife needs
the IRA for you know, to live, Well, we can
do some nine to one one planning.
Speaker 2 (19:05):
What is that?
Speaker 3 (19:06):
Well, you'd have to cash it out, and we'd have
to spend it down all in a period of time,
short period of time. And now that million dollar IRA,
if it's taxed, you know, a couple of years period
of time, right, what's that tax liability? And how much
is going to evaporate? So, really, folks, what I'm getting
to here, there's no free lunch. Okay, you can't just
(19:27):
twitch your nois and put your money into a trust
and the county's going to come in now and absorb.
Medicaid expenditure in New York State is astronomical. We're the
number one state we leave the nation and our.
Speaker 2 (19:39):
Expenditures for medicaid.
Speaker 3 (19:42):
Right, check it out, do a little Google search as
far as where New York State stands as far as
Medicaid expend Do you wonder why we have these taxes
that will basically drive you nuts and drive people where
out of New York? See you later. I'm not doing
this anymore. Already paid for my house. Now I got
to pay for it again with school taxes and property taxes.
Speaker 2 (20:06):
Right, who are we fooling?
Speaker 3 (20:11):
So somewhere within this mix, I'm going to try to
give you some answers today of what I think for
most of you that are listening to this show is
their greatest risk in your retirement. If you're mister and
missus Apple and you got one hundred and fifty, say
one hundred thousand dollars of income of which you're driving
(20:33):
Social Security, and you got that big IRA, you know
you got a million, million and a half in an IRA.
You think you're on pretty good ground as far as
where you stand. Well, that depends on zip code. That
depends on zip code as far as where you're moving to.
(20:55):
So before you move and you say see you later, alligator,
I'm out of New York and I'm moving here or
I'm moving there, wherever it may be.
Speaker 2 (21:03):
You need.
Speaker 3 (21:03):
Three out of my four kids live in Florida. I
spent four months in Florida, right, but I haven't made
it my permanent address. But Florida gives you asset protection
on your IRA and also on your home. That's why
a lot of people move to Florida and make it
their permanent address. So complicated landscape, you need to understand
(21:28):
where the land mines are and how your piggy bank
can basically blow up pretty quick if you do not
select the right options for your pre and post retirement years.
So when we come back, we're going to talk about
some actions you can take, things you can do in
(21:50):
order to prepare for what I think is inevitable for
a lot of us in our lifetime because of pills
and stents and bypass surgery and everything that's happening, especially
with AI coming down the track. Now, you're going to
live one hell of a lot longer than you expect.
You're going to be decades into retirement. And my question
to you, how are you going to pay for healthcare?
(22:12):
How are you going to pay for healthcare navigating the
complexities of that in your retirement years.
Speaker 2 (22:20):
Dave copeac this is a retirement Planet show. We'll be
back after the news. All right, I like it.
Speaker 3 (23:10):
All right, we are back. I'm Dave Kolpak, the president
of Time and Plenty Group. We have six locations now
in New York. When I travel outside in New York,
I go to the Regis Corporation r E.
Speaker 2 (23:26):
G US.
Speaker 3 (23:27):
I meet with individuals through the Regis Corporation. They have
offices in most major metropolitan areas. So I'm in Florida.
That's the facility that I use. But We're in Syracuse now.
We have a beautiful office at sixty seven hundred Kirkfield Road,
brand new, absolutely gorgeous spot. We have one in Albany
(23:49):
on eighty State Street. We're in Saratoga slash Malta, Glen's Falls,
Oneana and Hyde Park are new ones in Hyde Park too.
So our message is resonating because our job is not
to sell your products or manage money specifically in one silo.
(24:11):
It's to basically build a plan that basically takes care
of you in your retirement years, everything from investment management,
asset protection, legacy planning, and a course. For a lot
of us it's retirement income distribution. But I'll give out
our telephone number here at the station. This is live,
it's not a pre recorded show. Three one five four
(24:32):
to two one ninety seven ninety seven, three one five
four to two one ninety seven ninety seven. I do
four live shows on Saturday. Saturday is a workday for me,
which I enjoy. And UH, if you have any questions,
you can call. But we're today we're talking about healthcare.
We're talking about healthcare again. Our telephone number at the
(24:53):
studio if you have a question is three one five
four to two one ninety seven ninety seven. Don't be bashful.
We don't bite. Even if it's off topic, that's fine.
But healthcare and retirement, folks, is becoming a major event,
major event. So if you're retiring before that magical age
(25:17):
is sixty five, when you're Medicare eligible, you better explore
your options before you go out and say goodbye, because
the cost of coverage today can literally pop your eyes
out of your head. You know, it's just it's amazing.
I told you about my own personal situation. I'm paying
(25:42):
nineteen hundred dollars a month right now for healthcare and
it's a mortgage again. And to be honest with you,
I don't understand how people are doing it today.
Speaker 2 (25:56):
I really don't.
Speaker 3 (25:57):
I work with a lot of hard working save plumbers, electricians,
people that have small businesses, and you know, this is
something that's really starting to erode not only their confidence
to go into retirement, but maybe their inability to go
into retirement. More and more data is coming out where
(26:23):
they're basically saying, we can't do it, we don't have
enough in the pot or what I anticipated that my
cost was going to be. For some of these services
and benefits that I need during my retirement years are
not attainable. So you're going to have to look at
some maybe alternative strategies. High deductible plans. High deductible plans,
(26:48):
I mean I've seen high deductible plans. They are as
high as ten thousand dollars.
Speaker 2 (26:52):
That's out of pocket.
Speaker 3 (26:55):
So you got protection if it's you know, a catastrophe,
you're in the hospital, a major surgery, but you're going
to pay the first ten out of your pocket. So
here's my question to you. How confident are you with
the plan that you currently have, not only during your
accumulation years, but also how's your plan going to be
(27:19):
implemented in your retirement years.
Speaker 2 (27:23):
So when we sit.
Speaker 3 (27:24):
Down with individuals, we have a strategic partner that we
work with and handles all of our medical insurance. People
are astonished when they look how much medical cost is
going to be in their retirement, especially if they want
to retire before sixty five, right, especially if they want
(27:45):
to retire, you know, before sixty five.
Speaker 2 (27:48):
Then for individuals that go into.
Speaker 3 (27:49):
Retirement, right, they're thinking about, you know, what happens if
I get sick or ill? What am I going to do,
then what are my options? Well, what's transpired is the
insurance companies have come out with new products, new products
(28:14):
that are kind of specific for this large segment of
our population called the boomers, which is now eleven thousand,
two hundred people a day turning the age of sixty five.
So you've got life expectancies increasing. You have people that
(28:37):
are unprepared for a potential health event, and they're trying
to figure out before I get out the door, are
there ways for me to structure my estate in order
to basically receive the benefits that I wish to receive,
and that jeopardize everything that I've accumulated in my life time.
(29:03):
And this only gets more complicated when you add another
layer on top of that called blended families, which we're
dealing with all the time now. Blended families and blended
families can basically cause a lot of concern, not only
(29:24):
in regards to the dynamics of the family, but.
Speaker 2 (29:34):
Who is going to basically take the ball and run
with it.
Speaker 3 (29:39):
If I have children by a previous marriage, or my
wife has children by a previous marriage, and there is
a health event and there is a certain amount of
money that's set aside for those children, and I'm in
a situation where I need care or assistance. What happens
(30:02):
to the money if I deplete those assets before I
go through the pearly gates. The money that was intended
for my children is no longer there. The money that
I have set aside for my new spouse might be there.
And how is that handled? Once I passed away and
(30:25):
either he or she utilizes that money in their lifetime,
does it stay with them or is there a structure?
Is there a policy in place somehow that basically allows
that money to be managed in a prudent way, in
a fiduciary capacity, And once the spouse passes away, then
(30:53):
the money would go to the children from a previous marriage,
helping to what equal lives inherenteds without complicating the estate
plan or what I call the estate battle. I mean,
I've been in my conference room and I've seen people
(31:16):
with their heads almost blown off because of the anger
that's inside them because we didn't dot our eyes and
crossed our t's when they initially started the plan, and
they basically forgot to put in a couple of things
that basically what protected their family, their kids by a
(31:37):
previous marriage.
Speaker 2 (31:44):
There's no easy answer. There's no easy answer.
Speaker 3 (31:48):
There are getting back to long term care insurance. The
new plans that are out there now are a combination
of life insurance with long term care. If you don't
use it, you don't lose it, meaning that the life
insurance typically is owned by a trust, paid into the trust,
(32:09):
and then the spouse can utilize the money in her
or his lifetime, and then it gets passed on to
the children, which we'll talk a little bit more in
greater detail.
Speaker 2 (32:19):
But this is complicated, folks. I've Dave Copeck. This is
the retirement planning show. All right. I like to tune
(33:01):
Alison a good job now. Dave Kopeck is a retirement
planning show.
Speaker 3 (33:08):
We're here on SYR Live on the weekends. Love to
be here, Love qs QS has got a big game
this weekend, Old Pittsburgh. See how we make out right?
You know, I try to put as many holes in
(33:29):
the boat as I can, because my job is not
to tell you how rosy things are. My job is
to basically tell you these are the mistakes that people
have made and how you can avoid them during your
retirement and are quite well aware. If you've got enough
money and things are rosy, it's a yellow brick row.
(33:50):
But if you don't have enough money, or if you
make mistakes, you could really put yourself in your family
in a very difficult spot. Today October eighteenth, twenty twenty five,
my personal feeling is after doing this now for forty
three years, overlooking healthcare costs and not addressing long term
(34:16):
care could devastate your retirement plan then, I mean devastate,
permanently devastated. So what are you to do? The sony
you could discuss this, the better off you are if
(34:36):
you hear any of our ads promos. We have a
thing which I wish I was the one that originated it,
but I didn't. Prudential Insurance used to come out years
ago with a thing called the red zone, and the
red zone is anywhere from three to five years. I
now say it should be five to ten before you
(34:58):
walk out into reti vironment. You need to know what
mistakes you don't want to make in regard to your
retirement plan in order to invest your assets properly, to
minimize risk, not only as far as asset management, but
also to minimize your risk as far as asset protection
(35:20):
and healthcare. So you know, if you invest poorly and
you're not diversifying your investments and you're too conservative and
you don't meet the goals that you're trying to achieve
once you walk out the door, that's not going to
(35:43):
totally devastate you, Okay, But what is going to devastate
you is if you're in a situation and you haven't
dotted your eyes and crossed your t's, and now you're
spending money that you never thought you'd have to spend
to the tune of ten to fifteen to twenty thousand
dollars a month, you're going to wake up pretty quick
(36:06):
and you're going to basically say what do I do
in order to basically get this ship, you know from
basically flipping over. You know a lot of times people
retired too early. Sometimes we have to have conversations with
him that you know, you're not ready to go yet.
(36:29):
You have an unrealistic expectation. Sometimes people have a misunderstanding
of what a withdrawal.
Speaker 2 (36:37):
Strategy should be.
Speaker 3 (36:39):
You know, I had a guy one time who's down
a Florida. He had a small portfolio, not significant. You know,
he wanted to get fifteen percent a year off the portfolio.
So one of the guys that works with me had
to chat with me. He says, Dave, this guy has
unrealistic expectations. They said, well, what'd you say to one?
(37:03):
What'd you tell him?
Speaker 2 (37:05):
Said?
Speaker 3 (37:05):
I can't tell him anything, but this is the number
that he's looking for. I said, well, well I can't,
you know, I said, I'll take care. So I called
the guy and I had a conversation with him, and
I said, listen, you know what I wish I had
this magic wand here in my office, but it's broken.
So you have to have a real expectation as far
(37:27):
as what a withdrawal strategy can be without the money
going away. Before you go away, he says, I'm going away.
I said, okay, you're going away. That's fine. I'd rather
have you go away. And when you blow up, you know,
give me a call, you know, let me know how
(37:49):
you made out with this.
Speaker 2 (37:49):
You know, I only need fifteen percent a year. Well,
he did call me.
Speaker 3 (37:53):
He did call me back, and he blew up because
he was overspending. Spending too much early in retirement can
lead you to outlive your savings. That's a wake up
call right, money's going now, what are you going to do?
(38:16):
So one of the things that I try to overemphasize
is these are the things that can hurt you in retirement.
These are the bumps in the road that you want
to try to avoid if you possibly can. Okay, Now,
we live in a society today where we take better
(38:39):
care of ourselves. People are not smoking their brains out,
you know, we're exercising more, we're eating healthy. We're doing
a lot of positive things, especially my generation, the boomer generation, right.
Speaker 2 (38:55):
So that's a positive.
Speaker 3 (38:57):
The negative is is that some of us have a
tendency to make a dollar and we want to spend
a dollar twenty five. So both extremes that I just
talked about can be problematic. You have to find balance,
and the balances is that ignore all the hot topics
(39:21):
out there what I call the screaming monkeys on Monday morning,
they tell you how great everything is and how wonderful
they are at managing money, and build a plan that's
realistic so you avoid you avoid retirement mistakes. Living today
is expensive. I don't have to tell anybody that's listening
(39:43):
to this show. Living today is expensive. Healthcare, food, taxes,
go through the whole laundry list. I actually feel sorry
for some sometimes, for these young kids that are just
starting off that not only have this responsibility of trying
(40:08):
to have a quality of life and have kids and
blah blah blah, go through the whole laundry list, and
they got this anchor attached to them and it's called
a college loans. So at the retirement Planning group, as
I said, we build plans that we believe are realistic,
(40:32):
are sustainable, And you need to understand the land minds
that you have in your own personal situation. Right, if
you don't have any kind of protection on your estate,
will you nilly? You want to just go and whatever
happens happens. That's fine, it's your money. But if you
want a plan, and I emphasize that word, that four
(40:52):
letter word, because everybody that basically comes in, I'll say
to them what I say all the time. Plan, Yes, sir, yes, ma'am.
Speaker 2 (41:02):
A plan.
Speaker 3 (41:03):
You need a plan, because if you don't have a plan,
what's the thing that I say on it? Any destination
will do the domino effect. When the first domino drops,
how many more are going to drop? Well? I want
to know where they're all going to drop. When the
first domino drops, I want to know where the rest
of them are going to go, because I want to
(41:23):
make sure that I have a block somewhere that they
don't keep on going, that it stops. So I know
that I have plenty of money in order to facilitate
quality of life, and there's ways to do that.
Speaker 2 (41:36):
That's why we.
Speaker 3 (41:37):
Integrate all the time with attorneys and CPAs to have
a strategic plan that is not only specific to you
and what you're trying to achieve, but also a plan
that everybody feels comfortable with. We're all on the same
page because I can't tell you how many people I've
met with that at irrevocable trusts and the houses in
(41:58):
there are nothing else. Well, how come you didn't put
any more money into the trust? Well you know I
can't get the money. Well it's not true. You can
get the money. You can do partial revocation. You do
realize that we're the only state of the fifty that
allows you to do partial revocation. Yeah, but then I
got to get my kids. Well, if the kids don't
(42:18):
give you the money, then fire the kids, because you
could change your trustees at any time. But going back
to what we originally started with today, I'm a big believer,
whether it's the retirement planning group or someone that you
feel comfortable dealing consulting with, a financial and I emphasize
(42:41):
this word too, financial team, not an advisor team is
the best way for you to basically reach your goals,
your specific goals, and to ensure that you're going to
have a retirement that is lasting, stress free and allows
(43:02):
you to do all the things that you wanted to
do in your retirement years. And what minimize what stress?
We don't want stress, We want happiness, we want joy.
If you think we're the team where you want to
come in and kick our tires and we'll kick gears
a lot of times. I've met a wonderful gentleman that
came in older guys in his eighties. We had a
(43:24):
nice chat. He's got probably the best long term care
policy I've ever seen. He's got about eight hundred thousand
dollars in protection. He's paying a fraction of the cost
to what I would think that he should be paying
for the thing. And we had a nice chat and
I basically said to him, you know what, my good man,
you hit a home run. I can't help you. You're
managing your money properly. You've got a good plan, the
(43:48):
people are taking care of you, you got good protection,
you got a fantastic long term care policy. You know what,
Go enjoy your life. You've done your best and it's
come out to be fantastic. But some people come in
and I say, I think we can help you. And
(44:11):
in the second meeting we come back with ideas and suggestions.
Let you go home and think about it, and then
at the third meeting, if you're ready, we implement. We
put the pedal to the metal. So if that sounds
like something that you're looking for, that's what we do
with the retirement Planning group. And again, as I said,
(44:33):
we're at sixty seven hundred Kirkfield Road, Suite one A.
As soon as you pull in, you'll see two signs
parking for a retirement planning group. I've been coming out
to Syracuse quite a bit over the last few years
because we do a lot of work with National Grid.
We thought it would be not only in our best interest,
but also the best interest for our clients that are
(44:55):
currently out there to have a presence. But I couldn't
be prouder love Syracuse because you're quite well aware. I
love the restaurants out there. One of my favorite spots,
of course, is not too far from our office, is.
Speaker 2 (45:06):
The Brooklyn Pile.
Speaker 3 (45:08):
So listen, you guys, have a great weekend. If we
can be of assistance, give me a call at the office,
and if not, we'll see you next week for another
retirement planning show.
Speaker 2 (45:19):
If they create, don't rise.
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