Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:12):
All right, q's, q's, q's what's up? What's up? A
little football, a little basketball? You got my son with
me today, Christopher William You are anxious to see Carmelo's son.
Speaker 2 (00:37):
He looks good to the first two games. Yeah, yeah,
good things. Now I just want to see when the
competition gets stepped up a little bit. Yeah, how's he
gonna play?
Speaker 1 (00:46):
Put the rubber to the road. You get some some ballers, right,
because you're quite well aware. I'm a huge basketball fan.
Love Q's gonna be going to some games. You'll see
me with my jersey in my hat. You know, everything orange,
even my head. I'm gonna paint my head orange. Here
you go get you yeah, orange man, yep, orange man.
(01:09):
They call me a retirement man, but when I go
to the Q Stone, I'm orange man. So to our listeners,
good afternoon, Thank you for tuning in. We've had some
wonderful appointments. I'm out there this week in Syracuse. Are
you come up with me or Nico. I'm going out Friday,
so you are going out Friday. I'm going out Thursday.
(01:33):
So Thursday and Friday will be there. I might spend
the night and hang out with you. Guys, just chill.
But we have a brand new office, the Retirement Planning
Group at sixty seven hundred Kirkfield Road, Sweet one a
easy to find, easy to get to, five minutes off ninety.
It's a phenomenal location. Phenomenal people. Couldn't be happier with
(01:54):
the individuals that run that building. They do a wonderful job.
Sixty seven hundred Kirkfield Road. If you want to come
in and have a chat with us, we do offer
a complementary consultation. It's pretty easy to do. Just dial
our office at eighty eight eight five eight zero one
nine one nine eight eight eight five eight zero one
nine one nine and we'll be more than happy to
facilitate a face to face meeting. Met wonderful people are
(02:19):
kind of people, hard working savers. And today we have
open lines last week. Now we need a one phone
call last week. So I'm very disappointed. Come on, this
is talk radio, folks, And I know that everybody here
seems to think that they've got all of their stuff together,
all their ducks in a row. But I know that's
not true, and you know that's not true. So the
(02:39):
telephone number to call us is three one five four
to two one, ninety seven ninety seven. We are live
three one five four to two one ninety seven ninety seven.
You got a question. There's a lot of other people
out there that have the same question. And if we
don't know the answer, we'll definitely come back next week
and give you the answer. And again ninety seven ninety seven.
(03:03):
We got to make sure that these engineers are making
their money today. So there's a lot of information out there,
Chris about the gen xers. Yes, there is, and it
ain't good. It ain't good. Fifty of them right now.
And the gen X for people know who the gen
xers are. Gen X is right behind the boomers. They
(03:24):
turned sixty five years of age. In the very near future,
I believe in two thousand and thirty, the tip of
the iceberg starts for gen X. Fifty percent of these individuals,
fifty percent of these individuals do not believe that they're
going to be able to retire. It's huge, when I
say huge, huge, a lot of uncertainty. A lot of
(03:47):
people feel that their choices that they've made have been bad,
they've undersaved. Probably they got beat up when we've had
the financial crisis and had really had a hard time
putting their money back in the stock market when they
should have probably just stayed there. So we'll talk a
little bit about that today, but hopefully we got some
(04:09):
phone calls and questions from you three one, five, four
to seven ninety seven. The other thing I want to
talk about a little bit. Uh, we're doing a lot
right now with individuals that are making choices in regard
to their health insurance because this is the time of
year when you can change your plans and a lot
of people are starting to see sticker shock. Chris.
Speaker 2 (04:31):
Yeah, it's an expensive, expensive area in the healthcare area.
I think the numbers are pretty staggering from you know,
across the board, no matter what you're looking at as
far as coverage, and for those folks who trying to
retire early, the main concern are one of the top,
you know, three concerns whenever we come in and sit
(04:53):
with people is how do I get to medicare? And
what do I do? How do I bridge that gap
if I want to retire at fifty eight or sixty
in what is that going to look like? As far
as my auto pocket out of pocket expenses after I
leave my works plan.
Speaker 1 (05:11):
Well, just so people know that you can have Cobra
for a certain period of time and then you've got
to basically go on to your own plan. I was
at the golf course this summer and I was sitting
next to a gentleman with his three pals. They had
just finished and of course I overheard their conversation because
I was leaning back trying to hear their conversation, so wedropping. Yeah,
I was. I was eavesdropping. So make a long story short.
(05:33):
I heard this gentleman say, oh my god, I can't
believe it. You know, the guy was like fifty eight
to fifty nine years old. He because it's going to
cost me sixteen hundred dollars a month to retire if
I want to continue with the health insurance, and that
number is going to go up dramatically because they anticipate
right now healthcare for twenty twenty six is going to
go up anywhere from fifteen to twenty percent. So you know,
(05:56):
it's a high ticket item. It's an investment that you
really need to understand as far as how you can
apply your pools of money in order to facilitate. But
bottom line is is that if you're not having this
conversation before you retire. You're doing yourself a huge disservice.
So let's go. Hey, listen, we got the guy that
(06:17):
broke the ice this week. Rich Rich around the air.
Speaker 3 (06:24):
Last week, but you didn't really answer the question. I
got considerable lot of money and four oh one and
a couple other investments, some seventy issues. Actually I'm over seventy.
I'm wondering what I can do or advice I can
give my kids who are going to get the large
chunk of money that's left over. I have like three
children that'll be distributed to. Is there something I can
(06:46):
do now to save them some tax burden?
Speaker 1 (06:48):
Oh yeah, you have a wife.
Speaker 3 (06:52):
Oh yeah, she's got consideratile that's part of our package too.
She's got quite a bit of money.
Speaker 4 (06:56):
Put a way too.
Speaker 3 (06:56):
We're baby boomers, though.
Speaker 1 (06:59):
Well, this is what I would say to you. We
just did a plan for a client down by Hudson,
New York, which is in the southern steered tier of
the state between Aubany and Newburgh, and they they just
took a portion of their distributions off of their iras
(07:23):
and they're going to basically take their R and D
the required minimum distribution. They're going to have it paid
into a survivorship second to die life insurance policy and
held by a trust, and their kids are going to
get one million dollars totally tax free when the husband
and wife pass away and whatever else is left in
the pot. The money will be held in a trust,
(07:45):
which means it's protected from creditors and predator predators and
evil son laws and daughter in laws held outside the estate,
and all that money will be tax free to the kids.
Speaker 3 (07:56):
What is the vehicle pond.
Speaker 1 (07:58):
It's called a second to die survivorship life insurance policy.
But this is what I think you should do. You
should pick up the phone and call us and come
on in for an appointment and I can go through
this in detail. I'm actually going to be in Syracuse
Thursday and Friday this coming week, and I know I
have a couple of slots that are open. I can
sit down and just discuss it with your face to
(08:19):
face and show you how powerful this is.
Speaker 3 (08:23):
We already have an existing trust.
Speaker 1 (08:26):
Okay, yeah, that's good. So this.
Speaker 3 (08:31):
Is like a insurance policy we be able to add
to the trust.
Speaker 1 (08:35):
YEP. And if the thing is is that isn't an
irrevocable trust or revocable I don't.
Speaker 3 (08:42):
Remember right now. It's a better one, okay.
Speaker 1 (08:46):
Well the better one, the better one. The better one
would be the irrevocable trust because you don't want any
incidents of ownership and you basically want to have these
assets pass on tax free to your kids. And the
trust can act in a fiduciary capacity, meaning that the
money is paid out at certain intervals weddings, you know,
purchasing a home, college education. You know, you can basically
(09:09):
control the money from the grave if you wanted to.
And then it's also, like I said, it's protected from divorce, evil,
sudden laws and daughter in laws, all the things that
you want to make sure that the money follows your bloodline.
It doesn't go to the pool. Boy.
Speaker 2 (09:25):
Okay, there's other strategies as well too. There's you know,
wroth conversions. But you know, there's a lot of different
ways to look at it. You know, a year before
that RMD.
Speaker 3 (09:35):
Age, well I am taking a rm D, so I said,
I'm seventy ish. I'm actually seventy seven. I have been
taken an R and D for a while quite a while.
Speaker 1 (09:47):
Now, old your wife.
Speaker 3 (09:49):
I'm just putting my rm D in a aproperates accountant.
Speaker 1 (09:52):
Yeah, we got to take a hard break. But give
us the call and we'll sit down with your face
to fates.
Speaker 3 (09:59):
Hey you're.
Speaker 1 (10:03):
I'll give out the number.
Speaker 5 (10:04):
At the aftersay you've.
Speaker 1 (10:21):
Spent a lifetime saving for retirement. Now it's time to
make that money work for you. Here's the secret most
people miss. You have to create your own retirement income plant.
Social Security is not enough, pensions are rare. You need
a strategy that turns savings into monthly income that will
last a lifetime. At the Retirement Planning Group, we build
customized income distribution plans so you can retire with confidence,
(10:43):
retire smart, live well. Call eight eight eight five eight
zero nine nine for your complementary consultation.
Speaker 6 (10:51):
Planning for retirement doesn't have to be overwhelming, especially when
you have the right team by your side. At Retirement
Planning Group, Dave Kopig and his team are here to
help you build a strategy tailored to your goals and lifestyle.
Whether you're nearing retirement or just getting started, now's the
time to take control of your future. Schedule your free
consultation today at rpgretire dot com or call eight eight
(11:15):
eight five eight zero nineteen nineteen Retirement Planning Group Retire
with confidence.
Speaker 1 (11:22):
Are you ready for retirement or just hoping it works out?
Don't leave your future to chance. At the Retirement Planning Group,
we hope you create a personalized retirement plan so you
can relax knowing you are prepared. Take action today called
eight eight eight five eight zero one nine one nine.
That's eight eight eight five eight zero one nine one nine.
Or visit us at our website rpgretire dot com to
(11:45):
schedule your complementary consultation. Your future will say thank you.
Speaker 7 (11:50):
When US Navy Chief Petty Officer Michael Thomas Earnst was
killed in the line of duty, Tunnel to Towers provided
his wife and children with a mortgage free home. Tunnel
to Towers was founded in the aftermath of nine to eleven.
The Ernst family is one of many the foundation has helped,
but many more heroes and their families are still in need. Together,
we can say thank you by showing them our support. Now,
(12:13):
donate eleven dollars a month to Tunnel to Towers at
T two T dot org. That's t the number two
T dot org.
Speaker 1 (12:20):
You've spent a lifetime saving for retirement. Now it's time
to make that money work for you. Here's the secret
most people miss. You have to create your own retirement
income plant. Social Security is not enough, pensions are rare.
You need a strategy that turns savings into monthly income
that will last a lifetime. At the Retirement Planning Group,
we build customized income distribution plans so you can retire
(12:41):
with confidence, retire smart, live well. Call eight eight eight
five eight zero nine one nine for your complementary consultation.
All right, we are back. I'm Dave Copeck you. This
is a retirement planning show. We're here on the weekends
(13:03):
from one to two to hopefully answer your questions, educate
you on basically some of the obstacles that you'll face
pre and post retirement planning. Rich called in with a
great question. We do a lot of work in legacy planning,
a substantial amount of work and stretch IRA, which doesn't
exist at all anymore. So what we're doing is we're
(13:25):
trying to define alternative ways to get assets, the most
tax efficient way to children and loved ones, family members,
the least amount of tax, and the most amount of protection.
The thing is is that like this gentleman that just
called in today, Rich, he's already in rm D. He
can't do Roth conversion with his rm D. He can
(13:47):
do anything over and above, but he can't do his
rm D for Wroth conversion. So what's the other option.
It's what we just talked about, survivorship life insurance. So
I know it sounds complicated, but when you look at
these numbers and you see what's guaranteed, key the word guaranteed,
it's pretty astonishing the amount of wealth that you can
pass on to the next generation. But Rich, I'll give
(14:08):
out our telephone number. Eighty eight five eight zero one
nine one nine is our telephone number to schedule an
appointment for your complementary eighty eight five eight zero one
nine one nine. And again today the engineer is very
happy you got him on his toes. He wants another
couple more phone calls. Three one five four to two
one ninety seven ninety seven. And you got a question,
(14:31):
believing there's a lot of other people out there that
have the same question. Three one five four to two
one ninety seven ninety seven, whether it's on investments, legacy planning,
long term care planning, whatever it is that has to
focus in on either pre or post retirement. Uh, we're
talking a little bit about gen xers now. The oldest
(14:52):
gen xer is turned at sixty five in the year
two thousand and thirty, and there is a lot of
data that they have major shortfalls as far as the
assets that they've accumulated. But also fifty percent of them
right now have zero almost zero savings in retirement and
they expect to work for the rest of their lives.
(15:14):
So if that is the case, is there any easy
answer in order to facilitate how to get them out
of this situation and basically put them in a better spot.
And as my son said, the best time to start
planning for retirement is yesterday. Okay, you gotta just do it.
You got to motivate yourself. You got to set some standards,
(15:35):
you know. As I've said over and over again, I'm
a huge Dave Ramsey fan. Dave basically says, sometimes you're
gonna have to go to greens and beans. Sometimes that
BMW in the driveway is gonna have to be a Honda.
Sometimes that big house that you got in the lake
is going to have to be a house in a
suburb somewhere. You know, you gotta be realistic because there
is no easy solution. There's no magic sauce that basically kaboom.
(16:02):
Now you got this big pile of cash unless you
were fortunate last night you were down in Georgia and
you won that lottery ticket for nine hundred big ones,
nine hundred million dollars. You agree with what I'm saying here, Pal, Yeah,
I do.
Speaker 2 (16:16):
I mean, I think it's something that is you know,
every there's no get rich quick scheme when you're trying
to save for retirement. It's a slow, consistent process that
has to do with staying consistent. You know, Consistency is
everything when you're when you're dealing with building out a
retirement plan. It's it's following it. It's understanding you know
(16:36):
what investments you're in, where you are as far as
you know, stomaching risk and staying consistent and continuing to
make those contributions to this plan until the eventual you know,
exit and knowing what your what your current standard of
living is, you know how much how much money is
going out the door to maintain your lifestyle right now
(16:59):
over the next thirty years of retirement. You know if
you were to retire at sixty five. You know, all
of our projections go out till ninety five as far
as life expectancy, because we like to over anticipate.
Speaker 1 (17:13):
On that end. You know, we write life, I'm gonna live.
I'm living well past that man. Yeah, I'm going for
the big drilling triple. I'm going for the triple one
zero zero, Baby, come I come around the bed at
ninety nine. I know I'm almost there. I know. I
know I'm gonna stay away from you. I know because
I know You've got a boat in the garage. It's
(17:34):
got lots of holes in it.
Speaker 2 (17:36):
Yeah, take you out for a swim deck?
Speaker 1 (17:39):
Can you go for a boat ride with me? Now,
let's go fish? No, No, take you out fishing. May
go fishing and take you out with the Fishi's dead.
But the bottom I gets down to is that, you know,
we all have different ways, in different solutions in the
financial services business in order to facilitate getting to the
finish line. Problem is is that there's a lot of
(18:00):
people out there that have not taken the time, have
not dedicated themselves to sit down and build out a plan.
I say it over and over again, when people come
into our office and we sit down with them on
the initial consultation, I'll tell them right straight up in front,
you know how am I doing it? I said, You're
doing fantastic, You're doing good. You got a nice pile
of money here. But the thing is is that you
have no destination. You need a plan. You got to
(18:23):
basically finish it. So when the first domino drops, you
know where the rest of them are going to go,
because you don't want to be in a situation that
assets are retained by people that have health issues and
instead of going to your family or your loved ones,
the money's going to go to the nursing home. Right.
Speaker 2 (18:37):
And here's a few questions as well to like ask
yourself and see, you know, what you would actually do
in retirement. Obviously the whole gear up to get to
retirement is one thing. But you know, questions that we
often ask is if your paycheck or to stop tomorrow,
how confident are you in that your investments that you've
accumulated up to this point in your life are going
(18:59):
to replace that paycheck every month for the rest of
your life. So that's a huge question that comes up,
you know, replacing that income. It's something that we can
project out, but there's got to be adequate savings there
to then distribute that based off your what we can invest. Uh,
do you know exactly where your retirement income is coming
from and which source you'll tap first?
Speaker 1 (19:22):
So that's that's huge. Your IRA.
Speaker 2 (19:24):
If you have an IRA, an individual account in a
row account, which one should Where are you're pulling from?
And that's a question we get often is you know
what should these accounts should I pull from?
Speaker 1 (19:33):
What's your position? I think it's the IRA account.
Speaker 2 (19:36):
It's typically the largest, and it's the one that's going
to cause you the most tax liability, and your beneficiary
is the most tax liability. So that's the one that
you should spend down.
Speaker 1 (19:45):
It's the most problematic asset at your estate. There's never
a step up in basis. Money is always taxes ordinary income,
and when you send it down the road, you're sending
an ird income or respected that the seed YEP, thank
you so much. Now I've got this shoe tax liability.
So the money that you really want to like continue
to grow is that wroth Because wroth never an R
(20:06):
and D always tax free, and it's a great bucket
of money to tap into because Fidelity just came out
with the custodian of all our assets one hundred and
seventy two thousand, five hundred dollars a healthy sixty five
year old couple per individual one seventy two, five times two.
(20:27):
It's going to be necessary in order to have out
of pocket expenses for healthcare during your retirement years. And
that does not does not include long term care, does not.
And we just had a show with an attorney and
we were just talking to him about long term care.
What the expenses in New York State you can average
(20:48):
about one hundred and eighty thousand dollars a year for
long term care. One hundred and eighty thousand dollars. So
you need to step up. You need to build out
a plan. You need to understand that there are going
to be bumps in the roads and when you do
face them, and when you do come to them, what
are you gonna do. Do you have a plan or
you're just gonna overreact, because that's usually when people get hurt.
(21:10):
If you don't have a plan, then you react, and
typically a lot of times people will react in a
negative way.
Speaker 2 (21:16):
Right right, and then to highlight or I guess add
to that. It's the other question that goes along with
all this is what scares you more in retirement running
out of that money or not being or not enjoying
what you work so hard to save, you know, spending
and doing all the things on your bucket list, items
(21:37):
that you you know, have been anticipating in retirement, or
you know, is this going to last the rest of
my lifetime?
Speaker 1 (21:43):
How long am I going to actually live?
Speaker 2 (21:46):
So there's another you know, there's there's multiple questions and
scenarios that we can go over with you. And that's
why we utilize E money as like a snapshot dashboard
for everybody to build out these plans, because you know,
most people don't have a written retirement plan. You know,
it's just something mental that they have in their head
that they say, yeah, I think I'll be okay, you know,
(22:07):
I got this and this and this, but they don't
actually have somewhere to sit down, put all the pieces
of the puzzle together and figure out, all, right, well
this is what I have set up.
Speaker 1 (22:16):
You got a great start, and I'll finish it for you. Okay.
Why do you want to bridge to higher social security benefits?
Why would you use some of your IRA and spend
it down aggressively and not take your social Security benefit?
And the reason for that, of course, is what social
(22:38):
Security gives you guaranteed lifetime income well a coal cost
of living adjustment, and the longer you wait to take it,
the higher the benefit is. The maximum of course is
age seventy. For a lot of you that are listening
to the show, FRA is going to be sixty seven.
So if you wait it until age seventy, you're going
to have a much higher benefit that has a cost
(23:01):
of living adjustment. And because a lot of us old
guys like the merry young women, you're going to leave
the higher of the two social Security benefits, which will
be the one that is the husband's, to the surviving spouse,
which will be her benefit for as long as she
shall live. Because the higher the two stays with the
surviving spouse.
Speaker 2 (23:22):
Yeah, and we run a calculation when it comes to
social security. You know, if you don't have that age
gap with your spouse, I mean it's it's it comes
down to when is that break even point? If I
were if I were to take social Security at sixty two,
you're in or delay it and take it at sixty
seven or seventy you know, you're forfeiting five years of
(23:43):
income to delay to that, you know, sixty seven point.
So it's it all comes down to a calculation on
when when does that when does that break? Even when
do I actually make more money? And it usually is
anywhere from seventy eight to eighty two years old is
when you know it makes more sense for someone to
(24:04):
delay and take it at you know, sixty five, sixty seven,
seventy over just taking it right at sixty two when
it becomes available for you. So it's something that it's
a personal you know, person by person choice, health, health, health, longevity, health.
Speaker 1 (24:20):
Is also a consideration, uh in order. But bottom line
gets down to we're gonna talk a little bit more
about this when we come back. We have open lines.
We had one phone call. We want many many, many, many,
many more when we come back. Three one five four
to ninety seven ninety seven three one five four two
one ninety seven ninety seven. I'm Dave Copec. This is
the Retirement Planning Show. We'll be back after the local
(24:43):
news and national.
Speaker 6 (24:53):
Time flies and retirement will be here before you know it.
Are you ready? Don't wait until it's too late to
get your plan in place. Dave Kopek and the team
at Retirement Planning Group are helping people just like you
take control of their financial future right now. Call eight
eight eight five eight zero nineteen nineteen today or go
to rpgretire dot com to schedule your consultation. Retirement won't wait.
(25:18):
Why should you?
Speaker 1 (25:21):
Attention future retirees. A financial threat is putting your retirement
at risk. The cost of long term care can be
well over one hundred thousand dollars a year fidelities. Recent
studies suggest retirees could need hundreds of thousands of dollars
just to cover medical expenses in retirement. You need to
address this risk now. To be prepared, hould my office
(25:42):
to find out your options well eight eight eight five
eight zero one nine one nine eighty eight five eight
zero one nine one nine for a complimentary consultation.
Speaker 7 (25:52):
Born on America's darkest day of nine to eleven, the
Tunnel to Towers Foundation has been helping America's heroes ever since.
People who put their lives on the line for our
country and our communities need your help now more than ever.
Join Tunnel to Towers on its mission to do good
in their honor. Never forget nine to eleven or the
sacrifices of this country's heroes and their families. Show your
(26:14):
support donate eleven dollars a month at T two t
dot org. That's T the number two T dot org.
Speaker 1 (26:21):
We are living through the greatest wealth transfer in the
history of mankind. Trillions of dollars of wealth will change
hands from one generation to the next. Your money to
our beloved children and grandchildren. Are you ready? Your future
is written by chance, it's written by action. Now's the
time to build your plan, protect your assets, and position
yourself for the opportunity. Don't wait, take action. If future
(26:44):
favors those that are prepared, call eighty eight five eight
zero one nine one nine. That's eighty eight five eight
zero one nine one nine. All right, we are back.
Just so everybody knows, we had a gentleman that called in.
(27:04):
We do talk about stocks and bonds. So if you
want to talk about stocks and bonds, we can talk
about stocks and bonds. You want to talk about IRA's
four oh one k's, you want to talk about how
to set up your estate, long term care planning. This
is my believe it or not, folks, I know I
sound like I'm just a baby. My forty third year
(27:25):
in the business. I started in nineteen eighty two, and
of course this is my twenty sixth year in radio.
So hopefully you find this show educational and informative. That's
our goal. And uh, if you do, if you do
have a question, don't be bashful. Three one five four
to two one ninety seven ninety seven. Three one five
(27:47):
four to two one ninety seven ninety seven. Believe me,
if you have a question, a lot of other people
out there probably have the same question. So be a
radio star today, get on the air. So I want
to talk a little bit. You know, I just looked
at the break and I'm sorry to say. You know,
Syracuse is bombed. Like the last six six in a
(28:09):
row lost football six in a row. Yeah, oh and
six in the last six games. I mean, I don't
know what's going on. I mean the first three games
they were dancing in the street. They thought the guy
had a new contract, you know, from one of the
major You know, they're worried that he's going to basically
blow out of town. But I don't know. You know,
(28:31):
it's too bad because they really started off on a
high note. Hopefully they can get a rally here and good.
I don't know, maybe one or two more wins, but
at that record, their record, I don't think gives them
the ability to go to a bull So again, if
he got a question three one five four to two
ninety seven ninety seven, three one five four to seven
(28:52):
ninety seven, we're talking about gen X and the problems
that they're going to be facing in their pre and
post retirement years. A lot of them are under the water.
They don't basically have any money zero save for retirement,
about fifty percent of that population. And what is their bonanza, Chris,
What can they hope for? What they got their fingers crossed?
(29:14):
Because what's happening over the next fifteen to thirty years.
Speaker 2 (29:20):
The transition of wealth that's going to happen from the
boomers into their pockets.
Speaker 1 (29:25):
Greatest wealth transfer in the history of mankind, estimated to
be somewhere between eighty five and one hundred trillion dollars
from the Boomer generation to the Gen X and grandchildren
and great grandchildren, unbelievable amount of wealth. Are you prepared
and do you have your estate set up like a
(29:47):
rich called one of our first callers todays talking about
you know, is four oh one k. You know how
he ultimately wants to leave those assets. You don't want
to leave it in the four one K brother, I
can tell you that, because that's a nightmare for people
that are trying to do legacy planning with assets. You
want to move it into an IRA and get tactical
(30:07):
with that money as far as you can have multiple iras,
multiple irays for multiple objectives. And just remember, if you're
already an R and D, you can't do a conversion
with the rm D figure for ROTH, right.
Speaker 2 (30:21):
Right, It's got to be anything over that. Yeah, So
that's why before that's why I asked them the question
of you know, are you already taking rm ds because
before r m D age it does make sense, you know,
if someone does want to convert to ROTH, because you
don't have those large distributions already coming off that are
forced to come out that you can't convert because the
(30:43):
government wants their tax dollars on it, So you would
have to do anything above and beyond that rm D amount,
which you know now you're just completely you know, depleting
the IRA account probably a lot faster than you would like.
Speaker 1 (30:58):
And the thing is is that you need know what
you own. You know, it sounds kind of corny, know
what you own, because the thing is is that when
you tactically move assets later in life, depending on your
health age, you want to make sure, especially if it's
important for you to protect assets because once you expose them,
you might be in a situation where they're going to
(31:18):
be gobbled up by medicaid your local county in order
to pay for assisted living long term care. So you know,
you need to have a plan. You need to work
the plan not only when you're early stages of retirement,
but all through all four stages, all four stages of
retirement pre post you know slogo no go and you know,
(31:41):
go go. You want to make sure that you understand
that there's ways to tactically manage assets in order to
protect them for you know, bad weather, you know the
storms of the financial markets and also the storms of
the tax man cometh.
Speaker 2 (31:58):
Yeah, you want to build a resilient port folio based
on how you want to spend that money as well.
So whatever your your long term goals are for retirement,
whether it's traveling or spending time with family or you know,
leaving it as a legacy or spending it down. You
know a lot of people are saying, you know, I
work my tail off for this money, I'm gonna spend
(32:18):
it in my life and whatever I did say tail
good boy, Yeah, I almost said. But yeah, that's the
other you know mindset that we hear a lot, and
there's nothing wrong with either of them. You know, leaving
a legacy is one thing. But then spending it down
because you feel like you you earn that money, you
want to utilize it in your lifetime and enjoy it.
That's that's totally fine. That's something we see as well.
(32:40):
And then we just gear the assets, you know, to
be more income focused and not as much equity exposure,
and then they spend it down throughout their life.
Speaker 1 (32:49):
Well, here's here's another thing that I think and I apologize,
my phone is ringing. My booking wants me to place
a bet. Yeah, right, that make a long story shirt.
One of the things that you want to make sure
that you're doing is that, you know, consolidation and simplification
is your friend. That's the other thing that we want
(33:09):
to overemphasize consolidation and simplification, especially if you have a spouse,
which is you know, it doesn't make any difference if
it's the male or female that has either no desire
or no interest in managing assets. The more you can
basically simplify that and make sure that all the ducks
are in a row, it's going to make it much
easier for that person. You know, most of the wealth
(33:30):
over the next ten to fifteen years is going to
be controlled by women, about two thirds of this wealth,
because guys die first and the wives live longer. So
women are going to control a considerable amount of wealth,
and they better have a team surrounding them because you know,
it's not uncommon that we meet with a lot of
people now that they have well over seven figures and
(33:51):
the wife of the male is basically sitting there and
just say, you know, I could care less. This is
really not something that I want to take a lot
of my own personal time. So find a team that
you feel comfortable with, fine an organization that you feel
comfortable with, and make sure that they have the capability
of not only taking care of your assets pre but
also post retirement. Right.
Speaker 2 (34:11):
And then part of that too is you know, if
you're if you're planning for what's coming up here. We're
almost at the end of the twenty twenty five which
is pretty crazy, so we're starting to look at year
end things as well, which in the coming weeks you'll
hear us touch more on this. But you know, tax
loss harvesting is something that we're you know, looking out for, uh,
(34:34):
with the equity market being at all time highs, the
you know, some positions maybe at a loss, deferring some
of these gains till after the new year. You know,
if you were to sell something at a fifty thousand
dollars gain, say on December we'll say December twenty eighth
of this year, versus waiting till January first or second
(34:57):
of next year, well you actually just sold that and
now you're in you know, the gain applies to your
twenty twenty five tax return rather than your twenty twenty six.
So there's there's some things like that that we're looking
out for now.
Speaker 1 (35:07):
You know.
Speaker 2 (35:08):
Roth conversions is another thing. You know, before that end
of the year, by December thirty first, for folks who
are in that phase where they're not taking their r
and ds yet and they're looking to you know, segment
some of this money over into a more tax preference estate.
We are looking at some of that for some of
our clients as well, and then just rebalancing, you know,
(35:28):
rebalancing any appreciated holdings.
Speaker 1 (35:30):
Ending the year here. You know, it is a pretty
good year.
Speaker 2 (35:33):
In the market, but you know, the AI in tech
wave that we've seen really push the market to all
time highs and all time highs again.
Speaker 1 (35:46):
It's uh, okay. We got a phone call er. I
believe Harvey is on the line. I believe it's Harvey Harvey.
How are you?
Speaker 4 (35:54):
I am all right right now. I just got out
of the hospital two days ago with a SIP. I
was in Saint Joseph's, the best hospital for that, and
they were.
Speaker 1 (36:02):
Yeah, yeah, a matter of fact, my cousin at a
FIB just stay make sure you stay on top of
that army.
Speaker 4 (36:08):
I am going to and I already was, because you know,
I went to the hospital on my own and my
wife's impetitioned to know, to get back going. I had
from a brook plesure. I had blood pressure eighty over
seventy with our rate of ninety eight. That's like bad,
bad bad. We just high tailed it. Down there and.
Speaker 1 (36:24):
I'm going to ask you. I'm going to ask that
you stay on line because we have to take a
hard break down when we come back.
Speaker 4 (36:29):
I knew you would.
Speaker 1 (36:30):
We'll get your question. Okay, Okay, great, but I wanted
to let you know that you're up next.
Speaker 4 (36:34):
Okay, yep, thank you, Okay, I'll hold on the phone
cone here.
Speaker 1 (36:38):
Thank you, Thank you, Harby.
Speaker 6 (36:49):
Time flies and retirement will be here before you know it.
Are you ready? Don't wait until it's too light to
get your plan in place. Dave Kopek and the team
at Retirement Planning Group are helping people just like you
take control of their financial future right now. Call eight
eight eight five eight zero nineteen nineteen today or go
to rpgretire dot com to schedule your consultation. Retirement won't wait?
(37:14):
Why should you?
Speaker 1 (37:23):
All right, we are back and I'm not going to delay.
Anybody has a question three point five four two one
ninety seven ninety seven, any question at all, and we're
going to go back to Harvey, who had a question.
And we're glad that you're out of the hospital. Harvey.
Speaker 4 (37:41):
Thank you. Uh, Dave, I don't know if I can
be succinct and bright at the same time my husband. Okay,
even right through the aphib and all that, truly, luckily,
I'm blessedful. Well, I'm a retired postal worker on a
postal pension, a decent one and thirty four and a
(38:01):
half year is creditable. Dragged in my military, dragged in
my other federal employment with Social Security, I worked for
a while. That's a good retirement. My wife has a
retirement from cooperative extension when means it, which means a
state pension. My other years. Social Security is very trapped on,
(38:21):
down to one third of what it should be because
a postal pension somebody put through a law, a Texas
guy put through a law that makes it an estate
on the books all this time. I think it's going
to be lifted soon, but maybe right now. But I
don't think it's gonna affect me because I'm probably grandfathered
into the stupid land of having two thirds of my
regular Social Security taken away because I have a postal retirement. Okay,
(38:45):
my sister in law, when she passed away, we didn't
know they had any money. She didn't leave the house,
We don't really never found a will, but she left
an investment portfolio with Prudential to us and into substantial
it's a over three hundred thousand dollars. It was then, No,
it was three ten. It was three ten when we
got it. We talked to a guy at Prudential. Young
(39:08):
guy didn't seem to me to trust, just have a feeling.
I don't really inherently trust the guy. A what do
you think I should do with having no assets in
the bank to seat of other than that trust? That
thing that's just trust. One that was that was will
to my wife, her sister, and we have that at
(39:28):
least in some bank and two houses, have.
Speaker 1 (39:33):
Children, no children.
Speaker 4 (39:36):
To worry about progeny getting or anybody else in the
family getting. There's no family left to get.
Speaker 1 (39:41):
Do you have a trust? No? Okay, so your concern
is just quality of life, not legacy.
Speaker 4 (39:48):
He yes, and I have other concerns as in getting
the heck out of these properties, but that's not your
Bailey lick. But I want to ask you right out
and openly. Are you a friend of John Murphy with
the Saint Harbor Wheels and trust? They're more or less
someone in the same business as you are. Are your competitors,
are your friends. Is he good? Are you better?
Speaker 1 (40:08):
I would talk to you, not on the air about that.
Speaker 4 (40:11):
Yeah, I'm not right. I'm not gonna do that exactly
on it.
Speaker 1 (40:14):
I'm not I'm not going to make an announcement of
what my personally is until I sit down and I
have a chat with you. But this is what I
would recommend to you. I've been doing it for forty
three years. Right, we've got we've got six offices, We've
got twelve hundred clients. You know, we're in twenty eight states.
I'd be more than happy.
Speaker 4 (40:32):
Down with you. Yeah, where's your closest office to Plaska
or Sandy Creek.
Speaker 1 (40:36):
Well, we're in kirk off of sixty sixty seven hundred
Kirkville Road.
Speaker 4 (40:41):
I know right where that is. Yeah, I know. This
is the central New York area, like the back of
my hand or least.
Speaker 1 (40:46):
Well, it's very easy to get in and out of
which I love. It takes me exactly five minutes once
I get off exits.
Speaker 4 (40:52):
That is a good road and it's the east side. Yeah,
good developments. Such a situation.
Speaker 1 (40:56):
Yeah, so if I give you my telephone number, please
give me a call. It would be an honor to
sit down with you and your wife.
Speaker 4 (41:02):
I know I'm going to be I'm going to be
out there before nineteen Yeah.
Speaker 1 (41:06):
Right, I'm going to be this week if you can
fit it in your schedule. If not, I'll be back.
But give my office a call and say that you
were a radio caller and you want to come in
and have a chat.
Speaker 4 (41:18):
Okay, Yeah, Dave, is there a palpable difference that in
what you're qualified best to do versus what John Murphy's
qualified best to do? That you could say over the air.
Speaker 1 (41:28):
Well, all I do is pre and post retirement planning.
That's it. So, and I've been doing it. I started
my own firm, I left Morgan Stanley and in nineteen
ninety nine I started the retirement planning. So you know,
I've been doing it a long time. And uh, this
gray hair will not It's not a true indicator of
(41:51):
how young I feel.
Speaker 4 (41:53):
Yeah, I can. I get that I look younger than
my age two and I present younger than my bones
feel too. And then there's heart nonsense.
Speaker 1 (42:05):
Well, I also think it would give some comfort to
your wife that there's a plan in place, right right?
Speaker 4 (42:11):
Yeah? Do you have tentacles to real estate people or
even such a person, such people as clean out people
to work back breaking work that we aren't too old
and to beat up to do all of a sudden
we do.
Speaker 1 (42:25):
We have geriatric care managers that have basically a network
throughout the United States that can facilitate all of that
for you.
Speaker 4 (42:32):
Right, you don't have no offices up into usweek or
Jefferson County.
Speaker 1 (42:36):
Uh not yet. But you know the gentleman that's my
engineer that's in Syracuse right now, says that they get
a lot of snow in US we go. And that's
a four letter word for me.
Speaker 4 (42:49):
Snow is not good, right, not a favorite, not a
great fan of it either, but I do know how
to navigate it. I was the rural carrier for Altmart,
which is like snow, snow, snow, you know.
Speaker 1 (42:58):
And I'll do me a favorite of being honor to
meet you. Give me a call and we'll sit down,
we'll have a chat, and I'll let you know right
up front if I can help you.
Speaker 4 (43:06):
All right, Dave, thank you very much. Okay, God, if
you were you know, down down in your county and
that's no problems the driver. I also got macutiful maclear
degeneration legally I could drive with one good eye. The
other eye is not that bad either, but it ain't perfect,
and I know better than to drive with on perfect eyes.
Speaker 1 (43:21):
Well, if you're nice, if you're nice to me, I'll
buy you a sandwich at Brooklyn Pickle. How does that sound.
Speaker 4 (43:26):
I don't like that place much.
Speaker 1 (43:28):
Well, i'll tell you what i'll take. Then i'll take
it to Tully's and i'll get you some fingers.
Speaker 4 (43:32):
Well, all right, we'll figure it out. Okay, God blessed
you too, Serruve, bye bye.
Speaker 1 (43:37):
Okay, okay, take it away. We I'm gonna give it
out one more time. Three one, five, four ninety seven.
You got a question. That was a good question. We
like good questions, right, nice man, We like nice people, Yes,
(43:58):
we do, don't we we do? We don't like mean people. Right.
He sounds like a wonderful man. He's got it, same thing,
cousin Eddie atro Fip. Yeah, he's dealing with that, which
you know you got to stay stay on top of that, sir,
stay on top of that. So let's kind of summarize, because,
believe it or not, we only got about three or
four minutes left before we're gonna maybe my engineer will
(44:20):
whisper in my ear and tell me exactly how much
time I have left this asweego guy.
Speaker 2 (44:26):
You know what, anythink we got a couple of minutes
here to summarize. I mean, like you were saying, you know,
the next generation coming up, they're having some struggles.
Speaker 1 (44:36):
Okay, six minutes, there you go.
Speaker 2 (44:38):
The uh, the struggles that they're seeing is is just
mostly due to poor planning. You know, we're procrastinating the plan,
not setting up a plan when they first initiated their
their job. So I think if every if everyone went
into that first job and tried to understand and maximize
the benefits available to them through their company.
Speaker 1 (45:00):
Didn't you have some kind of a graph just recently
that you showed me the difference of like investing at
twenty five versus thirty five? Yeah, it was. It's staggering.
Speaker 2 (45:07):
So if you people who you know, get into these jobs,
your first you know, big paying job, you get your
salary job out of college, they if you start investing
at twenty five, and I don't remember the specifics, but
it was.
Speaker 1 (45:24):
It was like a net seven percent I remember the numbers.
It was like seven percent net growth put I don't know,
like four or five thousand dollars away here. I mean,
it was the difference between that and you know, what
you would have at eight sixty five starting at twenty
five versus thirty five was like, I don't know, like
three four hundred thousand dollars. It was fairly substantial.
Speaker 2 (45:44):
Yeah, and I'll see if I can pull it up
real quick. I know we got some time here, but yeah,
it's it. It just overemphasizes the power of compound interest
in investing early and staying consistent is basically what this
you know overview went over and the person who you
know started at twenty five is going to have to invest,
you know, a hell of a lot less than what
(46:05):
thirty five and forty five is going to have to
do because they're playing catchup in and it to get
that and they're nowhere near And if they did the
same dollar amount, you know, the person who delayed just
ten years and didn't start till thirty five versus the
person who delayed twenty years and didn't start till forty five,
it's it's way different here. It is right here. A
baseline return is seven percent compounded a monthly contribution of
(46:29):
five hundred dollars until age sixty five. So let's see,
starting at twenty five, with five hundred dollars a month
at a seven percent growth rate, you will end and
have one point three million dollars in retirement, far more
than starting at thirty five and forty five because of
the compounding time. So at thirty five, with the same
monthly of five hundred dollars and a seven percent growth rate,
(46:52):
you're about less than half your six hundred and ten
thousand dollars just with ten years, just with a ten
year you know, procrastination period. Then with another ten year
procrastination period, same five hundred dollars monthly investment at seven percent,
you know, growing year over year, you're at two hundred
and sixty thousand dollars.
Speaker 1 (47:12):
But I really enjoyed that BMW right and the boat right,
and the jet ski and all the fun toys that
I had. But you know, I can't afford to retire
though now right. That's honestly, what's happening for a lot
of people is that they're living without. You know, they're
not living without, they're living outside their means as far as.
Speaker 2 (47:30):
Uh, well, let's see, Yah, it's a materialistic you know
world that we're living in right now, especially with the
growing utilization of internet and social media and all this
other stuff you're keeping up with. The Jones is not
just within your own neighborhood. It's you know, around the
country and around the globe. You're seeing all these things
online about people living these extravagant lifestyles.
Speaker 1 (47:49):
You feel like you need to to.
Speaker 2 (47:51):
But the thing is is, when you do get that
first job, whatever you're doing, just put the match in
whatever the company's going to match, because it's free money.
Speaker 1 (48:00):
You know.
Speaker 2 (48:00):
If they're going to match three percent, uh, put three
percent in, you know, it's it's you're gonna So that
means you're already putting in six percent of your salary
into something.
Speaker 1 (48:10):
Every year. We already got one hundred percent return, right and.
Speaker 2 (48:13):
You got one hundred percent return, and you put it
into something like, uh, the S and P five hundred,
just an index or a total stock market index. You know,
we're advocates of the equity market. If you're younger, you know,
put it into the S and P five hundred, put
it into something and then let it ride.
Speaker 1 (48:29):
See if we get this phone call in quick. We've
got you've got two minutes. You got two minutes, Susanne.
Let's see if we can help you quick.
Speaker 8 (48:35):
Okay, yes, thank you. I'm in my seventies and we're
starting to plan for for medicare and so forth. And
I have about a million dollars in stock and some assets.
But my I was told that if you have an annuity,
(48:56):
medicare can go back and use the at for medicare
instead of, you know, instead of the government paying for it.
Speaker 1 (49:08):
Yeah. Who told you that?
Speaker 8 (49:12):
My trust attorney. And he said something about you would
have to get a get money from it each month
in order and not very confusing.
Speaker 1 (49:22):
Yeah, well, I'll tell you what. We're very short on time.
I know that insight and out because I've been doing
it for forty three years. I don't agree with it.
I don't agree with that comment. So if you can
call my office, I'll sit down. We're at sixty seven
hundred Kirkfield Road, which is very easy to get to
an East Syracuse, and I'll be more I'll be more
(49:44):
than happy to sit down with you. I'm out there
Thursday and Friday this week. If you can't make it,
then then I'll see you some other time. But give
my office a call and I'll sit down with you
and we'll discuss it in detail.
Speaker 8 (49:54):
Thank you, sir for taking that call.
Speaker 1 (49:56):
God bless you. And our telephone number at our office
is eighty to eight five EAT zero one nine one nine.
That's eight eight eight five eat zero one nine one nine.
If we come back that week, hopefully we're gonna have
a lot more questions. You see you next week. If
the creek don't rise,
All right, q's, q's, q's what's up? What's up? A
little football, a little basketball? You got my son with
me today, Christopher William You are anxious to see Carmelo's son.
Speaker 2 (00:37):
He looks good to the first two games. Yeah, yeah,
good things. Now I just want to see when the
competition gets stepped up a little bit. Yeah, how's he
gonna play?
Speaker 1 (00:46):
Put the rubber to the road. You get some some ballers, right,
because you're quite well aware. I'm a huge basketball fan.
Love Q's gonna be going to some games. You'll see
me with my jersey in my hat. You know, everything orange,
even my head. I'm gonna paint my head orange. Here
you go get you yeah, orange man, yep, orange man.
(01:09):
They call me a retirement man, but when I go
to the Q Stone, I'm orange man. So to our listeners,
good afternoon, Thank you for tuning in. We've had some
wonderful appointments. I'm out there this week in Syracuse. Are
you come up with me or Nico. I'm going out Friday,
so you are going out Friday. I'm going out Thursday.
(01:33):
So Thursday and Friday will be there. I might spend
the night and hang out with you. Guys, just chill.
But we have a brand new office, the Retirement Planning
Group at sixty seven hundred Kirkfield Road, Sweet one a
easy to find, easy to get to, five minutes off ninety.
It's a phenomenal location. Phenomenal people. Couldn't be happier with
(01:54):
the individuals that run that building. They do a wonderful job.
Sixty seven hundred Kirkfield Road. If you want to come
in and have a chat with us, we do offer
a complementary consultation. It's pretty easy to do. Just dial
our office at eighty eight eight five eight zero one
nine one nine eight eight eight five eight zero one
nine one nine and we'll be more than happy to
facilitate a face to face meeting. Met wonderful people are
(02:19):
kind of people, hard working savers. And today we have
open lines last week. Now we need a one phone
call last week. So I'm very disappointed. Come on, this
is talk radio, folks, And I know that everybody here
seems to think that they've got all of their stuff together,
all their ducks in a row. But I know that's
not true, and you know that's not true. So the
(02:39):
telephone number to call us is three one five four
to two one, ninety seven ninety seven. We are live
three one five four to two one ninety seven ninety seven.
You got a question. There's a lot of other people
out there that have the same question. And if we
don't know the answer, we'll definitely come back next week
and give you the answer. And again ninety seven ninety seven.
(03:03):
We got to make sure that these engineers are making
their money today. So there's a lot of information out there,
Chris about the gen xers. Yes, there is, and it
ain't good. It ain't good. Fifty of them right now.
And the gen X for people know who the gen
xers are. Gen X is right behind the boomers. They
(03:24):
turned sixty five years of age. In the very near future,
I believe in two thousand and thirty, the tip of
the iceberg starts for gen X. Fifty percent of these individuals,
fifty percent of these individuals do not believe that they're
going to be able to retire. It's huge, when I
say huge, huge, a lot of uncertainty. A lot of
(03:47):
people feel that their choices that they've made have been bad,
they've undersaved. Probably they got beat up when we've had
the financial crisis and had really had a hard time
putting their money back in the stock market when they
should have probably just stayed there. So we'll talk a
little bit about that today, but hopefully we got some
(04:09):
phone calls and questions from you three one, five, four
to seven ninety seven. The other thing I want to
talk about a little bit. Uh, we're doing a lot
right now with individuals that are making choices in regard
to their health insurance because this is the time of
year when you can change your plans and a lot
of people are starting to see sticker shock. Chris.
Speaker 2 (04:31):
Yeah, it's an expensive, expensive area in the healthcare area.
I think the numbers are pretty staggering from you know,
across the board, no matter what you're looking at as
far as coverage, and for those folks who trying to
retire early, the main concern are one of the top,
you know, three concerns whenever we come in and sit
(04:53):
with people is how do I get to medicare? And
what do I do? How do I bridge that gap
if I want to retire at fifty eight or sixty
in what is that going to look like? As far
as my auto pocket out of pocket expenses after I
leave my works plan.
Speaker 1 (05:11):
Well, just so people know that you can have Cobra
for a certain period of time and then you've got
to basically go on to your own plan. I was
at the golf course this summer and I was sitting
next to a gentleman with his three pals. They had
just finished and of course I overheard their conversation because
I was leaning back trying to hear their conversation, so wedropping. Yeah,
I was. I was eavesdropping. So make a long story short.
(05:33):
I heard this gentleman say, oh my god, I can't
believe it. You know, the guy was like fifty eight
to fifty nine years old. He because it's going to
cost me sixteen hundred dollars a month to retire if
I want to continue with the health insurance, and that
number is going to go up dramatically because they anticipate
right now healthcare for twenty twenty six is going to
go up anywhere from fifteen to twenty percent. So you know,
(05:56):
it's a high ticket item. It's an investment that you
really need to understand as far as how you can
apply your pools of money in order to facilitate. But
bottom line is is that if you're not having this
conversation before you retire. You're doing yourself a huge disservice.
So let's go. Hey, listen, we got the guy that
(06:17):
broke the ice this week. Rich Rich around the air.
Speaker 3 (06:24):
Last week, but you didn't really answer the question. I
got considerable lot of money and four oh one and
a couple other investments, some seventy issues. Actually I'm over seventy.
I'm wondering what I can do or advice I can
give my kids who are going to get the large
chunk of money that's left over. I have like three
children that'll be distributed to. Is there something I can
(06:46):
do now to save them some tax burden?
Speaker 1 (06:48):
Oh yeah, you have a wife.
Speaker 3 (06:52):
Oh yeah, she's got consideratile that's part of our package too.
She's got quite a bit of money.
Speaker 4 (06:56):
Put a way too.
Speaker 3 (06:56):
We're baby boomers, though.
Speaker 1 (06:59):
Well, this is what I would say to you. We
just did a plan for a client down by Hudson,
New York, which is in the southern steered tier of
the state between Aubany and Newburgh, and they they just
took a portion of their distributions off of their iras
(07:23):
and they're going to basically take their R and D
the required minimum distribution. They're going to have it paid
into a survivorship second to die life insurance policy and
held by a trust, and their kids are going to
get one million dollars totally tax free when the husband
and wife pass away and whatever else is left in
the pot. The money will be held in a trust,
(07:45):
which means it's protected from creditors and predator predators and
evil son laws and daughter in laws held outside the estate,
and all that money will be tax free to the kids.
Speaker 3 (07:56):
What is the vehicle pond.
Speaker 1 (07:58):
It's called a second to die survivorship life insurance policy.
But this is what I think you should do. You
should pick up the phone and call us and come
on in for an appointment and I can go through
this in detail. I'm actually going to be in Syracuse
Thursday and Friday this coming week, and I know I
have a couple of slots that are open. I can
sit down and just discuss it with your face to
(08:19):
face and show you how powerful this is.
Speaker 3 (08:23):
We already have an existing trust.
Speaker 1 (08:26):
Okay, yeah, that's good. So this.
Speaker 3 (08:31):
Is like a insurance policy we be able to add
to the trust.
Speaker 1 (08:35):
YEP. And if the thing is is that isn't an
irrevocable trust or revocable I don't.
Speaker 3 (08:42):
Remember right now. It's a better one, okay.
Speaker 1 (08:46):
Well the better one, the better one. The better one
would be the irrevocable trust because you don't want any
incidents of ownership and you basically want to have these
assets pass on tax free to your kids. And the
trust can act in a fiduciary capacity, meaning that the
money is paid out at certain intervals weddings, you know,
purchasing a home, college education. You know, you can basically
(09:09):
control the money from the grave if you wanted to.
And then it's also, like I said, it's protected from divorce, evil,
sudden laws and daughter in laws, all the things that
you want to make sure that the money follows your bloodline.
It doesn't go to the pool. Boy.
Speaker 2 (09:25):
Okay, there's other strategies as well too. There's you know,
wroth conversions. But you know, there's a lot of different
ways to look at it. You know, a year before
that RMD.
Speaker 3 (09:35):
Age, well I am taking a rm D, so I said,
I'm seventy ish. I'm actually seventy seven. I have been
taken an R and D for a while quite a while.
Speaker 1 (09:47):
Now, old your wife.
Speaker 3 (09:49):
I'm just putting my rm D in a aproperates accountant.
Speaker 1 (09:52):
Yeah, we got to take a hard break. But give
us the call and we'll sit down with your face
to fates.
Speaker 3 (09:59):
Hey you're.
Speaker 1 (10:03):
I'll give out the number.
Speaker 5 (10:04):
At the aftersay you've.
Speaker 1 (10:21):
Spent a lifetime saving for retirement. Now it's time to
make that money work for you. Here's the secret most
people miss. You have to create your own retirement income plant.
Social Security is not enough, pensions are rare. You need
a strategy that turns savings into monthly income that will
last a lifetime. At the Retirement Planning Group, we build
customized income distribution plans so you can retire with confidence,
(10:43):
retire smart, live well. Call eight eight eight five eight
zero nine nine for your complementary consultation.
Speaker 6 (10:51):
Planning for retirement doesn't have to be overwhelming, especially when
you have the right team by your side. At Retirement
Planning Group, Dave Kopig and his team are here to
help you build a strategy tailored to your goals and lifestyle.
Whether you're nearing retirement or just getting started, now's the
time to take control of your future. Schedule your free
consultation today at rpgretire dot com or call eight eight
(11:15):
eight five eight zero nineteen nineteen Retirement Planning Group Retire
with confidence.
Speaker 1 (11:22):
Are you ready for retirement or just hoping it works out?
Don't leave your future to chance. At the Retirement Planning Group,
we hope you create a personalized retirement plan so you
can relax knowing you are prepared. Take action today called
eight eight eight five eight zero one nine one nine.
That's eight eight eight five eight zero one nine one nine.
Or visit us at our website rpgretire dot com to
(11:45):
schedule your complementary consultation. Your future will say thank you.
Speaker 7 (11:50):
When US Navy Chief Petty Officer Michael Thomas Earnst was
killed in the line of duty, Tunnel to Towers provided
his wife and children with a mortgage free home. Tunnel
to Towers was founded in the aftermath of nine to eleven.
The Ernst family is one of many the foundation has helped,
but many more heroes and their families are still in need. Together,
we can say thank you by showing them our support. Now,
(12:13):
donate eleven dollars a month to Tunnel to Towers at
T two T dot org. That's t the number two
T dot org.
Speaker 1 (12:20):
You've spent a lifetime saving for retirement. Now it's time
to make that money work for you. Here's the secret
most people miss. You have to create your own retirement
income plant. Social Security is not enough, pensions are rare.
You need a strategy that turns savings into monthly income
that will last a lifetime. At the Retirement Planning Group,
we build customized income distribution plans so you can retire
(12:41):
with confidence, retire smart, live well. Call eight eight eight
five eight zero nine one nine for your complementary consultation.
All right, we are back. I'm Dave Copeck you. This
is a retirement planning show. We're here on the weekends
(13:03):
from one to two to hopefully answer your questions, educate
you on basically some of the obstacles that you'll face
pre and post retirement planning. Rich called in with a
great question. We do a lot of work in legacy planning,
a substantial amount of work and stretch IRA, which doesn't
exist at all anymore. So what we're doing is we're
(13:25):
trying to define alternative ways to get assets, the most
tax efficient way to children and loved ones, family members,
the least amount of tax, and the most amount of protection.
The thing is is that like this gentleman that just
called in today, Rich, he's already in rm D. He
can't do Roth conversion with his rm D. He can
(13:47):
do anything over and above, but he can't do his
rm D for Wroth conversion. So what's the other option.
It's what we just talked about, survivorship life insurance. So
I know it sounds complicated, but when you look at
these numbers and you see what's guaranteed, key the word guaranteed,
it's pretty astonishing the amount of wealth that you can
pass on to the next generation. But Rich, I'll give
(14:08):
out our telephone number. Eighty eight five eight zero one
nine one nine is our telephone number to schedule an
appointment for your complementary eighty eight five eight zero one
nine one nine. And again today the engineer is very
happy you got him on his toes. He wants another
couple more phone calls. Three one five four to two
one ninety seven ninety seven. And you got a question,
(14:31):
believing there's a lot of other people out there that
have the same question. Three one five four to two
one ninety seven ninety seven, whether it's on investments, legacy planning,
long term care planning, whatever it is that has to
focus in on either pre or post retirement. Uh, we're
talking a little bit about gen xers now. The oldest
(14:52):
gen xer is turned at sixty five in the year
two thousand and thirty, and there is a lot of
data that they have major shortfalls as far as the
assets that they've accumulated. But also fifty percent of them
right now have zero almost zero savings in retirement and
they expect to work for the rest of their lives.
(15:14):
So if that is the case, is there any easy
answer in order to facilitate how to get them out
of this situation and basically put them in a better spot.
And as my son said, the best time to start
planning for retirement is yesterday. Okay, you gotta just do it.
You got to motivate yourself. You got to set some standards,
(15:35):
you know. As I've said over and over again, I'm
a huge Dave Ramsey fan. Dave basically says, sometimes you're
gonna have to go to greens and beans. Sometimes that
BMW in the driveway is gonna have to be a Honda.
Sometimes that big house that you got in the lake
is going to have to be a house in a
suburb somewhere. You know, you gotta be realistic because there
is no easy solution. There's no magic sauce that basically kaboom.
(16:02):
Now you got this big pile of cash unless you
were fortunate last night you were down in Georgia and
you won that lottery ticket for nine hundred big ones,
nine hundred million dollars. You agree with what I'm saying here, Pal, Yeah,
I do.
Speaker 2 (16:16):
I mean, I think it's something that is you know,
every there's no get rich quick scheme when you're trying
to save for retirement. It's a slow, consistent process that
has to do with staying consistent. You know, Consistency is
everything when you're when you're dealing with building out a
retirement plan. It's it's following it. It's understanding you know
(16:36):
what investments you're in, where you are as far as
you know, stomaching risk and staying consistent and continuing to
make those contributions to this plan until the eventual you know,
exit and knowing what your what your current standard of
living is, you know how much how much money is
going out the door to maintain your lifestyle right now
(16:59):
over the next thirty years of retirement. You know if
you were to retire at sixty five. You know, all
of our projections go out till ninety five as far
as life expectancy, because we like to over anticipate.
Speaker 1 (17:13):
On that end. You know, we write life, I'm gonna live.
I'm living well past that man. Yeah, I'm going for
the big drilling triple. I'm going for the triple one
zero zero, Baby, come I come around the bed at
ninety nine. I know I'm almost there. I know. I
know I'm gonna stay away from you. I know because
I know You've got a boat in the garage. It's
(17:34):
got lots of holes in it.
Speaker 2 (17:36):
Yeah, take you out for a swim deck?
Speaker 1 (17:39):
Can you go for a boat ride with me? Now,
let's go fish? No, No, take you out fishing. May
go fishing and take you out with the Fishi's dead.
But the bottom I gets down to is that, you know,
we all have different ways, in different solutions in the
financial services business in order to facilitate getting to the
finish line. Problem is is that there's a lot of
(18:00):
people out there that have not taken the time, have
not dedicated themselves to sit down and build out a plan.
I say it over and over again, when people come
into our office and we sit down with them on
the initial consultation, I'll tell them right straight up in front,
you know how am I doing it? I said, You're
doing fantastic, You're doing good. You got a nice pile
of money here. But the thing is is that you
have no destination. You need a plan. You got to
(18:23):
basically finish it. So when the first domino drops, you
know where the rest of them are going to go,
because you don't want to be in a situation that
assets are retained by people that have health issues and
instead of going to your family or your loved ones,
the money's going to go to the nursing home. Right.
Speaker 2 (18:37):
And here's a few questions as well to like ask
yourself and see, you know, what you would actually do
in retirement. Obviously the whole gear up to get to
retirement is one thing. But you know, questions that we
often ask is if your paycheck or to stop tomorrow,
how confident are you in that your investments that you've
accumulated up to this point in your life are going
(18:59):
to replace that paycheck every month for the rest of
your life. So that's a huge question that comes up,
you know, replacing that income. It's something that we can
project out, but there's got to be adequate savings there
to then distribute that based off your what we can invest. Uh,
do you know exactly where your retirement income is coming
from and which source you'll tap first?
Speaker 1 (19:22):
So that's that's huge. Your IRA.
Speaker 2 (19:24):
If you have an IRA, an individual account in a
row account, which one should Where are you're pulling from?
And that's a question we get often is you know
what should these accounts should I pull from?
Speaker 1 (19:33):
What's your position? I think it's the IRA account.
Speaker 2 (19:36):
It's typically the largest, and it's the one that's going
to cause you the most tax liability, and your beneficiary
is the most tax liability. So that's the one that
you should spend down.
Speaker 1 (19:45):
It's the most problematic asset at your estate. There's never
a step up in basis. Money is always taxes ordinary income,
and when you send it down the road, you're sending
an ird income or respected that the seed YEP, thank
you so much. Now I've got this shoe tax liability.
So the money that you really want to like continue
to grow is that wroth Because wroth never an R
(20:06):
and D always tax free, and it's a great bucket
of money to tap into because Fidelity just came out
with the custodian of all our assets one hundred and
seventy two thousand, five hundred dollars a healthy sixty five
year old couple per individual one seventy two, five times two.
(20:27):
It's going to be necessary in order to have out
of pocket expenses for healthcare during your retirement years. And
that does not does not include long term care, does not.
And we just had a show with an attorney and
we were just talking to him about long term care.
What the expenses in New York State you can average
(20:48):
about one hundred and eighty thousand dollars a year for
long term care. One hundred and eighty thousand dollars. So
you need to step up. You need to build out
a plan. You need to understand that there are going
to be bumps in the roads and when you do
face them, and when you do come to them, what
are you gonna do. Do you have a plan or
you're just gonna overreact, because that's usually when people get hurt.
(21:10):
If you don't have a plan, then you react, and
typically a lot of times people will react in a
negative way.
Speaker 2 (21:16):
Right right, and then to highlight or I guess add
to that. It's the other question that goes along with
all this is what scares you more in retirement running
out of that money or not being or not enjoying
what you work so hard to save, you know, spending
and doing all the things on your bucket list, items
(21:37):
that you you know, have been anticipating in retirement, or
you know, is this going to last the rest of
my lifetime?
Speaker 1 (21:43):
How long am I going to actually live?
Speaker 2 (21:46):
So there's another you know, there's there's multiple questions and
scenarios that we can go over with you. And that's
why we utilize E money as like a snapshot dashboard
for everybody to build out these plans, because you know,
most people don't have a written retirement plan. You know,
it's just something mental that they have in their head
that they say, yeah, I think I'll be okay, you know,
(22:07):
I got this and this and this, but they don't
actually have somewhere to sit down, put all the pieces
of the puzzle together and figure out, all, right, well
this is what I have set up.
Speaker 1 (22:16):
You got a great start, and I'll finish it for you. Okay.
Why do you want to bridge to higher social security benefits?
Why would you use some of your IRA and spend
it down aggressively and not take your social Security benefit?
And the reason for that, of course, is what social
(22:38):
Security gives you guaranteed lifetime income well a coal cost
of living adjustment, and the longer you wait to take it,
the higher the benefit is. The maximum of course is
age seventy. For a lot of you that are listening
to the show, FRA is going to be sixty seven.
So if you wait it until age seventy, you're going
to have a much higher benefit that has a cost
(23:01):
of living adjustment. And because a lot of us old
guys like the merry young women, you're going to leave
the higher of the two social Security benefits, which will
be the one that is the husband's, to the surviving spouse,
which will be her benefit for as long as she
shall live. Because the higher the two stays with the
surviving spouse.
Speaker 2 (23:22):
Yeah, and we run a calculation when it comes to
social security. You know, if you don't have that age
gap with your spouse, I mean it's it's it comes
down to when is that break even point? If I
were if I were to take social Security at sixty two,
you're in or delay it and take it at sixty
seven or seventy you know, you're forfeiting five years of
(23:43):
income to delay to that, you know, sixty seven point.
So it's it all comes down to a calculation on
when when does that when does that break? Even when
do I actually make more money? And it usually is
anywhere from seventy eight to eighty two years old is
when you know it makes more sense for someone to
(24:04):
delay and take it at you know, sixty five, sixty seven,
seventy over just taking it right at sixty two when
it becomes available for you. So it's something that it's
a personal you know, person by person choice, health, health, health, longevity, health.
Speaker 1 (24:20):
Is also a consideration, uh in order. But bottom line
gets down to we're gonna talk a little bit more
about this when we come back. We have open lines.
We had one phone call. We want many many, many, many,
many more when we come back. Three one five four
to ninety seven ninety seven three one five four two
one ninety seven ninety seven. I'm Dave Copec. This is
the Retirement Planning Show. We'll be back after the local
(24:43):
news and national.
Speaker 6 (24:53):
Time flies and retirement will be here before you know it.
Are you ready? Don't wait until it's too late to
get your plan in place. Dave Kopek and the team
at Retirement Planning Group are helping people just like you
take control of their financial future right now. Call eight
eight eight five eight zero nineteen nineteen today or go
to rpgretire dot com to schedule your consultation. Retirement won't wait.
(25:18):
Why should you?
Speaker 1 (25:21):
Attention future retirees. A financial threat is putting your retirement
at risk. The cost of long term care can be
well over one hundred thousand dollars a year fidelities. Recent
studies suggest retirees could need hundreds of thousands of dollars
just to cover medical expenses in retirement. You need to
address this risk now. To be prepared, hould my office
(25:42):
to find out your options well eight eight eight five
eight zero one nine one nine eighty eight five eight
zero one nine one nine for a complimentary consultation.
Speaker 7 (25:52):
Born on America's darkest day of nine to eleven, the
Tunnel to Towers Foundation has been helping America's heroes ever since.
People who put their lives on the line for our
country and our communities need your help now more than ever.
Join Tunnel to Towers on its mission to do good
in their honor. Never forget nine to eleven or the
sacrifices of this country's heroes and their families. Show your
(26:14):
support donate eleven dollars a month at T two t
dot org. That's T the number two T dot org.
Speaker 1 (26:21):
We are living through the greatest wealth transfer in the
history of mankind. Trillions of dollars of wealth will change
hands from one generation to the next. Your money to
our beloved children and grandchildren. Are you ready? Your future
is written by chance, it's written by action. Now's the
time to build your plan, protect your assets, and position
yourself for the opportunity. Don't wait, take action. If future
(26:44):
favors those that are prepared, call eighty eight five eight
zero one nine one nine. That's eighty eight five eight
zero one nine one nine. All right, we are back.
Just so everybody knows, we had a gentleman that called in.
(27:04):
We do talk about stocks and bonds. So if you
want to talk about stocks and bonds, we can talk
about stocks and bonds. You want to talk about IRA's
four oh one k's, you want to talk about how
to set up your estate, long term care planning. This
is my believe it or not, folks, I know I
sound like I'm just a baby. My forty third year
(27:25):
in the business. I started in nineteen eighty two, and
of course this is my twenty sixth year in radio.
So hopefully you find this show educational and informative. That's
our goal. And uh, if you do, if you do
have a question, don't be bashful. Three one five four
to two one ninety seven ninety seven. Three one five
(27:47):
four to two one ninety seven ninety seven. Believe me,
if you have a question, a lot of other people
out there probably have the same question. So be a
radio star today, get on the air. So I want
to talk a little bit. You know, I just looked
at the break and I'm sorry to say. You know,
Syracuse is bombed. Like the last six six in a
(28:09):
row lost football six in a row. Yeah, oh and
six in the last six games. I mean, I don't
know what's going on. I mean the first three games
they were dancing in the street. They thought the guy
had a new contract, you know, from one of the
major You know, they're worried that he's going to basically
blow out of town. But I don't know. You know,
(28:31):
it's too bad because they really started off on a
high note. Hopefully they can get a rally here and good.
I don't know, maybe one or two more wins, but
at that record, their record, I don't think gives them
the ability to go to a bull So again, if
he got a question three one five four to two
ninety seven ninety seven, three one five four to seven
(28:52):
ninety seven, we're talking about gen X and the problems
that they're going to be facing in their pre and
post retirement years. A lot of them are under the water.
They don't basically have any money zero save for retirement,
about fifty percent of that population. And what is their bonanza, Chris,
What can they hope for? What they got their fingers crossed?
(29:14):
Because what's happening over the next fifteen to thirty years.
Speaker 2 (29:20):
The transition of wealth that's going to happen from the
boomers into their pockets.
Speaker 1 (29:25):
Greatest wealth transfer in the history of mankind, estimated to
be somewhere between eighty five and one hundred trillion dollars
from the Boomer generation to the Gen X and grandchildren
and great grandchildren, unbelievable amount of wealth. Are you prepared
and do you have your estate set up like a
(29:47):
rich called one of our first callers todays talking about
you know, is four oh one k. You know how
he ultimately wants to leave those assets. You don't want
to leave it in the four one K brother, I
can tell you that, because that's a nightmare for people
that are trying to do legacy planning with assets. You
want to move it into an IRA and get tactical
(30:07):
with that money as far as you can have multiple iras,
multiple irays for multiple objectives. And just remember, if you're
already an R and D, you can't do a conversion
with the rm D figure for ROTH, right.
Speaker 2 (30:21):
Right, It's got to be anything over that. Yeah, So
that's why before that's why I asked them the question
of you know, are you already taking rm ds because
before r m D age it does make sense, you know,
if someone does want to convert to ROTH, because you
don't have those large distributions already coming off that are
forced to come out that you can't convert because the
(30:43):
government wants their tax dollars on it, So you would
have to do anything above and beyond that rm D amount,
which you know now you're just completely you know, depleting
the IRA account probably a lot faster than you would like.
Speaker 1 (30:58):
And the thing is is that you need know what
you own. You know, it sounds kind of corny, know
what you own, because the thing is is that when
you tactically move assets later in life, depending on your
health age, you want to make sure, especially if it's
important for you to protect assets because once you expose them,
you might be in a situation where they're going to
(31:18):
be gobbled up by medicaid your local county in order
to pay for assisted living long term care. So you know,
you need to have a plan. You need to work
the plan not only when you're early stages of retirement,
but all through all four stages, all four stages of
retirement pre post you know slogo no go and you know,
(31:41):
go go. You want to make sure that you understand
that there's ways to tactically manage assets in order to
protect them for you know, bad weather, you know the
storms of the financial markets and also the storms of
the tax man cometh.
Speaker 2 (31:58):
Yeah, you want to build a resilient port folio based
on how you want to spend that money as well.
So whatever your your long term goals are for retirement,
whether it's traveling or spending time with family or you know,
leaving it as a legacy or spending it down. You
know a lot of people are saying, you know, I
work my tail off for this money, I'm gonna spend
(32:18):
it in my life and whatever I did say tail
good boy, Yeah, I almost said. But yeah, that's the
other you know mindset that we hear a lot, and
there's nothing wrong with either of them. You know, leaving
a legacy is one thing. But then spending it down
because you feel like you you earn that money, you
want to utilize it in your lifetime and enjoy it.
That's that's totally fine. That's something we see as well.
(32:40):
And then we just gear the assets, you know, to
be more income focused and not as much equity exposure,
and then they spend it down throughout their life.
Speaker 1 (32:49):
Well, here's here's another thing that I think and I apologize,
my phone is ringing. My booking wants me to place
a bet. Yeah, right, that make a long story shirt.
One of the things that you want to make sure
that you're doing is that, you know, consolidation and simplification
is your friend. That's the other thing that we want
(33:09):
to overemphasize consolidation and simplification, especially if you have a spouse,
which is you know, it doesn't make any difference if
it's the male or female that has either no desire
or no interest in managing assets. The more you can
basically simplify that and make sure that all the ducks
are in a row, it's going to make it much
easier for that person. You know, most of the wealth
(33:30):
over the next ten to fifteen years is going to
be controlled by women, about two thirds of this wealth,
because guys die first and the wives live longer. So
women are going to control a considerable amount of wealth,
and they better have a team surrounding them because you know,
it's not uncommon that we meet with a lot of
people now that they have well over seven figures and
(33:51):
the wife of the male is basically sitting there and
just say, you know, I could care less. This is
really not something that I want to take a lot
of my own personal time. So find a team that
you feel comfortable with, fine an organization that you feel
comfortable with, and make sure that they have the capability
of not only taking care of your assets pre but
also post retirement. Right.
Speaker 2 (34:11):
And then part of that too is you know, if
you're if you're planning for what's coming up here. We're
almost at the end of the twenty twenty five which
is pretty crazy, so we're starting to look at year
end things as well, which in the coming weeks you'll
hear us touch more on this. But you know, tax
loss harvesting is something that we're you know, looking out for, uh,
(34:34):
with the equity market being at all time highs, the
you know, some positions maybe at a loss, deferring some
of these gains till after the new year. You know,
if you were to sell something at a fifty thousand
dollars gain, say on December we'll say December twenty eighth
of this year, versus waiting till January first or second
(34:57):
of next year, well you actually just sold that and
now you're in you know, the gain applies to your
twenty twenty five tax return rather than your twenty twenty six.
So there's there's some things like that that we're looking
out for now.
Speaker 1 (35:07):
You know.
Speaker 2 (35:08):
Roth conversions is another thing. You know, before that end
of the year, by December thirty first, for folks who
are in that phase where they're not taking their r
and ds yet and they're looking to you know, segment
some of this money over into a more tax preference estate.
We are looking at some of that for some of
our clients as well, and then just rebalancing, you know,
(35:28):
rebalancing any appreciated holdings.
Speaker 1 (35:30):
Ending the year here. You know, it is a pretty
good year.
Speaker 2 (35:33):
In the market, but you know, the AI in tech
wave that we've seen really push the market to all
time highs and all time highs again.
Speaker 1 (35:46):
It's uh, okay. We got a phone call er. I
believe Harvey is on the line. I believe it's Harvey Harvey.
How are you?
Speaker 4 (35:54):
I am all right right now. I just got out
of the hospital two days ago with a SIP. I
was in Saint Joseph's, the best hospital for that, and
they were.
Speaker 1 (36:02):
Yeah, yeah, a matter of fact, my cousin at a
FIB just stay make sure you stay on top of
that army.
Speaker 4 (36:08):
I am going to and I already was, because you know,
I went to the hospital on my own and my
wife's impetitioned to know, to get back going. I had
from a brook plesure. I had blood pressure eighty over
seventy with our rate of ninety eight. That's like bad,
bad bad. We just high tailed it. Down there and.
Speaker 1 (36:24):
I'm going to ask you. I'm going to ask that
you stay on line because we have to take a
hard break down when we come back.
Speaker 4 (36:29):
I knew you would.
Speaker 1 (36:30):
We'll get your question. Okay, Okay, great, but I wanted
to let you know that you're up next.
Speaker 4 (36:34):
Okay, yep, thank you, Okay, I'll hold on the phone
cone here.
Speaker 1 (36:38):
Thank you, Thank you, Harby.
Speaker 6 (36:49):
Time flies and retirement will be here before you know it.
Are you ready? Don't wait until it's too light to
get your plan in place. Dave Kopek and the team
at Retirement Planning Group are helping people just like you
take control of their financial future right now. Call eight
eight eight five eight zero nineteen nineteen today or go
to rpgretire dot com to schedule your consultation. Retirement won't wait?
(37:14):
Why should you?
Speaker 1 (37:23):
All right, we are back and I'm not going to delay.
Anybody has a question three point five four two one
ninety seven ninety seven, any question at all, and we're
going to go back to Harvey, who had a question.
And we're glad that you're out of the hospital. Harvey.
Speaker 4 (37:41):
Thank you. Uh, Dave, I don't know if I can
be succinct and bright at the same time my husband. Okay,
even right through the aphib and all that, truly, luckily,
I'm blessedful. Well, I'm a retired postal worker on a
postal pension, a decent one and thirty four and a
(38:01):
half year is creditable. Dragged in my military, dragged in
my other federal employment with Social Security, I worked for
a while. That's a good retirement. My wife has a
retirement from cooperative extension when means it, which means a
state pension. My other years. Social Security is very trapped on,
(38:21):
down to one third of what it should be because
a postal pension somebody put through a law, a Texas
guy put through a law that makes it an estate
on the books all this time. I think it's going
to be lifted soon, but maybe right now. But I
don't think it's gonna affect me because I'm probably grandfathered
into the stupid land of having two thirds of my
regular Social Security taken away because I have a postal retirement. Okay,
(38:45):
my sister in law, when she passed away, we didn't
know they had any money. She didn't leave the house,
We don't really never found a will, but she left
an investment portfolio with Prudential to us and into substantial
it's a over three hundred thousand dollars. It was then, No,
it was three ten. It was three ten when we
got it. We talked to a guy at Prudential. Young
(39:08):
guy didn't seem to me to trust, just have a feeling.
I don't really inherently trust the guy. A what do
you think I should do with having no assets in
the bank to seat of other than that trust? That
thing that's just trust. One that was that was will
to my wife, her sister, and we have that at
(39:28):
least in some bank and two houses, have.
Speaker 1 (39:33):
Children, no children.
Speaker 4 (39:36):
To worry about progeny getting or anybody else in the
family getting. There's no family left to get.
Speaker 1 (39:41):
Do you have a trust? No? Okay, so your concern
is just quality of life, not legacy.
Speaker 4 (39:48):
He yes, and I have other concerns as in getting
the heck out of these properties, but that's not your
Bailey lick. But I want to ask you right out
and openly. Are you a friend of John Murphy with
the Saint Harbor Wheels and trust? They're more or less
someone in the same business as you are. Are your competitors,
are your friends. Is he good? Are you better?
Speaker 1 (40:08):
I would talk to you, not on the air about that.
Speaker 4 (40:11):
Yeah, I'm not right. I'm not gonna do that exactly
on it.
Speaker 1 (40:14):
I'm not I'm not going to make an announcement of
what my personally is until I sit down and I
have a chat with you. But this is what I
would recommend to you. I've been doing it for forty
three years. Right, we've got we've got six offices, We've
got twelve hundred clients. You know, we're in twenty eight states.
I'd be more than happy.
Speaker 4 (40:32):
Down with you. Yeah, where's your closest office to Plaska
or Sandy Creek.
Speaker 1 (40:36):
Well, we're in kirk off of sixty sixty seven hundred
Kirkville Road.
Speaker 4 (40:41):
I know right where that is. Yeah, I know. This
is the central New York area, like the back of
my hand or least.
Speaker 1 (40:46):
Well, it's very easy to get in and out of
which I love. It takes me exactly five minutes once
I get off exits.
Speaker 4 (40:52):
That is a good road and it's the east side. Yeah,
good developments. Such a situation.
Speaker 1 (40:56):
Yeah, so if I give you my telephone number, please
give me a call. It would be an honor to
sit down with you and your wife.
Speaker 4 (41:02):
I know I'm going to be I'm going to be
out there before nineteen Yeah.
Speaker 1 (41:06):
Right, I'm going to be this week if you can
fit it in your schedule. If not, I'll be back.
But give my office a call and say that you
were a radio caller and you want to come in
and have a chat.
Speaker 4 (41:18):
Okay, Yeah, Dave, is there a palpable difference that in
what you're qualified best to do versus what John Murphy's
qualified best to do? That you could say over the air.
Speaker 1 (41:28):
Well, all I do is pre and post retirement planning.
That's it. So, and I've been doing it. I started
my own firm, I left Morgan Stanley and in nineteen
ninety nine I started the retirement planning. So you know,
I've been doing it a long time. And uh, this
gray hair will not It's not a true indicator of
(41:51):
how young I feel.
Speaker 4 (41:53):
Yeah, I can. I get that I look younger than
my age two and I present younger than my bones
feel too. And then there's heart nonsense.
Speaker 1 (42:05):
Well, I also think it would give some comfort to
your wife that there's a plan in place, right right?
Speaker 4 (42:11):
Yeah? Do you have tentacles to real estate people or
even such a person, such people as clean out people
to work back breaking work that we aren't too old
and to beat up to do all of a sudden
we do.
Speaker 1 (42:25):
We have geriatric care managers that have basically a network
throughout the United States that can facilitate all of that
for you.
Speaker 4 (42:32):
Right, you don't have no offices up into usweek or
Jefferson County.
Speaker 1 (42:36):
Uh not yet. But you know the gentleman that's my
engineer that's in Syracuse right now, says that they get
a lot of snow in US we go. And that's
a four letter word for me.
Speaker 4 (42:49):
Snow is not good, right, not a favorite, not a
great fan of it either, but I do know how
to navigate it. I was the rural carrier for Altmart,
which is like snow, snow, snow, you know.
Speaker 1 (42:58):
And I'll do me a favorite of being honor to
meet you. Give me a call and we'll sit down,
we'll have a chat, and I'll let you know right
up front if I can help you.
Speaker 4 (43:06):
All right, Dave, thank you very much. Okay, God, if
you were you know, down down in your county and
that's no problems the driver. I also got macutiful maclear
degeneration legally I could drive with one good eye. The
other eye is not that bad either, but it ain't perfect,
and I know better than to drive with on perfect eyes.
Speaker 1 (43:21):
Well, if you're nice, if you're nice to me, I'll
buy you a sandwich at Brooklyn Pickle. How does that sound.
Speaker 4 (43:26):
I don't like that place much.
Speaker 1 (43:28):
Well, i'll tell you what i'll take. Then i'll take
it to Tully's and i'll get you some fingers.
Speaker 4 (43:32):
Well, all right, we'll figure it out. Okay, God blessed
you too, Serruve, bye bye.
Speaker 1 (43:37):
Okay, okay, take it away. We I'm gonna give it
out one more time. Three one, five, four ninety seven.
You got a question. That was a good question. We
like good questions, right, nice man, We like nice people, Yes,
(43:58):
we do, don't we we do? We don't like mean people. Right.
He sounds like a wonderful man. He's got it, same thing,
cousin Eddie atro Fip. Yeah, he's dealing with that, which
you know you got to stay stay on top of that, sir,
stay on top of that. So let's kind of summarize, because,
believe it or not, we only got about three or
four minutes left before we're gonna maybe my engineer will
(44:20):
whisper in my ear and tell me exactly how much
time I have left this asweego guy.
Speaker 2 (44:26):
You know what, anythink we got a couple of minutes
here to summarize. I mean, like you were saying, you know,
the next generation coming up, they're having some struggles.
Speaker 1 (44:36):
Okay, six minutes, there you go.
Speaker 2 (44:38):
The uh, the struggles that they're seeing is is just
mostly due to poor planning. You know, we're procrastinating the plan,
not setting up a plan when they first initiated their
their job. So I think if every if everyone went
into that first job and tried to understand and maximize
the benefits available to them through their company.
Speaker 1 (45:00):
Didn't you have some kind of a graph just recently
that you showed me the difference of like investing at
twenty five versus thirty five? Yeah, it was. It's staggering.
Speaker 2 (45:07):
So if you people who you know, get into these jobs,
your first you know, big paying job, you get your
salary job out of college, they if you start investing
at twenty five, and I don't remember the specifics, but
it was.
Speaker 1 (45:24):
It was like a net seven percent I remember the numbers.
It was like seven percent net growth put I don't know,
like four or five thousand dollars away here. I mean,
it was the difference between that and you know, what
you would have at eight sixty five starting at twenty
five versus thirty five was like, I don't know, like
three four hundred thousand dollars. It was fairly substantial.
Speaker 2 (45:44):
Yeah, and I'll see if I can pull it up
real quick. I know we got some time here, but yeah,
it's it. It just overemphasizes the power of compound interest
in investing early and staying consistent is basically what this
you know overview went over and the person who you
know started at twenty five is going to have to invest,
you know, a hell of a lot less than what
(46:05):
thirty five and forty five is going to have to
do because they're playing catchup in and it to get
that and they're nowhere near And if they did the
same dollar amount, you know, the person who delayed just
ten years and didn't start till thirty five versus the
person who delayed twenty years and didn't start till forty five,
it's it's way different here. It is right here. A
baseline return is seven percent compounded a monthly contribution of
(46:29):
five hundred dollars until age sixty five. So let's see,
starting at twenty five, with five hundred dollars a month
at a seven percent growth rate, you will end and
have one point three million dollars in retirement, far more
than starting at thirty five and forty five because of
the compounding time. So at thirty five, with the same
monthly of five hundred dollars and a seven percent growth rate,
(46:52):
you're about less than half your six hundred and ten
thousand dollars just with ten years, just with a ten
year you know, procrastination period. Then with another ten year
procrastination period, same five hundred dollars monthly investment at seven percent,
you know, growing year over year, you're at two hundred
and sixty thousand dollars.
Speaker 1 (47:12):
But I really enjoyed that BMW right and the boat right,
and the jet ski and all the fun toys that
I had. But you know, I can't afford to retire
though now right. That's honestly, what's happening for a lot
of people is that they're living without. You know, they're
not living without, they're living outside their means as far as.
Speaker 2 (47:30):
Uh, well, let's see, Yah, it's a materialistic you know
world that we're living in right now, especially with the
growing utilization of internet and social media and all this
other stuff you're keeping up with. The Jones is not
just within your own neighborhood. It's you know, around the
country and around the globe. You're seeing all these things
online about people living these extravagant lifestyles.
Speaker 1 (47:49):
You feel like you need to to.
Speaker 2 (47:51):
But the thing is is, when you do get that
first job, whatever you're doing, just put the match in
whatever the company's going to match, because it's free money.
Speaker 1 (48:00):
You know.
Speaker 2 (48:00):
If they're going to match three percent, uh, put three
percent in, you know, it's it's you're gonna So that
means you're already putting in six percent of your salary
into something.
Speaker 1 (48:10):
Every year. We already got one hundred percent return, right and.
Speaker 2 (48:13):
You got one hundred percent return, and you put it
into something like, uh, the S and P five hundred,
just an index or a total stock market index. You know,
we're advocates of the equity market. If you're younger, you know,
put it into the S and P five hundred, put
it into something and then let it ride.
Speaker 1 (48:29):
See if we get this phone call in quick. We've
got you've got two minutes. You got two minutes, Susanne.
Let's see if we can help you quick.
Speaker 8 (48:35):
Okay, yes, thank you. I'm in my seventies and we're
starting to plan for for medicare and so forth. And
I have about a million dollars in stock and some assets.
But my I was told that if you have an annuity,
(48:56):
medicare can go back and use the at for medicare
instead of, you know, instead of the government paying for it.
Speaker 1 (49:08):
Yeah. Who told you that?
Speaker 8 (49:12):
My trust attorney. And he said something about you would
have to get a get money from it each month
in order and not very confusing.
Speaker 1 (49:22):
Yeah, well, I'll tell you what. We're very short on time.
I know that insight and out because I've been doing
it for forty three years. I don't agree with it.
I don't agree with that comment. So if you can
call my office, I'll sit down. We're at sixty seven
hundred Kirkfield Road, which is very easy to get to
an East Syracuse, and I'll be more I'll be more
(49:44):
than happy to sit down with you. I'm out there
Thursday and Friday this week. If you can't make it,
then then I'll see you some other time. But give
my office a call and I'll sit down with you
and we'll discuss it in detail.
Speaker 8 (49:54):
Thank you, sir for taking that call.
Speaker 1 (49:56):
God bless you. And our telephone number at our office
is eighty to eight five EAT zero one nine one nine.
That's eight eight eight five eat zero one nine one nine.
If we come back that week, hopefully we're gonna have
a lot more questions. You see you next week. If
the creek don't rise,
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
The Bobby Bones Show
Listen to 'The Bobby Bones Show' by downloading the daily full replay.