Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
When US Navy Chief Petty Officer Michael Thomas Ernst was
killed in the line of duty, Tunnel to Towers provided
his wife and children with a mortgage free home. Since
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
(00:20):
by showing them our support. Now, donate eleven dollars a
month to Tunnel to Towers at T two T dot org.
That's T the number two T dot org. Alli Dwyer
and her three sons lost their hero, Stephen, serving our
country in the United States Army was Stephen's calling and
flying helicopters was his passion. Stephen was killed in a
Blackhawk helicopter crash over the Mediterranean Sea. Thanks to friends
(00:44):
like you, Tunnel to Towers provided his family with a
mortgage free home, giving them security and hope in their
darkest hours. Help more families like the Dwyers. 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 2 (00:59):
Retirement future Are you dreaming of a comfortable, financially secure retirement.
It's closer than you think. The best time to start
planning was yesterday. The second best time is now. Even small,
consistent contributions make a huge difference over time thanks to
the power of compound. Don't let your retirement dreams just
remain dreams. Start setting up your goals today. Take control
(01:20):
of your future. Call eighty eight five eight zero one
nine one nine. That's eighty eight five eight zero nine
one nine for a free consultation.
Speaker 3 (01:29):
The information or services discussed on this show is for
informational purposes only and is not intended to be personal
financial advice. The investments and services offered by us may
not be suitable for all investors. If you have any
doubts as to the merits of an investment, you should
seek advice from an independent financial advisor.
Speaker 4 (01:45):
And good afternoon everyone, Thank you for tuning in today.
This is the Retirement Planning Show. My name's Nicholas Dumas,
certified Financial Planner. Put the Retirement Planning Group alongside me
today is Chris McCarthy.
Speaker 5 (02:03):
Yes, indeed, Happy Saturday.
Speaker 4 (02:06):
Happy Saturday. Believe the Orange play today four o'clock against Hofstra.
So hopefully they can, you know, continue to some good ball.
Speaker 5 (02:18):
And I'll tell you that kid bum Syracuse who's coaching
Sienna's been doing a great job. M.
Speaker 4 (02:25):
Maclamar. Yeah, yeah, he's doing a good job with Sianna's
group this year. As a Sienna alum, I like to
see it. Yeah and uh yeah college basketball today. Only
one football game.
Speaker 5 (02:39):
Yep, but at a biggie traditional Army Navy. I think
Army six and five and Navy's nine and two something
like that.
Speaker 4 (02:49):
You'd have to ask somebody else. But they are playing
down in Baltimore today, so this should be a good
bowl game.
Speaker 5 (02:56):
Yeah. Yeah.
Speaker 4 (02:59):
We have some clients going to the game.
Speaker 5 (03:01):
Yeah yeah. The sun goes to West Point.
Speaker 4 (03:05):
Yeah yeah, I'm not getting anything in my headphones. Are
you getting anything? I but hello up there we go?
Oh yeah, okay and there it goes. That's okay?
Speaker 5 (03:16):
Is this anyways?
Speaker 4 (03:19):
So I wanted to talk today on the show about
portfolio construction. Well you wanted to talk about it portfolio evaluation.
There we go, making sure that you know your portfolio
aligns with what you're trying to accomplish. So a lot
of individuals out there, you know, they're not too concerned,
(03:41):
I would say, with their retirement accounts, and you know,
we're talking hundreds of thousands of dollars potentially, you know,
and they're over here kind of trying to figure out,
you know, where they're going to go for dinner because
it's too expensive, you know, over thirty forty dollars. But
at the same time, they're not really managing their four
(04:01):
to one K account.
Speaker 5 (04:02):
That's right.
Speaker 4 (04:03):
So for a lot of people, it's their largest asset,
So why not have a little bit more of a
hands on approach with the investment management side of it.
Speaker 5 (04:12):
I couldn't agree with you more. I think it's criminal.
There's a lot of places I don't think do a
good enough job for the employees as far as educating
and maybe guiding them. But that's where we come in.
Speaker 4 (04:27):
Yeah, and we're able to evaluate portfolios with a software
that we utilize called Nitrogen, So we're able to, you know,
really dive into the makeup of your portfolio. And a
lot of people just might be sitting in target date funds.
So if you're someone that has a twenty thirty five
after it or a twenty thirty or a twenty forty
(04:48):
fund that's typically a target date or target investment portfolio
based off of a retirement age, which might not be
maximizing know the amount of gains or returns that they
could see in their portfolio, and it might not be
accounting for cash flow or coupon or income in retirement.
(05:09):
So again, make sure you're aware of what you're investing into.
Make sure you're aware of your portfolio mix as far
as total stocks, total bonds, you know, and what you're
trying to accomplish. For a lot of younger folks, we
tend to push them more towards the index funds that
are available within their retirement accounts, and a lot of
(05:31):
the older generation or people getting closer to retirement, we
start looking at the bond options that they have within
the plan. You know, some people might be with you know,
these big custodians. I don't want to name any names,
but there are a lot of total bond market indexes
that are available in plans. You know, sometimes there's three
(05:51):
or four different options that you could choose from. So
I like to, you know, design a portfolio with the
four oh one K rather than allow it to sit
it in a four to one K account. I agree
or a target D fund.
Speaker 5 (06:05):
No. I love the models that we have created and
again through the aid of night Pagen, so we're able
to use a barometer to make sure that we put
something as efficient as possible for people, for example, looking
for income and then you have others. You know, if
(06:27):
you can get the same reward for less risk, who
wouldn't want to do it? Well, we have that capability.
And how many times people say I've never seen this before.
I said, well, that's good. That's why you're sitting with us.
Speaker 4 (06:41):
Yeah, and we're able to really give it a GPA. Right,
So we're able to score your investment portfolio based off
of risk and efficiency, and we're able to try to
design a more efficient portfolio so lower that risk and
hopefully get close to, if not the same rewards. So
again we're at a time now where interest rates are
(07:01):
still relatively high. The Fed did just decrease rates twenty
five basis points on Wednesday, but you know, cash flow
is still king for a lot of retirees. That's what
we're looking for, you know, coupon dividend interest and we
have covered call writing ETFs, so you know that's when
you own underlying stock, but then you write options against
(07:22):
it to generate premium interest each month, so we're able
to utilize covered call ETFs is what we generally use.
And you know, then some corporate bond usual funds for interest,
and then your blue chip you know, dividend paying stocks
within retirement accounts for those people that have a lot
of non qualified money. You know, so maybe you sold
(07:44):
your house or you have all of this cash that's
built up at the bank, these are non retirement accounts,
non qualified you could take that money and look at
municipal bonds for tax free income. I think communis are
in a great spot right now as well. But again,
you just need to evaluate your portfolio, how it's invested.
What's the tax qualification, So is it a retirement account,
(08:07):
is it tax sheltered? Do you have to be careful
with the taxes so ETFs won't kick out those capital
gain distributions for you at the end of the year.
And in non qualified accounts, so if you're invested in
mutual funds with those bank dollars, be careful of your
tax bill as well.
Speaker 5 (08:23):
You know another thing that we have seen and that
is I believe there's something as being overdiversified. How many
times have we seen portfolio that have come in and
they're all over the map, and with the stock market
doing as well as it is, that's great. But chances
(08:45):
are if you had a couple of position that really
soared and did well. If you have too many positions,
chances are you had some dogs that were pulling them down.
So again it brings us back to step one. What
is your goal? What is your objective? And how can
we instead of having five large cap growth funds that
(09:08):
are basically redundant, maybe we can find the best rate
of one and then let's look for a large cap
blend of large cap value. You know, that's what we're
looking to fill. But most importantly, what is the objective
that we're trying to accomplish exactly?
Speaker 4 (09:25):
So, you might have a lot of overlap in your
portfolio and you just bought these big you know, total
stock market index funds and they're all invested in the
same positions. A lot of times you can pretty much
all the time, you can look up on Google. Right,
you just google your the ticker, so you're the five letters,
(09:48):
and then it pulls up a fact sheet. You're able
to see the top ten holdings, right, and if the
top ten holdings are the same between two three four
different funds, you know, there you are heavily weighted in
those uh ten positions, right, So you know, get some
different sector exposure, get some energy in there, get some financials,
(10:09):
get some you know, even healthcare. Healthcare has been beat up.
But again you want to spread it out throughout the
different sectors in the market so that you're having a
more broad type of approach to where you know, in
twenty twenty two, I think energy was the only sector
that did well and everything else was down. Bonds were down.
So did you have any energy exposure to help kind
of counterweight that or were you just fully invested in
(10:33):
the SMP five hundred index. So again, there's a there's
a lot to talk about. There's a lot of different
tools that we utilize to analyze portfolios and uh and
again we're here. So if you want to call our office,
it's five one eight, five eight zero, one nine one nine.
You can visit us at our Syracuse location and we
(10:54):
would be more than happy to sit down and have
a conversation with you. Until again it's five one eight,
I've eight zero, We're going to take a quick break
and we will be back read after this.
Speaker 1 (11:21):
When US Navy Chief Petty Officer Michael Thomas Ernst was
killed in the line of duty, Tunnel to Towers provided
his wife and children with a mortgage free home. Since
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
(11:41):
by showing them our support. Now, donate eleven dollars a
month to Tunnel to Towers at T two T dot org.
Speaker 5 (11:48):
That's t the.
Speaker 1 (11:49):
Number two T dot org. Ali Dwyer and her three
sons lost their hero, Stephen, serving our country in the
United States. Army was Stephen's calling and flying helicopters was
his passion. Stephen was killed in a Blackhawk helicopter crash
over the Mediterranean Sea. Thanks to friends like you, Tunnel
to Towers provided his family with a mortgage free home,
giving them security and hope in their darkest hours. Help
(12:12):
more families like the Dwiers. Donate eleven dollars a month
to Tunnel to Towers at T two T dot org.
That's t the number two t dot org your retirement future.
Are you dreaming of a comfortable, financially secure retirement. It's
closer than you think. The best time to start planning
was yesterday. The second best time is now. Even small,
consistent contributions make a huge difference over time thanks to
(12:35):
the power of compound Don't let your retirement dreams just
remain dreams. Start setting up your goals today. Take control
of your future. Call eighty eight five eight zero one
nine one nine. That's eighty eight five eight zero nine
one nine for a free consultation. We are living through
the greatest wealth transfer in the history of mankind.
Speaker 2 (12:54):
Trillions of dollars of wealth will change hands from one
generation to the next. Your money for our beloved children
and grand children. 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. The future favors those
that are prepared. Call eighty eight five eats zero one
(13:17):
nine one nine. That's eighty eight five eats zero one
nine nine.
Speaker 4 (13:20):
Fam everyone, thanks for tuning in today on ws YR
out here in Syracuse. If you want to call in
the numbers three one five four two one nine seven
nine seven, and that's three one five four two one
nine seven nine seven. It's a talk show, not a
babble show, So give us a buzz and we'll answer
(13:43):
any questions. Or if you just want to chat, we
are here. So again that's three one five four two
one nine seven nine seven. And uh. Before the break,
we were talking a little bit about nitrogen and portfolio
evaluation and making sure you're on track. You know, we
have a lot of software programs that we utilize. Between nitrogen,
(14:04):
we use E money. It's another software program that we
use for projections to make sure that you're contributing enough
into your four to oh one K or workplace retirement
accounts and you know, keep contributing to those accounts at
your current rate. It'll show projections based on today's numbers
on growth rates. So we've assigned some projected growth rates
(14:27):
in there, you know, nothing too crazy, maybe five percent,
six percent growth rate over time, and then it'll show
you that that number you know that you're working towards.
So a lot of people think they need a million bucks, right,
I hear that all the time I need a million
dollars to retire, you might not you know, that might
not be the case. You might not be aware of
(14:49):
other income sources that are available to you. Now, I
would say five out of ten people don't even look
at their Social Security prior to meeting with us, you know,
And that's going to be another, you know, big chunk
of money for in retirement. If you're someone that's worked hard,
you know, I had had high earning years. Your spouse
is entitled to half of yours at full retirement age
(15:10):
if you're receiving yours, so so again there's a spousal
benefit with social Security. You might have pension options, You
might have a pension available to you to you, so
you want to work that into the monthly amount. A
lot of times the conversation refers back to how much
do you need?
Speaker 5 (15:26):
Right?
Speaker 4 (15:26):
How much do you need on a monthly basis to
to survive or to to live the retirement life that
you want to live. And then that's how we work
out the number that we have to hit. Right, So
if you need an extra sixty thousand dollars a year,
then hey, we're probably looking at you know, a million bucks, right,
at a six percent distribution, right, which you know, depending
(15:47):
on your age, I might feel comfortable with utilizing that
as a distribution percentage. But again there's there's different ways
to calculate what that number needs to be. And the
major factor you need to be aware of is how
that accounts invested as well. You know, as you get
closer to retirement, if you go through a major market
(16:07):
correction and you're in the s and P five hundred,
you got a million bucks in there, and we see
a twenty percent correction, that's not a million bucks anymore.
That's take one hundred thousand, and you just retired and
now you're starting to take income off of it. So
it took sixty grand off it. Now you're at seven
hundred and forty thousand. So bang, year one, twenty five
percent gone off the portfolio. That's going to have a
(16:29):
major effect on your retirement. So start planning, you know,
Dave says the red zone. You know the red zone two?
What's it? Five years out? Two to five years out?
I think even longer, right, I agree to seven, seven years,
ten years. Start looking at this, Start picking apart your portfolio,
(16:49):
you know, lift the hood, you know, take a look
at the engine and make sure everything's running efficiently for
your scheduled retirement date.
Speaker 5 (16:58):
I'm telling you to power up not you know, you're
never too young to learn. And I couldn't agree with
you more. I would not wait until the last minute,
because some of the ideas that we share with clients,
they'll have five or ten years to implement them, so
by the time they do get to retirement, they're going
(17:19):
to be in greater shape than it if they did
nothing at all. So and I totally agree. I just
totally agree. I think it's important to see what you
have available. I love that we help people manage money,
even though it may not be under our roof. But
we take a lot of pride in helping our clients,
(17:40):
and we want people to succeed because the more they succeed,
the more we succeed.
Speaker 4 (17:48):
I think we're no nonsense right. If we tell you
something it's not right, we mean it. No, We're not
here to blow smoke. We're here to put numbers in
front of you and make sure you feel comfortable and
educate you at the end of the day. You know,
I've seen quite a few appointments where you know, either
myself or Dave. You know, it's been a little heated
(18:12):
at times, right just because we're trying to, you know,
get something through somebody's head that maybe they haven't really
given much thought to know. A lot of conversations recently
have been around the estate, long term care, nursing home.
You know, that's the achilles heel for a lot of
(18:32):
people out there that you know, don't have any protection
when it comes to some sort of long term care
facility or nursing home stay. So irrevocable trusts are a
huge topic of discussion right now and meetings and getting
either property into an irrevocable trust or non qualified assets,
(18:54):
you know, and start really protecting the estate.
Speaker 2 (18:56):
Now.
Speaker 4 (18:56):
I've even had a few conversations about how the irrevocable
trust would be make sense from an estate tax standpoint.
You know, some people are going to be above that
threshold to where a portion of their estate will be
taxed for their beneficiaries. So you get those assets into
an irrevocable trust and it gets it out of the
owner's name, and it gets it to a point where
(19:19):
it's below that estate tax amount, which is actually about
seven point one million dollars.
Speaker 5 (19:23):
Now, I think it's going up to fifteen MILI for
twenty twenty six. I don't know. I thought I heard
Lou earlier on his show. I think it's going to
pop up.
Speaker 4 (19:34):
For the couples so per individual seven point one six
or something like that.
Speaker 5 (19:40):
For twenty twenty five. I thought, I thought I heard
maybe twenty twenty six that was going to pop up.
Speaker 4 (19:45):
But still it offers protection, that's right, estate tax purposes
as well. You know, a lot of you might not
be in that case, but a lot of you will
be in the case of having to deal with the
long term care of it or a nursing home event.
So a lot of attorneys will call it a medicaid trust. Right,
trying to get assets outside of your state so that
(20:07):
you'll qualify for medicaid quicker. And they won't start coming
after your house, right, they'll start putting a lean against
your property. Do you want that? They'll start accessing all
of your cash value life insurance policies? Do you want
those to lapse and go away?
Speaker 5 (20:21):
Right?
Speaker 4 (20:21):
They'll start coming after the money you have at the
bank until you get to a certain level, and then
you know at that point you'd qualify for medicaid but again,
there's a lot of assets. You know, most assets are
not protected in New York, so you need a plan
for that. You need to be aware of that. And
any Money does a great job of showing us where
(20:41):
all those assets are and how they're tax qualified and
whether or not they can be put into an irrevocable trust.
So we run through that quite a bit.
Speaker 5 (20:50):
I love the power of visual you know, when a
lot of people see all the different parts of the
engine working in the money, I'd love it.
Speaker 4 (21:00):
Ual guy, very much, very much. Are you an artist?
Speaker 5 (21:04):
Hell? No?
Speaker 4 (21:04):
Do you draw?
Speaker 5 (21:05):
No?
Speaker 4 (21:06):
What do you do?
Speaker 5 (21:08):
If I drew, you wouldn't know what I was drawing.
Speaker 4 (21:11):
Are you a singer?
Speaker 5 (21:12):
I do not sing. I try to do things that
won't hurt people.
Speaker 4 (21:19):
But you can't.
Speaker 5 (21:19):
You can't go No, no, I can't. You can see
you can. Yes, you saw me once and that was
probably one of the worst days.
Speaker 4 (21:30):
Oh, you're a car guy, that's what you are.
Speaker 5 (21:32):
I am a car guy.
Speaker 4 (21:33):
Your car You go to the car shows.
Speaker 5 (21:35):
I do love those, Yeah, I do.
Speaker 4 (21:38):
Everyone needs a hobby.
Speaker 5 (21:39):
Yes, I'm still looking for one other than cars.
Speaker 4 (21:43):
Other than cars. So again, this is a it's a
calling show guys. So it's three one five, four two
one nine seven nine seven. If you have any questions today,
you know, we really like callers, so make sure you
give it to call like you steering the conversation at times.
(22:04):
So again, and when we meet with people that first conversation,
generally you're doing most of the talking. So if you
do come, have if you do come schedule an appointment
with us, right, we send you a questionnaire booklet and
then from there you fill it out to the best
of your ability, and you bring that in with you
(22:24):
and we kind of run through that. We use that
as a you know, kind of a what do you
want to call it? I don't know, but we use
that to go through and kind of evaluate who you
are and what you're looking to looking to accomplish. But
you do a lot of the talking. We do a
lot of the listening. Right. As an advisor, I think
it is very important to have ears rather than just
(22:47):
speak and tell you you need to do this, you
need to do that. You know, I want to get
a feel for who you are and what's in your
best interest because at the end of the day, we
do act in a fiduciary capacity. We're held to that stand,
and we want to make sure we put ourselves in
your shoes and act in your best interest if we
were in your position.
Speaker 5 (23:07):
Well, that's what I love about our process because, like
you said, it's a three meeting process. You know, this
is not something we're going to rush. This is not
something we're dying to pull something out of our back pocket.
You know, we want to meet you. We want to
hear what you have, where you want to go, and
how can we get you there and between all these
(23:30):
different phases. And that's why it takes time to put
together a great strategy. But it's time well spent.
Speaker 4 (23:40):
Yeah, and you know, every appointment is great, every point
we've had in Syracuse. We love the new location we
have out.
Speaker 5 (23:47):
In Syracuse and great people.
Speaker 4 (23:50):
Great people, great coffee. I think there's some ice teas
out there too, mice teas in the fridge.
Speaker 5 (23:56):
So we even throw in a couple of bottled water.
Speaker 4 (24:00):
Some waters. Hey, so hey, the worst the worst that
can happen is you you leave the office with a
nice tea from us. There you we do what we
can hopefully a smile. But uh again, if you want
to call the office number, if you're a little shy
the numbers, uh eight eight eight five eight zero one
(24:20):
nine one nine and that's eight eight eight five eight
zero one nine. Or you can visit us on our website.
We also have a website, rpg retire dot com. Www
dot rpg retire dot com kind of goes through everyone
that's in the office as well. If you want to
(24:41):
get a feel for who we are, it's got. Uh,
it's got. Each employee got a little brief description of
who they are, where they came from, and their designations
and everything like that. And uh, you know, if you
do call the office, speak to Jim Corcoran or Jared
Yost and they can get you set up in Syracuse
with us. And we're coming out there quite a bit. Yeah,
(25:02):
get on the get on the books. I think them
out there. Twenty second. What is that?
Speaker 5 (25:08):
Can it be Monday?
Speaker 4 (25:10):
No? No, Monday, it's a Monday. That's this Monday. No,
it's a week and a half from now.
Speaker 5 (25:16):
Yeah, but it'll be here before you know. It's the
way time's been going by.
Speaker 4 (25:20):
It's insane. You look at the calendar. It was November
first two days ago.
Speaker 5 (25:26):
I know it is, but you know, I love it.
Get the busier the better.
Speaker 4 (25:32):
So again, get your appointments in before the end of
the year or book something for January. Make your financial
future your new Year's resolution This year, everyone our numbers
eight eight eight five eight zero. We're gonna take a
break and we'll be back on the other side of
the half.
Speaker 2 (25:49):
Hour Suture Retirees twenty is going in. Twenty and twenty
six is here. Are you still thinking about retiring? Procrastination
will hurt you every year you wait to implement your
personal retirement plan is expensive. Stop putting your retirement future
(26:11):
on the back burner. It's time to take action. Well
the Retirement Planning Group for a complementary retirement planning consultation
and make twenty and twenty six the year your retirement
dreams became a reality. Call eighty eight eight five eight
zero one nine nine and take action today.
Speaker 5 (26:27):
Fam.
Speaker 4 (26:30):
And we are back. Everyone appreciates you tuning in today
to WSYR. We are here each week from one to
two pm. It's a live show, so feel free to
call in if you want. I'll give that number out again.
Get your pencil out. It's uh three one five four
(26:50):
two one nine seven nine seven. You want to talk
on the air today, or if you just want to
ask a question to hang up, that would be great
as well. So so so again, we're here each week.
We're the retirement planning group. We're new in the area.
We do have an office out there. If you want
a second opinion or a second pair of eyes, we'd
love to be that advisor. We do a lot of
(27:13):
work with you know, blue collar hard work and savers
that have contributed to a retirement account their their whole
life and now they're trying to turn it into an
income stream for themselves, for their spouse, for their loved ones.
And we do a lot of estate planning work as
well for people that don't have that buttoned up. You know,
(27:34):
do you have your will? Do you have your basic
legal documents, your healthcare pro your health care proxy, your
power of attorney? Is an irrevocable trust suitable for you?
It's a revocable trust suitable for you. You know, there's
a bunch of different trusts out there. So do you
have a child of special needs? You know, do you
need a special needs trust? There are a lot of
(27:56):
conversations to be had and that we are having in Syracuse.
So we love going out there. It's great food joints,
great spots for lunch and dinner.
Speaker 5 (28:08):
Yes, so Tullies.
Speaker 4 (28:10):
And the people are great too, they are, but mostly
the food.
Speaker 5 (28:17):
No. I enjoy it out there very very much. And uh,
you know, I love all the different strategies that we
educate people on that are available. You know, some of
them they're familiar with, others they're not, you know, but
that's what we love about sitting down. We get to
know people. You know. We're not attorneys, we're not CPAs,
(28:39):
but we know a lot. We like to think we're
a little dangerous as far as our experience.
Speaker 4 (28:46):
And uh, A lot of people call you the evil
and evil of financial planning. That's what I did.
Speaker 5 (28:54):
Really, that's what I've been hearing. They just call me evil.
Speaker 4 (28:58):
No for evil and evil.
Speaker 5 (29:01):
Yep, that's yep. I'm a devil I am, but God,
we have a lot of fun. We laugh a lot.
We work hard, but we we play hard.
Speaker 4 (29:13):
I think you have. The conversation is just uh, you know,
just going back and forth. The other half's the financial piece.
You know, it's important, but you need to develop a
relationship with these people and understand who they are, you know,
what their real values are. You know, we can talk
numbers till we're gray in the face. You talk about
the market. We can talk about bonds and how great
(29:34):
coupon and cash flow is. But I think the relationships
we for them at the end of the day are
you know, very valuable. I sent Christmas cards to a
few clients, and you know, you just developed these lifelong friendships.
Speaker 5 (29:49):
Oh my god, they like family, you know. I'll tell
you I had to say goodbye to a client last year.
I had it for thirty six years, and if she
wasn't a client, I considered her family and just lovely.
And you know, you can't hug you can't shake the
(30:10):
hand of a computer, as beneficial AI might be. You know,
it's the relationship, like you said, it's you know, getting
to know the people, you know, trying to see what
they want to see happen, and we want to facilitate,
we want to be able to help them get there.
(30:30):
And we're very fortunate.
Speaker 4 (30:33):
Yeah, And I think you know, most of the people
that walk in, we're lucky. They're they're great folks. You know,
I haven't had any bad appointments in Syracuse, any bad apples,
But now occasionally get that. People that have expectations that
are way beyond reality. They might have a you know,
four hundred thousand dollars retirement account or five hundred thousand
dollars retirement account and they want to take one hundred
(30:55):
grand a year off of it and for it to
last forever. But it's you know, you're looking at twenty
percent returns year over year to uh to take care
of that. So so again. But a lot of people
have realistic goals, realistic expectations that we've been meeting with,
and you know, some have been you know, conservative with
their approach. They don't think they can take X amount
(31:16):
of dollars, and we tell them we could take that.
You could take double probably what you're taking right now,
and the account will be fine. I have been telling
a lot of people to spend money. Spend money. You know,
I see too many old people with too much money.
So spend it while you're capable, spend it while you
know you want to, and take those trips that you've
planned and you know, figure it out. So we do
(31:39):
that for people. If you want to call our office,
it's eight eight eight five eight zero one nine one nine,
get an appointment, set up in Syracuse because we love coming.
Speaker 5 (31:47):
Out here and and just like you're saying, you know,
especially I keep going back to e money and things
like that. Our approach, our strategies are very conservative, the
very achievable. We would rather promise you something lower and
get more, and promise you more and get less exactly.
(32:10):
You know, it's the bottom line. And we're very transparent.
You know, we take a lot of variables in the
consideration when you see what we have on the screen,
and I just love the reactions that we get from people.
You know, most of them either their eyebrows go up
because of the excitement, or they kind of sit back
(32:33):
in their chair and they take a sigh of relief,
like wow, we're doing better than we thought. And it's
just a rewarding feeling. And being a part of that.
Another thing I think as wonderful as we're starting to
see a lot of family members, more people. It's not
just meeting with grandparents or parents, but the kids are
(32:55):
coming in too, and we feel it's important that everybody's
on board, everybody understand what we're doing and why we're
doing it because down the road, the less surprises, you know,
the better for everybody.
Speaker 4 (33:08):
Yeah, the more faces with names, the better. Right. So,
if you have beneficiaries on your accounts and you want
them to understand what they're inheriting and how to utilize
it without giving all that money to Uncle Sam, we're
able to show them, you know, different plans, different ideas
to where we could spread tax liability out over a
(33:31):
number of years or pull draw down different assets. Right.
The sooner that you make the decision to meet with somebody,
or the sooner that you start doing it yourself right
and start planning and coming up with a strategy on
the estate side, the more rewarding.
Speaker 5 (33:49):
It is.
Speaker 4 (33:49):
Not only from an emotional standpoint, as far as hey,
I got all my ducks in a row, I'm good
to go now, but also from a financial standpoint. You know,
the sooner you make the decisions, the younger you are,
the better rates you can get on life insurance policies, right,
the better compound interest you can get on investments. You know,
the time time is huge in a portfolio, not timing right,
(34:14):
So we say time in the market, not timing the market.
So again, the sooner you start uh formulating a plan,
the better it's going to be for you.
Speaker 5 (34:27):
No, I agree. You know, we're very strong and fundamentals.
We believe our education set us apart from a lot
of people. Our strategy, but we're very fundamental. We work
hard at what we know. We try to make all
(34:48):
these strategies in the most efficient way, and I think
we do a pretty good good job.
Speaker 4 (34:56):
So we're dangerous and fundamental.
Speaker 5 (34:59):
Yes, injurious at fundamental something like that. I like, we're
fundamentally dangerous. I don't know, I gotta I get confused,
do you.
Speaker 4 (35:08):
Know, man, Yeah, we're not going for dunks, just layups.
Speaker 5 (35:11):
No, layup.
Speaker 4 (35:12):
Very fun, use the use the glass, you got to
use the class, hit to hit the box. The uh No,
we're uh. We like to have fun on the show too.
So we also like callers. So if you want to
call in if anything sparked your interest or you have
a question, number is three one, five, four, two one
(35:35):
nine seven nine seven right here on ws y R.
We'd love to feel some questions today. But again, we uh,
we do a lot from the planning side of it.
We're more of a holistic type of advisor, so we're
not just analyzing your retirement accounts. We're also looking at
the estate side.
Speaker 5 (35:53):
Of it.
Speaker 4 (35:53):
I think we do a lot of work on the
estate a lot of the younger folks looking to retire
prior to sixty five. You need to be careful with
health insurance. It's one of the most largely affected numbers
right now. Premiums are increasing quite a bit, you know,
even for those folks that are sixty five, your medicare
premiums going up to two two if you're in that
(36:15):
income bracket that a majority of folks are so about.
Health insurance is something that's that's a huge topic of
discussion right now, and how you're going to pay for that.
You know, some people might have plans available to them
through their employer once they retire, maybe their employer offers
them extended coverage to the group health insurance plan, but
(36:39):
a lot of folks will have to go on the
private market. You know, in the private market can be
expensive eight hundred nine hundred, one thousand dollars a month,
you know, for a family. I think I've had some
people paying close to two thousand dollars a month in
health insurance. So you need to be aware of all
the additional costs that go into it when you do retire,
right and what costs will go away when you're atire,
(37:00):
right like your four oh one K contributions, you won't
be contributing anymore. You'll be receiving a lot of the
social programs that you're contributing to through your paycheck. Those
will go away, and then eventually you'll pay federal and
state tax depending on you know, how much you take
off the accounts.
Speaker 5 (37:19):
So I never thought i'd see the death well. Health
in chance is a major reason why people won't retire
until at least sixty five.
Speaker 4 (37:28):
Yeah, and again it's a huge topic a discussion, righty know.
So if you want to talk about it, call our
office five one eight five eight zero one nine one nine.
We're gonna take our final break. We'll be back right
after this.
Speaker 5 (37:50):
Wes y are.
Speaker 2 (37:53):
Are you ready for retirement or just hoping it works out?
Don't leave your future to chance. At the Retirement Planning Group,
we help 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
(38:15):
schedule your complementary consultation. Your future will say thank you.
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
(38:36):
that will last a lifetime. At the Retirement Planning Group,
we build customized income distribution plans so you can retire
with confidence, retire smart, live well. Call eight eight eight
five eight zero nine one nine for your complementary consultation.
Speaker 4 (39:13):
Testing. We're back for our final segment here on w
s y R. It's Sonny out where we are. You're
not sure it's Syracuse.
Speaker 2 (39:28):
But.
Speaker 5 (39:30):
We'll be out in Syracuse before you know it.
Speaker 4 (39:33):
Yeah, So exciting times getting to the new year. It's
Christmas coming up. So about a year end tax planning
for for people out there. Macarthy brought something up over
the break about portfolio evaluations, something else to look at.
You know, how much are you paying in Feese's fees?
(39:56):
You guys have an advisor that's transparent. Do you see
it on your statements? Do you know how much compensation
they're receiving, you know, off the portfolios. A lot a
lot of advisors nowadays charge a management fee, right, so
a percentage based off of the account, whether that's one,
one and a half, two, seventeen. Oh it's good, yeah,
(40:20):
but I don't think anyone's charging seventeen. But again, be
aware of your fees that you're paying, and just make
sure that they're that they're earning it right and that
they're you know, putting your best interest first. And that's
what we try to do. We do charge a management
fee at Retirement Planning Group for those curious, our fee
(40:42):
structure is one percent and it only goes down from there.
Never charge more than one percent on an investment account.
And that's there's break points. So after you get to
a certain x amount of dollars, it'll go down to
seventy five point seventy five, and then we'll go down
to point five if you hit another break point. So
(41:04):
again that's how we're compensated. There's no transaction fee fees
we clear through Fidelity investments and again you'll see everything
right on your statements that you get from us as
far as our management fee the percentages are taking out
each quarter and you're able to see you know, year
to date fees. And if we do life insurance, we
(41:26):
get commissions. We make that very clear. And any annuity
products there are commissions associate with those as well. So
so again and you know, bringing up annuities, you know
a lot of people might not know what they have.
I see these old annuity contracts coming to the office
all the time. You know, just a statement, that's all.
(41:47):
We need to really lay our eyes on it and
see whether or not it makes sense for the client
at this point in their lives. Maybe they wanted it
for guaranteed income, but they're not going to use it
for that, so they're paying all these additional fees for
a rider, a ride on the contract that they don't
really need. So again, know what you own, know what
you have, and know the purpose of it.
Speaker 5 (42:09):
Yep. Make sure it's still in line with what all
your goals are. Because life goes on and things change,
thing change, and you know, like you said, you know,
what might have been good yesterday may not be good today.
So we have a lot of experience, we know what's
out there. If we don't know the answers will get them,
(42:30):
but let us evaluate what you make sure doing exactly
what you wanted to do, or a better avenue out there.
Speaker 4 (42:39):
Yeah, and I think it's important. Like I said earlier,
the sooner the better, right, The sooner you can get
in front of it, the more money you could save
potentially over time. You know, and you might have some
investment options that are available to you now that wouldn't
be available to you in five or ten years from now.
You know, the investment horizon is always changing. Products coming
(43:01):
into the mix, there's products leaving the mix, so you
want to make sure that you have the latest and
greatest or you know, the latest product that makes sense
for your portfolio. So there are new options out there.
We've been doing a lot of work with buffered annuities,
so we've talked about that in the past. Income annuities,
(43:23):
you know, I see those all the time, and you know,
we're getting to the point for a lot of individuals
where it makes sense to start collecting that income. You know,
they might have opened these contracts ten years ago and
now they're at a point where we're at a certain
age and it makes sense to start drawing income off
of it. To try to maximize the contract for.
Speaker 5 (43:42):
Them absolutely, and again it's just reevaluating what you have.
A lot of these non qualified annuities can also be
beautiful legacy pieces, you know, whether they fit right into
an estate plan, maybe parents and grandparents planning on leaving
that money. Well, we have ways that the benefitios can
(44:06):
really benefit stretch stretch and you know, in the most
tax favorable way.
Speaker 4 (44:16):
I needed to talk to you about that too. I
had a client come in yesterday and he had an
annuity that's been building up for several years. I'm not
gonna get into any specifics, but quite a large gain
in the contract and we're looking at ways to get
(44:36):
that out most tax efficiently. So I wanted to talk
to you about the I know there's an exclusion ratio
with a certain company. We're able to capture some of
those some of the cost bases as you draw your
monthly and come off of it. But again we'll talk
about that off air.
Speaker 5 (44:56):
And just to throw it out there for people to know,
the non qualified stretch is the only lifetime stretched remaining
that I'm aware of. Because we know traditional high rays
when you lead them to beneficiaries as well as roth
Iray have a ten year spend down, correct, you know,
(45:17):
so the non qualified. Again, if it's a good fit
and it makes sense for the client and what their
overall goals are, it'll be an aer tent. If it's not,
we don't talk about it.
Speaker 4 (45:29):
We're even designing future pensions for thirty year olds. We
have a client who has a couple daughters that we've
started looking at future income streams for them. You know,
they received an inheritance from their uncle and now they're
looking at turning that into sort of a pension and
also a buffer for retirement because who knows. You know,
(45:54):
social security is always a major topic of discussion, whether
or not it's going to be there. You know, I'm
in the camp that it will be there, but but no,
you never know. You know what the government might dip
their hands in. You know, which pools of money to
take care of, you know, debt obligations, and you know,
restructure their balance sheets. So have a plan, you know,
(46:17):
don't be relying on government assistance or you know, these
programs to provide your retirement income. Start saving, Start contributing
to a four oh one k at work, you know,
whether it's six percent of your salary seven percent. You
can put guidelines on your contributions to increased increase automatically.
So maybe you're someone that has the option to do
(46:38):
an automatic increase of one percent per year, so every
year it goes from six percent to seven percent in
the next year eight percent without you even doing anything,
So you're getting more and more money into that retirement account.
But but again, if you want to evaluate your portfolio,
check your fees, how much you're paying your advisor, Check
your investments you have in there. You know, we do
(47:00):
a lot of work with institutional share classes. I see
a shares, still see shares and client accounts. You know,
try to try to get the lowest expense ratio on
those mutual funds that you have to exchange. Traded funds
make more sense for you. ETFs you know their tax
favorable as well for non qualified accounts, so it's very quick. Now,
(47:23):
you know, we see statements and you know we kind
of we know what to look for. So if you
want us to be that second pair of eyes, we've
been more than happy to do that.
Speaker 5 (47:32):
And I can't emphasize enough though, you know, there is
such a thing as being over diversified. And again, when
we have people come in, we evaluate the portfolio, we
give it a grade of rating, a rank, and then
once we establish what the client wants, indeed, then we
(47:53):
cater that model the most efficient way, the highest grade possible,
so we can help them achieve. And many times we're
receiving just as great rewards for less risk and that
it's a win win.
Speaker 4 (48:11):
Yeah. And you know this year specifically, you know, we
went through a little bit of a market adjustment back
in March and April. A lot of people sell their
accounts down up to fifteen percent, twenty percent, you know,
depending how much individual stocks, ETFs, index funds you had.
But a lot of our accounts we down maybe three
(48:32):
four percent, depending on the investment mix. So just trying
to narrow the band of returns as you get closer
to retirement so that it doesn't fluctuate as much. You know,
you kind of have a more consistent type of return
with cash flow with coupon, which we can do right
now with where bond rates are, we're still seeing seven
percent interest on some corporate bond mutual funds eight percent
(48:56):
in cases covered call writing strategies you can look you
can get about a ten percent yield you know it's
not guaranteed clearly, right. But but again, the current premiums
that are getting kicked off are pretty high. So we're
really focusing on the income piece and for your retirement
versus the you know, growth and you know, pedal to
(49:17):
the metal type of mentality that you might have had
in your younger years.
Speaker 5 (49:22):
I'll tell you, I think we're maximizing what the market
is giving us. And you know, I think it's important
to emphasize what you just said, and that is, you know,
our most popular income model that we design does have
equity exposure. We don't bite the hand of PISA. You know,
(49:43):
a lot of people got to the position you're in
today because of equities. But it's the strategy, the covered
calls thing that you just brought up. You know, there's
a reason, and we want client to know what we're
doing and why why we're doing it. They don't have
to know. It would be detail. Many of them don't
want to, but I think it's.
Speaker 4 (50:03):
Important for a lot of people out there. You know,
greed fear kind of drives decisions on market on portfolios.
You know, don't be that individual, you know, stay true
to your asset allocations. Stay true to your risk tolerance
and you should be uh, you should be in good
shape by the end of the day. So again, if
(50:23):
you want to call our office the numbers eight eight
eight five eight zero one nine one nine, get on
the books for beginning of January. Start the new year
out nice and fresh with a financial analysis, and we'd
be happy to sit down and have that conversation with
you and review what you have and what you're looking
(50:45):
to accomplish.
Speaker 5 (50:46):
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Speaker 2 (00:59):
Retirement future Are you dreaming of a comfortable, financially secure retirement.
It's closer than you think. The best time to start
planning was yesterday. The second best time is now. Even small,
consistent contributions make a huge difference over time thanks to
the power of compound. Don't let your retirement dreams just
remain dreams. Start setting up your goals today. Take control
(01:20):
of your future. Call eighty eight five eight zero one
nine one nine. That's eighty eight five eight zero nine
one nine for a free consultation.
Speaker 3 (01:29):
The information or services discussed on this show is for
informational purposes only and is not intended to be personal
financial advice. The investments and services offered by us may
not be suitable for all investors. If you have any
doubts as to the merits of an investment, you should
seek advice from an independent financial advisor.
Speaker 4 (01:45):
And good afternoon everyone, Thank you for tuning in today.
This is the Retirement Planning Show. My name's Nicholas Dumas,
certified Financial Planner. Put the Retirement Planning Group alongside me
today is Chris McCarthy.
Speaker 5 (02:03):
Yes, indeed, Happy Saturday.
Speaker 4 (02:06):
Happy Saturday. Believe the Orange play today four o'clock against Hofstra.
So hopefully they can, you know, continue to some good ball.
Speaker 5 (02:18):
And I'll tell you that kid bum Syracuse who's coaching
Sienna's been doing a great job. M.
Speaker 4 (02:25):
Maclamar. Yeah, yeah, he's doing a good job with Sianna's
group this year. As a Sienna alum, I like to
see it. Yeah and uh yeah college basketball today. Only
one football game.
Speaker 5 (02:39):
Yep, but at a biggie traditional Army Navy. I think
Army six and five and Navy's nine and two something
like that.
Speaker 4 (02:49):
You'd have to ask somebody else. But they are playing
down in Baltimore today, so this should be a good
bowl game.
Speaker 5 (02:56):
Yeah. Yeah.
Speaker 4 (02:59):
We have some clients going to the game.
Speaker 5 (03:01):
Yeah yeah. The sun goes to West Point.
Speaker 4 (03:05):
Yeah yeah, I'm not getting anything in my headphones. Are
you getting anything? I but hello up there we go?
Oh yeah, okay and there it goes. That's okay?
Speaker 5 (03:16):
Is this anyways?
Speaker 4 (03:19):
So I wanted to talk today on the show about
portfolio construction. Well you wanted to talk about it portfolio evaluation.
There we go, making sure that you know your portfolio
aligns with what you're trying to accomplish. So a lot
of individuals out there, you know, they're not too concerned,
(03:41):
I would say, with their retirement accounts, and you know,
we're talking hundreds of thousands of dollars potentially, you know,
and they're over here kind of trying to figure out,
you know, where they're going to go for dinner because
it's too expensive, you know, over thirty forty dollars. But
at the same time, they're not really managing their four
(04:01):
to one K account.
Speaker 5 (04:02):
That's right.
Speaker 4 (04:03):
So for a lot of people, it's their largest asset,
So why not have a little bit more of a
hands on approach with the investment management side of it.
Speaker 5 (04:12):
I couldn't agree with you more. I think it's criminal.
There's a lot of places I don't think do a
good enough job for the employees as far as educating
and maybe guiding them. But that's where we come in.
Speaker 4 (04:27):
Yeah, and we're able to evaluate portfolios with a software
that we utilize called Nitrogen, So we're able to, you know,
really dive into the makeup of your portfolio. And a
lot of people just might be sitting in target date funds.
So if you're someone that has a twenty thirty five
after it or a twenty thirty or a twenty forty
(04:48):
fund that's typically a target date or target investment portfolio
based off of a retirement age, which might not be
maximizing know the amount of gains or returns that they
could see in their portfolio, and it might not be
accounting for cash flow or coupon or income in retirement.
(05:09):
So again, make sure you're aware of what you're investing into.
Make sure you're aware of your portfolio mix as far
as total stocks, total bonds, you know, and what you're
trying to accomplish. For a lot of younger folks, we
tend to push them more towards the index funds that
are available within their retirement accounts, and a lot of
(05:31):
the older generation or people getting closer to retirement, we
start looking at the bond options that they have within
the plan. You know, some people might be with you know,
these big custodians. I don't want to name any names,
but there are a lot of total bond market indexes
that are available in plans. You know, sometimes there's three
(05:51):
or four different options that you could choose from. So
I like to, you know, design a portfolio with the
four oh one K rather than allow it to sit
it in a four to one K account. I agree
or a target D fund.
Speaker 5 (06:05):
No. I love the models that we have created and
again through the aid of night Pagen, so we're able
to use a barometer to make sure that we put
something as efficient as possible for people, for example, looking
for income and then you have others. You know, if
(06:27):
you can get the same reward for less risk, who
wouldn't want to do it? Well, we have that capability.
And how many times people say I've never seen this before.
I said, well, that's good. That's why you're sitting with us.
Speaker 4 (06:41):
Yeah, and we're able to really give it a GPA. Right,
So we're able to score your investment portfolio based off
of risk and efficiency, and we're able to try to
design a more efficient portfolio so lower that risk and
hopefully get close to, if not the same rewards. So
again we're at a time now where interest rates are
(07:01):
still relatively high. The Fed did just decrease rates twenty
five basis points on Wednesday, but you know, cash flow
is still king for a lot of retirees. That's what
we're looking for, you know, coupon dividend interest and we
have covered call writing ETFs, so you know that's when
you own underlying stock, but then you write options against
(07:22):
it to generate premium interest each month, so we're able
to utilize covered call ETFs is what we generally use.
And you know, then some corporate bond usual funds for interest,
and then your blue chip you know, dividend paying stocks
within retirement accounts for those people that have a lot
of non qualified money. You know, so maybe you sold
(07:44):
your house or you have all of this cash that's
built up at the bank, these are non retirement accounts,
non qualified you could take that money and look at
municipal bonds for tax free income. I think communis are
in a great spot right now as well. But again,
you just need to evaluate your portfolio, how it's invested.
What's the tax qualification, So is it a retirement account,
(08:07):
is it tax sheltered? Do you have to be careful
with the taxes so ETFs won't kick out those capital
gain distributions for you at the end of the year.
And in non qualified accounts, so if you're invested in
mutual funds with those bank dollars, be careful of your
tax bill as well.
Speaker 5 (08:23):
You know another thing that we have seen and that
is I believe there's something as being overdiversified. How many
times have we seen portfolio that have come in and
they're all over the map, and with the stock market
doing as well as it is, that's great. But chances
(08:45):
are if you had a couple of position that really
soared and did well. If you have too many positions,
chances are you had some dogs that were pulling them down.
So again it brings us back to step one. What
is your goal? What is your objective? And how can
we instead of having five large cap growth funds that
(09:08):
are basically redundant, maybe we can find the best rate
of one and then let's look for a large cap
blend of large cap value. You know, that's what we're
looking to fill. But most importantly, what is the objective
that we're trying to accomplish exactly?
Speaker 4 (09:25):
So, you might have a lot of overlap in your
portfolio and you just bought these big you know, total
stock market index funds and they're all invested in the
same positions. A lot of times you can pretty much
all the time, you can look up on Google. Right,
you just google your the ticker, so you're the five letters,
(09:48):
and then it pulls up a fact sheet. You're able
to see the top ten holdings, right, and if the
top ten holdings are the same between two three four
different funds, you know, there you are heavily weighted in
those uh ten positions, right, So you know, get some
different sector exposure, get some energy in there, get some financials,
(10:09):
get some you know, even healthcare. Healthcare has been beat up.
But again you want to spread it out throughout the
different sectors in the market so that you're having a
more broad type of approach to where you know, in
twenty twenty two, I think energy was the only sector
that did well and everything else was down. Bonds were down.
So did you have any energy exposure to help kind
of counterweight that or were you just fully invested in
(10:33):
the SMP five hundred index. So again, there's a there's
a lot to talk about. There's a lot of different
tools that we utilize to analyze portfolios and uh and
again we're here. So if you want to call our office,
it's five one eight, five eight zero, one nine one nine.
You can visit us at our Syracuse location and we
(10:54):
would be more than happy to sit down and have
a conversation with you. Until again it's five one eight,
I've eight zero, We're going to take a quick break
and we will be back read after this.
Speaker 1 (11:21):
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Trillions of dollars of wealth will change hands from one
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nine one nine. That's eighty eight five eats zero one
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Speaker 4 (13:20):
Fam everyone, thanks for tuning in today on ws YR
out here in Syracuse. If you want to call in
the numbers three one five four two one nine seven
nine seven, and that's three one five four two one
nine seven nine seven. It's a talk show, not a
babble show, So give us a buzz and we'll answer
(13:43):
any questions. Or if you just want to chat, we
are here. So again that's three one five four two
one nine seven nine seven. And uh. Before the break,
we were talking a little bit about nitrogen and portfolio
evaluation and making sure you're on track. You know, we
have a lot of software programs that we utilize. Between nitrogen,
(14:04):
we use E money. It's another software program that we
use for projections to make sure that you're contributing enough
into your four to oh one K or workplace retirement
accounts and you know, keep contributing to those accounts at
your current rate. It'll show projections based on today's numbers
on growth rates. So we've assigned some projected growth rates
(14:27):
in there, you know, nothing too crazy, maybe five percent,
six percent growth rate over time, and then it'll show
you that that number you know that you're working towards.
So a lot of people think they need a million bucks, right,
I hear that all the time I need a million
dollars to retire, you might not you know, that might
not be the case. You might not be aware of
(14:49):
other income sources that are available to you. Now, I
would say five out of ten people don't even look
at their Social Security prior to meeting with us, you know,
And that's going to be another, you know, big chunk
of money for in retirement. If you're someone that's worked hard,
you know, I had had high earning years. Your spouse
is entitled to half of yours at full retirement age
(15:10):
if you're receiving yours, so so again there's a spousal
benefit with social Security. You might have pension options, You
might have a pension available to you to you, so
you want to work that into the monthly amount. A
lot of times the conversation refers back to how much
do you need?
Speaker 5 (15:26):
Right?
Speaker 4 (15:26):
How much do you need on a monthly basis to
to survive or to to live the retirement life that
you want to live. And then that's how we work
out the number that we have to hit. Right, So
if you need an extra sixty thousand dollars a year,
then hey, we're probably looking at you know, a million bucks, right,
at a six percent distribution, right, which you know, depending
(15:47):
on your age, I might feel comfortable with utilizing that
as a distribution percentage. But again there's there's different ways
to calculate what that number needs to be. And the
major factor you need to be aware of is how
that accounts invested as well. You know, as you get
closer to retirement, if you go through a major market
(16:07):
correction and you're in the s and P five hundred,
you got a million bucks in there, and we see
a twenty percent correction, that's not a million bucks anymore.
That's take one hundred thousand, and you just retired and
now you're starting to take income off of it. So
it took sixty grand off it. Now you're at seven
hundred and forty thousand. So bang, year one, twenty five
percent gone off the portfolio. That's going to have a
(16:29):
major effect on your retirement. So start planning, you know,
Dave says the red zone. You know the red zone two?
What's it? Five years out? Two to five years out?
I think even longer, right, I agree to seven, seven years,
ten years. Start looking at this, Start picking apart your portfolio,
(16:49):
you know, lift the hood, you know, take a look
at the engine and make sure everything's running efficiently for
your scheduled retirement date.
Speaker 5 (16:58):
I'm telling you to power up not you know, you're
never too young to learn. And I couldn't agree with
you more. I would not wait until the last minute,
because some of the ideas that we share with clients,
they'll have five or ten years to implement them, so
by the time they do get to retirement, they're going
(17:19):
to be in greater shape than it if they did
nothing at all. So and I totally agree. I just
totally agree. I think it's important to see what you
have available. I love that we help people manage money,
even though it may not be under our roof. But
we take a lot of pride in helping our clients,
(17:40):
and we want people to succeed because the more they succeed,
the more we succeed.
Speaker 4 (17:48):
I think we're no nonsense right. If we tell you
something it's not right, we mean it. No, We're not
here to blow smoke. We're here to put numbers in
front of you and make sure you feel comfortable and
educate you at the end of the day. You know,
I've seen quite a few appointments where you know, either
myself or Dave. You know, it's been a little heated
(18:12):
at times, right just because we're trying to, you know,
get something through somebody's head that maybe they haven't really
given much thought to know. A lot of conversations recently
have been around the estate, long term care, nursing home.
You know, that's the achilles heel for a lot of
(18:32):
people out there that you know, don't have any protection
when it comes to some sort of long term care
facility or nursing home stay. So irrevocable trusts are a
huge topic of discussion right now and meetings and getting
either property into an irrevocable trust or non qualified assets,
(18:54):
you know, and start really protecting the estate.
Speaker 2 (18:56):
Now.
Speaker 4 (18:56):
I've even had a few conversations about how the irrevocable
trust would be make sense from an estate tax standpoint.
You know, some people are going to be above that
threshold to where a portion of their estate will be
taxed for their beneficiaries. So you get those assets into
an irrevocable trust and it gets it out of the
owner's name, and it gets it to a point where
(19:19):
it's below that estate tax amount, which is actually about
seven point one million dollars.
Speaker 5 (19:23):
Now, I think it's going up to fifteen MILI for
twenty twenty six. I don't know. I thought I heard
Lou earlier on his show. I think it's going to
pop up.
Speaker 4 (19:34):
For the couples so per individual seven point one six
or something like that.
Speaker 5 (19:40):
For twenty twenty five. I thought, I thought I heard
maybe twenty twenty six that was going to pop up.
Speaker 4 (19:45):
But still it offers protection, that's right, estate tax purposes
as well. You know, a lot of you might not
be in that case, but a lot of you will
be in the case of having to deal with the
long term care of it or a nursing home event.
So a lot of attorneys will call it a medicaid trust. Right,
trying to get assets outside of your state so that
(20:07):
you'll qualify for medicaid quicker. And they won't start coming
after your house, right, they'll start putting a lean against
your property. Do you want that? They'll start accessing all
of your cash value life insurance policies? Do you want
those to lapse and go away?
Speaker 5 (20:21):
Right?
Speaker 4 (20:21):
They'll start coming after the money you have at the
bank until you get to a certain level, and then
you know at that point you'd qualify for medicaid but again,
there's a lot of assets. You know, most assets are
not protected in New York, so you need a plan
for that. You need to be aware of that. And
any Money does a great job of showing us where
(20:41):
all those assets are and how they're tax qualified and
whether or not they can be put into an irrevocable trust.
So we run through that quite a bit.
Speaker 5 (20:50):
I love the power of visual you know, when a
lot of people see all the different parts of the
engine working in the money, I'd love it.
Speaker 4 (21:00):
Ual guy, very much, very much. Are you an artist?
Speaker 5 (21:04):
Hell? No?
Speaker 4 (21:04):
Do you draw?
Speaker 5 (21:05):
No?
Speaker 4 (21:06):
What do you do?
Speaker 5 (21:08):
If I drew, you wouldn't know what I was drawing.
Speaker 4 (21:11):
Are you a singer?
Speaker 5 (21:12):
I do not sing. I try to do things that
won't hurt people.
Speaker 4 (21:19):
But you can't.
Speaker 5 (21:19):
You can't go No, no, I can't. You can see
you can. Yes, you saw me once and that was
probably one of the worst days.
Speaker 4 (21:30):
Oh, you're a car guy, that's what you are.
Speaker 5 (21:32):
I am a car guy.
Speaker 4 (21:33):
Your car You go to the car shows.
Speaker 5 (21:35):
I do love those, Yeah, I do.
Speaker 4 (21:38):
Everyone needs a hobby.
Speaker 5 (21:39):
Yes, I'm still looking for one other than cars.
Speaker 4 (21:43):
Other than cars. So again, this is a it's a
calling show guys. So it's three one five, four two
one nine seven nine seven. If you have any questions today,
you know, we really like callers, so make sure you
give it to call like you steering the conversation at times.
(22:04):
So again, and when we meet with people that first conversation,
generally you're doing most of the talking. So if you
do come, have if you do come schedule an appointment
with us, right, we send you a questionnaire booklet and
then from there you fill it out to the best
of your ability, and you bring that in with you
(22:24):
and we kind of run through that. We use that
as a you know, kind of a what do you
want to call it? I don't know, but we use
that to go through and kind of evaluate who you
are and what you're looking to looking to accomplish. But
you do a lot of the talking. We do a
lot of the listening. Right. As an advisor, I think
it is very important to have ears rather than just
(22:47):
speak and tell you you need to do this, you
need to do that. You know, I want to get
a feel for who you are and what's in your
best interest because at the end of the day, we
do act in a fiduciary capacity. We're held to that stand,
and we want to make sure we put ourselves in
your shoes and act in your best interest if we
were in your position.
Speaker 5 (23:07):
Well, that's what I love about our process because, like
you said, it's a three meeting process. You know, this
is not something we're going to rush. This is not
something we're dying to pull something out of our back pocket.
You know, we want to meet you. We want to
hear what you have, where you want to go, and
how can we get you there and between all these
(23:30):
different phases. And that's why it takes time to put
together a great strategy. But it's time well spent.
Speaker 4 (23:40):
Yeah, and you know, every appointment is great, every point
we've had in Syracuse. We love the new location we
have out.
Speaker 5 (23:47):
In Syracuse and great people.
Speaker 4 (23:50):
Great people, great coffee. I think there's some ice teas
out there too, mice teas in the fridge.
Speaker 5 (23:56):
So we even throw in a couple of bottled water.
Speaker 4 (24:00):
Some waters. Hey, so hey, the worst the worst that
can happen is you you leave the office with a
nice tea from us. There you we do what we
can hopefully a smile. But uh again, if you want
to call the office number, if you're a little shy
the numbers, uh eight eight eight five eight zero one
(24:20):
nine one nine and that's eight eight eight five eight
zero one nine. Or you can visit us on our website.
We also have a website, rpg retire dot com. Www
dot rpg retire dot com kind of goes through everyone
that's in the office as well. If you want to
(24:41):
get a feel for who we are, it's got. Uh,
it's got. Each employee got a little brief description of
who they are, where they came from, and their designations
and everything like that. And uh, you know, if you
do call the office, speak to Jim Corcoran or Jared
Yost and they can get you set up in Syracuse
with us. And we're coming out there quite a bit. Yeah,
(25:02):
get on the get on the books. I think them
out there. Twenty second. What is that?
Speaker 5 (25:08):
Can it be Monday?
Speaker 4 (25:10):
No? No, Monday, it's a Monday. That's this Monday. No,
it's a week and a half from now.
Speaker 5 (25:16):
Yeah, but it'll be here before you know. It's the
way time's been going by.
Speaker 4 (25:20):
It's insane. You look at the calendar. It was November
first two days ago.
Speaker 5 (25:26):
I know it is, but you know, I love it.
Get the busier the better.
Speaker 4 (25:32):
So again, get your appointments in before the end of
the year or book something for January. Make your financial
future your new Year's resolution This year, everyone our numbers
eight eight eight five eight zero. We're gonna take a
break and we'll be back on the other side of
the half.
Speaker 2 (25:49):
Hour Suture Retirees twenty is going in. Twenty and twenty
six is here. Are you still thinking about retiring? Procrastination
will hurt you every year you wait to implement your
personal retirement plan is expensive. Stop putting your retirement future
(26:11):
on the back burner. It's time to take action. Well
the Retirement Planning Group for a complementary retirement planning consultation
and make twenty and twenty six the year your retirement
dreams became a reality. Call eighty eight eight five eight
zero one nine nine and take action today.
Speaker 5 (26:27):
Fam.
Speaker 4 (26:30):
And we are back. Everyone appreciates you tuning in today
to WSYR. We are here each week from one to
two pm. It's a live show, so feel free to
call in if you want. I'll give that number out again.
Get your pencil out. It's uh three one five four
(26:50):
two one nine seven nine seven. You want to talk
on the air today, or if you just want to
ask a question to hang up, that would be great
as well. So so so again, we're here each week.
We're the retirement planning group. We're new in the area.
We do have an office out there. If you want
a second opinion or a second pair of eyes, we'd
love to be that advisor. We do a lot of
(27:13):
work with you know, blue collar hard work and savers
that have contributed to a retirement account their their whole
life and now they're trying to turn it into an
income stream for themselves, for their spouse, for their loved ones.
And we do a lot of estate planning work as
well for people that don't have that buttoned up. You know,
(27:34):
do you have your will? Do you have your basic
legal documents, your healthcare pro your health care proxy, your
power of attorney? Is an irrevocable trust suitable for you?
It's a revocable trust suitable for you. You know, there's
a bunch of different trusts out there. So do you
have a child of special needs? You know, do you
need a special needs trust? There are a lot of
(27:56):
conversations to be had and that we are having in Syracuse.
So we love going out there. It's great food joints,
great spots for lunch and dinner.
Speaker 5 (28:08):
Yes, so Tullies.
Speaker 4 (28:10):
And the people are great too, they are, but mostly
the food.
Speaker 5 (28:17):
No. I enjoy it out there very very much. And uh,
you know, I love all the different strategies that we
educate people on that are available. You know, some of
them they're familiar with, others they're not, you know, but
that's what we love about sitting down. We get to
know people. You know. We're not attorneys, we're not CPAs,
(28:39):
but we know a lot. We like to think we're
a little dangerous as far as our experience.
Speaker 4 (28:46):
And uh, A lot of people call you the evil
and evil of financial planning. That's what I did.
Speaker 5 (28:54):
Really, that's what I've been hearing. They just call me evil.
Speaker 4 (28:58):
No for evil and evil.
Speaker 5 (29:01):
Yep, that's yep. I'm a devil I am, but God,
we have a lot of fun. We laugh a lot.
We work hard, but we we play hard.
Speaker 4 (29:13):
I think you have. The conversation is just uh, you know,
just going back and forth. The other half's the financial piece.
You know, it's important, but you need to develop a
relationship with these people and understand who they are, you know,
what their real values are. You know, we can talk
numbers till we're gray in the face. You talk about
the market. We can talk about bonds and how great
(29:34):
coupon and cash flow is. But I think the relationships
we for them at the end of the day are
you know, very valuable. I sent Christmas cards to a
few clients, and you know, you just developed these lifelong friendships.
Speaker 5 (29:49):
Oh my god, they like family, you know. I'll tell
you I had to say goodbye to a client last year.
I had it for thirty six years, and if she
wasn't a client, I considered her family and just lovely.
And you know, you can't hug you can't shake the
(30:10):
hand of a computer, as beneficial AI might be. You know,
it's the relationship, like you said, it's you know, getting
to know the people, you know, trying to see what
they want to see happen, and we want to facilitate,
we want to be able to help them get there.
(30:30):
And we're very fortunate.
Speaker 4 (30:33):
Yeah, And I think you know, most of the people
that walk in, we're lucky. They're they're great folks. You know,
I haven't had any bad appointments in Syracuse, any bad apples,
But now occasionally get that. People that have expectations that
are way beyond reality. They might have a you know,
four hundred thousand dollars retirement account or five hundred thousand
dollars retirement account and they want to take one hundred
(30:55):
grand a year off of it and for it to
last forever. But it's you know, you're looking at twenty
percent returns year over year to uh to take care
of that. So so again. But a lot of people
have realistic goals, realistic expectations that we've been meeting with,
and you know, some have been you know, conservative with
their approach. They don't think they can take X amount
(31:16):
of dollars, and we tell them we could take that.
You could take double probably what you're taking right now,
and the account will be fine. I have been telling
a lot of people to spend money. Spend money. You know,
I see too many old people with too much money.
So spend it while you're capable, spend it while you
know you want to, and take those trips that you've
planned and you know, figure it out. So we do
(31:39):
that for people. If you want to call our office,
it's eight eight eight five eight zero one nine one nine,
get an appointment, set up in Syracuse because we love coming.
Speaker 5 (31:47):
Out here and and just like you're saying, you know,
especially I keep going back to e money and things
like that. Our approach, our strategies are very conservative, the
very achievable. We would rather promise you something lower and
get more, and promise you more and get less exactly.
(32:10):
You know, it's the bottom line. And we're very transparent.
You know, we take a lot of variables in the
consideration when you see what we have on the screen,
and I just love the reactions that we get from people.
You know, most of them either their eyebrows go up
because of the excitement, or they kind of sit back
(32:33):
in their chair and they take a sigh of relief,
like wow, we're doing better than we thought. And it's
just a rewarding feeling. And being a part of that.
Another thing I think as wonderful as we're starting to
see a lot of family members, more people. It's not
just meeting with grandparents or parents, but the kids are
(32:55):
coming in too, and we feel it's important that everybody's
on board, everybody understand what we're doing and why we're
doing it because down the road, the less surprises, you know,
the better for everybody.
Speaker 4 (33:08):
Yeah, the more faces with names, the better. Right. So,
if you have beneficiaries on your accounts and you want
them to understand what they're inheriting and how to utilize
it without giving all that money to Uncle Sam, we're
able to show them, you know, different plans, different ideas
to where we could spread tax liability out over a
(33:31):
number of years or pull draw down different assets. Right.
The sooner that you make the decision to meet with somebody,
or the sooner that you start doing it yourself right
and start planning and coming up with a strategy on
the estate side, the more rewarding.
Speaker 5 (33:49):
It is.
Speaker 4 (33:49):
Not only from an emotional standpoint, as far as hey,
I got all my ducks in a row, I'm good
to go now, but also from a financial standpoint. You know,
the sooner you make the decisions, the younger you are,
the better rates you can get on life insurance policies, right,
the better compound interest you can get on investments. You know,
the time time is huge in a portfolio, not timing right,
(34:14):
So we say time in the market, not timing the market.
So again, the sooner you start uh formulating a plan,
the better it's going to be for you.
Speaker 5 (34:27):
No, I agree. You know, we're very strong and fundamentals.
We believe our education set us apart from a lot
of people. Our strategy, but we're very fundamental. We work
hard at what we know. We try to make all
(34:48):
these strategies in the most efficient way, and I think
we do a pretty good good job.
Speaker 4 (34:56):
So we're dangerous and fundamental.
Speaker 5 (34:59):
Yes, injurious at fundamental something like that. I like, we're
fundamentally dangerous. I don't know, I gotta I get confused,
do you.
Speaker 4 (35:08):
Know, man, Yeah, we're not going for dunks, just layups.
Speaker 5 (35:11):
No, layup.
Speaker 4 (35:12):
Very fun, use the use the glass, you got to
use the class, hit to hit the box. The uh No,
we're uh. We like to have fun on the show too.
So we also like callers. So if you want to
call in if anything sparked your interest or you have
a question, number is three one, five, four, two one
(35:35):
nine seven nine seven right here on ws y R.
We'd love to feel some questions today. But again, we uh,
we do a lot from the planning side of it.
We're more of a holistic type of advisor, so we're
not just analyzing your retirement accounts. We're also looking at
the estate side.
Speaker 5 (35:53):
Of it.
Speaker 4 (35:53):
I think we do a lot of work on the
estate a lot of the younger folks looking to retire
prior to sixty five. You need to be careful with
health insurance. It's one of the most largely affected numbers
right now. Premiums are increasing quite a bit, you know,
even for those folks that are sixty five, your medicare
premiums going up to two two if you're in that
(36:15):
income bracket that a majority of folks are so about.
Health insurance is something that's that's a huge topic of
discussion right now, and how you're going to pay for that.
You know, some people might have plans available to them
through their employer once they retire, maybe their employer offers
them extended coverage to the group health insurance plan, but
(36:39):
a lot of folks will have to go on the
private market. You know, in the private market can be
expensive eight hundred nine hundred, one thousand dollars a month,
you know, for a family. I think I've had some
people paying close to two thousand dollars a month in
health insurance. So you need to be aware of all
the additional costs that go into it when you do retire,
right and what costs will go away when you're atire,
(37:00):
right like your four oh one K contributions, you won't
be contributing anymore. You'll be receiving a lot of the
social programs that you're contributing to through your paycheck. Those
will go away, and then eventually you'll pay federal and
state tax depending on you know, how much you take
off the accounts.
Speaker 5 (37:19):
So I never thought i'd see the death well. Health
in chance is a major reason why people won't retire
until at least sixty five.
Speaker 4 (37:28):
Yeah, and again it's a huge topic a discussion, righty know.
So if you want to talk about it, call our
office five one eight five eight zero one nine one nine.
We're gonna take our final break. We'll be back right
after this.
Speaker 5 (37:50):
Wes y are.
Speaker 2 (37:53):
Are you ready for retirement or just hoping it works out?
Don't leave your future to chance. At the Retirement Planning Group,
we help 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
(38:15):
schedule your complementary consultation. Your future will say thank you.
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
(38:36):
that will last a lifetime. At the Retirement Planning Group,
we build customized income distribution plans so you can retire
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Speaker 4 (39:13):
Testing. We're back for our final segment here on w
s y R. It's Sonny out where we are. You're
not sure it's Syracuse.
Speaker 2 (39:28):
But.
Speaker 5 (39:30):
We'll be out in Syracuse before you know it.
Speaker 4 (39:33):
Yeah, So exciting times getting to the new year. It's
Christmas coming up. So about a year end tax planning
for for people out there. Macarthy brought something up over
the break about portfolio evaluations, something else to look at.
You know, how much are you paying in Feese's fees?
(39:56):
You guys have an advisor that's transparent. Do you see
it on your statements? Do you know how much compensation
they're receiving, you know, off the portfolios. A lot a
lot of advisors nowadays charge a management fee, right, so
a percentage based off of the account, whether that's one,
one and a half, two, seventeen. Oh it's good, yeah,
(40:20):
but I don't think anyone's charging seventeen. But again, be
aware of your fees that you're paying, and just make
sure that they're that they're earning it right and that
they're you know, putting your best interest first. And that's
what we try to do. We do charge a management
fee at Retirement Planning Group for those curious, our fee
(40:42):
structure is one percent and it only goes down from there.
Never charge more than one percent on an investment account.
And that's there's break points. So after you get to
a certain x amount of dollars, it'll go down to
seventy five point seventy five, and then we'll go down
to point five if you hit another break point. So
(41:04):
again that's how we're compensated. There's no transaction fee fees
we clear through Fidelity investments and again you'll see everything
right on your statements that you get from us as
far as our management fee the percentages are taking out
each quarter and you're able to see you know, year
to date fees. And if we do life insurance, we
(41:26):
get commissions. We make that very clear. And any annuity
products there are commissions associate with those as well. So
so again and you know, bringing up annuities, you know
a lot of people might not know what they have.
I see these old annuity contracts coming to the office
all the time. You know, just a statement, that's all.
(41:47):
We need to really lay our eyes on it and
see whether or not it makes sense for the client
at this point in their lives. Maybe they wanted it
for guaranteed income, but they're not going to use it
for that, so they're paying all these additional fees for
a rider, a ride on the contract that they don't
really need. So again, know what you own, know what
you have, and know the purpose of it.
Speaker 5 (42:09):
Yep. Make sure it's still in line with what all
your goals are. Because life goes on and things change,
thing change, and you know, like you said, you know,
what might have been good yesterday may not be good today.
So we have a lot of experience, we know what's
out there. If we don't know the answers will get them,
(42:30):
but let us evaluate what you make sure doing exactly
what you wanted to do, or a better avenue out there.
Speaker 4 (42:39):
Yeah, and I think it's important. Like I said earlier,
the sooner the better, right, The sooner you can get
in front of it, the more money you could save
potentially over time. You know, and you might have some
investment options that are available to you now that wouldn't
be available to you in five or ten years from now.
You know, the investment horizon is always changing. Products coming
(43:01):
into the mix, there's products leaving the mix, so you
want to make sure that you have the latest and
greatest or you know, the latest product that makes sense
for your portfolio. So there are new options out there.
We've been doing a lot of work with buffered annuities,
so we've talked about that in the past. Income annuities,
(43:23):
you know, I see those all the time, and you know,
we're getting to the point for a lot of individuals
where it makes sense to start collecting that income. You know,
they might have opened these contracts ten years ago and
now they're at a point where we're at a certain
age and it makes sense to start drawing income off
of it. To try to maximize the contract for.
Speaker 5 (43:42):
Them absolutely, and again it's just reevaluating what you have.
A lot of these non qualified annuities can also be
beautiful legacy pieces, you know, whether they fit right into
an estate plan, maybe parents and grandparents planning on leaving
that money. Well, we have ways that the benefitios can
(44:06):
really benefit stretch stretch and you know, in the most
tax favorable way.
Speaker 4 (44:16):
I needed to talk to you about that too. I
had a client come in yesterday and he had an
annuity that's been building up for several years. I'm not
gonna get into any specifics, but quite a large gain
in the contract and we're looking at ways to get
(44:36):
that out most tax efficiently. So I wanted to talk
to you about the I know there's an exclusion ratio
with a certain company. We're able to capture some of
those some of the cost bases as you draw your
monthly and come off of it. But again we'll talk
about that off air.
Speaker 5 (44:56):
And just to throw it out there for people to know,
the non qualified stretch is the only lifetime stretched remaining
that I'm aware of. Because we know traditional high rays
when you lead them to beneficiaries as well as roth
Iray have a ten year spend down, correct, you know,
(45:17):
so the non qualified. Again, if it's a good fit
and it makes sense for the client and what their
overall goals are, it'll be an aer tent. If it's not,
we don't talk about it.
Speaker 4 (45:29):
We're even designing future pensions for thirty year olds. We
have a client who has a couple daughters that we've
started looking at future income streams for them. You know,
they received an inheritance from their uncle and now they're
looking at turning that into sort of a pension and
also a buffer for retirement because who knows. You know,
(45:54):
social security is always a major topic of discussion, whether
or not it's going to be there. You know, I'm
in the camp that it will be there, but but no,
you never know. You know what the government might dip
their hands in. You know, which pools of money to
take care of, you know, debt obligations, and you know,
restructure their balance sheets. So have a plan, you know,
(46:17):
don't be relying on government assistance or you know, these
programs to provide your retirement income. Start saving, Start contributing
to a four oh one k at work, you know,
whether it's six percent of your salary seven percent. You
can put guidelines on your contributions to increased increase automatically.
So maybe you're someone that has the option to do
(46:38):
an automatic increase of one percent per year, so every
year it goes from six percent to seven percent in
the next year eight percent without you even doing anything,
So you're getting more and more money into that retirement account.
But but again, if you want to evaluate your portfolio,
check your fees, how much you're paying your advisor, Check
your investments you have in there. You know, we do
(47:00):
a lot of work with institutional share classes. I see
a shares, still see shares and client accounts. You know,
try to try to get the lowest expense ratio on
those mutual funds that you have to exchange. Traded funds
make more sense for you. ETFs you know their tax
favorable as well for non qualified accounts, so it's very quick. Now,
(47:23):
you know, we see statements and you know we kind
of we know what to look for. So if you
want us to be that second pair of eyes, we've
been more than happy to do that.
Speaker 5 (47:32):
And I can't emphasize enough though, you know, there is
such a thing as being over diversified. And again, when
we have people come in, we evaluate the portfolio, we
give it a grade of rating, a rank, and then
once we establish what the client wants, indeed, then we
(47:53):
cater that model the most efficient way, the highest grade possible,
so we can help them achieve. And many times we're
receiving just as great rewards for less risk and that
it's a win win.
Speaker 4 (48:11):
Yeah. And you know this year specifically, you know, we
went through a little bit of a market adjustment back
in March and April. A lot of people sell their
accounts down up to fifteen percent, twenty percent, you know,
depending how much individual stocks, ETFs, index funds you had.
But a lot of our accounts we down maybe three
(48:32):
four percent, depending on the investment mix. So just trying
to narrow the band of returns as you get closer
to retirement so that it doesn't fluctuate as much. You know,
you kind of have a more consistent type of return
with cash flow with coupon, which we can do right
now with where bond rates are, we're still seeing seven
percent interest on some corporate bond mutual funds eight percent
(48:56):
in cases covered call writing strategies you can look you
can get about a ten percent yield you know it's
not guaranteed clearly, right. But but again, the current premiums
that are getting kicked off are pretty high. So we're
really focusing on the income piece and for your retirement
versus the you know, growth and you know, pedal to
(49:17):
the metal type of mentality that you might have had
in your younger years.
Speaker 5 (49:22):
I'll tell you, I think we're maximizing what the market
is giving us. And you know, I think it's important
to emphasize what you just said, and that is, you know,
our most popular income model that we design does have
equity exposure. We don't bite the hand of PISA. You know,
(49:43):
a lot of people got to the position you're in
today because of equities. But it's the strategy, the covered
calls thing that you just brought up. You know, there's
a reason, and we want client to know what we're
doing and why why we're doing it. They don't have
to know. It would be detail. Many of them don't
want to, but I think it's.
Speaker 4 (50:03):
Important for a lot of people out there. You know,
greed fear kind of drives decisions on market on portfolios.
You know, don't be that individual, you know, stay true
to your asset allocations. Stay true to your risk tolerance
and you should be uh, you should be in good
shape by the end of the day. So again, if
(50:23):
you want to call our office the numbers eight eight
eight five eight zero one nine one nine, get on
the books for beginning of January. Start the new year
out nice and fresh with a financial analysis, and we'd
be happy to sit down and have that conversation with
you and review what you have and what you're looking
(50:45):
to accomplish.
Speaker 5 (50:46):
So
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