Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:10):
All right, good afternoon, Ques. How are we doing? It
is Saturday an upstate New York. All right, ladies and gentlemen,
get ready set. You got fifty three days before the
(00:32):
end of the year, and that's it. January first is
a coming, and then you take a week off of that.
You got forty six days in Ho Ho Santa. I
love it when Santa comes. I still believe in Santa.
What are you laughing about? You think of kidding? Yeah,
(00:53):
I believe in Santa Claus. It's a great time of year.
Every day should be Christmas. Right. People get along with
one another and smile. But it's good to be here.
I'm Dave Kopek, the president of the Retirement Planning Group.
We have six locations in New York, multiple locations outside
(01:14):
of New York. We use the Regis Corporation RGUS, which
is executive suites. I spent a lot of time in
Florida because we have almost one hundred households in Florida,
so I go back and forth. I will spend a
lot of time in Florida this winter because I hate
the cold, but I will fly back and forth to
New York, which I always do. So depending on your situation.
(01:40):
We offer a complementary consultation. We have a brand new
office in Syracuse on Kirkville Road, sixty seven hundred Kirkville Road.
Met a lot of wonderful people out there this week,
wonderful people, my kind of people, hard working savers. I
was there for two days and we got a lot accomplished.
(02:02):
We met with a lot of wonderful people, hard workers,
had great conversations and some of them I basically said,
you know, there's not a lot we can do for you.
You're in pretty good shape. And others we said, I
think we can help you. We'll send you some information.
You look it over, and if you want to take
advantage of the second appointment, we'll sit down with you
(02:23):
and we'll try to figure out how we can take
some action to put you in a better spot. But
you know, there's a lot of misinformation out there, folks,
there's a lot of misinformation, and I, you know, I
question sometimes how people go to sleep at night when
I see some of the things that they do too individuals. Now,
(02:44):
I've been doing this now for forty three years. This
is my twenty sixth year on radio, and you know,
I like to sleep at night. And you know, there's
a famous thing that we say consistently in my office
ADTRT always do the right thing, even if it hurts,
Always do the right thing. And what I'm concerned about
(03:07):
sometimes is when I see plans that are put into place,
I always question why they were put into place. Was
it for the benefit of the client or was it
for the benefit of the financial advisor. And you know,
a lot of times my team and I will sit
down and on Fridays we do reviews. You take all
(03:29):
the files out for all the people that we met with,
and we have a joint conversation. They bring up, you know,
the bullet points. There's like four or five bullet points
of every meeting. And then sometimes we just look at
one another and just say, what the heck, you know,
why would they do this? Why would they make this
type of decision? And then other times we sit down
(03:51):
and say, you know what, these guys are working with
good people. So I'm gonna go over some topics today
that I think are topics that you need to think about.
They should be top of mind. And when I say
top of mind, you know, when I was in Syracuse
this week, I lost one of my best friends. He
(04:12):
was buried yesterday. Yesterday morning. He was buried same age
as me, and I've known him for fifty years. Hard
worker had created a whole hell of a lot of
wealth in his lifetime. And I'm doing some self searching myself,
(04:35):
as far as you know. Too often we worry about
accumulating money and not spending it and gifting it and
seeing all the benefits of the money that we've accumulated
in our lifetime. And this poor guy got bit by cancer,
didn't make it, and didn't make it and had everything
(04:59):
he could possibly want as far as an unbelievable path
for his retirement years owned a construction company, uh just
on a one to ten, just to he was a ten,
always there you ever needed him. He was stood right
by your side. And you just question sometimes why horrible
things happen to great people. So that's my topic today
(05:23):
for all of you procrastinators. Right, everybody likes to procrastinate,
Everybody likes to Let me think about it. I'll get
back to you right and I can sit there and
I can tell people, you know, you got problems, you
should really take care of these things. These are things.
Let me think about it. You know, I really like
this advisor that I'm working with, or you know, you
(05:46):
know I'm doing okay, and I always like when they
walk out the door, I always scratch my head and
I say, they're they're they're better. They're just gonna sit
and do nothing. Then motivate. You know, eight out of
ten people that we meet with, eight out of ten
motivate and do business with us. Twenty percent don't. But
of the twenty percent, there's a lot of them that
(06:08):
we sit down and we basically say, you know, I
just don't get it. I don't get why they're not
motivating in order to fix these things that are easy
to fix, Right, what are the most some of the
most powerful documents that you have in your overall retirement plan.
It's pretty easy when you think about it, and which
(06:29):
ones have the most significant impact. Beneficiary designations. Right, beneficiary
designations they trump the will. Whoever you got named on
that beneficiary form, that's where the money's going to go. Right,
So you got your wife, or you got your husband,
you got your kids. It's contingent beneficiaries. When you die,
(06:49):
the primary beneficiary is the one that's going to get
the doray me, which is typically the wife or the husband.
Now does that make sense as you age, if you're
in your eighties and nineties, it makes sense for you
to send this whole truckload of money down to your
wife or your husband, especially if they do not have
long term care, or if they have inadequate long term care,
(07:11):
or if they have major health issues. That's why we
talk about a lot of times at the first meeting
a IRA disclaimer. You can disclaim IRA assets, you can
get them to the next generation is if you had predeceased.
Critical document, especially for people that have a substantial amount
(07:33):
of money that's in IRA four I'm a k New
York state for compensation because that already has an anchor
on it. That's money that is always going to be
taxed as ordinary income, never a step up and basis.
And when you pass it on to the next generation, right,
which is typically your kids or your loved ones, they've
(07:55):
got to have it spent probably most likely during their
prime time of their life, right, and it's all taxes
ordinary income. It doesn't make a lot of sense, right,
It doesn't make a lot of sense. So we're going
to talk a little bit about that today. And they're
also going to talk about an article that was just
written today and today's Barns two of them. I love Barons,
(08:21):
read Barons every day. But on the weekend the magazine
comes out and they have great articles, and I'm going
to discuss that a little bit. But I'm gonna let
everybody know that we offer a complementary consultation at our office.
We are open for business. You will see more of
(08:42):
us in the Syracuse market as far as advertising billboards
and all that nonsense. We're going to let people know
that we're in town. We're here to help you. If
you want to come in and have a chat with us,
it's pretty easy. Eight eight eight five e to zero
one nine one nine is our office number. Eight eight
eight five eight zero one nine one nine is our office.
(09:02):
So listen to Dave on the radio. I want to
come in for our complimentary consultation and have a chat.
Speaker 2 (09:29):
Planning for retirement doesn't have to be overwhelming, especially when
you have the right team by your side. At Retirement
Planning Group, Dave Kopek and his team are here to
help you build a strategy tailored to your goals and lifestyle,
whether you're nearing retirement or just getting started. Now's the
time to take control of your future. Schedule your free
consultation today at RPG retire dot com or call eight
(09:53):
eight eight five eight zero nineteen nineteen Retirement Planning Group.
Retire with confidence. I guess mistake and retirement planning waiting
too long. The sooner you start, the more options and
peace of mind you'll have. Dave Kopik and the Retirement
Planning Group are here to help you build a smart
plan that grows with you. Whether you're five years out
(10:14):
or just getting serious, now is the time. Don't put
it off. Visit rpgretire dot com or call eight eight
eight five eight zero nineteen nineteen to schedule your consultation today.
Start early, retire better. Planning for retirement doesn't have to
be overwhelming, especially when you have the right team by
your side. At Retirement Planning Group, Dave Kopik and his
(10:37):
team are here to help you build a strategy tailored
to your goals and lifestyle. Whether you're nearing retirement or
just getting started, now's the time to take control of
your future. Schedule your free consultation today at RPG retire
dot com or call eight eight eight five eight zero
nineteen nineteen Retirement Planning Group Retire with Confidence.
Speaker 1 (10:58):
Attention tires a financial threat. Who is putting your retirement
at risk? The cost of long term care can be
well over one hundred thousand dollars a year fidelities. Recent
studies suggest retirees could need hundreds of thousands of dollars
just to cover medical expenses in retirement. You need to
address this risk now. To be prepared, call my office
(11:20):
to fight out your options well eighty eight five eight
zero one nine one nine eighty eight five eight zero
one nine one nine for a complimentary consultation.
Speaker 3 (11:29):
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 more families like the Dwiers donate
(11:52):
eleven dollars a month to Tunnel to Towers at T
two T dot org. That's t the number two T
dot org. All right, we are back back in the saddle.
Speaker 1 (12:16):
How's that sound. I'm Dave Kopik, your host, forty third
year in the business, twenty six and radio. I'm a
happy guy, happy, happy, happy. So if you got any questions,
you know radio, this is talk radio, folks, it's not
Babbel radio. Some weeks we get lots of phone calls
(12:36):
and some we get like none. So if you got
a question, we would love to hear from you. Okay, right,
if you want to call the studio, I'll give out
our number here at our studio. It is three one
five four two one ninety seven ninety seven three one
five four to two one ninety seven ninety seven. Right,
(13:01):
I want a question. You wanted to ask about investments,
asset protection, legacy planning, IRA distribution planning, What I should
be doing? Why is there seven trillion dollars sitting in
money market accounts right now? Right? So that makes sense?
Absolutely positively. No, I'm gonna talk a little bit about
that today too. So again, give us a call here
(13:23):
at the studio. Would love to have a chat with
you and try to help you and point you in
the right direction. After forty three years, there's really not
too much folks that I haven't seen in the business
again three point five four to two one ninety seven,
ninety seven. We're gonna start doing workshops in Syracuse. We're
doing one the twentieth here in the Capitol District region
(13:47):
at the Crown Plaza. We're going to be doing it
on long term care and health insurance crisis, what people
need to do under the current conditions, why this astronomical
cost is going going through the roof, and how you
as a retiree can handle it. But we're going to
start having some of those out in Syracuse in the
(14:08):
very near future as we get more situated and rooted. Also,
I want to thank the listeners that participated. We had
some individuals and Syracuse that sent in money for Tunnel
to Towers. We had lunch with them in New York
this week and I presented them a check for twenty
(14:28):
thousand dollars and I spent, I didn't spend, and then
I sent another check for five dollars to the American
Cancer Society. So thank you if you participated. I'm a
huge fan of both Tunnel two Towers and also for
the American Cancer Society. Friday, December fifth, I will be
(14:50):
in New York City for the gala for Tunnel to Towers,
and I look forward to that to see some friends
and individuals, And I have lots of respect for and
what I consider it to be the heroes, the people
that have stood up and have made the ultimate sacrifice
in a lot of ways for us to have our freedom.
And if you wear the uniform, we got your back
(15:12):
at the Retirement Planning Group, we respect you and we
also appreciate what you've done for us. Amen. All right?
In Barons today, there is an article that article talks
about Goldman Sacks. Goldman Sacks has a huge operation in
(15:36):
the Capitol District region. I know if people in Syracuse
know that it's called aco ayco. Aco is their wealth
management platform. They typically work with individuals that have fifty
million dollars and up as far as net worth, So
they work with a lot of high network people, and
they work with a lot of people that are billionaires.
(15:58):
Right with a bee with a bee, looks like we're
gonna have our first trillionaire with Elon Musk. I guess
they just approved his package for one trillion dollars, which
is even hard to even comprehend. But in barons. There
is an article that talks about Goldman Sacks analysis concludes
(16:23):
that fifty five percent of Americans will be living paycheck
to paycheck by the year two thousand and thirty three.
Fifty five percent of our population will be living paycheck
to paycheck. And why is it. It's because of the
(16:50):
challenges that individuals are facing today tackling this growing responsibility,
this gorilla that's on our back as far as managing money,
managing my retirement, managing my health care, managing fixed expenses,
managing you know, utilities. And we happen to live in
one of the highest tax states in the country, property everything,
(17:13):
everything from A to Z. There's a guy that I
drive by his business every day and it said that
he's got this huge New York license plate I don't
like on a billboard, and it's got all the colors
of the New York plate and it doesn't say the
Empire State. It says the Vampire State. Vampire Vampire State.
(17:34):
So you got to make sure that if you're building
a plan today, especially if you're going to stay here
in Vampire State, you need to make sure that you're
dotting your eyes and you're crossing your t's you have
very little lost opportunity cost. Lost opportunity costs is if
(17:55):
I do this and I'm missing the boat on this,
what is that difference? What have I lost out on?
As far as I didn't pick the right stock or
I didn't put myself on the right type of investment.
I should have got tax free municipal bonds instead of
a tax of ale account. Right, that's lost opportunity cost you.
(18:16):
The individuals that are listening to the show today, you
can't afford lost opportunity costs most of you. So you
need to build a wealth management platform for your retirement
right that focuses on tax efficiency, tax efficiency for your
(18:37):
retirement saving vehicles. And you need to understand that there
is a huge difference MAGA, huge difference between accumulation and decumulation. Huge.
(18:59):
You need to start thinking differently when you draw down
assets versus when you're accumulating assets. Right, and then you
also need to find assets that are uncorrelated to the
stock marketing stock market that's more suitable for retirement income distribution.
(19:20):
In our ads, I talk about it all the time.
You know, the retirement planning group focuses on what investment
management speaks for itself. Asset protection protecting the estate from
a major event, legacy planning, transfer of wealth the most
(19:48):
tax efficient way. And the final bullet point that we
talk about all the time is what retirement income distribution?
Retirement income distribution. Retirement income distribution for most of you
will be the monkey on the back that's going to
be the most difficult for you to face because a
(20:10):
lot of you have undersaved. Some of you will not
be able to walk out into retirement at the age
that you expect you'd like to walk out because you
don't have enough money money. So the financial services industry
is building out different types of platforms now and in
(20:32):
Barons this week, there is an article where it is here.
I printed it off because I wanted to read it
to you because you've got all the smart people that
basically see say don't do this right Barons, which is
an investment banking firm, one way to solve the retirement
savings gap increase the availability of annuities into four own
(20:55):
K plans. Annuity. Oh my god, annuities. I thought they
were bad. Nobody should get an annuity right. Well, those
are people that have an agenda that don't know what
they're talking about. Right, they have no idea what they're
(21:16):
talking about. Because I've been in the business now for
forty three years. Annuities make up a very small percentage
of our business. Ninety five percent of our businesses active
management five percent is probably annuities five percent. But I'm
also in the camp there are certain people that just
(21:37):
cannot take market volatility, that need some form of a
guarantee with their retirement assets. What could that possibly be? Now,
let me think, Uh, that's right, it's an annuity because
annuities will give you guarantees and they will also do
what provide income for life? Provide income for life. And
(22:05):
the Trump's Executive Order has been a pivotal development to
provide qualified plan participants access to what you hear me
talk about it all week, private investments, private credit, credit, infrastructure,
private equity, venture capital, but less herald right, the one
(22:29):
that at least talked about that probably is the most
suitable for you as a consumer is annuities. Annuities. Retirement
plan has challenges, right, and with that challenge, investments such
(22:51):
as annuities should be an option for consumers. And guess what,
I agree, And I'll discuss in greater detail. Let me
come back. But as always, we have open telephone lines.
Don't be bashful, folks, I don't bite three one five
four to two one ninety seven ninety seven. If you
(23:14):
got a question, believe me, somebody else does. Three one
five four to two one ninety seven ninety seven. We're
gonna be here until the top of the hour, and
I'm gonna take a little break here because we're gonna
have to do the news, and after the news, I'm
gonna be be back and we're gonna talk about this topic,
what's happening with retirement security and how to address it.
(23:38):
But if you have a question, three one five four
to two one ninety seven ninety seven. That's three one
five four to two one WSYR. We'll be right back.
(24:02):
Retirement is in a Sunday thing. It's a now thing.
Whether you're just starting out or nearing the finish line.
The best time to build your retirement plan is today.
Don't wait for the right moment. Let's create a plan
that works for you, secure your future and the freedom
that comes with it. Call my office today and take action.
(24:22):
Eighty eight five eight zero one nine one nine. That's
eighty eight five eight zero one nine nine, and your
future will thank you.
Speaker 3 (24:30):
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 in their families
are still in need. Together we can say thank you
(24:51):
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.
Speaker 1 (25:00):
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 the power of compound Don't let your retirement
dreams just remain dreams. Start setting up your goals today.
(25:21):
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.
Trillions of dollars of wealth will change hands from one
generation to the next. Your money to our beloved children
and grandchildren. Are you ready? Your future is written by chance,
(25:43):
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 eight zero nine to one nine. That's
eight eight eight five eight zero one nine one night.
That's why. Are all right? We are back about twenty
(26:15):
five more minutes of fun. Remember this is talk radio,
not Babbel Radio, not Babbel Radio, not Babbel Radio. If
you want to participate, we have a telephone number three
one five four to two one ninety seven ninety seven.
(26:39):
Whether it's on investments, as the protection, legacy planning, I
raise four one ks, whatever it is. But today I'm
talking about this new world that we live in as
far as pre and post retirement planning. And for some
of us, you know, we're doing okay, but a good
(27:01):
portion the population is not doing okay. And we work
with a lot of hard working savers. You know, we
work with guys National Grid, Bimbo, Bakeries, Carrier. You go
through the whole laundry list, the a whole bunch of
people that we work with. But the bottom line gets
down to is that if you don't have a plan.
(27:23):
I say this all the time, any destination will do.
It is critical that you have a plan. You understand
what you're doing. Are you meeting your goals? Are you
setting enough money off to the side. And I heard
a gentleman this morning. He was talking on the radio,
guy that I respect, that's in the financial services business.
And sometimes you got to make tough decisions folks. Instead
(27:45):
of the BMW, maybe you have a Hondo court instead
of the big fat house. Maybe have a modest house
instead of you know, XYZ sitting in the house. As
far as your furniture and all the you don't buy it.
You know, the old Dave Ramsey greens and beans, lived
within your means. And I you know, I'm a big
(28:05):
Dave Ramsey fan. I don't believe in one hundred percent
of what he says, but I am a fan of
his because I you know, you have to stay within
your lane. I say this all the time at a
gentleman this week that said send it to me that
had resonated with him. Stay stay in your lane. Well,
you know what I think about my parents as a
kid growing up in a small little town in upstate
(28:27):
New York called Scatty Cook, New York, and uh, you
know my mom and dad, you know, when they went
to the grocery store on Saturday, we had our fingers
crossed that we would make it until Friday when they
went to the store again on Saturday, because you know,
there was slim pickens. Baloney would last until about Tuesday
(28:49):
or Wednesday. Then we'd have our peanut butter or peanut
butter and jelly, or our cucumber and onion and a
lot of sandwiches when we went to school. But you know,
there was no such thing. I don't even know if
my father had a credit card in the sixties and seventies.
I don't know if they even existed back then. You know,
you seem to remember him just walking around a whole
(29:11):
bunch of cash in his pocket and paid as you go.
So I think it's pivotal that people understand is that
this quest to live a lifestyle that you can't afford
is really something that's really impeding a lot of people
as far as quality of life and the things that
they should really be doing getting ready for retirement. You know,
(29:34):
retirement should be a time of happiness, no stress, understanding,
you know what you've created. You know what I call
the buckets of money? Why each bucket is set up
for specific goals and objectives. And when I say you know,
I hear you know the Einstein's of Wall Street you
(29:55):
talk about where as you, as a participant that's in
a four o one K, should be looking at investments
such as private equity, private credit, infrastructure, venture capital. I
always say I'm saying here we go, here comes the bubble,
because after you know, doing this for forty three years,
I've seen a lot of you know what you step
(30:17):
in it that's been designed and put on the lapse
of the retail investor from Wall Street. So you need
to face the challenges that you have. The challenges that
you have today is that you, as the worker, you
shoulder most of your responsibility. Right, You're going to have
(30:42):
to have a savings account four to oh one K.
You're going to have to basically understand the accumulation phase
as well as the distribution and if you want to
get out early, how to eat a bridge to sixty
five to medicare, and what are the options that are
available to? You know what I said the other day,
(31:04):
and it's true. Most people that look at health insurance
when they want to retire earlier than sixty five, a
lot of them just shake their head and say there's
just no way, or they retire and they work a
part time job just for the health insurance that that's
going to cost. And there's no panacea. And a lot
(31:27):
of people out there are and target date funds. We
are not friends of target date funds. I personally do
not like target date funds. I think you're better off
basically building out your own asset allocation with the investment
choices that they give you. And I really haven't seen
any target date funds that I've said like, wow, those
(31:48):
have done really well. So understand the options that are
available to and understand that there are ways that you
can add additional money that you might have sitting on
the sidelines two investments that will give you some of
the same benefits that you have with a four oh
one k an ira that texts deferral growth on a
(32:11):
very cost effective basis, and that leads me into my
final thing that I want to talk about today is
that you hear a lot of negative comments, and you
hear a lot of people in the financial services industry
(32:32):
that talk about annuities in a very negative way. I
can tell you right now, after doing this for forty
three years, there are annuities out there that are more
cost effective than no load, low fee mutual funds that
give you the same benefits. But there's a key difference.
(33:00):
Money inside an annuity will grow on a tax deferred basis.
And what did I say to you prior to this comment?
I said, there's seven trillion dollars right now sitting in
money market accounts, and at the end of the year,
you're going to get what a ten ninety nine Why
(33:22):
not have that money sitting in a tax deferred investment
vehicle that gives you all of the benefits that you
would have outside, and it also you're not going to
get a ten ninety ninety years in. As an example,
here's a company that we do business with. Okay, it's
(33:46):
a no load, low fee avenuity that has three hundred
and fifty investment options different family of funds low costs,
has free unlimited trades, as many trades as you want
(34:11):
throughout the year, has models, right, and it has diversification
with certain types of asset classes. Well, that sounds great,
but that sounds expensive. Well, this is how expensive it is.
The cost is twenty dollars a month, whether it's fifteen
(34:31):
thousand dollars or ten million dollars, twenty dollars a month.
There's no mortality expenses or charges zero zero. And here's
the key. The liquidity assets can be withdrawn at any
time for any reason without incurring any surrendered charges, withdrawals
(34:55):
of earnings at any age or subject to ordinary income right,
which we know. But bottom line gets down to is
the money sits in there. It grows on a tax
deferred basis. Take a taxable account, do a spreadsheet, figure
out your tax liability, run it for five to ten
years with the same net return, and tell me which
(35:17):
horse is better off for you. Well, I can tell
you which one it's going to be. It's going to
be the tax deferred because of the compounding of interests
and for a lot of you, you're not gonna take
it all out at the same time anyway, Right, so
(35:37):
bottom line, there are ways for you to get ahead
of this game. You just need to know the horses
that are in the stable. And we are open architecture,
and we got a ball. We'll be right back after
this quick message. This is the Retirement Planning Show and
I'm Dave Kobik, your host. Are you ready for retirement
(36:08):
or just hoping it works out? Don't leave your future
to chance. At the Retirement Planning Group, we hope you
create a personalized retirement plan so you can relax knowing
you are prepared. Take action today called eight eight eight
five eight zero one nine. That's eight eight eight five
eight zero one nine nine, Or visit us at our
website rpgretire dot com to schedule your complementary consultation. Your
(36:32):
future will say, thank you. All right, we are back.
It's great to be here. It's great to be anywhere.
Sunny day. Usually I say I'm going for a boat ride,
(36:55):
usually during the summer months. In the fall months, no
boat ride. My boat's back away, all locked and loaded
in a warehouse somewhere. But I'm a voter. I love voting.
I have a house on Lake George, and I spend
a lot of time at Lake George, and that's my
(37:16):
that's my spot. So I'm trying to give you some
advice here. Non qualified money, money that's sitting on the sidelines, right,
money that you want to grow on a tax deferred basis.
You don't want to pay the tax. You want to
have access to it, right, You don't want any surrender
charges or any of that stuff. Well, that apple exists. Okay.
(37:39):
The minimum contribution to this type of investment is fifteen thousand,
the maximum is ten million. But for people that have had,
you know, good years, you got some money sitting on
the sidelines. You got seven trillion dollars sitting in cash
and money market accounts. You got a hundred two hundred
three hundred thousand dollars and you're looking for a way
to allocate the money and not to have it as
(37:59):
a liability. This might be the apple that you want
to pick off the tree. Right. This is what they
call a fee advisor based annuity, low cost, low fees,
liquidity and bind too. You can take the money and
(38:22):
run at any time. You could take the money and
run at any time, So it might be something for
you to look at as far as your overall investment program.
Why do we say this. We have a lot of
people that they get maxed out on their contributions to
their qualified plans. We have a lot of people that
(38:42):
can't qualify because of income for wroth Ira. They don't
have the wroth option through their four on one key.
This is an investment where you can load up. You
can do ten million dollars if you need. You know,
if you got that kind of a windfall. But too
often people don't look through the trees to see excactly
what's going on. You know, I always say that you know,
(39:03):
our open architecture platform facilitates what you want, not what
we want. When we say we're open architecture. We don't
have an ax to grind. We don't have specific products.
We work with Golden Sacks, we work with JP Morgan.
We work with all the major investment banking firms as
far as their funds, their ETFs, their products. But we
(39:23):
also have the whole platform as far as protection products,
alternative products that is provided to us through our mothership Fidelity.
Even though we work through Fidelity, we're not obligated to
put one penny with them as far as their assets,
meaning the funds that they manage in the ETFs in
the professional money manage it so that we kind of
(39:47):
highlight here a couple of things that I think are important. Remember,
we're almost at years in. I just said to you
that we got about seven weeks a little over seven
weeks fifty three before we bring in the new year
twenty twenty six. Now is the time to motivate. Now
(40:08):
is the time to build out your plan. Now is
the time to come in in have a chat with
us and see what the retirement Planning Group does. We
are a fully integrated wealth management platform. Not only do
we do the investment management, the asset protection, we also
get actively involved in the tax management and also the
estate planning with the attorney. If you don't have an attorney,
(40:32):
we'll bring one to the table. I screened and scrubbed
about two or three attorneys in the Syracuse area. Made
a decision on the attorney about a week or two
ago that we're going to be working with in Syracuses
with one of the major firms there. You would recognize
the name of the firm if I mentioned it to you,
And you know, it's important to have someone that you
(40:55):
can trust but also understands the landscape of older law
and estate planning, because it truly is a whole different landscape,
a whole different landscape, folks, eighty five trillion dollars is
going to transfer for some of us. It's going to
make all the difference in the world. With everything that
(41:18):
I just talked about. My generation is going to transfer
eighty five trillion dollars of wealth. That's a huge nest
egg that's going to be transferred to our kids and grandkids.
The question is how is it going to be received.
Is it going to be a tax liability or is
it going to be a legacy a windfall for a
(41:41):
lot of you that sit on your fence and don't
do anything right. It's not going to be a legacy
or a windfall. It's going to be a huge tax
liability because if you look at your financial statement where
you stand with your net worth, most of the people
that we sit down, you got two assets that are
(42:02):
very problematic, right the equity in your house because you're
worried about that if you ever get into a nursing
home and then all that money sitting in an ira
and four O work. Every time you reach into that bucket,
there's a mortgage on it. What you mean there's a
mortgage on it, Well, there's a mortgage on it. The
mortgage is called federal and state income tax depending on
where you live. So there's ways that we always say
(42:27):
for forty year olds and fifty years old, you should
be looking at getting the match through your employer with
your traditional four O and K. Take the rest of
it in the Wroth option WROTH four OK if you
have it, and look at alternative strategies that are out there,
because the more you can have in tax preference money
(42:48):
during your retirement years, the better off you're going to be.
Fidelity says right now one hundred and seventy two, five
hundred dollars is going to be near necessary for a
healthy sixty five year old for out of pocket expenses
during your retirement years one seventy two five. When they started,
it was eighty thousand. Now it's up to one hundred
(43:09):
and seventy two five. It's a train that's out of
control going down the track. It's called healthcare and long
term care planning. And that's the other question I have
for you. What do you do when that happens? You
have a health event, you need long term care. You
(43:30):
need assistance. You know, I have a lot of people
come in. Well, she's gonna take care of me. I'm
gonna take care of her. Yeah, right, Okay until they
basically burn out they can't do it anymore, and then
you have to transition. You know, I met a gentleman
this past week. He has long term care, his wife doesn't,
(43:54):
and they probably have more than enough money to self
ensure her situation. The problem is where do they go?
Who do they go to? How easy is to find
a caregiver someone to come to your home. What type
of plan should they have? Who should be involved in it?
(44:15):
You know, there's people that we work with are called
geriatric care managers. They're critical in a lot of situations
to facilitate what's necessary for quality of life, not only
for the individual that's receiving the care, but also for
the person that is the caregiver in the house that
gets some respite, peace of mind, and be able to
get out and basically have some dinner, meet with friends,
(44:37):
have quality of life. So there's different ways to solve problems.
We don't use a cookie cutter approach. That's one thing
I can guarantee that everyone that comes into the retirement
(44:58):
planning group. We have a long time in the very beginning,
and then we start selecting what we think are the
right solutions for the problems that we see in your
overall plan. It's not just investments. That's only one piece
of the puzzle. You're fooling yourself if you think it's
(45:18):
only about managing money. It's greater than that. It's more
complicated that. I always say, you want to make sure
when the first domino drops, you want to know where
the rest of them are going. They can't say that enough.
Whether it's healthcare, whether it's long term care planning, whether
it's a state planning. You need to understand all of
those options. And finally today we get to the drum
(45:45):
roll here. I want to talk about one thing that
we're starting to do at the Syracuse office. We are
going to start having topic specific workshops. As I said
said earlier today, I don't know, I'm not just sure.
This is my third radio show that I've done today.
(46:07):
We have a workshop right now November twentieth here in
Albany that is focused on long term care and health insurance.
The crisis that we're going through. We have over one
hundred people right now. They're signed up for it. Why
is that because people understand that right now that really
(46:28):
is the biggest achilles healed with their retirement plan. And
we're going to start doing these types of workshops in Syracuse,
most likely after the first of the year. It's too
late in the year to start planning it now. We
have to find a facility that we feel comfortable with.
We have to find a facility that will accommodate the
type of audience that we get. We want to make
(46:51):
sure parking is easy. We get a lot of seniors
that come to these workshops. You don't want to go
up downhills and you know you're out in Left Fiel.
You know you're one hundred yards away from where the
facility is. So we will do that. We're going to
post it on our website and I look forward to it,
(47:13):
We really do. We've we're proud and we're very happy
to be in Syracuse. Syracuse as a sauce spot. In
my heart, my son has been a Syracuse fan since
the Naves run around diapers Syracuse basketball and Syracuse football,
so it's nice to be out there. I know that
we're going to be attending some of the basketball games
(47:34):
this year with our friends from our iHeart Radio. So
you'll see me there. You'll see me with my big
S sweater and my son, Christopher William. But again, if
we can be of assistance to you, if there's anything
that you'd like to hear on the radio show that
we're not talking about, please call my office and give
(47:56):
us some suggestions, or call and say I want to
come in and have an appointment. We're at sixty seven
hundred Kirkfield Road. When you pull into our building, we're
the first left. We got two parking spaces as as
soon as you pull in and the door is right
in front of you. We have beautiful, beautiful office space.
They did a fantastic job when they renovated our office
and we're so proud of, you know, the people that
(48:17):
we're working with there, and to say that they've been
pleasant and nice to work with as kind of an understatement.
So again, if we can be of assistance, give us
a call. Our telephone number to reach us toll free
is eighty eight five eight zero one nine nine. That's
(48:38):
eighty eight five eat zero one nine one nine. Check
us out on the web rpgretire dot com, rpgretire dot com.
And again, don't be bashful if you want to come in,
we don't care if you have one thousand dollars or
ten million dollars. We're gonna teat you no differently. So
if you need some help and assistance, it'd be an
honor to sit down and see if we can be
(49:00):
of help. So again this has been Retirement Planning Show.
I'm your host, Dave Kopek. We're here on the weekends
one until two pm and ws y R God bless
you all have a great weekend and we'll see another
for another week. And if the
All right, good afternoon, Ques. How are we doing? It
is Saturday an upstate New York. All right, ladies and gentlemen,
get ready set. You got fifty three days before the
(00:32):
end of the year, and that's it. January first is
a coming, and then you take a week off of that.
You got forty six days in Ho Ho Santa. I
love it when Santa comes. I still believe in Santa.
What are you laughing about? You think of kidding? Yeah,
(00:53):
I believe in Santa Claus. It's a great time of year.
Every day should be Christmas. Right. People get along with
one another and smile. But it's good to be here.
I'm Dave Kopek, the president of the Retirement Planning Group.
We have six locations in New York, multiple locations outside
(01:14):
of New York. We use the Regis Corporation RGUS, which
is executive suites. I spent a lot of time in
Florida because we have almost one hundred households in Florida,
so I go back and forth. I will spend a
lot of time in Florida this winter because I hate
the cold, but I will fly back and forth to
New York, which I always do. So depending on your situation.
(01:40):
We offer a complementary consultation. We have a brand new
office in Syracuse on Kirkville Road, sixty seven hundred Kirkville Road.
Met a lot of wonderful people out there this week,
wonderful people, my kind of people, hard working savers. I
was there for two days and we got a lot accomplished.
(02:02):
We met with a lot of wonderful people, hard workers,
had great conversations and some of them I basically said,
you know, there's not a lot we can do for you.
You're in pretty good shape. And others we said, I
think we can help you. We'll send you some information.
You look it over, and if you want to take
advantage of the second appointment, we'll sit down with you
(02:23):
and we'll try to figure out how we can take
some action to put you in a better spot. But
you know, there's a lot of misinformation out there, folks,
there's a lot of misinformation, and I, you know, I
question sometimes how people go to sleep at night when
I see some of the things that they do too individuals. Now,
(02:44):
I've been doing this now for forty three years. This
is my twenty sixth year on radio, and you know,
I like to sleep at night. And you know, there's
a famous thing that we say consistently in my office
ADTRT always do the right thing, even if it hurts,
Always do the right thing. And what I'm concerned about
(03:07):
sometimes is when I see plans that are put into place,
I always question why they were put into place. Was
it for the benefit of the client or was it
for the benefit of the financial advisor. And you know,
a lot of times my team and I will sit
down and on Fridays we do reviews. You take all
(03:29):
the files out for all the people that we met with,
and we have a joint conversation. They bring up, you know,
the bullet points. There's like four or five bullet points
of every meeting. And then sometimes we just look at
one another and just say, what the heck, you know,
why would they do this? Why would they make this
type of decision? And then other times we sit down
(03:51):
and say, you know what, these guys are working with
good people. So I'm gonna go over some topics today
that I think are topics that you need to think about.
They should be top of mind. And when I say
top of mind, you know, when I was in Syracuse
this week, I lost one of my best friends. He
(04:12):
was buried yesterday. Yesterday morning. He was buried same age
as me, and I've known him for fifty years. Hard
worker had created a whole hell of a lot of
wealth in his lifetime. And I'm doing some self searching myself,
(04:35):
as far as you know. Too often we worry about
accumulating money and not spending it and gifting it and
seeing all the benefits of the money that we've accumulated
in our lifetime. And this poor guy got bit by cancer,
didn't make it, and didn't make it and had everything
(04:59):
he could possibly want as far as an unbelievable path
for his retirement years owned a construction company, uh just
on a one to ten, just to he was a ten,
always there you ever needed him. He was stood right
by your side. And you just question sometimes why horrible
things happen to great people. So that's my topic today
(05:23):
for all of you procrastinators. Right, everybody likes to procrastinate,
Everybody likes to Let me think about it. I'll get
back to you right and I can sit there and
I can tell people, you know, you got problems, you
should really take care of these things. These are things.
Let me think about it. You know, I really like
this advisor that I'm working with, or you know, you
(05:46):
know I'm doing okay, and I always like when they
walk out the door, I always scratch my head and
I say, they're they're they're better. They're just gonna sit
and do nothing. Then motivate. You know, eight out of
ten people that we meet with, eight out of ten
motivate and do business with us. Twenty percent don't. But
of the twenty percent, there's a lot of them that
(06:08):
we sit down and we basically say, you know, I
just don't get it. I don't get why they're not
motivating in order to fix these things that are easy
to fix, Right, what are the most some of the
most powerful documents that you have in your overall retirement plan.
It's pretty easy when you think about it, and which
(06:29):
ones have the most significant impact. Beneficiary designations. Right, beneficiary
designations they trump the will. Whoever you got named on
that beneficiary form, that's where the money's going to go. Right,
So you got your wife, or you got your husband,
you got your kids. It's contingent beneficiaries. When you die,
(06:49):
the primary beneficiary is the one that's going to get
the doray me, which is typically the wife or the husband.
Now does that make sense as you age, if you're
in your eighties and nineties, it makes sense for you
to send this whole truckload of money down to your
wife or your husband, especially if they do not have
long term care, or if they have inadequate long term care,
(07:11):
or if they have major health issues. That's why we
talk about a lot of times at the first meeting
a IRA disclaimer. You can disclaim IRA assets, you can
get them to the next generation is if you had predeceased.
Critical document, especially for people that have a substantial amount
(07:33):
of money that's in IRA four I'm a k New
York state for compensation because that already has an anchor
on it. That's money that is always going to be
taxed as ordinary income, never a step up and basis.
And when you pass it on to the next generation, right,
which is typically your kids or your loved ones, they've
(07:55):
got to have it spent probably most likely during their
prime time of their life, right, and it's all taxes
ordinary income. It doesn't make a lot of sense, right,
It doesn't make a lot of sense. So we're going
to talk a little bit about that today. And they're
also going to talk about an article that was just
written today and today's Barns two of them. I love Barons,
(08:21):
read Barons every day. But on the weekend the magazine
comes out and they have great articles, and I'm going
to discuss that a little bit. But I'm gonna let
everybody know that we offer a complementary consultation at our office.
We are open for business. You will see more of
(08:42):
us in the Syracuse market as far as advertising billboards
and all that nonsense. We're going to let people know
that we're in town. We're here to help you. If
you want to come in and have a chat with us,
it's pretty easy. Eight eight eight five e to zero
one nine one nine is our office number. Eight eight
eight five eight zero one nine one nine is our office.
(09:02):
So listen to Dave on the radio. I want to
come in for our complimentary consultation and have a chat.
Speaker 2 (09:29):
Planning for retirement doesn't have to be overwhelming, especially when
you have the right team by your side. At Retirement
Planning Group, Dave Kopek and his team are here to
help you build a strategy tailored to your goals and lifestyle,
whether you're nearing retirement or just getting started. Now's the
time to take control of your future. Schedule your free
consultation today at RPG retire dot com or call eight
(09:53):
eight eight five eight zero nineteen nineteen Retirement Planning Group.
Retire with confidence. I guess mistake and retirement planning waiting
too long. The sooner you start, the more options and
peace of mind you'll have. Dave Kopik and the Retirement
Planning Group are here to help you build a smart
plan that grows with you. Whether you're five years out
(10:14):
or just getting serious, now is the time. Don't put
it off. Visit rpgretire dot com or call eight eight
eight five eight zero nineteen nineteen to schedule your consultation today.
Start early, retire better. Planning for retirement doesn't have to
be overwhelming, especially when you have the right team by
your side. At Retirement Planning Group, Dave Kopik and his
(10:37):
team are here to help you build a strategy tailored
to your goals and lifestyle. Whether you're nearing retirement or
just getting started, now's the time to take control of
your future. Schedule your free consultation today at RPG retire
dot com or call eight eight eight five eight zero
nineteen nineteen Retirement Planning Group Retire with Confidence.
Speaker 1 (10:58):
Attention tires a financial threat. Who is putting your retirement
at risk? The cost of long term care can be
well over one hundred thousand dollars a year fidelities. Recent
studies suggest retirees could need hundreds of thousands of dollars
just to cover medical expenses in retirement. You need to
address this risk now. To be prepared, call my office
(11:20):
to fight out your options well eighty eight five eight
zero one nine one nine eighty eight five eight zero
one nine one nine for a complimentary consultation.
Speaker 3 (11:29):
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 more families like the Dwiers donate
(11:52):
eleven dollars a month to Tunnel to Towers at T
two T dot org. That's t the number two T
dot org. All right, we are back back in the saddle.
Speaker 1 (12:16):
How's that sound. I'm Dave Kopik, your host, forty third
year in the business, twenty six and radio. I'm a
happy guy, happy, happy, happy. So if you got any questions,
you know radio, this is talk radio, folks, it's not
Babbel radio. Some weeks we get lots of phone calls
(12:36):
and some we get like none. So if you got
a question, we would love to hear from you. Okay, right,
if you want to call the studio, I'll give out
our number here at our studio. It is three one
five four two one ninety seven ninety seven three one
five four to two one ninety seven ninety seven. Right,
(13:01):
I want a question. You wanted to ask about investments,
asset protection, legacy planning, IRA distribution planning, What I should
be doing? Why is there seven trillion dollars sitting in
money market accounts right now? Right? So that makes sense?
Absolutely positively. No, I'm gonna talk a little bit about
that today too. So again, give us a call here
(13:23):
at the studio. Would love to have a chat with
you and try to help you and point you in
the right direction. After forty three years, there's really not
too much folks that I haven't seen in the business
again three point five four to two one ninety seven,
ninety seven. We're gonna start doing workshops in Syracuse. We're
doing one the twentieth here in the Capitol District region
(13:47):
at the Crown Plaza. We're going to be doing it
on long term care and health insurance crisis, what people
need to do under the current conditions, why this astronomical
cost is going going through the roof, and how you
as a retiree can handle it. But we're going to
start having some of those out in Syracuse in the
(14:08):
very near future as we get more situated and rooted. Also,
I want to thank the listeners that participated. We had
some individuals and Syracuse that sent in money for Tunnel
to Towers. We had lunch with them in New York
this week and I presented them a check for twenty
(14:28):
thousand dollars and I spent, I didn't spend, and then
I sent another check for five dollars to the American
Cancer Society. So thank you if you participated. I'm a
huge fan of both Tunnel two Towers and also for
the American Cancer Society. Friday, December fifth, I will be
(14:50):
in New York City for the gala for Tunnel to Towers,
and I look forward to that to see some friends
and individuals, And I have lots of respect for and
what I consider it to be the heroes, the people
that have stood up and have made the ultimate sacrifice
in a lot of ways for us to have our freedom.
And if you wear the uniform, we got your back
(15:12):
at the Retirement Planning Group, we respect you and we
also appreciate what you've done for us. Amen. All right?
In Barons today, there is an article that article talks
about Goldman Sacks. Goldman Sacks has a huge operation in
(15:36):
the Capitol District region. I know if people in Syracuse
know that it's called aco ayco. Aco is their wealth
management platform. They typically work with individuals that have fifty
million dollars and up as far as net worth, So
they work with a lot of high network people, and
they work with a lot of people that are billionaires.
(15:58):
Right with a bee with a bee, looks like we're
gonna have our first trillionaire with Elon Musk. I guess
they just approved his package for one trillion dollars, which
is even hard to even comprehend. But in barons. There
is an article that talks about Goldman Sacks analysis concludes
(16:23):
that fifty five percent of Americans will be living paycheck
to paycheck by the year two thousand and thirty three.
Fifty five percent of our population will be living paycheck
to paycheck. And why is it. It's because of the
(16:50):
challenges that individuals are facing today tackling this growing responsibility,
this gorilla that's on our back as far as managing money,
managing my retirement, managing my health care, managing fixed expenses,
managing you know, utilities. And we happen to live in
one of the highest tax states in the country, property everything,
(17:13):
everything from A to Z. There's a guy that I
drive by his business every day and it said that
he's got this huge New York license plate I don't
like on a billboard, and it's got all the colors
of the New York plate and it doesn't say the
Empire State. It says the Vampire State. Vampire Vampire State.
(17:34):
So you got to make sure that if you're building
a plan today, especially if you're going to stay here
in Vampire State, you need to make sure that you're
dotting your eyes and you're crossing your t's you have
very little lost opportunity cost. Lost opportunity costs is if
(17:55):
I do this and I'm missing the boat on this,
what is that difference? What have I lost out on?
As far as I didn't pick the right stock or
I didn't put myself on the right type of investment.
I should have got tax free municipal bonds instead of
a tax of ale account. Right, that's lost opportunity cost you.
(18:16):
The individuals that are listening to the show today, you
can't afford lost opportunity costs most of you. So you
need to build a wealth management platform for your retirement
right that focuses on tax efficiency, tax efficiency for your
(18:37):
retirement saving vehicles. And you need to understand that there
is a huge difference MAGA, huge difference between accumulation and decumulation. Huge.
(18:59):
You need to start thinking differently when you draw down
assets versus when you're accumulating assets. Right, and then you
also need to find assets that are uncorrelated to the
stock marketing stock market that's more suitable for retirement income distribution.
(19:20):
In our ads, I talk about it all the time.
You know, the retirement planning group focuses on what investment
management speaks for itself. Asset protection protecting the estate from
a major event, legacy planning, transfer of wealth the most
(19:48):
tax efficient way. And the final bullet point that we
talk about all the time is what retirement income distribution?
Retirement income distribution. Retirement income distribution for most of you
will be the monkey on the back that's going to
be the most difficult for you to face because a
(20:10):
lot of you have undersaved. Some of you will not
be able to walk out into retirement at the age
that you expect you'd like to walk out because you
don't have enough money money. So the financial services industry
is building out different types of platforms now and in
(20:32):
Barons this week, there is an article where it is here.
I printed it off because I wanted to read it
to you because you've got all the smart people that
basically see say don't do this right Barons, which is
an investment banking firm, one way to solve the retirement
savings gap increase the availability of annuities into four own
(20:55):
K plans. Annuity. Oh my god, annuities. I thought they
were bad. Nobody should get an annuity right. Well, those
are people that have an agenda that don't know what
they're talking about. Right, they have no idea what they're
(21:16):
talking about. Because I've been in the business now for
forty three years. Annuities make up a very small percentage
of our business. Ninety five percent of our businesses active
management five percent is probably annuities five percent. But I'm
also in the camp there are certain people that just
(21:37):
cannot take market volatility, that need some form of a
guarantee with their retirement assets. What could that possibly be? Now,
let me think, Uh, that's right, it's an annuity because
annuities will give you guarantees and they will also do
what provide income for life? Provide income for life. And
(22:05):
the Trump's Executive Order has been a pivotal development to
provide qualified plan participants access to what you hear me
talk about it all week, private investments, private credit, credit, infrastructure,
private equity, venture capital, but less herald right, the one
(22:29):
that at least talked about that probably is the most
suitable for you as a consumer is annuities. Annuities. Retirement
plan has challenges, right, and with that challenge, investments such
(22:51):
as annuities should be an option for consumers. And guess what,
I agree, And I'll discuss in greater detail. Let me
come back. But as always, we have open telephone lines.
Don't be bashful, folks, I don't bite three one five
four to two one ninety seven ninety seven. If you
(23:14):
got a question, believe me, somebody else does. Three one
five four to two one ninety seven ninety seven. We're
gonna be here until the top of the hour, and
I'm gonna take a little break here because we're gonna
have to do the news, and after the news, I'm
gonna be be back and we're gonna talk about this topic,
what's happening with retirement security and how to address it.
(23:38):
But if you have a question, three one five four
to two one ninety seven ninety seven. That's three one
five four to two one WSYR. We'll be right back.
(24:02):
Retirement is in a Sunday thing. It's a now thing.
Whether you're just starting out or nearing the finish line.
The best time to build your retirement plan is today.
Don't wait for the right moment. Let's create a plan
that works for you, secure your future and the freedom
that comes with it. Call my office today and take action.
(24:22):
Eighty eight five eight zero one nine one nine. That's
eighty eight five eight zero one nine nine, and your
future will thank you.
Speaker 3 (24:30):
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 in their families
are still in need. Together we can say thank you
(24:51):
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.
Speaker 1 (25:00):
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 the power of compound Don't let your retirement
dreams just remain dreams. Start setting up your goals today.
(25:21):
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.
Trillions of dollars of wealth will change hands from one
generation to the next. Your money to our beloved children
and grandchildren. Are you ready? Your future is written by chance,
(25:43):
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 eight zero nine to one nine. That's
eight eight eight five eight zero one nine one night.
That's why. Are all right? We are back about twenty
(26:15):
five more minutes of fun. Remember this is talk radio,
not Babbel Radio, not Babbel Radio, not Babbel Radio. If
you want to participate, we have a telephone number three
one five four to two one ninety seven ninety seven.
(26:39):
Whether it's on investments, as the protection, legacy planning, I
raise four one ks, whatever it is. But today I'm
talking about this new world that we live in as
far as pre and post retirement planning. And for some
of us, you know, we're doing okay, but a good
(27:01):
portion the population is not doing okay. And we work
with a lot of hard working savers. You know, we
work with guys National Grid, Bimbo, Bakeries, Carrier. You go
through the whole laundry list, the a whole bunch of
people that we work with. But the bottom line gets
down to is that if you don't have a plan.
(27:23):
I say this all the time, any destination will do.
It is critical that you have a plan. You understand
what you're doing. Are you meeting your goals? Are you
setting enough money off to the side. And I heard
a gentleman this morning. He was talking on the radio,
guy that I respect, that's in the financial services business.
And sometimes you got to make tough decisions folks. Instead
(27:45):
of the BMW, maybe you have a Hondo court instead
of the big fat house. Maybe have a modest house
instead of you know, XYZ sitting in the house. As
far as your furniture and all the you don't buy it.
You know, the old Dave Ramsey greens and beans, lived
within your means. And I you know, I'm a big
(28:05):
Dave Ramsey fan. I don't believe in one hundred percent
of what he says, but I am a fan of
his because I you know, you have to stay within
your lane. I say this all the time at a
gentleman this week that said send it to me that
had resonated with him. Stay stay in your lane. Well,
you know what I think about my parents as a
kid growing up in a small little town in upstate
(28:27):
New York called Scatty Cook, New York, and uh, you
know my mom and dad, you know, when they went
to the grocery store on Saturday, we had our fingers
crossed that we would make it until Friday when they
went to the store again on Saturday, because you know,
there was slim pickens. Baloney would last until about Tuesday
(28:49):
or Wednesday. Then we'd have our peanut butter or peanut
butter and jelly, or our cucumber and onion and a
lot of sandwiches when we went to school. But you know,
there was no such thing. I don't even know if
my father had a credit card in the sixties and seventies.
I don't know if they even existed back then. You know,
you seem to remember him just walking around a whole
(29:11):
bunch of cash in his pocket and paid as you go.
So I think it's pivotal that people understand is that
this quest to live a lifestyle that you can't afford
is really something that's really impeding a lot of people
as far as quality of life and the things that
they should really be doing getting ready for retirement. You know,
(29:34):
retirement should be a time of happiness, no stress, understanding,
you know what you've created. You know what I call
the buckets of money? Why each bucket is set up
for specific goals and objectives. And when I say you know,
I hear you know the Einstein's of Wall Street you
(29:55):
talk about where as you, as a participant that's in
a four o one K, should be looking at investments
such as private equity, private credit, infrastructure, venture capital. I
always say I'm saying here we go, here comes the bubble,
because after you know, doing this for forty three years,
I've seen a lot of you know what you step
(30:17):
in it that's been designed and put on the lapse
of the retail investor from Wall Street. So you need
to face the challenges that you have. The challenges that
you have today is that you, as the worker, you
shoulder most of your responsibility. Right, You're going to have
(30:42):
to have a savings account four to oh one K.
You're going to have to basically understand the accumulation phase
as well as the distribution and if you want to
get out early, how to eat a bridge to sixty
five to medicare, and what are the options that are
available to? You know what I said the other day,
(31:04):
and it's true. Most people that look at health insurance
when they want to retire earlier than sixty five, a
lot of them just shake their head and say there's
just no way, or they retire and they work a
part time job just for the health insurance that that's
going to cost. And there's no panacea. And a lot
(31:27):
of people out there are and target date funds. We
are not friends of target date funds. I personally do
not like target date funds. I think you're better off
basically building out your own asset allocation with the investment
choices that they give you. And I really haven't seen
any target date funds that I've said like, wow, those
(31:48):
have done really well. So understand the options that are
available to and understand that there are ways that you
can add additional money that you might have sitting on
the sidelines two investments that will give you some of
the same benefits that you have with a four oh
one k an ira that texts deferral growth on a
(32:11):
very cost effective basis, and that leads me into my
final thing that I want to talk about today is
that you hear a lot of negative comments, and you
hear a lot of people in the financial services industry
(32:32):
that talk about annuities in a very negative way. I
can tell you right now, after doing this for forty
three years, there are annuities out there that are more
cost effective than no load, low fee mutual funds that
give you the same benefits. But there's a key difference.
(33:00):
Money inside an annuity will grow on a tax deferred basis.
And what did I say to you prior to this comment?
I said, there's seven trillion dollars right now sitting in
money market accounts, and at the end of the year,
you're going to get what a ten ninety nine Why
(33:22):
not have that money sitting in a tax deferred investment
vehicle that gives you all of the benefits that you
would have outside, and it also you're not going to
get a ten ninety ninety years in. As an example,
here's a company that we do business with. Okay, it's
(33:46):
a no load, low fee avenuity that has three hundred
and fifty investment options different family of funds low costs,
has free unlimited trades, as many trades as you want
(34:11):
throughout the year, has models, right, and it has diversification
with certain types of asset classes. Well, that sounds great,
but that sounds expensive. Well, this is how expensive it is.
The cost is twenty dollars a month, whether it's fifteen
(34:31):
thousand dollars or ten million dollars, twenty dollars a month.
There's no mortality expenses or charges zero zero. And here's
the key. The liquidity assets can be withdrawn at any
time for any reason without incurring any surrendered charges, withdrawals
(34:55):
of earnings at any age or subject to ordinary income right,
which we know. But bottom line gets down to is
the money sits in there. It grows on a tax
deferred basis. Take a taxable account, do a spreadsheet, figure
out your tax liability, run it for five to ten
years with the same net return, and tell me which
(35:17):
horse is better off for you. Well, I can tell
you which one it's going to be. It's going to
be the tax deferred because of the compounding of interests
and for a lot of you, you're not gonna take
it all out at the same time anyway, Right, so
(35:37):
bottom line, there are ways for you to get ahead
of this game. You just need to know the horses
that are in the stable. And we are open architecture,
and we got a ball. We'll be right back after
this quick message. This is the Retirement Planning Show and
I'm Dave Kobik, your host. Are you ready for retirement
(36:08):
or just hoping it works out? Don't leave your future
to chance. At the Retirement Planning Group, we hope you
create a personalized retirement plan so you can relax knowing
you are prepared. Take action today called eight eight eight
five eight zero one nine. That's eight eight eight five
eight zero one nine nine, Or visit us at our
website rpgretire dot com to schedule your complementary consultation. Your
(36:32):
future will say, thank you. All right, we are back.
It's great to be here. It's great to be anywhere.
Sunny day. Usually I say I'm going for a boat ride,
(36:55):
usually during the summer months. In the fall months, no
boat ride. My boat's back away, all locked and loaded
in a warehouse somewhere. But I'm a voter. I love voting.
I have a house on Lake George, and I spend
a lot of time at Lake George, and that's my
(37:16):
that's my spot. So I'm trying to give you some
advice here. Non qualified money, money that's sitting on the sidelines, right,
money that you want to grow on a tax deferred basis.
You don't want to pay the tax. You want to
have access to it, right, You don't want any surrender
charges or any of that stuff. Well, that apple exists. Okay.
(37:39):
The minimum contribution to this type of investment is fifteen thousand,
the maximum is ten million. But for people that have had,
you know, good years, you got some money sitting on
the sidelines. You got seven trillion dollars sitting in cash
and money market accounts. You got a hundred two hundred
three hundred thousand dollars and you're looking for a way
to allocate the money and not to have it as
(37:59):
a liability. This might be the apple that you want
to pick off the tree. Right. This is what they
call a fee advisor based annuity, low cost, low fees,
liquidity and bind too. You can take the money and
(38:22):
run at any time. You could take the money and
run at any time, So it might be something for
you to look at as far as your overall investment program.
Why do we say this. We have a lot of
people that they get maxed out on their contributions to
their qualified plans. We have a lot of people that
(38:42):
can't qualify because of income for wroth Ira. They don't
have the wroth option through their four on one key.
This is an investment where you can load up. You
can do ten million dollars if you need. You know,
if you got that kind of a windfall. But too
often people don't look through the trees to see excactly
what's going on. You know, I always say that you know,
(39:03):
our open architecture platform facilitates what you want, not what
we want. When we say we're open architecture. We don't
have an ax to grind. We don't have specific products.
We work with Golden Sacks, we work with JP Morgan.
We work with all the major investment banking firms as
far as their funds, their ETFs, their products. But we
(39:23):
also have the whole platform as far as protection products,
alternative products that is provided to us through our mothership Fidelity.
Even though we work through Fidelity, we're not obligated to
put one penny with them as far as their assets,
meaning the funds that they manage in the ETFs in
the professional money manage it so that we kind of
(39:47):
highlight here a couple of things that I think are important. Remember,
we're almost at years in. I just said to you
that we got about seven weeks a little over seven
weeks fifty three before we bring in the new year
twenty twenty six. Now is the time to motivate. Now
(40:08):
is the time to build out your plan. Now is
the time to come in in have a chat with
us and see what the retirement Planning Group does. We
are a fully integrated wealth management platform. Not only do
we do the investment management, the asset protection, we also
get actively involved in the tax management and also the
estate planning with the attorney. If you don't have an attorney,
(40:32):
we'll bring one to the table. I screened and scrubbed
about two or three attorneys in the Syracuse area. Made
a decision on the attorney about a week or two
ago that we're going to be working with in Syracuses
with one of the major firms there. You would recognize
the name of the firm if I mentioned it to you,
And you know, it's important to have someone that you
(40:55):
can trust but also understands the landscape of older law
and estate planning, because it truly is a whole different landscape,
a whole different landscape, folks, eighty five trillion dollars is
going to transfer for some of us. It's going to
make all the difference in the world. With everything that
(41:18):
I just talked about. My generation is going to transfer
eighty five trillion dollars of wealth. That's a huge nest
egg that's going to be transferred to our kids and grandkids.
The question is how is it going to be received.
Is it going to be a tax liability or is
it going to be a legacy a windfall for a
(41:41):
lot of you that sit on your fence and don't
do anything right. It's not going to be a legacy
or a windfall. It's going to be a huge tax
liability because if you look at your financial statement where
you stand with your net worth, most of the people
that we sit down, you got two assets that are
(42:02):
very problematic, right the equity in your house because you're
worried about that if you ever get into a nursing
home and then all that money sitting in an ira
and four O work. Every time you reach into that bucket,
there's a mortgage on it. What you mean there's a
mortgage on it, Well, there's a mortgage on it. The
mortgage is called federal and state income tax depending on
where you live. So there's ways that we always say
(42:27):
for forty year olds and fifty years old, you should
be looking at getting the match through your employer with
your traditional four O and K. Take the rest of
it in the Wroth option WROTH four OK if you
have it, and look at alternative strategies that are out there,
because the more you can have in tax preference money
(42:48):
during your retirement years, the better off you're going to be.
Fidelity says right now one hundred and seventy two, five
hundred dollars is going to be near necessary for a
healthy sixty five year old for out of pocket expenses
during your retirement years one seventy two five. When they started,
it was eighty thousand. Now it's up to one hundred
(43:09):
and seventy two five. It's a train that's out of
control going down the track. It's called healthcare and long
term care planning. And that's the other question I have
for you. What do you do when that happens? You
have a health event, you need long term care. You
(43:30):
need assistance. You know, I have a lot of people
come in. Well, she's gonna take care of me. I'm
gonna take care of her. Yeah, right, Okay until they
basically burn out they can't do it anymore, and then
you have to transition. You know, I met a gentleman
this past week. He has long term care, his wife doesn't,
(43:54):
and they probably have more than enough money to self
ensure her situation. The problem is where do they go?
Who do they go to? How easy is to find
a caregiver someone to come to your home. What type
of plan should they have? Who should be involved in it?
(44:15):
You know, there's people that we work with are called
geriatric care managers. They're critical in a lot of situations
to facilitate what's necessary for quality of life, not only
for the individual that's receiving the care, but also for
the person that is the caregiver in the house that
gets some respite, peace of mind, and be able to
get out and basically have some dinner, meet with friends,
(44:37):
have quality of life. So there's different ways to solve problems.
We don't use a cookie cutter approach. That's one thing
I can guarantee that everyone that comes into the retirement
(44:58):
planning group. We have a long time in the very beginning,
and then we start selecting what we think are the
right solutions for the problems that we see in your
overall plan. It's not just investments. That's only one piece
of the puzzle. You're fooling yourself if you think it's
(45:18):
only about managing money. It's greater than that. It's more
complicated that. I always say, you want to make sure
when the first domino drops, you want to know where
the rest of them are going. They can't say that enough.
Whether it's healthcare, whether it's long term care planning, whether
it's a state planning. You need to understand all of
those options. And finally today we get to the drum
(45:45):
roll here. I want to talk about one thing that
we're starting to do at the Syracuse office. We are
going to start having topic specific workshops. As I said
said earlier today, I don't know, I'm not just sure.
This is my third radio show that I've done today.
(46:07):
We have a workshop right now November twentieth here in
Albany that is focused on long term care and health insurance.
The crisis that we're going through. We have over one
hundred people right now. They're signed up for it. Why
is that because people understand that right now that really
(46:28):
is the biggest achilles healed with their retirement plan. And
we're going to start doing these types of workshops in Syracuse,
most likely after the first of the year. It's too
late in the year to start planning it now. We
have to find a facility that we feel comfortable with.
We have to find a facility that will accommodate the
type of audience that we get. We want to make
(46:51):
sure parking is easy. We get a lot of seniors
that come to these workshops. You don't want to go
up downhills and you know you're out in Left Fiel.
You know you're one hundred yards away from where the
facility is. So we will do that. We're going to
post it on our website and I look forward to it,
(47:13):
We really do. We've we're proud and we're very happy
to be in Syracuse. Syracuse as a sauce spot. In
my heart, my son has been a Syracuse fan since
the Naves run around diapers Syracuse basketball and Syracuse football,
so it's nice to be out there. I know that
we're going to be attending some of the basketball games
(47:34):
this year with our friends from our iHeart Radio. So
you'll see me there. You'll see me with my big
S sweater and my son, Christopher William. But again, if
we can be of assistance to you, if there's anything
that you'd like to hear on the radio show that
we're not talking about, please call my office and give
(47:56):
us some suggestions, or call and say I want to
come in and have an appointment. We're at sixty seven
hundred Kirkfield Road. When you pull into our building, we're
the first left. We got two parking spaces as as
soon as you pull in and the door is right
in front of you. We have beautiful, beautiful office space.
They did a fantastic job when they renovated our office
and we're so proud of, you know, the people that
(48:17):
we're working with there, and to say that they've been
pleasant and nice to work with as kind of an understatement.
So again, if we can be of assistance, give us
a call. Our telephone number to reach us toll free
is eighty eight five eight zero one nine nine. That's
(48:38):
eighty eight five eat zero one nine one nine. Check
us out on the web rpgretire dot com, rpgretire dot com.
And again, don't be bashful if you want to come in,
we don't care if you have one thousand dollars or
ten million dollars. We're gonna teat you no differently. So
if you need some help and assistance, it'd be an
honor to sit down and see if we can be
(49:00):
of help. So again this has been Retirement Planning Show.
I'm your host, Dave Kopek. We're here on the weekends
one until two pm and ws y R God bless
you all have a great weekend and we'll see another
for another week. And if the
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Ruthie's Table 4
For more than 30 years The River Cafe in London, has been the home-from-home of artists, architects, designers, actors, collectors, writers, activists, and politicians. Michael Caine, Glenn Close, JJ Abrams, Steve McQueen, Victoria and David Beckham, and Lily Allen, are just some of the people who love to call The River Cafe home. On River Cafe Table 4, Rogers sits down with her customers—who have become friends—to talk about food memories. Table 4 explores how food impacts every aspect of our lives. “Foods is politics, food is cultural, food is how you express love, food is about your heritage, it defines who you and who you want to be,” says Rogers. Each week, Rogers invites her guest to reminisce about family suppers and first dates, what they cook, how they eat when performing, the restaurants they choose, and what food they seek when they need comfort. And to punctuate each episode of Table 4, guests such as Ralph Fiennes, Emily Blunt, and Alfonso Cuarón, read their favourite recipe from one of the best-selling River Cafe cookbooks. Table 4 itself, is situated near The River Cafe’s open kitchen, close to the bright pink wood-fired oven and next to the glossy yellow pass, where Ruthie oversees the restaurant. You are invited to take a seat at this intimate table and join the conversation. For more information, recipes, and ingredients, go to https://shoptherivercafe.co.uk/ Web: https://rivercafe.co.uk/ Instagram: www.instagram.com/therivercafelondon/ Facebook: https://en-gb.facebook.com/therivercafelondon/ For more podcasts from iHeartRadio, visit the iheartradio app, apple podcasts, or wherever you listen to your favorite shows. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com