Retirement Planning Show

April 22nd, 2023

Episode Transcript

(00:01):
Welcome to the Retirement Planning Show withhost Dave Kopak in the financial services business
for over thirty five years. TheirRetirement Planning Group LLLC is a registered investment
advisor. David M. Kopak isalso a registered representative of persh kaplan Sterling
Investments Incorporated p KS in their separatecapacities. A registered representative of PKS,

(00:22):
David M. Kopac may recommend theimplementation of securities through PKS instead of Retirement
Planning Group LLC, purs Capitlan SterlingInvestments and Retirement Planning Group l ELSE are
not affiliated companies. Now it's timefor the Retirement Planning Show on WGY.

(00:43):
Just the facts, man, Justthe facts. You want answers. I
think I'm entitled. You want answerthe truth. You can't handle the truth.
It's all the fugazi. You knowwhere gays is pougaz. It's a
fake Fugazzi. It's awasi, it'sa woozy, it's a very, it
doesn't exist. Show me the money. I need to feel you. Jerry,

(01:03):
show me the money, jarrybody else, show me the body. Where's
the feat where's the feat? Hey, where's the meat? What are you

(01:38):
doing body. Zach is back.Glad to have you here, brother,

(02:07):
Good to see your face. Youdon't need to lie. Come on,
no, it is good to seeyou. Lad you're back in the saddle.
Zack had a little bit of ahealth issue here, but he's back
and we're glad to see him.On this beautiful Saturday morning and upstate New
York. I thought it was supposedto be sunny in eighty today. What's
going on? It's getting there,I guess it is. It's coming,

(02:30):
I hope. So I got baseballto go to after this. Your daughter,
no friends, kid? Your daughterplaying sports? Hut she's turning four.
We just signed her up for school. Yeah, I don't care,
that's all right. Three four,five, nine ten. She playing sports?
She will, I know. Butyou're like a sports nut, so

(02:53):
I know she'll be doing something.Jimmy Quirker, he works in my office.
His daughter played softball. Jim wasinvolved in softball for years with his
daughter. She's pretty good. Andnow she's a doctor. Not amazing,
that's really cool. Doctor. Hiswife who his daughter, is a doctor,

(03:15):
and his son is involved in cybertechnology, you know, protecting computers.
So they both why do they haveall the cool jobs. The old
we do wrong? All right,Good morning, everybody, Good morning,

(03:35):
good morning, good morning. Thisis a retirement planning show. My partner
Nicholas will be in from eight tonine. I'm here all by my lonesome,
so you have any questions or comments. It's one eight hundred talk w
g Y one eight hundred two fivefifty ninety nine. We're gonna talk a
little bit this morning about the markets. UM actually ended up a little bit

(03:58):
better than I thought we're gonna endup for the week. I thought gonna
get little bit of a sell off, some profit taking, but we really
haven't. And we'll discuss the markets. We're also going to talk about top
heavy. We're going to talk aboutway too much money, way too much
money. People walk into our officewith way too much money and qualified plans

(04:20):
iras four one ks and then theysay what am I going to do with
us? And then we say,guess what. You're gonna have to take
it out and do what? Paythe tax? So it's either you pay
the tax or your loved ones paythe tax. There's different strategies out there
in order to facilitate to facilitate yourretirement. Ears we are big believers in

(04:43):
taking the match. After the match, you start looking at the roth four
oh one k and if you don'thave that, if you're eligible for the
roth IRA and if you're not eligiblefor that, we look at nine qualified
annuities because they will get some taxbenefit and also some tax preference when you

(05:04):
take the money out of the account. But you don't want to leave IRD,
I should turn a rap song intothat. You don't want to leave
IRD income or respected the decedent.You're not leaving a legacy, you're leaving
a tax liability. And we're goingto talk a little bit about that today.

(05:26):
But first and foremost, let's goover which you know, I'm not
a big believer, week the week, day by day, but we will
go over briefly the markets. TheDow was pretty much flat. It was
down twenty basis points. The SMPfive hund was flat. NASDAC was pretty
much flat on the week, downforty basis points. And our ten year
treasury our benchmark is that three pointfive seven three point five seven, so

(05:54):
a year to date that dials upa little over two percent. SMP five
hundred is up about seven and ahalf. And then as deck is up
a little over fifteen fifteen point threepercent, So you know, we've seen
a pretty good rebound this year instocks and bonds over the past six months.
When I talk about point of entry, this is exactly what I'm talking

(06:15):
about. People that have retired thatgot into the market over the last six
months are actually got a pretty nicesmile on their face. Not only have
they gotten a total return in bonds, but they've also had a total you
know, a pretty good return onequity. And there's you know, will
be considered to be still very strongeconomic resilience. And I personally think that

(06:42):
we've seen the peak in yields.So there's I think good reasons why stocks
are off their lows. And inmy opinion, you know, after forty
one years of doing this, lastyear's difficult investment environment set us up,
I think for happy returns in twoand twenty three. But there's conflicting signals

(07:06):
the markets. You know, Ithink we're going to still see some bumps,
a little bit of volatility to continue, but with the likelihood of markets
staying range bound over the next coupleof months, I don't think we're that
far away from the new bull market, and that's usually a very good time

(07:28):
to be allocated into equity. Wealso see opportunity. We don't do a
lot of it, give our listenersand our clients. We spent many hours
this week with Fidelity Institutional Wealth Advisors. Our core four portfolios are done.
We will will sending them out toour perspective clients, discussing them with our

(07:53):
existing clients. We are very proudto be affiliated with Fidelity and Ideality Institutional
Wealth Advisors. We have a wholeteam of CFAs that we're working with right
now that works specifically with the retirementplanning group, and I couldn't be prouder

(08:13):
of what we've accomplished. It's takena little bit longer than what we expected,
but the old saying, good thingssometimes take time, and I'm very
optimistic, extremely optimistic that we arewith the right team, We've got the
right portfolios, and I think it'sclear sailing here for quite some time as

(08:37):
far as our relationship with Fidelity.But we're going to take our first break.
When we come back, we're goingto talk a little bit more about
the markets. We're gonna talk aboutthe forty trillion dollar problem. Forty trillion
dollar problem that's out there in theeconomy. But if you want to partake,

(08:58):
if you want to participate, we'dto talk to you. I don't
bite one eight hundred talk WGY oneeight hundred eight to five fifty ninety nine.
We'll be right back. Your partnerfor success, David Copack here,
your retirement planning specialists at WGY Timeand Planning Group. We understand that retirees
face many important decisions that can affecttheir long term financial success. Some of

(09:20):
these decisions revolve around making investments thatcan help create a hedge against outliving their
income, the impact of deflation,taxation, and rising healthcare cost. Because
over ninety percent of our clients areretired rees with similar concerns, we are
in the best position to approach suchchallenges with experience and skill. Most of
our clients like the time, thedesire, or the experience to manage to

(09:43):
their own investment portfolios. We considerit an honor and a privilege to help
our clients make sound investment decisions thatwill contribute to a secure future. We
welcome the opportunity to become your partnerand establishing your retirement plan. Give us
a call today. For your complimentmentary consultation at five one eight five eight
zero one nine one nine. That'sfive one eight five eight zero one nine

(10:05):
one nine or RPG retire on theweb. If you have any questions,
please call in now at one eighthundred eight two five fifty nine forty nine.
That's one eight hundred talk w Gy one eight hundred talk w G.
Why we are live in studio toanswer your questions. All right,

(10:46):
are back, get up, getmoving, goad. We met nice people
this week, really met We meta woman that makes cookies and she didn't
bring any. Come on, howcan you bring a card and say that
you make cookies and you don't showup with cookies. It goes to Steve,

(11:11):
a mechanic. Well, hey Steve, morning, good morning, How
are you good, brother, Howare you doing good? Good? Quick
question maybe off topics from today,but I thought i'd throw it out there
anyway. Yeah, can you talka little bit about what what had just
recently happened in regards to the mortgageswhere you're I guess penalized for a high

(11:31):
flight though rewarded for a low insanity. Yeah, it's it's it's the world's
upside down. I mean, theypenalize you because you're successful, and they
penalize you because you pay your bills. What the hell's going wrong here?
I mean, everything's upside that,Steve. It doesn't make sense, does

(11:54):
not make sense. I mean,so why should I pay my bills?
Why should you know? Hey,uh, they dually don't pay the mortgage
this month? The hell with it. You know, we don't need to
pay the mortgage anymore. We'll payit when we feel like paying it.
Talked to a guy. Talk toanybody that owns real estate what they've gone
through in the last few years tryingto get people to pay for their rent

(12:15):
they didn't have to pay. Iwent into my attorney's office. I went
into my attorney's office and he hada stack of papers. You must have
had a thousand pieces of paper onhim on the table. I said,
what the hell is that he goes? Those are all the eviction notices for
one of our clients. Now they'retrying to get him out the door because
there's still that pain rent. Butis it? You know, the devil's

(12:35):
in the details. But what exactlydoes it mean to the effective every mortgage?
I just heard to be honest withthis, Steve. I just heard
this yesterday. I almost drove droveoff the road. I was listening to.
I was driving, I was listeningto. I listened to Bloomberg all
the time, either Bloomberg or youknow, uh, CNBC on my car

(12:58):
radio. And I was shocked,shocked. I said this a matter of
fact. The guy that was ridingwith me in the car looked at me
and says, can you believe this? Can you believe this? And I
said, well, every you know, the the unthinkable is thinkable now,
you know, you know that youthink it's like, you know, I
played sports my whole life, playedhigh school, played college basketball, played

(13:22):
in semi you know, men's leagues. You know I didn't, you know,
I never thought about going to joina girls league, right, you
know, I mean, come on, the hell is going on? What
is going on this world? Imean, oh, you know, you
gotta you gotta have, you know, some feelings. Yeah, I do

(13:43):
have feelings. Let them go play. The guys play with the guys,
and the girls play with the girls, and the transgenders play with the transgenders.
If they you know, if theycan't figure out what the hell they
are, then start your own group, start your own you know. And
I think Caitlin Jenner, who usedto be Bruce Jenner the Olympic app came
out and said the same thing.You know. I hey, listen,

(14:09):
you know, I wish I hada crystal ball, but I don't.
But the thing is is that,you know, I don't know how much
more stormy weather is ahead, butdon't look good. Yeah, okay,
I didn't know any details. Well, the details would be this, it's
gonna be challenged. There's no doubtthat this will be challenged. Doesn't make

(14:30):
any sense at all. Zero.I don't know if anybody that would,
you know, say, you know, all right, you're gonna get a
lower rate because you got a fourhundred. The guy with the eight hundred,
you know, No, you're gonnaget a We're you know, we're
gonna give you instead of four percent, we're giving you the seven and a
half. In some countries, Icall that socialism. Well, I mean,

(14:56):
do you think we're that far away? I mean, I don't get
into politics on this show, butyou know, there's a lot of people,
you know, our founding fathers.If you do a little research as
you get older, I enjoy historymore. In high school, I was
the dunce. I could care lessabout history. All I wanted to do
is get out on the basketball courtand play basketball. But if you do

(15:20):
some searching about the founding fathers,their concern was about what oligarchs and why
was that too much money held bytoo few people causes anarchy. You think
we're that far away from it nowwhere you've got sorrows and all these other
guys that are taking these trillions ofdollars or whatever they have, and they're

(15:43):
starting to manifest their own kind ofdirection of this country. That's my answer,
honor, and I stand to it. Okay, thank you, good
blessed Steve. Okay, Okay.Politics and investments usually don't mix well,

(16:06):
and I try to stay out ofit. I try to stay out of
it. I think personally, I'ma giver. My wife's a giver.
If somebody's down and out, we'llbe the first one there to step up
and help them. But I'm notgoing to help them if they're not helping
themselves. Okay, I'm not goingto do that, right And I think

(16:30):
the problem is here's a perfect example. And then I'll get back into the
show, and I won't mention thename of the gentleman. A good friend
of mine runs a marina on LakeGeorge, and when they were going through
COVID, I used to talk tohim on a pretty regular basis. I'd

(16:53):
go up to my house, I'dsee him for coffee at Stewarts, we'd
shoot the breeze, blah blah blah. And I won't mention his name because
you'll recognize who he is if youhave any business dealings in the Lake George
region. But I said to himat Stuarts, they said, how are
things going? Because you look like, you know what, like somebody just
ran over you. He goes,Dave, I can't get people back to

(17:14):
work, So what are you talkingabout? He goes, I can't get
people back to work. I've hadthem looked me right square in the face,
and they've said I can sit homeand do nothing and make more money
than if I come back and Iwork full time for you. So I'm
going to milk it as far asI can, and when I can't milk
it anymore, I'll come back.That's the world that we live in.

(17:42):
Talk to people that are in businesstoday. Talk to people you know I
listened to. I always like tocritique our broadcast. My wife will say
to me, what ya listened tothat for? And I say, I
like to critique. You know,was I good? Was I bad?
Was I answered? In the questions? Did the content come out the way
I wanted it to come out?But you know, the bottom line gets

(18:04):
down to is that right now,right now, in the world that we
live in, there are I think, personally, this is my personal feeling.
There are very difficult decisions being madeby people that I can't do this
anymore. Great people that have beenbusiness for decades. And I'm talking about

(18:29):
people that are in the restaurant industry, people that go in seven days a
week. This is what I didas a kid. My dad died,
My mom and I had a dinerin Scatti Cooke. My brother was gone,
my sister was gone. What didwe do? The four letter word
work? Work, work in themorning, worked in the afternoon, right

(18:52):
went to school. That sports cameback bop. The floor is cleanly grilled,
and all the stuff that needed toget done. I don't think it
hurt me. I think that,but right now, you've got people every
day I talk to people that arein the restaurant business. I go to
the public house a lot for lunch, great phenomenal restaurant, great food,

(19:15):
great pizza. I go to Greciangardens all the time, great food,
great people. These are people thatown these business They're not national change.
They are working day and night,they are their expenses are going through the
roof, and they're trying to delivera fair value, right for a fair
price. And my heart aches forthese people because what's Everything's going up,

(19:41):
everything, everything you could imagine,it's going up. And then they're trying
to find people that want to dothe four letter word work, work,
Come, idn't work. I don'tknow. Maybe somebody can call me until
what their crystal ball thinks. Butyou know, I never thought that you've

(20:06):
got of course, you know,I always tell my kids this. I
tell my children this. When youget up in the morning and you're not
skipping and hopping and putting a smileon your face because you're going to something
that you really enjoy, you've gotthe wrong job, period. I don't
care if you want to be abutcher, a baker, a candlestick maker,

(20:26):
an undertaker. I don't care whatyou want to do but enjoy it
because life is too damned short towalk to work and hate it. And
I think there's a lot of peopleout there, a lot of people that
can't stand what they do and theycan't wait to get out the door,
or or there's some that after COVIDsaid, the hell with it, I'm

(20:52):
not doing this anymore. I don'twant to look at his face anymore.
I don't want to do this jobanymore. I don't want the stress of
this anymore. Which is fine,rejoice, I think that's phenomenon, But
bottom mine gets down to You're goingto have to figure something out here because

(21:14):
the eighty six percenters, eighty sixpercent of us do not have pension benefits,
do not have you know, thegolden pension that when I walk out
into retirement, the check is goingto show up at the doorstep, and
all I have to do is beyondmy merry way and enjoy the rest of
my life. For most of us, you're going to have to take the

(21:37):
pool of money that you've accumulated overyour lifetime four on ks iras non qualified
money. Hopefully there's a little bitof cash being sent to you as a
legacy transfer of wealth from the nextgeneration. And now you're going to have
to satisfy the greatest risk for mostof US retirement income distribute, which is

(22:00):
our topic today. We're talking aboutthe forty trillion dollar pile of cash that's
sitting out and qualified moneies. Theseare pension assets for owen K's iras keios
New York State deferred compensation. Andguess what you know. I told you

(22:22):
guys years ago they're gonna get ridof the stretch. And add they're not
gonna get rid of the stretch.They're not gonna get rid of the stretch.
Well it's ten years now. They'renegotiating. Make it five years,
not ten years. So you know, I had a guy in my office
the other day. He's got millionsof dollars in his IRA millions. He
doesn't want to give it to hiskids. He wants to give it to
his grandkids. He said, thatain't gonna happen, probably unless you set

(22:45):
it upright with an attorney that reallyknows elder laws. State planning, because
I love you, planning means thatyou're leaving a huge tax liability to either
your wife or your kids. Becausethe kids ten years, ten and done,

(23:10):
the cake is baked. Like thewoman that didn't commen with the cookies
yesterday. I can't make cookies inthat bring of cookie right. I gotta
call her up and say, listen, you know you're gonna have to drop
some cooking. Nicest people. Herand her husband are just great people.
So, h we're gonna talk aboutthe forty trillion dollars dilemma. What do

(23:33):
you do for estate planning, theelder law planning? What do you do
about long term care planning? Ifyou're in that position, you know you
hear attorneys talk about all the timethat I raise are protected from a Medicaid
spend down like we had Frank Langanlast week. That's not true. It's
a maybe maybe they're protected maybe dependingon the length of time that you're in

(23:56):
the long term care facility. It'sit's basically the numbers game. We've got
clients that have been in nursing homefacilities for years now because of Alzheimer's.
So well, yeah, about thirtyseconds, boss thirty Okay, So we're
gonna talk about the forty trillion dollarproblem. We're gonna talk about how many
people are top heavy, too muchmoney, pretax what you should be doing

(24:18):
about it, especially if you're inyour forties and fifties and sixties ors things
that you can do, but alwaysopen lines. Give us a call one
eight hundred talk to VG wile willbe right back. It was a beautiful

(24:41):
day Sunday the radio. I wasdriving trees back. Me and Dell were
singing Runaway. I was blind,Yeah, run down dream. It never

(25:07):
would come to me. Where's yourmystery read going? Wherever? Running down
drink? I felt so good,like anything was possible. He cruised in

(25:27):
strol and rub By the last aday and the rain was unstappable. Who
was always cool? Blade your backs, accent, good music, Set my

(25:48):
foot pounding here Tom Petty, hecan kick it. He's dead too,
believable, unbelievable. Drugs all right, forty trillion dollars out there? Boy,

(26:10):
doesn't that look nice? That number, Well, it's not yours.
It's not your number. It's notyour number. And as sooner you get
that through your brain, the betteroff you're gonna be. Short term,
medium term, and long term.Way too much money. We had one
guy walking the other day. Ninetypercent of his wealth is pretext ninety nine

(26:36):
Oho what's he gonna do? Doesn'tneed it, doesn't need all of it,
need some of it. He's gota pension, he's got sol security.
His wife's got a pension, Theygot SOLI security. What am I
gonna do? Well, you gota pickle. You got a pickle with
no sandwich. We're gonna tell youwhat you should do now. But the

(26:59):
thing is is that you should havetalked to us years ago before he built
this concoction of tax liability. Andthat's what it is. You're building a
house that's made of I owe you, I owe you pre tax dollars to
the federal and the state government dependingon where you reside. And twenty five

(27:22):
thirty percent of that money will nevermake it to its destination because it's going
to go to the coffers. Especiallyif you die in a state that has
a state tax, then you're reallyscrewed. Then you're really up the river.

(27:44):
So when people come to us andthey say, hey, listen,
I got a lot of money inIRA and I'm in my fifties. I
used the couple that came in todayor not today, yesterday, the cookie
lady. I use her and herhusband as an example. Great savers early

(28:06):
fifties, did probably everything that theyshould do, got a lot of money.
They've got some insurance, which I'mnot a big fan of. He's
got variable life. I told himthat he needs more term. Load up
on term. Now when you're young, you can get a big bang for

(28:26):
your buck. Why would you dothat? Anyway? Think about it.
Not only does it make sense toprotect his wife, but if you have
the conversion feature, he might findout that the money that he's gotten qualified
plans will explode over the next ten, twelve, fifteen years, which will
probably work. He's in his earlyfifties and now instead of having a million
in change, he's gonna have threefour million dollars. Why would you want

(28:48):
life insurance for what? Tax?Texas? Texas? We used to do
hundreds of millions of dollars. Frankand I were talking about it the other
day at the office. We're talkingabout all of the strategies that we used
to utilize in order to get taxfree dollars to pay estate tax and tax

(29:12):
liability for children that were inheriting qualifiedand non qualified assets. Because when him
and I came in and the horseand wagon, the estate tax was six
hundred and seventy five thousand dollars.It's not a whole hell of a lot
of money, especially in today's world. Now, of course, the Democrats

(29:32):
want to reduce it. In twothousand and twenty five, the estate tax
will sunset. Where we end upfrom there, who knows no idea.
But I do know that tax freeis better than tax a bult. I
know that for effect. When Ireach into the bucket and I say,
thank you, dollar, you're comingout, the whole dollar comes out when

(29:56):
I reach into the bucket. Mypre tax how much am I holding back
federal and state? So when Itake a dollar, I'm only getting what
seventy cents? So if I needto reach in the bucket, I've got
to reach in three times for twodollars, right when my tax free bucket
only have to reach in twice twice. So forty trillion dollars is currently out

(30:27):
there and qualified assets, and everybodylooks at it with a big smile on
their face, and boy, Idid good, and blah blah blah.
And then they age, and thenthey age and they come in to see
the retirement planning group and we havea chat and they say, oh,
my god, what did I createhere? Oh my god, you're telling

(30:49):
me I what? How much money? Yeah? I might lose it to
the nursing home. What because youcan't hide it? Right, we're gonna
put it. You can't put itin a trust. If you put it
in a trust, you're gonna haveto take the money out and pay the
tax to get the benefits that youreceived from an irrevocable trust. Not irrevocable

(31:12):
and irrevocable trust. So, likeI said this morning, we want to
talk about the forty trillion dollar problem, how you should address it. And
I'll go through the different age bands, late forties or early fifties, sixties,

(31:32):
and I'll talk about people that arein the oh zone, oh no
zone, Oh no, oh no, you know I hear that all the
time. Yeah, oh no,oh no, Yeah, it's coming out.
It's coming out. Go on theinternet, uniform lifetime table. For

(31:55):
most of you, that's your plan. That's the one that you've elected because
you sat on your hands and you'vedone nothing. And the plan that you
should have is your plan. Thegovernment's plan is do nothing and we're going
to tax the hell out of you. Your plan should be I'm going to
design a plan that I'm going tobuild a retirement income distribution plan with the

(32:19):
pre tax money, and then thatafter tax money, my tax preference money.
There's never an R and D.I can pass the tax free to
my wife and my kids, andthen when I go through the pearly gates,
they're all going to be sitting therewith their handout and we're not going
to send a penny to the federaland the state government because we did what
we planned. That amazing we planned. There's two individuals I talk about all

(32:47):
the time that you should read theirpublications because this has nothing to do with
the retirement Planning Group Dave Kopek.But one is Natalie Choked see eight oat
E. Go to her website.She has all sorts of publications. She's
an elder law retirement planning specialist.And of course Ed Slot s l O

(33:12):
T T. I think everybody knowshow to spell ed right to need eed.
Natalie's NATA l I E. Incase you're you know, have a
little problem there. Natalie Choke edSlot And a lot of times people commen
and say, hey, listen,Dave, you know I got too much

(33:34):
in IRA. I want to convertit over to a ROTH. Well,
I'm not a big believer in convertingover to roths unless you're younger. If
you're older, why why don't Ibelieve in it? Because you're exposing yourself.
You're exposing yourself possibly to a medicaidsituation where that money is not going
to go in the ROTH, it'sgoing to head to the nursing home.

(33:58):
So we'll talk a little bit aboutsome strategies and ways that you can get
around some of this, But rightnow, the big thing for people that
are in their forties and fifties,even sixties, we'll talk about tax preferenced
accounts moneies that you should be lookingat rather than pre tax accounts such as
what dave Roth four o ks HSA'shealth savings accounts, and oh, by

(34:28):
the way, for estate planning purposes, five twenty nines aren't bad too.
I put them on the bottom ofthe list. But there's some estate planning
benefits to five twenty nines which wecan cover a little bit too. But
those three investment accounts ROTH four oweK roth IRA. Right, we combine

(34:50):
them ROTH four O K, youcan earn a gazillion dollars a year and
it's not gonna lock you out.You can still contribute huge for people that
are high net worth people health savingsaccounts. And then of course five twenty
nine, well, we're going totake a break. We can back.
We have open lines. We wouldlove to talk to you. We had

(35:13):
a great phone call from Steve thismorning. Don't be Bashel. If you
have a question about investment management,IRA, distribution planning, long term care
planning, estate planning, it's oneeight hundred talk WGY. That's one eight
hundred eight two five fifty ninety nine. We'll be right back. After this
quick message, I'm back with ZachGlad he's back in the saddle. We'll

(35:35):
have some hit songs today. Yourpartner for success David Kopick here w g
Wise Retirement Planning Specialists, their retirementPlanning Group. We understand that retirees face
many important decisions that can affect theirlong term financial success. Some of these
decisions revolve around making investments that willhelp create a hedge against out living their

(35:57):
assets, the impact of inflation,taxation, and rising healthcare costs. Most
of our clients like the time,the desire, or the experience to manage
their own investment portfolios. We considerit to be an honor and a privilege
to help our clients make sound investmentdecisions. They will contribute to a secure
financial future for them. Because overninety percent of our clients or retirees with

(36:22):
similar concerns, we are in thebest position to approach such challenges with experience
and skill. Give us a calltoday at five eight five eight zero one
nine one nine five eight five eightzero one nine one nine or RPG retire
on the web. If you haveany questions, please call in now at
one eight hundred eight two five fiftyninety nine. That's one eight hundred Talk

(36:44):
WGY, one eight hundred talk WGY. We are live in studio to answer
your questions. Okay, boy,that gets you going. All the ones

(37:31):
put around the treadmills, I guaranteethey just notched it up. They went
from three and a half miles anhour to six sixteen miles an hour.
Get up, get moving. It'sSaturday. The eighty degrees supposedly today,

(37:53):
leaves are coming out grasses green.Talk to Jamie on Try we do a
segment with her on Fridays. Shesaid she couldn't wait for the weekend the
mower yard. She wanted to smellthat grass I did mine last week.
It does feel good to be outside. So this morning we're talking about the
forty trillion dollar dilemma, which Iconsidered to be a big deal for a

(38:20):
lot of people, especially high networth people, especially if you're worried about
a legacy. So we always saythis, take the match from your four
own K program. That's free money. After that, you need to sit
down and do some calculations, notonly as far as today, but if

(38:42):
we're the future, some future calculations. Where do you expect to be,
what state you're going to live in, How much money do you think you're
going to have in the pot?What tax bracket do you assume that you're
going to be in in your retirementyears. Because, as we're all quite
well aware, when you call theeight D, tell of a number.
Please hit number one, Please hitnumber five, Please hit number six.

(39:05):
I'm sorry, I'm not here rightnow, but I will call you back.
Right you're talking to the morons thatare you know, never there,
and they're going to take you knowA and put you in the A box,
B put you in the B boxat the Retirement Planning Group. We
do not believe that one size fitsall in regards to your tax preferenced money.

(39:30):
So a ROTH four O one Kor a ROTH IRA, what is
the difference. The takeaways are thiskey ROTH individual retirement accounts have been around.
Was one of the greatest things thatever happened since nineteen ninety seven.

(39:50):
ROTH four one ks came in existencein two thousand and one, so they've
been around a while. I didn'trealize that that was that late two thousand
and one. ROW four K hasa higher contribution limit and allows employers to
make matching contributions for you. ROTHfour O K is overseen your selection of

(40:17):
your investments by your company, andit may limit the investment options. Right
X y Z Corporation might have thirtyor forty investment options with a fixed guaranteed
and maybe a money market account ROTHIRA. You can shoot for the moon

(40:38):
at Fidelity. I don't know there'sthousands of investment options. Thousands. You
make the decisions, either you oryour financial team that you're working with,
and I think it makes it mucheasier for you as the individual because then
you're getting professional management and you're alsohelp and assistance. The problem with most

(41:02):
of your qualified plans through your employer. Most of your assistance and guidance is
done by the water cooler standing nextto the guy that's always correct on his
investment decisions. So ROTH four owenk's are kind of a hybrid. Right.

(41:22):
You get the benefits of the ROTH, you get the additional contributions right
that you can make through the fouroh one K program. Roth iras,
of course, are unlike roth IRAis not sponsored by your employer. You've
got to do it yourself. Butthe bottom line, there are income limits
income limits for the roth IRA.This is why the ROTH four oh one

(41:45):
K is so advantageous roth iras.This is per our friends at irs.
Anybody with an adjusted gross income ofover one hundred and forty four thousand dollars
married couples filing jointly right one fortyfour. Anybody who made over two hundred

(42:07):
and fourteen thousand are not eligible forROTH II raise. So bottom line is
is that the thresholds have gone upa little bit in the year two thousand
and twenty three. That number isone fifty three and two twenty eight.
So, as I said, thebig advantage of the roth four oh one

(42:29):
k is the absence. It's abig word, absence of income limit.
There's no income limit, meaning thathigh net worth people, the boss,
the management team, the successful salesrepresentatives, the people that are killing it

(42:49):
in the real estate industry, theycan do the max contribution for your four
oh one k, which is great, Which is great. I talked to
a very successful businessman this week andwe were talking about some of the shortfalls
that he has right now in hisoverall estate plan, and he's TwixT in

(43:15):
between what he wants to do.He is not happy with the tax situation
here in New York State. Heis not happy with the checks that he
has to write, and he's tornwhether he's going to move permanently out of
New York State or just suck itup, pay the bill and just kind

(43:36):
of close his eyes when it comesthis time of year. He told me
that he had to sit down tohis desk and write checks to the state
and the federal government that he neveranticipated he would ever have to write.
So what I would say to you, especially if you have a lot of

(43:57):
money in IRA right pre tax dollars, and you're in the accumulation phase,
You're in your forties. You're inyour fifties, like that young couple that
came in yesterday. You got tostart looking at tax preference money, folks,
You've got to start looking at taxpreference money. ROTH four O one

(44:19):
K. Has to be offered bythe employer, right, has to be.
You can't just say I'm going todo it, because you can't do
it unless the employer offers it too. And bottom line, right, you
can make contributions into that in twothousand and twenty three. Listen to this

(44:40):
twenty two thousand, five hundred dollars. Here that twenty two thousand and five
hundred dollars for two thousand and twentythree. Why is that great? I'll
tell you why it's great. Alot of us that are in our sixties
are going to work well into ourseventies. Right. I don't want to

(45:02):
play golf because I suck. Istink at it. I don't want to
just sit on the boat and bakein the sun because that gets boring.
What do I want to do?I want to stay active. I want
to be involved in my business.Right yeah. I want to travel,
I want to do things with mywife. But bottom line is I want
to stay active. So if Istay active for ten years, much longer

(45:27):
than you know some people you know, well you're sixty five. Well I'm
not gonna retire with I'm seventy five, right, and I'm using that as
a hypothetical. We'll take ten thousandor twenty two thousand, five hundred for
ten years. That's a lot oftax preference money, folks. It's a
lot of tax better than pretax,right, better than pre tax. And

(45:49):
oh, by the way, whenyou're in your four o n K program
and you're still working, there's noRMD. You're that no RMD. Hooray,
no RMD. So that big poolof money right stays there. Would
that be advantageous for some people?Yeah? Possibly possibly. So beginning in

(46:16):
two thousand and twenty five, thisis important, employers will be required to
automatically enroll eligible eligible. That's abig one employees and a new four one
K plans that have at least athree percent match. You're gonna get in
whether you like to get in,and you should get in because this is

(46:37):
free money. Right, it's ano brainer. It's a no brainer.
You and your wife start a businessand you do it on the side.
During your retirement years, guess whatyou can do A four oh one k
a unica A one person four ohone k and your spouse is eligible also

(47:00):
to contribute. Got a lot ofpeople that retire and do what consulting?
Consulting? Yeah, some people thatmake more money consulting than they do during
their working years. Kinta. Ihad a good gentleman the other day that

(47:21):
came in working for a major corporationhere locally in the Capital District region,
and he's had it nine to five, but he doesn't want to retire.
And they said to him, listen, what do you want? Well,
this is what I want, andhe said, you know what. I
gave him a list that I said, there's no way they're going to agree
to this. I gave him piein the sky and they said, all
right, we can do that.So he's happy as a lark. We

(47:45):
opened up one person unica for him. He's going to shelter most of that
money, right, So roth Iraroth four I one k roth Ira.
Those making less than one hundred andfifty three thousand can contribute. There's a
phase out right for people that aretwo hundred and twenty eight thousand for married

(48:08):
couples seventy five hundred people over theage of fifty roth for oh one K.
Anyone can contribute, anyone, anyone. You can contribute up to twenty
two thousand, five hundred thirty thousandfor those over the age of fifty thirty

(48:28):
thousand. For those over the ageof fifty roth IRA no required distributions,
No rmds ROTH four O one K. This is the giddy up. You
must start taking distributions at age seventythree if you have stopped working, but

(48:49):
it's tax rate if you continue towork. No rmds. Big thing of
course, wide range of investment options. If you're doing the IRA typically rath
war on cage, you're going tohave what the offer is, what the
firm is showing you as far asthe investment selection. And the bottom line

(49:09):
is is that when you retire,When you retire, you have this big
pot of money. That's what taxfree. Should you do it all?
No, some of it yes?And when should you do it? Yesterday?

(49:35):
So don't sit on your hands.Motivate. Things only get done if
you motivate. You know tomorrow willalways come. Let me think about it.
You know, I've heard everything thatyou could possibly imagine. And I
basically tell people, now, don'twaste my time because I'm busy and there's
a lot of people that we have, over a thousand people that are client
of ours, and if you're notgoing to do it, then don't waste

(49:59):
my time or my team time,because we know. I think we know
the secret sauce. It's just aquestion or are you going to motivate yourself
and put your family and your lovedones and your kids and your grandkids in
a better spot. I think wecan do that for you. It's a
question for you to pick up thephone and call us. We have four
locations now. We have a satellitenow in Oneana. We have an office

(50:22):
on State Street in Nobbany. Ourcorporate headquarters is in Malta, and then
of course we have an office inGlen's Falls. The worst thing that can
happen is you have a cup ofcoffee with me, and if you like
it strong, then you're gonna likeit. If you don't like it strong,
you can have a nice, tall, thin glass of water with ice

(50:43):
cubes in it. So give usa call. Five eight, five eight
zero one nine one nine. That'sfive point eight five eight zero, one
nine one nine, or check usout on the web at RPG retire dot
com, rpg retire dot com.When we come back, Zach and Dave

(51:04):
and we're going to have some music. We'll get you tap in your toe,
rocking your head, rolling the windowsdown, and letting your hair blow.
Right, Zach, Absolutely, we'llbe right back. Welcome to the
Retirement Planning Show with host Dave Kopak. In the financial services business for over
thirty five years. Their Retirement PlanningGroup LLLC is a registered investment advisor.

(51:28):
David M. Kopac is also aregistered representative of persh kaplan Sterling Investments Incorporated
PKS in their separate capacities. Aregistered representative of PKS, David M.
Kopac may recommend the implementation of securitiesthrough PKS instead of Retirement Planning Group LC.
Purs caplan Sterling Investments and Retirement PlanningGroup LC are not affiliated companies.

(51:50):
Now it's time for the Retirement PlanningShow on WGY. Just the facts,
man, Just the facts. Youwant answers. I think I'm entitled.
You want answer the truth. Youcan't handle the truth. It's all the
fugazzi you know what if you guysis fugazy. It's a fake for guzy.

(52:13):
It's a way, it's a woozy, it's a very dust. It
doesn't exist. Show me the money, I feel you, Jerry, show
me your money, Jaryboddy, y'allshow me. Then where's the peace?
Where's the beat? Hey? Where'sthe beati? Hi hi hi hi hi

(52:52):
le see me out of that sense? Tell a TV skin. I'm for
and I can get if you knowwhat I moved, Women do down me,

(53:13):
women to the right, and DannoDanny and Danno Night. Don't you
start no fight because I'm d I'mdynam Night and I will not fight.

(53:35):
I'm a powerlone. All right.When you're in the studio and you got
the headphones out and you can controlthe volume, this kicks this. Hopefully

(54:02):
you're enjoying it. You got thosewindows down. I know I'm going to
like George this afternoon with my bride. We're having dinner with a good friend
of mine and I can't wait,can't wait. I'm gonna go for a
little put put with my boat onthe lake and just look so that sounds

(54:24):
great, Zach to chill decompress,appreciate life and all God has given me.
I mean, I'm blessed. Manworked hard, but God has blessed
me. Beautiful wife, kid's health. I think it's you know, I'm

(54:49):
gonna say something, and it hasbothered me for the last few days.
I can't I can't shake it.I just can't shake it. This kid
they got shot, this girl fromSkyleville is killing me. I can't imagine
the agony that that family must befeeling. I saw the father give a

(55:10):
speech the other day, and Iswear to God, I just tears came
in my eyes and I said,this poor guy. I'm not too sure
if they have a goalfund me account, but I'll tell you what, if
they do, send a message tothose people with a shoe bucks because they're
probably gonna need it. They're probably, I think, gonna establish some kind

(55:34):
of scholarship for that beautiful child.What the hell this guy was thinking about
coming out the door shooting a shotgun? Kids are turning around in his driveway.
It's just it's even hard to comprehend. Hard. I don't know how
that family puts their hound on thepillow, you know, maybe knowing that

(55:58):
she's with God and she's in abetter place. Might give you some comfort.
But twenty years old, to loseyour life turning around in a driveway
sick. Sick. But that's theworld that we live in today. You

(56:22):
know, you can't even walk thestreets in Chicago without the chance of being
you know, beat up and almostgetting killed at night. It's insanity.
Insanity. What's going on in thisworld? Get the prisoners running the you
know, running the prison. I'lltell you what, folks, I think

(56:45):
people are, you know, justabout have had enough enough enough with the
insanity. Let's get back to normal. Normal. I for an eye,
a tooth for a tooth man.I'll tell you what, if somebody did
that to my kid, there'd behell to pay. There would be hell

(57:07):
to pay. Somebody would pay,I can tell you that much. Somebody's
put a slug in my kid forno reason at all, because they're turning
around in the driveway. They betterthan I'd ever let him out if I'm
the father. Horrible thing to say, but I'll tell you what, totally,
but I know that child probably hasI'm gonna actually do a little research

(57:30):
on it after the show. Maybewe'll do something as an organization for that
family, the retirement planning group,because you know what, I just can't
imagine. It sends a chill upmy back. So enough of that retirement
planning show. We're talking about theforty trillion dollar problem. We're talking about

(57:50):
people that are out there that arelooking for ways to put tax preferenced,
tax free money off to the sidelinesfor the retirement years. The first hour
we talked about the forty trillion,We talked about Natalie Choke, we talked
about ed slot. These are tworesources for you to go to where you
can get a lot of data,a lot of information, not me babbling

(58:14):
you know as far as what youshould do, but it's critical I think
that you look at these alternatives,especially especially if you're young like the cookie
lady and her husband, more thanenough time to put socc a ton of
money away and these types of whatwe call tax preferenced account. Now,

(58:39):
what's the other one? I justtold you If you're over the age of
fifty, a husband and wife canput what my goal is to get you
out to one hundred grand a year, if that's doable by your paycheck.
I just told you thirty thousand dollarsboth you and your wife a piece in
the roth war one K. You'reover the age fifty, you can both

(59:00):
do thirty thousand, right, andyear two thousand and twenty three. So
we're at sixty. We're ticking upto one hundred. We'll try to get
as close to one hundred as Ican with tax preference money. What's my
next one? You got music?Go bump ba No, no bumpa okay,

(59:25):
No drum roll, you got drumroll? Okay. The next one
is HSA Health Savings Account and itis a tax advantaged account created four individuals.
But you have to have a highdeductible health plan to save for qualified

(59:51):
medical expenses. And then contributions aremade into the account by the individual or
their employer in our limits to themaximum amount each year the contributions are invested.
Fidelity has a whole HSA platform,Fidelity Investments, who we clear our
business through. But the big thing. They have to be used for qualified

(01:00:15):
medical expenses such as medical, dental, vision, and prescription drugs. What
does Fidelity say, healthy sixty fiveyear old couple in today's world, we'll
have to have at least close tothree hundred thousand dollars of odd of pocket

(01:00:35):
expenses for medical cost in their lifetimeas of today two and twenty three.
You want that to come from thetax free pot or the taxi bolt pot
of money. So what are thequalified medical expenses? Again? You did

(01:01:04):
it. That's why I'm glad you'reback. Jack My Zach is back.
Give me that drum roll again.We've gotta have more hats and horns and
things sounds going off, and youknow, I gotta have one of those
like Cramer has. You know,you gotta tell folks, you know,

(01:01:31):
when you're on radio, you gottamake yourself laugh sometimes. But you gotta
have qualified medical expenses, dental vision, prescription drugs. The other thing too.
Guess what this is. This isthe other one. You can buy
long term care insurance with this.You're that you can buy long term care

(01:01:51):
insurance with your HSA account. Whyis that important? Because during your youth,
when it's cheap, when you're healthy, and you can I a plan
that's going to give you some velocity. The HSSA account is a tax advantage
account. Tax free money, thoughtax has left me down to the contributions
and HSA earnings grow on a taxfree basis. And the key is contributions

(01:02:21):
are vested day one, dollar one, and when you leave, they carry
forward with you, right, theycarry forward with you. So what are
the contribution limits? So high deductibleplan, now high deductible plan, there's
all different ones out there. You'dhave to look at this, Okay,
through your employer what their contribution isgoing to be also might make up for

(01:02:46):
the difference. But for two thousandand twenty three, for an individual,
it's three thousand, eight hundred andfifty dollars. For a family, in
two thousand and twenty three, it'sseventy seven fifty seven thousand, seven hundred
and fifty dollars. So I saidto you, okay, I'm going to

(01:03:10):
try to get you to about onehundred thousand dollars a tax preference money when
you go into your retirement years.So we're at sixty. I'm going to
assume that you're married and you gota wife and kids. So now we're
at sixty seven thousand, seven hundredand fifty dollars for that HSA that you're
going to open, and you're goingto do a high deductible plan and you're

(01:03:34):
gonna buy maybe, maybe, ifit's important to you, a long term
care policy with some of that cash. Because it's going to be cheap,
affordable, you're gonna be able toput it into your retirement plan. You're
not gonna have to worry about whenyou get into your retirement years if there
is a health event and I needhome care, assistant living or a long
term care facility, where do Igo? Already know where you're gonna go.

(01:03:58):
You bought a policy with your hESA plan. So there's a lot
of advantages of the HSA. Theadvantages the employer and individual contributions by payroll
deduction are excluded from the employees taxableincome. That's good, right, distributions

(01:04:20):
from an HSA or what tax free, provided that they're used for qualified medical
expenses, which we all know we'regonna have a whole hell of a lot
of that when we get older.The disadvantage you got to have a high
deductible plan. That's the only onethat I can think about. You gotta
have a high deductible plan. Youryour employer has to offer that too.

(01:04:44):
Okay, So Roth four O KHSA. We're at sixty seven seven fifty.
When we come back, we'll talkabout number three on this chart as
far as tax preference money in yourretirement years. If you would like to
interject or participate, it's one eighthundred Talk WGY. That's one eight hundred

(01:05:10):
eight two five fifty ninety nine.Zak is here. If you don't want
to go on the air, hecan actually ask the question for you.
We are live, We're in thestudio one eight hundred Talk WGY, one
eight hundred two five fifty nine fortynine. Hopefully you're up and awake and
you're ready for your second cup ofquffee in the last section of the Retirement

(01:05:30):
Planning show, will be right back. Your partner for success, David Copack
here, your retirement planning specialist atWGY Tirement Planning Group. We understand that
retirees face many important decisions that canaffect their long term financial success. Some
of these decisions revolve around making investmentsthat can help create a hedge against outliving
their income, the impact of theplation, taxation, and rising healthcare cost.

(01:05:56):
Because over ninety percent of our clientsare retirees with similar concerns, we're
in the best position to approach suchchallenges with experience and skill. Most of
our clients like the time, thedesire, or the experience the manage of
their own investment portfolios. We consideredan honor and a privilege to help our
clients make sound investment decisions that willcontribute to a secure future. We welcome

(01:06:18):
the opportunity to become your partner inestablishing your retirement plan. Give us a
call today for your complimentary consultation atfive one eight five eight zero one nine
one nine. That's five eight fiveeight zero one nine one nine or RPG
retire on the web. If youhave any questions, please call in now
at one eight hundred eight two fivefifty nine forty nine. That's one eight

(01:06:39):
hundred talk WGY, one eight hundredtalk WGY. We are live in studio
to answer your questions. Brand Iknow you you a chance? Now you

(01:07:21):
all right? Who is that GrandFunk Railroad? Yeah? Yeah, trying
to figure it out? Well,that goes back. It's when I had
dark hair. I heard some Elvis. You got yourn have to do a

(01:07:49):
little Elvis. I heard some Elvisthe other day jail House Rock and then
uh Kentucky Rain. I heard bothof those other Day Radio. They were
doing like an Elvis segment. I'mserious, God, that guy could say

(01:08:14):
tragic he died. People don't realizehow young he was when he died.
Elvis was in his forties when hedied. His daughter just died, you
know, drugs another tragedy. Youknow, what we try to do with
the Retirement Planning Group is to educateand inform people about the obstacles that they'll

(01:08:40):
face in their lifetime. But alsowhat we tried to do is to give
you a distribution channel that is unbiasedand gives you the ability to select the
investments that are most suitable for you. And I hear the Pinocchios out there

(01:09:00):
all the time talking about, youknow, how great they are and they
do this and they do that,and you know, we do this,
we do that, and we're greatportfolio managers. But people are in the
wrong products for what they what theirappetite for risk is, and also the
wrong products in regards to medium andlong term tax liability. So when you're

(01:09:27):
sitting down with your financial advisor,we use e Money, which is the
software package that I'm getting more upto speed with that affords us the ability
to look at people's situation today andalso project project into the future what's expected
as far as income success rate inorder for them to meet their distributions.

(01:09:51):
And also what's what's your net worthgoing to be when everything is said and
done, And we'll assume I thinkwe assume like six, six or seven
percent net return total return on theportfolio, which I think is realistic.
But the bottom line is is thatthe forty trillion dollar dilemma that we have

(01:10:14):
right now. I just talked abouttwo products that you can nip it in
the butt, especially if you're younger, you're in your forties and fifties and
you're listening to this show. Pleaseplease listen to me, because if I
had a nickel for every time somebodysaid to me, you know what,
Dave, I don't need the money. Well, I'm sorry, mister Apple.
You gotta take the money, butI don't need the money. I'm

(01:10:35):
just gonna take it out and putit in the money market account. Well,
mister Apple, the government says yougotta take it out. Or the
conversations that we're having now, althoughthis is Saratoka County, we're calling about
mister Apple. He has an IRAwith you and now we're going to send
you his new distribution, not whatyou have him on, but what we're

(01:10:56):
going to mandate that he has todo now because he has an IRA and
now he has to take it outon his life expectancy which is five years.
And it's no longer R and Drequired minum distribution. Okay, I
qual the attorney, Yep, youhave to do it. That's what's mandatory
now. And I mean here,you'll hear the attorney say to you that
iras are protected from a Medicaid spenddown. It's not what I see.

(01:11:24):
It's not what I see, LikeFrank says, maybe initially in order to
get qualified. But your distributions dependingon the county and how aggressive they are.
And if you have Alzheimer's, ain'tgonna be no money in the pot.
And if you've got a spouse athome that you've got to try to
figure out how you're going to protect, you could be in deep weeds.
You could be in deep weeds.So the young people that are out there

(01:11:46):
that are in their forties and fiftiesthat are thinking about developing a retirement plan,
if you're not looking at tax preferencemoney, if you're not looking to
purchase long term care insurance when you'reyoung and you're healthy. Lou Pierro had
one of the greatest shows that I'veever heard on eight ten w g Y.

(01:12:08):
He had three young students from AlbanyCollege of Pharmacy that did a full
report on the long term care industry. And I don't know if Lou has
that on his website, but ifhe does, go and listen to it
and listen to these three young peopletalk about what is going to happen with
long term care, what the futureholds, and what people should be doing

(01:12:29):
about it. The mesmerize me.When I came in, I shook their
hands and I said, you knowwhat, that was probably one of the
best shows I've ever heard on WGYbecause it was unbiased, young professional soon
to be pharmacists talking about long termcare insurance. Right, So you know,

(01:12:50):
I'm giving you options today for youto think about. All you gotta
do is motivate you want to comein and have a conversation with us.
We'd love to have a conversation withyou. We're not going to alligate or
rustle. You'm not gonna put youin a headlock, and you can't leave
until you sign the paper, butwe'll give you ideas and suggestions what you
should be doing. And when you'reyoung, young, young, young,

(01:13:13):
when you're in your forties and fifties, you can really build yourself a house
that's not made of cards. It'sa house that's going to be made of
concrete and when the challenges come,it's not going to come a crumbling down.
Oh my god, I think thisis this Who I think it is?
Tim and Catskill the evil guy.Come on, Dave, don't talk

(01:13:39):
like that, you Timmy, Howare you? I'm doing well? Are
you doing well? How's that beautifulhome? How's your beautiful home in the
Catskills? That's really nice. Garlicis popped up about five or six inches
tall. Old wow. Next timeyou your bride. Next time you when

(01:14:00):
your bride come up, you're gonnabring some garlics and some vegetables for us.
Oh yeah, someone's gonna feed youhealthy. Absolutely Hey day. So
you know I called in because youknow, you say, if one person
has a question, they're probably awhole slew of listeners out there that have
the same question. No doubt you'vesaid that time at time. Okay,

(01:14:21):
So here's my question. Where's theMechanicville kid? Mechanical kid took a break
today? He sent me a message? Did he sent me a message and
said he couldn't make it today?Probably? I don't know what's going on.
You know, he's in love,so he's probably he's probably holding hands
and walking by in the park somewherewith his girlfriend. You know when you

(01:14:44):
when you announced that he was goingto come on at eight o'clock, I'm
sure everyone was holding their breath.Yeah, well they were holding their breath.
But I was holding my breath whenI got a smashes can't make it
today, see on Monday morning.I'm what was your response to that?
I just a question mark. Butyou know what, sometimes you know what.
I've been there. I know whatit's like. Sometimes things happen and

(01:15:05):
you gotta do what you gotta do, right. But you know what,
I've always been known tim to beable to have the gift of gab No
no no no no no no nono no. A matter of fact,
my son was supposed to be downin your old hood the other day.
Today he's supposed to go to JerseyUm and spend spend some time with his

(01:15:30):
friends, but he elected. Iguess he's gonna he's gonna play golf today
instead, and he's gonna go downnext weekend to Where did you get to
Bennys? They talked about it.I didn't, to be honest with you,
I'm not too sure if they've beenthere. They know where it is
for sure, but I'm not toosure. I know that, I know
that you talked about that. Theslicest of pizzas were the size of a

(01:15:51):
laptop computer, which is hard tobelieve, no kidding. And you used
to where where is that again?What part of Jersey is that again?
You you used to live in Hoboken, right, that's correct. Yeah,
that's what I think. Yeah,that's what I thought. I couldn't remember

(01:16:13):
forty years. Yeah, which isamazing. Now you're a farmer in the
Catskill boy, I'll tell you whatyou go for one extreme do listen?
You got any gigs? Are youdoing any acting? No? Now,
um, let's see a couple ofholes and then release after the audition.
But that you know that is justpart of the game. Yeah, I

(01:16:34):
know, I know, I knowso well. You have to really thick
skin next time that you're on theair. Or you're on TV or you're
doing a film. Please let usknow so we can watch it. You
did a lot of Netflix for awhile, didn't you. Yeah, I've
done yeah, yeah, I've donea number of shows on Netlix, a
lot of Law and Order. Yeahyou think I got a shot like if

(01:16:56):
I retire, But I have ashot as an actor. Oh yeah,
yeah, take care. I canbe the guy they slap around and they
interrogate, you know. I canoh oh, you know, and I
can scream the holler and that's akill him. Wait a minute again.
Oh oh no, I'm not believingit. We'll have to work on that

(01:17:20):
alright, all right, I gota break. All right, Dave list
have a great day, get backto business. Say hi to Jody and
God bless and we'll see as soon. And don't forget next time you come
up. I want some garlic.Okay, thank you very much. Okay,
brother mechanical kid, Yeah, mechanicalkid sand bagged me today. Well

(01:17:41):
I don't know where he was.But we're gonna take a break. When
we come back, we're gonna talkabout the forty. But like always,
if you have any questions or comments, we'd love to talk to you.
It's one eight hundred talk w gY. We are the Retirement Planning Group,
four locations. Give us a callat five one eight five eight zero
one nine one nine, of courseon the web RPG retire dot com,

(01:18:03):
RPG retired dot com Oneana, Albany, Malta and Glen Swalls. And we're
here to hope, hopefully help younavigate the bumps in the road during your
pre impulse retirement years and put youon a better path. We'll be right
back seven only day and a dozentimes ago. I reached out one night

(01:18:38):
and you were gone. Don't knowwhy you'd run, what you're running to
from. All I know is Iwant to ring you up. So I'm
longing in the rain, fuming fora ride on this lonely Can you tucky

(01:19:00):
back roll? I loved you muchtoo long. My love is too strong
to let you go, never knowingone went roll? Can tuck your rain?
Keep walking with a rain and mushs elve bogged. Let's just listen

(01:19:46):
to Elvis. Could that guy singerwhat God rescissle another one? We lose
to drugs. It's such a scourgeon our society. Drugs. It's even
hard to believe that we don't havea more aggressive platform to get this crap

(01:20:11):
off the street and protect our bodiesand our children and our you know,
communities. Imagine a world without drugs. It's amazing. We put a man
on the moon, but we can'tstop people from coming across the border with
fentnol. It's insanity. Do yousee that rocket that blew up this week?

(01:20:38):
Believable Elon Musketta defeat. This brandnew rocket is in pieces in the
ocean. All right, we're talkingabout tax preferenced money. We're talking about
the forty trillion dollar problem that's outthere with IRA ass. That's four owe

(01:21:01):
k blah blah blah pre tax moneythat ultimately has to come out and get
harnessed by our federal and state governments. The mortgage on your IRA, Natalie
Choke, I wish I had donethat, but Natalie Choke came up with
that quote, the mortgage on yourIRA, it's not all yours. So

(01:21:28):
we've talked about two investment options,really three if you add in the IRA
ROTH. We talked about the ROTHfour owe k. We talked about the
Roth IRA. We talked about theHSA account Health savings account. Right now,

(01:21:49):
we're going to talk about another accountthat gives you tax preference during your
accumulation and also tax preference or incomedistribution income. Say that quick, income
distribution income. Remember the guy thatused to do the FedEx commercials you could

(01:22:11):
talk to thousand miles an hour?You remember that? Are you too young
for that? No? You don'tremember that. It's got to Rick and
late him good morning, Rick,hey, Dave. When it absolutely positively
has to be there overnight. It'sfed Axe. That's exactly right. But

(01:22:31):
not only that, but the thingis that guy, remember that guy who
used to do the commercial for FedEx. He talked about absolutely yeah, what
a skill that was, and youknow the guy who absolutely made a career
out of it. I've been listening. I've been listening since you went on,
and I just wanted to bring youup the speed on the go fund
the efforts for that unfortunate twenty yearold shoes in the wrong place. Please

(01:22:55):
do, please do, sir.They originally set it up with a thirty
thousand dollars goal, hoping to coverfuneral expenses and you know, related related
costs. Well, it's been oneweek in existence and they keep raising the

(01:23:15):
goal, and last night Channel thirteenreported that they currently have one hundred and
thirty two thousand dollars from over thirtyone hundred individual donors. God bless and
ken. It's continuing to grow.So you know her her funeral was yesterday.
I understand that it was standing roomonly for the full duration of the

(01:23:38):
hours of showing, and I agree, is that was my daughter. You
definitely want to hold that foolish offenderresponsible for those actions here. They're the
key should go in the river andit should never show. It's to daylight
again. That guy should go awayforever. There's no justice at all killing

(01:24:01):
a twenty year old kid because they'returning around in your driveway. That that's
total insanity, total insane. Again, the offender's sixty five years old.
I mean, he's certainly had anopportunity to think about those actions before the
engagement. Well, I just wonderedif there was booze involved in it,
or drugs, if he wasn't sittingon the porch having a jugga whiskey or

(01:24:24):
something like that and lost his mind. Bottom line gets down to thanks a
lot for letting us. I personallyam going to go and make my own
donation, and my wife make adonation today, and I think and listen,
God bless and thank you so muchfor that information. But God bless
those people that made those kind ofcontributions for that beautiful child. Just horrible,

(01:24:45):
My god. It's like I said, it sends a chill of my
spine that that poor child. Iplayed basketball. Who's a valley we played
Scholeville. Great community, great people. One of my best friends lives in
Skeletal now, Clutch, Harold Riser. There's a beautiful home there, an

(01:25:11):
old Victorian that he's remodeling. Butif you don't know Clutch, Clutch is
one of the best drummers in theUnited States. Let's go to Mike Dave.
Yes, Mike, good morning.I can barely hear you. Can
you hear me now, Mike?Yeah, Yeah, I'm calling a question

(01:25:32):
about my account. My brother hasHe recently retired at seventy and a half
years old, and I found outthe other day over the years he had
been putting all his IRA contributions intoan annuity. Yeah, and I'm wondering

(01:25:53):
if when he starts taking the moneyout, is it still subject to RMD.
Yes, it is. The annuitymight might have been set up because
he wanted to create a pension benefit, meaning that the annuity will give you
one key thing that no other investmentwill and that's called lifetime income. Lifetime

(01:26:15):
income. So depending on the poolof money how he allocated it, Um,
he's going to have maybe two orthree different investment options that are going
to be available to him, life, joint life, or just take it
out, you know, based offof R and D. But uh,
he should be sitting down with hisfinancial advisor discussing, Oh Jesus if you

(01:26:45):
say no and chew gum at thesame time, he can only chew gum
and Mikey trust you. He trustyou well, he stopped doing his taxes.
Yeah. Um, this guy,I mean, he can't hear what
I'm saying. He lives down andsafe. But if he would have walked

(01:27:08):
into your office yea, and hewould explained his financial situation, you would
be baffles. He's single, hedoesn't have a wife kids. Um.
I found out if he's taken homeover five thousand dollars a month in two

(01:27:29):
pensions and social Security, he hasover one hundred thousand dollars in a checking
account. I cannot get this guyto spend any money. His car doesn't
pass inspection. I can't get himto buy a new car. He doesn't
have table TV, internet. UhI can go on, but uh so,

(01:27:54):
So my question is though it ifit's an annuity. Yeah, and
and you still got to take acertain amount out. Yeah, it's seventy
three at at seventy three, seventythree, it's no longer seventy and a
half. It's seventy three. Yeah, yeah, yeah. Well I'm just

(01:28:19):
saying is that he doesn't have totake anything out right now if he wants
to procrastinate and sit on the fence. But what you should do, Mike,
is get him in our office andwe can build out or you can
come in and we can build outan income distribution. I don't care where
he lives. We have clients intwenty eight states. You know, with

(01:28:40):
technology today, you know, withthe new zoom and all that nonsense,
you know, I could I've gotclients all over the country, and it's
you know, you talk to himas if they're sitting across the table from
you. With this new technology today. You don't know my brother. Yeah,
well I'll stop, he stop,stop, stop, don't be embarrassed.

(01:29:01):
I want him to spend money.Yeah right, even on me.
I took security and uh my pensionat sixty two. Ye, and I
don't regret it, no, tobe honest with you, because instead of
spending my money, I spent thebetterment's money. Sure, and the stock

(01:29:23):
market has done fairly well in theten years. I'm retired, even me.
So who are you leaving all yourmoney too? Well, I'm single
too, but I gotta at leastI'll leave it to I gotta start spending
money too. But at least Ibought a new card. Let me send
you some pictures of my kids.Yeah, I got nephews and uh nice.

(01:29:50):
Yeah. But all right, soyou answered my question about the nuity.
Uh yeah, yeah, I thinkyou know. The bottom line is
is that a lot of time youcan buy a non qualified and a qualified
annuity. Matter of fact, thegovernment is mandating that annuities are going to
have to be an option within thefour O one K programs because some people

(01:30:14):
it's just like National Grid. Whenpeople from National Grid they have three three
options. They got their four ogwenK, their cash balance account and then
they have an annuity if they wantit all aggregated together, they get an
annuity. You know that dirty littleword that the Pinocchios tell you that,
you know, never do an annuity, Never do an annuity. Never do
an annuity. Well that's what NationalGrid and most of your major companies give

(01:30:36):
you if you select the check fromthem. So if you want some help
about annuity, yeah, I stillI'm going to talk about them right now
as soon as we go for break. Maybe I'm thinking, yeah, well,
there's there's a lot of guys onthis radio show that don't you know,

(01:30:59):
they don't like annuities, but theydon't know what they're talking about either,
because they talk about annuities that werebuilt and bought and sold years ago.
I'm going to talk about when wecome back from break, about the
new ones that are low costs,low fee, flexible, no sales charges,
and you can you can take yourmoney and run at any time.
So stay tuned. Good talking toyou, Mike. We got to take

(01:31:19):
a break. We'll be back afterthis. Quick message. Your partner for
Success David Kopick here wg Wise RetirementPlanning Specialists, their retirement Planning Group.
We understand that retirees face many importantdecisions that can affect their long term financial
success. Some of these decisions revolvearound making investments that will help create a

(01:31:41):
hedge against out living their assets,the impact of inflation, taxation, and
rising healthcare costs. Most of ourclients like the time, the desire,
or the experience to manage their owninvestment portfolios. We consider it to be
an honor and a privilege to helpour clients make sound investment decisions they will
contribute to a secure financial future forthem. Because over ninety percent of our

(01:32:05):
clients or retirees with similar concerns,we are in the best position to approach
such challenges with experience and skill.Give us a qual today at five point
eight five eight zero one nine onenine five point eight five eight zero one
nine one nine or RPG retire onthe web. If you have any questions,
please call in now at one eighthundred eight two five fifty nine forty

(01:32:27):
nine. That's one eight hundred talkWGY one eight hundred talk w G.
Why we are live in studio toanswer your questions. But it's one for
the money for the show. Getready and a gold can. But don't
you step on my blue sway isshoe. Well, you can do a
thing the blue Sway issue. Youcan knock me down, stepping my face,

(01:32:53):
living the money all over the place. We're doing a thing that you're
going to do. But honey,yes, well all right, blue suede

(01:33:15):
shoes. Thank you, Elvis.We'll see you, see you later twelve
to one. I'll be back forRetirement Ready, which is a topic specific
show. I'll surprise you when Icome back. What we're going to talk
about, all right, Mike sayshe listened to a guy on the radio

(01:33:35):
show here that talks about annuities.If they're you know, they're crappy and
you shouldn't buy them. And theonly reason why the financial advisor is making
you do the investment is because they'regetting a big fat sales charge and you
know they're high fees and high chargesand blah blah blah. Guess what.
That's a pinocchio. It's not true. It's not true. It's as simple

(01:33:59):
as that. Okay, there areannuities out there right now in our industry,
because, as I keep on sayingthis over no again, the annuities
have changed. It's like cars.You remember the first Honda, remember one,
It was the size of an accordion. Now, my wife and I
I think we've had five or sixhondas in our lifetime. They've changed,
just like financial products change and annuitieschange. So I'll talk to you about

(01:34:24):
one that we use. Right,that's low cost, low cost, low
fees, tax deferred accumulation right wellover three hundred and fifty plus and vestment
options from Vanguard to tier Row,Prize to JP Morgan. Go through the
whole laundry lex list indices. Youpay, you pay twenty dollars per month,

(01:34:54):
no M and E right, noand no surrender period, no surrender
charges, no commissions, no commissions. Isn't that amazing? But you hear
the screaming monkeys talk about as ifannuities are bad. Why are annuities not
bad? Because you get tax deferredgrowth. You don't have to worry about

(01:35:17):
on an annual basis, that windfallthat you're going to see at the end
of the year when the portfolio managersstart, you know, harvesting up some
gains so they can get their bonuscompensation. Right, And guess what on
this annuity, there's no RMD,no required minimum distribution, right, no

(01:35:41):
RMD. So you can let thatmoney keep on growing and growing and growing.
You can even be invested in thestock market, the bond market,
alternative investments, fixed guaranteed rates andguess what, low costs, low costs,
three hundred and fifty different investor optionsplus plus there's seventy alternative investments.

(01:36:03):
Plus there's a guaranteed rate. Ourplatform simplifies the account management with Fidelity right
plus it integrates into your overall investmentplatform. Right and low fees, greater

(01:36:30):
accumulation. Right because you're not beingtaxed, you can move the money around
without worrying about tax Right now,how do we use them? How do
we use annuities in our practice.We use annuities for people that need to
fund over and above what they're lookingto fund, and they're qualified plans.

(01:36:56):
They want to have a bigger potof cash. So if they want to
put in one hundred thousand a year, put in one hundred thousand, you're
going to do one hundred and fifty. Put in one hundred and fifty.
Low fees, low costs, nosurrender charges. And oh, by the
way, here's the key one,folks, here's the key. When you
take income from an annuity depending onhow you set it up. There is

(01:37:24):
tax preference unlike you have in afour oh one K or an ira.
What do I mean by that?I keep it simple because I like simple.
If I put in one hundred thousanddollars into this particular product and it
grows to two hundred thousand dollars,then I have one hundred thousand dollars worth

(01:37:48):
of gain that I'm going to beresponsible for tax when I take it out
the door. Right, But ifI annuitize, one of the biggest mistakes
people make. Mike just called mybrother has an annuity and he doesn't know
what he's doing. Well, that'snot uncommon. It's not uncommon. Mike.

(01:38:11):
Don't feel bad for your brother,because that is not uncommon. We
have people coming all the time.They have no idea what the hell they
have as far as their annuity contracts, and we have to go through it
with them. But the bottom linegets down to is that annuitization gives you
tax preference money. Okay, putin one hundred, we're a two hundred.
That's we started right now. Iwant to take that money and I

(01:38:32):
want to supplement my soul security becauseI don't have a pension. I don't
have a pension, and I mightdo it for a period certain, I
might do it for life, jointlife, whatever my beautiful wife and I
select to do in our own personalsituation. We select, we're gonna do

(01:38:56):
ten years. Let's have that paidout over the next ten years. It's
two hundred thousand dollars because we're gonnalive the good life for the ten years.
The go go years, and thenwe'll see where we stand with the
rest of our assets. Because wedon't put all our money in anyone bucket
anyway, right, we got adiversified portfolio with a whole bunch of different
products. So we call up theinsurance company and we say, hey,

(01:39:20):
listen, we have this annuity withyou. Right. Remember, no fee,
no charge, no sales charge.I can get the money anytime.
Oh no, by the way,I can do a ten thirty five exchange,
meaning I can move that money toanother insurance company without any penalty,
any charges. Right, because I'mnow in the marketplace competing for the greatest

(01:39:43):
rate of return that the insurance companiesare going to offer me as far as
that ten year period. Certain.So they come back to me and they
say this is what we're willing todo. Yeah, that's not enough.
I'm gonna go out in the marketplaceand I'm gonna compete. But let's compete.
Let's let the insurance company. Sowe call our general agent. He
goes out in the marketplace and hecomes back and he says, listen,

(01:40:04):
Dave found a company for you.They'll pay you and Julie twenty two thousand
dollars a year for the rest ofyour lives or no, for ten years,
ten years, certain twenty two thousanddollars. And guess what, Dave.
Eleven thousand dollars of that is phantomincome because IRS considers it to be

(01:40:29):
a return of your principle. Sothat's called the exclusion ratio. That means
that half the money that you're gettingis not going to show up as far
as a tax liability. So you'reonly going to get taxed on eleven thousand,
not the twenty two thousand. Whyis that important because of taxation of
soul security benefits. The threshold thethreshold. So we talked about different apps

(01:41:00):
that are available to people today.I gave you HSA accounts, Health Savings
accounts. I gave you the rothIRA and the roth four oh one K.
I just gave you the annuity thatgrows on a tax deferred basis,
low fees, low charges, lessthan what you would have with most mutual

(01:41:21):
funds. Even some ETFs are notas expensive as this product. Okay,
so there, so there goes Pinocchio'stail down the drain. Right. The
only reason why the financial advisors doingis guy's a big fat commission. That's
a pinocchio. That's a big pinocchio. That's like a foot long pinocchio.

(01:41:45):
Nos. So what I would sayto you is that because I want to
overfund it, I want to addmore money into my pot for retirement.
I'll take thirty two thousand, twohundred and fifty dollars and I'll put it
into that because my goal was onehundred thousand and sixty seven seven fifty.
At sixty thousand, that was goinginto my wrath for my wife and I

(01:42:09):
seven thousand, seven hundred and fiftydollars was going into my HSA account.
And then thirty two two hundred andfifty dollars I'm gonna throw into the annuity
because I'm gonna build myself a pensionbenefit from my wife and I and I've
got multitude of investment options. It'sreasonable, right because I cut the cost.

(01:42:30):
It's low costs, no surrender charges, no commissions. Right. Sounds
too good to be true, Right, it's true. Don't listen to the
Pinocchios. So if we can beof assistance, like I say, it's
an honor, it's a privilege towork with the clients that we work with,

(01:42:54):
give us a call at the office. We believe that the chat is
worth it. We have a prettyopen architecture. Fidelity is our custodian,
but we have almost everything and anythingthat you could possibly imagine, everything from
Goldman Sacks to JP Morgan right downthe laundry list of investment options, traditional

(01:43:15):
alternatives. We also are part ofFidelity Institutional Wealth Advisors, which are very
proud of So how do you getmotivated? You just pick up the phone
and your dial five one eight fiveade zero one nine one nine. That's
five eight five eight zero one nineone nine. Or RPG retire on the
web. That's RPG retire on theweb. Give us a call, check

(01:43:40):
out our website. I'll be backtoday from twelve until one to talk to
the Pinocchios. I'm going to talkto the Pinocchios about annuities and why you
should be looking at them for yourretirement. So if you haven't had enough,
I'll be back from twelve to oneon Dave Kopek guests Who's coming on
next the one at Allie Joe Gallagher. So get ready, folks, he's

(01:44:05):
going to rock your sacks for thenext hour. We'll see you in about
three hours twelve to one. Theinformation provided is for educational informational purposes only.
It does not constitute investment advice andit should not be relied on as
such. It should not be considereda solicitation to buyer or to offer a
sales security. It does not takeinto account any investors particular investment objectives,

(01:44:29):
strategies, tax status, or investmenthorizon. You should consult your attorney or
tax advisor. Thank you for listeningto the Retirement Planning Show hosted by David
Kopeck. If you would like totalk with Dave or someone at the Retirement
Planning Group called five one eight fiveeight zero one nine one nine. That's
five one eight five eight zero onenine one nine during business hours, or
visit us at RPNG retire dot com. The Retirement Planning Group has three convenient

(01:44:51):
offices located in Albany, Malta andGlens Falls. Retirement Planning Group LLC is
a registered investment advisor. David M. Copeck is a also a registered representative
of Perschcaplin's Sterling Investments ink pks intheir separate capacities. A registered representative of
PKS, David M. Kopeck mayrecommend the implementation of securities through pks instead

(01:45:13):
of Retirement Planning Group LLC, PERSH, Caplin, Sterlin Investments and Retirement Planning
Group LLC are not affiliated companies.Tune in again next week for retirement Planning
Strategies with David Kopeck on The RetirementPlanning Show.