Retirement Planning Show

August 5th, 2023

Episode Transcript

(00:00):
Yeah, Welcome to the Retirement PlanningShow with host Dave Kopak. In the
financial services business for over thirty fiveyears. Their Retirement Planning Group LLLC is
a registered investment advisor. David M. Kopak is also a registered representative of
persh kaplan Sterling Investments Incorporated PKS intheir separate capacities. A registered representative of

(00:22):
PKS, David M. Kopac mayrecommend the implementation of securities through PKS instead
of Retirement Planning Group LC. Pershcaplan Sterling Investments and Retirement Planning Group LLC
are not affiliated companies. Now it'stime for the Retirement Planning Show on WGY.

(00:43):
Just the facts, man, Justthe facts. You want answers.
I think I'm entitled. You wantanswered, but the truth. You can't
handle the truth. It's all thefugazi. You know what fugazi is.
Pougazy, it's a fake faz fazzi, it's a wasi, it's a woozy's
as it doesn't exist. Showed methe money I need the feel you Jy,
show me the money showing Youboddy out, show me the fey. Where's

(01:08):
the peat, where's the peet?Hey where's the meat? All right?

(01:40):
Hall of Notes, Good morning allof our listeners throughout the Actually, a
couple of weeks ago, I gotDrew Ella here warning, Drew, good
morning. Get a phone call acouple a couple of weeks ago, Zack
and then from Texas Walkers. Sotalking about Texas. I was just came

(02:02):
back. I was in Texas,Oklahoma. So my brother in law,
my sister in law for a coupleof days in Vinita, Oklahoma, flew
into Tulsa and I got up theother morning. I opened up the door
and I felt like I was ina refrigerator because I went from one hundred
and five degrees to fifty five.Hello, you're talking about a shock,

(02:25):
huh. I have friends. Oneof our best friends moved to Austin,
and I think she told us theother day it was about one hundred and
ten where she was. People sayit's not hot. They say it's you
know, it's a dry heat.Now one hundred and five, Okay,
I don't care what they say.She wasn't sugar coating. When you can

(02:45):
cook your dinner on the hood ofyour car, that means it's hot.
Hot. But Dallas is quite thecity I just told you what I saw
were this new I went to Venita, Grand Lake, beautiful lake the size
of Lake George in Oklahoma where mybrother in law and my sister in law

(03:07):
to live, and beautiful area.Um and uh the new vacation destination point.
I think it's American Adventure or somethinglike that is being built in that
area. Two billion dollars amusement partbillion with a B, so that that

(03:27):
area is going to change dramatically.Is that private or is that uh public
public money? I think it's private. Pretty sure, that's good. I'm
just looking business reviewing and things likethat. Did you look at up trade?
No, I didn't look that upyet. But like Amsterdam golf course,
Yeah, putting things on hold becauseof financing costs, because of interest

(03:47):
expense is yeah, this is itseems like there's a little bit of a
slowing going down. Obviously an investment, but that's why I was curious.
So, uh, this is talkradio, this is retirement planning show.
It's good to be back for acouple of weeks since I've been in the
saddle here. It's good to travel, but it's always I think we take
for granted folks the beauty of thisarea. I saw a lot of dust

(04:12):
and weeds and cactuses and hot andflat land. We come back here and
go up to Lake Georgia and it'slike, wow, you know, this
really is a beautiful area to livein. Plus the other thing you got,
you got access to so many things. You can't one thing about heat.
You can't escape it when it's there. Right at least here we get

(04:32):
the cold. I haven't figure outsidewarm. I haven't figured that one out
yet. It's just it's brutal.I lived in Nashville for a year way
back when during the summer, Ifeel I'd walk out of an office building
and I felt like I walked behinda jet engine, you know, of
a seven thirty seven. It wasjust a hitch in the face. And
then you go in the pool andyou couldn't even get cool, Like they'd

(04:56):
have to put these huge ice cubesin a lower of the pool temperature.
That's exactly what he did at Danny's. In Leslie's house, they throw ice
in the pool in order to keepit chilled. Yeah, it's you figure
that wouldn't take it for granted,you figure that out. I don't know
if there is such a thing asrefrigeration units for pools. You know there's
heaters for pools they have well,because if there is a refrigeration unit,

(05:17):
you would probably become a billionaire.Right now. They have, you know,
there's ice baths that the athletes choosea lot. They make him now
for like guys like you and I, we can have him in our house.
It's not cheap, that would bethat would be ugly, me getting
into a bucket ice. I thinkjust it would be ugly just seeing your
impainting. So that's it. Butclear there comes here, he comes,

(05:40):
here comes day. But you knowit's five thousand dollars for these little ice
baths in your house. But ithas the circulation. So I'm wondering to
your point, if it's just it'sprobably out there just crazy expensive. Probably,
I would think probably because that littlething. I've looked at it online
the other day there's five thousand.I'm like, holy cow. Well,

(06:00):
we stayed in Addison, which isa suburb of Dallas, and they had
a beautiful state under Marriott, beautifulMarriott hotel that had a gorgeous pool and
they had a waterfall. And I'msaying to myself you know the waterfalls,
like this big box that goes upin the waterfall, And I'm saying,
man, that'd be a hell ofan idea right there, to put a
refrigeration somehow in that, Yeah,in order to cool it down. Probably

(06:24):
when the sun goes down, youcould cool it pretty quick, right,
there's no direct sunlight. I'm surethere's a way. That's just it probably
not cost effective or it's cost prohibitive. It's gotta be. It doesn't seem
like a very hard thing to do. Well, if you got to get
rid of stoves, I think youcan probably have to get rid of your
cooler for your pool. Yeah,no stoves. You can't have stove anymore,

(06:45):
don't use it. Yeah, soyeah, that's right. That's the
figure your wife's favorite gift fire stove. If you can't use we've been in
our house seventeen years. I don'tthink we plugged it in yet. But
bluster dinner, honey, reservations.All right, let's get down to it.

(07:06):
You know, the FED is actedagain with interest rates, Drew,
Yeah, you want to talk alittle bit about it. Yeah, they
bumped not last week, but theweek before a quarter percent and on an
international level. We are way above. I know Bank of England Europeans they
raised a quarter but they're like threeand three quarters percent. We're like five

(07:30):
and a quarter five and a halfpercent on our FED funds rate, so
they bumped again. A lot ofFED members talking because they all talk individually
throughout the country periodically and they speaktheir mind for better or for worse.
But a lot of them feel,well, they're supposed to have autonomy.
Yeah, they're supposed to have autonomy, and it's always interesting to hear them

(07:50):
when it's one off versus a committeereview. And a lot of them think
that the economy is slowing a lotof and it obviously is. As you're
looking at inflation coming down, you'relooking at the average workweek coming down.
Incomes are holding in, they're prettysteady, but you've noticed that the average
workweek's coming down. So one waythat businesses are cutting costs right now is

(08:13):
they're, yeah, they're afraid tolose people, so they're still paying them
a good wage, but they're givingthem less hours. So that's so you're
starting to see jobless claims, whichcomes out every Thursday, going up,
continuing claims. People that can't findwork then go on the extra unemployment,
those are going up. So thishot labor market is trying to show,

(08:37):
you know, some signs of gettingtired. We had the big unemployment report
that came out yesterday. You know, I don't know if you notice the
last two reports, ADP comes outwith this enormous number for jobs, and
then the regular the government, theBLS report is a fraction of what ADP
comes out with. So I feellike ADP there's a huge disconnect now,

(09:01):
well what their report is versus withthe official federal report. But a lot
of the jobs that came out yesterdayon the report, first of all,
the report missed I think we hadone hundred and eighty seven thousand jobs.
They were expecting two hundred, butnine hundred seventy two thousand jobs or part
time and the full time jobs werea loss of five hundred and eighty five

(09:24):
thousand. So what does that tellyou? So a lot of people are
a lot of these jobs growth werepart time workers. And then there's also
a big increase in people getting secondjobs in order to make ends meet.
So not as rosie as you wouldlike in terms of the jobs picture.
Granted, it's been red hot forour number of months and years now,

(09:46):
so we're starting to see that slowdown. Inflation's coming down. Interest rates
had a great day yesterday because ofthese jobs numbers. Labor costs are coming
down, so it's interest rates finallytake a longer than I thought, but
interest rates are starting to climb backdown. We hit a high. We
were at the highest since November theother day for thirty year fixed rate mortgages

(10:09):
and uh yesterday it was a hugereversal and hopefully the momentum continues. I
saw I read a report on theplane coming back from Fidelity. Um they're
talking a little bit about the bondmarket and what they expect over in the
next six to twelve months. Theythink we're going to be range bound for
a while. But the thing isis that they think it's an attractive an

(10:31):
attractive entry point for coupon and alsofor total return as far as you know,
getting a you know, maybe aten a ten percent total return on
your bond portfolio over in the nextsix to twelve months. And uh,
yeah, I don't think I don'tthink that that you know, bonds right
now, as you get you know, you've become um like in a you

(10:56):
balance it out, how much doI want to have in bonds? Because
you can get a six percent couponright now in an investment grade bond,
you can get five. We'd boughta bunch of treasuries last week, we're
still over five, right, yeah, right now. If if you six
months, one year, two year, yeah, you're gonna get a say,
on an average between the six andthe twelve months, you're gonna get

(11:18):
a five and a quarter five pointtwo five plus you'll have I would assume
like Bill Ackman, he's a billionh billionaire, he's yeah, he's got
a couple. He's gonna take short. He's a huge short in bonds.
He thinks bonds are gonna be agreat investment. Um. And because obviously

(11:39):
as as yields come down, bondprices go up. Right, it's a
seesaw, it's an opposite effect.So I guess to your point, a
lot of the big smart money isdoing just that five forty in a three
month five forty five and a sixmonth, twelve months five twenty nine.
So you can blend it, um, you know, we we've not typically

(12:01):
we'll do a six twelve, youknow. But now I've told Nico,
let's just go with the twelve,because I think that we're in a sweet
spot right now, with treasuries probablypeaked. I think so, Yeah,
by God tells me if we geta little bit more, I don't think
we're gonna I don't think the Fed'sgoing anymore. Listen to it. You
know. I was down to Texasfor an investment banking firm, and I

(12:22):
listened to one other economists the otherday when I was sitting in the presentation,
and he seems to think that we'rein a sweet spot right now,
all right, right now, Andhe's in the camp that the FED might
be able to actually land this thingon a soft landing. That's what it
seems to be. Job. I'dbe surprised. I was surprised probably six
months ago. I thought we're gonnahave a hard landing, and now maybe

(12:46):
maybe they can pull us off.Yeah, not sure. So you think
it'll go sideways for a bit,I think then go lower, Yeah,
because you know, risk reward.If I can go out and get six
percent, you know, in somekind of a guarantee, even if it's
a corporate on you know, you'rebacked by the full faith and credit of
the company. You know, that'snot like an FDIC. But you can
still buy some very quality corporate bondsright now and blend it with treasuries and

(13:09):
you get about a six handle.I mean, you know a lot of
people without a lot of risk.Well that's the thing. Yeah. I
mean I saw a guy talking abouttheir presentation. He says, you know
what, you know, I liketo eat. But I'm not a pig,
right right, No, I'm notlooking for ten. I'll take six.
Six is a good number for me, I'd say, with you in
your practice retirement portfolios, this isa godsend. It is in a way,

(13:33):
but because you know, people can'ttake a lot of risk as they
get older, haven't had it foryears, and we haven't been to the
spot in years, I would saytwo thousand and eight. Yeah, is
that about how long it's been.It's been a long time. I would
say it's been a long because mortgagerates were in the sixes back in two
thousand and eight, before the financialcrisis, so it's probably about that time

(13:54):
for I mean, when we weregoing to the bank and they were giving
us nothing, and you know,people were going to the bank, remember,
I mean this is kind of hardto believe. And this is you
know, not that long ago peoplewere going and investing money and getting a
negative way to return, right,negative way to return just for the safety
of the FDIC and also as faras the bonds that they were buying,
not a ready to turn just gettingtheir money, just getting their money back.

(14:16):
They're just happy with that. Theywere just happy with that because there
was the mania, right. Thething, and I think what people have
found out is that manias go away. People do basically get their minds back
and ultimately, you know, realitysinks in is that you know, the
world isn't coming to an end.But the thing is the problem with the
financial markets. It's so much differentthan when you and I because you started

(14:37):
we're in Boston, what firm SmithBarney Smith Barty. When you and I
started in the business, there wasnone of this crap, this instantaneous news
right, a little bit right,right. We had I shared a quotron.
We laughed about this. They sharethere with like five people. Yeah,
shared, We shared a machine.And there was the squawk box.
You'd listen to the squawk box.There would always be a report box on

(15:00):
your desk, on your desk thatwould just come from the floor. Ar't
cashing from pain Weber? Right,right? Seriously, he's still out there.
He still I mean, this guyis a dinosaur, but he's one
of the smartest guys. Aren't smartguy on Wall Street? But the bottom
line gets down to is that that'sthe problem with I think people today is
that they're overloaded with information and theyhave to just take a deep breath.

(15:24):
You know, am I okay?Do I have enough money? Am I
going to live? You know?You know? And plus plus you know
how it is you watch I watchedc NBC all day long. Um,
so you're one of those crazies too. Well, I have it on mute,
but because I have to talk,but I watch it all day long.
And and unfortunately the media, nomatter who it is, if it
bleeds it reads, they they liketo be the fear mongers and get people

(15:46):
excited when when they don't really needto be. Like the girl on CNBC
Diana All like, if you followedher, she's not She's been running for
fifteen years. Yeah, they eventuallyhave one right call. It's like the
guy that sells the book, youknow, I think you know I said
that this was going to happen.Right. I won't mention any names,

(16:07):
get a lawsuit here, right,But the thing is is that they have
one good call. Right. ButI think what his history has shown us,
and I think over the last twelveto eighteen months, just stay the
course, folks, Ye stay allocated, you know, stay in your Stay
in your lane. I mean that'sthe thing that I heard over and over
again when I was down to Texas. Stay in your lane. These are
in your portfolio. In the mortgagebusiness, our CEO is very outspoken.

(16:33):
These are seasons. We're going througha season, right, The seasons change,
so right, you gotta stay inyour lane. You gotta just go
with the flow and have realistic expectations. How much money can be drawn off
a portfolio in your retirement heres,have realistic expectations. You know, if

(16:56):
you think you're going to get eighteenoff your portfolio consistently, keep on smoking
it. Yeah, you know,it's just you're that's you know, I
mean, unless you're you know,you always got the guy at the water
cooler that makes the right call everytime. Right, Right, I did
this, I did that, Idid this morning, quarter morning. Yea,
everybody's in Monday morning quarterback. Butthe bottom line, realistically, with

(17:17):
these rates that are out there rightnow, for people that are going into
retirement, you are in a verygood spot right now, as long as
you have realistic expectations. You know, five to six percent off portfolio is
doable right now, right yeah,without without a lot of risk. Probably
probably the easiest it's been in along time in terms of control. What

(17:40):
are you seeing on your side ofthe fence. Because one of the things
that we talked about the housing developmentthat Dan and Leslie they have their home
for sale and the people just walkedaway from the deal and they walked buyers
the buyers, so they had torelist it. Last week. They were
moving from any Appolis, Minnesota tothis beautiful community called Grand Lake in Oklahoma.

(18:07):
But because of the interest rate environment, right, people backed down,
They backed out of the no kidding, Yeah, they could afford it,
but they didn't want to afford itbecause they felt like the coupon the interest
rate, yeah, made it whereit was kind of edgy for them whether
they were gonna you know, absorbthat kind of debt. What was the
priced house, do you know?Seven hundred and seventie thousand dollars. It's

(18:30):
up there, but still conventional mortgage. But the bottom bankets down to is
art. There's a lot of homesin his community that are probably somewhere.
You know, you got millionaires rowright, and then he got the you
know, five hundred to seven toeight hundred thousand dollars houses right in his
community. M what do you seein here? It's still very hot market

(18:52):
here, inventories down, multiple offers, like if that's situation still, yeah,
it's it's it's a extremely robust Ithink. I think like that buyer
too bad, Like if that buyerwas here, I would try to convince
them to go through with the sale, because it's penny wise, pound foolish.
Right now, there's we thought inventorywas low last year now or fifteen

(19:17):
percent below where we were last year, so there's less inventory even though we
have rates are about a point inan eighth point in a quarter higher than
they were this time last year,and the inventory is still down. So
right now, the challenge is gettinga house. Get the house if you
can, if you're lucky enough towin the bid. Here's a quick story

(19:37):
that I think you'll find the AdelphiHotel. Yeah, was doing hotel rooms,
and then they decided, we don'twant to do hotel rooms. We're
gonna do condos, right, We'regonna do like sixty seventy condos instead of
the hotel rooms. You know,there's going to be one hundred and some
odd And I guess when they reconfiguredit, they got sixty or seventy condos
in Saratoga. So I got agood friend of mine who's in the real

(20:00):
estate business. They called me theother day because they said, you know,
I might have an interest in oneof them, you know what I
mean, just strictly as an investment, right, And I said, let
me know. When you get anoffering sheet or you get some kind of
an anticipation of what those units aregoing to go for, guess hump much
they're gonna sell for, oh god, first square foot, first square foot,
like five hundred thousand, more thana thousand. Oh god, that's

(20:26):
like New York City. That's NewYork City prices. Well, they must
they must think they're gonna get it. But you know, a one bedroom
is going to quest you almost ninehundred thousand dollars for a conduct that's crazy.
I think it's crazy. Especially goth o a right, God knows
what that is. You better havea big purse. Yeah, nine hundred
thousand for a single family or someone better room. I should say I

(20:48):
I have a mama that's got abig purse. Yeah, you know,
God, bless you, no,thank you. You could be a pool
boy, can't you. Yeah?Sure, whatever, I'm gonna go up.
And when they do the auction onthe Riggy's Castle up there, go
up, isn't that a disaster?By Oh my god, that's horrible.
That's a horrible situation. That's justsad. That's sad. I don't get

(21:11):
it. I don't get it either, But I'll tell you what that's going
up for auction. Yeah, andsomebody, in my opinion, is probably
gonna get one hell of a dealbecause that's that is, that's a monstrosity.
That's a spectacular home. Yeah.I mean, I've seen some of
the photographs right of the portfolio thatthey put together for the bidders. Prime
location, Prime location. I've gota good friend of mine that you would

(21:33):
recognize his name, you know whoit is. I'll tell you at the
break. That's a every bell andwhistle top realtor in Saratoga Springs. And
he says it will probably go fora reasonable price. But whatever the price
is, they're gonna get one hellof a deal. Oh yeah, and
it's it's what do they call itwhen it goes to bid, whatever the
bid is as they get it.Yeah, there's not going to be any

(21:53):
hold or no inspection, no appraisal. That's all right, that's it.
Yeah, Yeah, that that's that'sa that's a sad situation. What's going
on there? And who would havethought that? All that masks? And
now she's she's left holding the bagon that. She's got two properties.
She's got one up the Adirondex andshe's got the magnificent home in Saratoga.

(22:14):
But you know, you don't don'twant to like classic Yeah, but um
it's just said, you know,you just never know what's coming around the
corner. So you know, um, I always tell people that just appreciate
what you got, right, youknow, don't shoot don't shoot for the
moon, right, don't shoot forthe moon. So great, Drew's here.
We're gonna actually get into some topicson financial zac estate. Yeah,

(22:40):
you and I canna stay here inBS all day. But the bottom line.
People don't want to hear that.But uh, if you have any
questions on your real estate portfolio,A lot of questions uh. Recently about
titling assets. We've had Frank layingextremely busy in our office. I like
Frank. I haven't seen him ina couple of years. He's a great
guy. Frank is a great person. He's a super spot to earth yep

(23:02):
under Earth. He's a cancer survivor. That's the other thing. September twenty
eighth is swing for here. Wehave another golf outing coming up from my
brother in law who died of cancer. I'm here August August twelfth or something
like that. But September twenty eighth, Ye, you're in right yep for
the one for the Swing for theCure Parents weekend September twenty seconds, so
I know I'll be here. Yeah, and then um, you know,

(23:26):
if you would like to participate,called Jim at the office five eight,
five eights or one nine, onenine, who'll give you some specific details.
It's for cancer. Where is itagain? Fair fairways? Yeah,
they always do a great job.I'm not a big fan of that golf
course, the back nine. Yougotta be a Billy goat a couple couple
that one hole, the one holethat goes up to the clouds, right,
I mean I'm not good at I'mnot good at that hole. That's

(23:47):
about a twenty swing hole for me. You know the golf tournament, I
invite you and yeah every year,Yeah it's you'd invite me. This year
I didn't. I can't play.They moved it to August as September,
and we gotta move my daughter inthe I think Chris just went to it.
Well, yesterday was the Letterman's butthe same Foxes is in August,
so what it is? All right? All right, we're gonna break and

(24:07):
when we come back, we're gonnatalk about the real estate market interest rates.
Give us a call. One eighthundred. Talked to b g Y.
I'm Dave Copeck with Royela. We'llsee after news. Well you g
hy baby with a warm line.I can feel you watching in the night.

(24:45):
Hallelo with me. We're waiting forthe sunlight, all right, I
feel cold, yea, whoa me? And when I feel I can't sing,

(25:07):
a team coming and me that Ithought you were going to harmonize with.
No, No, I'm going tokick your you know what out of
the door. Drew and I arejust sitting here reminiscing our daughters both graduated

(25:30):
from shen this year. The timegoes by too quick. They're both going
to colleges. My daughter's going tothe morning and your daughter's going where high
point university? Point two weeks fromyesterday you move in, yeah, Mikaela.
Two weeks from I think Wednesday orThursday this week the twenty thirds,
so you know, on to thenext stage of their life. Oh,

(25:51):
take away all sharp objects, padthe walls, right, Julie at Lisa,
what are they gonna do? Iknow, my wife, I've got
a bet at how many tears willfall from the time that we leave Lemoinne
until we get back home. Butyou know it's tough, you know,
the last one out of the nest, and you know time is fleeting.
I always tell people, you know, you know, you better enjoy your

(26:15):
good times because there's plenty of bad. This is a I think it'll be
a two week adjustment and then we'llget used to it. But Lisa's bringing
her sister and her aunt as hers. Her has her blanket. Apparently I'm
not good enough all on my own. So we got family until to help
to help on the way home.The thing that's amazing though, with technology,

(26:37):
with FaceTime and zoom and everything else, you're really not I mean physically
you're gone, but you're not goingright. I mean, we talked to
Michael a lot of times. Nowjust throw over the ten. She's in
her room. You know, she'llbe texting her mother. I'll say,
where in the hell's Michael? Shegoes? She's in her room down the
Hall's right? At least it tooka call last night at eleven o'clock at
night. It was Kenzie down thehall. Yeah, it's different. What

(27:00):
are you doing? Well? Whenwe're in college, we had a we
had a call after eleven to getthe low toll rates. If you remember,
I do, all right, Ido, And you're lucky if you
talk to your parents once a weekwith your bag of quarters, right right,
your bag of quarters. But allright. Last time Drew was on,
we talked about reverse mortgages. Yeahthere, and I think this is

(27:22):
good. This is a good topicto get into because he had a few
phone calls from our radio listeners.Right as far as how they can facilitate
um taking some of that equity outof the house to give you a better,
higher quality retirement. I'm a majoradvocate of reverse mortgages. Matter of
fact, to the guys that Iwas just with in Texas, started a

(27:45):
reverse mortgage company and built it upin California and sold it for fifty million
dollars fifty million bucks, and genWorth came in, yeah, and bought
Bottom and boughttom out and they weremore than happy to say take it and
give me that check for fifty milk. I'll take it. And they you

(28:08):
know what, They've changed them somuch from I used to I used to
do almost exclusively about fifteen years agoreverse mortgages, and then they kind of
phased out, made a lot ofchanges to them, and now they've they've
come back better than ever and alot of safeguards in place. Because the
biggest thing was people didn't want toleave their kids with nothing, right,

(28:30):
and whether kids needed or not,they still didn't want to leave them with
nothing. And now they're only they'reonly lending about fifty percent of value,
so you're not going to have themleave with nothing. There's always going to
be equity in the house. AndI guess I can't absolute that, but
you know what I mean, ifyou're only born fifty percent of the value
of the house, good chances areyou're going to have equity in the house.

(28:53):
And like one of your callers callin, he had a first mortgage,
second mortgage, so security income onboth sides, maybe a little pension,
but working a part time job.And you know, they were living,
but not living, you know whatI mean. So it was great
they were living, they just weren'tdancing. Yeah, they weren't dancing,

(29:14):
you know, a little tough probablyaround the holidays and travel things like that.
Couldn't live live. So yeah,we just we just got rid of
consolidated both mortgages and just freed upabout fifteen hundred a month, eighteen thousand
a year. So I'd say thatthat's a good deal. Yeah, that's
good. Eighteen thousand dollars more inyour pocket tax free, tax free.

(29:36):
Yeah, and he's probably does hehave access to any the equity in the
house also, No, he was. He was right about you know,
fifty percent. He was kind ofmaxed as what they would give him fased
on the value of his house.But he doesn't have any payments anymore,
got rid of the payments. Stillus to pay his taxes insurance, but
that mortgage payment of fifteen hundred amonth is gone. Wow, So that

(29:56):
was that was a good victory.Yeah. And then I just send me
any coupons are did you send mea dinner certificate? And I dropped off
some reverse mortgage brochures yesterday. ActuallyI saw the picture. You said,
a picture, and what the hellwas he? Yeah, I was there
and you weren't. Yeah. Iwent to the track yesterday more at six
am and saw the horses train,so yeah, and the way back to

(30:18):
your wife to draw us. No, I went with my my buddy that
has some houses or horses. Noway, she said, no, no,
no, so uh yeah, soyeah, I took a picture,
uh with your with your picture.I saw that. I saw that.
I saw that, and I broughtmy old picture year old. Yeah.
A guy say to me, you'relike a realtor. You have your nineteen
eighties pictures. You said, foreveryoung, forever young, song, forever

(30:44):
young. I did sign your foreheadon that picture that I was there.
But but yeah, that was thatwas a good victory. And then I
had a guy moving from Virginia anda couple moving from Texas. Uh,
their houses are. The guy inTexas have a seven hundred fifty thousand dollars
house free and clear, so hesells it. He's already in contract about

(31:07):
the clothes on a house up herefor about six hundred, so he's going
to sell it and pay cash forthe house up here. Ye. What
he's actually going to do is justput half down on the house up here,
three hundred out of the seven hundredhe's got, so he can bank
the other four hundred thousand, right, no payment on the house reverse.
So why would you he's keeping thehouse down He sold the house in Texas,

(31:32):
so why would he do a reverseon we did? He wanted to
get out of the Texas and moveup here to family, so he had
no reason to keep the house downthere anymore, so he sold it.
He sold it liquid. He realizedseven hundred thousand dollars from the sell that
house down there and the house uphere. Instead of paying cash for it,
he just used three hundred of hisseven hundred and did a reverse on

(31:52):
the one up here. Did areverse purchase on the house up here.
You could do that, Yeah,And so now he's got four hundred thousand
dollars an investable assets with no payments, with no payments on his house up
here. Wow, and his kidsare great. That's a hell of a
deal. His wife is having someissues dementia type thing, so who knows
what's to come there. I thinkthat's part of the reason why I moved

(32:14):
up here to family, closer tofamily, and now now and he was
living good. He had some assetsabout a million dollars in retirement. He
was living okay, nothing nothing great. He's in great health himself. But
now he's got, you know,a big chunk of money that he can
put o. He was seventy two. Don't you have to be age sixty

(32:37):
two and sixty two and older bothor just one spouse. Now they you
can actually have one spouse age sixtytwo and above and one not. There's
a different formula that they would letyou as far as the percentage that yeah,
that they would lend. Yeah,because it's all done on actuarial tables
and statists correct as far as what'savailable. And then the same thing.

(32:58):
I had another guy moving from Virginia, yeah, up here, which is
kind of funny because usually I thinkit's the reverse. Obviously, the masses
are moving out of New York.But but you know, the thing is
is that a lot of people areyou know, where a lot of people
are leaving from. It sounds kindof weird. A lot of people are
exiting Florida really, So that's changednow, Yeah, because it was big
the last the natives said the hellwith us. I don't want to be

(33:20):
here anymore. There's too much pressure. The traffic is too crazy. I
mean, traffic, real estate valuesare off the hook. What's the last
time you're in Miami? Uh?Probably yeah, it was before COVID.
Okay, have you have you seenthe traffic in Miami lately? It's like
Metro New York. I mean,it's it's crazy. The matter of fact,
are when we got off the cruiseship, our cab drivers said,

(33:42):
you know, there's certain times youjust don't drive because it's so backed up
where you have to know the backstreetsin order to get around in order.
It's funny to say that because wewere we were there February Fort Lauderdale,
Jupiter area. You got my sisterlives in Jupiter. Yeah, that's the
one that Julie went to school withmy wife right dawn. So she moved
down there. Her husband sells yachts. So he goes to Miami a lot.

(34:06):
And I asked him that question.I'm like, how long does it
take? Well, it depends,could take a half hour, could take
an hour and a half. Itjust depends. When you go, you're
right traffics off the hook, andit's usually five lane highways. That's not
side. That's not for me.You got kids driving and the old people
drive. You've been to the villages, not in probably twenty years. The

(34:28):
villages for whatever Proser cons What Ilike about the villages, it's never feel
like you're overcrowded. You have everythingthat you could possibly want within that compound
or whatever you want to call it, community community, And the thing is
is that you know it's manageable,right you go outside. He went to
some of these communities. Now,try to get over the bridge to Clearwater

(34:51):
right when you fly in from intoTampa, Tampa, depending on the time
that you're coming in. All right, you could sit on that bridge for
knows how long. Yeah, andyou're going into four lane highway, into
a two lane highway, into aone lane highway right well, that's fun.
You know, I'm just sitting therewait and wait and wait and wait.
And that to me is not retirement. Now, that to me is

(35:12):
stress and anxiety. I don't wantanything to do it. I don't like
I get annoyed sometimes in Clifton Park. Yeah, I can't imagine being at
Tampa or clear one. Well,here's the sixty four thousand dollar question.
Then we got to take a break. All right. Have you sat in
line yet for Chick fil A?No? I can see it from my
office. It's just crazy. Mydaughter did the first day of the opened
an hour and a half. Yeah, and asked the old car dealership.

(35:36):
She said, you know, shesat in line for like an hour and
a half or a piece of chicken. Yeah. I said, I don't
care how good that chicken is.No, you know, I'm not sitting
in the line, and you paythe gas for that hour. It was
double what the chicken cost. AllRight, we're taking a break. We
come back and talk a little bitmore about reverse mortgages and the interest rate
environment. If you have any questions, give us a call at one eight

(35:57):
hundred. Talk to b G yeight talk to begbuy. That's one eight
hundred eight to five fifty nine fortynine. I'm Dave Kopeck in here with
Droello Mortgage Specialists, and we'll beright back the eighty six percenters. Do
you know that eighty six percent ofthe population has no defined benefit pension plan?
For most of us, we haveto take our life savings and create
a paycheck for the rest of ourlives in retirement. What is your plan

(36:21):
for retirement income distribution? How willyou manage your assets during the most critical
years of your lifetime. Nobel Prizewinning economists William Sharpe has called retirement income
distribution the nastiest, hardest problem infinance. He points out that investment,
uncertainty and mortality can derail the mostcareful laid out retirement income plan. Call
our offices today to start the processof building your retirement income distribution plan.

(36:45):
After forty one years of being inthe financial services business, you need to
start taking action to start building yourown personal retirement income distribution plan. How
do you do that? To takeaction? Five one eight five eight zero
one nine one nine. That's fiveone eight five eight zero one nine one
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(37:07):
your retirement income distribution plan five oneeight five eight zero one nine one nine.
If you have any questions, pleasecall in now at one eight hundred
eight two five fifty nine forty nine. That's one eight hundred talk w G
y one eight hundred talk w G. Why we are live in studio to
answer your questions. What I listento this song? I remember saying that

(37:51):
Juli's brother one time, Jimmy,Jimmy is the rocket roll guy. You
know Jimmy, Yeah, Juli's brother. You know, he likes rock and
roll, hard rock, eighties,big hair bands. He says, turn
off that popcorn music, popcorn music. All of Notes. You didn't like
Hall of Notes? You want sometime, petty. They're still around,

(38:15):
right, hollow Notes? Oh yeah, I saw them last year. Still
yeah, they still tour. Ithink Julie and I saw them in Vegas.
No, not in Vegas. Soa Lionel Richie in Vegas and we
saw Hall of Notes at the casinoin Connecticut. Had a great time,
good stuff. I had a greattime. So all right, I want
to get back to reverse mortgages.How could I get the money? You
talked about, which I never knewexisted. You could do a reverse mortgage

(38:36):
purchase purchase, which I think.I think it's phenomenal. We're doing more
of those than we are traditional reverses. Absolutely, I had had makes all
the sense. It makes all tome. It makes all the sense in
the world. Why not? Allright, still gonna have equity for the
money. That's my final house ifif it's my retirement house, that's the
final spot. Do you know therady to return on equity as far as
zero? All right, I'm readyto return on equity at zero. If

(39:00):
your house is mortgage, the ecentthe only thing you got his capital appreciation,
that's it. Yeah, right,it doesn't matter how much is owed
on the house, it's still gonnaappreciate by the same amount. Right,
So, so the rate of returnon equity is zero. So basically,
these two individuals, the other onemoving from Virginia selling his house down there
for five to eighty, buying ahouse up here for five fifty same thing.

(39:22):
One's a free and clear I thinkmaybe I go to forty thousand a
whole equity, but he's gonna he'sgonna put down half the money up here
and bank the other quarter million,so he has that in his investment portfolio,
which will obviously get a rate ofreturn. There used to be a
thing, and I'm not too sureif it exists at all anymore. We
don't do it, We don't recommendhim when we send them to people like

(39:43):
you, and then ultimately it's upto the client if they want to move
forward. But it used to bea big thing. I think you can
remember this where you couldn't take equityout of a house on a reverse mortgage
and either do insurance or investments.Right, It was looked upon upon that,
They frowned upon that by the seriousExchange Commission in Finrin. Is that
still the case? You know?I think they don't want you risking that

(40:07):
money or right the art word andwhat was happening. Unfortunately back in the
day people were taking their money outof their house and putting in these high
commission programs. So it got abad rap because well, I can remember,
let's choose this as an example,and I know that you remember this
because you used to have an affiliationwith us in some capacity. But if

(40:29):
you took that four hundred thousand dollarsand the guy let's says in his late
sixties, Right, you could dothe single pay life insurance policy with the
guaranteed death benefit. Writer, it'sguaranteed, right, no matter what happens,
And that four hundred thousand becomes sixhundred and fifty thousand dollars and one
hundred percent tax free benefits right forhis legacy, either transfer of wealth to

(40:50):
his wife or his kids to me. It made all the sense of a
lot of sense. It makes allthe sense in the world, especially if
you've got kids that live in Texasor California at Rhodehell maybe. And the
thing is is that they have nodesire to be in that home. You
can still leave them the let youjust said, what's the biggest thing.
I don't want to leave my kidnothing? Right? Well, with that,
they're in a house, they don'thave any payments, right, And

(41:12):
instead of one hundred thousand dollars ofequity with a question mark, he got
six hundred and fifty thousand dollars andguaranteed tax free death benefit. So when
he does go through the pearly gates, that's there for the kids, right,
and then the wife, And thenif the wife tax free, and
if the wife is still living.She stays there for as long as she
shall live, correct, without anyproblems. Correct, and if there is

(41:32):
some equity instead of six or fifty, maybe they get seven fifty. All
right, so you're a good egg. But there's a lot of bad eggs
out, you know. So that'swhat happens. But my wife doesn't.
My wife doesn't think of a goodegg. You're a good egg. She
thinks I'm a bad egg there,rotten egg. I'm a scrambled scroll.

(41:53):
I made a statement the other dayto her brother, Gaus, you know,
that's all nonsense, that's all scrambledeggs. And I thought he's gonna
fall sculled eggs. I've never heardthat. Yeah, scrambled eggs. Yeah,
that is a good one. Listen, yeah, listen to the TV,
and all you're gonna hear is scrambledeggs. But yeah, so no,
it makes a lot of sense.So the reverse mortgage makes sense as
long as the tool that is facilitatingwhat the person is looking for correct,

(42:15):
correct, correct, And again youhave to it's not for everybody, but
in these couple examples it's worked outreally well. Where people have had decent
assets, not a lot of assets. Obviously, everybody's afraid of outliving their
assets, so it's a great wayto energize the assets, make them last
longer, grow more, probably leavethe kids more than they would have received

(42:37):
otherwise. So it makes a lotof sense, and you could take you
could take the reverse a number ofways. You can just if you even
if you don't have a need,you can just get a line of credit,
never use it, and the lineof credit actually grows versus a regular
line of credit like you and Iwould have a right based on current interest
rates, so you can actually getgrowth on your line of credit, which
is crazy. You can take alump sum to pay off a mortgage or

(42:59):
other that's you can take a monthlyamount that you set aside if you're if
you're at the end of the month, if if you're not meeting you you're
the ends aren't meeting, uh,you can take an extra five hundred a
month, thousand a month, youcan you can take a certain amount for
eternity, you can take a certainamount for a set period of time.

(43:21):
You could or a combination of allthe above. So it's got a lot
of Uh. Just technology, wehave e money. Money's a software package.
That's it's basically a financial dashboard that'sprovided. I'm not provided. I
pay for it through Fidelity. Ofcourse, you know everything's auto carte with
these guys, you know, butthat's fine. But the bottom line gets
down to is that you know,when we sit down with people visually to

(43:44):
see you know where they stand.It's a powerful presentation because there's not a
lot of variables. Do I meanright? We know what our income is,
we know what our pension, weknow what our soul security, we
know what the investment portfolio can generatefor income. Matter of fact, they
think there's a couple right now andOneanna that I have to go down and
see the problem is is that Frank'stoo cheap. It doesn't have Wi Fi

(44:06):
at his office. So I'm doingthis configuration now. I'm bringing Nico down
in order because he says, Ican I can take my phone, I
can get a hot spot, andI'm saying, what the hell is a
hot spot? But I said,you're young. Let's just do it for
these people so they can see exactlywhere they stand. And it's important.
It's important because you know what,you can talk to people until you're blue

(44:27):
in the face. But I'm avisual guy. I don't know about you.
I am visual. I'm visual.I want to see it because once
I see it, then I canget it once I'm even when I'm talking
to people. Yeah, i'm writingtoo, like I'm talking to him on
the phone. I have to seeit. I do a lot of highlights.
I highlight a lot of notes.I'll do a power you know,
like a point presentation, right likewe used to do in the old days.

(44:51):
As far as going out and doingdog and pony shows and still work,
yeah, they still work. Yeah, I do too. I like
to see it in black and white. And if you're very visual, you're
just a whom your clients are visual, and I'm would say most of them
are. Ye, so it worksout well. Yeah, I'm very visual.
I have to see it. Soyou can do it on the purchase.
With the reverse mortgage, you canwrite a check right, lump sum

(45:12):
lump sum. Can you get periodicpayments? Periodic payments where you're almost creating
another pension benefit? Correct. Alot of people they have a ten year
playing t e n ure tenure,meaning they can get a set amount for
eternity for as long as I liveor you could take all right, I'm
gonna need maybe to bridge the gapwith retirement of Social Security. I'm gonna

(45:32):
need five hundred a month for thenext five years. You can set it
up like that too, or onethousand a month for the next ten years,
whatever the case may be. Soyou can do fixed amounts of money
for a certain period of time,or you can take whatever the max is
as for as long as you live, so you can create another income stream
for yourself. So we're talking aboutthis, and I'm scratching my head and
I'm saying, and I'll tell you, folks, I have nothing to gain

(45:55):
by this. There's no financial rewardfor me. I've never even bought you
a cough. I don't need Youbrought me donuts today, but I really
appreciate that because I'm gonna eat thatwhole box in the way to leak George
and Julie's gonna say, did youeat anything? Nopet anything? I bought
him donut? Nope, But makewong story short. I'm listening to this
and I'm saying to myself, Idon't see anything as a negative as long

(46:19):
as it's the right couple or individual. What is the negative about doing a
reverse mortgage, just just the peoplejust have a hang up with two things.
Closing costs, they're not cheap,but that's because there's FHA, Federal
Federal Housing Administration. To get itout. Boy, well there's FHA and

(46:42):
there's f H, so there's there'sdifferent acronyms in my world. But FHA
ensures these Federal Housing Administration and theyhave what they call mortgage insurance premium.
But it's the last mortgage you'll evertake. And what other product out there
can you get income from your house? Right? So it's a necessary And
the other thing is the equity.Those are the two negative rebuttals that I

(47:04):
get right, you know when wetalk about these Other than that, it's
it's it's an amazing program, amazingproduct, a lot of safeguards in place,
and I think the equity for themost part is protected. You unless
somebody lives to be one hundred andten, the equity will still be there.
I think the bottom line is isthat you know, first of all,
if i'm if I have children thatare doing well or children that don't

(47:29):
need a legacy or transfer wealth,I don't know if any kid that I
would sit down with that he's eitherworks or associated or related that would say,
don't take the equity out of thehouse because we want it. Who's
the hell was going to say thatthey're out there. But yeah, but
that but that they're the minority,I think. But so the parents are
going to have quality of life.They're going to have the things that they

(47:51):
want to have. You know,Plus, as kids think about don't be
selfish, we don't. We wantour parents to live good life. At
the same time, we have toworry about putting our kids through college.
So it's hard if we had tohelp our parents and help our kids the
same time. You know, we'resandwich, didn't they call it? So
it's a great it's a great toolto alleviate that. And I agree.

(48:15):
I think I think the kids sometimeshave an issue with it because maybe they're
a little bit selfish. But weonly got about two or three minutes before
you got to beat feet and getout of here. I'll talk about the
buy down. Oh yes, Iforgot yes, So with regard to interest
rates, you're talking about how aguy bailed on a house up in Minnesota,
what have you. But we willactually as a company buy down our

(48:37):
clients interest rate a full percentage pointfor the first year at our cost,
our expense. So if rates todayhypothetically our six and three quarters, we'll
give them five and three quarters forthe first year. Because we firmly believe
like you and a lot of others, that rates are going to come down
over the next twelve months. Chancesare everybody that's getting a mortgage today is

(48:57):
going to refinance when rates come down, So we're trying to help people along
and not have the interest rate issuesthat are out there with given today's interest
rates. So we'll still qualify themat the higher rate, but they're going
to realize a much lower interest rateon a monthly basis and it'll help with
the payments and then I'll bridge themtill next year when they can refinance down.

(49:17):
And that's on your that's on atraditional it's on a traditional forward mortgage
twenty or thirty twenty thirty fifteen.Fha USDAVA doesn't make any any program,
so it's not as correct. It'snot a specific one right anything that one
get because the hard part, weknow is getting the house. Once you
get the house, life is goodbecause you're marrying the house. But you're

(49:38):
only dating the rate right now inthis environment. What is the average stay
in a home though, well,seven to ten years it still is.
Yeah, used to be four toseven Now it's a little bit longer,
seven to ten years. But there'sa lot of first time homebuyers out there.
It's about thirty two thirty five percentof the market, so that that
could change because the millennial generation isbuying houses like crazy, and that could

(50:01):
change. So so will I seeyou up at the mansion? Maybe?
Maybe? Will that be your havea couple appointments out there the new Ila
home. I'll come. I'll comethere and and I'll have tearaway sweats on
and jump in your pool. Uh, that's quite the pool. It's funny.

(50:22):
The other day I wasn't too farfrom there. I went the eddie
Ffs. You know what, EddieF says, Oh yeah, Eddie I
went Cli Park down right. Thestaff loves Eddief. So when I say
I'm gonna buy lunch at eddie F's, like, everybody's jumping up and down.
But I was running a little bitearly, so I said, to
hell with it. I'll just takea drive by and see what's going on.
I thought, there'd be for salesign or auction sign. There's nothing.
I mean, it's just it's probablyyou know, they don't want anything

(50:44):
like that on their property. Yeah, but I just rolled by it real
slow and it's it's a beautiful home. I mean, it really is a
gorgeous home. So it's too bad. It's a bad situation. They did
a lot from the community. Iknow they raised a lot of money,
but big on charity, big oncharity, and it's just about that house
is going production. It's gonna somebody'sgonna get a hell of a deal personally.

(51:04):
Yeah. So all right, howdo they get ahold of you?
Drew? Just go to drewsteam dotcom. It's the easiest way. Drewsteam
dot com. All my informations onthe website. I'm a branch manager in
Clifton Park for Fairway Mortgage or licensein all fifty states. Great company.
All right, I want to thankyou for coming in. Thank you,
and give Drew a buzz. Ifyou want to get a nice brochure that

(51:27):
he just dropped, not a giftcertificated, but a brochure that he dropped
off of my office, give usa call five eight five eight zero one.
Nine one nine. We'll be rightback after the news. Welcome to
the Retirement Planning Show with host DaveKopeck. In the financial services business for
over thirty five years. Their RetirementPlanning Group LLLC is a registered investment advisor.

(51:49):
David M. Kopac is also aregistered representative of perish Kaplan Sterling Investments
Incorporated p k s in their separatecapacities. A registered representative of PKS,
Dave M. Copek may recommend theimplementation of securities through pks instead of Retirement
Planning Group l ELSE. Pirst Capitaland Sterling Investments and Retirement Planning Group l
ELSE are not affiliated companies. Nowit's time for the Retirement Planning Show on

(52:14):
w g Y. I see you, Sitney, but you're blowing the line

(52:37):
when you're making the scene. Ogirl, you got to know what my
head overloow to my heart when it'swatching for us, you get a stand
by watching all right. I'm gonnathank Drueella for coming in. My brother

(53:06):
Zach with that great music brings backa lot of memories for me Hall and
Oates. Hall and Oates saw themin the seventies in Minneapolis. Saint Paul
the Twin Cities. I used toleave South Dakota to go see civilization,
and that's where civilization was was theTwin Cities. Had a good buddy of

(53:28):
mine said, let's go see Halland Oates. A Hall and Oates,
What the hells of Hall and Oats? And we went there and was hooked
and Daryl Hall and John Oates.So but I'm Dave Kopec. This is
the Retirement Planning Show. It's goodto be back. I've been gone for
a couple of weeks. I wentto Texas and Oklahoma and back, and
We've got some big announcements to make. I've got a lot of very very

(53:52):
very astonishing things that we're going tobe doing through the Retirement Planning Group to
make us bigger, better, andmore services for our clients. And that
was one of the biggest reasons thatI went to Texas to talk to one
of our new strategic partners that we'regoing to discuss hopefully in the very near

(54:15):
future, once we got our eyesand cross our teas. But it's a
very exciting time in the financial servicesindustry, and as I say over and
over again, this is a dauntingtask for a lot of people not only
are we handling investments, but we'realso handling the estate planning, retirement income
distribution. How do I protect myasset's long term care planning. So bottom

(54:38):
line gets down to is that forindividuals that are trying to figure out how
I crossed that river into my retirementyears, you can do it through us,
through us, And I'm very proudof Nicholas Dumas. Nicholas is now
a certified financial planner. He passedhis final exam. He will get all

(54:59):
of his certificates and documentations so hecan get new business cards and everything.
But for someone his age to gothrough and finish it, I can't applaud
him enough. You know that hesaw you know, he said to me,
now you can stop riding me.And I wasn't riding him, but
I knew that once he got itdone and got the monkey off his back,

(55:20):
he was flying. And he's anextremely, extremely competent, young professional
man. And I can't wait toget into the weeds and start doing more
work with Nico with this new designation. And it couldn't be proud of him.
It couldn't be prouder of the teamthat I have. You know,
once you get away, you geta chance to talk to other financial advisors

(55:44):
the conference said I was at,and you get a chance to see how
they're doing their business, the typeof work that they do. It's not
an easy job, as everybody's quitewell aware, about ninety five percent of
the people that start in our businessdon't make it. But if you're young
and you want to get into thefinancial services industry, it's a very opportune

(56:07):
time because there is a huge demandfor financial service professionals. So if you're
in college, or if you're gettingout of college, you got a finance
economics degree, marketing degree, youmight want to think about having a chat
with someone. If you want tocome in and have a chat with me,
I'm more than willing to do thatif you're looking to get into the
financial services industry. But there's abouta fifty thousand headcount shortage right now,

(56:32):
and it's going to get worse becausethe old guys like me are you going
into the sunset, and there's notenough people that are coming up through the
pipe in order to take the balland run with it. So if you're
thinking about getting into financial services,you couldn't find a better time to do

(56:53):
it than right now. The otherthing that I found it is funny because
Jule and I spent some time talkingto some people that do a lot of
work with airline pilots. A matterof fact, one of the guys that
we met with is a retired airlinepilot for United Airlines and got into the
matter of fact, he got intothe financial services industry when he was still

(57:17):
acting as a pilot. He gotall of his licenses and stuff, and
once he retired from being a captain, he ended up becoming a facilitator for
American Airlines, going in and doingworkshops with this one company that we're doing
some strategic planning with right now.So not only is he a pilot,

(57:39):
but he's also a gentleman that worksin the financial services industry. And the
thing is is that it was interestingto chat with him about what's going on
with the airline industry. That's anotherindustry, folks. If you have young
professionals, children that are looking fora career, they are begging, begging

(58:00):
for people to get into flight school. Huge opportunity, great benefits, great
career. If you read any ofthe news, the headlines, some of
these airlines right now, are makingmajor changes, making major adjustments with their
compensation packages, which is very positivefor the people that are sitting in the
seats that have that great responsibility toflying those airplanes. So it was a

(58:22):
great trip. It was a greattrip, learned a lot, met a
lot of great people, and likeI said, I've got some announcements that
I'll make hopefully by the end ofthe summer beginning of September, about some
of the things that we're going tobe doing at the Retirement Planning Group.
So well, good news and badnews, right The good news is that

(58:43):
the markets are coming back. We'redoing pretty good here. But you know,
when I was away, Fitch downgradedUS government credit. You know,
it's shining a lot a light onthe federal debt that we have. The
decision, I don't think is goingto affect us fundamentally as far as the
economy in the markets right now,but I think ultimately we're going to have
to get our act together here asfar as the amount of debt that's being

(59:07):
printed in Washington. Bonds are onceagain under pressure. But a lot of
your investment banking firms believe that we'regoing to rally here. Towards the end
of two thousand and twenty three,beginning of two thousand and twenty four,
as the Fed ends the tightening andit becomes more crystal clear as far as
that they're done. But you know, this week, we just had the

(59:29):
July jobs report and it was kindof a mixed bag. The labor market
is cooling, but only slowly.It's not really you know, you know,
having a major retreat. Wage growth, of course, is the biggest
concern. No matter who you talkto, wage growth. You know,
you've got people that still want tohave a decent paycheck and finding people.

(59:52):
It's finding people sit in the seats. So we had a great July August
to start off with a bang we'vegot. You know, this is typically
the time that people are getting intotheir final stretch, vacations, kids going
back to school, my daughter's goingto college. So August has typically been

(01:00:15):
kind of an average month. Usuallyget the bang, you get the rally
in the markets beginning of September,October and November. So we experienced the
first one percent down day since May, and then the ten year treasury yield
rose to a new high this pastweek, which Drew was talking about but
I think overall we're in good spot. I think overall we're good in a

(01:00:37):
good spot. I think ultimately theshift that we're having right now is that
the people that have gone to cash. I listened to a presentation the other
day when I was down in Dallas, and they were talking about the amount
of cash that's sitting in the sidelinesand treasuries guaranteed raid CDs. People have
taken a good chunk of their changeand they basically went to safety. That

(01:01:00):
money is maturing starting back into themarket. I think that that's going to
be a catalyst for the market inthe final quarter of two thousand and twenty
three. So if you're kind ofsitting on the sidelines and you're looking at
ways for you to maybe a littlebit more bang for your buck, more
total return, I think now's thetime sit down with your financial team,

(01:01:23):
find how you're currently allocated with yourcurrent portfolio. And we're going to talk
a little bit about retirement income distributionwhen we come back from break, because
it's a topic that I spent alot of time on when I was away.
We're talking about the different ways inorder for you to facilitate income during
your retirement years and all that.We talk about it all the time here,

(01:01:45):
but you know, if you gothrough the surveys, it's typically two
things three things that are the topof the list right now. Inflation,
purchasing power, the ability to haveincome for life, and then of course
to be in a position where youhave consistent income what we call baseline income

(01:02:06):
at the Retirement Planning Group. AndI want to talk about that in a
little bit more detail today because that'sreally where I think we shine. That's
kind of our forte is putting youin a position that you have baseline income.
So we talked a little bit,you know, briefly about the downgrade,
how that will affect us. Fish'sdecision does not impact the fundamental drivers

(01:02:29):
to the economy right now, butI think ultimately this government has to realize
is that they cannot keep on printingmoney and just allowing this thing to blow
up bigger and bigger and bigger,because if that does happen, what will
happen is that you will have aspike in interest rates. You will see
more and more individuals that will bechallenged because of the interest rate environment and

(01:02:52):
because of the interest rates that arecurrently out there, meaning that your bond
portfolios in an increasing environment, you'llget a down draft and the net asset
value. So I think ultimately we'regoing to have to make some hard decisions
here as a country, what wecan afford, what we can't afford,

(01:03:13):
where the money goes, where themoney doesn't go. And I think this
election that you're going to have intwo and twenty four will be critical,
will be critical not only as faras our deficit, the amount of debt
that we have, but also thedirection that this country is going in as
far as the entitlement programs, andwe'll talk a little bit about that today
too, But if you have anyquestions, this is a retirement planning show.

(01:03:37):
I'm Dave Kopeck. I'm the presidentthe Retirement Planning Group. We are
in a growth mode. And ifanyone that is listening to this show that
wants to get into the financial servicesindustry or is currently in the financial services
industry and is looking for another opportunity, like I said, give me a
call at five one eight five eightzero one nine one nine five eight five

(01:04:00):
eight zero one nine one nine.I'll tell you a little bit about some
of the exciting things that are happeningat the retirement Planning Group, and how
maybe we can put you in somekind of a direction that you can facilitate
what you're looking for, maybe ina career in the financial services industry.
So we're gonna be right back afterthis quick message and we come back,
we're gonna talk a little bit moreabout retirement income distribution and some of the

(01:04:21):
things that I think you need tostart thinking about in the year two and
twenty three, in the beginning oftwo thou twenty four. But again,
we do have open lines if youhave any questions or comments. It's one
eight hundred talk WGY. That's oneeight hundred and eight two five fifty nine
forty nine. God bless. However, everybody's safe and secure. Today.
It looks like we're gonna get somesunshine. I know, I look forward

(01:04:43):
going to spend some time with myfamily up in Lake George, and I
look forward to seeing my family,my kids brought in law's sister in laws,
and my nieces and nephews, andI actually can't wait to get up
there. We'll be right back.The eighty six percenter is do you know
that eighty six percent of the populationhas no defined benefit pension plan. For
most of us, we have totake our life savings and create a paycheck
for the rest of our lives inretirement. What is your plan for retirement

(01:05:05):
income distribution? How you manage yourassets during the most critical years of your
lifetime. Nobel Prize winning economists WilliamSharpe has called retirement income distribution the nastiest,
hardest problem in finance. He pointsout that investment, uncertainty, and
mortality can derail the most careful laidout retirement income plan. Call our offices

(01:05:27):
today to start the process of buildingyour retirement income distribution plan. After forty
one years of being in the financialservices business, you need to start taking
action to start building your own personalretirement income distribution plan. How do you
do that? To take action?Five one eight five eight zero one nine
one nine. That's five one eight, five eight zero one nine one nine
or RPG retire on the web.Don't procrastinate, motivate to start building your

(01:05:53):
retirement income distribution plan five one eightfive eight zero one nine one nine.
If you have any questions, pleasecall in now at one eight hundred eight
two five fifty nine forty nine.That's one eight hundred Talk w G Y
one eight hundred talk w G.Why we are live in studio to answer
your questions. Never any more manartists. You'll love you and there's no

(01:06:28):
tendingness befoming your thing. You're tryingnot to show. But bab bab No,

(01:06:49):
all right, we are back Augustfifth. We're gonna blink her eyes
and summer is gonna be gone.Les are gonna change. Actually, do
you enjoy fall, Zach fall?Do you like fall? I like football.

(01:07:21):
I like fall because it's a nice, cool, respectable weather that you
don't have to be too hot ortoo cold. I like full. I
just don't like what comes after fall. If we had three seasons here,
I'd be happy. It's the lastone. The thing called what winter.

(01:07:41):
That's not fun. That's not fun. It's not fun for me anymore.
It used to be fun. Doyou break your own leaves? Yeah?
With my I got ten acres ofland, so I use a big tractor.
I just used get the mower onand blow them around. Do you
want to come over to my house? No? I don't want to come
over to your house. No Idon't. I don't. My days are
raking are over. With. Mywife said, get somebody to do with

(01:08:03):
the yard, and I'm going toget somebody to do the yard. I've
got to get somebody to do theyard because it's it's not manageable for me.
Right now. You know, thebarn's going up, barn's almost done.
My grandfather's barn's almost finished. Sowe're gonna have a heehaw hey ride.
I'll invite you and your wife andyour little girl for a heehaw hey

(01:08:26):
ride. Can't wait for that.Yeah, a little cider, a little
pumpkin, pumpkin pie, some applecider, donuts, and hay rides.
We did it for years when mykids were young. We would take them
off for hay rides. My nextdoor neighbor has a barn and hey and
wagons. Lady bills hey with andput the kids on go for a little

(01:08:49):
ride. So it'll be fun,all right. You know. One of
the things that we are always tryingto do is to try to find that
secret sauce. You know, we'renot big believers in individual stocks, and
we're not big believers in trying topredict the future of the stock market because

(01:09:12):
it's I think it's impossible to doespecially with all the black swan events that
I've seen in my lifetime. Butthe thing is is that it's not uncommon
when I sit down with individuals thatthey have high anxiety that I've accumulated this
money isn't enough. Am I goingto be able to take adequate amounts of
income off the portfolio in order tosatisfy our income needs over in the next

(01:09:35):
ten, fifteen, twenty years.If for most of the individuals, I'm
going to say ninety percent of them, the answers, yes, You've done
a good job. You've been agood saver, you know, with your
solsal security selection, your pension selection, which will help you with and managing
your assets. The thing is isthat you know, there's a lot of
people out there that are Monday morningquarterbacks that tell you how great they are

(01:09:58):
managing money. And then you getinto these markets where there's high volatility.
You know, you're looking at twentyor thirty percent down drafts in your portfolio,
and people will look at you andsay, you know, like,
what's going on here? You know, you know this is not what I
signed up for. And I thinkit's really important. And one of the
things that they discussed when I wasdown in Texas how important it is working

(01:10:20):
with a financial professional today to buildout your retirement income distribution plan. When
I say that, I'm not sayingthat to pat us on the back and
tell you how great we are,because you know what you're going to gravitate
to where you feel comfortable. Butthe bottom line gets down to is that
almost ninety percent of the population todaydoes not have a pension benefit. So

(01:10:42):
that means that there are individuals thatare out there they're going to have to
basically stop receiving a check and haveto create a check for the rest of
your lives. And you know,I think one of the things that Droello
pointed out today when he came inand talked about reverse mortgages in the interest
rate environment that we're currently in,is that there should be no one particular

(01:11:02):
investment. The thing that I leftDallas with is that a multitude a multitude
of investments should be utilized in orderto satisfy income. You shouldn't have one
silo, you should have a bunchof silos. So when you say,
you know, why is it importantto work with a financial professional, I've

(01:11:23):
been saying this for years I've beensaying this for years, and I can't
agree with these guys more than Imet with is that accumulation is so different
than retirement income distribution and transfer ofwealth. It's a whole different apple It's
a whole different apple. Man.I met with a guy not too long

(01:11:45):
ago, and I said to him, I said, how do you currently
have your money allocated? He wasvery close to the vest and he says,
well, I use index funds.I said good. I said,
low cost. You know, dependingon the end of sy that you're you
know, you're mirroring, you're goingto get market rates of returns. And
he says, yes, I'm happywith that. I said great. So

(01:12:10):
I said what brings you here?He goes, well, last year,
I wasn't happy. I said intwo and twenty two and I said,
did you continue drinking the kool aid? Did you continue to do your index
investing? He goes yes, Idid, but I didn't like it when
I was down thirty percent. Didn'tmake me feel warm and fuzzy. And

(01:12:33):
I said, wow, that's thedifference between a retirement income distribution plan in
an accumulation plan. And I saidnot most individuals that are out there want
that type of an allocation. Isit cost effective yes? Or you're getting
market rates of return yes. Butthe thing is is that what you're diving

(01:12:57):
in. What's your cash flow?How much do you need? How much
do you need guaranteed that's going tocome in. So what we always talk
about is preparing for life's eventual curveballs. A retirement income distribution plan not only
has to take into consideration when bothloved ones are here together, husband and

(01:13:23):
wife, domestic partners, whatever itmay be. But what you have to
start thinking about, especially with peoplethat are way too top heady, meaning
that you have way too much ofyour money allocated pretax, is that the
government has a plan for you,folks, and it's called r MD.
Required Minimum Distribution basically blows away allyour retirement income distribution plans as you age,

(01:13:49):
because distributions get larger when you wantthe distributions to become the least.
Right, if you're not mobile,you have health issues, the last thing
you need is a check coming outfor fifty sixty eighty ninety thousand dollars out
of your IRA, not because youwant it, but because of required minimum
distribution. So when we talk abouttactically managing assets. You know, Nick

(01:14:14):
and I had to chat about thisthe other day in the office with my
son Christopher. You know, thebest thing that ever happened is roth iras
the best in my opinion, oneof the best things that ever happened in
Washington, DC is when they createdthe roth ira in the roth for one
k roth row on k. Alot of people don't even realize is that

(01:14:39):
there is such a thing as aroth rowe k. But here's the key,
here's the driver. For people thatare making over one hundred and forty
five thousand dollars and you're over theage of fifty, you are going to
lose the ability to do the ketchupprovision in the year two and twenty four
if your employer does not mandate thechanges implement the changes that are being put

(01:15:03):
into place, because the government willnot allow you to do the ketchup provision
unless it goes into a roth.Say that again, the government is not
going to allow you to do theketchup provision unless the money goes into the
roth. It's a huge it's ahuge amount of money that's being put in
right now for people that can acceleratetheir contributions over the age of fifty.

(01:15:27):
We had a letter, Julie andI had a letter that came from our
TPA for our four own k forour employees, and it's said, warning,
you have to make these changes beforeyours d so your employees can take
advantage of the accelerated contributions for theketchup provision. So please please, Okay,

(01:15:50):
you're not going to have the benefitthat you had pre tax. It's
going to be after tax. ButI'll tell you this, you're going to
find out as you get into yourretirement years that bucket of money, which
we call tax preferenced money, taxpreference money, is the bucket that you're

(01:16:10):
going to dance in the street andyou're gonna be so happy that you have
it because it's tax free, taxfree, tax free, tax free,
always tax free. It's tax freewhen it's accumulating, it's tax free when
you take it out, it's taxfree when you transfer to the next generation,
and when they take it out,it's tax free for them. All

(01:16:34):
tax free, not taxable. Noiou ird income or respect to a decedent.
So when we talk about retirement incomedistribution plans, we talk about how
to build them out. Nicholas andChristopher, because of their ages, are

(01:16:56):
working with a lot younger people.When I look at our golf league now,
it looks a lot different than itdid before. Now we have a
lot of young professionals that are golfingwith us that are in their forties and
fifties, which is exciting to mebecause these kids are smart. They call
them kids because they can be mykids. But they're young professionals, Christopher

(01:17:17):
and Nico, but they are extremelyup to speed as far as how to
allocate moneies. Aiden mckeann worked forme as an intern. He's now working
at Eco as an intern this yearwith Goldman Sachs. They brought him in
the other day and said, howdo you know so much about this?
God? You're great, you know, but he goes well. I worked
with Dave Kopeck for a couple ofyears as an intern. This is all

(01:17:40):
they did was retirement income distribution.Said wow, so give us a call
if you're trying to build a retirementincome distribution plan. We'll be right back
after the news. I'm Dave Kopeck. This is a retirement planning show.
Were you ghy? I do believein you, and I know you believe

(01:18:26):
me. Yeah yeah. Now werealized I'm not a supposed to be O
yeah yeah, no you. Idid this way Chicago, I did fluhen

(01:18:56):
did Chicago. Going to Texas orOklahoma from Albany, Chicago, Tulsa,
I actually had good flights, hadgood flights. We got delayed here in
Albany a little bit because of weatherin Chicago, but overall the flights were

(01:19:18):
very good, very good. I'malways amazed that those things can get up
in the sky and fly. Kid, they grew up in Scatti cook that
didn't get on an airplane until Iwas eighteen years old. It's just pretty
amazing. Every time I fly.I'm always amazed by technology. So I
think they're getting their act back together. You know that they've gone through some

(01:19:40):
gyrations too. But a warning toindividuals, if you are doing your catchup
provisions the Secure Act two point zero, make sure your employer employer is updating
the plan to allow you to continue, because you can no longer do them

(01:20:00):
pre tax you have to if you'reover if your wages exceed one hundred and
forty thousand dollars in the previous previous, previous, not the current, but
previous calendar year. You're not goingto be able to do. Your pretax
has to be after tax. Ithas to be WROTH for your contributions.
Your catchup critical critical, because you'regoing to be now. Some people say

(01:20:29):
to me, does it make senseto do the after tax? Does it
make sense to still do the aftertax? And we had a chat in
new office about this the other day. We have a variable annuity that we
utilize for tax deferred growth that's similarto an IRA and a WROTH, and

(01:20:53):
it's unlimited contributions. I think youcan go up to three million dollars.
And not a lot of people aregonna walk and do three million dollars.
But it's what we call an institutionalannuity. What an institutional annuity is is
that it gives you about four hundredinvestment options. Fidelity Vanguard, you can

(01:21:15):
go through the whole laundry list,low cost, there's no M and E
and it's actually probably more cost effectivethan a mutual fund and some ETFs very
low cost, no surrender charges,no fees on the account, just what
the financial advisor might be charging youas far as management of the asset,

(01:21:40):
but the reason why it's attractive istwofold. Why we utilize it at the
retirement planning group versus cost extremely costeffective, no sales charge, no fee,
no surrender charge, low cost,flexibility, numerous investment option But you

(01:22:01):
can overload it you have a goodyear. You're limited by your plan.
You're also limited by your income.As far as the investments that you can
put in qualified plans, you're notlimited to this. So if you have
a windfall, you have fifty sixtyseventy eighty thousand dollars or one hundred thousand
dollars, you don't want to havean in taxable accounts and you want to

(01:22:23):
have tax deferred growth. You mightbe utilizing it with your buckets of money,
utilizing it for shoot your income.You can load up, put as
much in there as you want.You've got an extra million dollars you made,
throw it in there. But ithas to fit into your overall not
only investment plan, your buckets ofmoney plan, your income plan, but

(01:22:43):
also does it make sense as faras allocating the assets into any any one
particular type of asset class. Sowe talked in detail a little bit about
that. When I was in Texas. But one of the things that's happening

(01:23:06):
in the financial services industry is thatmore and more and more options are becoming
available to you, the consumer offinancial products, simply because of the landscape
of so many of the boomers thatare hitting the market every day, ten
thou every day. It's a staggeringamount of money that's being accumulated. It's

(01:23:38):
estimated to be somewhere between thirty toforty trillion dollars right now. Low Ball's
thirty could be high as high asforty trillion. That's in qualified plans that
the boomer generation is going to managefor income, but also that are going
to manage it as far as wealthtransferred to the next generation. That's why

(01:23:58):
you hear all these people, youknow, blowing the horns now as far
as legacy planning and you know,we got a great team and we take
care of the wife. Well,that's the reason why they're saying that is
because they want the money. Theywant the money, and the wife is
going to get the money because theguys die first and the wife's going to
be sitting there with substantial amounts ofthe assets. It's a staggering amount of

(01:24:21):
money that females are going to controlover the next ten to fifteen years as
far as wealth transfer. And that'sone of the reasons why we have such
a dialogue with elder law and estateplanning attorneys in order to facilitate how to
protect those assets and to get themto the next generation. And of course,

(01:24:44):
when I'm in Oklahoma, I heara horror story about a family friends
of my brother in law and sisterin law, and they're fighting over what
money money wealth transfer. Who's goingto be the person that's gonna be responsible,

(01:25:06):
who's going to be the one that'sgoing to be the trustee, Who's
the one that's ultimately going to havethe final say how the money's coming out
of these particular types of accounts.And that's why we always stay over and
over again. It's so important tohave dialogue and conversations. I had a
phone call from a client to talkto her this past week when I got

(01:25:28):
back from Texas, and I said, I look forward and the money came
in, transferred the assets in.You know, we started buying some bonds
for this past week, treasuries.We're going to phase in needs a moderate
income portfolio. And I told herthat we're starting to pull the trigger and
starting to build out the portfolio.And her comment to me was that when

(01:25:54):
I came in, I gonna bringmy son, And I said, great,
she goes, Yes, she goes. I think it's important that my
son gets involved in this. He'sgoing to be the one that's going to
really be the point person. Andhe understands who you are, what your
firm is, and the type ofbusiness that you do. And you know,
he's up to speed. He's notgoing to get, you know,

(01:26:15):
blindsided, as something happens to bothmy husband and I and I said,
you know what you are doing onepercent of what you should be doing.
It's critical. It's critical that individualsinform their children of their wishes and ultimately
how the assets are to be managed. You know. One of the things
that we see over and over againis parents with children that have disabilities.

(01:26:42):
Autism is pretty prevalent right now,folks, and we have clients to have
children grandchildren that have autism, somepretty accelerated, and they have to do
some planning in order to facillitate takethe needs of that child. When mom
and dad go on to the hereafter, and one of the things that Fidelity

(01:27:08):
affords us is great estate planning andalso our relationship with the attorneys that do
elder law and special needs trust.So when I say sometimes you take a
deep breath, you take a deepbreath and you work your way through this
maze. Ultimately, it's up toyou, that's the bottom line. You

(01:27:33):
can procrastinate, you can motivate yourdecision. Our decision needs to be to
facilitate and to give you an openarchitecture platform, which we're going to talk
a little bit more about when wecome back from break because it's one of
the things that was stressed at thismeeting that I was at how important it

(01:27:54):
is in order to have all thehorses in the stable that you're going to
need in order to facilitate what clientsneed today, not only as far as
investment management, but all the otherservices. So if anything that I'm discussing
today is of interest to you,I know that we're booking all the way
out into September now for appointments.I talked to Jim. We had a

(01:28:15):
conference yesterday in the office myself,Jim, Lisa, Nico, Chris,
and Brenda and went through you knowwhere we stand. We're very busy,
and if it's a nine one one, leave me out. We'll get there.
Whether it's night or weekends. Ido work weekends. I'm not afraid
to work weekends. I've been workingmy whole life. So I have to
see on a Saturday or Sunday,I'm more than happy to do that.

(01:28:38):
But if you have a desire tosit down with us, if you're in
a situation that you feel uncomfortable,you want a second opinion where you want
to start building out the buckets ofmoney. Sooner is better than later.
Folks, I used to always saythree to five years. Now I say
five to seven years. Get going. If you're fifty nine and a half
and you can get your hands onyour money, you can do an in
service distribution your four O one K. Start building out your buckets of money,

(01:29:00):
and start building out your plans sowhen you leave and go into your
retirement years, you've already got iton cruise control. That's where you want
to be. You don't want tohave point of entry and go into your
retirement years and have a big questionmark am I riding the bowl or am
I riding the bear? And doI have enough money in my cash account

(01:29:21):
in order to satisfy what I needfor income for the next twelve to eighteen
months. Should I be going throughchoppy weather or turbulence? Right, that's
what you want After forty one yearsof doing this, Believe me, I
am a big, big believer inthat. So we're gonna take our final

(01:29:41):
break. If you have any questionsor comments, if you want to tell
me who's gonna win the whitney today, big race Saratoga will be packed today
with this weather, A big raceeighty degrees in Saratoga with sunny skies.
That sounds like an unbelievably beautiful day. But do you want to have any
questions, You can give me acall here one eight WGY that's one eight

(01:30:02):
hundred eight two five fifty nine fortynine. Or if you want to meet
with us face to face, it'srpgretire dot com. That's our website,
rpgretire dot com. While our contactinformation is there and we'll see you in
a minute. Right after this break. The eighty six percenters, do you
know that eighty six percent of thepopulation has no defined benefit pension plan.

(01:30:26):
For most of us, we haveto take our life savings and create a
paycheck for the rest of our livesin retirement. What is your plan for
retirement income distribution? How will youmanage your assets during the most critical years
of your lifetime. Nobel Prize winningeconomists William Sharpe has called retirement income distribution
the nastiest, hardest problem in finance. He points out that investment, uncertainty,

(01:30:47):
and mortality can derail the most carefullaid out retirement income plan. Call
our offices today to start the processof building a retirement income distribution plan.
After forty one years of being inthe financial services business, you need to
start taking action to start building yourown personal retirement income distribution plan. How
do you do that? To takeaction? Five one eight five eight zero

(01:31:10):
one nine one nine. That's fiveone eight five eight zero one nine one
nine or RPG retire on the web. Don't procrastinate, motivate to start building
your retirement income distribution plan five oneeight five eight zero one nine one nine.
If you have any questions, pleasecall in now at one eight hundred
eight two five fifty nine forty nine. That's one eight hundred talk WGY one

(01:31:31):
eight hundred talk WGY. We arelive in studio to answer your questions.
She said, it's now to nine. She's away. When she's she's said,

(01:32:00):
need to eat to that. Shecouldn't wait to get home. She
leves me. That's all, honey, She's part of my life, just

(01:32:20):
a part of all. Right,we are back. I sit here listening
to beautiful music. We uh.I'll tell you a real quick story.

(01:32:45):
When you're real quick stories act you'reshaking his head. Yes, I'm driving
through the planes of the Midwest lastweek. I'm going from Oklahoma to Alice,
and I'm saying to myself because Ilived in the Midwest for two years
in South Dakota, and there's somethingabout the Midwest, the heartland, the

(01:33:11):
people, you know, the cowboysand the cowgirls, and you know all
the businesses and the farms and theharvesters, and for miles you can see
just wheat and corn and just crops. It's just there's something about it that's
really kind of like the bloodline ofthis country, the heart let they say
the heartland. It is the heartland. And Julie and I went to this

(01:33:34):
restaurant, restaurant bar, and itwas a country and western bar where my
brother in law and my sister inlaw go too. And my sister in
law was a principal of a schoolout there, so she knows the whole
entire town. I think there areonly like seven thousand people in the hotel,
so it's a big deal when Danand Leslie show up, you know,
because you know the aristocrats are there. But we went into this and

(01:33:56):
they had a country and Western bandthat was just avable, unbelievably good.
They were allowed, but they wereunbelievably good. And I'm listening to this
and they're playing old country, nowplaying a new country. They're playing a
lot of the old country that Ialways ask you to play, you know,
some of the old country songs.And I'm saying to myself, you
know what, I could do this. I could live in the Midwest.

(01:34:18):
The only thing I couldn't do isthe hundred and five. It's just too
hot, too hot. But Ilove the Midwest. I love country.
I grew up in the country.Both my parents were farmers. I told
you that. And there's just somethingabout that, the dirt and the earth
and the people and the hard workand the discipline, and you know,

(01:34:41):
I guess the word that I woulduse, the respect, the respect that
they have. You know, it'syes, sir, no, sir,
yes, man, It's just it'swhen I say this, I mean from
the bottom of my heart. There'ssomething about the Midwest. And like I
said, in Vinita, where mybrother in law, a Cisian law live

(01:35:04):
right outside, they're in Grand Lake. They're building a huge two billion dollars
amusement park that's going to compete withDisney. I guess you can probably it
was in the Wall Street Journal acouple of weeks ago. They bought They
showed me the land where it's goingto be. And I'll tell you what,
I think they're really going to giveDisney a run for their money because
if they have the same attitude andput the product on the table, I

(01:35:30):
think they're gonna knock the ball rightout of the ballpark as far as the
people that will gravitate to go tothat type of environment. So so I
know that some people that are listeningout there today they wanted to know what
time or show was and they couldlisten to it over the internet. And
I said, yes, so toall my friends out there in Oklahoma,

(01:35:51):
God bless you. It was agreat, great time and I look forward
to coming back real shortly in orderto visit with you again. I'm gonna
final up one particular thing here thatwe're talking about retirement income distribution plan.
We're talking about how guarantees are partof that plan through the Retirement Planning Group.

(01:36:15):
Like I said with Drew here thismorning, we're in a very sweet
spot right now, folks, asfar as guarantees. Some of these rates
we haven't seen in years, inyears, guaranteed rates to ensure that your
core expenses are covered. You know, I'm not a big believer you put
all your money into any one particulartype of investment, but I do know
one thing right now. Guarantees rightnow, you know, five, six,

(01:36:40):
seven percent, depending on the assetclass, are pretty good rates of
returns, you know. Like Isaid, the guy that I mentioned that
was talking about how he's allocating hismoney, he says, I'll take six
any day. If I get six, I'm happy. In a lot of
ways. I am. That's alwaysat the Retirement Planning Group with Dan Bushardon
and I started RPG, and westarted going out and talking to individuals about

(01:37:04):
building retirement income distribution plans. MetLifehad a product called Preference Plus it was
a variable annuity that gave you growthpotential with a safety net, and it
gave you six percent income and sixpercent growth no matter what happened to the
stock or the bond market, oryou wanted. You wanted to turn it
on for income and the income nomatter what happened to the portfolio, the

(01:37:26):
income would continue for the rest ofyour life. And I used to always
look at Dan and say, thisthing is damn this thing is just too
good to be true. You gotto be kidney. Well, it was
too good to be true because itwas so priced, so good they actually
took it off the market and theyrepriced it and made major changes to it
because it was the shining start.It was the Cadillact of variable annuities with

(01:37:48):
income benefits. But those products stillexist. Okay, maybe not to that
potential. But you know, themore I'm in this business, the more
I realize is that those three driversof a retirement income distribution plan should be

(01:38:08):
met in order for you to closeyour eyes at night and have peace of
mind. Guarantees to ensure that yourcore expenses are covered, which we just
talked about, what does that includeyour soul security, your pension benefits if
you're fortunate enough to have one,certain types of investments that give you guarantees
the coupon that's going to show upin your checking account. Growth potential with

(01:38:30):
the safety net. There's a lotof products out there that will give you
growth, growth with a safety net. And the big thing flexibility. Don't
get yourself into something that you can'tget out of a lot of these alts,
these alternative investments. You don't controlyour destiny. The portfolio manager does.
And they could either say yeay ornay that you know when you want
to take your money out, orjust give you a percentage of it.

(01:38:51):
If you stick with those three things. If you stick with those three things,
you're going to be dancing in thestreet, and I think you're gonna
have a wonderful, wonderful retirement.So, as I said over and over
again, one of the things thatI wanted to touch base on that I
think is important also is that there'sa lot of noise out there. There's

(01:39:16):
a lot of noise. The morethat I'm away, the more I do
these conferences and meetings, the moreI get crystal clear of what we're doing
and how we think you should allocatemoney into retirement years. Okay, don't
get caught with a sales pitch.Don't get caught with a sales pitch.

(01:39:39):
Don't have your risk tolerance dictated bysomebody that has an agenda, that has
their agenda. You want your agendaand then you want your risk tolerance and
you want that fit into an overallinvestment program because of what you want,
not what the portfolio manager is pitchingto you. Okay, And I think

(01:40:02):
right now, as I said,we're going into kind of a sweet spot.
And if you can build out thosethree essential building blocks for your retirement
income plan, combining them with acombination of growth, guaranteed income flexibility,
that sounds to me like a homerun home run. So finally, to

(01:40:30):
kind of summarize if any of thisis of interest to you, the reason
why we do this radio show andwhy it's carried on almost I think nine
hundred stations now iHeartRadio. We're actuallygetting a lot of contact, a lot
of people that are calling us fromoutside New York that want to have chats
with us. We can do thatvery easily now with Zoom Zoom. One

(01:40:57):
of the advisors I met in Dallassaid to me that eight out of ten
people that he works with. Heworks with a lot of doctors, and
he works with a lot of pilots, pilots, and he said that eight
out of ten individuals that he workswith he has never met them face to
face. He does it all viazoom. Why is that, Well,

(01:41:18):
a lot of the pilots where he'sheadquartered out of Dallas, they have homes
all over the country, even thoughthey're you know, they're they're hubbed out
of Dallas. A lot of thesepeople, these crews, they might live
in Colorado, Wyoming. Matter offact, the woman that had flown in
that spoke to us, she waslimiting in Montana. She lives in Montana.

(01:41:42):
So it's pretty cool the world thatwe live in today. We can
adapt to what you're looking for.The big thing, of course, is
the state planning, elder law planning, medicaid planning. Every state is specific.
Every state has different rules and regulations, so be careful about that.
But as always, it's enlightening tome when I meet the professionals that I

(01:42:09):
work with. I think, ifyou listen to this show, you know,
I really have a grudge and Idon't think favorably on people that talk
about us in a negative way becauseninety nine point nine percent of the people
that are in the financial services industry. We had this discussion the other day

(01:42:29):
over state fiduciary. I'm a fiduciary. Well, big deal. Almost everybody's
a fiduciary. So what makes youso unique that you're a fiduciary. It's
a sales pitch, that's what itis, as if the other guy across
the street is enacting in your bestinterests. So again, if you'd like

(01:42:51):
to sit down with us, wewould love to have the opportunity. I
will drive, fly, I willdo zoom, whatever it takes in order
to sit down with you and behopefully give you some peace of mind and
set you on the right course.I'm very proud of the team that I'm
working with. I got some veryvery exciting news that you're going to hear

(01:43:13):
from me in a very short periodof time. But again, if we
can be of assistance, it's fiveone eight five eight zero one nine one
nine. That's our telephone number atour corporate headquarters. We are in Oneana,
downtown Albany on State Street. Ourheadquarters is in Malta and we have
a satellite office in Glen's Falls.Check us out on the web rpg retire

(01:43:36):
dot com. If you want tomeet zoom, we'll do a zoom if
you want to meet with us faceto face. I love to fly and
drive, so we'll be right backafter this quick break. We're gonna do
the news. I'm gonna say goodbye. I'm not going to be back.
I'm gonna actually take off and headnorth to Like George, I've got the
wrong I've got the wrong verbice here, but I want everybody to have a

(01:43:59):
safe and joyable weekend. If you'reat the track, good luck. May
the luck be with you, andwe'll see you next week for another retirement
planning show. The information provided isfor educational informational purposes only. It does
not constitute investment advice and it shouldnot be relied on as such. It
should not be considered a solicitation abuyer or to offer a sales security.

(01:44:20):
It does not take into account anyinvestors particular investment objectives, strategies, tax
status, or investment horizon. Youshould consult your attorney or tax advisor.
Thank you for listening to the retirementPlanning Show hosted by David Kopeck. If
you would like to talk with Daveor someone at the Retirement Planning Group,
call five one eight five eight zeroone nine one nine. That's five one
eight five eight zero one nine onenine during business hours, or visit us

(01:44:43):
at RPNG retire dot com. TheRetirement Planning Group has three convenient offices located
in Albany, Malta and Glens Falls. Retirement Planning Group LLC is a registered
investment advisor. David M. Kopecis also a registered representative of PERSH kaplan
Sterling Investments INK PKS in their separatecapacities. A registered representative of PKS,
David M. Kopeck may recommend theimplementation of securities through pks instead of Retirement

(01:45:09):
Planning Group LLC. Pershcamplin Sternlin Investmentsand Retirement Planning Group LLC are not affiliated
companies. Tune in again next weekfor retirement Planning Strategies with David Kopeck on
the Retirement Planning sh