Retirement Planning Show

March 30th, 2024

Episode Transcript

(00:00):
Live from the w g Y iHeartStudios. Welcome to the Retirement Planning Show
with your host Dave Kopek from theRetirement Planning Group. Every week, Dave
and his team discuss the ways theycan help people make informed decisions about a
wide array of retirement planning information thatcan support you and developing a more certain
financial future for you and your family. Now it's time for Dave Copec WGY's

(00:25):
retirement planning specialist. Right, goodmorning, good morning, good morning,

(01:11):
good morning. One more day,one more day in the March, we're
finished with the first quarter of twothy twenty four. Who can believe it?
Who can believe it? Zach,you looked like you didn't get enough

(01:32):
sleep last night. Come on,tell me what's going to You stayed up
too late and watched the basketball games. I actually couldn't do it. I
went to sleep early, did youten o'clock? Are you surprised by any
of these? I'm not surprised byHouston, because I've watched them this year
and they were either great or justsqueaking by. I think North Carolina State

(01:57):
has to be the number one,but they were so hot coming into the
tourney. NC State that kid Burnsin the middle is a beast. He
reminds me of the kid from thePelicans, Zion. Yeah, what happens
when you're twenty four year os soold playing against eighteen year olds? Well,
you know, I'll tell you ishow hol he is is Burns twenty

(02:21):
four, he's older. I don'tknow how old he is. I'll look
it up. He's got gray hair. Oh god, Good morning, everybody,
Good morning, good morning, goodmorning. Busy weekend in the Capitol
District. We've got the NC doublea's here. The reason why I'm saying

(02:45):
that, believe it or not,we have a lot of listeners now throughout
the United States that listened to thisshow. I saw the statistics yesterday when
I was here and I met withthe sales team at WGUI. It's pretty
amazing the percentage of people that arelistening to the Retirement Planning Show and Retirement
Ready throughout the United States. Solet them know locally. Hear what's going

(03:08):
on in the Albany, New York, the Capitol. We've got the women's
NC doublea's and it will be anuthouse today, Caitlin, That's all I
have to say. I look attickets, and there's no way I'm going
to forget it. How high arethey going? Just out of Carrie.

(03:29):
I heard down closer to the courtthere are as high as three thousand dollars
a ticket? Is that true?Last time I looked, they ranged from
all the way up into bleachers atlike three hundred dollars to like five thousand
dollars. It's insane. They'll bereduced today if they're not being sold.
So I think a TV where peoplecoming are coming here from all over the

(03:53):
country to see her play, whichis great. That's what it's all about,
right As you can tell, Zachhas a sports show, so we
have to talk a little bit ofsports. But my who's Who's my team?

(04:14):
You already know my team? Who'smy team? Purdue's right due.
It looked good last night. Idon't think anybody can stop that kid personally.
I don't think anybody out there unlessI don't know yu can Yeah,
yes, possibility. Yukon's beating everybodyby thirteen plus and nine straight games.

(04:35):
But but produced guards are playing ballnow, they are there are up tipping
from what they did last season.Absolutely huge. Huge, makes a huge
difference because then Zach eat isn't gettingdouble and tripled? Well, yeah,
you pop the ball from you know, three to three point where if you're

(04:55):
doing it consistently from outside, you'vegot to cover it. And know,
I coached and play basketball my wholelife, So I love this time of
year because really, what's the oldsaying? The cream rises? What to
the top? Yeah? Defense.DJ Burns, by the way, is
twenty three. I was close.Yeah that's not too bad though, But

(05:17):
he's not a freshman, is he. He's been around a while. That's
good. I haven't heard her,you know. I'll tell you what.
I'm shocked. I love that team. I love that coach. That coach
is the most laid back, passive, just great attitude. He reminds me

(05:38):
of John Wooden. Really, youknow when he talks, he's got a
smile on his face. I applaudthe NC State coach because we've seen some
maniacs on the sidelines. So hopefullyyou're enjoying the NC double as I know
I am. I'll be watching alittle bit basketball today. First and foremost

(05:59):
to all of our friends here atthe Retirement Planning Show and also Retirement Ready,
which is on from twelve to one. I want to wish everyone Easter
blessings. Spring is around the cornerright, and that old bunny will be
hopping down the trail tomorrow night.So wake up early see if you can

(06:25):
find all those eggs that will bescattered throughout the house. I miss those
days very much. As you getolder, your kids don't look for Easter
eggs anymore. They look for checks, but warm wishes for a joyful Easter
celebration, and hopefully you're going tobe filled with You're gonna like this one

(06:45):
egg excitement. That was an excellentjoke. So here's the new beginnings.
Wonderful eggs, joy, happiness,family and friends, beautiful dinner. So
for myself, my family, mybeautiful wife Julie, all of our loved

(07:11):
ones, our staff at the retirementPlanning group, We're wishing you a wonderful
and absolutely delightful Easter. I'll beat church tomorrow at the I think one
of the most beautiful churches in thecapital district, Saint Mary's and Waterford.

(07:31):
There's something about that church, soI will be there. You'll hear the
thunder and lightning when I walk inthe door. So here we go.
Got a lot of stuff to talkabout today, a lot of stuff,
and as always, this is talkradio. If you want to participate,

(07:51):
if you want to call in.I'm hoping that my buddy Paul is listening
in Connecticut because there's been some informationout this past week which I'm going to
get into in detail, and itkind of deflates what I call all the
screaming monkeys out there that have beentalking about guarantees and retirement and why you

(08:13):
want guarantees especially in today's world.Not all, but some, but first
and foremost the markets, you know, strong gains over the last five months.
I'm in the camp and a lotof people are on Wall Street were

(08:35):
over bought, over bought, notover sold, over bought. So you
might see a little bit of apullback here in the markets. Don't get
your teeth knocking. Make sure yougot the right acid allocation. But the
bottom line there's a lot of peoplesaying is that we're getting a little little

(08:58):
rich in regards to some of theseprices on these stocks. And you know,
I'm in the camp that I thinkthat you know, you should look
at that as an opportunity for entryinto the markets. But we're seeing I

(09:18):
think great progress. I think thefeed has done a great job hopefully landing
this as a soft landing. Butwhen you look at the markets where we
stand this past week, the Dowwas up about a full percentage point eighty
basis points, SMP was up aboutforty basis points a half a percentage point.

(09:39):
NASDAK was almost flat, down thirtyBIPs. For the year, Dow
is up about five point six,the S and P is up ten point
two. NASDAK is up nine pointone. That's a hell of a first
quarter when everybody was basically saying isthat we're going to have poor performance in
the year twenty twenty four, thescreaming monkey clan. So stay invested,

(10:05):
know your asset allocation. Understand marketswill trade daily positive and negative. The
ten year Treasury is at four pointtwo. I know. My good friend
Droiella was on a couple of weeksago. He's looking for the FED to
cut three to four times this yearin two thousand and twenty four. I

(10:28):
heard a gentleman the other day onBloomberg Radio when I was driving in the
car, and he thinks that theFED has to get more aggressive than what
they're anticipating. And within fixed incomewhen we talk about bonds, we love
fixed income. Right now, theRetirement Planning Group corporates high yield. You

(10:52):
can still get some very good rateson treasuries, short term treasuries. So
just remember is that sometimes bonds,depending on the interest rate scenario, will
outperform equities. And all I knowis that whether you're in large cap,
small cap, mid caps, ifyou're in emerging markets, whether you're an

(11:16):
investment grade, high yield international bonds, cash, whatever it may be,
find your sweet spot, find yourdiversification, feel the risk tolerance that you're
willing to accept. But it remainsto be seen, which I've been talking
about, whether this whole thing withthe soft landing, what we call the

(11:39):
Goldilocks scenario, will play out.And I think I'm in the camp that
I think that this guy is doinga much better job than he's getting credit
for. Powell, So he'll beright back. I'm going to talk about
some news this past week that mademe sit back in my chair because it's
something I've been talking about for thepast twenty or thirty years. I've been

(12:01):
critici criticized, ridicule, and youknow people talk about me, is if
I have no idea what the hellI'm talking about. But when one of
the major investment banking firms comes outand talks about something that I've been suggesting
to people for years, there's somethinggoing on, and I know what's going
on, and I want to goover it with you because I think you'll

(12:24):
find it very interesting. Secondly,if you're goingre we the seminar that we
have on the sixteenth is pretty muchfilled already. We've added more seats.
One of the reasons why I wasdown here yesterday was to discuss the presentation
that we're having on the sixteenth.We are going to add more seats,

(12:48):
and that means that if you're goingto attend, you better get on the
telephone like asap, preserve and protectseminar. Myself, Lupiro and Aaron Conners
really look forward to it. It'sbeen a long time since we've gone out
and done a presentation. I alwaysenjoy it. But again, I know

(13:09):
that Zach's going to run the adthe promo here and if you are considering
attending, considering attending, I wouldsay this, because there's so much demand
for this presentation, Please just don'tcall in and say I might go.
Make sure that you do go,because we don't want seats that are going
to be empty when people are we'regoing to have to tell people that we

(13:31):
don't have a spot for them.So we'll be right back. We run
out of money in retirement, yourinvestments provide income for possibly decades. How
do you navigate the two greatest riskin retirement? Sequence of returns in longevity?
At the Retirement Planning Group, ourBucket of Money approach addresses these concerns
and we offer a complimentary consultation todiscuss this with you. Call our office

(13:52):
today for a free complimentary consultation todevelop your own personal retirement income distribution plan
at five eight five EID zero onenine one nine. That's five one eight
five EAD zero one nine one nine. The greatest risk in retirement. Most
of us have no plan for orinsurance to cover the expense. A long
term care event can impoverish a spouse, drain your life savings, and cost

(14:13):
stress and anxiety on your family.What is your plan and how will you
pay for a long term care event? Call the Retirement Planning Group today discuss
options you should consider to protect yourestate and have choices and independence take action
well today five one eight five,eat zero one nine one nine or RPG
retire on the web. Worried aboutprotecting and preserving all you have built?

(14:37):
Health is here. Learn how tosecure your future with legal and financial planning
with Wguy's retirement specialist Dave Kopek andLegal House Lou Piero and Aaron Connor for
a free dinner seminar in April sixteenthat the Crown Plaza Albani at five thirty
pm. Space is limited. Signup at wgy dot com or call five
one eight six two eight four twofive five that's wgy dot com tomp or

(15:00):
call five one eight six two eightfour two five five spells close. Feels
like a wool upon the shoulders,through the clouds, I see love,
shine it chip, free, wolves, life rouse cool in my life.

(15:28):
There's been hot aching paint. Idon't know you're fucking faun it again.
Chads that now have traveled so farto change that love love. I want

(15:50):
to know what love. I watchyou show me right. We are back,
Zach picking out more great music.Love that song. This is the

(16:15):
Retirement Planning Show. And then fromtwelve to one, I do retirement Ready
I am flabbergasted by the response thatwe're getting nationally on this show. I
saw the numbers. People all overthe country are listening Texas, Illinois,
Florida, Tennessee and go through thewhole laundry list, and I want to

(16:37):
thank you. I hope you findit educational informative. I've been doing this
a long time now. As Zachloves to tell me, change my picture
on my website, but I'm notgoing to do it. Forever Young,
remember that song Forever Young. Butthe bottom line gets down to is that
I love what I do. Ilove the people that I were work with.

(17:00):
I love my clients, and Ialways want to be able to look
them square in the eyes and tellthem what I believe is the truth,
what's factual, what's you know,fiction and what's fact And we all know.
In the world that we live intoday, trust public trust is at

(17:26):
an all time low, especially especiallyin government. Less than twenty percent trust
the government at this time. Well, I hate to say this, but
I had a meeting with my attorneynot too long ago, and we talked

(17:49):
about trust. We talked about handshakesand what people say to you and the
commitment that they make to you verbally, and the problem is in today's world,
he said to me after we hada discussion. He says, Dave,
you can't trust people anymore. AndI was so taken back by that.

(18:11):
I was so taken back that myattorney said to me that you cannot
trust people anymore. You have tohave it in writing and black and white,
and if you don't, then you'resitting on a powder keg. And
the thing is, when I saythis to you, it comes from the

(18:32):
bottom of my heart. We wantour clients to trust us, to have
faith in what we're doing, thatwe're working in your best interests. We
have a saying in my office andI've been doing it ever since my wife
and I were sitting at the kitchentable licking stamps and doing our dog and

(18:53):
ponies, just her and I adtrt always do the right thing to everyone
that's worked at the retirement planning group. And I say it to my staff
at least daily, if not atleast a few times a week. You
know what, Always do the rightthing. Make sure that the client understands

(19:15):
that we don't have a crystal ball. Sometimes the markets will go down,
other times will market go up.But you need to understand is that retirement
planning. Retirement planning in today's worldis so much different than it's ever been
for a lot of reasons. AndI'll give you my two cents because,

(19:38):
as I said, I've been doingit now forty two years, soon to
be forty three, and I've seenmajor changes. I saw the Doal break
two thousand for the first time.I've talked about black swan events that have
happened in the markets. I've talkedabout people that I've been affiliated with that
have been mentors to me. Italk about Mo Marlin that's sat next to

(20:03):
me when I first got in thebusiness, and he used to look at
me and said, what are yousitting there for? Okay, what's your
job? Thank God I had Mossitting next to me, because Moe was
the one that Basically I had Monext to me, and I had my
branch manager and a glass wall.And the thing is is that I was
scared to death and all I didwas work from morning, noon and night.
The second person that had a hugeimpact on me was Dan Bouchard.

(20:29):
Dan was a gentleman that was inthe insurance business as an executive with a
Mika worked there for over twenty yearsand decided, you know what, I'm
gonna go out and do my ownthing for a while, and him and
I kind of integrated together. Hedid the protection and I did the investments.
And when I say I did orI did the investments. He came
to me one time and he said, Dave, you're missing a big part

(20:52):
of what people need in their retirementyears. And he says, not everyone
is suitable for risk, and notevery one understands the risk that's associated with
being ill. I know it becausemy wife and I were caregivers for six
and a half years, so itresonated with me. I knew what it

(21:15):
was like for my wife to takecare of her parents, and we had
young children, and she had responsibilitiesin the house and I had responsibilities,
and it wasn't easy. We didit because she loved her parents. I
loved her parents, and we wouldn'thave had it any other way. But
the reality is is that in thisworld that we live in today, in

(21:37):
this world that we live in today, you get these burst you get these
impressions. And as I've said,and you've heard me say this a million
times on this radio, show onour podcast. I do not like it
when other financial advisors criticize and puton other financial professionals in our business.

(22:03):
I hate it. I hate itbecause to me, that's a weakness on
their part and it shows their ownpersonal insecurity. Okay, So what I've
been talking about for years is thatwe no longer live in a society where

(22:26):
you work for ge Xyz Corporation,the businesses that used to be in Troy
Cluid and Peabody. I mean,you go through the whole laundry list where
you work for these corporations for decades, if not years, get a watch,
you get a dinner, you geta pension, you get healthcare.

(22:47):
Those days are gone and they're goneforever. Why is that globalization? So
when I see a headline in themail comes through my email, you know,
different articles that I publications that Iwant to read, the headlines I

(23:11):
have, they'll send me headline emailblast. And this was the one that
I got last week, looming retirementcrisis. Oh, I'm gonna look at
that one, looming retirement crisis.And then I open it up and then

(23:36):
I see that who's talking about thisretirement crisis? Who is the person that
is retirement warning fight over dealing withthe hardest financial problem that you're going to
meet during your retirement years. Well, it's a guy VE named Larry Fink.

(24:02):
He's the chief executive offer, sir, of what an investment banking firm
that you'll all recognize, Blackrock,trillions of dollars. They manage trillions.
So does he have his finger onthe pulse? Does he understand a little
bit about what's going on in thefinancial services industry? The guy's at Kazillionaire,

(24:27):
right, and he's talking about theforty trillion dollars that's currently out there
in the retirement system, which inthe United States is one of the world's
largest. And he's talking about theshift that's going on in our industry from
the define benefit right to a definecontribution. What's the defined benefit? It's

(24:52):
a pension benefit. What's the definedcontribution? Four oh one K, four
H three B. You can gothrough the whole laundry list. And he's
talking about what he sees in hiscrystal wall and what the discussions are with
his investment banking firm. And I'mgoing to go into that in great detail
in the second half hour because Ithink it's imperative, imperative that you,

(25:18):
as the listener, get educated andnot sold on certain ideas and concepts in
the financial services industry because it couldbe the difference between enjoyment and a catastrophe.
So I'll be back. We haveopen lines if you want to participate.
I'm Dave Kopek. This is theretirement planning show. Hi down around

(26:00):
the corner, all right, dobet Good morning, good morning, good

(26:25):
morning, Happy Easter holiday weekend.Hopefully you're going to gather with family and
friends and loved ones. Don't forgetto stop at church and talking about church.
We need some prayers, folks,from my beautiful, beautiful, beautiful
friend, our maid of honor,Kelly. He's really going through a horrific

(26:52):
time. So if you're in aprayer group, please put Kelly in there
because she's going in the battle ofher life. I hate cancer. I
hate it. That's why we doa golf outing every year for cancer research

(27:12):
and hopefully someday with the man upstairs, he's going to help us get rid
of that horrific disease. It's takentoo many family and friends of mine,
brothers and sisters, too many.But this morning I'm going to give you

(27:33):
some facts and you guys can putit in your pipe and smoke it or
throw it out the window. ButI've been talking about this for decades,
and you know there's the screaming monkey'sout there that basically talk about it as
if it's a joke. But we'reliving in a world today where the headlines,

(27:55):
now, this is coming from amajor investment banking firm. This is
coming from a gentleman, a gentlemanthat manages trillions of dollars, and this
is the headlines. We are ata critical crossroads. Millions of Americans are
at risk of running out of savingsin their retirement. Say that again,

(28:22):
millions of Americans are at risk ofrunning out of savings and retirement. How
are we going to help them?What's the magic formula? What are you
gonna do when there's no more resourcesavailable to them? The pot is empty,
the money's gone. Mister or misswonderful did not manage the assets properly

(28:49):
in order to get to the finishline. And the problem is is that
I know because I come from ahome of hard working savers. My background
parents farmers, worked morning, noonand night, tried to save enough money

(29:15):
in order to get to the otherside, have a few years in retirement
that's enjoyable. But the bottom lineis that for a lot of us today,
this panacea, I mean, cango to Florida. I'm flying to
Florida on Monday. You see clientsagain. I'm gonna spend a couple of
days with my bride. She deservesit after her hip replacement. But eleven

(29:41):
two hundred people, eleven two hundredpeople a day each day from now until
twenty and twenty seven are turning agesixty five, and they're scratching their head
and they're saying, what am Igoing to do? How do I take
the savings that I've accumulated? Ifyou have accumulated savings, because that's another

(30:04):
number that's going to blow your eyeballsout of your head. As far as
the amount of people that have nothingor have saved very little for the retirement
years, what are you gonna do? You know, I talk about decoupling,
not accumulating decumulation, right, gentlemen, I've asked you all listeners bring

(30:33):
it up on the internet. WilliamSharp Saha RPE. The nastiest, hardest
problem in retirement is managing assets foran extended period of time because of two
primary concerns, sequence of returns inlongevity, you know, and can get

(31:02):
into Social Security, and Larry Finkgot into Social Security that we've got a
system that's in place, that wasdesigned decades ago that needs to be changed
immediately. I've been saying that foryears we got a system that's broke.
Now they're talking about that it's goingto go bankrupt in a very short period

(31:23):
of time two thousand and thirty three, nine years from now. Not enough
money in the pot to pay what'spromised. So guess what, Kick the
can down the road or are theygoing to do something about it? Kick
the can down the road. Iguarantee it right, because they all want
to do what get elected and flyaround and do whatever that they you know,

(31:45):
do whatever that doesn't need to getdone gets done in Washington, right,
kick the can. So the riskof going into retirement of managing assets
has gotten a lot harder. Aska senior today how comfortable living is that's

(32:08):
been in retirement for an extended periodof time. But you got a factor
in what inflation, living a hellof a lot longer than they anticipated.
Taxes cost of goods and services.Go buy a bag of groceries. I
don't have to tell you. Igo shopping in the morning, six am,

(32:31):
when the door is open at marketthirty two. I'm walking through there.
I know what the numbers are andI'm flabbergasted. Bags are getting smaller,
but they're charging the same amount.So I've seen dramatic changes in the
forty two years that I've been inthe business, and my crystal ball has

(32:54):
been pretty good. As far aspredictions, I'm not patting myself on the
back. I said that the governmentis going to get rid of the stretch
they did. Now it's ten years. I said they're going to change that
too. It's in committee right now, and they won't change it because they
you know, they can't spend itquick enough down there, all right,

(33:14):
never enough, never enough. Sothe world is now flat. Why is
that because no one, No onewill sit down with you, or very

(33:38):
few people will sit down with youand tell you facts as far as what
actually needs to get done in orderto facilitate a retirement that is enjoyable,
happy, healthy, And you've gotall these things that you can do because

(34:00):
you're not sitting there staring at thescreen all day long. So what's Larry's
answer. What's Larry's answer as faras what people need to do well,
he thinks they need to come outwith a new product. He thinks they

(34:23):
need to come out with a newproduct, and the new product has to
have some form of guarantees for peoplethat will last a lifetime. He thinks
that not only this has to betaken at retirement, but also there should

(34:44):
be these options that are afforded toyou in your four oh one K program
because the chances for a lot ofpeople that the money's gonna go away before
they go away are fairly high.Are fairly high. So he's coming out

(35:12):
with a new product called Guess whatLife Path I'm gonna roll out in April.
All right, sit down, folks. If you're driving the car,
pull it off to the side ofthe road. Pull it off. He's
talking about combining. Here was thekey, drum roll, I get a

(35:37):
drum roll, Zach, thank you. Target date funds with annuities. Yeah,
hear that word annuities. This isthe guy that heads up Blackrock trillion

(36:00):
dollars in assets, and he's tellingpeople that they need to go out and
buy target date funds with annuities,right, because they will have guaranteed payments
for life. He's an idiot,though, right. If you listen to

(36:24):
some of the people on radio orTV, they'll tell you what an idiot
you are if you even think aboutbuying an annuity. Right. We don't
let friends buy annuities. They're theworst thing on earth. Well, I've
done millions and millions and millions andmillions of dollars of annuities and I've never
had one person say to me inmy office, I wish I never did

(36:46):
this. But you got the salespitch out there, right, they're only
you know, they're only doing itbecause they got a big back commission and
there's high expenses, and you can'tdo this and you can't do that.
It's a pinocchio. You know whata pinocchio is. I tell a tale,

(37:10):
I believe it long enough, Ibelieve it's real, and that nose
keeps on a growing So this ismy crystal ball. Okay, then these
are facts, not fiction. Mycrystal ball is this. I do the

(37:31):
analogy of the Honda car. TheHonda Car when it came out was the
size of an Accordion. I've hadlike five or six of them. When
I first saw it, I thoughtit was the worst thing on earth.
I had five or six of themin my lifetime. My daughter drives a
Honda Accord right now. You haveseen changes, reforms, modifications, adjustments

(38:00):
where that horrible word is now somethingyou can swallow because the product annuities have
changed. And when I say they'vechanged, it's the difference between the Accordion
Honda and that beautiful model that's outthere right now, which I think was

(38:22):
one of the greatest cars on earth, the Honda Court, right, that's
the difference. That's what has transpiredover the last twenty thirty forty years since
I've been in the business. Okay. The other thing is is that you
know you hear all this crap.I'm a fiduciary. Raw fiduciaries don't listen

(38:45):
to that messaging because it is asales pitch. And I'm going to tell
you right now, if we wantto do an annuity for our clients,
there's about sixteen inches of paperwork thathas to be filled out and the people
have to understand the cost, thebenefit, liquidity, Why is it being

(39:05):
done? It has to be approvednot only by the client, but also
the compliance department inside your broker dealer. So don't give me this nonsense that
the advisors only recommending the annuity becausethey're getting a big fact commission. Because
it's a bunch of you know what, and you step in it. So

(39:31):
now you got major investment banking firms. They're one of many that have come
out and said this recently that right, the world is flat. Now you
got to be changes. People needto understand the benefits of lifetime income benefits.

(39:52):
We've been saying it for decades.We've been talking about it for decades.
And the thing is, most ofour clients that have participated in those
types of investments smile every day becausewhether the market goes up or the market
goes down, that portion of theirretirement assets guarantees payments for life for both

(40:17):
spouses, and that allows them todo what live life, have fun,
put a smile on their face,take the trips, go on vacations,
go see Alaska, go to Bermuda, do all the things that you want
to do in your life, andnot say, hey, how'd the market
do today? Who cares? Buteverybody's got to have a sales pitch the

(40:46):
secret sauce right, well, oursecret sauces is what facts not fiction.
That's why I think we have sucha high percentage of people that listen to
this show because they know I'm notgonna do pinocchios. Do we have all
the answers? Absolutely positively? Notdo. We try to give you the

(41:07):
facts and then you can make alogical decision. Absolutely positively. You got
to have a pot of money,and you have to have security. If
you have a pension and your wifehas a pension, you've got great cell
security and been great savers. Throwthe guaranteed income streams out the window.
You don't need them. You don'tneed them. But if you have to

(41:32):
do wealth replacement for a surviving spouse, you know, want to make sure
it's guaranteed. If you want tohave income, baseline income that pays your
expenses and all, oh, Iguess listen to this too. We actually
have products that will give you acola. We'll actually give you a cost
of living adjustment. That's one ofthe things that William Sharp points out in

(41:55):
his paper about the benefits of anannuity. He's an economist at Stanford University.
I think I'm gonna listen to himinstead of Pinocchio, so you're gonna
see changes cost versus benefit. Ican show you a nuity products right now

(42:22):
that are less expensive than working withmister or missus. I know everything,
extremely cost effective, Liquick liquid.These are products that have just come out
in last five to ten years.Then I'm going to talk a little bit

(42:44):
about it in more detail. Igot Chris McCarthy coming on in the second
hour, who has been a retirementincome specialist who is now working with us.
He's been in the business for thirtyyears. His overview of what he
thinks. But the bottom line getsdown to is that when you start hearing

(43:09):
major investment banking firms such as blackRock talking about life path paycheck and it's
coming out. This is not somethingthat they're thinking about. This is coming
out and it's going to be targetdate funds with annuities guaranteed payments. So

(43:35):
when you hear complex ill liquid expensive, stick your tongue out and just say
no, not true, not true. We'll be right back. The greatest
risk in retirement most of us haveno plan for We're insurance to cover the
expense a long term care event canimpoverish a spouse, drain your life savings

(44:00):
and cost stress and anxiety on yourfamily. What is your plan and how
will you pay for a long termcare event? Call a retirement planning group
today discuss options you should consider toprotect your estate and have choices and independence.
Take action Call today five one eightfive AID zero one nine one nine
or RPG retire on the web.Will you run out of money in retirement

(44:22):
where your investments provide income for possiblydecades? How do you navigate the two
greatest risk in retirement sequence of returnsin longevity at the Retirement Planning Group.
Our Bucket of Money approach addresses theseconcerns and we offer a complimentary consultation to
discuss this with you. Call ouroffice today for a free complimentary consultation to
develop your own personal retirement income distributionplan at five pine eight five EID zero

(44:45):
one nine one nine. That's fivewine eight five EAD zero one nine one
nine. Worried about protecting and preservingall you have built? Health is here?
Learn how to secure your future withlegal and financial planning with wgui's retirement
specialist Dave Kopek in Legal House LoopPierro and Aaron Connor for a free dinner
seminar in April sixteenth at the CrownPlaza, Albany at five thirty pm.

(45:07):
Space is limited. Sign up atwg Y dot com or call five one
eight six two eight four two fivefive. That's w g Y dot com.
Or call five one eight six twoeight four two five five. So

(45:30):
long, I've bill looking too hardof it, waiting too long? Sometimes
the don't onaune. No, it'sa matter of time when you love one,

(45:51):
When you love one, all right, som true. I need to
know maybe I'm wrong. All right, we're back. You tell our new

(46:13):
employee, financial planner Chris McCarthy willbe in the second hour. We're going
to discuss some of the things thatI discussed. If you're going to the
seminar, you better sign up prettyquick because it's filling up. We actually
added more seats five eight six twoeight, forty two fifty five five one
eight six two eight four two fivefive. If you can't get into that

(46:37):
number, call my office, JimCorkoran, Brenda, my son Christopher.
Someone will help you. Someone inthe office. I am not there this
week. I'm going down to seeclients in Florida. And I'm also going
to spend a few days with mywife. As I said, she's had
a hip replacement. She needs alittle TLC. I'm not trying to scare

(47:01):
you, folks. I'm not tryingto scare you. But the real,
the real things that you have tobe concerned about here is to understand the
risk of managing assets, possibly fordecades. Now, here's the thing that's

(47:22):
amazing to me is that almost seventyfive percent of workers surveyed last year by
a major investment banking firm said theywish that their four to oh one K
plan had a lifetime income option.Seventy five percent workers wish and hope for

(47:47):
simplicity of a pension that does notrun out. Does to resonate with you,
guys, but you'll run to missor mister wonderful. We manage money
only for a fee. We actas a fiduciary. We don't believe in

(48:13):
annuities because the only reason why thatjerk over there is giving it to you
is because they make a big fatcommission. You know that loser over there
not great? Isn't that a hellof a message. Gotta just when you
get a message like that that grabyour hat and run. That's not being

(48:37):
a fiduciary. That's a bias.That's someone that has an agenda before you
even sit down in the chair.I just I'm flabbergasted by it. And
they bang their chest like they're right. So bottom line gets down to is

(48:57):
this, Okay, we're gonna havea lot of information and we're going to
discuss a lot of information at ourpresentation, which is going to be held.
I know it as the Desmond,it's no longer the Desmond, and
I can't think of the name ofit right now. Crown Plaza, I
believe it's Crown Plaza, but it'sright there by the airport. It's April

(49:17):
sixteenth. I love that Lou's goingto do it. I think Lou and
Aerin if he don't listen to theirshow, you should. They are extremely,
extremely knowledgeable about medicaid planning, thestate planning, et cetera, et
cetera, et cetera, and theywill be there with myself. It starts

(49:38):
I think registration is at at fivepoint thirty and the presentation will start summer
probably around six fifteen, six thirty. We'll have you probably out of there
by eight o'clock at the latest.I'll do my little dog and Pony Lou
will do his with Aaron. We'llopen it up for Q and A.
And we'll keep you there too longbecause I know that it's on a I

(50:00):
think it's on either a Tuesday ora Thursday night. And my good friend
just showed up here. Good morning. Why don't you put your headphones on
and you can talk before we haveto have a break here. Do you
know does he even know how toset up yet? Did you help him
zact or you're gonna just let himlike a fish. You're just gonna let
him lay in the boat and float. Hey, we all got to learn

(50:21):
somehow. But we're gonna talk today. Chris has been doing this a long
time, not as long as Ihow many years you've been doing this thirty
nine years, And he's gonna talkabout some of the things that he has
seen throughout his lifetime. But alsowe're going to talk a little bit about

(50:47):
some of the things that we're doingnow internally at the Retirement Planning Group in
order to afford our existing clients andnew clients ways that they can manage their
assets. Maybe a little bit differentlythat they've didn't think about. So the

(51:10):
big thing, the big obstacle,obstacle for most people, is that you
need to understand. For some ofyou, you will have to draw down
assets in order to satisfy income requirementsin your lifetime, especially if you have
not adequately saved enough just to takethe interest. The other thing is most

(51:32):
of the money that's out there,this forty trillion dollars that's in qualified assets,
these are pre tax dollars four oneks, et cetera, et cetera.
That money is going to be draweddown anyway because RMD required venom distribution.
And it's better to have your planthan the government's plan. When we
talk about the three phases, gogo, slow go, and no go,

(51:59):
do you really want to whole hellof a lot of money coming to
you slowgo and no go. We'rein the camp that you really want to
accelerate. Maybe use some of thatcorpus that principle during your go go years
in order for you to have qualityof life. But are you happy to
be here? Chris, ah,yes, very much. Bring your microphone

(52:21):
up to your face so people canhear you. How's that look at it?
I'm gonna don't break it because that'sexpensive. Because if you break it,
you won't it. You take thatmicrophone home when you got to bring
a new one back to next beauty. It's a beauty. Its look beautiful.

(52:44):
All right. When we come back, we're going to talk about retirement
income distribution and we're also going totalk about lazy money. I talked to
Chris about that the other day,says, what's lazy money. Well,
I'm gonna tell you what lazy moneyis. So we're right back after the
top of the hour, live fromthe w iHeart Studios. Welcome to the
Retirement Planning Show with your host DaveKopek from the Retirement Planning Group. Every

(53:07):
week, Dave and his team discussedthe ways they can help people make informed
decisions about a wide array of retirementplanning information that can support you and developing
a more certain financial future for youand your family. Now it's time for
Dave Gobec w G WISE Retirement PlanningSpecialist. All right, we are back.

(53:51):
Good morning at the Easter weekend.Chris McCarthy's here, new member of
the team. I had him onthe telephone the last time you were supposed
to be here like two feet ofsnow. You told me a week ago.
A week ago, it's hard tobelieve a little bit of talking to
your mic. I'm talking there,you go talking to your mic? Is

(54:13):
this mic on? Mike's on?This MIC's on Mike? Okay? You
with me or I'm trying to bewith him? Drinks more that I'm doing
the best I can tell people aboutyour background, Chris already. Well,
I started in the business back inFebruary of nineteen eighty five with Equitable Good

(54:35):
Company h I spent about four yearsthere and then have been pretty much into
joining the team, been independent eversince. I've been specializing, as you
have, in the areas of retirementand estate planning, and the majority of
my business has been focused on annuities, especially variable annuities. What do you

(55:00):
think about this messaging that's out there? You know, people hear me talk
about it all the time. Howvariable annuities get a really bad rap,
meaning that there's a lot of Ithink misinformation about the product. Now,

(55:21):
yeah, there were times that thefees were fairly high, okay, but
there was also times which we've seenrecently, were the fees have gone down.
You we've had wholesalers, and I'mastonished now as far as how cost
effective they are. Right, absolutely, as as cost effective as having a

(55:43):
portfolio manager that charges you a feeon top of the expenses of the funds,
right, correct, As as affordableas that particular type of situation.
So of all the year is thatyou've been doing annuities in your business with

(56:07):
your clients. What's the positives andwhat are the negatives from your perspective,
From your perspective, not mine?Well, one of my favorite sayings from
a gentleman that I've worked with foryears, because many people when they hear
about the setup of a variable annuity, they said, well, it's too

(56:28):
good to be true, And hesaid, it's not too good to be
true, it's too good to befree. Right. And the thing is,
in essence, you are ensuring yourfuture. You're ensuring your future income
and to be able to have thelatitude to invest your money and at the

(56:51):
same time create a guaranteed income streamdespite your performance in the markets, despite
when you need to take distributions outand where the market is at that time.
Sequence of returns correct, sequence ofreturns is what you're talking about right
now. Absolutely you know a lotof people like you said when I was

(57:15):
coming in here, I can't recallanybody that regretted buying annuity. I never
had one. I never had oneperson say to me, I wish I
never got this thing right, Butthe work was done on Let me just
say something, And I think you'rethe same way. That's why I've had
so much respect for you for decades. You do the work on the front

(57:37):
end so the client knows exactly theapple that they've picked off the tree.
Now, I said, in today'sworld, in order to do an annuity
product, the paperwork that is requiredis a foot and a half thick.
Absolutely, And I don't look atthat as an negative. I know that

(58:00):
you guys in the office, theones that are processing it, Jim,
Lisa my Son, they don't likeit because it's a lot of paperwork,
right. But the thing is isthat it's also I think the greatest thing
that ever happened in our industry becausethere are so many steps that have to

(58:22):
be taken in order for a clientto agree and for the investment banking firm
to agree that it's a suitable investmentfor them. Absolutely it is. I
can't think of any other type ofprogram that is more precautionary. Yes,

(58:45):
precautionary, yes, right, becauselike you said, you know, we
have to compliance state SEC. There'sso many different branches that need to be
kept in the loop to make surethat suitability is being met right period,

(59:06):
Right, And if anybody has anopportunity to raise a red flag, I
assure you they will, Oh sure, absolutely. Yeah. Here's the thing
that's always You said something that resonatedwith me, and I think I can
remember when I first got in thebusiness, there was no such thing as

(59:29):
an annuity with an income writer.There wasn't didn't exist, right, correct.
So I'm going to say in thenineties they came out ballpark. I'm
just shooting in the dark here.In the nineties they came out, and
I'll never forget the one presentation thatI won't mention the product. I won't
mention the name of the company,but I'm going to give you the highlights

(59:51):
of the product. The product atthe time was presented to us as the
fourth coming of the public now takingmore responsibility for their own welfare during their

(01:00:12):
retirement years. In essence, theyhad to create a pension benefit, right,
So we went from a defined benefitplan to a defined contribution plan.
The defined contribution plan was here's yourpot of money, now figure out what
you're going to do with it.See you later, alligator. It's been
thirty years of fun. You're goinginto the retirement. I'll bless you.

(01:00:36):
I got my fingers crossed that thingsare going to work out for it,
right, correct? Correct? Youtake the money and run, or you
leave it in the four to onek and you use the limited amount of
options that they had. So Iwent to the presentation. I remember who
I sat with and at the time, I was at Morgan Stanley Dean Wooter

(01:00:59):
right, and I saw the productand it was six percent guaranteed growth no
matter what the stock market did,and six percent income right six and six.
And there was a couple two orthree different companies that came out with
this product. This one was particularlyattractive to me because the cost for that

(01:01:22):
benefit at that time, I believe, don't hold me to this, but
it was like sixty bases points pointsix. So I remember the wholesaler.
You can invest whatever you want toinvest in, one hundred percent stocks,
international, whatever it may be.Now, this was the caveat though,

(01:01:42):
in order for you to receive theincome benefit, the income you had to
stay at least one year one yearbefore you could turn the income benefit on,
which is really no big deal.If you're working with people, if
somebody's walking out the door, youcan adjust the portfolio stuff. And I
said to myself, Okay, sowhat you're saying to me is this,

(01:02:06):
I can be as aggressive as Iwant to be with this investment. I
can put one hundred percent of itinto the stock market, and no matter
what happens, what happens, you'regoing to guarantee me six percent growth.
And when I want to turn thisthing on, you're going to give me
six percent income. And I'm scratchingmy head. I'm saying, how the
hell do they do this? Right? I agree totally. It's a beautiful

(01:02:31):
setup, especially in the world thatwe live in, because back in the
day, pensions were all over theplace. Not anymore, not anymore,
and like you said, many companieswere saying, we cannot take on that
liability any longer. So we're goingto match your for one case, which

(01:02:52):
is great forcing people to take moreof an initiative for the future, right,
But now for us to be ableto provide an avenue that they can
create their own guaranteed self funded pension. You're doing it on their own,
with complete flexibility, with the investmentfuture, always knowing they have that safety

(01:03:16):
net. Well, here here's thething that's amazing to me. You got
the screaming monkeys out there that talkabout see that annuity, go flush it
down the toilet. Anybody buys anannuity, you're nuts. You know the
only reason why the financial advisors recommendingit to you is because they're making a
big fat commission. You and Iboth know that's what malaukeey. That's not

(01:03:40):
the word I want to use,but I'll I know, but I'll be
polite. It's my first person day. I'm going to let you take that
microphone home. If you say thatif I break it in, fine,
I've already got a place for it. And the thing is, now we
know that that's pinocchio, that's nottrue, absolutely okay. We know that

(01:04:01):
the clients understand them and like themonce they get them. The second thing
is the statistic that I just saidto you that was done by a major
investment banking firm. It's not seventyfive. It's actually seventy three point six
seventy three point six percent of fourto one K participants that they interviewed.

(01:04:24):
And these guys have a huge fourto one K business. Seventy three point
six percent of the people that areretiring wants some form of guaranteed income that
will last them for the rest oftheir lifetime. Doesn't surprise me at all.
Not either, And you know oneof the things, you know,

(01:04:49):
we like to provide security. Welike to provide guarantees wherever we can.
Right, It's pretty powerful when Ican go in and sit with a and
say I can tell you what yourminimum guaranteed income will be in five youths.
That's right, ten years, twentyyouth I can tell you that day

(01:05:13):
guaranteed minimum right, and what Iwhat I've seen, And most advisors did
not do this. But I workedwith a guy worked with a guy that
told me never put all your moneyin one annuity contract because then you have
to turn the whole thing on.And if you want a cola across the
living adjustment, because you know,if you got a large pool of money,

(01:05:36):
I'm not saying you put all yourmoney in there, but you can
you can basically work these things outbecause of the guarantees that not only do
you get a pension benefit, butyou also get a cola. Absolutely.
Yeah, So we got a wegot a phone call. Let's go dad.

(01:05:56):
Good morning Dad, easter to youand your lady. Oh he did,
I got Dan Boucharlotte. I'm doinggood. Yeah. Did you hear
my compliment of you this morning?See? I didn't. I wasn't up
that early. What I do wrongnow? No? I just said that.
You know, you were the onethat enlightened me on insurance products when

(01:06:17):
I first started working with you manymany years ago. Yeah, you couldn't
spell insurance annuity. Uh if youwere a stock jockey riding your way into
the industry. So we got youthere, We got you there. Let
mean, let me ask you aquestion, Dan. With everything that's going
on, you know, there's alot of statistics and numbers that are coming
out now that are basically saying LarryFink came out from black Rock, but

(01:06:42):
now they're going to basically take annuitiesand put them into their wheelhouse as far
as lifetime income. What do youwhat's this? What do you think is
going on here? Because what youand I have been talking about for decades.
Uh, somebody's now smelling the secretsauce and saying, you know what,
I guess these things aren't a butas we thought they weren't. Well,

(01:07:03):
I think people have are have moreinformation at their fingertips, So when
they hear these things, they're startingto put pressure on that industry to say,
all right, what is this Whycan't that be part of my portfolio?
So I think that's what's happening.It's just that more people are talking
and they get you know, yougot fingertips, they got telephones with everything

(01:07:26):
they need, and it's just pushingthe industries. That's all. That's all,
you know. And in some industries, like with stocks you were in
for years, they didn't want tohear from annuities. They wanted going into
their portfolios that they were putting theirmoney into it not an annuities. Well
you've got to have it now.You just got to have it as an
alternative, you know, with theguarantees and interust rates and so on and

(01:07:47):
so forth. It's just a goodproduct, not the only product, but
a good product. So in theworld that you're living in now, and
I know that you're a social butterfly. When you hang out at the pool
at all these resorts, put atowel on me, keep yelling at me.

(01:08:12):
Let me ask you a question.What's the what's the messaging? What's
the theme that you're hearing from eitherexisting retirees or retirees that have been,
you know, in retirement for awhile. Is there anything that is really
stands out as far as the onething or a couple things that people are
really concerned about right now? Ithink it's it's more the guarantees. I

(01:08:38):
think it's Look, I've got sosecurity, I've got a pension. These
are my investments. I really don'twant my investments to go the wrong way.
So how can I be conservative butnot lose everything that's going on in
the market. So, you know, my advice to those folks that come
with me with those worries is justfind someone that you can work with,
that you trust to get you throughthese into you know, put your portfolio

(01:09:02):
in the places you wanted to be. You can't guess and get a dark
colour out, get some help,you know, that's just go go with
somebody that's in the industry that hasyou're good at mine, not theirs.
So are you back here in thebeautiful area of Niskiouna. Are you sitting
on a beach somewhere? No,I just, I just I just stepped

(01:09:23):
foot in Miss Guy yesterday and Ihad to get a garden darn coat on.
I wish I could, you know, I'll tell you, Julie,
jul I'm gonna go down and seeclients uh in Florida on Monday, and
we're gonna we're gonna spend We're gonnaspend a few days her and I know
she had that hip replacement, sowe're gonna do a little R and R.
Yep. But you know, Floridawas not warm this winter, Dan,

(01:09:46):
well, the majority of it wasn't, but there was some very well.
I spent a lot of days inthe pool, so I still have
a tean. I'm still working onmy Dan there. Okay, you actually
did that to your neighbors walked aroundin a baby bab Oh. Yeah,
they just screamed, don't show methe white that's all. Yeah. We'll
be in touch, thanks, brother, I love you. Yeah, doing

(01:10:10):
a favor. Let's get together andhave dinner you and Julia. Guaranteed I'll
touch base with you. Later today. Thanks all right, pel god Bliss.
That's Dan Bouchard, a guy thatI have phenomenal respect for, phenomenal
respect. He was the guiding lightthat showed me how insurance can fit into

(01:10:30):
can be part of a retirement plan, and why it was important for you
to have protection, legacy, guaranteedlegacy, guaranteed income made a huge difference
in my life, huge difference,and I think for our clients, for
our clients, I think his impacton me as you will as you will
have a huge impact also, Chris, forty years in the business, with

(01:10:53):
your experience and expertise, will resonatewith the retirement planning group perspective and existing
clients. Because you're going to dothe show now full time. I'm not
saying you better stock up on microphone. All right, we're going to take
a break. We'll be right back. The greatest risk in retirement most of

(01:11:14):
us have no plan for we're insuranceto cover the expense. A long term
care event can impoverish a spouse,drain your life savings, and cost stress
and anxiety on your family. Whatis your plan and how will you pay
for a long term care event calla retirement Planning Group today discuss options you
should consider to protect your estate andhave choices and independence. Take action Call

(01:11:35):
today five eight five eight zero onenine nine or rpg retire on the web.
Will you run out of money inretirement where your investments provide income for
possibly decades? How do you navigatethe two greatest risk in retirement sequence of
returns and longevity at the Retirement PlanningGroup. Our Bucket of Money approach addresses
these concerns and we offer a complementaryconsultation to discuss this with you. Call

(01:11:59):
our office today for a free complimentaryconsultation to develop your own personal retirement income
distribution plan at five one eight fighteed zero one nine one nine. That's
five one eight fight EAD zero onenine one nine. Worried about protecting and
preserving all you have built? Healthis here? Learn how to secure your
future with legal and financial planning withWGY's retirement specialist Dave Kopek and legal houst

(01:12:21):
Lou Pierre and Aaron Connor for afree dinner seminar in April sixteenth at the
Crown Plaza, Albany at five thirtypm. Space is limited. Sign up
at wgy dot com or call fiveone eight six two eight four two five
five. That's wgy dot com.Or call five one eight six two eight
four two five five. All Right, I didn't realize, Chris, you

(01:13:00):
were a dancer. Watch it.Come on, I'm getting my christ Come
on. We can't give the publictoo much at one. I don't want
to scare anybody. I know thatone thing for sure. We've had a
lot more laughter in the office sinceyou've joined us. Well, I'll tell

(01:13:23):
you we love to have fun andfun people good people, we do.
I always say this. The peopleat the Retirement Planning Group have one thing
good hearts. Oh yeah, goodhearts. They care. They care.
We're not perfect. We don't tryto be perfect because it's impossible. Yeah

(01:13:44):
we Oh God love us. I'mjust happy to be here. Really.
Yes, they are the hardworking,very well organized. Really yeah, you
know, I'm so delighted to bepart of the team. All Right,
you just said something to me atbreak. Why don't you kind of talk

(01:14:04):
a little bit about the toolbox.I think one of the most basic fundamentals
that we talk about since day oneis being diversified, being diversified in your
portfolio, etc. I think it'sequally important to be diversified with different income

(01:14:25):
producing avenue. No doubt. Ilove what you brought up about how one
variable annuity could have a cola writer, another variable annuity could have more of
a main focus of an income writer. You still have your fee based portfolios.
I mean, when you look atall the wonderful wheels that are turning
at the same time, it's apretty powerful setup. Well, I'll say

(01:14:49):
this to the listening audience, andI think you already know this. In
two thy and twenty two, wehad no phone calls from the people that
had the annuities zero because they knewthat they could just sit tight and nothing
was going to happen. The moneywas and even if it went to zero,
the money was going to continue tocomme in for the rest of their

(01:15:11):
lives. Zero. You know.So I mean that what does that do?
They gives you peace of mind exactly. That's the seventy three percent of
the people that say that they wanta certain form of guarantees and their retirement
income, but they won't do itbecause they'll go to mister or missus.
Wonderful, they have all the answersas far as acid allocation and when the

(01:15:32):
market corrects and they see their portfoliodown thirty or forty percent, they accelerate
their gray hair. Right, Icouldn't agree. Moved. Yeah. To
me, it's a no brainer,it really is. I personally myself will
have annuities in my retirement because Iwant to make sure that when I'm through

(01:15:53):
the pearl I'm going through the pearlygates. I'm not going down north or
south. I'm going north, goingup, going down. I always voted
for you there, did you?I did? You always had a pearly
gates vote from me. Now,pearly gates here I come. But when
I go through the pearly gates,and I know they will be pearly because
I give nice contributions at church.I know, look at Zach. I

(01:16:18):
know for a fact that my wife, I want her to be secure with
baseline income, that she'll have morethan enough money no matter how long,
because you know, realistically, shecould live another twenty years longer than me,
right because of our age difference.So you know, normally if you're

(01:16:39):
the same age, she's you know, about almost ten years younger than me.
And I'm healthy. But you know, no one's got a Crystal ball.
You know, the average husband wifesame age, it's about what six
six to eight years. The wifewill live longer than the mail ballpark.
So if I take ten, Iadd eight, there's eighteen. I just

(01:17:01):
I want to make sure that thereis adequate amounts of money for wealth replacement
when I go through, because she'lllose one of the social securities. She'll
have mine, which will be thehigher the two. Plus there'll be some
guaranteed income streams in order for herto facilitate what she needs for quality of

(01:17:21):
life. When I hear that,it resonates so much for me because I'm
always like flabbergasted that there's not morepeople that don't insist on that insist like
where are my guarantees here? Becausethey're saying it in the survey that's what

(01:17:42):
they want. I totally agree.Another thing that I think is also very
very important. It's only been untilrecently the last year two years, that
we have finally seen interest rates goout. So we really never had that
avenue you to really look at overthe past couple of years because it just

(01:18:04):
simply wasn't available. But unfortunately inflationhit the Feds had to respond. Interest
rates are always aheadge as we knowfor inflation. And what's the FED saying
right now? A guy called.A guy called the other day and he
said, should we be locking inguaranteed rates right now? And I said,
what's the FED saying? Set areservist saying they're going to cut rates

(01:18:27):
soon? What does that mean?Interest rates are going to go down?
What does that mean for you asa consumer? Do you want guarantees?
You better get going absolutely, Andwe've seen it with the NYGAS, the
multi year guaranteed annuities, which arejust like a CD guaranteed rate for a
certain period of time, money growson a tax deferred basis. We did
millions of dollars, millions of dollarsof that, millions of dollars in that

(01:18:51):
the last quarter of two thousand andtwenty three, the beginning of twenty and
twenty four, because the rates wereso attractive and they were guaranteed, they
were locking in those guaranteed rates forthree, five, seven years, depending
on how long they wanted to tiethe money up for exactly, and creating
a tax deferred program. You know, why are you paying taxes on interest

(01:19:15):
you're not using right? Let itsit, Let it grow. Let a
compound, Let it compound in yourfavor, because defens are going there's right,
no doubt, no doubt. Allright, we're gonna take a break
here at the bottom of the hour. We've got Chris McCarthy here, financial
planner with a retirement planning group.We're talking about income ideas. We're going
to also talk about some safe moneyideas when we come back. If you

(01:19:39):
have any questions, give us acall. I'm Dave Kopek. This is
a retirement planning show. Right standingin the ring wear this head hung.

(01:20:00):
Couldn't get a ticket. It wasa sold show. Heard the roll of
the crowd. You conmt the otherthing? What is that to the wall?
Like a death three? You hadone get down in a way.
All right, we are back retirementplanning show. If you want to go

(01:20:28):
to the workshop six two eight fortytwo to fifty five, put a five
eight in front of it. Sixtwo eight forty two fifty five. Remember
the five win eight, preserve andprotect. April sixteenth. Myself luperil Aaron
Conners. I think it will bea great presentation. Those guys are extremely
informative and huh, you know,hey, we're gonna be great too.

(01:20:55):
You know when we when we dothe shows, I always have a highlight
an outline of the things that Iwant to discuss. And when we had
breaks and I have talented people likeChris here, you always peak my interest
with some other alternative ideas and suggestions. But you know, you just said

(01:21:18):
something about the income writers. Youknow, the income writers were extremely attractive
when we had such low interest ratesbecause some of them were anywhere from the
ballpark, anywhere from four and ahalf to like six and a half percent
guaranteed income age bands. I meanthere's you know, I'm not going to

(01:21:39):
get into particular products, but youknow, when interest rates were at zero,
and what I have found because wehave so many clients outside of New
York State, now we have anunbelievable opportunity, much more so than what
we have in New York State withthose types of products, because New York
is so difficult to get products approvedit correct, correct, correct? So

(01:22:03):
you just said something, is that? Just repeat it? Well, you
just said about the income income benefitsI have found over the years. You
know, nobody likes to lose money, nobody, okay, and many people
are skittish when it comes to themarket because of it fluctuation, volatility,

(01:22:25):
volatility, the volatility and one ofthe most beneficial things that I've found I
don't like losing money, do you. Oh no, I don't think anybody
does. No. But I alsobut I also have to be realistic,
is that every day the market willfluctuate, and you need to understand that.
I mean, the thing is isthat you know, I had a
guy, Well, I won't getinto that, but go ahead. Oh.

(01:22:46):
The only thing I was going toadd to that is when you have
that guaranteed income strange, that isalways there. It's always the safety net.
I have found many clients were lessapprehensive to get into the market.
Absolutely they knew what they had,They had something to fall back on,

(01:23:08):
and they understood, okay, interestrate environment is not good. Back in
the day, the only place thatreally seemed to be making money was the
market, whether be bond market,but mostly the stock market. But it
gave people much more peace of mindand they were able to relax a little

(01:23:29):
more being in the market. Andthose that did that really were rewarded for
it. And I think you know, everybody has an appetite for risk.
Some a little, some a lot. Your financial well being has something to
do with that too. But I'vegot a very good friend of mine,

(01:23:53):
very good friend of mine. It'sone of the top producing financial advisors in
the country. And his motto isthis, we keep your money. We're
not trying to grow your money.So his whole philosophy is safety and guarantees

(01:24:14):
and a conservative approach, right,not you know, like shooting for the
moon. You know, what dowe do this year? We're up twenty
percent, thirty percent, down,ten, down, fifteen, whatever it
is. I mean, nobody likesto see their portfolio go down to the
magnitude. The problem with twenty andtwenty two is you're quite well aware there

(01:24:38):
was no place to hide, right, rising interest rates, declining values of
bonds, a stock market that wasextremely volatile. Right, you still needed
the dividends and the cash flow offthe portfolios. And we were idiots in
twenty and twenty two. We didn'tknow what we were doing because we stayed
fully invested. Right, We don'ttry to time the market because it's impossible.

(01:25:03):
And then in twenty and twenty threethat didn't start off good. Twenty
and twenty three started very difficult.If you remember, it was the last
three months of twenty and twenty three, most of the gains were made,
especially in technology with the Magnificent seven. Now it's the Magnificent eight. But

(01:25:23):
bottom I gets down to is thatI'm in your camp. I'm in your
camp income distribution planning. Just likeWilliam Sharp says and what Fink is saying
now from Blackrock, you have tohave a certain amount of money that's going
to be what we call baseline incomeguaranteed income stream. Now take the rest
of it and allocate it any wayyou want, right, get your growth,

(01:25:44):
because you do need growth, andyou do need purchasing power. But
you can do that growth in purchasingpower with guarantees, not at the full
risk of the market. And Icouldn't agree more. Pick your poison.
That's right, right, And aswe know, when you start out an
income stream valuable annuity, you startout with the base when you start out

(01:26:06):
your program, right, but youalso have opportunities to lock up your living
benefit in the future based on marketperformance step up, which will also increase
your guaranteed minimum income for the restof your life. The percented payout may
stay the same, but if you'relocking up higher and higher living benefits.

(01:26:30):
That's why you never put all yourmoney in one contract exactly. That's the
biggest mistake that people make that areout there working with annuity products is that
they don't think it through. Becauseannuity contracts are based off of a couple
of things, the income benefit andalso the age. So they're going to

(01:26:53):
pay me more money at age seventy, then they're going to pay me at
sixty five, they'll pay me.So if I have all of my money
being act debated at sixty five ratherthan having more control, so I can
build myself a cost of living adjustmentright, and then all, oh oh,
oh oh, By the way,guess what now, I'm in RMD
territory Required minimum distribution right, whichaccelerates distributions. Some contracts are MD friendly,

(01:27:21):
some are not. Right. Knowingthe apple that you're picking off the
tree is important, and this iswhy I say open architecture. That is
one of the biggest advantages of workingwith our organization. I believe when I
have an extra grind, it's likelong term care, which I want to
get into. I want to getinto long term care because you and I
saw a product this week that Iabsolutely love love. I mean, Jennifer

(01:27:47):
from Advisor's insurance broker has been inthe business for decades. You know,
Jennifer, I do. She toldme that she wished this was available when
she purchased her long term care.It's the best thing that she's ever seen.
And I want to get into ita little bit because for people that
are not discussing this, for individuals, I want to talk about the whole

(01:28:13):
lazy money for money that's been setaside and how this product for prospective clients
or an existing client of ours isgoing to solve. One of the biggest
issues that they're concerned about is thatif there is a long term care event,
right, So let's take a breakand when we come back, we're
going to talk about long term careplanning and how you can address it.

(01:28:34):
Why. And I don't care ifit's Lupiro, if it's Frank Lang or
her Zag law firm, they allsay the same thing. If you can
afford a long term care policy,go get it. But the chances are
you being able to ensure the entirerisk It's almost impossible today. I mean
Capitol District, it's twenty thousand dollarsa month ballpark, that's what it is

(01:28:55):
for a long term care facility anywherefrom like seventeen to twenty thousand dollars a
month. So if you have anyquestions or comments, if you want to
participate, it's one eight hundred talkWGY. That's one eight hundred eight two
five fifty nine forty nine. Wellwe come back. We're going to be
talking about the thing that nobody wantsto talk about is when I get sick
and ill and who's going to takecare of me? I think I've got
an option that you would be interestedin or at least consider. And uh

(01:29:19):
again, we welcome phone calls anddon't forget about our workshop, our seminar
April sixteenth, five point eight sixtwo eight four two five five. I'll
be right back. Will you runout of money in retirement? Will your
investments provide income for possibly decades?How do you navigate the two greatest risk
in retirement, sequence of returns inlongevity at the Retirement Planning Group? Our

(01:29:43):
Bucket of Money approach addresses these concerns, and we offer a complimentary consultation to
discuss this with you. Call ouroffice today for a free complimentary consultation to
develop your own personal retirement income distributionplan at five point eight five eight zero
one nine one nine. That's fiveeight five eight zero one nine one nine.
The greatest risk in retirement. Mostof us have no plan for or

(01:30:04):
insurance to cover the expense. Along term care event can impoverish a spouse,
drain your life savings and cost stressand anxiety on your family. What
is your plan and how will youpay for a long term caravent? Call
the Retirement Planning Group today discuss optionsyou should consider to protect your estate and
have choices and independence. Take actionwell today five one eight five eight zero

(01:30:27):
one nine one nine or RPG retireon the web. Worried about protecting and
preserving all you have built? Healthis here. Learn how to secure your
future with legal and financial planning withWGY's retirement specialist Dave Kopek and Legal House
Lou Pierre and Aaron Connor for afree dinner seminar in April sixteenth at the
Crown Plaza Albani at five thirty pm. Space is limited. Sign up at

(01:30:49):
wgy dot com or call five oneeight six two eight four two five five.
That's wgy dot com or call fiveone eight six two eight four to
two five five. Yeah, allright, we are back a little bit

(01:31:16):
of Beatles. That's the Beatles,right, rolling Stones. I'm just I
was gonna say with my hearing,it could be anybody, could be anybody
Elvis all right. I want totalk about a situation that I think will

(01:31:39):
resonate for a lot of people clientsin Florida. This product is not available
yet in New York State, butthey have applied for approval, so it's
approved in all forty nine states.Of course, with the exception of New
York and this product it's pretty dynamic, to say the least. And I

(01:32:06):
met with clients and he was aneducator, has about three hundred and fifty
thousand dollars in a Tia Craft avenuity. And met with him face to face
and Florida my last trip, andI said, you know, where is
this money designated for? Because Ididn't have clarity at it and I was

(01:32:29):
wondering why they hadn't rolled it intothe retirement planning group. So to make
a long story short, he said, that's our long term care money.
And I said, okay, Isaid, you realize is that that money,
because it's pre tax, that moneyis going to be forced liquidation right

(01:32:54):
when you probably need it the most. You're going to have to take required
minimum distributions off of that. Sochances are who knows what the pot of
money is going to be when youactually need it and how much tax liability.
So I said, how about ifI look at a way that you
can transition that money still set forthe specific goals that you have it for,

(01:33:19):
and if you never need it,the assets will pass on to your
kids. He goes, well,that's our plan now, I said,
great, let me show you abetter idea. So I went to Advisors
insurance brokers. I talked to JenniferBob Vandy, and I said, this

(01:33:39):
is my situation. I know thatthere's a product as I've heard you talk
about it, and it's called careMatters from Nationwide. What Care Matters is
is that it's a life insurance longterm care and what it does is that
it gives you one cash benefit.You can use it any way you want.

(01:34:01):
You just have to satisfy the ADLs. The activities and two out of
the five transferring bathing, dressing,cognitive, you know what they are,
and I said, they don't requiremonthly bills receipts, and even if you
exhaust the entire policy, that's stillgoing to give you ten percent of what

(01:34:24):
the original value was. As faras the death benefit, well, that
sounds great. So I brought itback. They got three hundred and fifty
thousand. Now, keep in mind, is an annuity, right. So
I went back and Jennifer ran illustrationsfor me. I said, this is
lazy money. Why do you callit lais of money? Because they're just
leaving it there, they're not usingit. It's set up for a purpose,

(01:34:46):
but the purpose is long term care. She goes, well, we'll
take We'll take that three hundred andfifty thousand dollars. We won't take it
all out at the same time,we'll give it to an insurance company.
An insurance company will gearuarantee the premiumsfor the next ten years because we'll reduce
the tax liability right by having itpaid out over ten years. And the

(01:35:08):
quote came back that the insurance companywould pay forty two thousand dollars a year
for the next ten years. Sothree point fifty is going to generate four
hundred and twenty thousand dollars of incomeover the next ten years. That sounds
great. Forty two thousand dollars,I said, what does it get me
in benefit? This is what's staggered. They had three hundred and fifty.

(01:35:29):
It's going to give me a milliondollars and a long term care benefit,
cash benefit that both of them canuse it at the same time if they
wanted to. And if he diesprematurely right or if he passes away and
they never use it, they stillhave three hundred and fifty thousand dollars in
death benefit. So I went fromthree hundred and fifty thousand dollars in an

(01:35:51):
annuity to a million dollars in longterm care which I can use, and
a monthly cash benefit. You canpay for your care as you see it.
Any money left over can be spenton other expenses or save for future
use. And there's no monthly bills, no receipts. I said, this

(01:36:14):
thing is too good to be true. They said, no, this is
exactly what it is. We wentover it in the office the other day.
Were you were you in that meeting? I think you were, weren't
you? I was done briefly briefly, Yes, what's your perception of that?
I mean what I just explained toyou. I'm like always flabbergasted when
people say, don't buy insurance becausethe only reason why they're going to sell

(01:36:36):
you insurance is because they want thatbig fat commission. Don't listen to life
insurance when you get older late inlife. These people are idiots. I
mean, seriously, they should reallybe checked into a mental institution to see
if they got some brain matter there, because when I look at what this
can simply by doing this. Thesewere not young people too. There were

(01:37:00):
sixty nine and sixty eight, andit's still got them over a million dollars
a long term care benefit and athree hundred and fifty thousand dollars totally.
If they died in the second year, they'd get three fifty plus the remaining
eight payments of forty two thousand dollars. Even if there's a premature death,
it's still a windfall. And ifthey ever used that pool of money,

(01:37:21):
and I think the longer they therewas an inflation rid around it. When
they got into their eighties and stuff, it was like almost one point five
million. Did you see that?Yes, tell me what's wrong with this?
Please? Because people will say toyou, oh, you don't buy
insurance, you don't buy long termcarry, and oh blah blah blah,
you put it in a trust blahblah blah. Well, the thing is,

(01:37:43):
you and I have both seen overour careers how devastating long term care
medical expenses are huge. And Iknow people out there either going through it
or they know someone going through it. And it's awful because people work so
on one to ten. It's atwenty and awful. Yeah, it's a

(01:38:05):
twenty, it is. I'm dealingwith clients right now that are dealing with
it. And I got one daughterthat's a client of ours that her parents
are also. She's about ready togo, Harry Carey, jump off the
cliff. It's such a demand onher because you know what their plan was,
she'll take care of us. Thatwas a great plan, wasn't it.
Oh Now she's about ready to youknow, get in a boat and

(01:38:26):
head to China. And the thingis, you know, in many cases,
people don't want to believe it's goingto happen to them, you know,
one hundred percent true, right,But I think the area of long
term care is happening, and it'sso prevalent all around us. I think
it's really getting a lot of people'sattention. Now, you made a comment

(01:38:49):
about insurance. People insurance, andpeople will bad mouthed insurance. And there's
certain avenues. We would agree incertain avenues people are selling thing they shouldn't
be selling it, as no doubt. But there's also financial advisors that are
doing stuff that's not factual and trueeither. That's right, they're selling them

(01:39:10):
a pinocchio exactly, so they're tryingto candy coat something that it really isn't.
But we can both agree that inthis avenue, this type of setup
is a no brainer, no brainer, because they already self admitted this money
is dedicated to our long term care. So why what a beautiful way to

(01:39:33):
take three hundred and fifty thousand andcreate a million dollars a benefit base that
only goes up cash benefit? Right? I don't know how to hell they
do it, to be honest withyou, And I mean, it's all
actuary assumptions and statistics and all thatnonsense. Right, some people are going
to use it, some people won'tuse it, blah blah blah blah blah.

(01:39:53):
But I'm saying to myself, Man, I told my wife we got
to look into this hern Ii yep. I mean this is something that you
and I need to look into becauseif we can get it, we're gonna
go get it, my wife andI. Because you know what, I
underinsured myself with life insurance when mykids were growing up. I say this
all the time. I tell thisto the young guys. They say this

(01:40:13):
to Niko and my son everybody else. Buy as much as you can get
when you're young. You can alwaysgo down, but you can never go
what right up? Up? That'sright, that's right. Well. The
one thing again, getting back tothese sort of hybrid policies, which is
a combination long term care and lifeinsurance, I think a lot of it.
This also removed another stigma is thatbecause long term care standalone policies have

(01:40:39):
become so incredibly expensive, I untilI joined your team, I have been
out of the long term care loopsure for quite some time. I could
not believe. Now more than ever, advisors are saying, we can't look
at long term care, we haveto look at a trust because it's there

(01:41:01):
is some truth to that. Yeah, for people that do not have adequate
amounts of savings that can facilitate.But something is better. It doesn't have
to be three to fifty. Itcan be fifty, be twenty five.
Something is better than nothing. Andthe other thing is anybody that's been listening
to the show, going to mypresentation seeing me face to face. I

(01:41:26):
am still a major advocate of thedouble band aid a trust with long term
care because you and I never knowhow. My mother in law was in
a trake bed. It was overone thousand dollars. You know my mother
in law, Yeah, you knewwhere. I grew up with it.
I know you did over one thousanddollars a day for that trake bed.
Yep. Oh, I totally agreewith you, David. I mean to

(01:41:51):
have something is better than nothing,absolutely, and people take too much risk,
not paying attention to the likelihood,and when it does happen, it's
devastating. It's absolutely devastating. ButI just think it's again respite the ability
to get caregiving in there. Thispolicy pays cash, not a reimbursement plan.

(01:42:16):
Right, you control the asset.You can both go out at the
same time and still collect on thepolicy. And I believe the caregiver does
not have to be licensed. Bull'seye, And that's a you know,
when you can have a family membercome in. That's what most of it
is. That's right. What's thebiggest you Look, all you got to
do is look at statistics. Youknow, that's probably the only course in

(01:42:38):
college I got an A in.My daughter still can't believe it, Dad,
you didn't get an A in statistics. I love statistics because it gives
you your answers. Give me thenumbers and the facts, and I'll tell
you what we should do. Okay, I'll tell you what we should do.

(01:43:00):
When seventy three percent of the populationsays they want guarantees, and like
five or ten percent go, whatthe hell is wrong? What don't they
understand? Right the head, youand I both know they're headed for what
trade wreck? That's right, that'sright. And another thing I think is
because everybody will counter it, noteverybody, I take that back. A

(01:43:21):
lot of people will say, well, how do I know if I'm ever
going to need it? Why doI want to pay? This policy is
going to pay one way or theother. So I couldn't agree with you
more to what's the biggest complaint?If I never use it, I lose
it. Right, No, that'snot true. Not here, not here.

(01:43:42):
If you know it's too expensive,no not here. I don't have
liquidity, no not here. IfI need income, you know I can't
turn it on. No not here. Right. If I not want cash,
I want cash. I don't wantto be able to get you know,
a reimbursement. No, not here. All the boxes you just said

(01:44:03):
no to, we're yes, wecan take care of that. That is
the difference between working for x yZ or working open architecture with us.
With us, that's the difference,I agree, huge, totally huge.
And also we believe in it.We believe in it well, we see

(01:44:23):
it work. We see it work. We've been in the toolbox, we've
used the tools, and we've seenthe end result. Right, how do
you like that? One? Kindof like that? That was impressive so
early on a Saturday. All right, First and foremost, I want to
tell you to the listening on it. We are so proud that you're part
of our team. Not only areyou a great friend, but you're also

(01:44:45):
a great professional. And we reallylook for a lot of years. I
keep you around for at least anothersix or seven or eight years at least,
You're too kind and thank you.I'm delighted to be a part of
the team I know, and we'redelighted to have you. Chris. No,
we're gonna add another person, hopefullysoon, because we are looking for
another professional to join the team.We're growing. Leave some bounds first and

(01:45:08):
foremost, I want to thank everybody. I want to say to Chris,
everybody here, Zach, have agreat holiday. I know that you're in
there talking to Gallagher. He's puttingyou in a headlock, slamming your head
against the wall. What are youguys doing in there having a fistfight.
But to everybody listen, have agreat Easter, enjoy your family and friends.
Next week I will not be here. Nica will be here with a

(01:45:30):
special guest. I will be inFlorida with my beautiful bride. But be
safe, enjoy the holiday. Don'tdrink and drive because it's not worth it.
Get a designated driver and go tochurch tomorrow. Go praise and we'll
see you next week for another show. Thank you for listening to The Retirement

(01:45:51):
Planning Show hosted by Dave Kopec,w G Wise retirement planning specialist if you
wouldn't like to talk with Dane orsomeone at the Red Tirement Planning Group called
five one eight five eight zero nineone nine. That's five one eight five
eight zero one nine one nine duringbusiness hours, or visit RPG retire dot

(01:46:11):
com. The Retirement Planning Group hasfive convenient offices located in Albany, Waltsa,
glens Walls, Syracuse, and Oneana. Tune in again next week for
retirement planning strategies with Dave Kopek righthere on WGY's Retirement Planning Show. The
information our services discussed on this showis for informational purposes only and is not

(01:46:32):
intended to be personal financial advice.The investments and services offered by US may
not be suitable for all investors.If you have any doubts as to the
merits of an investment, you shouldseek advice from an independent financial advisor,