Retirement Planning Show

April 13th, 2024

Episode Transcript

(00:17):
Don'ty. Good morning, another Saturday. This is the Retirement Planning Show.

(00:41):
I'm Dave Kopek. Did be here, wasn't around last week down to Florida
seeing some clients and taking some personaltime with my bride Julie. But it's
always good to come home, beback in the saddle. I'm here with
Nicholas du Miss this morning. We'regonna be talking about some of the events
that happened this past week. Butthis is talk radio. We always welcome

(01:03):
your phone calls if you're not familiarwith our show. This is the Retirement
Planning Show. We talk about preand post retirement planning, talk about the
different options, solutions, and hopefullyeducate you on decisions that you're going to
have to make. Sometimes you cannever go back and change them. Pension

(01:25):
selection, social security boy, saythat quick, social social I always you
had ton time with that. Sayit like a thousand times over and over
again. It's too early today.I'm just walking into the study. You're
you're all prettyed up, Tod gotthe you got the clone on and you're
going You're going for you can smellthe clone. Oh yeah, it smells

(01:48):
good man. My nose is messedup, so just give myself a square
work. Yeah, no, itsmells good. I don't know what you
got on, but it smells good. But out here and give me a
hook. You got it a pointafter this, I know you're going to
go see a client. I'm goingto be at the opposite today too,
because I got a bunch of stuffI have to do being out uh busy

(02:10):
week. But this is the RetirementPlanning Show. We're here and it's open
lines one eight hundred. Talk tome GYW five fifty ninety nine if you
have a question. I got alittle bit of housekeeping to do here.
So if you have called in toattend Protect and Preserve seminar which is going

(02:32):
to be held this April sixteenth atthe Desmond which is now called the Crown
Plaza by the airport, we havea couple of seats left, very few,
very few, and if you wouldlike to attend, you need to
get on the phone like immediately,And what I would say is call Jim

(02:55):
in my office at five five eightzero one nine. He's kind of coordinating
this with Lupiro's office and two otherindividuals. But we have well over one
hundred people that will be attending andit's a great night out. We're gonna
have a nice dinner. We're goingto talk about some of the things that

(03:19):
you need to think about as yougo into your pre and post retirement years.
Lou will be talking about what Icall the foundation of your retirement,
basically building out an estate plan.And then we're going to talk a little
bit about what you should be doingbefore you go into retirement and then in

(03:39):
retirement as far as building out yourincome, your legacy, protecting assets.
So again, it's gonna be Aprilsixteenth, five point thirty is registration.
It's gonna start around six fifteen,serve dinner from around five until six fifteen,

(04:00):
and then hope to get you outof there within about an hour and
a half because I know sitting therelistening to someone speaking, got about an
hour and a half and that's it. Everybody's ready to blow out a dodge.
What do you got there? Brother, especially with you talking? You
missed the outing went outing yesterday afternoon. Oh the golf over there at the

(04:24):
Bunk Eye. He actually had fun. It was a nice he's a great
guy. Did you you went overthere? And I went over Julie and
I went over, Chris McCarthy wentover. Of course, Corkan Corkman was
the first one there waiting, waitingfor everybody, and then Chris went over.
But it was nice. We hadfun. He's a great guy.
It's one of the I won't mentionhis name or his company, but he's

(04:46):
one of the relationship managers that wehave with an investment banking firm. But
it's nice. It was nice togo out and laugh. And you know,
I'm not good at that game.I just don't like that game.
You like that game hitting the golfball inside not in I don't either.
I don't like it. I thinkthe screens give me a little too much
confidence. Yeah, and then whenI get on the actual course, the
ball goes nowhere here where I'm hittingon the screens. Yeah. So yeah,

(05:10):
I'm not a big fan. Buthe's good. The guy that invited
us, he's from Boston. He'sfrom Yeah, I know. We don't
hold that against him though. He'sa huge Boston fan. Every busting matter
of fact, his girlfriend was cominginto town. They're going to spend the
weekend in sarah Tooga, so he'sprobably listening to the show. Thank you
Zach. It was fun. Weenjoyed ourselves. And uh, you've had

(05:32):
a busy couple of weeks. Yeah, we've been. We've been pretty busy.
You know, tax deadlines coming uphere, so a lot of last
minute appointments, a lot of lastminute contributions. Chris has been busy with
the check reader making sure we getall those twenty twenty three contributions in.
But yeah, a lot of greatappointments, current clients and new clients,
a lot of radio listeners calling inand booking their time slots. So we're

(05:58):
doing well, and a lot ofgreat people. No, no headaches.
I haven't been punched in the faceover the last couple of weeks, so
it's been good. Mark, nobody'scome in with the bag and start slapping
around a little bit. Huh,Nope, not yet. Ruth. You
don't remember. You probably don't rememberRuth Buzzy. But she it was I
can't think of the name of theshow. Maybe somebody can call in and

(06:19):
tell us, but she's like thislittle lady with a purse. My wife
will probably text me and tell mewhat the name of it was. But
she's like beat the hell out ofpeople with her bricks in it, but
I can't remember she had this outfit, and I'm pretty sure God bless her
soul. I think she died youngtoo from cancer. Talking about the cancer,

(06:40):
Thank you, folks for your prayers. I had a client that came
in yesterday that says that she's beenpraying for Kelly. Kelly had a major,
major, major cancer operation yesterday onher face and she needs your prayers.
So please keep Kelly in your prayers. You know, you don't you
know, we we complain a lot. We'll go take a walk through the

(07:01):
hospital of the cancer ward at AlbanyBed and you won't be complaining. You
know. The thing is is yougot your health, You got everything.
So please continue to pray for Kellybecause she needs your prayers. Of course,
everybody knows that she was the maidof honor in our wedding. I
know. I talked to Ruth aboutit yesterday and she's been saying some prayers.
Ruth is doing a transition. She'sgoing to go from where she's currently

(07:26):
living into assistant living and we hada chat with her and her son in
law, and I think it's goingto be a great move for I think
it's going to be a good moveand it's going to put her in a
position where she's going to have alittle bit more care and people that are
there if she needs additional care.So anytime you go through that, of
course it's a little bit stressful,but we got her back. I know

(07:46):
her family supports her one hundred percent, so she'll be in a good spot.
The only thing, Nico, Iwant to talk a little bit about
today is health care. Health care, as far as the cost, because
everybody I talked to, everybody Italked to when I'm down in Florida,
when I'm here Capital District Region,you know, everybody's concerned about healthcare costs

(08:09):
and what's going to happen here.You know, numbers came out this past
week that were not rosy in regardsto consumer prices rose three and a half
percent, which the market did notlike. And of course, the other
major news of the week was ourfriend O. J. Simpson passed away
at age seventy six. So whetherno matter what your position was in regards

(08:31):
to his trial, he was oneheck of a football player in his heyday.
Yeah, in the markets. Soto get back to the markets,
we the dow end of the week, I think down two two and a
half, SMP was down about oneone and a half, and tech was
down there. With the SMP,bonds took a little bit of a hit
too, because the ten year treasuryrose, so bonds were down about one

(08:54):
percent, I believe last week.So as that ten year treasury rises,
right, we're at about four pointfive six right now, that's going to
have a negative correlation to bond prices. So bond prices dropped a little bit,
but the yields are still there.I was looking this morning, you
know, well, we picked upsome treasuries this week, well over five
percent for over a year. Wedid the one years at five to one.

(09:18):
You get five point one on theone year, the six months at
five point three percent. Yeah,you can do some sort of weighted ladder
or some sort of bond ladder,some T bill ladder. The two year
and three year rates I think foursix, four seven, and then the
five years at four five. Ithink the NYGAS picked up a little bit.
M I GA's we can get fivefor five again, So five for

(09:39):
five and I'll tell you what that'sthat's a good deal. Yeah, five
percent guaranteed for five years is agood deal. Five point one In the
application process is pretty smooth now withthe company that we're using, So everything's
online. I think it's just esignature gim fills in the application. Really
you can get it done within theday. Really, yeah, it's quick.
Wow. So so yes, it'sjust recent that we just started using

(10:03):
this company, well a few monthsago. Wow. That's what's nice about
the open architecture. We can browsethe markets. Who's got the best rate?
So I think the one we've beenpreviously using, and they're still around
four to six for seven on thefive so we can get five point one
percent five years for those that areadverse to risk. So the election's coming
up. You know, the VIXis still kind of low. I was

(10:24):
looking this morning. It's below twentystill, so that generally, uh,
that shows a stable market. Youknow, the volatility index the VIX,
so what's that. That's based onoptions premiums. So they take all the
options premiums for short term options tradingand they average goes out and see what

(10:45):
the the premiums actually are. Thelarger the premium, the more the VIX
because then you're gonna expect volatility.So we still have a pretty low vix.
It's up on the year. Butagain, I mean, there's all
these kind of conflicting market indicators outthere right now. So if someone that
wants to take some well, WallStreet's having a hissy fit because the FED

(11:05):
is not going to probably cut assoon as they want. I know.
I talked to Droiela the other day. He's down in Florida right now with
his daughter and his wife and they'redoing a family trip for a few days.
But I had a chance to talkto him before he got an airplane.
You know, the real estate,you know, you get up to
the type of coupon right now,or the interest rate with these mortgages,

(11:26):
it really has an impact. Ithas a huge impact as far as affordability
for people to get into a house. Mortgage rate seven percent, that's exactly
what it is right now. It'sa seven handle. People offensive people are
looking for four and fives. Pricesare high too, so you're locking into
a high price, high rate.I listened to Bob Marini the other day,

(11:48):
was on the radio, and hewas talking about the cost of land
acquisition, what you have to gothrough as far as the approval process,
how much longer it takes today thanit did before in the past order to
get a development up and going.And you know where you can actually start
pounding nails and putting foundations in,et cetera. And the thing is is

(12:09):
that it's it's an astronomical I thinkhe said something like the average house right
now in his portfolio, like thebaseline is six hundred thousand dollars. It's
a lot of money. Yeah,six hundred thousand dollars. How was that
even? The cost the cost ofwood? I was at home depot crazy.
I was at home depot crazy lastweekend. Yeah, twenty eight bucks

(12:33):
for a sheet of plywood. It'sinsane. It's twenty twenty or twenty nine
bucks. It's insane. I don'tknow how people, to be honest with
you, It's one of the conversationsI had. We went out to dinner
last night, Chris, myself,Marissa and Julie, and we're just sitting
and we were talking about you know, just what a what a cost to
live today is just astronomical. Imean a bag of groceries. I don't

(12:54):
care where you go bag. Imean I do the shopping in our house
for a lot of the stuff becauseI like to get up early and I
go to price Chopper at six am, Market thirty two, whatever you want
to call it, because there's nobodythere and you know, I shop,
I see the prices. I mean, it's this crazy piece of meat.
Today is almost like I'd be afraidto put the meat out because I'd be
afraid that people are gonna shove itdown their coat and their pants and walk.

(13:16):
I mean a piece of meat it'slike twenty bucks, you know for
a steak one. Yeah, youknow what, we just got a few
cows start raising. Did you knowwe have some clients that do that.
Yeah, absolutely, Craig, Craig, that was just it, Craig.
You know cow the big guy.What he does is at him and his

(13:39):
friends do him. And I thinkone other guy. They buy a cow
and they bring it to a butcherand they carve it up. They name
it. I don't think so.I don't think so do they name it?
Here comes t Bone. All right, we're gonna take our first break
open lines. We're gonna talk alittle bit about chicken money. So my

(14:00):
opportunities that are out there right now? What do you mean by chicken money?
Safe money. You know, diversificationis your friend. You know,
we've had a little bit of volatilityhere this past week. I think it's
really kind of a you know,Wall Street having a little bit of a
fit, doing a little bit ofa rotation. The markets are eager for

(14:20):
rate cuts, but in my opinion, the Fed is acting in a very
prudent manner to ensure that inflation isgoing lower. And I don't have to
tell everybody that if you just lookat your checkbook and the money that goes
out the door today versus the moneythat went out the door last year,
it costs a whole heck of alot more to live today. And then

(14:43):
I want to talk a little bitabout healthcare because no matter where I go,
whether it's here or in Florida,people are looking for options and opportunities
to pick up healthcare, especially ifyou're under the age of sixty five,
and for a lot of well,it's a daunting task, it really is.
It is a challenge. So andagain, if you have any questions,

(15:05):
it's one eight hundred talk WGY.That's one eight hundred eight two five
fifty ninety nine. And lastly,if you are going to our workshop,
at the Desmond which is now atthe Crown Plaza Protect and Preserve Seminar.
It's going to be hosted by myselfand lou Piro and Aaron Connor from the

(15:30):
lou Piro's Law firm will be morethan happy to reserve a spot, but
you need to call like immediately atfive five eet to zero one nine nine
leave a message for Jim Corkoran.Jim is coordinating it in our office,
and I just want to make surethat if we're going to reserve a seat
for you, there's a seat that'sgoing to be available. It was originally

(15:50):
we're going to have ninety. We'vewell exceeded one hundred, so we've added
more space, We've added more seats, we've added more tables, more food.
Because my personal feeling is is thatnow is the time. Right now
you couldn't you know, you don'tprocrastinate, motivate. The worst thing that
can happen is that you find outsome alternative ways to either manage your assets

(16:12):
or protect your estate. Five eightfive e zero one nine one nine.
We'll be right back the eighty sixpercenters. Do you know that eighty six
percent of the population has no definedbenefit pension plan. For most of us,
we have to take our life savingsand create a paycheck for the rest
of our lives in retirement. Whatis your plan for retirement income distribution?
How you manage your assets during themost critical years of your lifetime. Nobel

(16:36):
Prize winning economist William Sharp has calledretirement income distribution the nastiest, hardest problem
in finance. He points out thatinvestment, uncertainty, and mortality can derail
the most careful laid out retirement incomeplan. Call our offices today to start
the process of building a retirement incomedistribution plan. After forty one years of
being in the financial services business,you need to start taking action to start

(17:00):
a building your own personal retirement incomedistribution plan. How do you do that?
To take action? Five one eightfive eight zero one nine nine.
That's five one eight, five eightzero one nine one nine or RPG retire
on the web. Don't procrastinate,motivate to start building your retirement income distribution
plan. Five one eight five eightzero one nine one nine. David Kopik,

(17:21):
heir w G Wise retirement planning specialistsjoin us every Saturday at twelve noon
for our new program retirement ready.Let's get you retirement ready in the new
year. This feels like a worldof show through the cloud, shot at

(17:51):
cheap few life throws co in andwe are back. Don't you wish you
could sing? I mean, segI know you sing, but I mean
wish you could really see it?Yeah, dude, Yeah, I think

(18:11):
everybody does. I was singing.My nephew came over and was hanging out
last night and I was singing.I was singing a high pitch. She
goes, you sound like my mom. Are you kidding me? Come on,
I was trying to trying to hitmy high note. Apparently it's kind
of like my sister in law.It's not funny, that's funny. All

(18:37):
right, I got the I gotthe answer. Ruth Buzzy Rowan and Martin's
laughing. And her sidekick was ArtieJohnson. Remember that show for the listeners.
A lot of people out there willremember that. She's like my mom,
Oh God, you gotta laugh,you gotta laugh. All right,

(18:59):
let's get into chicken money. Let'syou know, there's a lot of people
out there concerned about the election.I think you know, we've been kind
of rewarded here in Nico with ratesthat we haven't seen for a while.
Nyga's multi year guaranteed annuities five percentguaranteed for five years. What that's a
great rate. Yeah, yeah,I think it's a great rate right now.

(19:22):
You know, I was pushing peopleto get into them last year when
they were five and a half.Yep, but still five point one.
You know, they came down,they crept down to four and a half
four six. Now they're back upto five to one. So you can
get a really good rate for fiveyou can do three years, five years,
seven years. There's different rates associatedwith each. I just said,
I know the five years at fiveto one. I'm not going to give

(19:42):
you the exact rates for the threeat seven right now. Well, the
treasuries they closed on Friday. Igot the in front of me here on
the website. The sixth month wasat five point three four. The one
year we usually staggered. We usuallyblend the rates. I actually, for
one client, I told Chris togo out and buy the one year because

(20:06):
we don't know, we don't havea crystal ball, and he was very
content with five point I think youguys got over five point one. It
closed at five point one four seven, and then the five year is at
four fifty five, and then theten year is at four fifty one.
So if you get an MYGA atfive percent, it's paying over over fifty

(20:27):
basis points more than what a treasurywould pay you right now. Yeah,
and you have the option, youknow, you could take the interest off
the multi year contract. So ifyou get a five year, you can
take the interest each year you puthalf a mill Let's say you put five
hundred grand in there, that's gonnabe twenty five thousand dollars a year,
A little more than that of interestover those five years, you're gonna get

(20:47):
one hundred and twenty five thousand dollars. Simple math up. And you can
also, I mean, you couldleave it in the contract, let it
compound on top of itself. Sothese are good rates, you know.
I know in the early eighties,I think grades were peeking around. I
mean the ten years at fifteen sixteenon my crazy I think about it now
and it's like amazing. I thinkmy first mortgage was twelve percent. I

(21:10):
think my first mortgage when I hadthe house in Latham was twelve percent.
But my first house I paid sixtynine sixty thousand. Prices were a little
sixty nine thousand dollars for my Ipaid more for that pickup truck that's sitting
out in the yard here than Idid for my first house. Yeah.
Crazy, That is pretty crazy whenyou think about it. I had a
yard, I had, you know, all these responsibilities. I couldn't sit

(21:33):
in it and drive it around town, but you know, I had a
house. Yeah. The new Broncosare really nice. I'm not sure.
Have you seen the Bronco that that'sat our office. Yeah, I have.
I'm going to try to switch keyswith the person who owns it.
Yeah. Those things are nice.And then of course you do get some
tax benefit with the treasuries. Youknow, pay any state income tax on

(21:56):
treasuries, which is advantageous money marketaccounts. Right now, cash accounts are
still holding it about five percent,aren't they. Neco Yep, still around
five money market completely liquid. Ifyou need the cash. You can actually
sign a checkbook to your account too, so you can use it as a
checking account if you want to.While your money sitting there. You get
five So that's an option for alot of people. CDs. I know

(22:18):
that we've looked at CDs certificates adeposit. They're over five percent right now,
depending on the institution that you're lookingat, that's fully taxable as ordinary
income. So I'm if I'm goingto pick a CD and I'm not going
to use the money, I'm goingto get the NYGA rather than the CD
because I pay no tax. Icontrol the tax liability, not the CD.

(22:42):
Yeah, if you defer it,you know, if you defer the
MYGA. Until you do a comparison. I've seen the on the chart.
I've actually looked for it in orderfor us to bring it in the office.
Where you show a CD a CertificateDeposit investor versus an then YGA multi
year guaranteed Annuity investor, and youdo it over a like a ten to

(23:03):
fifteen twenty year period of time,and you look at the tax that was
paid versus the tacks that wasn't paid. It's a huge difference. Yeah,
the power of compounding, Yeah,because then you're losing that interest for the
next year on the tax dollars youpay. So I can have a huge
effect. And I went down toAlbany this week as well. Yeah,

(23:23):
what'd you think of that office?It was a very nice office down there,
so pks or a broker dealer forannuity business, and we're able to
use their conference room down in Albany. The parking is not really that bad.
I thought it was gonna be worse, but we're able to get in
there and it's a very nice conferenceroom and met with a nice couple there.

(23:44):
But yeah, it was. It'sbeen a busy couple of weeks here,
Dave. It I was way lastweek down on Florida for a few
days. So the thing is isthat I'm glad that you kept yourself busy.
You and the gag. Yeah,yeah, we weren't just twittling R
Thomas in the office. All Right, we're gonna have to take a break
here the next thirty seconds for thenews. When we come back, we're

(24:07):
gonna talk a little bit more aboutthe markets. If you have any specific
questions, whether it's on investments,legacy planning, launterm care planning, iras,
whatever it may be. It's oneeight hundred talk WGY. That's one
eight hundred eight two five fifty ninetynine. I'm Dave Kopek, president in
the Retirement Planning Group here with NicholasDumas Certified Financial Planner. We welcome your
phone calls again. One eight hundredtalk WGY one eight hundred eight two five

(24:33):
fifty nine forty nine. Good morning, Good morning for those for those of

(24:57):
you just waken up. Seven thirtytwo, seven thirty three. All right,
your age bracket, what's the famousbands for your age? You mean
rappers? No bands? Not rappers? All right? Maybe? Uh what
are bands that are famous? Iused to listen to growing up a lot

(25:17):
of Green Day Lincoln Park, SoI don't know any old Cold Plays.
Yeah, cold Play, Now Iknow those because my daughter listens to them.
Bands. A lot of bands.We listened to a lot of the
older stuff, you know. Ithink about Chicago, Doobie Brothers, Rolling
Stones, and we go through thewhole laundry list of bands when I grew
up a lot of rock bands.There's not I don't think there is anymore.

(25:41):
That's why these guys are ninety yearsolder and they're still doing concerts.
I mean, I think the RollingStones are doing another series of concerts.
These guys are like eighties. It'sSticks. I think Sticks came to Spack.
Yeah that's a good band, right, I mean it's just it's a

(26:03):
journey, journey. I grew upon journey. Yeah. I mean there
were so many great bands as akid growing up a CD. I mean,
you know, like, wow,you talk about great music. Motley
Crue, you're doing Look at this. Stop you're starting to embarrass me.
You know more about this than Ido. That's my generation. I'm more

(26:26):
of a country guy. You're inthe country, and my wife loves country.
My wife and I like it.I like old country, though,
you know, I like Merle Haggart. You know why, uh, what
is it why I own a JuddJudge. I think it's Nie. I
don't know. I don't know oldCountry Judd sisters whatever they were, the

(26:49):
brothers, and I don't know whattheir names were, Dolly Kenny, so
Bill Whisley, Bill Bill, WhileyWhitley said his name. I know a
couple of songs. I don't know. You can you know, you know
it's been a long week when yourbrain is kind of like, you know,
you can't remember some basic names here. But I did remember. I

(27:11):
got a text Ruth Buzzy and ArtieJohnson from You Get a Chance. You
can watch Martin's Rowan and Martin's laughing. You can see Ruth throwing our purse
around, beating the hell out ofArtie Keith Whitley. All right, we're
going to talk a little bit aboutthe workshop one more time. I'm gonna

(27:33):
give out the telephone number Preserve andProtect. It's going to be held at
the Crown Plaza used to be theDesmond five point thirty is registration April sixteenth.
The reason why I'm giving the telephonenumber on our office is because I
want to make sure that we havean accurate count. I want to make
sure that if we have a seat, we're going to let you know that

(27:56):
we have a seat. But youwant to call the office at five eight
five eats zero one nine one ninefive one eight five eats zero one nine
one nine, and you'll get tosee myself and Lou and our teams and
meet some of the individuals that workthrough the Retirement Planning Group and also Lupiro's
law firm. And it's just anice night up. It's educational. Nobody's

(28:18):
gonna alligate it. Lestle you knowwho's gonna foresh it. You know,
to come to an appointment. We'regoing to offer that as an opportunity but
I think you're gonna get a lotof information at a very short period of
time. And uh, you know, anytime you go into retirement, it's
always advantageous to be informed and educatedso you're making good decisions. Hey,
you'll have some nice little handouts.Gym puts together folders for everybody and has

(28:45):
I think the slide presentations on thereand then uh, business cards and an
evaluation so you evaluate how Dave did. You can grade him and leave feedback.
It's always a good night. Youknow. The food's good too,
So I like it over there atthe Desmond, do you honest with you.
I haven't been over there. Thelast time I was there, my
cousin came into town, my cousinJoe, and he had they had just

(29:08):
finished the renovation over there, redoingthe whole thing and the restaurant and the
bar and all that stuff. Andwe actually had dinner there one night with
him. It was actually very good. Tell you, I went to New
Year's there, did you this yeartwo years ago? And it was a
bunch of good time. You you, You and Julie would have enjoyed it.
It was horn it was more youryour age group, beautiful, but

(29:30):
me and were there all these crazypeople doing But no, it was it
was fun. That's fun. It'sa good spot. It's like a little
town in there. Yeah, itlooks you forget how beautiful it is.
It really is a beautiful, beautifulspot. You know. We were just
recently down to Florida. I wentdown to see clients, and then Julie

(29:52):
and I had an opportunity to drivearound and stuff. And you know,
I said to Ruth. Ruth wasin the office yesterday with her son in
law doing some planning for her moveto assist a living and we were talking
about Florida, and I said thethree c's which I talked about Florida's three
says concrete, cranes, construction.No matter where you go in Florida,

(30:14):
those three things you just constant.The skyline is just filled with cranes,
no matter any city you go to. It's just amazing the growth down there,
the growth. So all right,we're gonna talk a little bit about
what I considered to be probably theAchilles heel for a lot of us,
the reasons one of the reasons whysome of us can't go into retirement as

(30:38):
soon as we would like, andit's called healthcare. I had the opportunity
to talk to Fred Schaeffer and JudyTurr over the last week or so I
try to get more information and dataabout this dilemma that a lot of people
face. You don't qualify for Medicareuntil age sixty five, You can't you

(31:00):
know, retire for a lot ofpeople until they get to Medicare, simply
because of the cost of healthcare.And the thing is is that for a
lot of us, you know,that have to go into you know,
either a long term care facility orif they need assisted living. None of
those are covered by traditional healthcare.You have to purchase long term care policies.

(31:23):
And that's one of the reasons whyI'm bringing this up, because we
have found, I think probably oneof the best contracts I've ever seen in
my lifetime. I actually talked toJennifer about it yesterday over at Advisor's insurance
broker in regards to that care Matters, the care Matters product, the one
outside in New York, the oneout it's not available yet in New York

(31:45):
State they're trying to get it through, but in all other forty United States
it is available. But this contractpays cash, doesn't pay to provide her
and the cash you can utilize itnot only for care viders that are coming
into your home, but you alsocan pay which is the most biggest thing.
You can pay the caregiver, whichis typically what your family, family,

(32:08):
your family, your neighbor, someonethat comes over and helpship. So
it doesn't have to be a qualifiedperson. You know, you get cash
indemnity and demnity and oh here wego. This is like social Security against
social cash indemnity. So cash indemnityoff these policies, so that means that
they pay cash out to you.Uh, they are nice to the dual

(32:30):
benefit. You know, it doesn'thave to be on one person's life.
You could do a duel. Iwant to get into it because I want
people to understand that this product isnow available if you're in New York State,
if you have a home somewhere besidesNew York State, you can purchase
this, you know, in Floridaand all the other states. But I
want to get into this a littlebit today because I think it's to me
to me personally, I've seen it, I've lived it, I see it

(32:52):
with clients. The biggest Achilles hillfor most of us. Most of us
will go into our retirement years andwe will not have any form of protection
such as long term care. Yeah. I mean a lot of people.
They have pensions, social Security,they have solid income coming in retirement.
They might have an outside account thatthey've contributed to, so maybe four oh

(33:12):
one K deferred comp or TSP TT account four three B. They might
have these accounts where they don't reallyneed them and they kind of set them
aside. Hey, this is myhealthcare bucket. This is for long term
care down the line. You know, why are we just letting that sit
there. Let's turn it into somethingthat's actually designed for long term care at
this point. And that's what wedid for these folks down in Florida.

(33:36):
We took the account that they hadsitting on the sideline. Let's go through
the numbers just to you know,briefly, this guy had about three hundred
and fifty thousand dollars in the TIAaccount. I said to him, I
said, why is this money,you know, set aside like this?
And his responsible is that's our longterm care bucket. And I said,
well, that bucket is going toget emptied, probably part pre an event

(34:00):
because at aged seventy three, becauseit's qualified assets, because it was with
TIAA, that money's going to haveto be spent down, So why not
get ahead of the curve here alittle bit ladd velocity to the money.
And I had no idea the velocitywhen I was talking to him, zero,
I had no idea. Do youremember the numbers? Yeah, you
take three hundred and fifty, youput it into a single premium so single

(34:21):
premium immediate annuity, so speA,it's going to pay out for a certain
amount of years forty I think itwas forty two thousand dollars for ten years,
for ten years, so it paysit out over ten years. So
you get a little bit of returnon the three fifty, right, So
you're putting three fifty and you're gettingfour to twenty over the next ten years.
Forty two thousand every year comes outto pay the premium exactly, and
you're using that premium to buy thiscares matter dual benefit policy. So good

(34:46):
for either spouse if either goes intoa long term care facility, which is
huge, Yeah, either one andthey can both claim at the same time.
Day one. I think it boughtnine hundred nine fift it's just a
little shy of a million, andover in the next twenty years it grows
to like one point five million bythe time they were eighty four. That's

(35:07):
the typical age. I think that'sthe average age people going to a facility.
Yeah, it was about one pointfour one point five million dollars a
total benefit. There's an inflation adjustmentto it, so it starts out at
ten thousand a month and then itgoes up to I think it was about
fourteen fifteen hundred a month that itwould provide at age eighty four, so

(35:28):
fourteen to fifteen, I think itis fourteen or fifteen thousand a month.
Yeah, you said one hundred,I was to say fourteen or fifteen thousand,
Yeah, a month, four andfifteen thousand per per month, per
month and per individual too, perindividuals both go on. Yeah, which
is huge. I've never seen anythinglike the sneak on all the years that
i've you know, Dan Bouschard wasthe one that educated me on long term

(35:49):
care insurance and why it was soimportant for people to have it, and
the thing about this benefit. Itgives you everything that people want and if
you don't use it, you don'tlose it, meaning that there's a death
benefit that's associated with it, approximatelythree hundred and fifty thousand dollars, So
you get every penny back payable toname beneficiary tax free. And the thing

(36:13):
is is that if you do useit'll be the best money that you're probably
ever spent in your lifetime in orderto protect yourself as far as independence choice
money that's going to come in.It's all tax free money, right as
long as you're paying it for longterm care, so it's it's a win
win. So that's one of thethings that I'm going to briefly talk about
in our presentation on Tuesday. Doyou remember if it was a four year

(36:36):
or six year benefit payout? Itgoes by the pool of money, So
whatever the pool of money is,it's not the benefit as much as it's
the pool of money. So Ithink whatever that cap is, whatever that
cap is multiplied by two, itmight be it's an extended period of time,
something like it is year. It'seither six, six or eight.

(36:58):
So if you stay in there forfour years or five years, you're fully
covered right up to that fourteen orfifteen thousand a month, and there's still
a death benefit of thirty thousand dollars. Always a Yeah, thirty thousand dollars
death benefit day one, there's adeath benefit associated with it, even if
you almost even if you exhaust thepolicy almost right, Yeah, there's still

(37:19):
a thirty thousand dollars. So,I mean, I'm looking at this thing
and Jennifer is going through it atAdvisor's insurance broker, and I said to
her, and I don't want tospeak for her, but I'm going to
kind of paraphrase a little bit.I said, can you please tell me
what is wrong with this thing?And she goes, Dave, I've been
doing this for almost thirty years.This is the best product I've ever seen
in my lifetime. And she goes, if I didn't have my own policy,

(37:43):
I would probably, you know,do this. But I already have
a policy, and I'm much older, you know, the one I have
now is more cost effective for me. So the thing is is that there
are products out there, folks,that will give you the three things that
most people are looking for their retirementyears. Independence, choice, and the

(38:04):
ability for you to facilitate what youwant to do and where you want to
go the tax ability. It's crazytoo. You start taking money off your
tia, I mean dollar for adollar that's taxable, right, So you're
taking one hundred and fifty thousand orone hundred thousand of helped pay for care
in one year. Well think aboutit, he had three fifty and I
doing and day one day one dollarone. It creates nine hundred and fifty

(38:27):
thousands. How long would he haveto wait at six percent to get that
type of to get that one fromcharacter, Well, it probably have to
be, you know, over twentyyears, and then you're forced to liquidate
it because of our requirementium distribution.So so when it comes to preserving and
protecting and choice and independence, thereare products out there, folks. It's

(38:51):
just you need to understand the applethat you're picking off the tree and if
it's suitable for both you and yourwife. So buy that acre of property
outside of New York State. Andthat's right. Policies up. We're set.
We're setting up shop right over thereon the borderline of Vermont, right
of the borderlight of Vermont and Massachoose it's half the houses in mass the
other halves in Vermont. I know, guys that have done that. So

(39:14):
all right, we're going to beright back after this quick message, don't
forget if you want to attend ourworkshop Preserve and Protect, you need to
call the office at five one eightfive eads zero one nine one nine and
speak to Jim Corkoran. Jim iscoordinating this with Blupiro's office and Donna uh
and other team members that are coordinatingthis, and it's important. We don't

(39:39):
want you to come there and there'snot either a SIPT for you or you
just show up because you think there'sgoing to be a seat. You need
to reserve a seat. And asI said, it's five point thirty on
Tuesday and we'll probably have you outof there no later than seven thirty.
So again, five five eads zeroone nine one nine asked to speak to
Jim. I don't know what numberis As far as extension speak one press

(40:05):
one. Dave Copek too, Ithink extension for Yeah, just listen to
it and make sure you hit theright I've heard Lisa record that a million
times. Okay, all right,we'll be right back. The eighty six
percenters. Do you know that eightysix percent of the population has no defined
benefit pension plan. For most ofus, we have to take our life
savings and create a paycheck for therest of our lives in retirement. What

(40:28):
is your plan for retirement income distribution? How you manage your assets during the
most critical years of your lifetime.Nobel Prize winning economist William Sharp has called
retirement income distribution the nastiest, hardestproblem in finance. He points out that
investment, uncertainty, and mortality canderail the most careful laid out retirement income

(40:49):
plan. Call our offices today tostart the process of building a retirement income
distribution plan. After forty one yearsof being in the financial services business,
you need to start taking action tostart building your own personal retirement income distribution
plan. How do you do that? To take action? Five one eight,
five eight zero one nine nine.That's five one eight, five eight
zero one nine one nine or RPGretire on the web. Don't procrastinate,

(41:13):
motivate to start building your retirement incomedistribution plan. Five one eight, five
eight zero one nine one nine.David kopek Ker WG wise retirement planning specialists
join us every Saturday at twelve noonfor our new program, Retirement Ready let's
get you retirement ready in the newyear. So I've biking too hard,

(41:49):
of waiting too long. Sometimes adunt word of fun and we are back.
Everyone. Thanks for tuning in thismorning. This is the Retirement Planning
Show and it's Nicholas Thumas, certifiedFinancial Planner Professional Plank consultant with the Retirement
Planning Group, here with David Kopek, President of the Retirement Planning Group.

(42:13):
We're here every week seven to nineam. Tune in right here on w
g Y. You're getting excited aboutgolf, Yes, I am. I
think was it Wednesday or we hadthat nice weather? She's Tuesday or Wednesday.
I hit some balls. She wasn'thit some balls. No, but
I was about to give you that. I'm not feeling too good, Dave.

(42:37):
But it was nice. So you'regonna do a Lisa. Oh god,
No, that's an inside joke.At Lisa is gonna be out.
She's going to Spain. It's goingto Spain on Monday, Monday. She
deserves it. She's been working hardas everybody in the office. You need
to get you know, Dan Bischardtaught me one thing. You need balance
in your life. You can't.It can't be all work. It's got

(42:58):
to be some work in a littlebit of play. And it couldn't.
That couldn't be more crystal clear forme. I've lost a lot of family
members in the last year two I'velost two people, two cousins, one
thirty nine, one sixty two.And our maid of honor is battling cancer

(43:19):
right now and she's going through ahorrific time. So if you can pray
for Kelly, please pray for Kellybecause she needs your prayers. And it
just you realize, you know what, in the whole scheme of things,
you better enjoy your life because whenthe man comes knocking at your door,
or bad trouble comes a knocking atyour door, or bad health comes a
knocking at your door, lock it. It just changes your whole perspective on

(43:40):
things. To lock the door,right, yeah, stay out. No,
you never know in there. No, he's out, he's not at
the back window, the window.You know. One of the things that
we try to do with the RetirementPlanning group, you know, when I'm
when I'm away, it gives metime to think and it also gives me
time to think about our platform.And I can't remember who said this to

(44:05):
me, but somebody said that.Maybe it was you, or it was
somebody said it to me. Ithink it was you. How powerful open
architecture is and not having an axto grind or a specific destination for assets
or protection products. And I thinkthat's so one hundred percent true. And
that's one of the things that we'vealways tried to do at the Retirement Plenty
Group is not to have a biasor have any kind of a destination for

(44:31):
assets without talking to the client andtry to fit the right investments to the
right risk tolerance. And you know, when I go away a lot,
I'm up early four o'clock, fourthirty in the morning, and I get
in the car and I listen totalk radio. Right, get my coffee,
drive around, go through, youknow whatever. And one of the

(44:52):
things, there was a gentleman downthe floor. I won't mention his name,
but I was listening to his radioshow. It's on financial services.
He comes on at five point thirtyin the morning down the Sarasota area and
he talks about safety and guarantees,and he talks about why his book of
business he's about eighty percent and safetyand guarantees the other twenty percent, he'll

(45:13):
put it into what we call thestock market or a little bit more aggressive
type of investing, and he designatesit almost exactly like we do. He
calls it chicken money. You know. Chicken money is that you know,
I'm scared, I don't want tosee my money. And I'll tell you
what, I'm no different because youjust do annuities. He does it equity
index annuities, does a buffer products. He does the buffer products for the

(45:36):
equities, and he also does themygas and then he also does a lot
of spears right income. Now,all of this stuff has some form of
a guarantee. And basically what hesays is that you've you've worked a lifetime
accumulating these assets. You know,if you don't want to go back to

(46:00):
work, let's build out a retirementincome distribution plan where most of it is
going to be based on guarantees.And you know what the older you get
at my age at sixty eight,I think it makes a hell of a
lot of sense. Yeah, Ithink it makes a hell of a lot
of sense. You know, becausehe's worrying about what the market's doing every
day. You want to be worryingabout what you're doing today, playing golf

(46:21):
or going to bingo. You know, at that point going to bingo,
Hey, Dave, going to bingoagain. I mean it depends though,
I mean on the individual. Youknow, some people have a larger risk
tolerance or they're more aggressive as investors, and they want to see their assets
grow, and they might have itin their head that you know, it's
a legacy play. The money's notfor them at this point, so they

(46:42):
want to be aggressive with it fortheir children. So again, I think
it depends on the situation. Butat the same time, you're right,
Dave. I mean, the olderyou get, the more conservative you should
be if you're going to be relianton that income off the portfolio. Well,
I think you know, you andI have talked about this a thousand
times. I think people have unrealisticexpectations, and I think people think that
financial advisors have a crystal ball forthe future. And I haven't seen one

(47:07):
yet that has a crystal ball.And I haven't seen one financial advisor yet
that has consistently you know, toldme what the direction. I know that
the market long term is up.I can't tell you what it's going to
do next week, in the nextsix or twelve months, and no one
can. No one can. Imean last year is a perfect example where
most of the gurus were saying stayout of the market, or the market's

(47:28):
going to give you, you know, a low single digits, and we
had a stellar year, an unbelievableyear. So it just goes to show
don't try to time it. Stayallocated, you know, into a risk
tolerance that you feel comfortable with.Yeah, markets fluctuate every day. Every
single day, your bond or yourstock portfolio is going to be either more
less or about the same. Andthat's just the way the financial markets are.

(47:52):
These types of what we call chickenmoney accounts, nygas, CDs,
treasuries. They're guaranteed, and it'sokay to be a chicken. It's okay
to say, you know what,I want safety and guarantees. I don't
want to deal with this anymore.I don't want to be a chicken.
I don't want to be a deck. Yes, the Mall Tailler products I

(48:13):
think are great right now. Ido think the five ones a great number.
Uh, you know, when theFED came out, Jerome Powell said
September for rate decreases. Yep,Potentially, inflation is still hot, so
who knows if that's going to actuallybe the case. But they're trying to
target a two percent inflation number.They're still around three and a half,
you know, three point eight Ithink. But again, I mean that's

(48:37):
five months from now where rates mightpotentially decrease. So why not start looking
at this now before we do seesome sort of decrease in rates? You
know, five is great. Modernportfolio theory suggests four percent off your portfolio
a year. You can get fivetier more than what modern portfolio. It's

(49:00):
safety and it's guaranteed. A lotof guys don't talk about it because i'm
that license to sell it. That'sone of the things with open architecture.
We pay a lot and fees andcharges. And I just went through this
with the team at PKS. Asfar as you know, we add new
people, it means that there's morefees and charges as far as you know,

(49:20):
licenses and registrations and you know,and all that stuff. But we
have to have it, you know. And there's an old adage, you
know, and I know everybody's heardthis over and over and over again.
Sell and May and go away.You know, does it have a ring
to it? Could it have somevalidity this year? You know, it's
kind of antiquated, and it's basedon the notion, of course, that
the stock market is weaker in thesummer. But if you look at the

(49:44):
data, that's not necessarily true thatit isn't, you know, weaker,
But there is some you know,data that shows that. You know,
when you get your gains, maybeyou lock some of it up and lock
all of it up, but youlock some of it up and you basically
put it away your harvest. AndI don't think there's anything wrong with that.
You're carving off some of your profitsand putting it into a safety box.

(50:06):
Well, compliance won't let you putall of it into a multi air
right. You have to go throughsuitability. You know that the company triple
checks us to make sure that theseproducts make sense for you. But no,
you're right with the open architecture.I don't remember the last time there
was a product that we couldn't getour client into if we wanted to other
than penny stocks. You know,if someone calls in and they want to
buy this penny stock or something.But again, we're open architecture, so

(50:30):
we don't have an ax to grindas powers could be a penny stock pretty
soon it's a two dollars and ninetytwo cent penny stock. I got to
tease them a little bit about plug. Oh well, they're after the long
haul. Now they better be infor the long A little too big to
fail, I would hope, Yeah, But all right, listen again,

(50:53):
I want to do a little housekeepingone more time because I don't want anyone
to be disappointed, and I don'twant anybody to show up that's not gonna
have a seat, because if yourname is not on the list, if
your name is not on the list, you're not going to be able to
come in simply because we've had suchdemand for this presentation Preserve and Protect April
sixteenth. It's going to be heldat the Desmond which is now the Crown

(51:15):
Plaza. If you want to come, you need to call Jim Corkoran at
five eight five e to zero onenine nine and Jim will reserve your seat
or will confirm that you do havea seat. And again it is critical
five win eight five e to zeroone nine nine five thirties. Registration will
probably start around sixteen fifteen, withthe presentation We'll have dinner, nice dinner

(51:37):
for you buffet and then Niko willbe there singing with his guitar. Some
can sing some songs. Yeah,I'll bring the bring the drum kit.
We gotta go. All right,we are back. I'm Dave Kopek.

(52:20):
This is the Retirement Planning Show withNicholas Dumas, Certified Financial Planner. You
should put pictures of us no withRPGs on the website Retirement Planning corkorand thinks
I need to get a cape andbecome retirement man, go on TV and

(52:42):
radio as retirement man, a littlemask, mask retirement man and retirement boy.
Up. No need to fear.Retirement man is here, m y
g as wherever wherever. I can'tget the image out of my head.

(53:04):
Now I can't either if either atmy wife should just text me, please,
don't You're gonna stop at the SpiritHalloween. A cape? That's all
I need. That's all I needis a cape. If I if I
want in the house with a cape, I'd be living out in the barn.
My wife would say, take oneof the dogs with you for comfort.

(53:25):
What's wrong with living in a barn. That's right, you live above
a bar Patrick Swayze roadhouse. That'sme. Look just like them, you
guys. You starting to look around, you're thinking about building. I'm gonna
build. I'm not gonna buys.You're gonna build on your father's land though,
right, Yeah, so that's theadvantage. You don't have to cost

(53:47):
the land. You have access towater and utilities and all that you'd have
to pav run them. Yeah,so depending how far back I go,
But yeah, we like smoke signals. We'll talk a little bit about one

(54:07):
of the things that Nicholas has reallykind of done a great job on one
to ten. He's in a twentydoing it now, and he understands it
inside and out. And I'm kindof jealous because he has the technical ability
to do all this with his background. But Nico has found that in service
distributions for a lot of individuals isavailable, is available. The one he

(54:32):
just recently did was a nurse fromAbbitt he met correct, So in service
rollovers would be for folks fifty nineand a half trying to get the money
out and do an IRA. Youknow, why would they do that for
investment options? So the scope ofinvestments. You only you're limited to target
date funds in a lot of fourone ks and maybe a few indexes.

(54:57):
In what is it TSP, youonly have the C fund G fund iphond.
So if you're over fifty nine anda half, you might have the
opportunity to do an in service rollover. You take that money and you roll
it out into a self directed IRA. There's no tax penalty. It's a
like to like transfer pre tax topre tax. Then you take the money
within the IRA, you can investin pretty much whatever you want. For

(55:20):
folks under fifty nine and a half, this is what I did for the
nurse. Some four H three Bfour one K plans have the option to
open up what's called a brokerage linkor this brokerage windows. Is that stated
on the statement? Where is thatyou can see're writing your investment options.
You can so if you go toyour investment options page in your four one

(55:42):
K, fourth th or either there'llbe a little tab there that says brokerage
link or brokerage window, and that'swhere you go through. And I don't
know if i'd advise doing this yourself. Work with a financial professional when you
do this I've done it with individuals. It's difficult to set up on the
front end, not too difficult,but it takes some time. You make
sure, you want to make sureyou sit down, you're right down your

(56:04):
new account numbers. So what you'redoing pretty much is just opening up a
window. Let's say so right nowwithin your four to one K you have,
you have the dining room table,right, you open up this brokerage
window. You're opening up the wholekitchen, right, you know, and
now you can go in the kitchenand pick what mutual funds you want in
your portfolio. And with these brokeragelinks, you can't really do individual stocks.

(56:29):
It's mostly just mutual funds. Butyou have access to probably nine thousand
different mutual funds at that point,especially for people that are maybe fifteen ten,
fifteen, twenty years out from retirement. But you have access. But
you have access to like Vanguard andtro Price, and it's you have access
to all of the full platform.It's not like you're you're you're getting the

(56:50):
ones that are high expense and highfees exactly. And now there are some
charges associated with doing this, dependingon your fourrowin K or four three provider.
It's very it's not that high ofa cost. I think it was
an annual fee of maybe fifty bucksfor this one person I set it up
for. But again, even ifyou have WROTH assets too, you can
do it with both. So youtake a WROTH, your WROTH dollars,

(57:14):
you roll it into an SMA soseparately managed to count within the four to
oh one k, and then youtake your pre tax dollars to do the
same thing. So now I havetwo accounts for this instance. I don't
I don't really want to give outcompany names. No, but now these
two new accounts are held at anew company, and you can go through
it and invest with that new Whatabout future contributions? How does that work?

(57:37):
And by making contributions, I'm fiftysix and I want to retire.
Let's say it's sixty, but Iwant this more robust platform that Nicholas Dumas
knows about what happens with. AmI able to take my future contributions and
put them into YEP. So let'ssay you have three hundred thousand in there
already. You take so the firststep would be to take that three hundred

(57:59):
thousand and get it into this brokeragelink and through this brokerage link into the
new custodian and then from there afterit's set up, after the money's moved
over, after you make your investmentselections, then you call the company back
and say, all right, now, I want to do all my contributions
to this account as well, andthen they can, maybe it'll be ninety
five or ninety percent can go tothat separately managed brokerage link and the rest

(58:23):
would go into your traditional four oneK or whatever you have set up.
So it's a very good option forpeople that aren't planning on retiring within a
year or two. Gives you timeto really design a portfolio that aligns with
what you're looking for because there's alot more investment options. You're not invested
in a target fund getting five sixseven percent year over year. You can

(58:44):
have some more market exposure if you'reyounger. So again I did this with
a twenty nine year old or athirty year old a few weeks ago,
and again I think it's gonna bevery advantageous tour over the next twenty twenty
five years. Well, not leavethat, but the thing is that one
of the things that you always wantis that you want to be able to
select the horse and the race thatyou want, not one that's selected for

(59:07):
you. And I think that's critical, especially, you know, in the
world that we live in today,so much of the personal responsibility of retirement
is going to be it's on you, It's not on anybody else. You
know, being disciplined making the rightinvestment decisions. And you know, target
date funds, you know they servea purpose, But I'm not a big

(59:27):
believer in them, and I've neverbeen. I just don't like them,
and the performance on them basically speaksfor themselves. But a twenty nine year
old, you know, has theability to be much more aggressive if you've
got a thirty thirty year window asfar as opportunity to get into the stock
market. But the reason why Ilike this option is is you just talked

(59:52):
about option A. Now I'm goingto talk about option B. Option B
is for the people over fifty nineand a half, right, So why
would they do it? So?They would they would roll it into a
self directed IRA, right. Thebrokerage link wouldn't make too much sense at
that point. You get it intoa self directed IRA account from the four

(01:00:15):
oh one K and you could dothis because you're over fifty nine and a
half and if your plan allows,you could do an in service rollover.
It's very simple. We just setup an IRA account to receive the assets.
Then you give the four oh oneK company a call and you start
describing what you want to do.You want to take your money and do
an in service rollover because you're abovethe age of fifty nine and a half,
and then they should either send youpaperwork or they initiate it right over

(01:00:37):
the phone. It's pretty quick.We've done this with quite a few different
custodians now, so seeh I thinkit's a very it's very important that people
actually sit down and look at thisbecause that target date, Like you said,
Dave, I don't think they're reallygetting it done anymore. No.
And the thing is is that youknow, especially in twenty twenty two when

(01:00:57):
Bonds got kicked in the teeth,listen, you know, it doesn't it
doesn't shame you, or it doesn'tput you in a bad spot or in
a bad position to walk in andsay, hey, listen, I'm sixty
years old. I got to workanother five years because I can't afford healthcare.
And you know I'm gonna work,or my wife's gonna work in order
to get the healthcare. But Iwant to make sure that you know this

(01:01:20):
money is protected, it's safe.I'm in the red zone. I'm three
to five years before I got toretire. So you can come in.
You can do this in service distribution. Right, you're over age fifty nine
and a half. You get intoan IRA. You don't put all your
eggs in anyone basket. But yousay, you know what that five percent
that you just talked about Dave thispast week on the radio, give me
some of that. I like that. I like that five percent guaranteed for

(01:01:45):
five years because that gets me tosixty five. I know exactly what that
bucket of money is going to beworth. And you know what safety is
my mantra right now? You knowthis is my chicken. I save money,
and I think it makes all thesense in the world, all the
sense. Yeah. I've had anearthquake and eclipse. Uh firebox a million.

(01:02:06):
They set a million people. Yousaid a million people came to New
York to see the eclipse. Yeah, I bet a million. It was
busy traffic. Who was someone nearTupper Lake is where everyone was going.
Is that where they were? Somebodysomebody told me that the north Way was
like packed. It was bumper tobumper when it was afterwards, you know,
everybody coming down from the Adirondick.So I stood out there and I

(01:02:30):
just stared at the sky. Ididn't see anything, stared at. My
eye hasn't been right ever since.But I wonder why I didn't see anything.
I was upstairs working in the office, and I don't know. Did
you go out? You didn't goout either. You were a split second
look at this and I put it. Wow. Yeah, Well I'll watch

(01:02:51):
it on the news. I'll watchit on the six o'clock news. All
right, we got to take abreak. We call him back. We're
to talk a little bit more aboutin service distributions, why you want to
do it, what's the benefit ofin service distributions. But again this is
talk radio. If you have anyquestions or comments, if you want to
get more information on anything that youmight want to have to your own particular

(01:03:12):
situation, you can call our officeat five one eight five eight zero one
nine one nine and ask requests fora complimentary consultation or give us a call
today at one eight hundred talk WGY. That's one eight hundred eight two five
fifty nine forty nine. I'm DaveKopek, Nicholas Dumas and we got Zach.
Got a different Zach today, newZach name Zach though right? Jack

(01:03:35):
is it Zach? Or Jack itis Zach? You know, I know
We'll be right back the eighty sixpercenters. Do you know that eighty six
percent of the population has no definedbenefit pension plan. For most of us,
we have to take our life savingsand create a paycheck for the rest
of our lives in retirement. Whatis your plan for retirement income distribution?
How you manage your assets during themost critical years of your lifetime. Nobel

(01:04:00):
winning economist William Sharp has called retirementincome distribution the nastiest, hardest problem in
finance. He points out that investment, uncertainty, and mortality can derail the
most careful laid out retirement income plan. Call our offices today to start the
process of building your retirement income distributionplan. After forty one years of being
in the financial services business, youneed to start taking action to start building

(01:04:23):
your own personal retirement income distribution plan. How do you do that to take
action five one eight, five eightzero one nine nine. That's five one
eight five eight zero one nine onenine or RPG retire on the web.
Don't procrastinate, motivate to start buildingyour retirement income distribution plan five one eight
five eight zero one nine one nine. David Kopik here WG wise retirement planning

(01:04:46):
specialists join us every Saturday at twelvenoon for our new program Retirement Ready.
Let's get you retirement ready in thenew year, and we are back.

(01:05:23):
Wake up Capitol District, Wake upSan Diego retirement man. It's going to
be up in a way. Isthat a bird, the big bird?
Is that a bird? No,it's Dave kopek Man, sausage man,

(01:05:44):
just talking about there's like if yougo down on Troyce Connect that we're in
the old Capital District physicians self plannedbuilding on Troce Connect that he wrote is
where iHeart radio is. And ifthe Metro diner has this huge I say
huge, it's Billy. If you'sSillo huge huge cooker smoker smoker in the

(01:06:06):
front of the diner and every timeyou go buy it, this thing is
like percolating and the smell and it'sjust, you know, it smells delicious.
I'm not too sure. I saidto Nico, go back your truck
up and we'll you got a hitchon your truck, distract them. I'll
look get up to the truck andaway we'll go. There, he goes,

(01:06:32):
Judge. So we're having a bunch. What do we What is he
here for, Judge? Ah,he sold. He stole the cooker.
He stole the cookery ten pounds ofbriskey. You know it's funny because,
uh, you and I every timewe take a trip to our friends down

(01:06:53):
in Oneana, Lisa and uh Chriswere down there this past week. I
think they took a detour. Buteverybody goes to Brooks Brooks Barbecue. It's
one of our favorite spots. Idon't like it what they're doing because they
don't let you sit inside anymore.If you just want to get a sandwich,
you got to go sit outside inyour car or keep your fingers crossed

(01:07:14):
that it's not being a snowstorm ora rainstorm. You can sit somewhere.
But we did the buffet. Yeahthat's too much lunch. Yeah I was
I wanted you were asleep in thetruck I left. Yeah, it almost
yeah, right. In service distributions, we're going to get back again.
Don't forget our workshop the sixteenth fiveeight five eats zero one nine one nine.

(01:07:36):
If you want to attend, calledJim see if there's any seats available.
Preserve and protect with Lupiro and histeam at the Puro Law firm.
In service distributions, do you go, why do people? Why is it
something that people should do rather thanjust sit on the fence and not do
it your scope of investment options.I think it also allows folks in the

(01:07:58):
red zone, you know, threeto five years out, start designing an
income plan for someone that does wantto do some sort of self funded pension.
You're not a state employee, you'renot gonna have a pension through your
company. Then start looking at thisoption. You do an in service rollover.
Say you got a million bucks inyour four O one K doesn't Yeah,
and you don't have to do allof it either. Yeah. Well,
even if if you did eight hundredor seven hundred thousand dollars, did

(01:08:21):
an in service rollover and then youtook two hundred to that, you could
self fund your own pension with somesort of annuity product. So you create
an income stream of a portion,you get some guarantees like Dave and I
were talking about earlier at five pointone percent for five years. Then you
get some market exposure. Start designingthose buckets of money that we always talk
about. You know, you're gonnawant a cash bucket for when you do

(01:08:45):
retire. You're not gonna have toworry where the market's at at that point.
You know, if we have enoughset aside in cash for ten to
eleven twelve months of distributions, itgives the market a whole year to to
fluctuate, you know, without havingto sell out of any any investments to
get you income. So again settingup the income plan. I think the

(01:09:05):
in service makes a lot of sensefor people over fifty nine and a half,
especially if you plan on leaving theworkforce over the next few years.
And the other thing is too,is because a lot of us, a
lot of us are working longer inour retirement years. Beware of this mistake

(01:09:27):
that some people are making. Ifyou're doing an in service withdrawal from your
four oh one K program to alarge magnitude, like you just said,
a million dollar account, you takeeight hundred thousand dollars, but you will
continue to work past the magical ageof seventy three. You just basically made
a mistake. Why is that becausein service distributions into an IRA, the

(01:09:51):
four oh one K is not subjectto R and D over the age of
seventy three. The IRA is okay, so special rules for some participants if
you're still working exactly exactly that's thekey word there, right, So if
you're going to continue to work.That's one of the biggest mistakes that I
made when I was first in thebusiness is I did a in service distribution

(01:10:15):
for a client of mine who we'vehad for decades. It worked out because
I had a seventy two T distributionwhich we worked on, which is another
way in order to take assets outof a qualified plan before age fifty nine
and a half. But I shouldhave left some additional money inside the four
oh one K for liquidity for bullseye. Yeah, fifty five at that point

(01:10:38):
they could have. Yeah, ifyou're retired, you can access the assets
in a four to oh one Kat fifty five. There's the IRA's fifty
nine and a half. So buyerbeware. Understand these are some of the
topics that we're going to be discussingas far as the factors to consider your
inability. Your inability to control distributionsor your ability to control distributions is critical

(01:11:01):
as you get into your later yearsof life. I'm in the camp that
I want somebody else not not tocontrol my distributions. I want to do
it. So at my age,at age sixty eight, I'm going to
continue to work until either the Lordtakes me or they force me out the
door. Nico and my son retirement. Man's got to go let you.

(01:11:26):
But you know, the thing isis that you want to basically have control
your own destiny. And the thingis is that some decisions that you make,
you're not going to be able tohave that because now you've got money
in an IRA and maybe technically maybethe plan will not allow you to put
the money back into the plan.Some will not. Once some money goes
out the door, it's got tostay in the IRA. Some will.

(01:11:48):
But the thing is is that you'rebetter off to understand that before you make
these decisions. So again we willdiscuss them in more detail on the sixteen
at our workshop with lou Preserve andProtect at the Desmond which is now the
Crown Plaza, and you want togo, call Jim five eight, five

(01:12:09):
one nine. We're gonna take abreak and we'll be right back. Standing
in the ring where this head hung. Couldn't get a ticket. It was

(01:12:30):
a so show. Heard the rollof the crowd. You could ret the
thing. What is that to thewall? All right, but we are
back, sit and listen to themusic. Sticks, right, the Sticks
is coming to the spac with somebodyelse. And Julie and I looked at

(01:12:53):
the tickets. The tickets were astronomical. The four or five hundred bucks apiece?
Are they? Are they coming withCreed? No, Creed's coming.
We're coming to Spack And I can'tremember. It's gonna be a really great
concert. It's two really good.I think it's Styx and I went to
a Stick's Journey concert and I thinkthat's who it might be. There's something

(01:13:13):
like that. I'll have to lookit up. All right. This is
a retirement planning show. Just soyou know, we have multiple locations to
meet you in the Capitol District regionand outside downtown Albany, which Nico was
at this week. Eighty State Street, Oneana Syracuse, Glenn's falls Malta more

(01:13:35):
than happy to sit down and havea chat with you and see if we
can help you facilitate what you're lookingfor during your pre and post retirement years.
We've added some new staff. ChrisMcCarthy's with us now. Glad to
have Chris. Over thirty years inthe financial services business. He's got a
lot of experience and expertise that willhelp us. My son Christopher Nicholas,

(01:13:59):
myself, and then of course leaseour operations. Jim Corkoran, jack of
all trades. Jim does a littlebit of everything for us and he does
a great job with the insurance.And then we've got my wife does the
books, and of course Brenda whodoes a lot of our concierge work and
customer service. So we try toput the pieces of the puzzle together in

(01:14:24):
order to facilitate what you want.We don't try to build a plan that's
not comfortable for you or your family. We are big believers in total wealth
management in your retirement years, notonly as far as the tax planning side,
but also as far as the legalWe are very active with attorneys in
order to put your plan together withwhether your team, or we bring people

(01:14:49):
to the table to help and thatreally, you know, I mean,
that's one of the things that I'mstarting to find right now is that more
and more individuals we met with peoplethis past week had no legal documents in
order. He's not married to her. It has a basic will and just

(01:15:15):
assumes that everything is going to goto her. He has no desire to
get married, and it really isa complicated landscape. He's kind of a
complicated person in a positive way,meaning that he's very dots his size and
crosses teas ten times before he doesanything. And I just said to him,
I said, you know, youknow, really, no one has

(01:15:36):
a crystal ball, and you're nota picture perfect frame as far as health.
You know what I'm talking about.Yeah, yeah, So it's important
to get your estate buttoned up,big, big time, big time.
We got about fifteen seconds before wegot a break for what how long?
Ten seconds? About ten seconds?About ten seconds? Okay, So we'll

(01:15:56):
talk a little bit more why it'simportant to get motivated instead of procrastinating.
This is Dave Kopek Retirement Planning Show. We'll be right back the eighty six
percenters. Do you know that eightysix percent of the population has no defined
benefit pension plan. For most ofus, we have to take our life
savings and create a paycheck for therest of our lives in retirement. What
is your plan for retirement income distribution? How you manage your assets during the

(01:16:18):
most critical years of your lifetime.Nobel Prize winning economist William Sharp has called
retirement income distribution the nastiest, hardestproblem in finance. He points out that
investment, uncertainty and mortality can derailthe most careful laid out retirement income plan.
Call our offices today to start theprocess of building a retirement income distribution

(01:16:39):
plan. After forty one years ofbeing in the financial services business, you
need to start taking action to startbuilding your own personal retirement income distribution plan.
How do you do that? Totake action? Five one eight five
eight zero one nine nine. That'sfive one eight five eight zero one nine
one nine or RPG retire on theweb. Don't procrastinate, motivate, start

(01:17:00):
building your retirement income distribution plan fivefive zero one nine one n David Kopek,
hair w g wi's retirement planning specialistsjoin us every Saturday at twelve noon
for our new program, Retirement Ready. Let's get you retirement ready in the
new year. Yeah, bust,What is satisfy? What is not?

(01:17:38):
A last flight is love song?So all right, good morning. Yeah,

(01:18:01):
it's Saturday. It's a retirement planningshow. I'm Dave Kopek here with
Nicholas Dumas. We're talking about someof the things that you need to consider
pre and post retirement planning. Especiallyso much of the wealth in today's world
in very complicated assets, which wecall qualified plans, trillions of dollars.

(01:18:29):
So you need to understand what you'vecreated, what your opportunities are, how
to reposition these assets, especially ifit's important for you to transfer wealth to
the next generation. There's a lotof strategies and ways to do that in
order to transfer wealth tax efficiently,and we'll discuss that in detail also at
our workshop with the Pure Law Firmon Tuesday the sixteenth at the Desmond which

(01:18:55):
is now Crown Plaza. And againif you'd like to a ten, it's
five, eight, five eight tozero, one nine, one nine.
Asked to speak to Jim Corkman hitnumber five. He will be more than
happy to facilitate what you're looking forI just hit my mic. I apologize,
but you know, we live ina world today, folks where there's
an abundance of information. Sometimes Ithink it's overload, and you know,

(01:19:21):
one of the things that we tryto do is to minimize tax liability penalties.
Make sure you understand some of thedecisions that you're making. One of
the things that I want to overemphasizethat if you are doing in service distributions
and you want to continue to workpast the age of R and D,
don't do it. Don't do it, or if you're going to do it,

(01:19:43):
do a small amount because that moneyis going to be forced to be
liquidated because of RMD required minimum distributions. And as I said, we'll talk
a little bit about that at thepresentation. The presentation just gives you a
flavor, a little bit about whowe are, what we are, how
we do our job. And youknow, a lot of times when you
make decisions, whether it's your socialsecurity selection, pension selection, you know,

(01:20:09):
the types of investments that you mightbe investing in, especially if it's
an annuity product through an employer,you know, like National Grid. When
you take your cash balance account andyou turn that into an income stream.
That's it versus out of the barn. You can't go back. That's why
we are advocates of selecting your ownpension and have control over those assets and

(01:20:30):
the legacy the transfer of wealth tochildren and loved ones. I think it's
critical. It's critical that you understandthese decisions. And we'd rather have people
be over educated and over informed thanunder educated and not understand. Ultimately,
the sauce that they've created, you'llbuild ourselves. They wanted me to make

(01:20:54):
the sauce, but they wouldn't letme gwin and buy the ingredients. And
that's exactly how I feel in thefinancial services industry. I've got great people
working for me, very intelligent,strong willed. You know, we work
in an environment where we all havethe ability to say what's on our mind
and what we think is right forour clients, and it's not. This

(01:21:16):
is the way it's going to be, and this is the highway. And
you take A and you put itinto a bucket. You take B and
put it into B bucket, becausethat, to me is just a recipe
for disaster. This is the way. Is that the Mandalorian? But no,
you need to know what you're doing. You need to be informed.
You need to be educated, youknow, just like Dave said, can't
make a decision without knowing what you'redoing. You need to know what you

(01:21:40):
own, what you own in yourfour to one k's, your deferred comp
plans, your four or three b's. You know, every investment has an
objective. These different mutual funds outthere are designed for different purposes. You
know, for people who are lookingto take income. You've got your fixed
income funds, You've got Treasury billsat good rates right now. I's t
how you're guaranteed contracts at five fivepoint one for five years. You know,

(01:22:04):
you need to take a deeper diveinto your retirement plan. Make sure
if you let that pension, youknow what you're doing it, you know
why you're doing it. Legacy's gone, you know, if you do your
annuity option on the pension, it'sonly good for you potentially your spouse as
well if you do some sort ofsurvivorship option, But then there's no value,

(01:22:26):
there's no account value associated with thepension at that point to be transferred
in case legacy is important to you. So that's a major conversation we have
with people, you know, doyou want to leave your kids in inheritance?
Do you want to spend down yourassets? You know you give them
enough during your lifetime? And uh, do you want to enjoy yourself now?
So it's a crucial decision. Youknow where you're gonna where you're gonna
live when you're retired. Are yougoing south? Absolutely? Are you heading

(01:22:48):
west? Zip code? What's yourgonna what's your zip code? Gonna be
critical? What's your what's your planfor property? Are you gonna hold your
your real estate in New York?You're gonna sell it? Uh? With
sure state plan? I mean that'sthe CFP designation. I mean that course
goes through seven different modules on sevendifferent pieces of planning. It's not just

(01:23:09):
investment. We're not just money guys. We're here for the total plan,
and you need to make sure youaccount for everything that might put a hole
in your ship. How much howmuch time? How much time? I
know what you're gonna ask? Howmuch time is spent on safety and guarantees

(01:23:29):
and insurance with the CFP program?Oh, I didn't know what you're gonna
ask? What do you think Iwas gonna ask? How much time is
discussion payroll is not gonna make itthrough the bank of money. Don't cast
you check what did you say?Insurance? That's the whole module is insurance.

(01:23:53):
So well, that's why I'm alwaysamazed when I hear these people that
are supposedly certify financial planners and theytalk about it in a negative way.
And I know, I know fora fact because with my designation through the
College of Financial Planning, insurance playsa critical role, a critical role not
only in your accumulation years, butalso your protection years. So when you
hear people say, you know,don't even consider buying an annuity or you

(01:24:16):
know, buying life insurance because theonly reason why they're recommending it is because
they get a big fat commission.You and I both know that's a big
lie because of all the paperwork thatwe have to fill out today in order
to justify why we're recommending that typeof solution for a client that's kind of
fit. You know, we spenda lot of time of it, a

(01:24:36):
lot of time on it in theCFP. You know, it's not just
life insurance either, homeowners umbrella policies. You know, there's a lot of
different insurance out there that you shouldor you could get involved with We spend
a lot of time on my PPCdesignation, the professional Planning assault and for

(01:24:57):
small business owners and setting up forone k's or simple IRA accounts. And
I actually just spoke with a clientlast week about structure in an LLC it
a limited liability company for maybe doingsome consulting work on the side and limiting
his liability because he's in the healthsector. You and a K one person
for O one ky. We're notgoing to do a retirement plan. This

(01:25:18):
is just strictly for you know,liability coverage and tax purposes. So but
no, we kind of I mean, we have clients of all different shapes
and sizes. I guess you couldsay, so we're here to we have
no account minimums. You hear somepeople come in and say, you know,
this company, there's a two hundredand fifty thousand dollars account minimum,

(01:25:41):
or else they won't work with me. Our smallest account might be one hundred
and fifty dollars. I think itis one hundred and fifty dollars is in
it largest account could be millions,multiple millions of dollars. So again,
we work with everybody. We're hereto help you. We're not here to
to grease our wheel. You know. Dave always says, always do the

(01:26:01):
right thing adt RT, and that'skind of the model we live by in
the retirement planning group. Well,you know, the thing is is that
there's I'm always flabbergasted by the amountof data, information that we have to
decipher and go through in order tofacilitate what needs to get done. It's
impossible. When I hear people saywe're experts, I don't think there's anybody

(01:26:24):
that's an expert in the financial servicesindustry. You might have a specialization,
but I don't think anybody is anexpert because it's too complicated and there's too
many potholes and there's too many roadsthat will veer off in order to have
you know, problems with with aproper plan. But I do one no
one thing is that with our platform, with Fidelity and our strategic partners,

(01:26:45):
Fidelity brings a lot to the table, not only as far as the investment
management, but also as far astheir support and their back office and then
of course the strategic partners that wework with to facilitate what clients are looking
for. You know, I knowsometimes people are kind of scratching their head
when we have our first meeting andwe spend probably the first ten to fifteen
or twenty minutes not even talking aboutinvestments, but your overall you know,

(01:27:09):
how you have your state structured rightnow? Do you have a will?
Do you have a power of attorney? Do you have a health care proxy?
Have you ever talked about doing atrust? Have you ever talked about
long term care insurance? If that'ssomething that you would like to, you
know, put some money in inorder to have some protection what we call
a bumper, some kind of abumper on your overall estate. And it's

(01:27:29):
complicated, It is complicated, andit's much more complicated than I think people
give credence to. You know.Yeah, I think especially in the long
term care field. You know,I think you have a very specific niche.
I guess you could say you're goodwith that stuff. You know,
you're good with the estate planning sideof it, long term care planning.

(01:27:51):
You know your ins and outs whenit comes to what options there are if
you're going to go into a longterm care facility or if you want some
sort of protection. I think traditionallong term care policies are almost dead at
this point. It's mostly hybrid policiesin the in the long term care space.
So again hybrid meeting. There's adeath benefit, and you can access

(01:28:12):
to the death benefit for long termcare coverage through some sort of accelerated death
benefit. So I think those aremajor players in the long term care field
right now. The traditional policies Ivery rarely see anymore unless you bought them
twenty five years ago. And nowyour insurance premiums are getting jacked up,
so you need to know what you'regetting involved in. I mean, that

(01:28:34):
was a huge disservice to the insuranceindustry with those scientists that predicted the wrong
premiums. You know, well,you know, the thing is is that
one of the things, you know, it was the perfect storm. You
had a new product through the NewYork State Partnership program that came out,

(01:28:54):
there was no history, no experienceon the product, had people that were
purchasing these policies that held them foryears, that were starting to use the
benefit, and they underestimated the amountof people that were going to buy the
policies and to the extent, whatthe cost of coverage was going to be.
And then you had interest rates atzero for how long zero won two

(01:29:17):
percent and the anterest rates because certaininsurance companies are mandated that they can only
do fixed income bonds in the portfolio, so that certain percentage in the separate
account. But yeah, but yeah, I mean now you're starting to see
these long term care companies offer payoutstry to get these people off their books.

(01:29:38):
You know, they're offering them whatten one thousand dollars plus the non
forfeiture option, whatever was allocated inpremium. So if they paid forty some
thousand dollars, will give them acheck for ten and then they'll give them
forty thousand dollars a protection in thepolicy the premiums that were paid in.
You know, some people are saying, the hell with it. You know,
I'm just not going to do itanymore. I just, you know,

(01:29:59):
I can't afford this anymore. I'mgoing to take the money. I
don't know if that's a good choiceor not. That's a choice that you
have to make. It's you know, it's a family decision. It's not
ours. But I know one thingfor sure, as someone that lived in
a home where my wife was acaregiver for six and a half years.
You know, it's very stressful.It causes a lot of internal stress and

(01:30:24):
anxiety, not only as far asher family, but also it did with
us and our children. There's alot of times that I would get aggravated
because you know, we had youngkids and Julie was going out the door
to take care of mom and dad, and you know, but that was
life. She wouldn't have had itany other way. And when I think
back on it now, I wouldn'thave had it any other way too,

(01:30:45):
because her mom and dad needed her, her care, her love, and
her assistance. And these are lifechanging events. There were life changing events.
I mean, I can't remember whocame and somebody just came in.
They're taking care of their mom.The husband, I know it was.
I know exactly who it was.I can remember now. He's down in

(01:31:06):
Florida. I know as soon asthey say this, he's down in Florida.
He does a lot of fish andhe goes down. She stays home
up here to take care of hermom. Our mom's in her nineties and
she just feels like it's her responsibilityto take care of her mother. She
doesn't want anybody else to do it. And he's trying to live his life
in retirement. Right. It's tough. You could see the stress that it

(01:31:28):
puts on families. But you know, this is the reality of what life
has given us with pills and bypasssurgery and technology where you're going to live
a lot longer than you ever anticipateit, and with that becomes things that
will complicate your life a little bitin your family expenses. You know.
That's why it's hard to kind ofit's kind of hard to make the decision

(01:31:53):
to cancel some of these policies andtake that ten thousand dollars in the company's
offer, And especially if you havesome sort of partnership policy. Those those
are the cats me out. Iguess you could say, yeah, I'm
turning to you with these things,the cats me out. But once the
policy is but the New York statepartnership policies, if you use that long

(01:32:15):
term care benefit and you exhaust thebenefit, you've got full asset protection at
that point. So then you goon to Medicaid and those those partnership policies
are very hard to replicate. Yeah, they're very difficult to the partnership NICO
is still in existence. In NewYork State. We've had Bob the Indian.
The problem is is that nobody issuesa policy under it anymore. I

(01:32:39):
think that will change eventually. Ithink somebody will come out with something that
will be underneath that umbrella, asfar as maybe not total asset protection,
but dollar for dollar, which theyoffered previously. So the thing is is
that you know, no one wantsto talk about getting sick or ill or
but the reality is is that there'sa lot of nursing homes out there,

(01:33:00):
and there anywhere from fifteen to twentythousand dollars a month. So look at
your spouse to say, how arewe going to afford that? How are
we going to afford that? We'llbe right back after this quick message the
eighty six percenters. Do you knowthat eighty six percent of the population has
no defined benefit pension plan. Formost of us, we have to take
our life savings and create a paycheckfor the rest of our lives in retirement.

(01:33:23):
What is your plan for retirement incomedistribution? How you manage your assets
during the most critical years of yourlifetime. Nobel Prize winning economist William Sharp
has called retirement income distribution the nastiest, hardest problem in finance. He points
out that investment uncertainty and mortality canderail the most careful laid out retirement income

(01:33:44):
plan. Call our offices today tostart the process of building a retirement income
distribution plan. After forty one yearsof being in the financial services business,
you need to start taking action tostart building your own personal retirement income distribution
plan. How do you do that? To take action? Five one eight,
five eight zero one nine nine.That's five one eight, five eight
zero one nine one nine or RPGretire on the web. Don't procrastinate,

(01:34:10):
motivate to start building your retirement incomedistribution plan five one eight, five eight
zero one nine one nine. DavidKopek, hair WGY's retirement planning specialists.
Join us every Saturday at twelve noonfor our new program, Retirement Ready.
Let's get you retirement ready in thenew year. Happy Masters Saturday. Everybody

(01:34:56):
that's right. Tiger made cut AnswersWeekend. Tiger made the cut at plus
one one twenty fourth, twenty four. I think it was. It was
in the Sports Today, twenty fourthyear in a row. It's broke the
record. Yeah, he's only missedthe cut one time as an amateur,
but as a pro. I don'tthink he's ever missed a cut. So
plus one and Bryson, can youimagine if you want? That would be

(01:35:16):
incredible. He's just one in twentynineteen. But yeah, you got what's
the what's the what's the leader board? Minus six? There's three, so
he's only seven strokes off and he'sgot two days today and tomorrow. Have
you been watching it all? Alittle bit? Pieces of it? I
like watching the Masters. My problemis is that I every time I watch
those guys play golf, I getextremely depressed. Now for you, you're

(01:35:40):
like a scratch golfer. People don'trealize that, but you're a phenomenal golfer.
So you what you scratch my head? I'm not a scratch you got
it? What are you like?Plus one? Plus two? No?
Not on eighteen? Maybe six seven? Yeah? Well still still that's your
phenomenal golfer compared to most people.But bottom line gets down to is that

(01:36:01):
when I golf, I mean it'slike, you know, let's roll the
dice and figure out which direction theball is going to go, right,
left, straight behind me. I'mthe only guy that golf has got You
know, people that walk around mehave cages over there. I don't.
I don't think you don't have thepatience. No, you get up there
and just sack it. Yeah,I don't have the patience for it.

(01:36:21):
And the thing is I don't havefour or five hours either. Some people
can play eighteen holes of golf andthey've got four or five hours. Like
Corkoran, I can't do it.There's just there's no way that I can
carve off. I mean, I'drather be on the boat. Corkan is
one of those guys. He fluffsup his ball in the rough. Oh
yeah, the kicks it over two. You know what best wood is?

(01:36:44):
Pencil? Now, Jim's no,Jimmy is a cheater. We know golf
though a cheater. He's probably listeningto this. He's probably steam's blowing out
of his there's our league startup May. Yeah, it's a couple of weeks.
It's kind of first like the firstweek in May. We have a

(01:37:06):
lot of our clients and friends andstrategic partners that play in our golf league.
We're full, We're full. Thisyear. We've got I think he
had to turn away a couple ofpeople really, Yeah, and he told
me that the other day when Iwas in the office chat we went over
everything. So, but don't forget. We also have a golf outing every

(01:37:27):
year folks for the American Cancer Society. We have that in September. We
always have great participation. This yearwe're also doing another event in conjunction with
that or another organization that does alot of work for children with autism.
We'll incorporate them into the So Idon't know the name of them, and
I apologize. Our client of oursis very involved in it. We told

(01:37:51):
him that we would participate this year. But you know, I'm at the
age where I enjoy giving and seeingpeople have smiles, as I said.
Said Colton, my cousin's grandson,battled cancer last year he was four years
old. He's now five, losta rib, lost a lung, went
through chemo radiation, and he's healthyand he's cancer free. That's why we've

(01:38:15):
asked for prayers for Colton, Andnow we're asking prayers for our good friend
Kelly, because Kelly's really having ahell of a time. She went through
surgery yesterday and we try to getdown there and see her today with my
wife. She's the just a wonderfulperson. Though I won't mention her last
name because you recognized the name.The family is very prevalent here in the

(01:38:36):
Capital District region. But Kelly needssome prayers. I know that Ruth came
in yesterday and said that she's prayingfor Kelly, and God bless Ruth and
everybody else. Thank you because sheneeds it. She needs it. So
the thing is is that we loveto play golf, we love to have
fun, and we love to takecare of our clients. We do have
a got a membership up at McGregoryep as well yep. So on Fridays

(01:39:00):
we'll go up there with some clientstoo. So you guys go, I
don't go, come on fill myfridays up people calling in talk to Jimmy.
You guys. You guys played quitea bit of golf there last year,
didn't you. We did. Wewent up there quite a bit.
It was good. It's a greatcourse up there too. Please it's pretty
difficult on some holes. Johnny shouldbe back from Arizona pretty soon, our

(01:39:27):
friend inside the golf pro shop,so we should be able to John gives
us some helpful hints occasionally, asfar as when we can sneak in and
play eighteen holes of golf when theopenings are available. But again to highlight
a couple of things. If youare thinking about going into retirement, you're
in your fifties, sooner is alwaysbetter than later. Get motivated, don't

(01:39:51):
sit on the sidelines. Find outwhat your options are, especially if you
have to create a pension benefit.You know, we have clients. Our
oldest client is one hundred and two. We have clients in their nineties and
eighties, so you know there's ayou're gonna have a long retirement. That
is the case. You want tomake sure you have baseline income, and

(01:40:12):
we're going to discuss that when we'regoing to talk about it at the present
TA Roll sixteenth next Tuesday. ThisTuesday is coming Tuesday, so it's at
the Desmond Hotel. It's going tobe Dave and Lou up there talking about
protection income playing Sweet Lou so wecall him Lou Penello. Remember they used

(01:40:34):
to call him Sweet Lou Lou Panellafrom the Yankees, Remember Sweet Lou.
I do not you like Yankees?I'm a Diamondbacks fan, all right?
I am? All right? Wow? Were they always the Diamondbacks or they
were a team that was somewhere elseand then went to Arizona. Not that
much of a Diamondbacks fan, ButI have no idea that I'm not a

(01:40:55):
big baseball follower. But I madea what is it? No, me
and my friend. I told himthat he would be a Jayhawks fan.
I'll be a Diamondbacks fan. Yeah, I'm a big Kansas Jayhawks guy.
College basketball you are, Yeah.Yeah, it's amazing that Kentucky couldn't fill
that job. They just got theirguy. He's a graduate of Kentucky,

(01:41:16):
played basketball at Kentucky. Well,it's pretty unusual when you have a top
notch program like that where people say, you know, I'm not interested in
coaching there. Yeah. Yeah,they had like three or four guys that
basically cal Perry's gone. He's goingHe's at Arkansas. Wow, he's at
Arkansas. Yeah. Yeah, Sokind of let's highlight here a little bit,
Nico, because we've only got acouple of minutes before we're gonna have

(01:41:38):
to say goodbye. Well, ifyou want to come to the Desmond again,
that's on Tuesday. Spots are fillingup. To make sure you call
Jimmy Corker and at five one eight, five eight zero one nine one nine
extension five if you want to geton the list, and uh, hopefully
he can get you on there beforethe before the seminar on Tuesday. So
yeah, we spoke a lot.You know, we spoke about the markets

(01:41:59):
this morning, bright and early.If you miss that, you know,
the market didn't perform too well thispast week. The CPI came out.
Inflation is still prevalent. You know, Jerome Powell was talking about rate decreases
in September now, so kind ofpushing out decreases on rates. There's some
people that think we won't even geta decrease this year. Some will Wall
Street, you'd have you got tolook at the future contracts. But some

(01:42:23):
of our anticipating that you're not goingto be able to see it, you
know, maybe the later part ofthe year. You know, three and
a half was not expected. Youknow. The thing is is that if
you're purchasing, it's decreased every month, even more so than it was decreased
last year. It doesn't take toolong before the household budget crumbles. What

(01:42:44):
a large portion of that CPI wasin rent and gas. Yeah, so
two major expenses for people out thereright now, and I don't know what
you're paying. You know, rightnow, it's such a hodgepodge. Right
now. You go somewhere, it'sthree twenty, go somewhere else it's three
fifty nine. I don't know howthe hell there can be like a thirty
cent difference between Joe Blow and MissusApple that are selling you know, different

(01:43:06):
gasoline. You know what I mean, I do. That's why you've got
diesel in that in your pickup.No your gas, Nope, I've put
low grade, cheap, cheap,cheap o de luxe so's it's a kerosene.
Throws some carol in there. SometimesI just dump a water bottle in
there, some olive oil. Alright, If you want to come in for

(01:43:30):
a complimentary consultation, we welcome thatopportunity. We're located in a lot of
locations throughout the Capitol District, Oneana, Syracuse, Aubny, Glen Swalls,
and of course Malta. Give usa call at five eight five zero nine.
I'd be more than happy to sitdown with you and have a chat.
Hopefully we can facilitate what you're lookingfor. We are working pretty hard

(01:43:55):
as far as to facilitate a goodpresentation on Tuesday. Gonna work a little
bit on that this morning. I'mgonna tweak it. Some of the things
I thought about were not included inthe power point. I promised the team
that I would have that done byMonday morning at the latest, and I
got a hold to that. SoI'm gonna have to ask my bride,
my beautiful Julie, in order tohelp me out with the PowerPoint because I

(01:44:18):
have absolutely no idea how to doit. You're gonna have to get your
hair done on Monday, hair done, get my teeth whitened, and you
know, get my cape retirement manup up, been away. It's a
sausage if you said, it's asausage in the smoker, the smoker.

(01:44:42):
All right, We'll be back nextweek, folks. God bless you all.
Say a prayer for Kelly. Godbless and we'll see you next week
for another retirement planning show. Thankyou for listening to the Retirement Planning Show
hosted by Dave Kopek, w gWise retirement planning specialist. If you I
don't like the topic, DAMEE orsomeone at the Retirement Planning Group called five
one eight, five eight zero onenine one nine. That's five one eight,

(01:45:08):
five eight zero one nine one nineduring business hours, or visit RPG
retire dot com. The Retirement PlanningGroup has five convenient offices located in Albany,
Maltsa, Glens Falls, Syracuse,and Oneana. Tune in again next
week for retirement planning strategies with DaveKopek right here on wg wi's Retirement Planning Show