Retirement Planning Show

May 4th, 2024

Episode Transcript

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

(00:24):
WGY's retirement planning specialist, Get downtonight, let's move it and groove it.

(01:30):
Saturday seven and nine, The DancingShow. This is my voice,
and I think I have allergies.I really do, because eyes puff up,
my throat gets a little deeper.Got up this morning. I was

(01:53):
hacking a coff in a little bit, and I spent the afternoon yesterday out
on my tractor doing circles around theyard, mow and mow and mowing for
about five hours. I actually enjoyit, Zach, you enjoy it?

(02:13):
No, I don't have a tractor, But can I take a ride on
your big green tractor? Yeah?I get your hat to brother, get
you one of them ten gallon cowboyhats. Hey, I'm for it.
If that's what the ride takes I'lldo it. Yeah, all dog,
old dog there he is. Well, good morning everybody. At the week

(02:38):
off. Last week, spent sometime with my bride down in Florida for
a couple of days after work,meeting some clients. And I'm going to
spend some time in Florida from hereon out, not retiring. But I
cannot handle the cold anymore. Iwalked into to a friend of mine,

(03:00):
clients of mine. I walked intotheir brand new home and I opened the
doors and there's this beautiful pool inthe lake and it's sunny. And I
said to Tom and Julie, thisis gorgeous. And I pulled out of
there and I said, I'm notgoing to do winter upstate. I gotta

(03:21):
have some I gotta have some ofthat. So we're peeking around seeing what
we can find. The great thingabout our business today is that you can
be on the moon as long asyou have an internet connection between zoom and
technology and computers and all that happystuff. So what do you think the

(03:45):
next chances would be if they hadrandall healthy. I'm really try not to
think about it because I want tolive in and now and I'm just enjoying
it. Yeah, you think they'regood enough to do it without them.
I think they're good enough to punishthe Celtics. I don't think they can
overcome the Celtics. The Celtics area beast. What about the center there,

(04:06):
Bazingis or however you pronounce his name. Is he okay? Because they
were worried about his leg that's gonnabe the main component. Is he going
to be healthy because they need thatthird score? Well, I'll tell you
this much. He's made a hugedifference in that team. You know,
I played high school, college,coached basketball, love basketball. He is

(04:27):
the difference in that team this year. In my opinion, absolutely, he's
everything. Marcus Smart thought he wassee you and I should do a sports
show. I'll play stupid, butI'm really smart when it comes to sports.
You're too smart for your own good. But the bottom I gets down
to is that I can tell youone thing for sure, One thing for

(04:47):
sure. My Yankees said, yes, this is the year the way they
started. What the hell's going onnow? They can't? You know,
you can't win game scoring two runsthey did last night? I don't know,
but I'll tell you what they gotto get the firepower going. They

(05:09):
gotta get the firepower going. ButI'm Dave Kopak. This is a retirement
planning Show'll be a little bit serioushere now. Got a lot of stuff
to cover today, a lot.We've sent the house on fire with Frank
Lang when we were talking about IRAprotection in New York State, and I'm
gonna get into that in much moredetail today because you need to understand that,

(05:31):
because if you don't understand it,you're gonna get caught with your pants
down and it's not going to bea fun ride. Times are a changing.
When you hear the iras protected froma medicaid spend down as long as
you're in periodic payments. That isnot the case. That is not the

(05:58):
case. So we're going to talkabout that in detail. You got any
questions or comments, you can callme. I don't bite. It's one
eight hundred talk WGY one eight hundredeighty two, five fifty nine forty nine.
We're here until nine. Dryela isgoing to come in at eight.
Nicholas and Christopher a well deserved break. They were here last week. Busy,

(06:24):
busy, busy. We are extremelybusy. But busy's good busy's good.
Now, I want to tell youa real quick story before I get
into the content of the show,because I think this is important. I
was thinking about this when I wasdriving down. I had this lovely woman
that came in to the office twodays ago and we had a chat,

(06:50):
and she was kind of shy,not stand offish, but you know,
I think she was concerned about whatshe was going to discuss with me.
And she goes, I specifically askedfor you, because you say on the
radio show, I don't care ifyou got one dollar or one million dollars,

(07:14):
We're going to be able to helpyou out. Well, it just
happens to be that this woman whoreally didn't have a lot for her age
about thirty some thousand dollars of assets. She's a single mom, educated her
daughter, sent her daughter through college, and then when her daughter got finished
with college, she goes, I'vealways wanted to be in college myself and

(07:39):
get my degree. Went to schoolat nights for ten years, ten years,
got her degree in accounting, workedhard, worked her way up through
a business, and now she isthe chief financial officer of a business here
in the Capitol District region. Unbelievablesuccess story. But she was embarrassed that

(08:05):
she had so little amount of money. But she had worked previously for a
company that had a pension benefit.And I said to her, I mean,
this woman is in her sixties.I said to her, how much
longer do you want to work?She goes, I'm like you, as
long as I'm healthy and as longas I've got my brain, I want
to work for at least another tenor fifteen years. So I said,

(08:28):
that's going to put you around eighty. She goes, yep, And I
said, good, that's my gameplan too, unless something happens to me
and I physically or my wife says, you're not working anymore because you're goofy
in the head. Because if you'regoofy in the head, you probably don't
know you're goofy in the head.So as the discussion continued, after we

(08:54):
figured out where she was financially,and you know, she's got some credit
card debt, which I call thecancer in the financial services industry. There's
two things that I hate in thisworld, cancer and credit cards. Because
of the same thing there are cancer. Right, don't ever get yourself in

(09:18):
a position. So I said toher. I said, the first thing
we're gonna do with your plan iswe're getting rid of the cancer. What
do you mean we're getting rid ofthe credit cards because you're paying almost thirty
percent on those damn things. Shegoes, well, I've been working on
it. I said, we're reallygoing to work on it. We're gonna
do with Dave Ramsey on them.We're gonna go greens and beans. We're

(09:39):
gonna get real aggressive, and we'regonna pay off that debt. We're gonna
show you different ways. And Ihad Nico sit down with her Nicholas in
order for her to build out aplan to get rid of the credit card
debt over the next six to twelvemonths. And after we figured it out
right now in today's dollars, whenshe retires as she wants to retire,
she's gonna I have about sixty thousanddollars a year between her Social Security and

(10:01):
her pension benefit and what we cangenerate hopefully in retirement income for or offer
her investments. So she feels prettygood. She's a little bounce in her
step when she left, and that'sgreat. So I'll say this again,
and I meet it from the bottomof my heart. When I started doing
radio years ago, I promised myselfone thing, Okay, that was,

(10:24):
I don't care how much money youhave. I don't care what it is,
whether it's ten thousand dollars or tenmillion dollars. You will be treated
exactly the same when you walk inthe door at the retirement planning group,
exactly the same. And I met, you know, my mind is just

(10:46):
a blur. Today I met statetroopers. I met. I can go
through the whole waundry list of allthe people that I've met this week that
have listened to the show that arejust absolutely fantastic, wonderful people. And
not everybody has the same success.Not everybody has the same success, right,

(11:07):
Some people are very fortunate that theyhave great pension benefits, social securitys.
You know, go through the wholelaundry list. Other people don't like
me. You know, I don'thave a pension benefit, but I'm going
to have to create a pension benefitfor Julie and I. Julie has a
small pension or will have a smallpension from the school district. By the

(11:28):
times, your receives will probably beenough to pay for the groceries for one
week the way that we're going withinflation. I just filled up my truck,
Zach, one hundred dollars bill,one hundred dollars bill ninety seven dollars
to fill that damn thing up.I have a super when it costs us
over forty dollars to fill up.Crazy. We're living on the greatest planet.

(11:52):
We have the largest reserves in theworld underneath our feet, and we're
paying almost four bucks a gallon forgas right now over for if you get
the high time, so to highlight, I don't care how much money you
have. If you need help,you just call us. We will do
everything within our power. Now,you know, some things I can't make

(12:15):
money appear miraculously, but there arethings that we can do. Make it
a little bit more disciplined. Putyou in a position where you know,
you understand the opportunities that are availableto you, and then it's up to
you to motivate. And I'll talka little bit about that today too,
because boy, people like to procrastinate. People love to procrastinate. You know,

(12:39):
let me think about it. I'llget back to you. Give me
all the stuff. I'm going totake it home. You know, we're
not we're not too sure if we'regoing to do this or not. All
right, stay home, procrastinate,fine by me, We'll be right back.
The eighty six percenter is do youknow that eighty six percent of the
population has no defined benefit pension plan. For most of us, we have

(13:03):
to take our life savings and createa paycheck for the rest of our lives
in retirement. What is your planfor retirement income distribution? How you manage
your assets during the most critical yearsof your lifetime. Nobel Prize winning economist
William Sharp has called retirement income distributionthe nastiest, hardest problem in finance.
He points out that investment, uncertainty, and mortality can derail the most careful

(13:26):
laid out retirement income plan. Callour offices today to start the process of
building your retirement income distribution plan.After forty one years of being in the
financial services business, you need tostart taking action to start building your own
personal retirement income distribution plan. Howdo you do that? To take action?
Five one eight five eight zero onenine one nine. That's five one
eight, five eight zero one nineone nine or RPG retire on the web.

(13:50):
Don't procrastinate, motivate to start buildingyour retirement income distribution plan five one
eight five eight zero one nine onenine. We run out of money in
retirement? Will your investments provide incomefor possibly decades? How do you navigate
the two greatest risk in retirement sequenceof returns in longevity? At the Retirement
Planning Group, our Bucket of Moneyapproach addresses these concerns and we offer a

(14:13):
complimentary consultation to discuss this with you. Call our office today for a free
complimentary consultation to develop your own personalretirement income distribution plan at five eight five
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(15:26):
Ay. I like it, Oh, I like it. Yeah.
Good morning, good morning, goodmorning, good morning. I'm just thinking
during while I was dancing here inthe studio, I was just thinking Rick

(15:46):
Carlisle, the coach of the IndianaPacers. You know he's from Utica.
You know that, right, Okay. Also the dog, my top dog,
Frankie d Frankie Dyer was inducted intothe basketball Hall of Fame the local
Capital District. And when he wasinducted, Carlisle, I believe was inducted

(16:11):
too. I know he was thereat the dinner, and I had the
opportunity to meet with him. Nicestguy on earth, great guy. So
whoever comes out of that, justrealize that we have a Capitol District guy,
New York over everything. Sorry,there's no most proud in the Capitol.

(16:36):
There's no love. All right,whatever it is, what it is,
all right. I saw my bigbuddy Matt the other day. Matt
plays golf with us. He lookslike King Kong. He's got a hand
on him like it's like a like, you know, a baseball glove.
That's what his hand looks like.Like you're just looking at him. You're

(16:59):
looking up at him like, pleasedon't hurt me, Please, don't hurt
me. Mad. So I knowhe listens every week. It's a good
seeing your brother saw him at theUgly Rooster. I was picking up a
lunch for my son. So thismorning, I want to get into some
detail and I want you to listen, okay, because it is very important

(17:26):
if you have large amounts of moneyin IRA accounts, which a lot of
us do. Good friend of mine, he came in with his wife.
They became clients this past week.Ninety percent of their net worth is an
I raise right now. It's awhole heck of a lot of money,

(17:48):
and we're talking about what are yougoing to do as you get older?
Because this money has a destination,and it's called State and Federal income tax
right required beginning date RBD is atseventy three, will be seventy five.
But our MD required minimum distributions rightis a divisor and they use a table

(18:17):
called the Uniform Lifetime table. Thattable basically says, get it out,
get the money out, right.You've had all this growth over a period
of time. Now we want ourtax dollars. But Natalie Choke, who's
an attorney specializes in the elder lawstate planning shape. She I think she's

(18:40):
retired though, now calls the mortgageon your IRA, which I love that.
I love stealing stuff like red zonemortgage on your IRA. I'm good
at stealing stuff. So that mortgagethat you have on your IRA, right
is the tax. And the taxyou know, our friends in Washington,

(19:02):
you know, depending on what happenswith the election, but the current administration
wants to increase taxes more. Theywant more tax dollars so they can blow
it, so they can spend it. Foolishly down there. Here's my other
question, off topic a little bit. All this money that is being paid

(19:22):
as far as college education loans thatpeople don't have to pay back anymore,
how about the people that did theright thing? How about my wife and
I that worked hard, saved putmoney aside for our kids college education.
Do we get a rebate? Isthat coming in the mail? A rebate
for Julie and David Kopek because weworked eighty ninety one hundred houred weeks when

(19:47):
we were young and trying to makea living and setting money aside so our
kids could have a better life thanus. How do we get compensated for
this that we did the right thingand we saved. Do we get an
adjustment? Is there some kind ofa credit coming for us? Should be
right? What's the parameters for peoplethat get their college loans taken care of?

(20:15):
Is there is there any irritating solarge iras We already know that we
have a certain amount of money that'sgoing to have to come out trillions and
qualified assets over forty trillion dollars rightnow is in qualified assets trillion with a

(20:37):
t forty trillion dollars and the governmentis hony in on it stretch. IRA
is no longer here ten year,it's got to all come out nonspouse beneficiary.
They want to make it five.So if that is the case,
and I've got all this money inIRA assets, and I'm going to my

(21:00):
local attorney and I'm saying, hmmm, Bolly, I don't want the government
to get this because you know,if I go into a nursing home,
you know that IRA. That's importantfor my kids, it's important for my
wife. Got to have that money. Got to have that money. Oh,
if you put it into payout mode, periodic payments, and as long

(21:26):
as you do that, the IRAis protected. Wrong. Not the case
anymore. Okay, not the caseanymore. Okay. Counties locally here are
going after IRA accounts aggressively. Iknow that because I have clients that their

(21:49):
accounts are being spent down dramatically becausethe county wants their money. And oh,
by the way, their IRA accountsthey're not non qualified accounts, they're
not a money market account. IRAaccounts are being spent down aggressively in order
to satisfy the bill from the county. Okay. So I talked to an

(22:15):
attorney recently, and my question tohis firm was, why do you say,
as long as you put it intoperiodic payments status, the IRA is
protected from a Medicaid spend down.Well, I'm just waiting for the opportunity

(22:36):
to challenge it. But but whatyou're saying is not true is well they're
you know, it depends how longthey're going to live. But that's not
what you're saying. What you're sayingis as long as you put the IRA
into payout status periodic payments, theywon't go after the asset. Well,

(23:00):
we just haven't challenged it yet.Well that's a three pinocchio. That's not
a one pinocchio. That's a threepinocchio. So we've had situations even within
individuals, like I talked about withFrank Lang the other day. What did
the people do? I told you, I update you. They cashed out

(23:22):
the IRA. IRA is gone wellover six figures. The IRA is g
O N E. Gone. Andthis was after the exhausted the benefits of
the New York State Partnership policy.So what do you do? What are

(23:45):
the options for long term care planningin this crazy mixed up world that we
live in today, where we've gotPinocchio's and we've got people that are sitting
there with these large irays. Oh, the IRA is protected. It isn't.
No, it isn't no no,no, no no. You go
to Florida. Is Florida doesn't goafter IRA's Florida. Also, it doesn't

(24:08):
go after homes. It's why Iguess who's head to Florida. It's called
David and Julie Kopeck. Eventually thatwill be our primary residence. We'll still
have a home here, we'll stillwork here. But guess what. Guess
what I have to protect my wife. I have to make sure that she

(24:33):
is protected. And if I haveto change my zip code to protect my
wife, I'll change my zip codebecause I've worked very, very hard for
those assets. So you better havea chat with your financial team, okay,
and understand the landscape with IRA distribution, planning and protection because it is

(24:55):
a changing It's like the seasons.Okay, want to have a chat with
us. It's one five one eightfive eight zero one nine one nine five
eight zero one nine one nine callus today. I'm here live one eight
hundred talk w g Y. Thisis retirement planning shown sixty six six six,

(26:07):
All right, get up, welive this is probably now until what
September. This is the reason whywe live here. The beautiful weather yesterday
was gorgeous. I don't know whattoday is gonna be. You don't even
know what today is going to be. My son is at a wedding today

(26:27):
at the Sagamore. He'll be upthere dancing and jumping and bouncing around him
and his beautiful girlfriend, Marissa.Her cousin's getting married. So we want
to wish them the best. Butit really is a spectacular, spectacular area
that we live in. The beautyaround here is just amazing. You know,

(26:51):
I'm not trying to scare people aboutthe IRA, but you should be
scared. You should be scared.And I'm always flabbergasted when people come in
to the office and we sit therewith them and we basically, you know
what I always say, I'll tellyou right up front whether we can help

(27:11):
you or we can't help you,then it's up to you. Then it's
up to you. But people loveto procrastinate. Let me think about it,
and can you tell that to meagain one more time? Ultimately,
you have to trust people. Youknow what I mean, ultimately, you
got to sit down and say,you know what, I trust this guy
or I trust this attorney. Youknow, I should really listen to them

(27:34):
as far as what we need todo in the path that we need to
take. Now, I can tellyou right now, you want to fly
without a parachute, knock yourself out, knock yourself out. But I'll tell
you what right now? With IRAdistribution planning, you got a lot of
money in iras. It's no differentthan you're riding around the car with a
you know, trunk full of dynamite. You just keep your fingers crossed.

(27:56):
It's gonna work out. Let's goto John Saratoga morning, John mort Dave,
how you do? How you doing? Brother? Did I have any
money in the bank to play with? I'd like you to hear with your
thoughts on the Dodd Frank Act thatwas signed in the law two thousand and
eight. Well, why don't yourefresh my memory Dodd Frank? What was

(28:19):
that about? And I really don'thave that. Well, I was in
Obama something about they could go afterif the government needed your money, they
could come after it, savings fouroh one k, stuff like that.
Oh, they can it's called theirs. You know. The thing is
is that you don't want to geton a slippery slope with them because they
can, you know, basically,they have no guidelines. They can go

(28:42):
after everything, right, you know, I don't know. You know,
I'll tell you what. If weran our house where the government runs their
house, we'd all be, youknow, sitting on the corner selling pencils,
you know, like, you know, can we wash your window?
Do you need a pencil today?Because we're at what thirty five? I
have trillion dollars and uh, prettysoon our budget, the most expensive thing

(29:04):
is going to be paying the debtto be larger than the defense. It's
goofy I mean, it's goofy Land. It's goofy Land. You know.
The thing is is that there's anunlimited amount of money out there for everybody.
You know, we're gonna we're gonnagive you checks, We're gonna pay
off your college loans. Uh,We're gonna give you a reimbursement because we
were bad to you. You know, whatever it takes. You know,

(29:27):
we're just gonna keep those machines ofprint in cash. And when it's all
said and done, yeah, Iguess we'll kick the can down the road
until we can't do it anymore.That's the world that we live in today.
In all honesty, I know youagree. Great show. Davey's proud
to hear you. Thank you.Listen, brother, have a great day.

(29:51):
I have to look up Dodd Frank. All I know is one thing
for sure is that you know whatplanning. You know, it was a
famous thing that I say all thetime of phrase you know, no plan,
any destination will do. How true? That is right? You don't
have a plan, any destination willdo. So I want to get back

(30:15):
to implementing a plan because I thinkit's critical. You know, one of
the things that we have seen atthe Retirement Planning Group is explosive growth.
And I think a lot of peopleare scared to death. Scared to death,
and they're scared because you got thescreaming monkeys out there telling you stuff
that's not true, right, andyou know, everybody's got the right answer.

(30:37):
On Saturday and Sunday, it's good. You know, Monday through Friday
when the markets are open, they'reall kind of scratching their heads, you
know, as far as what's goingto happen. Last year, nobody had
it right. One guy had itright. As far as the total return
of the stock market this year,we're going to be single digits. What
hell knows, you know? Ialways tell people is that you know what
markets are efficient? Okay, forevery buyer there's a seller. All you

(31:03):
got to do is you got toallocate the money based off of your risk
tolerance. And then, oh,by the way, just forget about it
for a while. If you setit up right on the front end,
you shouldn't have high anxiety and bestressed out when the markets are going through
gyrations. Because I started in eightytwo in the financial services industry and there's

(31:25):
been a whole hell of a lotof stuff that has happened since nineteen eighty
two. I mean, my sonand my other both my boys think I'm
a dinosaur, you know, likethey think I came over on a you
know, on a horse and carriage. But the reality is I've been around.
Yes, I'm sixty eight years old. I've seen good times and bad
times in the stock market, andI know that if you sit there and

(31:48):
you worry about it, and youstress yourself out, you're not going to
enjoy life. And you're not goingto enjoy your retirement, So set it
up right on the front end.And one of the things that you need
to start thinking about because we livein a world today with stents, bypass
surgery, pills, go through thewhole laundry list, the people that have

(32:08):
all these wonderful things that extend ourlives, and you're gonna live a hell
of a lot longer than you thinkyou're ever gonna live. I mean,
my oldest client is one hundred andtwo now. Got lots of clients in
their nineties and eighties, God blesstheir souls, and they've won, They've
had a spect I mean, thinkabout it. Think about it. I

(32:29):
have people that I'm working with thathave been in retirement longer than the total
number of years that they were employed. It's amazing when you think about it.
It's amazing when you think about it. But the reality is is that
with that plan that you put intoplace, you need to start thinking a

(32:52):
little bit about, Okay, what'sguaranteed, how much money is coming in
as far as cash flow that Idon't have to worry about it because the
market will sell. I'll guarantee youone thing. You will have a sell
off in the market. It's justrecently, you know, we've had this
four I mean, April stunk,you know, I think the markets were

(33:14):
down four or five percent. Bondsgot kicked in the teeth a little bit.
Good. Good, because that givesus another buying opportunity. I've been
bullish on bonds for the past sixto eight months. I'm extremely bullish on
bonds. Right now. You canget six seven percent right now in a
bond. Right All they're talking about, turn on the news. All they

(33:37):
talk about is the Fed's gonna cutright. Feds are gonna cut right.
Okay, win, I don't carewhen. Okay, I don't know if
it's six months, three months,two months, a year. They're not
going up, they're cutting. Thatmeans what I'm gonna get a really strong
coupon. I got the chance fora total return. Because now this is
when portfolio managers shine, or theyshould shine. Right where they're finding the

(34:02):
alpha. They're finding that bonds arenot being priced accurately. So they're going
out and buying those bonds and puttingthem into the portfolio, not for the
coupon, but for the capital appreciation, the total return in the portfolio.
That train is coming down the track. Okay. But like April, Yeah,

(34:24):
April wasn't a good month. Okay, but doesn't make you shouldn't,
you know, throw the baby outwith the bath water. All right,
keep your fingers, you know,on the trigger, buy some more when
the opportunity presents itself, and ultimately, when you go into retirement, have

(34:44):
the right asset allocation with your investments, had that baseline income. I mean,
we had clients in the other dayand I keep on blowing the horn
on this e money is the bestthing that I've ever seen since I've been
in this business. Okay, It'spretty simplistic, but it puts you it's

(35:05):
your dashboard. It's your dashboard,and this dashboard, as long as we
set it up properly and we allocatethe money properly, it gives us a
probability of success. Okay, probabilityof success. So when we're running these
numbers, we don't want to seea ten, a twenty, or a
thirty percent. We want to seeninety percent or higher. At least I

(35:32):
prefer to have one hundred percent success. Okay, personally, that's me.
So the thing is is that betweentaking your solid security benefits at specific times,
pension selection, how much money gotin the pot and those qualified plans
iras four one ks New York StateDeferred Compensation TSPs. You're going to go

(35:57):
through the whole laundry list, andhow are we going to have allocate that
money now during your retirement years.You know, we did the presentation over
at Crown Plaza the Desmond. There'sabout one hundred and fifty people that attended.
It was a wonderful night. AndI you know, I didn't sit
there and go look at these charts, and this is how wonderful we are

(36:22):
at vantage of money, and thisis how great fidelity is is doing this,
and boy are we good at doingthis. And here's my team.
Here's my whole team behind me.Look at all this, Look at all
the people I got behind me,my team. Okay, it's all bs.
Okay, what do people want tohear? People want to hear.
Listen, I understand you've got tohave guarantees. You got to have a

(36:44):
certain amount of money coming in thedoor. Okay, especially if the one
spouse is totally in the woods,right, I mean, I can't tell
you how many whether it's a maleor female. It's I could care less.
I just want to make sure I'mokay, right, I guarantee you
there's one in the house. Itsays that I could care less. I
just want to make sure that she'sokay, He's okay, the kids are

(37:07):
okay, the dog's okay, thecat's okay. Whatever it is, that's
our job. Use these damn thingsthat are hanging off our head called ears
and shut the pie hole. Andshut the pie hole because there's too much
of this. I'm a fiduciary.I'm a fiduciary. I'm in this,
I do this, I do that. I'm a fiduciary. All Right,

(37:30):
you're a fiduciary. We're all fiduciaries. There's not a person in this business
today that's not a fiduciary. Ifyou're not acting in the best interest for
your clients on a day to daybasis, you're either out of business or
you're in jail. Simple as that. Okay. Because there's so much compliance
in today's world, it's stack.How do I know that? Because I

(37:51):
handle the compliance for the office,I know what it takes in order for
us to do any type of business, either on the fee based or on
the commission base. So don't blowthis smoke. I'm a fiduciary because it
is a pinocchio, Okay, rawfiduciaries. So I will say this,

(38:15):
I don't know what's going to happenthis year because of this election, but
it does cause me concern. Wherethey say that the Democratic Convention there's going
to be anarchy. I don't likethat word. When I hear anarchy,
okay, and it's going to belike the sixties where they're burning the cities
down and all that stuff. WhenI hear stuff like that, I say
to myself, how will the marketsreact? Okay, how will the markets

(38:39):
react to anarchy? I don't thinkgood. I don't think good. So
have some dry powder sitting around.Make sure you got some cash on the
sidelines, because I think it's goingto be a bumpy ride until November.
I'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,

(39:00):
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
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

(39:23):
careful laid out retirement income plan.Call our offices today to start the process
of building your retirement income distribution plan. After forty one years of being in
the financial services business, you needto start taking action to start building your
own personal retirement income distribution plan.How do you do that? To take
action five one eight, five eightzero one nine one nine. That's five

(39:45):
one eight, five eight zero onenine one nine or RPG retire on the
web. Don't procrastinate, motivate tostart building your retirement income distribution plan five
one eight five eight zero one nineone nine. The greatest risk in retirement.
Most of us have no plan foror insurance to cover the expense.
A long term care event can impoverisha spouse, drain your life savings,

(40:07):
and cost stress and anxiety on yourfamily. What is your plan and how
will you pay for a long termcare event? Call the retirement planning group
today discuss options you should consider toprotect your estate and have choices and independence.
Take action call today five eight fiveeight zero, or RPG retire on
the web. All right, Zacharkilling it today. I don't care what

(41:31):
they say about you. I knowthat they wanted to fire you a couple
of weeks ago, but then youknow I went to bat for you.
Hey, I wouldn't mind the freetime. I'm only teasing you. You
know that I like to tease.My wife said, we stop teasing him.

(41:55):
All right, I'm going to tellyou what I think you should do,
especially if you'll live outside the boundariesof New York State, Okay,
And I don't want to you know. For the people that don't think they're
ever going to need long term care, you can, you know, turn
the radio off now, or youknow, jump in the shower, or

(42:20):
do whatever you're gonna do. ButI know, I know because I live
with it for six and a halfyears. And I also know because I
see my clients. There's a traincoming down the track here, and it's
the boomer generation. And the boomergeneration has undersaved for what is probably the
greatest expense, or they have noprotection at all for long term care.

(42:45):
And when it comes to long termcare for you, most of you just
say, I'll put my money intotrust and then that will be protected.
And of course my IRA, theycan't get my IRA because they if I
put it into periodic payment status.You know, that's all I have to
do. Not true, Not true, okay, But for some people say,

(43:07):
hey, listen, I want independence, I want choice. I want
to be able to have options availableto me in order to, you know,
deal with probably the greatest risk thatI faced if I've been a good
saver. I had a long conversationon Thursday with new clients of ours that

(43:30):
have a substantial amount of money,very good savers, and they're in the
early sixties and they never had achat about long term care. So I
started the conversation off that said,listen, you guys are a cruise control.

(43:53):
Okay, you have nothing to worryabout as far as income because we
don't have to take a lot ofrisk in order to satisfy your income needs,
which, believe it or not,folks, is pretty much a high
percentage of the people that we workwith. But they get sold a bill

(44:14):
of goods. You know, I'mgoing to actively manage the portfolio. We
do a fantastic job at managing money. Let me trade it for you.
See, I'm a big believer inguarantees. Okay. I love guarantees because
I like sleeping at night. Andwhen I see people out that across the
tables from me, I can waveto them and say, hey, hey
doing Bob, Hey Dave. Everything. Okay, now things are great.

(44:37):
You've got me in those guarantees.That's right, Bob, I got you
in the guarantees. Can I pickup your check? Sure, Bob,
you can pick up my check,Zach. So Nationwide has a product.
Okay, I gotta make this quick, and I apologize for my voice,

(44:57):
But Nationwide has a product outside ofthis is outside of New York State.
Of course, it's in all fortynine states, it's just not in New
York State. And it's called careMatters, okay. And what's great about
this is that you can get coveragefor two people on one policy. Yes,

(45:21):
a two for two people. Okay. So the thing is is that
it's a fixed premium. Right.You can pay it out of ten pay.
You can do a twenty peg,you can do a life pay.
What do I mean by that?You can pay for it for ten years
and it's you know, the cakeis baked twenty years. The cake is

(45:42):
baked as long as you make thepremium payments for the rest of your life.
The cake is baked. Once youreceive benefit, normal premiums are due.
So how does it differ from allthe other long term care policies that
are out there for the life lastfew years that people got hosed? Hosed?

(46:05):
Why did they get hosed because theymade promises they didn't keep. That's
why, to be very honest withyou, and anybody that was in the
long term care industry or had anyinvolvement with long term care will tell you
that's a fact. Jack. Sowhen it comes to providing healthcare for you
over the long term, this carematters allows you to pay an informal who's

(46:30):
informal an aunt, an uncle,brother, a sister, a family member,
friend, neighbor, doesn't make anydifference. Other policies may limit or
not allow you to have what wecall unlicensed caregivers. Okay, unlicensed to
caregivers. With this policy, okay, it pays one hundred percent of the

(46:59):
benefit. Fit Listen in cash.It's a cash benefit because we all know
a lot of people get care athome and they pay him in what cash,
so any money left over can bespent on other expenses or saved for

(47:23):
future use. Reimbursement insurance policies onlypay the expenses that are being submitted to
be reimbursed, nothing extra. Itis paid. Okay. Now, the
people I talked about with the longterm care with the New York State partnership,

(47:45):
the daughter and the son in lawsaid to me, it was a
phenomenal policy. It just didn't dowhat we thought it was going to do
at the end to protect mom's IRA. But I believe don't hold me to
these numbers, but these are inthe ballpark. Okay. They paid in

(48:07):
like forty some thousand dollars in premium. They had over five hundred thousand dollars
paid. As far as to thelong term care facility care matters which I
just talked to you about, doesnot require you to submit monthly bills and
receipts. Once you qualify what arequalifications eightyls activities of daily living. The

(48:36):
older policies require that you submit billsand receipts. Then you have to wait
and see what the policy covers,right, Okay, you know, get
on an eight hundred telephone line andyou talk to someone in the Philippines.
God's honest truth, that's lots offun, mister Dave. Can I help

(48:59):
you, mister Dave? Yes,I'd like to talk to somebody that knows
what the hell they're doing. Okay? Is that okay? Anybody there?
Okay, mister Deve, I'll getright back to you. Okay, And
you're on hold for like, Idon't know, two hours. So what's

(49:20):
the what's the bally whack here?Let's let's cut to the chase cash.
It's a phenomenal policy, right,you have protection when you need it.
The most lazy money. I toldyou about the policy that we just got
for clients of ours. They hadthree hundred and forty one thousand dollars and

(49:42):
money that was set aside and aTia Kraf annuity. I asked them what
that money for. They said itwas for long term care. I said,
well, we're going to get yousome velocity on that. Are you
receptive? Yes? Day one dollarone they got a million. Starts at
a million, it goes up tothem about a million five over the next
ten to fifteen twenty years. Twopeople divide by two. I think it's

(50:06):
eleven thousand dollars a month that theyboth take it out at the same time.
All we did was what we foundout if they were ensurable, and
all we did was transfer the lazymoney or money that was set aside for
long term care and all that moneythat's coming out of that account, the

(50:29):
care matters. It's all tax free, no tax and if they don't use
it, guess what happens. There'sa tax free death benefit twenty percent minimum.
But what the face was, soit's a million, they're going to
get two hundred thousand if they don'tuse it. That's the minimum. Depends

(50:52):
on the age and when are youtake it out? So how do you
buy it? How do you lookat it? You need to work with
a professional that unders stands long termcare. Okay, we have a team
that we utilize. Part of thatteam was Bob Vandy that was in here
numerous times. One of the mosthonest persons you ever want to meet in

(51:14):
your life is Bob Vandy. That'swhy it makes me vomit when I hear
people talk negative about insurance people thatyou know, the only reason why they're
doing that is because they're getting abig fat commission, okay, and that
that's something, isn't that something?It's just amazing to me that people listen

(51:35):
to people like that. Okay,So if you need, if you need
to sit down and have a chat. If you're worried about your IRA,
you're worried about long term care planning, you're worried about building a retirement income
distribution plan, you're worried about thelegacy the transfer of wealth to your next
generation. You're worried about your familyand your kids, and there is there

(51:55):
going to be a big fight,right You want to get equalization. You
want to make sure that the kidsshare equally. There's ways to do that,
folks, and it's called sitting downand developing a plan, not sitting
on your hands and procrastinating and doingnothing. Let me think about it.
Oh, go think about it.Go think about it. Well, come
back, we're gonna have Droiello.He's gonna come on talk a little about

(52:19):
what's going on in the interest rateenvironment, the FED met So we're going
to discuss that. But if youhave any questions or comments, love to
hear from you. It's one eighthundred. Talk to b gy that's one
eight hundred eight two five fifty nineforty nine. This is the Retirement Planning
Show. We'll be right back livefrom the wgy iHeart Studios. Welcome to
the Retirement Planning Show with your hostDave Kopek from the Retirement Planning Group.

(52:44):
Every week, Dave and his teamdiscuss the ways they can help people make
informed decisions about a wide array ofretirement planning information that can support you and
develop being a more certain financial futurefor you and your family. Now it's
time for Dave Gobec WHI you wiseretirement planning specialist. You're just too good

(53:20):
to be true. I can't takemy eyes off you. You'd be like
heaven to step. I want tohold you soon. At long last love
has alive and that thank God,I'm alive. You're just too good to

(53:43):
be true. You can't take myeyes off hard and the way that I
do. There's nothing That was thegreatest show I ever saw in my life.
So that Boys on Broadway he justturned ninety, get out. Frankie

(54:06):
Valley is moy MACARONI Wow. Goodfor him. By the way, this
song was dedicated from you to Drew. I was thinking the exact same thing,
Zach. You know, I like, that's exactly what I was thinking.
You know, I got a specialplace in my heart for that little

(54:27):
guy. What's his name again?I yellow? Mellow, mellow, I
yellow. Lots of owls, lotsof owls. Let every tell you the
story. I'll tell you a realquick story. Make you chuckle or listening,
you know, say like the chuckle. Right, everybody likes to laugh
every once in a while. Life'slife's curveball is a good laugh, right,

(54:52):
all right. Julie my bride,sits down with her mother and says,
you know, I think I'm marryingthis hmmm really yeah? And her
brother, her brother Dans with her. Right. They're at the restaurant there
in uh half Moon. It's nolonger there, it's closed, and h

(55:16):
Dan says, what's the guy's namename? Dave? David. That's a
nice name, David. What's hislast name? Yeah? Coopick kopick?
Yeah, how do you spell that? K oh p y c? What

(55:39):
he goes? Had a vowel?Had a vowel, he says. Julie
said. Her mother's teeth almost flewout of her head, she was laughing
so hard. That's great. Howlong you been married now? Oh god,

(56:00):
it just seems like it was yesterday. I don't know, twenty seven
years? How about you? Uhbe twenty sixth in June? There you
go, There you go, Godblessed. I don't know how. I
don't know how these women put upwith us, Drew, to be honest
with you, but that's okay.I you're myself that every day you're a

(56:21):
saint compared to me. Everybody,everybody calls Julie the saint. I don't
know why. Why would they?You know, you don't think it's the
yelibrit road and just a bunch ofhappiness in living with Dave Kopek. Well,
now she's happy because there's a barnfor you to go into. Yeah,
that's exactly right. People said,what are you putting in the bar?

(56:43):
And I said, what are youtalking about? When I'm put in
the box where I'm living now inthe barn? Why? Why are your
clothes in the barn? Dave?I came home one day and she said,
guess what, I got a newlocation for you? All right,
all right, that's the best,all right, Drew. We've had a

(57:05):
crazy week, crazy crazy week.It was Salties. The name of the
restaurant was Salties. If you rememberso, I just my wife just texts
me it's gone. I liked ina place. Julie and I used to
go there for the gobbler. Rememberthe gobbler? Was that the turkey with

(57:25):
the mashed potatoes, gravy and andno it was it was the gobbler was
a turkey sandwich on whole week withdressing in cranberry, warmed up cranberry.
That's it. A little bit ofmayo and a picko and away we go.

(57:49):
Who doesn't go there on their firstday and get a gobblin? I
don't know. Some fool. Somefool would be if she still liked after
that. It was meant to vationexactly right, she loved. That was
your litmus test for your girlfriends Now, Dirty Betties was the litmus test.

(58:12):
I never told you about Dirty Betties. Yeah, that was a bar up.
I Sarah took a lake. Hetook her to Dirty Betty's. I
fear of god, I don't rememberthat one. It's no longer there.
All right, let's let's move on. Tell me what's going on, Drew,
because I'll tell you what We've hada bumpy ride in April with bonds,
absolutely, and I know that wehad a little bit of a rally

(58:35):
yesterday as we ended the week.I'm very bullish on bonds. I've been
bullish on bonds as far as aninvestment, but it affects your business dramatically
because mortgage rates are probably at thehighest that they've been on what the last
twenty years? Yeah, twenty yearsoverall. I mean October we hit eight
and a quarter, so we're downa full hundred bases points are down there

(58:58):
seven now, so they've come down, but overall, you're correct, it's
about twenty years of the highest rateswe've seen. And obviously the Fed.
The FED met this week. Idon't know if you spoke about it earlier
today or not, but I savedit. Everybody knows. Does that mean
I saved it for THEE the segmentand they said, they said a lot
of the a lot of good things, a couple of things we protect we

(59:22):
predicted, and a couple things thatwere better than what we predicted. So
of course, no hikes. Youknow, we're we're not going to see
him. He was pretty adamant anda speech when people kept pressing him on
that no hikes, no hikes,no hikes. So the surprise was so
right now, the Fed has beentrying to let they have a multi trillion

(59:43):
dollar balance sheet right now, andthey're trying to let that balance sheet run
off, and obviously when they're whentheir balance sheet runs off, it creates
more supply, which puts pressure oninterest rates higher. So they were letting
about sixty billion dollars a month rightoff their balance sheet, so if it
ran off, they would just letit go out to the open markets,
and obviously the investors would have tostop it up. And that's why sometimes

(01:00:07):
you saw interest rates go higher,because if there's a lot of supply,
you have to entice investors to wantto buy that paper. So that's why
I see sometimes higher rates. Economicswon on one, Yeah, exactly.
So now they said we are onlygoing to let twenty five billion run off

(01:00:27):
our balance sheet, so anything morethan twenty five billion, they are going
to reinvest in treasuries. So thatwas a huge unexpected by the markets,
moved by the Fed. And theysaid they'll do about thirty five billion maximum
runoff for mortgage backed securities. Soon that news alone, We had a

(01:00:49):
nice little rally in the bomb marketson Wednesday, and that was we thought
maybe they would go from sixty billiondown to thirty billion and runoff, and
they went to twenty five billion,So that was that was excellent. And
because we've you know, over thelast thirty days, and you and I've

(01:01:09):
kind of highlighted this, we've hadgood employment numbers, we have good job
growth, we've had higher than expectedinflation, bomb markets gotten killed over the
last thirty days, and just inthe last three days, we're starting to
see what the Fed's looking for.You know, they wanted the flashing came
down from nine to you know whereverit is today, I think two point

(01:01:30):
eight, which is great obviously,But now they're looking for some weakness in
the job market. And we wereexpecting two hundred and forty three thousand jobs
yesterday. We got one hundred andseventy five thousand. So that was a
big miss obviously. And in thatjobs report there was actually two surveys that
they do. But bad news isgood news. Bad news is good news

(01:01:52):
for the bomb markets. I livein the contrarian world, right you see
a lot of good stuff going on. Rates go up a lot of weakness,
bad stuff like a pandemic. Forexample, you know interest rates go
down. During the pandemic, rateswere two and a half three percent.
Now things are good. We havehigh inflation. Now we're at seven percent.
Just to put in perspective. Sothis this unemployment report was weak in

(01:02:16):
multiple ways. They'd look at onesurvey called the birth the death ratio.
You know, new jobs coming on, new companies coming on versus companies going
out. That was up. Thatwas up thirty three thousand. Without that
report, we would have probably lostone hundred and eighty eight thousand jobs.

(01:02:37):
So it's you know, the monthends on the thirtieth and they come out
with these figures three days later,so they don't have a really a lot
of time, so they use thesemodels to figure it out. Then you
get revisions and then months coming andalso we had negative revisions over the last
couple of months as well. Itseems like most of the jobs came from
healthcare, retail, transportation. Hourlyearnings average earnings was up left and expected.

(01:03:01):
So that that's the big thing thatinflation watchers look at because you know,
if I give you a raise andthree months later, I want to
lower your pay that's obviously not goingto fly. So once people get raises,
that usually sticks, and that's whatpeople look at economists look at for
inflation gauges, so that was thatwas a little weaker than expected. Average

(01:03:23):
weekly earnings was also down from fourpoint one percent down to three point nine
percent, so that was good.Those are those are key inflation things.
And then the Household Surveys survey wherethey actually call people only showed about twenty
five thousand new jobs, so thatreport was was weak on a lot of

(01:03:45):
levels, which is kind of whatthe Fed's looking for. Now that inflation's
somewhat under control, the next thingwe're looking for is a weaker employment situation.
Even the U six report, whicha lot of people don't pay attention
to, but it's like the true, the true unemployment report that's out there.
You know, if you're working atjob, say at a you know,
forty hours a week and get youget laid off. Sometimes you take

(01:04:11):
another job, even though you're probablyoverqualified for it, just to have a
paycheck. So they show the underemployed, unemployed, all facets of the economy.
That even went up from seven pointthree to seven point four percent.
Now that's the highest in November oftwenty twenty one. So between what the
Fed said on Wednesday, the jobsreport that we got yesterday, you know,

(01:04:33):
Thursday was actually a little more followthrough from what they said on Wednesday.
So the last three days bomb marketsrallied about one hundred basis points,
which means that's a big move.Rates have gone down. Yes, that's
that's that's good. That's the bestwe've been in about a month. So
after getting our butts kicked over thelast thirty days, we've kind of gotten

(01:04:54):
back to where we were, youknow, the beginning of April, April
fifth, April tenth in that neighborhood. So that was that was good to
see because you know a lot ofpeople are are you know, they're hurting
out there, a lot of creditcard debt out there. I feel like
the consumers on is on fumes atthe moment based on what we're seeing in
credit card debt that's out there.Yes, And the other thing, I

(01:05:18):
don't I'm not gonna This isn't somethingI made of, but it was someone
on CNBC. I think his lastname was Bianco. You follow do you
follow the initial jobless claims? EveryThursday that come out in all that file
for unemployment benefits. I see it. I don't. I don't really follow
what, to be honest with you, throw No, it's not, it's
not. I'm always looking for thecore number. I want to see where

(01:05:41):
c p I is, you know, and because that's that's really the one
that's sustainable to me, because that'spurchasing power for that's the purchasing power for
people, right you know, right, Well, they have they have this,
they have this initial jobless teams comesout every Thursday, so they track
people filing for unemployment benefits new filers, and then they also look at continuing

(01:06:04):
claims and that's people that come offthe first set of benefits still can't find
a job, so they have theseextended benefits. So these numbers which which
this guy is talking about, Iguess, I don't know. You can
consider this a conspiracy theory what haveyou. But for these numbers have been

(01:06:25):
almost the same exact numbers for thepast eleven weeks, which is really bizarre.
And we we have a twenty eighttrillion dollar economy in the United States.
We have one hundred and sixty millionworkers out there in the United states.
There's fifty different states with all setsof different rules, hundreds of offices,

(01:06:46):
fifty websites where you can file foryour benefits, and obviously you know,
you factor in weather and seasonality andholidays, economic vibrations in different parts
of the country. Yet this numberhas varied by not even a thousand a
week. So it makes you wonderif the fix is on in terms of

(01:07:08):
these unemployment benefits and claims, interms of what we're actually getting from the
government right now for for benefits soor or just the jobs picture on a
weekly basis. So it's very Uh, it's very interesting if you if you
start looking at that, you know, all those variables and how big our
economy is. Uh, it's prettyamazing. So I'll have to keep watching

(01:07:30):
that. But I don't even thinkthey're trying to hide it now. I
mean they're just basically coming in withthe same number a week after week.
I think the last two weeks werealmost exactly the same. So I feel
like I feel like it's pretty comicalat the moment. But so after after,
after after doing what you've been doingfor an extended period of time,
do you think that the tide isturning you you sense, do you send

(01:07:54):
do you sense that this is themove that we've been waiting for to add
some momentum. Yeah, yeah,I think I do think because you know,
we thought we'd see a rate cutin March. Obviously that didn't happen.
You know, we're thinking maybe arate cut in June. That's probably
not going to happen. You're saying, I think if it, yeah,
if this continues, hopefully octobersh youknow, we could see a cut.

(01:08:15):
We were thought in the beginning ofyear, maybe we get three cuts.
Now we're looking at maybe one cut. But you know, that can all
change. He wasn't he wasn't youknow, he basically was saying, all
right, you know, this couldhappen. It's all going to depend on
these on this employment report and thecontinuing reports, you know, for the
rest of the year. So he'snot fixating on oh, we're going to

(01:08:36):
have one cut, two cut,three cuts. Basically, if we get
a supply I think the surprise reportor the level that we get to,
if we can get unemployment up tofour point two percent, that would be
the impetus for a rate cut.Because all the economists out there have four
point one percent on the high endfor unemployment this year. So if you

(01:09:00):
do see a surprise where it jumpsto four point two percent, then I
think then you got your green lightthere for right cuts. So if I
fight back in the day when wegot the three and a half percent mortgage,
now they're at seven on thirty yourpaper, is that a double?
Is that a double? I meanon an ambortization basis, Is that a
double in payment? If you're justusing simple arithmetics, it is. Yeah.

(01:09:25):
Basically, well no, I don'tknow. So basically, I think
the easy way to do without amortgage calculator. You know, one hundred
thousand dollars on a mortgage. Youknow, when it was at three percent,
it's about five hundred dollars a month. Now it's six hundred dollars a
month fix and change. So it'sgone up, you know, twenty twenty
five percent. Yeah, okay,so uh but here here's the thing,

(01:09:48):
David's it's amazing to me, andI'm happy for it. The buyers are
out there and they're buying homes withtwo fifths. Well, I'm going to
I'm gonna I'm going to say somethingto you because you know, I've been
down to Florida a lot, andJulie and I are looking. We're going
to look for a spot down therebecause uh, we want to live down

(01:10:10):
there during the winter months when it'ssnowing and blowing up here. Right,
and you know what, you know, I can be back up here in
two hours and twenty seven minutes ona legion, you know, the direct
flight that goes right from Saint Peteto Albany. So so we're looking.
I'm going to tell you something whichI you know, are you sitting down
Yeah, Uh, Sarasota where we'relooking, the Sarasota area. Yeah,

(01:10:38):
prices are dropping dramatically on houses,on houses. We've seen a couple of
houses, a couple of houses.I actually looked it up on the internet.
Sarasota is one of the areas that'sbeen hit the hardest where prices of
homes are going down six to eightpercent. You know, we saw house

(01:11:00):
we looked at They've dropped it fortyfive thousand dollars from the asking price,
and then they dropped it another fiftyabout ten days later. So I think,
what And that's that's good to sayactually in a way, right,
trying to get more normalized because theywent up one hundred percent in the last
three years. That's exactly right.It's not a lot of areas this article

(01:11:23):
was saying, is that what hashappened is that the individuals that live in
the area that are trying to moveup and get a bigger, better house
have been handcuffed because the prices havegone up so astronomically. I mean,
you got people, you know,I don't you go to forty You got
people from all over the world.You know. I sat next to some
people the other day and you know, they were from Germany, and I'm

(01:11:46):
saying, you know, it's justit's a very it's a very international state
because people go there for what theygo there for, the you know,
the weather, you know, thebeautiful beaches. Except why their tax benefits.
Yeah, yeah, a lot ofreasons. Uh so sales tax a
month of July down there, bythe way. It's just it's, you
know, the whole thing, thewhole thing financially is just I understand it's

(01:12:08):
a little bit more expensive down thereas far as your cost of living,
but when you take all the restof it, you put it into a
bag and you shake it up itstill makes a lot of sense financially,
especially when you you start the incometax. Yeah, it's just I mean
even a nice even you know uphere up here, you and I are
paying an astronomical amount of money inschool taxes and property taxes down there.

(01:12:30):
It's it's a fraction of what itis up here. Right, So,
I guess my question to you isthat there's two things. Okay, supplying
demand and you and I talk aboutthat all the time. Uh, there's
Sarasota right now is being overbuilt.That's another thing that was in the article
that there's a lot of opportunity there'sa lot of opportunity now for people.

(01:12:50):
You know, it used to betake this house or the five people behind
you're going to take it, soyou better move. Now that's not the
case. That's not the case.Is that the case here still in the
Capitol District region? Yeah. Soso we've always been, we've always been.
We're like, we're like Goldilocks,right, not too hot, not
too cold. We didn't see,we didn't see. I'll tell you what

(01:13:13):
you're You're like Goldilocks. I've seenyou dressed up. I'm not changing my
name. Uh yeah, you know, we never see like the really big

(01:13:35):
high peaks and we never see thereal big lows and and so yeah,
I think if we ran up onehundred percent, we'd probably be seeing some
some weakness, but right now nothappening in the capital region. You know,
we're very conservative. We have steadyjob growth coming in because of what
we have going on with Global andnanotechnology and IBM and all these other companies.

(01:13:58):
And you know right now there's andthe builders here they can't build all
year round like like they do inFlorida. So we're having a hard time
with supply. And it's it's economicsone on one exactly. We're just we
have more buyers than we have sellersat the moment, and the builders now
they're not they can't build fast enoughto stop up that supply. So I

(01:14:20):
think in lower registrates could help becauseyou know, if you're sitting on a
three percent interest rate, you're goingto say, no way, Drew,
am I going to go buy anew house and pay seven And so that's
like a hard mental thing for peopleto overcome. So if rates do go
you know, in the sixes oreven the fives, then it's saying,

(01:14:40):
all right, you know, Icould cough up a three percent rate for
five something. That's not a bigdeal because I got one hundred or two
hundred thousand dollars in equity to putdown on the new house. So so
I think that could help the supply. But right now the builders can't build
fast enough. So we're we're big, you know, in balance? Is

(01:15:00):
our variable rates attractive now or probablynot? Because the interest rate, the
short term rate is higher than thelong term rate. So is it.
Do you see any of the banksor financial institutions trying to give a stimulus
or kind of a break to thenew home buyer, like a I don't

(01:15:21):
know, a discount to the actualfee. Well, we've you know,
I've done. I've done a bunchof arms in this environment because I think
me, most of my clients,we all feel come. You know,
twenty twenty five, twenty twenty six, we could see rates go down near
five percent. So if you believein that, you know, I get

(01:15:43):
a thirty year fix that's say sevenseven and a half when you can get
an arm maybe in the load amidsixes. So there's about a point difference
between say a five year, sevenyear arm and a thirty year fixed rate
mortgage. So a lot of peopleare doing the math on that and saying,
oh boy, I could save onehundred to two hundred three hundred.
I was a month over the nextsay, you know, thirty six months
until I refinance. They'll do that. They feel confident rates are coming down,

(01:16:09):
which I do personally, So soI try to give people options.
Say here's a thirty year here's yourseven year arm. You know it's fixed
for seven years, it's still athirty year amorization, there's no prepayment penalty.
In recent weeks, you're right,the arm rates have actually gotten up
where yeah, there's sometimes the juiceisn't worth the squeeze, so to speak.

(01:16:30):
You know where yeah, seven sevenpercent paper on thirty or fix and
maybe six and a half on anarm you're thinking for half a point,
I don't know if I want todo that. So so it has varied.
I think we have a really killerARM program coming out midway this month
that we'll talk about next time.I'm on. I've only got I got

(01:16:50):
a couple of minutes before I'm goingto boot you off, so I gotta
ask you. I got to askyou a quick question reverse mortgages husband and
wife. Yes, he's in hisseventies, she's in her early sixties.
Okay, I know you've got tobe what certain age in order to get
the reverse mortgage? How sixty two? Sixty two? Okay? So when

(01:17:14):
there's age disparity like that, he'sten years old and he's like seventy five
and she's like sixty five something likethat. Right, What what happens?
How do they price a reverse mortgagewhen you've got two individuals, the husband
and wife? Do you just doit on one life or do you do
it on both lives? You'll doit on the younger of the two,

(01:17:36):
because you're going to assume, right, you have to assume for your interest
calculations that the younger person's going tolive longer. So you know, if
someone's sixty two though, like right, the very minimum, you can figure
that they'll probably let you borrow upto about forty percent of the value of
your house. So if you ifyou wrap your head around and say forty
percent, you're pretty close to whatthey would make available for you. So

(01:17:59):
if you get obviously, have yougot five five hundred thousand dollars house,
you're gonna get two hundred grand uhtax free and tax free, do whatever
you want to do with it,right in essence, right exactly? Okay,
all right, how do people geta hold of it? Drew?
You know, Drew's Team. Iknow, But man, what's that?
I know that that telephone number isa hot number to get a hold of.
So what's your telephone number? Fiveam right here in Clifton Park.

(01:18:23):
It's five seven three twenty four thirtyfive five seven three twenty four thirty five
or Drew's Team, Drews Team dotcom. Easy to remember? All right,
I'll be in touch. Listen toyou bet very weekend YouTube. Brother
Droiello, one of the good guys, always working. I always say this
is one of the hardest workers around. I'll be back after the news.

(01:18:49):
There ain't no good good five Tuah'sa lot of tryh im, cried Stephen.

(01:19:15):
That's what we got up, kinddo what we got You say you're

(01:19:35):
gonna go call quits? Donna jumpin all the bak of to bits bread
I will you never said now nowthat little child? All all right?
Happy birthday Franky Valley ninety years old. Today, Julie and I went down

(01:20:00):
to New York City. I don'tknow how many years ago. It was
a few years ago, and wesaw The Jersey Boys, and I tell
you, I didn't want to leavethe theater. It was such a good
show. Oh my god, Joe'shere. Why is Joe Gallagher here?
So? Why is he here soearly? Doesn't he know there's a time
limit for him inside the building.He's old. It takes some time to

(01:20:24):
move. He's old. It takessome time. But Julie and I went
to that show, and I didnot want to want to leave the theater.
Actually, I think the woman thatsat next to us, she had
seen the show like a couple oftimes. She had flown in from Texas,
and she was watching the show forlike the second time. But what

(01:20:46):
am you know? Most people knowthat listened to the show. My brother's
a professional actor, so I've seena lot of shows in New York City.
All the shows that he were in, Sweeney Todd, Stunning the Park
with George and blah blah blah.There was a bunch of them that he
did Broadway shows. Now he livesout in California now doing mostly TV and

(01:21:09):
movies. But to make a longstory short, I'm always flabbergasted by the
talent that people have. It's alwaysamazing to me the how unbelievably talented people
are and just amazing to me,just amazing to me. So you get

(01:21:32):
a chance to go see the JerseyBoys, Go see the Jersey Boys.
Go see the Jersey Boys, becauseyou'll be pleasantly surprised. As far as
I was. All right, wehave open lines if you'd like to participate
anything that I talked about today.I'm gonna talk a little bit more about
IRA distribution planning. We're gonna talka little bit about some of the new

(01:21:55):
ideas and concepts that are out there. Chris McCarthy is new to our team,
and if you don't know Chris McCarthy, you're gonna hear one common theme
about Chris McCarthy kind well of thekindest person you ever want to meet in
your life. He's always got asmile on his face, and he is

(01:22:15):
just a wonderful, wonderful person.And for the people that have not met
him yet that are clients of ours, you're going to love him. And
for the people that you know thatare listening that know Chris, you know
how wonderful he is. But Chrishas been in the business, believe it
or not, for over thirty years, and he's done predominantly working with individuals

(01:22:41):
that need to do retirement income distributionplanning. So he has brought some experience
and expertise to the table that wehave not had at the retirement Planning group,
and that is developing retirement income distributionplans. Use annuities, And when
I say annuities, they're as differentas the alphabet eight Z. There are

(01:23:05):
numerous annuities, there's different types ofannuities, there's different companies that do annuities.
There's many more annuities available outside ofNew York State than in New York
State. So I'm not going toget into the specifics and the details,
but we've had like four presentations nowwith investment banking firms, insurance companies that

(01:23:27):
have come in and talked to usabout annuities and how they are becoming much
more accessible to individuals and also moreaffordable, meaning that the cost has gone
down dramatically. So not only doyou get low cost, you get low
fees, you get liquidity. Youknow, you hear this crap out there

(01:23:49):
that you know, you know sevenyou know the guys getting seven percent.
That's just that's just nonsense. Okay, it's nonsense. So the thing is
is that is it suitable for everybody? No, But this is what I
will say to you, and Ithink this makes all the sense in the
world. So you can take takeit, or you can leave it.

(01:24:12):
You hear me talk all the timeabout the red zone. The red zone
is that time from the time thatyou are contemplating retirement toil you walk out
the door. It could be threeyears, it could be five years,
whatever it is. Typically what wedo at age fifty nine and a half.
Once you reach that age of fiftynine and a half, we start
harvesting your money and we start buildingout the buckets of money. Why do

(01:24:35):
we do that because when you walkout the door, we want bucket one
flush with cash as much as youcan put in there. Okay, So
you got a million dollar portfolio,we bring it in. We start building
the dividends and the cash flow offthe portfolio. Say it's five percent a
year, that's fifty grand. Sothe next four or five years, you

(01:24:57):
got a couple hundred thousand dollars sittingthere in cash. Right your Corpus is
still there. We're just taking thedividends off of it because we want to
be prepared for point of entry.What's point of entry? It's the day
you say see you later, pal, I'm out of here. I'm going
and grab your bag and you're leave. I was gonna say something else,

(01:25:18):
Well, I'll keep it. Youleave. You just walk out the door
and say, you know the oldJohnny paycheck, you know, take this
job and shove it. So outthe door you go. You got your
cash and where you go. Now, what Chris has brought to the table
for us is products that I knewexisted, but I didn't know that much
about them, right, And they'recalled buffered buffered products. And here's the

(01:25:45):
keyword, folks. Okay, there'sno charge. There's no charge. So
this crap. You know there's bigcharges and fees. There's no charge.
Yes, there is a time limit. You have to stay in either three
or five years. Why is thatimportant? Well, why it's important is
because these buffered products will protect you. They allow you to stay in the

(01:26:05):
stock market and have an unbelievable amountof downside protection. Why is that important?
Because you don't want to have amillion dollar portfolio and the market deteriorates
and you have a crash, whichwe've seen numerous times at my lifetime being
in the financial services business. Andnow you've got a four to fifty or

(01:26:28):
five hundred thousand dollars portfolio and you'resaying, oh Jesus, I can't there's
no way, no way I cango now, Okay, So the buffer
should all your money be in it? Absolutely one now, Okay. I'm
just saying for your equity exposure.For people that still want to have the
stock market but they want to basicallyhave suspenders and a belt on the portfolio,

(01:26:51):
you need to look at these Okay, are they suitable for you?
Then you've got to make that decisionwith your financial team. I personally think
they make all the sense in theworld. They make all the sense in
the world for people. Okay,seven out of ten people, we'll say
to you, we want guarantees andprotection with our retirement assets, and only

(01:27:12):
a handful of you go do itbecause you're sold a bill of goods mister
wonderful or missus wonderful as far ashow great they manage money, and when
all hell breaks loose, they're saying, just sit tight, sit tight.
Things will be okay. Sit tight, sit tight, sit tight until you
blow your brains out right and youcan't say that you can't do it anymore,

(01:27:33):
and you say I'm out, andyou're doing exactly what you shouldn't be
doing, right, because we allknow you can't time the market. We
all know the worst thing you cando is go to cash. We all
know that markets are efficient, right, they're cyclical. The pendulum always goes
swing too far, either right orleft. Basically, we come back to,

(01:27:55):
you know, normal, to thecenter, and what do we do
right day the course? But mostof you emotionally can't do it because you
allow your emotions rather than logic makeyour decision. Okay, it's like the
people I talked about that can't makedecisions, the procrastinators, the people that

(01:28:15):
come in and sit across the tablefrom us and say, let me think
about it, all right, letme take the stuff home and I'm gonna
think about it. Let me dothis, let me do that, Okay,
do it for as long as youwant. Sit on the fence as
long as you want. Okay,But buffered products, you're gonna hear,
I'm gonna try to get some ofthe wholesalers on because you need to hear

(01:28:36):
this story because they exist many,many, many, many more options outside
of New York State. That's okay, there's a lot of you that listen
to this show are outside of NewYork State. You don't live in New
York State. Okay. We havethousands of people now that listen to this
show nationwide. Thank you. Iappreciate that we get emails phone calls from

(01:28:59):
people all the time time that areoutside the five one eight. So we
need to have a chat about thisbecause these are products that I personally think
for those that want to have stockmarket participation and still and still have suspenders

(01:29:19):
in a belt on the portfolio,buffered products make a lot of sense.
Do you have a question for me, Zach, because you're looking at me
kind of strange. Well, you'restrange looking, so I gotta look at
yourself. Well, I, well, we do have a question that you
don't like. One big bank inwroth I rays, can they be susceptible

(01:29:41):
to be taken by medicare or bythe nursing homes as well? Say that
again, so post has money likecash and banks and wroth irays, can
they be taken by like Medicare orthe nursing homes too. It's medicaid And
the answer is in ephatic yes,Medicare. What about Medicare? Medic Care
has nothing to do. Medicare isfor care, Medicaid is for aid.

(01:30:03):
And when you apply for Medicaid,you're asking for aid or assistance and you
have to impolish yourself in order toget that aid. So you have to
be at certain thresholds in order toqualify for Medicaid. And that's what everybody
tries to do when they do anirrevocable Medicaid trust, whatever you want to
call it. And what you're tryingto do is to get those assets hidden.

(01:30:26):
There's no incidence technically of ownership,so you would qualify. But anything
that is left in bank accounts,insurance policies, non qualified annuities, is
all within the grasp the reach ofour counties in order to pay for your
bed. Did I answer that?I think he answered it well, okay,

(01:30:53):
And what I would say, Loupirodoes a show here from eleven to
twelve that focuses in on elder lawMedicaid planning, and lou is extremely smart.
He knows his stuff. So Iwould suggest that you call in or
you listen to Lou's show because hegives you. I honestly listen to it
as much as I possibly can,because I learn a lot from Low.

(01:31:16):
He is very He's known nationally forhis expertise. You get a chance listen
to Lou because Lou is good.We're gonna take my last break. We
have open lines. We love phonecalls. If you don't want to go
on the air, that's fine.Zach is my secretary from seven until nine
on Saturday mornings in twelve to oneon Saturday afternoons. So my secretary is

(01:31:42):
Zach. I'm better start getting paidlike a secretary. I want my gifts.
Oh, I got a gift foryou. We'll be right back.
Will you run out of money inretirement where your investments provide income for possibly
decades? How do you navig gatethe two greatest risk in retirement, sequence
of returns in longevity? At theRetirement Planning Group, Our Bucket of Money

(01:32:05):
approach addresses these concerns, and weoffer a complimentary consultation to discuss this with
you. Call our office today fora free complimentary consultation to develop your own
personal retirement income distribution plan at fiveeight five eight zero one nine nine.
That's five eight five eat zero onenine nine. Wendy, when your way

(01:33:29):
to me. Good luck, shipGod, you're doing good today. That's
good music. Brother. I don'tcare what they say about you. We're
going to keep you. I'm goingto bat for you on Monday. You're
not going to lose your job.Let's go to Rich got Rich on the

(01:33:50):
line. Good morning, Rich,welcome back, thanks brother, glad to
be back. In regards to thelast question, as a qualifier to that,
if someone had the New York StatePartnership yep, or the moneies that
already post tax cashing the bank growthiras, yep, is that so a

(01:34:13):
susceptible Yes, yep. Just rememberwith the partnership, it pays a benefit.
I'll use my mother in law asan example. Her bed was over
one thousand dollars a day because shewas in a trade bed. If the
policy pays you four hundred dollars aday, you're still you're still six seven
hundred dollars out of pocket. Thatbill still has to get paid. True,

(01:34:36):
yep, capeche. So the thingis is that the partner, the
partnership is good as long as thebenefit is adequate enough you have other reserves
in order to use. It's justwhat's happening is that the counties now are
changing landscape. They are aggressively goingafter IRAIS. Whether it's a partnership or
a non partnership, yeah, it'sit's a do it's a dilemma. It's

(01:35:00):
making people hold their breath and saying, what the hell did I buy here?
And I'll tell you what to behonest with your rich you know what
people are doing. They're changing zipcodes, they're changing zip codes, they're
making they're going to other states toprotect I rays in their houses. Yeah,
I hate to go ahead. Iknow the situation. Yeah, I

(01:35:21):
know exactly what it is in Saratogabecause is happening right now. Saratoga is
going after Irais. I gotta Igot a client. I got a client
that lives in the Greens aggressively goingThey're aggressively going after his IRA right now.
Oh thanks for the information. Well, you ought to commit and have

(01:35:43):
a chat with me because there's thingsyou can do. I'll be there this
week. Okay, brother God blessLet's go to Mike. Yes, good
morning, good. I have onequestion and a follow up to what I
just heard. Yep. First ofall, the clarification. You said that

(01:36:04):
the roth IRA is is exposed ifyou have the partnership plane. I don't
think that's true if you're going ontothe Enhanced Medicaid. What you said was
if the bill is for you know, you're you're getting a benefit of four
hundred dollars a day and it's athousand dollars, you're going to have to

(01:36:24):
pay the difference. Yes, onceyou go on that, once you're exhausted
your benefit on the partnership plan,the roth IRA is exempt to get onto
Chance Medicaid. Well, I cantell you right now that's not what happened.
I just had a client that hadto liquid ate their iras they exhausted
the benefits of the New York StatePartnership. I'm only I'm only talking about

(01:36:47):
roth right now. No, Idon't you know what I'll say you.
I sent you. I'll say thisto an email, Okay, weeks ago,
I'll say this to you over theair. There's not an attorney right
now that I've talked to that I'vetalked to, and there's a lot of
very qualified people that are on thestation and also people that are that I

(01:37:11):
have a lot of experience with overthe last forty some years of being in
this business that can give me adefinite answer, a definite answer in regards
to the roth IRA. I didemail the partnership Plan and got an answer
to that, and I did forwardyou that email a couple of weeks ago.

(01:37:33):
Okay, and talking about the rothIra. Now, who's said,
who sent that to you? Justout of curiosity, who sent you the
information on the on the partnership becausethere's nobody there. Somebody that works,
somebody that worked in the partnership planwork does work there? Now? Well

(01:37:54):
that the emails when I asked thatquestion, it is probably about a year
ago. Well, all I cansay is what I'm seeing right now on
the landscape to say that, youknow, for me to say one that
the what they will say to youis as long as you put it into
periodic payment status right, periodic paymentstatus right, that it's the assets protected

(01:38:17):
from a Medicaid spend down. Butthat the counties, I guess the counties
are now doing it based on lifeexpectancy, not periodic payments. I guess
they're doing it on life expectance.Yeah, but roth iras don't require an
r m D. And I guesswhat I would do is, if what
you're saying is true, then Iwould just convert the roth ira to a

(01:38:41):
a regular account because there's no taximplications on that, and then it becomes
an exempt asset. Well, Igo on enhance Medicaid. I'll tell you
what. We've had Frank laying onhere, and I've talked to Lupiro about
this, and they're all scratching theirheads because what they're really saying to to
me and to everybody else clients ofmine, is that you don't know what

(01:39:01):
you're walking into because every county isdifferent, Every county in New York State
is different. As far as theassets that they classified as moneies that they
can go after for Medicaid. Thatsounds like a class action lawsuit to me.
Well, anyhow, that's what I'veheard a lot of attorneys. The
one attorney said to me says,I'm just waiting for the opportunity to challenge

(01:39:25):
it. So I guess, hey, listen, Mike, I think there's
no doubt about it. I havebeen a major advocate for the New York
State partnership for years, and whatI've seen happen just recently has made me
mad as hell, Okay mad becausethese are promises that were made that are

(01:39:48):
not being kept. And I thinkyou're one right. This needs to be
challenged in court. We just needa champion. Well, I tried to
do it. I tried to doit. I'll tell you a real quick
story because I got about a minutehere. I try to use the clients
that I had that are with partnershipthat just liquidated the IRA. It went

(01:40:13):
to cash and it's gone. Okay, they did it this past week.
They came into my office. Thedaughter was extremely upset. You could tell
that she was crying. She waswith her husband, and she goes,
we don't want to legal fight,liquidate the IRA. I said, you
sure, that's what you want todo. I said, because I have
an attorney right now that wants tochallenge that. She goes, I'm not
going through that. Just liquidate theIRA. And that's what we did.

(01:40:38):
Yep. And I do. Ido understand her logic with the IRA,
and I think we just need tolook again at that raw yep. Converting
into a taxable account because I remembertwo weeks ago. I lo did mention
that my question then was interesting tohim, and he thought it was.
I was accurate on that. Seethe problem, the problem, The problem,

(01:40:58):
Michael, is exactly what you justsaid. I think nothing is chiseled
and there's nothing black and white,and says that's exactly what it is.
Every county is different. Yeah,that's so inconsistent. That's terrible. It
is terrible. But you're one hundredpercent right. You're one hundred percent right.

(01:41:20):
You said you only had a littlebit of time. That second question
that I had was Okay, SoI've got this huge IRA, let's say
hypothetically, and I'm about I fitwithin my partnership benefits and I've exhausted it.

(01:41:40):
What do I do? I dowhat that lady did and I liquidated,
or what can I do now thatI'm in my sixties to mitigate this
issue. I haven't heard a solutionyet. Well, I'll tell you what
I did. And I just askedthat those exact words I just asked in
an attorney. I just asked anattorney this last week, and his recommendation
to me was the liquidate the IRA, go to cash and try to save

(01:42:04):
as much as you possibly can prettysad. Should I be taken should I
be taking r m ds in mysixties, you know the equivalent of an
RM and D. Or should Ibe trying to liquidate this thing before I'm
eighty five where I'm real susceptible toa nursing home. You know that kind
of thing. Bulls one. Ifyou're asking me what my personal professional absolutely

(01:42:26):
you just said liquidated, get ridof it to an achilles heel to say
all the tax, yeah, payall that tax now and not get the
compounding on the tax free benefit.Well, it's just it's the problem is
is promises made, promises not kept. Really, it's really upsetting. Oh

(01:42:47):
yeah, hey, listen, Okay, my phone has been ringing off the
hook over this. Okay, I'msure it's been ringing off the hook because
I'll tell you what I'm in theI'm in the saddle. I'm right,
and the horse that gets the youknow the telephone call that says, liquidate
my account, send me more money. We're not doing periodic payments anymore.

(01:43:10):
We're doing it based on life expectancy. Now instead of taking eight thousand dollars
a month, now I get totake thirty thousand dollars a month. That's
what's going on, right, I'dbe I'd be upset too much. Well,
i'd be upset to Michael, Iwon't take up any more of your
time. Thank you, thank youfor your help. Hey brother, Yeah

(01:43:32):
yeah, listen. If you wantanswers to any of these questions, give
me a buzz. I'm more thanhappy. I'll talk in the evening on
Saturdays. I have appointments, youknow. Give me a call at the
office five eight five eight to zeroone nine nine. I'm gonna have Frank
Lang back again soon. Hopefully nextweek I can get him in here and
we'll talk more about the partnership andI raise I'm Dave Kopek. This has

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been the Retirement Planning Show. Godblessed, say it. Prayer for Kelly
folks. She needs your prayers.God bless Thank you for listening to the
Retirement Planning Show hosted by Dave Kopek, w g Wise Retirement Planning Specialist.
If you would like to talk withDave or someone at the Retirement Planning Group,
call five one eight five eight zeronine one nine. That's five one

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eight five eight zero one nine onenine during business hours or visit RPG retire
dot com. The Retirement Planning Grouphas five convenient offices located in Albany,
Maltsa, glens Walls, Syracuse,and Oneana. Tune in again next week
for retirement planning strategies with Dave Kopekright here on WGY's Retirement Planning Show.

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