Retirement Planning Show

May 25th, 2024

Episode Transcript

(00:00):
Line from the wgy iHeart Studios.Welcome to the Retirement Planning Show with your
host Dave Kopek from the Retirement PlanningGroup. Every week, Dave and his
team discuss the ways they can helppeople make informed decisions about a wide array
of retirement planning information that can supportyou and developing a more certain financial future

(00:20):
for you and your family. Nowit's time for Dave Kopec, WGY's retirement
planning specialist, Who Beautiful Ah,he was proved in liberating stride, who

(00:57):
more than Self, Country Loves andthe merci mo than Life America, America

(01:23):
make got that goal revived, Teamof success, be nobless and ever again

(01:45):
divine. And you know when Iwas in school, we shed to sing
it something like this, listen here, hope you to be far spacious guys,
fun them the waves of grain fuckerfrom Man Majesty's Run the Fruited Brain.

(02:23):
Now wait a minute, it's hardynot to like that one. Good
job. There's Zachy, my brother, and now we get the chills for
that song. That's why I playedit first. It's the best, the
best. Well, Happy Memorial Dayweekend. It's here and it looks like

(02:50):
We're going to have a great weatherat least through most of the days.
It looks like maybe Sunday later inthe afternoon there's a chance for showers,
but we'll keep our fingers crossed.Not too sure are the parades? What
day are the parades? Do youhave any idea? They all different times
and days. I don't know aboutthe other ones. I know raredam already

(03:10):
happened on Thursday. It did becauseI know that certain towns and villages have
a celebration, usually a parade,So be careful, drive, careful,
kids will be out running around.Don't drink and drive. I just drove

(03:31):
down from Lake George to be herein the studio, and uh, it's
gonna be a spectacular day. Thatsky zach, crystal blue sky. At
least it is here in upstate NewYork. You might be listening in another
state, another zip code, butas of right now, we've got blue
skies and I think it's gonna bewhat eighty eighty ish today something like that.

(03:57):
So little housekeeping. I'm going togive a warning out there, folks.
I'll do that last, but alittle housekeeping. As you're all quite
well aware, my wife and Ilost a great friend, loved one,
our maid of honor and our family. And every year we have a goalf
outing for cancer, and it justhappens that Kelly was battling cancer and cancer

(04:26):
won. But on September twenty fourth, Swing for a Cure, we've raised
a lot of money. We're goingto have it at the Fairways a Half
Moon again in memory of Kelly forSina Moran. If you would like to
partake, participate and call my office. I'll be mentioning this every week.
I know that we'll get a greatturnout from her friends and family and also

(04:53):
from the family of the retirement planninggroup. So if you would like to
attend, would reserve your spot soonerthan later because there is a limited amount
of time. There isn't for thedinner though, and they do a phenomenal
job and we do great gifts.One percent of the proceeds of what we

(05:13):
generate goes to the American Cancer Society. Myself and some of our strategic partners
pick up the cost of the event, and I'll get into more detail about
that. But September twenty fourth,Swing for a Cure, Fairways of Half
Mom and memory of Kelly Forsina Moran, God bless her soul. It's been

(05:35):
a tough couple of weeks, folks. I'm telling you, it's just been
tough. We've felt a lot ofdeaths this year, family and friends.
There's over five now the last sevenmonths, and it's just it's been overwhelming.
I heard a presentation this morning thatreally scared the living daylights out of

(05:57):
me. And you've got to bevery careful now with this AI, because
not only is it capturing your voice, but it's also capturing your identity,
what you look like, and youcould be receiving a message from Dave Kopek

(06:17):
and it's really not Dave Copek.It's artificial intelligence that is basically duplicated what
I look like. Well, Idon't know why anybody would want to do
that, and also what I soundlike. So you know, I know
that one of the great things aboutFidelity, working through Fidelity is that they

(06:40):
are extremely proactive, extremely They spendover one billion dollars a year and safety
for their Internet, social media andall the other stuff, so billion over

(07:00):
a billion dollars, and they'll probablyextend that even more with this artificial intelligence
AI. You know, one ofthe things that we have said, and
I don't know if this is theeasiest way to do it, but at
the Retirement Planning Group, we're goingto implement a plan that we're going to

(07:21):
call your telephone number to verify thatit's you, or if it doesn't come
up on the screen that it isyou and your telephone number. Sometimes it
does. With our data system thatwe have, I don't think they can
screw around with that. But it'simportant to understand that we are moving into

(07:44):
a new chapter as far as howwe're going to live our lives and protect
our personal wealth, our identity.Go through the whole laundry list. Somebody
can become you, not only you, but also your image. I mean,
it really sends it chill up myspine, sends it chill up my

(08:05):
spine. So just be super supercareful. The seniors that listen to this
show, don't pick up the phoneif somebody calls you. You know,
I can't tell you how many timesour phone rings at home, and we've
got a system in place that willcome up spam risks. I mean,
you know, it's like ninety ninepercent of our phone calls are spam risk.

(08:31):
So it's important for you to doyour homework. Do't your eyes cross
your t's. If you're a senior, don't pick up the phone. Just
don't pick up the phone. AndI'm actually to the point now where I
think and I'm going to discuss thiswith my wife. I thought about it
this morning after driving down from LakeGeorge. Not having any voice at all

(08:54):
on any of our devices. Doesthat make sense? Act if they can,
why would I put it out there? Makes sense? They're doing a
lot of crazy things with this AI. Well not only that, but the
thing is is that you know,automatically your phones will say, you know,
you've reached you know, five wineight bing bing, bing, bing
bing, whatever your telephone number is. You don't have to put your voice

(09:16):
on there. And I think,you know, I would say, as
a helpful hint, get your voice, get your voice off the box.
I mean, I'm in a verydifficult spot now myself personally, you know,
doing public speaking radio. So justbe careful. You know, the

(09:41):
new world that we live in,UH is filled with wonderful things, but
also things that can be tilted thatwill turn into evil things, with people
that have criminal intent. And it'sjust kind of sad so we a lot
to talk a about today. Gota lot of information. I want to

(10:03):
get into something because I've had aton of phone calls and i want people
to get clarity of what's going onwith long term care here in the Capitol
District Region and in New York State. We're going to talk a little bit
again about the partnership. I've hadattorneys call me about what's going on,
and I'll tell you what is goingon, and then then you're going to

(10:28):
have to make a decision what youfeel comfortable with. So this is the
retirement Planning Show. I've got mygood buddy coming in today. Him and
I are both here in the CapitolDistrict region. All my Nico's away,
my son, Christopher's away. ChrisMcCarthy, I think he's local, lease,

(10:50):
I think his local. A lotof the team is local, but
a lot of people. Of course, I was actually shocked there's not a
lot of people at Heartstone. Idrive by Heartstone and I expected that campsite
to be packed and it's not,which is shocking to me. Maybe they're
all coming in tonight. So wewill be back and we're here until nine,

(11:13):
and Roiela will be with me fromseven point thirty until nine to talk
about some different ideas and concepts thatare going on in the financial services industry.
Happy Tomorrow Day weekend, God blessyou all and please be safe 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

(11:33):
our life savings and create a paycheckfor the rest of our lives in retirement.
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, andmortality can derail the most careful laid out

(11:56):
retirement income plan. Call our officestoday to start the process of building a
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business, you need to start takingaction to start building your own personal retirement
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(12:16):
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(12:39):
Group, Our bucket of Money approachaddresses these concerns and we offer a complementary
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eight zero one nine one nine.That's five one eight, five eight zero
one nine one nine. Oh Iwish I was in a lumbar cotton.

(13:16):
All the times there are not forgarden? Look away, look away, look
away, Dixie l Why we shine? Ohway? There's another guy that could

(13:45):
really sing? See Triver. Listento Elvis. It's probably you're too young
for Elvis, are you? Ilisten to Elvis, but not as religiously
as you may. Just an unbelievable, unbelievable talent. Another guy early forties
passed away, this is crazy.I want to give our listeners some clarity

(14:11):
about what we're seeing, and Iwant to emphasize what we are seeing at
the Retirement Planning Group and I talkedabout the partnership policy with a client of
ours that exhausted the benefits of thepolicy in the county. The county made
her adjust her payment status payment statuson her IRA to life not periodic payments

(14:41):
RMD. Now, when we gotinvolved in the partnership program, there was
a lot of us that believed that, you know, once the policy was
exhausted and there was an agreement betweenthe state, the insurance company, and

(15:01):
you as the individual, they wouldn'tgo after the assets, right, they'd
go after income, but they wouldn'tgo after the assets. Would they wouldn't
make you modify and adjust your distributionmethod of payments either. It's not the
case. That is not the caseof what's going on right now. We've
had situations in our office where thecounty has, you know, basically said

(15:24):
to us, well, the attorneyshave said to us, for the person
that is in the facility, thatyou got to change the distribution mode on
this, okay, and it's notgoing to be you know, much much
larger. So what this family decidedto do, the most latest one that

(15:48):
we went through, because this beautifulwoman, outstanding person, has Alzheimer's and
she's been in the facility now forlike five years, and she's in great
health and they think that she couldlive another five years. So if her
life expectancy is four to five yearsbased off of the new calculation, that

(16:12):
means that if she's forced to liquidatebased off of life expectancy, the IRA
is going to be gone. It'sgoing to be gone, doesn't exist.
So just be aware, as I'vesaid a million times and I'll say it

(16:33):
again, where you live and whereyour zip code is going to be in
your retirement years, especially especially ifyou have a significant amount of money and
qualified plans and equity in your home, equity in your home. I also

(16:57):
got an answer from an attorney.I had a gentleman that came in from
the Johnstown, Glover's Lily Amsterdam area, wonderful man and his wife, and
he had sat down with an attorneyand did some estate planning, and it

(17:18):
was his assumption that his buildings heowns apartment buildings. It was his assumption
that that building because it was ina LLC. Okay, was protected from
a medicaid spender? And I saidto him, I will check with an

(17:44):
attorney that I have a lot ofconfidence in to see if that's the case.
Okay, Now, this is theattorney's response to me. It's not
my response, it's the attorney's response. I asked him, gentlemen, has
properties inside an LLC? Are theyprotective from a medicaid event because they're in
an LLC. The attorney's response tome was, no, they're not protected.

(18:11):
We need to assign his interest inthe LLC to a Medicaid trust capeche.
So you're going to have to dosome soul searching. This is why
I say, over and over andover and over again, Okay, know

(18:33):
what you own and how it's titled, and how you're ultimately gonna protect it
if it's important to you. Now, Statistically, I know I got a
lot of clients that have called meabout the New York State Partnership. It
is the greatest long term care policythat was ever issued. Okay. Ever,

(18:56):
okay, you just need to understandwhat happens if you exhaust the benefits
of the policy. Got that whathappens if you exhaust the benefits of the
policy. That means there's no moremoney in the pot. Okay, what
does it mean technically you have tocontribute income? Okay, what's the formula

(19:22):
for your county? What's the formulafor your county? And are they going
to make you aggressively spend down yourIRA for that bill that is no longer
being paid by your long term carepolicy? Okay? The other thing about
long term care policies. If you'regetting a four hundred dollars day benefit from

(19:45):
the policy and your care is sixhundred and fifty dollars a day, say
six hundred to keep it simple,right, you're still six thousand dollars a
month out of pocket. You youstill have to come up with that six
thousand bucks. You can pull yourhair out with this. You can literally

(20:11):
drive yourself crazy because I've had peopleyou know, come in have a talk
with me, have a chat,and should I get rid of the part?
Absolutely positively? Not no, no, Some people have elected to do
that because of the increase in premiumsand it's just not in their budget anymore.

(20:37):
So we're going to talk a lotabout this in the year twenty and
twenty four, because you know,the number one fear right now for people
going into retirement is running out ofmoney, and the second fear right is
health health. Do I have enoughmoney? I don't want to run out.

(21:00):
You know, my oldest client isone hundred and two years old.
He has lived longer in retirement thanthe total number of years that he worked
for GE and he's in great shape. The guy skied like two three years
ago. So the thing is isthat no one's got a crystal ball.
I mean, Julie and I satthere the other day and we were thinking,

(21:26):
you know, my history, cancerhas been a wildfire throughout our families,
my family and also Julie's family.Right, no one has a crystal
ball for our future. No one. You know why some live much longer
than others when he got the samemom and dad and genetics, Who the

(21:48):
hell knows. But I do knowone thing for sure that horrible things can
happen at the flick of a switch. Horrible things, Horrible things can happen
at a flick of a switch.And you have to start thinking more about
the whole puzzle, and that justone piece of the puzzle. So you

(22:15):
know, one of the things thatwe pride ourselves on at the Retirement Planning
Group is not only the team thatwe have, but the team behind is
at Fidelity, but also our strategicpartners. Because after doing this for forty
three years and hopefully I've got atleast another ten or fifteen or twenty in
me God willing, because I don'twant to retire. What am I going

(22:37):
to do? I stink at golfand I can't bake on the beach anymore,
Zach, I mean, I'm notPeople can sit in the sun all
day long. I just I usedto lifeguard. I was going to see
in a college in Lake George,and I used to I used to sit
in the sun all day long.I just can't do it anymore. Can't
do it if I'm not taking aride in the boat or doing something.

(22:59):
My wife say to me, willyou sit down? Will you sit down?
Will you stop running around? Ijust can't do it. Julie's very
good at reading, you know.I don't like reading outside in the bright
sun. I'm going to get akindle though, I think a kindle they
say that those kindles are amazing,so yeah, but you get the glare

(23:19):
from outside, from the sun Idon't know that's what I would think,
but that is what it is.So okay, here's a nine to one
one to everybody. Financial advisors can'tbe everything to everybody. If they tell
you they are, they're blowing smokeup your tailpipe. This business is too

(23:41):
complicated, much too complicated. Everythingfrom A to Z. I won't even
mention products because it's not about products. It's about everything. It's the old
sauce. The ingredients that are inthe ingredients for mister and Missus Apple are
going to be entirely different than theingredient it's from mister and missus Zebra.

(24:02):
Right. We don't use a cookiecutter approach. We build out platforms.
I'm in the camp today. Withthe combines of size as they are and
interest rates as side as they are, you really don't have to take a
whole hell of a lot of risk. You don't have to take a lot
of risk in order to get tothe number, especially if you've been you've
got two three four million dollars ofassets, you've been in great you know
we get five six percent on that. I'm happy, I'm dancing in the

(24:27):
street. I don't have to hitshoot I'll take a percentage of the portfolio.
But there's ways now to invest inequities and have no downside, only
upside, which we'll get into detailand some of our future programs. But
it's great to be here. I'mlooking outside. I want to dance.
I want to spin in my head. I might break dance at the break,

(24:51):
like Zach. It's just a beautifulday outside, and these are the
days why we live in upstate NewYork. Appsolutely gorgeous. So hopefully your
family and friends are around you.Uh. I'm gonna have a little cookout
tomorrow up at the lake with somefriends and family, so looking forward to

(25:11):
it. But God bless everybody.We'll be back in a very short period
of time. Gee, why,my dearest son, it's almost junior.
I hope this letter catches up withyou and find you with my dearest Carol.

(25:36):
It's me again. It's been guy, but they're calling for ring.
Everything's the same old saying, Johnson, I actually be strong, have curry
distevern. Old Daddy ain't said,but I'm sure you know he sings is

(25:57):
and she goes on and a letterfrom home time not afraid, And I'm
just trying to hold it up andshow my buddies. Lark we scaring Rban,
same body and they all right.My wife and I sat yesterday up

(26:22):
at the lake and listened to alittle bit of George Jones and Randy Travis
What I Love. They did acouple songs together, they did. There's
a YouTube of them. Good stuff. If you like country, good stuff,
And I love a country. Ican still see my uncles and all

(26:44):
my aunts listen to country. Mydaughter likes country now, which is nice
to see. MICHAELA. All right. You know this is the time of
year, Memorial Day weekend. Wewere at the cemeteries doing our flowers,

(27:10):
et cetera. And make a longstory short, you know, it's a
time to think back of your lovedones, all the ones that have served.
The biggest regret that I have isbecause I never served. I say
that over and over again. You'veheard me say this a million times.
I wish I did serve our country. But it was that time when I

(27:33):
graduated from high school. It wasthe end of Vietnam War. A matter
of fact, in nineteen seventy three, when I graduated, it was the
last year that they had the draft. I think it was September. I
was out in South Dakota, wentout there to play basketball. But make
a long story short, a lotof waters passed over the bridge. Druielo's

(27:55):
here, which is always good tosee. Drew. Click, you're losing
weight? Good morning. I didyou look good? Are you fast?
Are you doing the fasting? No? True, No, I'm just working
out a lot. I'm getting myI have to get my shoulder replaced.
I know you told me that,and so I'm trying to get in this
best of shape as I possibly can. You know this guy, guy Ferrer

(28:17):
whatever the hell his name is Freyryor something. He's on Diners and Dives
and all that stuff. You knowhow I'm talking about Zach. Oh yeah,
big tall guy. No, Idon't think he's with the blonde spiky
hair, got the blonde spiky hair. Kind of a funky dude. Oh
yeah, yeah, he's got therestaurants and he goes to all these restaurants.
Yeah, I think I And uh, there was an article I just

(28:38):
I think was in People magazine.I was reading it and he was talking
about he's gotten into this diet nowand workout, but he fast. You
used to fast, Yeah, Itried it. It works pretty well.
So it's not as hard as youthink. So mechanically, how do you
do it? What's the mechanics offasting? So it's different levels. You

(29:00):
can well tell me, tell melike the the generic to tell me the
lazy level. Well, you couldgo, you go sixteen hours, sixteen
hours, That sounds good. Icould probably do that eating and then you
have that, then you eat forsixteen and then no, then you you
so in a twenty five with that, you fast for sixteen and then that
window which is you know, anothereight hours. You have eight hours basically

(29:22):
to eat throughout the day. Soif you yeah, but you can't eat
like three pizzas and now a bowletof ice cream. You can't come out
of your fast and eat like apig. You got you gotta eat health.
The first thing you eat. Jestsshould actually be very healthy. We
do the athletic greens, yeah,because I'm not I don't like what's athletic.
What's athletic greens? It's it's justput it in water, six eight
ounces of water. It's just tonsof green, leafy green vegetables in a

(29:47):
potent basically and just it's a powder. I throw my water. So like
the first thing with my bodies isthat like a what do they call it,
right, romen? And what doyou call that? Ramen? It's
is it warm or is it cold? No, it's cold. I just
I just throw coop and a thingof water. And that's the first thing
I have at a fest. Soif you stop eating, i'd say six
in the morning, six at night, you have your dinner six at night,
then you can go, you know, start eating at you know,

(30:10):
eleven o'clock the next day. Soit's not it's not that bad if you
have if you eat from eleven tosix during the day. Klient of mine,
he's from New York City, livesin Glenn's Falls. Now, great
guy, him and his wife.His wife so nurse up in the hospital
up there. But she he uh, he said, this is it.
I'm not doing this anymore. Andhe starts fasting. But he did like

(30:33):
fort eight hours how many forty eighthours? Oh, two days? Yeah,
the walls he would drink was teaor he'd have liquids. You have
black coffee, black coffee. Andthen he lost sixty pounds. Yeah,
it's it's he lost sixty pounds inlike two and a half months. Yeah,
yeah, he got he got tothe weight level that he wanted to

(30:53):
get at, and he said,okay, I'm good. And now he
eats one meal a day, onemeal a day. But you know during
cold I've gained thirty pounds during COVIDand I said to Julie the other day,
that's it. I just can't dothis anymore. I got to get
rid of it because as you getolder. I'm not telling you athing you,
I don't know, it's harder.Yeah, it's just a hell of

(31:15):
a lot harder. I've kind ofplateaued. I lost about fifteen pounds and
now I'm wait, look great,thanks like the old Drew. Yeah,
you're back and running, working out, eating back. You know, if
you'll be modeling with your daughter.Yeah, I don't have to spray spray
some abs on me. He canbuy those, but it's called silicon.

(31:36):
They just pump you up. Goover here to the plastic surgery center.
It's actually pretty easy because you don'tyou're not dieting. Diets don't work.
But the fasting thing I found veryeasy to do. Well. I think
I think you're absolutely right. Dietsdon't work. And you've got to just
get into a routine. When Iwas in downtown Aubany when we opened up
Morgan Stanley Dean Wooter, I usedto be in the gym every single day

(31:57):
at the Stuben Athletic Up Monday,Tuesday, Wednesday, Thursday, Friday.
We would be there constantly. Uh, And I just got to just get
back into a routine. So yeah, I enjoyed. I'm I'm You're a
morning person like me, and ifI don't work out in the morning,
it's not getting done. Yep.My hours. Sometimes I'll be home at
six. Sometimes i'll be home ateight. I left like George this morning

(32:19):
at four forty five. I hadto stop at Clifton Park real quick.
To me, people are missing themost beautiful part of the day in the
summer, the best. Oh mygod, it gets light out now for
forty five. It's exactly right,it's the best it was. Usually go
run around six, six fifteen.I'm done done by seven o'clock. I
know by seven o'clock you're done.You're you know. I'm always flabbergas I

(32:40):
said this to Julie. I thinkyesterday I said, you know, I
don't understand how people can lay inbed. My daughter loves her bed.
Yeah, you too, And whatthe hell it is? I said to
her, You know I'm banging on. Get out of the room. I
can tell you what it is.I know what it is because I witness
it with my daughter. It's athing that they carry around in their pocket.

(33:00):
Stupid thing. Yes, and there, God knows how late at night
they're on that thing. She wentto bed the other night at four o'clock
in the morning, right, andshe goes, I said, Mikhaela,
what are you doing? She wassleeping. You're sleeping. It's in the
afternoon. She goes, yeah,Dad, But I didn't go to bettill
four. Yeah, doing nothing.Well that's going to change because she starts
working next week. Oh yeah,the cat's up up in Bolton Bolton,

(33:22):
Yeah, as a hostess. Yeah. For they're wonderful new coffee shop going
up there. I talked to theowner the other day. Yeah, right
across the street from Bear Cub.Oh yeah, yeah, I think they're
gonna try to open that. Howmany accounts do you have up there?
Quite a few? Uh no,not a lot, less than a handful.
Doing a bagel shop right in thevillage. That's opening. Yeah.

(33:45):
I love Boon canteena thirty two goodplace in Bolton. I love I love
the Bolton's just uh so peaceful,very peaceful walk, total opposite of the
village. Grab your grab your coffeein the morning. Reminds me of New
England. The Cape, Yeah,something like that. It's funny. I
haven't been the Cape in so manyyears. I'm jones going to get back.

(34:06):
We used to go to Martha's Vinyardall the time, all the time,
Julie and I. And when webought the house in Lake George,
you know that ended. But lastyear we went back. Last couple of
years we went back for like aweek just to get a flavor. But
if you know, if I gotmy ticket, I didn't win last night,
Megan millions. Oh really, howmuch is it? It was like
a half half a billion? Wow? That's all. But you're here today.

(34:31):
If I showed up doing the showby myself, if I had one,
I'd be sitting in Martha's Vineyard havinghaving a cocktail with Obama's I was
a little word showing up today becauseI was listening to you on the way
in said something about break dancing andI started paying. Oh yeah, am
I gonna see an ambulance out foryou? See my dancing shoes I got
on, all right? So dancing? You put the break and break dancing?

(34:53):
Yeah, I stop. Stop,it's too ugly. So tell me
a little little bit about what's goingon. You know, Drew has been
involved in the financial services industry sincewhen what yeard you start? Financial services?
Eighty eight eighty eight fall of eightyeight, thirty six years I've been
doing. I just started my fortythird year. Wow, April's been more

(35:17):
guinea thirty years and mortgages yeah,yep, so I guess the Here,
here's the thing that I said onthe show today to start, and then
we'll get into some more nuts andbolts because you're here until nine. AI
is scaring the hell out of me. Mid too, Mid too. I

(35:38):
just heard on the radio driving downbecause I got serious satellite, ye,
so I can bounce around and listento what I want. And there was
a guy on and they were talkingabout how AI is capturing not only your
voice but also your image. Andyou're looking on a screen and hey,

(35:58):
you know, please help me.You know I've been hijacked. Yeah,
send one hundred thousand dollars, likeimmediately, please mind me, Dad,
please please please, Yeah, voicemailstoo, everything, Yeah, and these
this is what I said. Ijust said this aloud. I'm gonna take
my voice off of everything. Now. I can't take it off here right,

(36:19):
but like at home, I thinklike Julie has her voice on the
answer machine. Oh yeah, boththe Lake George House, in our house
in Clifton Park. Yeah, I'mgonna I'm gonna tell her get rid of
it. Yeah, just have themachine to it mechanically. I agree,
you agree, I agree. Youknow they can they can get everything from
you because you're on the air.They have a million sound bites that they

(36:40):
could they could imitate. You know, you could say, hey, I
want to see pictures of a dog, and you'll see pictures of a dog,
and then it'll it'll actually create picturesof a dog that are digitally enhanced.
It's hard to tell the difference betweena real dog and a digital That's
what they just said. They said, when you look at it, some
of them, I guess are notas up to speed as some are,

(37:01):
like spectacular, you can't tell thedifference. And some the lips don't match
the speaking. You might get likefour legs, right, I'm sorry,
five legs on a dog. Yeah, sometimes you'll see them. Those are
dogs that live over by the HudsonRiver exactly looking up that water. All
those pc beabs or whatever the hellare in there. Yeah. I had

(37:23):
a guy told me that. Ihad a guy tell me the other day
says, you are you drinking?No? I know it was it was
my son. It wasn't a guy. My son, Christopher, Chris is
a help my son, Christopher.You know, he eats you know,
sticks and weeds and you know,all that stuff. But he doesn't go
to the extremes. But he helikes everything natural and you know, holistic

(37:43):
and all that nonsense. And hesays, do you ever check your water
and see what's in your water?As far as the chemicals? I mean,
it's scary as hell. Yeah.I think I read something about in
the whole water that's cool? Yeah, not good, it's exactly right.
Yeah. Was it last week orthe week before? The paper? Uh?
Yeah, we don't. We don'tdrink out of the faucet. You

(38:05):
know, we don't do bottled watereither, because the we do plastics do
the we do the paper, watercomes in a paper container. I think
I agree one hundred percent. Andthen I think Julie was telling me.
Julie was telling me that, likethe a lot of the people that carry
their lunches in plastic now are nowstarting to change to bring it in either

(38:25):
in glass or glass tin or somethinglike that paper because of the worry about
what's going on. Supposedly these contaminantsare leaking out from the plastic into the
food. A lot of a lotof articles on that. I want you
to get with a flora carbon something, there's a term obviously, but yeah,
it's it's amazing, you know,especially if plastic heats up it could
come off of that. Yeah,all right, we're going to take a

(38:49):
break because then we're going to getinto our nuts and bolts here. But
if you have any questions or comments, believe it or not, we're live.
We're probably going to be two peoplein the Capitol District that are working
on the weekend here. How manyguys are coming in this weekend live?
Do you know, Zach Me?Just you and Joe, the crazy ones
they call Gallagher's Covenant. Oh mygod, you can't miss that Gallagher.

(39:13):
We're gonna We're gonna have a testfor him next time he comes in that
I can see him face to face, will be the real Joe or ai
Joe? No, all right,we'll go right back the eighty six percenters.
Do you know that eighty six percentof the population has no defined benefit
pension plan? For most of us, we have to take our life savings
and create a paycheck for the restof our lives in retirement. What is

(39:34):
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critical years of your lifetime. NobelPrize winning economist William Sharp has called retirement
income distribution the nastiest, hardest problemin finance. He points out that investment,
uncertainty, and mortality can derail themost careful laid out retirement income plan.
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(39:59):
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(40:20):
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(40:44):
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Oh sceneway happened? Ohs world strivesright style? Spot? Oh the

(41:38):
sweet alright? Good morning little voice? Yeah, what a what a shame?
All right? That was Whitney drugs. Yeah, the scourge of the
earth drugs. I know I stillyou know, my kids are nineteen and
twenty four. I still talk tohim about that. Absolutely. I tell

(41:58):
my I just said the other daywalking around when we were talking. When
she goes out to the bar,she goes to Saratoga or something like that.
You get a drink, put yourhand over. You get a bottle,
yeah, with the neck on it, and you keep your thumb over
the top of it and never getrid of it. You never said it
may covers. Now for the drinks, drinks, Oh they do, yeah,
Oh they do. They should.For the girls, because I'm you're
a father of a girl. I'ma father girl. Sure. That is

(42:20):
my most stressful thing in life.Yeah is that? Yeah, because I'm
like old school. I can't evenwatch movies when it comes to things like
that. So, well, she'smoving a Florid you know for school.
Yeah, where Tampa. She's eitherFau or Tampa. Oh wow, I
wanted Kenzie to go to Tampa.She well, I love Tampa. That's
right there by the I'm hoping that'swhere she goes because that's where her brother

(42:42):
is. Yeah, that'd be nice, but easy to get to, too,
easy to get to, in andout. She's back home. I
talked to David the other day.He's coming back. He'll be up twice
this summer for the golf event andfor a family track. Yeah. Yeah,
he just comes up. He'll seesome of his homeboys and have some
fun. So same. But tellme what's going on in uh interest?
Rate environment, and how you guysmaking out in the mortgage industry. So

(43:06):
I would say mortgage, real estate, all the above, it's generally slow.
But does it I have to putthat in context, you know,
Florida. I looked at a housein Sarasota. Yeah, because we've got
so many well we've got so manyclients down there now. Yeah, Sarasota
works out great for me because Ican take seventy two and seventy and be
over on the east coast in anhour and a half hour and forty five

(43:29):
minutes. Yeah, to take careof the clients on the east side and
see them. So most likely that'swhere I'm going to go. Sarasota Logistics.
It works out for me. Ican fly into Punta Gorda direct,
can fly into Tampa. Not thatbig of a difference. David's in Tampa,
he can drive me. I cantake there's a shuttle that goes from
Punta Gorda up to Sarasota. Sothe dynamics and you know, like I'm

(43:51):
not retiring, but it will allowme. You know, I need to
be back here. I'm back herein two and a half hours, two
hours and twenty Allegiant. I loveit. I love it. And there's
another plane you could take Avalo.Yeah, there's something new. It's like
seventy bucks. Yeah each way.Yeah, that's a bunch of crap though,
but it's I mean, it's justlike the Legion. Legions say you
can fly for like forty nine dollars. By the time it's over, it's

(44:12):
four hundred and ninety dollars. Yeah. Pay for the bag, you got
to pay on a walk on theplane. They got a walk. You
got to pay for the air andthe plane. It's just you know,
when it's all said and done,I thought this was forty nine dollars.
Yeah. But so you know Floridais now we put an offering on the
house and uh we actually went downon it because prices are dropping. Yeah,

(44:35):
well they went up one hundred percent. Yeah, so unlike the Capitol
region, they went up huge,right, and now they're trying to find
their their floor, which they will. It'll come down nothing crazy, but
it'll come down still more demand thansupply. So and Florida they're lucky.
They can build all year round herehere here. So when I say it's
slow, it's not because a lackof activity or lack of buyers. I

(44:58):
probably have one hundred and fifty buyers. I can't get a house because it
goes on the market, they getout bid, there's a cash off here
is fifty thousand over even. Stillstill I still see at least six to
eight offers every deal. Yeah.I haven't seen really any price reductions here.
I got a builder in Boston Lake, in that Timber Creek area there,

(45:20):
he just keeps building, whether asa buyer or not. And then
he gets a buyer, so he'sbuilding on spec and he's just pumping him
out because there's really nothing to diethat or my niece lives in that area,
and it's amazing to me how thatwhole area, Boston Spa, Boston
Lake. Yeah, it's exploded.Yeah, and these aren't. These are
nice houses, small lots closest toBoston Spa, Boston Lake, whatever it

(45:45):
is that's becoming another shen. Yeah, it's because of the impact on the
growth, global foundryes, global froundies, all that. So the market markets
superactive appreciation. You know, you'reprobably going to get at least five percent
again this year. And it's justtalk to the agents. You talk to
the bank, the bank attorneys,you talk to the inspectors, the appraisers,

(46:06):
the mortgage people. Yeah, we'reall singing the blues because there's there's
buyers, but there's just not alot of inventory inventory, and so people
will look and look and look.Sometimes I talk to someone they're like,
oh, yeah, we spoke backin January, can you update my pre
approval? I sometimes forget, Holycow, that was January we spoke and

(46:27):
they haven't found anything since, andnow we're almost June, and now they're
excited about a house. I justdid a couple of those last night when
I got home that needed updated preapprovals. I have a lot of people
doing renovation loans because they're trying tofind something where there's less competition in terms
of buying it. I've had somepeople buy double wide mobile homes, you
know, to try to get inthat first time home by point. Hey,

(46:50):
those things are beautiful. Yes,you know what Julie and I had.
Can't tell the difference anymore. No, those the way that they're constructed.
I actually had a guy say tome that was one of the salespean
because listen, you can do allsorts of research on these things. These
houses are built better than a stickhousebecause it's all climate controlled. It's all
Are you talking about modular modulars?I was talking about manufactured both. Yeah,

(47:14):
yeah, I would say they arebecause they're both You're right, they're
both built in a factory warehouse.There's no rain moisture. You know.
One of my builders bought the biggestmodular home company, I think in New
York a few months back. Reallyand because because like you want to buy
a modular, you're in that thingin three four months, you know,

(47:34):
waiting twelve to eighteen months, sohe can try to get because that's what
you have to do for inventory.There was one down a Dwaynesburg, the
Lancon or something like that, whereI think that they did those types of
homes, the modular. You knowthey come in pieces. Yeah, they
come in like two three pieces,right, and they put them together right,
put them, they do the hookups, all that stuff. Basically get

(47:57):
there with a foundation. Well,think about it saves a whole hell lot
of time. Probably problem problem withmost of the contractors today is the subs
is to get the sub to showup still have the health the health issues
across from me, you know whereI live across from me that's been sitting
there. Now that development they juststarted it again. Oh yeah, start
amidor and Able, yeah yeah,and uh Gangbusters. Yeah, you know,

(48:21):
but the builders need to build inthis environment. So like down in
Florida, you could you could youknow, to your point, I have
realtors that call me from down inFlorida, like, why in Florida do
they have rates here at four pointnine nine and up here were you know,
six and a half, six andthree quarters Because the developers, given
the vig they're they're buying down therate, buying down to get incentive as

(48:44):
buyers. We don't need to dothat up here, absolutely, And that's
why she asked me the same questionafter three months until the same answer.
But yeah, that's that's what's happening. So builders can do that if they
want. They could pay five pointsten points three points, get the rate
to where it's attractive to a homeowner, and get the incentive. Up
here, we haven't seen the needfor that, have you. Have you

(49:05):
seen? I had a guy approachme just recently you would recognize his name,
and extremely successful guy has a business, very very profitable business, and
he has the ability to buy hisshopping center, and it makes sense for
him to do it. And we'retrying to structure a deal right now with

(49:29):
private investors so they can win therecash on cash and probably get a pretty
competitive rate of return, you know. Plus they're going to get some cash
flow that's going to be exempt becauseof the appreciation all the other other nonsense.
Talk about a strip mall. Yeah, it's like a strip mall,
but there's two separate buildings that arenext to the strip mall too, that

(49:51):
that go with it. Do youever run into anything like that? Do
you ever see investors that want toparticipate and that type of a structure where
they want to you know, likefive or six or eight or ten people
want to get together and buy.You know, I haven't I haven't been
privy to those, but I youknow people that do that, Yeah,
quite a bit. I mean you'relooking at some plazas like you know where

(50:13):
Shop right was right, you knowthey exited, Or you look at the
old Kmar plaza. Look what lookwhat Lias did with that? Got another
bunker going in there? Now takea ball in there? Really? Yeah,
that plaza is really nice. Theyhave that goal. You talked about
the one that's right here on Troyceconnect too as you're heading towards it.
Yeah, it's crazy trop Chris mySon's living over in that area and he

(50:40):
uh goes to that event event.It's beautiful, beautiful pool inside. Yeah.
Yeah, the song is the steam. Everything you talk about, you
talk about people that should they shouldbe applauding them, like the Lea's that
went in and did that work andthat thing sat there for years. Got
vent you got the rock climbing,you got pickle pickle ball, we got

(51:04):
pickle ball is like addicted to pickleball. You should see have you You
should go in that pickle ball.It's called true pick a ball. It's
yeah, it's nothing like you've everseen. I know there's a bunch of
them that opened, but this islike a whole other level. Roger Wiland
was there last week. Was afundraiser for uh leukemia I think it was
and uh And now they're putting abunker in there. It'll be open probably

(51:28):
in the fall. And they havethat restaurant Scarlet Knife, so that that
that's that ex old they say that. They say that restaurant is actually beautiful
off the hook off the hook beautiful. Yeah, I don't think he'll ever
make money. I don't think hecares. It's huge. How's the food.
It's like ten thousand square feet.I've only been there once, actually,
and it was more than a yearago. So I'll tell you what.
We had a luncheon meeting this weekat Ruth Chris. You know what

(51:52):
the food you said was phenomenon.I went that same night, did you.
Yeah, how was it? It'smy favorite? Some believe, some
believe, yeah. And I toldhim, I said, you know,
I go to the one all thetime and CS the key and the guy
says, you won't be disappointed here, and I said, I hope not.
I hope not, because you know, I always rave about the other
one unless you have your wife whenthey put it down, like, oh,

(52:15):
well, I love about that place. The food's always hot. We
got to break oh, we cameback ring again some nuts and balls.
We're just having a little bit offun here today. Open lines. You
want to participate one eight hundred TalkWGY one eight hundred Talk WGY, Droiel
Dave Kopek and we're here until nineo'clock. We'll see on through the news

(52:37):
line from the wgy iHeart Studios.Welcome to the Retirement Planning Show with your
host Dave Kopek from the Retirement PlanningGroup. Every week, Dave and his
team discussed the ways they can helppeople make informed decisions about a wide array
of retirement planning information that can supportyou and developing a more certain financial future

(52:59):
for you and your family. Nowit's time for Dave Gobec w G Wise,
retirement planning specialist to the Spacious GuysBanks. Dave Kopek here with Drey

(53:23):
Ello. What's the name of yourcompany? Fair Way Independent mortgageful you know,
after the big you know JP Morgansand BFA's and Wells Fargo's. There's
a group of independent mortgage banks IMB'sand we are one of the top three
the IMBs nationwide. And my branchis in Clifton Park and we do everything

(53:46):
from forward mortgages to investment property,to second homes, to reverse mortgages,
you name it. So programs,investment properties. You know, Chris my
Son a lot of his friends aregetting in real estate. Still substantial down

(54:07):
payment start off you you're twenty percentfor a single family and twenty five percent
for two, three, four family. What happens if the individual holds paper,
will that count as a down payment? Uh, there's probably there's this
thing called a CLTV, a collectiveloan to value. Yeah, and it
is, so you'd still have toYou could still be at say seventy five

(54:30):
eighty percent, as long as aCLTV doesn't exceed that. Yeah, So
you could come up a little bitand someone can hold paper for the rest.
So most out of pocket would bewhat I would say, twenty five
percent. The most the most pocketand the least the least. So this
is funny. You could buy asingle family investment property renovation loan and put

(54:52):
as little as fifteen percent down.We're on a regular loan, you need
twenty percent down. Yeah, Soa lot of investors out there trying to
buy single family homes but with leastmoney down, which is fifteen and then
get money to renovate it and fixit up and flip it. Yeah.
I'm like flabbergas by these property values. My office, my corporate headquarters of

(55:14):
Courses in Malton, A lot ofsometimes I'll just take a ride over to
the lake just to get out ofthe office. And the prices of these
homes in Saratoga Lake are going throughthe roof too, Yeah, just crazy.
Yeah. The girl that works forme, we has two houses on
Saratoga Lake and she's selling one ofthem and same thing. Twenty five thousand
over ask too bad, two bath, it's got dock space and all that

(55:37):
stuff. Oh that's huge right there, and she's she bought a few a
few years ago and it's gonna makea hundred ground. What's that restaurant that's
on the northern end five point fiftyor fifty waterfront? Yeah? Yeah,
Druthers took over there. I knowthe food there. I just saw a
business review had a thing in there. Yeah about it. Have you been
there? Yeah? Oh yeah,many times. Nice. Yeah, it's

(55:57):
nice. I'd like to sit outsidehave a cocktail. We were We were
there last year with our family,yeah, cousins, and we had dinner
outside and Debbie didn't want to goinside, so we had dinner outside and
they got those heaters. It wasactually very nice. Yeah. The biggest
is year. There is no reservation, so sometimes you gotta wait. Yeah,
which, well, my favorite spotis right down the creek. Which

(56:19):
one's that Harvest and Heart. Idon't think I've been there it's phenomenal people,
really phenomenal nice. You would neverknow what exists. You say,
pizza, pizza. I love pizza, harvest and heart my wife. Maybe
a cottage cheese pizza the other night, just cottage cheese cheese on top of

(56:39):
it. I lost fifteen. Juliesaid to me the other day it was
like ten o'clock and ice. Shewas you st longer? I said,
yeah, because we didn't hardly eattoo much. So like a night we're
throwing a pizza in the oven,so burnt my mouth. I was so
hungry. I do it too well, like animals when you get that hungry.

(57:00):
All right, So there's a topicthat I want to talk about today.
You know, the number one thingthat we hear consistently folks as financial
advisors now is safety and guarantees.And I don't want to run out of
money. Okay. Seven out often people in today's world are adverse to

(57:21):
a lot of risk in their retirementyears. Most of them don't take the
steps to find out the alternative productsthat are available in ways. I call
it the toolbox planning, right,You like that? Yeah? You know
I saw the tools on the yougot to have as many tools as you
possibly can. And if you havedead money, money that's just sitting there,
you're not utilizing it. You're notgetting the dividend on it, you're

(57:44):
not using the cash flow from it, and you have no need for legacy
or transfer of wealth. There's twoways which Drew and I are going to
talk a little We're going to talka little bit more about reverse mortgages because
and I want to this is adisclaimer. I make no money, you
know, a advocate it for thiszero like zip. There's nothing that goes
in my pocket. But I thinkthat it's one of the greatest things that

(58:07):
people don't utilize in their retirement yearsis the reverse mortgage. Right especially in
this environment right now, people havea lot of equity in their houses,
more than they and I would saymost seniors sitting home right now listening probably
don't realize the kind of equity thatthey have in their house, what they
could tap into. And it doesn'tcreate an income tax. It's tax free

(58:30):
money that they can pull out whenneeded. And I so how do they
technically get around that they consider thatto be the return of principle or something
they're just taking out equity in theirhouse. It's now equity in your house
is it's non taxable. You couldtake like your house, you could take
out one hundred grand and throw inthe bank. Right. Obviously, if
you did take out one hundred grandthrow the bank, you pay interest on

(58:50):
the money in the bank, right, but not you wouldn't have to pay
taxes on the money that you tookout of your house because that's that's your
own equity. You do whatever youwant with it. So there's so I
would say at age sixty two asthe earliest you could do it. If
if it is something that you thinkyou might have to do in the next
five to ten years, might aswell get it established now. Because as
we've spoken about many times before,so Sad, I don't know anything about

(59:14):
this, so you're going to haveto educate me. No problem. You
can get out. You get ahome equity line of credit. They call
them a Heckam home equity conversion mortgage. It's similar to a he lock or
a home equery line of credit.But say you're age sixty two, sixty
five, seventy, whatever it is, you might have access to about forty
percent of the equity in your homeand you can establish a line of credit

(59:36):
and you could have zero balance onit. But the difference is between a
line of credit that you and Iwould get and a line of credit a
senior would get doing a reverse isthat line of credit would grow every year
by current mortgage rates. So youcould say, all right, I got
my line of credit for one hundredthousand dollars. Next year, it's going
to go up seven percent. Nextyear, could go up another seven percent
depending on interest rates, and thenequity line of credit can grow and grow

(01:00:00):
and grow. And if you don'tneed the money, great, But what
happens when you turn seventy five eightyeighty five and you do need the money?
Do I have any out of pocketcosts from from if I wanted to
do that? Do I have anyout of pocket cost myself in order to
establish the reverse mortgage? No,you can roll. It's like a refinance
of your house, so you couldroll all that into the mortgage. There

(01:00:21):
are closing costs such as, gotdo an appraisal, got do counseling,
you know, attorney's fees, titleinsurance, no mortgage tax, which is
beautiful thing in New York State.In New York States because that's a big
expense for all of us. Sothe closing costs. What's in general,
the Saratoga County three quarters of ourpercent. Every other county is one percent.

(01:00:44):
Downstate obviously is one in three quarterstwo percent heavy, but up here
we're either one percent or point seventyfive percent. So basically, get all
that rolled in. If you useit, great. You could take it
as you know, just write yourselfa check. You could take it monthly.
You could take it as a lumpsum. You can take it monthly
for it's fixed period of time maybefive years, ten years, fifteen years,

(01:01:06):
or you can get the one whereyou could get a monthly checked for
perpetuity and your family, yourself.That has to be on an actuary assumption,
right, correct, So what happensif things don't work out for them,
meaning for the people that are givingyou that obligation to pay it for

(01:01:28):
the life the house. The houseis the only thing that's responsible to pay
it back. It's a non recourse. So the calculation is done now in
twenty twenty four, and I livedto two thousand and thirty four, Yeah,
thirty years, Yeah, I takethe money now, yeah, okay,
And they screwed up on their calculation. They've overestimated, you know,

(01:01:50):
more than what the house is worth. Yeah, yeah, whatever the appraisal
is on the house is well,that's them. Yeah. See these are
all FHA and short FHA stands forFederal Housing and Stration. So they ensure
these loans and they guarantee that youor your errors will never be responsible for
anything more than what the value ofthe house is. So so if I
if I take it out, there'san interest rate that's already assumed that they're

(01:02:15):
going to be charging me, right, correct, Then there's a cost for
me to do the reverse mortgage closingcosts which is all rolled into one one
and then it's there as far asmy obligation, correct, if I want
to pay it off, right,and then it starts growing at what you
said about seven percent right now currentlybecause that's where current interest rates are exactly

(01:02:37):
so seven So in you know,a short period of time, three four,
five years, I could have afairly substantial amount of money there.
Yeah, available a bill. Doesn'tmean you need to take it, but
it's there. It's your safety net, you know, I mean from a
financial planner standpoint, if I putmy hat on and where the Dave Kopek

(01:02:58):
hat Obviously a lot of people haven'tprepared maybe the way they should. There's
some holes that need to be filled. I think it's a good, like
you said, tool in the toolboxto fill some of the gaps in a
retirement plan, because well, youknow, everything's great, like you were
talking, everything's great, but whathappens when you have an occurrence that you
didn't expect h and you have totap into your retirement money and that obviously

(01:03:22):
depletes assets that you need to liveon and produces income. You could use
the reverse to sut to fix thosegaps so you can keep your retirement plan
in place. So I like it. It's not for everybody, it's it's
a good potram. What seems tobe the caveat what's what's the negative?
What's the what's the one thing onethat I see over and over again?

(01:03:43):
You know, I don't trust themor you know, I've heard too much
negativity about reverse mortgages. It seemslike that's all they talk about, the
negatives. So the plan has changeda lot. So back say fifteen twenty
years ago, when I was doingthem, they would let you get up
to seventy sometimes eighty percent of thevalue of your home. Right, and
then of course that was a recipefor disaster if you live long, because
then you would owe more than thanwhat you what your house is worth.

(01:04:08):
But now now, if you're sixtyfive, seventy seventy five years old,
they still only may may make fortytwo to at max fifty percent of the
value of your home available. Sothey protected it pretty well so that your
errors still will get something, oryou will still get something if you sell,
and because they're only using, youknow, less than half the value

(01:04:30):
of your home. The other thingthat I like about this too is that
and so just so folks understand,you have to go through counseling, correct,
everybody does, that's mandated, mandated, but can't you can't even make
application until your counseling is done,right, you know. One of the
things that's changing dramatically too. Wegot to take a break after I mentioned

(01:04:51):
this. The insurance department here inNew York State has done this form that
has to be filled out for peoplethat buy annuities, you know, And
I think it's one of the greatestthings since slice spread that they forced the
financial industry to prove that this isbeneficial for the client, that's it's in

(01:05:15):
their best interests. In order forthem to do they've also limited the amount
of money that you can put intoannuities based off of your balance sheet.
Okay, where some guys would goin there and they put the whole thing
the right people being too liquidquid right, there's ill liquidity. So the thing
is is that is as much asyou hear about these negatives, okay,

(01:05:39):
a lot of people don't talk aboutthe positives. That's why, you know,
when we talk about something like this, is that you know, you
lose the house. Now you don'tlose the house. It's still your house,
still your house. You can stillstay in your house if the kids
want it. You know, ifthey got enough money to pay off the
debt, they can pay it offand then you can keep the house.
But if your kids say to you, listen, mom and dad, go
spend your money, do all youknow. You know Brian, my best

(01:06:00):
friend, Brian, Yeah, hejust recently retired and him and his wife
yesterday got an airplane to go toAsia. Four a month. They're going
to go to Asia and they're goingto end up in Australia and then they're
going to go to all right else, there's someplace else that they're going to,

(01:06:21):
one of the exotic islands. Andwe got we got talk. He's
got three kids, and it's funny. We'll talk about this and I just
want to hear what your thoughts are. They're very well off. But they
have this house over here. We'llmentioned the neighborhood where it's a high end

(01:06:44):
neighborhood and they've got, you know, a lot of equity, and they
got there what we call tilted.They have way too much money pre tax.
They're overweighted pre tax plan verse isafter tax money. So we're having
a discussion the other day before theyleft because they just move all their assets

(01:07:05):
in with us. And I'm saying, listen, you got this piggy bank
right here right. You guys wantto do all these trips, you want
to do all these vacations, Youwant to do special things with your family
and stuff. Why don't you thinkabout a reverse mortgage? Reverse? Are
you crazy? You get reverse?I said, listen, just look at
it. And the reason why I'msaying I'm looking at it. All three

(01:07:26):
of their kids are extremely successful.Their kids don't need a penny right for
mom and dad. And now theyhave I'm going to say seventy five percent
of their money pretax, but theyalso have this. I'm gonna say three
four hundred thousand dollars at least.What's the maximum you can get max at
fifties? But if they're young,probably forty forty two. What do you

(01:07:47):
mean in terms of loan to value? Oh okay, I'm just saying save
forty. You know, it's asave forty probably a million dollar house,
So you can get about four fourhundred thousand. Okay, So they got
they got four hundred thousand dollars inthe piggy bank, And I said,
you know what, you know yougot to call Drew and have a chat
with him. I'm going to mandateit when you get back home. Because
the thing is is that if youwant to do all these things right,

(01:08:11):
but you still want to keep on. You know, she's in the camp
where she just wants to keep itgrowing. So you realize what you're you're
building a huge problem here. Yeah, but she says, I don't care.
I still want to grow it.But they both have pensions, they
both have slid security they're both doingextremely well. They but they got the
piggy bank all tax free money,tax free money, yeah, that they

(01:08:31):
could use to offset the taxes.Absol that when that's seventy five percent of
their cash starts to come out.Right now, I know you're in the
financial services industry. Your brain isworking, seeing it happen. You're seeing,
you're seeing the sunshine. We'll beright back the eighty six percenters.
Do you know that eighty six percentof the population has no defined benefit pension

(01:08:54):
plan. For most of us,we have to take our life savings and
create a paycheck for the rest ofour lives in retirement. That's your plan
for retirement income distribution, how youmanage your assets during the most critical years
of your lifetime. Nobel Prize winningeconomist William Sharp has called retirement income distribution
the nastiest, hardest problem in finance. He points out that investment, uncertainty,

(01:09:15):
and mortality can derail the most carefullaid out retirement income plan. Call
our offices today to start the processof building your retirement income distribution plan.
After forty one years of being inthe financial services business, you need to
start taking action to start building yourown personal retirement income distribution plan? How
do you do that? To takeaction? Five one eight five eight zero

(01:09:36):
one nine nine. That's five oneeight five eight zero one nine one nine
or RPG retire on the web.Don't procrastinate, motivate to start building your
retirement income distribution plan five win eightfive eight zero one nine one nine.
Will run out of money in retirement? Will your investments provide income for possibly
decades? How do you navigate thetwo greatest risk in retirement sequence of returns?

(01:09:59):
In log jevit at the Retirement PlanningGroup. Our Bucket of Money approach
addresses these concerns and we offer acomplimentary consultation to discuss this with you.
Call our office today for a freecomplimentary consultation to develop your own personal retirement
income distribution plan at five eight fiveead zero one nine nine. That's five
eight fight ea zero one nine nine. We don't have no plastic la friends

(01:10:51):
and you know on yetge and nopopular train. You ain't never seen the
inside of that magazine GQ. Whois this? We don't care if you
Lenyard Skinner some way ain't that's mythat's my generation. I probably should know
that, but I wasn't a headbanger. Were I like Dacy? Uh?

(01:11:17):
I like def Leppard. Here's job, here's a sad situation. I
just spread it. You know.I love the Business Review because I get
it online. I get up inthe morning. You know, usually when
the new one comes out, I'lljust sit read page paged page because I
love it. Yeah, you know, let's see what's going on in the
business in the street. Would youever think the Gaffs would be shut down
because you can't pay their bills?When you and I were kids, that

(01:11:39):
was the place to be still isa right? He just ran it into
the ground. Yeah, Well,they had a lot of miss unfortunate things
happen there in terms of violence.So Hormle, they tracked a bad crowd.
You attract a crowd. I meanyou know, remember that shoulder or
shoulder couldn't move in that place,couldn't move in the place. Matter of
fact, Julie, any time shegot together with her friends and stuff like

(01:12:00):
that, that's where they would goGaffneys or Barkley's. You can go through
the whole laundry list. Yeah.And now John Baker's good buddy of mine.
I know Johnny the previous owner,and I know that. You know
he's owed some money. Yeah,here's my memo to everybody out there.
There's a guy that can really runa restaurant bar. Get John Baker back
in there and you'll see Gaffneys justflourish again. How old is John?

(01:12:21):
He's probably my age, late sixties, mid to late sixties. He's still
got the juice. You still gotthe juice. He's a great guy,
very athletic surfer. It's a surferdude. Probably eats twigs and grass and
weeds. He hangs out. Idon't know about the weeds, but he
definitely not that kind. He hangsout, hangs out in the Keys.

(01:12:42):
He's got a house in the FloridaKeys. One place I've never been,
the Keys. Yeah, I alwayswanted to check it out. See what's
about the thing about the Keys isthat there's not great beaches. Now,
you want great beaches, you goto Sera Soda. I went to death
in a couple of weeks ago.Yeah, it's like walking in powder.
Yeah, some most unbelievable beaches wereseen. And I've been to a lot
of islands. I was I wassurprised that in Florida Panhandle. Our time

(01:13:05):
difference too. The beaches were offthe hook, Chattel. I've never been
to Dustin. It was my firsttime. Where'd you fly into You can
fly right into Destin. I flewto Baltimore from here and then Baltimore straight
in into dust Yeah. Yeah,not bad. It was beauty. And
they're building about the building. Whatcity? What city? What major city
is close to Panama City? There'sanother one, Pensacola. Yeah, yeah,

(01:13:31):
so I don't know that area.How did your mother get there?
She's she lives there. She livesin Florida, but she lives in Fort
Lauderdale, So she drove up toTampa, where my sister is, and
they drove from Tampa. So it'ssix hours from Tampa. So what your
other sister's there? Yeah, myyounger sister lives in Tampa. But who
lives in Deston Nobody. We justpicked that as a house rent. There's

(01:13:53):
twenty of us. It was oureightieth. So we just had a bash.
I saw your mother. I toldyou I saw you. I saw
your mom at the airport when sheflew back. I was get I was
coming off a plane and she wasgetting on a plane, and she was
there with your wife, and Itold your wife, I said, would
you stop following me? I started, I'm starting to see you bumping into

(01:14:15):
me. We're talking about ways thereposition wealth in your retirement. Drew has
been in the financial services industry,even though he's in the mortgage industry.
He's got one of the tools thatI think is extremely attractive. And he
had mentioned something. You know,one of the problems with pre tax money

(01:14:36):
is I RaSE Frow and K's fourO three B. There's forty trillion dollars
of those assets, forty trillion drue. Uh. If you can reposition that
wealth and put some velocity on itand pay the tax with another pot,
it's all tax free, especially ifit's not necessary. Right. That was
a great idea and a great suggestionwhere you would open up the reverse mortgage

(01:14:59):
to pay the tax on your BILon the higher raid distribution. It was
that it's a non taxable event,correct, So you're basically getting the best
of both worlds. You buy yourselfa survivorship second to die policy, or
a single life whatever it may be. I mean, I'm always flaberg aid
because those numbers are back again.Because higher interest rates the numbers that we're
seeing now on insurance as far aslegacy planning have increased dramatically. I told

(01:15:24):
you about the couple in terms ofright to return return, I have a
lot of those policies. Yeah,So I was, well, I was
looking at a reading that Kiplinger articlea few weeks back that I shared with
you, and I was kind ofinterested in that strategy just because they they
talked about r MDS enquirementium distribution.You have to take out money obviously at

(01:15:45):
a certain age, and you haveseventy three years old, right, so
you got to take it out.You have to take it out. And
they were using a reverse mortgage.Oh, I guess there were you you
can explain it better than I can. But they were using a strategy so
they could take money out R andD. They could put in another vehicle
and use a reverse mortgage up toa certain age to supplement their income absolutely

(01:16:09):
and they would AVOIDXES or we're gonnahave to We're gonna have to break here
in about a minute and a halfand then we're going to talk about QULAX
Qualified Longevity Annuity and basically what itdoes is that it allows you to limit
you can't erase it, but youcan limit the amount of rm D both
you and your spouse two hundred thousanddollars a piece in the year twenty twenty

(01:16:33):
four. And you don't. It'snot results and a tax penalty. It's
it's a legal option. But it'sa way for you to legally reduce tax
liability but also possibly increase your incomedramatically later in life. Later if you've

(01:16:53):
been short with your savings, right, because q lax are based on life
expectancy, what do you solve forin retirement? People say, well,
you know what's my return on investment. No, that's not what you solve
for. You sell for reliability ofincome, guaranteed income. I heard Bob
Vandy say that you've been saying thatfor a hundred years. Boy, I
stole that from Bob Vandy. Isteal everything, all right, Sorew's gonna

(01:17:19):
be here until nine o'clock and we'regonna have more topics that we're going to
discuss as far as ways to repositionwealth. But bottom line gets down to
is that it's the holiday weekend.We want everyone to be out there and

(01:17:40):
join themselves. What's on your agendatoday? Barbecue, barbecue at the house,
lunch and dinner. We'll be servingour guests. Who's there besides the
boyfriend. All my daughter's girlfriends arecoming over and parents. Nothing crazy but
a good man pool too, right, Yeah, we got My wife made
it like a reason cannon ball timeand that's me. If you're coming to

(01:18:00):
speed out, I could, Icould make everybody leave faster than you can
say. But goodbye, Cousin Eddie. All I have to say is Cousin
Eddie. Cousin Eddie's coming to theword my white pet leather God. So
we'll be back. If you haveany questions or comments, you can give
us a call one eight hundred Talkto w g Y. That's one eight

(01:18:21):
hundred eight two five fifty nine fortynine. This is retirement radio for you
talk about ideas and concepts. Hopefullyyou find it informative. If you want
to call in this morning, oneeight hundred Talk w g Y one eight
hundred eight two five fifty nine fortynine. I'm Dave Kopek again. We're

(01:18:41):
here with Droiello and hopefully you're gonnahave some questions for us. Because our
mouths are getting dry. We needto take a sip of our beverages.
We'll be right back after this quickbreak. I'm just trying to be bothered.

(01:19:10):
He's a daughter and his son belover to their mother. Do they
have a thing? Who ever wantswe are back. Happy Memorial Day weekend.
No way, I know who thisis. You know who this is?
Yad Toby Keith. He's pasted stomachcancer. He's a big dude too.

(01:19:33):
I think the Duchess or whatever hername was. I take to offense
that Drew never wants to face mewhen he comes into the studio. Never
do you blame him? Look atthat face. I thought he wanted the
fast more. All right, doyou have a phone? Philadelphia Eagle Elaine

(01:19:55):
has broken the ice this morning?Good morning, how are you? I
just wondered, good? How areyou? I'm doing pretty good, Eline,
Good. I just wondering if youcould quickly review again of when to
get rid of a long term carepolicy. Well, I am never a

(01:20:16):
big believer in getting rid of along term care policy as long as it's
affordable. Ever, I am abig believer that if you can't afford it
any longer because of the increases thatyou might have had then you have to
sit down with your financial team tosee if you can adjust it or you

(01:20:38):
can modify it so it is affordable. Because a lot of times when you
get these increases that come in themail from the long term care they'll basically
show you option A, B andC, and whether it's A B or
C, one of those options shouldbe able to be fit into your current
budget. There's all so on someof the policies that you've paid for for

(01:21:03):
years, there's what they call annon forfeiture option. Non forfeiture is typically
it's all the money that you paidinto the policy will be there for future
benefit for you, but you're notgoing to get the same bang for your
buck that you were you know,promised when you originally took it out.

(01:21:23):
So but I would say this,if you can keep the policy and make
sure it's still affordable for you,then that makes all the sense in the
world because, like I said,if you ever need long term care assistance,
having that policy will be extremely beneficialfor you. Now, do you

(01:21:45):
know what type of policy that youhave lane as far as what well,
is it a partnership non partnership,is it a cash reimbursement plan? Is
it a plan provider plan? Doyou know? Do you know the nuts
and bolts as far as exactly thetype of policy that you have. I

(01:22:09):
don't know those questions, but Ido I have had it long enough that
it does not have an end limittime. Okay, Well, if you
want, now, where do youlive? Just geographically do you live in
the Capital District region? Yeah,if you'd want, you can come in,

(01:22:30):
we can sit down with you,and we can go over the policy
and discuss it. Because a lotof times, what's happened with long term
care policies, a lot of thepeople that were in the business selling those
policies are no longer in the businessor they're no longer in the insurance business
selling long term care policies. Soif you're not getting, if you're not
getting any kind of consultation of exactlywhat you have, we'll be more than

(01:22:58):
happy to sit down with you,either myself or Jim Corkoran, who's our
insurance coordinator for our office, anddiscussed exactly what you have and maybe put
you at ease a little bit ofexactly the policy, the type of policy
that you have. Okay, Iappreciate that, Okay, And happy,
thanks very much, Happy Memorial Dayweekend, thank you, thank you.

(01:23:21):
Okay, God bless that's a greatquestion. I actually was talking to an
eight year old about that the otherday. At the cost of the long
term or the lo was it home? What to call it? Long term
life, long term care? Longterm care? You couldn't think of it
has gone up. So she keepsrevising it to make it more affordable,

(01:23:45):
and how's it affordable? And wejust talked about it. It's how's it
affordable? If you if you wanttougher, well here here here the people
that I talked about today's show thatwalked away cashed in the IRA. Okay.
The daughter said to me, thebest thing they ever did was buy
that long term care policy. They'rejust unhappy what happened at the end and

(01:24:08):
what the county forced them to do. Okay. As far as liquidating the
IRA, making a much more aggressivedistribution strategy, Okay, So what could
have been the option? What couldhave been the option, like for this
woman that wants to possibly keep ityep, say she has no kids,
Say she owns a home, shehas no desire for a legacy. If

(01:24:31):
you got five hundred thousand dollars worthof protection inside the policy. It's kind
of hard to walk away from that, right, because you got five hundred
thousand dollars pool the money that youcan utilize for either home care, assistant
living or a long term care facility. Does it make sense to do a
reverse mortgage and now you don't haveto worry about it because you have more
than adequate amounts of money to paythat premium? Yeah, my question four

(01:24:59):
or five thousand dollars the initial cost, just using that as an example,
in order to keep five hundred thousand, right, that's a pretty good deal
because all and that's all tax freemoney that's going to come out to pay
for that policy. And what whatis it these days for in home care?
If you need it? Not twentyfour hours? But it's not a
question how much it is, it'sa question can you find someone to come
in to do it? Yeah?No kidding. These new public care care

(01:25:24):
matters, which is a nationwide policy, pays a cash benefit no matter who
the provider is. They pay youthe person that owns the policy. Okay,
so you get a cash you geta bucket of cash, and you
can allocate ninety nine percent of thetime, it's a niece, a nephew,
a daughter, a son, whateverit may be. It's a family
member that's coming into the home.What it's true. Typically what happens is

(01:25:46):
that home is provided by a familymember. And then when you have to
transition to assistant living or a longterm care facility, that's you know,
when you know what hits the fan? Yeah, gotcha, gotcha, it's
uh, it's a it's the horrible. When I started in the financial services

(01:26:09):
industry and you was there any trainingin long term care? God, no,
no, not until maybe what thenineties? Uh no, not even
the nineties. I'd probably say twothousand. Well, I always talk about
the I always talk about the Theguy known locally here, I won't mention
his name, calls me on thetelephone. He says, uh, you

(01:26:30):
know, you're missing a big partof your business. And I said,
what are you talking about? Hegoes, you know, all you're talking
about is investing money. You're nottalking about the greatest risk for people.
What are you talking about? Goueslong. I don't know. I sell
insurance, right, you know I'min the financial services business business. You
know I'm not an insurance salesman.You know, he goes, well,
let's you and I sit down andhave lunch, and the rest is history.

(01:26:54):
I became I became a believer thatday, that day that I was
missing a large segment of what isthe greatest risk for retirees. What is
it? It's a health event,health event, and usually it's it's mobility
more than mental. I find mostpeople are in nursing homes because of mobility.

(01:27:14):
I saw a guy the other day. I'm not picking on the senior
citizens. God strike me dead ifI if you think I am, But
this poor guy parked his car.I had to go to Handford. I
have an ear infection. I hadto go to Handerford to pick up prescriptions
from Rob was a client of mine. It's the pharmacist there, and I'm
shooting the breeze and shooting the breezeand I'm waiting for him to finish the

(01:27:38):
prescription and then I go out inthe parking lot. His car is a
little parked on an angle. Histhe older guy, Okay, yeah,
the older guy, and he's tryingto get out of the car and he's
walking like he can barely walk.And I'm saying, I said, to
them, sir, can I helpyou? Can I assist you? Is
there any way that I can?I said, you really should kind of
add ah, leave it alone,all right, in all honesty, In

(01:28:01):
all honesty, this gentleman, Idon't think should have been driving. Should
have been driving. I actually havea cousin right now that I that I
question who has his boat license?That goes on. I question whether he
has the capability it was a nineto one to one situation. I know
he's capable of driving the boat,but if it was a nine to one

(01:28:23):
to one situation, does he havethe capability of of doing what needs to
get done? You know what Imean? There has to be some kind
of monitoring. Yeah, you know, I'm talking millions of people, and
it's gonna get worse. It's notgonna I mean, this is why you
see all this advertisement now, thegreatest transfer of wealth in the history of
mankai right, most of it isgoing to females, the wives, They're

(01:28:46):
going to the kids, going tothe wives. That's why you see all
of these promotions. You know,females come on in female luncheons. And
you know why is that because theinvestment banking firms look at that as an
opportunity to you know, harness somewealth. Do they say white of men
die first because they're ready because theywant to judge cop it just always said

(01:29:10):
it's it. I didn't make thatup either, all right, So I
want to get back to the realestate a little bit more. If you
have any questions or comments, we'rehere until the top of the hour,
talk to me. G Y.That's one eight hundred five fifty nine forty
nine. Droiello has been in thebusiness almost as long as me. Yeah,
it's just it's hard to believe thatwe've been in the industry as long

(01:29:32):
as we have because time is goingby so quickly. Yeah, it's just
crazy. It's just amazing. Ourkids are out of school and your daughter
is the same age as my daughterand living their best life. Yeah,
they really are. Yeah, theyreally are got to blossom. But yeah,
I was I was just reading thatarticle about the QLAC. Yeah,
I was kind of interested because usea reverse mortgage strategy up until age eighty

(01:29:55):
five, yep, and then turnon QULAC kicks in after that. What
a que like allows you to dois to take two hundred thousand per individual
four hundred thousand for a husband andwife and stop the r and ds on
that pool of money. You putit into a queulec and it grows,
and it's based on life expectancy whenthe money comes out, so you get
a substantial distribution and you're not penalizedfor doing this. It's a great way

(01:30:20):
for you to use another tool inthe toolbox. Right. You know,
there's just a I'm going to tellyou something folks that I think you really
need to understand. Okay, youneed to educate yourself on the opportunities that
are available to you. Hear allof this advertisement about the negativity about annuities.

(01:30:42):
I'm telling you one hundred percent ofthat is incorrect. If you utilize
annuities for the reasons why they're designedand utilized for. Uh, there's no
reason why not to at least lookat that tool as one of the opportunities
for you during your retirement year.That's the thing. If it bleeds,
it reads Unfortunately, there could beone negative out of a thousand, but
that's all you got to hear aboutit. Same thing with reverse mortgage.

(01:31:05):
You hear all the negatives because youhad, you know, snake oil salesman
come in and take the reverse mortgagemoney and put in some vehicle it should
never have been in. But that'swhat that's what makes the headlines and all
the good things that it does withaging in place, staying at home,
home repairs, living a better retirementhere. You don't hear as much about
that as you do the negative.What's the keyword in anything that you do

(01:31:29):
in your life? Keyword? Keywordfor you? If you're dealing with somebody,
what's the keyword honesty and integrity?Right, Yeah, trusting that individual.
And once you find the individual thatyou can trust, that you understand
that they're really working out in yourbest interests and not their pocketbook, right,

(01:31:51):
then, then listen to that personand let them implement a plan that
not only makes sense for today,tomorrow, in the years to come.
Because there's so much I don't haveto tell you because you see it and
you work with people that have highnet worth, there's so much money out
there. It's it's staggering sometimes,isn't it. Yeah. I mean it's

(01:32:15):
staggering when I see the type ofwealth that's out there with some of these
people that you would never expect thatthey had that kind of wealth. It's
just amazing. And then the thingis is that you know, it's not
a question are you managing it properly? It's a question are you are the
pieces of the puzzle. What Ilove the analogy the domino effect. When

(01:32:39):
the first domino drops, where arethe rest of them going to go right?
Right? And that's important for youand me because we're not getting any
younger. And I'm not saying thatyou're not much younger than me, because
you are. But the bottom Igets down to is that, look at
we just buried our maid of honorin our wedding, the most beautifull person.

(01:33:00):
She was an angel on Earth.Angel on Earth had a lump.
Two years later, she's dead fromcancer at ag age fifty eight. It's
terrible. Fifty eight. Your daddied of cancer fifty four. Fifty four.
Yeah, yeah, no, it'sa terrible disease. Terrible. So
we said, you said that inthe beginning of the show. You never

(01:33:20):
know when something like that's gonna happen. Thank God. Yeah, we gotta
take our last break. We'll comeback. Well it, Drew give you
some helpful hints if you're thinking aboutmoving out of the area, doing a
vacation home. If you're thinking aboutpurchasing something, reverse mortgage can be utilized
to purchase a home. Doing afew of those actually right now, maybe

(01:33:44):
you can give some summaries of currentexamples. How's that saying? Yeah,
okay, we'll be right back ourlast break. If you want to partake,
participate when eight hundred talk to WGYone eight hundred eight five nine.
I'm here with Droiello and Zach.We'll be right back. The eighty six
percenters. Do you know that eightysix percent of the population has no defined

(01:34:05):
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
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

(01:34:27):
investment, uncertainty, and mortality canderail the most careful laid out retirement income
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,

(01:34:48):
five eight zero one nine nine.That's five one eight, five eight zero
one nine one nine or RPG retireon the web. Don't procrastinate, motivate
to start building your retirement income comedistribution plan five eads zero one nine one
nine. The greatest risk in retirementmost of us have no plan for We're
insurance to cover the expense. Along term care event can impoverish a spouse,

(01:35:12):
drain your life savings and cost stressand anxiety on your family. What
is your plan and how will youpay for a long term care event?
Call the Retirement Planning Group today discussoptions you should consider to protect your estate
and have choices and independence. Takeaction call today five eight five EIDs zero
one nine nine or RPG retire onthe web. All right, we are

(01:35:46):
back. I'm Dave Kopek. Happyholiday weekend. Please be safe, Please
be safe. Don't be drinking anddriving or boating and driving. Nowadays with
the uber no excuse, no excuse, there's been some horrific accidents up in
Lake George over the years because ofstupidity. You know, just don't do

(01:36:06):
it. Don't get behind the wheelof a car or a boat if you're
smoking some of those funny cigarettes ordrinking alcohol. I mean, know,
this marijuana stuff is really bugging me. That scare me a lot. Yeah
yeah, yeah, I mean themarijuana cigarettes are bugging me. Go ahead,

(01:36:30):
listen to Joe Joe, I thinkCPR. You're gonna have to do
CPR and Joe Gallagher only if Iwant to. Margaret wants to know how
you do all those exercises that yousend out. She's struggling and she wants
to know. Do you got asecret no, no secret exercises, all

(01:36:56):
those exercises, physical exercises or helpfulhints on our email blast Oh I get
that every Monday. Yeah. Yeah. You know. The thing is is
that there's a key word to takingcare of yourself, and that is to
motivate, not procrastinate. You know, month, when you say on Friday,

(01:37:20):
when you say you're gonna start iton Monday, that's procrastination. You
should say, you know what,I'm stopping this right now. You like
that. It's got to do itevery day. Okay, market, tell
her she just teasing me. Ithink I know who that is too.
Okay, my good man, giveme some ideas of what you're working on.

(01:37:40):
So this environment, it's a supercompetitive environment still, so you have
to come into an offer with gunsblazing. So if you're the first time
home buyer, uh, you've gotto be aggressive. You've got to listen
to your real estate agent and getpre qualified, preapproved, well that's mandatory.
And even get a p even geta commitment letter if you want to
take tool because everything everything in floridasmwas cash. It's all cash. Yeah,

(01:38:02):
cash going higher than asking all thatgood stuff here is very competitive.
We're lucky because here it's still somewhataffordable compared to some other markets throughout the
country. But the other day,I uh, chat with the ladies.
She owns her house free and clearabout four hundred thousand, and she wants
to buy a new house and she'sbuilding and she's got say three and fifth.

(01:38:24):
I've been trying to get her totalk to you because because I talked
to Nico a couple of times,and I haven't been able to get her
to talk to you guys about herdividends, and her portfolio shouldn't have a
lot maybe three fifty four hundred thousandinvest in. She's got her house three
fifty or she doesn't want to highpayment on the new house, and it's
a more expensive house. Why doesshe want a new house just out of

(01:38:45):
curiosity? I don't know. Idon't see. She's burning single, no
kids, burning desires, she's gota pet, no husband, no kids.
I don't know. It doesn't makesense to me, But I call
that a good She she wants andshe's not that old. She's probably in
her sixties now. Actually, youknow what, she'll be sixty two next

(01:39:06):
year, So when the house isbuilt, she'll be sixty two. She's
going to do a reverse mortgage.Yeah. Absolutely, she's going to say
that's a great aspect because she's gotto keep her pool of money. It's
not a lot, and she getsthe pension and she gets the social security,
and she's got to keep her poolof money liquid for the emergencies so
she can continue to fifty four hundredthousand liquid. Excuse me, she doesn't

(01:39:27):
have to keep three hundred fifty orfour hundred thousand dollars in liquid. No,
not like it's invested. I thinksomething to do with fidelity. She's
got an annuity that kicks in.Yeah. So I've been trying her ex
boyfriend set her up with this portfolio. It's doing really well, but who
knows, that was probably five sixyears ago. I don't think it's been
touched. So I've been trying toget her to you guys that look at
you know, her dividends and shecould do better. Nico thinks that you

(01:39:49):
can double what she's already receiving income, right, Yeah, so uh doing
a reverse so she can, youknow, instead of paying cash for the
house, which is about five sixhundred thousand, she maybe only has to
put up half of that money andthen she can continue to live like she's
living now without a mortgage payment.So what would she do with the house

(01:40:10):
that she's in now? She's sellingit, so she'd take that She's going
to take the liquidity from that andput it down the new house and not
have to touch her pool of money. Yeah yeah, so I mean I'm
not too sure. First of all, if she does a reverse mortgage,
she's going to have to do somecounseling. I'm gonna imagine inside that counseling.
They're going to say, you know, this is affordable for you.

(01:40:31):
But if she has no kids andshe has no desire for legacy, as
long as she can pay the taxesin the insurance, you know, it's
still her house. That's another misconception. The house goes to the bank,
or the bank owns the house.That's not true. Dave Kopek takes out
a reverse mortgage, it's still yourhouse. The only difference between reverse and
forward is one you have to makepayments and when you don't, that's really
the difference. It's a pretty gooddeal. So it's a pretty good deal.

(01:40:55):
Yeah, But you know, thething is is, I had a
good friend of mine years ago thathad a beautiful home in Lake George.
He was really state rich cash flowport and he did a reverse mortgage.
I didn't even know that he didit until the end. His wife came
in after he passed away, andhe basically said, you know, our
kids are not even in this areaanymore. They don't want the house on
the lake, you know. Sothe problem is is that you know they

(01:41:17):
liquidated it that camp like five,six, seven years ago. Yeah,
at probably the worst time, becausenow we've had so much appreciation. Oh,
the appreciation's been unbelievable. Yeah,I probably had thirty forty percent just
in the last three years, atleast, Yeah, at least. Yeah.
Lake George and Saratoga in the localarea just recessionary proof just seemed to

(01:41:38):
be going going. I'm curious.Julie and I are at dinner the other
night in Saratoga with my cousin andhis wife, and I was very disappointed
because we were sitting there and itjust reeked of marijuana. Ah yeah,
Yeah, it just wreaked the marijuanaand that skunk. It was very skunks.
I just can't stand that smell.I don't care what you do behind

(01:42:00):
closed doors. But and I alsosaid, the last time I was at
the track, which I was atotal turnoff. Beautiful family there with their
kids and the table right next tothem, they're smoking marijuana and drinking booze
and stuff, and it was justit was a turnoff. It was a
major major I don't like smoke inany shape or form me either, me
either, and my wife can smellit. And I went over to the
security guard and he says, youknow, we were told to basically just

(01:42:23):
you know, stay away, letthem do their thing. So there's an
old saying sometimes too much of agood thing makes it turn bad. And
I wonder if Saratoga is getting tothat point maybe right now pure economics,
supplied demand, it's it's it doesn'tlook like anytime soon in terms of real

(01:42:44):
estate, that is. I don'tknow about the commercial aspect of the restaurants
and stores and things like that,but the front end, the front end
you can see coming into Saratogain nowwhere Pansas is in the restaurant. They're
starting to do some high rise buildingsand Stuffco's got, Banacho's got a couple
of buildings that are going up.If they can straighten that out, I
think it's going to make the entrancecoming into that's gotta be. I always
wondered why that was always down atDuldrums. You know, they used to

(01:43:06):
have that old diner that got torndown that's sat there. I mean they
Julie has got a sign there nowfor commercial and also off space. So
Julie Binacco, yeah right there,you're Julie. Julie. You wish you
know she's retired. Yeah, Iwas going into the retirement years. She'll

(01:43:28):
be working full time with me though, And when you come into Saratoga,
another friend of mine opened another bunker. It's right on the corner. So
now when you get to Saratoga,that's right there, all windows. My
son, my son Christopher, isthere all the time. It's great.
Him and his buddies so nice,their girlfriends, my daughter's party was there
a couple of weeks ago. Listen, what I want you to summarize one
thing for me, Okay, beforewe have to say goodbye, because we're

(01:43:53):
gona have to say goodbye here inabout a minute and a half. If
I'm a senior and I want torelocate to another state three four five years
out, should I be looking atbuying now versus delaying and wait, because
there's you know, we were atten thousand a month. Now we're at

(01:44:14):
eleven thousand, two hundred a month. People turn in sixty five and that's
gonna last, I think, forthe next eight to ten years. So
that means that there's gonna be ahuge demand still for a lot of residential
you know, fifty five plus communities. Do you think it's time to buy
easy? Easy answer, unequivocally,buy now, because two things are gonna
happen right now. There's already moredemand than supply, so it's a very

(01:44:35):
difficult, tough market, very competitive. But what do you think is happening
in twenty twenty six when rates areat four and a half or five percent,
which we expect them to go,so even more competition with all the
fence hitters will come back into themarket when rates go down. So buy
now, you can, you marrythe house, you date the rate right,
you can always refinance. All right, we're gonna have to leave.

(01:44:57):
This has been a quick visit withDroiela. Have a safe Memorial Day weekend,
be respectful, don't drink and drive, and we'll see it for another
show next week. Thank you forlistening to the Retirement Planning Show hosted by
Dave Kopek, w G wise retirementplanning Specialist. If you would like to

(01:45:19):
talk with Dane or someone at theRetirement Planning Group, call five one eight
five eight zero nine nine. That'sfive eight five eight zero one nine one
nine during business hours, or visitRPG retire dot com. Their Retirement Planning
Group has five convenient offices located inAlbany, Malta, Glens Falls, Syracuse

(01:45:41):
and Oneana. Tune in again nextweek for retirement planning Strategies with Dave Kopek
right here on wg wi's Retirement Planningshow. The information our services discussed on
this show is for informational purposes onlyand is not intended to be personal financial
advice. The investments and services offeredBIAS may not be suitable for all investors.
If you have any doubts as tothe merits of an investment, you

(01:46:03):
should seek advice from an independent financialadvisor.