Retirement Planning Show

June 1st, 2024

Episode Transcript

(00:00):
Live from the w gy iHeart Studios. Welcome to the Retirement Planning Show with
your host Dave Kopek from the RetirementPlanning Group. Every week, Dave and
his team discuss the ways they canhelp people make informed decisions about a wide
array of retirement planning information that cansupport you and developing a more certain financial
future for you and your family.Now it's time for Dave Copec WGY's Retirement

(00:26):
Planning Specialist. Saturday Morning, Let'sgo crank, Get up, Get up,

(01:23):
get up. Oh we we wewe be at, we beyond,
we be on. I feel likewe're going to a wedding tonight. We
are we are look at look atthe outside right now. If I knew
the two of you were going todance, I would have turned the music
off quicker. We're gonna keep ongoing. Baby. Before I take a

(01:45):
break, you got to play thatagain a little bit before we break.
Okay, I'm gonna say, hitit again, baby, hit it again.
Look that sky, very look atit. Blues can be blue.
The blues can be blue. It'sgonna be a spectacular day. If you're
sitting around playing tittle lee winks,do it for an extended day because this

(02:07):
might be one of the better daysthat we're gonna have all weekend. A
good week Americaid is I just drovedown from Lake George. Americaid's going full
blast, so they've had a greatweek up there. I don't think it's
as busy now. My daughter worksas a hostess at Kate's and Boat and

(02:29):
Landing, and they actually let hergo home early a little bit yesterday,
which is pretty unusual for a Maricaidweekend. So don't know what the numbers
are, but this goes back,you know, to affordability. You know,
there's a lot of people out therethat might not just have that discretionary

(02:50):
cash right now, right right,I see you driving around a brand new
car, you know, big shot, get yourself a brand new, brand
brand new, brand new Mercedes.And no, no, no, there's
the blonde. Who's the blonde sittingin them beautiful Hyundai Elantra? Is that
what that is? It's a goodlooking car. Yes, I've been very
happy with it. Oh it is. Yeah. Yeah, I'm doing about

(03:13):
fifty two miles a gown. Wow, yep, wow. Yeah. It's
a fun cause it got zip.It does three different modes yeah, you
put it in sport mode. Doesit have the Flintstone mode where you pick
it up and you run with it? I haven't seen any pavement yet,
not under my feet. Frankie Dyercalls me Fred Flints in his car in

(03:37):
his cart when when when his phonerings, it comes up Fred Flintstone.
There's a complimenting somewhere somewhere. Idon't know why he calls me Fred Flintstone.
I remember years ago we went toa Halloween party and I dressed up
as fred Y A memorable. Itwasn't too because there wasn't a lot of

(04:00):
memory left in my brain after thatparty. You get my drifts all a
little housekeeping. This is Retirement Planningshow. We are David Kopek. I'm
the president Christopher McCarthy who was awealth advisor retirement income planning specialists for US,

(04:21):
and we have multiple locations in NewYork and Florida. We are using
the Regis Corporation out of Florida,so I can meet with you in lots
of locations. Now will be headquarteredout of the Tampa office, but we
have access to the regions which areexecutive suites similar to what we had on

(04:44):
Wolf Road Anderson Group. It wasa wonderful family. Yes, wonderful family.
You know that they're very good friendswith Dan Janis my brother in law,
her husband. I can't think ofhis name right now. I'm out
a brain drain. Julie will textit Pat. That's exactly right, Pat.

(05:06):
Pat married Sue and they're just wonderfulpeople. One to ten their twenties.
So let's do a little housekeeping here. You can keep on drinking your
coffee. I didn't know you smokedcigarettes. I do not smoke. I
remember as a kid. Maybe thisis why he died at age forty four

(05:29):
my father. The first thing myfather reached for in the morning would be
what cigarette? What he got outof bed. Julie's mother the same way.
She thought the best part of herday is when she sat down.
I had the cigarette and a cupof coffee. Madeline, missus Janice.
Oh yeah, Maddie, great people. You know God, you want to

(05:50):
have a party, you go tothe Janis household. Oh we did I
know you did? We did?I know you did? I know you
did? And then also my housekeepingis this, I guess a couple of
things. You know this has beena sad week for our country. Anytime
at president gets indicted and then alsogets convicted, I don't think whether you're

(06:15):
a Republican or a Democrat, doesn'tI don't think show well for our country.
I don't know how this whole thing'sgoing to shake out, but I'm
hoping that eventually this divide that wehave in this country goes away, because
I think it's horrific. I've gotto the point, Chris, where I
don't even watch the news anymore.I don't watch it. I can't do
it. I've been that way fora while. Yeah, we watch what
we need to watch, the centialnews and everything, but it's too much

(06:41):
chaos. It's it's almost like it'sit's not debate, it's attack. It
is. It's not following narrative.They attack. That's exactly right, it's
I think it's horrific. I reallydo. But I don't watch the news
anymore. I select what I wantto hear. Typically it's financial data.
I listen to Bloom I listened to. I don't listen to CNBC anymore because

(07:02):
they become too political. Fox BusinessI listened to. I Love Larry Cudlow,
Love Larry and then I select theyou know, the websites that I
get a lot of data information,and then of course all the information that
we get off of Fidelity. Haveyou gotten into the Fidelity website yet to
see every all the bells and whistles. Have you had the chance yet.

(07:23):
I've been working with your son andNico with the Welsh call. Yeah,
it's it's pretty amazing. Not onlydo they have all of their data and
information, they also have Goldman Sachsand Chase and JP Morgan. They've got
all sorts of information there, whichis extremely attractive not only for us as
financial advisors, but also for ourclients because it's it's an unbiased platform.

(07:46):
And you know you mentioned Larry Cudlow. Love them. I love them too,
And you know what, I lovethem just as much as me.
The second thing I wanted to sayis I loved him just as much on
CM I do. No. He'sbalanced, yes, and he's a straight
shooter, and he speaks. Hebelieves he's the guys that he's based off

(08:11):
of numbers, numbers and statistics.Numbers don't lie, Numbers don't lie.
I always say that all the time. You know, my daughter just took
statistics and she had a rough timewith it, and out at Le Moyne
did better in the second semester thanshe did the first semester. That is
like one of the few courses incollege that I got an A in.

(08:35):
I just to me, statistics justmade all the sense because if you run
the numbers, the numbers will tellyou the truth. Just run the formula,
and like you just said, numbersdon't lie, right. So,
and then a little more housekeeping andthen we'll take our first break and we'll
get into the content of today's show. Don't forget. We're going to have

(08:58):
our golf outing September twenty fourth inmemory of Kelly for a Sina Moran at
the Fairways of half Moon, Kelly'sare maid of honor who just recently passed
away from her long battle with cancer. Uh, it will be a great
day. One hundred percent of theproceeds will go to the American Cancer Society.
We do have one other, one, Swing for a Cure, that

(09:20):
we're going to have. That isit. That is it? I apologize,
that is it. The twenty fourthof September is Swing for the Cure
and it's a memory of Kelly forseeing a Moran, if you would like
to attend, if you'd like tomake a donation. I know it's early,
but I'm going to get it outthere because I want to hit the

(09:41):
cover off the ball this year inmemory of this wonderful, wonderful woman.
We all have stories about cancer.It's unfortunate that in our family we've had
too many of them. And youknow, one of the things that I'd
like to do is to try tobring it to people attention. Is that

(10:01):
this this particular golf outing we've probablyraised I'm saying we've got to be close
to about one hundred thousand dollars nowthat we've raised over the last few years.
Sure, yeah, So I meanI would like to really kick it
out of the ballpark because all thatmoney stays here locally. So if you
go to the American Cancer Society office, you can see where they bring him

(10:22):
in. They fit them for wigs, they help them, there's you know,
therapy, there's you know, counseling, all the things that they do
in order for you to work throughthat horrific disease. So again, September
twenty fourth, Fairways of Half Moon. If you don't want to play golf,
that's fine. You can come inhave dinner. If you don't want
to have dinner or play golf.If you're kind of a hermit you just
want to stay in your cave,you can make a donation. We take

(10:46):
donations, and as I said,one one percent of the money. You're
going to make a contribution. There'zach with your every year every year?
All right, brother, God blessyou good man? Uh? What else
before we have to take a breakcare? We had great appointments this week,
didn't we We did nice people superWhat have you noticed since you have

(11:11):
joined us at the retirement Planning Group? What is your If I had to
give you two sentences to kind ofsummarize who we are and what we do,
what would it be? Very thorough? Just remember two sentences, not
twenty. You know I get interrupteda lot. No. I think our

(11:33):
process is extremely thorough. I thinkwe cover a to Z. We don't
jump, ump it down and cheerlead. We're going to get you. You
know, we're going to hit ahome run every year with your investments.
That's not who we are. Butwe are very thorough, very professional,

(11:54):
and I think people see the wholepicture. We don't make promises we can't
keep, and we look far beyondjust what are we going to get for
retire them. In income, wetry to save money in the fields of
asset protect protection, taxes. Wedo everything above and beyond. Well.

(12:18):
I love Bob Vandy. You knowI love stealing stuff from people, right,
I told you that just radio show, Dave. I love love stealing
content, not not physical things,heart assets. I like your ring though
I've noticed that ring on your Iwish I had one. But Bob Vandy,

(12:43):
president of A I B Advisor InsuranceBrokers formerly New York long Term care
brokers. I heard him mentioned onetime on the radio, and I love
his show, him and Lou Piro. I think we're amic together, a
lot of great information. But Bobhad a I heard him say, what's

(13:07):
the ROI on your portfolio? Youheard me say this, yet I have
and I love it. He says, Well, it's not return on investments,
it's reliability of income. Right.What's the reliability of your income?
If you close your eyes and themarket is like crashing or there's volatility,
which we've seen horrifically over the lastfive years. Some unbelievable volatility. Are

(13:30):
you able to sleep at night becauseyou know you have an ROI reliability of
income? And I think that's that'sin a nutshell. I mean, you
know. The other thing is isthat I wrote a note here. There's
some things that I want to talkabout. I told you that we'll take
some notes a moment, go intoit when we get back. We see
so many people that have a mess. Assets all over the place, money

(13:52):
in different locations. I mean,of the twelve fifteen, you know,
appointments that we had this week withinitial appointments, I'm going to say that
probably half of them at least havemoney scattered all over God's creation, and
if something happens to them, it'sjust it's a nightmare. So I always
say, are you leaving a legacyor a mess? Because you haven't seen

(14:13):
Maybe you have seen it since you'vebeen with us, But I always know
when Lisa is going to be basicallysitting in the Coffer conference room for about
four or five hours when they comein with the box, the paper box
that's all the stuff that they haveno idea what it is, you know
where it's, you know where it'slocated. Blah blah, blah, And
that's why it's important. It's importantto dot your eyes and crush your teeth.

(14:35):
And we'll talk a little bit aboutthat today. But go ahead,
let's let's get it. We're goingto take a break. Get these eighty
six percenters. Do you know thateighty six percent of the population has no
defined benefit pension plan. For mostof us, we have to take our
life savings and create a paycheck forthe rest of our lives in retirement.
What is your plan for retirement incomedistribution? How you manage your assets during

(14:58):
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(15:22):
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(16:03):
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e zero one nine one nine.That's five eight five e zero one nine
one nine. Compensations around people fuckinghelp the girls to come to town.

(16:41):
As can be, no one certain. It's just a mystery. The girl
at my number one girl at DuncanDonuts a half movement. She sees me
on Saturday mornings when I pick upyour treats and I get my coffee,

(17:04):
and she said, did you justcome down from the lake. I said,
yeah, I checked the house,and you know, I pick up
some stuff and took a shower blahblah blah, and uh she goes,
uh, Oh, my son's upthere. Yeah, yeah, my son's
up there. He's playing this weekend. I said, you kidd me,

(17:25):
your son plays in the band.I'm thinking, you know, this's you
know, she's probably my age.He's in a polka band or something.
Play that one that I like,she's too fat for me? You got
that one? I don't want toyou can hey, hey, hey,
hey hey hey do you can neverwrite that song today? You'd be in

(17:45):
jail. He goes, yeah,he she played. He plays the bass
in the band. I said,really, what's the band? The Refrigerators?
No kidding, I swear to God, that's what she just told me
this morning. He plays the bassand the refrigerator. So I thought that
was pretty cool, pretty cool.He's playing at the Beach Club wherever the
hell that is in Lake George,probably somewhere in the in the village.

(18:07):
Look it up, Zach. TheRefrigerators, the beach Club. So they've
been around a long time. Greatband. Yeah, great band. You
know, we've had Christmas parties foryears. I'll tell you a real quick
story. Here's another story, andI'm sticking to it. We've had Christmas
parties for years. Our last Christmasparty is about two hundred and fifty people

(18:30):
and we had a Saratoga Civic Center. And I'm saying, you know,
with COVID and everything like that,people were apprehensive to at ten. So
I said to Jimmy, I said, you know, when we have a
party, we're going to have apicnic party. We're going to have Christmas
in September. So I think inthe fall, that's what I'm gonna do.
In September. I'm gonna rent oneof those pavilions if it's that.

(18:53):
If that's what you have to doup at Saratoga, you know, park
and get the refrigerators, or We'vehad some great bands, you know,
and have I'm gonna have Brooks comein and do the barbecue, and then
my beautiful, beautiful front Debbie fromLake George Baking Company. We'll have her

(19:15):
do the desserts and people will bedancing in the street because you're talking good
food there. She just did allthe desserts for Paul and Nancy at Mario's
Restaurant up and Lake George. Theycelebrated through seventieth year in business unbelievable,
unbelievable. All right, do youwant to get into this or you want

(19:37):
to talk about food? I don'tknow what. You're kind of swaying now.
I think I lost my focus.I just told Chris it's June first.
I told my wife June first.I'm on my diet. No more
excuses, No more excuses. BecauseChris, how many days a week you
work out ballpark? I try toget to the gym or almost every day,

(20:00):
but when I go, I usuallylimit myself to a half hour forty
minute stops. Really, don't overdoit. You're a morning guy. No
more after work, after work.Yeah, that's what Chris does. My
son, Chris does it after work. See, I'm a morning guy because
I'm up early. So there's noreason for me not to do it.
There's no reason. We all gotto take it slow. All right,

(20:26):
Let's talk a little bit, Chris, because we've had the markets were actually
today is June first, which ishard to believe. We're almost halfway through
the year, and that surprisingly,you know, the markets again for the
month of May actually did pretty wellas far as the returns. And I've

(20:47):
got it right here, and maybethe s and P five hundred rows four
point eight percent. It's the bestmonth since February. Technology heavy NASDAK climb
six point nine for the month.That's its biggest monthly gained since November,
and the Dow rose two point threepercent for May. So if you look

(21:07):
at it year to date, doyou know where we stand here to date?
You want me tell you? Ordo you want me pull it out
of my magic hat? Here?Did you ever see my magic hat?
I'm no, I haven't had thepleasure. I'll show you when we go
out of the parking lot. Ican't wait, all right. The Dow

(21:27):
was down for the week one percent. It's up two point six So even
though we had a strong May,it's still up only two point six s
and P five hundred is up tenpoint six, Nasdaq is up eleven point
five, and the Tenure Treasury isbacking off a little bit, which is
good news. Is at four anda half percent, So you know,
overall, you know, I thinkyou know I've been saying this. We're

(21:49):
kind of like in a goldilocks situation. A lot of good coupons out there,
guaranteed rates, a lot of stillgood guaranteed rates. It's just a
question, And do you want guaranteesor you want to fly by the seat
of your pants and keep your fingerscrossed that things work out. What's your
position? I guarantees versus actively managedaccounts? After this is your thirty ninth

(22:11):
year. Yeah, thirty nine andyou're only fifty nine. That's pretty good.
I gotta been fifty ninth. No, you're young. You were young
when you start twenty twenty three,twenty three, Yeah, well February eighty
five we ride out of college ordid you have a college? Pretty much?
Yeah? Pretty much, to bequite honest, but yeah, I

(22:33):
stumbled into it and I'm grateful Idid. So you got a degree in
economics, correct, and that degreekind of led you to the financial markets.
So active versus guarantees? Where's yourwell? You know again, it's
what we try to do. Wetry to analyze where we're at. And

(22:55):
right now, yeah, the marketshave been doing great, but like anything,
oh good thing come to an end. I think there is going to
be some volatility again. We getsome news out, whether it's whether it's
inflation or the job reports or whateverit is. I think the market is

(23:17):
almost begging to correct itself. Therecould be been running at such a pace
for a while after the big dipwe suffered in twenty two. Have you
ever been able to figure out this? It's kind of a double edged sword.

(23:38):
People want safety and guarantees. Ifyou do a survey for the average
guy that's going into retirement, almostall of them will say seven, well
not all of them, seven outof ten will say we want guarantees.
I want to make sure that thoseretirement dollars are going to be there for
years to come. And only asmall percentage of the people that want that

(24:03):
actually do that. Why is thatyou think? I think there's some bad
press if you will out there,I think you know, nobody wants to
think bad things are going to happento them, so especially if they're investing
their money and they're they're catching inwith the local expert. Yeah, and

(24:25):
then all of a sudden, youknow, when things are going good,
they think they're invincible. But thenwhen we hit a rough patch, then
they're wishing God, I wish Idid something before. And it doesn't have
to be too late to have thingshappen to protect yourself. Now, I
just got a couple of text messuh uh I'm afraid to ask. Julie

(24:52):
says she's going to church for mydiet, and tomorrow it's gonna do some
in the venus. And one ofour individuals, Lisa in our office,
says, you and Chris are funnytogether. Maybe we got a future.
Hey, hey, long and haughty. Pretty well, all right, we're
gonna take our first break. Wego backward. Actually, gonna talk about

(25:15):
business. We'll see on the otherside. Gee y, all right,

(26:00):
what is this your mind of You'rein your early twenties where you dancing to
the song come On put in Loveof God. If I was in my
early twenty free dancing the song,probably some club Rafters, that's right,
or the Metro or Sneaky Peats.Oh boy, that was a different place.

(26:25):
Yeah, that was an interesting place, I'm telling you. Boy,
Rafters, that was a fun place. They tore I know, that beautiful
barn. They didn't just to thepeace of my heart with them. Yeah,
that was quite the joint in itstuff. We used to go up

(26:45):
there when I was going to seeOnta College. I think it was Wednesday
nights. It was was it Wednesdaynights? Something to me? Every night
with Julie Jill text me, Yeah, Julie was up there all the time
hanging out. But it was itwas just it was just a great place.
He's gonna text me to do,don't you dare say that? Yeah,

(27:06):
It's it's funny because you know,times goes by. It just it
just flies by. We're almost halfwaythrough the year. But you know,
Chris and I. You know,I've been trying to get Chris to join
us for years, and every timewe'd have the conversation, he says,
I get back to you and Julia. He'll call me, but we'll go
out and have lunch and we'll laughand we won't talk about business. But

(27:29):
we eventually caught him and now he'spart of the team. And what's great
about Chris is that he said,thirty nine years of being in this business,
you've seen it, just like Igood markets, bad markets, good
times, low interest rates, highinterest rate, you go through the whole
laundry list. But you know,you and I were just talking talk a
little bit. What we were justdiscussing, well, I think we cut

(27:51):
down a couple of things earlier today. One thing I think is that when
we talk about people coming in witha box full of statement, which is
not which is not uncommon. Butat the same time, I hope these
people know we are not saying thatthey didn't do a great job, but

(28:11):
if you were looking at it fromour point of view, we want to
simplify. We want to make iteasier for them than families, so everything
is done in a simple, efficient, orderly way. So we consolidate,
simplify, and give them a verybroad game plan A to Z, where

(28:37):
they're at, where we're going,and how can we best get there.
And not only that, but thething is that as you age, as
you age, you know this,this is what I said to you,
and sometimes it's hard for people todigest this. I know that there's a
couple that's listening right now that areclients of ours, and when I said

(29:00):
to them, listen, you're gonnahave to say goodbye to your current financial
team because you can't have two captainsof the ship, right You can't have
one person telling you one thing andanother person telling you another. And it's
not where ego maniacs. But what'sgoing to happen is you're going to get
frustrated and what the end the endresult is They don't do anything. They

(29:22):
sit right. You know when yousee people come in and they've got multiple
locations with their assets and they've gotyou know, I think about one woe
when that came to you and Ijust met with She's got two long term
care policies right too, Remember thatlady, And I said to her,
I said, do you know whatthey are? And how you know?
She really didn't have the specifics.Well, it's really important for you to

(29:45):
have the specifics because if you havea stroke, you have an event,
you need those policies to kick in. And who's gonna who's going to basically
be the captain of the ship,who's going to run? You know,
we're we're fortunate that we have theserelationship ships with strategic partners like Bob Vandy.
Oh yeah, New York long Termcare brokers, advisors, insurance brokers,

(30:07):
the attorneys, all the attorneys thatwe work with. And that's important
because we know how to turn thefaucet on and turn it off and there's
certain things, specific things that needto get done with long term care policies.
Use as an example, as faras qualifying for the benefit to be

(30:30):
paid out with the ADLs, theactivities of daily living, So it's important
for you to have an advisor ora team. A lot of these guys
that have historically went out and marketedor sold insurance policies or life or long
term care policies, they're no longeraround. Most. All the partnership policies

(30:51):
that are out there are great,but they don't sell them anymore because no
one issues the New York State partnershippolicy anymore. I think they stopped that
in twenty ten years. Yeah,it's when it's when all hell broke lows.
It's when the interest rates dropped almostnothing, and then the policy started
kicking out benefits, and then theystarted acquiring insurance companies, and then insurance

(31:15):
companies just said, that's it.We're not going to issue them anymore because
we can't support it. If wehave to support it, you know,
we got to have to go tothe New York State Insurance Department. Are
going to have to double these thepremiums with their approval, with their approval,
with their approval. But many timesit's as you also know, the

(31:37):
Medicaid, the state everybody was alsostarting to say that maybe the over extended
protection and so on and so forth, I think that type of planning now
is more critical than ever. Well, it's the it's the it's the topic
that no one wants to talk about. Right when people come into the office
and on Ecosa's usual, you know, you're you're pretty aggressive in the conversation

(32:00):
with those people. I'll say,what do you want me to do?
Pat them on the head, Nico, do you want me to say?
Okay, good job, you gotno coverage? You're one hundred you know.
I always figured that there's two thingsthat are going to motivate people.
You already know what it is.Fear and greed, yep, right,
Fear and greed is typically the frostingon the cake that make people goin and

(32:22):
do something. So if you tellthem the facts. I mean, there's
so much misinformation out there about longterm care planning. This is not the
long term care planning show, butbeing in the business for forty three years
and at my age, and alsoour clients are as old as one hundred
and two and probably as young asin their teens, you know, with

(32:45):
some of our clients grandkids, right, I mean, that's a lot of
age space. So we're seeing alot of things happening now with the front
end of our client and what thatis is that they're dealing with issues that
they never thought they were going tohave to deal with because of longevity,

(33:07):
they're living in a hell of alot longer. And you know, when
I see clients come into my office, I just had a husband and wife,
Jack and Karen, the most thegreatest people on earth. She sat
down with me. I'll never forgetthis until until the day I die.

(33:29):
They came into the office, theyhad heard me on radio and we had
our initial meeting. She goes,can I talk to you outside for a
minute, and she's We went outsidethe office. I was working with Dan
Bouchard at the time. He wasgoing over some insurance products and stuff like
that that he thought that they shouldconsider, and she said, I want

(33:52):
to talk to you for a minute, and she goes, I want you
to understand one thing. And shewas tearing tearing up. She was getting
pretty emotional. That's all what Ijust say in there, you know one
of those She goes, We've beenhurt badly by our previous financial advisor,

(34:13):
and we want to make sure whenwe make this move that you understand that
we have one hundred percent trust inyou and we never want to ever,
ever, ever lose that. AndI looked the right square in the eye,
and I said, if you ifyou implement what I tell you to
do, and you know what theproduct I'm talking about was the Preference plus
the six six. I said,if you implement what I tell you to

(34:36):
do, you'll never have to worrya day in your life. And that's
exactly what happened. And I'm nottrying to pat myself on the back,
and I'm not trying to say thatwe're the greatest things in sliced bread,
even though I think we are.And if you don't feel that way,
then you're in the wrong job orwrong position. Because I was at a
presentation one time where a guy stoodup and said, raise your hand,

(35:00):
financial advisor in here. It wasNationale Tennessee. Probably heard me say this
before the whole audience sits there,and that one person raised their hand.
He says, you should all leavethe business because if you don't think you're
the best financial advisor in here,then your clients and prospective clients won't think
you are. I loved it great. Isn't that? Isn't that great?

(35:20):
It is Isn't that a great line? But the bottom I gets down to
is that you know what we justsaw her that they've been clients for over
twenty years and they're living the life. There, have a home in Florida,
they're doing all sorts of gifting nowto their grandkids. And what did
we create for him? A pensiongreat that as matter of fact, it

(35:42):
was the greatest pension that was everissued by an insurance company ever. And
that's why it hurts me when Ihear these screaming monkeys. Screaming monkeys.
I kept it. I kept itpolite by calling them screaming monkeys. Never
buy an annuity, Never get anannuity. Annuities are terrible. The only

(36:04):
reason why the recommending him is becausethey're getting a big facumission in today's compliance
environment. Are you kidding me?You know what we have to go You
know what we have to go throughin order to justify the purchase of an
annuity today. You know one thingI wanted to share with you is last
year was one of the most difficultyears I've ever had in a business.

(36:27):
I had to say goodbye to threelongtime clients. Sure one lovely, lovely
lady had her for thirty six yearsand she had one of the guaranteed self
funded pensions we talk about. AndI will tell you never did she ever

(36:49):
regret getting into that and the moneythat she was able to receive over the
years is astonishing. The numbers now, I see the numbers now, ye
that our clients have taken off thesecontracts, and no matter, no matter
what the value is. I mean, if if you put in one hundred

(37:12):
and it's worth twenty, they payit back the whole hundred, right,
still pay it back to you,even though you had a couple two three
hundred dollars paid out to you.Please please explain to me, folks,
what portfolio manager out there, matterof fact, call me today, Call
me today and tell me what portfoliomanager out there can guarantee that can guarantee

(37:32):
that the answer to that question zero? Right? And that you see,
the thing is there's a place foreverything, And even me, yeah,
well we're still trying to find thatplace. But we're not giving up hope.
Right there, We're going to finda place. I got a couple

(37:58):
of places in mind. Right now. My wife's got a boat with holes
in it. She goes you knowwhat, when you're going to take a
ride on these days on that HudsonRiver in that boat, the special boat.
It's got date, Captain Captain David'sgot at it. No. But
getting back to what we're talking aboutis that, you know, if we

(38:21):
can show people away, you know, getting back to all the people to
come into our office and we lookup their homework, the booklet, the
information that they share with us.And some people have some impressive set up
between pensions and social security. They'vegot a very strong guaranteed income stream already

(38:45):
created. But what about the peoplethat don't. They work hard, they're
basically flying by the seat of theirpants. They have sizeable i ras for
one k's four three b's deferred compwith the state. They've done great job,
but TSPs correct. So this way, if we can show them different

(39:08):
avenues, but especially one where theycan create their own guaranteed self funded pension,
then they're going to have a lifetimeincome stream they can never outlive.
Even if the money runs to zero, it will still continue to pay and

(39:31):
guaranteed monthly income. All right,my buddy is on the phone, Paul
from Connecticut. How you doing,bro Dave A little early for me like
normal that are recorded and I getup early. But here here's a couple
of thoughts. One is that recently, in the last three weeks, I

(39:52):
purchased a my God for five yearsat five seventy five. You know,
the rates are hiring Connecticut. Andit struck me that I got an email
from Blueprint Income. I'm not marketingthem, and they're an online platform that
was purchased by Mass Mutual. Youmight know who they are. And they

(40:15):
had the same annuity instead of fiveseventy five for five years, for six
fifteen. So I said this,there's something wrong. And I went back
to the company that I originally gotit from, standing annuity Man's people,
which is staffed up to twenty tothirty people from virtually nothing because of this
industry growing. And they've said,oh, they didn't show NETA commissions,

(40:37):
and I called back out the topsales guy. They're running a special to
hit the book target for Mass Mutualon these magas that they don't make a
lot of money on it. Andthat's my key point number one. Migas,
they don't make a lot of money. They do not they make money,
and I know the numbers Okay,so money man, the net I

(41:01):
sent you something. People walk aroundand are oblivious to what the true return
is after fees because they don't reallylook at the seeds and the volatility net
net. They always report average annualreturns average annual, not compounded, So

(41:21):
you're right. Second key point isI sent information regarding the six point one
point five for five and I gotsix zho five for three because I stack
them and I send it to people, and they freeze and they go,
that sounds pretty good. They haveno idea what I'm talking about. So

(41:42):
the barrier still exists that it's acontract they have I believe four alternatives at
the end that you know, peoplecan't get over the forty page contract that
has ten blanks and four salient pages. Even I got confused. So I
think they freeze and they think there'sa scam and you're never going to get

(42:05):
through that with the average person.Whereas you throw off your money to a
money guy who's you know in theS and P, which is completely driven
by five stocks I think currently andthey think they're doing great, and then
if that one's or two go youknow the story. That's all I had
to say. Unless you have toask questions. You know, if you

(42:29):
want to ask me a question,I'll give you a thought. Well,
the thing is is that here's afamous phrase that I know you've heard.
Do you want me to tell youwhat's true or what you want to hear?
Yeah? I get it, AndI do have one other point.
I did an extensive amount of researchand call radio shows in Massachusetts regarding the

(42:53):
step up of assets and an irrevocabletrust. And I've read about ten webs
and I'm a CPA, but I'mnot practicing. I understand it pretty well.
And basically, you can't have theassets in an irrevocable trust go directly
to the beneficiaries. They have togo to the estate first in one scenario,

(43:16):
which people don't really understand because thenthey're saying, if it goes to
the estate and I'm already at thethreshold, then I'm going to get estate
taxes. But generally speaking, theaverage person isn't. So what they should
be doing is getting a good calculatorout and figuring out the marginal benefit of
keeping it in the estate, certainlyif it's under the threshold of state taxes

(43:38):
versus keeping it in an irrevocable andgoing direct to the beneficiary, and how
you rant write it up. Itis critical, And even one of my
closest friends is still not clear andhe's the CPA. So I think the
nuances go ahead. What's the estatetax poll in Connecticut state. It's a

(44:00):
little lower than New York. Ibelieve it's five point five. I may
be wrong, whereas New York atseven for a single person. I'm not
positive. I'm not a death threshold. I'm just echoing that what you guys
talk about. Put it this way. You're talking to a guy who listens

(44:21):
to Cudlow Bloomberg yep, probably threeto four shows a day, and I
always start walking around. I wantto throw stuff through the window and go,
what are they talking about? NotLarry, not you, but a
few other select people and the guysin Massachusetts. I believe w RKO and
Boston are excellent. And I wanta free T shirt because of the trivia

(44:45):
question hit the other day. Let'sgo, so what's that? I'm sorry,
shoot me your email, send youone of our T shirts. RPG.
I will, I will, Iwill, I had say, I
really will, but hey, thanksfor letting me echo a few thoughts.
Take care, all right, Paul. But he's a great guy. CPA.

(45:08):
He gets it. He's a CPA. He's the numbers guy. He
gets it. It's you know,don't tell me, you know the fluff,
give me the facts. And he'sa fact. He's not well,
he's a he's a numbers guy.Well, that's one of the things I
really enjoy about you. You know, you got a very warm way.
You're looking for a raise, likethat's your second compliment to me today,

(45:30):
you know, And the day isnot over. And you said plenty more
of that. You said, you'regonna wash my car when we get out.
We got to take a quick break. We'll be right back. The
eighty six percenters. Do you knowthat eighty six percent of the population has
no defined benefit pension plan. Formost of us, we have to take
our life savings and create a paycheckfor the rest of our lives in retirement.

(45:52):
What is your plan for retirement incomedistribution? How you manage your assets
during the most critical years of yourlifetime time. Nobel Prize winning economist William
Sharp has called retirement income distribution thenastiest, hardest problem in finance. He
points out that investment, uncertainty andmortality can derail the most careful laid out

(46:13):
retirement income plan. Call our officestoday to start the process of building a
retirement income distribution plan. After fortyone years of being in the financial services
business, you need to start takingaction to start building your own personal retirement
income distribution plan. How do youdo that? To take action five one
eight, five eight zero one nineone nine. That's five one eight,
five eight zero one nine one nineor RPG retire on the web. Don't

(46:37):
procrastinate, motivate to start building yourretirement income distribution plan five win eight five
eight zero one nine one nine.The greatest risk in retirement most of us
have no plan for We're insurance tocover the expense. A long term care
event can impoverish a spouse, drainyour life savings, and cost stress and
anxiety on your family. What isyour plan and how will you pay for

(46:58):
a long term care event? Callthe Retirement Planning Group today discuss options you
should consider to protect your estate andhave choices and independence. Take action Call
today five eight, five eight zeroone or RPG retire on the web.

(47:38):
Rapt I get you going. I'mall fighting out. Let's go. I'm

(48:00):
good to go. Throw this coffeeout, Jesus, too much caffeine.
There's a girl that I tell youwhat when that came out in at disco,
watch out, mister Kopeka was upand a humping and a dancing and
jumping and all that stuff. That'swhen I left. I couldn't bear to

(48:22):
see that. Daddy, Dad.You know, dad's like six foot six.
Julie's brothers like six foot six,three hundred. You're at what will
you tell him to stop it?You tell him to sit down? Oh

(48:43):
God, you gotta laugh, Jesus. In today's world, if you're not
laughing, you're gonna be in deepdepression. That's for damn sure. You
know we're talking about this guy.Paul comes and calls, and I love
the guy. He's a great guy. You know, he's the numbers guy,
he's a CPA, he's all facts. But most people, you know
what an MG MYGA is? Whatis it? Tell people what? An

(49:04):
MYGA is? Multi year guaranteed annuityissued by an insurance company. Right,
And it's just like a CD taxtax deferred. You don't pay any tax
on it. You control the taxliability and I'm always flabbergasted that white people
would pick a CD over an MYGAaccumulators agreed. You can take it as

(49:29):
income, or you can take theinterest that you're earning and allow it to
grow on a tax deferred basis.And there's a big difference between tax deferred
and taxable because there's nothing that comesto you called the ten ninety nine tax
season. Correct, So please tellme what's wrong with those because when you

(49:52):
hear the screaming monkey say don't everbuy an annuity, the only reason why
they're doing is it because they're gettinga big fact commission and you don't have
liquid and all that. That's justall I think. This is another excellent
example of how powerful planning is.So there's no reason, depending on the
situation that people can't carve out somemoney that a multi year guaranteed annuity would

(50:17):
be a perfect bit reduce taxation,simplification, direct beneficiary recognition, void correct
automatically, don't even have to putit in a trust because there's a magical
thing with an annuity called what abeneficiary form. And again it's everything has

(50:42):
a place. So our job isto simplify, consolidate, educate, our
clients. No, that's good.I like that. Let them choose,
let them see the benefit. That'swhere the power is to me, you
know. And that's why I've alwaysloved working with the guaranteed self funded income

(51:07):
stream with these valuable annuities. Andthe thing is people have peace of mind
knowing that they can fully invest theirmoney and still create a guaranteed income stream
for the rest of their lives,even if they've gone out of money.
Yeah. And there's also some benefitsto the annuity if you're in a situation

(51:30):
which you and I talked about yesterdayin a meeting, yep, where an
annuity can be protected from a medicaidspend down with that key little word called
annuitization right for life, life periods, a certain period of time, whatever
it may be. Then they can'tgo after it because it's controlled by the

(51:53):
insurance company and there's no look backonce you pass away, correct. So
it's it's a great way for youto tech dass's if you're in a situation
where you know the nursing home isgoing to start knocking at the door looking
for that doray me. We onlygot about thirty seconds, So I'd like
to have you chat, but Iknow that you carry on a little too
much. Just guy. You know, we talked about a lot of show.

(52:16):
We talked about a lot of stuff. We didn't talk a lot of
business. But when we come backthe second hour, we're talking about retirement
income distribution. It's very important.We're go give you some statistics of what
people are thinking about out there rightnow. We just got some hard data
from Fidelity this week. But ifyou want to participate, give us a
call one eight hundred talk WGY.We'll be right back line from the wgy

(52:38):
iHeart Studios. Welcome to the RetirementPlanning Show with your host Dave Kopek from
the Retirement Planning Group. Every week, Dave and his team discussed the ways
they can help people make informed decisionsabout a wide array of retirement planning information
that can support you and developing amore certain financial future for you and your

(53:00):
family. Now it's time for Davego back w G wise retirement planning specialist.

(53:34):
You're talking about should we keep ondancing? I gotta get this excess
energy out like that song, Zach, crank it up baby. All right,
We're not gonna let this gentleman,uh is that Bill. Bill is

(53:57):
on the line. Good morning,Bill, Hey, good morning. How
are you doing today. I'm doingabsolutely fantastic. Hopefully you're doing as well
as I hear you I said I'mdoing. I'm doing fantastic. I'm hoping
that you're doing as well as Iam. I am, I am.
I got a question. I whyunderstand January first of twenty twenty six,

(54:22):
the inheritance or whatever you can passon to the next generation goes from thirteen
million back to five to six million? Am I correct on that right?
The estate tax, yep, unlessthey modify that. From what I read
in the paper day, there's theways you can do now to protect that.
But I read also too that ifyou put it in an irrevoc,

(54:44):
will trust that there is no stepup in basis. If you do put
it iryvoc will trust. Have youheard that? Well? You know,
I'll tell you what. It's funnyyou say that. I've been in the
business now for forty three years,and just in the past two weeks I've
heard this like numerous times, SoI don't know what's going on. I
know that historically this is what I'llsay to you. Bill. I'm not

(55:07):
an attorney a tax attorney. Buthistorically that's never been the case. They
received a step up in basis.Now, Paul just called in from Connecticut
who's a CPA and basically said,it has to be structured. Structured where
I guess the once the as longas you're under the estate tax. Once

(55:27):
the assets come out of the trust, they get paid to the estate.
They don't get paid directly to theindividual. But you're asking a great question
that I can't give you one hundredpercent accuracy, but what I can stay
on a historical basis. Historical thathas not been the case. Yeah,
I read that, I read that. I've got where I read, don't

(55:49):
I remember a couple of weeks agoI read about that that if you if
you put it into an aerieable trust, you don't get a step up based
upon the death. That hasn't beenthe case. That hasn't been the case
because we've had clients for decades thathave real estate life insurance policies, stocks
bonds, and they've always received Ican think of one GE executive we just

(56:12):
did work with who received millions ofdollars and that he received it in a
step up and basis last year.So what I'll do. Do you listen
to the show weekly? Bill?Yes, okay, I'm going to find
out one hundred percent sure. Andone of the first things that I'll talk
about next week is exactly because Ineed to. I need to get one

(56:34):
hundred percent accuracy on that, becauseyou're about the third or fourth person that's
asked me about that. You agree, I do. I think that like
any other time. You know,there's a lot of ideas that are being
kicked around, but we don't knowwhat the final draft and I don't I
don't want to give you an answerto that, but I don't think that's
true. But I'm going to getone hundred percent accuracy. Okay, Bill,

(56:55):
Okay, Okay, have a greatweekend. Be safe. You want
to come to the pool party,call me. You know where my pool
is, right, I haven't hadthe pleasure. Well, I got a
bigger one this year. I meana few years ago, I bought a
bigger pool called Lake Goods, calledLake George. That's the beauty's likes.

(57:16):
The queen caught the couple down.You know, I got some business people
flying in the middle of the month. I think I told you guys this
and they where do you want usto stay? So I gave them three
places to stay. I said,you're eating well, I said, really,
I kind of focused in onto.I said, you're either going to
stay at the uh Sagamore or areyou going to stay at the Guinea Putnam?

(57:42):
And then I said, there's otherone which I can't pronounce right now,
Julie cans Ella l It's sun Castle, but it's a spectacular property on
Lake George. It's an old mansionthat they've converted it over to a you
know, very nice. I'm notthe mayor beautiful beautiful, So I want
them They're coming in from all partsof the country. I want them to

(58:02):
see the beauty of upstate New Yorkbecause a lot of people say, where
you live, I'm in New York. All they think are what all they
think of is in New York City, So all that concrete, No,
there's no concrete where iyot. Ilove this place. Well, I love
the beauty of it. Yeah,I love the beauty. I just don't
like from like January first until aboutthe end of March, which I'm going

(58:27):
I'm straightening out this year. Itold you I'm gonna do a lot of
work in Florida this year. Sothat's another thing. There's a rumor going
around that I'm retiring. I'm notretiring, folks. Okay, there's somebody
out there Babylon that I'm retiring.I am not retiring. Okay. I
want to make that perfectly clear topeople. Okay. I don't know why

(58:49):
it's being said, but I amnot retiring. I have no desire to
retire. I stink at golf andI'm not good at baking on the beach,
right, But I will take afew more trips. My best friend
is in Europe, right or notEurope. He's in Asia right now.
He's in the He send me picturesfrom Hanoi, Singapore and all these different

(59:12):
cities that he's in a pretty cool. Oh, I'm sure pretty pretty cool.
So go ahead, go ahead.No, I have a dear buddy
of mine. He worked for amajor corporation. I remember. He that
wouldn't happen to be Coca Cola.No Coca cola, because you know who
I'm talking about it. I do, I do, okay, and I'll
never forget. He told me incollege, he said, you know,

(59:34):
Mac, I'm going to travel theworld on someone else's dime, and he
did, and he goes to allthe countries you just named, and it
just fascinates me. Uh yeah.There's a lot of wonderful, beautiful things
in the world to see. Youshould go see them. I'm going to
try to. I want to go. Julian and I are going to do
a trip. We want to goto Poland see where my ancestry is from.

(59:59):
I want to see her ancestry inIreland. And Billy and Matt and
Gus from Grecian Gardens told me togo to the Greek Islands, and I'm
gonna go to the Greek Islands.They say it's spectacular. Oh yeah,
so I'm yeah. And then there'sthat will be the first trip. Kelly
god Rest, her soul, wassupposed to go with us on this trip.

(01:00:22):
We're supposed to go this coming year, her and her husband Sean,
So we're still going to go.Maybe hopefully Sean will come with us,
and you know, in memory ofKelly, we will we will make that
trip. So Erlo West, ErlowWest is the name of the place which
is Suncastle in at Erlow West.I don't know why I have such a

(01:00:45):
hard time with that all right,let's talk about retirement income distribution. All
right, here's some numbers which Ijust brought up on Fidelity, which I
know I talked to you a littlebit about this past week, which I
think will resonate with people. Whereis it here? Put some in my

(01:01:08):
notes. They did a survey andthe survey basically said, what is the
number one concern of yours right now? And the number one concern was not
having enough money? And this hasbeen number one for a while now.

(01:01:32):
And I think one of the biggestreason is, and they've gotten parentheses here.
The cost of living continues to rise, and social Security alone is probably
not enough in order to cover yourexpenses even with the cola the cost of
living adjustment, and people have undersaved. And the thing is is that you've

(01:01:52):
got to make sure that you're nottrying to shoot for the moon later in
life. I mean, you know, you get people to commit and say,
listen, I only have one hundreon thousand dollars in my account.
I'm sixty two years old. Whatcan I do? But here's the answer.
You're going to have to continue towork realistically, because the cost of
healthcare, the cost of just livinggo to Price Chopper get a bag of

(01:02:14):
groceries, which I know you do, right. It's crazy, It's insane.
I know the boxes are getting smaller. I mean, I do the
I don't do all the shopping,but I you know, I get up
early. So when Julie has alist of stuff at six am when Price
Chopper opens, I'm there, likewhen I get that there's not a soul
in there, right, And youknow, you do that long enough,

(01:02:37):
you start seeing things. And whatI'm seeing is that, yeah, it's
maybe close to the same price,but it ain't the same box. It's
a smaller box, that's right,smaller back right. I don't know what
the hell I saw it now.I just saw it in something. I
think it was cereal. I thinkit was cereal. That's probably it must
got. You know, it rainedon it shrunk. And that's exactly what

(01:02:59):
they do. You got to beso careful because it's either staying the same
size and the price is going up, right, or the price is staying
the same and the size is goingdown, right, So you know,
you got to be careful. Butand then they try to I hate to
say a bss on the news andeverything like that, oh, you know

(01:03:19):
caught they're coming down. No,it's not not when they're going to the
grocery store at the gas pump.No, no, we're not stupid.
Taxes right Texas locally in your communitiesare growing up. The bottom line gets
down to it costs more to livetoday. I say this to Julie all
the time. You know, we'vebeen very fortunate in our life. We
had the opportunity for Julie to stayhome with our kids, and then after

(01:03:42):
Mikayla, you know, I wentto school. Julie had the opportunity to
get into the school district, youknow, become a teacher's eight and she's
done it and she's going to retirethis year. They actually have a retirement
party coming for they just announced ityesterday. But the bottom line gets down
to is that, you know,for people we we predominantly if you see

(01:04:03):
our book of business, our bookof business is not gazillionaires we have.
We do have multimillionaires. We dohave multimillionaires that are clients of ours,
but most of our clients are hardworking. It's the national National grid guys.
It's uh, you know, Bimbobakeries. You can go through the
whole laundry list. It's the plumber. It's I mean, you go to
the golf outing, you know thepeople that it's g executives. It's the

(01:04:26):
plumber, it's the electrician, it'sthe guy that did the siding and the
houses and stuff. It's just hardworking savers. Oh yeah, I've it's
been a pleasure farting out of theclients that have come into the office and
they're just good, hard working,down to earth people. You know,
You've brought up something I thought wasvery very important. Is the number one

(01:04:49):
concern is basically outliving their money.That's a huge concern. And the thing
is there's a lot of people outthere, whether they sit with us as
someone else, and they look attheir guaranteed income each month and it just
may not be enough, but theydo have that two three five hundred thousand

(01:05:13):
in a for one case and they'renot sure what to do with it,
or they're sitting on like I talkedwith Druela last week, they're sitting on
three four hundred thousand dollars of equityin the house right. And the thing
is, if your fear is outlivingyour money, and you have the ability
to create your own pension. Youcan fully invest your money, still be

(01:05:38):
in the stock market, still bediversified any way you're comfortable with. But
you've already created that floor of incomethat will build itself in time, depending
on how you structure it. Correctthe other part of this too, and
one other point though, depending onhow you structure it. But if you

(01:06:00):
run out of money in your accountvalue that income continues to pay you forever.
Correct single lot of other investment outthere, make that promise. It's
it's just, it's it's smoking mirrors. It's it's it's people that are trying
to tell you that don't worry aboutit. Well, when you're well,
your portfolio is down thirty five fortypercent, right, and people are saying

(01:06:25):
to you, don't worry about it. That doesn't make it's easy for them,
even at my age, right,even at my age. You know,
I agree, You know, youand I are not that far apart.
You're a little bit older than me. But I hear that every day.
But to make a long story short, nobody likes to see their accounts
go down. But you know,if I was here, I guess this,

(01:06:47):
this will kind of reinforce what Isaid that I'm not retiring. If
if I was going to retire,I wouldn't be allocated like I am right
now. I mean, I'm almostone hundred percent stock right because I believe
in the stock market. I believein these companies that I'm purchasing, or
the mutual funds or ETFs that Iown in my own personal portfolio. Right.

(01:07:08):
So, you know, the thingis is that you know there's this
Droiello came in with it the otherday and we got talking about it when
he came in last week. Howmany tools do you have in your toolbox?
If I got one guy who's aportfolio manager and that's only got one
tool in his toolbox, I'm grabbingmy hat and I'm running because that's somebody

(01:07:31):
that doesn't give me an independent objectiveposition. All the financial products that are
available to me in the marketplace agreeor disagree, totally agree. Yeah,
So why the hell would I goto somebody that's only got one screwdriver when
I might I might need twenty orthirty screwdriver. Well, we look at
the whole picture, yeah, notjust one part of it. Yeah,

(01:07:55):
we got a break, We gotto take a break. We'll come back.
We're talking about retirement income distribution.We're going to talk some products that
Chris has brought to his expertise.He's brought a lot of stuff to the
table for us that we were unawareof, and we're going to discuss it
in brief terms. Anything that we'retalking about, you can get in for
an appointment. Just call our officeat five eight five E to zero one,

(01:08:15):
nine to one nine. This isthe Retirement Planning Show. We'll be
right back the eighty six percenters.Do you know that eighty six percent of
the population has no defined benefit pensionplan. For most of us, we
have to take our life savings andcreate a paycheck for the rest of our
lives in retirement. What is yourplan for retirement income distribution? How you
manage your assets during the most criticalyears of your lifetime. Nobel Prize winning

(01:08:39):
economist William Sharp has called retirement incomedistribution the nastiest, hardest problem in finance.
He points out that investment, uncertainty, and mortality can derail the most
careful laid out retirement income plan.Call our offices today to start the process
of building a retirement income distribution plan. After forty one years of being in
the financial services business. Need tostart taking action to start building your own

(01:09:01):
personal retirement income distribution plan. Howdo you do that? To take action
five one eight, five eight zeroone nine nine. That's five one eight,
five eight zero one nine one nineor RPG retire on the web.
Don't procrastinate, motivate to start buildingyour retirement income distribution plan five win eight
five eight zero one nine one nine. The greatest risk in retirement most of

(01:09:24):
us have no plan for We're insuranceto cover the expense. A long term
care event can impoverish a spouse,drain your life savings, and cost stress
and anxiety on your family. Whatis your plan and how will you pay
for a long term care event?Call the Retirement Planning Group today discuss options
you should consider to protect your estateand have choices and independence. Take action

(01:09:45):
call today five one eight five eightzero one nine one nine or RPG retire
on the web. You like thatbass, big time, big time babes,

(01:10:23):
big bass, right. I hada woman that said to me one
time, she goes like, no, I love your music that you play
on the radio show. I cansee her right now on that machine that
she runs on going a thousand milesan hour. You know, I did

(01:10:45):
get a method from a good buddyof mine. He said, we're not
playing enough Poka music. So Zach, could we correct that? We got?
Please? We got? We gotthat famous one She fat for me?
Can you play that again? Sir? She's too fat for me?

(01:11:06):
I hell that? You don't youknow? I can't remember when my when
my aunts or uncles or somebody toldme. I think Arthur Godfrey is that
who sang that originally she's too fatfor me? Like it's that's looking it
up because he's sitting there. Here'sa silly diny. You can sing it

(01:11:28):
right away. Now Here is whatyou say, so sing it while you
may. Here's a silly jingle.You can sing it neither noon. Here's
the words. That's all you needbecause I just sang that. You know,
I don't want to You can haveher. She's too fat for me.
She's too bad for me. She'sfor me. I don't want her.

(01:11:49):
You can have her. She's toobad, she's too fat for you?
Can never could they write that songtoday? No? No, all
right, ladies and gentlemen. Herehe is Chris McCarthy and his number one
hit, GE's too fat for meall right in the white bronk in the

(01:12:19):
wait, good god, unbelievable.Why are we here again? We're having
some fun. We're having some fun. If you're not smiling after this week,
mm hmm. You know, there'sa couple of things that are important

(01:12:45):
in your retirement years, and Ithink probably the most critical one is comfort.
Comfort to know that the plan thatyou put in place meets your expectations,
not the financial advisor's expectations. AndPaul had a good, good,

(01:13:06):
good, uh point, my buddyfrom Connecticut, he goes the mygas,
don't pay a lot of money tothe financial advisor. Really is that true?
Well, we know that it'll passa lot of money. It's it's
peanuts can But if you got afive hundred thousand dollars MYGA or a five

(01:13:31):
hundred thousand dollars bond portfolio, that'sa being actively managed. Who's going who's
gonna make more money the active manager? Because that that's five thousand dollars a
year typically at one percent, forhow many years, whatever it may be.
Now, we're never in the campthat one hundred percent of your money

(01:13:56):
should be in anything. We've alwaystalked about yield enhanswers growth in your portfolio.
It's just a question. The likefriends of mine, they just retired
once they're in Asia. They bothhave pensions, they both have Social Security
and they were great savers. Dothey need an annuity that has guaranteed income

(01:14:18):
benefits? No? Probably not rightunless let me put a little asterisk here,
unless one of them took maximum pensionoption and they have a pool of
money set aside that will grow guaranteedin order to supplement the surviving spouse for

(01:14:43):
income for life. Right. No, excellent. So the thing is,
you know, there's no general youknow, you just throw it against the
wall. And this is how we'regoing to do it. Every situation,
I mean, everybody that comes intoour business is different. Their goals,
their families, their aspirations, thewealth transfer they want for their children,

(01:15:09):
their loved ones. What do youwant to do with all this money?
You know that guy in the otherday, he's got I don't know,
seven eight hundred thousand dollars of assets. He has no family, he has
no children. I said to them, what are you gonna do with this
money? He goes, I don't, really, I don't. I don't
know. I don't know what I'mgonna do with it. Well, let's
try to figure it out, right, A great don't you know? Do

(01:15:30):
you have a church, a synagogue, do you have a you know,
I'm a huge advocate of CBA.I talk about Sir Christian Brothers Academy all
the time. Is the best decisionthat Julie and I ever made, in
my opinion, for our two boys. I would love to make a donation
to CBA in some capacity in honorof her parents, or my parents,
or my sons that went there,whatever it may be, you know what
I mean. But find something thatgives you a warm and fuzzy and then

(01:15:54):
motivate and do something about it.I think what you just brought up,
though, is another unique part ofour planning. What you brought up about
espousal continuation. If one of thespousers took the maximum option of their pension,
how can we cover that in anotherway with their assets so they won't

(01:16:15):
miss a beat if one passes away. I mean again, it's just so
many different levels of planning, andhow much of it do you want question
mark or guaranteed correct and let themmake the decision so when we talk about
the buckets of money, each bucketis set up for specific goals and objectives.

(01:16:35):
It's just not one big pot,right you know, David, I
wanted to share with you one ofthe programs that we have as far as
income. Can't mention the name I'mtalking. You can't mention the name of
the company. Nope, nope,no name, general, generic. But
we have one company that an individualat sixty five could start to create a

(01:17:02):
minimum guaranteed income stream a five pointthree five percent for life, for life.
And there is and I'm not goingto get into great depth right now,
but there's what they call a performanceside account, like an enhanswer correct

(01:17:23):
that that five point three five percent. It would be as high as eight
point nine two percent in any givenyear, but the base is five point
three five correct. So the thingis you can give yourself a bonus while
always having the base of five pointthree five which is but don't do that,

(01:17:45):
No, no, no, no, don't do that because that makes
just too much common sense. Oneof our trust me, what do we
get about a minute before we haveto take our next break. I think
one of our favorite people in theindustry has one of my favorite saying Ross.
What's he saying? He says,this is not too good to be

(01:18:06):
true? It's too good to befree. Are the cost associated, of
course to it? But what's moreimportant the cost or your peace of mind?
Peace of mind and guarantee. Youask a question that people, they're
going to say to you, whatdo you want? You want high anxiety
or you want peace of mind?How many people are going to say high

(01:18:27):
anxiety? Yeah, well is thatexactly? He's a Philadelphia Eagles fan.
So we get you know, youknow where they come from. You know
where they come from. All right, we got to take a break.
When we come back, we're goingto talk about retiring income distribution a little
bit more. We have open lines. If you want to participate, we'll
see on the other side of thenews. Gee, why your heart you

(01:19:12):
wake put for me? Can thisall right? You're back? All ready

(01:19:35):
to go? Man, listen,I want you to dry my truck.
I'm gonna jog behind it all theway home, Zach. Zach will sit
in the back of cheerleader me.You can do it, boy, you
can do it. I can't dothat to the public. That will not
happen, not on my way putyour chirt back on. Put a love

(01:19:59):
of cop for the Come on,Jesus, I just have my breakfast,
buddy. It's about to have anice weekend. We're supposed to have a
nice weekend. Oh God, you'refunny. It's one thing for sure.
We do. We have fun,boy, we do well. What what's

(01:20:20):
life if you're not laughing? Idon't want to be crying. How do
you like my apple pie? Impressive? Yeah? Impressive. I'm going to
have a contest, uh with myapple pie with yourself. I'm going up
to Smith. You're won smith Smith'spies up in Galway. Yeah, I'm

(01:20:41):
gonna get ahold of them, andI say, who makes the apple pies?
Here? Step up. We're havinga contest copex Pie or Smith's Pie.
Do you ever have their pies?I have? Yeah, they do
quite well, delicious. I getthem at Fred the Butcher. They sing
to me, but I can't.I gotta walk by him. Now my

(01:21:01):
brother in law, they sing,They go, hey, nice, hey,
hey chunky over here, my brotherin law. We tell you an
amazing apple pot. Here's a funnystory. We'll get into it because people
like my funny stories. This isa funny story. I'm sitting with dinner
with one of my best friends,right. This is years ago, a

(01:21:24):
beautiful Italian restaurant in Troy, andhe just starts dating this girl, right,
And I said something to my companionfor the night. I said,
you know, the getting full,you know, And she goes, oh,
yeah, I'm you know, I'mgetting full too, Because I was

(01:21:45):
like, cute, it's like thesize of a boat the food that they
were filling us. You know,you got Italian restaurant, sometimes they just
overload. You love it. Theother couple sitting next to us and she
goes, yeah, I'm getting alittle bit full too, and he goes,
yeah, you're getting a little bitchunky too. Nice talk. Every

(01:22:09):
time I hear the word chunky.I go back to that. She just
dropped her foot fork on the plateand she goes, what I'm getting chunky?
His face hurt about a thousand shadesof red. I think that didn't
last too much longer, that relationship. I'm getting chunky. Yeah, you're

(01:22:32):
getting no rebooting that event. Anotherturn around. Drinks around, drinks over
here, Okay, all right,I wanted Chris to talk a little bit
about red zone planning today and redzone planning is is that you've got five
to six years before you're going towalk into your retirement years and you've been

(01:22:54):
a great accumulator for those years.You don't want the stock market, but
you do want the stock market.You don't want risk, but you do
want risk. Uh. You wantsome safety and guarantees, but you want
to have stock market participation. Andthere are new products that have been designed.
How many years have these been outbecause we just started using them since

(01:23:15):
you came with us. Well,one of the companies that we have you
quite a bit, just came outwith this about a month or two ago.
Okay, it proved in New York. And they're called buffer products,
right? Is that what they're calledbuffer products? Right? So why don't
you highlight them? Well? Ithink the intro of what you just said

(01:23:35):
is spot on, and that isthere's a lot of people once they reach
fifty nine and a half can typicallydo what they call in service transfer,
so they can take it out.Not only corrected me? Uh, wasn't
chunky husky? Husky? I justsay that to a future date another popular

(01:24:00):
term and an attack you're getting huskyItalian restaurant. But let's get back to
the the red zone. You lookbeautiful tonight, but you're husky. I
bet they couldn't wait to make anotherdinner date. That didn't last long.
That didn't last long. I can'tsee it happened. I saw her car

(01:24:26):
pull away about one hundred miles anhour up River Street in Troy, Oh,
A memorable evening. Go ahead.No, I was gonna say,
like you touched on the in servicetransfer, whether you're getting ready to retire
in five or six years from afour one K or four three B four

(01:24:47):
fifty seven at the state, there'sa way you can do an in service
transfer into a buffered annuity. Andwhat that does is it gives you market
expoosure with downside protection. For example, for a six year period, you
could get a twenty percent downside bufferand still capture one five percent of the

(01:25:15):
SMP over that six year span,bringing you to roughly sixty five if that
was your target retirement date. Alot of people, as you know,
full retirement aid for Social Security issixty seven now, So again it's a
wonderful way to bridge the gap stillgive you equity exposure with downside protection.

(01:25:41):
Now which I think is extremely important. Right now, this is not an
income vehicle. This is more agrowth with patent. Well, it's suspenders
in a belt on an equity portfolioexactly where you can't get devastator or wiped
out right, but it allows youto get very We've looked at the history
oracle rates of returns based off ofthe crediting that they use, and it's

(01:26:04):
extremely attractive, extremely attractive. Soif you're looking for ways, you know,
as I said, if you're lookingfor ways to protect yourself, to
put yourself in a position. Sowhat do you got there? I know
that you've got your slide rule outthere, mister economists. Well, I
wanted to share with you that sincenineteen fifty seven, for an example,

(01:26:27):
the s and P five hundred,there has been six times that in a
six year period the SMP was downmore than twenty percent. So it does
happen. Calendarly, calendar year correctj one to December thirty one, right,
Okay, okay, so it doeshappen. Yeah, But the thing

(01:26:53):
is, in the same time periodsince nineteen fifty seven, there's been thirty
different times that the SMP was downbetween minus ten and minus twenty, there's
been sixty times that it's been zeroto minus ten. So the point is,

(01:27:15):
if we're going to have a sixyear period where you want to capture
the upside of the S and Pfive hundred with the downside protection, you're
giving yourself incredible odds that you'll alwaysbe in the plus right right, And
it's statistics, right. Numbers don'tlie, Numbers don't lie. But the

(01:27:39):
bottom line gets down to is asI've said, and this is not to
be negative at all to other financialadvisors out there, because that's not my
messaging is not meant to be thatway. If you have limited amounts of

(01:28:00):
opportunities because of either the platform thatyou're working through, or you're licensing,
or you're licensing where you haven't gotthe licenses that are adequate enough to facilitate
these types of products, right,then you're going to have to have a
message that's not open architecture. Youknow, Dan Buchhard used to always say

(01:28:25):
to me, what the hell isthe open architecture? And it's not like
you're building a house, Well Iam. I am building a house.
I'm building your financial house, right, And I want to make sure you
understand is that you know, ifI can buy a board at Curtis Lumber
cheaper that I can go buy itat Low's, I'm going to go,
and I'm going to get it atCurtis rather than Low's or Home Depot,

(01:28:46):
right. I mean that's kind ofa corny analogy, but I want to
make sure that I have the abilityto go where I can facilitate what you're
telling me, not what I feelI have availed to. I mean,
that's the old school that we grewup in. You and I, let's
be very honest with one another.We used to work for companies. Sometimes,

(01:29:08):
whether it was the investment banking industryor it was the insurance industry,
you got paid differently to do inhouse products rather than products that were out
of the house. Okay, okay. You got paid differently on insurance products,
on investment products that were constructed anddesigned by the company that you were

(01:29:30):
working for, rather than the onesthat were better, that were better out
in the marketplace. Now, Idon't know if that exists anymore, okay.
But what I do know exists,okay, is that there are financial
teams out there that don't have allthe horses in the stable that we have.

(01:29:51):
And that's not a negative towards them. It's just that's the election that
they make for whatever reason. Idon't know what it is. I know
I've had pushed back myself. It'snot having it's not fun having all of
these expenses that I pay for,as far as all the registrations, all

(01:30:11):
the compliance, all the due diligence, everything that has to be done on
a monthly basis. But if Isay to people, listen, our job
is to bring to you everything that'savailable in the financial marketplace. Okay,
if it's available to us. Ifit's available to us, then shame on

(01:30:32):
me. If I don't do that, then shame on me. One thing.
And I couldn't agree with you more. When I came into the business,
I came in with a very agood company. Yeah. I didn't
care for a lot of the peoplethere, but it was a good company.
Still is a very good company.But you're absolutely right. They were

(01:30:53):
pushing you to push in house,produ Absolutely the investment banking business was no
different. Yeah, our mutual funds, our bond desk, our bond inventory,
our I po inventory and go throughthe whole laundry list of stuff that
you know, we would. Imean, if you want to make a
living, you'd have to close youreyes sometimes and say, all right,
I guess this is good. Youknow they're they're telling me it's good,

(01:31:15):
right, And I'll tell you Ilearned a very valuable lesson after the four
years with that company. Because anagent of a company represents the company,
a broker represent the client. Sowhen I got into that new world,
it was no longer I had topush any company. I did what was

(01:31:39):
best for the client. That's that'swhy it should always be. Yep,
you know, that's way it shouldalways be. If you're looking, your
tool box just became one hundred timesbigger. The problem is is that And
I'll say this, and I knowthat you know, you'll know what I'm
talking about when I hear there's aword. Uh. You know, Joe
Blow is an expert. Uh,missus Apple's an expert, or mister Zebra's

(01:32:02):
an expert. There's no expert.In my opinion, I don't think there's
any expert in the financial services industry. For one reason, the toolbox is
too big. Products are too difficultto understand sometimes, you know, in
order for you to be an expert. An expert. You know, so,

(01:32:24):
I don't like the word expert.One of my closest friends and h
she called me the annuity genius.Oh you are, you are? But
like you said, well you gotthat nobody's an expert. You got,
I always laugh. You got likeJohnny Carson. You got the hat on
I oh, oh, the greatKarnak, the annuity karnack. Marlene in

(01:32:48):
New Jersey, Good morning, Marlene. Are you there, Marlene? Yes,
this is Dave Kopek. Who isthis? Well, how can I
help you? Marlene? All right, well you have a great day.

(01:33:13):
Marlene. Hey, Zach, goodjob there, brother Marlene. She doesn't
even know where she is. Let'stake a break. We got to take
a break after that one. Bringthat bottle of jamison out of here.
We'll be back after this quick messagethe eighty six percenters. Do you know
that eighty six percent of the populationhas no defined benefit pension plan? For

(01:33:38):
most of us, we have totake our life savings and create a paycheck
for the rest of our lives inretirement. What is your plan for retirement
income distribution? How you manage yourassets during the most critical years of your
lifetime? Nobel prize winning economist WilliamSharp has called retirement income distribution the nastiest,
hardest problem in finance. He pointsout that investment uncertainty and brutality can

(01:34:00):
derail the most careful laid out retirementincome plan. Call our offices today to
start the process of building a retirementincome distribution plan. After forty one years
of being in the financial services business, you need to start taking action to
start building your own personal retirement incomedistribution plan. How do you do that?
To take action? Five one eight, five eight zero one nine one
nine. That's five one eight,five eight zero one nine one nine or

(01:34:25):
RPG retire on the web. Don'tprocrastinate, motivate to start building your retirement
income distribution plan five win eight fiveeight zero one nine one nine. The
greatest risk in retirement most of ushave no plan for We're insurance to cover
the expense. A long term careevent can impoverish a spouse, drain your
life savings, and cost stress andanxiety on your family. What is your

(01:34:45):
plan and how will you pay fora long term care event? Call a
retirement planning group today. Discuss optionsyou should consider to protect your estate and
have choices and independence, Take actioncall today five one eight five eight zero
one nine one nine or RPG retireon the web and we're sorry. That

(01:35:40):
was Joe Gallagher's sister calling in forJoe's in the studio, So we got
to pick on him a little bit. Marlene's looking for you, Joe.
I got to read this buddy inmy call, the text me, hey,
can you give me my leading number? And then he goes, I

(01:36:04):
got a soft spot for women thatdon't know where you are. Oh too
funny, that's what happens. Youknow. It's probably driving home from a
long night. Remember those days?Yeah, yeah, I do barely,
barely, Oh god. All right, So we're gonna summarize here a little

(01:36:30):
bit. We got talking about differentways to structure retirement income distribution plans.
We got talking a little bit aboutsome products to consider. Why open architecture
is so important to us, WhyI would not own a business that did
not have open architecture. It tookme years in order to facilitate it.

(01:36:56):
I used to puke sometimes, thinking, you know, do I really have
to use these products? Can I? Can I go out? No,
can't go out because they wouldn't coveryou with your you know your liability.
With your liability, if you gooutside, you gotta stay outside. You
can't come back in the door.Right, So it's important for you to
understand is that that may exist oneof the one here, here's my last

(01:37:21):
question for you. They will playmusic and dance. Boy, I'm all
fired up. You are a jwith Maybe she should be a weekly part

(01:37:45):
of the show. I gotta stop. Okay, she'd be a perfect lilient
for you. Good god man,this is the business show. Let's go.
Here's the question I got for you. If you're out looking for a

(01:38:08):
financial team to do pre and postretirement planning for you, what are you
looking for? You know, notin details, but just summarize what what
is a consumer of financial products?What should they be looking for? For
the team? And I emphasize teambecause nobody can do this anymore by themselves,

(01:38:29):
No way, no way. Ithink uh experience. I think an
overall knowledge of the planning process.You know, you know, you don't
want to go into somebody that's gotten different hats and you're wondering what hat

(01:38:50):
they're wearing at that time. Ithink you want a team. I think
you emphasize that beautifully of people withthe experience. It's and knowledge to look
at the whole picture and take careof each avenue, one avenue at a
time. But it's it's a teameffort, it's a plan effort because we're

(01:39:14):
not just looking to put one fireout, We're looking to take care of
everything at the same time. It'slike a beautifully running machine. This is
what one of the things that Ilearned when I started building my house because
I acted as the GC when Julieand I built our house in half Moon

(01:39:34):
Clutton Park by myself with Jason,her brother who's in the construction business,
and Jason helped me out with Iknow Jay with the team. Great guy,
great guy. He is a greatguy. But make a long story
short, they had a blueprint,right They had a blueprint. And this
is the analogy that I use rightnow for people that are thinking about working

(01:39:56):
with a financial team. Here's ourblueprint, which is the money which you
and I just talked about at breake. Moneys are software package that we
basically have a thirty thousand feet lookat where you are the moneies that you
have the anticipated cash flow. Butthe blueprint after I'm looking at it and

(01:40:17):
I'm trying to figure out what needsto get done right, which which is
e money. Then I have togo find the subcontractors, the subs,
the income specialists, the long termcare specialists, the life insurance specialists,
right, the tax specialists, thelegacy planning, the medicaid, the elder
law, the long You know.You can go through all every single one

(01:40:41):
of them, and I don't thinkany of them are experts. I'm going
to overemphasize that I don't think anybodyin this business is an expert because it's
too complicated. I will say thisafter forty three years of doing this.
Now, Okay, I person,you've seen them. You know the people
that are in my office right,the strategic partners that you pick to work

(01:41:02):
with are critical, critical to protectyour clients critical. I think you've done
an amazing job building the team thatyou have in place right now, you
know, and like you said,things are changing too often. There's too
much to know. There's too manychanges every day, or portfolio changes every

(01:41:26):
day. It's either more plus orminus, right. And the thing is,
I love being part of the teambecause I have learned so much since
I've been here, and I'm blessed. I've been around as you have for
a long time. But you knowwhat, You're always learning something new and
I love it. Well. Herehere's one of the things that struck me

(01:41:49):
at this with this report that thisis by the American Society of Tension Professionals
and actu Areas, which I getemail blasts from asked for their research.
Fears of retirees is driven by havingunrealistic expectations. I couldn't agree more.

(01:42:20):
I do. I do. Fearof future retirees is to have unrealistic expectations.
You know, like the guy thatcomes in and says, you know,
we have one guy down in Florida. He only wanted fifteen percent a
year office portfolio, just fifteen Isaid, you have unrealistic This can't be

(01:42:45):
done. The person that was workingwith him on my team couldn't say to
him, no, we can't dothis. This is unrealistic. If you
want fifteen percent, you got totake the stuff and bring it somewhere else
because you have an un realistic expectationof what can be done in your portfolio.
Right, No, it's uh,I'll never forget. Years ago,

(01:43:10):
I was part of a seminar andit was a very good seminar and it
was doing eighth nine yep. Andnow I'm like people were before the crash
were like, oh, yeah,we got this. You know, we're
going to be retiring next year.And then a year later when everything hit
the fan, and I know peoplethat are still working today sure because of

(01:43:35):
what happened. Then the general publicalways does the opposite of what they should
do. Yeah, when the marketsells off, they should be buying,
not selling, right right. Andwhen the market is frothy, they should
be harvesting some of those gains andbuilding the piggy bank account. So they
got twelve to eighteen months of cashflow without worrying about eroding corpus or principle,

(01:43:57):
right right. Can I tell youthe reason why I brought up wait
nine is an example is that somany people don't want to think that the
market's going to go down, thewave, the riding it unrealistic expectation.
All right, Hey, listen,Chris, I know I got you out
of better early today. Yeah.What time do you usually get up on

(01:44:20):
the weekends? About my time?You get up around a little four?
No, no, not for thirty, not for it. But I think
My clock is now pretty much sixthirty. Yeah, you know so,
yeah, pretty automatic. I'm nota sleeper, never really been a sleeper,
yep, I've never you know,like my daughter can close the door

(01:44:43):
of her bedroom and sleep all day. Oh, I'm like, what are
you doing? My life is great. I missed that boat a long time
ago. I've always been a nightout of Oh all right, I'm going
to be back for Retirement Ready fromtwelve to one. It's topic specific,
talking a little bit about some incomenew income options that are available. But
I want to thank Chris McCarthy.If you want any help, give us

(01:45:06):
a call in our office, andplease be safe and go out and enjoy
this beautiful day. Thank you forlistening to the Retirement Planning Show, hosted
by Dave Kopek, wg wise RetirementPlanning Specialist. If you would like to
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(01:45:29):
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(01:45:53):
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