Episode Transcript
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(00:00):
Live 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
(00:20):
for you and your family. Nowit's time for Dave Copec. WGY's retirement
planning specialist. The bridger Man says, it's the end of time and the
(00:40):
Mississippi River. She's a gold driver. The interest is up and the stock
markets down, and you're only getmuggs if you go downtown. I live
(01:00):
back in the woods. You seea woman and the kids and the dolls
and right, good morning. Igot a shotgun or rival in a wheel
drive. Hank Williams Junior. Ohyeah, Hank Williams Junior. Are you
ready for some football? Right?Well, if you're a hockey fan,
(01:26):
you're probably dancing in the streets.Would you say so? I would say
so. This is the first yearthat I paid this much attention to hockey.
I'll be honest with you. Ididn't watch it last night. I
was kind of shocked. I thoughtfor sure that they would polish him off
(01:49):
after but three to zero now they'rethree to three. Could go down in
history. You said there was oneother time in nineteen forty two. Nineteen
forty two, The Toronto Believes arethe only NHL team to come back from
three to zero. Unbelievable. Remindsme of the Evil Empire? Who the
(02:10):
evil Empire is? The Yankees?No, the Red Sox. They You
know a Canadian team hasn't won anNHL Stanley Company in like many years?
Yeah, I know, I heardthat the other night. Twenty some years.
What a way to do it?If you come back all the way
from three to zero? Oh yeah, I know. Maybe it's even been
(02:32):
longer than that. Was it?The Canadians was the last one? Montreal?
I'm gonna have to look that up. Come on, you're a sports
guy. I'm supposed to know allthis stuff. I'm not stumped to swab.
I don't know everything. There wasdeer all over the place this morning.
I left Lake George Rown a quarterto five, what to half moon?
(02:59):
Pick me up some close and deerall over the place. So be
careful out there. They're hopping aroundI don't know if they're looking for some
cool water, whatever it may be, but if you're driving, I had
a couple it were right on thenorth edge of the north Way and the
back road from the north Way tomy house. There was a bunch on
(03:23):
the side of the road, sojust be careful. They were moving,
They're moving around. It looks likewe're going to have another summer where the
weeks are beautiful and rain on theweekend, which I hope is not the
case. You know, we hadsome friends in this past week from Omaha,
(03:43):
Nebraska, Boston, and Minneapolis,Minnesota, and we took it for
a boat ride on Lake George.And it's always surprising to me that people
know about Lake Tahoe, but veryfew people realize the beauty of Lake George,
New York. The one gentleman fromOmaha, Nebraska, it was just
like blown away. I took himfor a boat ride early in the morning.
(04:06):
I just couldn't believe the beauty ofLake George. So, all right,
you ever leave the house without yourphone? No, I have not.
I tell you it's weird. Yougot to sing to yourself phone wallet,
phone, wallet, Keith. Yeah, I'm gonna have to do something
because I left my phone. Iwas charging it up, and I had
(04:30):
the dogs. I fed the dogs, made sure they went outside and did
their business, and uh, theygot curled up on the couch and I
said, I'm gonna sneak out thedoor so they don't bark. Blah blah
blah. I sneaked out the doorand I was about Clifton Park and I
said, where's my phone? Nogoats. I feel like I don't have
(04:56):
underwear on. It's just it's weirdthat you get. So I hope you
do have You know, I listento that show every week, Purity Products.
I'm fighting a cold, folks,still, I apologize, and you
(05:21):
know you listen to that show andit's like, wow, I gotta get
some of that. Ask the Zantaman, Okay, chick lit teeth and
your hair is beautiful and your skinis fantastic, and you know you just
glow and you feel fantastic. Whythe hell wouldn't you call it a free
bottle? You know, I wantsome of them. Beautiful teeth, nice
(05:47):
hair and skin that radiates. SoI'm gonna call and get my bottle up.
Ask the Xanta because there's only athousand people can get it this week.
You don't need a Dave. Igot all those good blocks already.
All right, Well, it's goodto be here. It's uh, you
(06:10):
know, Nicholas and Christopher McCarthy deservea day off. I'm going to do
the show by myself today. Igot a bunch of stuff to go over.
But we're extremely busy and those guysare working their tails off. We've
met some wonderful, wonderful people.One guy in particular, I want to
(06:33):
hopefully he's listening because I want totalk a little bit. He's a logger.
He's a logger and he's out ofhe's retired, he got out of
logging, and he was talking aboutthese machines that they go into the woods
and they can cut the trees down. Basically eliminates a lot of employees,
(06:55):
is what he said. But themachine costs like a million and a half
dollars. Can you imagine that.The reason why I have an interest in
it is because my mother's family,we're all loggers, a lot of them
worked in the woods. Pretty incrediblethe technology they come up, it's amazing.
Technology today blows you away. Butthe thing is is that we got
(07:18):
talking about it and it you know, it resonated with me because my mom's
brothers, a lot of them workedin Luther's force logging and throughout the Capitol
District region. And make a longstory short, you know, that's a
tough job. That's a tough job, but we've met great people. I
(07:40):
thank you for coming in. It'salways good to meet listeners and see if
we can help you with your preand post retirement planning. You know,
it's it's a crazy world that welive in today. It's a world that
you know, the unthinkable is thinkable, and you got to make sure that
you're doting your eyes and crossing yourWe're going to talk a little bit about
(08:01):
that today as far as some ofthe things that you need to do.
I'm a big believer as soon asyou can get your hands on your money,
it's better for you to control itthan someone else. We're going to
talk a little bit about in servicedistributions and why we feel it's important or
imperative for you to get the moneyat fifty nine and a half and start
(08:22):
building out your buckets of money.We're also going to talk about some dates
and times that are critical for alot of people. We had a guy
that came in this past week that'sdone extremely well for himself. He's about
fifty years I think, not evenfifty yet, about forty nine, is
going to be fifty. Has morethan enough money in order for him to
(08:43):
retire, but the problem is thathe's not retirement age yet. And he
says, you know, I'm waitingfor that magical age so I can get
my hands on my retirement assets.And I said, well, you're already
there. He goes, what areyou talking about? So a little we'll
talk a little bit about seventy twoT which is issued by the Internal Revenue
(09:05):
Service for penalty free withdrawals from anIRA account. IRA account. I'm going
to overemphasize that IRA, but I'mgoing to take my first break. When
we come back. I'm live.If you have any comments, questions.
One eight hundred talk to WGY.That's one eight hundred Talk WGY one eight
(09:28):
hundred, eight two five fifty nineforty nine. I'm Dave Kopek. We
are the Retirement Planning Group and wewelcome your phone calls. The eighty six
percenters. Do you know that eightysix percent of the population has no defined
benefit pension plan. For most ofus, we have to take our life
savings and create a paycheck for therest of our lives in retirement. What
is your plan for retirement income distribution? How you manage your assets during the
(09:52):
most critical years of your lifetime.Nobel Prize winning economist William Sharp has called
retirement income distribution the nastiest, hardestproblem in finance. He points out that
investment uncertainty and mortality can derail themost careful laid out retirement income plan.
Call our offices today to start theprocess of building your retirement income distribution plan.
(10:13):
After forty one years of being inthe financial services business, you need
to start taking action to start buildingyour own personal retirement income distribution plan.
How do you do that? Totake action? Five one eight, five
eight zero one nine nine. That'sfive one eight, five eight zero one
nine one nine or RPG retire onthe web. Don't procrastinate, motivate to
(10:33):
start building your retirement income distribution plan. Five win eight five eight zero one
nine one nine. Will you runout of money in retirement? Will your
investments provide income for possibly decades?How do you navigate the two greatest risk
in retirement sequence of returns in longevity. At the Retirement Planning Group, our
Bucket of Money approach addresses these concernsand we offer a complimentary consultation to discuss
(10:56):
this with you. Call our officetoday for a free complimentary consultation to develop
your own personal retirement income distribution planat five and eight fight eat zero one
nine one nine. That's five andeight fight eat zero one nine one nine.
(11:16):
Mm hmm. I heard myself todayto see it fast, still feel.
I focus on the thing, theonly thing. Let's read the needle
(11:45):
tears of holding the old fumilating,try to kill it all away, but
I remember everything. What have Ibecome? My sweetest friends? Everyone I
(12:16):
know goes away in and you couldhave That's a great song, my Johnny
Cash, that's a great song.He didn't catch me on that one.
(12:39):
It's one of my favorite artists.Yep, good old country go over the
market A little bit. Market waspretty much that was up. Everything else
was pretty much flat on the week, a little bit minimal gains. US
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stocks continue to hit record highs SMPfive hundred last week, logging in its
thirty first all time high just thisyear, which is even hard to believe.
Economy is growing at about a threepercent pace over the last four quarters,
faster than last decades average, andabove the long term potential what they're
(13:26):
anticipating. And unemployment is low,staying below the four percent for thirty straight
months. That's the longest stretch sincethe sixties. But here's the caveat here's
the Achilles heel. Consumers are feelinglousy. The University of Michigan Consumer Sentiment
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Index fell to a seventh excuse me, seven month low in June. Some
mystic view of personal finances and overallbusiness conditions doesn't make sense. Doesn't doesn't
(14:13):
make sense, And we still keepon chugging and moving up. And the
consumers keeps on spending and spending,pulling back a little bit, but they're
still spending spending growth that is slowerbut still healthy. Clip The takeaway is
(14:45):
that consumption growth is slowing as borrowingcosts, high borrowing costs and high prices
bite. So a lot of theanalysts, a lot of the people that
I watch and I consider to bepretty smart people, believe that there is
(15:07):
a yellow flag out there, nota red one, but a yellow flag
that basically says question, question.I'm in the camp, and I've been
in this camp that I think thatwe're ready for a little bit of a
pullback here. I think the marketshave been frothy, especially when you look
(15:28):
at technology. But you know,the bottom line is is that there are
trillions of dollars out there with at trillions. Household net worth rose to
(15:48):
one hundred and sixty trillion dollars inthe first quarter of this year. Can
you believe it? Household net worthrose to one hundred and sixty trillion dollars
in the first quarter, all timehigh, set up from one hundred and
forty eight trillion dollars a year agoat thirteen thirteen trillion dollar increase seven trillion,
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believe it or not, That's whywe have our good friend droiellacome in.
Seven trillion came from equity holdings andthree point three trillion from real estate.
You know, I'm a big believerthat we sit on a lot of
cash in our lifetime and you've heardme talk about this, and the reason
(16:41):
why we sit on it is becausewe can't figure out how do we tap
into that reserve, all that equitythat's in our home. Rising wealth here's
(17:02):
a number. I was just tryingto find it in my notes, and
I'm gonna apologize again for this voice. Can't beat it. I don't know
what it is. Rising wealth isnot distributed equally. The top ten percent
of households by wealth own eighty sevenpercent of equity holdings and forty four percent
(17:27):
of real estate. That's a prettystaggering number of folks. But say it
ty again, don't drive off theroad. The top ten percent of households
by wealth own eighty seven percent ofequity holdings and forty four percent of real
estate. The bottom fifty percent ownsone percent of equities and eleven percent of
(17:56):
real estate. That's a serious gap. And the bottom line is is that
I know because we have a lotof people in our family that are still
hard working savers that work nine tofive, and most of them don't work
(18:22):
nine to five. They're doing otherjobs in order to pay the bills.
Nine to five is just not cuttingthe mustard. So they're out there doing
second jobs, working Saturdays and Sundaysin order to pay the bills. You
(18:48):
know, there was our founding fathers. We're very concerned about oligarchs and if
you do any research on it.Their belief was is that that was going
to be a major problem in ourcountry if it ever arose where he had
(19:15):
too much wealth concentrated in with toofew people. You think we're there.
I personally think we are there.And when you have people that have literally
hundreds of billions of dollars. Iread this morning what I was doing a
(19:37):
little research for the show that misterBloomberg just loves Joe Biden and he's going
to write him a check for twentymillion dollars to the Biden campaign. I
like Bloomberg the organization, but Ithink that's a little bit over the top
(19:57):
when individuals can checks to that magnitudefor a candidate. So I think there's
a serious gap here. A matterof fact, I don't think there is.
I know there is between the havesand the have nots. We're very
fortunate. We're very fortunate. Godhas blessed my family not only with health
(20:25):
but also financially. But we workedhard for it, and we earned it.
Nobody gave it to us. Butthe other side of the equation is
too, is that there's a lotof people out there that are working just
as hard as Dave Kopek maybe harderand haven't had the opportunities or the breaks
(20:48):
or the luckiness, whatever however youwant to call it. And they battled
day to day, month to month. Now we had a chat yesterday about
health and we had a chat yesterdayin my house about health insurance and where
we're headed because my bride, Julie, is retiring in a couple of days.
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She works Tuesday and that's it.She's out of the school district.
And there's an age difference between Julieand I, plus we have young children,
and what it's going to cost topay for health insurance blows my eyeballs
(21:36):
out of my head. And thenmy son, my son in Florida,
who loves Florida, loves his qualityof life, but insurance in Florida is
(21:56):
through the roof. And now he'slooking for health insurance because he's that magical
age of twenty six, no longercovered by mom and dad, and he's
out in the marketplace trying to findcoverage for health insurance. Plus astronomical fees
(22:19):
and charges for car insurance. Insurancesare just insane in Florida. So I
understand when I see these numbers andyou hear about, you know what's happening
with the economy, the rising stockmarket and housing prices are going through the
(22:44):
roof, right, and you hearabout, you know, consumers are still
spending, but not at the pacethat they have been spending in the in
the past. Well, look atcredit card credit card debt and see what's
happened there. I think it's onepoint three trillion right now ballpark, maybe
(23:10):
even higher. What people are doingis that they're sucking out as much as
they can in equity in their house, and they're loading up on those credit
cards, which is a cancer.I hate credit cards, absolutely hate them.
I think they should be banned foryou know, just even that and
they just get one and that's thedollar amount and that's all you get.
(23:36):
I've been there, My wife andI have been there. We know what
it's like to have credit card debt. Fortunately we walk worked our way out
of it. It's not fun.But I was probably a little bit more
pig headed. I knew what Iwanted to do, I knew how I
wanted to build the business. Ididn't have a sugar daddy or I didn't
have mom and dad in order towrite me big checks. In order to
(23:57):
develop my business, I had todo it on my own, and that
meant that I basically played the gameflipping and flopping credit cards in order for
me to fund the growth of mybusiness. So as much as there's happiness
and there's sentiment out there that seemsto be fairly bullish, I'm putting up
(24:19):
a red flag a little bit.I'm gonna say white, whatever you wanna
call it, white, red,green, purple yellow. That basically says,
I think we're heading towards a littlebit of some bumps in the road.
Job openings of decline, sure workersare volunteering quitting their jobs. Jobless
(24:48):
claims hit their highest since September oftwenty twenty three. So there's some things
that are popping up that you haveto be aware of. A right,
I gotta take a break. Iapologize. I got a tickle and they
(25:08):
can't get rid of the tickle.This is a retirement planning show. We'll
be back and we're gonna talk aboutin service distributions. See why whether my
mama, men, my daddy downand Alabam, they's time to nansen here.
(25:29):
I am going on the fire.You're on the Texas line. Love,
you're losing in and raised on downthe line. No fucking walk.
I had a guitar in my handby the time I could talk. I
had my own family. I wenton the road when I was eight years
old. When I burned fifty feend, I was stealing the show front of
(25:51):
the burn and the girls and bridded. It didn't take me long to learn
it. I was born. WhenI was eighteen, I went to a
hobby bud and I'm at Elvis inMaryland. He was gonna be good.
Got men, get tom Pan andthat's the Californian son Ren and Cadillac having
too much fun. Now we wereplaying them hall with tennis. Then man,
(26:18):
we moved it all over the mg him. He said, this
is the boy we've been telling youabout. And he let his cigarete d
and stuck his hand out. Hesaid, the sonhw we got a new
or you. I'm going to makeyou start. You didn't get the bout
too. I told him my mamadidn't know. I'll take your money,
(26:41):
I'll make you move me. I'lltell you round now. I was lord
to bugget. That's good stuff.That's good stuff. That's a good born
(27:02):
to boogie. They classify that ascountry. You think country rock, I
think so country rock, country rock. Yeah, yeah, before it's time,
I would say that. Yeah,he's good. Me like me,
like yeah, you know, Idon't know about anybody else. I don't
(27:29):
know if it's our I've been fightingthis damn cold, hacking and coffin for
over a week, and you know, I've probably should go see a doctor
because I am just so. I'veblown my nose like eight million times.
You know, I'm congestion, justhorrible, can't stand it, and I
(27:55):
apologize for it. So I'm goingto get through this. And if I
coff or if I stop for awhile, it's because I have a tickle,
got my water, my coffee.I want to talk about. We
had a gentleman that came in.I told you about younger guy, great
(28:21):
guy, unbelievable worker, another guy, two businesses, but he's created quite
an empire. But he's got alot of his money and qualified assets.
I raised four oh one ks,etc. He also has a qualified defined
benefit plane and he's like freaking outbecause he wants to get out, and
(28:47):
he says, I can't get outbecause I have to wait until fifty five
because at fifty five you can touchthe money in your four oh one K.
I said, nope, you're wrong. You can retire right now if
you want to. He goes,what do you mean. I said,
well, there's a rule called seventytwo T which allows for penalty free withdrawals
(29:08):
from IRA accounts and other tax advantageto retirement accounts like four oh one K
four or three b's that was issuedby the IRS and allows you, the
account holder to benefit from your retirementsavings before the age of fifty nine and
a half without having your ten percentpenalty. Really, I said yes.
(29:33):
He says, why didn't my otherfinancial advisor tell me about that? I
said, I can't answer that,But I can't answer this. If you
want to go out to the greenpastures or retirement, have some fun and
do all the things that you wantto do, excuse me. He actually
wants to buy a boat. Hewants to buy a black hole and start
(29:56):
throwing a lot of money into it. And I said, you know,
I got one of those two.But he's going to get a boat,
and he wants to basically travel theworld on the boat, which I think
is pretty cool. He's got itall laid out, planned out. I
think his whole life he's planned itout. So he went skipping out the
(30:18):
door, happy high five and says, you guys are pretty good. He
says, I think I'm gonna comeback. I said good. So Jimmy
called me yesterday, Jimmy Corkoran andsaid, guess what he wants to get
in here, like Monday or Tuesday. I said, good, let's get
him in. Let's get him in. He called spoke to jim and jim
(30:41):
said, let me give you Nico. He said, nah, I don't
want to talk to Nico. Iwant to talk to Dave. So Jimmy
sent me a message on my phoneand said, listen, this guy wants
to talk to you like asap.Oh, Jesus said, what the hell's
going on? So I called himand he says, you know what,
let's rock and roll. Let's makethis happen. So don't assume that you
(31:04):
have to wait to that magical ageof fifty nine and a half, because
you can get to your money now. The advantage or disadvantage of the seventy
two t To take advantage of it, the owner of the retirement account must
(31:26):
take at least five five substantially equalperiodic payments, and it's based on your
life expectancy and how it's calculated byan IRS approved method. But you can
(31:48):
get to your money before the ageof fifty nine and a half. So
there's three different methods. I'm notgoing to bore you with the methods,
folks, because you know you don'twant to hear me sit here and talk
numbers because that will put you tosleep. But there's they calculate them called
(32:13):
amateurization, minimum distribution of life expectancy, and the annuitization method. Those are
the three calculations. So you can'tget through the money. And this guy
is going to get the money.He's already got the boat and off he's
going to go. And I saidto him, I said, you know
(32:34):
what, when you get the boatand the money and you're going to all
these exotic places, I only askyou one thing. You sent me some
pictures. He says, you gotit now. My best friend, the
best man in my wedding. Himand his wife have been in Asia for
like the last thirty days with theirthree children. The three children didn't stay
(33:04):
as long as mom and dad,but they all of them with either boyfriend,
girlfriends, and spouses attended this magicaltrip that they've been thinking about for
decades. And to be honest withyou, it gives me great comfort and
(33:24):
happiness when I see people reach theirdream, when it comes true. When
your wishes become reality. How doesthat sound? You like that one?
When your wishes be calmed? Youlike that? Yeah, it's pretty good
when your wishes become reality. Igot to keep that one in my back
(33:45):
of my head. All right,I need to take another drink, blow
my nose, and I will beback. I apologize it's a little bit
quicker than I would like. Well, we'll see after the break. 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
(34:06):
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 and mortalitycan derail the most careful laid out retirement
(34:30):
income plan. Call our offices todayto start the process of building a retirement
income distribution plan. After forty oneyears of being in the financial services business,
you need to start taking action tostart building your own personal retirement income
distribution plan. How do you dothat? To take action five one eight,
five eight zero one nine nine.That's five one eight, five eight
(34:50):
zero one nine one nine or RPGretire on the web. Don't procrastinate,
motivate to start building your retirement incomedistribution plan five one eight five ive eight
zero one nine one nine. Thegreatest risk in retirement. Most of us
have no plan for or insurance tocover the expense. A long term caravent
can impoverish a spouse, drain yourlife savings, and cost stress and anxiety
(35:12):
on your family. What is yourplan and how will you pay for a
long term caravan? Call the RetirementPlanning Group today discuss options you should consider
to protect your estate and have choicesand independence. Take action call today five
one eight five eat zero one ninenine or RPG retire on the web.
I was totaling my pack along thedusty win a muck a road when along
(35:37):
came a semi with a high canvascovered load. If you're going to win
a muckamack with lee, you canride. And so I climbed into the
cab and then I settled down inside. He asked me if I've seen a
road with so much dust and sand, and I said, listen, I've
(35:58):
traveled every road in this Yearland.I've been everywhere, man, I've been
everywhere, mass across the desert,spear Man, I breed the mountains there.
Man Tavalaka had my share. Man, I've been everywhere. I've been
Areno, Chicago, Fargo, Minnesota, Buffalo, Toronto, and when it's
(36:19):
loose, Arisota. What you talkedto als in Ottawa, Oklahoma, Taba
Panama made a lavuloma bang of ballto Mors, Salvadora, Marilla, Tokapilla,
Paris, Poland Vadela. I'm agunner. I've been everywhere, man,
I've been everywhere. Man across thedesert, spear Man, I breed
the mountains are Man Tavalava had myshare. Man, I've been everywhere.
(36:40):
And I'll tell you what. Tryto sing that the way that he goes
through those cities. Johnny Cash,one of a kind. The man in
black. They asked him why hewore black all the time. I can't
remember what the answer was. Maybesomeone call in and tell us, do
(37:05):
you remember what it was? You'llfind out, you'll do a search on
it. Listen, we have openlines if you'd like to participate today one
eight hundred talk WG way talk WGY. That's one eight hundred eight two five
fifty nine uh. In the firsthour, we're going to be talking a
little bit about getting withdrawals early fromyour qualified assets. If you've done well,
(37:29):
you know there's there's different ways toget to your money, believe it
or not, without penalty. Andit's just a question of how old you
are and how long are you lookingto get the withdrawals. Some people say
this is it, I'm done outof here. Then there is the report
that goes over seventy two t's.It talks about a fifty three year old
(37:52):
woman who has had it. Shehad two hundred and fifty thousand dollars of
money that she wanted to withdraw underthis seventy two T and doing those three
methods that I just talked about,the amaturization methods, she would have got
ten thousand, forty two dollars.With the minimum distribution, she would take
(38:12):
seventy nine sixty two, and theother one using the anutization, she gets
ninety nine seventy six, just alittle bit less than ten thousand. So
you can get to your doughray me. So the bottom line is, I
guess you would say to yourself,why would the IRS make these specific circumstances,
(38:34):
right? Why do they allow it? Well, you know what,
stuff happens. Stuff happens. Wehave a beautiful woman that came in yesterday
in the office, wonderful, wonderfullady, and she's been hit by that
horrific disease that I talk about allthe time on this radio show called cancer.
(38:58):
And she's just a beautiful woman.She's got a beautiful personality, and
she's got about six months to live. It's just a horrible disease. We've
lost so many people in the lastyear from cancer, and it's just it's
(39:22):
just horrible. But she's in asituation now where she's basically putting all the
pieces of the puzzle together and understandingthat her future is not as bright as
she would have liked. And nowshe's trying to find some stability and understanding
(39:44):
exactly when the domino drops where allthe rest of them are going to go.
Excuse me. That's one thing aboutour business that I hate because after
doing it for four three years,I don't have to tell you I'm sixty
eight years old. It's hard todeal with people when they're dealing with the
(40:09):
end. And I just overemphasize thepeople when we do the show here is
that our job is to manage moneyand provide that opportunity for you to do
all the things in your lifetime thatyou want to do. And I I
(40:30):
know, simply because of my experience, some people are going to live long,
beautiful lives and they're going to haveall the things that they anticipated in
the retirement. And there's going tobe people out there that won't have that.
(40:51):
You Know. What I always sayis when the first spouse has events
and something happens to the first spouse, a lot of times all the pieces
of the puzzle kind of crumble andgo away of what they want it for
their future. So it's our objectiveat the retirement Planning group when we have
situations such as this, when wehave individuals that are battling, you know,
(41:14):
either a disease or something happens there'sa shock to their family, or
like the gentleman that comes in andsays, listen, you know, I'm
fifty years old, but I've donewell. Now I want to go into
retirement that we can facilitate. Wecan facilitate what they're looking for and meet
their objectives not only as far asyou know, managing the assets, but
(41:38):
also they're objectives as far as whatthey're trying to accomplish in their lifetime.
So don't think that it's not achievable, because shockingly, you might find out
that it is achievable. So I'mgoing to take another break and when I
come back, we'll finish up onthis. But again, if you have
(42:00):
any questions or comments, if youwant to sit down with us, we're
pretty easy to find. It's justrpgretire dot com on the web Retirement Planning
Group rpgretire dot com, or giveus a call at five win eight five
E to zero one nine nine that'sour office or today at the station one
eight hundred talk WGY. I'll beright back. Your partner for Success,
(42:22):
David Kopak, here, your retirementplanning specialists at WGY Retirement Planning Group.
We understand that retirees face many importantdecisions that can affect their long term financial
success. Some of these decisions revolvearound making investments that can help create a
hedge against outliving their income, theimpact of deflation, taxation, and rising
healthcare cost. Because over ninety percentof our clients are retirees with similar concerns,
(42:47):
we are in the best position toapproach such challenges with experience and skill.
Most of our clients lack the time, the desire, or the experience
the manage to their own investment portfolios. We consider it an honor and a
privilege to help our clients make soundinvestment decisions that will contribute to a secure
future. We welcome the opportunity becomeyour partner and establishing your retirement plan.
(43:10):
Give us a call today for yourcomplementary consultation at five point eight five eight
zero one nine one nine. That'sfive eight five eat zero one nine one
nine or RPG retire on the web. The greatest risk in retirement most of
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
(43:31):
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
Call today five one eight, fiveeight zero one nine nine or RPG retire
on the web. Well you wonderwhy I always dressing black? Why you
(44:02):
never see bright colors on my back? And why does my appearance seem to
have a somber Ton where there's areason for the things that I have on.
I wear the black for the poorand the beaten down living in the
(44:23):
hopeless, hungry side of town.I wear it for the prisoner who is
long paid for his crime, butis there because he's a victim of the
time. I wear the black forthose who've never read or listen to the
(44:45):
words that Jesus said about the roadto happiness through love and charity. Why
you think he's talking straight to youand me? I guess we know well
why we're black, mighty mine.I do you like him? I like
(45:05):
Johnny Cash. I thought that wasa timely song for you. I think
it's fantastic to be honest with itmm hmmm. I well, you know,
you know, I love country.I like old country. I like
it. I'd like any kind ofmusic, really, Julie, my wife
loves country and I like old country. But I I until I met my
(45:27):
wife, I never heard Garth Brooks. You know, gets my feet moving,
anything anything that gets your feet bouncing, Yeah, just get me amped.
And I like it. Ye,don't give me laughing, I'll start
coughing. Music is it's it's goodfor the heart. How's that sound?
(45:50):
There's another going. I got tokeep that in the back of my mind.
Music is good for the heart.I think it is, you know,
for you can make you laugh,make you cry, make you sentimental.
Music. I love music. Ilisten to music all the time,
but when I'm in the car businesstime, I usually listen to talk radio.
Business radio. Don't listen to newsanymore. I'm actually I'll be very
(46:15):
happy when the selection's over with becauseI'm already sick of it. It's just
it's too polarizing. You know,when you can't say something positive at all,
something wrong. There is something wrongwith you if you can't say something
positive. That's my opinion. That'smy rap, all right, Finally,
(46:43):
we talked about seventy two t fiftyfive, the age of fifty five.
So you think I can't get out, I can't go to you know,
I can't can't stand this anymore.I just can't stand going to work anymore.
And I'm fifty five years old.Well guess what. Out the door
(47:04):
you go in your four oh oneK because at age fifty five you can
get to the assets without a penalty. Here's the key though, Okay,
ding ding ding ding. The moneyhas to stay inside the four OW and
K. You can't do it asa rollover to the IRA. Goodpie.
(47:27):
So we work with a lot ofpeople like National Grid. Use National Grid
as an example. Work their tailsoff. They've been there for twenty five
thirty years. They went out thedoor, but they're not fifty nine and
a half. It doesn't make anydifference. As long as it stays in
(47:50):
the four on and K, they'reout the door, and you can take
the distributions until fifty nine and ahalf. Then you can roll the assets
into a self directed IRA. There'sother plans available. We actually have the
ability to work. We can manageassets now through our platform through Vanguard and
(48:10):
Fidelity and help and assist you,which has been a huge, huge benefit
for a lot of our clients.So if you're pondering retirement and you have
money at either Fidelity or Vanguard,we have the ability to win there and
(48:30):
help you out at the retirement planninggroup. And finally, the last one
that you need to be aware of. It's the one that I talk about
all the time here. It's inservice withdrawals, and that is when you
(48:52):
reach that age of fifty nine anda half, which the plan allows you
most of them, not all ofthem, but probably ninety percent of them
allows you to take a in servicewithdrawal trustee to trustee transfer, which means
it goes from your four oh oneK into a self directed IRA. It's
(49:14):
a non taxable event. It goesfrom one trustee to another trustee and now
you can start what building the bucketsof money, which is critical. You
want to build the buckets of moneybecause when you walk out into retirement,
(49:37):
you want to make sure that yourcash bucket is full. Point of entry
one of the most critical times ofyour retirement is point of entry. Is
it a bull, is it abear? Is it a flat market?
Who knows if anybody tells you theyknow what's going to happen, they're lying
(50:01):
to you. One gentleman this pastweek we had a long chat about black
swan events. When they happen,what's been the history of them? How
long does it take before you're diggingout? Everyone is different, the magnitude
(50:24):
is different, the disruption that itcauses in the financial markets, and in
forty three years, folks, Ihate to say it, I've seen a
lot of them. I think thebiggest shock was when the market went down
twenty five percent one day. Thatwas a tough one. I saw a
(50:47):
lot of guys in the men's roomright after that that we're having not good
times, throwing up stress. Oneguy I think they actually had to call
the ambulance because he was so stressedout. There are disruption, destruction,
(51:07):
There are distractions sometimes to your plan. And if you still got to have
distributions off your portfolio, you bettermake sure that you understand exactly what you've
created and how much is available forthat time in order for you to have
(51:29):
adequate amounts of distribution to pay whatpay the bills? To pay the bills,
because it's critical. You don't wantto throw the baby out with the
bathwater. Last, the worst thingyou want to do is to sell when
the markets are down. Right,We've talked about that millions of times here
on this show. The worst thingyou want to do is to sell when
(51:52):
the markets are down. You wantto sell when everybody is dancing in the
streets, like right now. Yougot substantial gains. As Warren Buffett says,
it never hurts to take some profit. Never hurts to take some profit.
So well, I made it throughthe first hour. You have one
(52:13):
more to go, and we comeback. We're going to talk a little
bit more about this, but we'realso going to talk a little bit about
how do you structure the portfolios foryour retirement. If you have any questions
or comments, we're live one eighthundred talk WGY one eight hundred eighty two,
five fifty nine forty nine. Hopefullyyou're enjoying your weekend and I know
(52:34):
that we're we're not gonna get anyrain this weekend. That's it. I'm
mandating it by live from the wgyiHeart Studios. Welcome to the Retirement Planning
Show with your host Dave Kopek fromthe Retirement Planning Group. Every week Dave
and his team discuss the ways theycan help people make informed decisions about a
wide array of retirement planning information thatcan support you and developing a more certain
(52:59):
financial future for you and your family. Now it's time for Dave Gobec,
w g y's retirement planning Specialist.I keep a close watch on this heart
(53:31):
of mine. I keep my eyeswide open all the time. I keep
the ends up for the pilot mine. Because you're mind. I woke the
line. I find it very,very easy to be true. I find
(54:01):
myself alone when he stays through partadmit that I am a food for you.
They calls your mind. I walkthe line. You know. I
have a laptop computer that I gotto get rid of. I don't know
(54:25):
how long I've had it, butit's time for it to go to wherever
they go. When I say it'sslow, I've had the same laptop for
about seven years. It's like watchingjokes. Jokis or whatever his name is,
(54:47):
played defense. That's how slow,my how you pay slow? How
do you pronounce his name? Nicolajok his we it's his defense. He
can shoot it, but I don'tknow if he'll ever get the ring.
Because I don't know if he canplay the d right, do you agree
(55:10):
or disagree? He's got one ring. I don't know if he'll get too
now I'm talking one on Dallas ohLuka Donvic. Yeah, he can play
defense when he wants to, justthe thing he's got to want to.
Yeah, you know, I justpro sports. I like college sports.
(55:37):
I'm not really big on pro sportsanymore. The money is just goofy.
I mean, these contracts. WhenI see these contracts, it just turns
me off more and more. Imean, you know, twenty and fifty
million dollars to play baseball or whateverthe hell it is. I mean,
it's just crazy, the dollar figuresthat they throw out there. All right,
(56:04):
again, we're live in the studio. If you have any questions or
comments, it's one eight hundred talkto WGY one eight one hundred eighty two
five fifty nine. You know,one of the things that we had some
people that came in this past weekthat are consultants and they help us out
as far as some of the thingsthat we're doing at the retirement planning group.
(56:28):
One of the things that we talkedabout pretty much extended conversation was the
biggest fear for a lot of peopleis that building out retirement income distribution plans.
And I think everybody's aware that,you know, most of us do
not have pension benefits anymore, andbecause we don't have pension benefits, we
(56:49):
have to take our life savings andwe now have to create income distribution plans
that could possibly last longer in retirementthen all the years that you worked.
I had mentioned a show that Isaw that this technology with AI is not
(57:20):
only going to do miraculous things forbusiness, but also for the healthcare industry.
And this gentleman that was on seeingour Fox Business with Maria Bartiromo was
talking about that you could possibly seelife expectancies the norm the next ten to
(57:40):
fifteen twenty years could be living wellpast the age of one hundred. And
if that is the case, whatwill that do to individuals as far as
the number of years that they willwork rather than you know, take the
the watch, the golden parachute andout the door you go. So,
(58:07):
the financial services industry for years nowhas been designing products that are specific to
individuals that need pension benefits, andthey designed them a lot of different ways
in order to facilitate what individuals arelooking for as far as quality of life,
(58:30):
safety and guarantees. And I'm notgoing to get into the specifics as
far as what those products are becausethey vary. Some of them are issued
by insurance companies, some of themare issued by investment banking firms, but
all of them are in the gamenow. And when I see Blackstone,
(58:57):
black Rock, all your major investmentbanking terms talking about designing products that are
specific for people that are looking forguarantees. Some are late to the game,
some are early to the game.Some have already had products that exist
(59:17):
that we've been utilizing. But thekey is is that how much control do
you have on the asset and howmuch control do you lose? Now?
The biggest negative for a lot ofpeople when you have a cash balance account
through your employer. A lot oftimes that cash balance account, they're going
(59:43):
to give you two options. Youcan either take the distribution and roll it
into a self directed IRA, oryou can take that pool of money in
the company. Typically either they orsomeone else that they forward the money onto
(01:00:07):
will purchase an annuity, and thatannuity will pay you a guaranteed income for
both you and your spouse for therest of your lives. If you have
an early demise, all that money, if both you and your spouse passed
away quickly, all that money isgone. So a lot of people say,
jeez, I don't like that optionbecause you know, my kids won't
(01:00:30):
get anything and a good portion ofthat money. You know, I've worked
twenty thirty forty years in order forto accumulate to that magnitude. Then it
could be substantial. Some of theseare you know, portfolios could be seven
figures. So if that is thecase and you're thinking about, you know,
(01:00:54):
should I take the company's plan orshould I create my own plan.
I think what a lot of theinvestment banking firms have seen is that they
need they need to create these investmentoptions not only externally but also internally through
(01:01:14):
the four one K plans that theymanage. So what we're trying to do
with the Retirement Planning Group, aswe always have, is to find out
what are the best venues, whatare the best options for our clients in
this changing dynamic of retirement distribution,because it is changing. I mean all
(01:01:39):
the statistics, all the surveys,all the data, everything that we see
seven out of ten of you,seventy percent of the population wants to guarantees
with the retirement assets in some capacity, not all, but some of the
(01:01:59):
money they want guarantees. If thatis the case, then you're gonna have
to try to figure out what's theright apple for you. I'm in the
camp that I want to guarantees,but I also want the guarantees and I
want the legacy for my kids.And that's that's the problem for a lot
of people because under today's rules andregulations, qualified assets are the achilles Heel,
(01:02:31):
the giddy up for most of us. It's not uncommon for us to
see seventy to eighty percent of thenet worth of individuals allocated into qualified plans.
So if they've got a million fivelet's say, of net worth,
a million dollars of it is infour to one K assets, which is
(01:02:54):
always taxable, always problematic. There'sa predetermined time they have to take the
distribution, whether you want it ornot, and there's never a step up
and basis, And depending on yourzip code where you live, in the
state that you reside in, thoseassets could be gobbled up if you need
(01:03:19):
long term care assistance. So thedilemma for a lot of you will be
do I do pre tax or aftertax contribution in our qualified assets? And
I guess the question becomes You've gotto really kind of figure it out because
(01:03:42):
there's pros and cons to both.The pro is you're allowed to get pre
tax contributions traditionally the money grows ona tax deferred basis, and then when
you elect to take it out beforeage seventy three, if it's somewhere just
(01:04:03):
keep it simple between fifty nine anda half and seventy three, then you
have a tax liability. When youpass away, your spouse can continue it.
And then if you don't have aspouse, a non spouse beneficiary right
now has to have it out tenyears. So what is the alternative,
(01:04:33):
Well, the alternative is is thatnon qualified assets monies that are outside it
qualified portfolios are going to be moreadvantageous for you simply because you have the
ability to move them around strategically withouta lot of question marks. Besides tax
(01:04:56):
taxable gains iras four O one KSfour O three b's TSPs. You go
through the whole laundry list of allthis pre tax money, which there's trillions
Ultimately, someone has to pay thetax, and it's either you, your
(01:05:19):
spouse, or your loved ones.So I would suggest this if you're in
your forties and fifties and you're stillaccumulating pretty aggressively. We have a software
package that I love, Quality Money, and it really will show you a
pretty good idea. You've got todo some assumptions, but it shows you
(01:05:43):
pretty much exactly where you're going tobe in a certain period of time as
far as the ability for you todraw income in conjunction with Social Security and
any other assets that you have ifyou're fortunate to have a pension benefit.
But I would recommend that if you'rein a situation and you're looking to create
a pension benefit. You know,and this is not to throw a rock
(01:06:05):
at anybody, okay, but youknow, you need to understand the entire
landscape. I mean, we talkabout open architecture, and I think it's
kind of a pooh pooh. Peopledon't understand why we say open architecture.
With open architecture, I'm trying tooveremphasize we don't have an ax to grind,
(01:06:26):
and we don't have a specific desireor a destination for our assets.
You know. In this conversation thispast week, it was a conversation about
you have to do what's right forthe client, and you also have to
meet their need. So I don'twant to miss out on an opportunity to
facilitate what a client's looking for ifI don't have all the tools in the
(01:06:48):
toolbox, as we've talked about manya times here. So whether that's an
insurance product, an investment banking product, an alternative product. I mean,
alts right now are a big deal, big deal. We talked in great
detail about alternative products, private equity, bank loans. You can go through
(01:07:12):
the whole laundry list of the thingsthat we discussed this past week, pros
and cons to all of them.My position was this, I never want
to be involved in anything that I'mgoing to be handcuffed. What do you
mean by that? If I needliquidity, I want liquidity. I don't
want to have the portfolio manager tellingme when I can get the money out.
(01:07:35):
I want liquidity like today when themarkets are open from nine thirty till
four Eastern Standard time. Now,a lot of alternative products don't give you
that. You got to basically rideon the bus until the bus driver says
you can get off here, right, mean not like that. I want
(01:08:01):
to get off the bus when Ipull the thing and say I'm getting off
here please. So I think whatyou're gonna see? My crystal ball says,
this is what we're going to seein the financial services markets. This
is the other thing too, justso you realize what's going on in our
industry. There's a lot of guysin our business that are my age and
(01:08:23):
older still working now. I workbecause I enjoy my job and I enjoy
the people I work with, andthen I would probably drive myself and my
wife crazy if I didn't work.So it's not like I go to work
and I hate it. I goto work and I love it, and
I will continue to do it untileither the Lord takes me or I physically
(01:08:45):
or mentally can't do it anymore.That's just me, that's who I am.
But a lot of guys that aremy agents saying see later, alligator,
I'm out of here, and they'removing on to the green pastures of
the retirement, and they're doing allthe things like over an Asia now for
a month, because that's where hewants to be with his wife and kids.
(01:09:06):
So what I would say to youis this is that and you need
to realize this because I think you'regoing to see it, and it's already
shown. It's shown its face.There's about a fifty thousand individuals shortfall right
now, fifty thousand shortfall of financialadvisors in our business. So if you're
(01:09:31):
a young professional right now and youwant to get into investment banking consulting,
there's a huge opportunity for young peopleright now. When I say huge and
astronomical opportunity, and it's only goingto accelerate because every investment banking firm,
every wirehouse, every wealth management platformwe had a lot of discussion about this
(01:09:59):
this past week, are looking forpeople. They're looking for qualified wealth advisors,
financial advisors simply because there's not enoughof us out there. So you
compound all of this, what I'mtalking about is that in this ever changing
(01:10:25):
landscape of wealth management, personally myself, I think you're going to see even
more acceleration consolidation. You're going tosee more and more firms that will gravitate
towards more services for the clients,banking loans, reverse mortgages, tax planning,
(01:10:51):
insurance, everything, everything, allunderneath the roof of XYZ Corp operation
simply because clients want it, advisorsneed it to facilitate the open architecture that
I keep on talking about. Andfinally, the needs that individuals have in
(01:11:19):
order for them to facilitate what they'relooking for during their pre and post retirement
years is opening up more opportunities.So when you sit down, you know
what. We've had individuals come inhave chats with us, and we always
say, listen, if you haven'ttalked to another investment advisory firm, we
(01:11:43):
highly recommend that you do because we'redifferent than ABC across the street or x
y Z down the road. Youknow, but you have to go where
you feel comfortable, where you feelthat your best interests are being taken care
of. And I think what you'regoing to see in the very near future
(01:12:05):
is that you're going to see moreand more you're already seeing it. It's
huge, the amount of consolidation that'sgoing on right now in our industry,
and a lot of it has todo with the age of the advisors,
the shortfall of the advisors, andpeople want to know, hey, listen,
hey Dave, you're sixty eight.You know what happens to something happens
(01:12:27):
to you. I mean, that'sthe reality. The reality is is that
I've got a plan in place,but people want to know what the plan
is. So you know, Iknow it's hard. It's a difficult decision
to go out and find a teamthat you feel comfortable with. But it
can't be just about today. It'sgot to be what's going to happen in
(01:12:47):
the next five, ten, fifteen, or twenty or thirty years, because
you're going to live a hell ofa lot longer than you anticipate. If
the Lord is you know, onyour side as far as health and with
technology, you might live much muchlonger than you anticipated because of the dynamics
of what's happening. So all right, I'm gonna take a break. I'll
be right back. The eighty sixpercenters. Do you know that eighty six
(01:13:10):
percent of the population has no definedbenefit pension plan. For most of us,
we have to take our life savingsand create a paycheck for the rest
of our lives in retirement. Whatis your plan for retirement income distribution?
How you manage your assets during themost critical years of your lifetime. Nobel
prize winning economist William Sharp has calledretirement income distribution the nastiest, hardest problem
(01:13:31):
in finance. He points out thatinvestment, uncertainty, and mortality can derail
the most careful laid out retirement incomeplan. Call our offices today to start
the process of building a retirement incomedistribution plan. After forty one years of
being in the financial services business,you need to start taking action to start
building your own personal retirement income distributionplan. How do you do that?
(01:13:54):
To take action five one eight fiveeight zero nine nine. That's five one
eight, five eight zero one ninenine or RPG retire on the web.
Don't procrastinate, motivate to start buildingyour retirement income distribution plan five 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
(01:14:15):
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
a long term caravent? Call theRetirement Planning group today. Discuss options you
should consider to protect your estate andhave choices and independence. Take action Call
today five one eight, five,eight, zero, one nine nine or
(01:14:36):
RPG retire on the web, goon a warm summer's even phone a train
bounce, and met up with thegam We were both too tired to sleep,
so we took turns a stair atthe window. At the darkness.
(01:15:00):
The boardom overtook us and he beganto speak. He said, son,
I made a life out of readingpeople's faces, know whend what the cards
were, by the way they heldtheir rise. So if you don't mind
me saying I can see you outof asy for a taste of whiskey,
(01:15:24):
I give you some advice. SoI handed him by bottle and he drank
down my last swallow. Then hebombed a cigarette and asked me for the
land, and the night got downthe choirt and his face lost all expression.
Said, if you're going to playthe game, boy, you gotta
(01:15:45):
learn to play right. You gotto know when the whole, know when
the fall, do know when thewalk away? No passon run we are
back. My brother in law,my two brother in laws. That song
(01:16:06):
they adapted the words. I can'tremember which one it was, but one
of them basically was playing cards andhe took some money from a woman or
something like. I can't remember whatit was, but they changed the words.
They basically tease them a little bitold Kenny. All right. We're
(01:16:32):
talking about how things are changing inthe financial services industry, especially on the
pre and post retirement arena, andI want to get into a couple of
things here that I think are criticalfor especially for people that are walking into
retirement right now, because I knowthat it can be a daunting task and
it can also be high anxiety fora lot of people. But you know,
(01:16:55):
there's three pillars that we talk aboutall the time, which I'm going
to get into a little bit todayjust in general. And the reason why
I'm getting into it is because we'vehad a lot of conversations lately and there
seems to be this euphoria. Anytimethere's euphoria always causes me concern with the
stock market because that usually means thatwe're going to have some kind of a
(01:17:16):
correction. And I want to makesure people have suspenders and belts on their
portfolio for income. For income,that's the key for income. So like
at the Retirement Planning Group R threepillars is that we want income plans that
have guarantees or dividends. We wantto know that there's enough cash flow coming
(01:17:38):
in to pay your bills. Wewant growth potential, and you can get
growth potential with a safety net.If that's something that you're looking for.
There's a lot of different ways todo that. There's a lot of different
strategies. And then, of coursethe final one is flexibility. You know,
as I said, I don't wantto be in anything that I can't
sell it when the market is openfrom ninth thirty to four Eastern Standard time.
(01:18:01):
Because yes, there are some greatsuccess stories with private equity alternative investments,
but there's also some horror stories wherepeople weren't able to get to their
money. And we're gonna talk alittle bit about that. But I'm live,
I'm here in the studio. We'llbe back after the break. Give
us a call. I'll see onthe other side. Why love is a
(01:18:34):
burning thing and it makes a fieryring, bound by wild desire. I
fell into a ring of fire.I've felt good morning burning on the fire.
(01:19:00):
I went down Dave Kopek, it'sretirement planning, show anything that we're
discussing. He gives a call atthe office at five eight five EEG zero
one nine. If you want tocome in for a complimentary consultation. We
have five I think five ye fivelocations now in New York, Syracuse,
Albany, Malta, Glens Falls,and Oneana. You know, Vanguard came
(01:19:28):
out with a report of white paperand in the heading and the white paper
is advisors ad Alpha And I'm notgoing to go through the whole thing,
but they're they're summer. Here isthat we believe advisors can add value,
(01:19:51):
can add up to or even exceedthree percent in net returns for clients.
So when people say does working witha team of advisors help you, I
mean there's a low cost, unbelievablysuccessful organization, Vanguard, that basically says
(01:20:15):
that working with an advisor does helpyou. And as we're all quite well
aware, our business, folks,has changed dramatically. We've gone from a
transaction business to an advising business.And we've gone from a commission based business
selling products to a fee based Ireally don't know of anybody right now,
(01:20:43):
personally myself that's executing trades and chargingcommissions and that shift, you know,
we did it probably I don't know, six seven, eight years ago that
shift where we went from a youknow, a blended organization to one that's
one hundred percent has benefited you,the client and the advisor because it makes
(01:21:10):
you more aligned with the clients.So you know, when you hear a
firm like Vanguard, I know thefidelity comes out with that information. Schwab
does also. It's just it's aquestion of what you're trying to accomplish and
fragmentation. What I always say isfragmentation is your enemy in retirement, and
(01:21:39):
what do I mean by that havingassets all over town, different locations.
Consolidation, simplification is your friend,and you should embrace it because as you
get into your retirement years, you'rereally not trying to hit home runs.
(01:21:59):
You're trying to get competitive rates andreturns, and you're trying to get consistent
cash flow in order for you toyou know, meet your every day needs
as far as it's going to costyou to live. So there has been
an evolution big time from the timethat I got into this business to today.
(01:22:19):
It's an appletoon Orange. There's nocomparison at all. We used to
have a desk on a telephone andthat's it. You go, boy,
here's your cards. Here's your phonenumbers that you're gonna dial. Dial in
for dollars. There used to bethe joke dial in for dollars. So,
(01:22:41):
you know, the young people thatare coming into the business today,
it's an entire different landscape of theone that I entered when I got involved
in it forty three years ago.The days of the sales pitch. You
know, hello, mister Smith,Dave Kopeck from Payne Weber, Can I
(01:23:01):
take your talk to you for acouple of minutes here? You know,
some people would stay on line.Other people would say, don't ever call
here again. But the whole thingwith wealth management today building out a plan
that not only takes care of yourfront end, your middle years, but
(01:23:25):
also the later end, you know, what we call the back nine of
your life. But there's some keytakeaways and these are the things that I
want to go over. Okay,you know you're gonna have curve balls.
There's gonna be things that will bebumps in the road that you're going to
have to deal with. But thebottom line gets down to as I said,
and like this report from Vanguard,working with a financial team is going
(01:23:48):
to help you, especially when thefirst spouse passes away, which is typically
the mail. And we all knowthere's no one size that fits all.
So you know, your next doorneighbor or the guy at the water cooler,
(01:24:09):
you know that has all the answersmight not necessarily be the best plan
for you in your future. Soyou know, we have seen my phone
rang off the hook over the lastfew weeks with the program that we had
(01:24:30):
about long term care and what washappening locally here with iras in the five
one to eight area code, asfar as the acceleration of distributions off of
iras in order to meet the billthat they had at the County Nursing Home
where there are now some counties aredoing it by life expectancy and not by
(01:24:57):
periodic payment mode. And that's truealso if you move out of the area,
if you move to an area that'soutside the five win eight, whether
it's Massachusetts or Florida, or Tennesseeor Carolinas, it's critical that you find
out exactly what are the rules,what are the regulations, and what assets
(01:25:21):
are protected and not protected if wehave health events and we're going to need
assistance. So the three core thingswhich I'll go over. Briefly is that
I am a major advocate of guarantees. A certain amount of guarantees should be
in your portfolio. Whether it's ladderbonds, CDs, I don't care what
(01:25:45):
it is. If it's an annuity, a certain part of your portfolio should
be guaranteed to know that there's adequateamounts of cash. You incorporate your social
security into that for both you andyour spouse. And if you're fortunate that
you have a pension benefit, thatwill basically reduce some of the stress the
fear right. You know that pensionincome can be converted over. You can
(01:26:15):
do it yourself with other types ofproducts, meaning that you can create your
own pension if that's what you wantto do, a lot of different ways
to do that. I'm not goingto get into it, but the bottom
line gets down to is that wehave found that it is critical for you
to have a guaranteed income stream inorder to facilitate sleeping at night. We
like sleeping at night. The otherthing is is that you need growth,
(01:26:40):
you need purchasing power. We allknow what things cost twenty years ago,
thirty years ago. You know,you go back sometimes you look at things
and you say, oh my god, I can't believe that. You know,
gas was eighty nine cents back then, and now we're paying what three
dollars and eighty cents, three dollarsand sixty cents, or it may be
depending on where you are. Soyou need growth, you need purchasing power,
(01:27:08):
and how do you do that?How do you allocate the money in
order for you to get a competitiverate of return? And you need the
ability to stay in it, right, because we all know that the market
has gyrations. We all know thatthe stock market sometimes performs poorly, right,
(01:27:33):
but the worst thing you can dois to allow the down market to
become your strategy. As far asthat's when I'm going to exit, that's
when you should be buying more andnot taking the path and I'm going to
walk out the door and the volatilityof the markets are just too much for
me, Or you need to buyan investment that gives you suspenders and a
(01:27:57):
belt on the portfolio that allows youto have stock market rates and returns with
protection. And those investments are available, they exist, Okay, So most
(01:28:17):
of us don't have the time orthe inclination to know when it's time to
get in and time to get outon your portfolio. I've had this conversation
with numerous prospective clients and existing clients. That's above my pay grade. Okay.
I think the better option is isyou stay fully invested, you stay
(01:28:38):
in your asset allocation model, andwhen the market sells off, you take
some dry powder and you add tothe portfolio because typically and historically it's been
the best time for you to buy. And finally, you want to plan
(01:29:01):
that you're going to be able toadapt to to what I say the curveballs
of life. You know, weare seeing a lot of individuals right now
that have received fairly significant inherences.You might receive one for some of you.
(01:29:26):
It will be a life changing event, a life changing event. You
have parents that have real estate,a home like George. You know,
they did well in the stock market. They work for xy Z Corporation,
they got a big four to oneK program. Surprise, you're going to
(01:29:48):
knock on the door or the attorneycalls and say, we got to sit
down and have a chat. Igot to check for you for a million
dollars life changing event. That's whyit's important to incorporate that into your planning.
A lot of parents like to havethe chat with the kids. Listen,
(01:30:08):
this is what's going to happen whenmom and dad go through the pearly
gates. Okay, I honestly thinkit's good to have that conversation. Some
people don't where it's a shock tothe kids. The other part of this,
too, is that some of thechildren are not capable of managing that
kind of a wealth transfer. Ifthat is the case, you want to
(01:30:30):
make sure that you have it setup properly so the money doesn't go to
the evil son in law or daughterin law, or the new boy toy,
whoever it may be, the poolthe pool guy. Because there's horror
stories out there, too many totalk about. We just have one in
(01:30:55):
our office right now. That's happening. That's a horrific situation. And it's
the old saying. You know,they had money they didn't tell us about
and you know he thought he wasdoing the right thing. Well he wasn't
doing the right thing. And nowit's a nightmare. It's a nightmare.
(01:31:15):
You know, there's always an excuseof not doing what you should be doing.
You know, you procrastinate. Youwait, we'll get to it.
Let me think about it. I'llcall you in the walk out of the
office and I'll look at you know, the staff, and I'll say,
they're not going to call us.They can't make a decision. They can't
(01:31:38):
make a decision, even though theyshould make a decision because it's going to
simplify and make things much easier forthe children, they won't do it.
They won't do it. So flexibilityunderstanding exactly the apple that you have on
the tree also wealth transfer. Iknow, you know people you don't go
(01:32:02):
knocking at your mom and dad's doorand say, hey, how about you
gonna leave me right? But asparents' age, it's highly advisable, at
least I think it is, andI think a lot of our clients think
it's advisable too, to have thechat. To have the chat. There's
(01:32:24):
trillions of dollars out there. Witha T in trust irrevocable generation skipping,
you can go through all the differenttrusts that are out there, trillions.
Now. A lot of times theparents will name the children as the trustees
so they know what's in the trust. But a lot of people don't name
(01:32:45):
their kids as trustees. They havethe bank, they have a trust service,
they have fidelity. You can gothrough the whole laundry list of all
the options that are available to you. But having the chat, having flexibility
will take a lot of the surpriseout of the distribution of wealth. And
(01:33:09):
it's estimated, which you've heard mesay, seventy five to eighty trillion dollars.
Seventy five to eighty trillion dollars willpass them over the next twenty to
thirty years from my generation to ourchildren. That's a whole heck of a
lot of money. All right,I'm going to take my final break and
(01:33:30):
come back. We'll kind of summarizeeverything. But again, I'm Dave Kopek,
the president of the Retirement Planning Group. If you want to have a
chat with us, you want tosit down and discuss your own personal plan,
it's pretty simple. Just call ouroffice at five one eight five eight
zero one nine nine five one eightfive eight zero one nine one nine and
we'll set up a time. Iknow that we're booking out well past July
(01:33:54):
now, maybe even into August.We are busy, but that's okay.
If it's a nine one one,We work nights and on Saturdays. If
you have to get in and seeus like asap, we will facilitate it
five one eight, five eight zeroone nine to one nine. 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
(01:34:16):
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
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
(01:34:40):
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, you needto start taking action to start building your
own personal retirement income distribution plan.How do you do that? To take
action? Five one eight five eightzero one nine. That's five one eight
(01:35:00):
five eight zero one nine one nineor RPG retire on the web. Don't
procrastinate, motivate and start building yourretirement income distribution plan five eight five eight
zero one nine one nine. Willyou run out of money in retirement?
Will your investments provide income for possiblydecades? How do you navigate the two
greatest risk in retirement sequence of returnsin longevity? At the Retirement Planning Group,
(01:35:24):
Our Bucket of Money approach addresses theseconcerns and we offer a complementary consultation
to discuss this with you. Callour office today for a free complimentary consultation
to develop your own personal retirement incomedistribution plan at five eight five eight zero
one nine one nine. That's fivewin eight five eight zero one nine one
nine on your nine and shining armor. And I love you. You have
(01:36:00):
made me what I am, andI am yours, my love. There's
so many ways I want to sayI love you. Let me hold you
(01:36:24):
in my arms all every more.You have gone and made me such a
food. I'm so lost in thelove and the love we belong together,
(01:36:57):
want to believe in last. Allright, we are back. It's a
beauty by Kenny. You know there'strade offs, folks, anything that you
do. And I would say thatafter doing this for a long time.
(01:37:20):
Forty three years. Everyone's situation isdifferent and unique, no doubt about it.
And I you know, people sayto me, you know what's different
about the retirement planning group than youknow XYZ, And I think what makes
(01:37:45):
us different is that we use ourears and there's no cookie cutter income strategy
that works for all our investors.Everybody's different, everybody's needs are different.
Everybody's you know, important to usas far as what are you looking for?
(01:38:11):
So of course there's trade offs.Some people want more growth, some
people need less income, some peoplewant guarantees. Some people could care less.
As we're all know. You knowyou're gonna get less growth potential with
guarantees, right, and possibly lessflexibility. You know, you buy CD,
(01:38:38):
you get a stick in it fora while, or you're gonna get
penalized. You buy a treasury dependingon interest rates, right, you're gonna
stay to maturity. So we allknow with more guarantees you're gonna have less
growth potential and less flexibility. Butif you've got a big pool of money,
you know, there's a lot oftimes people come in and I'll say
(01:38:58):
to them, you know, youdon't really have to take a hell of
a lot of risk here because you'vebeen a great savior, You've got great
pension benefit, you got solid security. Your problem is not going to be
managing the money. It's going totry to figure out how to help a
spend all of it. And thenof course you're longevity. What's the genes
like, what's your family history inregards to longevity and whether you plan to
(01:39:23):
leave a legacy to your errors.Some people say, listen, my kids
are doing better than me, right, I don't need to leave them a
penny. Well, we can makethat happen. We can have you at
zero, at ground zero if that'swhat you want. So, if you
want to get motivated, here's somesteps that you should think about. Sit
(01:39:47):
down with your wife, your partner, whoever it may be, and identify
your personal and your financial goals.What are you trying to do, what's
the date when you want to accomplishit? And when are you going to
complete the retirement plan? Number two? Right? When are we going to
do this? When are we goingto Actually? You know, I use
(01:40:08):
the analogy all the time because ofmy background and my family's background of building
a house. Right, you startwith a blueprint and you dig dig it
up and you put a foundation inright. It's no different with a retirement
plan or any type of financial plan. Have a plan, have a blueprint,
look at it, adjust it,modify it. You know, when
(01:40:33):
you do a plan, you knowyou got a certain amount in an emergency
fund. Most of the people thatare, you know, which is kind
of scary. You know, fiftypercent of the population doesn't even have an
emergency They don't have a thousand dollarssitting on the sidelines right now. And
then what once you got your blueprint? What implement take action? Take action,
(01:41:00):
implement the plan, put it inplace, start filling the buckets of
money. Person that cuts my hair, she called me the other day.
She has limited amounts. She wasembarrassed to talk to me because she has
such limited amounts of money right nowset aside for her retirement years. Her
(01:41:24):
and her husband, they've had events, they've had things happen in their lives.
And I said to her, Isaid, you know what, you
can call me anytime you fill outthis form. I gave her the basic
questionnaire and I said, I don'tcare if you got a dollar or if
you got ten million dollars. I'lldo whatever I have to do in order
for you to build out a plan, and then it's up to you to
implement it. I'm not going tosit and I'm not going to you know,
(01:41:45):
cheerlead you. Now, it's foryou to take some personal responsibility and
some of the things like you gotin the driveway, the Mercedes Benz and
the jeep and all this other stuff. You might have to get rid of
some of it, you know,the old day Dave Ramsey, greens and
beans. Right, then you gotto implement it, implement it. And
(01:42:06):
then finally what you do, likeyou do with anything, like you see
the doctor, you see you revieweverything once a year at a minimum.
You review where you are, Areyou on track? How's your lifestyle?
Are you allocating too little? Toomuch? You know? I know it's
(01:42:27):
hard. Believe me, folks,I know it's hard. There's a lot
of people out there that are workingmorning, noon and night and they're basically
saying, how the hell do Iget ahead? Well, I hate to
say it. You might have toget a second job. I hate to
say it. You might have tocut back on some of the things that
you really enjoy. But you're tryingto you know, you don't want to
get into your retirement years sixty orsixty five and say I don't have any
(01:42:49):
money. What am I going todo now? If we can help,
we would be honored to help you. Okay, And as I said on
the radio, and I'll say itagain and again and again until the day
that I can't do it anymore.I don't care how much money you have.
(01:43:09):
We will help. We don't haveminimums. I don't think that that's
good to have minimums because some ofmy largest accounts have come from people that
had very little amount of money withus, and they referred family members or
friends. So you want to schedulean appointment, give us a call five
(01:43:30):
eight five eight zero. Check usout on the web rpgretire dot com.
Again, that's rpgretired dot com.If we do not have an office close
to you, we will come toyou, or we can do a zoom
(01:43:51):
meeting. A lot of our meetingsare we're doing a lot of zoom meetings.
We live in a society today afterCOVID people got used to it.
So whether you're sitting in Florida,Virginia, Carolinas, Tennessee, it doesn't
(01:44:12):
make any difference because we can stillhave face to face meetings and we can
work on your time, not onour time. So again, our telephone
number at our office is five oneeight, five eight to zero one nine
nine five one eight five eight zeroone nine one nine, or check us
out on the web rpgretire dot comand I'll be back at twelve o'clock to
(01:44:35):
do the Retirement Ready Show. Soif you're out and about, turn us
on at twelve. It's topic specificand have a great weekend. Thank you
for listening to the Retirement Planning Showhosted Buying Dave Kopek, wg WISE retirement
planning Specialist. If you would liketo talk with Dame or someone at the
Retirement Planning Group, call five oneeight five eight zero nine that's five eight
(01:45:00):
five eight zero nine one nine duringbusiness hours or visit RPG retire dot com.
The Retirement Planning Group has five convenientoffices located in Albany, Malta,
Glens Falls, Syracuse, and Oneana. Tune in again next week for retirement
planning strategies with Dave Kopek right hereon wg wi's Retirement Planning Show. The
(01:45:24):
information or services discussed on this showis for informational purposes only, and is
not intended to be personal financial advice. The investments and services offered BYAS may
not be suitable for all investors.If you have any doubts as to the
merits of an investment, you shouldseek advice from an independent financial advisor.
Live 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
(00:20):
for you and your family. Nowit's time for Dave Copec. WGY's retirement
planning specialist. The bridger Man says, it's the end of time and the
(00:40):
Mississippi River. She's a gold driver. The interest is up and the stock
markets down, and you're only getmuggs if you go downtown. I live
(01:00):
back in the woods. You seea woman and the kids and the dolls
and right, good morning. Igot a shotgun or rival in a wheel
drive. Hank Williams Junior. Ohyeah, Hank Williams Junior. Are you
ready for some football? Right?Well, if you're a hockey fan,
(01:26):
you're probably dancing in the streets.Would you say so? I would say
so. This is the first yearthat I paid this much attention to hockey.
I'll be honest with you. Ididn't watch it last night. I
was kind of shocked. I thoughtfor sure that they would polish him off
(01:49):
after but three to zero now they'rethree to three. Could go down in
history. You said there was oneother time in nineteen forty two. Nineteen
forty two, The Toronto Believes arethe only NHL team to come back from
three to zero. Unbelievable. Remindsme of the Evil Empire? Who the
(02:10):
evil Empire is? The Yankees?No, the Red Sox. They You
know a Canadian team hasn't won anNHL Stanley Company in like many years?
Yeah, I know, I heardthat the other night. Twenty some years.
What a way to do it?If you come back all the way
from three to zero? Oh yeah, I know. Maybe it's even been
(02:32):
longer than that. Was it?The Canadians was the last one? Montreal?
I'm gonna have to look that up. Come on, you're a sports
guy. I'm supposed to know allthis stuff. I'm not stumped to swab.
I don't know everything. There wasdeer all over the place this morning.
I left Lake George Rown a quarterto five, what to half moon?
(02:59):
Pick me up some close and deerall over the place. So be
careful out there. They're hopping aroundI don't know if they're looking for some
cool water, whatever it may be, but if you're driving, I had
a couple it were right on thenorth edge of the north Way and the
back road from the north Way tomy house. There was a bunch on
(03:23):
the side of the road, sojust be careful. They were moving,
They're moving around. It looks likewe're going to have another summer where the
weeks are beautiful and rain on theweekend, which I hope is not the
case. You know, we hadsome friends in this past week from Omaha,
(03:43):
Nebraska, Boston, and Minneapolis,Minnesota, and we took it for
a boat ride on Lake George.And it's always surprising to me that people
know about Lake Tahoe, but veryfew people realize the beauty of Lake George,
New York. The one gentleman fromOmaha, Nebraska, it was just
like blown away. I took himfor a boat ride early in the morning.
(04:06):
I just couldn't believe the beauty ofLake George. So, all right,
you ever leave the house without yourphone? No, I have not.
I tell you it's weird. Yougot to sing to yourself phone wallet,
phone, wallet, Keith. Yeah, I'm gonna have to do something
because I left my phone. Iwas charging it up, and I had
(04:30):
the dogs. I fed the dogs, made sure they went outside and did
their business, and uh, theygot curled up on the couch and I
said, I'm gonna sneak out thedoor so they don't bark. Blah blah
blah. I sneaked out the doorand I was about Clifton Park and I
said, where's my phone? Nogoats. I feel like I don't have
(04:56):
underwear on. It's just it's weirdthat you get. So I hope you
do have You know, I listento that show every week, Purity Products.
I'm fighting a cold, folks,still, I apologize, and you
(05:21):
know you listen to that show andit's like, wow, I gotta get
some of that. Ask the Zantaman, Okay, chick lit teeth and
your hair is beautiful and your skinis fantastic, and you know you just
glow and you feel fantastic. Whythe hell wouldn't you call it a free
bottle? You know, I wantsome of them. Beautiful teeth, nice
(05:47):
hair and skin that radiates. SoI'm gonna call and get my bottle up.
Ask the Xanta because there's only athousand people can get it this week.
You don't need a Dave. Igot all those good blocks already.
All right, Well, it's goodto be here. It's uh, you
(06:10):
know, Nicholas and Christopher McCarthy deservea day off. I'm going to do
the show by myself today. Igot a bunch of stuff to go over.
But we're extremely busy and those guysare working their tails off. We've
met some wonderful, wonderful people.One guy in particular, I want to
(06:33):
hopefully he's listening because I want totalk a little bit. He's a logger.
He's a logger and he's out ofhe's retired, he got out of
logging, and he was talking aboutthese machines that they go into the woods
and they can cut the trees down. Basically eliminates a lot of employees,
(06:55):
is what he said. But themachine costs like a million and a half
dollars. Can you imagine that.The reason why I have an interest in
it is because my mother's family,we're all loggers, a lot of them
worked in the woods. Pretty incrediblethe technology they come up, it's amazing.
Technology today blows you away. Butthe thing is is that we got
(07:18):
talking about it and it you know, it resonated with me because my mom's
brothers, a lot of them workedin Luther's force logging and throughout the Capitol
District region. And make a longstory short, you know, that's a
tough job. That's a tough job, but we've met great people. I
(07:40):
thank you for coming in. It'salways good to meet listeners and see if
we can help you with your preand post retirement planning. You know,
it's it's a crazy world that welive in today. It's a world that
you know, the unthinkable is thinkable, and you got to make sure that
you're doting your eyes and crossing yourWe're going to talk a little bit about
(08:01):
that today as far as some ofthe things that you need to do.
I'm a big believer as soon asyou can get your hands on your money,
it's better for you to control itthan someone else. We're going to
talk a little bit about in servicedistributions and why we feel it's important or
imperative for you to get the moneyat fifty nine and a half and start
(08:22):
building out your buckets of money.We're also going to talk about some dates
and times that are critical for alot of people. We had a guy
that came in this past week that'sdone extremely well for himself. He's about
fifty years I think, not evenfifty yet, about forty nine, is
going to be fifty. Has morethan enough money in order for him to
(08:43):
retire, but the problem is thathe's not retirement age yet. And he
says, you know, I'm waitingfor that magical age so I can get
my hands on my retirement assets.And I said, well, you're already
there. He goes, what areyou talking about? So a little we'll
talk a little bit about seventy twoT which is issued by the Internal Revenue
(09:05):
Service for penalty free withdrawals from anIRA account. IRA account. I'm going
to overemphasize that IRA, but I'mgoing to take my first break. When
we come back. I'm live.If you have any comments, questions.
One eight hundred talk to WGY.That's one eight hundred Talk WGY one eight
(09:28):
hundred, eight two five fifty nineforty nine. I'm Dave Kopek. We
are the Retirement Planning Group and wewelcome your phone calls. The eighty six
percenters. Do you know that eightysix percent of the population has no defined
benefit pension plan. For most ofus, we have to take our life
savings and create a paycheck for therest of our lives in retirement. What
is your plan for retirement income distribution? How you manage your assets during the
(09:52):
most critical years of your lifetime.Nobel Prize winning economist William Sharp has called
retirement income distribution the nastiest, hardestproblem in finance. He points out that
investment uncertainty and mortality can derail themost careful laid out retirement income plan.
Call our offices today to start theprocess of building your retirement income distribution plan.
(10:13):
After forty one years of being inthe financial services business, you need
to start taking action to start buildingyour own personal retirement income distribution plan.
How do you do that? Totake action? Five one eight, five
eight zero one nine nine. That'sfive one eight, five eight zero one
nine one nine or RPG retire onthe web. Don't procrastinate, motivate to
(10:33):
start building your retirement income distribution plan. Five win eight five eight zero one
nine one nine. Will you runout of money in retirement? Will your
investments provide income for possibly decades?How do you navigate the two greatest risk
in retirement sequence of returns in longevity. At the Retirement Planning Group, our
Bucket of Money approach addresses these concernsand we offer a complimentary consultation to discuss
(10:56):
this with you. Call our officetoday for a free complimentary consultation to develop
your own personal retirement income distribution planat five and eight fight eat zero one
nine one nine. That's five andeight fight eat zero one nine one nine.
(11:16):
Mm hmm. I heard myself todayto see it fast, still feel.
I focus on the thing, theonly thing. Let's read the needle
(11:45):
tears of holding the old fumilating,try to kill it all away, but
I remember everything. What have Ibecome? My sweetest friends? Everyone I
(12:16):
know goes away in and you couldhave That's a great song, my Johnny
Cash, that's a great song.He didn't catch me on that one.
(12:39):
It's one of my favorite artists.Yep, good old country go over the
market A little bit. Market waspretty much that was up. Everything else
was pretty much flat on the week, a little bit minimal gains. US
(13:01):
stocks continue to hit record highs SMPfive hundred last week, logging in its
thirty first all time high just thisyear, which is even hard to believe.
Economy is growing at about a threepercent pace over the last four quarters,
faster than last decades average, andabove the long term potential what they're
(13:26):
anticipating. And unemployment is low,staying below the four percent for thirty straight
months. That's the longest stretch sincethe sixties. But here's the caveat here's
the Achilles heel. Consumers are feelinglousy. The University of Michigan Consumer Sentiment
(13:52):
Index fell to a seventh excuse me, seven month low in June. Some
mystic view of personal finances and overallbusiness conditions doesn't make sense. Doesn't doesn't
(14:13):
make sense, And we still keepon chugging and moving up. And the
consumers keeps on spending and spending,pulling back a little bit, but they're
still spending spending growth that is slowerbut still healthy. Clip The takeaway is
(14:45):
that consumption growth is slowing as borrowingcosts, high borrowing costs and high prices
bite. So a lot of theanalysts, a lot of the people that
I watch and I consider to bepretty smart people, believe that there is
(15:07):
a yellow flag out there, nota red one, but a yellow flag
that basically says question, question.I'm in the camp, and I've been
in this camp that I think thatwe're ready for a little bit of a
pullback here. I think the marketshave been frothy, especially when you look
(15:28):
at technology. But you know,the bottom line is is that there are
trillions of dollars out there with at trillions. Household net worth rose to
(15:48):
one hundred and sixty trillion dollars inthe first quarter of this year. Can
you believe it? Household net worthrose to one hundred and sixty trillion dollars
in the first quarter, all timehigh, set up from one hundred and
forty eight trillion dollars a year agoat thirteen thirteen trillion dollar increase seven trillion,
(16:12):
believe it or not, That's whywe have our good friend droiellacome in.
Seven trillion came from equity holdings andthree point three trillion from real estate.
You know, I'm a big believerthat we sit on a lot of
cash in our lifetime and you've heardme talk about this, and the reason
(16:41):
why we sit on it is becausewe can't figure out how do we tap
into that reserve, all that equitythat's in our home. Rising wealth here's
(17:02):
a number. I was just tryingto find it in my notes, and
I'm gonna apologize again for this voice. Can't beat it. I don't know
what it is. Rising wealth isnot distributed equally. The top ten percent
of households by wealth own eighty sevenpercent of equity holdings and forty four percent
(17:27):
of real estate. That's a prettystaggering number of folks. But say it
ty again, don't drive off theroad. The top ten percent of households
by wealth own eighty seven percent ofequity holdings and forty four percent of real
estate. The bottom fifty percent ownsone percent of equities and eleven percent of
(17:56):
real estate. That's a serious gap. And the bottom line is is that
I know because we have a lotof people in our family that are still
hard working savers that work nine tofive, and most of them don't work
(18:22):
nine to five. They're doing otherjobs in order to pay the bills.
Nine to five is just not cuttingthe mustard. So they're out there doing
second jobs, working Saturdays and Sundaysin order to pay the bills. You
(18:48):
know, there was our founding fathers. We're very concerned about oligarchs and if
you do any research on it.Their belief was is that that was going
to be a major problem in ourcountry if it ever arose where he had
(19:15):
too much wealth concentrated in with toofew people. You think we're there.
I personally think we are there.And when you have people that have literally
hundreds of billions of dollars. Iread this morning what I was doing a
(19:37):
little research for the show that misterBloomberg just loves Joe Biden and he's going
to write him a check for twentymillion dollars to the Biden campaign. I
like Bloomberg the organization, but Ithink that's a little bit over the top
(19:57):
when individuals can checks to that magnitudefor a candidate. So I think there's
a serious gap here. A matterof fact, I don't think there is.
I know there is between the havesand the have nots. We're very
fortunate. We're very fortunate. Godhas blessed my family not only with health
(20:25):
but also financially. But we workedhard for it, and we earned it.
Nobody gave it to us. Butthe other side of the equation is
too, is that there's a lotof people out there that are working just
as hard as Dave Kopek maybe harderand haven't had the opportunities or the breaks
(20:48):
or the luckiness, whatever however youwant to call it. And they battled
day to day, month to month. Now we had a chat yesterday about
health and we had a chat yesterdayin my house about health insurance and where
we're headed because my bride, Julie, is retiring in a couple of days.
(21:15):
She works Tuesday and that's it.She's out of the school district.
And there's an age difference between Julieand I, plus we have young children,
and what it's going to cost topay for health insurance blows my eyeballs
(21:36):
out of my head. And thenmy son, my son in Florida,
who loves Florida, loves his qualityof life, but insurance in Florida is
(21:56):
through the roof. And now he'slooking for health insurance because he's that magical
age of twenty six, no longercovered by mom and dad, and he's
out in the marketplace trying to findcoverage for health insurance. Plus astronomical fees
(22:19):
and charges for car insurance. Insurancesare just insane in Florida. So I
understand when I see these numbers andyou hear about, you know what's happening
with the economy, the rising stockmarket and housing prices are going through the
(22:44):
roof, right, and you hearabout, you know, consumers are still
spending, but not at the pacethat they have been spending in the in
the past. Well, look atcredit card credit card debt and see what's
happened there. I think it's onepoint three trillion right now ballpark, maybe
(23:10):
even higher. What people are doingis that they're sucking out as much as
they can in equity in their house, and they're loading up on those credit
cards, which is a cancer.I hate credit cards, absolutely hate them.
I think they should be banned foryou know, just even that and
they just get one and that's thedollar amount and that's all you get.
(23:36):
I've been there, My wife andI have been there. We know what
it's like to have credit card debt. Fortunately we walk worked our way out
of it. It's not fun.But I was probably a little bit more
pig headed. I knew what Iwanted to do, I knew how I
wanted to build the business. Ididn't have a sugar daddy or I didn't
have mom and dad in order towrite me big checks. In order to
(23:57):
develop my business, I had todo it on my own, and that
meant that I basically played the gameflipping and flopping credit cards in order for
me to fund the growth of mybusiness. So as much as there's happiness
and there's sentiment out there that seemsto be fairly bullish, I'm putting up
(24:19):
a red flag a little bit.I'm gonna say white, whatever you wanna
call it, white, red,green, purple yellow. That basically says,
I think we're heading towards a littlebit of some bumps in the road.
Job openings of decline, sure workersare volunteering quitting their jobs. Jobless
(24:48):
claims hit their highest since September oftwenty twenty three. So there's some things
that are popping up that you haveto be aware of. A right,
I gotta take a break. Iapologize. I got a tickle and they
(25:08):
can't get rid of the tickle.This is a retirement planning show. We'll
be back and we're gonna talk aboutin service distributions. See why whether my
mama, men, my daddy downand Alabam, they's time to nansen here.
(25:29):
I am going on the fire.You're on the Texas line. Love,
you're losing in and raised on downthe line. No fucking walk.
I had a guitar in my handby the time I could talk. I
had my own family. I wenton the road when I was eight years
old. When I burned fifty feend, I was stealing the show front of
(25:51):
the burn and the girls and bridded. It didn't take me long to learn
it. I was born. WhenI was eighteen, I went to a
hobby bud and I'm at Elvis inMaryland. He was gonna be good.
Got men, get tom Pan andthat's the Californian son Ren and Cadillac having
too much fun. Now we wereplaying them hall with tennis. Then man,
(26:18):
we moved it all over the mg him. He said, this
is the boy we've been telling youabout. And he let his cigarete d
and stuck his hand out. Hesaid, the sonhw we got a new
or you. I'm going to makeyou start. You didn't get the bout
too. I told him my mamadidn't know. I'll take your money,
(26:41):
I'll make you move me. I'lltell you round now. I was lord
to bugget. That's good stuff.That's good stuff. That's a good born
(27:02):
to boogie. They classify that ascountry. You think country rock, I
think so country rock, country rock. Yeah, yeah, before it's time,
I would say that. Yeah,he's good. Me like me,
like yeah, you know, Idon't know about anybody else. I don't
(27:29):
know if it's our I've been fightingthis damn cold, hacking and coffin for
over a week, and you know, I've probably should go see a doctor
because I am just so. I'veblown my nose like eight million times.
You know, I'm congestion, justhorrible, can't stand it, and I
(27:55):
apologize for it. So I'm goingto get through this. And if I
coff or if I stop for awhile, it's because I have a tickle,
got my water, my coffee.I want to talk about. We
had a gentleman that came in.I told you about younger guy, great
(28:21):
guy, unbelievable worker, another guy, two businesses, but he's created quite
an empire. But he's got alot of his money and qualified assets.
I raised four oh one ks,etc. He also has a qualified defined
benefit plane and he's like freaking outbecause he wants to get out, and
(28:47):
he says, I can't get outbecause I have to wait until fifty five
because at fifty five you can touchthe money in your four oh one K.
I said, nope, you're wrong. You can retire right now if
you want to. He goes,what do you mean. I said,
well, there's a rule called seventytwo T which allows for penalty free withdrawals
(29:08):
from IRA accounts and other tax advantageto retirement accounts like four oh one K
four or three b's that was issuedby the IRS and allows you, the
account holder to benefit from your retirementsavings before the age of fifty nine and
a half without having your ten percentpenalty. Really, I said yes.
(29:33):
He says, why didn't my otherfinancial advisor tell me about that? I
said, I can't answer that,But I can't answer this. If you
want to go out to the greenpastures or retirement, have some fun and
do all the things that you wantto do, excuse me. He actually
wants to buy a boat. Hewants to buy a black hole and start
(29:56):
throwing a lot of money into it. And I said, you know,
I got one of those two.But he's going to get a boat,
and he wants to basically travel theworld on the boat, which I think
is pretty cool. He's got itall laid out, planned out. I
think his whole life he's planned itout. So he went skipping out the
(30:18):
door, happy high five and says, you guys are pretty good. He
says, I think I'm gonna comeback. I said good. So Jimmy
called me yesterday, Jimmy Corkoran andsaid, guess what he wants to get
in here, like Monday or Tuesday. I said, good, let's get
him in. Let's get him in. He called spoke to jim and jim
(30:41):
said, let me give you Nico. He said, nah, I don't
want to talk to Nico. Iwant to talk to Dave. So Jimmy
sent me a message on my phoneand said, listen, this guy wants
to talk to you like asap.Oh, Jesus said, what the hell's
going on? So I called himand he says, you know what,
let's rock and roll. Let's makethis happen. So don't assume that you
(31:04):
have to wait to that magical ageof fifty nine and a half, because
you can get to your money now. The advantage or disadvantage of the seventy
two t To take advantage of it, the owner of the retirement account must
(31:26):
take at least five five substantially equalperiodic payments, and it's based on your
life expectancy and how it's calculated byan IRS approved method. But you can
(31:48):
get to your money before the ageof fifty nine and a half. So
there's three different methods. I'm notgoing to bore you with the methods,
folks, because you know you don'twant to hear me sit here and talk
numbers because that will put you tosleep. But there's they calculate them called
(32:13):
amateurization, minimum distribution of life expectancy, and the annuitization method. Those are
the three calculations. So you can'tget through the money. And this guy
is going to get the money.He's already got the boat and off he's
going to go. And I saidto him, I said, you know
(32:34):
what, when you get the boatand the money and you're going to all
these exotic places, I only askyou one thing. You sent me some
pictures. He says, you gotit now. My best friend, the
best man in my wedding. Himand his wife have been in Asia for
like the last thirty days with theirthree children. The three children didn't stay
(33:04):
as long as mom and dad,but they all of them with either boyfriend,
girlfriends, and spouses attended this magicaltrip that they've been thinking about for
decades. And to be honest withyou, it gives me great comfort and
(33:24):
happiness when I see people reach theirdream, when it comes true. When
your wishes become reality. How doesthat sound? You like that one?
When your wishes be calmed? Youlike that? Yeah, it's pretty good
when your wishes become reality. Igot to keep that one in my back
(33:45):
of my head. All right,I need to take another drink, blow
my nose, and I will beback. I apologize it's a little bit
quicker than I would like. Well, we'll see after the break. 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
(34:06):
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 and mortalitycan derail the most careful laid out retirement
(34:30):
income plan. Call our offices todayto start the process of building a retirement
income distribution plan. After forty oneyears of being in the financial services business,
you need to start taking action tostart building your own personal retirement income
distribution plan. How do you dothat? To take action five one eight,
five eight zero one nine nine.That's five one eight, five eight
(34:50):
zero one nine one nine or RPGretire on the web. Don't procrastinate,
motivate to start building your retirement incomedistribution plan five one eight five ive eight
zero one nine one nine. Thegreatest risk in retirement. Most of us
have no plan for or insurance tocover the expense. A long term caravent
can impoverish a spouse, drain yourlife savings, and cost stress and anxiety
(35:12):
on your family. What is yourplan and how will you pay for a
long term caravan? Call the RetirementPlanning Group today discuss options you should consider
to protect your estate and have choicesand independence. Take action call today five
one eight five eat zero one ninenine or RPG retire on the web.
I was totaling my pack along thedusty win a muck a road when along
(35:37):
came a semi with a high canvascovered load. If you're going to win
a muckamack with lee, you canride. And so I climbed into the
cab and then I settled down inside. He asked me if I've seen a
road with so much dust and sand, and I said, listen, I've
(35:58):
traveled every road in this Yearland.I've been everywhere, man, I've been
everywhere, mass across the desert,spear Man, I breed the mountains there.
Man Tavalaka had my share. Man, I've been everywhere. I've been
Areno, Chicago, Fargo, Minnesota, Buffalo, Toronto, and when it's
(36:19):
loose, Arisota. What you talkedto als in Ottawa, Oklahoma, Taba
Panama made a lavuloma bang of ballto Mors, Salvadora, Marilla, Tokapilla,
Paris, Poland Vadela. I'm agunner. I've been everywhere, man,
I've been everywhere. Man across thedesert, spear Man, I breed
the mountains are Man Tavalava had myshare. Man, I've been everywhere.
(36:40):
And I'll tell you what. Tryto sing that the way that he goes
through those cities. Johnny Cash,one of a kind. The man in
black. They asked him why hewore black all the time. I can't
remember what the answer was. Maybesomeone call in and tell us, do
(37:05):
you remember what it was? You'llfind out, you'll do a search on
it. Listen, we have openlines if you'd like to participate today one
eight hundred talk WG way talk WGY. That's one eight hundred eight two five
fifty nine uh. In the firsthour, we're going to be talking a
little bit about getting withdrawals early fromyour qualified assets. If you've done well,
(37:29):
you know there's there's different ways toget to your money, believe it
or not, without penalty. Andit's just a question of how old you
are and how long are you lookingto get the withdrawals. Some people say
this is it, I'm done outof here. Then there is the report
that goes over seventy two t's.It talks about a fifty three year old
(37:52):
woman who has had it. Shehad two hundred and fifty thousand dollars of
money that she wanted to withdraw underthis seventy two T and doing those three
methods that I just talked about,the amaturization methods, she would have got
ten thousand, forty two dollars.With the minimum distribution, she would take
(38:12):
seventy nine sixty two, and theother one using the anutization, she gets
ninety nine seventy six, just alittle bit less than ten thousand. So
you can get to your doughray me. So the bottom line is, I
guess you would say to yourself,why would the IRS make these specific circumstances,
(38:34):
right? Why do they allow it? Well, you know what,
stuff happens. Stuff happens. Wehave a beautiful woman that came in yesterday
in the office, wonderful, wonderfullady, and she's been hit by that
horrific disease that I talk about allthe time on this radio show called cancer.
(38:58):
And she's just a beautiful woman.She's got a beautiful personality, and
she's got about six months to live. It's just a horrible disease. We've
lost so many people in the lastyear from cancer, and it's just it's
(39:22):
just horrible. But she's in asituation now where she's basically putting all the
pieces of the puzzle together and understandingthat her future is not as bright as
she would have liked. And nowshe's trying to find some stability and understanding
(39:44):
exactly when the domino drops where allthe rest of them are going to go.
Excuse me. That's one thing aboutour business that I hate because after
doing it for four three years,I don't have to tell you I'm sixty
eight years old. It's hard todeal with people when they're dealing with the
(40:09):
end. And I just overemphasize thepeople when we do the show here is
that our job is to manage moneyand provide that opportunity for you to do
all the things in your lifetime thatyou want to do. And I I
(40:30):
know, simply because of my experience, some people are going to live long,
beautiful lives and they're going to haveall the things that they anticipated in
the retirement. And there's going tobe people out there that won't have that.
(40:51):
You Know. What I always sayis when the first spouse has events
and something happens to the first spouse, a lot of times all the pieces
of the puzzle kind of crumble andgo away of what they want it for
their future. So it's our objectiveat the retirement Planning group when we have
situations such as this, when wehave individuals that are battling, you know,
(41:14):
either a disease or something happens there'sa shock to their family, or
like the gentleman that comes in andsays, listen, you know, I'm
fifty years old, but I've donewell. Now I want to go into
retirement that we can facilitate. Wecan facilitate what they're looking for and meet
their objectives not only as far asyou know, managing the assets, but
(41:38):
also they're objectives as far as whatthey're trying to accomplish in their lifetime.
So don't think that it's not achievable, because shockingly, you might find out
that it is achievable. So I'mgoing to take another break and when I
come back, we'll finish up onthis. But again, if you have
(42:00):
any questions or comments, if youwant to sit down with us, we're
pretty easy to find. It's justrpgretire dot com on the web Retirement Planning
Group rpgretire dot com, or giveus a call at five win eight five
E to zero one nine nine that'sour office or today at the station one
eight hundred talk WGY. I'll beright back. Your partner for Success,
(42:22):
David Kopak, here, your retirementplanning specialists at WGY Retirement Planning Group.
We understand that retirees face many importantdecisions that can affect their long term financial
success. Some of these decisions revolvearound making investments that can help create a
hedge against outliving their income, theimpact of deflation, taxation, and rising
healthcare cost. Because over ninety percentof our clients are retirees with similar concerns,
(42:47):
we are in the best position toapproach such challenges with experience and skill.
Most of our clients lack the time, the desire, or the experience
the manage to their own investment portfolios. We consider it an honor and a
privilege to help our clients make soundinvestment decisions that will contribute to a secure
future. We welcome the opportunity becomeyour partner and establishing your retirement plan.
(43:10):
Give us a call today for yourcomplementary consultation at five point eight five eight
zero one nine one nine. That'sfive eight five eat zero one nine one
nine or RPG retire on the web. The greatest risk in retirement most of
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
(43:31):
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
Call today five one eight, fiveeight zero one nine nine or RPG retire
on the web. Well you wonderwhy I always dressing black? Why you
(44:02):
never see bright colors on my back? And why does my appearance seem to
have a somber Ton where there's areason for the things that I have on.
I wear the black for the poorand the beaten down living in the
(44:23):
hopeless, hungry side of town.I wear it for the prisoner who is
long paid for his crime, butis there because he's a victim of the
time. I wear the black forthose who've never read or listen to the
(44:45):
words that Jesus said about the roadto happiness through love and charity. Why
you think he's talking straight to youand me? I guess we know well
why we're black, mighty mine.I do you like him? I like
(45:05):
Johnny Cash. I thought that wasa timely song for you. I think
it's fantastic to be honest with itmm hmmm. I well, you know,
you know, I love country.I like old country. I like
it. I'd like any kind ofmusic, really, Julie, my wife
loves country and I like old country. But I I until I met my
(45:27):
wife, I never heard Garth Brooks. You know, gets my feet moving,
anything anything that gets your feet bouncing, Yeah, just get me amped.
And I like it. Ye,don't give me laughing, I'll start
coughing. Music is it's it's goodfor the heart. How's that sound?
(45:50):
There's another going. I got tokeep that in the back of my mind.
Music is good for the heart.I think it is, you know,
for you can make you laugh,make you cry, make you sentimental.
Music. I love music. Ilisten to music all the time,
but when I'm in the car businesstime, I usually listen to talk radio.
Business radio. Don't listen to newsanymore. I'm actually I'll be very
(46:15):
happy when the selection's over with becauseI'm already sick of it. It's just
it's too polarizing. You know,when you can't say something positive at all,
something wrong. There is something wrongwith you if you can't say something
positive. That's my opinion. That'smy rap, all right, Finally,
(46:43):
we talked about seventy two t fiftyfive, the age of fifty five.
So you think I can't get out, I can't go to you know,
I can't can't stand this anymore.I just can't stand going to work anymore.
And I'm fifty five years old.Well guess what. Out the door
(47:04):
you go in your four oh oneK because at age fifty five you can
get to the assets without a penalty. Here's the key though, Okay,
ding ding ding ding. The moneyhas to stay inside the four OW and
K. You can't do it asa rollover to the IRA. Goodpie.
(47:27):
So we work with a lot ofpeople like National Grid. Use National Grid
as an example. Work their tailsoff. They've been there for twenty five
thirty years. They went out thedoor, but they're not fifty nine and
a half. It doesn't make anydifference. As long as it stays in
(47:50):
the four on and K, they'reout the door, and you can take
the distributions until fifty nine and ahalf. Then you can roll the assets
into a self directed IRA. There'sother plans available. We actually have the
ability to work. We can manageassets now through our platform through Vanguard and
(48:10):
Fidelity and help and assist you,which has been a huge, huge benefit
for a lot of our clients.So if you're pondering retirement and you have
money at either Fidelity or Vanguard,we have the ability to win there and
(48:30):
help you out at the retirement planninggroup. And finally, the last one
that you need to be aware of. It's the one that I talk about
all the time here. It's inservice withdrawals, and that is when you
(48:52):
reach that age of fifty nine anda half, which the plan allows you
most of them, not all ofthem, but probably ninety percent of them
allows you to take a in servicewithdrawal trustee to trustee transfer, which means
it goes from your four oh oneK into a self directed IRA. It's
(49:14):
a non taxable event. It goesfrom one trustee to another trustee and now
you can start what building the bucketsof money, which is critical. You
want to build the buckets of moneybecause when you walk out into retirement,
(49:37):
you want to make sure that yourcash bucket is full. Point of entry
one of the most critical times ofyour retirement is point of entry. Is
it a bull, is it abear? Is it a flat market?
Who knows if anybody tells you theyknow what's going to happen, they're lying
(50:01):
to you. One gentleman this pastweek we had a long chat about black
swan events. When they happen,what's been the history of them? How
long does it take before you're diggingout? Everyone is different, the magnitude
(50:24):
is different, the disruption that itcauses in the financial markets, and in
forty three years, folks, Ihate to say it, I've seen a
lot of them. I think thebiggest shock was when the market went down
twenty five percent one day. Thatwas a tough one. I saw a
(50:47):
lot of guys in the men's roomright after that that we're having not good
times, throwing up stress. Oneguy I think they actually had to call
the ambulance because he was so stressedout. There are disruption, destruction,
(51:07):
There are distractions sometimes to your plan. And if you still got to have
distributions off your portfolio, you bettermake sure that you understand exactly what you've
created and how much is available forthat time in order for you to have
(51:29):
adequate amounts of distribution to pay whatpay the bills? To pay the bills,
because it's critical. You don't wantto throw the baby out with the
bathwater. Last, the worst thingyou want to do is to sell when
the markets are down. Right,We've talked about that millions of times here
on this show. The worst thingyou want to do is to sell when
(51:52):
the markets are down. You wantto sell when everybody is dancing in the
streets, like right now. Yougot substantial gains. As Warren Buffett says,
it never hurts to take some profit. Never hurts to take some profit.
So well, I made it throughthe first hour. You have one
(52:13):
more to go, and we comeback. We're going to talk a little
bit more about this, but we'realso going to talk a little bit about
how do you structure the portfolios foryour retirement. If you have any questions
or comments, we're live one eighthundred talk WGY one eight hundred eighty two,
five fifty nine forty nine. Hopefullyyou're enjoying your weekend and I know
(52:34):
that we're we're not gonna get anyrain this weekend. That's it. I'm
mandating it by live from the wgyiHeart Studios. Welcome to the Retirement Planning
Show with your host Dave Kopek fromthe Retirement Planning Group. Every week Dave
and his team discuss the ways theycan help people make informed decisions about a
wide array of retirement planning information thatcan support you and developing a more certain
(52:59):
financial future for you and your family. Now it's time for Dave Gobec,
w g y's retirement planning Specialist.I keep a close watch on this heart
(53:31):
of mine. I keep my eyeswide open all the time. I keep
the ends up for the pilot mine. Because you're mind. I woke the
line. I find it very,very easy to be true. I find
(54:01):
myself alone when he stays through partadmit that I am a food for you.
They calls your mind. I walkthe line. You know. I
have a laptop computer that I gotto get rid of. I don't know
(54:25):
how long I've had it, butit's time for it to go to wherever
they go. When I say it'sslow, I've had the same laptop for
about seven years. It's like watchingjokes. Jokis or whatever his name is,
(54:47):
played defense. That's how slow,my how you pay slow? How
do you pronounce his name? Nicolajok his we it's his defense. He
can shoot it, but I don'tknow if he'll ever get the ring.
Because I don't know if he canplay the d right, do you agree
(55:10):
or disagree? He's got one ring. I don't know if he'll get too
now I'm talking one on Dallas ohLuka Donvic. Yeah, he can play
defense when he wants to, justthe thing he's got to want to.
Yeah, you know, I justpro sports. I like college sports.
(55:37):
I'm not really big on pro sportsanymore. The money is just goofy.
I mean, these contracts. WhenI see these contracts, it just turns
me off more and more. Imean, you know, twenty and fifty
million dollars to play baseball or whateverthe hell it is. I mean,
it's just crazy, the dollar figuresthat they throw out there. All right,
(56:04):
again, we're live in the studio. If you have any questions or
comments, it's one eight hundred talkto WGY one eight one hundred eighty two
five fifty nine. You know,one of the things that we had some
people that came in this past weekthat are consultants and they help us out
as far as some of the thingsthat we're doing at the retirement planning group.
(56:28):
One of the things that we talkedabout pretty much extended conversation was the
biggest fear for a lot of peopleis that building out retirement income distribution plans.
And I think everybody's aware that,you know, most of us do
not have pension benefits anymore, andbecause we don't have pension benefits, we
(56:49):
have to take our life savings andwe now have to create income distribution plans
that could possibly last longer in retirementthen all the years that you worked.
I had mentioned a show that Isaw that this technology with AI is not
(57:20):
only going to do miraculous things forbusiness, but also for the healthcare industry.
And this gentleman that was on seeingour Fox Business with Maria Bartiromo was
talking about that you could possibly seelife expectancies the norm the next ten to
(57:40):
fifteen twenty years could be living wellpast the age of one hundred. And
if that is the case, whatwill that do to individuals as far as
the number of years that they willwork rather than you know, take the
the watch, the golden parachute andout the door you go. So,
(58:07):
the financial services industry for years nowhas been designing products that are specific to
individuals that need pension benefits, andthey designed them a lot of different ways
in order to facilitate what individuals arelooking for as far as quality of life,
(58:30):
safety and guarantees. And I'm notgoing to get into the specifics as
far as what those products are becausethey vary. Some of them are issued
by insurance companies, some of themare issued by investment banking firms, but
all of them are in the gamenow. And when I see Blackstone,
(58:57):
black Rock, all your major investmentbanking terms talking about designing products that are
specific for people that are looking forguarantees. Some are late to the game,
some are early to the game.Some have already had products that exist
(59:17):
that we've been utilizing. But thekey is is that how much control do
you have on the asset and howmuch control do you lose? Now?
The biggest negative for a lot ofpeople when you have a cash balance account
through your employer. A lot oftimes that cash balance account, they're going
(59:43):
to give you two options. Youcan either take the distribution and roll it
into a self directed IRA, oryou can take that pool of money in
the company. Typically either they orsomeone else that they forward the money onto
(01:00:07):
will purchase an annuity, and thatannuity will pay you a guaranteed income for
both you and your spouse for therest of your lives. If you have
an early demise, all that money, if both you and your spouse passed
away quickly, all that money isgone. So a lot of people say,
jeez, I don't like that optionbecause you know, my kids won't
(01:00:30):
get anything and a good portion ofthat money. You know, I've worked
twenty thirty forty years in order forto accumulate to that magnitude. Then it
could be substantial. Some of theseare you know, portfolios could be seven
figures. So if that is thecase and you're thinking about, you know,
(01:00:54):
should I take the company's plan orshould I create my own plan.
I think what a lot of theinvestment banking firms have seen is that they
need they need to create these investmentoptions not only externally but also internally through
(01:01:14):
the four one K plans that theymanage. So what we're trying to do
with the Retirement Planning Group, aswe always have, is to find out
what are the best venues, whatare the best options for our clients in
this changing dynamic of retirement distribution,because it is changing. I mean all
(01:01:39):
the statistics, all the surveys,all the data, everything that we see
seven out of ten of you,seventy percent of the population wants to guarantees
with the retirement assets in some capacity, not all, but some of the
(01:01:59):
money they want guarantees. If thatis the case, then you're gonna have
to try to figure out what's theright apple for you. I'm in the
camp that I want to guarantees,but I also want the guarantees and I
want the legacy for my kids.And that's that's the problem for a lot
of people because under today's rules andregulations, qualified assets are the achilles Heel,
(01:02:31):
the giddy up for most of us. It's not uncommon for us to
see seventy to eighty percent of thenet worth of individuals allocated into qualified plans.
So if they've got a million fivelet's say, of net worth,
a million dollars of it is infour to one K assets, which is
(01:02:54):
always taxable, always problematic. There'sa predetermined time they have to take the
distribution, whether you want it ornot, and there's never a step up
and basis, And depending on yourzip code where you live, in the
state that you reside in, thoseassets could be gobbled up if you need
(01:03:19):
long term care assistance. So thedilemma for a lot of you will be
do I do pre tax or aftertax contribution in our qualified assets? And
I guess the question becomes You've gotto really kind of figure it out because
(01:03:42):
there's pros and cons to both.The pro is you're allowed to get pre
tax contributions traditionally the money grows ona tax deferred basis, and then when
you elect to take it out beforeage seventy three, if it's somewhere just
(01:04:03):
keep it simple between fifty nine anda half and seventy three, then you
have a tax liability. When youpass away, your spouse can continue it.
And then if you don't have aspouse, a non spouse beneficiary right
now has to have it out tenyears. So what is the alternative,
(01:04:33):
Well, the alternative is is thatnon qualified assets monies that are outside it
qualified portfolios are going to be moreadvantageous for you simply because you have the
ability to move them around strategically withouta lot of question marks. Besides tax
(01:04:56):
taxable gains iras four O one KSfour O three b's TSPs. You go
through the whole laundry list of allthis pre tax money, which there's trillions
Ultimately, someone has to pay thetax, and it's either you, your
(01:05:19):
spouse, or your loved ones.So I would suggest this if you're in
your forties and fifties and you're stillaccumulating pretty aggressively. We have a software
package that I love, Quality Money, and it really will show you a
pretty good idea. You've got todo some assumptions, but it shows you
(01:05:43):
pretty much exactly where you're going tobe in a certain period of time as
far as the ability for you todraw income in conjunction with Social Security and
any other assets that you have ifyou're fortunate to have a pension benefit.
But I would recommend that if you'rein a situation and you're looking to create
a pension benefit. You know,and this is not to throw a rock
(01:06:05):
at anybody, okay, but youknow, you need to understand the entire
landscape. I mean, we talkabout open architecture, and I think it's
kind of a pooh pooh. Peopledon't understand why we say open architecture.
With open architecture, I'm trying tooveremphasize we don't have an ax to grind,
(01:06:26):
and we don't have a specific desireor a destination for our assets.
You know. In this conversation thispast week, it was a conversation about
you have to do what's right forthe client, and you also have to
meet their need. So I don'twant to miss out on an opportunity to
facilitate what a client's looking for ifI don't have all the tools in the
(01:06:48):
toolbox, as we've talked about manya times here. So whether that's an
insurance product, an investment banking product, an alternative product. I mean,
alts right now are a big deal, big deal. We talked in great
detail about alternative products, private equity, bank loans. You can go through
(01:07:12):
the whole laundry list of the thingsthat we discussed this past week, pros
and cons to all of them.My position was this, I never want
to be involved in anything that I'mgoing to be handcuffed. What do you
mean by that? If I needliquidity, I want liquidity. I don't
want to have the portfolio manager tellingme when I can get the money out.
(01:07:35):
I want liquidity like today when themarkets are open from nine thirty till
four Eastern Standard time. Now,a lot of alternative products don't give you
that. You got to basically rideon the bus until the bus driver says
you can get off here, right, mean not like that. I want
(01:08:01):
to get off the bus when Ipull the thing and say I'm getting off
here please. So I think whatyou're gonna see? My crystal ball says,
this is what we're going to seein the financial services markets. This
is the other thing too, justso you realize what's going on in our
industry. There's a lot of guysin our business that are my age and
(01:08:23):
older still working now. I workbecause I enjoy my job and I enjoy
the people I work with, andthen I would probably drive myself and my
wife crazy if I didn't work.So it's not like I go to work
and I hate it. I goto work and I love it, and
I will continue to do it untileither the Lord takes me or I physically
(01:08:45):
or mentally can't do it anymore.That's just me, that's who I am.
But a lot of guys that aremy agents saying see later, alligator,
I'm out of here, and they'removing on to the green pastures of
the retirement, and they're doing allthe things like over an Asia now for
a month, because that's where hewants to be with his wife and kids.
(01:09:06):
So what I would say to youis this is that and you need
to realize this because I think you'regoing to see it, and it's already
shown. It's shown its face.There's about a fifty thousand individuals shortfall right
now, fifty thousand shortfall of financialadvisors in our business. So if you're
(01:09:31):
a young professional right now and youwant to get into investment banking consulting,
there's a huge opportunity for young peopleright now. When I say huge and
astronomical opportunity, and it's only goingto accelerate because every investment banking firm,
every wirehouse, every wealth management platformwe had a lot of discussion about this
(01:09:59):
this past week, are looking forpeople. They're looking for qualified wealth advisors,
financial advisors simply because there's not enoughof us out there. So you
compound all of this, what I'mtalking about is that in this ever changing
(01:10:25):
landscape of wealth management, personally myself, I think you're going to see even
more acceleration consolidation. You're going tosee more and more firms that will gravitate
towards more services for the clients,banking loans, reverse mortgages, tax planning,
(01:10:51):
insurance, everything, everything, allunderneath the roof of XYZ Corp operation
simply because clients want it, advisorsneed it to facilitate the open architecture that
I keep on talking about. Andfinally, the needs that individuals have in
(01:11:19):
order for them to facilitate what they'relooking for during their pre and post retirement
years is opening up more opportunities.So when you sit down, you know
what. We've had individuals come inhave chats with us, and we always
say, listen, if you haven'ttalked to another investment advisory firm, we
(01:11:43):
highly recommend that you do because we'redifferent than ABC across the street or x
y Z down the road. Youknow, but you have to go where
you feel comfortable, where you feelthat your best interests are being taken care
of. And I think what you'regoing to see in the very near future
(01:12:05):
is that you're going to see moreand more you're already seeing it. It's
huge, the amount of consolidation that'sgoing on right now in our industry,
and a lot of it has todo with the age of the advisors,
the shortfall of the advisors, andpeople want to know, hey, listen,
hey Dave, you're sixty eight.You know what happens to something happens
(01:12:27):
to you. I mean, that'sthe reality. The reality is is that
I've got a plan in place,but people want to know what the plan
is. So you know, Iknow it's hard. It's a difficult decision
to go out and find a teamthat you feel comfortable with. But it
can't be just about today. It'sgot to be what's going to happen in
(01:12:47):
the next five, ten, fifteen, or twenty or thirty years, because
you're going to live a hell ofa lot longer than you anticipate. If
the Lord is you know, onyour side as far as health and with
technology, you might live much muchlonger than you anticipated because of the dynamics
of what's happening. So all right, I'm gonna take a break. I'll
be right back. The eighty sixpercenters. Do you know that eighty six
(01:13:10):
percent of the population has no definedbenefit pension plan. For most of us,
we have to take our life savingsand create a paycheck for the rest
of our lives in retirement. Whatis your plan for retirement income distribution?
How you manage your assets during themost critical years of your lifetime. Nobel
prize winning economist William Sharp has calledretirement income distribution the nastiest, hardest problem
(01:13:31):
in finance. He points out thatinvestment, uncertainty, and mortality can derail
the most careful laid out retirement incomeplan. Call our offices today to start
the process of building a retirement incomedistribution plan. After forty one years of
being in the financial services business,you need to start taking action to start
building your own personal retirement income distributionplan. How do you do that?
(01:13:54):
To take action five one eight fiveeight zero nine nine. That's five one
eight, five eight zero one ninenine or RPG retire on the web.
Don't procrastinate, motivate to start buildingyour retirement income distribution plan five 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
(01:14:15):
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
a long term caravent? Call theRetirement Planning group today. Discuss options you
should consider to protect your estate andhave choices and independence. Take action Call
today five one eight, five,eight, zero, one nine nine or
(01:14:36):
RPG retire on the web, goon a warm summer's even phone a train
bounce, and met up with thegam We were both too tired to sleep,
so we took turns a stair atthe window. At the darkness.
(01:15:00):
The boardom overtook us and he beganto speak. He said, son,
I made a life out of readingpeople's faces, know whend what the cards
were, by the way they heldtheir rise. So if you don't mind
me saying I can see you outof asy for a taste of whiskey,
(01:15:24):
I give you some advice. SoI handed him by bottle and he drank
down my last swallow. Then hebombed a cigarette and asked me for the
land, and the night got downthe choirt and his face lost all expression.
Said, if you're going to playthe game, boy, you gotta
(01:15:45):
learn to play right. You gotto know when the whole, know when
the fall, do know when thewalk away? No passon run we are
back. My brother in law,my two brother in laws. That song
(01:16:06):
they adapted the words. I can'tremember which one it was, but one
of them basically was playing cards andhe took some money from a woman or
something like. I can't remember whatit was, but they changed the words.
They basically tease them a little bitold Kenny. All right. We're
(01:16:32):
talking about how things are changing inthe financial services industry, especially on the
pre and post retirement arena, andI want to get into a couple of
things here that I think are criticalfor especially for people that are walking into
retirement right now, because I knowthat it can be a daunting task and
it can also be high anxiety fora lot of people. But you know,
(01:16:55):
there's three pillars that we talk aboutall the time, which I'm going
to get into a little bit todayjust in general. And the reason why
I'm getting into it is because we'vehad a lot of conversations lately and there
seems to be this euphoria. Anytimethere's euphoria always causes me concern with the
stock market because that usually means thatwe're going to have some kind of a
(01:17:16):
correction. And I want to makesure people have suspenders and belts on their
portfolio for income. For income,that's the key for income. So like
at the Retirement Planning Group R threepillars is that we want income plans that
have guarantees or dividends. We wantto know that there's enough cash flow coming
(01:17:38):
in to pay your bills. Wewant growth potential, and you can get
growth potential with a safety net.If that's something that you're looking for.
There's a lot of different ways todo that. There's a lot of different
strategies. And then, of coursethe final one is flexibility. You know,
as I said, I don't wantto be in anything that I can't
sell it when the market is openfrom ninth thirty to four Eastern Standard time.
(01:18:01):
Because yes, there are some greatsuccess stories with private equity alternative investments,
but there's also some horror stories wherepeople weren't able to get to their
money. And we're gonna talk alittle bit about that. But I'm live,
I'm here in the studio. We'llbe back after the break. Give
us a call. I'll see onthe other side. Why love is a
(01:18:34):
burning thing and it makes a fieryring, bound by wild desire. I
fell into a ring of fire.I've felt good morning burning on the fire.
(01:19:00):
I went down Dave Kopek, it'sretirement planning, show anything that we're
discussing. He gives a call atthe office at five eight five EEG zero
one nine. If you want tocome in for a complimentary consultation. We
have five I think five ye fivelocations now in New York, Syracuse,
Albany, Malta, Glens Falls,and Oneana. You know, Vanguard came
(01:19:28):
out with a report of white paperand in the heading and the white paper
is advisors ad Alpha And I'm notgoing to go through the whole thing,
but they're they're summer. Here isthat we believe advisors can add value,
(01:19:51):
can add up to or even exceedthree percent in net returns for clients.
So when people say does working witha team of advisors help you, I
mean there's a low cost, unbelievablysuccessful organization, Vanguard, that basically says
(01:20:15):
that working with an advisor does helpyou. And as we're all quite well
aware, our business, folks,has changed dramatically. We've gone from a
transaction business to an advising business.And we've gone from a commission based business
selling products to a fee based Ireally don't know of anybody right now,
(01:20:43):
personally myself that's executing trades and chargingcommissions and that shift, you know,
we did it probably I don't know, six seven, eight years ago that
shift where we went from a youknow, a blended organization to one that's
one hundred percent has benefited you,the client and the advisor because it makes
(01:21:10):
you more aligned with the clients.So you know, when you hear a
firm like Vanguard, I know thefidelity comes out with that information. Schwab
does also. It's just it's aquestion of what you're trying to accomplish and
fragmentation. What I always say isfragmentation is your enemy in retirement, and
(01:21:39):
what do I mean by that havingassets all over town, different locations.
Consolidation, simplification is your friend,and you should embrace it because as you
get into your retirement years, you'rereally not trying to hit home runs.
(01:21:59):
You're trying to get competitive rates andreturns, and you're trying to get consistent
cash flow in order for you toyou know, meet your every day needs
as far as it's going to costyou to live. So there has been
an evolution big time from the timethat I got into this business to today.
(01:22:19):
It's an appletoon Orange. There's nocomparison at all. We used to
have a desk on a telephone andthat's it. You go, boy,
here's your cards. Here's your phonenumbers that you're gonna dial. Dial in
for dollars. There used to bethe joke dial in for dollars. So,
(01:22:41):
you know, the young people thatare coming into the business today,
it's an entire different landscape of theone that I entered when I got involved
in it forty three years ago.The days of the sales pitch. You
know, hello, mister Smith,Dave Kopeck from Payne Weber, Can I
(01:23:01):
take your talk to you for acouple of minutes here? You know,
some people would stay on line.Other people would say, don't ever call
here again. But the whole thingwith wealth management today building out a plan
that not only takes care of yourfront end, your middle years, but
(01:23:25):
also the later end, you know, what we call the back nine of
your life. But there's some keytakeaways and these are the things that I
want to go over. Okay,you know you're gonna have curve balls.
There's gonna be things that will bebumps in the road that you're going to
have to deal with. But thebottom line gets down to as I said,
and like this report from Vanguard,working with a financial team is going
(01:23:48):
to help you, especially when thefirst spouse passes away, which is typically
the mail. And we all knowthere's no one size that fits all.
So you know, your next doorneighbor or the guy at the water cooler,
(01:24:09):
you know that has all the answersmight not necessarily be the best plan
for you in your future. Soyou know, we have seen my phone
rang off the hook over the lastfew weeks with the program that we had
(01:24:30):
about long term care and what washappening locally here with iras in the five
one to eight area code, asfar as the acceleration of distributions off of
iras in order to meet the billthat they had at the County Nursing Home
where there are now some counties aredoing it by life expectancy and not by
(01:24:57):
periodic payment mode. And that's truealso if you move out of the area,
if you move to an area that'soutside the five win eight, whether
it's Massachusetts or Florida, or Tennesseeor Carolinas, it's critical that you find
out exactly what are the rules,what are the regulations, and what assets
(01:25:21):
are protected and not protected if wehave health events and we're going to need
assistance. So the three core thingswhich I'll go over. Briefly is that
I am a major advocate of guarantees. A certain amount of guarantees should be
in your portfolio. Whether it's ladderbonds, CDs, I don't care what
(01:25:45):
it is. If it's an annuity, a certain part of your portfolio should
be guaranteed to know that there's adequateamounts of cash. You incorporate your social
security into that for both you andyour spouse. And if you're fortunate that
you have a pension benefit, thatwill basically reduce some of the stress the
fear right. You know that pensionincome can be converted over. You can
(01:26:15):
do it yourself with other types ofproducts, meaning that you can create your
own pension if that's what you wantto do, a lot of different ways
to do that. I'm not goingto get into it, but the bottom
line gets down to is that wehave found that it is critical for you
to have a guaranteed income stream inorder to facilitate sleeping at night. We
like sleeping at night. The otherthing is is that you need growth,
(01:26:40):
you need purchasing power. We allknow what things cost twenty years ago,
thirty years ago. You know,you go back sometimes you look at things
and you say, oh my god, I can't believe that. You know,
gas was eighty nine cents back then, and now we're paying what three
dollars and eighty cents, three dollarsand sixty cents, or it may be
depending on where you are. Soyou need growth, you need purchasing power,
(01:27:08):
and how do you do that?How do you allocate the money in
order for you to get a competitiverate of return? And you need the
ability to stay in it, right, because we all know that the market
has gyrations. We all know thatthe stock market sometimes performs poorly, right,
(01:27:33):
but the worst thing you can dois to allow the down market to
become your strategy. As far asthat's when I'm going to exit, that's
when you should be buying more andnot taking the path and I'm going to
walk out the door and the volatilityof the markets are just too much for
me, Or you need to buyan investment that gives you suspenders and a
(01:27:57):
belt on the portfolio that allows youto have stock market rates and returns with
protection. And those investments are available, they exist, Okay, So most
(01:28:17):
of us don't have the time orthe inclination to know when it's time to
get in and time to get outon your portfolio. I've had this conversation
with numerous prospective clients and existing clients. That's above my pay grade. Okay.
I think the better option is isyou stay fully invested, you stay
(01:28:38):
in your asset allocation model, andwhen the market sells off, you take
some dry powder and you add tothe portfolio because typically and historically it's been
the best time for you to buy. And finally, you want to plan
(01:29:01):
that you're going to be able toadapt to to what I say the curveballs
of life. You know, weare seeing a lot of individuals right now
that have received fairly significant inherences.You might receive one for some of you.
(01:29:26):
It will be a life changing event, a life changing event. You
have parents that have real estate,a home like George. You know,
they did well in the stock market. They work for xy Z Corporation,
they got a big four to oneK program. Surprise, you're going to
(01:29:48):
knock on the door or the attorneycalls and say, we got to sit
down and have a chat. Igot to check for you for a million
dollars life changing event. That's whyit's important to incorporate that into your planning.
A lot of parents like to havethe chat with the kids. Listen,
(01:30:08):
this is what's going to happen whenmom and dad go through the pearly
gates. Okay, I honestly thinkit's good to have that conversation. Some
people don't where it's a shock tothe kids. The other part of this,
too, is that some of thechildren are not capable of managing that
kind of a wealth transfer. Ifthat is the case, you want to
(01:30:30):
make sure that you have it setup properly so the money doesn't go to
the evil son in law or daughterin law, or the new boy toy,
whoever it may be, the poolthe pool guy. Because there's horror
stories out there, too many totalk about. We just have one in
(01:30:55):
our office right now. That's happening. That's a horrific situation. And it's
the old saying. You know,they had money they didn't tell us about
and you know he thought he wasdoing the right thing. Well he wasn't
doing the right thing. And nowit's a nightmare. It's a nightmare.
(01:31:15):
You know, there's always an excuseof not doing what you should be doing.
You know, you procrastinate. Youwait, we'll get to it.
Let me think about it. I'llcall you in the walk out of the
office and I'll look at you know, the staff, and I'll say,
they're not going to call us.They can't make a decision. They can't
(01:31:38):
make a decision, even though theyshould make a decision because it's going to
simplify and make things much easier forthe children, they won't do it.
They won't do it. So flexibilityunderstanding exactly the apple that you have on
the tree also wealth transfer. Iknow, you know people you don't go
(01:32:02):
knocking at your mom and dad's doorand say, hey, how about you
gonna leave me right? But asparents' age, it's highly advisable, at
least I think it is, andI think a lot of our clients think
it's advisable too, to have thechat. To have the chat. There's
(01:32:24):
trillions of dollars out there. Witha T in trust irrevocable generation skipping,
you can go through all the differenttrusts that are out there, trillions.
Now. A lot of times theparents will name the children as the trustees
so they know what's in the trust. But a lot of people don't name
(01:32:45):
their kids as trustees. They havethe bank, they have a trust service,
they have fidelity. You can gothrough the whole laundry list of all
the options that are available to you. But having the chat, having flexibility
will take a lot of the surpriseout of the distribution of wealth. And
(01:33:09):
it's estimated, which you've heard mesay, seventy five to eighty trillion dollars.
Seventy five to eighty trillion dollars willpass them over the next twenty to
thirty years from my generation to ourchildren. That's a whole heck of a
lot of money. All right,I'm going to take my final break and
(01:33:30):
come back. We'll kind of summarizeeverything. But again, I'm Dave Kopek,
the president of the Retirement Planning Group. If you want to have a
chat with us, you want tosit down and discuss your own personal plan,
it's pretty simple. Just call ouroffice at five one eight five eight
zero one nine nine five one eightfive eight zero one nine one nine and
we'll set up a time. Iknow that we're booking out well past July
(01:33:54):
now, maybe even into August.We are busy, but that's okay.
If it's a nine one one,We work nights and on Saturdays. If
you have to get in and seeus like asap, we will facilitate it
five one eight, five eight zeroone nine to one nine. 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
(01:34:16):
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
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
(01:34:40):
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, you needto start taking action to start building your
own personal retirement income distribution plan.How do you do that? To take
action? Five one eight five eightzero one nine. That's five one eight
(01:35:00):
five eight zero one nine one nineor RPG retire on the web. Don't
procrastinate, motivate and start building yourretirement income distribution plan five eight five eight
zero one nine one nine. Willyou run out of money in retirement?
Will your investments provide income for possiblydecades? How do you navigate the two
greatest risk in retirement sequence of returnsin longevity? At the Retirement Planning Group,
(01:35:24):
Our Bucket of Money approach addresses theseconcerns and we offer a complementary consultation
to discuss this with you. Callour office today for a free complimentary consultation
to develop your own personal retirement incomedistribution plan at five eight five eight zero
one nine one nine. That's fivewin eight five eight zero one nine one
nine on your nine and shining armor. And I love you. You have
(01:36:00):
made me what I am, andI am yours, my love. There's
so many ways I want to sayI love you. Let me hold you
(01:36:24):
in my arms all every more.You have gone and made me such a
food. I'm so lost in thelove and the love we belong together,
(01:36:57):
want to believe in last. Allright, we are back. It's a
beauty by Kenny. You know there'strade offs, folks, anything that you
do. And I would say thatafter doing this for a long time.
(01:37:20):
Forty three years. Everyone's situation isdifferent and unique, no doubt about it.
And I you know, people sayto me, you know what's different
about the retirement planning group than youknow XYZ, And I think what makes
(01:37:45):
us different is that we use ourears and there's no cookie cutter income strategy
that works for all our investors.Everybody's different, everybody's needs are different.
Everybody's you know, important to usas far as what are you looking for?
(01:38:11):
So of course there's trade offs.Some people want more growth, some
people need less income, some peoplewant guarantees. Some people could care less.
As we're all know. You knowyou're gonna get less growth potential with
guarantees, right, and possibly lessflexibility. You know, you buy CD,
(01:38:38):
you get a stick in it fora while, or you're gonna get
penalized. You buy a treasury dependingon interest rates, right, you're gonna
stay to maturity. So we allknow with more guarantees you're gonna have less
growth potential and less flexibility. Butif you've got a big pool of money,
you know, there's a lot oftimes people come in and I'll say
(01:38:58):
to them, you know, youdon't really have to take a hell of
a lot of risk here because you'vebeen a great savior, You've got great
pension benefit, you got solid security. Your problem is not going to be
managing the money. It's going totry to figure out how to help a
spend all of it. And thenof course you're longevity. What's the genes
like, what's your family history inregards to longevity and whether you plan to
(01:39:23):
leave a legacy to your errors.Some people say, listen, my kids
are doing better than me, right, I don't need to leave them a
penny. Well, we can makethat happen. We can have you at
zero, at ground zero if that'swhat you want. So, if you
want to get motivated, here's somesteps that you should think about. Sit
(01:39:47):
down with your wife, your partner, whoever it may be, and identify
your personal and your financial goals.What are you trying to do, what's
the date when you want to accomplishit? And when are you going to
complete the retirement plan? Number two? Right? When are we going to
do this? When are we goingto Actually? You know, I use
(01:40:08):
the analogy all the time because ofmy background and my family's background of building
a house. Right, you startwith a blueprint and you dig dig it
up and you put a foundation inright. It's no different with a retirement
plan or any type of financial plan. Have a plan, have a blueprint,
look at it, adjust it,modify it. You know, when
(01:40:33):
you do a plan, you knowyou got a certain amount in an emergency
fund. Most of the people thatare, you know, which is kind
of scary. You know, fiftypercent of the population doesn't even have an
emergency They don't have a thousand dollarssitting on the sidelines right now. And
then what once you got your blueprint? What implement take action? Take action,
(01:41:00):
implement the plan, put it inplace, start filling the buckets of
money. Person that cuts my hair, she called me the other day.
She has limited amounts. She wasembarrassed to talk to me because she has
such limited amounts of money right nowset aside for her retirement years. Her
(01:41:24):
and her husband, they've had events, they've had things happen in their lives.
And I said to her, Isaid, you know what, you
can call me anytime you fill outthis form. I gave her the basic
questionnaire and I said, I don'tcare if you got a dollar or if
you got ten million dollars. I'lldo whatever I have to do in order
for you to build out a plan, and then it's up to you to
implement it. I'm not going tosit and I'm not going to you know,
(01:41:45):
cheerlead you. Now, it's foryou to take some personal responsibility and
some of the things like you gotin the driveway, the Mercedes Benz and
the jeep and all this other stuff. You might have to get rid of
some of it, you know,the old day Dave Ramsey, greens and
beans. Right, then you gotto implement it, implement it. And
(01:42:06):
then finally what you do, likeyou do with anything, like you see
the doctor, you see you revieweverything once a year at a minimum.
You review where you are, Areyou on track? How's your lifestyle?
Are you allocating too little? Toomuch? You know? I know it's
(01:42:27):
hard. Believe me, folks,I know it's hard. There's a lot
of people out there that are workingmorning, noon and night and they're basically
saying, how the hell do Iget ahead? Well, I hate to
say it. You might have toget a second job. I hate to
say it. You might have tocut back on some of the things that
you really enjoy. But you're tryingto you know, you don't want to
get into your retirement years sixty orsixty five and say I don't have any
(01:42:49):
money. What am I going todo now? If we can help,
we would be honored to help you. Okay, And as I said on
the radio, and I'll say itagain and again and again until the day
that I can't do it anymore.I don't care how much money you have.
(01:43:09):
We will help. We don't haveminimums. I don't think that that's
good to have minimums because some ofmy largest accounts have come from people that
had very little amount of money withus, and they referred family members or
friends. So you want to schedulean appointment, give us a call five
(01:43:30):
eight five eight zero. Check usout on the web rpgretire dot com.
Again, that's rpgretired dot com.If we do not have an office close
to you, we will come toyou, or we can do a zoom
(01:43:51):
meeting. A lot of our meetingsare we're doing a lot of zoom meetings.
We live in a society today afterCOVID people got used to it.
So whether you're sitting in Florida,Virginia, Carolinas, Tennessee, it doesn't
(01:44:12):
make any difference because we can stillhave face to face meetings and we can
work on your time, not onour time. So again, our telephone
number at our office is five oneeight, five eight to zero one nine
nine five one eight five eight zeroone nine one nine, or check us
out on the web rpgretire dot comand I'll be back at twelve o'clock to
(01:44:35):
do the Retirement Ready Show. Soif you're out and about, turn us
on at twelve. It's topic specificand have a great weekend. Thank you
for listening to the Retirement Planning Showhosted Buying Dave Kopek, wg WISE retirement
planning Specialist. If you would liketo talk with Dame or someone at the
Retirement Planning Group, call five oneeight five eight zero nine that's five eight
(01:45:00):
five eight zero nine one nine duringbusiness hours or visit RPG retire dot com.
The Retirement Planning Group has five convenientoffices located in Albany, Malta,
Glens Falls, Syracuse, and Oneana. Tune in again next week for retirement
planning strategies with Dave Kopek right hereon wg wi's Retirement Planning Show. The
(01:45:24):
information or services discussed on this showis for informational purposes only, and is
not intended to be personal financial advice. The investments and services offered BYAS may
not be suitable for all investors.If you have any doubts as to the
merits of an investment, you shouldseek advice from an independent financial advisor.
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