Retirement Planning Show

July 13th, 2024

Episode Transcript

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

(00:20):
for you and your family. Nowit's time for Dave Kopec WGY's retirement planning
specialist Alvis Stungho Galvistung I still here. You see when was Gluing? I

(00:48):
still see her, dark guys,Glulin, she was twenty one. Happy
weekend, it's here. The week'sto fly. Happy belated birthday to my

(01:11):
bride. She had a birthday yesterdayand we had a little party for it
today, a handful of people,so you look forward to that. Looks
like the weather's going to be nice. Nicholas is here. Good morning,
Nicholas, Good morning. Did youtake your take your bride anywhere yesterday?
No? Today, I'm taking herout to dinner. It was just too

(01:32):
much stuff going on. Yeah,it's tough with work, and we held
all those conference calls yesterday, soby the time we I actually laid down.
Julie was chuckling. I laid downyesterday afternoon. I slept for three
hours. She just looks at meand goes, man, you're getting old.
Something's going on with you? Whatlaid down at three as I'm gonna

(01:53):
lay down for an hour, thenwe'll go to the lake next ten six
o'clock. Wake up? Like,what the hell? You know? There's
the morning after am I Inlake George? Yeah? Yeah, that happens.
Who's this woman sitting next to me? This is crazy? I'm like,

(02:15):
wow, I don't know. Sometimeswhen you need to sleep, you need
to sleep. But got a littlepr here. Nicholas was interviewed by The
Independent, which is a US andUK magazine. If you want to see
his comments, they're in there.That just come out today. I think
it came out about a week ago. I got interviewed by a gentleman from

(02:38):
the Independent. He called me.He was talking about the mass exodus from
New York State. People were retiringto Florida, Miami specifically, and kind
of it's shift. Not a lotof folks going to the Miami area anymore.
So we're checking, you know why, a little bit so busy it's
busy. It's like Metro New York. I'm down there Monday. Yeah,

(02:59):
I'm in Florida. Fly into FortLauderdale on Monday. So you're going you're
flying into the East Coast. Ye, flying to Boca. Baby, I'm
going to Boca. My daughter's goingto go to My daughter's leaving Syracuse since
she's going to FAU Florida Atlantic University, and we are going down to do
the walkthrough, the mom and dadthing, visit the campus, listen to

(03:22):
some of their presentations, and thenmeet one of her roommates. One of
her roommates was had moved in early, was taking some summer courses. So
does she know her No, no, no, there she's got two two
roommates. It's a nice setup.It's a it's an apartment. It's got

(03:43):
a sitting area in a kitchen.But every every bedroom has its own bath.
When you know in college, that'sa big deal, especially in guys
dormitories. Yeah, back in theday, we were sharing toothbrushes, so
shampoo everything. You know, you'realways scared to go into the bathroom on
the weekend, like you know,what the hell's going to be in there?

(04:04):
Oh? God, what disgusting thing? Can we? Fine? So,
but this is the Retirement Planning Show. I'm Dave Kopek and I'm here
with Nicholas Dumas. U been abusy, busy year. Man, it's
been busy. All time highs again, Nico on the market. Dow's over
forty thousand. This is crazy.I got some p's up eighteen, nasdac's

(04:29):
up what about twenty four this yearand the Dow's up about six. But
it's just crazy. I mean,you know, this is one of the
things I want to get into becausewe got a couple of phone calls this
week and I you know, Itold Nico, you know, people need
to have an understanding of exactly what'sgoing on when they build out a portfolio.
And this is not picking on anybody, but you know, the thing
is, you can't compare a sixtyforty or a fifty to fifty portfolio with

(04:51):
one hundred percent stock portfolio. Andit seems like, I don't know if
people don't get it, or theydon't understand it, or they just you
know, when they fill out theform, you know they want safety and
guarantees. They don't want to havea lot of risk to their portfolio when
the market goes up. When they'reup five six seven percent, the market's

(05:11):
up, you know, fifteen twentyfour or whatever end. See then they
say, like, you know,what's what's going on? Well, you're
in a balanced portfolio and you're notgoing to get stock market rates and returns
when you got forty to fifty orsixty percent of it in bonds. You
need to be prepared for any situation. You know, at the beginning of
this year, a lot of peopleweren't. They didn't think the market was

(05:32):
going to continue on the run thatit's been on. But you know,
you keep your asset allocation, youkeep your equity exposure in the portfolio,
but you need fixed income and rightnow it's not a bad time to have
it. You know. Well,you and I have been sitting on the
fencer for a while waiting for theFED to cut raids. You know,
statistically, right now the futures areshown September or December, I think we

(05:56):
might get to some of the datathat's coming in right now. So a
FED pivot is going to give yousome total return this year, which absolutely,
there's no doubt in my mind.Well, the Canada and in the
UK started cutting rates already, sothe US might trail behind. But but
yeah, no, I mean justthe I think the FED was kind of
holding around to Ill was saying,if a GIF inflation gets down to two,
then they'll start cutting. But they'renot that far off. Brother.

(06:19):
The June I think the junior reportscoming out one next week. So last
report was for May. I thinkit was at three and a quarter.
So we're getting there, you know, I agree with you. I think
maybe a couple of rate cuts thisyear. Well, a FED pivot rate
cut, uh, not only weighsin on equities but also fixed income and

(06:43):
helps the performance. Of course that'sthe bottom line. But we've been in
a real sweet spot here. Youstill did you say that with the m
y g as we're still getting overfive five to one, still five for
the five year. Yeah, Icouldn't figure out where the It's fine,
It's I kind of like it.It's shone my nice brown eyes to you

(07:04):
this morning. The oh perfect,that's a lot better. Yeah, Zach.
You know when you set the studioup in the morning, instead of
sitting there reading the sports page.Yeah, instead's sitting there reading the sports
page, get feet up on thechair smoking a cigar. I'm busy doing

(07:24):
other people's jobs. Leave me alone. You knew I was gonna be looking
at the sun all day over here? What was going on? Are you
mad at me? I figured thatbald head needed some sun. Me me,
Ricochet. Come on, I can'tsay much. We both have the
same receding hairline. That was afastball right down the middle. You know,
at least I accept it. Atleast I accepted yours a hat every

(07:46):
time I see it. No,hey, ninety percent of the time you
wear a hat. You're the onlyguy I know that takes the beard hair
and spins it around the top ofyour head. I was like these guys
that get their parts like they're overby their ear because they're trying to flap
it. It's almost like they're tryingto put a dot the hell you would
call it like a decoy on theirhead. Oh that's the what is it

(08:11):
called when you have the two peg? You have a p I know that
my brother in law, Vince,was starting to lose his hair. Vince's
forty two, forty three something somethinglike that, And a few years ago,
you just sat the hell with itand he started buzzing it. Some
guys do look good and bald,you know, when their hair falls off
their head. I don't know aboutyou, Nicholas and you and Zactly.

(08:37):
My father's been bald since he wasabout nineteen, so it's coming, it's
coming. Yeah. How did youHow did you guys play the other night?
We played? Well, we know, I think we shot at thirty
five one under. Wow. Ihad an eagle on that whole did you
what was it the twelfth the onewhere you guys around the green and we

(08:58):
got a tee off. Yeah,and then you went to the far five
yeah, and my three would doabout maybe three or four feet? Did
you really? Yeah? I don'tknow how, wow, but we ended
up eagling there. Julie my wife, the girls are astonished. I mean,
she's played twice this year. She'sjust killing it. She's just in
a natural athlete. But she gota birdie. Yeah on the par three

(09:20):
iss. She was showing me.So they got it too. Yeah,
they were freaking out. They wereright behind us the whole day. Yeah,
so they kept you heard him screaming, right, Yeah, they were
hooting and hollering and I was like, what I'm back there amazing. When
you drink a bottle of vodka whenyou're playing that do is that what the
girls do back there? What theydo? They have a good time.
I know they have a good timeand they laugh, and that's what life's
all about. So so that remindsme a little bit of a house work

(09:45):
here. What do you call it? Not housework? Paperwork? Nine some
announcements, uh September twenty six,Swing for Her Cure. It's our golf
outing. We do it every year. It's for American Cancer Society. We've

(10:05):
raised a lot of money. Thisyear. We're going to have it at
the same spot, the fair Waysof Half Moon. It's an all day
event. We start off in themorning and we play golf. At the
turn you get a hot dog ora hamburger. And then at when you
get finished, we command we havebeautiful dinner, all sorts of prizes and
raffles. Everybody walks out of therewith something. I refuse to have people

(10:28):
come and I have something, andit's just a great, great I think
last year we raised twenty two thousanddollars. I think that was the number,
twenty two thousand, one hundred percentof the money goes to the American
Cancer Society. Myself and our strategicpartners pick up the cost of the event.
I think this year we're doing doingsomething for the other organization too.

(10:52):
We are, and I can neverthink of the name of it. It's
Jimmy's Friend. It's for autism kidsthat have handy caps. I believe that's
what it is. So we'll getmore information. We'll get more data on
that. But a lot of themoney historically is gone to the American Cancer
Society. So it'll be fun,be a nice day. And Dennis is

(11:13):
involved in it, our client,Dennis. Yeah, right, if I'm
not mistaken. So if Dennis wantsto call in, I know he listens
to the show and let us knowwhat the name of that group is.
And we're going to promote it prettyaggressively. You know, if you're healthy,

(11:33):
your family's healthy, you're already wayahead of the game, way ahead
of the game. So and again, I'll be in Florida Monday, Tuesday,
Wednesday, Thursday, I'm gonna goto fau then I'm gonna scoot over
to Tampa to see my son fora day, David Michael, and then
back on an airplane on Thursday morningand at six am. We got to

(11:56):
leave here at six am, soI know my daughter is not gonna be
happy getting up at three thirty.So this is on tomorrow or Monday.
Monday, Monday, and then you'recoming back Thursday night. Yeah, well,
no, Thursday morning. I'll beback at lunchtime. Wa Thursdays,
michaela coming back with you. Yes, she's coming back. She's going to
finish her work up in Lake George. And then uh, and then she

(12:20):
leaves fairly in the right, inthe middle of August, she's gone.
They start school down there a littlebit earlier than the university's up here.
So it's gonna be hot down there. Yep, should be hot. It
gonna be hot up here. Brother, it's hot the last week. Yeah,
be hot today and tomorrow. Idon't think I've turned my a c's
off two weeks going up to thelake. Now I'm going to my farmer's

(12:41):
market. So we went on toYeah, we do the farmers market on
Saturdays, right, Yeah, anddown there and get my jam and coffee
concentrate, and then uh, Ithink we're gonna veggies, Yeah, veggies,
there are veggies out, so yeah, I grab Lisa some rubarb,

(13:03):
did you. Oh my god,we ago I gotta stop, I know,
because she makes those rubarb cakes orwhatever the hell they are, yeah,
which are pretty good. So allright, we're going to take our
first break, and uh, thisis Retirement Planning Show Dave Copek with Nicholas
Dumas. We have five locations herein New York, plus we have a
lot of locations now in Florida wherewe can meet with you. If anything

(13:26):
that we're discussing is of interest toyou, we can talk to you either
on the telephone. We can dozoom meetings Zoom meetings. I can't tell
you how many zoom meetings I've donein the last couple of weeks. A
lot. I just had one yesterday. Good morning. What do you what
do you overall? What do youthink of zoom meetings? Well, we
use Ring Central, but just likezoom. Well, yeah, but I

(13:46):
like them because instead of a phonecall, you know, I can't share
my screen on a phone call,So on these Ring Central meetings, I'm
able to walk through the money.I can also ask the client share their
screen. Well, so you canactually show the money on the screen.
Yeah, I walked through the money. How to link accounts on there for
a gliant Yeah, yesterday, Soshe's gonna go do how do you do
that? How do you do theE money on the screen? So do

(14:07):
you have to have it up onmy computer instead of it showing just like
my face? Or yeah, Icould share a screen. Oh you don't
start sharing the the E money.Look at Zach. You know Zach saying
you are a dinosaur? He is. Do you want me to explain how
to drink your coffee? Over there? Too? I heard the guy,

(14:31):
you know, Peter Vessie is what'sthe guy that's on at five thirty in
the morning here? I listened tohim, Peter Hussey, I think Hussy.
I met him at our continuing educationDid I tell you this? I
was right next to you. Ohright, great, great guy. I
like the guy a lot. Ijust think he's a great guy. He
does a show here at five thirty, and I think they repeated on Sundays,

(14:52):
and I introduced myself. We hada nice chat. He's an awful
nice man, and we were talkinga little bit about the dynamics of you
know, what's happening in the retirementindustry. But he said this morning on
his broadcast. If you listen toit or not, you're probably still sleeping.
Zach. When that broadcast is on, he has a flip phone.

(15:13):
It does it doesn't, text doesn't. He's like me, I mean,
I've got it. I've got aphone because of my kids and my wife.
But you know me, I don'twant to text and I don't want
to email because I always figure peopleget the content wrong. Well, yeah,
you're great. I feel like youdon't really know how to text,
Zach, Zach, that's what mywife says. I used the hunt and
peck. No, you talking toit all and then the thing splurrid.

(15:37):
Doesn't know what you're saying, itcomes out. I'll just hit the damn
thing and I'll send that. I'llread it afterwards and say, what the
hell I get to text at sevenam? What is this? You know?
Is Da've already ended a bottle?All right, we'll be right back
the eighty six percenters. Do youknow that eighty six percent of the population
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(16:00):
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(16:22):
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(16:44):
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(17:06):
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(17:30):
lot of ways of saying it whatI want to say to you. There's
songs and poems and promises and dreams. It might come true, but I
won't talk of stars, guys andlight on the ground. I'll come right
out and tell you I just loveto lead you down. Lead you down

(17:56):
in salty whispers, pretty low wordsin your ear, you down, and
tell you all the things. Holdon. I'll let you know how much
you didn't mean just having you around, darling hard love now a right.

(18:19):
There are so many who mister ConwayTwitty, you've got away. No.
Conway Twitty was a hell of abaseball player. You know that. You
know that I have no idea youhave, no. I can't wait twit
he now. M hmm, yeah, I remember seeing him interviewed one.

(18:42):
No, I didn't. I justfound Dion Sanders played baseball phenomenal. Did
you know that? Absolutely? Ijust found that out not too long ago.
Played pro end. Yeah, anduh NFL. I watched him won
game. He hit like two orthree home runs. What do you think?
What do you think? The guywas one of the first people to
play in the World Series and theSuper Bowl and you just found out.

(19:03):
I just know it's not good.He fell off the bed, hit his
head. Yeah. No, I'mmore of a hockey type of hockey golf.
I was watching Wimbledon a little bit. Those guys. I honestly think
that the professional tennis players are probablysome of the best overall physical athletes.

(19:26):
I've been watching a lot of CopaAmerica and Euros and it's amazing. They
got those guys run up and downthe field. I do that once I'm
done. Yeah, stop smoking.I used to do indoors. I used
to go home indoor soccer. Yeah, I would go home next day.
I could barely walk. That's alot of running. A matter of fact,

(19:48):
when we were playing high school basketballer, we used to play soccer before
the season start because our basketball coachthought it was great cardio get our legs
and everything. And he's right,it was. And we we we were
like King of the hill, baby, We were king of the hill,
king of the castle, king inthe Castle, so this morning to talk

(20:10):
a little bit about a topic thatwe hear consistently. When I'll let Nico
do some highlights and as we alwayssay, we're live. If you have
any questions or comments, it's oneeight hundred talk to be Gye five fifty
nine. Go ahead there and Nico. You know, I think a lot
of folks walk in kind of withouta plan, you know, and they

(20:33):
come in they have these assets kindof spread out. You know, they
might be stock pickers. I've seenin the past a lot of individual stocks
spread out in portfolios with real nowith with really no mission or no goal
tied to that portfolio. I thinkthat's where we really start hammering into their
heads. You know, what's thepoint, what's the what's the purpose of
this account? You're just trying tomake money? Are you looking at taxes?

(20:56):
Uh? There's a lot of customizationthat should be involved in your strategy,
you know, depending on what youdo for work, how much you're
contributing to your work retirement accounts.If you have old four or three v's,
four one k's deferred comp plans,what are you doing with them?
You know? If you don't workthere anymore? Did you roll them out,
get them into an IRA, giveyourself a little more investment freedom.

(21:18):
A lot of people kind of takeit upon themselves to manage their own financial
picture. And that's where I reallysee a huge value add in the financial
services industry, not only from aninvestment management standpoint, but also a tax
planning standpoint. You know, ifyou're selling a house, the housing market's
hot right now, you're gonna havesome liquid cash coming in. What are
you doing with that? Are youdumping it into Nvidia? I hope not.

(21:41):
You know, you should probably havea plan of what you're gonna do
with those dollars and try to maximizegrowth efficiently. You know, don't put
all your apples in one basket.You know, there's a thing called financial
awareness, and the famous phrase isdo you know what a cost to be?
You? Yeah? What does thatmean? At your expenses? Yeah?

(22:03):
What does it cost to live?Yeah? The average person that if
you talk to them, they haveno idea what that number is? Now
zero And that's why I love youmoney so much, because it shows you're
right in black and white. Yeah, there's a spending tab. And I
was actually showing that to the womanyesterday and you can link your credit cards,
your bank accounts if you want to, and it'll give you a breakdown
on what you're spending your money onevery month and really give you a feel

(22:26):
for a budget that you're gonna needin retirement. But we kind of back
to what I was saying. Imean, you need a plan, a
financial plan. Uh not everything's justgonna do. You know, you need
to have steps in place. Youneed to look at forecast projections. How
much am I going to have atfifty five? If I want to retire
at fifty five, you know,it's it's coming down the pipeline pretty quick.

(22:48):
So that's where I think we reallydo a great job not only consolidation
trying to bring assets together and workingtogether, you know, but also income
planning. You need to have agame plan in place as far as where's
my money gonna come from, whichaccounts the most tax efficient way to get
dollars in my bank account, andthen also kind of future legacy purposes.

(23:11):
You want to make sure you setaside the dollars that you want for your
children and a tax efficient transfer.So yeah, but you know the thing
is that also goes to investing appropriately, you know, it's like the phone
call that you got this past week. You know why, you know,
am I up seven or eight percentwhen the market's up? Because you filled
that on RTQ that said you wanteda moderate conservative portfolio, and now you're

(23:37):
trying to compare that moderate conservative portfolioto one hundred percent equity portfolio. So
if you want to be a bigboy, you want to get big pants,
you know, want suspenders in abelt, and you want to have
the full risk of the market,Let's change the RTQ and get you in
the water. Yeah, and thenyou got to be prepared. Right now,
there's gonna be downward movement as well. It's part of a healthy economy.
You can't be up at all times, so you have to be able

(23:59):
to with stand the down swings aswell if you're gonna be someone that's one
hundred percent equity. You know,So, I bet you wish you bought
some plug power a couple of weeksago. Huh over there, I was
gonna, I was gonna, Iwas gonna joke around with it. The
other day. What's it now?I saw dollar fifty you bought healthcare?
Oh yeah, I saw that.Yeah, A good time. You've been

(24:25):
busting me over plug? So what'sgoing on with plug? It's coming back.
It's over three. We're getting there. One over doll. Wait to
go to sixteen, baby, that'smy price target. We're gonna get there
sixteen and eventually we'll get back upthere. All right, we're gonna have
to take a break our first halfhour. We're gonna talk a little bit

(24:45):
today about the advantages of working witha financial team. Uh, there's no
eye at the retirement planning group.We are big believers in team and strategic
partners. Uh. It's critical,I think in order to facilitate a successful
retirement, not only the investment plan, but a total wealth management plan.
And the thing is is that we'lltalk about the different stages of what you

(25:07):
should be doing. But as alwayswere live, you have any questions,
give us a call. We'll beright back. Bye. L I'm your
nice and shining armor, and Ilove you. You have made me what

(25:33):
I am. I am you mylove. All right, we're back.
There's so many ways I want tosee. I just listen to music.
I love you? Is that whatthey did last weekend? I sat here

(25:57):
and slept and he just played,Oh did you do a show last week.
Yeah, yeah, I thought youjust played the star spangled banner?
Did that too? Now you don'tjust let it go for two hours?
No, Zach and I were here, you know, inside the mine.
All right. We're talking about theadvantages of working with a financial team,

(26:19):
and I say team. You know, I know that we will focus in
on an advisor here. An advisoris extremely important. But I know that
at the retirement planning group, everybodyhas functions, things that they do.
You know, it's probably no differentthan any organization that you're working in.
You know, the butcher, thebaker, the candlestick maker, you go

(26:40):
through the whole laundry, lists ofdifferent things and capacities. But I am
a big believer that you have tomanage assets for the stage of life that
you're in. And the one thatwe talk about all the time is the
red zone five to seven years beforeyou go into your retirement, making sure
that you're dotting your eyes and crossingyour t's. And I think once you

(27:03):
finish it, I know that I'veseen a lot of people once they complete
it, and ECO and I'll askyou this question, I see a sense
of wow, you know, Igot that monkey off my back, Yeah,
sire relief, you know, startingto see what your income is going
to be, you know, startingto dive deeper into your social security estimates,
your pension estimates, and there's alot of important decisions that you make

(27:29):
when you get closer to retirement,and even when you're filing for retirement,
you want to make sure all yourtransfers are done correctly. You know,
there's been issues in the past wherepeople might have you know, liquidated a
whole four to one k by accident. Now there's things you can do even
after that happens to fix it andadjust it. But Leasastapana or operations manager

(27:51):
make sure that that doesn't happen.You know, she checks every box,
checks it four times to make sureeverything's correct, and we make sure that
we get all those accounts soolidated ina tax efficient way. Then we start
coming up with plans. You knowa lot of people ask me, why
don't I just roll up my IRAthat I have into a roth iray.
So you're looking at one hundred thousanddollars tax liability potentially or whatever the account

(28:11):
value is. You know, soyou want to be uh, you want
to be careful when you're making thesechanges entering retirement. Yeah, because once
the horse is out of the barn, sometimes you can't put it back in
the barn. Money's out the door. Most of your custodians are not going
to say they're probably not going tosay, all right, you screwed up,
bring it back in. You've gotthat sixty day roll, which really

(28:33):
can save you in a lot ofways. Qualified assets, Yeah, iras.
But the thing is is that ifthat is not the case, if
you don't have that ability and youmake a selection and it's you know,
you go three, four, fivemonths out and you realize that you've screwed
up. I mean, I've seensituations for people that have had hundreds of

(28:55):
thousands of dollars of income taxable anin a one one year and there was
nothing we could do about it.The horse was already out of the barn.
We couldn't get it back in.Yeah, especially if you're past that
sixty day yep. You know,like Dave was saying, you gets sixty
days to get it back into theaccount. But if it goes beyond that,
I mean, they're they're pretty particular, you know, so you're not

(29:17):
going to be able to just say, hey, I got it in by
the end of the year, soI'm fine. No, that's not the
case. So it's also required minimumdistributions that you need to start planning for.
Rm ds are going to start comingoff your account once you hit seventy
three or seventy five, depending howold you are right now. But you
need to start planning maybe some waysto limit those rm ds or get that

(29:41):
account, you know, if you'renot going to need those R and D
payments into some sort of tax efficienttransfer for generational wealth potentially. So we've
looked at a lot of second todie life insurance policies. You know,
it's a tax free death benefit thatyou can tie to a trust and dictate
how it's paid out. There's athere's a bunch of strategies and and different
ideas that I think people are unawareof that might really benefit them, and

(30:04):
not only them, the their families. You know that I'm not a big
believer in roth conversion. I amwhen the market's down, not right now.
I really don't think it's a greattime right now. Yeah, but
if the market's down, you know, you get more shares over than you
get the tax your grow we're bangingfor your buck when the market recovers.
But you know a lot of timespeople will do the Wroth conversion because they
don't want to be subject at RMD, they don't need the money. They're

(30:26):
trying to do wealth transfer the mosttax efficient way. To me, it
doesn't make any sense, because I'vetalked about this a million times. If
you can qualify for life insurance andget that immediate velocy on the money where
you know, one hundred thousand dollarsWROTH becomes four hundred and fifty thousand dollars
of death benefit, I mean thathappens immediately day one, dollar one.

(30:48):
And I'm always scratching my head whenpeople say I don't want to talk about
life insurance. You know I'm tooold for life insurance. Well, you
know, it's a tool. Youknow, let's say it's a bag of
apples. I ever tell you thestory about a buddy I worked with high
networth people. Maybe he worked withhigh networth people, and they used to
refer him to a lot of people. And this one guy flew into Aubny

(31:10):
airport on his private jet and hesays, I'm not getting off the plane.
But he says, I want youto go over this presentation that you
sent me. You know, thisPowerPoint, but I wanted to see it
face to face. I want tomention the guy's name. The guy said,
okay. He says, so you'retelling me that if I move this
money and I put it over here, it's going to be all tax free

(31:33):
wealth transferred to my family. Theguy goes, Yep, it's going to
be one tax free. It's goingto be into trust. It's going to
be protective from creditors and predators,and you won't have to worry about it
because when the kids get into it, they're going to have more than a
liquidity tax free in order to paya state taxes because he was worried about
a state taxes. And the guysaid, okay, so what is it?
He goes, let's say it's abasket of apples. Do you really

(31:57):
care what it is as long ashe is it's life insurance. It's survivorship
life insurance. The tax bill comeswhen the second spouse passes away. Depending
on how your state is set up, he goes, okay, so it's
a bag of apples. The applesare all tax free, so when your
kids gold and get a tax freeapple. They're not going to pay any
state or federal tax. Guys said, sign me up, signed the paperwork

(32:22):
away, went got on his plane, or he's on the plane, took
off. It's just it's between yourears, you know what I mean.
There's a perception out there that lifeinsurance is only for protecting. I mean,
I've heard guys in this radio stationsay, you know, life insurance
is just it's a scan. Theonly reason why people are doing it is
because they're recommending it for you know, a big commission to the financial advisor.

(32:45):
To me, that's just stupid.Doesn't make any sense at all.
I told clients, this doesn't makeany sense at all. It serves its
purpose for younger folks too, asfar as protection. You know, when
you're young by turn yeah, loveit up ter. But when you're doing
legacy planning, you need permanent insurance. That's why we do guaranteed universal life,

(33:07):
guaranteed universal life. We're not worriedabout the cash value build up.
All we care about is what thedeath benefit and guarantees till one hundred and
five, one hundred and twenty onsome of these policies. So but No,
that's not the case with term insurance. I mean, what do we
get a couple bucks? Two bucks? If well, I told them,
I go, you know, Idon't. I'm not putting this in front

(33:29):
of you because I'm getting a hugeThis is what you should do, right,
you know? That's what I toldthem, And then I think they're
going to go through. I thinkI think you know. The thing is,
I think people people know when you'retransparent and you're telling them exactly what
needs to get done, okay,And if they're sitting down with a certified
financial planner like you, they understandthat you have you have certain guidelines that

(33:52):
you're supposed to work under as faras the ethics of being a certified financial
planner, right, I hold two. I'm liable in two ways to you
as a fiduciary. Right, Ihave to act in do chay capacity and
also to the CFP board, Ihave to act in a cherry capacity.
So I'm held to a double standardwhen it comes to that, or I

(34:13):
can I'll be in uh what isit, Saratoga County, A big a
baker cake file in it, Igo buy a blow of the horrid wave.

(34:34):
But to make a long story short, you know, bottom line is
that you know, make sure whenyou're setting up your estate not only as
far as your accumulation years, butalso during your you know, retirement and
legacy planning years. It's pretty easy. There are so many different ways today,
and I know that Nico will probablygo through this in greater detail.
But there's so many ways to buildtax preference money today, so many different

(34:59):
ways HSA accounts, WROTH accounts andWROTH four and K accounts and life insurance.
You go through a whole laundry listwhere really, when you drop dead,
you could leave everything tax free ifyou wanted to. Yeah, tax
tax, remunicipal box, extre municipalbonds. Yeah. I was talking to
a gentleman about this yesterday too.You know his modelat opportunity right now,

(35:21):
tax beauty bonds, That's what Iwas telling him. I said, you
know, tax free munis, theygive you liquidity. Also, I brought
up some form of non qualified annuity. You know, you get tax shelter
over the next ten fifteen years,but then eventually he'll tax on it.
He starts pulling. So I thought, Muti's made a lot more sense,
but also keeps freedom in his portfolio, you know, liquidity, whereas the

(35:42):
non qualified annuity he wouldn't have thatas much. So, yeah, tax
remunis, they're getting tax ree interestright now. You know, So you're
investing in NIP municipalities. Did Isay that right? Yep. I always
struggle with that word. So youget tax free income there. And if
you invest in a state specific bond, then you also get the New York

(36:02):
state tax off of it as well. Some national munis you might pay state
tax, but again the federal isthe big ones. So you want to
get that off your shoulders. Butwhat are muni's kicking off right now?
About four and a half. Itsdepends on the state if it's a national
or state specific, but I wouldsay on a conservative basis three and a

(36:22):
half three and a half, saythree and a half percent, three and
a half percent. If you wantto investment great high quality, that's all
tax free though. Yeah, andthat has nothing to do with total return.
I'm looking at one right now.You're a day that's up seven percent
total return between yield and capital appreciationof the bond portfolio. So you know
the thing is is that you know, it's like people want you see it,

(36:43):
We see it all the time.What would you do for me today?
You know, people want immediate gratification. You know, they get into
the market and they say, ohgeez, you know, what's going on?
What's going on? You know,I've been with you for four months,
you know, and it's just comein. Being in the stock in
the bond market is not a shortterm place. It's a long term play.
And you know, if you don'tgive it a three or five year
time horizon, then you're basically foolingyourself because market timing doesn't work. Yeah,

(37:07):
somebody might get lucky every once ina while and pick a hot stock
and away they go. But it'slong term investing, is you're look at
when I started in the business.I was thinking about this this morning because
I was looking at the data.When I was at the house. The
Dow cross forty thousand. The Dowcrouss forty thousand. When I started in

(37:30):
the business, it was fifteen hundred. That's exactly right. The Dow was
below two thousand. I saw theDow pass for two pass and now it's
at forty thousand. So what's thattell you? Long term time is your
friend. Yeah, and pretty.You know when when when I'm dust and
you're still in business, the Dowis gonna be at one hundred thousand.
It will be it's just simple math. Probably one hundred and fifty. Yeah.

(37:53):
Probably. I got a long timeAnd Nico says to me about two
months ago, I said, youknow, another thirty years, you're going
to be still working in the business. I was busting these jobs. He
goes, yeah, but I'll bestill younger than you. I'll be right
back the eighty six percenters. Doyou know that eighty six percent of the

(38:17):
population has no defined benefit pension plan. For most of us, we have
to take our life savings and createa paycheck for the rest of our lives
in retirement. What is your planfor retirement income distribution? How you manage
your assets during the most critical yearsof your lifetime. Nobel Prize winning economist
William Sharp has called retirement income distributionthe nastiest, hardest problem in finance.

(38:38):
He points out that investment, uncertainty, and mortality can derail the most careful
laid out retirement income plan. Callour 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 need tostart taking action to start building your own
personal retirement income distribution plan. Howdo you do that? To take action?

(39:00):
Five one eight, five eight zeroone nine nine. That's five one
eight, five eight zero one nineone nine or RPG retire on the web.
Don't procrastinate, motivate to start buildingyour retirement income distribution plan five win
eight five eight zero one nine onenine. Will you run out of money
in retirement? Will your investments provideincome for possibly decades? How do you

(39:21):
navigate the two greatest risk in retirementsequence of returns in longevity at the Retirement
Planning Group. Our Bucket of Moneyapproach addresses these concerns and we offer a
complimentary consultation to discuss this with you. Call our office today for a free
complimentary consultation to develop your own personalretirement income distribution plan at five wine eight
five eight zero one nine one nine. That's five win eight, five eight

(39:45):
zero one nine one nine Sell themnine. Have you web belt? So
the night three ye not to matchthe tree wiping tunes that you know and

(40:14):
love. Soul sun Nights We areback Southern Nights one tonight I was gonna
do a little fire last night upin Lake Georgian, and I decided not
to do it. Started to geta little sprinkle. I was afraid that
we're gonna get a blast. Youget any rain down here, I was

(40:34):
inside the whole night. Well,actually no, I went and moved my
trail cam. That was about nineo'clock. Kendrick thought, I was crazy.
Why why were you moving it?Because I got home and I was
watching some shows with her, andI was like, all right, I
gotta do something. I gotta dosomething. So then I was checking my
phone out and I was like,I haven't checked my trail cam in a
while, and it hasn't taken apicture since like May no battery. Yeah,

(40:57):
So I went and grabbed it atlike nine o'clock last night with the
with the rhino, and then Ihad it taped around my garbage can last
night. So I was gonna seeif I could get some pictures of my
cats. Yeah, I haven't checkedyet today. But the do you guys
battle with ticks over there? Yeah? You do? We get ticks pretty

(41:20):
bad. I was talking to aguy this week. Pretty you would recognize
this guy's name. He's a veryvery very prosperous guy here in the Capitol
District region. He's out of thearea for health reasons because he had tick
and he's in I won't mention thestate, but he's in the state,

(41:42):
southern state and treatment specifically for limedisease he got. Really he was almost
on his deathbed. Yeah, ifyou don't catch it. Yes, the
doctor said to him, You've hadthis for about twelve years. Twelve years,
twelve years. He just never inand out. They had doctors couldn't
Yeah, which I guess is notuncommon. Really, drowsy, you get

(42:02):
joint all that stuff. Yeah,I've got lime disease. You do,
Yeah, when I was young.It never leaves your system. But if
you treat it early enough, youknow, it doesn't have any long term
effects or anything. It's just inmy blood. You know. It's kind
of scary. This is the secondconversation I reached out to him. I
wanted to have a chat with himabout some couple of things business wise,

(42:25):
and uh said, uh, sorry, did to get back to you,
David, But I'm down here andI'm getting treatment. I said, what
the hell you talking about? Andhe goes, yeah, he says,
uh, got a lime disease.I've had it for quite some time.
It's pretty severe, says h Iwas almost going at the beginning of the
year, I said, Jesus Christ. Usually you get like a bull's eye.

(42:45):
So if you get bit by atick, it's lime. There's like
a bull's eye around your tick bite. I got some special people that like
to take them out in the fieldand see if we can get some ticks
on them. I got a coupletoo. I got a couple, a
couple one one. I know thatyou and I can think about right now,
and I know that we're on thesame page. Get them covered in
tics. All right, we're talkingto the advantages working I mean enough of

(43:13):
this. We're talking about the advantagesof working with the financial team financial advisors.
And everybody's worried about fees and chargesand all that other stuff. But
you know what, there's no suchthing as a free ride. And you
know, not only is diversification andasset allocation your friend, but also working
with the team that not only hasthe ability to work with your investments,

(43:34):
insurance products, annuities, long termcare insurance, tax planning, legacy planning.
You know, there's a lot ofmisinformation out there. There's a lot
of people that think that certain thingsare protected. They're working with attorneys,
they draft documents, and then oops, they find out it's not protected.
We've had numerous conversations on the radiorecently about I ras here in New York

(43:54):
State, how they're protected, howthey're not protected. You know, you
do your own home, you know. I've had many heated conversations with attorneys
based off of my experience. Idon't care about their experience off of my
experience. My experiences is that Nicoand I have people in our office that
have I rays that are aggressively spendingthem down because the government is making them

(44:19):
spend them down. So you figureit out, agreed, Yeah, I
agree. You know, I thinka lot of attorneys are great out there.
I think a lot of attorneys arenot so great out there. So
make sure you have the right applethat you were looking for. I had
this chat with Mike and the golfcart when we are golf League on Thursday
night, and a long chat withhim. He's been working his tail off
out there. Yeah, he's justtelling me he's doing a good job.

(44:42):
Yeah. Plus he's a plus,he's just a good guy. Michael's a
good guy. Yeah, yeah,I like Michael a lot, But I
was no. I mean, youhave clients that come in and and sometimes
I sit down, I say,oh, you have a trust, you
know, and it was like anyreason you did it revocable and not an
irrevocable And we have that conversation andyou know, they start saying, you

(45:06):
know, I did it two yearsago, so only got three years left
until protection. I go, whatwhat are you protecting in three years?
You know it's a revocable trust.You still have access to these assets technically
through you know, the government's eyes. So well, I told you I
had to chat with an attorney thispast week. I had a client or
prospective client that came in fairly significantamount of money. Had a great conversation.

(45:30):
You knew a lot of my friendsfrom Skottacoke, the Skyttaicook area,
and they drafted a revocable trust formrather than an irrevocable trust. And I'm
just scratching my head saying why areyou doing this? Because New York State
affords you such a big benefit comparableto any other state, and you get
total protection of the trust and youcan do still do partial revocation without affecting

(45:54):
it. And I still even theattorney, I went through it with them,
and the attorney said to me,I know, I think he's coming
back in this coming week or nextweek. Yeah, as long as the
trust is set up properly, it'snot you can do the partial revocation.
Yeah, right, I want toassure that, right. But the other
part of this too, I mean, what he has now. I guess

(46:15):
if you're not worried about spending yourmoney, your own personal money, and
you're not worried about leans any propertiesand all that other stuff, then do
the revocable trust. But you know, the irrevocable trust will do additional protection,
especially if you don't have long termcare insurance. You know, the
irrevocable trust will protect any non qualifiedassets and then also your property. You

(46:37):
know. So yeah, in NewYork State, like you said, partial
revocation, as long as you arethe grantur and you retain an interest as
far as you can receive dividends andincome off the trust, then you do
have the right to go in andmake a partial revocation within it. And
so that's fire. The other onelast thing that I also wanted to talk

(46:58):
about too, is that you don't. There's a lot of our clients that
are state retirees. A lot ofpeople that have state retirements have that magical
word called a pension. And weseem to see a lot of people that
come into us when they're right onthe cusp of R and D required minimum

(47:19):
distribution. I would say to youthat that's not a good plan. You
should really start planning your distributions offof the New York State Deferred Compensation,
the four fifty seven plan as soonas you walk out the door, because
it's going to afford you many moreopportunities as far as transfer of wealth,
legacy planning, asset management, andyou know, I just think that you

(47:40):
know this, it's just like theTSP, same thing. You know,
you see a lot of people thatretire from the federal government, they got
large TSPs. I think one guycame in, he wanted to do some
work with us. He wanted tosign paperwork, and we didn't allow him
to sign paperwork. I think hegot frustrated, he walked out the door
and came back again. Right,yeah, you know what I'm talking about.

(48:04):
And the thing is is that itbothers me sometimes because you know,
we live in a world today talkingabout Peter Hussey and his show this morning
talking about technology and how it's changingthe world, and he's still got a
flip moone. Our business today isdictated by technology greed. Yeah, I
would agree. I think a lotof it is AI. You know,

(48:24):
not only on the personal investment side, so you know, sitting down with
people, communicating with people, butalso on the investment side. And I
think there's a lot of computers outthere placing the trade button, you know,
algorithms, and you know you haveby loss orders that are sitting out
there on the market that might triggerat any time. So technology has definitely

(48:45):
done a lot. You know,I don't know how you used to place
trades in the past. If youwrote them down a piece of paper and
threw them in a box. No, what used to do? No,
that's exactly what. Isn't that whatyou used to put it in the wall?
No, you'd have to order.Yeah, you'd have to go up
to the trader trading desk and youyou you'd have a ticket, a trading

(49:06):
ticket. You fill it out buysymbol, sell symbol, the amount of
shares market, you know, whateverkind of order that you were doing day
trade, you know, or youknow GtC good until canceled, and you
put it in the box and thethe operations person, the person that was
doing the trading, we punch itinto the computer. People still bring in

(49:30):
stock certificates too. Stock certificates usedto be a thing. That's the way
it was. Man. You know, it's just like a horse and a
dog, you know. I meanthere's certain things and there that's it.
There's a click. Well, everythingeverything today is a click. Everything's a
click. We live in a worldtoday that it's a click. But all

(49:50):
right, we're gonna break for thissegment pretty soon. But when we come
back, we're going to talk aboutprobably the biggest concern for most individuals when
they start the retirement is how tobuild an income strategy. And we're going
to talk about strategies and ways thatyou can budget. You know, retirement,
of course, is an exciting milestonefor most of us. It's met

(50:14):
with great anticipation. However, onlyone one in five Americans feel very confident
that their savings will allow them tolive comfortably in retirement. I mean,
this is a staggering figure. Thisjust came out from the employee Benefit Research
Institute. One in five Americans feelvery confident that their savings will allow them

(50:37):
to retire comfortably. That's not agood number. So we're going to go
through ideas and suggestions on how youcan build retirement income strategies and in order
for you to facilitate warm and fuzzyfeelings. Warm and fuzzy like last night
when the Yankees won four to one, Baby Zach, we're on a roll.

(51:04):
Plus they beat Baltimore. Are theyThey went through They've they've been sucking
win terrible depressing. I actually whenI get up in the morning, I
put my head over my pillow andI say a prayer, Please God,
please, please please let me seea w But I've kept the pillow over
my head many many mornings because they'velost. So when we come back,

(51:30):
it's going to be open lines.It's pretty easy to get ahold of us
if you want to sit down withus. How do they get ahold of
us? You go at the office. You can give us a call at
the office. It's five one eightfive eight zero one nine nine and that's
five one eight five eight zero onenine one nine. Or you can reach
us on the web at www dotrpg retire dot com. Had your father

(51:51):
hit the ball the other night?Were you the major component of your He's
he's good on the greens, doeshe? You know he's got the potter
working, does he? So hehelps me out with the putts. I
don't know about the drive. HadChris and I had lots of opportunities.
We were eight over eight bogies.At least you had fun. At least

(52:19):
didn't rain at us. You know, that was the positive. It didn't
rain. So all right, whenwe come back, we're gonna be talking
about the greatest concern for most ofus today. That's how to build a
retirement income strategy. If you haveany questions or comments, give us a
buzz and we'll see you on theother side. Line from the wgy iHeart
Studios, Welcome to the Retirement PlanningShow with your host Dave Kopek from the

(52:40):
Retirement Planning Group. Every week,Dave and his team discussed the ways they
can help people make informed decisions abouta wide array of retirement planning information that
can support you and developing a morecertain financial future for you and your family.
Now it's time for Dave Gobec wg wi's retirement planning specialist. I

(53:12):
hear people talking bad about the waythey have to live here in this country.
I've been on the wards, bigbad grabbing about the way things ought
to be right. I don't mindhim. Switch inside. We are talking
about retirement income strategies, how tobuild them out. One in five Americans

(53:38):
feel very confident in their ability toretire comfortably, twenty percent of our population.
That means eighty percent of us donot feel confident as far as getting
into your retirement years and feeling secure. So you're experiencing uncertainty, anxiety,

(54:02):
and stress in regards to the almightydollar. So there's good news. The
good news is that Nicholas Dumas certifiedfinancial planners with me today and we're going
to talk of ways that you canmitigate the risk of running out of money
in retirement. Yeah. I mean, if you're someone that hasn't looked at
it yet, I think it's importantthat you do. Depending on how old

(54:28):
you are, how close you areto retirement. You know, even if
you're in your thirties, you shouldstart coming up with a plan. You
know a lot of people want toretire early these days. Travel, go
experience the world. Then try tofigure out a way to accomplish that,
you know, don't just talk aboutit. So there's steps in doing that.
There's preemptive, preemptive measures you couldtake to try to plan for that

(54:50):
retirement. So number one, Ithink a big one is going to be
your Social Security benefit. Amen.You know, especially if you're getting closer
to your sixties, you know,start looking at those rejections on what Social
Security is going to give you ateither sixty two, sixty seven, WHI
should be your full retirement age,or seventy or even in between. You
know, you can turn it onat any point between sixty two and seventy,

(55:10):
depending on how your cash flow isgoing. So again, social Security
is gonna be crucial not only foryou, but also your spouse. So
you want to make sure that yourspouse is covered if you're the primary bread
winner and your spouse is going tojump up to yours if something were to
happen to you, which Dave andI were just talking about. But but
again, I think social Security isnumber one. You know, you want
to figure out what your income isgoing to be. That's a I believe

(55:32):
it's for about sixty five percent offolks out there. It's their primary income
and retirement, no doubt. Andthe thing is is that there's a lot
of the population that has seld.You know, I think sold themselves short
on Social Security benefits. I thinkthey get them way too early. They
get it because it's available, andthey go for it. I think you

(55:53):
really need to sit down and figureout when it's advisable for you to actually
select your sol Security benefit, becausethe longer you wait, the more the
benefit will be, and the higherthe benefit will be adjusted for inflation with
your cola. So most people Ithink will benefit if they delay the Social

(56:15):
Security especially if you have some moneyin IRA four oh one k other assets
that you can spend down in orderto boost you up to a higher Social
Security benefit, not only for yourselfbut also for your spouse. So every
situation is unique. You know,you want to make sure you look at
this and depending on the amount ofretirement assets that you've accumulated, you know,

(56:38):
that can affect when you should orshould not take Social Security. You
know, Dave, I know you'rea big advocate of not completely spending down
accounts, you know, spreading outdistributions and trying to make sure that you're
taking an appropriate distribution percentage off theaccount, you know, and you can
supplement with Social Security to try towithstand you know, distributions off the account.

(57:04):
So again it depends, but it'sgoing to be one of your most
important selections in retirement. So there'sone. You know. One of the
things that we talk about all thetime is e money, the software package
that we get through Fidelity in orderfor us to show you this. Nico
was telling me this week that hehas the ability to go on the internet
and bring central similar to Zoom.You can be sitting in your living room,

(57:30):
sitting in your office at home,and you can go through the process
with you with e money, whichI didn't realize until you told me about
that, which I think is phenomenal. I think that's a great way for
you to have the ability to workwith the financial team and they can basically
walk you through exactly what you're lookingat in regards to income sources, sources

(57:51):
of retirement income that you're going tobe able to utilize. Now here's the
P word, which most of usdo not have. About ten percent of
the population now has a pension benefit. We're a little bit different in the
Capital District Region because we are thehub for the state, so we have
a lot of people locally here inthe Capitol District Region that have pensions.

(58:13):
But pension selection, as far asI'm concerned, is as critical as social
security. Yeah, I mean,you're gonna have a lot of different options
when it comes to your pension,whether you take single life, joint life,
survivorship option, or pop up.You know, a lot of people
have pop up options on their pension, so if something were to happen to
their spouse, then they would popup to their original single life benefit.

(58:37):
Those are typically the selections that mostmake or one of those pop up,
whether it's seventy five, one hundredand fifty percent. You know, you
want some form of benefit for bothyou and your spouse. And then also
if something were to happen to yourspouse, then you could pop up to
a higher number for yourself to accountfor maybe a lost Social Security payment by

(58:57):
one of the spouses passing away.So yeah, pension selection is huge.
If you have the option for alump sum, you know, we're huge
advocates for taking that lump sum,getting it into an IRA account, self
managing, you know, you geta little more freedom depending on the company.
You don't have to kind of sitthere and cross your fingers that the
company is gonna, you know,stay in place and and keep that promise

(59:19):
to you as far as paying thepension on a monthly basis. So yeah,
there's a lot of different options andthere's gonna be paperwork they have to
fill out as you get closer toretirement. You want to make sure you
get that done in an efficient andefficient manner because it might take some time
to receive your pension dollars if youdon't file within a specific timeframe. And
the other thing is if you havea spouse, your pension selection, the

(59:45):
pension selection whatever it is, hasto be signed off by your spouse also
in order for it to go through. So there's a guide, there's a
path that you have to walk throughin order to select the benefit. I
know that you know when I saythis statistic, it's kind of surprising to

(01:00:07):
me that only twenty percent of thepopulation feels confident in their ability to go
into the retirement years without the riskof money going away before they go away.
So we're going to talk about somebasic strategies here that allow you to
keep money coming in the door,whether it's a good day or a bad
day, a bull market or abear market. So you want to ensure
that your nest ache stretches as longas you live in your lifetime. So

(01:00:31):
let's talk a little bit about theword that nobody likes to talk about.
It's always seems like it's a sinto mention the word annuity. And we
don't do a lot of annuities,but we are believers in annuities because it
simply is the only investment out therethat will allow you to get guaranteed income
for a lifetime. And because sevenout of ten people are concerned about safety

(01:00:54):
and guarantees. Over seventy percent peoplewant safety and guarantees with their retirement assets.
But most of you will not dothat. What do you why do
you think that is? I thinkit's the word, and I think people
hear annuity and they because of allthe marketing, Yeah, I think it
gets a bad reputation. I alsothink that, you know, some advisors

(01:01:19):
don't really know what they are,you know, so they don't they don't
advise on them. But I thinkanudies do make sense if you get into
them at a certain timeframe. Youknow, if you're only going to get
into them for three years and turnon income, it probably won't grow as
much to create an income stream.That makes a lot of sense. Yeah,
but right now we can give fivepoint one percent guarantee for how long

(01:01:40):
for the Yeah, for multi year. So if you're in a if you're
in the red zone, well,let's just say you've accumulated a million dollars.
So you don't want the risk.I mean the market market's trading at
all time high right now. Yeah, and you don't want the risk of
the market, but you want tobe able to have at least a certain
percentage of your money guaranteed. Fivepoint one percent isn't bad? Is that
for three five years? Yeah?I think so the five years getting five

(01:02:01):
to one five one, I thinkthat's a great option. The fix.
Yeah, you know, variables youneed. I do think a long time
riseing is better for the variables,you know, sitting because I'm looking at
some of your clients that you didthis with in two thousand and five,
twenty ten, you know, andthose annuities make a heck of a lot
of sense. They're receiving a lotof income they've grown. You know,

(01:02:22):
even the contract value receives step upson a lot of these, so they
grew at a higher rate. Andnow in today's environment, we're starting to
get higher withdrawal percentages. So you'reseeing with like the seminar that we went
to, you know, they weresaying five and a half for sixty five,
so five and a half percent youcould take off the account at sixty
five and then it increases every fiveyears, you know, So there's different

(01:02:42):
contracts you're gonna pay fees. Youknow, variable annuities are they do have
fees associated with them that go tothe annuity company. But you're paying for
a certain vehicle. You know,you're paying for an income stream for the
rest of your life that has theopportunity to grow. So well, I
think you know. The thing isis that when you go to X y
Z Corporation, because we do alot of work with major corporations, and

(01:03:06):
most of your corporations will do annuitiesfor your pension benefit, they either keep
it internal or they do it externalwith an insurance company. And you know,
you don't call them up on amonthly or an annual basis and say,
hey, listen, what's the feestructure in that thing? Would you
guys pay in fees this year forthe annuity that you're giving me your pension
bend? What do you care about? You care about that money showing up

(01:03:29):
at your doorstep the first of themonth in order for you to pay bills.
So should you put all your moneyin any one particular type of product?
No? Should annuities be considered asfar as income streams, they're complex.
There are fees that are associated.Some are ill liquid, some are
not ill liquid. Some will giveyou the full participation of the stock market.

(01:03:52):
Some there's no fees at all.Zero remember the ones, the buffer
products, the market length. Yeah, the market, there's no fees at
all. But I mean, yougot a cap as far as you're ceiling.
But there's no downside on them either. I mean, it's just,
you know, it depends on thestate that you're in, and it depends
on what you're trying to achieve withyour assets. So are there is there

(01:04:15):
a perfect product for you? Idon't know, but I know that there's
a product out there that will probablytransfer the risk. That's what you want
to do, transfer the risk ofsomeone else guaranteeing that that money's going to
be there in good times and badtimes. And basically that's called what it's
a hedge. And you get upto five hundred thousand dollars of insurance coverage

(01:04:40):
to New York State on annuity productsas well life insurance products. The uh
let us, let us look atyour lump sum, you know, let
us compete against your company's pension thatthey're giving you. You know, we
could look at different options and andsee what makes sense. Let's provide some
liquidity in the portfolio as well.You know, you choose a monthly income
stream or an annuity payment as yourpension, you know you're not gonna have

(01:05:04):
access to that if it was atwo hundred and fifty thousand dollars lump sum.
Can't go in and grab ten grandin one month. So you want
liquidity, you want flexibility, youwant growth, you know, and that's
what we try to hammer through clients'heads and make sure that they understand and
you want access to your dollars thatyou've worked so hard to accumulate throughout your

(01:05:25):
lifetime. So we're going to takea break. When we come back,
we're going to talk a little bitmore about retirement income strategies, how to
create the buckets of money in orderto facilitate what is necessary in order to
live comfortably and also to be ableto have some cash on the sidelines for
nine to one one events or tripsvacations. But as always just realizes that

(01:05:50):
qualified money I raise for one k'sTSPs for fifty sevens these are dollars that
are already already destined to be spentbecause of RMD required minimum distribution. So
it's better to have your plan thanthe government's plan. And we like to
identify different ideas and concepts the earlierwe can in your retirement years in order

(01:06:15):
to facilitate possibly some things that willallow you to transition that money at death
the most tax efficient way. There'sgoing to be anywhere from seventy five to
eighty five trillion dollar wealth transfer inthe next thirty years. Seventy five to
eighty five trillion dollars. This isgoing to create an unbelievable opportunity for financial

(01:06:40):
professionals in order to facilitate not onlywhat clients are looking for, but also
to make sure that the legacy isnot burdened by taxation. And I better
start combing my hair and going tothe gym again, because it's going to
mostly be in the hands of women. Exactly. There's a lot of wealth.
Answer to that, older, olderladies, that's right. You better

(01:07:04):
grew up there and start working outthere, baby is it? What is
the hair most you stopped working out? We had a bet, you had
one one week that I did ita full week just to win the bet,
and I got free lunch. Thereyou go, that was worth it.
It wasn't a free lunch, trust, that was not fun. Let
me get what do you want forlunch after this week? Give me some

(01:07:28):
meat loaf, mattators. And youasked me if I was working out the
other day, you look like youblest. Are you working out? No?
I go to Kender, I go. Dave asked me if I was
working out, I must be lookingpretty good flexing in the mirror. I
no flexing. We'll be right backthe eighty six percenters. Do you know
that eighty six percent of the populationhas no defined benefit pension plan? For

(01:07:51):
most of us, we have totake our life savings and create a paycheck
for the rest of our lives inretirement. What is your plan for retirement?
Income distribution. How you manage yourassets during the most critical years of
your lifetime. Nobel Prize winning economistWilliam Sharp has called retirement income distribution the
nastiest, hardest problem in finance.He points out that investment uncertainty and mortality

(01:08:14):
can derail the most careful laid outretirement income plan. Call our offices today
to start the process of building yourretirement income distribution plan. After forty one
years of being in the financial servicesbusiness, you need to start taking action
to start building your own personal retirementincome distribution plan. How do you do
that? To take action? Fiveone eight, five eight zero one nine
one nine. That's five one eight, five eight zero one nine one nine

(01:08:39):
or RPG retire on the web.Don't procrastinate, motivate to start building your
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Will you run out of money inretirement? Will your investments provide income
for possibly decades? How do younavigate the two greatest risk in retirement sequence
of returns in longevity at the RetirementPlanning Group, Our Bucket of Money approach

(01:09:00):
addresses these concerns and we offer acomplimentary consultation to discuss this with you.
Call our office today for a freecomplimentary consultation to develop your own personal retirement
income distribution plan at five eight fiveEID zero one nine nine. That's five
eight five EAD zero one nine onenine. I am alignment for the county

(01:09:33):
and drive the main road. Searchin the sun. Right we're back.
That's a great song there, Zach. One of my favorites. One of
my favorites. So we're talking aboutretirement income strategies, identifying what you want

(01:10:00):
to do with all of these dollarsthat you've gotten different locations, your four
O one k's, your iras,your roths, and how do you build
out how do you identify not onlythe retirement income distribution plan that you want,
but also the expenses. So wheredo you want to start with this?
Nico? Yeah? I mean youwant to backtrack, right, So

(01:10:21):
you want to see what your budgetis. You want to know what your
zip code is going to be alot of people retire to other places,
you know. That's kind of likethe article that interviewed me the other day
on the Independent. If you wantto check that out online the Independent,
folks, we've got a national Nowwe've got a world celebrity now because that's

(01:10:43):
a world magazine in the UK,Number UK and the United States, and
they go to Nico Nicholas Dumas,but the Max exodus from New York State
and then they were talking about Miamispecifically. But people move, you know,
so you want to know where you'regoing to live. What are the
expenses going to be associated with that? Do you still have a mortgage on

(01:11:03):
your property? So again, mortgageis probably going to be a pretty high
expense if you're still carrying one intoretirement. And then also health insurance.
You know, if you're someone that'sbelow the age of sixty five and you're
not on Medicare yet, you know, you might have a pretty hefty bill
on a monthly basis when it comesto health insurance. And do you have
an account to account for that?You know, do you have a health

(01:11:26):
savings account or some type of investmentaccount that you could pull from to help
you pay for that monthly health insurancecosts? So that's the giddy up right
there. Brother, Yeah, healthcareit's expensive, huge, huge, you
know healthcare right now for a lotof people or is not affordable, it's

(01:11:48):
unaffordable. My son is going througha difficult time right now down in Florida.
The tax is in Florida. He'slooking to buy a property down there.
The tax, not the taxes,is the insurance down there is through
the roof now because of the hurricanesand everything between car insurance and you know,

(01:12:09):
insurance for a house. You know, you're probably one thousand dollars a
month. That's what it's going toquestion you down in Florida right now if
you're in a flood zone, tryingto think what my homeowners is it's all
asked, bro. Yeah, it'sgot to be a couple hundred bucks,
two hundred bucks a month and fiftybucks, but really I think it's nine
hundred bucks for the year, somaybe less a lot less. Julie handles

(01:12:30):
all that locally here for me.You know, she does all the building.
You know that the checks and allthat stuff. But you know,
healthcare, of course, is goingto be the gideap for a lot of
people. A lot of people don'tretire because of healthcare. They want to
bridge to a Medicare and then youget a Medicare supplement. But you know,
one of the things that when wetalk about building out retirement income distribution

(01:12:54):
plans, some people are going tostill have to work. Yeah, that's
the bottom line, cruel reality.But uh, you know, we're not
gonna fill your head with you know, lies and deception. You know,
we're going to tell you how itis. You know, and a lot
of people don't realize what they've createdas well. On the other side,
you know a lot of people thinkthey need a certain number that they have

(01:13:15):
to hit, you know, whetherthat's one, two, or three million
dollars. You know, it dependson what your your budget is and what
your expenses are on a monthly basis. You know, if we could hit
that number, especially right now withfixed income at a great spot, you
know, interest rates are high,so don't take a lot of risk to
get you that income. You know, you might be able to retire.
Looking at the ten year, Imean rates, I was looking at the

(01:13:36):
thirty year that's at four to three, right, four to two, right,
you know that the ten years atfor four to one, eight or
four to two still, so youcan get a pretty long duration and still
get a good coupon. Modern portfoliotheory tells you four percent off the portfolio
every year. You could lock infor ten years right now, if you're
happy with that and get your fourpercent on an annual bit. I don't

(01:13:57):
know how many people are realistically livingoff or percent though, Yeah, that's
right. You know. The thingis, I would say realistically most people
are going five six percent off ofportfolios. I mean, our sweet spot,
you know, because of some ofthe strategies that we've utilized, has
always been around five to six percent. But the thing is is that eventually
you're gonna, you know, thismarket that seems to not have any direction

(01:14:20):
but up uh, you're going tofind out that you know, when this
thing corrects, it's probably gonna correct. I mean, you've got some nosebleed
pe ratios right now. So it'sa good idea to have some dry powder
on the sideline so you can takeadvantage. Like you said, a good
time to buy stock is when everybody'sleaving the market and selling and freaking out.

(01:14:41):
Because history has shown us is that, you know, the market does
correct and that's usually a great opportunityfor people to get total returned. There's
six trillion over six on the almostsix point two trillion. I just saw
that number today. It's like sixpoint one seven trillion dollars in cash equivalents
right now, money markets, thebills. It's a huge it's a huge
amount of money, huge amount ofmoney, and people say, why,

(01:15:03):
what's going on with that? Ithink it's a combination of a couple of
things. You know, twenty twentytwo is scared deliving daylights out of a
lot of people. Yeah, youknow, it wasn't a fun time.
People got scared. They got nervousabout the markets, They got nervous about
how to allocate their money. Thestock market. You know, it was
highly volatile. You know, theysaw their net asset values drop fairly dramatically.

(01:15:28):
But as we've seen, trying totime it doesn't work. It helps
to stay patient and build out yourinvestment plan and just stay in it.
So we have a phone call fromone of our clients in Saint Augustine.
It's funny, Bobby, because Iwas thinking about you the other day.
How did you make out with yoursurgery? Can you still hear me?

(01:15:53):
Yeah? I can hear you.Yeah. I didn't have to do any
surgery at least not yet. Wellthat's good. So I've been I've been
running around the doctor after doctor.They're taking all these photos. I was
at the hospital yesterday. They dida scope down my throat to look at

(01:16:13):
things. Everything's looking fine, exceptI got another valve in my heart that's
leaking, so they got to decidewhether it needs to be repaired, clipped
whatever, things like that. Butit's not anything super serious. Sorry about
your wife has Bobby? Your wifehasn't kicked you out yet? No,

(01:16:34):
No, she loves me. Shemust be in some other part of the
house, good financial planning, worriedabout me, whants to keep me around.
What I wanted to bring up isbecause part of what you're talking about

(01:16:58):
is having delayed my social security untilhe turned seven was so critical our position
now, uh and we were thelast year. If you were born after
January first of this year, youcouldn't do it anymore. But filing and

(01:17:19):
suspending, mind taking half of hersand letting it grow for all those years
at eight percent was just the superthing. And I run into so many
people and I get chatting and theysay, well, I started taking as
soon as I can because I wasafraid I die before to run out.

(01:17:41):
We live in a complex. There'sone hundred homes here. At least I've
sat your counter three men. Yeah, there's at least three men in this
complex that are over ninety five yearsold, and they're they're still walking you.
Bobby, you're number four. I'mbeing the four. Next time,

(01:18:03):
I'm gonna I'm gonna paint four onyour shirt. I might be duct taped
and staples everything, but I'm gonnabe there. One thing I wanted to
ask is I listened to your morningshow and everything feels good, and I
listened to your afternoon show and youstart to scare me. That's good.

(01:18:26):
That makes well. At least youlisten to my recommendations on your soul security.
So that saved you. Right,Yeah, yeah, I read the
book the Uh, I do havethe what's called the rollover i RA.
And last week you seem to beyou start naming the three things that you
worry about and retirement and uh youstart describing the IRA, and I just

(01:18:51):
couldn't reconcile what I have with whatyou're talking about. Well, Bobby,
the thing is, you've got onekey thing that a lot of people don't
and have. It's called a pension. And then you also bought those You
also have those annuities that are phenomenal, the best that we've ever had.
So you're you're in good shape.Listen, we're gonna have to break because
we're at the bottom of the hour. But I'm I'm flying down. I'm

(01:19:14):
down there Monday in Florida, sohopefully maybe I can give you a shout.
When I'm down there, we canhave a chat off off the telephone
line, so I'll give you ashout. Brother. Okay, God bless
you you too. Take care,Okay, Bob, we'll be back.
We're talking about retirement income distribution.If you have any comments, give us

(01:19:35):
a call. We're here live inthe studio one WGY that's one eight two
five fifty nine forty nine. I'mDave Kopek, President the Retirement Planning Group
here with Nicholas Duomas CFP. We'llbe right back. Cowboys eight easy love
and they're hard to they'd brother giveyou a song and diamonds or gold long

(01:20:08):
star belt buckles and old faded Levinsgains a new day. If you don't
understand him, he don't die.He will probably just right away and we
are back. Don't let your babyand my father had the sign of golf

(01:20:30):
the other day we're jamming out,but uh we're back. Is Nicholas Dumas
You followed like old country like me? Yeah, not too much. He's
eighties rock. You guys used tohave what it x M long hair?
No, he actually he used tobe blond, blonde. He had blond

(01:20:50):
hair. He would never expect iton him. You know, I got
black hair for what I got left. Well, your mother's got dark hair.
Yeah, that's what they say,right, your grandfather on your mom's
side, something like that. ButI don't I don't believe it. He's
got a full lot of hair.I wear a wig, That's what I
was going to say. I weara wig. The U in zac too,

(01:21:15):
pey. Yeah, I'm always amazed. You know, this is nothing
against people that want to look better, feel better, and all that stuff
that can't feel good on your head. Something like people do hair plugs too,
Yeah, girls do them. TheyI don't know what the hell they
do. I don't know. Mydaughter sometimes, you know, my wife

(01:21:38):
says that she puts these things inher hair, extensions, extensions. I
guess I don't know what they arewhatever. So all right, we're talking
about we like to get off thebeaten path. Here, folks again,
anything that we're talking about and giveus a claw at the office at uh
five five eat zero one nine nine. We have five locations Syracuse, Albany,

(01:22:00):
Balta, Glenn, Swalls and ofcourse down in Oneana if you want
to sit with us face to face. We've been busy. We've been really
busy. I want to go upto us swego soon to go see some
people clients of ours, or youjust want to go up there and have
for Grid want to go out there? Okay, yeah, we'll plan that

(01:22:20):
when I get back from it.For any National Grid guys out there too,
or gals. You know, wedo a lot of work with National
Grid, National Grid and your fourone k's that are available to you,
so uh, we love working outHow did you guys? Did you get
any information from our wholesaler when youwent out golfing with him about the ability

(01:22:41):
to go online and helping people outwhile they're still working. Did he have
any more helpful hens? Uh,not a golf specifically, but I don't
believe we have to go through them. You know, we could do it
with you and just help you changeyour through the broker flour one K through
the brokerage window. Brokerage window,you know it allows you to Why don't
you tell people about that because alot of people will probably look at that

(01:23:04):
and they have no idea what itis. Yeah, if you're below the
age of fifty nine and a half, I think it makes a lot more
sense. Yep. You know,if you're over fifty nine and a half,
you have a four to oh oneK, you might have the ability
to just do an in service rollover, you know, and get the money
into an IRA account and then youhave a lot more investment freedom. You
know, your scope of investment optionsis a lot larger. But for people

(01:23:27):
below fifty nine and a half,maybe you got ten years, you're in
your forties. You know, yougot a good amount of assets that have
accumulated in your four to one Kaccount, and you're getting frustrated with the
target date funds or the equity indexesif they're not keeping up. You know,
you might have the ability to dowhat's called a brokerage link or a
brokerage window. There might be anoption in your investment options within your plan
for someone that plays around with itquite a bit, and you could open

(01:23:50):
up a separate account so it wouldbe separately managed account through your four to
roh one K. It'd still bewithin the four to one technically, but
this count would allow you to investin depending on your company and your plan,
you know, you can potentially investin nine thousand different mutual funds.
You'd have the option to invest inabout nine thousand mutual funds. So no

(01:24:12):
ETFs, no individual stocks with thesethings, but it gives you a lot
more investment freedom. If that's somethingof interest to you, I just think
it's uh, I know that welooked at it. There was There was
over six thousand investment options. Mostof them, though, were mutual funds.
Weren't they they're mutual funds and ETFs, no ets pretty much all mutual
all mutual funds. Yeah. Sothe thing is is that if you're limited,

(01:24:35):
if you have a handful of investments, which a lot of if you
see that little what is it likean icon says brokerage window. Yeah,
it's if you're going through and selectingit, you know, target day twenty
thirty five, target day twenty fortyfive, one of the options might say
brokerage window or brokerage link, youknow, and then you'll be able to
go through that and you'll have toopen up a separate managed account. There

(01:24:56):
might be there might be fees associatedwith it, so be careful. You
know, it might charge in annualfee to fifty bucks and then commissions on
trades. Yep, that's how theydo That's how they do it there.
You know, companies are in thein the business to make money, so
you gotta be careful and don't letthose fees each up. But there are
options, you know. All right, So we're talking about I know that
there's a couple of topics Nico,that you wanted to cover that we haven't

(01:25:19):
touched base yet as far as retirementincome strategies, and I'm gonna let you
take the mic and lead me downthe path of them. I'm gonna listen
and just let you edumacate me.Whoa Zach Zach turn off his mic.
No, I'm just kidding. Ohhe actually did. Uh No. So,

(01:25:45):
like I was just talking about,you know, if you have retirement
assets, retirement accounts, we haven'treally touched about touched on that yet.
We've talked about social security, We'vetalked about pension selection. If you have
some buckets of money that you've beencontributing to and they've accumulated throughout your working
years. That's something you're gonna haveaccess to in retirement as well. You
know, you might be someone thathas a wroth IRA, but then you

(01:26:08):
also have a four to h oneK. You know, how are you
gonna split it up? How areyou going to start taking income in retirement?
You know, I'm in the campthat you manage your tax liability and
you start taking some sort of monthlywithdraw off the IRA before rm ds kick
in and they make you take it. So spread that tax liability out through
your retirement years. Take a monthlywithdrawal, kind of like Social Security.
You know, generally we stagger it. So if you're getting your Social Security

(01:26:30):
or your pension beginning of the month, the beginning of the month, let's
take a withdraw off the retirement accountsthe fifteenth or the sixteenth, so that
every two weeks you're getting a paycheckjust like you're at work. You know,
but you want to design these accountsin a way that it's gonna provide
that income to you. So whetheryou do a sixty forty or seventy thirty
or fifty to fifty type of portfoliobetween bonds and stocks. You know,

(01:26:54):
you want to make sure that youhave enough income producers in there that's going
to replenish the cash your takeing ona monthly basis, so you're not selling
out of positions and you can holdon if the market does decrease in value
because you have enough cash interest andearnings coming off to provide that monthly income
to you. So we talk aboutthe buckets of money quite a bit on

(01:27:15):
this radio show, and we wereat big advocates of designing retirement accounts in
a way to create that income.So you're going to want the three separate
buckets designed for three separate goals.The first one for your income. It's
some money market liquid cash, youknow, that's what's going to get sent
out to you. And then thesecond bucket for income replenish that, you

(01:27:36):
know, So we got some highcoupon bearing bonds or mutual funds, dividend
producers that's going to keep kicking intothe money market account as you're taking and
hopefully that amount stays pretty consistent,you know, So that means we're solving
the income off the account if yourmoney market isn't decreasing and we're not selling
out of positions. And then thethird bucket that'd be for long term growth.

(01:28:00):
So that's your your stocks, yourETFs, your blue chip mutual funds
positions for long term growth objectives.So that's typically how we design retirement accounts.
And if you have a four tohone k deferred comp you know,
four fifty seven four or three btsp tsp T, you know, you

(01:28:21):
take those accounts, roll it intoa self directed IRA. It's going to
allow you to invest in those highinterest, high dividend kickers. You know.
I've I've yet to see a lotof four one ks or even the
deferred comp that offer high interest bearingmutual fund positions. So I really struggle
trying to do this within four ohone k accounts. I think a self

(01:28:42):
directed IRA is probably your best optionfor retirement income needs. Yeah, I
don't disagree with you. I thinkthere are times if you retire early the
fifty five, you know, distributionsat age fifty five. A lot of
people think they have to wait untilage fifty nine and a half and to

(01:29:03):
retire to take money out of qualifiedplans. That's not the case. If
you retire at fifty five, youcan take distributions without penalty as long as
the money stays in the four oneK program, which is I think kind
of a weird rule. I don'tknow why that makes any economic sense at

(01:29:23):
all, you know, I don't. I don't see what the motive would
be in order for the assets tobe retained by the four to one K
and still have the ability to takethem out without a penalty. I don't
know why that's a rule. Ido know you could still do the seventy
two T you know, substantially equalperiodic payments, even if you have it
in an IRA. We're doing thatfor a few clients, and you know,

(01:29:45):
the income's nice. It's based onlife expectancy. Well, you can
do with three different formulas for thattoo. There's three different ways in order
for you to do that. Idon't I don't have them on interest rates.
Yeah, so that you can usedifferent interest rates to solve what and
company, But you need to takethe same amount consistently for five years,
four until you hit fifty nine anda half whatever's later. But yeah,

(01:30:06):
there's ways to access retirement accounts ifyou want to retire pre fifty nine and
a half. So we've gone throughsome ideas and concepts, things that you
should consider. We're going to takea break, and when we come back,
we're going to be talking about thingsthat you can do in order to

(01:30:28):
motivate yourself to not make common mistakesthat we see consistently. The biggest one
that I'll start off with, andwe'll touch base on this when we get
back, is people underestimating the costof what it's going to be for them
to live in retirement, and specificallyhealthcare. Healthcare, that's the one that

(01:30:49):
consistently, I think dominates conversations withindividuals as far as how they're going to
pay for healthcare, prescription drugs,et cetera, et cetera, and then
the inflation that goes with that.So we'll talk about that in greater detail,
but we're going to take a breakwhen we come back. It's open
lines. It's one eight hundred talkWGY. That's one eight hundred eight two

(01:31:14):
five fifty nine forty nine. Ifyou have any specific question about your own
personal retirement planning or just something ingeneral, one eight hundred talk WGY one
eight hundred eight two five fifty nineforty nine. If you don't want to
go on the air, Zach andtake the question and give it to us,
or he can give us a buzzat our office at five eight,
five eight to zero one nine onenine. We'll be right back. The

(01:31:35):
eighty six percenter is do you knowthat eighty six percent of the population has
no defined benefit pension plan? Formost of us, we have to take
our life savings and create a paycheckfor the rest of our lives in retirement.
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

(01:31:55):
has called retirement income distribution the nastiest, hardest problem in finance. He points
out that investment, uncertainty, andmortality can derail the most careful laid out
retirement income plan. Call our officestoday to start the process of building a
retirement income distribution plan. After fortyone years of being in the financial services
business, you need to start takingaction to start building your own personal retirement

(01:32:18):
income distribution plan. How do youdo that? To take action? Five
one eight five eight zero one ninenine. That's five one eight five eight
zero one nine one nine or RPGretire on the web. Don't procrastinate,
motivate to start building your retirement incomedistribution plan five win eight five eight zero
one nine one nine. The greatestrisk in retirement most of us have no

(01:32:40):
plan for We're insurance to cover theexpense. A long term care event can
impoverish a spouse, drain your lifesavings, and cost stress and anxiety on
your family. What is your planand how will you pay for a long
term care event? Call the RetirementPlanning Group today. Discuss options you should
consider to protect your estate and havechoices and independ Take action well today five

(01:33:01):
eight five eight zero one nine nineor RPG retire on the web. I've
been walking the streets so long,singing the same old song. I know

(01:33:25):
every cracking these duty side walk somebrow were mustles and names all right where
you are back? Hope everybody's goingto have a safe weekend. Anything that
we're talking about. We offer acomplimentary consultation and any of our five locations

(01:33:48):
here in New York will come toyou. We can do zoom calls.
We use what's the name of thething that we use, ring Central,
which is the same thing as zoom. Yeah, it's pretty much its video.
It's an Apple and Apple. Yeah. OK, so all right,
we have a phone call, soI'm going to go to the phone call.

(01:34:11):
If anybody else wants to call in, now is the time to call
one eight talk WGY and we're goingto what this guy's got a great name,
David? Good morning, Good morning? How are you? What can
we do? All right? Allright? What can we do for you?
My good man? What's your question? See you talk about buckets of

(01:34:36):
money, and the one I'm concernedabout is long term care. And our
current plans are we're in our lateseventies, relatively good health, and we
hope to be able to stay athome and have you know, assisted living,

(01:35:01):
you know, nurses or whatever itis to come in and help us.
And we're wondering how much money weneed in the bucket. Well,
let me ask you some preliminary questions. How have you titled your assets?
Have you done an irrevocable trust withany of your assets? No? So

(01:35:27):
you have what just a basic willand then a joint tenants and you own
your home together with you and yourwife. Yes, right, well,
let's put this way. Most ofour assets are have beneficiaries on there.
We have two sons and they're bothuh if all if both of us die,

(01:35:55):
the money would be split between thetwo sons. All right, so
you have proper beneficiary. Do youhave any form of long term care insurance?
You have John Worth, John Hancockany no, no, no policies
no, okay no. Do youhave any sort of health savings account?

(01:36:15):
Mostly just irs, scoral one k's. We start up saving money, uh,
putting it into uh uh uh CDs, H bonds and a bunch of
different stuff that are relatively stable anduh. We currently have over three hundred

(01:36:43):
thousand dollars dollars in those accounts.Okay. Do you guys have strong social
securities pensions? No, we probablywant to try to dive into the weeds
with you. Well, between betweenthe the sois security and pensions. It
covers all our cost and we're savingsand building up this bucket of money that's

(01:37:15):
supposedly going to help us if weend up having to get long term care.
Yeah, and you probably want tomeet with an attorney. Yeah.
I was just going to say.What I would say to you, David,
is that you know it says you'rea Snowbird. Where do you live?
Where do you live when you're notin New York State? Florida?

(01:37:39):
Is Florida your permanent address? Yes? All right, So your home and
your IRA is protected if you havean IRA, because that's what Florida allows.
Do you have a Do you havea home up here or do you
have a uh? Do you rent? You run an apartment or you have

(01:38:01):
home home? You have a home? Uh? I would say, at
the at the least, at theminimum. At the minimum, what you
would want to do is to dosome form of a trust, whether a
revocable or an irrevocable trust. Andthe reason for that is that, uh,
the way that your assets are setup right now, you'd have to

(01:38:24):
settle your estate not only in Florida, but also here in New York State.
If you did, if you didit, if you did it,
if you did a trust, David, you wouldn't have to have because if
your home is owned by both youand your wife, when you both pass
away, that's going to be anasset that's going to have to go through
probate. Right Well, what theplan is is that if one of us

(01:38:49):
were to get sick or we decidedwe no longer are wanted to uh come
to the New York state state,you know, doing that traveling. Uh.
What we would do is sell ahome in New York State and so

(01:39:11):
uh and that would generate h yeah, uh, you know three hundred to
a half a million dollars extra moneythat could be used for whatever we decided
what we wanted to do. Imean you can look at a reverse mortgage
also well that but yeah, Idon't think is your your your problems that
income right now? Assets right,You've got plenty of income. You're just

(01:39:33):
trying to protect yourself from a catastrophicevent as far as health right. I
think you still need to talk.If you if you came into my office,
I would basically have you talked tothe attorney. Uh. I just
think that you know, having aconversation, making sure that you've got it

(01:39:53):
buttoned up. I don't know whenwas the last time you sat with an
attorney to go to go over yourstate. Has it been a while,
It's been probably six or seven years. You need to see an attorney.
And you know the thing is isthat we offer a complimentary I know that

(01:40:13):
Lou Piro, who's on the radiohere from eleven until twelve. He'll be
on today. He offers a complimentaryconsultation at his office. A lot of
attorneys do, but I just thinkthat it makes a lot of sense just
to dot your eyes and crush yourteeth. I don't think you got any
heavy lifting. I think you cansimplify. But you know, in New
York State, a nursing home startsat about fifteen thousand dollars a month,

(01:40:40):
yep, And that can be cataclysmicfor you if you don't have things set
up properly. So I would saythat, you know, if you call
me offline, don't call me becauseI'm in Florida next week. If you
call Nico at our office on Monday, he'll give you a couple of names
of recommendations of attorneys. Yeah.The yeah, as I said said the

(01:41:06):
what we're hoping is if one ofus gets sick, the other person can
take care of the person at homeand possibly have somebody coming in, uh
with helping the person, you know, you know, cleaning up or whatever

(01:41:29):
they have to have to do,and maybe have somebody come in and do
some house cleaning, you know.So I'm trying to get a handle on
what kind of costs. You know, you know, if you have somebody
coming in six or eight hours aday, what does that cost? Well,
it's going to question you somewhere betweenthirty to forty dollars an hour ballpark

(01:41:53):
okay, for an accredited healthcare providerthat comes in to a syst You know,
a lot of times I hate tosay this, but a lot of
times people will not go through anapproved provider. They'll go through a family
member or a loved one or arecommendation, and they'll just pay cash.
They'll pay that person cash cash.I mean, that's the real world that

(01:42:15):
we live. But you know,you're you're kind of in a catch twenty
two. What I would say toyou is that you know, it's easier
said than done. I don't knowwhat your age is, but the bottom
line gets down to is that asyou age, it's not as easy to
become a caregiver. I mean,one of the worst things that can happen
is that you become a caregiver oryour wife and then you get sick or
ill. Then you got double trouble, right right. So you know,

(01:42:40):
we do a lot of work inthis arena Nico. If you call the
office and we can get into more. I'm not going to ask you a
lot of specifics over the public radiohere, but if you call our office
on Monday and ask to talk toNico, he can give you some suggestions
or at least people that you canstart discussing this with. Okay, okay,

(01:43:00):
I'll take care of you. Twentybucks an hour, No, definitely,
all right. Plus plus you gotto fill up his car once a
year. Yeah, yeah, oncea week. It's a truck, it's
a half thirty gallon ten God,hey, David, God blessed. I
know it's a it's a predicament,but you know, we we kind of
pride ourselves in helping people like you. I don't know if there's anything in

(01:43:24):
it for us, but we willbe more than happy to help you point
in the right direction. How's thatsound? Okay? All right? Thanks?
All right, God bless that's youknow. You know, I'll say
this, and I didn't want tooffend David, and I'm he's if he's
still listening, it's I'm not tryingto offend him. My wife was a

(01:43:47):
caregiver for six and a half years. And my wife was in her fifties
when she was a caregiver late fortiesfifties. It's not an easy job.
It's very emotional, it's stressful,and somebody that's later in life, it
really has a huge impact, notonly on you physically. It's not the
memories you want either, Yeah,right, exactly. So the thing is

(01:44:10):
is that, I mean, there'sthere's you know, I don't know.
It's it's a daunting task and it'ssomething that people are dealing with consistently.
Now. I see it all thetime too, the husband or the wife
taking care of the spouse. Generallyit's the wife taking care of the husband.
You know, it beats them up. You know, by the end
of it, they're I mean they'realmost right there with them, yep,
you know at that point. Soand for for David, it's probably a

(01:44:34):
little too late for any sort oflong term care insurance. Especially he has
a house in Florida. It's sortof been nice maybe ten years ago.
Well, you know, that's oneof the benefits of Florida, some sort
of care. You get the protection. But you know, the thing is
is that if they're going to makeFlorida eventually going to be their primary residence,
maybe they just do it sooner thanlater. What happens If they both

(01:44:56):
have an event, then they're reallyin deep weeds. Yea, then they're
really deep weads if they both havean event that happens at the same time,
So how do they get How doeshe get a hold of you,
Nico on Monday? I'm not around, So yeah, David, if you're
still listening, or if anyone elsewants to have conversations regarding this, you
know the numbers five one eight,five eight zero one nine. Again,

(01:45:18):
that's five one eight, five eightzero one nine one nine. We've got
our primary location in Malta, soif you want to come in, sit
down, have a chat. Youknow, it's complimentary. We're not going
to charge you anything. Again,that's that's right in Malta, next to
the Malta Speedway, the Albany SaratogaSpeedway. We also have office locations in

(01:45:39):
Albany, Oneana, Syracuse, GlensFalls. We're all over the place.
Your house, we can go likeblack Flies, Lake George. But again,
our numbers five one eight, fiveeight zero in space next year,
all right, we're gonna have tosay say goodbye. God bless everybody be

(01:46:01):
safe. We'll see you next week. Thank you for listening to the Retirement
Planning Show hosted buying Dave Kopek,WG wise Retirement Planning Specialist. If you
would like to talk with Dave orsomeone at the Retirement Planning Group, call
five one e five eight zero nineone nine. That's five eight five eight
zero one nine one nine during businesshours, or visit RPG retire dot com.

(01:46:28):
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 wise Retirement Planning Show. The
information or services discussed on this showis for informational purposes only and is not

(01:46:49):
intended to be personal financial advice.The investments and services offered by us 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.