Retirement Planning Show

Episode Transcript

(00:00):
In a ten WGY. The opinions, viewpoints, and promises made during the
following program are not those of wgyit's staff, management or parent company,
iHeartMedia. Live from the WGY iHeartStudios, Welcome to the Retirement Planning Show
with your host Dave Kopek from theRetirement Planning Group. Every week, Dave

(00:20):
and his team discussed the ways theycan help people make informed decisions about a
wide array of retirement planning information thatcan support you and developing a more certain
financial future for you and your family. Now it's time for Dave Coopec,
WGY's retirement planning specialist. All right, get up and get going. Got

(01:21):
the guys in the house, gotthe big guy here, the boss.
The boss is in the booth.Good morning Dave, Good morning Nico.
Thank you guys again. But Itold Davis off the air, I could
have moved my in laws and todayto a new home. I will be
here as long as you guys want. Well, I'll tell you what.
I almost didn't make it in II did pay the bill, but my
scanner is not working. Did yourswork eventually? No, No, it

(01:42):
wasn't work unless I tripped the system. There something must be going on.
Guys, guys, it's here,you got us? Can we get out?
I blame Joe Gallagher for your key'snot working. That's that's how I
blame. That's a good one.Hey, listen, you're a sports guy.
What the hell is going on withthe Yankees? Oh my gosh.
They're the best team in baseball aboutsix weeks ago, and now they look

(02:06):
like the worst team in baseball.It feels like they got nobody on the
bench, you know, they it'sJudge Soto Cole and then all of a
sudden they started walking Judge. Nobodyelse can hit, Nobody else can make
some place for him. It's terrible. Oh my god, they fuss.
I don't know. Are they evena five hundred team? Now? They're
barely hanging onto the wild card spotand they keep playing like this, They're

(02:28):
gonna be on the outside looking inby the time August hits. You watch
baseball. They played the Red Soxlast night. Yeah they yeah, they
lost them. I think they Yeah, they play them again today. I
was gonna go out there for thegame. Kendra wanted to go, but
she's studying for her exam coming up. Yeah, when was that September August
twelfth, So she's taking it soonher ot the board exams for occupational therapists.

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Yeah, there you go. Allright, you know what, it's
going to be a beautiful weekend.We usually come back and do Retirement Ready
live. I'm not doing it livetoday. We're going to repeat the second
hour of the Today's Show. Buta couple things, little housekeeping first,

(03:15):
don't forget September twenty six, Swingfor Cure. We have it at the
fairways of Half Moon and Half Moon, New York. It's a great day.
All the proceeds go to the AmericanKansas Society. We are participating with
another organization that is I can't thinkof that. Life's something. Yeah,

(03:38):
it's for what is it? Kidsthat have autism? Autism. Yeah,
we are going to participate a littlebit with that also this year. So
if you're in the marketplace and you'relooking to have a great golf game,
good food, great gifts September twentysix, you called Jim at our office

(03:59):
at five win eight five eight zeroone nine one nine, and we'll be
more than happy to facilitate. Youknow, I talked to Eddie the other
night after golf two people, twomore people that I know. You know,
this has been a horrific year inour family for people dying. But
we just found out that two otherfriends are battling cancer right now, one
stomach and the other one is whatwas the other one? Stomach and I

(04:24):
think pancreatic cancer. And it's justI don't know what that's going on.
Man. There's a lot of peoplebattling cancer. Yeah, you know,
a lot of people out there areaffected by it, you know, and
if your family directly isn't affected byit, you know somebody who's had it,
it's a terrible disease, you know. So but yeah, we do

(04:45):
the Swing for a Cure every year. It's a great event. You know,
feel free to come out, supportus, support the American Cancer Society,
and just have a good time atthe end of the day. We
always have fun, a lot oflaughs. A lot of the individuals from
our golf league participat in it too, so it's always fun seeing their faces.
And I think they're starting to geta little bit better at golf because
every week I'm starting to have moreand more challenges with beating these folks.

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You know, Jimmy always loads itup, so well, how'd you you
know we did plus two? Youknow, Sharon, myself and Ray and
my wife. The scores are gettinga lot better. Yeah, I mean
we actually played pretty good golf.Sharon and I was actually shocked on how
well we played, you know,for hackers. I mean, I you
know, I play maximum probably tentimes a year golf and Ray. Ray

(05:32):
did well. Sharon had some reallygood putts. Julie was driving the ball,
like you said, right down themiddle street. She's really doing good
with their driver. But we havefun. It's a nice night out.
Chris and Bob played well too,yeah, you know. And then and
then of course you got Jimmy wholoads up on his team. Well,
he had six people playing with him. Yeah, scramble, Yeah, and

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how'd you guys do? Minus seven? And he goes, I hit a
couple of extra here, a coupleextra there? Tell you me minus seven?
You know, scramble. Six peoplehe got, so they birdied like
every hole guys he got. Hegot six people, yeah, six six.
And the scramble he got yelled atby one of the rangers. I

(06:15):
think, good because they were playingwith too many people. Good. I
like it. Jimmy needs to getwhacked every once in a while, slape.
All right, we had a bigday Friday. Wow, market took
off like a rocket For the week. The doll was up about seventy basis

(06:35):
points. S and P was downabout eighty basis points. Nasdaq was down
to two. But it's a goodthing that we got the roar on Friday.
Uh, what cause that? Youknow, what was the reason for
the is it rotation? So informationthat came out earlier, earlier in the
week, Google and Tesla reported earnings, so then that that day got beat

(06:58):
up. I think it was TuesdayWednesday, and then I think it was
more broad based. Now we're startingto see broad based socks start to appreciate
more like those magnificent seven that everyone'sbeen talking about. So but no,
the market's been volatile. You're startingto see it. You know, the
VIX was up to seventeen or eighteenwhen I checked it earlier in the week,
So you're starting to see some movementsin the market. Elections coming up.

(07:20):
The Fed's meeting this week again TuesdayWednesday, their meeting. But the
consumer price index just came out.It was shown two and a half over
year, So the futures market.I was just talking about this to Dave
before we came on. About ninetypercent of the futures market is predicting a

(07:42):
decrease in rates in September. Soit's something to be on the watch for.
You know, it's good for fixedincome as far as capital appreciation,
but it's also pretty healthy for theeconomy. You know, lower interest rates
means expansion, so it's more ofan expansionary tool by the Fed to decrease
these rates. And you know,inflation settled. If you look back twenty

(08:03):
twenty two, twenty twenty three,you know it was up near seven.
Now we're back to what they're sayingis about two and a half percent based
on the Consumer Price Index. Sobut no, I think there's a lot
of volatility right now. A lotof people. You know, markets at
all time highs might be a goodtime to start looking at your equity holdings,

(08:24):
your stock positions, how they've doneover the last year and a half,
and maybe it's time to rebalance.I think, you know, GDP
came in at two point eight versusthe expectation of two percent. I'm just
flabrigasted by the strength of our economy. It just it blows me away.
But you're absolutely right, though youshould be maybe putting some dry powder.

(08:46):
Some of these equities have had anunbelievable run. I know you've done a
lot in fixed guaranteed rates lately.Yeah, I love the five to one
for five. I think duration isyour friend right now. Yeah, you
know, especially with maybe three tofour expected cuts over the next seven to
eight, no, maybe ten months. So locking into something for you know,

(09:09):
three, four or five years probablyisn't a bad idea if you have
the assets to support that. Youknow, I'm not saying take your full
portfolio and do it, because it'san ill liquid product, so you can't
just go in and grab whenever youwant. But longer on duration. You
know, if rates come down andthen we're sitting at you know, three
and a half four percent on oneof your treasuries, you're going to be

(09:30):
sitting at five. So again,we've been doing a lot of work with
extended duration, and I think it'sa smart move in today's environment. I
think, you know, this politicalenvironment too, is going to have some
kind of an impact on the markets. You know, Biden dropped out this
past week. He's no longer goingto be seeking the presidency. Kamala Harris

(09:52):
looks like it's going to be theone that's going to step into the batter's
box for the Democratic Party. It'sgoing to be be Kamala Harris against Donald
Trump. And wherever the chips mayfall, the chips may fall. But
they got their Democratic National Convention isthe nineteenth through the twenty second. Some
people are saying beware, beware,They're worried about protests and you know,

(10:18):
anarchy, So potentially that could havea little bit of a dynamic on the
markets. Also, So as weenter into the last I can't believe renting
what this week we go into Augustalready we do and I'm gone by by.
You're going for a week. You'regoing away for a week, going

(10:39):
to the outer banks. Turn mycell phone off? Yep, you should,
absolutely. I agree with you,one thousand percent. That's always been
the rule. When you go away, you go away. The only time
you get a phone call is ifyour house is burned down. You don't
turn your cell phone off. Thoughyou take pictures of the beach, you
take I do of your lobster roll, and you like to rub it in

(11:01):
our I do love it did yousee that. Did you see what I
said to you the other night whenI was sitting by the fire the fire,
Yeah, that was a nice photo. Yeah. All right, we're
going to take our first break.We're live, We're in the studio.
Will talk a little bit about themarket, some opportunities that exist right now.
If you have any questions about preand post retirement planning, whether it's

(11:22):
on investment management, acid protection,the legacy that you wish to leave your
loved ones. We're starting to hitthe stride now where a lot of people
are looking at this wealth transfer,eighty five trillion dollars of wealth that will
transfer over the next twenty to thirtyyears. How are you going to set
it up? You know, whatwill be your plan? I mean,

(11:43):
that's one of the things that Iwant to talk about when we come back.
Is that a topic. I hada conversation with one of the attorneys
that we work with yesterday inside ourconference room, and I want to briefly
go over that and give you somecontent of what my I guess what my
opinion is in regards to this wealthtransfer. So we'll be right back.

(12:05):
We are live, one eight hundredtalk WGY one eight hundred eighty two five
fifty nine forty nine. Gods needsto work this morning, folks. He
needs to get off the donuts.He needs to get out of here quick
so he can go move some furniture. We'll be right back the eighty six
percenters. Do you know that eightysix percent of the population has no defined

(12:28):
benefit pension plan? For most ofus, we have to take our life
savings and create a paycheck for therest of our lives in retirement. What
is your plan for retirement income distribution? How you manage your assets during the
most critical years of your lifetime.Nobel Prize winning economist William Sharp has called
retirement income distribution the nastiest, hardestproblem in finance. He points out that

(12:50):
investment, uncertainty, and mortality canderail the most careful laid out retirement income
plan. Call our offices today tostart the process of building your retirement income
districtribution plan. After forty one yearsof being in the financial services business,
you need to start taking action tostart building your own personal retirement income distribution
plan. How do you do that? To take action? Five one eight

(13:11):
five eight zero one nine one nine. 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 one eight five eight zero
one nine one nine. We're herelive in studio. If you have any
questions, please call one eight hundredTalk WGUI one eight hundred eight two five

(13:35):
five nine four nine. Want totalk with Dave after the show Call five
one eight five eight zero one nineone nine. I love you, love

(14:09):
you all right, we are back. Good morning. We're in the last
Saturday in July your twenty twenty four. I can't believe it. I just
can't believe it. Two weeks fromMikayla heads to Florida to her new college.

(14:31):
Yeah you I wonder where she's gonnago next year. She's going anywhere.
See, once he gets rolling,he can't just stab those things,
the French of them. I gotone at home. She's my wife.
They like they like to get underneathyour skin a little bit. Where she

(14:52):
going. This is friendly jabs,friendly jabs. She liked the college.
She just was not. You know, I just told as is from Syracuse.
I you know, I love Syracuse. I love the sports and I
like the area. She I justthink she needed a change. You know,
I'm doing the right thing. Yeah, you know, kind of leaving
New York State going down to Florida. You know, that's the one thing.

(15:13):
You know. I loved Sianna.Don't get me wrong, sand It
was a great college. Learned alot, but I think going to one
like big D one school, somethinglike Kansas or it would have been a
cool experience, better experience. Yeah, just to get out of state for
a little bit. Funny say thatbecause Brian and Aiden. Brian went to
Michigan and Aiden went to Penn State, and that was one of the most

(15:37):
reasons is that they wanted that environment, you know, top of the tier
sports, you know, the theenergy, the big you know, you
know they still they still go toann Arbor for alumni weekend. You know.
Frankie Dyer, good buddy of mine. His son, frank Junior,
went to uh, Notre Dame.You know, he's Frank said it was

(16:00):
just unbelievable, you know, goingout there, the energy, you know,
Notre Dame. That's right, Indiana, It's Indiana. Yeah, be
a nice spot Indiana. I wentto yanked In College, Yanked in South
Dakota. What where the hell?I said, you want to play basketball?

(16:22):
I said, I'll go. You'repaying the bill, I'll go.
So that's where I went for twoyears. Did you did you play well
in college? No? No,I busted well. I busted up my
ankle my second year. I bustedup my ankle. I pulled it real
bad, pulled all the tendons outof it. And that was it.
I said, you know what,I'm not gonna. I just didn't have
it anymore. I couldn't, couldn't. Matter of fact, when my wife

(16:45):
and I started going out dating,uh, I used to just fall in
front of her because my ankle wasso bad. You just fall, I
just fall. My ankle would giveout of me because I had you know,
well, you know, play basketball, you stretch your ankle. How
many times? Oh? I usedto wear brayses. Yeah, there's nothing
worse once, you'd roll it once. I think about it now and like
my beats a sweat on my forehead. Listen. I had a chat with

(17:08):
an attorney that's a good friend ofours. He does a lot of work
with our clients, and he says, hey, I got to talk to
you a minute. And because Imet with the people that you referred to
me. He says, I metwith him and they said, you know,
geez, you got to get goingon us here, because you know,

(17:30):
Dave said that, you know,you're just you're an accident just waiting
to happen. And I go yeah, and he goes, what do you
mean by that that you know they'rekind of concerned, like, you know,
an accident waiting to happen, thatthey like to play with dynamite?
Yeah? Right, yeah, whatdoes it mean? It means that they
don't have their estate buttoned up?Yeah, I mean, I'm just I'm

(17:52):
always shocked when we sit down withindividuals and we go over the confidential question
and you look at the section ofthe questionnaire that says, do you have
a will? Do you have apower of attorney? Do you have a
health care proxy? You I havea will, But it was twenty years
ago, exactly. You get thatmaybe seventy of the time, no healthcare

(18:14):
proxy, no power of attorney,no form of your vocable trust, had
a couple, they had a coupleof special need, special needs kids,
no estate planning done. But letme just ask you a question, because
I know that we talked briefly,why why would they not like run to
the attorney. No, it's nevergoing to happen to me, right,
Yeah, the Superman Superwoman theory,well, you know, or procrastination.

(18:38):
Yeah, we're gonna do it nextyear. Yeah. Yeah, it's easier
to put it on the backbird andI put it on the front bird.
Or sometimes you have to make toughdecisions. It's better to make no decision
than it is to you know,get into into the thick of it.
But you know, you know,one of the things that we try to
do is through retirement Planning group.But yeah, we manage money, We
manage you know, all the wealthof people have created in their lifetime,

(19:02):
but we also try to manage theestate plan. We're not attorneys, but
we work it on a day today basis. So we have a pretty
good idea how to title assets andthe ones that should go into a trust
or not go into a trust.And I'm stolen the camp because in New
York State that there is never areason that to do a irrevocable trust.
Yeah, I would agree specifically forthe property. You know, if they're

(19:23):
pretty much set on standing in theirhouse the rest of their lives, don't
have a mortgage, get the propertyin the trust, and then non qualified
assets. You know, you havea lot of dollars just sitting in the
bank or in a brokerage account.You know, start looking at what you're
actually gonna utilize during your lifetime.But now you're correct with the partial revocation.
You know, you don't want togo back into it like a cookie

(19:45):
jar where you can affect the trust. But every now and then you could
do that partial revocation an amendment tothe trust. And Frank does that,
well, he goes over that quitea bit with the glance. Yeah,
I don't think Dorsey s as aggressive, but well, I think what their
position is is that a lot oftimes when they have those conversations is that

(20:07):
they want to make sure that theclient understands they can't use it as a
checking account, you know, moneyand money out. I mean, if
they're doing an irrevocable trust, itreally should be looked upon as an irrevocable
trust. But you know the thingis is that the whatever happens here with
the election could really change dramatically theoverall estate planning. It's going to sunset

(20:27):
in twenty twenty five, so youknow, that would be a huge,
huge legislative issue in regard to arethey going to sunset it? Are they
going to basically continue it? IfTrump is elected, I'm assuming, I'm
assuming that he's going to continue totry to keep that legislation and also maybe

(20:48):
make some adjustments to it. Thiswhole thing is reduced taxes, put more
money in your pocket, and alleviatesome of this stress that's put on us.
I'm you know, in drilling indrill baby drill, drill baby drill,
and economic growth remains positive. Youknow, their whole philosophy is is
that it you know, stimulates theeconomy, stimulates revenue that ultimately brings more

(21:14):
tax revenue. I mean, theproblem, the problem is not revenue coming
into Washington. That's where it's going. It's spending. It's spending. Uh,
they're like crackheads down there. Theyjust can't spend enough money. And
tell you what, the last tenyears they've done a really good job of
spending our money. So the bottomline gets down to is that I think
there's there's gonna be some headwinds here. I mean, we haven't seen a

(21:37):
major correction for a while. Wehaven't seen a ten percent drawed down ten
twelve to fifteen percent draw down inthe market twenty twenty two. Yeah,
it's been twenty twenty two. No, the COVID, he had the COVID
scare. But by the end ofthe year the market was up, you
know. But but yeah, Iknow, I think you're starting to see
a little bit of the the frontwinds, you know, of some volatility

(22:00):
here, Like last week, marketwas jumping all over the place, but
we ended strong, and uh justgot to you got to keep your eyes
out and you got to make surethat you know, you're not gonna allow
the market to dictate when you canretire and what your income is in retirement.
So it's why we do a lotof planning in the red zone.
You know, three to five,maybe five to seven years out. Now

(22:22):
you really want to start preparing andstarting to get starting to get everything in
the right direction of what you're lookingto accomplish. Rather than growth, growth,
growth, you know, you needto start looking at income, so
diversification, diversification. Interest rates arehigher right now. You know, two
years ago, we wouldn't have beenhaving this discussion on bonds. You know,
we were looking at all areas inthe market to try to get yield.

(22:42):
But but now you can get itrelatively easy, you know, and
bond mutual funds or individual treasury bills. You know, there's there's good rates
out there right now, so youcould take half the risk and fixed income
or treasuries and and fixed income anywaysgets tacked like returns. Hopefully over the

(23:02):
next year ye'll get some appreciation aswell. So that's that ab article you
always talk about. Well, here'shere's a summary from our friends at the
Mothership in Boston where they're talking aboutthe moves in the market. There's uncertainty
in the markets. Don't like uncertainty, And what their concern is that we

(23:23):
could see a pickup and market volatilityin the weeks ahead, which is not
uncommon in an election year, whichis not uncommon an election years. So
if history shows us that the marketvolatility tends to increase ahead of an election
day, maybe now is the timeto start putting some dry powder on the

(23:45):
sidelines, some fixed income, somecash. I think the bond market,
I've been saying bonds now for thelast year a year and a half,
and I still love bonds. It'sjust you know, the Fed if the
FED comes out, it gives usa path of of a much more aggressive
reduction in rates. You know,I think people that are sitting at bonds

(24:07):
will be extremely happy with the totalreturn. Have you looked around and seen
what politicians are doing with their money? I try not to anything about a
politician. I turned it off orI close my eyes. I was reading
Kamala's Kamala's report. Yeah, asfar as what hers, she's got a
lot in dry powder. Oh shedoes. You know, they're estimating that.

(24:27):
They don't give exact figures, butsome around eight hundred nine hundred thousand
dollars sitting in cash cash cash equivalence, market equivalent. And she's more passive
too. I'm always amazed how thesecongresswomen and congressmen get become multimillionaires and government
salaries. Yeah, you know,very interesting. I mean, it's it's

(24:48):
it's it seems to be a pathto success as far as the wallet.
So what do we got about thirtyseconds guys before we're going to have thirty
seconds? Thirty seconds okay, whenwe come back right to talk about some
investment opportunities that are out there rightnow. Again, we're live. If
you have any questions. We're goingto be doing another workshop in September October,

(25:10):
like we had previously at the Desmondover by the Airport. We'll have
more details than that in the verynear future, but again we are live.
It's one eight hundred talk WGY.I'm Dave Kopek when Nicholas Dumas,
We'll see you a minute. WGInews. I'm Bil treferro Us linger landsman

(25:33):
stood in federal court Friday, pleadingguilty to sexual exploitation of a child.
Seventy five year old Daniel Fuiino admittedthat between the summer of twenty twenty two
in April of twenty twenty three,he baby sat a young female child at
his residence. During that period,Fuino used the child to engage in sexually
explicit conduct for the purpose of producingchild pornography. The victim was six years

(25:56):
old when the conduct began. Fuiofaces a prison term of fifteen years and
at least another fifteen years of supervisedrelease. He will also be required to
register as a sex offender. Sentencingis set for November twenty sixth. Albany
Police are investigating a carjacking Thursday eveningbefore eleven o'clock in the area of Alexander
Street and Clinton Street. When policeget there, the victim tells officers that

(26:21):
while she was sitting in her vehicle, she was approached by two men,
one of whom appeared to be holdinga gun and demanding the victim's vehicle.
The victim complied and the suspects fledthe scene. The victim's vehicle was later
located in the two hundred block ofDelaware Avenue. No injuries were reported during
the incident. So far, noarrests have been made. Troy police say

(26:44):
they responded to a fight on BankStreet that resulted in a stabbing Thursday night.
Police reported that a seventeen year oldboy was stabbed in the head during
that fight. The victims sustained nonlife threatening injuries. The suspect another seventeen
year old, who is to detainedby police at the scene. Police say
all the people involved have been locatedand interviewed. There will be police presence

(27:07):
in the area for a while.Duncan's Dairy Barr has joined the list of
historic New York businesses being added tothe state's Preservation Registry on Friday. Originally
opening as an ice cream parlor backin nineteen thirty nine. It's become a
full service diner. I'm Bill Treferro, News Rudio one, O three,
one and eight ten WGY. TheWGY ACI Weather forecast for today, plenty

(27:33):
of sunshine, a beautiful start tothe weekend with a high of eighty eight
Tonight, clear sky's low sixty three. Tomorrows Sunday to party, cloudy and
hot with a high of ninety Tomorrownight, partly cloudy, low sixty five.
On Monday, very warm with amix of clouds and sun high eighty
nine. Monday night, mostly cloudy, low sixty nine. With your ACI
Weather forecast, I'm Kaitlin Lawrence onnews Radio one O three, one and

(27:56):
eight ten WGY. I don't knowthe group. Do you want to think

(28:56):
a guess? You know who is? Yeah, I know who it is.
I'm not Casey in the Sunshine.We're right on the money. Look
at that ride. He wins theprize. Give me I'll take the bear
up there at the bear in theshelf. All I have is the walrus.

(29:21):
Get a stuffed walls. He usedto always get a kick in the
scattery. I grew up in scattyCook the metropolis of Skatty Coco. I
was by the only street light inScotty Cooke, So that was the big
deal when the street light came toSketty Coock, the one street the four
corners. Man, Yeah, that'sexactly right. He's always flickered. Mechanic

(29:44):
Fills is the smallest city in NewYork State. It Yeah, I was
just reading that. Unless that's nottrue. I think it's zero point eight
of a mile or something. Idon't know. Don't quote me on that,
guys, but I saw something onthe facebooks. Well, uh,
the reason why I say Scatty Cookwe my mom had a restaurant and then
we were right next to the SkyttycookFair. And of course I used to

(30:07):
always be amazed by these people thatwould walk out of the Scattic Cook Fair
and they were like holding like twentyof these like huge stuffed animals, you
know, yeah, and you knowyou would talk to him and sit the
guy say, yeah, this isgreat. I spent four hundred dollars.
I only spent like five hundred dollarsfor these things. He could have gone
down to the store and paid twentyfive bucks. Yeah, I only paid

(30:29):
five hundred dollars for these things,you know, and the kids will have
him to our apart by tomorrow.It's the enjoyment of winning it though in
the experience, right, Yeah,something like that. Yeah, throwing those
little rings on the bottles. It'sjust you know, the chances of I
don't know, I don't want tosay it, because you know the darts.
If you take the darts and you'retrying to hit the balloons. They

(30:51):
got a thousand balloons, and youshould be able to hit the balloons.
And then you throw the dart andgoes like you know, ninety degrees and
bounces off the balloon, off thepure They got those rims. They curve
the rims so that the ball doesn'tfit in the in the basketball hoop.
Don't they do that? They don'tdo that in the games. I took

(31:11):
the kids up to the Christopher andDavid when they're probably in their ten,
eleven, twelve, up to theGreat Escape, and they got these hoops,
now standard hoops, you know whatit is ten feet These hoops got
to be fourteen feet fourteen feet,and you know it's the size of I
mean, the ball balls are inflag just fits into that I mean just

(31:33):
fits into the damn thing. SoI said, I ended up hitting like
a couple of them. We've gotand they got two things after going through
like twenty bucks. Is that that'sit? We ain't spending any more money
here. That's it. Do youhave fun, Let's go in the pool.
I am a girl. When itcomes to a roller coaster, too,
I scream like a little girl.Do you want to screaming demon?

(31:56):
I went on the screaming demon andI scream. Matter of fact, my
wife and my niece were with meand my daughter. They got laughing so
hard because they weren't laughing because theride. Because I was such a woos
I was literally screaming like an oldgirl, like was like, get me
off this thing. I can't doit. The Boomerang they had that wooden

(32:20):
coaster too, click click click.I mean that's like, you know,
that's like torture. You know what'scoming at the end of the click click
click click click click, because whenit releases, Yeah, it's like you're
going like a bat out of youknow what. I just I can't do
it. I used to be ableto do the rides, but I can't.

(32:40):
I can't do them anywhere. Julieused to do it. I think
Julie ended up, you know,she had a like h and she went
into like shock because she was laughingso hard because I was such a sissy
boy. No roller coasters, noroad nothing, nothing that spins and rotates
or roller coaster. The only thingthat I get at now is a boat.

(33:01):
Well, Lisa was planning an officetrip to six Flags. You go
ahead, yeah, you guys havefun, And she said that you have
to ride every single roller coaster atsix Flags. David used to go over
there all the time with his palssix Flags. Chris, Yeah, that's
where they would go. I wentthere once. Yeah, all right,

(33:22):
we're live. If you want tocall, give us a joke talk about
roller coasters. But this retirement planningshow, it's told nico uh Today,
I want to go through a littlebit what our process is as far as
building out, because there's a lotof missteps that people make building out their
retirement plan. And I think oneof the biggest mistakes that people make is

(33:45):
the I love you planning. Ilove you, I leave everything to you,
and I love you and you leaveeverything to me vice versa. And
the bottom line gets down to,is that when you've created wealth, especially
if you don't have long term careinsurance, you're basically you're building a problem.
You're not building a retirement plan,You're building a problem. Yeah,

(34:07):
especially if something catastrophic happens, oryou know, you're going to a nursing
home, long term care facility.You need to make sure your assets are
protected and you have options. Youknow, make sure you have contingent beneficiaries
on your accounts and also have separateaccounts structured for separate purposes. You know.
I think you brought up a greatpoint at one of our past seminars

(34:27):
and structuring your IRA accounts to maybehave two of them, you know,
and one is the wife or yourhusband, and then the other account would
have the kids is the beneficiary onthat because what happens if you're both near
that age you know, where youmight be struggling with health. Dementia is
a huge issue that we see,and you're getting to that point where you

(34:50):
might need to go into a nursinghome. You know, if you have
an IRA that has the kids asprimary beneficiaries, you know, rather than
the wife, you know, youcan get it directly to them. You
know, you could also do ifyou have contingents on their spousal refusal,
you know, so you could passit directly through to the kids. There's
a lot of planning you could do. You just need to make sure you
have the beneficiaries listed properly. Well. I think the big thing, of

(35:14):
course, is time horizons. Youknow a lot of people say, you
know, I want to retire inthe next three to five years, or
you know, I'm hoping I canget out sixty five. When we play
golf at Eagle Crest and Julie andI got in, we try to go
in first because we usually have somesnacks and stuff, and I order for

(35:36):
the table, and there is sixguys that were sitting there and we were
I guess I was nosy. Iwas over listening to their conversation, and
the more I listened to their conversationwhere I kind of said, you know,
I need to interject here a littlebit. And what they were talking
about is the cost of healthcare rightnow and how it is, And they

(36:00):
were talking about how the one guywas looking at leaving his job and his
wife and him were out in themarketplace looking for insurance coverage. So he
could basically leave before sixty five,and he said it was going to be
nineteen one hundred dollars a month toduplicate, to duplicate what he currently had

(36:22):
just for him, just for himand his wife. That was health insurance,
dental, and vision nineteen hundred dollarsa month. So it's a huge
expense, and I probably think it'sprobably one of the biggest obstacles right now.
If you've saved enough money and youfeel comfortable and you don't have health

(36:42):
care. I mean, that's oneof the greatest things about working with the
state or a municipality. If youwork there for a certain period of time,
you get health care for life.I mean, that's a godsend.
There really is a godsend. Andyou never see health savings accounts, flexible
spending accounts. You know, Iget goose bumps when I see them because
they're such great opportunities for people thatare in high deductible plans. You know,

(37:06):
order opening some sort of health savingsaccount that's going to get triple tax
benefit. You know, you gettax deductions, tax ree growth, tax
redistributions. As long as it's usedfor qualified, qualified medical purposes. You
know, or health insurance premiums.You know. So these are very advantageous
products or accounts that you can haveif you if you are in a high

(37:27):
deductible plan, start contributing to one, you know, because down the line,
this is going to give you alot of options potentially to help you
retire early. You know. Yeah, well not only that, but the
thing is that people say, youknow, it's you know, in order
to participate in the HSA, ofcourse it's got to be in a high
deductible plan. But the high deductibleplan is is you know, not a
negative. To me, it's apositive because it affords you to fund your

(37:52):
Your premium is going to be lessyour contribution typically with the high deductible plan,
if you have the ability and theemployer matches in some capacity the HSA
account which they can uh, youknow, to me, it's a win
win situation because you own that.It's no different than your IRA or your
your ROTH or your four O oneK. That's your money, and then

(38:15):
when you walk out the door intoyour retirement years, you can utilize that
money in order to facilitate qualified healthcareexpenses. So to me, it's a
win win situation. I know that. I've had the chat with you about
it. I told you, listen, Nika, it's the biggest mistake I
made was not to participate in somethinglike that. I was too old.
I was too late in the game. But for young people, young professionals,

(38:37):
if you got the opportunity to doa high deductible plan with an HSA,
run do it. Yeah, signup your hat. So so healthcare
is a big obstacle. The otherthing is is you know zip code.
God bless you, God bless you, God bless you. My son guys

(38:59):
saw me, God bless you.Catch I called it. I got you
see that? Would you know?You just there? You go change the
mic please, Hey, Doug,what's that hanging off with your microphone?

(39:20):
Get the lightsole out embarrassed. Butyou know, we talk about healthcare.
But the other part of this wholeprocess too, is that as you get
ready for your retirement years, mostof us don't have pension benefits. A
lot of people are risk adverse duringthe retirement years. Seven out of ten
you will say during the surveys thatthey don't want to take a lot of

(39:43):
risk with their assets during their retirementyears. And you know, one of
the things that you have to dois try to figure it out. How
do you build out that retirement planthat facilitates the income that you need in
order to have quality of life.But the other question becomes the zip code?
Where are you going to live?Yeah, it's one of the main
questions I ask in the first pointappointment when when I meet with somebody.

(40:07):
You know, what are your plans? You're going to stay here, You're
going to follow the kids around thecountry, what are your goals? You
know, where are you trying toretire to? You know, and if
you're going to be retiring in Florida, Tennessee, one of the Carolinas,
Texas, then we have to havea plan in place, you know,
when they ask if that will hurtour relationship with them, But no,

(40:29):
we're registered across the country. Youknow, we have clients in various states,
you know, but twenty eight states, twenty eight states now and twenty
eight you know, if you move, I'm probably even going to be happy
because some of these out of stateproducts are well, you're going to Alabama.
Yeah, you're going to do thatcar thing too, right, No,
I'm not going to do that.It's like five hours from them.

(40:51):
I didn't realize they're on the southernpart so by the by like the Panhandle.
But they love it done there toboth New Englanders. One one was
from Maine, one was from upstateNew York. Now they live in Alabama
with their mammies. They're down inAlabama. All Right, we're gonna take

(41:15):
a break and when we come back, we're gonna talk a little bit more
about addressing your retirement plan, howto stay on top of it, the
decisions that have to be made.One of the things that we try to
do over and over again at theRetirement Planning Group is try to understand exactly
where you're going to live. Whythat's important to talk a little bit about
that when we come back, becausecertain assets are protected in certain states and

(41:37):
certain ones are not, which canbe very problematic. But if you have
any questions or comments, we're liveone eight hundred talk WGY. That's one
eight hundred eighty two five fifty nineforty nine. Give us a call if
you have a particular question. Believeme, there's a lot of people out
there that probably have the same oneone eight hundred talk WGY. We'll be

(41:57):
right back the eighty six percenters.Do you know that eighty six percent of
the population has no defined benefit pensionplan. For most of us, we
have to take our life savings andcreate a paycheck for the rest of our
lives in retirement. What is yourplan for retirement income distribution? How you
manage your assets during the most criticalyears of your lifetime. Nobel Prize winning
economist William Sharp has called retirement incomedistribution the nastiest, hardest problem in finance.

(42:22):
He points out that investment, uncertaintyand mortality can derail the most careful
laid out retirement income plan. Callour offices today to start the process of
building your retirement income distribution plan.After forty one years of being in the
financial services business, you need tostart taking action to start building your own
personal retirement income distribution plan. Howdo you do that? To take action?

(42:45):
Five one eight five eight zero onenine one nine. That's five one
eight, five eight zero one nineone nine or RPG retire on the web.
Don't procrastinate, motivate to start buildingyour retirement income distribution plan. Five
one eight five eight zero one.We're here live in studio. If you
have any questions, please call oneeight hundred talk w g Y one eight

(43:07):
hundred eight two five five nine fournine. Want to talk with Dave after
the show? Call five one eightfive eight zero one nine one nine.

(43:42):
Don't stop, stop stop stop allright, we are back, Nico,
Sit out, stop answer sweating overhere, put your pants back on.

(44:05):
I'm done, I'm done. Yougot it. You loosened up. Here
to go. Let's out there,jiggings out there, jogging, jogging in
the parking lot. Gotta get mywork out. Don't work couches either,
Yeah, No, I got anew one, Nico. Nico and my
son went out and got his newcouch yesterday. Love seat. He's got

(44:30):
a couple, a couple of coupleholders on it. Beautiful. It's a
beautiful thing. You in the future, bride. You guys can sit there
and have your coffee and you canhave your t's and all the other stuff.
Right, eat your popcorn. Wehad sushi last night, did you.
I can't. I can't a newcouch. If it if it crawls

(44:51):
off the plate, I don't needit. Well, mine stayed on the
plate and it was good. Andthen, uh, we do I think
we watched Oh, I was watchingFriday Night Lights. I love that show
set I don't. I don't thinkI've ever seen that football. No,
No, I just I'm not aI don't. I don't watch I used
to watch TV all. I don'twatch hardly any TV at all anymore.

(45:14):
Chris and Marissa are huge movie fans. They watch movies all the time.
He's watching Dune. They watch Gameof Thrones too. Yeah, but Julie
and I used to watch a fewshows on Netflix and then I don't know,

(45:34):
I just we don't have time,just got too much stuff going on.
I just got whacked for my Netflix. So what does that mean?
Took the monthly out? Well,they did the subscription. Yeah, thirty
bucks now a month, thirty bucksa month for Netflix. Well, it
depends on the plan you get.Yeah, is there sports on that?
No movies? Shows? They dooriginals now too, they but yeah,

(45:59):
well I guess if you enjoy it, then you know, thirty bucks is
not a one of it. Yougo to the you know you're go to
the theater, it's thirty bucks fora bag of the popcorn. Yeah,
you know you got to walk upthere with a gun. That's another ten
bucks. Give me three clados andtwo of those big popcorns or I'm gonna

(46:19):
pull the trigger. Last time,I said, like, you gotta be
kidding me. Jullie says, giveme a hundred give me a see note,
give you a hundred corn. Becauseall of us went. You know,
sometimes during the holidays we'll go toyou know, the theater. All
of us saw Avatar last time.That's exactly right. I remember you said,

(46:44):
yeah, that's exactly right. Wewent to see Avatar, which I
don't know. It was okay,it was all right, not a big
deal. So all right, let'stalk about zip codes. Where are you
going to live? Why is thatimportant? You go? Depending on the
state, you know, the county, your protection. Right. So I
was just talking to a client earlierthis week actually potentially changing his permanent address

(47:09):
to Florida. You know, he'sgot New York state partnership policy as well,
So we're going through what happens withthat. You know, he maintains
coverage, but it shifts so insteadof a total asset protection plan turns into
a dollar for dollar in Florida.But you know, he also has other
changes that would happen. So inFlorida, the IRA is protected. So

(47:31):
all his pre tax assets at thatpoint would be protected and also his primary
property. You know, so atthat point the dollar for dollar, you
know, it really doesn't play.It doesn't play a major factor. And
statistically, statistically, he's not goingto show up at that doorstep. Of
all of the partnership with long termcare policies that have been sold in New

(47:52):
York State, a handful of peoplehad gone on what they called Medicaid extended
coverage. So statistically it's not gonnahappen. But he's in a really good
spot because he's got a great plan, but he also has he's really seriously
thinking about that, huh yeah,making Florida his primary residence. Will he
continue to have a home up here, Yes, he will. I don't

(48:14):
think he's gonna do it, Youdon't think so. Yeah, he was
just bringing it up, contemplating it. I spent a lot of time down
there. But here, here's awarning to everybody, because I know who
he's talking about. And I gotmad as h double hockey sticks. After
he left, I wasn't able toattend the meeting because I was in another
meeting with one of our strategic partners, and I talked to Chris McCarthy and

(48:39):
Nico after the meeting, and theysaid, you know, I think you
brought it to my attention, Nico, that the statement was jiving with what
we had seen in the past.And what happened is met Life used to
have a product called Preference Plus,which was the best variable annuity with GM

(49:00):
might be guaranteed minimum income benefits andalso growth benefits. It was the six
six and then they switched it tosix and five six growth growth and five
percent income, but it didn't changethe chassis. So what happened is that
Metlife's back office is no longer it'snow BrightHouse. So the GMIB value your

(49:23):
high water mark, as long asyou don't exceed the five percent, will
never go down. It always staysthe same until you have to do the
annuitization at age eighty five or youjust let it. You just keep it
going the way it is. Andwhat happened is that this statement was not
reflecting that. It was reflecting theirnewer contract, not the older one,

(49:45):
because we had bought this contract forthe client, two of them in twenty
ten, so they were fourteen yearsold. So I said this and Chris
and Nico and I sat down together, the three of us, and I
said, I don't care what youhave to do if you got to run
through a building, but we're goingto straighten this out sooner than later because

(50:07):
these guys are wrong. They're notright. I mean, I've sold hundreds
of millions of dollars of these products. I was number three in the country
at one time, uh producer forMetLife in you know, selling those products.
And I said, I know itinside and out and they're wrong.
And come come to find out,what did they say? Did you talk

(50:27):
to him or did Chris talk tohim? Afterwards McCarthy was talking to them.
Yeah, I didn't have any directconversations, but they came back and
said, you're right. You know, we are wrong, and we're going
to have to change and modify thestatement. So I'm just by the reason
why I'm not patting myself on theback here. What I'm trying to say
is that for people that are outthere that have those types of contracts,
you need to look at them onyour contract anniversary because it's critical for you

(50:52):
to understand is that that GMIB valuethat high watermark. As long as you're
not exceeding theme benefit should never goaway. See, way too many people
come in with annuities that you know, they don't have a purpose for at
this point. Yeah, they haven'tannuitized it. They haven't turned on income,
they haven't taken that guaranteed annual withdrawalthem ount every year. You know,

(51:14):
start taking the income off those things. If you're in the you know,
appropriate landscape for it. You know, you don't want it to just
sit there forever. You know,you purchase these for a reason. If
it's got those income riders on it, start looking at it every year.
See if it makes sense, youknow, maybe turn that on rather than
your Social Security. You'd allow itto delay you'r SOLI security a little bit,
guarantee your higher income for your spouse. You know, look at these

(51:37):
things. People bring in statements allthe time and I say, you know
what kind of product is this?And about eighty percent of them don't know
what they own. You know,know what you have, know what the
riders are on it, and ifyou don't, we can find out for
you. And the thing is isthat believe it or not, folks,
A lot of these products, dependingon who's the owner of the produce,

(52:00):
some of these products have what theyhave spousal benefits. So not only do
you receive all of these great benefits, but your spouse also receives those benefits.
So the last thing you want todo is to cash them out or
go to cash with those investments simplybecause you can't recreate some of these you
would never be able to get againsimply because of the cost and the benefit,

(52:22):
and for you to walk away fromit would not really be in your
best interest. The gentleman that wasin with you, him and his wife,
and I called on the telephone.Yeah, because you guys had said
something, yeah, great, youhad a great product. And I said
to him, I said, don'tever get rid of that product. Yeah,
don't ever get rid of you afteryour I go, Thank god,
I told you guys to keep thatthing. No, I can tell it

(52:45):
was because they're really good at newity. The benefit base is that like six
hundred and yeah some change, andthey purchased it for three hundred and some
change. You know, so contractvalue wasn't anywhere near that benefit base.
You got to realize is that,you know, no it sounds corny.
Know what you own and make sureyou do a thorough, thorough examination and

(53:07):
understanding before you make any moves whatsoever, because, as I've said a million
times, when the horse is outof the barn, sometimes you can't get
it back in. And talking abouthorses, I've never saw so many animals
this morning that I saw today,bunny, rabbits, and deer from Lake

(53:27):
I left Lake George, I leftLake GEORGIEA and I went to my house
right upper new Town and going overBosburg, it comes out by the Stewarts,
loaded with deer and rabbit all overthe place. And you know,
my backyard is always filled. There'sa trail that goes yes, which as

(53:49):
matter of fact, it's funny thatyou say that, because I said it
to Juelie the other day. Oneof these days we're gonna get on our
bikes and find out where the hellthat goes. Do you know where it
goes? I think it goes allthe way up to Malta. No it
goes yeah, yeah, it goesthrough uh Coon's crossing. Yeah, yeah,
it goes through there. That's thebike path right there. And I
think it goes all the way upprobably the Sarahto. I think it goes.
I don't know. We used toride our snowmobiles on that. My

(54:13):
buddy used to have property Outflue andwe used to drive Jablie JABELI used to
drive that trail all the time.Chris Chris is Son, Chris A Son.
I got friends that live over inyour gym Johnson. Yeah, we
wouldn't go on the road at all, I promise, all right, yeah
we are right, sure, yeah, trust me, trust me. After

(54:36):
you sneeze it all over the microdon't trus anyway. That's I'm glad that
Doug sits there like a guys.All just funny games. Yeah, it's
all funny games. That's yeah,that's that's what we're here for, funny
games. So again, we offera complimentary consultation at our offices. We
have five locations in New York.Any of them you would like to meet

(54:59):
us, we could facilitate it.Also, we do a lot of it's
amazing how many zoom meetings we donow. Yeah, Ring Central, rinked
or ring Central whatever it is.Yeah, it's amazing. Yeah, you
want to do that, more thanhappy to again. Our telephone number at
the office is five point eight fiveeight zero one nine nine. This is
the retirement Planning show. We'll beback after the news. Wgyam's program are

(55:25):
not those of wgy it's staff,management or parent company, iHeartMedia. Live
from the wgy iHeart Studios. Welcometo the Retirement Planning Show with your host
Dave Kopek from the Retirement Planning Group. Every week, Dave and his team
discuss the ways they can help peoplemake informed decisions about a wide array of

(55:45):
retirement planning information that can support youand developing a more certain financial future for
you and your family. Now it'stime for Dave Gopec, WGY's Retirement Planning
Specialist. I hear people talking aboutabout the way they absolutely live here in

(56:17):
this country, harping on the warswith fight, drapping about the way things
are to me. I don't mindhim switching side and standing up for things
they believe in. When they're runningdown a country man, they're walking on

(56:39):
the fatton side of me. They'rewalking on the fighting side of me,
running down a will right fighten minute, Caughton. I'm Dave Copek, I'm
here with Nicholas Dumas. Hopefully you'reenjoying this absolutely beautiful day, gorgeous.

(57:05):
Next week is already August, whichis hard to believe. So you better
get going. Get your vacation timein Nicholas. Is going away the end
of August for three months, comingback, coming back in twenty twenty five,

(57:25):
gone for a week. Outer banksters. You like it down there,
love that place. Golf's great,the weather, you know it's humid,
but you know the water's good.The ocean's nice and not too cold.
I was there once. Devil somethinga devil something, devil kill devil,

(57:52):
Yeah, something like that. No, there's kitty hawk, it's something dope.
I know there's there's something devil Ican't think of. Don't go south,
I go north once you get overthe bridge. My uh donuts my
stepfather. But dad died when Iwas young. Everybody knows that. My
mom remarried and he was the brewmasterfor Anheuser Busch in Williamsburg, Virginia.

(58:16):
Now that's a job sipping beer allday long. I'm surprised you haven't started
brewing. No, I'm not abeer. I'm not I'm not the wine.
I like stepping on grapes. YeahI could. I definitely do that.
I'd be stepping and falling, though. I have to take a little
slurp all right, today we're talkingabout retirement income distribution, the greatest obstacle

(58:45):
that most individuals face during the retirementyears. How do I do it?
Big thing at the retirement planning group, and I know that Nicholas will agree
with me on this. Nico isthat no one size fits all. I
disagree. No, I'm just Icompletely agree. Every plan is unique.
You know, everyone's got their ownsituation, everyone's got their own income.

(59:07):
As far as pensions, social Security, you know your four O one K
deferred cop four three b tsp tspt I A A four or three.
Bright said that four fife roths TSAtrust. So you might have a bi

(59:29):
U c l A. So,I mean, there's a lot of them
out there. You can shake themall up. But the big thing is
is that none of it makes alot of sense because most of it you're
going to have to try to figureout. How do you how do you
combine all these accounts that you haveaccumulated in your lifetime and I'll turn that

(59:50):
into an income stream that could possiblybe needed longer in retirement than the total
number of years that you work.I like that word used, combine as
well consolidate, It's a big wordfor me. You know, combine,
simplification, consolidation, take all thosepre tax accounts, getting them into one
account. You might have overlap spreadout between your accounts. You know,

(01:00:10):
I'm properly diversified, but potentially no. You know, if you have a
healthcare fund in this account, ahealth care fund in that account, a
health care fund in that account,you know you need to align everything towards
a goal, especially as you getcloser to retirement. Right now, interest
rates are high. You can navigatethe fixed income space and get a good

(01:00:31):
yield. You know, we usea lot of mutual funds that are kicking
off. You know, corporates aregetting seven to eight percent potentially right now.
Some core positions are getting five anda half. Five Treasury bills are
at five, the one years atfour to eight. Now it's actually come
down a little bit ye, butstill there's a lot of good rates out
there. You can really design anincome plan with you know, moderate type

(01:00:54):
of balanced risk. So again it'svalidation, simplification. Start mapping out a
game plan. If you're over fiftynine and a half, specifically, you
know, you could start really consolidatingby taking your current for one K if
it allows, you know, ifthe plan allows it, and doing an
in service rollover into a self directedIRA account. From there, we start

(01:01:16):
designing a monthly income. You know, we have a lot of capabilities through
Fidelity. Our custodian allows us todo monthly periodics, bi weekly periodics.
You know, you can take distributionsas often as you'd like, you know,
but at some point you might geta phone call from an angry Dave
or an angry ECO saying, hey, you're taking too much at this point.

(01:01:37):
But again, we can go throughthe numbers and see what makes the
most sense for your plan. Well, as long as you had that's the
key word, that last word thatyou just said, plan plaed. You
got to plan it because you know, anytime you're taken distributions off a portfolio,
depending on how it's designed and thecomponents of the portfolio. There's really
three components that we work through atthe retirement planning group. The first is

(01:02:00):
is that we want to have guaranteesto ensure that your expenses are covered,
that you're going to be able topay the bills without you know, you
know, biting your fingernails and watchingCNBC on a month to month, day
to day, hour by hour basis. We want growth potential because we all
know that it's going to cost morein the years to come than it does
today in order to meet your incomeneeds, purchasing power and possibly if it's

(01:02:25):
important to you a legacy that youwant to transfer assets. And then the
final one that I think is probablymore important than any of them is the
flexibility. You don't want to betied to anything that you can't walk away
from. You agree, I agree, liquidity is huge, especially in your
retirement years. You don't know what'sgonna come up. It's a lot of

(01:02:45):
new windows, a lot of newroofs, you know, and those are
expensive. I mean windows now,twenty three thousand client paying for windows on
the house. I just put newwindows in my house in Clifton Park.
It's crazy. That's exactly what thenumber was. It was twenty four thousand
dollars to put new windows into myhouse. Did you buy a plexiglass?

(01:03:08):
I don't know what I bought.I don't know what I All I know
is this. The guy came andsat down with us. He went through
everything. I'll tell you who hewent through. We went through window world,
and the guy came sat down withus. He was a great guy,
and then they put you know,the measurements. The windows came out

(01:03:29):
fantastic, fantastic. Oh. Thewindows that I bought originally were junk,
junk. Did you have you hadsome leaking? They were falling out of
the damn house. They were sobad. You know. I got sold
a bill of goods by a localcompany here that sells windows and wood and

(01:03:49):
everything else. And I went intobuy Anderson Win windows and I came out
with something entirely different because they convincedme to buy these windows. And the
day that they showed up, theday that they were delivered, they were
bad. Yeah, and I shouldhave tailed, but I was in the
middle of constructing a house. Iwas acting as the GC. That's exactly

(01:04:12):
what I said. Put him inand we'll work we'll work it out.
And we worked it out. Ihad every window in my house was replaced,
every single window, with the exceptionof the big one, that big
arch one that's over the entrance way. That's the only one that didn't come
out. And they were rotting.Uh. I used to sit in the
toilet in the middle of the winterand the wind would be blown by my
face because it was it was justit was junk. It was junk.

(01:04:40):
I'm just saying, how's the barndoing. I just called up. Yeah,
I just got a message. Theguy's going to start painting the barn
next week. Yeah, and stayingit. It's been a year Wood's been
on the barn. You gotta letit set for a year before before he
stayed. So the barn's getting stained. I think he's going to start it
next week. So the thing isthat I don't know how we get into

(01:05:00):
windows wed Oh. Expenses pop up, Yeah, expenses pop up. Absolutely,
expenses pop up. And the thingis is that you've got to be
in a position that you're going tohave growth, some form of growth.
And you can do this, folks. You can do this. One hundred
percent of this can be done withguarantees. You know, it doesn't have

(01:05:21):
to be outside the box. Butthe thing is is that you want to
have at least your basic expenses,housing, food, utilities, taxes,
healthcare. Now that's the big one. Healthcare, health insurance, that's the
big one. But Dave, myportfolio is not up twenty five percent.
The market's up twenty five, Ishould be up twenty five. Well,

(01:05:45):
come on in, we got toreadjust your RTQ, because now you want
more risks that you said you're notyou didn't want. I mean, this
is the problem, is that whenpeople are in a bull market, right
they're dancing in the street and they'resaying, why am I not getting market
rates of returns? Well, onyour form here it's said that you don't
want to have market rates or returnsbecause you don't want to be on the

(01:06:06):
roller coaster when it goes down twentyfive percent. You don't want to go
down twenty five percent. So wehave some bonds, we have some alternatives,
we have some cash, we havesome nygas. You got a diversified
portfolio, which basically allows you todo what weather the storm. Yeah,
and a lot of people, youknow, it's your only account, maybe
it's your only four oh one k, it's all the assets you have.

(01:06:27):
Do you want that type of riskassociated with your life savings? You know
a lot of people once you putit that way, you know, and
then we start talking about you know, diversification. Interest rates are at a
good spot right now. You don'tneed the market risk, even though you're
getting rewarded right now. A lotof people that have been in the mark
the last year and a half haveseen substantial gains, specifically in technology.

(01:06:49):
There's still over six trillion dollars youknow, sitting in cash. Yeah,
a lot of dry powder out there. You know a lot of people have
been sitting on the fence and theyhave not participated in this market run because
they're trying to time it. Butyou know, you've got historical cash on
the sidelines and excess is six trilliondollars right now. And the thing is

(01:07:11):
is that, I mean, that'swhat one of the things at Wall Street
is, you know, keeping theirfingers crossed, is that money's going to
move into the market right So andthe final thing that we you know,
will in this segment, we'll talka little bit about social security, how
it's the foundation for most of you. It's not uncommon for people to delay
their solid security benefits. You canget it at sixty two. We're seeing

(01:07:34):
more individuals that are delaying it tosixty six to sixty seven, which is
your fra or full retirement age.Some like me will wait until age seventy,
won't take it to age seventy.I had a long conversation with somebody
this week about that taking the benefitage seventy rather than you know, taking
it currently at the age of sixtyeight. Yeah, especially if you're still

(01:07:55):
working. You know, some peoplewe talk about spending down accounts or taking
you know, healthy distributions off oftheir accounts to get them to full retirement
age to guarantee a higher income stream, you know, because they don't have
pensions. So for some folks itmake sense. But again, like you
said earlier, everyone's unique. Everyone'sgot different types of accounts, everyone's got

(01:08:17):
different income streams that they're going toreceive in retirement. And you know,
there's a lot of different variables thatfactor in to when you should start taking
Social Security. You know, areyou the primary wage earner, does your
spouse have a strong benefit? Youknow, if you lock it in at
sixty two and you were the onemaking all the money during those years,

(01:08:38):
that's going to be the income streamfor your spouse too if something happens to
you. So maybe it does makesense to delay. The other thing is
too, is that you know,like with railroad, Yeah, we're getting
a lot of people from the railroadthat are clients of ours. Yeah,
and trying to figure out the railroadbenefit versus a spouse that might have social
Security benefits and how you know thatworks as far as the legacy the transfer

(01:09:00):
of wealth. In regards to thepension benefit from the railroad, the spouse
would receive half proximate right of therailroad prox approximately. So we're gonna take
a break. When we come back, we're going to talk a little bit
more about your retirement income distribution plan, the things that you need to start
thinking about. You know, wetalked a little bit about social security.

(01:09:23):
We'll talk a little bit more aboutcreating pension benefits and the options that are
out there currently in today's marketplace,they are changing, changing dramatically. The
weird that we hear all the timenow, the buzzword all over Wall Street
is what buffered oh market linked indexed. We've got a lot of products not

(01:09:45):
only on the insurance side, butalso on the investment management side where they're
basically putting suspenders and belts on theportfolio that you've got a limited amount of
downside protection. I don't know ifit's a plus or a minus. I
don't know. I haven't looked.Have you looked into them at all.
Yeah, you lose you lose liquidityfor a certain amount of time. You

(01:10:08):
do usually six years, you know, you put it in. That's your
stock market exposure, So you're handcuffed. Your handcuffed for six years. You
can access I believe maybe five orten percent depending. I think it's ten
percent. But again, I meanthis would be some sort of buffer.
So if the market went down,you'd be down the less and then on

(01:10:29):
the upside it's capped, you know, So if the market's up fifteen percent,
maybe we're only up twelve, youknow. So, But these are
products that are out there right now, and a few companies just introduced them
to New York. I've been aroundnationally, I think a little bit longer,
but we're usually the last one toget it approved. It's a huge

(01:10:50):
issue, you know, New York. I think there's a lot better vehicles
outside of New York. Even ifyou look at these nyga's. I agree.
We just saw you can get fiveseven in mass only five to one
in New York. YEP. Soall right, we're gonna take a break.
When we come back, we're talkingabout retirement income distribution. We're talking
about the greatest risk for most individualsis to take your life savings now put

(01:11:13):
it into some form of a cashflow for your retirement years. It's important
to understand the options that are availableto you. We are an open architecture
platform. We do not have anybias. We don't have any specific direction.
We listen, we use our ears, and then we build a plan
that's specific to you. There's nocookie cutter approach. So if you want

(01:11:34):
to sit down with us, ourtelephone number is five one eight five eight
zero one nine one nine five locationshere in New York State. We can
meet with you in Florida through theRegis Corporation, which is executive suites that
are throughout Florida, or we cancome to you talk to you on the
telephone, whatever it may be.Give us a call five one eight,

(01:11:54):
five eight zero one nine one nineWe'll be right back. The eighty six
percenter is do you know that eightysix percent of the population has no defined
benefit pension plan? For most ofus, we have to take our life
savings and create a paycheck for therest of our lives in retirement. What
is your plan for retirement income distribution? How you manage your assets? During
the most critical years of your lifetime. Nobel Prize winning economist William Sharp has

(01:12:16):
called retirement income distribution the nastiest,hardest problem in finance. He points out
that investment, uncertainty, and mortalitycan derail the most careful laid out retirement
income plan. Call our offices todayto start the process of building your retirement
income distribution plan. After forty oneyears of being in the financial services business,
you need to start taking action tostart building your own personal retirement income

(01:12:41):
distribution plan. How do you dothat? To take action five one eight,
five eight zero one nine one nine. That's five one eight, five
eight zero one nine one nine orRPG retire on the web. Don't procrastinate,
motivate to start building your retirement incomedistribution plan five win eight five eight
zero one nine one nine. Ifyou have questions on maximizing your savings,
navigating healthcare costs, or preparing foryour dream retirement lifestyle, We've got you

(01:13:06):
covered. Listen weekly to Dave Kopekfrom the Retirement Planning Group right here on
WGY Saturdays at seven am for theRetirement Planning Show, and also on Saturdays
at noon and Sundays at eight pmfor retirement Ready and remember you can listen
to PASS shows anytime anywhere on theiHeartRadio app. I Am Alone for the

(01:13:38):
County and drive the main road,Sir Chin and the sun Fune of the
All right, my favorite singer,one of my favorite singers. I hear
singing in the Why do you knowthat he played with the choice when Campbell?

(01:14:00):
Do you know that? Guys?I did not? Yeah, I
need a name. We love him. May he rest in peace. Another
one that we lost too soon,retirement income distribution. Can you believe Toby
Keith? Yeah, that's a horriblestory, too horrible. Can't believe it

(01:14:21):
was he fifty? He was probablysixty. Cancer has no boundaries. It
doesn't care what your age is.It doesn't care if you're a male female.
It's a horrible, horrible disease.That's why we have our golf outing
for those that would like to participate. We have a golf outing every year

(01:14:43):
for the American Cancer Society. It'sgoing to be September twenty six. One
hundred percent of the money goes tothe American Cancer Society. I pick up
the expense of it with some ofour strategic partners. If you'd like to
participate, just give us a callat our office at five eight five meets
zero nine one nine five eight fivee to zero nine one nine. Also,

(01:15:05):
we are in a situation right now, financial situation where the markets got
their ear to Washington. As faras what's going to happen here with the
election and I think creating and managinginvestments, we talked a little bit about
this at the beginning of the show. Is going to be a little bit

(01:15:26):
of a volatile situation here over themonths to come until November. You know,
I know that we've had a prettygood run here, But for people
that are entering in to retirement,there's a thing called point of entry,
and it's being I think it's critical. It's probably the most important part of
your retirement plan is when you actuallytake the money and then you start the

(01:15:51):
process of building out your retirement incomedistribution plan. That's why we're big believers
that you take the money out beforeyou retire. Yeah, three to five
years. If you have the optionavailable to you, you get the money
out of the retirement account for overfifty nine and a half, do an
in service rollover, get it intoan IRA. No point of entry is

(01:16:12):
gonna be huge a lot of times. Well most times, if you have
a four toh one K, they'regonna issue a check, so they're just
send a check to your IRA account, and then it's gonna be sitting in
the money market. You know.Then from there, when do I get
in? Right? A lot ofpeople do dollar cost averaging. You know,
you could look at a three tosix month span, you know,
over these three months, I'm gonnainvest thirty percent, you know, and

(01:16:33):
then at the end of the threemonths, then you're fully vested, and
then you kind of decrease your pointof entry risk at that point by spreading
it out, spreading it out overa certain amount of months. So there's
different ways to get invested, specificallyspecifically changing from an all equity portfolio to
some sort of balanced type of incomeallocation. So again, point of entry

(01:16:58):
is huge, you know, Icompletely agree with Dave there. Well.
The other thing is too, isthat you know people need to understand is
that as you age, there's athing called RMD required minimum distribution, and
a lot of people are always worriedabout, you know, asset preservation,
making sure that the money stays approximatelythe same. I don't disagree with that.
But the thing is is that ifyou have it's not uncommon for a

(01:17:20):
lot of the people that come intous and have a chat. I'm gonna
say it's anywhere from sixty to seventypercent of their net worth is in their
qualified assets four oh one K orthree B, you know, whatever,
deferred compensation, whatever it may be. There's a lot of wealth that's out
there, trillions of dollars that's outthere and qualified assets to the tune of

(01:17:40):
forty trillion dollars. There's forty trilliondollars out there right now in the marketplace
and qualified assets. That money hasgot a bullseye on it. That bullseye
is required minimum distribution. So whenyou start building out your plan, you're
always better off to have your planthan the government's plan, because forced liquidation
when you're in eighties and nineties doesnot do you any good. You're better

(01:18:03):
off to have your plan, utilizethe money, or reposition some of that
money so you can basically, youknow, have assets. They're gonna have
some tax preference, and you're notgonna get these large checks simply because your
age, not because you need theasset. Yeah, I think, get
a get ahead of the ball,you know, start taking distributions when you

(01:18:24):
retire. RMD is gonna kick onfor most folks at seventy three. As
we get older, I think thatbumps up again one more time to like
seventy five, doesn't it? Yougo twenty thirty two? Is that what
it is? Yep? Yeah,I believe. But again, seventy three
or seventy five, they're gonna startforcing liquidations. No. I see a

(01:18:45):
lot of times folks walk in andthey have all this money and pre tax
assets. You know, that's mylegacy, right, That's what I'm gonna
leave my kids. Let's talk aboutother directions. Let's talk about more tax
efficiency as far as transfer of wealthand really start to design a generational wealth
plan. You know, some sortof irrevocable trust with a life insurance policy

(01:19:10):
in it. You know that's taxefficient, Your house property, individual stocks
that have appreciated considerably. You know, these are all legacy options that are
a lot more tax efficient, andyou can really secure a generational wealth for
not you know, not only yourkids, but potentially your grandkids future generations.
So again, the pre tax assets. I'm more of an advocate of

(01:19:30):
spending those on a monthly basis,you know, limiting. You know,
you want to make sure that youhave an income tax plan too. You
know, if you're sending four thousanda month out, you know you're looking
at forty eight thousand dollars. Well, quick math, right there, forty
eight thousand dollars for the you cantell he's a scene on a graduate.
I stumbled a second. Forty eightthousand for the year of income plus your

(01:19:54):
Social Security plus pension. You knowyou want to know the Social Security taxation
as well. You can only taxup to eighty five percent of your benefit
depending on what your income tax is. So again, you want to create
some sort of plan to where youspend those pre tax assets during your lifetime
and leave your kids with a taxefficient estate. I've been in the business

(01:20:15):
now, this is my forty thirdyear. Do you know that those thresholds
have not moved in forty three years? The taxation and Social Security benefits.
Really, they've been the same forthe last forty three years. It's twenty
five thousand for individual, thirty twothousand for a husband. They have not
adjusted it for inflation at all.Zero, So that's the when they start

(01:20:36):
becoming taxed to thirty two well,twenty five thousand for individual, thirty two
thousand dollars for people that have incomeand access to thirty two thousand dollars ye
husband and wife. So the thingis is that that would be one thing
that I think Washington should look atas far as adjusting that because you know,
I started in nineteen eighty two andthey have not changed since, which

(01:21:00):
is hard to believe. Hard tobelieve. So we're talking about steps to
build out your retirement income distribution plan. You know, one of the things
that we try to do is totake into consideration not only the assets that
you've accumulated in your lifetime, butbelieve it or not, folks, people
that come into our office that arein their sixties just about with a couple

(01:21:23):
this past week, the mother's home. She's ninety three years old, she's
in great health, doing fine,but there's going to be a considerable bod
wealth transfer once the mother passes away. That has to also come into the
calculation as far as ultimately how you'regoing to manage your wealth, because you
know that you're going to have Nowthe one woman said to me, she

(01:21:45):
goes listen, you know, she'sprobably gonna live to be one hundred.
She'll live us. You know,she's in great shape. Now it's you
know, statistically that's not going tohappen. But what you want to do
is you want to basically take thatwealth transfer and put it into your overall
platform, which we have is emoney exactly. It's a one stop shop
shows you where everything is, yourtaxable liabilities or your tax liabilities, non

(01:22:12):
qualified assets, you know, bankaccount shows property value, everything like that
one spot. So if you wantto sit down and have a chat with
us, give us a call.Numbers five one eight five eight zero nineteen
nineteen and that's five one eight fiveeight zero one nine. If you want
to sit down, you know itdoesn't hurt, have a complimentary consultation with
us, go through where you're at, give you some ideas, and then

(01:22:33):
go through re money, show youwhere everything's at. So again that's five
one eight five eight zero one ninenine. We're gonna take a break.
We'll be back on the other sideof the half hour. All the people
involved have been located and interviewed.There will be police presence in the area
for a while, and we areback. We are back. Those are

(01:23:25):
just tuning in. Jack. We'reback. Jack. My name is Nicholas
Dumas, certified financial planner with theRetirement Planning Group. The Rapper, along
with Dave Kopek. The Rapper,The Rapper, the Polish Rapper, the
scat of Cope. I don't wonderif he rap couldn't have her for me?
You know that one, right,guys, that's the Polish, the

(01:23:46):
Polish landmark. How do you pronounceyour last name? GAZLASKI put a little
Polish Alasky. That's uh. TheIrish version, gods is much better on
air, for sure. Mom anddad both Polish. Just my dad just
your dad? Yeah, my momand my mom's was German and Polish.

(01:24:06):
My dad one hundred percent copich.That's exactly right. It's how you pronounce
it in Polish accent over the sea. I'm going to try to go over
there next year and see my ancestry. I actually have a cousin over there.
Now. You've been talking about itfor a while. I know I'm
gonna do it. I'm going todo it. I'm going to do it.

(01:24:27):
So all right, we're talking aboutretirement income distribution planning. We're talking
about the obstacles that most individuals faceas they enter into their retirement years.
How do I build out a portfoliothat takes into consideration what could possibly be
income streams that could last for decadesdecades. I saw a thing on AI

(01:24:51):
the other day, artificial intelligence,and they said that the changes that will
be made in healthcare will be dramaticand most individuals and need this plan to
live at least to age one hundred, age one hundred. A lot of
these unbelievable changes that are going tohappen here, which we've seen, you

(01:25:12):
know, the Neico and Ice itall the time. We have a client
John, I know, I don'teven have to mention John's last name,
that is in his eighties. Itlooks like he's in his fifties. He's
just in great shape, takes goodcare of himself, and I'm always flabbergasted
that he's got as much energy.My oldest client is one hundred and two,
one and two years old. Soyou're going to live long, and

(01:25:34):
you've got to make sure that themeriaded of factors that are out there as
far as savings, healthcare, familyexpenses, your values, ultimately what you
want to achieve is basically filtered intoyour team, the one that is basically
managing your assets or your wealth duringyour pre and post retirement years. And

(01:25:59):
we are major advocates of all inor all out. I know that that's
a hard decision sometimes for people tomake to either, you know, but
it's hard to have a successful retirementplan when you have assets scattered all over
different locations. You know, youcan't make a strawberry pie without strawberries.

(01:26:19):
You know, what do they say? You can't You can't cook without all
the ingredients. You can't have thesauce. That's what you say, Bill
Parcels. They wanted me to makethe sauce, but they wouldn't let me
go out and buy the ingredients.So how are we going to do that
with your retirement plan if we're notable to see you know, four or
five outside accounts. You know,we need to take into account those those

(01:26:44):
various assets that you have and makesure that they're all designed for the income
plan. Like Dave was saying,people are living longer ninety two ninety three.
I see people come in and theirtheir mom and dad are still alive
and they're late nineties. You know, so you want to plan for a
long retirement. Most folks now areretired longer than they worked. You might

(01:27:05):
work for thirty five years, nowyou're going to be retired for forty.
Warren Buffett just retired, didn't retire, just had a birthday. He's still
working. He's ninety three exactly.So how do you design that plan?
And it's through sitting down and actuallylooking at your retirement assets. You know,
right now a lot of people thatare getting closer to retirement, they're

(01:27:28):
all in equities, they're on stocks, you know, they're in a target
date fund their whole life. Andnow it's time to start mapping on income
plans, start thinking about when toturn solid security on and what's going to
be a good amount of monthly incometo solve your baseline needs. So that's
what E money does for us.We go through money with folks, usually
on the second appointment, after wecollect all your your data and that initial

(01:27:50):
uh in that initial meeting, andthen have they added more bells and whistles
to eat money? Yeah? Yeah. As far as work capabilities, because
it's such a it's you know,I call it the hub of the wheel.
You know, it Basically it driveseverything as far as your overall wealth

(01:28:12):
management plan. I think would youagree? We mostly use it for income
planning, but there's also a statetransfer tools, so it shows you what
would happen if one of the spousehas passed away. You know, that's
something else that you need to thinkabout, you know, income replacement or
well, yeah, spousal income.So again, your soci security is gonna

(01:28:33):
be one of your major topics oncethis when you're discussing the spousal transfer pension
election, did you protect your wifeor did you protect your husband with your
pension? Did you do a popup a joint survivorship option or did you
take the single benefit and say,hey, I want to take the maximum
amount that they're going to give mea retirement because I'm going to live for
another seventy years. You don't knowwhat's going to happen tomorrow, so always

(01:28:57):
make sure you're protecting your spouse andthere's adequate amounts of income that would come
in if something were to happen toyou. And then you've got to be
realistic folks with your withdrawals. Youknow, we're big believers, like what
Nico said, if you're going toretire at age sixty five, you've got
a significant four to one K ata minimum. You want to basically get

(01:29:17):
it out of there and start buildingyour IRA out for your retirement years.
At each, say sixty three atthe latest, you want to have at
least a couple of years of dividendsand cash flow that's going to go into
your cash account. So when youwalk into retirement we call point of entry,
you've got a bucket of money that'salready set up, at least at
a minimum one year salary that wasgoing to be there as far as what

(01:29:41):
you expect to draw. I knowthat we bring people back after two,
three, four months after they've retired, after we've built out the plan,
and then we start looking at,you know, do we have adequate amounts
of cash coming Are you, youknow, comfortable with the amount of money
that's coming in. Is there anone one event that you're expecting that you're
gonna have to pay off here?Because as we're all quite well aware,

(01:30:05):
life changes and events happen. Sowhat you might think is gonna be the
accurate amount of money could actually bemore or less than what you really need.
I think healthcare is a major determinant. Now you are starting to see
a lot more people, you know, spread the working years out to sixty
five. You know, maybe youused to see sixty two a lot more.

(01:30:26):
That's when I can start taking mySocial Security. I'm gonna get out,
start collecting, and then you know, manage distributions off my retirement accounts.
But now with health insurance at onethousand, two thousand dollars a month,
you know, that's a mortgage,you know, and even if you
paid off your house, now Igot this new mortgage called health insurance that
you gotta pay because you're gonna loseyour benefits from your work depending you know,
some state employees they get coverage throughMedicare. Some uh, I know

(01:30:49):
National Grid guys they get some supplementalcoverage. But but again, you want
them a big it's a big deal. You got to talk to HR see
what the benefits you're entitled at retirementare. And then that's really gonna The
more information you have, you know, the better, clearly specifically in this
situation, because it's your it's yourincome plan. Well, I told you,

(01:31:12):
you know that I overheard the conversationwith the guy at the golf club,
and he was saying that you knowhis wife, they're looking at nineteen
hundred dollars a month until the agesixty five in order for them to pay
for healthcare, DVIL and vision.And that's a big ticket item. Twenty
four thousand a year. That's abig ticket item for your retirement years.
There goes your Social Security. Sothe thing is is that there's steps that

(01:31:36):
you need to consider when you walkinto your retirement, and there's really five
that we focus in on. Thefirst one is that we need to identify
your own personal financial goals, whatyou're trying to achieve with the wealth that
you've created. Some people say,listen, Dave, my kids are doing
better than me. They don't needany of our money. We're gonna live,
We're gonna spend it all. Andwhen I pass away, I want

(01:31:58):
my last check to bounce. Makethat happen. We can make that happen
last. I can make sure Imake sure that check bounces way before that
great way. They got a kidgoing to the f a U. I
need some do ra me. Youwait, your day's coming. You're gonna
pay for college education? Man,I'll tell you what it's a. It's

(01:32:20):
numbing. It's numbing. They've gotthis great college, Harvard on the Hudson
they call it. Yeah, I'lltell you what. David went there for
two years. The best money thatI ever spent HVC, at least the
first couple of years. Yeah,my son, core class. You didn't
do that. No, I didnot. You didn't do that four years.
But you don't regret You don't regretthat, though, do you.

(01:32:42):
No? No, I don't regretit. It was the educational lifetime.
You know, their stock market room. I spent hours and hours and hours
in there. I love the Bloombergterminals. They had the tickers that were
going across the ceiling and the glasswalls. Do they still have that room
at Yeah? They do, Theyshould. I don't over there in a
while, Yeah, I don't know. So all right, we're gonna take

(01:33:03):
our final break. When we comeback, we're gonna kind of button up
and summarize building out your retirement incomedistribution plan. As Nico said at our
last break, we offer a complementaryconsultation in either Syracuse, Oneana, Albany,
Malta, or Glenn's Falls if you'dlike to take advantage of it.
All you have to do is pickup the telephone five win eight five eight

(01:33:25):
zero, one nine nine. Youwant to check us out on the web,
it's rpgretire dot com. Rpgretire dotcom. Got a lot of good
things going on at the Retirement PlanningGroup, some news that will be coming
out soon with some integration in withmaybe some strategic partners that are going to
give us more options, more billsand whistles for our clients, which I

(01:33:48):
think are critical. We're trying tokeep pace with the financial services industry,
so I think that there there area lot of changes that are going to
happen in the financial service industry,and we want to lead, we don't
want to trail. So hopefully we'llbe able to announce some of those things

(01:34:09):
in the very near future. Butas always, we welcome the opportunity to
sit down with you. Five wineeight five eight to zero, one nine,
one nine is our office telephone numberif you want to call us today.
We're live in the studio one eighthundred talk WGY. That's one eight
hundred eight two five fifty nine fortynine, one eight hundred talk WGY.

(01:34:29):
We'll be right back the eighty sixpercenters. Do you know that eighty six
percent of the population has no definedbenefit pension plan. For most of us,
we have to take our life savingsand create a paycheck for the rest
of our lives in retirement. Whatis your plan for retirement income distribution?
How you manage your assets during themost critical years of your lifetime. Nobel
Prize winning economist William Sharp has calledretirement income distribution the nastiest, hardest problem

(01:34:54):
in finance. He points out thatinvestment, uncertainty, and mortality can derail
the most care careful laid out retirementincome plan. Call our offices today to
start the process of building your retirementincome distribution plan. After forty one years
of being in the financial services business, you need to start taking action to
start building your own personal retirement incomedistribution plan. How do you do that?

(01:35:15):
To take action? Five one eightfive eight zero one nine one nine.
That's five one eight, five eightzero one nine one nine or RPG
retire on the web. Don't procrastinate, motivate to start building your retirement income
distribution plan five one eight five eightzero one nine one nine. If you
would like to hear more information onnavigating your Way to Retirement from Dave Kopek.

(01:35:40):
Remember you can listen to this showand past shows anytime and anywhere on
the free iHeartRadio app, or goto iHeart dot com and search Retirement Planning
Show. I've been walking these streetsso long, singing the same old song

(01:36:15):
I know every cracking these dudey sidewalks abroad Where sorry, name of the
game. We are back and niceguys get washed away like the Ryanstone Cowboy.

(01:36:40):
It's the weekend. It's gonna bea beautiful weekend. I guess one
of the best ones so far thisyear is will be careful. I got
a bone to pick with, guys. If she's still listening over there,
he's not listening. He fell asleep. He didn't play one Keith with So
I'm sorry. Joe was telling mehad a baby born yesterday. I became

(01:37:03):
a grandpa. Very good stuff frommister Gallagher here. Yes nice, so,
yes, congratulations. I'm sorry,guys, I got distracted there by
the good nice is it all?Harry walk around the forest. Joe will
save that at nine o'clock us allthe heads up on that I've seen.

(01:37:24):
I think I've seen a couple ofthose things. Running through the forest.
Oh my god, there's more gallaghersout there. Watch out. Oh my
god, I only thought there wasone a him. He's not going to
turn these cards back. Our cardsaren't working. Jo said, that's a
message. They're trying to tell yousomething. Dave. Yeah, all right,

(01:37:48):
we're going to kind of summarize hera little bit about retirement income and
what you have to do. Iwas just telling Nico at the break.
You know, one of the thingsthat people, I think forget is that,
you know, the bucket of moneyapproach is really set up for a
lot of reasons. And what we'restarting to find, and it's becoming more

(01:38:09):
common than uncommon, is healthcare andlong term care insurance is really becoming a
major achilles kill for a lot ofpeople. Yeah, people are getting long
term care insurance premiums that are increasingconsistently. You know, a year over
year it might be paying eight thousanddollars now I just heard the other day.
But again, they're getting to thepoint of their life now where they,

(01:38:30):
you know, the need for itis a lot higher. So keeping
these policies in place, especially ifthey have some sort of partnership A New
York State partnership policy. You know, those those are a gold mine if
you happen to use it. Butagain, they're being forced to these high
premiums between a husband and wife,maybe twelve thirteen thousand dollars a year in
long term care, another two thousanda month in health insurance, depending on

(01:38:55):
you know, how old you are, if you haven't made it to Medicare
yet. But well, you know, Dave, Dave, you know what
I'm talking about. And his wife, I won't mention her name too good,
I don't anybody recognize who we're talkingabout. But her mom and her
dad both had partnership policies. Hermom, unfortunately, has had Alzheimer's and

(01:39:17):
she's been in a facility for years. And she said that it was the
best money they ever spent was tobuy the New York State partnership policy,
because you know, they paid like, I don't know, thirty five forty
thousand dollars into it, and youknow, she got well over a half
a million dollars paid to the facility. So you know, the thing is
is that it's a downer. Nobodylikes to think about getting sick or ill

(01:39:40):
or having issues. But the realityis is that if you don't have a
plan in place, then it's afire sale. Then you're trying to run
around trying to figure out what youcan do. And I know, personally
myself at my youthful age of sixtyeight, you know, these are things.
These are topics that my wife andI have. You know, if
I get sick or ill, what'syou know, what's the plan? You

(01:40:01):
know, Christopher my Son says,we got a vote for you. That's
going down the Hudson. You know, it's got a few holes in it.
You'll make it probably the cats kill. Then we won't see you again.
But the thing is is that youknow, you got to have these
discussions, as uncomfortable as they maybe, and a lot of times people

(01:40:23):
don't have it. And what happensis that then you sit down and you
know, it causes conflicts and angerand family. We've seen families being broke
apart because of not having these conversations. Yeah, the estate isn't you know,
cleaned up, and then you getthe mom would have wanted this,
or dad would have wanted that.You know, that causes internal conflict between

(01:40:44):
the family members and now you couldreally destroy some relationships within a family,
which at the end of the day, that's one of the most important things
is maintaining that balance in your family. But yeah, get your state in
order, you know, Like Daveand I talk about ninety five percent of
people that come in here and needsome sort of work done. So uh
so again and if you, youknow, think you have everything buttoned up,

(01:41:04):
so let us take a look.Doesn't doesn't hurt having a second pair
of eyes look at something for you, And we'd be more than happy to
do that for you. I gotone big eye on my forehead. That's
it. That's it. These arethese two don't really work. It's just
a big one of my fore it. Dave, map out your retirement godzilla,

(01:41:31):
the godzilla. Those are your footsteps. Yeah, there he comes,
all right. But you know thething is is that we choked. You
gotta laugh. You know. Oneof the things that I that I've always
said and I continue to say itover and over again. Okay, And
I think anytime, whether it's ina relationship, whether it's business, whether

(01:41:53):
it's working with employees or not,there's a keyword fair. It's got to
be fair. And the thing isis that it's got to be fair not
only for us, but for youpeople. One need to understand is that
our job sometimes it's difficult to youknow, to go through all the things
that are the possibilities that could possiblyhappen, and you know, for people

(01:42:15):
to be on the same page.You know, I know, sometimes people
get aggravated with us because they seemto think that we have a you know,
crystal ball of the future. Butwe don't. We're no different than
anybody else. So you know,as I've said a million times, you
know, no one has. Probablyit's a good thing. We don't a
crystal ball what's going to happen inthe future. But you got to have

(01:42:38):
at least some kind of a planin place that if there is an event
you know what I call the dominoeffect, you know, where the dominoes
are going to go. And itsounds kind of corny, but I think
it makes all the sense in theworld. I need to be educated and
informed to make a decision, youknow. Education, you know, make
sure you understand what you have andwhat's available to you, specifically through your

(01:42:59):
company and the retirement assets that areout there, and then informed to know
the different vehicles that are out therethat can help you accomplish what you want
to accomplish in your lifetime. Youknow, people have goals, whether they're
going to live in New York Statethe rest of their lives, or if
they're going to travel the kids mightbe out of area. They plan on
going down to the Carolinas, oryou know, I see a lot of
people going out towards Raleigh area.Oh really, Charlotte, Ashville too,

(01:43:24):
you know North Carolina, South Carolina, Tennessee. I love Tennessee. Knoxville.
Yeah, you spend a couple ofdays there, right, Yeah,
it was a good area I wanted. I never made it out to,
uh, Nashville, Knoxville, thatwas where they I went to Nashville,
and the hockey team out there isjust like what is it the Avalanche guys,
Predators. They go crazy for thoseguys. All yellow. You walk,

(01:43:48):
you walk in the building and it'syellow. Carrie Underwood date somebody from
the Predators. Yeah, I thinkthey're married now and all. Yeah,
Nashville Predators. That's a big partydown there. That's like one of the
hockey towns. Now and then probablyin the US the stadiums right on the
river. Yeah, Bridgestone Arena.I think it's called You can walk right
over right over the bridge, andI stayed at when I stayed down there,

(01:44:10):
I stayed at the Hilton, whichis right next to it. It's
a perfect place to stay, theHilton Downtown and you walk right over to
the facility. It's just uh,it's it's a great city. It's a
Nashville is just unbelievable. Our bigarea president Howard worked there for twenty years.
The next time you see the BigBoss. He did a bunch of
stuff there. Yeah, in Knoxville, Nashville, all that stuff. I
didn't know that he lives. Helives now up at Screen Lake. Yes,

(01:44:31):
yep. Well years there and thenuh I came back. Well,
unbelievable. So let's summarize a littlebit and you go as far as if
people want to sit down with usand they want to start taking action not
procrastination, how do they do it. You can give David call on his
cell phone, No, give usa call out the office five one eight

(01:44:53):
five eight zero one nine nine.If you want to sit down and have
a chat. You know, weget we get questions through the website too.
That's another way to uh, youknow, access us the RPG retire
dot com on the web www dotrpgretire dot com. You just send a
quick message to the website. Itgoes to gym and then forward it to
me or you know, Dave orwhoever you want to talk to, and

(01:45:15):
then we'll get back to you,try to get you into the office.
You know, generally we sit downwith you for an hour that first appointment,
and again we we send a questionnairebooklet out to you to prepare for
this and kind of put down whatyou have, you know, bank accounts
values, if it's in a highyield savings account, money market, what's
it getting for interest? You know, there's a little bit of work on
the on the on your side beforethat initial appointment. And then from there

(01:45:40):
we sit down and go through thatbooklet and really try to understand who you
are. We listen, keep ourears open, and then uh, from
there we we put all your informationto your money. That's when we set
up that next appointment. We sitdown in the second appointment and start really
going through some different options strategies andstart talking about an income plan. Uh.

(01:46:00):
And it's important I think Nico justsaid it couldn't have said it better.
You know, we use our earsout our mouth. Listen. The
thing is is that a lot oftimes a husband and wives sometimes believe it
or not, don't or or noton the same page as far as some
of the options that they have availableto them. I think it's critical that
the husband and wife basically understand exactlythe reason why we're making the recommendations and

(01:46:26):
how these decisions can really have adramatic impact not only on their financial stability,
but also what we always consider tobe a critical component of what we
do, wealth replacement for the survivingspouse. Sometimes people get you know,
claric, you know, glass eyedlooking at all the numbers and statistics and
figures. That's why you got totrust your team, you know. And

(01:46:48):
I say team. This is nota one person business anymore. It's too
complicated. There's too many things thatyou can have obstacles that you can you
know, in the road that youdon't want to go over. So the
thing is is that I can't sayenough positive things about our team. Uh.
You know, we go to workand it's not work. We go

(01:47:11):
to work with the object of beingsuccessful for our clients and implementing plans that
will put them on the yellow brickroad of retirement. Yeah, we go
to work and you just hang aroundby the coffee machine and I bring pastries,
pastries. We all just sing Kumbain the kitchen and hug one another,

(01:47:32):
Yeah, and just have a goodtime. No, we have a
good team. Everyone keeps their headdown, does what they have to do.
You know, everybody but Jimmy.You know everybody Jimmy. Jimmy is
kind of a problem. You cancut me off. Weird. No,
we don't fight each other. Sowe fight for our clients. You know
something's going on, you know,Lisa gets on the phone and takes care

(01:47:55):
of it, which is great.And we're just a good team. You
know. I think the team approachis something you really need in the financial
services industry. One guy can't doit all, one girl can't do it
all. You know, you needyou need help around the office. So
that's what we strive to accomplish.All right, So that's it for this
week. I know that when wecome back we'll have another topic to discuss.

(01:48:20):
But be safe out there this weekend. Enjoy your weekend. I know
that I'm going to be spending sometime up at Lake George with my wife
and my family, and I lookforward to it. Is your family,
your dad, mom up in LakeGeorge. They live up there on the
weekends, do they Yeah. Iwanted him to golf with me in a

(01:48:41):
few weeks. He goes, nope, it's one of the last weeks a
year. I'm gonna be on aboat. Is that what he said?
Like that? But yeah, youhang out by yourself, son, Dad,
I need some help. I'm gonnabe on the boat. Yeah.
All right, so listen, we'llsee you for another show. Be safe,
enjoy your weekend. I'm Dave Coppackwith Nicholas Numas.