Retirement Planning Show

August 3rd, 2024

Episode Transcript

Speaker 1 (00:00):
Live from the w g Y iHeart Studios.

Speaker 2 (00:03):
Welcome to the Retirement Planning Show with your host Dave
Kopek from the Retirement Planning Group. Every week, Dave and
his team discussed the ways they can help people make
informed decisions about a wide array of retirement planning information
that can support you and developing a more certain financial
future for you and your family. Now it's time for

(00:23):
Dave Kopec, w g y's retirement planning specialist.

Speaker 3 (00:46):
Say, get up, get going, Get you up.

Speaker 1 (01:23):
Good morning. This is the Retirement Planning Show. I'm Dave
kopa I'm here with Nicholas Dumas and Zach.

Speaker 4 (01:30):
Zach is back.

Speaker 1 (01:32):
It's always good to have Zach back because the other guy,
that Polish guy, don't have to throw him in the river.

Speaker 5 (01:39):
He's my boss. I can't say anything.

Speaker 1 (01:42):
You should be the boss and he should work for you.
Sometimes it feels that way. I'm only teasing guys. Guys
is probably still sleeping. So I was having another baby.
This is like what number four? Four?

Speaker 4 (01:57):
Four boys?

Speaker 1 (01:57):
Three or four and there's fourth the fourth want a
little girl. They're getting a boy, so four boys. Wow,
it's my brother in law. It's Vince with any goombah.
I was in Boston yesterday. I saw a horrible accent.
You know, all these people think that you know when

(02:18):
it rains like it rains yesterday.

Speaker 4 (02:20):
I don't know. I did it rain hard here? It
was on and off? Was it? Yeah? Rained last night? Boy?
It was.

Speaker 1 (02:25):
It was raining on the mass Pike. We're ninety one,
you cross over ninety one and you're going up the
hill there the highest salvation. Well, this guy was driving
this pickup truck and pedal to the metal wiped out
and he wiped out.

Speaker 4 (02:43):
Did you see it just the afternoon?

Speaker 1 (02:45):
I saw right after. Right after people were like running
over but he you can't drive seventy more miles an
hour when you got an inch and a half of
water on the road. It's crazy. I mean, people just
don't use their heads. But I get a little housekeeping
their necro and we can get into it. First and foremost.

(03:05):
Our golf outing is going to be September twenty six,
if you would like to participate. It's from the American
Cancer Society and we have a great outing. It's lots
of fun, lots of gifts, and everybody walks out of
there with something and it's a wonderful day and if

(03:27):
you would like to partake, it is the twenty sixth
of September, and you can call Jim at the office
at five point eight five eight zero one nine one nine.
He'll be more than happy to reserve a spot for you.
I know that we've got a lot of foursomes already.
We have a golf outing this coming Saturday for my

(03:48):
brother in law who died of cancer. That's a family
event that we're going to have at the same facility,
and you're partaking in.

Speaker 4 (03:55):
That, right I am. Yeah, Julie was texting me last
night about it, So yeah, next Saturday should be a
good time.

Speaker 1 (04:03):
The weather will be good, and we don't have to
worry about it. The bottom line is that we will
not be here next week. We'll do a pre recorded
show during the week. But that's okay, that's all right.
Is anybody watching the Olympics?

Speaker 4 (04:17):
Yeah?

Speaker 1 (04:19):
Have you basketball? I refuse to watch it. I refuse
to watch it. When they got guys in the ring
beating the hell out of women, I just I refuse
to watch it. That's not that's not sport. That's basically
putting a woman in there to get her head beaten in.
You have one punch, then you quit, You blame her.
It's like it's like you going in the ring with

(04:40):
that guy we just got as a client. I told him,
I told McCarthy to call him yesterday. I didn't want
to get too close to him. We got a client
that is like he's built like uh Gonzilla. I mean,
I mean, I said, you know what, Chris, I think
this guy's going your client. No, you're right, And if

(05:04):
he's listening, you know, we're only teasing you. We love you.
Don't get upset of me. Please.

Speaker 4 (05:10):
The one that the one thing that that kind of
irritates me about that is, you know this, this woman's
been training in her whole life.

Speaker 1 (05:16):
It's stuff fair.

Speaker 4 (05:17):
She's finally got her moment. She's on the Olympic, Olympic stage,
and and that's her fight.

Speaker 1 (05:22):
She's fighting against a guy. I don't care how good
you are and how strong you are. Is a woman,
you know, unless it's a wrestling match and she's five
hundred and six hundred pounds and you know she puts
you in a pin. But the bottom line gets down
to is that, come on, what that I refuse to
watch the Olympics. Refuse to watch it. If that's the IOCs,
I mean, what what's next? You know, you're gonna have

(05:45):
men competing against women and what else? Swimming? Basketball, basketball,
It's just to me, the world's upside down, the world,
the world is crazy. What the hell's going on? And
then the opening ceremony. I'm a Catholic. I grew up
as a Catholic. I'm still a participating Catholic. You know,
I'm not one of these convenient Catholics. You know, Julie
and I still believe in our religion. And for them

(06:08):
to have that ceremony at the beginning of the Olympics,
to mock the Last Supper and then have all I mean,
first of all, can you tell me what's this infatuation
with drag queens?

Speaker 5 (06:20):
I can?

Speaker 1 (06:21):
I mean, it's all over, It's not just the Olympics.
And you know, listen, I'm all for inclusion, but you
know there's a point in time. Here's the other thing
that makes me mad as hell. You know I've been
There was a stabbing in Late George last night.

Speaker 4 (06:40):
Did you hear it on the news?

Speaker 6 (06:41):
No?

Speaker 1 (06:41):
Stab?

Speaker 4 (06:42):
Does that surprise me?

Speaker 1 (06:43):
No? Why doesn't surprise me is because Late George Village
is becoming, in my opinion, nothing like what it was.
If you walk down that street and look in the
windows some of these T shirt companies, it's the filthiest,
rotten language and postings that you could possibly imagine. I

(07:05):
can't imagine as a parent having an eight year old,
a ten year old or a twelve year old and
walking up that main drag and letting them look in
the wind. I mean when I say it's filthy and disgusting, yeah,
it's an.

Speaker 4 (07:17):
Understatement that's by the delagaffs, Right.

Speaker 1 (07:20):
That's exactly that's exactly right.

Speaker 4 (07:22):
Yeah.

Speaker 1 (07:23):
I actually called the village of Lake George and I
said to them, is this really how you want to
represent yourself? Isn't this supposed to be a family friendly environment?
And you've got husband and wives bringing their kids up
and down the street and you got to say, don't
look in that direction. And it's not just one. They've
got like four stores on the strip. And when I

(07:44):
say it's filthy and disgusting, I mean it's stuff that
you wouldn't you and I wouldn't say in a men's
locker room.

Speaker 4 (07:51):
Yeah. Anyway, I have been watching the Olympics. There are
some actually interesting sports they have. I guess I don't
understand handball. Don't understand that game. It's kind of like basketball,
but they'd throw it the net. And then yeah, I
was watching archery last night. Was pretty uhreat insane. They've
got like a six seven foot drop on these arrows

(08:12):
that are flying at the targets. Yeah. And then I
was telling Kendrick, come on, I didn't I could do that.

Speaker 1 (08:18):
Get out in the field, put an apple on your head.

Speaker 4 (08:20):
I could do that. On let's start practicing.

Speaker 1 (08:22):
Come on, get out in the field and put an apple.

Speaker 4 (08:25):
I have four years till the next game.

Speaker 1 (08:30):
All right, we got a lot of stuff to talk
about today. Again, we are the Retirement Planning Group. We
have a lot of locations here in New York and
also the ability to meet you almost anywhere because of
the Regis Corporation, meaning those are executive suites throughout the country.
If anything that we're discussing is an interest to you,
if we can't do it by zoom ring central, we'll

(08:51):
do it by either train, playing come to you in
some capacity, well, train or playing.

Speaker 4 (09:00):
I never heard you say that you take a train out.

Speaker 1 (09:03):
I'll take you out take a cheat you. Well, if
I'm going to Manhattan, I'm taking a train, I'm i driving. Yeah,
you take the train all the time?

Speaker 4 (09:09):
I do. I take it down. Well I used to.
I don't like going through the city anymore. But but yeah,
it was quick. He got on the train. You're there
in a couple of hours.

Speaker 1 (09:16):
To get scared easy, Yeah, you know. I'll tell you what.
Brian mccannon is a good buddy of mine. He is
my best friend for decades, you know, Brian. And he
said to me, he says, there's one thing about you,
your nickname. This is what he calls me, mister unembarrassable. Well,
I just tell the way and I like it. Look
in the other directions.

Speaker 4 (09:37):
Who I am?

Speaker 1 (09:38):
Who I am? So I am so. A lot of
stuff going on. We'll talk about market volatility. We'll talk
a little bit about what's going on with interest rates.
Growth concerns of course, are leading the markets into a
little bit of a panic. And I would say to
you use that as a buy an opportunity. You know,

(10:00):
when markets sell off, that's an opportunity to buy. And
guess what, folks, here is the bullet points from our
friends of fidelity. This volatility is driving a sharp rally
in bond prices. Yeah, doesn't that make you feel good.
We've we've been talking about this now for months.

Speaker 4 (10:20):
Something we've been talking about for I'd say longer than months.
You know, we started the NYG conversation end of twenty
twenty three. So the multi you're guaranteed anwity contracts, still
getting five point one for five years, we're still selling them.
I think they make a heck of a lot of sense.
You know, the treasury already fell. You could see it
if you look at the one year one month trailing.

Speaker 1 (10:40):
What are nyg's right right now? The guaranteed rates five
to one five point one, so you get five point
one percent guaranteed for five for five years, which I
think is a great, great, great rate.

Speaker 4 (10:52):
Yeah, you look at the five year treasury right now,
it's training at about three eight, So three point eight
you're getting a hole, but almost one a quarter better
than the market rate, the government rate. And the one
year treasury, like I was saying, it fell from about
five two five three one year now it's at four
to four. So you're starting you're starting to see these

(11:13):
short term yields decrease if you have T bills maturing
what are you doing with those dollars? Now?

Speaker 1 (11:18):
Well, not like that, But the thing is that if
you want these guaranteed rates, you better move quick. Yeah,
because the FED futures is pointing that the Fed's going
to have to step on the gas a little bit
quicker than we thought.

Speaker 4 (11:29):
So what does that mean.

Speaker 1 (11:30):
It's going to give you a little bit of breathing
room in order to capture these yields. But when do
they come out with the new rates? Next week?

Speaker 4 (11:38):
Monday?

Speaker 1 (11:38):
Your Tuesday? Those rates are locked in for how long?
The five to one?

Speaker 4 (11:43):
So usually I think every week they send Jim a notice,
but we haven't. We haven't seen a decrease yet.

Speaker 1 (11:48):
So you know, we're going to see some uh. I
think I've been saying this for the last few months.
You're gonna start seeing some volatility in the markets because
of what's happening in Washington. That gives you a stomach
ache watching that too. You know, what bottom line gets
down to is that just remember rebalance, diversify and dry powder,

(12:10):
and when the opportunity presents itself, deploy that fresh powder
to something that you feel warm and fuzzy about as
far as an opportunity in your model.

Speaker 4 (12:19):
Yeah. And if you've you know, been comfortable with that
dry powder because you're getting five percent on it in
the money market some of the shortest term paper, I
think you're gonna start seeing those yields to decrease a
little bit here, So maybe it might be time to
take a portion or you know, a good amount of
that dry powder and get it to something longer duration,
like we're talking about here, locking the five percent rate

(12:39):
for five years. You can collect the interest off of
it while you hold it, or you can let it
compound on top of itself if you're someone that's not
utilizing that the money market there. So I think it's
a great option for conservative investors out there. Yeah.

Speaker 1 (12:52):
And you know the thing is is that you're not
seeing believe me, folks when they say this. Corporate earnings
are exceeding estimates that stocks have the client since the
start of the second quarter. And the concerns, of course
are growth outlook and you're starting to see that rotation
that we've been talking about. You know that Niko has
been talking about small caps that have had an unbelievable
run the darlings of Wall Street. You know, some of

(13:14):
them are selling off. Some of the got hit. Intel
got kicked in the can this later part of the week.
They missed. They're going to do some restructuring, lings and
people off. But you got to look through the noise
and you've got to see some opportunities. The noise, of course,
is going to be the Fed. What's gonna happen with
the Fed? The labor market? Yeah, I think we're going
to do a little bit of a hiccup here. But

(13:37):
I don't care where you go. There's signs all over
the place. I don't care where you go, who you
talked to. We had a long discussion about this out
in Boston yesterday with clients of ours. Everybody's looking for employees, everybody.

Speaker 4 (13:50):
Yeah, and jobs are down per the report that came
out last week. You know, that's kind of what started
that downward shift. The job's report came out, it was
a little short of expectations. And then yeah, we saw
it that Thursday Friday, you know, yesterday the mark was
down another what six hundred and fifty points.

Speaker 1 (14:09):
I just thinking this is I just had Zach, what
do you think about this? I've always wanted to be
an Olympic champion. Do you think if I put on
a pink to two, dialed up my hair, they'd let me.

Speaker 5 (14:29):
Box no with the girls. No, I'd give you a gold.

Speaker 1 (14:35):
You don't think so.

Speaker 4 (14:36):
I don't think so. They might let you say at
the first.

Speaker 1 (14:41):
They have a parade for me in scatty coat.

Speaker 4 (14:43):
They might let you sit at the first table.

Speaker 5 (14:44):
If you're wearing a pink two, they would.

Speaker 4 (14:46):
I don't know.

Speaker 1 (14:50):
I love you, why not? Why not?

Speaker 4 (14:55):
Me talking about jobs just got you back on that.

Speaker 1 (14:57):
I'm just thinking that, you know, that's the job that
I want. I want a gold I want a gold.
I want gold man. I'm gonna start working out once
the once the World Games and right after the Olympics
is the World Games or whatever it is.

Speaker 5 (15:12):
If you wait, they're coming there. What Salt Lake CETI
and not too long from now.

Speaker 1 (15:16):
It's it's it's insane. This this whole thing is crazy.
You know, you know, guys should not. I mean, even
Bruce Jenner, which is now Caitlyn Jenner came out and
just said this is just wrong. The DNA of a
man is a hell of a lot different than a female.
And you can't have a guy in the ring beating
the hell out of women.

Speaker 4 (15:36):
They said they had x Y chromosomes. I was reading
a couple of articles, which means, you know, it's a guy. Yeah,
but there's something to do with the testosterone levels that
qualified them. Which that's all.

Speaker 1 (15:51):
That's all because you can take female hormones and that
some guys do that that have cancer and prostate cancer
and they feed him female horn moans in order to
reduce the testosterone level.

Speaker 4 (16:02):
Yeah.

Speaker 1 (16:03):
I know that for a fact, because I'm at that age.
I got friends of mine that are battling cancer.

Speaker 4 (16:07):
Yeah right, and some females out there have testosterone levels
as high as some men. Yeah, you know, so how
are we how are we going to work around that?
You know, for basing it on honey shave? Yeah, Christmas,
I got your razor? Was it dodgeball? No, we're way

(16:28):
off track, I can't. All right, Well, we're.

Speaker 1 (16:30):
Going to take a break by the eighty six percenters.
Do you know that eighty six percent of the population
has no defined benefit pension plan? For most of us,
we have to take our life savings and create a
paycheck for the rest 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.

(16:51):
Nobel Prize winning economist William Sharp has called retirement income
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that investment, uncertainty, and mortality can derail the most careful
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start the process of building your retirement income distribution plan.
After forty one years of being in the financial services business,

(17:13):
you need to start taking action to start building your
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(17:33):
plan five one eight five eight zero one nine one nine.

Speaker 6 (17:36):
We're here live in studio. If you have any questions,
please call one eight hundred talk WGY one eight hundred,
eight two five five nine four nine. Want to talk
with Dave after the show Call five one eight five
eight zero one nine one nine.

Speaker 7 (18:07):
You ain't got the same much you could tell and
love me something new. And when we ain't talking, your
thoughts keep telling you you're feeling me too.

Speaker 8 (18:19):
So why you keep it?

Speaker 1 (18:20):
Battle out?

Speaker 4 (18:21):
Open open?

Speaker 7 (18:21):
Let me show you what I can do.

Speaker 4 (18:24):
I got nothing to prove.

Speaker 7 (18:25):
If the pressure tulba the baby.

Speaker 9 (18:27):
I could turn it loose.

Speaker 8 (18:29):
It's good time.

Speaker 7 (18:30):
Tell meybody, what's your waking lo yo eye?

Speaker 4 (18:33):
I said, they don't want to be alone now and
we are back.

Speaker 9 (18:38):
You want me?

Speaker 4 (18:39):
Who's that.

Speaker 5 (18:41):
Earth Wind and Fire featuring Lucky Dave?

Speaker 10 (18:44):
It like it?

Speaker 4 (18:48):
I heard your name in a song the other day,
Happy No. It was in a Tim mcgrass song. It's uh,
what's went down down on the farm, down by the farm.

Speaker 1 (18:59):
What you say?

Speaker 4 (19:00):
Don't mind? He says, like, don't mind Dave. He gets
nice and loud or something like that. It's like that.
That describes Dave too.

Speaker 1 (19:10):
I told you my wife and I are just waiting
for the next wedding.

Speaker 4 (19:13):
I can't wait. Invited one? Did you October? Where you're going?
It's it's one of the barn I think they're doing
a barn one. I'll tell you what a lot of
people are doing that now up in Johnsonville, New York.
Is that what they're doing between Valley Falls and Cambridge.
There is a barn up there that's supposed to be
fantastic as far as wedding events, and I don't know

(19:37):
the name of it. You probably punch it up on
the internet and you can find it. It's a They
say it's just absolutely gorgeous and the views are spectacular. Yeah,
I've got two coming up, two weddings. My buddy Chris
used to play basketball at him. Just spelled like your
son too with.

Speaker 1 (19:50):
A kid, didn't You just went down to San Antonio
for a wedding, right, I.

Speaker 4 (19:55):
Went to Louisiana, Louisiana, New Orleans. There you go, so
are worthy. These locals are local, so not as much travel.

Speaker 1 (20:04):
A lot of these weddings now, are these destination weddings.

Speaker 4 (20:07):
Yeah, I think you're seeing that a lot. But in
this area you're seeing a lot of those barn weddings now,
which I think are gorgeous.

Speaker 1 (20:15):
Run out my barn. Since I got it done, they're
going to come paint it hopefully this week, this week
or next week.

Speaker 4 (20:19):
Is that where your son's going to get married? Yes?

Speaker 1 (20:21):
In the barn, absolutely, Yeah, I'm going to do it
this weekend. Well, he wants to get married.

Speaker 4 (20:27):
Shotgun. That's it. Get in the barn, boy, Come out
of man, Come out of man.

Speaker 1 (20:35):
All right, we'll talk a little bit about the FED,
because we only got about five minutes here, but it
left its policy unchanged as was expected. But the bottom
might get down to is that peril or peril? Powell
and his press conference confirmed that there's good possibility that
the rates are coming down, which really kind of sent
the market into a boom, a very positive direction. How

(20:59):
many points was up?

Speaker 4 (21:00):
All over? Four hundred points, wasn't it, Yeah, Nico, Yes.
And then then so they meet again on your birthday.

Speaker 1 (21:09):
September, September seventeenth and eighteenth, that's exactly right.

Speaker 4 (21:12):
Yeah, and then.

Speaker 1 (21:14):
Lisa's on the seventeenth and mine is on the eighteenth. Yeah,
So don't forget about Lisa's birthday, and she'll be very
disappointed in us.

Speaker 10 (21:21):
I know, I know.

Speaker 4 (21:22):
I always have it on my calendar.

Speaker 1 (21:24):
You know. Waldo's birthday was yesterday. Really, we're gonna have
a little something for him, I think on Monday.

Speaker 4 (21:30):
How did nobody know that? I knew it?

Speaker 1 (21:31):
And Lisa because they wanted me to be there. They
wanted me to be there. So we're gonna do a
little something special for him, Are you serious?

Speaker 4 (21:38):
Yeah?

Speaker 1 (21:38):
I'm going to get him a Snickers I think a Snickers.

Speaker 4 (21:42):
Can we call out on the on the radio?

Speaker 1 (21:44):
No, no, no, First of all, we don't want to
call him. He's probably taking a nab somewhere.

Speaker 4 (21:52):
Would you say you're gonna get him a Snickers bar?
Snickers bar?

Speaker 1 (21:58):
But the key takeaway from uh, of course, that meaning
is that you know, we're the number was two percent,
We're about two point eight percent year over year, and
the unemployment rate has jumped a little bit in excess
of a four percent. I think it's four point three percent.
So the key takeaway and our view at the Retirement
Plenty group, is that the labor data, which played a

(22:20):
big role in what happened yesterday, is going to basically
kick the Fed in the cannon. It's going to motivate
them that. I think it's a definite. Now that's September.
We're going to get a rate cover.

Speaker 4 (22:28):
I think wages, employee wages. I was looking at that
the other day too. It hasn't increased enough to account
for the inflation recently, so that's something else. You know,
people don't have enough discretionary income to really go out
and spend. You know, they're kind of focusing more on
the on the needs rather than the wants at this point.
So I think you're starting to see that have some

(22:49):
sort of an effect on the market here. But like
we've been saying, you need to have a diversified portfolio.
We're in a lot different year than we were in
twenty twenty two. You know, our interest rates are high,
so you can go to the bond market for some
some nice yield right now rather than looking at high
dividend stocks that might get kicked in the teeth, you know,
So make sure you spread your money around. You diversify.

(23:09):
You know, it's a big word for for some people
out there, But.

Speaker 1 (23:13):
Some of your bell Weather's yesterday they held up pretty good.
Some of your utilities, Verison at a t because I
was going through, you know, looking at all the market
held up.

Speaker 4 (23:21):
McDonald's was up.

Speaker 1 (23:22):
Some of your high flyers, you know, are the ones
that are going to get kicked. I mean, you got
some of these that are a nosebleed pe ratios. So
the thing is, as I've said, and I'm going to
continue to say this, bonds are back. Bonds are back.
You know, I talked with it. We went out to
Boston yesterday. Not there are not only good friends, but
they're also clients of ours, and I had a long

(23:44):
chat with them about you know that. You know, we're
in a situation right now. We're in a sweet spot
for bonds. And if you're in the camp that you
want a nice dividend, a nice yield, and you're looking
for a total return, he said, well, I've had I've
had bonds and they really haven't done well. Yeah, you have.
I've had bonds because you have to basically get cash
flow in order to pay your bills, and bonds are

(24:05):
the asset class that you have to go to in
order to get strong dividends. But you're going to see
some bank for your buck now, which we've seen in
the last couple of weeks. As far as capital appreciation
the portfolios.

Speaker 4 (24:15):
Yeah, and even on the municipal side, if you're someone
looking for tax free income, communis are getting four to
five percent tax free right now. Yeah, you know, and
even if you catch some capital appreciation on those funds too.
You know, I was telling people, you know, before twenty
twenty two, you know, a lot of these bond funds
were drained around twelve maybe thirteen bucks a sharing all

(24:35):
they're at like ten, you know, almost eleven, So there's
some room for comeback there too. No, I don't think
they're gonna hike the same amount.

Speaker 1 (24:43):
That they overweight duration, overweight duration, overweight duration. You don't
want to be short term now, you want to be medium,
medium term. We got to break here. We're gonna come back.
We're gonna talk about the markets. We're going to talk
about an article that was just recently in Barns that
I think you should probably take look at if you haven't,
and we'll talk. We'll discuss a little bit of anything

(25:03):
that you want to discuss. We're live one eight hundred
talk to w g Y. That's one eight hundred eight
two five fifty nine forty nine. We'll be right back
after the news.

Speaker 8 (25:13):
PG y's a curious thing. Make a one man week,
make another man saying.

Speaker 1 (25:32):
To do it in a way.

Speaker 8 (25:35):
I'm gonna be in.

Speaker 4 (25:38):
Cover love.

Speaker 1 (25:43):
All right to get you going. You know those what
the treadmills are moving right now. So I had all
my friends in Florida that listen. I'll be down there
next week. Again, bringing my daughter to f a U.
My Boca baby that's Michill's name now Boka baby.

Speaker 4 (26:03):
She's moving in.

Speaker 1 (26:04):
She's moving in on the fourteenth, so we do this.
Next week to me will be insanity because David's coming home.
My brother in law is coming home from Oklahoma for
the golf outing. So Thursday, Friday, Saturday, the golf outing
will be there at the golf outing on Saturday, and

(26:25):
then I think, what is it Wednesday? Wednesday is the fourteenth.
I fly down early in the morning. We come back
Friday night. So it's going to be crazy. The next
eight to ten days will be insane.

Speaker 4 (26:36):
But I'm barely going to see you in August and
then I'm.

Speaker 1 (26:38):
Going and then you're leaving for a week. When going
to the Outer Banks, you guys get like a bus.

Speaker 4 (26:50):
Now we drive separate. I'm actually splitting it up. We're
going to Pennsylvania, then Virginia Beach, then Outer Banks.

Speaker 1 (26:59):
Where where are you going to stay? In Pennsylvania?

Speaker 4 (27:02):
Hershey? So I got a hotel right next to Hershey Park,
So it's like a five hour drive.

Speaker 1 (27:06):
I've never been there, but I'll tell you what I've
had a lot of people say it's a beautiful area
to go to.

Speaker 4 (27:10):
Yeah, I went there when I was young. I remember
one of my friends had family out there. We went
to the park and I think there was some sort
of state fair going on that weekend.

Speaker 1 (27:18):
But the big you know what goes on there too,
there's a big car show that goes on.

Speaker 4 (27:21):
Yeah, clients are saying that you can get pretty much
any part you need for any car.

Speaker 1 (27:26):
That's exactly right. Yeah, you know, I had I had
dinner with Steve and Penny, and he's got that he won,
he's won. I don't know if you did he send
it the photograph he won a show with a Chevelle.

Speaker 4 (27:38):
Really, Yeah, the one that I sat in and the
one that you sat in. You're burning the rubber and
his garage?

Speaker 1 (27:48):
Hey, what's that smell out there? Don't worry about it, Steve,
keep on eating your breakfast.

Speaker 4 (27:52):
Where where did you want to show out there?

Speaker 1 (27:54):
And uh uh somewhere out in o night where he lives.
But we've got some great clients out there. We had
a lot of clients with really nice cars. What's his name, Frank,
the other guy, Well, Frank, you know Frank Frank is
you know, he's got his head in the clouds. He
won't sell that car to me. I really upset that

(28:16):
gt O is beautiful.

Speaker 4 (28:18):
I just met Mark. He came in yesterday. He's got
a seven and twenty horsepower Camaro. I think he does
drag drag races with it. That's all.

Speaker 1 (28:28):
Oh my god.

Speaker 4 (28:29):
Seven horse Yeah, things souped up. He just got it
a couple of weeks ago.

Speaker 1 (28:34):
Snap your neck, yeah, probably would. But our other friend
out there in a too, he had some damage by that.
Uh they got hit bat, they got hit bat out
there with that hurricane or that hit and he had
damage to his house with all his guitars against the wall.

Speaker 4 (28:54):
Yeah yeah, well he keeps those in the basement. Yeah.

Speaker 1 (28:58):
But the bottom line gets down to this. You know,
the weather's been weather's been horrible. I don't know what's
going on. There's definitely a change going on. When we
get raining, like George, now, it's not rain, it's torrential rain.
When Julie and I just came back from Boston yesterday,
it was torrential rain. Torrential rain. When it comes down, man,
it comes down in buckets. And this guy's driving this,

(29:18):
you know, God bless them. I hope he us, all right,
but it did not look good at all because he
went airborne and landed on the roof and just not good,
not good at all. But all right, we're going to
finish up here a little bit and talk about you know,
what's going on. You know, CD and money market rates.
You know, they're still pretty attractive. But if you're looking

(29:39):
is that there's over six trillion dollars you go right
now in cash equivalents. Yeah, where a lot of people
have gone the safety of cash because you know, they've
seen yields that they haven't seen in decades and they're
trying to, you know, figure out how to reposition that money.
If you're looking for safety and guarantees, you know, the

(30:00):
only thing I can say to you is that that
word says something safety and guarantees. You know, there are
opportunities now that will probably go away pretty quick, pretty.

Speaker 4 (30:11):
Quick, I'd agree with you. I don't think these rates
are going to stay around forever. No, That's why I've
been kind of pushing the pedal down and really enticing,
maybe pushing people's face towards the fire here to get
it done, because I don't know when they're going to drop. Well,
but you're already starting to see it in the treasury market.
So I think the sooner you do it, the better.

(30:32):
Outside of New York State, you can get even better rates.
You know, we're looking at five point seventy five right
now for Massachusetts.

Speaker 1 (30:38):
The other thing is too, is that you know, the
thing is is that there's the risk that you have
when you tie money up. Compounded interests is a pretty
powerful thing when you're in a declining interest rate environment
and you've got it in a money market account, your
reinvestment risk, that's that's what your problem. You got reinvestment
risks which is not compounding because you're in a declining

(30:59):
interest rate environment. So you want to overweight if you're
if you're Mantra safety and guarantees, you want to overweight
right now into something that's going to give you that
compound interest for an extended period of time. And we'll
talk about nyga's how they do that. And I'm going
to talk about that when we come back from break
after this first segment, because there was an article last

(31:21):
weekend in Barons that talked about annuities, the one hundred
best annuities, and it's a phenomenal article. It's a phenomenal article.
I want to discuss it a little bit because it
talks about the safety features that annuities give you, and
it's you know that that's the key word, safety and guarantees.
Safety and guarantees. And we're not talking about variable annuities.

(31:45):
We're not talking about annuities that are going to be
allocated into the stock market. We're talking about annuities that
are no different than a CD.

Speaker 4 (31:53):
Yeah, and a lot of people are taking you know,
five percent withdrawals off their accounts. Why do we need
the market risk if we're just trying to solve for
income at this point, Let's get the five percent that's
guaranteed for the next five years. You can collect your
interest off of it, and you can live without looking
at the market every day. So yeah, we're seeing a
lot of people that want safety and guarantees. The market's

(32:15):
been on a great run here, even though the last
couple of days it's been down, you know, we're still
up here to date quite a bit.

Speaker 10 (32:21):
So.

Speaker 4 (32:21):
And if you look at twenty twenty three, I mean,
depending on how you're invested, SMP was up twenty five.
You know, tech was up even more so. We've had
a great comeback here over the last year and a half.
Maybe it's time to take some of those gains, harvest them,
get them over to something that's guaranteed for the next
five years while rates are still where they're at, you know,

(32:42):
and then just collect your interest.

Speaker 1 (32:44):
Well, you and I both know that there's no panc
and one hundred percent of your money shouldn't be allocated
into anything.

Speaker 4 (32:50):
We all know that.

Speaker 1 (32:51):
Okay. It's like, you know, what do you want? What
do you want for breakfast? Give me eggs, what else?
It's give me big pile legs, you know, right, yeah,
unless you're like our friend me and you know, you
know I had I had breakfast at the Lone Bowl
the other day or been a loom bull like George.

(33:14):
It's a restaurant. It's going towards Boltland. It's my cousin's
just a smaller it's smaller one on the right hand side.
You got it on the lake side, on the lakeside. Yeah, yeah,
my cousin owns that. And we were there the other
day having breakfast with Chris and MORESSA. And that's all
they're open for is breakfast, and it's packed. It's packed

(33:35):
every day.

Speaker 4 (33:35):
I got the outside area too, right, No, no, I'm
thinking of a different spot then.

Speaker 1 (33:40):
But the thing is is that you know, Julie always
gets the same thing. She gets this French toast that's
just like phenomenal, and I got steak and eggs, and
it's just it's just a really good spot, really good spot.
But it's not like you win there and just say,
you know, give me a pile of eggs. So it's
like investing. You don't want to go in and say,
don't give me diversification. Put one hundred percent of my
money into ABC stock.

Speaker 4 (34:02):
Your your eggs can be your your stable value. So
you got some of the money mark for distribution your
bacon or your stock. Bacon a small cap, so that's
your small cap you're growing.

Speaker 1 (34:13):
How about your toast, your toast.

Speaker 4 (34:14):
It's gonna be your bonds. You know, it's gonna provide
that that butter to you on a monthly basis. So
do we run it up on a break? Now?

Speaker 1 (34:21):
I want to talk about one other thing that I
want you to If you're contemplating retirement, you want to
go into retirement, and you're deciding how you're going to
allocate your money. Okay, I want't you do me a
favor if you don't have it. I think I can
reprint this as long as I get the green light
from barons and I pay a price or whatever. But uh,
there's an article that's in Barns that says annuities are

(34:43):
offering richer payouts. Here are the one hundred best and
here's the part of the article that I think is
the best part. Okay, And I'm not going to bore
you sitting here reading to you for an extended period
of time. But the there's a great divide between a
prepreciating the value of annuities and actually buying them. While

(35:05):
half of retirement investors with more than one hundred thousand
dollars wants the income benefits that annuities provide, only twelve
percent buy one, due to a lack of knowledge of
the products, how to purchase them, and understanding the benefits
that they receive. Now, I've heard people all over the

(35:25):
radio tell Pinocchios lies about annuities consistently. Consistently, they lie
about them, They don't understand them. They basically say that,
you know, they're a piece of junk. The only reason
why that people are buying annuities. We make less money
buy an annuity for an extenter period of time the

(35:46):
nyga's than we do if we put the person in
an actively managed portfolio and charge them a fee.

Speaker 4 (35:52):
Is that correct? Yeah?

Speaker 1 (35:54):
Absolutely, yeah, because they're real skinny chicken in regards to
compensation to the financial advisor. But we do them because
we think that they are appropriate. They are good for
people that want safety and guarantees. And our mantra is
always being adtrt always do the right thing.

Speaker 4 (36:15):
Now, know what you own too. You know a lot
of these annuities they have different riders, they're called they're
different attachments. I guess you could say to the contract
that guarantee is certain growth on an income base. Some
have return of premium death benefit. You know, you want
to make sure you know the ins and outs of
these annuity contracts that you're purchasing, especially if you're putting
one hundred two hundred thousand dollars into one of these contracts,

(36:38):
So you need to know what you own. I'm more
of an advocate for the fixed annuities, right, me.

Speaker 1 (36:43):
Too, Me too, I'm not at well, I'm an advocate
for the variable annuities. As long as they're the fee
based because they're cheaper, they're affordable, they're low cost, they're liquid,
you can get to the money at any time, Like
when you look at the total cost of the annuity. Yeah,
it's like twenty basis points.

Speaker 4 (37:04):
Yeah, some of them are flat twenty bucks.

Speaker 1 (37:06):
A month, twenty bucks a month.

Speaker 4 (37:07):
It doesn't matter how much you have in it, you know,
twenty bucks a month. So you can get very low
fees in some of these VA contracts and get tax shelter.
If it's money from the bank, you know, not if
it's qualified assets, you know, you get tax shelter until
you pull the distributions out. But for non qualified assets,
is a great tax shelter for those people. And eventually
you can get an exclusion ratio on withdrawals, so a

(37:28):
portion of your withdrawals wouldn't be taxable. It'd be considered
a return to premium. Some of these vas make make
a lot of sense, but there's also those ones out
there where it might be paying too much of a
fee account values dropping. You know, I don't like when
people do it with maybe thirty forty fifty thousand bucks.
I think it makes more sense for a large chunk

(37:49):
of money to go in there, because those thirty forty
fifty thousand dollars accounts might only pay out three four
hundred bucks a month. So I'd like more freedom, liquidity
and retirement, especially if that's a bulk of your assets.
So it's got a fit, right, every shoe's got a fit.
And we could sit down and have a chat see
what makes sense for you. If you want to call
our office numbers five one eight five eight zero nine nine,

(38:12):
or you can get us on the web at www
dot rpgretire dot com. We're going to take our last
break for this hour and we'll be back right after this.

Speaker 1 (38:20):
The eighty six percenters. Do you know that eighty six
percent of the population has no defined benefit pension plan.
For most of us, we have to take our life
savings and create a paycheck for the rest 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

(38:40):
called retirement income distribution the nastiest, hardest problem in finance.
He points out that investment, uncertainty and mortality can derail
the most careful laid out retirement income plan. Call our
offices today to start the process of building your retirement
income distribution plan. After forty one years of being in
the financial services business, to start taking action to start

(39:02):
building your own personal retirement income distribution plan. How do
you do that? To take action five one eight five
eight zero one nine nine. That's five one eight five
eight zero one nine one nine or RPG retire on
the web. Don't procrastinate, motivate to start building your retirement
income distribution plan five one eight five eight zero one

(39:22):
nine one nine.

Speaker 6 (39:22):
If you have questions on maximizing your savings, navigating healthcare costs,
or preparing for your dream retirement lifestyle, We've got you covered.
Listen weekly to Dave Kopek from the Retirement Planning Group
right here on WGY Saturdays at seven am for the
Retirement Planning Show, and also on Saturdays at noon and
Sundays at eight pm for Retirement Ready. And remember you

(39:45):
can listen to PASS shows anytime anywhere on the iHeartRadio.
App Appointments are available by calling five one eight five eight.

Speaker 4 (40:15):
All right, we are back.

Speaker 1 (40:20):
You know one of the greatest risks that people face
in retirement, and I don't want to bang the drum
too much of it. There's a guy, William Sharp sharp ratio,
you said, the graduate school at Stanford University. I don't
have to tell you about the guy. He's got all
sorts of you know, accolades.

Speaker 4 (40:39):
Uses alpha to calculate the ratio. That's exactly right, CFP yep.
I still remember that. You remember that one?

Speaker 1 (40:46):
But his what's the two greatest risk of retirement for
people that don't have pension?

Speaker 4 (40:52):
Long Joey, how smart you are? Longevity?

Speaker 1 (40:55):
Yeah?

Speaker 4 (40:55):
What's the other one? We talk about it all the time,
chevity and health? The health event greatest risks?

Speaker 1 (41:03):
Yeah, financially market, sequence of returns.

Speaker 4 (41:08):
I was right with longevity, though it's.

Speaker 1 (41:10):
Come on, you got well, you got fifty, you got
to go back to take it again.

Speaker 4 (41:14):
I've failed. Come on health too, some sort of well health.

Speaker 1 (41:18):
But his whole thing is that the two greatest risks
for people that are going into retirement that haven't saved
enough in the pot that really are on the cutting
edge is sequence of returns and longevity. And you're gonna
live a hell a lot longer. I mean, you and
I both know a lot of our conversation now with
prospective and existing clients is the astronomical cost of health care.

Speaker 4 (41:43):
It's through the roof.

Speaker 1 (41:44):
Yeah, it's through the roof. And for a lot of
people that are small business people and people that are
running businesses and people that don't have health care, it's
probably the greatest risk. I mean, my son is in
a situation right now in Florida, David, he's off our
plan because he's twenty six. Now we're aggressively going out
looking for healthcare for him right now. That's going to
be adequate enough if there is a health event and

(42:07):
it's it's sticker shot.

Speaker 4 (42:09):
It's amazing. It's not based on age either. The health
insurance premiums.

Speaker 1 (42:13):
Well in order you know anything, a pool of people
or the younger people help the older people. As far
as you know, the actuarial cost of the insurance, it's
no different than life insurance.

Speaker 4 (42:25):
Yeah, right, it's expensive nowadays.

Speaker 1 (42:27):
So if you're thinking about a retirement income scenario, Uh,
there's one thing to understand all the possibilities right of
your plan versus other options that are available to Right,
where do I stand as far as my baseline income?
How do I generate income and retirement. Do I just
buy dividend stocks? Do I buy a bond portfolio? Do

(42:51):
I ladder? You know, Nico and I are just talking
about a gentleman that came in this week. He buys treasuries.
He loader Ladder's treasuries. I mean, that's fine, that's fine
to do that. But the bottom line gets down to
is that ultimately, you know, with treasuries and stuff like that,
is it going to be adequate enough, especially as we
go into this lower interest rate environment, to satisfy.

Speaker 4 (43:09):
What income incomany is. And he's also looking at tax
benefits too, and if he's buying treasuries, you're still taxed
on the Fed side of it. So we were talking
about municipals, you know, like I talked about earlier in
the show, they're getting four or five percent tax free.
You know, it might have some volatility, but again I
think we're at a great spot for bonds as well
on the capital appreciation side. So some sort of municipal bonds,

(43:31):
maybe a non qualified annuity for the tax shelter. You know,
it depends on who you are and what you're looking
for income. You don't need to take a lot of
risk if you're not taking a large percentage off the account,
you know. So it's a major conversation point that we
have with folks. You know, Number one is always going
over the estate. Number two is always going over the income.
You know, what are you going to have in retirement?

(43:52):
So we want to make sure that that tooth fairy
doesn't go away, that keeps dropping money under your pillow
every month.

Speaker 1 (43:59):
Yeah, And the thing is is that when he does
stop dropping money underneath the pillow, and then that's not
a good situation. And as we're all quite well aware,
over fifty percent of the population really has very little,
if anything in the pot for your retirement years. I mean,
you can do all sorts of research, you can talk
about all sorts of things that are going on in
the world right now. The biggest thing that's going around
in the world right now is really two things in

(44:21):
my opinion that I think if we don't nip it
in the butt, there's really three things. The first is
is SOLI security. Social security goes away and they have
to make changes and modifications. It's going to be anarchy, detrimental,
anarchist society that there's seventy percent of people out there.
It's the primary and sources of income. But they'll kick
the can and they won't make any decisions on it.

(44:42):
They'll know, they'll pay off college loans, they'll send money overseas,
they'll do all the things that they shouldn't do except
basically help people that need our assistance in order to
satisfy income needs and retirement. Second thing is, I don't
know if anybody's watching this. I hope you are, Okay.

(45:02):
It causes me high anxiety and fear. We're now at
thirty five trillion dollars in deficit right now, United States
of America, and every six months it's going up a
trillion dollars a trillion, Okay, you know, I don't want

(45:23):
to say anything to you folks, but eventually thirty five
trillion could be sixty or seventy trillion dollars, and we
have no money to pay our bills, right, we do,
but not anywhere near what needs to get done. So
that's the other thing that scares the living daylights out
of me. And the third thing that scares the daylights
out of me, right is that we live in a

(45:44):
society today that it's like, you know, let's just do it.
I'm not worried about it. You know, how many people
have we seen then we talked to I did just recently.
There's one point five or one point four trillion dollars
right now credit cards. Yeah, and you know, click click,
you know deep, you know, and they make it so
easy today for you to put debt on a credit card.

(46:07):
To me, it's a cancer. My daughter already is receiving
offers for credit cards for college?

Speaker 4 (46:12):
How many times I get pre approved? You're pre approved
for this amount, You're preproved for that amount. And I
don't know how they're they're getting my info and sending
me all this.

Speaker 1 (46:23):
You good credit mailers, you got good credit, and there's
a database out there, and they're going to bombard you
with these things.

Speaker 4 (46:30):
Yeah, you're trying to entice you. And it's very easy
to pick up the shovel and start digging yourself a
hole if you keep swiping that credit card. And there's
things you could do, if you're someone that's already in
that situation. You know, there's credit card transfers. You can
do a zero percent interest rate for what twenty months?
I think twenty twenty two months is what you can get.
So year and a half couple of years, take your time,

(46:52):
try to pay that down. The interest doesn't accumulate on that,
because you might just be paying the interest right now
if your credit card balance is high enough, So try
to take care of it. Stop kicking the can down
the road like our country is with the with the
deficit right now.

Speaker 1 (47:06):
Thirty five just surpassed this past week. I think thirty
five trillion dollars.

Speaker 4 (47:11):
Got to be paid at some point.

Speaker 1 (47:13):
It's just it's staggering to think that we've added this
kind of debt in the last ten to fifteen years
and nobody's talking about it. It's like it's the boogeyman
in the closet. We just don't want to talk about it.

Speaker 4 (47:25):
So and what was number three? Credit card debt?

Speaker 1 (47:30):
People that are gone, going into going into retirement, that
are I mean I talked to Drew all the time.
We forward people onto droil all the time that need
you know, they're paying twenty eight to twenty nine percent
interest on a credit they'll never get out from underneath it. Yeah,
And the thing is is that there's ways for you
to reposition some of your debt, especially if you own

(47:53):
a home in order. But you got to be dissent.
It's like anything else.

Speaker 4 (47:56):
And you get all these celebrities right now out there
on the credit on the credit card commercials. And I
don't know if you're swifty, but I tell people all
the time, I don't.

Speaker 1 (48:06):
Be pretty fast. I can run pretty I can run
pretty fast.

Speaker 4 (48:09):
Tailor tailors. She's on that Capital one commercial. Myr nickname
was Bolt. I see it all the time, Bolt, Lightning Bolt.
I didn't even know what you had the hat on
the old time?

Speaker 10 (48:25):
You like it?

Speaker 4 (48:25):
How did you get one?

Speaker 1 (48:27):
I'm special because I write the checks.

Speaker 4 (48:32):
Did you see that they gave Eddie?

Speaker 1 (48:34):
Yes?

Speaker 4 (48:35):
Did you see that photo? No, Monique had her I
heard about it. Her glasses on with the eyeballs, and
then Eddie had an eye patch.

Speaker 1 (48:46):
Well, I'll tell you what you know. One of the
things that I love about our business is that we
get to interact with our clients. Of course, in our
golf league, a lot of clients, of course they live
outside the five one eight area code, or they just
don't play golf for they're unable. We have, When I
say it's fun, it's an understatement.

Speaker 10 (49:05):
We have.

Speaker 1 (49:05):
We have a great time on Thursday nights playing golf
with our clients, and if you want to come, you're
more than welcome. Called Jimmy. You know, we'll make it
up on you. What will charge a little extra?

Speaker 4 (49:22):
Clients get the discount.

Speaker 1 (49:23):
Yeah, clients get the discount. So to make a long
story short, we're going to talk a little bit more
about this when we come back. But you know you
need to understand is that there's a whole different approach
to decoupling, right taking your money from your accumulation years
and now repositioning them for your retirement years in order

(49:46):
to facilitate retirement income distributions. Our goal is not to
tell you the type of investment you should be in
based off our bias. Our goal should be to put
you in the type of investment that is suitable for
you based off your risk tolerance and how much of
a ride that you can take on the roller coaster.
And it's just a question of facilitating that. Where's your

(50:08):
zip code going to be? Are there better opportunities outside
in New York State versus inside New York State. It's
like you said, how many people come in to you
right now that are basically saying I want a little
bit more in safety?

Speaker 4 (50:19):
Yeah, a lot of people, and I'm tending I'm starting
to side with you on the all or nothing thing
in the past. You know, if they just wanted me
to work with one account, you know, I'd work with
that one account. But I was going through some statements
with a couple of the other day and you know,
I go, who's Phil, you know, because on a statement
it shows the advisors and they go, oh, it's a
guy over here here, over here, he works there. And

(50:40):
then I was like, who's Greg. And Oh, that's another
guy we meet with over there, And who's Mark? And
it's another guy that's down in you know, colony. And
I'm saying to them, you got a lot of bakers
in the kitchen right now. You know, you got a
lot of different accounts. There's overlap. This account doesn't know
what that account's doing. You know, you need to consolidate,
You need to simplify, you need to come up with
your income plan. You need to get the estate buttoned up.

Speaker 10 (51:02):
You know.

Speaker 4 (51:03):
I think that's where we do a great job as
far as not only looking at the investments. We're not
here to, you know, slam our chest and tell you
how great we did last year on the investment side
of it. We're here to make sure that you're safe,
you're family safe, there's income replacement for the surviving spouse,
and that you're gonna have a you know, a stress
free retirement with us banging our heads off the wall
when the market isn't doing so great. So consolidate, simplify,

(51:27):
you know, browse the market. Don't just meet with us,
Meet with a couple advisors and make the best decision
on who you think is the best fit for you.

Speaker 1 (51:33):
Well, I hate to say, you know, the thing is
is that eventually the wheels start coming off the bus.
The people that are with yesterday there's some health issues
going on which are in the forefront of their concerns.
One of the reasons why I drove out to Boston
because I wanted to visually see what was going on.
And you know, the thing is is that if that

(51:55):
is the case, you want to make sure that your
ducks in a row, not only as far as what
was going to be necessary to protect the assets, but
also what's going to be necessary what I call the
domino effect wealth replacement for the surviving spouse. So that's
that's kind of hard to do when assets are all
over town, so we'll talk a little bit more about that.
We are live in the studio. If you want to

(52:17):
participate one eight hundred talk wgy that's one eight hundred
and eight two five fifty nine, forty nine. Dave Kopek,
Nicholas Dumas. We are the Retirement Planning Group. If you
want to have a chat with us, we give you
a free opportunity to come in and have a chat.
Five one eight five eight zero one nine one nine
RPG retire on the web five win eight five eight

(52:38):
zero one nine one nine. We'll be right back after
the news.

Speaker 2 (52:41):
Live from the wgy iHeart Studios. Welcome to 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 people make informed decisions about a
wide array of retirement planning information that can support you
and developing a certain financial future for you and your family.

(53:04):
Now it's time for Dave Kopec w G wise Retirement
Planning Specialist.

Speaker 9 (53:22):
Some day won't it, Emma, and some day that'sn't buy
I'll be working here Forema, at least some dinner die
Damn if you do, Damn if can don't.

Speaker 1 (53:31):
I'm supposed to get who is next week?

Speaker 9 (53:32):
Can do?

Speaker 1 (53:33):
Now?

Speaker 4 (53:33):
When I won't working dragon?

Speaker 9 (53:37):
What the father dare?

Speaker 1 (53:43):
I'm kicking what they give ncause I'm working for.

Speaker 3 (53:51):
All right.

Speaker 1 (53:53):
Let's get going, Happy Saturday. Nicholas Thomas, Dave Kopek and
the Man's zact in the booth. It's good to be here.
A lot of positive responses from our radio show. Get
a lot of wonderful people that come in and talk
with us, either on the internet, face to face, or
whatever it may be. There's a big word out there

(54:16):
which I wanted to talk to Nico about today called
buffered products. It's the buzz it is. And in this
article right here, I want to just I haven't talked
to Nico about this yet. I wanted to kind of
lay this egg on his lap and see what he says.
They compared the performance of the Vanguard Balance Index Low

(54:38):
cost right VBI NX. Now this is in that article
that I talked to you about, folks. So I'm just
reading this okay, which is sixty forty stockbound allocation, which
is what we call a traditional model for retirees right
in hell for six years. Right, for six years through
twenty twenty three, the annual ret turn was eight point

(55:01):
three seven for the Vanguard YEP with nothing on it
nine point nine for one year, but for the six
year period it was eleven point seven six for the
index for the buffer products, so you would have had
three points higher allocation in the S and P five

(55:23):
hundred no bond. But the buffer product has what they
call breaks on the portfolio where they basically get you
out of the market, or they have suspenders and belt
on the portfolio. I'm not going to get into it
because it's it's complicated, but that's the net return.

Speaker 4 (55:37):
And every company's is different inside. They all have different
gap rates, they all have different downside buffers. But yeah,
we've seen a huge influx in buffered products over the
last year.

Speaker 1 (55:50):
I would say, why don't you explain it just briefly
to the people so they know what the hell we're
talking about here, because they are complicated YEP.

Speaker 4 (55:57):
So let's say you have two hundred grand and you
want to get stock market like returns with that two
hundred thousand, but you want some downside protection in case
the market drops these buffer products. You could take two hundred.
You could take your two hundred thousand and you can
link it to one of the market indexes. So with

(56:18):
some companies, you could do the S and P five hundred.
Some you could do the Nasdaq, so you get technology exposure.
Some you could do small cap, you could do mid cap.
They have all these different indexes that you can tie
your two hundred thousand dollars up to, and then you
lock it in for a certain amount of years. Most
of the products are six years. That's why they've just
used a six year timeframe to compare to that Vanguard fund.

(56:42):
So you lock it in for six years. The company
gives you a downside buffer, so if the market's down
ten percent, you know, if you were just in a
traditional account, you'd be down twenty thousand. In this instance,
if there's a ten percent downside buffer, you just get
your money back over those six years, right, you know,
so you wouldn't recognize that ten percent drop. But on

(57:04):
the upside there's a cap, you know, so if the
market does twenty percent on the upside, you know, maybe
you don't get forty thousand, which in this case that'd
be forty grand if it was just an a traditional account.
You might get thirty five, you know, so there's an
upside cap on how much you can make. So but there,
I mean, some people were using them for a substitute

(57:24):
for fixed income yep, you know, a couple of years ago,
in twenty twenty two, it was.

Speaker 1 (57:27):
An alternative to a bond portfolio.

Speaker 4 (57:29):
Yeah, so some people were using it for that.

Speaker 1 (57:32):
That's exactly how they presented it here. Yeah, one hundred
percent was allocated in the S and P five hundred
because of the buffer, because of the smenders in the belt,
they basically had no participation in bonds. It was one
hundred percent and that i'll performed by over three.

Speaker 4 (57:46):
Points, yeah, which which you know makes sense. Twenty twenty
two rates were extremely low. If someone used it for
their their bond position, it gives you that that hedge
against the market downtownturn. You know, we're seeing a lot
of covered call writing too.

Speaker 1 (57:59):
You know.

Speaker 4 (57:59):
I think that's a good buffer, some sort of hedge
against the market because you collect the premiums on it,
so you're not gonna be down as much as the position.

Speaker 1 (58:05):
Well beta little volatility stocks with strong dividends, you write
the covered rights. It's a great it's a great incomes.
It's a great income stream.

Speaker 4 (58:12):
Yeah. So even in low interest rate environments, there are
alternatives to bonds that you can you can look at,
you know, depending how much risk you want, how much
liquidity you need. You know, a lot of these buffered
products you can't really get out of them. You might
be able to access a certain percentage each year, but
you want to be in it for six you know,
six years on most of them. So, and sometimes they

(58:33):
have a one year point to point you know, so
every year they'll look at it, see how you did,
and then they might lock in that the gains you
had for that year, and then they start that next year.
You might be able to make switches so instead of
the NAS deck this year, I want to do the SMP.
So there is some flexibility within the contracts. But again
as far as accessing money, you want to make sure
you've got this locked up for six years. You're not

(58:53):
gonna need the cash.

Speaker 1 (58:55):
And just so you know, there are fee based okay,
you know, I know, you hear people all the time.
Don't buy an annuity because it's a six percent commission
and the only reason why they're doing is and they're
making Okay, that's not us, okay. They're fee based annuities
without commissions. They're designed to be used by registered investment

(59:15):
advisors like we are RAS. But a lot of advisors
are hesitant to use them because they don't understand them right,
and they don't understand the scope of the investment and
how they can basically, because you know it's outside they're
bally wack.

Speaker 4 (59:29):
They haven't.

Speaker 1 (59:31):
They use it as a marketing piece. They stay away
from them because you know, it's that dreaded boogeyman in
the closet you don't want to come out. But this
is a gradually gradually. I read an article about two
years ago that RAS are going to have to get
their heads out of the sand and understand get the
awareness that our annuities are a great way right now

(59:53):
here in this article it says this landscape is gradually
changed as awareness grows that you simply can't do with
traditional investments what you can do with annuities. This is
Michael Fink. He's a professor of wealth management at the
American College of Financial Services, which you just got your

(01:00:17):
CFP from. Yeah, okay. Using annuities to build cushions under
losses and guaranteed income creates certainty and enabling investors to
be more aggressive with their portfolios. And we've seen the
net return which is three points higher than if you
were in the Vanguard sixty forty. Yeah, So that's my

(01:00:39):
answer to all these pinocchios out there telling them lies.

Speaker 4 (01:00:43):
Yeah, and even with just traditional you know, variable annuities.
You know, I was just talking to a client yesterday
and he said, you know, I got my six. I'm
getting my six on the benefit base. So the product's
growing at six percent on an animal basis. You know,
that's kind of their hedge to the market too. Their
future income based off that income benefit that's continuing to
grow at this six percent until he starts taking the

(01:01:06):
money off the contract.

Speaker 1 (01:01:07):
So, Chris, excuse me. Chris McCarthy was telling me the
other day that during the low extent, that really low
interest rates, what they were doing is they were taking
annuity products and they were getting that six percent guaranteed.
They were using that as the bond component, and they

(01:01:29):
were just painted into cash in the portfolio, right, and
then once they would accumulate enough cash in the portfolio, right,
Because that's basically what they were trying to do. They
were taking that component and they were reallocating into the
stock market. This is pretty cool. And then because after
ten years, ten years, if you don't exceed the income benefit,

(01:01:52):
you can now annuitize your corpus what you originally put
into it. It was a pretty pretty cool concept. It
was a pretty cool concept.

Speaker 4 (01:02:00):
The interest and putting it back into the contract, putting
it back into equity within the contract. Within the contract,
you're taking the six each year. So the income base
isn't growing.

Speaker 1 (01:02:09):
Right, the income basis and growling. So if you put
two hundred and you got two hundred, but at the
end of the tenth year, even though there was no growth,
now you can annuitize that two hundred thousand dollars for
either period certain or for life. I thought it was
a great concept.

Speaker 4 (01:02:23):
Yeah, there's been a lot of new concepts. I just
had another situation with a client. He's looking at some
sort of long term care coverage and he actually was
thinking about doing a deferred annuity so it doesn't pay
out in twenty years and for a lot long term
care if he needs it. Yeah, so in twenty years,

(01:02:43):
you know, he'll be in his early eighties. And he
was gonna. He was looking at taking money from a
wrath so it'll be tax free to him twenty years.
And I think it was like one hundred and fifty
grand in he'd get eleven thousand a month. Really, you know,
no death benefit tied to it, so he's doing some
term insurance with it. But I thought that that was
really interesting that to them we're going to hire him,
that was a really he did a lot of research

(01:03:05):
on that.

Speaker 1 (01:03:05):
Well, there's a lot off. There's a lot of different
ways you can you know. The thing is is that,
like I've always said, is that and I think that
this is a great analogy for annuity products. Is annuity
the right option for people that had pension benefits? Annuity
might be an option simply because of what we just
talked about. As far as the uh I mean I

(01:03:26):
talked about just recently. You guys did a phenomenal job,
you and Jimmy putting it together. You called me on
my way back from Boston. The forty two thousand dollars
it's going to be paid out. That's created like one
point four million dollars in long term care benefit. Husband
and wife can receive that they took a contract worth
about four hundred thousand dollars and it's going to create

(01:03:49):
you know at that time that they're going to be Statistically,
I think it's like one point four million dollars of
long term care benefit and if they don't and if
they don't use it, they get tax free death benefit.

Speaker 4 (01:03:59):
Yeah, so you get tax free death benefit. They're taking
the four hundred thousand dollars pre tax account turned into
some sort of long term care insurance. You know, that
specific product isn't available in New York, but outside of
New York, there's a lot of different options that you
can look at. That's one of the major concerns with
people too, right they're seeing their parents going into these
facilities or nursing homes, you know, diminishing the estate at

(01:04:20):
this point at fifteen sixteen thousand dollars a month. So
they want some coverage and we start looking you know,
a lot of the gul with the long term care
riders attached to them. So you get a whole life
policy and you can do an accelerated death benefit to
access that. For some sort of nursing home, long term care,
assisted living, those are getting pretty expensive. You know, you

(01:04:42):
don't get a lot of velossity on it with the
death benefit, so if you don't use it, you know,
you're really not getting a great return on your money.
So we haven't been doing a lot of those. But yeah,
these these dual benefit long term care products out of
New York State, they're a good option.

Speaker 1 (01:04:58):
So I'm trying to find out. I'm just trying to
find this and.

Speaker 4 (01:05:04):
There was one. So if long term care is a
concern for you, you know, there's should be a concern
for everyone. It should be some people say, you know,
I'm gonna spend my money. You know I don't care,
but still, I mean, if you have kids or a spouse,
you know you should care, and you start should start

(01:05:28):
looking at some different options. We do a lot of
a state planning to you know, we're always going to
defer to the attorney. But if you're someone that it
might make sense for some sort of irrevocable trust or
medicaid trust, we're gonna tell you, you know, you have
a lot of non qualified assets that you could protect.
That's gonna be a conversation as well, and that could
be a form of long term care insurance. So you

(01:05:48):
don't have to always just buy a policy. Just get
the estate structure to a point where you know the
Medicaid can't start coming after it if you do go
into a nursing home for the state.

Speaker 1 (01:05:58):
I think it's also good to have a financial advisor
that challenges you. I mean, I think about that gentleman
that just became a client this past week. Great guy
knows a lot of my friends in Scotti Cooke, and
he had a situation that I disagreed with. And I
told him that in the meeting about how he structured
I'm not going to get into particulars how he, you know,

(01:06:18):
structured his estate, his home of Florida as a home
up here on one of the lakes. And I basically
said to him is that, you know, I wouldn't have
structured this like you structured it for a couple of reasons.
And I went through those reasons, and I think he
respected that that we weren't sitting there just patting him
on the head and saying he did a great job.

(01:06:39):
Let's just get your money and bring it in here. Agreed.

Speaker 4 (01:06:43):
I agree. I consistently try to, you know, see where
there could be potential leaks in the ship. You know,
why are you invest in this. Why don't you have
a beneficiary on that? Why is your ex spouse still
a beneficiary on the four to oh one k set
up forty years ago? So there's a lot of things
that people just put off or procrastinate, and also they

(01:07:06):
just don't think about, you know, yeah, what's coming around
the corner.

Speaker 1 (01:07:09):
I think I think you're making a good point. You know.
One of the things. I know that this sounds like
I'm beating the drum again saying the same thing. Make
sure you've got transparency, folks. Make sure that you understand
all the horses that your financial team has in the
stable and do they have the capability of bringing these
types of products to the table. Because I'm telling you

(01:07:30):
right now, not all of you that are out there,
seven out of ten of you do not want a
lot of risk with your assets in your retirement years.
And most of you do not it just I just
gave you the numbers. You know, most of you wanted.
Only twelve percent do it.

Speaker 4 (01:07:46):
Yeah, it's amazing, you know.

Speaker 1 (01:07:49):
And that's it's consistent because they're sold an idea and
the concept. The financial teams, in my opinion, are not
facilitating And it goes back to this article that Barons
is put in there is that you know a lot
of these rias better wake up and realize, is that
you know what, there's a lot of opportunity out there
and annuity products and stop banging the drum that they're

(01:08:10):
a horrible thing, because I just gave you them that result.
If you did the annuity versus Vanguard, you would have
had more money. And there you're pot with the annuity.

Speaker 4 (01:08:18):
Yeah. You know when I say annuity in meetings now
I kind of hesitate, you know, because I always getting
negative reaction. You know, is that an annuity?

Speaker 1 (01:08:27):
Yes?

Speaker 4 (01:08:27):
It is? And this is why, you know, so I'm
always defending, you know, the the annuity products.

Speaker 1 (01:08:33):
I feel like, what's what's the other positive about the
m ygas in New York versus a CD insurance twice
as much five.

Speaker 4 (01:08:40):
Hundred thousand dollars in New York State insurance to back
up the contract too. So I really see nothing wrong
with the myga's right now. I think they're the best
rate that I can find. You know, someone can find
a better rate than that in New York State for
five years, let me know, because I'd be interested to.

Speaker 1 (01:08:57):
I think the average bond investor over the last five
years is earned about two percent. That's been the net return,
even with the dividend being paid out. So if that's
the case, if we can offer you a five percent,
which is twice as much, guaranteed with no risk. You know,
guarantee that that's a bad word. I guess guaranteed because

(01:09:19):
you know some of these financial devisors. Well, yeah, it's guaranteed,
but big deal, who cares? You know it's guaranteed. Well,
there's a lot of people that carry it's guaranteed. Why
do you think there's six trillion dollars on the money
market right now? Because people want guarantees, They want safety,
they want to be able to allocate their money to
investments that they can sleep at night.

Speaker 4 (01:09:37):
Let's take a break. Well, the tide's coming up right now.
You know, interest rates, tea bills are already starting to slide.
You going fishing.

Speaker 1 (01:09:45):
I'm not a big fisherman. I can see you as
a fisherman on a hunter. Yeah, well, you sit in
a tree waiting for a deer, right or whatever the
hell runs around the woods.

Speaker 4 (01:09:55):
I hate it. No, I love sitting in a tree.
The cold. I hate the cold, you know.

Speaker 1 (01:10:01):
Can you see me as a hunter?

Speaker 4 (01:10:03):
No, it'd be too loud. No deer would come within
one hundred yards. You don't mind our friends, our friends
that are down the farm down there.

Speaker 1 (01:10:16):
Yeah, we're gonna have to take a walk out in
their backyard because I guarantee there's tons of I got
tons of deer in my backyard. They've had a nice
property over there. What I spoke to her last week,
I know she gardening has to be they got that
huge garden. We're gonna have to take a ride down
there and get some corn, some tomatoes, some cus.

Speaker 4 (01:10:40):
You got to get the barbecue. To get the barbecue. Yeah,
we haven't had it, Brooks Brooks Barbecue.

Speaker 1 (01:10:46):
We'll be right back the eighty six percenters. Do you
know that eighty six percent of the population has no
defined benefit pension plan? For most of us, we have
to take our life savings and create a paycheck for
the rest of our lives in retirement, What is your
plan for retirement? In 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,

(01:11:10):
hardest problem in finance. He points out that investment uncertainty
and mortality can derail the most careful laid out retirement
income plan. Call our offices today to start the process
of building a retirement income distribution plan. After forty one
years of being in the financial services business, you need
to start taking action to start building your own personal
retirement income distribution plan. How do you do that? To

(01:11:33):
take action? Five one eight, five eight zero one nine
one nine. That's five one eight, five eight zero one
nine one nine or RPG retire on the web. Don't procrastinate,
motivate to start building your retirement income distribution plan. Five
one eight five eight zero one nine one nine.

Speaker 6 (01:11:49):
We're here live in studio. If you have any questions,
please call one eight hundred talp WGUI one eight hundred
eight two five five nine four nine. Want to talk
with Dave after the show called five one eight, five
eight zero one nine one nine.

Speaker 4 (01:12:27):
Do you remember and we are back? Do you know
what the twenty first night of September is this year?
It's farm eight. It's back. You're going. Willie Nelson's going.

Speaker 1 (01:12:48):
Only Nelson will bring him out in a wheelchair. Now, Yeah,
it's got to be one hundred years old, isn't he?

Speaker 4 (01:12:52):
I said, what happens if something happens to him before
that spokes a.

Speaker 1 (01:12:55):
Big joint, spooks a big joint before it goes out.
I mean I saw him interviewed one time. It was
on sixty minutes. He's sitting there, he's rolling a joint
and he's smoking it, and you know it's that's his medicine,
and he just loves to get high.

Speaker 4 (01:13:08):
And I mean, come on, man, Dave Matthews is coming
to I think Nathaniel Radliffe. I think that's his name.
There's quite a few big names coming us back. They've
had some good concerts up there.

Speaker 1 (01:13:22):
I'm going to be training.

Speaker 4 (01:13:23):
I can't.

Speaker 1 (01:13:24):
I can't go and get ready for my women's face.
That's your birthday weekend it is. I'm not going to
spend it September eighteenth. I don't know where I'm going
to be September eighteenth. I have a birthday and then
Lisa's birthday is on the seventeenth. But I will do
something fun with my wife because our daughter will be
in Florida. Maybe we'll be on the visitor I don't know.

Speaker 4 (01:13:41):
What we're going to do. I think your birthday is
on a Wednesday? Is that this year? I just booked
an appointment on it. Did you not? For you?

Speaker 1 (01:13:47):
I'm gonna I'm not going to be the ruling office.
Is what you don't work when on your birthday? You
don't work on your birthday? Absolutely not. Nobody works on
their birthday. That's your special day to do whatever.

Speaker 4 (01:13:58):
You want it. And if your birthday falls on a
Saturday and too bad, you lost out, you get the
whole week, get the whole month.

Speaker 1 (01:14:05):
You lost out. Got to be Monday through Friday.

Speaker 4 (01:14:08):
I'm excited for Outer Banks. I haven't been on vacation since.

Speaker 1 (01:14:12):
Yeah, Jimmy's going, You're going, Jimmy's. A lot of people
are doing vacation this Jimmy's leaving.

Speaker 4 (01:14:17):
It s gone this week, He's gone Thursday Friday. I
think Virginia.

Speaker 1 (01:14:23):
He deserves it. He works hard all everybody. You know,
I said this the other day. In a minute. You know,
this is the best team I've had since I've been
in the business. We just got a great team, good hearts.
I talked to Eddie and a lot of the guys
that are at the table and they all agreed. You know,
I couldn't be proud of the team that we have
right now, and hopefully if you come in and have

(01:14:45):
a chat with us, we're not going to beat around
the bush. We'll tell you exactly how we feel. Then
you got to make a decision whether you move forward
or you stay what you're currently doing. The worst thing
that can happen is that we become friends, shake hands.
I have never You've never heard me personally talk about
anybody in a negative way financial advisors. I don't like
advisors that talk negative about other financial advisors. I think

(01:15:08):
that that is absolutely the worst thing that could you
could do. It's like a doctor talking about another doctor
in a very negative way. I know that ninety nine
point ninety nine percent of the people that are in
this business are good people. They have your best interests
at heart. I understand the dynamics of working with people's
assets and the financial markets. It's hard. I've been doing

(01:15:30):
it for forty three years. I know how hard it is.
I know how disappointed Nego gets sometimes and Chris McCarthy
and my son when we don't meet the expectations of
some of the people that we're working with or we're
trying to work with. But you know what. I know
one thing for sure. We're always trying to do our
best always. Yeah, there's no doubt in my mind.

Speaker 4 (01:15:50):
I can't believe how nice McCarthy is.

Speaker 1 (01:15:52):
He is a great guy.

Speaker 4 (01:15:53):
He's such a and he's a hype man too. He
always calls me big guy, big guy. He's starting to
call me honey like I don't.

Speaker 1 (01:16:01):
I don't. It's Chris. I don't know if I like that.
You call me honey, called me buddy, not honey.

Speaker 4 (01:16:06):
You've you've slipped up and called me honey a couple
of times.

Speaker 1 (01:16:08):
Sweetheart, right, sweetheart.

Speaker 4 (01:16:10):
I go back, Yes, that's what you called me. I
go back to my office, and I'm like you, I
think he likes me.

Speaker 1 (01:16:19):
But wait till you see me and I start working
out with my to too. You don't care ready for
my boxing? Not that again.

Speaker 4 (01:16:25):
We already I already talked about that.

Speaker 1 (01:16:27):
I just think it's horrible. How do you put a
man in the boxing ring with a woman. I think
it's horrific. I won't watch the Olympics. I could care less.
I could care less.

Speaker 4 (01:16:36):
I watched golf. They've got the golf on, it's probably
on right now. They've been doing it at like five am.
Has the USA basketball team been beat ed?

Speaker 1 (01:16:43):
Zach? No, No, so they're they're winning.

Speaker 4 (01:16:45):
They just played Wednesday. I forget against who. Canada has
been doing good too with r J. Barrett. The Canada's too,
and oh in their.

Speaker 5 (01:16:53):
Group, Germany's like the number one team. They're undefeated too
in basketball. Yeah, who's on their team? Any NBA players
have to be right? Yeah, they got a couple. They
got the brothers, them frands brothers or freaking frack. Yeah,
them guys, the freaking fracks.

Speaker 4 (01:17:12):
Yeah.

Speaker 5 (01:17:13):
Serbia there too, they got to be I know that. No,
they're not that good, Yeah they really you know where
they ended a. USA and Germany are the three teams.

Speaker 1 (01:17:25):
Yeah, yeah, but I could care less. I don't care.
I mean, I'm pro American and all that. But when
you start the IOC starts doing stuff like that, that's
not sport. That's basically, you know, putting somebody in a
cage trying to get their app.

Speaker 4 (01:17:39):
Did you see that guy with the pistol where everyone
else has these huge gadgets on their on their glasses
and stuff, and then this one guy. Where was he from, Zach?
Was he from Turkey?

Speaker 5 (01:17:51):
I don't know what ston ball was it Eastan bul Yeah.

Speaker 4 (01:17:55):
He uh, he just had regular glasses on like you,
Dave and everyone else was with these huge gadgets and
he got silver thistle hand in his pocket and he's
really yeah it was it was really cool, He's all.

Speaker 5 (01:18:06):
He picked up shooting because he was going through a divorce.

Speaker 4 (01:18:09):
With his wife. That's one way to ease the mind.
But you know, trigger therapy.

Speaker 3 (01:18:19):
The uh.

Speaker 1 (01:18:21):
My next door neighbor is uh, we got to break
in thirty seconds. I'll bring I'll talk about this when
we come back. Listen uh again. If you'd like to
take advantage of our complimentary consultation, give us a qualified
wine eight five eight zero one nine nine, check us
out on the web rpgretire dot com and we'll be
back for our last half hour. And uh it's raining

(01:18:45):
out and hopefully the sun's going to shine in a
very short period of time because Zach's got a birthday
party for his little girl.

Speaker 8 (01:18:51):
We'll be right back, kg.

Speaker 3 (01:18:53):
Y, I'm better, dad, sir.

Speaker 9 (01:19:10):
Down in South Sudden, she was running from a fat
man seven sound in here.

Speaker 1 (01:19:23):
Now.

Speaker 4 (01:19:23):
I was chime, let's see me what I'm doing? All right?

Speaker 1 (01:19:28):
The best that out here.

Speaker 4 (01:19:29):
All right, we are back.

Speaker 1 (01:19:34):
I used to love Hughie. Don't hear too much of Huy.
You we're still alive. I don't think we heard too
much of him. Who knows? Look that up for me.
Get to that, Zach. Please him doing some work today.

(01:19:56):
I'm doing some work today. He's all excited. He's gonna
have twelve little girls running around in his yard.

Speaker 4 (01:20:01):
He still which birthday? How how old? Five? Five?

Speaker 1 (01:20:08):
It's great age. We've been celebrating all week. Sugar and spice.
Julie and I saw two little girls the other day
there it's they're just twins at the beach up in
Lake George. They were twins there, you know, just cute
as buttons. Their hair. Mom had her hair because Julia
loves the break hair. Our nieces and h the little

(01:20:31):
girls of their hair, just you know, sugar and spice.
Nothing like a little girl running around, just a cute.
You know. My my wife grew up with five brothers,
and she was like, oh my god, you know we
have David, we had Chris. You go, oh my god,
you know, so she said, let's try for one more.

(01:20:54):
You got your little girl there. She is MICHAELA. Madeline.

Speaker 4 (01:20:58):
Five and six are great ages if you're six now,
they're The sentences that they form are hilarious.

Speaker 5 (01:21:06):
The randomness is hilarious.

Speaker 1 (01:21:09):
Yeah said out.

Speaker 4 (01:21:11):
There, you got any dippin' dots? Any dippin' dots in
the freezer?

Speaker 10 (01:21:15):
No?

Speaker 4 (01:21:15):
Daxam all the last time you're here.

Speaker 5 (01:21:20):
Mine woke up this morning and said, text, Daddy, did
he filled the pinata before he left for work?

Speaker 4 (01:21:27):
Yeah? Again, I have it ready at six am.

Speaker 5 (01:21:30):
I really did.

Speaker 1 (01:21:31):
Yeah. You know. The thing is is that you better
enjoy it. And I say this to the young guys
all the time that are in the office and also
the Zach. You know, time is fleeting, It goes by
very quick. H I get sad sometimes when I see
my kids in the age that they're at that that
I you know, I'm not happy with them and wishing

(01:21:52):
them great success, but you know, it's we Julie took
some pictures out the other day when the kids were younger,
and she says, I remember her words, I'm exactly. I
wish I could go back for like one month, just
one month when they were that young again. You know,
just realize how precious it is.

Speaker 4 (01:22:07):
So in the time you were probably stressed out.

Speaker 1 (01:22:09):
And that's all you do is work. I mean, you know,
you know, you know my background. I mean, that's all
we did was work. I don't mind it because you know,
it's like now, I mean, I go on vacation, I
can't wait to get the hell back because I've had enough.

Speaker 4 (01:22:21):
You know, I've always been a worker, ever since you
were hitting the lines, and then while you're at Siena,
you know, then started your own company and yeah, even
five am, you're up still looking at the markets. I
was up this morning quarter after four. It's just it's
the nature of the beast. It's how I grew up.
And you know, I you know, you and I both

(01:22:43):
know one thing.

Speaker 1 (01:22:44):
I mean, I'm I don't really have a lot of
sympathy for people that complain that don't put the effort in.
If you don't put the effort in, you know. I
tell Nico this all the time. I used to write
his tale pretty hard, and he didn't like it.

Speaker 4 (01:22:58):
I don't think he liked me for well, yeah, you're
taking it easy on yourself. Yeah, but I wouldn't change
the thing. Yeah.

Speaker 1 (01:23:05):
I forced him to do some things that he didn't
necessarily want to do, and the end result is that
he's extremely successful.

Speaker 4 (01:23:12):
You know, you didn't beat me up when I was
down too, No, No, at sixty six, I had a
couple attempts at that, that's all right. I remember I
was on my kitchen floor. I was like, I don't
want to call Dave. I don't want to tell him.
But then I passed Flying Callers and next thing you know,
I got my CFP.

Speaker 1 (01:23:29):
So well, I'm very proud of you.

Speaker 4 (01:23:31):
And you know that your your son's starting the path. Yeah,
did he tell you he started?

Speaker 9 (01:23:35):
He?

Speaker 1 (01:23:35):
Yeah, he did, called me for my credit card, all
about it. Chris is getting license now, so he'll be
all licensed, hopefully by the next year, year and a half,
and we're up and running. I'm very very impressed with
our new interns both.

Speaker 4 (01:23:53):
I was going to say, you got to be harder
on them, do you think so you get.

Speaker 1 (01:23:57):
Yeah, I'm too easy compared to what I did to you.

Speaker 4 (01:24:00):
A lot harder, I know. But you get older, you
get softer, steel, sharp and steel. Isn't that what they say?

Speaker 1 (01:24:06):
Yeah, Well, we've got two interns, Jake and Jared that
are doing a great job for us, and one of
them is I think he's doing the same path you did.
He's in the senior year at Sienna. He's going to
work with us during his school year and we'll see
what happens. But he's, uh, he's very good at what
he does. Great kid, get on the phone, he's excellent.

Speaker 4 (01:24:25):
Yeah, it's very nice and always looking to see who
needs help.

Speaker 1 (01:24:30):
So I always said, Lisa, when when Lisa came to
me the other day and said, listen, I want to
talk to you, that she wanted to talk about, you know,
let's bring him in during the school year.

Speaker 4 (01:24:41):
Because I said, absolutely absolutely.

Speaker 1 (01:24:45):
I mean if he might be in the same path
you're on, you've been with us what now what eight
years when you talk about your internship.

Speaker 4 (01:24:51):
Yeah, if you include the internship, almost eight years in
the business now. So I didn't know what aw anew
what he was the first year. You know, you said
you even know what it a new it is and
I said, uh, yeah, but but no, it's been a
long path.

Speaker 10 (01:25:09):
You know.

Speaker 4 (01:25:09):
Definitely learned a lot from you, you know, and and
also just books, you know those the seven sixty six
seven was kind of easy. I learned a lot of that,
and well, you already had a lot of that background
at Siena. Yeah, there's a lot of stock analytics and
you know, we did a small cap fund at Sienna,
the Jorkmund Fund. I was wonder it is that still
an existence.

Speaker 10 (01:25:30):
I was.

Speaker 4 (01:25:30):
I was looking online the other daycause they have a
website and I couldn't find any updated numbers. I'm not
sure what's going on with that. You know, I haven't
been the best alum. You know, I got to keep
in contact, but I'd like to go back to Siena,
maybe do a job fair or something like that, and uh,
just kind of chat with some.

Speaker 1 (01:25:48):
One that works down there in a high pretty high
powered job reach, reach them and see if you know
you can facil you know, this is how I feel
about that and where you give back the where you
get personally. I think I've always feel uncomfortable when people
give me stuff, but I feel much better when I

(01:26:09):
give and I see the.

Speaker 4 (01:26:11):
You know, I'd like to just talk to some current students,
you know what I remember people used to come in
when I was there, you know, and say, hey, I'm
in you know, I'm working for this company and this
is what I do, and you know, this is my
nine to five and you kind of get an idea
of what your future would look like if you want
that direction. You know, so I think it'd be beneficial.

(01:26:32):
I don't know. Some people might just say, who's this guy,
who's this ugly, ugly mug coming in here.

Speaker 1 (01:26:38):
To my class? All Right, we're going to talk a
little bit about all that money that's out in iras.
Nego just had a situation this past week with a
client that has good income, good social security, has got
a substantial amount of money in an ira I, you know,
well over three hundred thousand dollars, doesn't need it, doesn't
know what to do with it, And he said, hey,

(01:26:59):
let's talk talk a little bit about what you can
do with that money and transfer some wealth. You're going
to be subject to R and D in a very
short period of time, so let's run some illustrations and
what came out of it.

Speaker 4 (01:27:12):
Yeah, So for this particular situation, you know, there's about
three hundred and fifty four hundred thousand dollars in pre
tax assets. It wasn't the only asset that the client had,
but you know, that was the taxable piece if something
were to happen to her. So we looked at taking
that pre tax asset and turning it into an after

(01:27:35):
tax legacy for her two daughters. In this case, you know,
she's in her sixties and we were looking at taking
potentially twelve thousand a year. So again, twelve thousand a
year off the three hundred and fifty four hundred thousand,
which isn't it crazy? What what made you pick that
figure was the four thousand a month, you know, but

(01:27:58):
we're gonna do an annual pay on it. And you
take that twelve thousand. You look at some sort of
guaranteed universal life contract. It runs out to one hundred
and five and for this client, it was going to
pay out about five hundred and sixty thousand dollars, you know,
tax free legacy for the two girls. She's gotten your

(01:28:18):
vocable trust already set up, so we're gonna have that
as the owner. And then because that'll build cash value
over time, and you want that protected and make sure
it gets paid out how it's supposed to. So so
again twelve thousand a year. It's a lifetime pay, so
she is gonna be paying it for the rest of
her life.

Speaker 1 (01:28:34):
Well, the money's gonna come out for the rest of
her life.

Speaker 4 (01:28:37):
Yep. With rm ds. Rm ds will kick on eventually anyways,
so she's gonna have to take money off those accounts.
So it's kind of getting in front of the tax bill,
you know, spreading it out over a number of years
and then turning it into a tax free legacy that's guaranteed,
you know, once we go through the application and get
a final number on the death benefit, that's the number
that's gonna get paid out.

Speaker 1 (01:28:57):
What was that I can't even remember who it was.
I think I know who it was for. I think
it was for Dave and his wife. You did that
spreadsheet as far as staying with the IRA versus you know,
by doing the spend down, putting it into a survivorship
second to die for legacy planning. Have you used that
at all? Have you used that whatever concoction formula that

(01:29:22):
you use for them?

Speaker 4 (01:29:23):
I used it for I think one or two other
clients over the years. But it's a lot of input,
a lot of input and manual entry, and it just shows,
you know, the benefit of turning that pre tax asset
into some sort of life insurance. You know, it shows
the tax bill, the potential tax bill over the years

(01:29:44):
when you take your arm d total tax not only
while you're taking the income, but also once you pass
away and leave that pre tax asset to the kids
versus spreading it out over your lifetime, making an annual
payment to a life insurance contract and then painted out
at your death tax free. So it just showed, you know,
I think they saved a couple hundred grand and tax

(01:30:06):
dollars over the years. Yeah, you know, this is a
twenty five thirty year forecast, but you never know what's
gonna happen tomorrow. So I can show you. You know,
if you live till this age, you know, this is
what's going to do. Is the difference, So the do
nothing versus the do something, you know, and that's what
we try to do a retirement planning group.

Speaker 1 (01:30:25):
Well, the thing is is that you you know, as
I said, this is really you can do nothing and
just sit on the fence and let the government dictate
how money is distributed out of your IRA, or you
can get proactive and you can basically leave a legacy
that's uncumbered by tax.

Speaker 4 (01:30:40):
What's to say they don't change the laws? Also, and
the ten year withdrawal, you know what if they shorten.

Speaker 1 (01:30:45):
That, well they're already, they're already talking about it. They're
they're already talking about making it five rather than ten.

Speaker 4 (01:30:51):
Then you're bumping up to a higher tax bracket potentially
depending how much you receive, you know, so the government
can get their hands on a lot of those dollars.
And that's what we're trying to.

Speaker 1 (01:31:00):
They used to, you know, for years, you used they
used to applaud success. Now, for whatever reason, success is
it looked it's you're supposed to be diminished by success
if you've done well and you've worked hard. I mean,
I've done well for myself, and I don't feel bad
about it because there were days Julie and I worked

(01:31:22):
twenty I used to work twenty four hour days sometimes
where I'd get up and the next morning I'd be
coming back to the house because I had two businesses
that I was running at the same time. And I
do not feel bad that I've had success because nobody
gave it to me. It's not like, you know, here
you go, You're lucky, you're in the right gene pool,

(01:31:42):
and you're going to get this trust fund. I mean,
I created it, I worked hard for it. Now do
I think that there's a disparity between the ultra wealthy
and the people that are working hard in a corporate absolutely.
I mean, should Eli Musk give fifty four billion dollars
in one year?

Speaker 4 (01:32:01):
That's a little much for do you think so?

Speaker 1 (01:32:04):
I mean, I'm even in that camp where you know
there is a point where you have to say, is
this just does this make financial sense?

Speaker 4 (01:32:14):
How big does this kingdom need? Yeah?

Speaker 1 (01:32:15):
You know, how big do you want your your ship
to be? I mean, you got bezos riding around on
a boat that's the size of the Titanic. We're going
to take our final break. We'll be right back the
eighty six percenters. Do you know that eighty six percent
of the population has no defined benefit pension plan? For
most of us, we have to take our life savings
and create a paycheck for the rest of our lives

(01:32:36):
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, hardest problem in finance.
He points out that investment uncertainty and mortality can derail
the most careful laid out retirement income plan. Call our

(01:32:59):
offices to to start the process of building your retirement
income 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 income distribution plan.
How do you do that? To take action five one
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(01:33:20):
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Speaker 6 (01:33:30):
If you have questions on maximizing your savings, navigating healthcare costs,
or preparing for your dream retirement lifestyle, We've got you covered.
Listen weekly to Dave Kopek from the Retirement Planning Group
right here on WGY Saturdays at seven am for the
Retirement Planning Show, and also on Saturdays at noon and
Sundays at eight pm for Retirement Ready. And remember you

(01:33:53):
can listen to PASS shows anytime anywhere on the iHeartRadio.
App Appointments are available by calling five one eight five eight.

Speaker 7 (01:34:20):
Got into my life and my life, Got gush in
my life and my life.

Speaker 4 (01:34:34):
In my life, My life and we are back. Thanks
for tuning in this morning. My name is Nicholas Thumas,
certified financial planner with the Retirement Planning Group, alongside mister
David Kopek, President of the Retirement Planning Group. We're a

(01:34:55):
local you no smaller firm, boutique boot teak shop with
a lot of independents. You know, we're able to have
a very open architecture platform. What does that mean we
can browse the market. You know, we don't just have
to invest in our custodians funds, which is Fidelity. You know,

(01:35:17):
they're the bear behind us, you know, so they're a
lot of power and they've got analysts and c fas
and people we talked to about their future you know,
market outlooks and are.

Speaker 1 (01:35:29):
Going to actually give them a call Monday. I need
some assistance from them on a portfolio.

Speaker 4 (01:35:42):
You're gonna have them look at that spreadsheet. Yeah, that's
a good idea. Yeah you like that idea. Yeah, I
think they'd give you some nice analytics. Yeah.

Speaker 1 (01:35:54):
I mean one of the things that's great about the
business today and I think it's uh, it's it's a
big positive. You can be a small shop and still
have the strength of a large financial institutional like Fidelity
behind you, and I think it makes all the sense
in the world. You get a lot of bang for
your buck working with us, and our fees are extremely

(01:36:15):
reasonable probably you know extremely When I say extremely reasonable,
I mean that when I compare to our peers, and.

Speaker 4 (01:36:25):
You know we negotiate too. Let's go to James.

Speaker 10 (01:36:30):
Yeah, how are you doing.

Speaker 1 (01:36:32):
I'm doing fantastic.

Speaker 10 (01:36:33):
I listen to you guys pretty much every week, and
I think a lot of your information, a lot of
what you talk about hits home to lots of people
a lot of different reasons. Something you mentioned just a
few minutes ago before you went to break. I just
want to make a comment about it because I don't

(01:36:54):
entirely agree with what you said. Okay, Elon Muskin and
Jeff Basils sit in their situation in life the way
they do today because the choices that they've made. You
have a home in Lake George, and you probably have
a Cobalt No.

Speaker 1 (01:37:15):
I got a I got it, Jeff Basil, I got
a party barge, I got a PI toon.

Speaker 4 (01:37:20):
Okay, what what what?

Speaker 10 (01:37:21):
But I'm just saying you've made some great choices and
you've you. You work very hard, very hard to get
to where you are today, and and anybody who comes
from that kind of that kind of work ethic and
and puts forth that kind of effort every day recognizes

(01:37:42):
what you've done. And but you have to understand too
that just like you've got your party barge and your
Lake George home and Jeff Besils has a Titanic and
there's a you say, there's like a you know, quite
a difference between the two, and what why and how
come at the same time that that's happening as you

(01:38:03):
live in your second home on Lake George and enjoy
your boat with your sandwiches and your cocktails, is a
homeless man in Troy.

Speaker 1 (01:38:11):
Yeah, I agree.

Speaker 10 (01:38:12):
So I'm just making a point that we all make
our choices, and we all put forth effort. And you've
done an amazing job building a good company, and your
advisory skills are excellent, and you're doing a great job
helping people make good choices, because that, I think is
a big part of your business. Everything we do, regardless

(01:38:35):
of how poorly we've done or how successful we've been
in anything, whether it be work or financial management or whatever,
comes down to choices. And you are great at directing
and helping people make good choices. Jeff Bezil and Elon
Musk have made better choices than you and are smarter

(01:38:55):
than you in areas that are not your expertise. That's
why they are where they are, no doubt about it.
And so I think you do a great job. I
think the show is excellent. But I want everybody that
listen to what you just said to understand there should
never be a limit to where you can go. Jeff
Bezos has one has one boat as big as a Titanic.

(01:39:18):
A band could own the most luxurious cruise line and
have fifty of them. So it all comes down to
the desire and what you're willing to put forth and
the choices you're going to make to how far you're
going to go.

Speaker 1 (01:39:33):
You know, I agree one hundred percent with what you're saying.
Believe me, I'm a big, huge believer in the free
market system. What my concern is, James, and I speak
from my heart now because I've got a lot of
hard working savers that are family members. My brother in
law's an HVAC guy. He's making I'm seventy eighty thousand

(01:39:57):
dollars a year. I'm going to say ballpark, And you know,
you think that that's a good salary with a wife
and a child. But you know, when you look at
what he has to come out of pocket now, as
far as out of pocket expenses for medical, what it
costs him for medical, what it costs him in order
to basically put money aside because his company does not

(01:40:18):
have a pension benefit. That's what I'm talking about. I'm
talking about how far is the teeter totter up where
the guys are sitting up on the top and the
other guys sitting on the bottom, basically saying, can I
ever get a little bit more out of this? Is there?

Speaker 10 (01:40:34):
You know?

Speaker 1 (01:40:35):
Is there any more juice in the orange that I
can squeeze out of it so I can have a
better quality of life? And I'm very concerned about that
because our original founding fathers were worried about one thing, oligarchs,
where too much wealth is concentrated in too few people.
And I'm in the camp, James, whether you agree or not,

(01:40:55):
I think we're getting pretty close to that.

Speaker 10 (01:41:00):
I I don't disagree in that there are people that
are are holding a lot more of the bag than others.
But I I really I think it's so important that
people realize that if they want to get further, they can.
It's just it's the choices they need to make. I

(01:41:22):
don't want them to think about, well, I'm on the
other side of the coin. I can't get any more
juice out of this orange, so this is as best
I can get. You should never settle. You should never
ever say you can't, because you always can.

Speaker 1 (01:41:38):
I appreciate that the.

Speaker 10 (01:41:39):
People that say they can't, the people that settle, are
the people that that that stop.

Speaker 4 (01:41:45):
And I agree.

Speaker 10 (01:41:45):
You want to go further and you want more, you
got to keep going.

Speaker 4 (01:41:48):
I agree, And I appreciate the phone call. That's kind
of what makes America America capitalist. I agree with what
he's said.

Speaker 1 (01:41:58):
I mean, I I am a big believer, but I
think in today's world, in today's world, and I don't
want to speak for any other businessman than myself. When
I see people I told you about golf the other night,
and I'm sitting next to a table and I'm leaning

(01:42:19):
back because I want to hear the conversation. I'm doing
a little you know, behind the counter listening, and the
guy's talking about now. He's looking at nineteen hundred dollars
a month for health insurance until he can qualify for
Medicare and a Medicare supplement. And he's in sticker shock
that he can't walk away from his retirement job or

(01:42:39):
from the job into retirement because he can't afford nineteen
hundred dollars a month for healthcare. Right. Dave Wilkie from
Wilking Associates told me this years ago. Fred Schaefer, who's
an insurance consultant with major insurance companies and businesses, they
told me this years ago that health insurance is going
to go. Do you know that your school districts. I

(01:43:01):
just had a chat with a gentleman that sits on
the board of a school district. Do you have any
idea what your school is on the books for as
far as the expense for medical care for their retirees.
You know what that liability is.

Speaker 4 (01:43:16):
Probably astronomical. You know, it's a huge problem to mortgage.
Now it's your second mortgage if you enter retirement with
a with a house mortgage.

Speaker 1 (01:43:25):
Listen, we've had a lot of people in the last
year that have died that've been in hospitals that are
battling cancer. I can remember Kelly being admitted into Aubany bed.
They didn't have in a bed for for like a
day and a half, she'd basically sit in a bed
in the hallway until. I mean, I don't know what's
going on with our healthcare system, but I personally think
that it needs some tweaking and adjustment. And I don't

(01:43:47):
have the capabilities and don't have the expertise or the
education to do it. But I am not a fan
about you know what we're seeing. So but bottom line now,
I appreciate that phone call, James.

Speaker 10 (01:43:57):
Uh.

Speaker 1 (01:43:59):
You know, the best thing that you can have in
this world and our society is the ability to agree
or disagree in an open environment without any animosity or hatred. Right,
And that's what's happening today, is that there's too much
hatred in the animosity. You can't even speak your mind
without the worry about, you know, some kind of a recoil,

(01:44:20):
some kind of a negative impact to you. So God
bless everybody. Nico and I would be back, not next week,
but the following week. We've got a gal fighting for
cancer next weekend. Be safe, enjoy your weekend, and if
we can be of assistance with your retirement planning. Give
us a call at five one eight, five eight zero
one nine one nine, God bless.

Speaker 2 (01:44:41):
Thank you for listening to the retirement Planning Show hosted
Buying Dave Kopek, w G wise retirement planning specialist. If
you would like to talk with Dane or someone at
the Retirement Planning Group, call five one e five eight
zero one nine one nine. That's five one eight five
eight zero one nine one nine during business hours, or
visit rpgretire dot com. The Retirement Planning Group has five

(01:45:06):
convenient offices located in Albany, Walsa, Glens Falls, Syracuse, and Oneana.
Tune in again next week for retirement planning strategies with
Dave Kopek right here on WGY's Retirement Planning Show. The
information or services discussed on this show is for informational
purposes only and is not intended to be personal financial advice.

Speaker 4 (01:45:28):
The investments and services offered bias may not be suitable
for all investors. If you have any doubts as to
the merits of an investment, you should seek advice from
an independent financial advisor.