Retirement Planning Show

August 31st, 2024

Episode Transcript

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

(00:21):
and your family. Now it's time for Dave Kopec, WGY's
retirement planning specialist.

Speaker 2 (00:40):
Don't let on.

Speaker 3 (00:45):
I want.

Speaker 2 (00:50):
Can leave it up to he's knocking on.

Speaker 4 (01:01):
I knew all of my life that's someday would get
up and go outside. Don't let the men may points

(01:22):
I have lived. My body's withered, and ask yourself out.

Speaker 2 (01:32):
On what you mean if you didn't know the things both.

Speaker 4 (01:42):
Try to love on you? Why I stay close to
your friends, fast, eat son, down with wine, Alay, don't
let deal.

Speaker 2 (01:59):
Love that song. The reason why I asked my good
man Zach to play that today is that, as you're
quite well aware, that's Toby Keith, who lost his battle
with cancer February of this year, twenty twenty four, A

(02:21):
great artist, great American, great father. And you know we've
got this golf outing coming September twenty sixth, which will
be here sooner than you think. Fairway's a half moon.
The whole object is to raise money for the American
Cancer Society and also for an organization that's here in

(02:42):
the Capitol District region called Life Song. We had a
gentleman on last week that discussed what they do, doctor
Darren Barkman. They do God's work. They do God's work,
and I guess as you get older, you realize how
important that is to participate. So if you're not doing

(03:07):
anything September twenty six I know that we're getting very full,
but that doesn't mean that you can't come to the banquet.
Because what we do is we start off with golf.
Then we have a beautiful banquet. We have all sorts
of gifts, silent auction. We try to raise as much
money as we possibly can. So if you're not doing anything,
or if you want to make a donation, we would

(03:29):
love to have you partake. All you gotta do is
call the big guy, Jimmy Corkoran, who runs this for us,
and he'll take your name in your donation, or if
you'll make a reservation for golf, or if you just
want to come for dinner. That's fine too, that's fine too.

(03:52):
But here we sit the last day in August two
thy and twenty four, which is hard to believe, Which
is hard to believe that we're you know, I always
say when the track opens, don't blink your eyes because
summer is going to be over with And that's exactly true.

(04:13):
Can you believe it, Zach, I can't believe it. It's
just like boom. I mean, it's starting to feel You're
starting to feel it in the air too. Starting school next
week for the little ones, which is good. They need
to get back in school. Good. I'm ready for that.
Get mom and dad are a break. Yeah. A good

(04:33):
friend of ours golf with us on Thursday, Jen, who's
the kindergarten teacher at my wife's school, and we had
a wonderful chat and she's ready to get back. But
you know, I know a lot of people think that teachers.
Teachers don't earn the money that they make, and you know,
they've got all this time off. I'm gonna tell you, folks,

(04:54):
you go spend five days in a school with children
and all the other things come along with it, and
you tell me they don't deserve that money. They deserve
more money. It's a very very very difficult and challenging job,
especially in today's world. And I tip my hat like

(05:15):
I do to the people that wear the uniform are
police teachers. They do God's work, they truly do. And
the older you get, the more you realize that you're
putting your children's hands for brains and bodies inside that classroom.
They have a huge impact, can have a huge impact.

(05:36):
I know that my wife saw a girl the other day.
We went out to dinner and she was a hostess
and she saw missus Ka. It was nice to see that.
She was happy to see my wife and a big hug.
She can be senior this year at shen So. But
it looks like we're gonna have a decent weekend. I

(05:58):
think we're gonna get a little rain this afternoon. But
right now, it's, you know, pretty nice out there. They
saying we're still going to get some rain this afternoon tonight.
That's all right. As long as it's tonight, that's all right.
Tomorrow is going to beautiful, is it? Well, that's good
because I have my pictic for twenty people tomorrow up
at the lake, which I'm looking forward to seeing some

(06:20):
friends and family members. So good morning to everyone. This
is the if you're new to the show, this is
the retirement planning show. I'm Dave Kopak, been doing it
now for forty three years, which is hard to believe.
Actually I got I started getting my licenses in eighty one,
and so if you take eighty one to the beginning

(06:43):
of the process to now, I actually got fully licensed
in eighty two, forty four double fours, double fours, which
is hard to believe too. What the bottom line gets
down to is that all we do is pre and
post retirement planning. Whether you're eighteen or seventy eight doesn't
make any difference. We all have to get to the
promised land, and that's the yellow brick road of retirement.

(07:06):
And how you get there, everybody has a different way.
You know. I overemphasize to individuals when they come into
our practice is that we do not have a predetermined destination.
We are an open architecture platform, meaning that we have
everything from A to Z as far as investments, protection products,

(07:27):
et cetera. And then we also have the ability the
ability to work through the mothership Fidelity, which brings a
lot to the table. When I say a lot, I
mean it's an understatement. We're actually going out for a
conference in October, which I really look forward to. You

(07:48):
have some of the top speakers in our industry, individuals,
and they come together for three days in Boston Monday, Tuesday,
and Wednesday, and it's always a highlight of my year
because it's the ability for you to interact rub elbows
with people that are doing the same thing that we're doing,

(08:09):
trying to manage assets, protect assets, and then transfer wealth
to the next generation, which will be trillions of dollars.
You've heard me say it over and over again, somewhere
between eighty to eighty five trillion dollars it's estimated will
transfer over the next twenty to thirty years. So but

(08:30):
you know, in my business, things happen. Things happen. And
I got a phone call on Monday from a very
good client that I've had for probably twenty five years,

(08:54):
and he says, Dave, I need your help. I got
a nine one. Matter of fact, he didn't call me,
called Lisa, and Lisa sent me a text message on
my cell phone and says, we got a nine to
one one. So you know, anytime I hear that, I
always think horrific things. Well it was horrific. And I

(09:17):
finally got a hold of him after playing telephone tag
a little bit. And we'll give you any names or
anything like that, but this is a guy that's as
nice as the day is long. Got a beautiful family.
Daughter is in a situation right now, both well educated
husband and wife that her husband is dying. I'll give

(09:41):
you a lot of details what he's dying from, but
he's dying. And the thing is is that they had
nothing zero in place, no will, no durab power attorney,
no health care proxies, nothing. So I called around, called

(10:01):
O'Connell Andranowitz, and I spoke to two of the attorneys
over there, who I have a thousand percent confidence, And
I said, listen, I got a nine to one one
and you guys going to help me out here. Why
was it important? And I'll tell you the reason why
I was important. This gentleman had the ability to get
a pension benefit, right, get a pension benefit. He also

(10:23):
had health insurance, he has life insurance. He has a wife,
and he has three children, and it could really be
a disaster for the wife if we didn't play catch
up real quick. So my good friend Matt Dorsey and
I tipped my hat to Matt and Mike Lawson. We're

(10:46):
both attorneys with OW and A, and they basically they
basically got things done in a short period of time
to simplify this woman's life and make her at least
not in a bad situation, but in a better situation
when something ultimately does happen to her husband. So I

(11:08):
wanted to say that because I want you to know
that there are good people out there that will do
They'll go to the end of the earth in order
to facilitate what needs to get done in order to
make things good for you. So I know that we'll
do that. But I want to tip my hat to
Acconna Aronowitz because they basically came to the finish line

(11:29):
and did what they needed to do. But let's go
to our first phone call. Let's go to Tyler morning. Tyler, Hello, Yeah,
good morning. How are you? Tyler?

Speaker 3 (11:41):
Hi?

Speaker 5 (11:41):
Good morning? How are you guys? How are you doing?

Speaker 6 (11:43):
Zach?

Speaker 5 (11:46):
I'm calling because I'm only thirty eight ol of Zach Marrisney,
so I'm still in the beginning start stage of staving
for retirement. So I was wondering if you guys had
a minute, if you get going to go over the
stock purchase programs. I have four percent of my check
going into one right now. I wonder if that's worthwhile
there's something better I can be putting that four percent into.

(12:08):
And also I I can't remember the name off the
top of my head, but I heard from an aidelity,
possibly through the pipeline, that there is a program that's
going to help find tell people find older four to
one case from when maybe when they're younger small four
one case from when they're in their younger twenties, and

(12:30):
just make it easier for you to find those and
roll them all together, whether they're daved, transferred into a
cash account, or whatever happens there. So if we're going
to go over that a little bit as well at thet.

Speaker 2 (12:39):
Time, Yeah, I'll go through both of them real quick. ESOP. Uh,
you know, never put all your eggs in one basket
with an ESOP because you have the risk, you have
the risk that the company won't be there. Now, one
of the ESOP plans locally here Tyler, that is known
ye to have created a lot of millionaires is a

(13:00):
company that everybody sees in the corner and it's called Stewarts,
and their ESOP plan has been phenomenal. When I say phenomenal,
not a one star, two star, a five star, a
ten star as far as the amount of wealth that
they created for the employees that have worked through Stuarts.

(13:21):
So just realize is that there are certain things that
you need to be cautious about. But if it's a
good company, always be diversified and never have too much
of your money allocated into one particular asset stock, whatever
it may be. Now on your other question, but I'll
go through quick here because I've gotta have to take
a break here in about a minute. Your other question, Yes,

(13:44):
Fidelity does have that service where they will go out
they will search for you your previous four oh one
K programs. Fidelity is a major advocate a consolidation and simplification.
So the thing is is that if you if you
want some help with this, we'll be more than happy
to help you out. If you think you've worked at

(14:06):
previous employers and you think that you have assets that
you're not aware of.

Speaker 5 (14:13):
Oh well that sounds great, thank you very much. I
mean to get in with you guys. I thought to
Zach a couple of weekends ago. I appreciate his advice.
I listened you guys all the time, so thank you're
taking my call.

Speaker 2 (14:24):
Okay, brother listening, We got to take a break. Thank you.
If we can help, give us a call, We'll be
right back after this quick message. This is the Retirement
Planning Show. I'm Dave Kopek, your host, been doing it
now for almost twenty five years on the radio, and
I plan on doing it for another twenty five with
the Lord's willing. Can you measure that, Zach. We'll be
right back the eighty six percenters. Do you know that

(14:46):
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 will you manage your ass that's
during the most critical years of your lifetime. Nobel Prize
winning economist William Sharp has called retirement income distribution the nastiest,

(15:08):
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, you need
to start taking action to start building your own personal
retirement income distribution plan. How do you do that? To

(15:31):
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 (15:47):
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 Dame after the show? Called five one eight five
eight zero one nine one nine.

Speaker 7 (16:21):
I'll bet you never heard or marsl din and say, Miss.

Speaker 8 (16:26):
Kitty, have you ever thought on anyway he's settling down?

Speaker 2 (16:31):
Would you marry me?

Speaker 8 (16:32):
If I ask you twice and vicon pretty peace? She'd
have said yes. In New York many everything never tied enough.
He's hard, wasn't many store kids as he rode away.
He never hung his head.

Speaker 2 (16:49):
Up at Kiddie's place.

Speaker 8 (16:53):
I should have been a cowboy. I should have learned
the road right.

Speaker 4 (17:01):
Wearing my sex, you riding my pony on the can drive.

Speaker 8 (17:07):
We seen any youngers arms.

Speaker 4 (17:12):
Just like Jean and Lord singing loos camp us.

Speaker 2 (17:16):
All right, we are back a little Toby there. It
reminds you. I went out to Oklahoma to see my
brother in law this past year, Venita, which is outside
of Tulsa, and him and his bride took us out
for dinner one night to a country cafe. And after

(17:38):
we had dinner, the band struck up the music and
there was a lot of line dancing and a lot
of cowboys and cowgirls. And I'll tell you why. It
was one hell of a day. We had a lot
of fun. Julie and I met a lot of Dan
and Leslie's friends that live out in that area. But
you know, as you're quite well aware if you listen
to the show, my background, both my parents or farmers,

(18:00):
so love hard working savers, you know, the working man,
My kind of people, my kind of were sitting by
the fire last night talking about that with my son
and Marissa, his girlfriend, and my beautiful bride. Julie and
you know, the simple things in life are the important ones.

(18:22):
The simple things in life are the important ones. So,
as I said before Tyler called in, I want to
thank our friends at O'Connor, loroano Witz because they really
helped us out. And you know the thing is, with
technology today, you can get a lot of things done
with the signatures E signatures went overemphasize that. So if
you're in a situation where you need to get documents signed,

(18:43):
and this gentleman that is having issues is in New
York City as family's up here, he's at Mount Sinai
Hospital down there. So the bottom line is that we
were able to facilitate very quickly, you know, maybe one
hundred percent of what was necessary, but at least we put,
you know, some legal documents in place that are going

(19:05):
to put his wife in a better spot, protect his pension,
his life insurance, et cetera. So you know, that's why
I always say it's important to have a team. Can't
say that loud enough. Team. Team. It's not about I me,

(19:26):
it's about we us because it's too complicated today, folks.
When I think when I first got into this business
in nineteen eighty one, the way it is today everything
that needs to get done, the responsibility for you to

(19:47):
manage assets, pay for health care, understand the dynamics of
pension benefits, and if you don't have a pension benefit,
the selection process, the opportunities that are out there to
create a pension benefit, which will lead me into another conversation.
In our second hour. I've asked Chris McCarthy, one of
our new employees team members of the Retirement Planning Group.

(20:11):
Chris has been in the business now for thirty nine years.
He understands it inside and out. He's a great friend.
As a matter of fact, he was a friend before
he became an associate with me at the Retirement Planning Group.
I've known Chris for over thirty years and I've been
trying to convince him to work with us, and he
finally pulled pulled it plug and jumped in the boat

(20:32):
and away we went. And he has worked a lot
in pension design kind of it's really been kind of
his forte and we're going to go through some of
the things that are going on right now with selection
options that are out there for your pensions and if

(20:52):
you do not have one. Now. I'm also a big
believer that there's no panacea. One hundred percent of your
money couldn't go into anything. There were products years ago,
years ago, one in particular that met Life had. It
was called Preference Plus, which I used to always scratch
my head and I always say to myself. It was
a variable annuity that had what we call the GMIB,

(21:16):
which is a guaranteed minimum income benefit, and it was
six percent guaranteed growth, six percent income for life based
on that growth or the guarantee is six percent. So basically,
you had two columns. You had the money that you
put in. You had three columns, you had the money
you put in, you had the guarantee of six percent,

(21:40):
and then you had another column that was whatever the
fair market value of your securities were. And you know
this is a guestimate, but I think the cost of
this was like fifty bases points for that rider point
five zho fifty BIPs for a guarantee that you'll never
run on money, you'll never get less than six percent

(22:01):
and you'll never get more than less than six percent
of income. I used to look at the guy that
I worked with for years, Dan Boushard, and I say,
you know something right here, you know this just sounds
too good to be true. Well it wasn't. It wasn't
for a long period of time, and then they found
out it was too good to be true and they
had to pull it and make an adjustments to it.
So the thing is is that you know, Chris has

(22:24):
been in the business long enough that he understands those
products and what's currently out of here right now as
far as creating bent pension benefits. And like I've said,
over the past six to twelve months, you know, we've
been in an environment that we haven't seen for an
extended period of time with these higher interest rates. Higher

(22:46):
interest rates allow you to get you know, total return
once the FED starts, you know, taking the foot off
the gas and you start getting some uh total return
in your bond portfolios. So you know, the market is
wrapping up for the summer on a pretty firm footing. Okay,

(23:09):
it's the grown economy, corporate profits, lower buying yields. I
want to over emphasize that, lower bind yields and the
expectation that the FED is going to start taking the
foot off the pedal. So what does that mean? That
means that this could be goldilocks you know, we could
be in a situation here where you're going to find

(23:30):
it very attractive, very attractive, not only on the fixed
income side, but also on the equity side. So you know,
last week, the Dow is up about a full percentage point.
SP five hundred was up about twenty basis points. NASDAK
was down. NASDAK got hit a little bit because some
of your high flyers got kicked in the teeth a
little bit. But you know, long term, you're probably in

(23:54):
a good shape. You know, short term, over the last
twelve to eighteen to twenty four months, you're dancing in
the street if you've had some of these technology stocks.
But dials up over ten percent, s ANDP is up
over eighteen percent, and the NASDAK is about the same
eighteen percent you're to date. So bottom line gets down
to is that we've had a pretty good run here, folks,
pretty good run over the last couple of years. Twenty

(24:17):
twenty two doesn't seem that long ago. But if you
stayed fully invested, right, you didn't become chicken money. You know,
you're heading for the fence because you're a chicken, right,
You got to stay fully invested in order to maximize
the returns on your investment. And when opportunity strikes, right
when the markets go down, that's when you want to

(24:38):
be in there and having those dividends and capital gains reinvested,
because when you get the bang, you get the updraft
in the market, you're going to see market rates or
returns that could be extremely beneficial for your retirement years.
And there's different ways to go through that, and we're
going to discuss that in the second hour, how to
have suspenders in a belt on your portfolio. But that

(24:58):
was a quick half hour. We're gonna come back. This
is Dave Kopek. This is the Retirement Planning Show. Do
you have any questions? Open lines for the next half hour?
One eight hundred talk w G Y one eight hundred
talk w g Y.

Speaker 7 (25:48):
You come knocking on my doord, baby, tim me what
you got on you mine?

Speaker 8 (25:55):
I guess who's kind of boy?

Speaker 4 (25:56):
His own man hung the summer time? Love and ride
looking goody, looking like a woman's wild.

Speaker 8 (26:07):
It's so hot, too fine. It's a little beady.

Speaker 4 (26:12):
Little him down.

Speaker 2 (26:13):
Don't say anybody.

Speaker 4 (26:18):
He run on a little tough loving baby.

Speaker 2 (26:23):
Don't you sweating?

Speaker 4 (26:26):
You have a thing it's witting inside.

Speaker 8 (26:29):
Oh you know why I got it?

Speaker 3 (26:32):
Come and get it.

Speaker 8 (26:33):
Who's your daddy, your baby man?

Speaker 2 (26:36):
Good by little Toby Toby today Remember if Toby Keith
who died of cancer, don't forget our golf swing for
Cure September twenty sixth, the Wonderful Fairways of Half Moon.
They do a fantastic job. My cousin Carol works there

(26:59):
in the bank facility, and you know, they just do
a good job overall. I give him an A plus
as far as the facility, the golf course, how they
take care of us in the banquet room. The leadership
over there does a good job. So if you want
to come September twenty six it's for the American Cancer

(27:22):
Society and lighte song. If you don't know what life
song is, educate yourself. They do God's work love, enhance,
equip inspire for individuals that might be a little bit challenged.
Eighteen to seventy eight. I think doctor told me last
week when he was in here, and they also do

(27:45):
God's work helping people out. I was flabbergasted by some
of the things that they have available. And they have
their own studio over there. They have their own little
thing that they do as far as get them involved
in media, and I think it's just wonderful. So if

(28:06):
you can help out, that would be great. You know,
as I said last week, you can take some of
your IRA money and donate it if you're subject to
r m D and you're not going to have a
tax consequence as long as it goes directly two the
five oh one C three such as life soongs. So
you want to have a chat about it, give us
a buzz. Jim Corkoran in our office is heading this up,

(28:31):
and you get a hold of GYM by dialing five
one eight five eight zero one nine nine or on
the web rpgretire dot com, rpgretire dot com. I know
some of our friends out in Syracuse have called and uh,
you know, we do a lot of work out there
with National Grid. We're going to be out there in
September doing a clam bake with them and we look

(28:54):
forward to that. But some of them have said that
they want to come and participate in this outing. And
if you're listening in your National Grid employee, you know,
we've got a lot of family members on my side
of the fence that work for National Grid. We've got
a lot of clients now from National Grid, hardworking people,

(29:14):
and you know they've really stepped up in a lot
of ways to help us sponsor some of this as
far as their participation and also foursome. So I want
to thank them on the air for that. And you know,
I know that my good buddy is listening. He listens
every week. I won't mention his name, but his son

(29:36):
is part of Life Song and he couldn't couldn't bring
enough positives about it and how it's impacted They're family
and their lives. So not only for the American Cancer Society,
but also for Life Song. And if you want to partake,
it's pretty easy. Five five eight zero one nine one nine.
Let's go to Greg and what I considered to be

(29:59):
one of one of my old haunts, Stillwater, New York. Hey, Greg,
Hi there, How are I good? I went to high school?
And who's the gal in Scatty Cook?

Speaker 9 (30:10):
Oh yeah, that's really close. I like to get a coke.

Speaker 2 (30:12):
Yeah, beautiful country over there, God's country.

Speaker 9 (30:16):
Yeah. So I've always had a four oh one k
through uh my my past work. And I got a
new job recently that offers a simple IRA, not a
Rosy and I don't know, so, I don't know if
we do, I can I merge them together somehow in
the future. Do I gotta take money out of each one?

(30:39):
Or I'm not sure how it works.

Speaker 2 (30:41):
Well, let me ask you a question. The four oh
one K that you were contributing to it your former employer,
former not current your was that a Roth four oh
one K or was that a traditional four a one K?

Speaker 9 (30:54):
I think I'm quite sure it was traditional.

Speaker 2 (30:56):
Okay, So, uh, we would probably recommend, uh, if you're
no longer participating in that plan, to roll it into
a self directed IRA through Fidelity. And the reason why
we would recommend that is because you would have literally
thousands of the investment options rather than just, you know,
a handful that might be currently available through your current employer. Uh,

(31:20):
you said that you're currently the one. The plan that
you're in right now is a sep IRA.

Speaker 9 (31:29):
Yeah, it says simple IRA.

Speaker 2 (31:32):
Yeah, yeah exactly, yeah exactly. So depending on you know,
what you're what you want for investment selection and what
you're trying to do to accomplish. You know, there's all
sorts of marketing and advertising out there, consolidate, simplify. Uh,
your your step. Your simple ira right now is who
is the custodian of that? You know?

Speaker 9 (31:54):
I am so new that you know. I haven't really
I don't know anything.

Speaker 2 (31:57):
Okay, all right, Well we're in half Moon, Greg that halfay?
I mean I live in half did you really? I'm
on I'm on Upper Newtown Road. I'm right next to you.

Speaker 9 (32:14):
I was on Lower Newtown Road.

Speaker 2 (32:15):
I know, I know it really well. My grandfather had
a big farm in half Moon on fond Of Road
for years, the Kopec farm. But the to make a
long story short, we have an office in Malta which
is right next to you. What I would say is
get your bride you married? No, okay, well don't bring

(32:37):
your bride. Then what you ought to do is give
us our office a qualm. Just come on in and
sit down with either myself or some of the other guys,
and we can go over what your options are. Then
you can make a logical decision if it makes sense
for you.

Speaker 9 (32:52):
Yeah, I'd like that because the arm relatively new to
I guess saving for retirement. I'm thirty eight, so.

Speaker 2 (32:58):
Yeah, well, now is the time to get going, brother,
because I'll tell you what you know, You're gonna blink
your eyes and you're gonna be sixty eight.

Speaker 3 (33:05):
Uh.

Speaker 2 (33:05):
It's just no, seriously, I mean that from the bottom
of my heart because I'm sixty eight years old and
I'm I'm flabber I'm flabbergasted sometimes just how quickly time
does go by. So give us a call. I'll give
out our telephone number. Maybe you can write it down
and just say listen, I listened to Dave on the radio.
I want to come in and have a chat. Doesn't
obligate you, doesn't obligate us, and we just see if

(33:26):
we can help you.

Speaker 9 (33:27):
That's all that sounds good. I appreciate it.

Speaker 2 (33:30):
Okay, brother, have a great weekend, all right? Okay, God bliss.
Our telephone number at the office, just so Greg has
it is five one eight five eight zero one nine
nine five one eight five eight zero one nine nine.
And we have five locations here now in the state
of New York where we can meet with individuals, and

(33:51):
we also have multiple locations in Florida throughout the United
States with the regis R. E. G Us Corporation, which
is executive suites. So all we do is we call
a number, and if we need to go to an
office and use a conference room or a private office,
we have the ability to do that throughout the United
States now and it just makes it a little bit easier,

(34:15):
makes it easier, especially when I go to Florida. Sometimes
I feel like I'm the traveling man. You know. I'll start,
let's just say in Fort Lauderdale, go over to Naples,
all the way up to Benita, Fort Myers of Sarasota,
up to you know, Tampa Okalla, you know, all over Florida.

(34:40):
And sometimes that it wears aney a little bit. So
if I can somehow consolidate and simplify and maybe have
appointments for like two days in one location, I don't
feel like I'm the traveling man. So but I'll be
back in Florida in a couple of weeks. My wife
and I are going down a little bit for business

(35:00):
and for Parents' weekend for my daughter. So if you're
listening in Florida and you want to have a chat
with me, give me a call. Our clients know how
to get ahold of us. If you're a prospective client,
love to meet with you or have a chat with you.
We do a lot with Zoom now Ring Central. With
technology today, I just told you the story this morning

(35:20):
about helping this couple out and I met with the wife.
The husband was unable to come in. But with technology
today and E signature flower gas absolutely flabbergas that what
can get done and how quickly you can get done.
So don't assume anything today in regards to financial services

(35:41):
or your legal documents because it might be shocking. It
might open your eyes about the new world that we
live in with technology. So I'm going to take my break.
When we come back, we're going to talk a little
bit more about this new world that we live in.
As far as retirement. A lot of people I've you know,

(36:02):
we have well over a thousand clients and a lot
of time I had two of my best clients. And
I don't mean to say this in a negative way.
I mean I just I love these people. Angela and
the Emmerie came in the other day and they sat
and we spoke for an hour and a half. In
about five minutes of it was business and the rest

(36:22):
of the time was just you know, chuckling and going
over some things. But the thing is is that you
want to make sure that you have a meaningful retirement.
You don't want to pull the plug sometimes too quickly,
especially with the cost of healthcare. That's a big issue
for a lot of people today. We'll talk a little

(36:42):
bit about that when we get back. But of course
I'm live in the studio today. Chris McCarthy is coming
in at the top of the hour, hopefully he got
out of bed. You know, he says, I said, Chris,
you're coming in this weekend. Goes yeah, he says, I
think I'll come in at eight, and that's seven. Bust
his chops when he gets in here. But we're here

(37:03):
live one eight hundred talk WGY. That's one eight hundred
eighty two five fifty nine forty nine nicos probably listening.
He's driving back from the outer Banks today. His vacation
is over with, so he's probably in a little state
of depression. But you know, hurry up, get back, boy,
We got work to do, so we'll be right back.

(37:24):
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

(37:44):
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 a retirement
income distribution. After forty one years of being in the
financial services business, you need to start taking action to

(38:05):
start building your own personal retirement income distribution plan. How
do you do that? To take action five one eight
five eight zero one nine one nine. That's five one eight,
five eight zero one nine one nine or rpg retire
on the web. Don't procrastinate, motivate to start building your
retirement income distribution plan five one eight five eight zero

(38:25):
one nine one nine.

Speaker 6 (38:26):
If you would like to hear more information on navigating
your way to retirement from Dave Kopek, Remember you can
listen to this show and past shows anytime and anywhere
on the free iHeartRadio app, or go to iHeart dot
com and search retirement planning show.

Speaker 2 (38:56):
Get back in the highschool.

Speaker 4 (38:58):
Yeah, the soul, cool jackets in the parking line, Dragon
ain't on a camel line, back behind a fib and
down praying and to never.

Speaker 8 (39:06):
Get a call, do you?

Speaker 7 (39:07):
Everybody's going to Fierce Price at and then night because
if you call, I gotta call them all.

Speaker 4 (39:13):
Cruising down to Main Street, driving through the deer Queen
ain't got.

Speaker 8 (39:17):
A mall, may ain't got them all.

Speaker 7 (39:19):
We're small town singing around just like boats to cut
on boats and girls just calling in line.

Speaker 2 (39:32):
All right. We are back in no happy long weekend
for a lot of us. We close the office on
Friday because my team needed an extended vacation to get
ready for the fall. I said, enjoy your weekend because
we're gonna hit the ground running come Tuesday. So we
close Friday and we're closed Monday for the holiday. So

(39:55):
Friday started Sunday, Monday Tuesday, we hit the ground running
and we are busy, busy, busy, busy. That's what Lisa
said to me. Lisa said, you better rest because you've
got a full schedule for the whole month of September,
which is fine. That's what I want, you know, I

(40:15):
want to go over something that I've been saying for
an extended period of time, and I want you to
understand the reason why I'm doing this, Okay, And I've
had a lot of clients come into the office recently
or I've talked to them on the telephone and I've
talked to them. You know, selecting the right type of

(40:38):
investments for retirement is really an individual thing. It shouldn't
be a cookie cutter. And I hate to say this,
but there's a lot of organizations that you know, they're
on an eight hundred telephone number and you basically they
go through a questionnaire. Once they fill out the questionnaire,
that you go into what they call one of their portfolios.

(41:03):
And I think from a business standpoint, I understand that
because you know, sometimes you want simplification in the asset
management business. But from your perspective of that, you know,
what's what's the advantage to me? And you know the
advantage D is that you know they've got professional money

(41:24):
management and you've got CFAs and PhDs, you got all
the stuff that's managing your assets. But what I've been
saying that you know, we haven't been here for a
while with the bond market and from a market perspective,
when this when they start rate cutting, Okay, I've been
doing this a long time. I traded bonds a long time.

(41:47):
You're going to start seeing historically strong equity rates and
returns and also strong fixed income returns. Okay, because not
only do you get the coupon, right, but you also
get the underlining bonds that will appreciate capital appreciation because

(42:11):
of the lower rates, So the higher coupons are worth
more in value. So I did a report here this
morning before I came down that was provided by Bloomberg,
and it says bond performance around the start start. Okay,
once the start starts going to be in September, right,

(42:31):
most people believe the seventeenth and the eighteenth of September
the bond market, you're going to start seeing the opportunity
for capital appreciation. We've already seen capital appreciation. Some of
are what we call yield enhancers, some of our portfolios
that we add into individual's portfolios to give you a

(42:52):
little bit more yield and also a little bit more diversification,
a little bit more risk. Are one core holding all
ready this year is up. You're to date about seventeen
and a half percent, But you gotta be patient, right,
you know, like, what'd you do for me today? So

(43:14):
in nineteen eighty when the FED started decreasing rates, right,
nineteen eighty thirteen percent was the total returns in bonds
eighty one fifteen percent, eighty four twenty two percent, eighty
nine nine percent, in two thousand and seven six percent,

(43:36):
nineteen ten percent. So on the average, it's about ten
percent net return that you're going to get in your
bond portfolio. Why am I saying this because folks, there's
six point four trillion with a T. There's six point
four trillion dollars sitting in cash and cash equivalents. And
if you look at it, okay, your yields are going down,

(44:00):
going up. They're going down because of the anticipation of
lower rates which we're seeing and what the FED is
going to do at the next meeting. So we have said,
if you want to get into these higher rates and
lock in these guaranteed rates, right, you better get going. Well,

(44:22):
they have started to decrease pretty dramatically over the last
two to three weeks. And I know that Nico, myself, Jim,
Chris McCarthy, you know, the whole laundry list. We've told people, listen,
if you sleep at night knowing that you have a
guaranteed rate and the money is going to be there,
whether it's a good market, a bad market, a good

(44:42):
outcome with the election, it doesn't make any difference. The
money is guaranteed, right, guaranteed. Well, that ship is starting
to pass, Okay, that ship is starting to pass, But
that doesn't negate the ability for you to be an
actively managed bond portfolio, actively managed bond portfolios that have

(45:03):
historically done well, that have been managed properly, that has
good talent running the portfolios. Not going to get into
the names or the funds or anything anything like that,
because I can't on the air, okay, But what I
will say to you is that now is the chance,
okay to reposition some of that six point four trillion

(45:27):
dollars out there highest I think it's the highest ever
that's sitting in cash equivalence right So, with no recession
in sight right now, possibility, I'll see possibility. I mean,

(45:47):
we had a you know, pretty strong Friday in the markets.
Strong equity returns twelve months after the first rate cut,
strong bond returns after the first rate cut, right, Maybe
it's time to take some of that cash that's sitting
on the sidelines that you haven't allocated and put it

(46:08):
into a diversified portfolio. So I know it's difficult when
you transition. Like the gentleman that called in, he's thirty
eight years old and he's trying to build out his
retirement plan. Well, get going, because the sooner you get

(46:30):
the money in the bucket, the better off you're going
to be. Because time is your friend. Been saying that
a thousand times. So when you're transitioning from a full
time career, right, which a lot of guys my age
are now doing, a lot of my good friends are
already retired. Best man in my wedding just got retired.
Him and his wife just retired, right. But they're going

(46:53):
from full time employment possibly to part time employment, and
they're trying to envision what's the bottom line here? Right?
Am I going to start a garden? Am I going
to visit the golf course more than I've been visiting it?
Am I gonna get involved in doing some work locally here,
like with Life Soong and doing some support with them

(47:17):
and volunteering. It's going to change. It's gonna change, and
once you determine what that will be, that will give
you peace of mind in retirement. It's important to know
how you get there financially, and that's what we do

(47:37):
at the Retirement Planning Group. We try to help you
navigate the land mines that are out there right and
the big one right now, which I'm trying to get
a special guest on. I'm having a hard time with
her trying to get her on the air because of
her schedule. She couldn't do it. I was trying to
get her on this weekend, but she couldn't do it.

(47:57):
But she's I guess you could call her a specialist
in healthcare for retirees, it's it's sticker shock. It is
sticker shock for a lot of people when they say, hey, listen,
I'm sixty one or sixty two and I want to
go into retirement, and then they look at what it's

(48:17):
going to cost them in order to facilitate it. And
a lot of reasons people don't retire until late sixty
five is because of the sticker price on healthcare. And
I talked to a good friend of mine that works
in this arena. He told me, Dave it's only going
to get worse. Dave Wilkie, Fred Schaefer, Guys that I've
had on the radio show that do this, that are

(48:39):
quote unquote that's their area a specialist. They told me
years ago this was going to happen, and I didn't
believe them. It's got a kidding me. Fifteen sixteen, eighteen
hundred dollars a month. I'm gonna have a mortgage payment
for healthcare. That's what it is. And somehow you're going

(49:03):
to have to focus in on these different alternative ways
during your accumulation years in order to facilitate the ability
for you to walk out if you want to walk
out at sixty one or sixty two. And for people
that are healthy that have the ability to do a

(49:26):
high deductible plan in funding HSA, as I've told Nico,
my son, Chris mccar, everybody that's in my office, I
can't do it because I'm over the age of sixty five.
But if I could do it, if I was forty five,
I'd be loading up, loading up on HSA accounts and
in a high deductible plan, because that's a bridge. It's

(49:51):
the ability for you to have tax preference money in
your retirement years in order to facilitate what needs to
get done on heal health care. Healthy sixty five year
old couple, you're going to need about three hundred thousand
dollars and out of pocket expenses for your retirement years
for health care that has nothing to do with long
term care. Zero. That's by our good friends, the Mothership Fidelity.

(50:19):
So if you're trying to define your retirement right, this
is what I always say. Close your eyes, go sit somewhere,
Go sit on a beach, Go sit down by Lake George,
go up to the Adirundecks, climb a mountain, and give
yourself some time. Try to figure out what it looks like,

(50:42):
you know, just a heads up. This last year, I've
been thinking about, you know, maybe that's what I that's
what I need, Maybe I need to go into retirement.
And the more I thought about it, the more my
wife and I had chats. It was basically, i'd go
insane because I'm getting better at golf. I shouldn't say
that I stink at golf. I'm getting better at golf,
So I can't say stink at golf because I've played

(51:04):
more in the last couple of years. And I've probably
played in the last ten years, but I don't want
to play golf all day long. And I love what
I do, and I have good health and my wife
and I would probably you know, go insane if we
didn't have something to do or a focus. And my
focus is is that I want to bring all these

(51:25):
years that I've had in the financial services business and
try to educate people about, you know, the land mines,
the things that can happen to you in your retirement
years per your post. And I think I have a
pretty good idea because after doing it for forty three years,
I've seen almost everything that you could possibly go through.

(51:46):
So when we get back, we're going to have Chris
McCarthy here and we're going to talk about building out
a pension benefit. But if you have any questions or comments,
we're live, we're actually here in the studio. You can
give us a call at one eight hundred talk WGY
that's one eight two five fifty ninety nine. Anything that
I'm discussing, we'd be more than happy to offer you

(52:06):
a complimentary consultation at either our Malta headquarters or any
of other four locations in New York and throughout the
United States with the Regis Corporation will either come to
you or we'll do a zoom whatever it may be.
But we'll be right back after the news.

Speaker 1 (52:25):
Line 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 more certain financial future for you and

(52:46):
your family. Now it's time for Dave Gobec wgi's retirement
Planning specialist, do to.

Speaker 4 (53:06):
Save his life, God his wife.

Speaker 5 (53:08):
Then, nothing to say but God of day, how's your
boy fend?

Speaker 8 (53:15):
Nothing to do, It's up to you. I've nothing to say.

Speaker 2 (53:21):
All right, we are back. Good morning, Good morning. You
know Ben Patton used to be over at the old
station WRW. I asked him one day, I said, you've
been in the business for decades. What is the greatest
band or individual performer that you've ever seen since you've

(53:42):
been doing spinning records?

Speaker 3 (53:45):
Are you asking me?

Speaker 2 (53:47):
No, I'm asking anything. Well, you're looking at me like
you like he said the Beatles. He thought they were
the greatest group ever, or you know, if you got
to do performance as a performer, his his choice was
the Beatles. You agreed, disagree?

Speaker 3 (54:06):
Well, I never had the pleasure of seeing him, of
seeing the Beatles, I would say, I've been blessed with
seeing many amazing band.

Speaker 2 (54:14):
One is Queen. You saw Queen live four times? Your
kid amazing. That's Colton, the kid that my matter of fact,
Colton's coming up and spend the night tomorrow at the lake.
He's my little nephew that that battled cancer and beat
it three years old and now he's five and he's

(54:35):
in school and he's my hero. He really is my hero.
But that's his favorite group. Queen. We gotta play a
little Queen for Colton. Yeah, because he's probably listening this morning.
What about me, Uncle Dave? We could play for both
a morning song for you because he didn't know we
started at seven. Yeah, you know, yeah, what's going on?

(54:55):
We started seven, I said, I said to Zach, he'll
be your head seven.

Speaker 3 (54:59):
Well, I'm enjoying the warm reception on this Saturday morning.
Thank you, Chris. Why didn't you let everybody know? Chris
has joined us once you joined February. Yep, yep.

Speaker 2 (55:11):
Craig's Chris have been with us. He's been in the
business thirty nine years.

Speaker 3 (55:15):
Uh.

Speaker 2 (55:16):
Really kind of focused in on retirement income distribution for
a long time. Would you say that, Oh yeah, that's
been kind of your forte. And I convinced him in
February to finally jump get on my ship, get off
his ship. You happy? I am. We have a great team.

(55:37):
That's a good answer. We have a great I think
it's the best. It's the best team that we've had
since I've been in the business, without a doubt.

Speaker 3 (55:46):
I concur my.

Speaker 2 (55:47):
Son passed is one of his licenses. So he's happy
as a lark on Thursday. So so he's he's he'll
be skipping down the road. He's got one more to go.

Speaker 3 (55:59):
He's a guy.

Speaker 2 (56:00):
Yeah, chriskid Chris, good kid, Siana graduate and now he's
getting into this crazy business. And when I'm dirt and
I'm flying around in the ocean or whatever.

Speaker 3 (56:11):
I'm amazed at his expertise. Well at such a young age,
I mean, he's very shocked.

Speaker 2 (56:18):
Well, he got his degree in Siena in financial planning.
He did his internship through us, and he One thing
I like about my son Christopher, I know and I
know he's not listening because he sleeps until about noon
when he doesn't have to work. I wish I had
that problem, but I know that one thing for sure

(56:39):
about Christopher William is that and I perceive this, he's
a lot different than his dad that he doesn't open
his mouth as much. He's a listener, which is extremely
important in our business, extremely important because if you're not listening,
then people will get frustrated and they'll grab their hat

(56:59):
and walk out the door. Because you need what I
said at the beginning of the show, you need to
facilitate what the client wants, not what we want. So
you've been in the business a long time. I've been
in the business a long time. You know there's a
lot of negativity about annuity products, which I agree and

(57:22):
I disagree about. Okay, there are some that are junk
that you shouldn't touch, and there's some that are phenomenal,
just like investment products, right, And what you have to
do is you have to go through a platform where
you have open architecture like ours that allows you to
go out and find the best apple on the tree. Agreed, absolutely,

(57:47):
But what have you seen in your thirty nine years
of doing this as far as building out I think
it's greater today than it's ever been as far as
people creating their own pension benefit.

Speaker 3 (57:58):
You agree, total, Yeah, you know, and I love what
you were saying about. Everything has a place. I don't
care what you're talking about, especially in the investment world.
You know, open architecture, you know, we have all these
things at our disposal. One of the things that I'm

(58:21):
seeing more and more, especially with working with you, is
that many clients have used guaranteed income products as a
safety net, and when they first started out, it was great.
It made all the sense in the world. And we
recently had a client that came in and he did

(58:44):
phenomenally well with two of these guaranteed income a newity.
He's not using the benefit, he doesn't need to. He's
done so well. So now it was recently time to
reevaluate where we going. Day one, it made all the

(59:06):
sense in the world. You did great, But it doesn't
make sense anymore to pay these fees if you're not
using the benefit. So we restructured his game plan, got
out of it, and he's happy as hell, yep. So
we keep things under a microscope. We make sure and

(59:30):
reevaluate as time goes on. Are we where we should
be or is there something better? Is there a way
we can save more money or make more money?

Speaker 2 (59:42):
Yeah, it goes back to the old saying is the
is the benefit worth the cost?

Speaker 3 (59:46):
That's right, that's right.

Speaker 2 (59:48):
That's what it really comes down to. If I guy
pulls up in my driveway and he's driving a Bentley
m right, driving a Bentley, Well, he's decided that he's
willing to pay an unbelievable amount of money, not only
for the car, the tires, the service, the maintenance. Comparable

(01:00:08):
to me pulling in with my you go.

Speaker 3 (01:00:12):
It's a beautiful you go. One of the nicest ones
I've ever said.

Speaker 2 (01:00:21):
Costs versus benefit. I think that's true in anything that
you do in life. What's the benefit? What's the cost?
It's like a relationship. I like to go out with
my buddies and party and stuff, But what's the cost. Well,
that's a pretty good chance that my wife's going to say,
you know what, you got the wrong gal, right, But I.

Speaker 3 (01:00:37):
Think it's also important to note that in agreement with
what you said, But Also, things change absolutely, and we
re evaluate on a regular basis, not only what investments
you should or should not be in, but what is
your game plan? Right, you know, let's protect today. Well

(01:00:59):
down the road, we've seen people do phenomenally well and
things change, so we re evaluate and then we reposition
and people make out even more in the wrong one.

Speaker 2 (01:01:15):
Yeah. I think that's one of the things that you
have to be aware of is that, you know, life,
financial markets, everything changes, everything changes. You need are you okay?

Speaker 3 (01:01:27):
I just want to make sure I sound lovely on
the radio. You don't, But that's okay. I just that
gave me.

Speaker 2 (01:01:37):
Just don't sing because we've heard you sing. Don't sing.

Speaker 3 (01:01:44):
You know my disadvantage.

Speaker 2 (01:01:47):
I'm kind of a creep. I stand by your shower
in the morning.

Speaker 3 (01:01:51):
Oh boy, here we go.

Speaker 2 (01:01:53):
I matter of fact, we got a friend moving in
too far from you. We're talking about it yesterday. Yeah.
Things change, life changes, and you have to be you know.
One of the things the biggest mistake that I made,
and I said that to those clients, if you remember
what I said to them, never be in an investment that
you can't walk away from. Liquidity is key. Now I

(01:02:16):
know private equity, a lot of these alternative products that
are out there. Once you give them the money, you know,
there's it's a question mark when it's coming back. I
don't like that, especially for retirees that need cash nine
to one one. You know. The thing is is that
people still want to be in the accumulation mode rather
than the distribution mode. And you know, it's a whole

(01:02:37):
different landscape when I when I talk about accumulation versus distribution,
it's like the moon versus the sun. There's no comparison.
There's no comparison. And I think that's one of the
biggest things is that you hear all this negative press,
negative press, don't do this, don't do that. You know
what I call the screaming monkeyies and the Monday money,
Monday morning quarterbacks. They got all the answers on Monday

(01:03:00):
for what happened on the weekend. Right Well, I told
you that, and I told you that the Giants are
going to win that game, but I don't know what happened.
You know, they came back in the third quarter and
they got their butts kicked. Right now, I know that,
you know. So the thing is is that you know
what you've seen in your lifetime in the financial services

(01:03:20):
mirror's mind. As far as the products and the benefits.
I was talking about the six six, which I when
Dan Bouchard and I saw that for the first time,
I said, this, this is just too good to be true.
The cost versus the benefit. I think it was like
when it came out of the box, it was like
fifty BIPs. It was extremely much lower than what you

(01:03:42):
can get it today, right right, you can get it today.
So the thing is is that what we're seeing and
I want people to be aware of this. Those products
are now maturing to the ages that people are now
eighty or eighty five. Isn't that the magic number eighty
or eighty five yep, depending on the company. And then
you're forced to make some decisions, which we're going to

(01:04:04):
talk about when we come back because we've got to
take a break. So we're talking about retirement income distribution planning.
We're talking about products that have been out there. Uh
you would call them guaranteed minimum income benefits through insurance
companies yep.

Speaker 3 (01:04:20):
With the ability to fully invest your money.

Speaker 2 (01:04:23):
Right, which I talked a little bit about, but we'll
get into it. But if you have any specific questions
about your own retirement, don't be bashful. We always love
phone calls one eight hundred talk WGY. That's one eight
hundred eight two five fifty nine forty nine. If you
want a free complementary consultation at any of our five
offices in New York, it's pretty simple to do. Just

(01:04:45):
pick up the phone. Five point eight five eight zero
one nine one nine. I'm Dave Kopek Care with Chris McCarthy.
We'll be right back the eighty six percenters. Do you
know that eighty six percent of the population has no
defined benefit pension. 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

(01:05:06):
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 offices today to start the process

(01:05:28):
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
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,

(01:05:50):
motivate to start building your retirement income distribution plan five
one eight five eight zero one nine one nine.

Speaker 6 (01:05:57):
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 called five one eight five
eight zero one nine one nine.

Speaker 8 (01:06:26):
Buddy, you're a buy and make a big nice pain
in the street, Gonna be a big man some day.

Speaker 6 (01:06:32):
You got bun on your face, your big disgrace, chicking your.

Speaker 8 (01:06:36):
Chin all over.

Speaker 4 (01:06:37):
The lady singing.

Speaker 9 (01:06:40):
Will rot you.

Speaker 8 (01:06:44):
We we will rot you.

Speaker 2 (01:06:50):
Buddy.

Speaker 8 (01:06:50):
You're a young man, od man shoming in the stry.
You gonna take on the world some day. You got
blood on your face, a big disgrace, waving your.

Speaker 3 (01:07:01):
Flight.

Speaker 2 (01:07:06):
That's it. I can see you driving your Corvette with
that blasting.

Speaker 3 (01:07:13):
Oh my god, a beautiful place to be. I gotta
I gotta tell you this quick. The first time I
saw them was down in New Jersey NASA Coliseum, Long Island,
and they came out. It was believe it was back
in seventy eight. We took a ride down Place goes

(01:07:37):
Black and then all of a sudden they played we
Will Rock You.

Speaker 2 (01:07:43):
But they.

Speaker 3 (01:07:45):
It was much faster than what we heard, and the
place just went nuts. I'm getting goosebun right now. Unbelievable.
They the amazing entertainers.

Speaker 2 (01:08:00):
I never saw them. I actually didn't know that much
about Queen until probably ten, twelve, fifteen years ago.

Speaker 3 (01:08:09):
But they played Glenn Fath. Yeah, I know they did crazy.
I was there where at the hockey RINU did the
Civic Center?

Speaker 2 (01:08:19):
Yeah, they really It was wow. Yeah. I was never
a concert goer. I just I was just not into concerts,
and I don't know, maybe I don't know why that was.

Speaker 3 (01:08:33):
I was fortunate that I got to work up It's back. Yeah.

Speaker 2 (01:08:36):
Uh. Several summers I worked at the Calndy Caliseum as
a bartender. Yep, I remember, and when I used to
have breaks, the breaks, they'd let us Gwinn stand by
the door and you could watch the entertainers. They used
to have unbelievable entertainers there.

Speaker 3 (01:08:49):
Oh. I got to see Rodney.

Speaker 2 (01:08:51):
Oh, I mean all the top names used to go
to the county Caliseaum and mister Shusha who used to
own it. Great guy, used to talk to them all
the time. He said to me something, he said something.
You know, certain people say certain things to you that
never leave you. Dave, you know, because he was a
very successful businessman. He says, it's not the price, it's

(01:09:14):
the structure. I structured the deal. It's not the price
because they used to talk to him all the time
about you know, I wanted by real estate and all
this other stuff. So yeah, he's a good guy, real
good guy. Me rest in peace. He's been dead for
quite some time. But that that was a good you know.
Ed McMahon was there Inkered Dan Dunker, dnkeror whatever that
was whatever. Julie's mother and her and her mother went

(01:09:37):
to see him. What's his name? I can't even think
of his name now.

Speaker 3 (01:09:40):
You're not talking about I thought you said Ed McMahon.

Speaker 2 (01:09:44):
Mann was there, but I can't think of Tom Jones
was there Copper Dank or whatever. Angelbert, that's what.

Speaker 3 (01:09:54):
Do you know? I think Joe Fusia used to own
what is now Mohawk whatever used to be the Willows
Country Club, probably, And I met Engelbert Humpet. I waited
on him. I got him a beer. I did. Nice guy,
very quiet, Yeah, very nice man.

Speaker 2 (01:10:13):
I'll tell you a story off air about the mother,
Julie's mother.

Speaker 3 (01:10:16):
Oh boy with him, Oh boy, that better go in
a different time slot.

Speaker 2 (01:10:26):
All right, we're talking about how to create pension benefits.
Chris has been doing a long time at the Break
group talking a little bit some of these older contracts.
Why don't you tell the listening audience what's happening, because
some of these contracts are coming to a very very
important decision by people.

Speaker 3 (01:10:44):
Well as you have years ago. I worked with the company.
They're almost the same identical products six and six. And
when you're going to people and you say, you know,
you can create your own pension, and these are perfect
for people that don't have the large pension. So they

(01:11:05):
would get in, they would fully invest their money based
on their risk tolerance, and down the road when they
started taking income, they would take six percent out and
draw it down until it was almost no account value,
and then you would turn on phase two, which is

(01:11:26):
a puitization based on their living benefit. But like you
said earlier, you have to make that decision by either
eighty or eighty five. It doesn't mean the contract goes away,
but that option goes away. But if you coordinate that plan.

(01:11:47):
And you and I have both been very fortunate, we've
done very very well with clients maximizing what they can do.
But one of my greatest clients is also one of
my greatest friends. God love him. He's going to be
eighty five. He is eighty five. Excuse me, just turned
eighty five. He has a decision to make before his

(01:12:11):
next anniversary, do I a minuit ties or not? Because
he has other benefits like death benefit, other things to
consider it. So it's just not as simple, well, you
know I have no more money, I'm going to annure tie. Well,
he's got a death benefit, substantial death benefit. So we're

(01:12:32):
sort of just keeping a careful eye. But a decision
has to be made next June, I believe.

Speaker 2 (01:12:40):
And so when June comes and he elects not to
do a nuitization, is that going forever?

Speaker 3 (01:12:50):
He will ride out that contract because we've been fortunate,
we've taken a lot of money out over the year.

Speaker 2 (01:12:56):
Well, that's just like the people we just talked to.

Speaker 3 (01:12:58):
Right, thing is he's got to choose at that time
do ineutize or do I not annuitize and hold the
contract as long as I can for the death benefit.
And that's really what it comes down to. You know, personally,
I think he's going to annuitize to.

Speaker 2 (01:13:19):
Take the income. Yep, do like a ten yere certain
he life ten.

Speaker 3 (01:13:25):
It won't be that long because of age. I think
the longest he'll be able to get will be five five, right,
But it's a guarantee five year payout. But it's a
life five correct, life five he's paid for lifetime, correct,
but a guarantee it'll be paid out in five years
to somebody if he dies before that.

Speaker 2 (01:13:44):
Qualified assets IRA, Yes it is so if he exceeds
what he needs, he can take a part in that distribution.
If he wanted to do a sixty day rollover into
an IRA, right, he can still get the text deferred.
I mean he's going to be subject to R and D, right,

(01:14:04):
which is complicated sometimes when you when you have a
pool of money that's based off of you know, the
formula is that the they set up for a requirementium distribution,
which is changing. That's going to change again, I think,
and I'm not too sure. The date's going to go
from seventy three to seventy five. So yeah, it's you know,
the reason why I want Chris to come in is that,

(01:14:25):
you know anew any contracts are complicated, Yes, they're complicated.
I got very upset a couple of weeks ago. You
and I were on the telephone and I was trying
to get answers and I couldn't get answers. And the
company that we had originated with the insurance company was
no longer in existence. It was with another insurance company.

(01:14:48):
And we're talking overseas to somebody that can't I can't
even understand the person from overseas, if you remember. And
the more I talked to that individual, more upset I became.
And then I said, you know, you're the point person
on this. Get ahold of a couple of people, and
I think we got a hold of three people and
we have three different answers. Is that correct? God bless me,

(01:15:11):
God bless you.

Speaker 3 (01:15:12):
Yes, you are correct.

Speaker 2 (01:15:13):
Three people, three different answers, and I'm saying to myself,
you and I had an understanding of what we thought
it was right right.

Speaker 3 (01:15:21):
I'll be honest with you, I had never seen a
company operate like that, and that in respect right.

Speaker 2 (01:15:28):
Well, that's one of the biggest reasons why I told
mister and missus, let's get out of Dodge. Okay, we've
done extremely well. It has done what we wanted to
do for since twenty ten. So for fourteen years we
got out of this what we wanted. Plus you made
a substantial amount of money. And so let's get the
hell out of here. Because I'll tell you what if

(01:15:50):
when they're telling me we can't liquidate or we can't
move money for three to five days, say the market's
in a free fall, right, and you want to get out,
they're saying, is that, well, guarantee me that that money's
going to be moved out in three to five days.
Why can't it be moved out today? If I call
a mutual fund company or investment banking firm or I'm trading,

(01:16:13):
you know, from nine thirty to four and I want liquidity,
I should have liquidity that day, and I just didn't
like the answers, and so what you said resonated with
me when you just sat down. Things change, that's companies change.

Speaker 3 (01:16:29):
That's right.

Speaker 2 (01:16:31):
You know.

Speaker 3 (01:16:31):
The thing is again, we put our best foot forward
day one when people bring us the assets and the
income and we try to maximize and we do. But
it's a nice feeling when you go to a client ten, fifteen,

(01:16:52):
twenty years later and say, you know, we don't need
this anymore. We did better than we thought, right right,
And they're like, wow, we did because the dependence from
day one, they want that safety net, they want that guarantee.
But if we continue to outperform, the dependence on that

(01:17:12):
guarantee becomes less and less because they have so much
more in it.

Speaker 2 (01:17:16):
Well, this particular client did not like volatility in the
stock market at all. Wife exactly the same. So the whole,
the whole process was for them to have purchasing power
at a competitive yield on the portfolio with suspenders in

(01:17:40):
the belt, and even if the market did poorly, they
would still do. Okay, if the market does good, then
you're gonna you know, you're gonna be dancing in the street. Well,
we're fortunate they're dancing in the street because the market
performed better than the six right, but it allowed them
to do what Chris, which was the key feature of
this stay fully in the master. That's right.

Speaker 3 (01:18:04):
You know, it's a beautiful setup because a lot of
people out there don't like to see their money go
down in value. Who does, right? Who does? But the
thing is, when you know you have I love what
you said, the suspenders at it allows our client to
be a little more risky than they would if they
were just out in the middle of the ocean without
a life preserved.

Speaker 2 (01:18:27):
Even at my age at sixty eight, my appetite for
risk is diminishing. Not you know, I still have quite
a bit in the stock market because I don't plan
to retire it any in the near future at all.
I know that makes you guys very depressed at the
But to make a long story short, my appetite for
risk is diminishing also, not as aggressive as I was

(01:18:49):
when I was in my thirties and forties and fifties.

Speaker 3 (01:18:52):
But I think what you brought up, and I was
listening to you on the way in, and that is
we haven't had a conversation about the bar market in
a long long time, and all of a sudden. So
now diversification is key.

Speaker 2 (01:19:06):
Well, one of the things that I just said was
one of our alternative products, which we won't is up
like seventeen and a half percent this year. It's a bond.
It's a bond investment. I know, you're getting equity rates
of returns in a bond portfolio. You know it's a
fairly aggressive portfolio, but it's it's an alternative investment for
our clients that I felt that if you're patient, you're

(01:19:27):
going to get rewarded. So you know, there's six point
four trillion dollars out there right now in money market accounts.
Come on, you can do better than that.

Speaker 3 (01:19:37):
I agree.

Speaker 2 (01:19:38):
So we're going to have to take a break, and
when we come back, we're going to finish up talking
a little bit about the options that are available to
you in today's marketplace. So if you have any questions
or comments, give us a call at one eight hundred WGY.
I'm here with Chris McCarthy. We'll be right back. All right,

(01:20:18):
we are back. Take it easy on, queen because Chris
is dancing. Jesus, sit down, sit down, boy, you leave
my dancing alone. Stop stop stop, stop you're dancing the Uh.
If you look at those guys at Queen, they all

(01:20:41):
went to this academy for music. They were extremely talented musicians.
You know that, right, Brian May built his own guitar,
he did. Yeah, it was I saw a documentary on Queen.
I can't remember what it was or where it was,
probably HBO or something, and it was pretty amazing. They
went through. Uh. He lived a pretty tragic life. The

(01:21:04):
lead singer. Oh yeah, he lived a life that I
think of Heisenlow's, you know, challenged about his own personality, sexuality,
and then challenge and then challenged by the dynamics of
the band and you know, the pressure of the band.
It was pretty interesting.

Speaker 3 (01:21:24):
It definitely is just like the movie, you know, depicted
Uh motivated, he knew what he wanted to. He was
just so inspired to and it was amazing. I loved
I enjoyed it. Yeah, you know, but you're right, also
full of tragedy.

Speaker 2 (01:21:42):
But we'll think about it. You think about some of
the most talented people that we've seen in our lifetime,
Michael Jackson, Elvis, Freddie Mercury, and go through the laundry
list of people that have had either drug addictions or yeah,
I mean other you would think that with that euphoria

(01:22:05):
of having so much success, and well, I think it
just goes to prove. We were talking about this at
the fire last night. You know, having lots of money
doesn't guarantee that you're going to have happiness, because some
of the people that I know that are the happiest
people on earth have very little wealth. You know what
I mean, They're just I really do. But I think

(01:22:25):
it's a friend. It's an inside job. It's an inside job, Yeah,
it is. It's an inside job. And I think as
you get older you realize it's more of an inside
job than you know, cars and boats and toys and
girlfriends and all that nonsense. It's it's about you know.
I know, the older I get, the more I feel
I get more comforted giving than receiving. So like the

(01:22:48):
twenty six, I'll mention this again. We have a golf
outing for the American Cancer Society and Life Song, And
if you want to participate, it's pretty easy. Just called
Jim Corkoran at five eight five of eight zero one
nine nine and say listen to Dave. If you don't
want to come and golf, you can comfort the banquet
all sorts of did you go last year? Not for
you went for Spoke? Yeah, you went for Steves yep.

(01:23:11):
But yeah, which is happening again? Yeah, you know that's on.
Are you going to be able to make it? Oh?

Speaker 3 (01:23:16):
Yeah?

Speaker 2 (01:23:16):
Okay, good, Okay. So we're going to get back about
the new world that we live in security. You know
about ninety percent of us do not have pension benefits,
so you know your social security selection, your assets that
you have accumulated in your lifetime. One of the biggest

(01:23:36):
things right now that I talk about all the time
is in the calculation. When we do this, you also
have to take consideration how much wealth transfer is going
to be m h to you. I mean eighty to
eighty five I mean this number is really staggering. Eighty
to eighty five trillion dollars of wealth will transfer over
the next twenty to thirty years. The scary it really is.

(01:24:02):
And the question becomes how do you want it to
You know most of that about forty trillion of that
is in qualified plans. You know that forty trillions in
iras four O one K set by Iras and go
through kyos, the ESOPs I've been.

Speaker 3 (01:24:16):
Just reading an article this past week touching on what
you just said, just the staggering amount of how much
money and assets is in qualified money.

Speaker 2 (01:24:26):
I think what we've what we have done at the
Retirement Planning Group, And I'm going to be writing an
article for the Saratoga Business Journal and also for the
Glennswall's Business Journal because their topic is on insurance and
how insurance can be used in your lifetime. And I'm
going to be talking specifically about how insurance can be
used in your retirement years to protect everything that you've

(01:24:49):
worked for, but also it's probably the most uncomplicated way
to leave a legacy to family and loved ones. And
we probably have done this year. I think we've done
more this year in life insurance than we've probably done
the last two or three years because people are starting
to see through that life insurance can be utilized in

(01:25:11):
order to you know, you're getting velocity again which we
haven't seen because of the interest rates, right, so the
multipliers are increasing, which makes it much more attractive. As
far as you know, Nico is you know, a brain
child as far as running his spreadsheets and his calculations.
But he'll show you right down to the penny.

Speaker 3 (01:25:29):
Yep.

Speaker 2 (01:25:30):
You know what's more advantageous Leave it in the IRA
or spend some of it down and put it in
life insurance.

Speaker 3 (01:25:35):
Yep, he is shut. I mean the whole planning process is.
And that's what I love about what we do, not
just focusing on how can we best invest your money.
There's so many different avenues that we cover in one,
like you said, especially when it comes to long term

(01:25:57):
medical expenses, so on and so forth. How we're trying
to reposition assets, protect assets. And then you got those
big for one k's I ras, how can we utilize
them and still maximize a legacy? Protect your assets, so
on and so forth. And you're right, the power of

(01:26:20):
life insurance in legacy planning.

Speaker 2 (01:26:23):
Is especially in blended families, right, Yep. I'm a guy.
My wife is almost ten years younger than me, so
realistically she could live another twenty years. I'm also a
blended family, right. I have an older daughter thirty seven
years old, who just turned thirty seven on the twenty ninth,

(01:26:45):
and I have three children with Julie, So you know,
I have to think a little bit differently. You know,
if Julie's going to be around for another twenty years,
longer than me, and I want to facilitate what I
want from my first child. You know, maybe life insurance
is the avenue or the venue that I should look at.
And then you know, Julie can live her life and

(01:27:07):
not worry about that or you know, statistically at her
age right now, she could live another thirty years, which
puts my daughter at almost seventy.

Speaker 3 (01:27:17):
Right, I agree. And I'll tell you.

Speaker 2 (01:27:20):
If you want wealth transfer at seventy.

Speaker 3 (01:27:24):
Well, a lot of people would take wealth transfer any time.

Speaker 2 (01:27:27):
Well, here's the thing that I that I'm starting to
hear more and more of I and I applaud it,
and I think it makes all the sense in the world.
And I'm having more conversations where people are saying, I
want to give my money now where I can see it,
and I can see the smile on their faces, and
I can see them getting the advantages of this. I'm

(01:27:49):
not going to use all this money in my lifetime.
Why not give it to the kids now? And I agree.

Speaker 3 (01:27:54):
And a lot of people are very fortunate they can
do both at the same time. Right exactly of it
today and establish your legacy later. You know what I
love what I get excited about because I love numbers.
And when you see somebody light up right in front
of you where you're saying, if I could show you
a way to take half a million dollars of taxable

(01:28:18):
amount and turn that into one point five million dollars
of tax free money guaranteed, would that be of interest
to you and people? Because a lot of people like
you said, they already are earmarking money sure for the children.

Speaker 2 (01:28:35):
And then the thing is what the common theme is
is per stirpees and follow the blood. I love my
son in law, but what happens if the marriage doesn't
work out? I love my daughter in law, but what
happens if the marriage doesn't work out? You know, I
love my daughter. If I leave everything to her and
she doesn't make it, and now you know, you know
he can. He's controlling the money. What's the guaranteed that

(01:28:57):
my grandkids are going to get it? These are all
complicated questions, and they're all questions that you have to
have some kind of an understanding of exactly what's going
to happen when you do go through the pearly gates.
Right absolutely, hopefully you're not meeting someone with a pitchfork
in flames.

Speaker 3 (01:29:17):
Well, I'm up for any form of excitement right now.
I'm not going to discriminate.

Speaker 2 (01:29:26):
But to make a long story short, you want to
be able to have some kind of an understanding, and
I think it's critical for people that have wealth, that
have created wealth. I see it in Lake George. We're
talking about this yesterday. You know, some of these houses
are ten, twelve, fifteen, twenty times more in value than
they were ten fifteen, twenty years ago what they originally

(01:29:47):
paid for. It's just astronomical what property is going for
in Lake George right now. I mean it's just you
just roll your eyes like you've got to be kidding me.

Speaker 3 (01:29:57):
Well, not almost everywhere, it seems. Yeah, going through the move.

Speaker 2 (01:30:02):
Like there was a publication that would came out that
they did a they compared Lake Tahoe to Lake Georgia
and Lake George one for really oh yeah, for quality
of the water, you know, the beauty, the scenery and
all that stuff. Affordability, and that's what we're starting to see.
People don't realize it's a lot of this money that's
coming into the Lake George region are people from outside

(01:30:23):
of New York. State. They're buying it not only because
they like the beauty of it, but they're buying it
because it's much more affordable than if they were going
to buy in Tahoe. Oh well, that yeah, I certainly
can believe. It's staggering. Like you said, how much money
some of these places. So if you want to keep
that property and you want to be able to have

(01:30:43):
the kids enjoy it while mom and Dad are, you know,
through the pearly gates, you got to figure out a
way in order to facilitate it. Because Billy, Bobby and Jeanne,
everybody's going to have a different structure as far as
their lifestyle and their income. And if Billy and Bobby
can afford it, but Jane can't afford it. You know,
I've seen horror stories where families break apart, they get

(01:31:06):
into a huge fight because Jane can't afford it. But
now she's going to force Billy and Bobby to sell
the property in Lake George, not because they want to
sell it, but they don't have you know, seven hundred
and fifty or eight hundred thousand dollars sitting around in
cash to buy her out, to buy her out, that's right,
that's that's the dilemma for a lot of people that
are up there right now because you have literally homes

(01:31:28):
that have been in the families for you know, maybe
a couple of generations going on the second generation.

Speaker 3 (01:31:34):
Now, you know, I love that you brought that point up,
because again it's another example of the type of planning.
We are not lawyers, we are not accountant, but we
had strung ties to them and these are all idea
that need to be addressed.

Speaker 2 (01:31:51):
Now we're actually you just maybe think of something. We
had a law from up in Glen's Walls that reached
out to me that listens to the radio show, and
they said, we would love to have you commit to
do a presentation for us on some of this manually
this topic, this topic because you know, we listen, we
like the idea of the concept. We need to understand

(01:32:13):
it a little bit more because I don't think people
realize is that you can buy policies now life insurance
policies for legacy planning where it's basically the around papili
you set it and forget it, meaning you do a
five pay or ten pay or single pay, and you
never have to make another premium payment. For the rest
of your life, right, and there's a guaranteed death benefit rider.

(01:32:34):
You're not going to build cash value, but who cares.
You're not trying to build cash value. What you're trying
to do is get that guaranteed benefit that's tax right
inside of trust.

Speaker 3 (01:32:44):
Absolutely. And I several topics you've brought up over the
last month or two, especially when it comes to the
io A planning, and our concern is how does it
fit in with the long term camp? So the thing
is if you can I hate to say that, but
till two birds with one stone, right, you start to

(01:33:04):
spend down your IRA so you can protect BET you
can for long term care, but also create the legacy
planning at the same time.

Speaker 2 (01:33:14):
Well, what's the keyword? What's the key question when people
come in and you're doing this type of planning, what
is your zip code going to be? Yep when you retire?

Speaker 3 (01:33:23):
That is right.

Speaker 2 (01:33:24):
Every state's different, every county is different, Every New York state.
They might not go after the IRA, but I know
locally here in the Capital Disagreegent counties are making it
more difficult for you to control that money without you know,
they don't tell me it's r and d tell me
it's based off life expectancy.

Speaker 3 (01:33:41):
Now, Well, just like you said earlier when you were
talking about researching health in tune and the cost, you know,
you know, it's it's it is, it's staggering, staggering, and
you know it's across the board.

Speaker 2 (01:33:54):
Well, Julie and I are trying to put in the
budget for twenty twenty five, you know, and we're looking
at well, you know, Chris, just as a Chris is
the one that referred me to this woman. So you know,
I've been playing, I've been out, I've been in Florida,
I've been traveling, you know, Julian, I've been busy with
a lot of stuff. But that that's on when Tuesday
morning comes, that's on the top of my list. That's

(01:34:15):
priority number one.

Speaker 3 (01:34:17):
I've been in the business a long time. She is
easily one of the sharpest individuals I've ever had the
pleasure of welcome life good.

Speaker 2 (01:34:25):
We got to get her on the show. We got
to go. We got to get her on the show
because this is a huge, a huge expense for a
lot of retirees. We're gonna take our final break. Zach, Hey, Zach,
wake up, Come on, come on Zach. Wake up, Mike Jack.
He's in their boxing with Joe Gallagher. I think Gallagher's

(01:34:47):
got the best of them, looking him a couple of
black guys. All right, 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 income distribution? How you
manage your assets during the most critical years of your lifetime.

(01:35:09):
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 offices today to
start the process of building a retirement income distribution plan.
After forty one years of being in the financial services business,

(01:35:31):
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 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

(01:35:52):
one eight, five eight zero one nine one nine.

Speaker 6 (01:35:54):
If you would like to hear more information on navigating
your way to retirement from Dave Kopek, remember you can
listen to this show and past shows anytime and anywhere
on the free iHeartRadio app, or go to iHeart dot
com and search retirement planning show.

Speaker 8 (01:36:13):
I've paid my dude time after time. I've done my sentence,
but committed no crimes. I've made a few out of

(01:36:49):
Chami my friends.

Speaker 2 (01:36:52):
Alright, you're back. Every time I hear that song, I
remember there was a final four, the championship game, and
they play that song after on which team won it.
I love college basketball. I love college football. It's on
right now.

Speaker 3 (01:37:11):
Oh, I love it.

Speaker 2 (01:37:12):
Colorado one. They speak that one out North North Dakota State.
I watched a little bit of that game with Christopher
my son, So, uh, I want to kind of summarize
here a little bit. I know that we've talked about
a lot of information and stuff. What's the biggest Achilles
hill right now in your opinion for people that are
going into retirement. What do you think is the biggest

(01:37:34):
obstacle that they face. I'll tell you what mine is,
but I'm gonna hear I'm wanna hear yours first.

Speaker 3 (01:37:39):
Well, I think you brought up a huge area in
health insurance cost. I mean that has really been a
critical factor in determining who's going to retire and when,
no doubt, you know. And so that's definitely And I

(01:38:01):
think what you've always preached is reliability of income.

Speaker 2 (01:38:05):
Yeah, I think it's in my personal opinion after doing
this now going on my forty third year, it's going
to be forty four, I guess hard to believe. Finding
a team you can trust, realizing that the people that

(01:38:25):
are sitting across from you are truly working out and
hard in your best interests. And sometimes I feel like
there is that vibe that you have to you know,
there's that are you really doing? Are you really trying
to do what's best for me? And that's what's best
for you? And you know, that's always a double ledged

(01:38:51):
sword where you have to people, transparency, the fee structure,
you know, I think we have the most competitive fee
structure out there. You know, there's a cost of doing
business and forty four years or forty three years of
experience and expertise, almost forty for you. When when has
it turned forty years for you? Do you know? February

(01:39:12):
February This coming year, February first, Yeah, will be your
fortieth fortieth year.

Speaker 3 (01:39:18):
Yep.

Speaker 2 (01:39:19):
So I would say that you know, you know it's
been proven by Fidelity Vanguard while working with a team
of financial advisors is extremely advantageous.

Speaker 3 (01:39:29):
One thing you've said over and over again, we are
not a one size, that's all office. We are definitely
open architecture. We do not treat clients the same way
when they walk int go. I think another point that
you've raised and I've seen a lot of eyebrows go up,

(01:39:51):
is when you're talking about fees, we charge a very
competitive fee. And that's all in all in all the
many people, they get the fee, and then they get
additional fees with the trading, ticket charges, all this stuff,
and I don't think they really ever saw how much

(01:40:12):
you're paying over and above.

Speaker 2 (01:40:15):
What they should be paying ira A fees.

Speaker 3 (01:40:18):
That right, trade fees too, Like you said, ticket fees everything.

Speaker 2 (01:40:23):
Well, the thing is is that as you and I
both know, this landscape has changed from when you and
I got into the business the way it is today.
The problem is is that you know, a lot of
young people are not coming in this business. There's about
a fifty thousand professional advisor shortage right now, fifty thousand.
So it's for people that are young that are looking

(01:40:44):
to get into this business. I'm gonna tell you, really,
it's hard for you to do this by yourself, right.
You need to aggregate yourself into a team, educate yourself,
absorb as much information as you can. That's why. You know,
when Nico started with me eight years ago, we used
to bring him into all the meetings and you know,

(01:41:05):
didn't take too long before he got up to speed.
You know, he did all of us. He got his
PPC as CFP, so you know he's he's up and running.
Now we're doing the same with Chris Yep, my son, Yep.
You know, he just passed his one set of licenses
and now he's going on to the next set. So
the thing is is that I think it's important for

(01:41:25):
people to understand is that you know, it's not only
investments now, it's asset protection, it's legacy planning, it's you know,
when you know I pride myself on when there's a
nine to one one, we're there. We're there. You're not
going to get a voice machine that will be back
on Tuesday.

Speaker 3 (01:41:42):
Right right.

Speaker 2 (01:41:43):
We scan our phone calls constantly.

Speaker 3 (01:41:46):
I I couldn't agree with you more. I think it's uh.
I've been in the business a long time like you,
and I've been blessed. I've been affiliated with some wonderful
people along the way, but by bad, this is the
best team I've been a part of.

Speaker 2 (01:42:01):
I say that all the time. Yep. There's no die.
I say it all the time in our meetings. This
is the best team. But it's also a team. This
is what I think separates us. And I don't mean
to sound corny in the area, okay, because I don't
want to people take we all have good hearts.

Speaker 3 (01:42:16):
Oh yeah, yep, And I'll tell you.

Speaker 2 (01:42:19):
And I think there's another keyword fair. You have to
be fair. Yep. You got to listen to the client,
find out what their problems are, and not only what
their problems are, but also find out exactly what their
concerns are. If there is concerns, and they have to
address it and it has to work out. Like you, know,
you and I had a meeting the other day, just
you and I about some things. And I'm a big

(01:42:40):
believer that you never let anything percolate. You always address it,
take care of it, and then once it's taken care of,
you just move on.

Speaker 3 (01:42:47):
Yep.

Speaker 2 (01:42:48):
Right.

Speaker 3 (01:42:48):
And I love the way we can bounce off each other,
share thoughts and everything like that. But like you said, well.

Speaker 2 (01:42:55):
Think about it. We almost have one hundred years of
experience now between you and me, Nico.

Speaker 3 (01:42:59):
Yep.

Speaker 2 (01:43:00):
That's a lot of years of experience and the financial
and the financial services business. Right. And I love our
strategic partners. You know, I'm not going to sit here
and blow the horn, but our strategic partners, every group
that we work with, whether it's CPA's attorneys or you
know whatever, geriatric care managers, they all have their special
expertise and their areas of expertise. Right right, So summarize, summarize.

(01:43:24):
People want to get ahold of us, how they do
that and how do they get in contact with you?

Speaker 3 (01:43:28):
Chris Well five one eight five eight till one nine
one nine, give us a call, come in, let us
take a look at your financial situation. Let's see what
your goals are. Let's see if we can help you
achieve your goals.

Speaker 2 (01:43:45):
Nothing more than that. The worst thing that can happen
is if they get a cup of my horrible coffee.

Speaker 3 (01:43:51):
Well, I make pretty good coffee, you do, I do?

Speaker 6 (01:43:55):
Do?

Speaker 2 (01:43:55):
You do a pretty good job job on those doughnuts
I bring into.

Speaker 3 (01:43:58):
Well, I'm not gonna pass up for good food.

Speaker 2 (01:44:03):
O tay, here's the question. Fuecastle, lake Ridge or Lake Lake.
We'll listen. Lakeside They're both awesome. I gotta go a
focast me too. That's a softer donut. It's got a
little more sugar on it.

Speaker 3 (01:44:18):
Yeah. I was kind of wonder when next stop, what's
gonna be.

Speaker 2 (01:44:21):
I'm doing Tuesday. I'm do it Tuesday. Listen, everybody, have
a great, great Labor Day weekend. Be safe, don't drink
and drive, don't get out there and get goofy. You know,
if you got to go somewhere, call a new birth.
There's so many different ways to do it. Now, you're
gonna have fun. You can do some fun things this weekend.

Speaker 3 (01:44:41):
Uh yeah, I might go to the track. I got
a family thing up at Cougar Lake. Como ye, okay,
we'll have fun.

Speaker 2 (01:44:47):
Everybody be safe and we'll be back next week for
another retirement planning show. We'll see you then.

Speaker 1 (01:44:53):
Thank you for listening to the retirement planning show posted
buying Dave Kopec w g wise Retirement Planning Specially, if
you would like to talk with Dane or someone at
the Retirement Planning Group, call five one eight five eight
zero nine one nine. That's five one eight five eight
zero one nine one nine during business hours, or visit

(01:45:13):
RPG retire dot com. The Retirement Planning Group has five
convenient offices located in Albany, Waltsa, Glens Falls, Syracuse, and Oneana.
Tune in again next week for retirement planning strategies with
Dave Kopek right here on wg wi's Retirement Planning Show.
The information or services discussed on this show is for

(01:45:36):
informational purposes only and is not intended to be personal
financial advice. 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.