Episode Transcript
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Speaker 1 (00:00):
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
(00:21):
your family. Now it's time for Dave Gopec WGY's retirement
Planning Specialist.
Speaker 2 (00:43):
Didn't they ol Yssay, we were the looking ones, Loocas,
we were worse, we w but luck will leave you
because it is a faithless from what.
Speaker 3 (01:06):
Alive we are here? You got I actually saw him
in Dann Bouchard years ago. It was phenomenal. There's a
little Michael Bubble, Michael Bubble. So Michael bubble down at
the bubble down at the casino. Uh the one in Connecticut? Uh?
(01:29):
What's that? The Indian one? What is it?
Speaker 4 (01:33):
Magan Mohegan Sun?
Speaker 3 (01:38):
But good morning everyone. I'm Dave Copek with Nicholas Dumas.
We're here. We're gonna be here until nine pm. We're
gonna stay all right until tonight. Yeah, we're doing a
marathon show marathon next week, we got Droiela coming on
(01:58):
with Barry to do a little knowledge, little information on
the home show where they do the I think that's
the name of it, where people will buy tickets and
they go and they walk through the different new homes
(02:18):
that are out on the market. I did it once.
Did you ever do that?
Speaker 4 (02:22):
You gave me the tickets last year?
Speaker 3 (02:24):
Did you go? No? Yeah? Did you go? Now?
Speaker 4 (02:29):
I was trying to give them away to somebody else.
No one else wanted them. There you go heright. People
do what people do, what they want. So I'm sure
it's a fun time to see ge and g e Verona.
Speaker 3 (02:39):
Yesterday? Was it?
Speaker 4 (02:41):
Gez up to what?
Speaker 3 (02:42):
One?
Speaker 4 (02:42):
Seventy seventy four?
Speaker 3 (02:46):
You're living underneath the rock? Boy?
Speaker 4 (02:48):
I was looking at it, eh, I think I looked
at it yesterday morning.
Speaker 3 (02:53):
Uh you just see one's seventy eight? What's up? Uh?
Eight fifty eight yesterday? The ge Verona is killing it,
that's the one. Everybody's worried about it. But ge Verona, Uh,
(03:13):
that's up like ninety percent? Is healthcare is still down
a little bit of healthcare a little bit not bad.
Add to the pot two twenty five fifty nine you're
to date that stock is up a whopping seventy one
percent ge Verona over the past year. It's up. Uh
(03:38):
what about the same seventy date?
Speaker 4 (03:42):
Are you holding?
Speaker 3 (03:43):
Are you gonna go capture some gains? No, I'm holding,
not going anywhere. No, Larry Colp told you he's my guy.
So people that sat, were patient, that did their homework.
GE is real done, spectacular. It's good for the area,
(04:04):
it's good for the legacy. We have a lot of
clients that have g E stock as the legacy. Dad
worked there, Mom worked there, I worked there. I'm gonna
give it to my kids. We see that as much
as we had in the past.
Speaker 4 (04:19):
Not a bunch of g I just had one that
retired from GE earlier this year. But no, not as
not as many anymore.
Speaker 3 (04:28):
Or Buddy builded he keeps the lot of it, or did.
Speaker 4 (04:30):
He We started diversifying this year, but he, yeah, yelled
a lot of it in the four to one. Still
he's still got a small allocation to it.
Speaker 3 (04:43):
But again it's not problematic, you know so, But hopefully
you're gonna You couldn't ask for a better forecast for
the weekend. So if you're out and about. You're gonna
watch a football game, You're gonna do some traveling. It
looks like we're going to have a pretty good stretch
(05:03):
of weather here for an extended period of time.
Speaker 4 (05:06):
What are you doing anything fun this weekend? I have
nothing planning. My father was asking me to go up
golfing in Plattsburgh. But it's kind of last minute, and
you're going to do it. No, was that two hour
two hour hike? Yeah, but you can stay at the
lake right Well, he's saying tomorrow. Yeah, you know, we
got work on Mondays, so.
Speaker 3 (05:29):
Give me.
Speaker 4 (05:32):
I've golfed enough this year. My my game's actually going
down the drain towards the end of the See.
Speaker 3 (05:36):
That's not what I heard. I heard that. Chris told
me that your old man was like knocking them in
the other day, thirty foot putts.
Speaker 4 (05:44):
He's gonna get kicked off the court.
Speaker 3 (05:45):
He kept screaming, your old man, your father is getting excited,
or my son, No, my dad, because he's making Chris said,
you guys play par golf.
Speaker 4 (05:52):
Every shot seventy two two man scramble.
Speaker 3 (05:56):
That's pretty good golf.
Speaker 4 (05:57):
Well he was. He was knocking down all the putts.
That's what I heard thirty footers on the problem. He said,
give me the putter.
Speaker 3 (06:04):
Yeah. Chris said they played pretty good. They were plus four,
but he said, your father was just like out of
his mind.
Speaker 4 (06:09):
Yeah, Chris, and we brought a client with us up there.
They played well too. Chris put it like five or
six feet on that last hole. He said that with
his h his hybrid, it was a nice shot.
Speaker 3 (06:20):
Yeah.
Speaker 4 (06:21):
I was in the bunker.
Speaker 3 (06:22):
I told him he needs to Just I always say this,
if you want to see how to swing a club
and you don't have to overhit the ball, watch the
Women's Pro Tour. Yeah, the way that they make contact,
the way they hit the ball. I mean, I'm always flabbergasted,
uh one. I mean these young kids. I just watching
ESPN the other day they had the women College and
(06:45):
these kids are just unbelievable.
Speaker 4 (06:47):
Even the Olympics too. I was watching the women's golf
during the Olympics, and you know, it's very impressive. Just
it's I had a golf coach that used to say,
it don't mean a thing if you ain't got that swing. Yeah,
So it's all about the swing right and the point
of contact, and you hit the sweet spot of the club.
Speaker 3 (07:05):
Yep, I agree. Would you want Tiger Woods clubs or
a swing?
Speaker 4 (07:10):
His swing? You can buy his clubs all you want.
Speaker 3 (07:12):
But ye, good week in the market, Nico. Yeah, DAL
was up two point six. You're to date it's up
almost ten s and P five hundred was up four
eighteen for the year, and Nasdaq was up a very
strong six still you know, licking its wounds a little bit,
but still up seventeen point eight. But the ten year
(07:34):
treasury ten year treasury, folks, this was at five not
that long ago, three point six six. We've got some
nice gains in our bond portfolios right now, we do.
Speaker 4 (07:45):
I was just reviewing it with one of our clients.
You know, we've seen four or five percent appreciation, so
just the price of the actual position increased, you know, four.
Speaker 3 (07:53):
Five on the treasuries or just the bond bonds.
Speaker 4 (07:56):
On the bond, so a bond mutual fund.
Speaker 3 (07:58):
Yeah.
Speaker 4 (07:59):
And then and also with the you know, some of
these are getting six seven percent yields in some corporate
high yield bond funds, so you're seeing a really good
coupon and you're starting to see some pop like we've
been talking about. But even the treasury bills. You know,
I started actually liquidating in a couple before the Fed
meets this week, yep, just to capture the gains and
try to relock in at a one year that's stronger
(08:21):
than you know, potentially what it might be a week
or two from now when it matures.
Speaker 3 (08:25):
Smart moves, so smart move you just still the listening
audience understands when you hold a bond to maturity, they
pay you par, which is typically one thousand dollars, right.
And if you if the bond is trading at a
premium or if it's accelerated over above the speed what
(08:48):
we call the speed of the bond, the capital appreciation,
the speed of the bond, if you don't take that gain,
you're going to lose the gain. So you know, you
got to sit down and see if it makes sense
for you to hold the bond or basically take the
money and run. But you know, I'll tell you what
right now, there's probably a lot of people that have
treasuries or bond positions that they should look at maybe
(09:09):
harvesting the gains.
Speaker 4 (09:10):
Yeah, and a lot of you know, we've met with
an individual from an investment company recently. It was a
really good meeting. I wasn't there, you phoned in for
a little bit. Yeah, but he was talking about the
cash that was on sideline treasury bills coming to maturity.
Where does he see that money going? You know, he
had the idea of short duration. So instead of you know,
(09:32):
bonds that whole of four or five year maturity, you're
looking at maybe one two years, so shorter duration bond funds,
and right now they're still getting very high yields because
the yield curve is inverted at this point. You know,
you have a ten year at three six, like Dave
was just saying, in the one years at about four.
So again the shorter duration is getting the high yield
(09:54):
right now, and you still you'll see some pop in
the portfolio as well when rates started recent here. So
I think short term bond funds are a good you
know play for the next year or so or but again,
depending on what the market does here, well, we'll see.
But that's where we've seen. We're starting to see an
influx of money in the market. I think these short
(10:15):
duration bond funds, I think a lot of people are
starting to point toward small caps at this point as well.
In a decreasing rate environment, which the Fed meets.
Speaker 3 (10:23):
Here we have we have one high what we call
an alternative bond portfolio. I just punched it up. You're
to date. It's up nineteen point one one year. It's
up twenty six point eight three percent, still giving us
a yield to sixteen point sixty five.
Speaker 4 (10:39):
Is that the one I think you're talking about? Yeah?
Speaker 3 (10:43):
Yeah, yeah, our friends he was just in, he asked,
We asked him a question about it, So you know,
diversification is your friend. I just read an article this
morning about it's in barns. Should you take four percent
off the portfolio or can you go higher? Modern portfolio
theory is changing a little bit where they seem to
think now the magic number is five, not four. But
(11:07):
were Baron said that, yeah, it's this week. You got
up read parents before you come to the radio.
Speaker 4 (11:13):
Saying that for a while, No Baron's listening to the show.
Speaker 3 (11:16):
Sure I get a free subscription because I mentioned it.
Speaker 4 (11:21):
Get here logging all right.
Speaker 3 (11:23):
We're gonna take our first break this morning. We're live,
We're in the studio. If any questions or comments, I'm
Dave kopec Wguy's retirement planning specialist's been doing it now
for forty three years. Nico Dumas, Certified Financial Planner. Uh,
Nico has been to the business now for eight years,
which doesn't seem possible. Eight years, that's seem possible.
Speaker 4 (11:43):
Yeah, I still remember eight years ago you questioned me
what an annewit he was, and I looked like a goat.
We're gonna take our first break. We'll be back right
after this.
Speaker 3 (11:53):
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
(12:13):
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, you need to start taking action
(12:35):
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, motivate to start building
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(12:55):
zero one nine one nine.
Speaker 5 (12:56):
We're here live in studio. If you have any questions,
please call one eight hundred talk w g Y 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 6 (13:30):
Another sound day is coming gone away from Paris, But
I wanna gole home, maybe surrounded by a million diva.
Speaker 7 (13:48):
I you like the.
Speaker 4 (13:51):
Sea, I like uh, I like Boble He's got a
good Christmas album too, or Bubbles usually listen to him
around Christmas and Mariah Carey.
Speaker 3 (14:02):
Yeah, I'll see I can clear my voice, but I'm
gonna say.
Speaker 4 (14:07):
You want me to sing? I feel like you're doing
for this week? You doing this song? Because what is it? Wednesday?
Wednesday is your birthday? Over there?
Speaker 3 (14:17):
Yeah, September eighteenth, All hell is going to break loose,
you'll see fireworks and rockets. Lisa is the seventeenth and
somebody else just said to me their birthday is what
Marty is the nineteen nineteenth, seventeen eighteen. We got all
the bases covered. Let's go to Tony, who's on hold.
Good morning, Tony, Good morning, How are you good? Good?
Speaker 8 (14:41):
I have a question. I'm I'm considering selling two buildings.
I'm gonna they're both paid for. I don't want to.
I don't want to do a ten thirty one tax
exchange into another real property. Yep, but I'd like to
know your what you could tell me about a dela
where trust well, I'm not used as at ten thirty one.
Speaker 3 (15:05):
Yeah, I mean, I'm not an attorney, but I know
enough about it where I can talk to you about it.
There's different states that are advantageous. One be in South Dakota,
one being Delaware. As you remember Musk Elon Musk basically
got into a tizzy a little bit with the Delaware
state in regards to, you know, some of the things
that they were doing with him. This is what I'll
(15:27):
say to you. You know that there's investments you don't
have to do it yourself personally. Do you know that
there are investment banking firms that have large pools of
real estate that allow you to do a ten thirty
one exchange with them and you don't have to manage it.
You get the cash. When you pass away, your area's
got to step up in basis. Are you aware of those?
Speaker 7 (15:51):
No?
Speaker 3 (15:52):
No, Well, it's an apple that's on the tree. It's
something that if you want to come in and have
a chat with us. It's a little bit complicated, but
it's an option that's availed to. We have a lot
of high networth people that have had one doctor in
particular that just did it with a building that had
significant gains, and he did a ten thirty one exchange
(16:12):
with one of these companies. I had no tax consequence,
and now he's getting a pretty substantial cash flow I
think about six and a half percent on the pool
of money. And when he passes, when he passes away,
if the current tax code is the same as it
is today, his errors get a step up in basis.
(16:34):
Sounds pretty good.
Speaker 8 (16:38):
Yeah, Yeah, that's that's probably what I'm looking for. You
don't want to go back into real property.
Speaker 4 (16:46):
Neither of those properties are your primary Tony just investment properties.
Speaker 8 (16:52):
Yeah, yes, yes, I have a I have a cash flow,
but I just want to get out. I just want
to I've had enough.
Speaker 4 (17:03):
How how old are you telling me?
Speaker 8 (17:05):
If you don't mind me asking, I'm seventy five.
Speaker 4 (17:08):
Sell them and go enjoy yourself. Man, spend your money.
Speaker 8 (17:12):
Dave, I'm the Dave. Yeah, buddy, I'm the guy who
sat next to you Bell and Appley.
Speaker 3 (17:17):
Oh you pal you doing, brother, I didn't know.
Speaker 8 (17:21):
That I'm the I'm the guy unfortunately with my wife
well the Alzheimer's in the long term care.
Speaker 3 (17:28):
Yeah, I know. But anyways, you know what you ought
to do, buddy, give me a call, Come on in
and talk to me at the office. I mean, I've
got five locations now in New York, but our primary
is Malta. But come on up and just have a chat.
I'm not going to talk business at Bell, Bell and Apply.
But I know we can I know, I know we
can help you out.
Speaker 8 (17:46):
Okay, all right, brother, all right, thank you, thank.
Speaker 3 (17:48):
You God blessed time. Yeah, you know, I was thinking
the other day I had a long chat with a
buddy of mine.
Speaker 4 (17:58):
You know, did you did you hear yourself?
Speaker 3 (18:00):
I didn't hit the steam can out of my ears though.
Don't get me going about machines. Oh my god. Yesterday afternoon,
you know, I said to myself, you know I got
their painting. I said, I've got to do my vents,
my brother law stuff. I were talking and I started
up my powerwasher because I had a spray off the
(18:23):
side of the building, and uh checked it, checked the gas,
checked the oil. Everything was fine, but you know, started
up all of a sudden here I don't know what
the hell happened. All the gears in the front of
the thing just like went boom, just kind of like
(18:44):
blew up. And you know, I used the powerwasher like
what maybe two or three times a year, five times
a year maybe, And that's been just like to me
out at him, he goes, that's why I don't buy
any of that stuff. I have people comme in and
do it. And he's right, when you think about it,
does it really make sense.
Speaker 4 (19:02):
Just to avoid the headache? Yeah, I have something else.
Speaker 3 (19:04):
Come do it. I mean, I got a guy that
comes in that he does the Uh.
Speaker 4 (19:08):
I'm surprised you're not painting the barn yourself.
Speaker 3 (19:10):
Nah, you kidding me? You see me on a ladder.
That's Julie would be out there with all of her friends. Okay,
what do you think do you think we got another
hour or two before he falls?
Speaker 4 (19:25):
I thought you were gonna say you forgot to hook
the hose up to they.
Speaker 3 (19:29):
No, it's just not worth it anymore. I'm not doing it.
I'm just I had a company and Julie maybe she'll
text me on I'll promote him a little bit. I
had to back. My deck is shady, so I can't.
I don't get a lot of sun on it, so
I get a lot of darkness and mold. So a
(19:49):
couple of years went by, I said, I got to
clean this thing. And I took out the powerwasher and
all the scrub and all that stuff, and it looked terrible,
absolutely terrible. I called this company. They came and did it,
and she calls me. I'm up at the office. She goes, uh,
you can't believe you can't believe this, and she goes
the deck is said, oh my god, they screwed it up.
(20:12):
Brand new, brand new. I don't know what kind of machine.
They have a special machine that they use for decks.
It looks like a big sponge that's on the steamer.
It's it's unbelievable. I mean literally looks brand new the deck.
I couldn't believe it.
Speaker 4 (20:26):
Like a buffer.
Speaker 3 (20:27):
Yeah, I guess here's here's what I'm getting. Let me
pull it down.
Speaker 4 (20:32):
We specialize in retirement playing.
Speaker 3 (20:33):
We're right, we we It's exactly right, don't. I had
a buddy mind seeing me a long time ago. Don't
try to do things that you don't know what to do. Right.
If you don't know what the hell you're doing, stay
out of it. So I made a decision yesterday. I'm
not buying anymore powerwashers and paint brushes and ladders having
people come and do it. So, getting back to what
(20:57):
I wanted to say, like this, gentleman, just call Tony
from Bell and apply wonderful man in his bride. You know,
when things start falling apart, you better, you better get
proactive because you and I both know things can accelerate
pretty quickly.
Speaker 4 (21:12):
Yeah, and a lot of people out there might be
trying to you know, time markets. They might think it's
a high right now, so they're going to sell, or
they might think, you know, the Fed's gonna start decreasing rates.
So they're going to buy more because that's a stimulant.
But the one thing I can tell you is there's
probably going to be volatility here over the next couple months,
you know, leading up to the election. The Fed meets
(21:33):
this Tuesday and Wednesday as well to make their decision
on the first rate cut potentially that we've had and
you know, quite some time. So it's time to make
sure that your portfolio fits your risk tolerance as an investor.
You don't want to wake up one day to check
the accounts and see you're down ten percent potentially.
Speaker 3 (21:52):
So, yeah, you want to hear something. I'm glad you
said this because they read it in parents. In August
fifth of Dow fell one thousand and thirty four points,
then arose one thousand and sixty two points over the
next six days. Almost another two thousand points were added
over the ensuing few weeks, followed by a drop of
one thousand points from August twenty ninth to September sixth.
(22:15):
Then on Wednesday of last week, the Dow had an
introdace swing of nine hundred and ten points. What have
we been saying, get ready, get ready for volatility. Yeah,
and with in the past but if you stayed, If
you stayed, we're having a great year. We're having a
great year. Yeah.
Speaker 4 (22:32):
I mean in the past, I've looked at some data
on when the FED starts cutting rates, and you know,
it's unpredictable. You know, I think it's also based on
company earnings in the market clearly. But if you look
at like nineteen ninety five, this was after substantial rate cuts,
the market was up about twenty percent. You know, it's
a stimulant at that point. Two thousand and one market
(22:52):
was down. Two thousand and seven, after a period of
rate cuts, the market was down almost twenty percent. And
then going into twenty nineteen, the market is up after
they cut raids. So again it's volatile. You're not sure
how the stock market's going to react to these rate
cuts that the FED might impose starting this week. So
you need to maintain diversification. You know, you need bond
(23:15):
exposure in the portfolio, especially if you're someone in retirement.
You need some some hedge on the stock market. But
but again it depends on you your risk talart, says
an investor. I'm not going to tell you how to
you know, investor, just based off your age but and
what you're looking for as well as far as income
planning off the portfolio which you need for a monthly
uh level.
Speaker 3 (23:36):
That's the key. I am one that if you're not
getting out the door with your money before you retire,
you're making a huge mistake, huge mistake because being proactive
fifty nine and a half sixty it's start building the
buckets of money allows you allows you to have your
(23:59):
bucket cash all set and ready to go once you
walk into retirement. But the thing it also allows you
to do what.
Speaker 4 (24:07):
Allows you to stay the course, stay the course, receive income.
You know, buckets of money. We talk about buckets of
money all the time. Of course, have different buckets within
your retirement plan to account for the monthly distribution you're taking.
But yeah, stay the course. You know you don't want
to get too aggressive in the portfolio, too active. You know,
(24:27):
we're more passive believers here at Retirement Planning Group. And
you know if you want us to take a look,
never hurts to have a second pair of eyes on
your portfolio. We'd be more unhappy to sit down have
a chat.
Speaker 3 (24:38):
And that's why I comb my hair the way. I've
got three guys he.
Speaker 4 (24:42):
Does, and a fourth in the back of his head.
It's from living the huts in your whole life.
Speaker 3 (24:48):
Living with Julia. I gotta have the diyeball in the
back of my head. That's how they can come out
of the watch watch watch it for the bat that she's.
Speaker 4 (24:56):
I thought it was a scat of coke so early,
your whole life. But anyways, I gotta give us a call.
Our office numbers five, eight, five, eight, zero one nine,
or if you want to call us, this is a
call in show numbers one, eight hundred and eight, two,
five fifty nine, forty nine. We're gonna take a break.
We'll see on the other side of the half hour.
Speaker 9 (25:32):
A lot surprise, lot of Pathan laughs. I've broke in
my heart so many times I stopped keeping track. Talk
myself for I'll talk myself out.
Speaker 7 (25:43):
I'll get over up. Then I left myself down. I
tried so very hard notts. I came up with a
million excuses.
Speaker 10 (25:55):
I thought, I thought it every possibility.
Speaker 3 (26:04):
All right, we're back work. Happy weekend, Yeah, absolutely gorgeous weekend.
So whether you're is an apple season hut.
Speaker 4 (26:22):
In upstate? I believe it. It's in October. It starts
into November, maybe November. Yeah, I was looking at it
because I want to go to Orchard Creek, the golf
course over there. Yeah, I think it's in Daynesburg or not.
Ultimate it's by Ultimat.
Speaker 3 (26:36):
You play golf and get a bully ache. Yeah.
Speaker 4 (26:39):
We used to tee up the apples in high school.
Speaker 3 (26:41):
Beautiful. That's great. What's up? If they listened to the
radio show, they'll be sitting out there with the state plaze.
Speaker 4 (26:50):
I didn't do it.
Speaker 3 (26:52):
I'm going up to Smiths Apple Orchard Smiths, the people
that make the pies. Yeah, I'm gonna get her. When
you get ahold of that woman and they tell me
your name Shelley, and I'm gonna get a hold of her,
and I'm gonna say, you know what, We're gonna have
a contest right now, you versus them. Yeah, my apple
pie versus there. We'll see who the winner is.
Speaker 4 (27:12):
You do make a good pie. I'll give you that.
Speaker 3 (27:16):
Their pies are phenomenal. Every time I go to Fred
the Butcher, I want to hang myself over there.
Speaker 4 (27:26):
So they have them there.
Speaker 3 (27:27):
Yeah, there's like the three favorite ones. I like Berry
love Berry, the ones that come into the white box
strawberry rhubarb one of my favorites, one of my favorites,
you know. And then of course apple, the old traditional apple,
and I don't know they do it. I don't know
how they do it up there. Their crust is consistent,
(27:48):
it's always good. So you know, bottom line gets down
to is that if you're up in that, I think
that's galway where they are, stop being Tell them that
Dave Kopeks coming. I got my guns all loaded. I'm
gonna go up there and we're gonna have a contest
that I got my spatula, I got my peeler from
(28:10):
my apple, bring my famous crust. Have to make that
ahead of time, roll.
Speaker 4 (28:16):
It out of the house when you're gonna come over,
I'm gonna sight in that shotgun when I get back. Yeah, yeah,
it's funny you say that, because yeah, yep, I told
him it's almost Turkey season.
Speaker 3 (28:29):
Here. Here's here's maybe somebody can help me this morning.
Because I don't like shooting or killing anything, right, I'm
just that that's not why I am. But I know
that hunting. I love people that hunt. I'm not saying
that there's but I've got a woodchuck that's living underneath
my hit and he kind of peeks his head out
(28:52):
and I'm on the deck and go look at me
and come up and stare as he's eating whatever bushes
he wants to eat off my proper. And I'm saying
to myself, I don't want to kill this thing, right them.
I want to trap. You get traps, yeah you do.
Speaker 4 (29:07):
We used to get bad river rats. Yeah, I'm talking
like big like cats, rodents, cats that look like that
it was. Yeah, we get moles too.
Speaker 3 (29:20):
Well. I'll tell you what. If you've got a trap,
I want you to bring it over because I want
this thing to move to another part. You can bring
it over by you. You don't like them, No, I don't.
I've already got two or three living under me. You
do right now?
Speaker 4 (29:33):
Little family? Yeah, baby, I don't want They're cute.
Speaker 3 (29:38):
Well, they can be cute over at your house. I'll
wave to them when I go over by the river,
I'll wave to all right, let's talk a little bit
about what's going on. Uh, you know we're getting here now.
Today's the fourteenth, which is hard to believe, September. It's
not going to be that long before, you know, Santa
(29:58):
Claus is coming down the chimney. But it's also a
good time, you know. I talked a little bit about
this the other day. It's a good time to call
your financial team and have a chat. This is something
that we've been doing. I know that you've had a
lot of conversations recently as far as reviews, Nico. But
the thing is is that, you know, we've had a
pretty good run here in the market and the bond market.
(30:19):
Not a bad time for maybe for you to readjust
your portfolio.
Speaker 4 (30:24):
Yeah, I would tend to agree. You need to be rebalancing,
you know, periodically. We're heading into the fourth quarter here,
September is gonna go by quick, and we're going to
be you know, dressing up for Halloween soon. So you
should also, you know, take a look at your portfolio
see how it's allocated. We've had some good equity exposure
(30:44):
over the last year and a half, so the equity
side of the portfolio, the stock side, you know, that
might have ran a little bit, which is gonna skew
your actual percentage to stocks and bonds in the portfolio.
So maybe trim some of those games, you know, look
at getting back to that original mix. And then you know,
(31:05):
just always keep in mind, you know, how much you're
taking off the portfolio, how much you have in cash.
Maybe it's a good idea to you know, fill that
money market a little bit. If your cash buckets getting
a little low in the four oh one k or
I ray you have, so again, you want to make
sure that you have enough in distributions for you know,
maybe the next six, seven, eight months. I think we're
(31:25):
more advocates for even longer than that. Yep, you know,
just to preserve and protect the retirement account you've been
building your whole life.
Speaker 3 (31:34):
You know. The thing is is that you know markets
are going to gyrate and they're going to go up
and down. That's just the dynamics. Every day the market
opens from nine thirty to four, it's not flat. You know,
it's going to either be a bull or a bear,
or it could be you know, just sitting there spinning
its wheels. But you know, buying the depths over the
last few years has actually been a great way for
(31:56):
you to get total returning your portfolio. You know, when
you're in retirement, it's always a little bit different as
far as how you allocate your money. There's all different formulas.
There's all different ways that people manage their assets in
the retirement years. You hear them all on the radio
show here, you know, I personally, I listen to the
Fagan Show all the time. I think Dennis and his
(32:20):
son do a great job. I love their insights about
the markets and stuff. But that's just not what we do.
I mean, I love them because they that's it's obvious,
that's their passion and that's what they do, right. And
you know, Zach agrees and he's in there plot and
give me a high five. But you know, everybody has
a different way to make the sauce. And it's just,
you know, it's what you feel comfortable with. And I
(32:42):
think you know, a lot of times people say don't
do annuities, and because annuities are terrible. There are some annuities,
believe me, folks, that are terrible. And we've had some
recent events where I have not been happy, not been
happy at all. Not something that we did internally, but
something that individuals that started working with us had annuity
(33:06):
products that we were trying to fix, adjust them so
they were more suitable for them. We just had a
we just had a presentation yesterday. Right, Yeah, how'd it go?
W very well?
Speaker 4 (33:17):
You know, there's new annuity products in the market as
well in New York in New York that are available
now that weren't prior.
Speaker 3 (33:25):
Are these the buffer products?
Speaker 4 (33:28):
Yep, So there's buffer annuities. There's not so a lot
of times when we're talking about annuities on this show,
it's about income annuities, right, guaranteed income kind of self
fund your own pension. Nyga's multi year MYGA so fixed
contracts that get a guaranteed rate for a certain you
know number of years. But there's new products that are
now available in New York that allow you to get
(33:49):
a downside protection. You know, it's an investment in the market.
So you buy an index and these annuities they give
you either a ten or twenty percent downside protection. You know,
you in for six years. It's a six year product.
You're not going to touch the money. You do have
ten percent access to principle, but again six year lock in,
(34:09):
you get ten or twenty percent downside protection and then
the upside is capped at a certain rate over those
six years. I believe this products about two hundred and
twenty five percent upside.
Speaker 3 (34:20):
So that's a pretty good that's a pretty good run
over six years.
Speaker 4 (34:24):
Again, it averages out to be about twenty two percent
somewhere on there per year. But again it's point to point,
so they're going to look at where the market is
today versus where the market is in six years. Over
that time, it has an interim value, so it does
show the adjustment based on what the market's doing. But
these products are new, they're difficult to understand. Make sure
you know what you're doing if you buy one of them,
(34:46):
and make sure you work with a financial professional before
buying one.
Speaker 3 (34:49):
Well, I think that's the key. You just hit the bullseye.
Make sure that you understand exactly the apple that you're
picking off the tree. Now, there there was a report
that was just recently in Barons that I wanted. They
basically took the Buffer product, and I'm trying to look
it up right now. They took the Buffer product and
(35:11):
they compared it to the Vanguard sixty forty sixty percent
stock forty percent bonds, and the Buffer product, the Buffer
product beat out the over the last six years. Well,
I'm not going to say that I don't have I'm
looking it up right now, and I'll find out exactly
(35:33):
how long the timeframe was. But the thing is is
that if you bought the annewit he hear it is
right here, if you bought it in twenty twenty, right,
and you held it over the last I don't know,
five years or so four or five years, I don't
even want to say it, because.
Speaker 4 (35:49):
Yeah, because the SMP, you're all either SMP focused. You
can be small cap focused, you can be international market focused.
You pick a certain index and you just track that one,
you know, up to a cap.
Speaker 3 (36:02):
The thing is, I'm going to say we had a
woman that came in. She's a radio listener. I don't
want to say too much because she's a good friend
of ours now and she was really getting hosed big
time by her financial advisory. The financial advisor knew that
(36:26):
he had an individual that was not up to speed,
and he was basically flipping and flopping and moving her
around and doing what was really in his best interest
and not her best interests. I actually called the guy
and he hung up on me. He didn't like to
hear what I had to say. And then I went
back to her and I said, you're moving everything in
with us. So she came in the other day. She's
(36:49):
back to where she was, meaning that we put her
back in a good position. But the thing is is
that she was she was involved in investments that she
didn't need to be involved in. She didn't need guaranteed
annuity benefits because she had a pension benefit. But what
she did need, she didn't need the variable annuities because
(37:11):
of the expense ratio and the cost of it. What
she needed was an m YGA protection and we just
will we just moved her into an m I G A.
We can still I don't know what's going to happen Monday,
but we're still getting five point one percent.
Speaker 4 (37:25):
Oh, they moved it, they moved it. Yeah, it came
down a little bit, so four point eight. You know,
who knows what happens is this week? Yeah, so who
knows what happens you know Tuesday and Wednesday this week
when the Fed meets, Maybe those are the rates to
adjust again, you know, but they did start coming down a.
Speaker 3 (37:44):
Little bit so so so yeah. So I guess the
bottom line when I'm trying to overemphasize here is that
you know what, uh, you just like all the other
type of financial products that are out there. You know,
annuities are no different. There's good ones, there's bad ones,
there's low costs, low fee liquidity, you get all the
(38:06):
benefits that you get with other traditional types of investments.
It's knowing the apple that you're picking off the tree
and is that the one that's right for me.
Speaker 4 (38:15):
The individual that came in to discuss the buffered products,
he said, you know, what do your clients want in
an upmarket? You know, they want to be up with
the market right in a down market where they want
they want to lose nothing, you know, and then they
want the touchdown account exactly. And then as far as fees,
what do they want zero? And that's what this buffer
product is.
Speaker 3 (38:34):
Yep.
Speaker 4 (38:34):
They make their money after vatives, tradings and so futures
you know, calls puts. That's how the the annuity company
gets paid off your money. They guarantee a certain profitability
and then you don't see any any fees on the account.
Speaker 3 (38:50):
So, just like anything else, you have to trust your team.
But like anything else, you should know you should educate yourself. Now,
some people come in and say, listen, I put one
hundred percent of my confidence in you and the team
and that means a lot. I mean, you should really
take that and high what's the word that I'm looking for. Regard,
(39:14):
High regard in a fiduciary capacity, that you know, this
person is basically giving you a green light to manage
the assets based off of what they're you know, risk tolerances,
and it's a huge it's a huge responsibility. And the
bottom I gets down to I hate to say it.
I hate to say it because it's very infrequent that
(39:35):
I see it, but this situation was not good, not
good for her, and we move the assets out and
now she's happy. We're going to take a break. In
our second hour, we're going to be talking about wealth
transfer and what you should be at least contemplating, especially
if you've been successful in your lifetime and you're getting
a little longer in the tooth you're aging. Had a
(39:58):
wonderful couple that joined us this past week. Jimmy tells
me he's a hell of a golfer.
Speaker 4 (40:04):
Your teeth actually get longer as you get older.
Speaker 3 (40:06):
I don't know. I don't think so. I know I
know that your arches dropped on.
Speaker 4 (40:10):
Your feet, your get flat footed.
Speaker 3 (40:13):
My feet are getting bigger, My hair is getting grayer,
and I'm not as good of a dancer as I
used to do. I'm the disco floor. He's closing his eyes.
He can't even imagine that we'll be right back the
eighty six percenters. Do you know that eighty six percent
(40:35):
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
called retirement income distribution the nastiest, hardest problem in finance.
(40:57):
He points out that investment uncertain 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 take action? Five one
(41:19):
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 5 (41:35):
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 10 (42:06):
M Just because I won the places we would go
open that. All right, we are back you were last time.
Speaker 3 (42:22):
Just because happy weekend. I'm Dave Kopek, little housekeeping here,
swing for a cure. It's coming up, hard to believe.
September twenty six at the Fairways of Half Moon, we
have exactly three more three.
Speaker 4 (42:39):
More four four four more? Uh foursomes? Oh that many foursomes?
Or yeah, yeah, is that what it is Jim's looking for?
I think twenty six twenty six forms are got about
twenty two.
Speaker 3 (42:54):
Okay, okay, So if you'd like to attend, Dennis, get going.
If you're listening, Dennis, I'll take I'm a to come
see me. We're gonna, we're gonna. You gotta get your
friends over there at your organization, a little bit more
motivated for this golf outing, right you think we shouldn't.
Speaker 4 (43:10):
Yeah, I don't know. I haven't been involved. You know,
I'm just I'm gonna do the Chris McCarthy. I'm happy
to be here.
Speaker 3 (43:19):
I'm just happy to be here. He's bagging us. You know,
he's the twenty first. He's not he's not showing up. Now.
He's got something he's gonna do.
Speaker 4 (43:27):
Right, We're going to like the clam bake.
Speaker 3 (43:29):
Yeah, yeah, we'll be out in Syracuse in the twenty
first or a clam bake with our next weekend with
our good friends at National Grid. We actually look forward
to that going out and see some of our clients
and friends.
Speaker 4 (43:39):
Do you think I can put down thirty Sure? Absolutely,
I think I do thirty five clans?
Speaker 3 (43:43):
No, I think you can do more than that, you think? So, Yeah,
I'm just gonna push you underneath the table and just
keep on throwing them to you. All right, all right,
So there's two things I want to finish up here,
as far as the markets and where we stand Ballpark.
(44:05):
Is that you know, you know, anytime you're the FED
is in a situation like this where they're decreasing rates
were anticipated. They meet on the seventeenth and the eighteenth.
You know, the focus has been on inflation, but it's
also been as far as you know, where do we
stand as far as the ability for us to buy
(44:28):
goods and services. I was actually shocked at Prime. My
brother in law, Vince, is buying a car and he
went through a couple of different ways in order to
capture the assets that he wants to, you know, purchase
the car. And the rates on cars right now are
pretty high. Eight and a half percent is prime. Wow.
Speaker 4 (44:50):
Yeah, So yeah, I think I'm gonna hold onto my truck.
Speaker 3 (44:54):
Yeah. So this is what he did. He borrowed against
the swirling k He didn't even know he could do
it himself. Back's paying himself back. So he's borrowing and
gets this four and MAK and he's happy as a lark.
And he actually bought a car at Toyota and Half
Moon yesterday and he's dancing in the street. So there
are ways in order for you to facilitate some of this.
(45:15):
But I know that there's a lot of people out
there that are kind of sitting on the sidelines, especially
for home purchases, and maybe some of the other big
ticket items. But bottom line gets down to is that
I think the Fed's gonna give us a pretty good
idea how aggressive they're gonna be. Wall Street now is
talking somewhere between fifty bases points and twenty five basis points.
(45:37):
I'm in the camp I'm gonna be a little bit
aggressive here. I think they're going fifty.
Speaker 4 (45:41):
Yeah, I'm gonna say twenty five. CPI just came out
last week. Yeah, it showed a little uptick yep. Yeah,
you want to make a bat, Yeah you do.
Speaker 3 (45:49):
I'll bet you. I'll bet you a big mac, A
big mac. Can I all right, a big mac, A
big mac, big big maac that.
Speaker 4 (45:58):
Are having sitting on my desk on Thursday? All right, Friday?
Speaker 3 (46:01):
All right, big mac, big mac? Is the bet? The uh.
Speaker 4 (46:06):
Twenty five, I'm saying twenty five.
Speaker 3 (46:08):
I say fifty. I think they're gonna go the full fifteen.
I think it's neat.
Speaker 4 (46:11):
I think it's warned, to be honest with you, those
inflation is at two and a half. Yeah, but they're
saying yeah.
Speaker 3 (46:17):
But you know the thing is is that the I
think you're starting to see it at the pump earl
is going down. As far as the cross of gas,
I know that we're coming into that time of year
we're you know, we're gonna start putting uh, you know,
oil inside our tanks in order to heat our houses
in natural gas. But bottom line gets down to the
(46:37):
big picture, moderating inflation. I think our friends at Fidelity,
you think two will continue, and I think that the
FED is ready to, you know, initiate the rate cut.
And I don't think it's going to be twenty five
basis point time. I think it's going to be fifty.
Speaker 4 (46:55):
All right, I'm gonna hold you to that, all right.
What their housekeeping items? Do you have any housekeeping items? No?
Speaker 3 (47:03):
The last thing that I wanted to do before I
forgot because I know that we got sidetracked here. If
you want to participate in the golf outing in the
Swing for a cure, even if you want to just
come for the luncheon, we've got quite a few people.
You know, Marty's wife's coming for the luncheon.
Speaker 4 (47:18):
Uh.
Speaker 3 (47:18):
He came in this past week. You can give Jim
a call at our office at five one eight five
eat zero one nine nine. That's five one eight five
eat zero one nine one nine.
Speaker 4 (47:28):
Or if you'd like to donate, Yeah, if you don't
want to come, you can still donate to the cause.
Just talk to Jim, you know again, just call the
office five one eight five eight zero one nine one nine.
We also, you know, except you know, we do a raffle,
so if you have any like we had a woman,
a great woman who well that's right, gave us a quilt.
So she has a quilt every year. And then Jim
(47:50):
got a picture from someone who does a hot tub
for that's pretty cool.
Speaker 3 (47:54):
Got a hot tub. He got a chance to win
a car. LEA group is stepping up, holding one, right,
holding one. I'll tell you why. The most difficult hole
on that course is that par three.
Speaker 4 (48:03):
Going up the hill by the elementary school.
Speaker 3 (48:06):
That's exactly right. I don't know what the rating is,
but I know it's very difficult. If you hit that
shot and you put it into the hole, you deserve
a car.
Speaker 4 (48:14):
Yeah.
Speaker 3 (48:15):
Mine always go into the woods on the right, on
the right. Yeah. I always seem to shank it to
the right. So last time I did is I hit
the tree and ended up getting getting out of the
green just by hitting the tree. Whatever So the thing
is is that we would love to have you with ten.
It's a great day. We got our fingers crossed. It's
(48:36):
going to be good weather. September twenty six at the
Fairways at half Moon and give Jim McCall at five eight,
five eights or one nine nine. It'll reserve a spot
before you. We're looking for four more, four more forsomes,
four more forsomes in order to button it up. I
told them that if I have to get on the telephone,
(48:56):
I'll get on the telephone and try to beat the
Drumma gets some more people.
Speaker 4 (49:00):
But Drew was in the office yesterday.
Speaker 3 (49:02):
Yeah, you know, Drew had a full shoulder replacement.
Speaker 4 (49:05):
Really did you know that?
Speaker 3 (49:06):
No?
Speaker 4 (49:07):
Yeah, I don't know that.
Speaker 3 (49:08):
It went down to New York City. I think he
had the surgery and I can't I don't know the hospital.
But yeah, he's recovering I think pretty well. But he
had a full shoulder replacement, which I think is amazing.
Speaker 4 (49:19):
Yeah, well, he had the he brought in divot repair tools.
Oh yeah, and then it's like a switch blade. I
swear I tried to open one and it was took
my finger offer it's got those little the two fix
your ball mark, you know, and it just well, I'm.
Speaker 3 (49:35):
Just hoping that Jimmy good remembers that it's for the event.
You Jim likes to do some shopping. That see, he's
got all these new shirts, he's got new golf shoes.
You got wind break.
Speaker 4 (49:51):
There's a little hiding spots in the office.
Speaker 3 (49:53):
He does.
Speaker 4 (49:54):
You gotta check his cabinets.
Speaker 3 (49:55):
Does does? But again, uh September twenty six, fair Ways
of Half Moon. The other thing is is that we
are going to do another presentation in the fall. We're
working on the date with Lou Piro and his team.
We had a huge reception to our first one that
(50:16):
we did in the spring. We're going to do one
more with Lou and his team. We're just working out
the dates in the time, so I'll probably no more
next week. And we're going to try to do it
right after the election because it give us an idea
of exactly what we're looking at in regards or at
least the anticipation what we're looking at as far as
(50:37):
the new policies, the new laws that might be implemented.
And you know, it should be a good night. I'm
not too sure we were having it last when we
had at the Desmond, but I think this one we
might be selecting a different location somewhere up around Saratoga.
Speaker 4 (50:53):
I think it the Desmond did a great job, but yeah,
maybe somewhere more north. Gonna get a different demographic over there.
But yeah, I think the election is gonna be a
huge factor here. I the race got a little tighter
this past week, so we'll see what develops. But again,
you know, that's outside of our control, and the only
thing we can do is monitor yep.
Speaker 3 (51:16):
All right, And then again we offer a complimentary consultation
if you're contemplating retirement, you're going into retirement our mothership.
We're going out there in October to do a three
day conference at Fidelity Insight. What is it. I think
it's that's the name of it, Insights fast Track fast Track.
So we're gonna go out and hopefully get edumicated as
(51:38):
far as some of the things that are going on
in the financial services industry. It's a great way for
us to meet with some of the people that we
work with ad Fidelity and also some of the other
teams that are out there throughout the United States. So
hopefully that will be beneficial for us. But if you
are looking for a team and we would love to
(52:00):
have the opportunity to sit down with you to have
a chat. Our telephone numbers five eight five EAT zero
one nine five one eight five EAT zero one nine
one nine, and you can say, listen to David Nico
on the radio, love to come in and have a
chat about my own personal situation, whether it's investment management,
asset protection, legacy, transfer of wealth, which we're going to
(52:21):
talk about in detail when we come back in our
second hour. So again we're live five one eight five
EAT zero one nine one nine is our office, but
we're here at the studio today.
Speaker 1 (52:34):
Live from the wgy iHeart Studios. Welcome to the Retirement
Planning Show with your host Dave Kopek from the Retirement
Planning Group. Every week, Dave and his team discuss the
ways they can help people make informed decisions about a
wide array of retirement planning information that can support you
and developing a more certain financial future for you and
(52:55):
your family. Now it's time for Dave Gobec WG Wise
Retirement Any specialist.
Speaker 6 (53:06):
Cowboys ain't easy to love, and they're heard.
Speaker 10 (53:14):
They'd brother give you a song and diamonds or gold.
Speaker 7 (53:21):
Long star bell buckles and old faded leavis and tonight
begins a new day.
Speaker 10 (53:29):
If you don't understand him, he don't die.
Speaker 7 (53:32):
He'll probably just ride away.
Speaker 4 (53:39):
Don't let your.
Speaker 6 (53:40):
Babies grow on to be a cowboys.
Speaker 3 (53:46):
Don't let him pick guitars.
Speaker 7 (53:51):
Doctor.
Speaker 3 (53:52):
I'm Dave Kopek. Hopefully you had a great week. Good
to be here. Get some bullet points here. I want
to talk to you about that I think are critical.
The first one is this and it's kind of staggering
(54:14):
and we're starting to see it at the retirement Planning group,
and I've talked about it a lot over the last
couple of years, but it's really becoming top of mind
for us that the Baby boom generation is going to
pass on trillions of dollars of wealth. And when I've
(54:41):
talked about it, it's the greatest wealth transfer in the
history of mankind. And there's certain type of assets that
are very complicated to pass on to the next generation,
and we'll focus on those in this program, and those
(55:04):
are Ira and four oh one K. When I say
four oh one K, not wroth, four oh one K
traditional four on one K. These are all moneys that
have what we call an Achilles heel, where it's not
your money, it's your money minus the tax liability that's
associated when the money is being either forced liquidation or
(55:27):
you start drawing off of those assets for income purposes.
And right now, in those two particular types of assets,
iras and four one k's, there's about forty trillion dollars
in qualified assets, But in iras and four on one
k's there's estimated to be twenty trillion dollars with a T.
(55:53):
And that's a vast sum sum of money, of which
of which Nico and I both know one of that
money is taxable as ordinary income never receives a step
up and basis at death. And what you're doing is
that if you don't use it, you're leaving a huge
(56:16):
tax obligation sent down to your errors to pay the
tax bill that you left behind IRD And do they
know how to receive it? Income and RESPECTU deceit it?
Speaker 4 (56:26):
And do they know how to receive it if they
start just taking assets, you know, if you passed away,
and then they receive a million dollar you know, deferred
comp or traditional IRA, some sort of pre tax account,
you know, and they don't have a financial advisor or
someone to speak to. They might just take that money
and put it in their bank, you know, and that's
a way you're looking at a thirty to forty percent.
Speaker 3 (56:46):
Teability depending on the zip code.
Speaker 4 (56:48):
You're gonna lose four hundred thousand dollars right off the bat, yep,
you know, if they take that and liquidate it, look
at a ten year withdrawal rules now, so you have
ten years to spend that down, spread the distributions out
over a number of years, you know, depending how old
your children are. Maybe they're going into retirement at that point.
Maybe wait until they start retirement. Just take the R
and ds each year, which you are going to be,
(57:08):
you know, substantially less than splitting it up between ten years,
and then once they retire, kick that on for income.
Speaker 3 (57:14):
You know.
Speaker 4 (57:15):
So there's ways to plan around it to spread that
tax liability out and you know, give the government less money.
Speaker 3 (57:21):
Well not only that, but you know, for years, Nico,
there used to be this marketing campaign stretch or IRA
leave millions of dollars to your errors. Well guess what
the government looked at that and they said no, no more.
You used to have the ability to stretch the IRA
out and you could have those payments last for decades,
(57:42):
but the government said, no, we're not going to do
that anymore. Now, we want to have that money out
paid ten years. Percent of the money has to be
paid out. If you are a non spouse beneficiary, you
receive an inherited IRA and oh, by the way, you
got ten years to get it all out the door.
But you're still subject to R and D. Ye're one
(58:04):
as far as how much. There's a formula that has
to be used which a lot of people were not
aware of, and the government gave us some clarity that.
So here's the question that I have for you. Okay,
if you're not going to use all this money, and
you know that you're over allocated, you've got too much
money pretax, do you want to leave a tax liability
(58:27):
or you will you know, to leave some form of
a tax preference legacy to your loved ones. And deciding
on that answer is not our decision. It's your decision.
Speaker 4 (58:40):
And a lot of people start, you know, doing wroth conversions. Now,
if you're young enough to afford life or get a
good premium when it comes to life insurance, you know,
I think it makes a lot more sense instead of
doing those Wroth conversions, to do some sort of second
to die or even individual you know, guaranteed universal life
contract on your own life life, some sort of life insurance.
(59:01):
You know, you're gonna get a lot more velocity on
the dollars rather than doing these wroth conversions. You know,
but if you're older, you know, maybe in your late seventies,
you probably can't qualify for life insurance. Maybe wroth conversions
might make sense, but you need to think about it.
You need to think about what you're creating, you know,
not only for yourself, but for your beneficiaries. If you
(59:22):
see your IRA accounts just continuing to increase year after
year because your your income is already solved by your
you know, social Security pension. Maybe your R and b's
off the account, but that account is going to continue
to grow at a pre tax basis, you know, and
you're you're leaving a tax liability for the next generation.
Speaker 3 (59:40):
And the thing is is that a lot of times
people don't realize is that, you know, it doesn't have
to be all we're none. You can do what you know.
At the Retirement Planning Group, we do what we call
curve outs. We take a portion of your qualified assets
and spend them down to purchase either a single life
or survivorship. Maybe we should tell people what that means
(01:00:02):
single life in the survivorship. Most people don't even know
what a second to die is.
Speaker 4 (01:00:06):
Yeah, so second to die meaning not when the first
spouse passes away, it's when the second one does. So
it's based off of two lives. Generally, the premium is
going to be lower based on the specific death benefit
you're applying for, because now the life insurance is gambling
on two lives rather than one, so less likely for
you both to pass away. You know, earlier on single
(01:00:28):
life would just be you, you know, so just on
one person. Generally, we guarantee these quotes to one hundred
and five or even longer. One hundred and twenty.
Speaker 3 (01:00:35):
One I think was the last one we did. I
don't know why, well, I don't know why. That's a
magical number. We don't put that into black and white.
It's the insurance company that we go through.
Speaker 4 (01:00:44):
Yeah, so as long as you make those premiums. You
know a lot of times you do a condensed pay,
so maybe a ten year or twenty year payment and
then the cake is baked. At that point, it's also
fully covered if you were to pass away, you know,
the day after you make that first premium payment, that
death benefits going to it paid out.
Speaker 3 (01:01:01):
What I like about it is that, you know, when
I first saw this, I always thought that life insurance
was for the wealthy to pay state taxes. But when
you start looking at it, Nico when one of the
first things that I had Nico do not really one
of the first things, but we wanted to run a comparison.
What was advantageous let the money just stay there in
(01:01:24):
the IRA, or do a carve out and take some
of the assets and buy a survivorship second to die
life insurance policy. There are a couple of factors that
we had to you know, variables that we had to
put some data in there based off of life expectancy.
But the bottom line is is that many of our
clients have used life insurance for guaranteed wealth transfer for years,
(01:01:47):
for years, and one of the things that I want
to talk about today that I think is important is
for you to understand is that this isn't necessarily for
wealth transfer as sometimes it is. In order to basically
keep a family together. And what do we mean by that.
There's a lot of blended families out there. Now, Yeah,
(01:02:08):
there's a lot of blended families, and you have, you know,
sometimes an age difference between the male and the female,
and a lot of times sometimes the assets that are
combined need to stay combined until you know, the both
spouses pass away. But there's also the ability for you
(01:02:29):
to carve off a portion of your estate and buy
a policy for let's just say, for the older male,
and then when he passes away, the life insurance proceeds
are payable two two his children and then his wife
can continue on have quality of life. And you don't
(01:02:49):
have you know, you don't have to sell assets offer
and being involved in a very awkward financial situation, because
we've seen it, and I've walked it, walked and I've
talked to talk as far as having these conversations with
people sitting at our conference, and this is just one
of the many solutions that you can use life insurance
(01:03:09):
for as far as legacy purposes. But I like life
insurance specifically for people that have a fairly substantial discrepancy
as far as assets that they brought into the marriage.
I did this with a gentleman and his new bride.
(01:03:31):
He was a detective in New York City. Tough guy,
real tough guy. And when I say tough, I mean
he was just you know, he wanted his eyes dotted
and his tee's crossed, and he wanted to be one sure.
And I said to him, I said, you know you're
coming into this marriage with a lot more assets than
(01:03:52):
your future bride. And his his thing was is that
I want my money to go to my kids. And
I said, okay, we can do that, but if you
have a premature death, where does that put her? And
his position was, you know, I'm healthy, you know I
(01:04:12):
just recently retired. You know I got good genes. I'm
going to be around for an extended period of time.
So we went back and forth and back and forth,
and I could tell by the conversation she was getting
upset by it because she knew that if something happened
to him, her whole quality of life would change dramatically.
Because when he when he picked his pension selection, because
(01:04:37):
he was a single life, single life, single life, and
he knew, you know that that was more than adequate enough.
But you know, he had no intentions at that time
to get married. So we went back and forth and
back and forth, and I remember he came in one
day all by himself. It was when I was in
Broadway and Saratoga Springs and Lisa called me on myself
(01:05:02):
on my cell phone, but on my phone in the office,
and he goes, I won't mention his name. He's here
to speak to you, I said, And they both here.
He goes, no, he's here. So we went to the
conference room and I go, oh, this isn't going to
be good. This isn't going to be good.
Speaker 4 (01:05:20):
Coming with me.
Speaker 3 (01:05:20):
Yeah, Lisa, please come in with me, hold my hand.
So I went to the conference room. We closed the door,
and he says, you know, I didn't like our last
conversation at all. And I said, okay, I said, I
understand that. And I said, but my job is not
to sit here and give you comfort. My job is
(01:05:42):
to sit here and give you comfort and also be realistic. Right, yeah,
it's not just about you. It's about you and your
future bride. Because they were right on the cusp they're
getting married. He says, I get it. I understan, damn
what you're saying. He said, let's do the application. He
(01:06:04):
did the application, bought the life insurance, he got to
prove for it. Make a long story short, About two
years later, wasn't feeling good, right, ends up having cancer
dies right. His wife who I know. You know, I
(01:06:25):
won't mention her name on the air. Thanks, I walk
on water now because I protected her and I had
those difficult conversations. And I'm not patting myself on the
back here, and I'm not. But the thing is is
that life insurance with qualified. We didn't use any of
his pension and eve his solid security. We used the
(01:06:47):
money that he had in his deferred compensation plan. And
basically what we did is that was more than adequate
enough in order for her to have quality. But now
she didn't. She sold the house here in Saratoga and
she'd moved back down to Long Island. But the thing
is is that she had quality of life because of
(01:07:08):
this carve up by taking Yeah, you know. So the
thing is is that I'm bringing this up because there's many, many,
many solutions for life insurance in your retirement years. Okay,
It's not a question is it suitable, is it the
right tool in the toolbox. It's a question does it
(01:07:30):
make sense? About your own personal financial situation. So don't
pooh pooh life insurance when your financial team sits down
with you, because we have sold hundreds of millions of
dollars of insurance, and every situation is different, Every destination
for that is different, and it doesn't necessarily have to
(01:07:51):
be for legacy purposes. It can be for wealth replacement
for a surviving spouse. We'll be right back the eighty
six percent. 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
(01:08:13):
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 of building your retirement income distribution plan.
(01:08:34):
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, motivate to start building your retirement income distribution
(01:08:58):
plan five one eight five eight zero one.
Speaker 5 (01:09:01):
We're here live in studio. If you have any questions,
please call one eight hundred talk WGY one eight hundred,
eight two five five nine four nine. Want to talk
with Dave after the show Call five one eight, five
eight zero one nine one nine.
Speaker 4 (01:09:31):
First Time We Met is a fun movie.
Speaker 10 (01:09:42):
I see time changes all and.
Speaker 4 (01:09:45):
Pur change too, but your memory is stronger than time.
That's not Keith is It sounds like Keith Whidley.
Speaker 3 (01:09:55):
Girlick, I guess everything does.
Speaker 4 (01:09:59):
Change and we are back.
Speaker 3 (01:10:03):
I love country, love country. I was listening the other
day Toby Keith some of his music. Rest and peace
or may he rest in peace, his stomach, his stomach cancer, anything,
May he rest in peace. That's a great, great way
to say it, Nico, may you rest in peace. Too
young to die sixty two years old. I think he
was right in the prime. You just never know. You know,
(01:10:27):
we talk about it all the time. We just had
a gentleman that just passed away in his forties. You know, people,
you know I went into a meeting with you the
other day and I know that you know, I had
said to you, I'm going to tell him exactly how
I feel. And you know, matter of fact, I mentioned
this to Julie last night. I said, when in, I said,
you know, what are we waiting for here? Why are
(01:10:50):
we spend on our wheels? You know, when it's time
to do it, do it and to get it behind you.
I know that. You know, the big thing in our business,
of course, is trust. You got to trust the team
that you're working for, but you also have to be
educated and informed about you know what the man upstairs,
(01:11:11):
when he wants you, he's going to come get you.
And the thing is is that you better have your
house in order because if it's not in order, it's
not fun. It's not fun.
Speaker 4 (01:11:22):
I think he was waiting for her to retire.
Speaker 3 (01:11:24):
I think so.
Speaker 4 (01:11:25):
But you know, we get started this process in a
while ago.
Speaker 3 (01:11:29):
But we're talking about this huge amount of money that's
out there and qualified assets, and I'm talking about I
raise four oh one k's twenty trillion dollars. There's over
forty trillion in qualified assets when you add all the
other money that's out there, and you know, you've got
to start thinking about what is the solution? What am
(01:11:52):
I looking for as far as wealth transfer? And if
it's not important to you, then it's no big deal.
But for a lot of our clients it is important.
And I think dot in your eyes and crossing your's
t's and all the structure of your estate and how
certain types of assets can be beneficial for you, and
(01:12:14):
even if you think they're not. I mean, there's not
a lot of people that walk in to our office
in their sixties right or seventies and say, you know,
I want to buy a life insurance policy. But it's
not necessarily the life insurance policy you're buying. You're buying
the right type of financial product to get to your
destination of what you're trying to achieve.
Speaker 4 (01:12:35):
At a gentleman, he had a, you know, an annuity
at an old annuity company that was kind of just
sitting there, you know, and he didn't have a plan
for it. He said, you know, maybe i'll turn it
on for income in a couple of years. There's about
fifty two fifty three thousand dollars in this annuity, and
I tol him, its probably gonna give you know, two
hundred and fifty three hundred bucks a month. That's not
(01:12:56):
going to provide a lot, you know, his retirement accounts.
He's got substantial assets there in a four to one
K he had, so he's got income, you know, off
the retirement accounts. We could take four or five percent,
he'd be more than fine. So we looked at this
annuity and I said, let's change the game plan on this,
you know, and instead of using this for a two
(01:13:17):
hundred and fifty three hundred dollars a month payment to
you in retirement, let's look at some sort of life insurance.
So if we spent this thing down over you know,
a ten year period, so the first five years we're
gonna use that annuity, then we're going to access as
retirement accounts for the next five we're doing a ten
year condensed payment, and it's going to buy like five
hundred thousand dollars a life insurance. Right all, he's about
(01:13:39):
I think he's in his early sixties, but again it's.
Speaker 3 (01:13:42):
About five hundred thousand texts, right.
Speaker 4 (01:13:45):
I think it's twelve thousand a year for ten ten
years something like that. But it's gonna buy like four
or five hundred thousand dollars a death benefit. So, you know,
just look at what you have. Look at the purpose
of your accounts. A lot of people have assets all
over the place. You might have an old annuity that
and advisors sold the you know, twenty years ago, it's
just sitting there now. You might have three four retirement
(01:14:06):
acounts at three four different investment companies. So let's start consolidating,
Let's start simplifying. Let's get your state buttoned up. You know,
you don't want to have your children sending out seventeen
different death certificates to seventeen different companies. It's a heck
of a lot easier when everything's at one spot.
Speaker 3 (01:14:22):
The best one that ever happened, I think when I
look at what the situation was and what the end
result was once we repositioned the wealth was the couple
down in Florida that we just completed and we took
a little bit less than four hundred thousand dollars of
assets and we created I don't know, well over a
(01:14:46):
million dollars of long term care benefits for both of
them simply by just filling out paperwork and finding out
if there was insurability and structuring the payouts where it
basically gets repositioned from their current investment program to a
new one that basically satisfies their needs at this time
of their life.
Speaker 4 (01:15:07):
Yeah, it's getting paid out every year to their IRA
account without sid fidelity, and then from there it's getting
swept into the insurance. So that's all settled. Now, everything's
all set on that ten pay I believe. So he's
got ten years of payments about forty was it forty
two forty thousand something like that he turned into well
over a million dollars in long term care cover Toronado
(01:15:28):
only himself but also his spouse.
Speaker 3 (01:15:30):
But when he gets to like in their eighties, because
there is a right or a request ale and a half,
it's like one and a half million dollars which they
both can access at the same time. It's just it's
an unbelievable product. But the problem that we see with
bost individuals folks, and look at your own personal situation.
Look at your own personal situation. The problem that we
(01:15:50):
see Nico and I with most people, they're top heavy.
They have way too much of their wealth and pre
tax accounts. And that's simply because of the dynamics of
the boomers. When we when we started accumulating assets, most
of us had traditional four oh one k's that the
company was doing a match.
Speaker 4 (01:16:08):
There's no WRATH.
Speaker 3 (01:16:08):
There was no wrath. We some of us weren't eligible
for WROTH IRA. Uh. The WROTH four oh one K
is one that's just recently been implemented over the last
few years. And because of the structure, you know, you had,
there was a lot of high net worth people and
people that had good jobs that are just loaded up
with pre tax dollars.
Speaker 4 (01:16:30):
Yeah, it's a huge issue that we see in the
in the retirement landscape here. Pretty much all clients that
come in their largest assets either their four oh one
K or traditional IRA account. You know, maybe their property
as well, but you know that IRA counts a problematic
asset in your retirement. You know, generally we try to
you know, get a hold of that and limit the
(01:16:50):
tax liability while you're alive, try to solve the income needs,
but also at the same time, you know, have thoughts
of the purpose of that account. And that's when we
start talking about likeacy transfer wealth. You know, is it
important to you? Do you want to give the kids money? Hey,
some folks say no, you know, I gave my kids
enough while I was alive, paid for their college. I
you know, gave them lunch money every day. But the
(01:17:12):
folks that do want to leave a tax free inheritance.
I think some sort of you know, second to die
life insurance makes a lot of sense. And you know
a lot of folks say, you know, I want to
give it to them. I'm alive so I could see
them enjoy it, see them spend the money, and you know,
help them with their everyday lives. I think that's a
great plan as well. Yeah, there's a way to do
(01:17:33):
ways to do that in an efficient manner.
Speaker 3 (01:17:35):
So you know, I had lunch this past week and
Glenn's Walls with a law firm up there that we're
starting to do some work with. We have joint clients
and we're going to start doing some things together. But
bottom line gets down to is that, you know, uh,
the problem with a lot of these estate plans is
the fragmentation that exists with advisors and their team of
(01:17:58):
advisors if theturn ernie and the CPA and the financial
advisor are not on the same page and they're trying
to have a game plan where everybody feels warm and fuzzy,
that is complicated. I mean, this is a long conversation
that we had at lunch the other day. So the
thing is is that the more you can simplify that process, right,
(01:18:20):
I mean, I think of what client of ours right now,
High net worth guy has really got himself in a
situation where he needs to get his legal documents done,
but we keep on missing him. He's busy, We're busy.
The attorney is going back and forth between Glenn's falls
and you know, another state that he works out of.
So the thing is is that you got to make
(01:18:42):
it a priority, especially if you want to button it up.
So all right, when we come back, we're gonna talk
a little bit more about the wealth transfer that's going
on over eighty trillion dollars. I'm Dave Kopak, Nicholas Dumas.
We'll see after the break.
Speaker 4 (01:19:09):
The first thing I remember knowing was a lonesome whistle
blowing and the youngest dream of growing up to ride.
Speaker 3 (01:19:19):
On a freight train leaving.
Speaker 10 (01:19:20):
Town, not knowing I'm bound and the one change my
mind right.
Speaker 3 (01:19:28):
One and homely Rebel.
Speaker 4 (01:19:31):
Welcome back to the Retirement Planning Show.
Speaker 3 (01:19:32):
You ever see cloggers, cloggers, the Cloggs dance clogger was
that type of shoe, there's the cloggers. My my mother's family.
When I say their country, they were country country and uh,
(01:19:55):
you know, they lived off the the land and they
basically the only thing they they went to the store
for was the necessities. Everything else they either grew it
or you know, they had their own animals. And but
when they had a party, boy, they had a party,
(01:20:16):
that's exactly what it was, a barn party. And I
can still see him dancing and hooting and holler and
playing yuker and having a few refreshments. Just they love
to have a good time. Love to have a good time.
That's what life's all about, right, enjoy it all Right,
we're talking about wealth transfer. Which one is best for you?
(01:20:37):
I don't know. I can't answer that, but we're gonna
edgemcate you here a little bit as far as what's happening.
And the thing is is that it is the greatest
wealth transfer in the history of mankind, and it's starting.
We're starting to see it happen. Sadly, some of you
will do nothing right and family assets will be lost
(01:21:01):
and from one generation to the next about seventy percent
of the time. Uh, you're going to see you fairly
substantial change as far as the amount of wealth that
will go from one generation to another. So what do
we mean by a wealth transfer? How would you answer that?
Speaker 4 (01:21:22):
At this distribution of assets at one's passing, you know,
so when the parent passed away, if it's the last,
you know, surviving spouse, you know then.
Speaker 3 (01:21:32):
Because what happened, what happens when the last spouse? The
tax man cometh.
Speaker 4 (01:21:37):
The tax man cometh and he taketh. So you want
to make sure you you get in front of it
and you have a good estate plan.
Speaker 3 (01:21:45):
You know.
Speaker 4 (01:21:45):
If you don't, you need to meet with an attorney. Yes,
you know, we're not attorneys here. You know you can
direct you kind of give you some advice, but I
can't drop those documents for you. So at least have
the basics. If you're someone that does not have the basics,
I strongly advise.
Speaker 3 (01:21:59):
You do that.
Speaker 4 (01:22:00):
Know, A will, a healthcare proxy, a durable power of attorney.
And then you know, if it's someone that doesn't have
a mortgage on the property anymore, you know, you don't
plan on moving. Even if you do plan on moving,
it might make sense, but get some sort of irrevocable
trust for protection. If you don't have long term care insurance,
you know, the house is something that they can go
in and you know, put a lien against to help
(01:22:20):
pay for your extended stay in a nursing home or
long term care facilities. So make sure you have the
estate structured in a way to where it's not only protected,
you know, but it's also tax efficient for the next generation.
Speaker 3 (01:22:36):
You know. One of the things communication is the key.
You know, there's a lot of mistakes that could be
avoided simply by communicating having We were talking about this
the other day with some clients simply just titling assets
a simple POD or a TOD or you know, your
beneficiary forms. But a lot of times when people what
(01:22:59):
you know, we see happen is that people forget about
certain types of assets. And when that happens, you know,
it kind of puts a wrench into everything, especially if
it's substantial. So sometimes deciding what's the best way to
transfer your wealth can be tricky. The hardest part sometimes
is having the conversation.
Speaker 4 (01:23:17):
Yeah, it depends on what you're looking for, what your
goals are, what your objectives are. Our job is to
facilitate that, you know. So we have to act, excuse me,
in a fiduciary capacity. So we have to put ourselves
in your shoes and do what we see would be
in your best interest. So again, I'm actually held to
a double fiduciary standard, not only through you know, our company,
(01:23:40):
but also through the CFP board, Right, so the CFP
Board and the Code of Ethics. I need to make
sure I'm acting in your best interest. And you know
that's something I take a lot of pride in.
Speaker 3 (01:23:52):
I think, you know, what kind of leads me into
something that you know. There is a word that I
think is used way too often, and I think that
there's a misunderstanding how some of the financial representatives use
it today as if they're a step above or they're
(01:24:15):
acting in a better capacity than the other people that
don't market themselves as fiduciaries. I know for a fact,
because I am in the business and I've been doing
it a long time, that there's a lot of people
out there that market themselves as fiduciaries. But I also
know that in our business today, the compliance department in
(01:24:35):
order for you to do anything in order for them
to be authorization, in order for you to implement your plan,
you're going to have to get a green light, go
through your compliance department. If you're working for major investment
banking firms. So you know, don't think that there's anyone
out there that is acting in a better capacity because
(01:24:57):
they market through the fiduciary.
Speaker 6 (01:24:59):
Do you agree with that?
Speaker 3 (01:25:00):
Uh?
Speaker 4 (01:25:01):
I think if fiduciary should be able to offer, you know,
whatever investments make sense for the investor, you know, if
if that's where you were just heading with that, right,
if you're not able to offer you know, certain investment
products because because your company doesn't allow that, you know,
and I don't know if you're really a fiduciary or
not at that point. Because you know, we have complete
(01:25:21):
open architecture, not only through Fidelity, but with our broker
dealer relationship with PKS, we're able to offer all these
products to folks. And you know, we also have a
b D or a broken M.
Speaker 3 (01:25:33):
A m G, a MG insurance Master General Agency agreement
with our insurance.
Speaker 4 (01:25:38):
Provider, which allows us to browse the insurance field as
well and try to find the best rates available based
on you know, your age, a certain premium, a certain
death benefit, and give you give you back the best premiums.
So we're not held to one company, you know, which
I think you know separates us from the rest.
Speaker 3 (01:25:57):
The captive agent, I think is a day that's really
there's still a couple of insurance companies that do it,
not to the extent that they they've done it before
in the past. Captive agent means that you work for
x y Z Insurance Company and x y Z Insurance company.
Those are the products that you utilize.
Speaker 4 (01:26:19):
If you have to go outside, do they get better
rates the captive and if you're outside.
Speaker 3 (01:26:24):
Well, I can only speak by my past experience because
you know, I worked as the investment investment specialist for
MetLife locally. They brought me in to be the icebec
their grid. You know what a grid is, right? How
you get paid? Yeah, okay, the grid payout would give
you more money to use the in house products you enticed.
Speaker 4 (01:26:49):
You're incentivized.
Speaker 3 (01:26:50):
That's exactly right to use that And I hated it
I always thought that that was a huge negative. That's
why I stayed a very short period of time. And
I always felt that there should be But if your
building is being paid by X, by X, y Z,
in your desk and your support and all your you know,
I mean, of course you have to ring the bell,
(01:27:11):
but I don't necessarily think that it's in the best
interests of the people that are out there consuming and purchasing.
So when I got out of that structure, I made
it a point that when I did the retirement Planning group,
I say this all the all the time, and I've
told you guys this, and I think that you understand
(01:27:31):
it now because you've been doing it for eight years.
You always want to be in a position, Nico, where
you don't feel like you're being detoured to a product
that might not necessarily be in the best interest of
the client.
Speaker 4 (01:27:47):
Yeah, agreed, I've never felt that way. I have retirement
Planning group, and I look to see what the best
offerings are. That's how we do that, my gas, I
barely even look at the company name when I look
at those rates. Now you're looking of the company as
far as their credit rating, but as far as the name.
I don't think it matters, you know, I just want
the best rate.
Speaker 3 (01:28:06):
So the thing is is that there's some validity to
what we're talking about. The world has changed. Financial services
industry has changed dramatically. There was no such thing as
family offices wealth management teams. When I started in the business.
There was a little company here locally in the Capital
(01:28:26):
District region. Now's a monster called AKO, which is now
run by Goldman Sachs. They've got that big, beautiful building
in Latham. So the thing is is that, you know,
it's just like anything else. The financial services has changed dramatically,
just like everything else, just like everything else in life
has changed dramatically. You think of technology, I mean, I
(01:28:48):
think about when I first got into the business. I
used to share a quot run machine with Moe Marlin.
I've got more power on this little thing, you know.
I get more data and more information on the self
that I had available to me when I set a
pain Weber on woll Throat.
Speaker 4 (01:29:03):
Yeah, you know.
Speaker 3 (01:29:05):
And he used to get mad when he is to
grab the computer because he used to say that. He says,
you don't need to look at that. You don't have
enough clients yet, He says, keep on, keep get on
the phone, keep on smiling and dial and so.
Speaker 4 (01:29:17):
All right, it is a whole lot easier nowadays, you know,
with the phone, and I could buy and sell stocks
right from this little handheld device. You know, you don't
need to throw a ticket down a wall.
Speaker 3 (01:29:27):
It's amazing. So all right, we're gonna take our final break.
We're talking about the greatest wealth transfer in the history
of mankind. We're talking about ideas and suggestions, things for
you to think about. A lot of times age and
health can help you, not necessarily saying is that the
direction you should go in as far as insurance products.
(01:29:49):
But we've done a lot of it. We're starting to
see people that are passing away and substantial amounts of
tax free money is going to their errors, to their children.
I think they're a little but flabbergasted about the amount
of wealth and that I guess that's the other thing
too that you got to think about. And I've had
this conversation the gentleman that we met with the other day,
Frank that was in the office. Yeah, and he wasn't
(01:30:13):
you know, he has a certain amount of money that's
going to his kids, and that's it, you know, the
rest of the money. If there's some left, great. If
there isn't, then he's done his job. He feels he's educated.
Speaker 4 (01:30:24):
Him, you know, and a great guy set in and
forget about it.
Speaker 3 (01:30:28):
Set it and forget about it. 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. Nobel Prize winning economist William Sharp has
(01:30:51):
called retirement income distribution the nastiest, hardest problem in finance.
He points out that investment, uncertainty, and more talent 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
(01:31:12):
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, motivate to start building your
retirement income distribution plan five one eight five eight zero
(01:31:34):
one nine one nine.
Speaker 5 (01:31:35):
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 10 (01:32:05):
I hear people talking about about the way they have
to live here in this country.
Speaker 4 (01:32:13):
I've been on the wards we fight, dripping about the
way things ought to be. That's a great country.
Speaker 10 (01:32:20):
I don't mind him switching standing up.
Speaker 4 (01:32:24):
Oh my god, I've been listening. Believe man, I don't
know who this is when they're I've been listening to
keep all the fact they're walking in the Miami of me,
the Miami running Miami Way lies our fighting minute and
(01:32:45):
we are back, all right?
Speaker 3 (01:32:47):
Tell them who is it? Merle Haggard.
Speaker 4 (01:32:53):
Wasn't that the same guy?
Speaker 3 (01:32:54):
Yeah? Merle m e r L Merle Merle like Pearl,
you know, only Pearl Bailey and asked me to spell
it M E R L E E.
Speaker 4 (01:33:04):
At the end, I don't have to check them out
on the way home.
Speaker 3 (01:33:08):
You relate to Earl Merle and his sister's pearl twirl
Turtle Turtle, the sun is twirl.
Speaker 4 (01:33:22):
What is wrong with us?
Speaker 3 (01:33:23):
I thought, what hell's wrong with us? I know that, uh,
you know, it's a beautiful day outside, it's blue skies
and it's sonny, and we're getting the heck out of
here pretty soon. But bottom line gets down to is
that listen, folks, Uh, you know, you get out of
it what you put into it. You know. I know
that that sounds kind of corny, But bottom line gets
down to is that you should have a checklist. I
(01:33:46):
know that we have E Money. It's a software package
that has offered to us through Fidelity, and I love it.
I personally think that it's one of the greatest things
that I uh implement it with the retirement planning group.
But the big thing, no matter how modest your means are,
(01:34:08):
no matter how wealthy you are, right, take inventory. Take inventory,
and E Money takes inventory. It shows you probably the better,
the best that I've seen since I've been in the
business as far as simplistic, and that's where you stand,
my good man.
Speaker 4 (01:34:24):
Yeah, the wealth transfer to which we've been talking about,
I'll show it gives you an idea of what's tax preferenced,
you know, what's not tax preferenced, So you can kind
of see your current estate if something were to happen
to you, how is that going to be divided? And
what is the tax implications. So it shows you all that.
(01:34:45):
It shows income replacement for the surviving spouse. You know,
it shows retirement income as well, which we haven't talked
about a lot on the show today, but it will
show you a budget.
Speaker 3 (01:34:56):
But it does show you. It does show you the
ability on the money, the success rate which I which
I think is great too, the success rate of your assets,
what you're trying to achieve with income, and it takes
all of the other assets social Security and your four
and one K, maybe a small pension, whatever it may be,
and it gives you a pretty good idea of what
your success rate's going to be.
Speaker 4 (01:35:16):
Yeah, and it shows you know, based on a certain percentage,
so if you get five percent a year, this is
what your retirement should look like with also, you know,
inflation tied end as well. So fifteen twenty years from now,
the expense level is going to be a lot higher.
You know, trucks are going for sixty seventy eighty thousand
dollars out there right now.
Speaker 3 (01:35:35):
It's insane.
Speaker 4 (01:35:36):
That's what I bought my house for.
Speaker 3 (01:35:38):
You know, it's insane.
Speaker 4 (01:35:39):
So you need you need to make sure you're planning,
you know, for future increases and expenses. And you might
have your portfolio aligned right now for ten twelve percent
returns because you think you need that to solve your
income needs. But you know, maybe you're only taking four
or five percent off it. So why are you taking
all that additional risk to solve an income level that's
you know, not that.
Speaker 3 (01:36:01):
What I would say is that if you want to
come in and have a chat with us, we'll talk
to you about ey money and how it fits into
our program. It basically lists the value of your your home,
your real estate, your cars, your jewelry, your artwork, brokerage accounts,
bank accounts, retirement accounts, location, beneficiary, I mean, all the
stuff that you need. Insurance policies, cash value, death benefits, liabilities, mortgages,
(01:36:24):
lines of credit, you know, and there you set you
know exactly what your you know, bottom line is your
net you know, when everything is said and done, and
then you can basically build out a plan that you're
trying to accomplish, not only for your life buying, but
who here here's the question, who should and who do
you want to inherit your assets? That's the key, that's
(01:36:48):
ultimately what we're trying to talk about, and who should
care if you have, you know, a health situation. You know,
you're you're sixty five, your wives fifty five, you know,
you pass away and now she's got health issues. Is
there enough money in the pot in order for her
to manage your financial affairs and not become you know,
the word of a state.
Speaker 4 (01:37:09):
And it's our job to shoot holes in the ship.
What if this happens? What if that happens? Do you
have coverage for this?
Speaker 3 (01:37:14):
You know?
Speaker 4 (01:37:14):
Do you have income replacement for the thriving spouse? You know,
Dave talks about it hit a gentleman that took the
single life pension payout and there was no income replacement
for the surviving spouse, So he did some sort of
insurance product on that individual to provide a payout for
the wife in that situation. So again, we're not going
to sit here and you know, tell you how great
(01:37:35):
you are. You know, we're going to try to figure
out a plan to fix what might be squeaking in
the plan, you know, squeaky wheel.
Speaker 3 (01:37:43):
You know you just said something that I agree with
thousand percent. Our job is not to sit there and
pat him on the head and tell him how great.
Sometimes I think you guys think I'm too aggressive when
I meet with people and I tell them, you know,
I remember, I remember you came into you one time
(01:38:04):
and you said, did you tell these people that their
plan is a nightmare? Was that? What it was?
Speaker 4 (01:38:10):
That?
Speaker 3 (01:38:10):
What it was? That was? I remember you coming in me.
What you say that those people?
Speaker 4 (01:38:17):
You could have used the slightly less aggressive word.
Speaker 3 (01:38:22):
Well, the thing is is that if you've gone through
it and you know how difficult it is in order.
I see Lisa, and she knows the landscape. I've seen
people come in that have spent days try to get
stock certificates or get you know, assets retitled, and they
have no idea who to talk to, what you know,
what they need and multiple death certificates.
Speaker 4 (01:38:44):
They come in with one of those comput share statements
and that's a that's a nightmare. And there's no stock certificates.
You know they have on the computer share statement that
there's it's in stock form, But then you can't find
the stock certificates. So where did you put him? Find
them before something happens to you and get this in
some sort of you know, digital format.
Speaker 3 (01:39:04):
And the thing is is that if you need to
replace the stock certificate, let's say it was fifteen shares
and you know the rest of them are a copy
share as far as dividend reinvestment, and there's like a
thousand there now. In order to replace those fifteen shares
in the cost you it's an astronomical amount of money.
It's like it's like three hundred bucks. I mean we actually, yeah,
(01:39:27):
it's for some of them. We've actually said dollars and cents.
Is this worth it? You know? Are you going to
go and spend this kind of money where you know where?
If they were proactive and buttoned it up and took inventory,
drafted an estate plan, put the action in as far
as the things that need to get done, you wouldn't
(01:39:48):
be having these crazy conversations.
Speaker 4 (01:39:50):
So don't do the cardboard box planning. When you come
into our office with a cardboard box of statements from
all over the place. Get out in front of it,
and don't leave this. Uh, don't leave a nightmare, as
they would say, for your for your children. There's also
ways to divvy up the estate.
Speaker 3 (01:40:08):
You know, I'm always available, more than happy to help
you out.
Speaker 4 (01:40:12):
With divvying up the estates. As far as equality, you know,
you might have a child who is probably going to
get the house. You know, you might have another child
that lives in a different state. You know, so how
do you make that equal? You know, if you want
fifty to fifty on the house, you know, how's the
other child going to pay off the child that's receiving
(01:40:35):
the house. And that's where we use life insurance to
solve situations like that as well. You know, So you
want to make sure that you account for that and
don't just put it on your children to you know,
figure out what each one, what each child wants, because
that's going to cause issues. You know, put it in
some sort of writing, Put it in your vocable trust
that this child's going to get that. You know, this
child's gonna get a monthly payout. You might have a
(01:40:56):
special needs child, if you have a special needs child,
you should definitely speak to an attorney if you have
not yet to get that structured. But again, it's just
meeting with somebody. It's meeting with us, it's meeting with
another advisor.
Speaker 3 (01:41:12):
I actually look forward to going out to Boston for
the Fidelity conference because you know, I've told you these
conferences that we go to, I always find one or
two things from other financial advisors that are throughout the
country that are, you know, helpful to facilitate a better
experience for our clients and prospective clients. But you know,
(01:41:36):
bottom mine gets down to is that if you're doing
an estate plan and you're transferring wealth, I mean probably
on the top of the list is that you want
to minimize taxes and expenses and unnecessary delays, and a
lot of you just sit on the fence and don't motivate.
You just don't do it, So we take action.
Speaker 4 (01:41:57):
You asked one client where the state's going, and he said, probate.
We gotta do something about that.
Speaker 3 (01:42:06):
Yeah, But you know the thing is, I don't alligator.
I mean, if you want to go through probate and
pay all the fees and all that stuff, knock yourself out.
I'm not going to alligate or rostly, but the bottom
line is that you know, we can help you with
your estate plan. We can ensure the distribution, minimize taxes,
appoint the guardians that need or power of attorneys that
need to be put into place, durable power of attorneys,
provide security for your family and your loved ones and
(01:42:28):
your grandchildren, whatever it may be. And then if you
get incapacitated, if you have health issue, that's the big thing.
That's the big thing that most people you know are
probably that's the giddyap That's the missing chain or missing
link in the chain, is that most of us today,
if you have a major, major health issue, probably are
(01:42:50):
either under insured or probably don't have the resources for
an extended today.
Speaker 4 (01:42:55):
It's a huge issue, right, huge huge health insurance you
see it. I can't believe these premiums. You can't believe
the deductibles. It's outrageous.
Speaker 3 (01:43:03):
I just had this conversation with Julie.
Speaker 4 (01:43:05):
I have a nine thousand dollars deductible.
Speaker 3 (01:43:07):
Yeah, well, we got to we we got to sit
down at the end of the year month because crazy
the monthly premium and also what's happening with healthcare. It's scary.
It really is scary what's going on out there. That's
why I tell people, you go to work and they're
paying for your health care, then you know you should probably,
you know, send him a Christmas card and a gift
(01:43:28):
every you know, Christmas time, because it really is a
major right now right now with Julie retiring. We just
we just had the conversation last night. David in Florida
needs healthcare right now. How old he's twenty six?
Speaker 4 (01:43:42):
Yeah, I was gonna say he's getting to that age.
Speaker 3 (01:43:45):
Yeah, he need he needs healthcare right now. So the
thing is is that it is. So here's my final
kind of summary about what's happening. Ah, if you you
are trying to put the pieces of the puzzle together,
if you're trying to achieve certain goals and objectives for
(01:44:09):
your loved ones, and you want to avoid an expensive
or a time consuming process when you pass away, they
can give us a call.
Speaker 4 (01:44:18):
Five eight five eight zero one nine one nine. Again
that's five one eight five eight zero one nine one nine.
You know, come in, have a chat. You know, we
don't charge anything for you know, an initial meeting, even
the second meetings.
Speaker 3 (01:44:31):
You have one of one of my special donuts.
Speaker 4 (01:44:35):
Dave brings in donuts. You might be making pies soon
as well. You might get some apple pies.
Speaker 3 (01:44:39):
Going up there to Smith's and we're going to have
our competition.
Speaker 4 (01:44:42):
Those donuts you bring in with a cinnamon what are they?
Speaker 3 (01:44:46):
What are they called the apple side or cinnamon donuts?
Speaker 4 (01:44:50):
Apple sider? Oh my god, McCarthy, it's like four of
those a day.
Speaker 3 (01:44:54):
No looking at them. He's game twenty pounds that they
start working for us.
Speaker 4 (01:44:57):
But if you want to come eat one of the
apple the apple sid cinnamon donuts, give us a call
five one eight five eight zero one nine one nine,
or visit our website www dot rpgretire dot com on
the web. Everyone, thanks for tuning in today. We'll be again.
We'll be back again next week.
Speaker 1 (01:45:15):
Thank you for listening to the Retirement Planning Show, hosted
by Dave Kopek, WG WISE Retirement Planning Specialist. If you
would like to talk with Dane or someone at the
Retirement Planning Group, call five one e five eight zero
one nine one nine. That's five one eight five eight
zero one nine one nine during business hours, or visit
(01:45:35):
RPG retire dot com. The Retirement Planning Group has five
convenient offices located in Albany, Malta, Glens Falls, Syracuse, and Oneana.
Tune in again next week for retirement planning strategies with
Dave Kopek right here on wg WIS Retirement Planning Show.
The information our services discussed on this show is for
(01:45:57):
informational purposes only, and it's not intended to be personal
financial advice.
Speaker 4 (01:46:01):
The investments and services offered by US may not be
suitable for all investors. If you have any doubts as
to the merits of an investment, you should seek advice
from an independent financial advisor.
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
(00:21):
your family. Now it's time for Dave Gopec WGY's retirement
Planning Specialist.
Speaker 2 (00:43):
Didn't they ol Yssay, we were the looking ones, Loocas,
we were worse, we w but luck will leave you
because it is a faithless from what.
Speaker 3 (01:06):
Alive we are here? You got I actually saw him
in Dann Bouchard years ago. It was phenomenal. There's a
little Michael Bubble, Michael Bubble. So Michael bubble down at
the bubble down at the casino. Uh the one in Connecticut? Uh?
(01:29):
What's that? The Indian one? What is it?
Speaker 4 (01:33):
Magan Mohegan Sun?
Speaker 3 (01:38):
But good morning everyone. I'm Dave Copek with Nicholas Dumas.
We're here. We're gonna be here until nine pm. We're
gonna stay all right until tonight. Yeah, we're doing a
marathon show marathon next week, we got Droiela coming on
(01:58):
with Barry to do a little knowledge, little information on
the home show where they do the I think that's
the name of it, where people will buy tickets and
they go and they walk through the different new homes
(02:18):
that are out on the market. I did it once.
Did you ever do that?
Speaker 4 (02:22):
You gave me the tickets last year?
Speaker 3 (02:24):
Did you go? No? Yeah? Did you go? Now?
Speaker 4 (02:29):
I was trying to give them away to somebody else.
No one else wanted them. There you go heright. People
do what people do, what they want. So I'm sure
it's a fun time to see ge and g e Verona.
Speaker 3 (02:39):
Yesterday? Was it?
Speaker 4 (02:41):
Gez up to what?
Speaker 3 (02:42):
One?
Speaker 4 (02:42):
Seventy seventy four?
Speaker 3 (02:46):
You're living underneath the rock? Boy?
Speaker 4 (02:48):
I was looking at it, eh, I think I looked
at it yesterday morning.
Speaker 3 (02:53):
Uh you just see one's seventy eight? What's up? Uh?
Eight fifty eight yesterday? The ge Verona is killing it,
that's the one. Everybody's worried about it. But ge Verona, Uh,
(03:13):
that's up like ninety percent? Is healthcare is still down
a little bit of healthcare a little bit not bad.
Add to the pot two twenty five fifty nine you're
to date that stock is up a whopping seventy one
percent ge Verona over the past year. It's up. Uh
(03:38):
what about the same seventy date?
Speaker 4 (03:42):
Are you holding?
Speaker 3 (03:43):
Are you gonna go capture some gains? No, I'm holding,
not going anywhere. No, Larry Colp told you he's my guy.
So people that sat, were patient, that did their homework.
GE is real done, spectacular. It's good for the area,
(04:04):
it's good for the legacy. We have a lot of
clients that have g E stock as the legacy. Dad
worked there, Mom worked there, I worked there. I'm gonna
give it to my kids. We see that as much
as we had in the past.
Speaker 4 (04:19):
Not a bunch of g I just had one that
retired from GE earlier this year. But no, not as
not as many anymore.
Speaker 3 (04:28):
Or Buddy builded he keeps the lot of it, or did.
Speaker 4 (04:30):
He We started diversifying this year, but he, yeah, yelled
a lot of it in the four to one. Still
he's still got a small allocation to it.
Speaker 3 (04:43):
But again it's not problematic, you know so, But hopefully
you're gonna You couldn't ask for a better forecast for
the weekend. So if you're out and about. You're gonna
watch a football game, You're gonna do some traveling. It
looks like we're going to have a pretty good stretch
(05:03):
of weather here for an extended period of time.
Speaker 4 (05:06):
What are you doing anything fun this weekend? I have
nothing planning. My father was asking me to go up
golfing in Plattsburgh. But it's kind of last minute, and
you're going to do it. No, was that two hour
two hour hike? Yeah, but you can stay at the
lake right Well, he's saying tomorrow. Yeah, you know, we
got work on Mondays, so.
Speaker 3 (05:29):
Give me.
Speaker 4 (05:32):
I've golfed enough this year. My my game's actually going
down the drain towards the end of the See.
Speaker 3 (05:36):
That's not what I heard. I heard that. Chris told
me that your old man was like knocking them in
the other day, thirty foot putts.
Speaker 4 (05:44):
He's gonna get kicked off the court.
Speaker 3 (05:45):
He kept screaming, your old man, your father is getting excited,
or my son, No, my dad, because he's making Chris said,
you guys play par golf.
Speaker 4 (05:52):
Every shot seventy two two man scramble.
Speaker 3 (05:56):
That's pretty good golf.
Speaker 4 (05:57):
Well he was. He was knocking down all the putts.
That's what I heard thirty footers on the problem. He said,
give me the putter.
Speaker 3 (06:04):
Yeah. Chris said they played pretty good. They were plus four,
but he said, your father was just like out of
his mind.
Speaker 4 (06:09):
Yeah, Chris, and we brought a client with us up there.
They played well too. Chris put it like five or
six feet on that last hole. He said that with
his h his hybrid, it was a nice shot.
Speaker 3 (06:20):
Yeah.
Speaker 4 (06:21):
I was in the bunker.
Speaker 3 (06:22):
I told him he needs to Just I always say this,
if you want to see how to swing a club
and you don't have to overhit the ball, watch the
Women's Pro Tour. Yeah, the way that they make contact,
the way they hit the ball. I mean, I'm always flabbergasted,
uh one. I mean these young kids. I just watching
ESPN the other day they had the women College and
(06:45):
these kids are just unbelievable.
Speaker 4 (06:47):
Even the Olympics too. I was watching the women's golf
during the Olympics, and you know, it's very impressive. Just
it's I had a golf coach that used to say,
it don't mean a thing if you ain't got that swing. Yeah,
So it's all about the swing right and the point
of contact, and you hit the sweet spot of the club.
Speaker 3 (07:05):
Yep, I agree. Would you want Tiger Woods clubs or
a swing?
Speaker 4 (07:10):
His swing? You can buy his clubs all you want.
Speaker 3 (07:12):
But ye, good week in the market, Nico. Yeah, DAL
was up two point six. You're to date it's up
almost ten s and P five hundred was up four
eighteen for the year, and Nasdaq was up a very
strong six still you know, licking its wounds a little bit,
but still up seventeen point eight. But the ten year
(07:34):
treasury ten year treasury, folks, this was at five not
that long ago, three point six six. We've got some
nice gains in our bond portfolios right now, we do.
Speaker 4 (07:45):
I was just reviewing it with one of our clients.
You know, we've seen four or five percent appreciation, so
just the price of the actual position increased, you know, four.
Speaker 3 (07:53):
Five on the treasuries or just the bond bonds.
Speaker 4 (07:56):
On the bond, so a bond mutual fund.
Speaker 3 (07:58):
Yeah.
Speaker 4 (07:59):
And then and also with the you know, some of
these are getting six seven percent yields in some corporate
high yield bond funds, so you're seeing a really good
coupon and you're starting to see some pop like we've
been talking about. But even the treasury bills. You know,
I started actually liquidating in a couple before the Fed
meets this week, yep, just to capture the gains and
try to relock in at a one year that's stronger
(08:21):
than you know, potentially what it might be a week
or two from now when it matures.
Speaker 3 (08:25):
Smart moves, so smart move you just still the listening
audience understands when you hold a bond to maturity, they
pay you par, which is typically one thousand dollars, right.
And if you if the bond is trading at a
premium or if it's accelerated over above the speed what
(08:48):
we call the speed of the bond, the capital appreciation,
the speed of the bond, if you don't take that gain,
you're going to lose the gain. So you know, you
got to sit down and see if it makes sense
for you to hold the bond or basically take the
money and run. But you know, I'll tell you what
right now, there's probably a lot of people that have
treasuries or bond positions that they should look at maybe
(09:09):
harvesting the gains.
Speaker 4 (09:10):
Yeah, and a lot of you know, we've met with
an individual from an investment company recently. It was a
really good meeting. I wasn't there, you phoned in for
a little bit. Yeah, but he was talking about the
cash that was on sideline treasury bills coming to maturity.
Where does he see that money going? You know, he
had the idea of short duration. So instead of you know,
(09:32):
bonds that whole of four or five year maturity, you're
looking at maybe one two years, so shorter duration bond funds,
and right now they're still getting very high yields because
the yield curve is inverted at this point. You know,
you have a ten year at three six, like Dave
was just saying, in the one years at about four.
So again the shorter duration is getting the high yield
(09:54):
right now, and you still you'll see some pop in
the portfolio as well when rates started recent here. So
I think short term bond funds are a good you
know play for the next year or so or but again,
depending on what the market does here, well, we'll see.
But that's where we've seen. We're starting to see an
influx of money in the market. I think these short
(10:15):
duration bond funds, I think a lot of people are
starting to point toward small caps at this point as well.
In a decreasing rate environment, which the Fed meets.
Speaker 3 (10:23):
Here we have we have one high what we call
an alternative bond portfolio. I just punched it up. You're
to date. It's up nineteen point one one year. It's
up twenty six point eight three percent, still giving us
a yield to sixteen point sixty five.
Speaker 4 (10:39):
Is that the one I think you're talking about? Yeah?
Speaker 3 (10:43):
Yeah, yeah, our friends he was just in, he asked,
We asked him a question about it, So you know,
diversification is your friend. I just read an article this
morning about it's in barns. Should you take four percent
off the portfolio or can you go higher? Modern portfolio
theory is changing a little bit where they seem to
think now the magic number is five, not four. But
(11:07):
were Baron said that, yeah, it's this week. You got
up read parents before you come to the radio.
Speaker 4 (11:13):
Saying that for a while, No Baron's listening to the show.
Speaker 3 (11:16):
Sure I get a free subscription because I mentioned it.
Speaker 4 (11:21):
Get here logging all right.
Speaker 3 (11:23):
We're gonna take our first break this morning. We're live,
We're in the studio. If any questions or comments, I'm
Dave kopec Wguy's retirement planning specialist's been doing it now
for forty three years. Nico Dumas, Certified Financial Planner. Uh,
Nico has been to the business now for eight years,
which doesn't seem possible. Eight years, that's seem possible.
Speaker 4 (11:43):
Yeah, I still remember eight years ago you questioned me
what an annewit he was, and I looked like a goat.
We're gonna take our first break. We'll be back right
after this.
Speaker 3 (11:53):
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
(12:13):
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, you need to start taking action
(12:35):
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, motivate to start building
your retirement income distribution plan five one eight, five eight
(12:55):
zero one nine one nine.
Speaker 5 (12:56):
We're here live in studio. If you have any questions,
please call one eight hundred talk w g Y 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 6 (13:30):
Another sound day is coming gone away from Paris, But
I wanna gole home, maybe surrounded by a million diva.
Speaker 7 (13:48):
I you like the.
Speaker 4 (13:51):
Sea, I like uh, I like Boble He's got a
good Christmas album too, or Bubbles usually listen to him
around Christmas and Mariah Carey.
Speaker 3 (14:02):
Yeah, I'll see I can clear my voice, but I'm
gonna say.
Speaker 4 (14:07):
You want me to sing? I feel like you're doing
for this week? You doing this song? Because what is it? Wednesday?
Wednesday is your birthday? Over there?
Speaker 3 (14:17):
Yeah, September eighteenth, All hell is going to break loose,
you'll see fireworks and rockets. Lisa is the seventeenth and
somebody else just said to me their birthday is what
Marty is the nineteen nineteenth, seventeen eighteen. We got all
the bases covered. Let's go to Tony, who's on hold.
Good morning, Tony, Good morning, How are you good? Good?
Speaker 8 (14:41):
I have a question. I'm I'm considering selling two buildings.
I'm gonna they're both paid for. I don't want to.
I don't want to do a ten thirty one tax
exchange into another real property. Yep, but I'd like to
know your what you could tell me about a dela
where trust well, I'm not used as at ten thirty one.
Speaker 3 (15:05):
Yeah, I mean, I'm not an attorney, but I know
enough about it where I can talk to you about it.
There's different states that are advantageous. One be in South Dakota,
one being Delaware. As you remember Musk Elon Musk basically
got into a tizzy a little bit with the Delaware
state in regards to, you know, some of the things
that they were doing with him. This is what I'll
(15:27):
say to you. You know that there's investments you don't
have to do it yourself personally. Do you know that
there are investment banking firms that have large pools of
real estate that allow you to do a ten thirty
one exchange with them and you don't have to manage it.
You get the cash. When you pass away, your area's
got to step up in basis. Are you aware of those?
Speaker 7 (15:51):
No?
Speaker 3 (15:52):
No, Well, it's an apple that's on the tree. It's
something that if you want to come in and have
a chat with us. It's a little bit complicated, but
it's an option that's availed to. We have a lot
of high networth people that have had one doctor in
particular that just did it with a building that had
significant gains, and he did a ten thirty one exchange
(16:12):
with one of these companies. I had no tax consequence,
and now he's getting a pretty substantial cash flow I
think about six and a half percent on the pool
of money. And when he passes, when he passes away,
if the current tax code is the same as it
is today, his errors get a step up in basis.
(16:34):
Sounds pretty good.
Speaker 8 (16:38):
Yeah, Yeah, that's that's probably what I'm looking for. You
don't want to go back into real property.
Speaker 4 (16:46):
Neither of those properties are your primary Tony just investment properties.
Speaker 8 (16:52):
Yeah, yes, yes, I have a I have a cash flow,
but I just want to get out. I just want
to I've had enough.
Speaker 4 (17:03):
How how old are you telling me?
Speaker 8 (17:05):
If you don't mind me asking, I'm seventy five.
Speaker 4 (17:08):
Sell them and go enjoy yourself. Man, spend your money.
Speaker 8 (17:12):
Dave, I'm the Dave. Yeah, buddy, I'm the guy who
sat next to you Bell and Appley.
Speaker 3 (17:17):
Oh you pal you doing, brother, I didn't know.
Speaker 8 (17:21):
That I'm the I'm the guy unfortunately with my wife
well the Alzheimer's in the long term care.
Speaker 3 (17:28):
Yeah, I know. But anyways, you know what you ought
to do, buddy, give me a call, Come on in
and talk to me at the office. I mean, I've
got five locations now in New York, but our primary
is Malta. But come on up and just have a chat.
I'm not going to talk business at Bell, Bell and Apply.
But I know we can I know, I know we
can help you out.
Speaker 8 (17:46):
Okay, all right, brother, all right, thank you, thank.
Speaker 3 (17:48):
You God blessed time. Yeah, you know, I was thinking
the other day I had a long chat with a
buddy of mine.
Speaker 4 (17:58):
You know, did you did you hear yourself?
Speaker 3 (18:00):
I didn't hit the steam can out of my ears though.
Don't get me going about machines. Oh my god. Yesterday afternoon,
you know, I said to myself, you know I got
their painting. I said, I've got to do my vents,
my brother law stuff. I were talking and I started
up my powerwasher because I had a spray off the
(18:23):
side of the building, and uh checked it, checked the gas,
checked the oil. Everything was fine, but you know, started
up all of a sudden here I don't know what
the hell happened. All the gears in the front of
the thing just like went boom, just kind of like
(18:44):
blew up. And you know, I used the powerwasher like
what maybe two or three times a year, five times
a year maybe, And that's been just like to me
out at him, he goes, that's why I don't buy
any of that stuff. I have people comme in and
do it. And he's right, when you think about it,
does it really make sense.
Speaker 4 (19:02):
Just to avoid the headache? Yeah, I have something else.
Speaker 3 (19:04):
Come do it. I mean, I got a guy that
comes in that he does the Uh.
Speaker 4 (19:08):
I'm surprised you're not painting the barn yourself.
Speaker 3 (19:10):
Nah, you kidding me? You see me on a ladder.
That's Julie would be out there with all of her friends. Okay,
what do you think do you think we got another
hour or two before he falls?
Speaker 4 (19:25):
I thought you were gonna say you forgot to hook
the hose up to they.
Speaker 3 (19:29):
No, it's just not worth it anymore. I'm not doing it.
I'm just I had a company and Julie maybe she'll
text me on I'll promote him a little bit. I
had to back. My deck is shady, so I can't.
I don't get a lot of sun on it, so
I get a lot of darkness and mold. So a
(19:49):
couple of years went by, I said, I got to
clean this thing. And I took out the powerwasher and
all the scrub and all that stuff, and it looked terrible,
absolutely terrible. I called this company. They came and did it,
and she calls me. I'm up at the office. She goes, uh,
you can't believe you can't believe this, and she goes
the deck is said, oh my god, they screwed it up.
(20:12):
Brand new, brand new. I don't know what kind of machine.
They have a special machine that they use for decks.
It looks like a big sponge that's on the steamer.
It's it's unbelievable. I mean literally looks brand new the deck.
I couldn't believe it.
Speaker 4 (20:26):
Like a buffer.
Speaker 3 (20:27):
Yeah, I guess here's here's what I'm getting. Let me
pull it down.
Speaker 4 (20:32):
We specialize in retirement playing.
Speaker 3 (20:33):
We're right, we we It's exactly right, don't. I had
a buddy mind seeing me a long time ago. Don't
try to do things that you don't know what to do. Right.
If you don't know what the hell you're doing, stay
out of it. So I made a decision yesterday. I'm
not buying anymore powerwashers and paint brushes and ladders having
people come and do it. So, getting back to what
(20:57):
I wanted to say, like this, gentleman, just call Tony
from Bell and apply wonderful man in his bride. You know,
when things start falling apart, you better, you better get
proactive because you and I both know things can accelerate
pretty quickly.
Speaker 4 (21:12):
Yeah, and a lot of people out there might be
trying to you know, time markets. They might think it's
a high right now, so they're going to sell, or
they might think, you know, the Fed's gonna start decreasing rates.
So they're going to buy more because that's a stimulant.
But the one thing I can tell you is there's
probably going to be volatility here over the next couple months,
you know, leading up to the election. The Fed meets
(21:33):
this Tuesday and Wednesday as well to make their decision
on the first rate cut potentially that we've had and
you know, quite some time. So it's time to make
sure that your portfolio fits your risk tolerance as an investor.
You don't want to wake up one day to check
the accounts and see you're down ten percent potentially.
Speaker 3 (21:52):
So, yeah, you want to hear something. I'm glad you
said this because they read it in parents. In August
fifth of Dow fell one thousand and thirty four points,
then arose one thousand and sixty two points over the
next six days. Almost another two thousand points were added
over the ensuing few weeks, followed by a drop of
one thousand points from August twenty ninth to September sixth.
(22:15):
Then on Wednesday of last week, the Dow had an
introdace swing of nine hundred and ten points. What have
we been saying, get ready, get ready for volatility. Yeah,
and with in the past but if you stayed, If
you stayed, we're having a great year. We're having a
great year. Yeah.
Speaker 4 (22:32):
I mean in the past, I've looked at some data
on when the FED starts cutting rates, and you know,
it's unpredictable. You know, I think it's also based on
company earnings in the market clearly. But if you look
at like nineteen ninety five, this was after substantial rate cuts,
the market was up about twenty percent. You know, it's
a stimulant at that point. Two thousand and one market
(22:52):
was down. Two thousand and seven, after a period of
rate cuts, the market was down almost twenty percent. And
then going into twenty nineteen, the market is up after
they cut raids. So again it's volatile. You're not sure
how the stock market's going to react to these rate
cuts that the FED might impose starting this week. So
you need to maintain diversification. You know, you need bond
(23:15):
exposure in the portfolio, especially if you're someone in retirement.
You need some some hedge on the stock market. But
but again it depends on you your risk talart, says
an investor. I'm not going to tell you how to
you know, investor, just based off your age but and
what you're looking for as well as far as income
planning off the portfolio which you need for a monthly
uh level.
Speaker 3 (23:36):
That's the key. I am one that if you're not
getting out the door with your money before you retire,
you're making a huge mistake, huge mistake because being proactive
fifty nine and a half sixty it's start building the
buckets of money allows you allows you to have your
(23:59):
bucket cash all set and ready to go once you
walk into retirement. But the thing it also allows you
to do what.
Speaker 4 (24:07):
Allows you to stay the course, stay the course, receive income.
You know, buckets of money. We talk about buckets of
money all the time. Of course, have different buckets within
your retirement plan to account for the monthly distribution you're taking.
But yeah, stay the course. You know you don't want
to get too aggressive in the portfolio, too active. You know,
(24:27):
we're more passive believers here at Retirement Planning Group. And
you know if you want us to take a look,
never hurts to have a second pair of eyes on
your portfolio. We'd be more unhappy to sit down have
a chat.
Speaker 3 (24:38):
And that's why I comb my hair the way. I've
got three guys he.
Speaker 4 (24:42):
Does, and a fourth in the back of his head.
It's from living the huts in your whole life.
Speaker 3 (24:48):
Living with Julia. I gotta have the diyeball in the
back of my head. That's how they can come out
of the watch watch watch it for the bat that she's.
Speaker 4 (24:56):
I thought it was a scat of coke so early,
your whole life. But anyways, I gotta give us a call.
Our office numbers five, eight, five, eight, zero one nine,
or if you want to call us, this is a
call in show numbers one, eight hundred and eight, two,
five fifty nine, forty nine. We're gonna take a break.
We'll see on the other side of the half hour.
Speaker 9 (25:32):
A lot surprise, lot of Pathan laughs. I've broke in
my heart so many times I stopped keeping track. Talk
myself for I'll talk myself out.
Speaker 7 (25:43):
I'll get over up. Then I left myself down. I
tried so very hard notts. I came up with a
million excuses.
Speaker 10 (25:55):
I thought, I thought it every possibility.
Speaker 3 (26:04):
All right, we're back work. Happy weekend, Yeah, absolutely gorgeous weekend.
So whether you're is an apple season hut.
Speaker 4 (26:22):
In upstate? I believe it. It's in October. It starts
into November, maybe November. Yeah, I was looking at it
because I want to go to Orchard Creek, the golf
course over there. Yeah, I think it's in Daynesburg or not.
Ultimate it's by Ultimat.
Speaker 3 (26:36):
You play golf and get a bully ache. Yeah.
Speaker 4 (26:39):
We used to tee up the apples in high school.
Speaker 3 (26:41):
Beautiful. That's great. What's up? If they listened to the
radio show, they'll be sitting out there with the state plaze.
Speaker 4 (26:50):
I didn't do it.
Speaker 3 (26:52):
I'm going up to Smiths Apple Orchard Smiths, the people
that make the pies. Yeah, I'm gonna get her. When
you get ahold of that woman and they tell me
your name Shelley, and I'm gonna get a hold of her,
and I'm gonna say, you know what, We're gonna have
a contest right now, you versus them. Yeah, my apple
pie versus there. We'll see who the winner is.
Speaker 4 (27:12):
You do make a good pie. I'll give you that.
Speaker 3 (27:16):
Their pies are phenomenal. Every time I go to Fred
the Butcher, I want to hang myself over there.
Speaker 4 (27:26):
So they have them there.
Speaker 3 (27:27):
Yeah, there's like the three favorite ones. I like Berry
love Berry, the ones that come into the white box
strawberry rhubarb one of my favorites, one of my favorites,
you know. And then of course apple, the old traditional apple,
and I don't know they do it. I don't know
how they do it up there. Their crust is consistent,
(27:48):
it's always good. So you know, bottom line gets down
to is that if you're up in that, I think
that's galway where they are, stop being Tell them that
Dave Kopeks coming. I got my guns all loaded. I'm
gonna go up there and we're gonna have a contest
that I got my spatula, I got my peeler from
(28:10):
my apple, bring my famous crust. Have to make that
ahead of time, roll.
Speaker 4 (28:16):
It out of the house when you're gonna come over,
I'm gonna sight in that shotgun when I get back. Yeah, yeah,
it's funny you say that, because yeah, yep, I told
him it's almost Turkey season.
Speaker 3 (28:29):
Here. Here's here's maybe somebody can help me this morning.
Because I don't like shooting or killing anything, right, I'm
just that that's not why I am. But I know
that hunting. I love people that hunt. I'm not saying
that there's but I've got a woodchuck that's living underneath
my hit and he kind of peeks his head out
(28:52):
and I'm on the deck and go look at me
and come up and stare as he's eating whatever bushes
he wants to eat off my proper. And I'm saying
to myself, I don't want to kill this thing, right them.
I want to trap. You get traps, yeah you do.
Speaker 4 (29:07):
We used to get bad river rats. Yeah, I'm talking
like big like cats, rodents, cats that look like that
it was. Yeah, we get moles too.
Speaker 3 (29:20):
Well. I'll tell you what. If you've got a trap,
I want you to bring it over because I want
this thing to move to another part. You can bring
it over by you. You don't like them, No, I don't.
I've already got two or three living under me. You
do right now?
Speaker 4 (29:33):
Little family? Yeah, baby, I don't want They're cute.
Speaker 3 (29:38):
Well, they can be cute over at your house. I'll
wave to them when I go over by the river,
I'll wave to all right, let's talk a little bit
about what's going on. Uh, you know we're getting here now.
Today's the fourteenth, which is hard to believe, September. It's
not going to be that long before, you know, Santa
(29:58):
Claus is coming down the chimney. But it's also a
good time, you know. I talked a little bit about
this the other day. It's a good time to call
your financial team and have a chat. This is something
that we've been doing. I know that you've had a
lot of conversations recently as far as reviews, Nico. But
the thing is is that, you know, we've had a
pretty good run here in the market and the bond market.
(30:19):
Not a bad time for maybe for you to readjust
your portfolio.
Speaker 4 (30:24):
Yeah, I would tend to agree. You need to be rebalancing,
you know, periodically. We're heading into the fourth quarter here,
September is gonna go by quick, and we're going to
be you know, dressing up for Halloween soon. So you
should also, you know, take a look at your portfolio
see how it's allocated. We've had some good equity exposure
(30:44):
over the last year and a half, so the equity
side of the portfolio, the stock side, you know, that
might have ran a little bit, which is gonna skew
your actual percentage to stocks and bonds in the portfolio.
So maybe trim some of those games, you know, look
at getting back to that original mix. And then you know,
(31:05):
just always keep in mind, you know, how much you're
taking off the portfolio, how much you have in cash.
Maybe it's a good idea to you know, fill that
money market a little bit. If your cash buckets getting
a little low in the four oh one k or
I ray you have, so again, you want to make
sure that you have enough in distributions for you know,
maybe the next six, seven, eight months. I think we're
(31:25):
more advocates for even longer than that. Yep, you know,
just to preserve and protect the retirement account you've been
building your whole life.
Speaker 3 (31:34):
You know. The thing is is that you know markets
are going to gyrate and they're going to go up
and down. That's just the dynamics. Every day the market
opens from nine thirty to four, it's not flat. You know,
it's going to either be a bull or a bear,
or it could be you know, just sitting there spinning
its wheels. But you know, buying the depths over the
last few years has actually been a great way for
(31:56):
you to get total returning your portfolio. You know, when
you're in retirement, it's always a little bit different as
far as how you allocate your money. There's all different formulas.
There's all different ways that people manage their assets in
the retirement years. You hear them all on the radio
show here, you know, I personally, I listen to the
Fagan Show all the time. I think Dennis and his
(32:20):
son do a great job. I love their insights about
the markets and stuff. But that's just not what we do.
I mean, I love them because they that's it's obvious,
that's their passion and that's what they do, right. And
you know, Zach agrees and he's in there plot and
give me a high five. But you know, everybody has
a different way to make the sauce. And it's just,
you know, it's what you feel comfortable with. And I
(32:42):
think you know, a lot of times people say don't
do annuities, and because annuities are terrible. There are some annuities,
believe me, folks, that are terrible. And we've had some
recent events where I have not been happy, not been
happy at all. Not something that we did internally, but
something that individuals that started working with us had annuity
(33:06):
products that we were trying to fix, adjust them so
they were more suitable for them. We just had a
we just had a presentation yesterday. Right, Yeah, how'd it go?
W very well?
Speaker 4 (33:17):
You know, there's new annuity products in the market as
well in New York in New York that are available
now that weren't prior.
Speaker 3 (33:25):
Are these the buffer products?
Speaker 4 (33:28):
Yep, So there's buffer annuities. There's not so a lot
of times when we're talking about annuities on this show,
it's about income annuities, right, guaranteed income kind of self
fund your own pension. Nyga's multi year MYGA so fixed
contracts that get a guaranteed rate for a certain you
know number of years. But there's new products that are
now available in New York that allow you to get
(33:49):
a downside protection. You know, it's an investment in the market.
So you buy an index and these annuities they give
you either a ten or twenty percent downside protection. You know,
you in for six years. It's a six year product.
You're not going to touch the money. You do have
ten percent access to principle, but again six year lock in,
(34:09):
you get ten or twenty percent downside protection and then
the upside is capped at a certain rate over those
six years. I believe this products about two hundred and
twenty five percent upside.
Speaker 3 (34:20):
So that's a pretty good that's a pretty good run
over six years.
Speaker 4 (34:24):
Again, it averages out to be about twenty two percent
somewhere on there per year. But again it's point to point,
so they're going to look at where the market is
today versus where the market is in six years. Over
that time, it has an interim value, so it does
show the adjustment based on what the market's doing. But
these products are new, they're difficult to understand. Make sure
you know what you're doing if you buy one of them,
(34:46):
and make sure you work with a financial professional before
buying one.
Speaker 3 (34:49):
Well, I think that's the key. You just hit the bullseye.
Make sure that you understand exactly the apple that you're
picking off the tree. Now, there there was a report
that was just recently in Barons that I wanted. They
basically took the Buffer product, and I'm trying to look
it up right now. They took the Buffer product and
(35:11):
they compared it to the Vanguard sixty forty sixty percent
stock forty percent bonds, and the Buffer product, the Buffer
product beat out the over the last six years. Well,
I'm not going to say that I don't have I'm
looking it up right now, and I'll find out exactly
(35:33):
how long the timeframe was. But the thing is is
that if you bought the annewit he hear it is
right here, if you bought it in twenty twenty, right,
and you held it over the last I don't know,
five years or so four or five years, I don't
even want to say it, because.
Speaker 4 (35:49):
Yeah, because the SMP, you're all either SMP focused. You
can be small cap focused, you can be international market focused.
You pick a certain index and you just track that one,
you know, up to a cap.
Speaker 3 (36:02):
The thing is, I'm going to say we had a
woman that came in. She's a radio listener. I don't
want to say too much because she's a good friend
of ours now and she was really getting hosed big
time by her financial advisory. The financial advisor knew that
(36:26):
he had an individual that was not up to speed,
and he was basically flipping and flopping and moving her
around and doing what was really in his best interest
and not her best interests. I actually called the guy
and he hung up on me. He didn't like to
hear what I had to say. And then I went
back to her and I said, you're moving everything in
with us. So she came in the other day. She's
(36:49):
back to where she was, meaning that we put her
back in a good position. But the thing is is
that she was she was involved in investments that she
didn't need to be involved in. She didn't need guaranteed
annuity benefits because she had a pension benefit. But what
she did need, she didn't need the variable annuities because
(37:11):
of the expense ratio and the cost of it. What
she needed was an m YGA protection and we just
will we just moved her into an m I G A.
We can still I don't know what's going to happen Monday,
but we're still getting five point one percent.
Speaker 4 (37:25):
Oh, they moved it, they moved it. Yeah, it came
down a little bit, so four point eight. You know,
who knows what happens is this week? Yeah, so who
knows what happens you know Tuesday and Wednesday this week
when the Fed meets, Maybe those are the rates to
adjust again, you know, but they did start coming down a.
Speaker 3 (37:44):
Little bit so so so yeah. So I guess the
bottom line when I'm trying to overemphasize here is that
you know what, uh, you just like all the other
type of financial products that are out there. You know,
annuities are no different. There's good ones, there's bad ones,
there's low costs, low fee liquidity, you get all the
(38:06):
benefits that you get with other traditional types of investments.
It's knowing the apple that you're picking off the tree
and is that the one that's right for me.
Speaker 4 (38:15):
The individual that came in to discuss the buffered products,
he said, you know, what do your clients want in
an upmarket? You know, they want to be up with
the market right in a down market where they want
they want to lose nothing, you know, and then they
want the touchdown account exactly. And then as far as fees,
what do they want zero? And that's what this buffer
product is.
Speaker 3 (38:34):
Yep.
Speaker 4 (38:34):
They make their money after vatives, tradings and so futures
you know, calls puts. That's how the the annuity company
gets paid off your money. They guarantee a certain profitability
and then you don't see any any fees on the account.
Speaker 3 (38:50):
So, just like anything else, you have to trust your team.
But like anything else, you should know you should educate yourself. Now,
some people come in and say, listen, I put one
hundred percent of my confidence in you and the team
and that means a lot. I mean, you should really
take that and high what's the word that I'm looking for. Regard,
(39:14):
High regard in a fiduciary capacity, that you know, this
person is basically giving you a green light to manage
the assets based off of what they're you know, risk tolerances,
and it's a huge it's a huge responsibility. And the
bottom I gets down to I hate to say it.
I hate to say it because it's very infrequent that
(39:35):
I see it, but this situation was not good, not
good for her, and we move the assets out and
now she's happy. We're going to take a break. In
our second hour, we're going to be talking about wealth
transfer and what you should be at least contemplating, especially
if you've been successful in your lifetime and you're getting
a little longer in the tooth you're aging. Had a
(39:58):
wonderful couple that joined us this past week. Jimmy tells
me he's a hell of a golfer.
Speaker 4 (40:04):
Your teeth actually get longer as you get older.
Speaker 3 (40:06):
I don't know. I don't think so. I know I
know that your arches dropped on.
Speaker 4 (40:10):
Your feet, your get flat footed.
Speaker 3 (40:13):
My feet are getting bigger, My hair is getting grayer,
and I'm not as good of a dancer as I
used to do. I'm the disco floor. He's closing his eyes.
He can't even imagine that we'll be right back the
eighty six percenters. Do you know that eighty six percent
(40:35):
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
called retirement income distribution the nastiest, hardest problem in finance.
(40:57):
He points out that investment uncertain 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 take action? Five one
(41:19):
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 5 (41:35):
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 10 (42:06):
M Just because I won the places we would go
open that. All right, we are back you were last time.
Speaker 3 (42:22):
Just because happy weekend. I'm Dave Kopek, little housekeeping here,
swing for a cure. It's coming up, hard to believe.
September twenty six at the Fairways of Half Moon, we
have exactly three more three.
Speaker 4 (42:39):
More four four four more? Uh foursomes? Oh that many foursomes?
Or yeah, yeah, is that what it is Jim's looking for?
I think twenty six twenty six forms are got about
twenty two.
Speaker 3 (42:54):
Okay, okay, So if you'd like to attend, Dennis, get going.
If you're listening, Dennis, I'll take I'm a to come
see me. We're gonna, we're gonna. You gotta get your
friends over there at your organization, a little bit more
motivated for this golf outing, right you think we shouldn't.
Speaker 4 (43:10):
Yeah, I don't know. I haven't been involved. You know,
I'm just I'm gonna do the Chris McCarthy. I'm happy
to be here.
Speaker 3 (43:19):
I'm just happy to be here. He's bagging us. You know,
he's the twenty first. He's not he's not showing up. Now.
He's got something he's gonna do.
Speaker 4 (43:27):
Right, We're going to like the clam bake.
Speaker 3 (43:29):
Yeah, yeah, we'll be out in Syracuse in the twenty
first or a clam bake with our next weekend with
our good friends at National Grid. We actually look forward
to that going out and see some of our clients
and friends.
Speaker 4 (43:39):
Do you think I can put down thirty Sure? Absolutely,
I think I do thirty five clans?
Speaker 3 (43:43):
No, I think you can do more than that, you think? So, Yeah,
I'm just gonna push you underneath the table and just
keep on throwing them to you. All right, all right,
So there's two things I want to finish up here,
as far as the markets and where we stand Ballpark.
(44:05):
Is that you know, you know, anytime you're the FED
is in a situation like this where they're decreasing rates
were anticipated. They meet on the seventeenth and the eighteenth.
You know, the focus has been on inflation, but it's
also been as far as you know, where do we
stand as far as the ability for us to buy
(44:28):
goods and services. I was actually shocked at Prime. My
brother in law, Vince, is buying a car and he
went through a couple of different ways in order to
capture the assets that he wants to, you know, purchase
the car. And the rates on cars right now are
pretty high. Eight and a half percent is prime. Wow.
Speaker 4 (44:50):
Yeah, So yeah, I think I'm gonna hold onto my truck.
Speaker 3 (44:54):
Yeah. So this is what he did. He borrowed against
the swirling k He didn't even know he could do
it himself. Back's paying himself back. So he's borrowing and
gets this four and MAK and he's happy as a lark.
And he actually bought a car at Toyota and Half
Moon yesterday and he's dancing in the street. So there
are ways in order for you to facilitate some of this.
(45:15):
But I know that there's a lot of people out
there that are kind of sitting on the sidelines, especially
for home purchases, and maybe some of the other big
ticket items. But bottom line gets down to is that
I think the Fed's gonna give us a pretty good
idea how aggressive they're gonna be. Wall Street now is
talking somewhere between fifty bases points and twenty five basis points.
(45:37):
I'm in the camp I'm gonna be a little bit
aggressive here. I think they're going fifty.
Speaker 4 (45:41):
Yeah, I'm gonna say twenty five. CPI just came out
last week. Yeah, it showed a little uptick yep. Yeah,
you want to make a bat, Yeah you do.
Speaker 3 (45:49):
I'll bet you. I'll bet you a big mac, A
big mac. Can I all right, a big mac, A
big mac, big big maac that.
Speaker 4 (45:58):
Are having sitting on my desk on Thursday? All right, Friday?
Speaker 3 (46:01):
All right, big mac, big mac? Is the bet? The uh.
Speaker 4 (46:06):
Twenty five, I'm saying twenty five.
Speaker 3 (46:08):
I say fifty. I think they're gonna go the full fifteen.
I think it's neat.
Speaker 4 (46:11):
I think it's warned, to be honest with you, those
inflation is at two and a half. Yeah, but they're
saying yeah.
Speaker 3 (46:17):
But you know the thing is is that the I
think you're starting to see it at the pump earl
is going down. As far as the cross of gas,
I know that we're coming into that time of year
we're you know, we're gonna start putting uh, you know,
oil inside our tanks in order to heat our houses
in natural gas. But bottom line gets down to the
(46:37):
big picture, moderating inflation. I think our friends at Fidelity,
you think two will continue, and I think that the
FED is ready to, you know, initiate the rate cut.
And I don't think it's going to be twenty five
basis point time. I think it's going to be fifty.
Speaker 4 (46:55):
All right, I'm gonna hold you to that, all right.
What their housekeeping items? Do you have any housekeeping items? No?
Speaker 3 (47:03):
The last thing that I wanted to do before I
forgot because I know that we got sidetracked here. If
you want to participate in the golf outing in the
Swing for a cure, even if you want to just
come for the luncheon, we've got quite a few people.
You know, Marty's wife's coming for the luncheon.
Speaker 4 (47:18):
Uh.
Speaker 3 (47:18):
He came in this past week. You can give Jim
a call at our office at five one eight five
eat zero one nine nine. That's five one eight five
eat zero one nine one nine.
Speaker 4 (47:28):
Or if you'd like to donate, Yeah, if you don't
want to come, you can still donate to the cause.
Just talk to Jim, you know again, just call the
office five one eight five eight zero one nine one nine.
We also, you know, except you know, we do a raffle,
so if you have any like we had a woman,
a great woman who well that's right, gave us a quilt.
So she has a quilt every year. And then Jim
(47:50):
got a picture from someone who does a hot tub
for that's pretty cool.
Speaker 3 (47:54):
Got a hot tub. He got a chance to win
a car. LEA group is stepping up, holding one, right,
holding one. I'll tell you why. The most difficult hole
on that course is that par three.
Speaker 4 (48:03):
Going up the hill by the elementary school.
Speaker 3 (48:06):
That's exactly right. I don't know what the rating is,
but I know it's very difficult. If you hit that
shot and you put it into the hole, you deserve
a car.
Speaker 4 (48:14):
Yeah.
Speaker 3 (48:15):
Mine always go into the woods on the right, on
the right. Yeah. I always seem to shank it to
the right. So last time I did is I hit
the tree and ended up getting getting out of the
green just by hitting the tree. Whatever So the thing
is is that we would love to have you with ten.
It's a great day. We got our fingers crossed. It's
(48:36):
going to be good weather. September twenty six at the
Fairways at half Moon and give Jim McCall at five eight,
five eights or one nine nine. It'll reserve a spot
before you. We're looking for four more, four more forsomes,
four more forsomes in order to button it up. I
told them that if I have to get on the telephone,
(48:56):
I'll get on the telephone and try to beat the
Drumma gets some more people.
Speaker 4 (49:00):
But Drew was in the office yesterday.
Speaker 3 (49:02):
Yeah, you know, Drew had a full shoulder replacement.
Speaker 4 (49:05):
Really did you know that?
Speaker 3 (49:06):
No?
Speaker 4 (49:07):
Yeah, I don't know that.
Speaker 3 (49:08):
It went down to New York City. I think he
had the surgery and I can't I don't know the hospital.
But yeah, he's recovering I think pretty well. But he
had a full shoulder replacement, which I think is amazing.
Speaker 4 (49:19):
Yeah, well, he had the he brought in divot repair tools.
Oh yeah, and then it's like a switch blade. I
swear I tried to open one and it was took
my finger offer it's got those little the two fix
your ball mark, you know, and it just well, I'm.
Speaker 3 (49:35):
Just hoping that Jimmy good remembers that it's for the event.
You Jim likes to do some shopping. That see, he's
got all these new shirts, he's got new golf shoes.
You got wind break.
Speaker 4 (49:51):
There's a little hiding spots in the office.
Speaker 3 (49:53):
He does.
Speaker 4 (49:54):
You gotta check his cabinets.
Speaker 3 (49:55):
Does does? But again, uh September twenty six, fair Ways
of Half Moon. The other thing is is that we
are going to do another presentation in the fall. We're
working on the date with Lou Piro and his team.
We had a huge reception to our first one that
(50:16):
we did in the spring. We're going to do one
more with Lou and his team. We're just working out
the dates in the time, so I'll probably no more
next week. And we're going to try to do it
right after the election because it give us an idea
of exactly what we're looking at in regards or at
least the anticipation what we're looking at as far as
(50:37):
the new policies, the new laws that might be implemented.
And you know, it should be a good night. I'm
not too sure we were having it last when we
had at the Desmond, but I think this one we
might be selecting a different location somewhere up around Saratoga.
Speaker 4 (50:53):
I think it the Desmond did a great job, but yeah,
maybe somewhere more north. Gonna get a different demographic over there.
But yeah, I think the election is gonna be a
huge factor here. I the race got a little tighter
this past week, so we'll see what develops. But again,
you know, that's outside of our control, and the only
thing we can do is monitor yep.
Speaker 3 (51:16):
All right, And then again we offer a complimentary consultation
if you're contemplating retirement, you're going into retirement our mothership.
We're going out there in October to do a three
day conference at Fidelity Insight. What is it. I think
it's that's the name of it, Insights fast Track fast Track.
So we're gonna go out and hopefully get edumicated as
(51:38):
far as some of the things that are going on
in the financial services industry. It's a great way for
us to meet with some of the people that we
work with ad Fidelity and also some of the other
teams that are out there throughout the United States. So
hopefully that will be beneficial for us. But if you
are looking for a team and we would love to
(52:00):
have the opportunity to sit down with you to have
a chat. Our telephone numbers five eight five EAT zero
one nine five one eight five EAT zero one nine
one nine, and you can say, listen to David Nico
on the radio, love to come in and have a
chat about my own personal situation, whether it's investment management,
asset protection, legacy, transfer of wealth, which we're going to
(52:21):
talk about in detail when we come back in our
second hour. So again we're live five one eight five
EAT zero one nine one nine is our office, but
we're here at the studio today.
Speaker 1 (52:34):
Live from the wgy iHeart Studios. Welcome to the Retirement
Planning Show with your host Dave Kopek from the Retirement
Planning Group. Every week, Dave and his team discuss the
ways they can help people make informed decisions about a
wide array of retirement planning information that can support you
and developing a more certain financial future for you and
(52:55):
your family. Now it's time for Dave Gobec WG Wise
Retirement Any specialist.
Speaker 6 (53:06):
Cowboys ain't easy to love, and they're heard.
Speaker 10 (53:14):
They'd brother give you a song and diamonds or gold.
Speaker 7 (53:21):
Long star bell buckles and old faded leavis and tonight
begins a new day.
Speaker 10 (53:29):
If you don't understand him, he don't die.
Speaker 7 (53:32):
He'll probably just ride away.
Speaker 4 (53:39):
Don't let your.
Speaker 6 (53:40):
Babies grow on to be a cowboys.
Speaker 3 (53:46):
Don't let him pick guitars.
Speaker 7 (53:51):
Doctor.
Speaker 3 (53:52):
I'm Dave Kopek. Hopefully you had a great week. Good
to be here. Get some bullet points here. I want
to talk to you about that I think are critical.
The first one is this and it's kind of staggering
(54:14):
and we're starting to see it at the retirement Planning group,
and I've talked about it a lot over the last
couple of years, but it's really becoming top of mind
for us that the Baby boom generation is going to
pass on trillions of dollars of wealth. And when I've
(54:41):
talked about it, it's the greatest wealth transfer in the
history of mankind. And there's certain type of assets that
are very complicated to pass on to the next generation,
and we'll focus on those in this program, and those
(55:04):
are Ira and four oh one K. When I say
four oh one K, not wroth, four oh one K
traditional four on one K. These are all moneys that
have what we call an Achilles heel, where it's not
your money, it's your money minus the tax liability that's
associated when the money is being either forced liquidation or
(55:27):
you start drawing off of those assets for income purposes.
And right now, in those two particular types of assets,
iras and four one k's, there's about forty trillion dollars
in qualified assets, But in iras and four on one
k's there's estimated to be twenty trillion dollars with a T.
(55:53):
And that's a vast sum sum of money, of which
of which Nico and I both know one of that
money is taxable as ordinary income never receives a step
up and basis at death. And what you're doing is
that if you don't use it, you're leaving a huge
(56:16):
tax obligation sent down to your errors to pay the
tax bill that you left behind IRD And do they
know how to receive it? Income and RESPECTU deceit it?
Speaker 4 (56:26):
And do they know how to receive it if they
start just taking assets, you know, if you passed away,
and then they receive a million dollar you know, deferred
comp or traditional IRA, some sort of pre tax account,
you know, and they don't have a financial advisor or
someone to speak to. They might just take that money
and put it in their bank, you know, and that's
a way you're looking at a thirty to forty percent.
Speaker 3 (56:46):
Teability depending on the zip code.
Speaker 4 (56:48):
You're gonna lose four hundred thousand dollars right off the bat, yep,
you know, if they take that and liquidate it, look
at a ten year withdrawal rules now, so you have
ten years to spend that down, spread the distributions out
over a number of years, you know, depending how old
your children are. Maybe they're going into retirement at that point.
Maybe wait until they start retirement. Just take the R
and ds each year, which you are going to be,
(57:08):
you know, substantially less than splitting it up between ten years,
and then once they retire, kick that on for income.
Speaker 3 (57:14):
You know.
Speaker 4 (57:15):
So there's ways to plan around it to spread that
tax liability out and you know, give the government less money.
Speaker 3 (57:21):
Well not only that, but you know, for years, Nico,
there used to be this marketing campaign stretch or IRA
leave millions of dollars to your errors. Well guess what
the government looked at that and they said no, no more.
You used to have the ability to stretch the IRA
out and you could have those payments last for decades,
(57:42):
but the government said, no, we're not going to do
that anymore. Now, we want to have that money out
paid ten years. Percent of the money has to be
paid out. If you are a non spouse beneficiary, you
receive an inherited IRA and oh, by the way, you
got ten years to get it all out the door.
But you're still subject to R and D. Ye're one
(58:04):
as far as how much. There's a formula that has
to be used which a lot of people were not
aware of, and the government gave us some clarity that.
So here's the question that I have for you. Okay,
if you're not going to use all this money, and
you know that you're over allocated, you've got too much
money pretax, do you want to leave a tax liability
(58:27):
or you will you know, to leave some form of
a tax preference legacy to your loved ones. And deciding
on that answer is not our decision. It's your decision.
Speaker 4 (58:40):
And a lot of people start, you know, doing wroth conversions. Now,
if you're young enough to afford life or get a
good premium when it comes to life insurance, you know,
I think it makes a lot more sense instead of
doing those Wroth conversions, to do some sort of second
to die or even individual you know, guaranteed universal life
contract on your own life life, some sort of life insurance.
(59:01):
You know, you're gonna get a lot more velocity on
the dollars rather than doing these wroth conversions. You know,
but if you're older, you know, maybe in your late seventies,
you probably can't qualify for life insurance. Maybe wroth conversions
might make sense, but you need to think about it.
You need to think about what you're creating, you know,
not only for yourself, but for your beneficiaries. If you
(59:22):
see your IRA accounts just continuing to increase year after
year because your your income is already solved by your
you know, social Security pension. Maybe your R and b's
off the account, but that account is going to continue
to grow at a pre tax basis, you know, and
you're you're leaving a tax liability for the next generation.
Speaker 3 (59:40):
And the thing is is that a lot of times
people don't realize is that, you know, it doesn't have
to be all we're none. You can do what you know.
At the Retirement Planning Group, we do what we call
curve outs. We take a portion of your qualified assets
and spend them down to purchase either a single life
or survivorship. Maybe we should tell people what that means
(01:00:02):
single life in the survivorship. Most people don't even know
what a second to die is.
Speaker 4 (01:00:06):
Yeah, so second to die meaning not when the first
spouse passes away, it's when the second one does. So
it's based off of two lives. Generally, the premium is
going to be lower based on the specific death benefit
you're applying for, because now the life insurance is gambling
on two lives rather than one, so less likely for
you both to pass away. You know, earlier on single
(01:00:28):
life would just be you, you know, so just on
one person. Generally, we guarantee these quotes to one hundred
and five or even longer. One hundred and twenty.
Speaker 3 (01:00:35):
One I think was the last one we did. I
don't know why, well, I don't know why. That's a
magical number. We don't put that into black and white.
It's the insurance company that we go through.
Speaker 4 (01:00:44):
Yeah, so as long as you make those premiums. You
know a lot of times you do a condensed pay,
so maybe a ten year or twenty year payment and
then the cake is baked. At that point, it's also
fully covered if you were to pass away, you know,
the day after you make that first premium payment, that
death benefits going to it paid out.
Speaker 3 (01:01:01):
What I like about it is that, you know, when
I first saw this, I always thought that life insurance
was for the wealthy to pay state taxes. But when
you start looking at it, Nico when one of the
first things that I had Nico do not really one
of the first things, but we wanted to run a comparison.
What was advantageous let the money just stay there in
(01:01:24):
the IRA, or do a carve out and take some
of the assets and buy a survivorship second to die
life insurance policy. There are a couple of factors that
we had to you know, variables that we had to
put some data in there based off of life expectancy.
But the bottom line is is that many of our
clients have used life insurance for guaranteed wealth transfer for years,
(01:01:47):
for years, and one of the things that I want
to talk about today that I think is important is
for you to understand is that this isn't necessarily for
wealth transfer as sometimes it is. In order to basically
keep a family together. And what do we mean by that.
There's a lot of blended families out there. Now, Yeah,
(01:02:08):
there's a lot of blended families, and you have, you know,
sometimes an age difference between the male and the female,
and a lot of times sometimes the assets that are
combined need to stay combined until you know, the both
spouses pass away. But there's also the ability for you
(01:02:29):
to carve off a portion of your estate and buy
a policy for let's just say, for the older male,
and then when he passes away, the life insurance proceeds
are payable two two his children and then his wife
can continue on have quality of life. And you don't
(01:02:49):
have you know, you don't have to sell assets offer
and being involved in a very awkward financial situation, because
we've seen it, and I've walked it, walked and I've
talked to talk as far as having these conversations with
people sitting at our conference, and this is just one
of the many solutions that you can use life insurance
(01:03:09):
for as far as legacy purposes. But I like life
insurance specifically for people that have a fairly substantial discrepancy
as far as assets that they brought into the marriage.
I did this with a gentleman and his new bride.
(01:03:31):
He was a detective in New York City. Tough guy,
real tough guy. And when I say tough, I mean
he was just you know, he wanted his eyes dotted
and his tee's crossed, and he wanted to be one sure.
And I said to him, I said, you know you're
coming into this marriage with a lot more assets than
(01:03:52):
your future bride. And his his thing was is that
I want my money to go to my kids. And
I said, okay, we can do that, but if you
have a premature death, where does that put her? And
his position was, you know, I'm healthy, you know I
(01:04:12):
just recently retired. You know I got good genes. I'm
going to be around for an extended period of time.
So we went back and forth and back and forth,
and I could tell by the conversation she was getting
upset by it because she knew that if something happened
to him, her whole quality of life would change dramatically.
Because when he when he picked his pension selection, because
(01:04:37):
he was a single life, single life, single life, and
he knew, you know that that was more than adequate enough.
But you know, he had no intentions at that time
to get married. So we went back and forth and
back and forth, and I remember he came in one
day all by himself. It was when I was in
Broadway and Saratoga Springs and Lisa called me on myself
(01:05:02):
on my cell phone, but on my phone in the office,
and he goes, I won't mention his name. He's here
to speak to you, I said, And they both here.
He goes, no, he's here. So we went to the
conference room and I go, oh, this isn't going to
be good. This isn't going to be good.
Speaker 4 (01:05:20):
Coming with me.
Speaker 3 (01:05:20):
Yeah, Lisa, please come in with me, hold my hand.
So I went to the conference room. We closed the door,
and he says, you know, I didn't like our last
conversation at all. And I said, okay, I said, I
understand that. And I said, but my job is not
to sit here and give you comfort. My job is
(01:05:42):
to sit here and give you comfort and also be realistic. Right, yeah,
it's not just about you. It's about you and your
future bride. Because they were right on the cusp they're
getting married. He says, I get it. I understan, damn
what you're saying. He said, let's do the application. He
(01:06:04):
did the application, bought the life insurance, he got to
prove for it. Make a long story short, About two
years later, wasn't feeling good, right, ends up having cancer
dies right. His wife who I know. You know, I
(01:06:25):
won't mention her name on the air. Thanks, I walk
on water now because I protected her and I had
those difficult conversations. And I'm not patting myself on the
back here, and I'm not. But the thing is is
that life insurance with qualified. We didn't use any of
his pension and eve his solid security. We used the
(01:06:47):
money that he had in his deferred compensation plan. And
basically what we did is that was more than adequate
enough in order for her to have quality. But now
she didn't. She sold the house here in Saratoga and
she'd moved back down to Long Island. But the thing
is is that she had quality of life because of
(01:07:08):
this carve up by taking Yeah, you know. So the
thing is is that I'm bringing this up because there's many, many,
many solutions for life insurance in your retirement years. Okay,
It's not a question is it suitable, is it the
right tool in the toolbox. It's a question does it
(01:07:30):
make sense? About your own personal financial situation. So don't
pooh pooh life insurance when your financial team sits down
with you, because we have sold hundreds of millions of
dollars of insurance, and every situation is different, Every destination
for that is different, and it doesn't necessarily have to
(01:07:51):
be for legacy purposes. It can be for wealth replacement
for a surviving spouse. We'll be right back the eighty
six percent. 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
(01:08:13):
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 of building your retirement income distribution plan.
(01:08:34):
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, motivate to start building your retirement income distribution
(01:08:58):
plan five one eight five eight zero one.
Speaker 5 (01:09:01):
We're here live in studio. If you have any questions,
please call one eight hundred talk WGY one eight hundred,
eight two five five nine four nine. Want to talk
with Dave after the show Call five one eight, five
eight zero one nine one nine.
Speaker 4 (01:09:31):
First Time We Met is a fun movie.
Speaker 10 (01:09:42):
I see time changes all and.
Speaker 4 (01:09:45):
Pur change too, but your memory is stronger than time.
That's not Keith is It sounds like Keith Whidley.
Speaker 3 (01:09:55):
Girlick, I guess everything does.
Speaker 4 (01:09:59):
Change and we are back.
Speaker 3 (01:10:03):
I love country, love country. I was listening the other
day Toby Keith some of his music. Rest and peace
or may he rest in peace, his stomach, his stomach cancer, anything,
May he rest in peace. That's a great, great way
to say it, Nico, may you rest in peace. Too
young to die sixty two years old. I think he
was right in the prime. You just never know. You know,
(01:10:27):
we talk about it all the time. We just had
a gentleman that just passed away in his forties. You know, people,
you know I went into a meeting with you the
other day and I know that you know, I had
said to you, I'm going to tell him exactly how
I feel. And you know, matter of fact, I mentioned
this to Julie last night. I said, when in, I said,
you know, what are we waiting for here? Why are
(01:10:50):
we spend on our wheels? You know, when it's time
to do it, do it and to get it behind you.
I know that. You know, the big thing in our business,
of course, is trust. You got to trust the team
that you're working for, but you also have to be
educated and informed about you know what the man upstairs,
(01:11:11):
when he wants you, he's going to come get you.
And the thing is is that you better have your
house in order because if it's not in order, it's
not fun. It's not fun.
Speaker 4 (01:11:22):
I think he was waiting for her to retire.
Speaker 3 (01:11:24):
I think so.
Speaker 4 (01:11:25):
But you know, we get started this process in a
while ago.
Speaker 3 (01:11:29):
But we're talking about this huge amount of money that's
out there and qualified assets, and I'm talking about I
raise four oh one k's twenty trillion dollars. There's over
forty trillion in qualified assets when you add all the
other money that's out there, and you know, you've got
to start thinking about what is the solution? What am
(01:11:52):
I looking for as far as wealth transfer? And if
it's not important to you, then it's no big deal.
But for a lot of our clients it is important.
And I think dot in your eyes and crossing your's
t's and all the structure of your estate and how
certain types of assets can be beneficial for you, and
(01:12:14):
even if you think they're not. I mean, there's not
a lot of people that walk in to our office
in their sixties right or seventies and say, you know,
I want to buy a life insurance policy. But it's
not necessarily the life insurance policy you're buying. You're buying
the right type of financial product to get to your
destination of what you're trying to achieve.
Speaker 4 (01:12:35):
At a gentleman, he had a, you know, an annuity
at an old annuity company that was kind of just
sitting there, you know, and he didn't have a plan
for it. He said, you know, maybe i'll turn it
on for income in a couple of years. There's about
fifty two fifty three thousand dollars in this annuity, and
I tol him, its probably gonna give you know, two
hundred and fifty three hundred bucks a month. That's not
(01:12:56):
going to provide a lot, you know, his retirement accounts.
He's got substantial assets there in a four to one
K he had, so he's got income, you know, off
the retirement accounts. We could take four or five percent,
he'd be more than fine. So we looked at this
annuity and I said, let's change the game plan on this,
you know, and instead of using this for a two
(01:13:17):
hundred and fifty three hundred dollars a month payment to
you in retirement, let's look at some sort of life insurance.
So if we spent this thing down over you know,
a ten year period, so the first five years we're
gonna use that annuity, then we're going to access as
retirement accounts for the next five we're doing a ten
year condensed payment, and it's going to buy like five
hundred thousand dollars a life insurance. Right all, he's about
(01:13:39):
I think he's in his early sixties, but again it's.
Speaker 3 (01:13:42):
About five hundred thousand texts, right.
Speaker 4 (01:13:45):
I think it's twelve thousand a year for ten ten
years something like that. But it's gonna buy like four
or five hundred thousand dollars a death benefit. So, you know,
just look at what you have. Look at the purpose
of your accounts. A lot of people have assets all
over the place. You might have an old annuity that
and advisors sold the you know, twenty years ago, it's
just sitting there now. You might have three four retirement
(01:14:06):
acounts at three four different investment companies. So let's start consolidating,
Let's start simplifying. Let's get your state buttoned up. You know,
you don't want to have your children sending out seventeen
different death certificates to seventeen different companies. It's a heck
of a lot easier when everything's at one spot.
Speaker 3 (01:14:22):
The best one that ever happened, I think when I
look at what the situation was and what the end
result was once we repositioned the wealth was the couple
down in Florida that we just completed and we took
a little bit less than four hundred thousand dollars of
assets and we created I don't know, well over a
(01:14:46):
million dollars of long term care benefits for both of
them simply by just filling out paperwork and finding out
if there was insurability and structuring the payouts where it
basically gets repositioned from their current investment program to a
new one that basically satisfies their needs at this time
of their life.
Speaker 4 (01:15:07):
Yeah, it's getting paid out every year to their IRA
account without sid fidelity, and then from there it's getting
swept into the insurance. So that's all settled. Now, everything's
all set on that ten pay I believe. So he's
got ten years of payments about forty was it forty
two forty thousand something like that he turned into well
over a million dollars in long term care cover Toronado
(01:15:28):
only himself but also his spouse.
Speaker 3 (01:15:30):
But when he gets to like in their eighties, because
there is a right or a request ale and a half,
it's like one and a half million dollars which they
both can access at the same time. It's just it's
an unbelievable product. But the problem that we see with
bost individuals folks, and look at your own personal situation.
Look at your own personal situation. The problem that we
(01:15:50):
see Nico and I with most people, they're top heavy.
They have way too much of their wealth and pre
tax accounts. And that's simply because of the dynamics of
the boomers. When we when we started accumulating assets, most
of us had traditional four oh one k's that the
company was doing a match.
Speaker 4 (01:16:08):
There's no WRATH.
Speaker 3 (01:16:08):
There was no wrath. We some of us weren't eligible
for WROTH IRA. Uh. The WROTH four oh one K
is one that's just recently been implemented over the last
few years. And because of the structure, you know, you had,
there was a lot of high net worth people and
people that had good jobs that are just loaded up
with pre tax dollars.
Speaker 4 (01:16:30):
Yeah, it's a huge issue that we see in the
in the retirement landscape here. Pretty much all clients that
come in their largest assets either their four oh one
K or traditional IRA account. You know, maybe their property
as well, but you know that IRA counts a problematic
asset in your retirement. You know, generally we try to
you know, get a hold of that and limit the
(01:16:50):
tax liability while you're alive, try to solve the income needs,
but also at the same time, you know, have thoughts
of the purpose of that account. And that's when we
start talking about likeacy transfer wealth. You know, is it
important to you? Do you want to give the kids money? Hey,
some folks say no, you know, I gave my kids
enough while I was alive, paid for their college. I
you know, gave them lunch money every day. But the
(01:17:12):
folks that do want to leave a tax free inheritance.
I think some sort of you know, second to die
life insurance makes a lot of sense. And you know
a lot of folks say, you know, I want to
give it to them. I'm alive so I could see
them enjoy it, see them spend the money, and you know,
help them with their everyday lives. I think that's a
great plan as well. Yeah, there's a way to do
(01:17:33):
ways to do that in an efficient manner.
Speaker 3 (01:17:35):
So you know, I had lunch this past week and
Glenn's Walls with a law firm up there that we're
starting to do some work with. We have joint clients
and we're going to start doing some things together. But
bottom line gets down to is that, you know, uh,
the problem with a lot of these estate plans is
the fragmentation that exists with advisors and their team of
(01:17:58):
advisors if theturn ernie and the CPA and the financial
advisor are not on the same page and they're trying
to have a game plan where everybody feels warm and fuzzy,
that is complicated. I mean, this is a long conversation
that we had at lunch the other day. So the
thing is is that the more you can simplify that process, right,
(01:18:20):
I mean, I think of what client of ours right now,
High net worth guy has really got himself in a
situation where he needs to get his legal documents done,
but we keep on missing him. He's busy, We're busy.
The attorney is going back and forth between Glenn's falls
and you know, another state that he works out of.
So the thing is is that you got to make
(01:18:42):
it a priority, especially if you want to button it up.
So all right, when we come back, we're gonna talk
a little bit more about the wealth transfer that's going
on over eighty trillion dollars. I'm Dave Kopak, Nicholas Dumas.
We'll see after the break.
Speaker 4 (01:19:09):
The first thing I remember knowing was a lonesome whistle
blowing and the youngest dream of growing up to ride.
Speaker 3 (01:19:19):
On a freight train leaving.
Speaker 10 (01:19:20):
Town, not knowing I'm bound and the one change my
mind right.
Speaker 3 (01:19:28):
One and homely Rebel.
Speaker 4 (01:19:31):
Welcome back to the Retirement Planning Show.
Speaker 3 (01:19:32):
You ever see cloggers, cloggers, the Cloggs dance clogger was
that type of shoe, there's the cloggers. My my mother's family.
When I say their country, they were country country and uh,
(01:19:55):
you know, they lived off the the land and they
basically the only thing they they went to the store
for was the necessities. Everything else they either grew it
or you know, they had their own animals. And but
when they had a party, boy, they had a party,
(01:20:16):
that's exactly what it was, a barn party. And I
can still see him dancing and hooting and holler and
playing yuker and having a few refreshments. Just they love
to have a good time. Love to have a good time.
That's what life's all about, right, enjoy it all Right,
we're talking about wealth transfer. Which one is best for you?
(01:20:37):
I don't know. I can't answer that, but we're gonna
edgemcate you here a little bit as far as what's happening.
And the thing is is that it is the greatest
wealth transfer in the history of mankind, and it's starting.
We're starting to see it happen. Sadly, some of you
will do nothing right and family assets will be lost
(01:21:01):
and from one generation to the next about seventy percent
of the time. Uh, you're going to see you fairly
substantial change as far as the amount of wealth that
will go from one generation to another. So what do
we mean by a wealth transfer? How would you answer that?
Speaker 4 (01:21:22):
At this distribution of assets at one's passing, you know,
so when the parent passed away, if it's the last,
you know, surviving spouse, you know then.
Speaker 3 (01:21:32):
Because what happened, what happens when the last spouse? The
tax man cometh.
Speaker 4 (01:21:37):
The tax man cometh and he taketh. So you want
to make sure you you get in front of it
and you have a good estate plan.
Speaker 3 (01:21:45):
You know.
Speaker 4 (01:21:45):
If you don't, you need to meet with an attorney. Yes,
you know, we're not attorneys here. You know you can
direct you kind of give you some advice, but I
can't drop those documents for you. So at least have
the basics. If you're someone that does not have the basics,
I strongly advise.
Speaker 3 (01:21:59):
You do that.
Speaker 4 (01:22:00):
Know, A will, a healthcare proxy, a durable power of attorney.
And then you know, if it's someone that doesn't have
a mortgage on the property anymore, you know, you don't
plan on moving. Even if you do plan on moving,
it might make sense, but get some sort of irrevocable
trust for protection. If you don't have long term care insurance,
you know, the house is something that they can go
in and you know, put a lien against to help
(01:22:20):
pay for your extended stay in a nursing home or
long term care facilities. So make sure you have the
estate structured in a way to where it's not only protected,
you know, but it's also tax efficient for the next generation.
Speaker 3 (01:22:36):
You know. One of the things communication is the key.
You know, there's a lot of mistakes that could be
avoided simply by communicating having We were talking about this
the other day with some clients simply just titling assets
a simple POD or a TOD or you know, your
beneficiary forms. But a lot of times when people what
(01:22:59):
you know, we see happen is that people forget about
certain types of assets. And when that happens, you know,
it kind of puts a wrench into everything, especially if
it's substantial. So sometimes deciding what's the best way to
transfer your wealth can be tricky. The hardest part sometimes
is having the conversation.
Speaker 4 (01:23:17):
Yeah, it depends on what you're looking for, what your
goals are, what your objectives are. Our job is to
facilitate that, you know. So we have to act, excuse me,
in a fiduciary capacity. So we have to put ourselves
in your shoes and do what we see would be
in your best interest. So again, I'm actually held to
a double fiduciary standard, not only through you know, our company,
(01:23:40):
but also through the CFP board, Right, so the CFP
Board and the Code of Ethics. I need to make
sure I'm acting in your best interest. And you know
that's something I take a lot of pride in.
Speaker 3 (01:23:52):
I think, you know, what kind of leads me into
something that you know. There is a word that I
think is used way too often, and I think that
there's a misunderstanding how some of the financial representatives use
it today as if they're a step above or they're
(01:24:15):
acting in a better capacity than the other people that
don't market themselves as fiduciaries. I know for a fact,
because I am in the business and I've been doing
it a long time, that there's a lot of people
out there that market themselves as fiduciaries. But I also
know that in our business today, the compliance department in
(01:24:35):
order for you to do anything in order for them
to be authorization, in order for you to implement your plan,
you're going to have to get a green light, go
through your compliance department. If you're working for major investment
banking firms. So you know, don't think that there's anyone
out there that is acting in a better capacity because
(01:24:57):
they market through the fiduciary.
Speaker 6 (01:24:59):
Do you agree with that?
Speaker 3 (01:25:00):
Uh?
Speaker 4 (01:25:01):
I think if fiduciary should be able to offer, you know,
whatever investments make sense for the investor, you know, if
if that's where you were just heading with that, right,
if you're not able to offer you know, certain investment
products because because your company doesn't allow that, you know,
and I don't know if you're really a fiduciary or
not at that point. Because you know, we have complete
(01:25:21):
open architecture, not only through Fidelity, but with our broker
dealer relationship with PKS, we're able to offer all these
products to folks. And you know, we also have a
b D or a broken M.
Speaker 3 (01:25:33):
A m G, a MG insurance Master General Agency agreement
with our insurance.
Speaker 4 (01:25:38):
Provider, which allows us to browse the insurance field as
well and try to find the best rates available based
on you know, your age, a certain premium, a certain
death benefit, and give you give you back the best premiums.
So we're not held to one company, you know, which
I think you know separates us from the rest.
Speaker 3 (01:25:57):
The captive agent, I think is a day that's really
there's still a couple of insurance companies that do it,
not to the extent that they they've done it before
in the past. Captive agent means that you work for
x y Z Insurance Company and x y Z Insurance company.
Those are the products that you utilize.
Speaker 4 (01:26:19):
If you have to go outside, do they get better
rates the captive and if you're outside.
Speaker 3 (01:26:24):
Well, I can only speak by my past experience because
you know, I worked as the investment investment specialist for
MetLife locally. They brought me in to be the icebec
their grid. You know what a grid is, right? How
you get paid? Yeah, okay, the grid payout would give
you more money to use the in house products you enticed.
Speaker 4 (01:26:49):
You're incentivized.
Speaker 3 (01:26:50):
That's exactly right to use that And I hated it
I always thought that that was a huge negative. That's
why I stayed a very short period of time. And
I always felt that there should be But if your
building is being paid by X, by X, y Z,
in your desk and your support and all your you know,
I mean, of course you have to ring the bell,
(01:27:11):
but I don't necessarily think that it's in the best
interests of the people that are out there consuming and purchasing.
So when I got out of that structure, I made
it a point that when I did the retirement Planning group,
I say this all the all the time, and I've
told you guys this, and I think that you understand
(01:27:31):
it now because you've been doing it for eight years.
You always want to be in a position, Nico, where
you don't feel like you're being detoured to a product
that might not necessarily be in the best interest of
the client.
Speaker 4 (01:27:47):
Yeah, agreed, I've never felt that way. I have retirement
Planning group, and I look to see what the best
offerings are. That's how we do that, my gas, I
barely even look at the company name when I look
at those rates. Now you're looking of the company as
far as their credit rating, but as far as the name.
I don't think it matters, you know, I just want
the best rate.
Speaker 3 (01:28:06):
So the thing is is that there's some validity to
what we're talking about. The world has changed. Financial services
industry has changed dramatically. There was no such thing as
family offices wealth management teams. When I started in the business.
There was a little company here locally in the Capital
(01:28:26):
District region. Now's a monster called AKO, which is now
run by Goldman Sachs. They've got that big, beautiful building
in Latham. So the thing is is that, you know,
it's just like anything else. The financial services has changed dramatically,
just like everything else, just like everything else in life
has changed dramatically. You think of technology, I mean, I
(01:28:48):
think about when I first got into the business. I
used to share a quot run machine with Moe Marlin.
I've got more power on this little thing, you know.
I get more data and more information on the self
that I had available to me when I set a
pain Weber on woll Throat.
Speaker 4 (01:29:03):
Yeah, you know.
Speaker 3 (01:29:05):
And he used to get mad when he is to
grab the computer because he used to say that. He says,
you don't need to look at that. You don't have
enough clients yet, He says, keep on, keep get on
the phone, keep on smiling and dial and so.
Speaker 4 (01:29:17):
All right, it is a whole lot easier nowadays, you know,
with the phone, and I could buy and sell stocks
right from this little handheld device. You know, you don't
need to throw a ticket down a wall.
Speaker 3 (01:29:27):
It's amazing. So all right, we're gonna take our final break.
We're talking about the greatest wealth transfer in the history
of mankind. We're talking about ideas and suggestions, things for
you to think about. A lot of times age and
health can help you, not necessarily saying is that the
direction you should go in as far as insurance products.
(01:29:49):
But we've done a lot of it. We're starting to
see people that are passing away and substantial amounts of
tax free money is going to their errors, to their children.
I think they're a little but flabbergasted about the amount
of wealth and that I guess that's the other thing
too that you got to think about. And I've had
this conversation the gentleman that we met with the other day,
Frank that was in the office. Yeah, and he wasn't
(01:30:13):
you know, he has a certain amount of money that's
going to his kids, and that's it, you know, the
rest of the money. If there's some left, great. If
there isn't, then he's done his job. He feels he's educated.
Speaker 4 (01:30:24):
Him, you know, and a great guy set in and
forget about it.
Speaker 3 (01:30:28):
Set it and forget about it. 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. Nobel Prize winning economist William Sharp has
(01:30:51):
called retirement income distribution the nastiest, hardest problem in finance.
He points out that investment, uncertainty, and more talent 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
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(01:31:12):
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, motivate to start building your
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(01:31:34):
one nine one nine.
Speaker 5 (01:31:35):
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 10 (01:32:05):
I hear people talking about about the way they have
to live here in this country.
Speaker 4 (01:32:13):
I've been on the wards we fight, dripping about the
way things ought to be. That's a great country.
Speaker 10 (01:32:20):
I don't mind him switching standing up.
Speaker 4 (01:32:24):
Oh my god, I've been listening. Believe man, I don't
know who this is when they're I've been listening to
keep all the fact they're walking in the Miami of me,
the Miami running Miami Way lies our fighting minute and
(01:32:45):
we are back, all right?
Speaker 3 (01:32:47):
Tell them who is it? Merle Haggard.
Speaker 4 (01:32:53):
Wasn't that the same guy?
Speaker 3 (01:32:54):
Yeah? Merle m e r L Merle Merle like Pearl,
you know, only Pearl Bailey and asked me to spell
it M E R L E E.
Speaker 4 (01:33:04):
At the end, I don't have to check them out
on the way home.
Speaker 3 (01:33:08):
You relate to Earl Merle and his sister's pearl twirl
Turtle Turtle, the sun is twirl.
Speaker 4 (01:33:22):
What is wrong with us?
Speaker 3 (01:33:23):
I thought, what hell's wrong with us? I know that, uh,
you know, it's a beautiful day outside, it's blue skies
and it's sonny, and we're getting the heck out of
here pretty soon. But bottom line gets down to is
that listen, folks, Uh, you know, you get out of
it what you put into it. You know. I know
that that sounds kind of corny, But bottom line gets
down to is that you should have a checklist. I
(01:33:46):
know that we have E Money. It's a software package
that has offered to us through Fidelity, and I love it.
I personally think that it's one of the greatest things
that I uh implement it with the retirement planning group.
But the big thing, no matter how modest your means are,
(01:34:08):
no matter how wealthy you are, right, take inventory. Take inventory,
and E Money takes inventory. It shows you probably the better,
the best that I've seen since I've been in the
business as far as simplistic, and that's where you stand,
my good man.
Speaker 4 (01:34:24):
Yeah, the wealth transfer to which we've been talking about,
I'll show it gives you an idea of what's tax preferenced,
you know, what's not tax preferenced, So you can kind
of see your current estate if something were to happen
to you, how is that going to be divided? And
what is the tax implications. So it shows you all that.
(01:34:45):
It shows income replacement for the surviving spouse. You know,
it shows retirement income as well, which we haven't talked
about a lot on the show today, but it will
show you a budget.
Speaker 3 (01:34:56):
But it does show you. It does show you the
ability on the money, the success rate which I which
I think is great too, the success rate of your assets,
what you're trying to achieve with income, and it takes
all of the other assets social Security and your four
and one K, maybe a small pension, whatever it may be,
and it gives you a pretty good idea of what
your success rate's going to be.
Speaker 4 (01:35:16):
Yeah, and it shows you know, based on a certain percentage,
so if you get five percent a year, this is
what your retirement should look like with also, you know,
inflation tied end as well. So fifteen twenty years from now,
the expense level is going to be a lot higher.
You know, trucks are going for sixty seventy eighty thousand
dollars out there right now.
Speaker 3 (01:35:35):
It's insane.
Speaker 4 (01:35:36):
That's what I bought my house for.
Speaker 3 (01:35:38):
You know, it's insane.
Speaker 4 (01:35:39):
So you need you need to make sure you're planning,
you know, for future increases and expenses. And you might
have your portfolio aligned right now for ten twelve percent
returns because you think you need that to solve your
income needs. But you know, maybe you're only taking four
or five percent off it. So why are you taking
all that additional risk to solve an income level that's
you know, not that.
Speaker 3 (01:36:01):
What I would say is that if you want to
come in and have a chat with us, we'll talk
to you about ey money and how it fits into
our program. It basically lists the value of your your home,
your real estate, your cars, your jewelry, your artwork, brokerage accounts,
bank accounts, retirement accounts, location, beneficiary, I mean, all the
stuff that you need. Insurance policies, cash value, death benefits, liabilities, mortgages,
(01:36:24):
lines of credit, you know, and there you set you
know exactly what your you know, bottom line is your
net you know, when everything is said and done, and
then you can basically build out a plan that you're
trying to accomplish, not only for your life buying, but
who here here's the question, who should and who do
you want to inherit your assets? That's the key, that's
(01:36:48):
ultimately what we're trying to talk about, and who should
care if you have, you know, a health situation. You know,
you're you're sixty five, your wives fifty five, you know,
you pass away and now she's got health issues. Is
there enough money in the pot in order for her
to manage your financial affairs and not become you know,
the word of a state.
Speaker 4 (01:37:09):
And it's our job to shoot holes in the ship.
What if this happens? What if that happens? Do you
have coverage for this?
Speaker 3 (01:37:14):
You know?
Speaker 4 (01:37:14):
Do you have income replacement for the thriving spouse? You know,
Dave talks about it hit a gentleman that took the
single life pension payout and there was no income replacement
for the surviving spouse, So he did some sort of
insurance product on that individual to provide a payout for
the wife in that situation. So again, we're not going
to sit here and you know, tell you how great
(01:37:35):
you are. You know, we're going to try to figure
out a plan to fix what might be squeaking in
the plan, you know, squeaky wheel.
Speaker 3 (01:37:43):
You know you just said something that I agree with
thousand percent. Our job is not to sit there and
pat him on the head and tell him how great.
Sometimes I think you guys think I'm too aggressive when
I meet with people and I tell them, you know,
I remember, I remember you came into you one time
(01:38:04):
and you said, did you tell these people that their
plan is a nightmare? Was that? What it was?
Speaker 4 (01:38:10):
That?
Speaker 3 (01:38:10):
What it was? That was? I remember you coming in me.
What you say that those people?
Speaker 4 (01:38:17):
You could have used the slightly less aggressive word.
Speaker 3 (01:38:22):
Well, the thing is is that if you've gone through
it and you know how difficult it is in order.
I see Lisa, and she knows the landscape. I've seen
people come in that have spent days try to get
stock certificates or get you know, assets retitled, and they
have no idea who to talk to, what you know,
what they need and multiple death certificates.
Speaker 4 (01:38:44):
They come in with one of those comput share statements
and that's a that's a nightmare. And there's no stock certificates.
You know they have on the computer share statement that
there's it's in stock form, But then you can't find
the stock certificates. So where did you put him? Find
them before something happens to you and get this in
some sort of you know, digital format.
Speaker 3 (01:39:04):
And the thing is is that if you need to
replace the stock certificate, let's say it was fifteen shares
and you know the rest of them are a copy
share as far as dividend reinvestment, and there's like a
thousand there now. In order to replace those fifteen shares
in the cost you it's an astronomical amount of money.
It's like it's like three hundred bucks. I mean we actually, yeah,
(01:39:27):
it's for some of them. We've actually said dollars and cents.
Is this worth it? You know? Are you going to
go and spend this kind of money where you know where?
If they were proactive and buttoned it up and took inventory,
drafted an estate plan, put the action in as far
as the things that need to get done, you wouldn't
(01:39:48):
be having these crazy conversations.
Speaker 4 (01:39:50):
So don't do the cardboard box planning. When you come
into our office with a cardboard box of statements from
all over the place. Get out in front of it,
and don't leave this. Uh, don't leave a nightmare, as
they would say, for your for your children. There's also
ways to divvy up the estate.
Speaker 3 (01:40:08):
You know, I'm always available, more than happy to help
you out.
Speaker 4 (01:40:12):
With divvying up the estates. As far as equality, you know,
you might have a child who is probably going to
get the house. You know, you might have another child
that lives in a different state. You know, so how
do you make that equal? You know, if you want
fifty to fifty on the house, you know, how's the
other child going to pay off the child that's receiving
(01:40:35):
the house. And that's where we use life insurance to
solve situations like that as well. You know, So you
want to make sure that you account for that and
don't just put it on your children to you know,
figure out what each one, what each child wants, because
that's going to cause issues. You know, put it in
some sort of writing, Put it in your vocable trust
that this child's going to get that. You know, this
child's gonna get a monthly payout. You might have a
(01:40:56):
special needs child, if you have a special needs child,
you should definitely speak to an attorney if you have
not yet to get that structured. But again, it's just
meeting with somebody. It's meeting with us, it's meeting with
another advisor.
Speaker 3 (01:41:12):
I actually look forward to going out to Boston for
the Fidelity conference because you know, I've told you these
conferences that we go to, I always find one or
two things from other financial advisors that are throughout the
country that are, you know, helpful to facilitate a better
experience for our clients and prospective clients. But you know,
(01:41:36):
bottom mine gets down to is that if you're doing
an estate plan and you're transferring wealth, I mean probably
on the top of the list is that you want
to minimize taxes and expenses and unnecessary delays, and a
lot of you just sit on the fence and don't motivate.
You just don't do it, So we take action.
Speaker 4 (01:41:57):
You asked one client where the state's going, and he said, probate.
We gotta do something about that.
Speaker 3 (01:42:06):
Yeah, But you know the thing is, I don't alligator.
I mean, if you want to go through probate and
pay all the fees and all that stuff, knock yourself out.
I'm not going to alligate or rostly, but the bottom
line is that you know, we can help you with
your estate plan. We can ensure the distribution, minimize taxes,
appoint the guardians that need or power of attorneys that
need to be put into place, durable power of attorneys,
provide security for your family and your loved ones and
(01:42:28):
your grandchildren, whatever it may be. And then if you
get incapacitated, if you have health issue, that's the big thing.
That's the big thing that most people you know are
probably that's the giddyap That's the missing chain or missing
link in the chain, is that most of us today,
if you have a major, major health issue, probably are
(01:42:50):
either under insured or probably don't have the resources for
an extended today.
Speaker 4 (01:42:55):
It's a huge issue, right, huge huge health insurance you
see it. I can't believe these premiums. You can't believe
the deductibles. It's outrageous.
Speaker 3 (01:43:03):
I just had this conversation with Julie.
Speaker 4 (01:43:05):
I have a nine thousand dollars deductible.
Speaker 3 (01:43:07):
Yeah, well, we got to we we got to sit
down at the end of the year month because crazy
the monthly premium and also what's happening with healthcare. It's scary.
It really is scary what's going on out there. That's
why I tell people, you go to work and they're
paying for your health care, then you know you should probably,
you know, send him a Christmas card and a gift
(01:43:28):
every you know, Christmas time, because it really is a
major right now right now with Julie retiring. We just
we just had the conversation last night. David in Florida
needs healthcare right now. How old he's twenty six?
Speaker 4 (01:43:42):
Yeah, I was gonna say he's getting to that age.
Speaker 3 (01:43:45):
Yeah, he need he needs healthcare right now. So the
thing is is that it is. So here's my final
kind of summary about what's happening. Ah, if you you
are trying to put the pieces of the puzzle together,
if you're trying to achieve certain goals and objectives for
(01:44:09):
your loved ones, and you want to avoid an expensive
or a time consuming process when you pass away, they
can give us a call.
Speaker 4 (01:44:18):
Five eight five eight zero one nine one nine. Again
that's five one eight five eight zero one nine one nine.
You know, come in, have a chat. You know, we
don't charge anything for you know, an initial meeting, even
the second meetings.
Speaker 3 (01:44:31):
You have one of one of my special donuts.
Speaker 4 (01:44:35):
Dave brings in donuts. You might be making pies soon
as well. You might get some apple pies.
Speaker 3 (01:44:39):
Going up there to Smith's and we're going to have
our competition.
Speaker 4 (01:44:42):
Those donuts you bring in with a cinnamon what are they?
Speaker 3 (01:44:46):
What are they called the apple side or cinnamon donuts?
Speaker 4 (01:44:50):
Apple sider? Oh my god, McCarthy, it's like four of
those a day.
Speaker 3 (01:44:54):
No looking at them. He's game twenty pounds that they
start working for us.
Speaker 4 (01:44:57):
But if you want to come eat one of the
apple the apple sid cinnamon donuts, give us a call
five one eight five eight zero one nine one nine,
or visit our website www dot rpgretire dot com on
the web. Everyone, thanks for tuning in today. We'll be again.
We'll be back again next week.
Speaker 1 (01:45:15):
Thank you for listening to the Retirement Planning Show, hosted
by Dave Kopek, WG WISE Retirement Planning Specialist. If you
would like to talk with Dane or someone at the
Retirement Planning Group, call five one e five eight zero
one nine one nine. That's five one eight five eight
zero one nine one nine during business hours, or visit
(01:45:35):
RPG retire dot com. The Retirement Planning Group has five
convenient offices located in Albany, Malta, Glens Falls, Syracuse, and Oneana.
Tune in again next week for retirement planning strategies with
Dave Kopek right here on wg WIS Retirement Planning Show.
The information our services discussed on this show is for
(01:45:57):
informational purposes only, and it's not intended to be personal
financial advice.
Speaker 4 (01:46:01):
The investments and services offered by US may not be
suitable for all investors. If you have any doubts as
to the merits of an investment, you should seek advice
from an independent financial advisor.
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