Prepare for Retirement

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Episode Transcript

(00:00):
The advice given on the following programdoes not necessarily represent the views of iHeartMedia
It's management and staff. Since individualsituations can and will be different, please
consider this when exercising any options givenby our guests. It's time to get
your retirement plan in order. Welcometo the Empowered Retirement Show with Pete Simbolac

(00:21):
and Nick Tooman CFP. Reach outto the Empowered Financial Team now at six
O eight two one two seventy threehundred or visit their website Empowered FM dot
com. Now here's your host,Pete Simbolac and Nicktomy. Welcome back everybody
to this fine Saturday morning. PeteSimbolac, Nicktoman, certified Financial Planner with

(00:43):
Empowered Financial Management. This is theEmpowered Retirement Radio Show. Nick, how
are you doing? I am doingfantastic, fantastic summer Saturday morning, right,
it is. This is the reasonwhy we live in Wisconsin, right
for these two hours that it getsnice out or two months or two months
right, Yeah, it's at leastfour or five months and we get some
good weathers. Yeah, but thisis a fantastic weekend and we're glad to

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be here on a Saturday, helpingpeople navigate retirement and money, and so
glad to be here on a Saturday. Absolutely, folks. You can always
find this at six zero eight twoone two seven three zero zero or our
website retire Madison dot com. RetireMadison dot com. And you know,
we talk all to inch retirement.That's what we're really here for, is
helping build people's retirements out there forthem, helping them achieve their goals.

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And you know, I got toI was off last week and I was
down in Tennessee and visiting my newgrandson. So I have two. Now
that's exciting, Pete, It's superexciting. I'm I'm thrilled. I you
know, push my kids hard.I want those darn grandkids and I want
them now. So but you knowit's I can't quite do all the work

(01:57):
on that one, but it bringsme back. You know, so often
we talk about so many different subjectson the show. You know, we
talk about investments, we talk aboutincome, we talk about these things and
sometimes Nick, you know, weare not like other advisers, right,
we do full planning. And yeah, everybody says holistic this or holistic that.

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The fact of the matter is eitheryou do real full planning, or
you don't, or maybe you doit in a certain particular area. We
bring all those areas together in oneand you know, again, being down
in Nashville and with my daughter andson in law and now two grandchildren,
I did some reminiscing and I startedthinking about, you know this, I

(02:46):
don't remember what year it was,it had to be somewhere around two thousand
and eight, nine or ten.But my daughter Hailey decided because she saw
mom and dad, we're not goingto go out for dinner for their anniversary
for whatever reason. And so theydecide they were going to make dinner.
And so she and my son gottogether and they meet dinner. The worst

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part is I don't really remember allof the dinner. I remember dessert real
well, and we'll get to that, but I don't remember exactly everything they
made for us. But and partof that is because it just went well
right. It just kind of itwasn't over the top grade, it didn't
stand out in that regard, butat the same time, it wasn't like
horrible. There was nothing to rememberas far as other than the great gesture

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by the kids to make dinner formom and dad for their anniversary. Then
it got to dessert and Hayley madethe look on her face. She was
so proud she had made this beautifulcake, a couple layers, I think
it was three layers tall, whitecake with white frosting on it and coconut
flakes all over it. And she'sso proud. She's bringing it to the

(03:53):
table to us and sitting it downand it looks awesome. We're so proud
of her, and so she cutsit, puts it in front of us
and we take a bite. It'suh and I that's my first thought.
Is it tastes like cardboard. God, she forgotten ingredients, she forgot sugar.

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It was not the best cake,but that's what we remember it in.
Folks, light this cake and likethis dinner. Your retirement has ingredients
as well, and our whole purposeof planning is to not miss the ingredients.
So folks, buckle up, becausewe're gonna go cooking retirement planning today.

(04:35):
This is the Empowered Retirement Radio Show. We'll be back making your retirement
plans come to life. Welcome backeverybody on a Saturday morning. This is
Nick Tooman and Pete Simbolac the EmpoweredRetirement Radio Show, as always every Saturday,

(04:57):
here to help make your retirement better. There's two ways to get in
touch with us. One, ifyou want to give us a call,
you can reach us at six Oeight two one two seven three zero zero
or visit our updated website retire Madisondot com. Retire Madison dot com.
One thing I've been mentioning the lastcouple of weeks, Pete, is we
are going to have some upcoming retirementcourses in the fall. People have been

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asking about those. We did somein the spring. People enjoyed those really
help get people started down that pathof preparing properly for retirement. So we're
going to introduce those again this fall, and we'll have those dates on our
website coming up. Or if youjust want to go back, listen to
past episodes, read some of theKiplinger articles that we wrote, a lot
of good stuff at retire Madison dotcom. So, Pete, this week,

(05:41):
we're deciding to talk about planning andpreparing for retirement. We use the
word comprehensive, and I like tosay planning for retirement in totality looking at
everything from a ten thousand foot viewand having a diversified retirement. But planning
is an overused word, So Ithink we're going to go a little bit
deeper today and talk about how itapplies specifically to people within maybe three to
five years of retirement. So justI gotta just go back for a second

(06:05):
and say, I like the wordpanoramic, right, we all kind of
pick our word. A lot ofpeople say holistic. Unfortunately, when a
lot of people use these words,they don't mean a whole lot. But
it's about not missing those ingredients,right, that story that I told about
my daughter in the first segment,it's about having the right ingredients. Yes,

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we know money. Saving money iskind of a cornerstone, right.
If we don't save money, it'sreally hard to plan. You don't have
assets to work with to distribute.You know, it's like being in the
military and in a tank and you'reout on the battlefield, but you have
no ammunition. It's not going togo real well, right, So we
need money. That's that ammunition orthat's the Maybe that's a bad way to

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phrase it these days, but yougotta if you're gonna play golf, you
gotta have clubs and a golf ball. If you don't have either one,
you're not going to get to playgolf real well. And of course even
when we do have both of ohmy guys might not play golf for a
while. Well that's my problem.But this is the thing about planning,
and this is what's different when peopletalk about retirement, being a retirement advisor

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or whatever it may be. Forus, we're talking about planning. What
does that mean. That means we'relooking beyond the obvious and building out all
the various areas that can have anegative or positive effect on what you want
to have happen in retirement. Yes, money is at the core, but
how does it get dispersed? Whatis its purpose? How do you plan

(07:31):
this out? So we divide itout right, we basically have five pillars,
we have six, but the sixthis the fidiciary that helps you build
the plan. But there's income,there's investments, there's taxes, there's healthcare,
and then there's estate planning or legacyplanning. And there's a lot of
details in each one of those areas. And why do we cover them all?

(07:55):
Why do we get you know,really detailed on this because it's those
details you don't see that cause thetrouble those details you don't see. We
refer to them as your blind spotsand what happens most often, and this
is just feedback that we've gotten frompeople over the years, especially when you
do the retirement courses and we introduceplanning. It begins and ends, in

(08:15):
many cases, unfortunately, with investments, because that's what people understand. They
look at their statements, they seetheir investments. They're looking at it's the
low hanging it's the low hanging food, maximizing returns. But those areas you
just describe, the pillars, thethings that we plan for in totality are
all pieces of your money that I'veseen, unfortunately be on autopilot for many

(08:37):
years before people take action and actuallyprepare, because that's going to look different
in retirement. Absolutely. So let'sstep back again for a moment. Let's
give a little background, right becauseyou know we I think so I've been
on the radio since two thousand andthree and We've covered a lot of subjects,
so twenty years is a long time. That said, I would say,
we really what's the word I wantto say, honed in on how

(09:03):
we do things today about seven oreight years ago. My daughter. I
brought her into the business in twentytwenty sixteen, twenty seventeen, and what
she did is she got a processout of me of what I was trying
to do, all the all thethings I wanted to do and was trying

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to cover. She was able toput it into a process and she took
your vision. That's put it intoa specific process to help people. That's
exactly right. But so prior tothat, it was, I'm going to
use the word it might sound,you know, negative, a little bit
of an unorganized attempt to capture allthese things. But then we got it
systematic, We put it in aprocess. And it's been since then,

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which was probably early twenty seventeen,that we have been able to cover all
of these areas. Why because inmy life, if you know my background
story, and yeah, I'm thefounder of the company, I've gone through
all these things. I like thetransparency of saying, you know what,
we've made changes along the way toimprove ourselves because we see these things.

(10:09):
Why because it's gone on in myown life with my parents that didn't have
the resources, they made some mistakes, some bad things happened to them.
Some was their fault, some wasother people's fault. Some is just life.
Doesn't matter how you got there.You got there, Now what are
you going to do about it?Thankfully, for them, they had myself

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and brothers and sisters that had resourcesto be able to help them. But
if it had not been for that, and even along the way, that's
not a perfect solution, and it'san enormous burden on the kids. But
that led me with my experiences,and then of course I'm seeing things happen
with our own clients that made mechange how we do and that's why we

(10:54):
have this process. That's why Ihad the burden. That's why I had
the vision to do these things.I'm not alone. I mean, you
know there's others that do this too, but when you have a life experience
that happens to you, that isso constraining. And thankfully, again we
had resources to help. Most peopledon't. And so it is that accident,
It is that blind spot. That'swhere it came up. My parents

(11:16):
had blind spots, and it wasobvious for all of us to see.
We're not criticizing them. They neededhelp, all right, So how are
you going to help yourself? Howare we you and I Nick going to
help our clients to where they don'thave to rely on their kids because you
know and I it's what probably eightypercent of the kids are not either going
to be able to help or justwon't help. Right And from our experiences

(11:39):
as advisors. You've been in thebusiness a long time, I have.
We've continued to learn, especially theselast five six seven years. We went
through COVID, we went to challengesin the market. But what you're describing,
Pete, is looking four or fivesteps ahead, based on our life
experiences with our clients, ourselves totry to protect those blind spots because we
can either do one or two things. Can put our head in the sand

(12:01):
and just go along our merry wayand leave things on autopilot, or we
can be proactive address these issues headon so we can enjoy retirement. You
just describe going to see your grandkids. You want to go see your
grandkids, you want to do allthese fun things for the next twenty five
thirty years. And that's what we'regoing to prepare for twenty five thirty years
because you're gonna have a long retirement, but you need to address these things
head on Pete. You have toand I gotta tell you, Nick,

(12:24):
I would use the word passion fromour perspective, From my perspective, it
is my passion to bust those doorsdown, to make people aware of those
blind spots, whatever the word maybe, because it's too freaking easy to
just think about the money. It'stoo easy. And when you work with

(12:46):
somebody that's that's all they're doing,those blind spots. There's a really high
chance that you're gonna get hit byit. So you need a plan,
folks. You need a plan thatcovers all of these areas. Plan is
so generic. I hate the word. You need a process. You need
a process to go through all ofthe areas of life that are going to

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hit you in retirement. That's howyou're going to have a successful retirement,
folks, If you want to workwith people with that passion, if you
are curious about that vision, ifyou want a second opinion, I really
would recommend just picking up the phone, giving us a call at six O
eight two one two seven three zerozero. Leave a message. We've got

(13:33):
our staff off. Call you backon Monday to set up a forty five
minute to an hour hour and ahalf visit of getting to know you to
see if what we even do isreally something you want. We're okay if
it's not right, we just partas friends. But the only decision we're
going to make in there is whetherwe want to go to a second visit
or not. It's that second visitwhere the statements come out and the work

(13:56):
comes all the homework. That's wherethe hard work in, where you determine
whether you would really want to becomea client or not. That's where the
real work comes in. What doyou have doesn't line up all those kind
of things? And do we lineup folks, an hour of your time?
Is it six eight two one twoseventy three D or go to our

(14:18):
website retire Madison dot com. RetireMadison dot com and schedule that visit.
As you're talking about this, Pete, one thing came to mind is you
were talking about the process that you'vedeveloped over the years of experience in this
business to help people. And we'retrying to get away from generic words like
planning. I think about the processleads to a blueprint. That's what it

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happens. That process leads to ablueprint, leads to strategies leads to enjoyment
in retirement, to being a littlebit more carefree. So if by chance,
and it's going to happen probably onceor twice in a thirty year retirement,
we're going to have tough times inthe economy and the market. That
doesn't mean you put life on hold. That doesn't mean worry about where your

(15:00):
income is going to come from,doesn't mean you can't spend time with their
friends and family. It does ifyou don't have the proper situation put together.
It does. And when life happens, we all feel it. We
never claim to have a crystal ball, but what we do is we look
at these blind spots and address thesehead on. Nick, there's a statistic
out there that I heard recently thataccording to government statistics, the IRS says

(15:24):
that seventy percent of all people donot touch their IRA or four o K
money until they have required minimum distributions. People worry about running out of money.
So what is their answer, Well, because they don't have this comprehensive
process that allows them, right,this blueprint that allows them to see the

(15:50):
various areas. What people do isthey just spend under their needs. Right,
That's what they do is they protectthemselves by spending life. Folks,
retirement was about spending more. Itwas about living that life out and not
running out of money that comes withplanning. The reason why people are withholding

(16:12):
from spending is because they don't havea blueprint. They don't have a blueprint,
and they don't they have lack ofclarity as to what's going to happen.
You can't have clarity if you don'thave the breakprint. And I'm going
to steal one of your phrases youlike to use. This is not our
parents retirement, and people who arelistening out there, think about your parents
and how they live retirement. Firstof all, life expectancy is we're living

(16:33):
into our eighties and nineties. We'renot living into our sixties and seventies.
We're not just living on a pensionand soul security and riding off into the
sunset. We have four oh oneK accounts. The burden has been shifted
to us the last thirty years toprepare. And so you take this pot
and say, now what do Ido with it? What we're describing here
and we're coming up on a breakis being properly prepared. So you have
clarity and a blueprint and you cango enjoy those things grandkids retirement because it's

(16:59):
going to be a long retirement formost so folks. That's what we're talking
about. We're talking about that clarityin your life, that blueprint bling brings
clarity to you. That's what retirement'sabout. Right. If you've saved the
money, you think it's about themoney, it's not. It's about that
purpose of the money. Where doesit go, what does it get redirected
to, and how does it protectyour lifestyle in your livelihood. Not to

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mention your legacy, folks, thisis what we're talking about. When we
come back, we'll go deeper.We'll go into some of the planning areas
themselves that are easily missed. Thisis the Empowered Retirement Radio Show, Making
your Retirement Better. Welcome back,everybody to the Empowered Retirement Radio Show.

(17:52):
Little Luile going on on the beachwhere we're talking retirement and we're really talking
about the process of allowing you tolive your retirement on that beach. If
that's what you want, right,that's what we're talking about. We're talking
about the planning process, and wedon't like that word plot. Let's use
that word blueprint. YEP, Ilike that word better. Let's get clarity

(18:12):
from what we're doing again where pizzaand black. Nicktombs Certified Financial Planner six
or eight two one two seventy threehundred. And of course our website retire
Madison dot com. We do havean active offer out there. We didn't
put a limit on it this weekfor people who want to get a second

(18:33):
opinion. If you're just tuning in, I would really recommend going to our
website and you can go back andlisten to the podcast of this or anywhere
you get fine podcasts. You canfind us the Empowered Retirement Radio Show and
catch what we're talking about where we'retalking about having the right ingredients in your
retirement meal. If I could usethat word, because it's when you have

(18:56):
the ingredients missing. Talked about whenmy daughter made us a cake for our
anniversary and it didn't have sugar init didn't taste so great, so much
so that thirteen years or fifteen yearslater, we remember that cake and nothing
else. Right, Ye, wedon't want that to happen to your retirement.
So sometimes we use simple illustrations,but this segment we really want to

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talk about some of those areas.You know, again, I use the
statistic last segment, seventy percent ofpeople, you know, the fear is
running out of money. And sowhat do people do? They don't spend
it. They live below their standardof living, they live below they're often
their needs, and they're happy andthey think they're successful because it didn't run
out of money in retirement, Butit's because they didn't spend it. Well,

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the reason you saved it was toallow you to have that standard of
living in retirement when you weren't workinganymore. Right, that's exactly right.
And to go along with that ideaof running out of money. What I've
seen happen quite a bit these lastfifteen or twenty years, specifically the last
thirteen or fourteen years, is whenwe see some good times in the market,
when the market's earning your accounts fifteentwenty percent, there's a feeling that

(20:07):
it's okay to spend. You cantake your earnings and do some fun things
and live life. But then whenthe market is down twenty twenty five,
the Nasdaq was on almost thirty lastyear, And depending on how passive you're
being with your retirement, you pullback and I've described that, You've described
that it feels like we're living ourretirement on commission. When we make a

(20:27):
sale or times are good, welive and we're happy. When we're not
making sales, we pull back andwe live a different way. And that's
not what retirement's supposed to be about. But there's has been a false sense,
I believe, of security. Inthose thirteen years leading up to twenty
twenty two, people were enjoying timesand living on commission. But that's not
what this is about. Planning isnot about living on commission. Yeah,

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and so when you're deriving your incomefrom an unstable source like the stock market,
we're not saying stock market's bad.We're just saying it might not be
the best place to get all yourincome from. People who have secure incomes,
predictable income income, whether it's apension, whether it's an annuity.
You could include social Security in there. When people know that that money is

(21:11):
going to be there, they dohave a tendency to spend it. There
is report after report, study afterstudy that shows academically that people who have
steady streams of income that are predictable, they spend more money and they're happier
in retirement. Does money bring happiness, know, but it gave you that

(21:32):
freedom to do what your dreams were. That's what it's about. Whatever that
is. For some people, it'sbig dreams. For others it might be
small, and there's everything in between. But you're not probably going to get
to do your dreams without spending somemoney. Yet, seventy percent of people
don't touch their retirement accounts until they'reforced to buy the government, and that's

(21:53):
a sad state. It's because theydon't have a proper blueprint, that's right.
So what many people have done,they've been six scessful at life.
Many of our listeners out there havebeen really good at their career. Whatever
they've done, they've earned a livingfor their family. But what we're talking
about here more specifically a is wedive deeper, is we're going from a
time in life where we're good atearning a living to now creating a retirement.

(22:15):
In this segment, talking specifically aboutguaranteed and predictable sources of income because
without that it's hard to accomplish theseother areas of retirement. If you're nervous
or uncertain as to where your nextpaycheck is coming from. In retirement,
that's a problem. So you're goingfrom being good at earning a lifestyle or
earning a living to creating a retirement. And that's just one piece. So

(22:37):
an income blueprint, right, we'regoing to change that word from planning,
we say income plan. An incomeblueprint actually helps you detail out where your
income is going to come from today, tomorrow, and into the future.
And it actually leads out where,what, how much. And we typically
are not recommending I mean, forshort periods of time, I think it's

(23:00):
okay, But over the long haul, we typically don't use the market directly.
We typically move it into something elsethat's much more stable that allows you
to do this. And by theway, you could be a guaranteed income
person and use annuities. You cando pond laddering, you could do annuity
laddering, you could use structured notes. There are also there's real estate.

(23:21):
There's all sorts of ways to createsteady streams of income that you don't have
to worry about when the economy turnsthe wrong way. If you're thinking about
yourself and how prepared you feel,we've been making an offer throughout the show
to connect with one of our advisers, either as Pete maybe a second opinion

(23:41):
from where you're at already, orI'm going to add to this. This
could be a starting point. I'vehad the chance over the last couple of
weeks to talk to some folks thatasked me, I'm just looking for a
place to start this whole thing becauseI've oversaw my finances and money first,
and I just don't want that responsibilitybecause it feels intimidating. Can you help
us out? Our offer is tocome and meet with one of our advisors

(24:02):
for about one hour. It's acomplimentary time together in our office out at
that means free. That meets freeout in Greenway Station in Middleton. If
you call us at six O eighttwo one two seventy three hundred during the
show or after the show, that'sfine because our staff is off on the
weekends. You'll leave a message andjust say I'd like that complimentary visit with
one of our advisors, and Calebwill reach out to you on Monday to

(24:26):
get that on the calendar. Orif you like to use the computer,
go to our website at retire Madisondot com. And you can schedule it
that way as well. But thatis a good starting point or a good
second opinion. Or if you're listeningand you're a business owner and you're going
through a big transition. I talkedto somebody two weeks ago. They're getting
ready to sell a business. Theyneed to know what that next step is
going to look like. Taxes,it's a big problem, right, yep,

(24:49):
you got you gotta have a blueprint. You gotta have a blueprint where's
that paycheck going to come from.So, if you're ready to go from
earning a living in a few yearsto creating a retirement, call us today
six or eight two one two seventythree hundred, leave a message and we'll
call you back on Monday. Youknow, as we're talking about this,
and I'm hearing you know some ofthe obvious of course, the obvious places

(25:10):
investments, right, everybody knows WallStreet. We've said that at nauseum.
Everybody knows about that. They putthe money away, they save it.
Typically, what happens people don't understandan income plan, right. We talk
about that a lot because it's soimportant. Nothing, nothing happens in retirement
if you don't have income. Weunderstand that people don't always think about it
that way, but all right,where does it come from? You?

(25:32):
Really? So many people, right, would you have ever taken that commission
job? No, you want thatsalary job. If you're that salary job,
even more, you mean have structureto your planning investments. We could
talk about that at Nauseium as well. We do sometimes talk about the economy
to market all those things. WhatI really want to focus on there's,
by the way, taxes are abig one. But what I really want

(25:55):
to lead us to is that healthcareconversation, that healthcare blueprint, which could
include as much as yeah, Medicareand things like that, but more so
things like home health assistance, youknow, whether you go into a nursing

(26:17):
home or long term care, thosekind of subjects, because that's the elephant
in the room that nobody wants totalk about. And we like to be
ostrogenism, put our head in thesand and just hope that the storm will
pass us by. Folks. Thatwon't pass us by. It's going to
hit us. It's going to hitus all. So when we come back,
we're going to really hone in onthat blind spot, on that misstep

(26:41):
that so many people make by notplanning their healthcare blueprint out. This is
the Empowered Deterrement Radio Show, Makingyour Retirement Awesome. Welcome back, everybody,
the Empowered Retirement Radio Show ktoma AnPete symbolack here helping to make your

(27:04):
retirement awesome. You know, Pete, we've had a very good show to
this point and we're walking through theprocess the blueprint, creating a blueprint of
transitioning from earning a living to creatinga retirement and income. Knowing where that's
coming from is important. But youknow what, Pete, it's never gonna
happen to me, right, It'snever gonna happen. That's what we're going

(27:27):
to talk about in this last segmentbecause those are like famous fat last words.
It's never gonna happen to me.And that's the healthcare subject it is.
That's a big subject because we allthink somehow we're going to fade off
into the distance, right, we'regonna ride a horseback into the sunset,
right, you know, and we'rejust gonna slouch down and it's all gonna

(27:48):
be over. But the reality is, there is a process to dying and
it could be a long one andit could be devastating and it'll never happen
to us. What we think.What we think, well, and let's
just be real, Pete. Wethink it's never going to happen to us
because most of us out there feelvibrant and healthy, and we don't want

(28:08):
to think about that. We donot want to think. It's the conversation.
It's the right conversation to have.It's not always easy, and when
you're thinking about your retirement in totalityand trying to create a blueprint, I
don't know how you can think throughthis without addressing this topic head on,
Pete. Unfortunately, it's easy todo because it's so hard to deal with

(28:32):
death and how we get there.And the fact is, folks death and
taxes right now, it is aquestion of how we get there. Some
people die in a car accident,some people have a heart attack, but
many, many, many people havea process that they go through over time.
And what we're talking about is longterm care. We're talking about assisted

(28:55):
living, those kind of things,because we'll never end up in a nursing
home. We talked about this aboutwith my parents and this led me down
this road to where we really emphasizethis because we never think it's going to
happen to us. It's that elephantin the room. It's an uneasy conversation.
And right now, i'd say probablyhalf the people turned off the radio

(29:18):
just because we're talking about this subjectbecause they don't want to hear about it.
But if you're still listening, goodfor you, because it's tough and
it's super super important. It's toughone because of what you just said,
you're thinking of your own mortality andyour health. And we don't want to
think of ourselves or our parents thatway. But our life experience is you,
myself, clients, friends, we'veall had these stories and people who

(29:41):
have gone through major health issues withparents that have not been properly prepared.
It is a mess and it's devastating. And people who haven't tackled this issue
head on have to go through thesethings on the fly and make it up
as they go, and that's notwhat you want to do. But I
want to say one other thing,Pete. I don't want people to turn
the radio off, but I getthis feels very enormous. Not only do

(30:04):
we not want to think about ourown mortality or morbidity, but we don't
understand what the options and solutions are. We think it's just such a big
problem that we're going to bury ourhead in the sand and hope it doesn't
happen, because it can feel enormousif you don't have the education and understanding
of the things that you can do. And by the way, folks,
here's the hope out there. Thereare things you can do. There are

(30:26):
absolutely applying for medicaid or beyond buyinglong term care insurance or the premiums micro
there are solutions too many to gothrough in the show, but just know
there's hope out there. There ishope. And again, folks, you're
going to go through this one wayor another, or most people are going
to go through this one way oranother. Why not have a blueprint of

(30:48):
what to do to go through it. I understand it's hard, it's not
fun to talk about, but it'sreal. And again, we think it
won't happen to us. Well,that's going to be the other person,
right, it's going to have thenursing home situation. That's the other person
that's going to be incapacitated. Howmany of you out there have Alzheimer's in
your family history. How many ofyou have dementia? Right? My mom's

(31:11):
got dementia. I know it.I can tell you firsthand what we're going
through. It's not pretty, it'snot easy. It's not easy for her
or the family. Those of youthat have gone through this, you know
exactly what I'm talking about. Whatabout those joints right that you know?
Okay, we get surgery and replaceour knees or our hips. Yea,

(31:33):
at some point we don't always getthose surgeries anymore, and it's sometimes really
hard to get around. How doyou get around? Or macular degeneration or
something where you lose your eyesight oryou're hearing, or you've got arthritis and
you can't quite do those buttons onyour shirt anymore. There's a lot of
things that happen to us that makeit very difficult for us to get around

(31:59):
with. I would help you know, in times past, people didn't live
as long. Again, you're livingeighty ninety years old intoday or older right,
people getting over one hundred fastest demographicin the United States. It's a
double edged sword because we are livinglonger, but for maybe those last five
six, seven years of our life. Medicine has helped us live longer,

(32:20):
prolong our life, but during thattime, there's a real possibility that we're
going to need assistance. And youmentioned in describing this, it's the kids
and the families that generally the burdenfalls on to help navigate this. If
you haven't prepared properly, it fallsback on them. Yeah, and you
know what, they could be partof the plan. They can, But
if you put the resources together.That's the other thing. There's like an

(32:44):
old saying out there for long termcare, those that have the money to
pay for it don't want it,and those that don't have the money for
and want it, Well, okay, if you have the money, you
got to start dedicating money to it. Well, how do you do that?
Well, if you got a milliondollars and you're taking income from that
million dollars. So I'm just goingto step back for a moment, use

(33:06):
we're going to jump back over toinvestments and an income because so many people
use a four percent rule. Right, So theoretically, you got a million
dollars, you're taking forty thousand dollarsa year out, but you probably need
about three hundred thousand of that forlong term care or assisted living or healthcare
needs down the road. So youreally don't have a million dollars. If
you separate your money based upon itspurpose, you're now working with seven hundred

(33:30):
thousand dollars and that's only twenty thousanddollars a year. Do you see we're
often spending the money we have thatwe should have set aside for the healthcare
needs down the road. We actuallyare spending those in daily income tables.
Well, there's ways to do thiswithout that happening. That's what you're describing
is commingling your money all in onebucket for three or four different purposes.

(33:52):
And that's where the danger comes in, right, That is that all ultimately
is what happens. It causes thetrouble. And as I said before,
the idea that we have two optionseither going by a long term care policy
and by the way, for thefolks that have ever purchased that, they're
listening generally, if somebody asks us, should we not have this, No,
we don't tell them not to haveit. But unlike twenty years ago,

(34:14):
we're probably over a hundred insurance carriersoffered long term care insurance solely that's
down to about five or six.There's reasons why, and so that's where
I think people get caught up thatthere isn't options other than well, maybe
if I run out of money,Medicaid takes care. I mean, that's
a whole nother discussion. We don'twant that either. You don't want because
that's the whole thing people do medicallyplanning, and I guess it is a

(34:35):
necessity, but it's roth, folks, it's rough. It's we want you
to have choices, we want youhave flexibility. We want to alleviate the
burden on family. That's what thisis about, folks. You got to
plan ahead of time. You've gotto have those blueprints out there. These
are the blind spots that get you. That's what we're talking about. We

(34:55):
don't want it to happen to you, but the way you avoid it is
to put the pieces in place toprotect you when they happen. And if
they don't happen, congratulations, sharekids or errors are going to get a
little more money, but that's it. You were able to live and spend
the way you wanted to live orspend. You were able to live at

(35:17):
that lifestyle and when things went south. You were prepared and you had everything
backed up. Doesn't mean it's goingto be pretty. It doesn't mean,
you know, there is nothing prettyabout dementia or Alzheimer's, right. It
It ends horribly, that's just howit is. But it doesn't mean you
have to live horribly along the way. Folks, if you haven't covered all

(35:39):
these things, I'm telling you now, it's the time to pick up the
phone and give us a call atsix oh eight two one two seven three
zero zero, leave a message,set up a visit forty five minutes to
an hour, hour and fifteen minutes, something like that, of getting to
know each other and actually seeing whatyou have in place. We don't make

(35:59):
any decisions in there except for dowe want to go to a deeper dive?
And that's it. That's it.You can get a second opinion.
You could be out there looking.Look. One of the biggest things i'd
say right now to interject, whatif you are a spouse and you you're
a husband or wife or however wesay it these days. The fact of
the matter is you're significant other.If they pass away and they're doing all

(36:22):
of the finances and all of theinvesting, and all that stuff, and
they're gone, They're in a caraccident, they have a heart attack,
whatever it may be. Does thatleave you in a bad spot? You
need to have the blueprints in placebefore it happens. So go to retire
Madison dot com to our website andclick on the link right there, or
go and give us a call atsix or eight to one two seven,

(36:45):
three zero zero, No pressure,no decisions other than do you want to
go to a second visit? Andthat's where the deep dive comes in.
I don't think it gets any moresimple than that. No, not only
does it not get any more simplethan that, we do good job,
I think Pete of helping to takesome of the intimidation out of discussing your

(37:06):
finances, because let's just be real. When people come in and you've never
started this or never had a secondopinion, maybe have just saved money,
but you've never really started preparing thisway, I get it can feel intimidating,
and we very much go out ofour way to make sure we take
some of that out of play,and also to be very educational as we
work step by steps so you understandthose levers that have to be pulled and

(37:27):
how we're doing things, and wewant you to want to continue to come
back and walk through that process.It shouldn't be fearful, and we do
a good job, I think,Pete and I know we're patting ourselves on
the back of taking some of thatout of play so that you can have
this blueprint, you can learn somethingalong the way, we can work together
and collaborate. Well, Nick,there is no way to get around it.
These are not easy conversations. They'rehard. I get it. And

(37:52):
there's a lot of distrust out therein our industry, and often rightfully,
so we know there's folks out therethat don't necessarily act in people's best interest.
Fortunately, it's unfortunate, but it'strue. And that, by the
way, is why we had thisconversation today, because we are trying to
work in people's best interest. Aswe wrap this program up, folks,

(38:14):
as you've been listening, again,if you didn't catch it all, go
back to the podcast. That's allI'm saying. Folks, this is probably
one of those you want to golisten to the podcast a couple of times,
even because there's really good information here. There's not pressure, there's but
the pressure is on you to dosomething about it, because if you don't
cover these areas, that's what we'retalking about. We use that generic word

(38:35):
planning as we wrap this up.It's about the blueprints, it's about you
being ready, and it's about theblind spots that you don't normally see.
Folks, this has been a lotof fun. I hope you have a
great weekend and we will see younext week on their Empowered Retirement radio show.
Investment advisory services offered through Track CapitalManagement, LLC and SEC Registered investment

(39:00):
advisor. Information presented is for educationalpurposes only and it should not be considered
specific. Investment advice does not takeinto consideration your fixed situation, and does
not intend to make an offer orsolicitation for the sale or purchase of any
securities or investment strategies and involve riskand are not guaranteed, and past performance
is no guarantee of future results.For specific advice on any strategy, consults

(39:23):
with a qualified tax professional before implementingany strategy discussed here In