February 7, 2026 • 41 mins
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Speaker 1 (00:00):
It is News Talking eleven thirty WYSN and time for
the Retirement Clinic. Welcome to the program and good morning.
Hosting the show from Creative Planning back in studio is
Chauncey Wisensel.
Speaker 2 (00:12):
Good morning, Chauncy, and good morning Paul.
Speaker 1 (00:14):
You hear Chauncey's voice not only on the show, but
Monday through Friday where you do the daily market updates.
You guys get like a minute.
Speaker 3 (00:22):
Yeah, we just take a minute, quick snippet, maybe there's
one stock that did something particularly interesting, will kind of
highlight maybe a quick highlight of the economy.
Speaker 2 (00:30):
And go from there.
Speaker 3 (00:31):
We'll give you the numbers what the Dow SMP NASDAC
did for the day. And yeah, one minute, three and
five o'clock Monday through Friday.
Speaker 1 (00:38):
We focus on retirement on this show, and you guys
join forces with Creative Planning after many years with the
Cowall Investment Group. That's the background. Nothing else it's changed.
I mean, what we do talk about in the show,
like I said, is retirement charancy, and there's so much
with regard to retirement to talk about. First off, do
you even have a plan, Do you have an advisor?
(00:58):
You are a Certified Financial Planner, right.
Speaker 3 (01:01):
Yeah, that's correct. Yeah, CFP or Certified Financial Planner. You know,
you do a bunch of studying and then you take
a test and you get some some letters behind your name.
And before I did it, I was kind of I
don't know, you know, it's just studying and you can
find all this stuff on the internet and you just
kind of learn through experience. And but the amount of
stuff you learned going through something like that, there was
(01:23):
really invaluable information and time studying and learning and some
great credentials.
Speaker 2 (01:28):
And I'm super glad I did that.
Speaker 1 (01:32):
Chauncy also, you know, referred to the market updates twice
a day. They've still I mean, we're in a bullish
market for sure.
Speaker 3 (01:38):
Right yeah, certainly an interesting market. I mean it seems
to be a little bit of a whip saw, you know,
if you listen to our market reports or you just
check your portfolio.
Speaker 2 (01:45):
One day it's up, one day it's down.
Speaker 3 (01:47):
The NASDAC is up a percent, the next day it's
down a percent. So I mean you look over all,
I think the month of January was still a good
month overall.
Speaker 1 (01:55):
I mean you look a year to year, everything kind
of is on the right track as an option inflation
getting a little bit better. I don't want to get
too deep in the weeds here, but if interest rates
eke down, a new FED chair has been named to
replace Powell.
Speaker 3 (02:09):
Yeah, we'll see what they do there. I mean, it
seems like a pretty good pick. He's got experience, he's
got credentials, he's got youth.
Speaker 1 (02:16):
Yeah, yeah, exactly. He looks like he's twenty years old.
Speaker 3 (02:19):
Yeah, he definitely is younger than it's a lot of
people in our government nowadays.
Speaker 2 (02:24):
So that that's good as well. I like that too.
But we'll see what he does.
Speaker 3 (02:28):
I'm still seeing everything projecting maybe, you know, anywhere from
one to three rate cuts this year seems to be
the consensus.
Speaker 2 (02:35):
Two or three is kind of the highest probability.
Speaker 1 (02:37):
Just to kind of kick that housing market, right, yeah.
Speaker 3 (02:39):
Kick the housing market, you know, hopefully help out inflation,
job market, just get a little bit more spending, you know,
you don't want the economy to get too sluggish with
higher rates overall, So we'll see what happens there. But overall,
so far, it's they held for January, which was kind
of expected in the markets. Well, the markets expect something
(02:59):
and it happened. It's typically a good thing, right. It's
when they expect something and it doesn't happen, or it
goes a different way that that causes some volatility, but
a volatile market, but a good one to kick off
the year.
Speaker 1 (03:08):
Chauncy a busy show today. In fact, after the first break,
we'll be hearing from Jeff Kolewaal, who's got an interesting
topic and that's about retiring early, possibly be more difficult
than it has in years past, and you need a
game plan that's going to be coming up in this hour.
You've got a lot of stuff to talk about, so
I'll shut up and step aside. I do want to
(03:29):
give out some background information the show is the website
the Retirement Clinic dot com. Past shows are archived and podcasted.
But to get information the Retirement Clinic dot com or
Creative Planning dot com. More importantly, to pick up a
phone and call to six' two five two two forty
forty with any. Question we'll give out that number throughout
(03:50):
the program with locations In brookfield where you always have
been for many. Years, yes On Blue Mount, road you're In,
racine you're In, delafield you're In, Port, Washington, wisconsin lie
in all fifty, States phoenix And Cape, Corrible florida as.
Well so you work with all types of, Clients. Trunc
it's not just people that are aging and boomers that
(04:10):
are in. Retirement it's people that need to plan for.
Speaker 3 (04:13):
Retirement, Yeah i've got clients all over the. Board you,
know clients in their, thirties all the. Way PROBABLY i
Think i've got these a couple of clients in their. Nineties,
Right so it's all over the. Place and that's the
great thing about you know what we do is you
know where we're here to. Help we're here to help,
everyone and everybody's situation is. Different, Right certainly in your,
nineties you're gonna sit here and talk to me about
(04:34):
is state? Planning and all the times a lot of
those clients come, in they're, like what's going to happen
WHEN i? Pass and you, know you have those conversations
and then you have conversations where it's, Hey i'm going
to retire in fifteen, years you, know how do we get?
There Or i'm retiring tomorrow what? Happens so all different,
people all walks of. Life it's it's. Great they all need.
Plans they on need, help and it's a joy working
with all of.
Speaker 1 (04:53):
Them, johnsy you alluded to how we're kicking off the.
Show you've got a topic that might not be, pleasant but,
necessary and it's people that pass, away maybe earlier than.
Expected you do you have a? Plan is your spouse?
Ready is everything in? Place are your affairs in? Order
you hear that a. Loud i've just talked About catherine
O'Hare passing away about a week. Ago she was seventy
(05:15):
one years, old, young younger than the Average. AMERICAN i
think women are seventy, seven men a little bit, less.
Speaker 2 (05:23):
Seventy, five seventy six somewhere.
Speaker 3 (05:24):
There, yeah that men are usually like one or two
years less Than, Yes, yes.
Speaker 1 (05:28):
For whatever, reason women outlived men on. Average those are average.
Numbers of, course some people live well into the, nineties
even getting a. Hundred but she passed, away and it
kind of puts light on Boy hell's early brief illness
and then. Died what if that would happen to your?
Family are you? Ready?
Speaker 3 (05:43):
Yeah and you, KNOW i this isn't really a topic
just so much As i've just been seeing. It we
were talking about before the. Show i've just been seeing
it happen a lot over the last i'd say year
or so for my. Clients you, know a lot of
people kind of late maybe, five but in there just
for how many my clients is that that's a lot
(06:04):
for me in their kind of late, sixties early seventies passing.
AWAY i think it's all been all those husbands, too unfortunately. Males,
yeah a little bit little lower life. Expectancy and in most,
cases you, know it's people who were relatively healthy and
something comes up all of a, sudden you, know they
didn't realize or they weren't prepared, for and you, know
(06:27):
it's it's just it's it's. Unfortunate and now that's where
seeing all this kind of kind of just puts things
in perspective, of, yes you, know it's it's important to
retire and enjoy, life you, know and and it's not.
Always we sit down and we look at a. PLAN
a lot of times we plan for you to live
to age ninety.
Speaker 2 (06:43):
Nine, usually, right you, know we want to make sure
your money's gonna.
Speaker 3 (06:47):
Last plenty of, It, yeah exactly want. To we want
to make sure your money's gonna last a long enough.
Time but certainly sometimes you see people who want to
hit a certain number of. Surplus, HEY i HAVE x
AMOUNT x THAT i can, retire or you, KNOW i
want to have a million dollars extra or half a
million dollars, extra, right, well or they're just, afraid they're,
(07:09):
nervous or what AM i gonna?
Speaker 2 (07:10):
Do you, know what is this?
Speaker 3 (07:11):
Like i'm afraid to not get those regular. Paychecks and you,
know sometimes it takes a little bit of a leap of.
Faith AND i try as much AS i can at
times to kind of push. People IF i think their
plan looks good AND i feel comfortable with them, RETIRING i, say,
hey you, KNOW i would feel confident if any of
my clients retired with a plan that looks like, yours
and you should, retire Right AND i have clients who
(07:32):
even hate their jobs and they won't retire because they're
so nervous about. It but at some, point it's you
need to just kind of take maybe a little bit
of a leap of faith and pull the plug and
go out and enjoy your life and live your. Life
at a certain, point enough is, enough and if the
plan looks, good and you, know that's all part of.
It if we've done proper planning for, you and we
(07:52):
run the, numbers and your expenses look, good and we
inflate those out and overall, say, hey you know you've
got a surplus.
Speaker 2 (07:59):
Here you can go hiad retire at any point in. Time
and those are the.
Speaker 3 (08:03):
Clients SOMETIMES i see continue to work and continue to
work and continue to. Work and THEN i see some
clients who pass away. Early you know there's there's certainly
a balance.
Speaker 1 (08:10):
There they certainly didn't plan on, that right unexpected, death
whether it's grabbing your heart on a golf course and
you fall over, dead whether it's a tragic car, accident
whether it's, cancer who knows what the reason. Is but
you've got to be prepared for. Trumpcy at what? Age
is the? Answer at every? Age when SHOULD i have
(08:30):
an estate planet?
Speaker 2 (08:31):
PRICE i, mean you should get in a state.
Speaker 3 (08:33):
PLAN i even talk to tell my clients when their
kids are, eighteen you know they should have at least
maybe you.
Speaker 2 (08:38):
Don't you don't need a will.
Speaker 3 (08:39):
And a trust in all, right powers of, attorney but
you need powers of attorney right financial and. Healthcare otherwise
there's there's hoops you got to jump. Through the state
can appoint somebody oftentimes ends up being right the, parents
but it's a longer process versus, HEY i have this
document and.
Speaker 1 (08:53):
The probate, courts, yes public. Record that means there's money
involved with. Lawriors you can avoid that all with the
proper state. Plan by the, Way Creative planning now offers
estate planning.
Speaker 3 (09:02):
Services, yeah and our state planning services has been. Great
i've had quite a few clients to do a state.
Planning you, know it's super easy once you become a
client to do his state. Planning you, know we already
have all your. INFORMATION a lot of, times and even
before when we were cold wall, right we had supparate.
Attorneys we prefer you to you have to gather all
that information to give to the. Attorney we already have
(09:23):
all your. Information we know all this stuff about, you
all your outside, Accounts we know about your, kids your,
family your, history all these, things, right and we send
you off to the. ATTORNEY a lot of it is
all done virtually with. Us you meet with, him he
goes up and draws the state, plan reviews it with.
You they'll mail it out to. You and oftentimes my
clients come in And i'm a, notary SO i notarize
(09:43):
their documents and we have witnesses in the. Office it's
just a super simple plan that oftentimes just takes a
few hours of your time and you pay a little
bit of money to get This state.
Speaker 2 (09:54):
Planning.
Speaker 1 (09:54):
Yeah how long has it been since you joined Creative?
Planning a little over a, year.
Speaker 2 (09:58):
Right, yeah it's been a little over a year. Now.
Speaker 1 (10:01):
Wow it's everything under one. Roof so you got tax,
people you got a state planning, people the retirement, plan
the financial. Plan you get a. Binder, boy it's nice
being organized and having everything you put together and then
there it, is right your family can tell them we've
got everything in.
Speaker 3 (10:18):
Place, Yeah and that's SO i do have a little
bit of a talk as. WELL i have a checklist
and events to your spouse's. Death it could be, really you,
know anybody if it's a parent or a sibling or
any loved, one or any person who you're an executive
for or you're trying to help with with their. Estate
but really this one is specific to kind of spouse's
and so that's actually kind of the third bullet point
(10:40):
on the checklist.
Speaker 2 (10:40):
Here i'll kind of run through it as.
Speaker 3 (10:41):
We, go but locate important, papers, Right and that's where
we talk about this. Binder and at, first If i'm
being honest with, YOU i was, like oh my, gosh
BIND i gotta put binders together for all my. Clients
it's come, on it's it's twenty twenty. Five what are
we putting together paper binders for?
Speaker 1 (10:56):
Digital?
Speaker 3 (10:57):
Yeah, Exactly BUT i, mean you, know oftentimes, digital you,
know there's passwords involved and maybe somebody doesn't know where
you saved, it or something got erased or.
Speaker 2 (11:08):
Delete, right that's a great.
Speaker 1 (11:10):
Point what if one spouse does all the finances in the, HOUSE.
Speaker 3 (11:12):
I, mean and that's that's incredibly. COMMON i Mean i'll
have people come, in you, know a lot of times
it's a. Husband sometimes it's the wife, though and the
one knows everything and the ones LIKE i don't really know.
Much and so you, know that's where we're really there
to kind of help and educate a lot of, times.
Speaker 1 (11:29):
When you say, binder literally it's a, binder.
Speaker 2 (11:32):
It's a huge. Binder you, know all.
Speaker 1 (11:33):
The documents in, place all the stuff you. Need, yeah
and like you, said that's that checklist for the, spouse.
Speaker 3 (11:40):
Yep, Exactly and so you know the binder we put,
together that's your financial, plan your, investments your risk, tolerance
your asset, allocation and everything from your life. Insurance you
have long term care, Insurance, medicare health, insurance at, work
home auto, umbrella your estate plan goes in, there, Right, trusts,
(12:00):
wills financial.
Speaker 1 (12:01):
Docums you think of all we, HAVE i mean checking savings.
Account we might have multiple could have for Wroth, ira
you might have a four to one k a. Pension
it goes on and.
Speaker 3 (12:10):
On and that's where you, know when clients give you
a lot of, transparenty it's really easy to help them
create those lists of things right and oftentimes that's one
of the first things you see when you open up
the binder is, just you, know a balance sheet of
our assets or SOMETIMES i call it like an. Inventory right,
now always make sure not only do we get all
your investment, accounts but let's say maybe you have a
collection of baseball, cards or some a piece of jewelry
(12:31):
or some. Artwork maybe the kids don't know there's there's
much value to. It but if by by going through
all that and asking the right, QUESTIONS i could, say,
oh you, KNOW i had one CLIENT i had no
idea how we were going through, this and he starts
telling me about this baseball card collection he has of
you Know Hank, Aaron Paul, Mallator Mickey, mantle you Know Joe,
demage like all these super old baseball, players and he
(12:54):
spent a ton of.
Speaker 2 (12:55):
Time so there's value to.
Speaker 3 (12:56):
That hundreds of thousands of, Dollars oh that much to
His AND i never, knew BUT i was, like, hey you,
know we definitely should need to denote this so your
kids don't see a bunch of old baseball. Cards, Awesome,
yeah we're just donate them or, no we have no
idea what this is where somebody will take advantage.
Speaker 1 (13:12):
Of, them, Right so document, that.
Speaker 3 (13:15):
Document all that, stuff and it's important to have all
that and that's that's all part of what goes into the.
Binder AND i even tell, clients you, know it's great
to me print off like a list of your passwords
or something and keep that in there.
Speaker 1 (13:26):
As, well and so you know for, yourself you, know
how many passwords do we? Have i've got so. Many
AND i know there's apps and those password apps that keep,
trying but it's nice to, just, OH i forgot what
that is a log out On? Netflix you want TO
i forget what it is.
Speaker 2 (13:39):
Exactly it's Just.
Speaker 1 (13:40):
Netflix think of important. Stuff you, know your retirement, plan
yeah that Raw ira want to check the bell as
a health savings.
Speaker 3 (13:48):
Account, yeah SO i mean doing our best to get
all that in one place and then working with our
clients in those different areas as. Well BUT i want
to make SURE i get to the checklist here a
little bit and kind of run THROUGH i believe there
is let me look, here thirteen bullet. Points Uh so number.
One if let's say this is kind of immediate. Thing
let's say it's a spouse passes. Away you, know sometimes it's,
(14:09):
expected sometimes it's. Not but either, way, right there's likely
to be a lot of. Them there's always a lot
of emotions there when anybody passes, away a, spouse close,
friend family. Member but you know a lot of times
there can be some shock and trauma, there even if
it was something that was. Expected but if you're, alone you,
know take some, time call a, friend call a family,
member you, know just talk to them on the, phone
or have somebody come over and be there with you
(14:32):
and just kind of make that step number. One step number,
two make funeral, right make funeral, arrangements you, know call
up a funeral, director we recommend getting fifteen to twenty
copies of death. Certificates so many places are going to
need a death, certificate. Right some places will just take,
one some places are gonna want. Multiple for every account
(14:54):
that you, have you're gonna need it for, employers, life,
insurance investment, accounts insurance, companies social security and, medicaid all
those things you need their certificates or so usually fifteen
to twenty. Copies we recommend getting locate important. Documents, again
that's where we help our clients by putting together that.
Speaker 2 (15:12):
Binder so you've got that on one. Place you can
just grab that and it's all right.
Speaker 3 (15:15):
There there's sometimes certain assets that are going to be,
frozen especially if they're jointly. Owned we see it a
lot on if clients have revocable trusts or joint investment
accounts like brokerage. Accounts those are typically frozen when one spouse.
Passes you, know we need to retitle things and in due.
Speaker 2 (15:33):
Time.
Speaker 3 (15:34):
Right it's OFTENTIMES i tell Clients i'm happy to go
is whatever speed you feel comfortable.
Speaker 1 (15:38):
With. Right, remember the more of this you get done
before the, death because at the time it's you you're.
Emotional you're, grieving the family's. Grieving you don't want to
be thinking about passwords and stuff like.
Speaker 3 (15:50):
That, yeah, exactly, exactly and so you, know but we're
there to, help and We'll I'll i'm always as happy
to go as fast or as slow as a client
wants to. Write AND i don't want to drag it out,
forever So i'll, say you, know let's just take a
little time and then let's start working on some of this.
Stuff but a lot of times jointly held assets can
be can be locked up for a while with some
type of. Restriction usually it makes a ton of sense
(16:11):
to make an appointment with your tax advisor attorney review
your estate.
Speaker 2 (16:15):
Plan some stuff might.
Speaker 3 (16:16):
CHANGE i just had a, client one of them whose
husbands passed away about a year, ago and we met
end of this end of last, year and she's, like,
hey you, know it was like a second marriage for
both of.
Speaker 2 (16:29):
Them they had kids from first.
Speaker 3 (16:30):
Marriages and she, said, hey you, know we had picked
somebody to be kind of the trustee of the, trust
but now that person was his son from a previous
marriage and just around less, right less in tune with,
things and so we SHE'S i want to update that,
now and so there's a process to do that and
we're and we're working with them on.
Speaker 1 (16:48):
That SO i mean even like Social security checks right
to get used to. That, yeah that income and then
and anything he passes away and out you don't have, That.
Speaker 3 (16:57):
Yeah and anything paid, afterwards it always is gonna have
to pay back To Social. Security don't worry if you call,
though they'll send you two hundred and fifty dollars is
a death?
Speaker 2 (17:05):
Benefit no idea why they do. THAT i think The.
Speaker 1 (17:09):
Social security mails two hundred and fifty dollars. Out, YEAH
i had no.
Speaker 3 (17:13):
Idea, yeah if you, called so you would Call social
that's actually step number. Eight so, seven if you're Fels is,
employed call, them provide all the information what. Happened number
eight Notify, medicare give them all the information as. Well
but number nine Notify Social security. Basically so sometimes it's
quicker if you go on the office instead of, Call so.
Speaker 2 (17:33):
Maybe go into like a local. Office you can find
those just.
Speaker 3 (17:35):
Online but, yeah they'll send you two undred fifty dollars death.
BENEFIT i think that was something they probably did when
they first. Started Social security never gone. On it was
a meaningful amount of. Money, yeah, Meaningless AND i think
it was one of those things where they just never
adjusted in for, inflation, right and so now two hundred
fifty dollars is, no it's not.
Speaker 2 (17:55):
Nothing but, basically but this is.
Speaker 1 (17:56):
A i know you've got a few left to, go
a thirteen bullet, point a spousal checklist upon the death
of your, spouse your significant.
Speaker 3 (18:04):
Other, yeah and too it could be, anybody, RIGHT i,
mean if you have an elderly parent who passed, away,
right you're gonna have to do all these things as
well for them Notifying Social, security medicare looking at the,
assets making these, appointments possibly with.
Speaker 2 (18:17):
People so, yeah so number nine Notified Social. Security.
Speaker 3 (18:22):
Ten if you need emergency cash before claims are, paid
you know a lot of times they'll give you like
an advance on life insurance benefits except depically a cash
advance so that you can pay any, bills maybe pay funeral,
expenses anything like.
Speaker 2 (18:34):
That if you don't have a ton of, Money i'm just.
Speaker 1 (18:38):
Going through my. MIND i don't even say. Cash most
people have a debit card of some, sort.
Speaker 3 (18:42):
Right, Yeah i'd say for the most, part right, now
not really a big. Thing BUT i mean if you
have minimal money in your bank account and you're, like,
HEY i need to pay these. Bills what credit card
your spouse passes? Away you need to cancel that, stuff, right?
Yeah or maybe you, know you you go from having
like you mentioned Social, security you go from two to,
one and you're, like, well normally your cash flow is,
fine but maybe you only have five or ten thousand
(19:04):
the bank account and there's a large expense on top
of the, funeral and you you, KNOW i need some extra.
Money the funerals are not, inexpensive definitely. Not AND i
think that's what that two hundred and fifty dollars used to
be the. Help but now you know, THAT i, say,
yeah you get like a flower arrangement for that most yeah,
so but, yeah so you can always see if there's
(19:25):
you can get like an advance in life insurance benefits as.
Well if your spouse was in the service notified veteran,
affairs there's probably likely some type of eligible for some
type of death or disability. Benefit there twelve in a
small legit keep track of all money you. Spend these
figures will be needed for your tax. Returns oftentimes you'll
(19:46):
have to file like a final tax return for an
estate or a spouse when that, Happens so make sure
you keep track of all. That and then thirteen is
really kind of a big. One but remember your very emotional.
State so avoid contracting for, anything avoid spending or lending
large sums of money to, people or making large purchases
(20:09):
or doing anything kind Of and if.
Speaker 1 (20:10):
THERE'S i know this is this is a horrible, thought
but there are very bad people in this world that
prey Upon they look for. Obituaries, yeah they look for
when the funeral is so they can rob the. House
things like that happen all the. Time, yeah, Definitely and
just have your guard, up have family around you to.
Help this is Something charanci has a certified financial planner
with your. Clients you just went over thirteen huge bullet
(20:32):
points upon the death of your, spouse your significant, other
if you if you need, help that's why it's nice
to have a.
Speaker 3 (20:38):
Planner, yeah and then you're not doing this on your, own,
RIGHT i mean that's a big thing, too. Right and
this is a checklist creative planning provides and put together
it provides for the. Clients and you, Know i'm always
telling People i'm here to help as much AS i possibly. Can,
right if you need help making those phone calls financial,
Institutions i'm happy to do, so you.
Speaker 2 (20:56):
Know and then obviously we're going.
Speaker 3 (20:58):
To need to retitle, accounts update better, fisharies probably have
to adjust your, distributions right because you've probably lost at
least some source of income if you're, retired whether it's social,
security part of a, pension whatever it may.
Speaker 1 (21:10):
Be so take time, grieve but you need to do
that sit down at some. Point, yeah after the, Death,
chauncy these are great. POINTS i want to give out
your phone number two six two five two to forty.
Forty chauncy Wisen cell hosting today's retirement, clinic of, course
with creative planning locations all over. Town we'll give you
more information throughout this. Show but two six two five
(21:32):
two to forty, forty maybe you'd like this list where
you just want to sit down and.
Speaker 2 (21:36):
Talk, yeah always happy to talk with.
Speaker 3 (21:38):
Anybody it's never a second, opinion doesn't, hurt, right, says
always saying the same.
Speaker 2 (21:43):
Thing like going to a.
Speaker 3 (21:44):
Doctor someone says that you need, Surgery you're probably gonna
go somewhere.
Speaker 2 (21:47):
Else DO i need? Surgery? Absolutely see what they.
Speaker 3 (21:49):
Say maybe you like what the second person has to say,
better but it never. Hurts good second opinion and it
doesn't cost.
Speaker 1 (21:54):
Anything one thing after the, Break, well you're gonna hear
From jeff coolewal he'll talk about early retirement possibly being
a little bit more difficult than you may. Think we're
gonna hear what he has to. Say chauncey will react
to that and a lot more coming up in Today's Retirement.
Clinic Chauncey wisensell is in, Studio certified financial, Planner Creative
planning dot com or The Retirement clinic dot com ON
(22:18):
wys And I'm Paul kronforest will be right, Back hi.
Speaker 4 (22:20):
Everybody On Jeff.
Speaker 5 (22:21):
Coal AS i was looking at topics to cover for this,
SEGMENT i thought i'd revisit a popular topic from a
couple of years, ago the Fire fire a fire.
Speaker 4 (22:33):
Movement let me. Explain this is A baron's article.
Speaker 5 (22:37):
Article it's Titled retiring early is looking more difficult the
new game. Plans so key point is that the fire
movement fire means financial, independence retire, early financial, independence retire
early acronym fire F, ira and it's evolving through the
higher living costs and market, volatility you have to adapt
(23:00):
to different, strategies and other key point is that.
Speaker 4 (23:04):
You have to save.
Speaker 5 (23:05):
More and the third point is that the fire, proponents
those like the idea of saving money very very very
aggressively in the early years so you can retire as
early as thirty five or forty years. Old say that
you now need instead of a million to million and a,
half you need two and a half to six million
(23:27):
dollars in assets for retirement now with the new. Calculations
so let's go through some of the topics. Here AND
i thought it was kind of, interesting AND i think
anybody is eligible to be financially independent and retire, early
but it has to be a concentrate, effort and you
(23:47):
have to look at different variables and different, downsides the
things that can roadblocks that can potentially be in your.
Way so the dream here back to the, article the
dream of working hard to retire early as you roading
as higher costs of living cut into savings and depends
on how well you plan as to whether you'll be
(24:09):
able to pull the pin and retire. Early pursuing fire
has never been entirely, smooth but it's a little bit higher,
now harder. Now the original tenets of the fire movement
were to put away a large portion of income into
savings and invested put it into stock, funds so you watch.
It and since two thousand and seven two thousand and
(24:32):
eight financial, crisis stocks have been very.
Speaker 4 (24:34):
High even though we've had a couple of bumps in the.
Speaker 5 (24:36):
Road since, then stocks have done pretty well well and
many would be retirees are sitting on pretty big. Portfolios
but there are two potential flies in the. Ointment according To,
barons early retires who quit working even decades before they
(24:56):
start Taking Social security are usually vulnerable to sequence of return.
Speaker 4 (25:03):
Risk what does that?
Speaker 5 (25:04):
Mean that means that what happens if the market tanks
right after you. Retire if you're still working and you
have a large amount in, savings you can wait it
out and wait for the market to. Recover but if
you don't have if you've retired and you don't have
a large amount of, savings that's when you have to
start to. Worry the second worry is, inflation a risk
that disappeared for decades and returned with a POST covid nineteen.
Speaker 4 (25:31):
Pandemic price games have.
Speaker 5 (25:33):
Slowed they went up dramatically During President biden's, term but
they remain above pandemic. Levels And President Donald, trump according
to the, article it's pushing for low interest policy from
the Federal. Reserve let's see these, days there's a more
tailored approach to, fire AND i want to make.
Speaker 4 (25:54):
Sure we touch on a couple key.
Speaker 5 (25:57):
Things, one it's still you can still fire financial dependent retire,
early but you can do it on your. Terms THEN
i think that that's the key to the article and
a key to many things in.
Speaker 4 (26:10):
Life financial independence says.
Speaker 5 (26:14):
You could, retire but should You with proper, planning you
can and you could do it on your.
Speaker 4 (26:19):
Terms, again have a large amount in.
Speaker 5 (26:21):
Savings inflation is a potential, roadblock big roadblock if you
don't plan for. It healthcare is a fire killer for,
some according to the, article either a killer or delays
it for. Others as for, work several income streams instead of.
One some people are looking at using their investments for
(26:42):
a large part of, it but then supplementing it with
part time. Work, again the article says that you need
anywhere from a million to six million dollars to be
able to retire.
Speaker 4 (26:54):
Early let me wrap up the.
Speaker 5 (26:56):
Article there are different levels of, fire and you can
be overly cautious to have six million of, assets or
you can go on with a little lower. Budget but
the article takes talks about health care, costs but doesn't
really address long term, care, nursing home health, care assisted.
(27:17):
Living i'm JUST i was just talking With Marty, dooley
who's a long term care, expert friend of, mine friend
of the. Show he was saying that's more important for
the female to have long term care for two. Reasons,
one they tend to live, longer so better chance that
you'll need. It and, two there's a fifty six percent
(27:39):
chance that a sixty five year old male or female
will have a long term care. Event according to The
health And Human Services, department that's an event that lasts
a health event that lasts ninety days or, longer and
that it could last three and a half three plus.
Years the article was about, fire financial, independence retire.
Speaker 4 (27:59):
Early you can do it as creative.
Speaker 5 (28:02):
Planning we plan for all possibilities for our clients and including,
inflation including, healthcare including long term.
Speaker 4 (28:13):
Care but you have to write it.
Speaker 5 (28:15):
Down you can't just eyeball it and say, YEAH i
THINK i got. It you have to reduce it to
Writing that's what we do with all of our producier
advisors At Creative. Planning so give us a call and
let us know if you can.
Speaker 4 (28:27):
HELP i hope you enjoyed.
Speaker 1 (28:28):
This we did enjoy that. Segment Jeff colewall good. Stuff
and as we continue the Retirement, Clinic Trancy wisen And
sell any thoughts on that about maybe retiring early is
more difficult than you? Planned maybe?
Speaker 3 (28:40):
Not, well, YEAH i mean just going back and, listen you,
know if obviously you listen to what you have, said
BUT i mean people live. Longer, inflation you have to
have more money. Saved you, know expenses are just just
keep going. Up who, knows you, know Social security is
always likely to be, there but you never.
Speaker 2 (28:56):
Know but, YEAH i mean you have to save more
money now than you ever have to. Retire.
Speaker 3 (29:01):
Right we kind of transition from this area where you
know a lot of, people you, know like my grandparents'
age or probably a lot of our listeners parents age had, pensions,
right those, pensions and now it's four one k's and
RATH i rays and a lot of clients we see
in their sixties seventies is still kind of a, blend
and maybe a few still have.
Speaker 2 (29:18):
Pensions but the pensions are still out.
Speaker 3 (29:19):
There, yeah once you kind of but a lot of
times if you're not really in government work anymore or
some there's still a few large corporations that offer. Them
because of the, liability you just don't see. Pensions and
so you're really relying so much more on yourself now
than you ever. Have and a lot of people want
to retire, earlier, obviously, right but.
Speaker 1 (29:38):
What and what is is there such a thing as
a retirement age sixty?
Speaker 3 (29:41):
Five, WELL i mean technically now sixty seven is full
retirement age for Social. Security still a lot of people
still kind of sixty five in their heads because Of. Medicare, usually,
yeah usually because Of medicare is sixty. Five and if
the goal is for its hire, earlier well you need
to save into brokerage, accounts you, know or you, know
you get access to your four to ONE k at fifty.
(30:02):
Five now if you retire from your, employer you can
take from that employer at fifty five.
Speaker 2 (30:06):
From that four to ONE. K that's just it's case by.
Speaker 1 (30:08):
Case everybody is, Different.
Speaker 3 (30:09):
Yeah everybody's. Different and the biggest thing always is is health.
Insurance every TIME i sit down and talk with. People
it's it's health, insurance and it's.
Speaker 1 (30:16):
Expensive it's very.
Speaker 3 (30:17):
EXPENSIVE i always plan for at least one thousand dollars
a month per person on Health. EXCHANGE i, mean so
that's twenty four thousand dollars a year. Additional and then
eventually you get On medicare at sixty five and the
expense is very is a lot more minimal when they
take it right of your Social.
Speaker 1 (30:31):
Security, yeah, oh was that that's How medicare?
Speaker 4 (30:34):
Works?
Speaker 3 (30:35):
Yeah, usually, yeah whenever you, File so if you're not
Seeing Social security, yet obviously you need to pay your.
Premiums but once you're On Social, security the vast majority of,
People medicare just comes right Other Social security.
Speaker 2 (30:45):
Statements it was a.
Speaker 1 (30:46):
Great topic By. Jeff, yeah and really it comes down
to how much you're gonna, spend how much you have.
Saved it's case by. Cases that's why we brought it.
Up you can always reach out to talk to. Somebody
chauncey wisen CELL i create a planning two, six two
five to two forty. Forty when we come, Back you've
got a great segment on kids and.
Speaker 3 (31:04):
Grandkids, yeah just teaching your kids and grandkids about money
and just kind of stories and lessons that can help
build financial.
Speaker 1 (31:10):
Literacy Retirement clinic Dot com from Work information will be
right back With truncy On paul crownforst ON Wysn Retirement
clinic continues on w I s hand With Creative Planning
Chauncey wisensell hosting the program today Alongside chauncey and. Studio
I'm PAUL crownforcet On Super bowl. WEEKEND i have not asked,
you but the game Tomorrow Seattle.
Speaker 2 (31:33):
Seahawks it's you, know.
Speaker 1 (31:35):
You convinced me because we have no skin in the. Game. Now,
however you made a good point About Sam.
Speaker 3 (31:40):
Darnold, yeah you, know The vikings gave up on, him
and now to see him you can just get to
his Super bowl with The.
Speaker 2 (31:46):
Seahawks it's kind of. Funny, yeah to win A Super bowl.
Speaker 3 (31:49):
Better AND i really can't stand and see The patriots
just going another on another.
Speaker 2 (31:54):
Run you, KNOW i saw. Them oh you, know it
was a tough five.
Speaker 3 (31:57):
Years i'm, like, okay, yeah really tough five, Years brady seven.
Speaker 1 (32:00):
Rings, yeah now you've got a twenty two year old
that you're, right they could go to another. Run So
i'm with. You i'll be rooting For seattle, tomorrow and
most Of america. Watch it's the one collective game and
or thing ON tv that we watch in real time
together as a. NATION i think the numbers are like
seventy five. Percent it's.
Speaker 2 (32:18):
Crazy.
Speaker 1 (32:18):
Yeah so it's, fun the, parties everything about. It it's.
Fun so have a Great Super bowl, tomorrow. Folks we've
got a segment on, kids grandkids helping them with their savings.
Speaker 3 (32:28):
Truancy, yeah and you, know just, uh just a quick
little segment here about teaching your kids and grandkids about.
Money you, know a lot of times we try to
pass on you, know basic life skills and obviously values
that parents want to guide their children into adulthood and
as they grow up and get jobs and have families
of their own and all. That but you, know something
(32:49):
that's that's incredibly impactful obviously is just financial education as.
WELL i think as they kind of look through this
as an article From Creative planning that they dealt to
all our clients this, week actually got it from. There
but as it was kind of reading, THIS i was
thinking my own experience as. Well OBVIOUSLY i do this
for a living, NOW i always have ever SINCE i graduated.
(33:10):
School but it's never too early to start financial, education,
Right and that can just be something as small as an, allowance.
Speaker 2 (33:16):
Right AND i know my parents did that for.
Speaker 3 (33:18):
Me you, know we had a little sheet on the
fridge magnet up, there and they had a list and a.
Value oh you, know you you vacuum the, house you
get a dollar or.
Speaker 2 (33:26):
Whatever, right you ownload the dish, fasher you GET.
Speaker 1 (33:29):
I love this. Idea it teaches, kids first, off you
got to earn the, money but it also how cool
it is to get some of that. Money, yeah and
Now i've got some money in my, pocket especially as
you get into your. Teens.
Speaker 3 (33:40):
YEAH i mean if you're like, ME i mean you just,
oh it's. COOL i got some money and Now i've
saved that money and then more, money, right. SHOCKING i
do this for a living, now, Right but to just
kind of do that and just to start, there and you,
know this article kind of suggests even just doing like
little jars or piggybanks and labeling The i'm, like this
is my Money i'm saving for like a long term
(34:00):
THING i want to, buy, right and this is MONEY
i CAN i can share with. Others and then this
is money THAT i can, spend, Right so just kind
of teaching kids to budget and then the value of
saving money for some of those. Gifts AND i wanted
TO uh to save for an, iPod AND i got
a job AND i worked one day a week BECAUSE
i was all pretty much that was allowed WHEN i
was in high, school and eventually saved enough money for an.
Speaker 1 (34:21):
IPod which back then was a big. Deal it was
a huge, deal you, KNOW i was everything's on the,
phone think about, that the list circle in the, Middle,
yeah the play and pause, button download the music you.
Speaker 3 (34:30):
Want and THEN i got a touchscreen want, Right but,
anyway so that was that was my first big. THING
i wanted a job to save for AND i did,
it and then you.
Speaker 2 (34:37):
Know it was a. Goal it was a, goal, right
and it's important to have.
Speaker 3 (34:40):
Goals and then after, that you, know you're, sixteen just
want to save for a car and so and so
and so so on and so. Forth but my parents
opened save these. ACCOUNTS i, know my grandpa was a.
BANKER i knew a lot about that type of stuff
from him as. Well but you could see kind of
how parents budgeted money and save money AND uh spent
it and you, know but things like allowances and say
for the first, job and having those goals and you,
(35:02):
know saving up for those those long term things and
not just you, know, saying, oh here you, go you,
know or just.
Speaker 1 (35:08):
Giving the kid. Money, yeah without having the work for.
IT i know some families do. THAT i am all
about what you said it earning, it, yeah because you
really but it does.
Speaker 3 (35:17):
Work, Yeah and there's nothing wrong with with helping your
kids out by any.
Speaker 2 (35:20):
MEANS i have tons of clients to.
Speaker 3 (35:22):
It, obviously every parent as much as they can right,
once helps out their.
Speaker 1 (35:26):
Kids especially maybe it's a come maybe we'll pitch, in
but you also need to exactly and then insurance you're
in charge of. That you got to fill it up with, gas, yeah.
Speaker 3 (35:34):
Exactly so you, know there's there's there's good ways to do.
It but you know it's it's never too soon to
just kind of help to help kids out with teaching
them about stuff like. That another one here talk about
that and choices of long term financial. Responsibility you. Know
oftentimes my clients was down with. Me and like one
of the number one things you hear when you first
meet with people or even, CLIENTS i WISH i had started. Sooner,
(35:56):
right that is something that's so incredibly important to share
with your, kids you, Know and SOMETIMES i think kind
of talking about money is, taboo right for you don't
want to talk discuss. Finances oh it's tacky or, whatever
but it can be so important to just open up
and have an honest.
Speaker 2 (36:13):
Conversation you, KNOW i WISH i had started. SOONER i don't.
Speaker 1 (36:15):
DO i think it's not. TACKY i think it's absolutely.
Speaker 2 (36:17):
NECESSARY i, AGREE i completely.
Speaker 3 (36:20):
Agree and a lot of times you just you don't
know till later in life you know what kind Of
oh these are the MISTAKES i? Made, right even just
sharing something like, that you, KNOW i WISH i had done,
this or OR i did this and it really worked
out for.
Speaker 2 (36:33):
Me, right you should do?
Speaker 1 (36:34):
This you, know made that one year even like with
a four to one. K let's say you wait till
you're twenty, four but you could have started at twenty. Three,
yeah when you get to be my, age you're fifty,
nine that one year means a. Lot.
Speaker 3 (36:45):
YEAH i mean say say you say you could have,
said you, know five thousand dollars that one year between
what you did and maybe your, match and then think
about how many thirty years from the time you were
twenty four to the time you. Retire the compounding of
that five thousand dollars is just it's.
Speaker 1 (37:00):
Crazy power of. COMPOUNDING i, know it's A. Seinfeld yeah
they found out yet some MONEY i don't, know like
a thousand bucks and now it's up to. Whatever, yeah
the power of compound. Interest it's an amazing.
Speaker 2 (37:11):
Thing, yeah it's it really.
Speaker 3 (37:13):
Is AND i encourage, anybody even if you're just sitting
out with your kids or your grandkids and you're trying
to get them to do four one k even just go,
online type in time value of money calculator and just
punch it in and just, say, hey this is just
what's saving this amount of money can, do and this
is what it'll be.
Speaker 1 (37:28):
Worth show it. To wouldn't you see them black and
white or a? Screen oh my, God, YEAH i can
make that much. Money, yeah.
Speaker 3 (37:35):
Exactly and a lot of, times you, know the first
few times you do, it even, me it never gets
old to, Me, right this is this is what you can,
do and it's like, wow really and you can just
do these small, things and sometimes you have to make
choices of, hey DO i buy the brand new, car
DO i save, money DO i do this big, renovation
or DO i save some money or you, know it's
it's all about goal, setting BUT i mean it's and
(37:55):
it's it's just so important to, have you, know open
honest conversations with a grandkids about those things that worked
and things that didn't. Work so try to help them
avoid in the same. Pitfalls ALTHOUGH i, know right kids
don't always want to take your.
Speaker 2 (38:08):
ADVICE i get, that but.
Speaker 1 (38:11):
No they want to take their lunch and spend it
like you, said like the iPod and stuff like, that
or go out on the. Weekends BUT i think if
they realize it and see, it or just see you
and how you live your life and how the and
then grandparents may be reinforcing. It or as a gift At,
CHRISTMAS i got some money from my grandparents significant for
a few years and it. WORKED i INVEST i saved.
(38:33):
It that helped me with the car. Eventually so great, Advice.
Chauncey on the Show, Today All, around we started out
with if your spouse, passes there's a. Checklist jeff talked
about early retirement maybe there's more to it than you,
think and then this segment was fantastic when we come.
Back how do you Reach chauncey and the STAFF I
Creative planning there all around. Town we'll give about that
(38:54):
information when we come back the Retirement. CLINIC a short
break On wis And Chauncey Wisnzella fight Financial. Planner I'm
paul Cron forest will be right Back Retirement clinic With Creative.
Planning we gave up the. Websites But, chauncy IF i
want to reach out and talk to, directly a phone
call might be the easiest.
Speaker 3 (39:10):
Way, yeah two six two five two to forty six
two five to two two four zero four.
Speaker 2 (39:15):
Zero give our office a, call you, know talk to myself.
Speaker 3 (39:18):
Or any of our other wonderful advisors in our office
there In brookfield Or raceime Where Aaron spitzer mostly is
so out In Port, Washington, Delafield, Brookfield racine Also Cape,
Coral phoenix as. Well another great thing as well as, zoom,
right we can we can do. Zoom you can live
anywhere in the. COUNTRY i even have clients that live
in the Area i've never met in person because they
want to meet over.
Speaker 1 (39:38):
Zoom nothing wrong with. That, no whatever it takes to
get things done right exactly And truancy the website. Again
you can go to the name of the, show The
Retirement clinic dot com Or Creative planning dot. Com market
reports On dan o'donald Show monday Through, friday and then
of course we're back Next saturday at ten am for
The Retirement. Clinic it's Every saturday, Morning. Jouncy enjoy The Super.
Speaker 2 (40:00):
Bowl yeah you guys as, well go See Hawks.
Speaker 1 (40:03):
SEAHAWKS i agree with. That good. Stuff we'll see you
next week on Wysm's Retirement. Clinic news is coming up next,
Time Paul. Crownforce stay.
Speaker 6 (40:10):
Tuned the preceding program is furnished By Creative, planning AN
sec registered investment advisory. Firm Creative, planning along with its
Affiliate United Capital Financial, advisors currently manages or advises on
a combined three hundred and twenty five five billion dollars
in assets as Of june, thirtieth twenty twenty. Four the
host works For Creative, planning and all opinions expressed by
the host and or their guests are solely their own
(40:31):
and do not necessarily represent the opinion Of Creative. Planning
the show is designed to be informational in nature and
does not constitute investment tax or legal. Advice different types
of investments involve varying degrees of, risk and there could
be no assurance that the future performance of any specific
investment or investment, strategy including those discussed on the, show
will be profitable or equal any historical performance. Levels the
(40:53):
information contained herein has been obtained from sources deemed, reliable
but is not. Guaranteed if you would like our, help
requires us to speak to an advisor by going to
creative planning dot. Com Creative, planning tax and legal are
separate entities that must be engaged independently
It is News Talking eleven thirty WYSN and time for
the Retirement Clinic. Welcome to the program and good morning.
Hosting the show from Creative Planning back in studio is
Chauncey Wisensel.
Speaker 2 (00:12):
Good morning, Chauncy, and good morning Paul.
Speaker 1 (00:14):
You hear Chauncey's voice not only on the show, but
Monday through Friday where you do the daily market updates.
You guys get like a minute.
Speaker 3 (00:22):
Yeah, we just take a minute, quick snippet, maybe there's
one stock that did something particularly interesting, will kind of
highlight maybe a quick highlight of the economy.
Speaker 2 (00:30):
And go from there.
Speaker 3 (00:31):
We'll give you the numbers what the Dow SMP NASDAC
did for the day. And yeah, one minute, three and
five o'clock Monday through Friday.
Speaker 1 (00:38):
We focus on retirement on this show, and you guys
join forces with Creative Planning after many years with the
Cowall Investment Group. That's the background. Nothing else it's changed.
I mean, what we do talk about in the show,
like I said, is retirement charancy, and there's so much
with regard to retirement to talk about. First off, do
you even have a plan, Do you have an advisor?
(00:58):
You are a Certified Financial Planner, right.
Speaker 3 (01:01):
Yeah, that's correct. Yeah, CFP or Certified Financial Planner. You know,
you do a bunch of studying and then you take
a test and you get some some letters behind your name.
And before I did it, I was kind of I
don't know, you know, it's just studying and you can
find all this stuff on the internet and you just
kind of learn through experience. And but the amount of
stuff you learned going through something like that, there was
(01:23):
really invaluable information and time studying and learning and some
great credentials.
Speaker 2 (01:28):
And I'm super glad I did that.
Speaker 1 (01:32):
Chauncy also, you know, referred to the market updates twice
a day. They've still I mean, we're in a bullish
market for sure.
Speaker 3 (01:38):
Right yeah, certainly an interesting market. I mean it seems
to be a little bit of a whip saw, you know,
if you listen to our market reports or you just
check your portfolio.
Speaker 2 (01:45):
One day it's up, one day it's down.
Speaker 3 (01:47):
The NASDAC is up a percent, the next day it's
down a percent. So I mean you look over all,
I think the month of January was still a good
month overall.
Speaker 1 (01:55):
I mean you look a year to year, everything kind
of is on the right track as an option inflation
getting a little bit better. I don't want to get
too deep in the weeds here, but if interest rates
eke down, a new FED chair has been named to
replace Powell.
Speaker 3 (02:09):
Yeah, we'll see what they do there. I mean, it
seems like a pretty good pick. He's got experience, he's
got credentials, he's got youth.
Speaker 1 (02:16):
Yeah, yeah, exactly. He looks like he's twenty years old.
Speaker 3 (02:19):
Yeah, he definitely is younger than it's a lot of
people in our government nowadays.
Speaker 2 (02:24):
So that that's good as well. I like that too.
But we'll see what he does.
Speaker 3 (02:28):
I'm still seeing everything projecting maybe, you know, anywhere from
one to three rate cuts this year seems to be
the consensus.
Speaker 2 (02:35):
Two or three is kind of the highest probability.
Speaker 1 (02:37):
Just to kind of kick that housing market, right, yeah.
Speaker 3 (02:39):
Kick the housing market, you know, hopefully help out inflation,
job market, just get a little bit more spending, you know,
you don't want the economy to get too sluggish with
higher rates overall, So we'll see what happens there. But overall,
so far, it's they held for January, which was kind
of expected in the markets. Well, the markets expect something
(02:59):
and it happened. It's typically a good thing, right. It's
when they expect something and it doesn't happen, or it
goes a different way that that causes some volatility, but
a volatile market, but a good one to kick off
the year.
Speaker 1 (03:08):
Chauncy a busy show today. In fact, after the first break,
we'll be hearing from Jeff Kolewaal, who's got an interesting
topic and that's about retiring early, possibly be more difficult
than it has in years past, and you need a
game plan that's going to be coming up in this hour.
You've got a lot of stuff to talk about, so
I'll shut up and step aside. I do want to
(03:29):
give out some background information the show is the website
the Retirement Clinic dot com. Past shows are archived and podcasted.
But to get information the Retirement Clinic dot com or
Creative Planning dot com. More importantly, to pick up a
phone and call to six' two five two two forty
forty with any. Question we'll give out that number throughout
(03:50):
the program with locations In brookfield where you always have
been for many. Years, yes On Blue Mount, road you're In,
racine you're In, delafield you're In, Port, Washington, wisconsin lie
in all fifty, States phoenix And Cape, Corrible florida as.
Well so you work with all types of, Clients. Trunc
it's not just people that are aging and boomers that
(04:10):
are in. Retirement it's people that need to plan for.
Speaker 3 (04:13):
Retirement, Yeah i've got clients all over the. Board you,
know clients in their, thirties all the. Way PROBABLY i
Think i've got these a couple of clients in their. Nineties,
Right so it's all over the. Place and that's the
great thing about you know what we do is you
know where we're here to. Help we're here to help,
everyone and everybody's situation is. Different, Right certainly in your,
nineties you're gonna sit here and talk to me about
(04:34):
is state? Planning and all the times a lot of
those clients come, in they're, like what's going to happen
WHEN i? Pass and you, know you have those conversations
and then you have conversations where it's, Hey i'm going
to retire in fifteen, years you, know how do we get?
There Or i'm retiring tomorrow what? Happens so all different,
people all walks of. Life it's it's. Great they all need.
Plans they on need, help and it's a joy working
with all of.
Speaker 1 (04:53):
Them, johnsy you alluded to how we're kicking off the.
Show you've got a topic that might not be, pleasant but,
necessary and it's people that pass, away maybe earlier than.
Expected you do you have a? Plan is your spouse?
Ready is everything in? Place are your affairs in? Order
you hear that a. Loud i've just talked About catherine
O'Hare passing away about a week. Ago she was seventy
(05:15):
one years, old, young younger than the Average. AMERICAN i
think women are seventy, seven men a little bit, less.
Speaker 2 (05:23):
Seventy, five seventy six somewhere.
Speaker 3 (05:24):
There, yeah that men are usually like one or two
years less Than, Yes, yes.
Speaker 1 (05:28):
For whatever, reason women outlived men on. Average those are average.
Numbers of, course some people live well into the, nineties
even getting a. Hundred but she passed, away and it
kind of puts light on Boy hell's early brief illness
and then. Died what if that would happen to your?
Family are you? Ready?
Speaker 3 (05:43):
Yeah and you, KNOW i this isn't really a topic
just so much As i've just been seeing. It we
were talking about before the. Show i've just been seeing
it happen a lot over the last i'd say year
or so for my. Clients you, know a lot of
people kind of late maybe, five but in there just
for how many my clients is that that's a lot
(06:04):
for me in their kind of late, sixties early seventies passing.
AWAY i think it's all been all those husbands, too unfortunately. Males,
yeah a little bit little lower life. Expectancy and in most,
cases you, know it's people who were relatively healthy and
something comes up all of a, sudden you, know they
didn't realize or they weren't prepared, for and you, know
(06:27):
it's it's just it's it's. Unfortunate and now that's where
seeing all this kind of kind of just puts things
in perspective, of, yes you, know it's it's important to
retire and enjoy, life you, know and and it's not.
Always we sit down and we look at a. PLAN
a lot of times we plan for you to live
to age ninety.
Speaker 2 (06:43):
Nine, usually, right you, know we want to make sure
your money's gonna.
Speaker 3 (06:47):
Last plenty of, It, yeah exactly want. To we want
to make sure your money's gonna last a long enough.
Time but certainly sometimes you see people who want to
hit a certain number of. Surplus, HEY i HAVE x
AMOUNT x THAT i can, retire or you, KNOW i
want to have a million dollars extra or half a
million dollars, extra, right, well or they're just, afraid they're,
(07:09):
nervous or what AM i gonna?
Speaker 2 (07:10):
Do you, know what is this?
Speaker 3 (07:11):
Like i'm afraid to not get those regular. Paychecks and you,
know sometimes it takes a little bit of a leap of.
Faith AND i try as much AS i can at
times to kind of push. People IF i think their
plan looks good AND i feel comfortable with them, RETIRING i, say,
hey you, KNOW i would feel confident if any of
my clients retired with a plan that looks like, yours
and you should, retire Right AND i have clients who
(07:32):
even hate their jobs and they won't retire because they're
so nervous about. It but at some, point it's you
need to just kind of take maybe a little bit
of a leap of faith and pull the plug and
go out and enjoy your life and live your. Life
at a certain, point enough is, enough and if the
plan looks, good and you, know that's all part of.
It if we've done proper planning for, you and we
(07:52):
run the, numbers and your expenses look, good and we
inflate those out and overall, say, hey you know you've
got a surplus.
Speaker 2 (07:59):
Here you can go hiad retire at any point in. Time
and those are the.
Speaker 3 (08:03):
Clients SOMETIMES i see continue to work and continue to
work and continue to. Work and THEN i see some
clients who pass away. Early you know there's there's certainly
a balance.
Speaker 1 (08:10):
There they certainly didn't plan on, that right unexpected, death
whether it's grabbing your heart on a golf course and
you fall over, dead whether it's a tragic car, accident
whether it's, cancer who knows what the reason. Is but
you've got to be prepared for. Trumpcy at what? Age
is the? Answer at every? Age when SHOULD i have
(08:30):
an estate planet?
Speaker 2 (08:31):
PRICE i, mean you should get in a state.
Speaker 3 (08:33):
PLAN i even talk to tell my clients when their
kids are, eighteen you know they should have at least
maybe you.
Speaker 2 (08:38):
Don't you don't need a will.
Speaker 3 (08:39):
And a trust in all, right powers of, attorney but
you need powers of attorney right financial and. Healthcare otherwise
there's there's hoops you got to jump. Through the state
can appoint somebody oftentimes ends up being right the, parents
but it's a longer process versus, HEY i have this
document and.
Speaker 1 (08:53):
The probate, courts, yes public. Record that means there's money
involved with. Lawriors you can avoid that all with the
proper state. Plan by the, Way Creative planning now offers
estate planning.
Speaker 3 (09:02):
Services, yeah and our state planning services has been. Great
i've had quite a few clients to do a state.
Planning you, know it's super easy once you become a
client to do his state. Planning you, know we already
have all your. INFORMATION a lot of, times and even
before when we were cold wall, right we had supparate.
Attorneys we prefer you to you have to gather all
that information to give to the. Attorney we already have
(09:23):
all your. Information we know all this stuff about, you
all your outside, Accounts we know about your, kids your,
family your, history all these, things, right and we send
you off to the. ATTORNEY a lot of it is
all done virtually with. Us you meet with, him he
goes up and draws the state, plan reviews it with.
You they'll mail it out to. You and oftentimes my
clients come in And i'm a, notary SO i notarize
(09:43):
their documents and we have witnesses in the. Office it's
just a super simple plan that oftentimes just takes a
few hours of your time and you pay a little
bit of money to get This state.
Speaker 2 (09:54):
Planning.
Speaker 1 (09:54):
Yeah how long has it been since you joined Creative?
Planning a little over a, year.
Speaker 2 (09:58):
Right, yeah it's been a little over a year. Now.
Speaker 1 (10:01):
Wow it's everything under one. Roof so you got tax,
people you got a state planning, people the retirement, plan
the financial. Plan you get a. Binder, boy it's nice
being organized and having everything you put together and then
there it, is right your family can tell them we've
got everything in.
Speaker 3 (10:18):
Place, Yeah and that's SO i do have a little
bit of a talk as. WELL i have a checklist
and events to your spouse's. Death it could be, really you,
know anybody if it's a parent or a sibling or
any loved, one or any person who you're an executive
for or you're trying to help with with their. Estate
but really this one is specific to kind of spouse's
and so that's actually kind of the third bullet point
(10:40):
on the checklist.
Speaker 2 (10:40):
Here i'll kind of run through it as.
Speaker 3 (10:41):
We, go but locate important, papers, Right and that's where
we talk about this. Binder and at, first If i'm
being honest with, YOU i was, like oh my, gosh
BIND i gotta put binders together for all my. Clients
it's come, on it's it's twenty twenty. Five what are
we putting together paper binders for?
Speaker 1 (10:56):
Digital?
Speaker 3 (10:57):
Yeah, Exactly BUT i, mean you, know oftentimes, digital you,
know there's passwords involved and maybe somebody doesn't know where
you saved, it or something got erased or.
Speaker 2 (11:08):
Delete, right that's a great.
Speaker 1 (11:10):
Point what if one spouse does all the finances in the, HOUSE.
Speaker 3 (11:12):
I, mean and that's that's incredibly. COMMON i Mean i'll
have people come, in you, know a lot of times
it's a. Husband sometimes it's the wife, though and the
one knows everything and the ones LIKE i don't really know.
Much and so you, know that's where we're really there
to kind of help and educate a lot of, times.
Speaker 1 (11:29):
When you say, binder literally it's a, binder.
Speaker 2 (11:32):
It's a huge. Binder you, know all.
Speaker 1 (11:33):
The documents in, place all the stuff you. Need, yeah
and like you, said that's that checklist for the, spouse.
Speaker 3 (11:40):
Yep, Exactly and so you know the binder we put,
together that's your financial, plan your, investments your risk, tolerance
your asset, allocation and everything from your life. Insurance you
have long term care, Insurance, medicare health, insurance at, work
home auto, umbrella your estate plan goes in, there, Right, trusts,
(12:00):
wills financial.
Speaker 1 (12:01):
Docums you think of all we, HAVE i mean checking savings.
Account we might have multiple could have for Wroth, ira
you might have a four to one k a. Pension
it goes on and.
Speaker 3 (12:10):
On and that's where you, know when clients give you
a lot of, transparenty it's really easy to help them
create those lists of things right and oftentimes that's one
of the first things you see when you open up
the binder is, just you, know a balance sheet of
our assets or SOMETIMES i call it like an. Inventory right,
now always make sure not only do we get all
your investment, accounts but let's say maybe you have a
collection of baseball, cards or some a piece of jewelry
(12:31):
or some. Artwork maybe the kids don't know there's there's
much value to. It but if by by going through
all that and asking the right, QUESTIONS i could, say,
oh you, KNOW i had one CLIENT i had no
idea how we were going through, this and he starts
telling me about this baseball card collection he has of
you Know Hank, Aaron Paul, Mallator Mickey, mantle you Know Joe,
demage like all these super old baseball, players and he
(12:54):
spent a ton of.
Speaker 2 (12:55):
Time so there's value to.
Speaker 3 (12:56):
That hundreds of thousands of, Dollars oh that much to
His AND i never, knew BUT i was, like, hey you,
know we definitely should need to denote this so your
kids don't see a bunch of old baseball. Cards, Awesome,
yeah we're just donate them or, no we have no
idea what this is where somebody will take advantage.
Speaker 1 (13:12):
Of, them, Right so document, that.
Speaker 3 (13:15):
Document all that, stuff and it's important to have all
that and that's that's all part of what goes into the.
Binder AND i even tell, clients you, know it's great
to me print off like a list of your passwords
or something and keep that in there.
Speaker 1 (13:26):
As, well and so you know for, yourself you, know
how many passwords do we? Have i've got so. Many
AND i know there's apps and those password apps that keep,
trying but it's nice to, just, OH i forgot what
that is a log out On? Netflix you want TO
i forget what it is.
Speaker 2 (13:39):
Exactly it's Just.
Speaker 1 (13:40):
Netflix think of important. Stuff you, know your retirement, plan
yeah that Raw ira want to check the bell as
a health savings.
Speaker 3 (13:48):
Account, yeah SO i mean doing our best to get
all that in one place and then working with our
clients in those different areas as. Well BUT i want
to make SURE i get to the checklist here a
little bit and kind of run THROUGH i believe there
is let me look, here thirteen bullet. Points Uh so number.
One if let's say this is kind of immediate. Thing
let's say it's a spouse passes. Away you, know sometimes it's,
(14:09):
expected sometimes it's. Not but either, way, right there's likely
to be a lot of. Them there's always a lot
of emotions there when anybody passes, away a, spouse close,
friend family. Member but you know a lot of times
there can be some shock and trauma, there even if
it was something that was. Expected but if you're, alone you,
know take some, time call a, friend call a family,
member you, know just talk to them on the, phone
or have somebody come over and be there with you
(14:32):
and just kind of make that step number. One step number,
two make funeral, right make funeral, arrangements you, know call
up a funeral, director we recommend getting fifteen to twenty
copies of death. Certificates so many places are going to
need a death, certificate. Right some places will just take,
one some places are gonna want. Multiple for every account
(14:54):
that you, have you're gonna need it for, employers, life,
insurance investment, accounts insurance, companies social security and, medicaid all
those things you need their certificates or so usually fifteen
to twenty. Copies we recommend getting locate important. Documents, again
that's where we help our clients by putting together that.
Speaker 2 (15:12):
Binder so you've got that on one. Place you can
just grab that and it's all right.
Speaker 3 (15:15):
There there's sometimes certain assets that are going to be,
frozen especially if they're jointly. Owned we see it a
lot on if clients have revocable trusts or joint investment
accounts like brokerage. Accounts those are typically frozen when one spouse.
Passes you, know we need to retitle things and in due.
Speaker 2 (15:33):
Time.
Speaker 3 (15:34):
Right it's OFTENTIMES i tell Clients i'm happy to go
is whatever speed you feel comfortable.
Speaker 1 (15:38):
With. Right, remember the more of this you get done
before the, death because at the time it's you you're.
Emotional you're, grieving the family's. Grieving you don't want to
be thinking about passwords and stuff like.
Speaker 3 (15:50):
That, yeah, exactly, exactly and so you, know but we're
there to, help and We'll I'll i'm always as happy
to go as fast or as slow as a client
wants to. Write AND i don't want to drag it out,
forever So i'll, say you, know let's just take a
little time and then let's start working on some of this.
Stuff but a lot of times jointly held assets can
be can be locked up for a while with some
type of. Restriction usually it makes a ton of sense
(16:11):
to make an appointment with your tax advisor attorney review
your estate.
Speaker 2 (16:15):
Plan some stuff might.
Speaker 3 (16:16):
CHANGE i just had a, client one of them whose
husbands passed away about a year, ago and we met
end of this end of last, year and she's, like,
hey you, know it was like a second marriage for
both of.
Speaker 2 (16:29):
Them they had kids from first.
Speaker 3 (16:30):
Marriages and she, said, hey you, know we had picked
somebody to be kind of the trustee of the, trust
but now that person was his son from a previous
marriage and just around less, right less in tune with,
things and so we SHE'S i want to update that,
now and so there's a process to do that and
we're and we're working with them on.
Speaker 1 (16:48):
That SO i mean even like Social security checks right
to get used to. That, yeah that income and then
and anything he passes away and out you don't have, That.
Speaker 3 (16:57):
Yeah and anything paid, afterwards it always is gonna have
to pay back To Social. Security don't worry if you call,
though they'll send you two hundred and fifty dollars is
a death?
Speaker 2 (17:05):
Benefit no idea why they do. THAT i think The.
Speaker 1 (17:09):
Social security mails two hundred and fifty dollars. Out, YEAH
i had no.
Speaker 3 (17:13):
Idea, yeah if you, called so you would Call social
that's actually step number. Eight so, seven if you're Fels is,
employed call, them provide all the information what. Happened number
eight Notify, medicare give them all the information as. Well
but number nine Notify Social security. Basically so sometimes it's
quicker if you go on the office instead of, Call so.
Speaker 2 (17:33):
Maybe go into like a local. Office you can find
those just.
Speaker 3 (17:35):
Online but, yeah they'll send you two undred fifty dollars death.
BENEFIT i think that was something they probably did when
they first. Started Social security never gone. On it was
a meaningful amount of. Money, yeah, Meaningless AND i think
it was one of those things where they just never
adjusted in for, inflation, right and so now two hundred
fifty dollars is, no it's not.
Speaker 2 (17:55):
Nothing but, basically but this is.
Speaker 1 (17:56):
A i know you've got a few left to, go
a thirteen bullet, point a spousal checklist upon the death
of your, spouse your significant.
Speaker 3 (18:04):
Other, yeah and too it could be, anybody, RIGHT i,
mean if you have an elderly parent who passed, away,
right you're gonna have to do all these things as
well for them Notifying Social, security medicare looking at the,
assets making these, appointments possibly with.
Speaker 2 (18:17):
People so, yeah so number nine Notified Social. Security.
Speaker 3 (18:22):
Ten if you need emergency cash before claims are, paid
you know a lot of times they'll give you like
an advance on life insurance benefits except depically a cash
advance so that you can pay any, bills maybe pay funeral,
expenses anything like.
Speaker 2 (18:34):
That if you don't have a ton of, Money i'm just.
Speaker 1 (18:38):
Going through my. MIND i don't even say. Cash most
people have a debit card of some, sort.
Speaker 3 (18:42):
Right, Yeah i'd say for the most, part right, now
not really a big. Thing BUT i mean if you
have minimal money in your bank account and you're, like,
HEY i need to pay these. Bills what credit card
your spouse passes? Away you need to cancel that, stuff, right?
Yeah or maybe you, know you you go from having
like you mentioned Social, security you go from two to,
one and you're, like, well normally your cash flow is,
fine but maybe you only have five or ten thousand
(19:04):
the bank account and there's a large expense on top
of the, funeral and you you, KNOW i need some extra.
Money the funerals are not, inexpensive definitely. Not AND i
think that's what that two hundred and fifty dollars used to
be the. Help but now you know, THAT i, say,
yeah you get like a flower arrangement for that most yeah,
so but, yeah so you can always see if there's
(19:25):
you can get like an advance in life insurance benefits as.
Well if your spouse was in the service notified veteran,
affairs there's probably likely some type of eligible for some
type of death or disability. Benefit there twelve in a
small legit keep track of all money you. Spend these
figures will be needed for your tax. Returns oftentimes you'll
(19:46):
have to file like a final tax return for an
estate or a spouse when that, Happens so make sure
you keep track of all. That and then thirteen is
really kind of a big. One but remember your very emotional.
State so avoid contracting for, anything avoid spending or lending
large sums of money to, people or making large purchases
(20:09):
or doing anything kind Of and if.
Speaker 1 (20:10):
THERE'S i know this is this is a horrible, thought
but there are very bad people in this world that
prey Upon they look for. Obituaries, yeah they look for
when the funeral is so they can rob the. House
things like that happen all the. Time, yeah, Definitely and
just have your guard, up have family around you to.
Help this is Something charanci has a certified financial planner
with your. Clients you just went over thirteen huge bullet
(20:32):
points upon the death of your, spouse your significant, other
if you if you need, help that's why it's nice
to have a.
Speaker 3 (20:38):
Planner, yeah and then you're not doing this on your, own,
RIGHT i mean that's a big thing, too. Right and
this is a checklist creative planning provides and put together
it provides for the. Clients and you, Know i'm always
telling People i'm here to help as much AS i possibly. Can,
right if you need help making those phone calls financial,
Institutions i'm happy to do, so you.
Speaker 2 (20:56):
Know and then obviously we're going.
Speaker 3 (20:58):
To need to retitle, accounts update better, fisharies probably have
to adjust your, distributions right because you've probably lost at
least some source of income if you're, retired whether it's social,
security part of a, pension whatever it may.
Speaker 1 (21:10):
Be so take time, grieve but you need to do
that sit down at some. Point, yeah after the, Death,
chauncy these are great. POINTS i want to give out
your phone number two six two five two to forty.
Forty chauncy Wisen cell hosting today's retirement, clinic of, course
with creative planning locations all over. Town we'll give you
more information throughout this. Show but two six two five
(21:32):
two to forty, forty maybe you'd like this list where
you just want to sit down and.
Speaker 2 (21:36):
Talk, yeah always happy to talk with.
Speaker 3 (21:38):
Anybody it's never a second, opinion doesn't, hurt, right, says
always saying the same.
Speaker 2 (21:43):
Thing like going to a.
Speaker 3 (21:44):
Doctor someone says that you need, Surgery you're probably gonna
go somewhere.
Speaker 2 (21:47):
Else DO i need? Surgery? Absolutely see what they.
Speaker 3 (21:49):
Say maybe you like what the second person has to say,
better but it never. Hurts good second opinion and it
doesn't cost.
Speaker 1 (21:54):
Anything one thing after the, Break, well you're gonna hear
From jeff coolewal he'll talk about early retirement possibly being
a little bit more difficult than you may. Think we're
gonna hear what he has to. Say chauncey will react
to that and a lot more coming up in Today's Retirement.
Clinic Chauncey wisensell is in, Studio certified financial, Planner Creative
planning dot com or The Retirement clinic dot com ON
(22:18):
wys And I'm Paul kronforest will be right, Back hi.
Speaker 4 (22:20):
Everybody On Jeff.
Speaker 5 (22:21):
Coal AS i was looking at topics to cover for this,
SEGMENT i thought i'd revisit a popular topic from a
couple of years, ago the Fire fire a fire.
Speaker 4 (22:33):
Movement let me. Explain this is A baron's article.
Speaker 5 (22:37):
Article it's Titled retiring early is looking more difficult the
new game. Plans so key point is that the fire
movement fire means financial, independence retire, early financial, independence retire
early acronym fire F, ira and it's evolving through the
higher living costs and market, volatility you have to adapt
(23:00):
to different, strategies and other key point is that.
Speaker 4 (23:04):
You have to save.
Speaker 5 (23:05):
More and the third point is that the fire, proponents
those like the idea of saving money very very very
aggressively in the early years so you can retire as
early as thirty five or forty years. Old say that
you now need instead of a million to million and a,
half you need two and a half to six million
(23:27):
dollars in assets for retirement now with the new. Calculations
so let's go through some of the topics. Here AND
i thought it was kind of, interesting AND i think
anybody is eligible to be financially independent and retire, early
but it has to be a concentrate, effort and you
(23:47):
have to look at different variables and different, downsides the
things that can roadblocks that can potentially be in your.
Way so the dream here back to the, article the
dream of working hard to retire early as you roading
as higher costs of living cut into savings and depends
on how well you plan as to whether you'll be
(24:09):
able to pull the pin and retire. Early pursuing fire
has never been entirely, smooth but it's a little bit higher,
now harder. Now the original tenets of the fire movement
were to put away a large portion of income into
savings and invested put it into stock, funds so you watch.
It and since two thousand and seven two thousand and
(24:32):
eight financial, crisis stocks have been very.
Speaker 4 (24:34):
High even though we've had a couple of bumps in the.
Speaker 5 (24:36):
Road since, then stocks have done pretty well well and
many would be retirees are sitting on pretty big. Portfolios
but there are two potential flies in the. Ointment according To,
barons early retires who quit working even decades before they
(24:56):
start Taking Social security are usually vulnerable to sequence of return.
Speaker 4 (25:03):
Risk what does that?
Speaker 5 (25:04):
Mean that means that what happens if the market tanks
right after you. Retire if you're still working and you
have a large amount in, savings you can wait it
out and wait for the market to. Recover but if
you don't have if you've retired and you don't have
a large amount of, savings that's when you have to
start to. Worry the second worry is, inflation a risk
that disappeared for decades and returned with a POST covid nineteen.
Speaker 4 (25:31):
Pandemic price games have.
Speaker 5 (25:33):
Slowed they went up dramatically During President biden's, term but
they remain above pandemic. Levels And President Donald, trump according
to the, article it's pushing for low interest policy from
the Federal. Reserve let's see these, days there's a more
tailored approach to, fire AND i want to make.
Speaker 4 (25:54):
Sure we touch on a couple key.
Speaker 5 (25:57):
Things, one it's still you can still fire financial dependent retire,
early but you can do it on your. Terms THEN
i think that that's the key to the article and
a key to many things in.
Speaker 4 (26:10):
Life financial independence says.
Speaker 5 (26:14):
You could, retire but should You with proper, planning you
can and you could do it on your.
Speaker 4 (26:19):
Terms, again have a large amount in.
Speaker 5 (26:21):
Savings inflation is a potential, roadblock big roadblock if you
don't plan for. It healthcare is a fire killer for,
some according to the, article either a killer or delays
it for. Others as for, work several income streams instead of.
One some people are looking at using their investments for
(26:42):
a large part of, it but then supplementing it with
part time. Work, again the article says that you need
anywhere from a million to six million dollars to be
able to retire.
Speaker 4 (26:54):
Early let me wrap up the.
Speaker 5 (26:56):
Article there are different levels of, fire and you can
be overly cautious to have six million of, assets or
you can go on with a little lower. Budget but
the article takes talks about health care, costs but doesn't
really address long term, care, nursing home health, care assisted.
(27:17):
Living i'm JUST i was just talking With Marty, dooley
who's a long term care, expert friend of, mine friend
of the. Show he was saying that's more important for
the female to have long term care for two. Reasons,
one they tend to live, longer so better chance that
you'll need. It and, two there's a fifty six percent
(27:39):
chance that a sixty five year old male or female
will have a long term care. Event according to The
health And Human Services, department that's an event that lasts
a health event that lasts ninety days or, longer and
that it could last three and a half three plus.
Years the article was about, fire financial, independence retire.
Speaker 4 (27:59):
Early you can do it as creative.
Speaker 5 (28:02):
Planning we plan for all possibilities for our clients and including,
inflation including, healthcare including long term.
Speaker 4 (28:13):
Care but you have to write it.
Speaker 5 (28:15):
Down you can't just eyeball it and say, YEAH i
THINK i got. It you have to reduce it to
Writing that's what we do with all of our producier
advisors At Creative. Planning so give us a call and
let us know if you can.
Speaker 4 (28:27):
HELP i hope you enjoyed.
Speaker 1 (28:28):
This we did enjoy that. Segment Jeff colewall good. Stuff
and as we continue the Retirement, Clinic Trancy wisen And
sell any thoughts on that about maybe retiring early is
more difficult than you? Planned maybe?
Speaker 3 (28:40):
Not, well, YEAH i mean just going back and, listen you,
know if obviously you listen to what you have, said
BUT i mean people live. Longer, inflation you have to
have more money. Saved you, know expenses are just just
keep going. Up who, knows you, know Social security is
always likely to be, there but you never.
Speaker 2 (28:56):
Know but, YEAH i mean you have to save more
money now than you ever have to. Retire.
Speaker 3 (29:01):
Right we kind of transition from this area where you
know a lot of, people you, know like my grandparents'
age or probably a lot of our listeners parents age had, pensions,
right those, pensions and now it's four one k's and
RATH i rays and a lot of clients we see
in their sixties seventies is still kind of a, blend
and maybe a few still have.
Speaker 2 (29:18):
Pensions but the pensions are still out.
Speaker 3 (29:19):
There, yeah once you kind of but a lot of
times if you're not really in government work anymore or
some there's still a few large corporations that offer. Them
because of the, liability you just don't see. Pensions and
so you're really relying so much more on yourself now
than you ever. Have and a lot of people want
to retire, earlier, obviously, right but.
Speaker 1 (29:38):
What and what is is there such a thing as
a retirement age sixty?
Speaker 3 (29:41):
Five, WELL i mean technically now sixty seven is full
retirement age for Social. Security still a lot of people
still kind of sixty five in their heads because Of. Medicare, usually,
yeah usually because Of medicare is sixty. Five and if
the goal is for its hire, earlier well you need
to save into brokerage, accounts you, know or you, know
you get access to your four to ONE k at fifty.
(30:02):
Five now if you retire from your, employer you can
take from that employer at fifty five.
Speaker 2 (30:06):
From that four to ONE. K that's just it's case by.
Speaker 1 (30:08):
Case everybody is, Different.
Speaker 3 (30:09):
Yeah everybody's. Different and the biggest thing always is is health.
Insurance every TIME i sit down and talk with. People
it's it's health, insurance and it's.
Speaker 1 (30:16):
Expensive it's very.
Speaker 3 (30:17):
EXPENSIVE i always plan for at least one thousand dollars
a month per person on Health. EXCHANGE i, mean so
that's twenty four thousand dollars a year. Additional and then
eventually you get On medicare at sixty five and the
expense is very is a lot more minimal when they
take it right of your Social.
Speaker 1 (30:31):
Security, yeah, oh was that that's How medicare?
Speaker 4 (30:34):
Works?
Speaker 3 (30:35):
Yeah, usually, yeah whenever you, File so if you're not
Seeing Social security, yet obviously you need to pay your.
Premiums but once you're On Social, security the vast majority of,
People medicare just comes right Other Social security.
Speaker 2 (30:45):
Statements it was a.
Speaker 1 (30:46):
Great topic By. Jeff, yeah and really it comes down
to how much you're gonna, spend how much you have.
Saved it's case by. Cases that's why we brought it.
Up you can always reach out to talk to. Somebody
chauncey wisen CELL i create a planning two, six two
five to two forty. Forty when we come, Back you've
got a great segment on kids and.
Speaker 3 (31:04):
Grandkids, yeah just teaching your kids and grandkids about money
and just kind of stories and lessons that can help
build financial.
Speaker 1 (31:10):
Literacy Retirement clinic Dot com from Work information will be
right back With truncy On paul crownforst ON Wysn Retirement
clinic continues on w I s hand With Creative Planning
Chauncey wisensell hosting the program today Alongside chauncey and. Studio
I'm PAUL crownforcet On Super bowl. WEEKEND i have not asked,
you but the game Tomorrow Seattle.
Speaker 2 (31:33):
Seahawks it's you, know.
Speaker 1 (31:35):
You convinced me because we have no skin in the. Game. Now,
however you made a good point About Sam.
Speaker 3 (31:40):
Darnold, yeah you, know The vikings gave up on, him
and now to see him you can just get to
his Super bowl with The.
Speaker 2 (31:46):
Seahawks it's kind of. Funny, yeah to win A Super bowl.
Speaker 3 (31:49):
Better AND i really can't stand and see The patriots
just going another on another.
Speaker 2 (31:54):
Run you, KNOW i saw. Them oh you, know it
was a tough five.
Speaker 3 (31:57):
Years i'm, like, okay, yeah really tough five, Years brady seven.
Speaker 1 (32:00):
Rings, yeah now you've got a twenty two year old
that you're, right they could go to another. Run So
i'm with. You i'll be rooting For seattle, tomorrow and
most Of america. Watch it's the one collective game and
or thing ON tv that we watch in real time
together as a. NATION i think the numbers are like
seventy five. Percent it's.
Speaker 2 (32:18):
Crazy.
Speaker 1 (32:18):
Yeah so it's, fun the, parties everything about. It it's.
Fun so have a Great Super bowl, tomorrow. Folks we've
got a segment on, kids grandkids helping them with their savings.
Speaker 3 (32:28):
Truancy, yeah and you, know just, uh just a quick
little segment here about teaching your kids and grandkids about.
Money you, know a lot of times we try to
pass on you, know basic life skills and obviously values
that parents want to guide their children into adulthood and
as they grow up and get jobs and have families
of their own and all. That but you, know something
(32:49):
that's that's incredibly impactful obviously is just financial education as.
WELL i think as they kind of look through this
as an article From Creative planning that they dealt to
all our clients this, week actually got it from. There
but as it was kind of reading, THIS i was
thinking my own experience as. Well OBVIOUSLY i do this
for a living, NOW i always have ever SINCE i graduated.
(33:10):
School but it's never too early to start financial, education,
Right and that can just be something as small as an, allowance.
Speaker 2 (33:16):
Right AND i know my parents did that for.
Speaker 3 (33:18):
Me you, know we had a little sheet on the
fridge magnet up, there and they had a list and a.
Value oh you, know you you vacuum the, house you
get a dollar or.
Speaker 2 (33:26):
Whatever, right you ownload the dish, fasher you GET.
Speaker 1 (33:29):
I love this. Idea it teaches, kids first, off you
got to earn the, money but it also how cool
it is to get some of that. Money, yeah and
Now i've got some money in my, pocket especially as
you get into your. Teens.
Speaker 3 (33:40):
YEAH i mean if you're like, ME i mean you just,
oh it's. COOL i got some money and Now i've
saved that money and then more, money, right. SHOCKING i
do this for a living, now, Right but to just
kind of do that and just to start, there and you,
know this article kind of suggests even just doing like
little jars or piggybanks and labeling The i'm, like this
is my Money i'm saving for like a long term
(34:00):
THING i want to, buy, right and this is MONEY
i CAN i can share with. Others and then this
is money THAT i can, spend, Right so just kind
of teaching kids to budget and then the value of
saving money for some of those. Gifts AND i wanted
TO uh to save for an, iPod AND i got
a job AND i worked one day a week BECAUSE
i was all pretty much that was allowed WHEN i
was in high, school and eventually saved enough money for an.
Speaker 1 (34:21):
IPod which back then was a big. Deal it was
a huge, deal you, KNOW i was everything's on the,
phone think about, that the list circle in the, Middle,
yeah the play and pause, button download the music you.
Speaker 3 (34:30):
Want and THEN i got a touchscreen want, Right but,
anyway so that was that was my first big. THING
i wanted a job to save for AND i did,
it and then you.
Speaker 2 (34:37):
Know it was a. Goal it was a, goal, right
and it's important to have.
Speaker 3 (34:40):
Goals and then after, that you, know you're, sixteen just
want to save for a car and so and so
and so so on and so. Forth but my parents
opened save these. ACCOUNTS i, know my grandpa was a.
BANKER i knew a lot about that type of stuff
from him as. Well but you could see kind of
how parents budgeted money and save money AND uh spent
it and you, know but things like allowances and say
for the first, job and having those goals and you,
(35:02):
know saving up for those those long term things and
not just you, know, saying, oh here you, go you,
know or just.
Speaker 1 (35:08):
Giving the kid. Money, yeah without having the work for.
IT i know some families do. THAT i am all
about what you said it earning, it, yeah because you
really but it does.
Speaker 3 (35:17):
Work, Yeah and there's nothing wrong with with helping your
kids out by any.
Speaker 2 (35:20):
MEANS i have tons of clients to.
Speaker 3 (35:22):
It, obviously every parent as much as they can right,
once helps out their.
Speaker 1 (35:26):
Kids especially maybe it's a come maybe we'll pitch, in
but you also need to exactly and then insurance you're
in charge of. That you got to fill it up with, gas, yeah.
Speaker 3 (35:34):
Exactly so you, know there's there's there's good ways to do.
It but you know it's it's never too soon to
just kind of help to help kids out with teaching
them about stuff like. That another one here talk about
that and choices of long term financial. Responsibility you. Know
oftentimes my clients was down with. Me and like one
of the number one things you hear when you first
meet with people or even, CLIENTS i WISH i had started. Sooner,
(35:56):
right that is something that's so incredibly important to share
with your, kids you, Know and SOMETIMES i think kind
of talking about money is, taboo right for you don't
want to talk discuss. Finances oh it's tacky or, whatever
but it can be so important to just open up
and have an honest.
Speaker 2 (36:13):
Conversation you, KNOW i WISH i had started. SOONER i don't.
Speaker 1 (36:15):
DO i think it's not. TACKY i think it's absolutely.
Speaker 2 (36:17):
NECESSARY i, AGREE i completely.
Speaker 3 (36:20):
Agree and a lot of times you just you don't
know till later in life you know what kind Of
oh these are the MISTAKES i? Made, right even just
sharing something like, that you, KNOW i WISH i had done,
this or OR i did this and it really worked
out for.
Speaker 2 (36:33):
Me, right you should do?
Speaker 1 (36:34):
This you, know made that one year even like with
a four to one. K let's say you wait till
you're twenty, four but you could have started at twenty. Three,
yeah when you get to be my, age you're fifty,
nine that one year means a. Lot.
Speaker 3 (36:45):
YEAH i mean say say you say you could have,
said you, know five thousand dollars that one year between
what you did and maybe your, match and then think
about how many thirty years from the time you were
twenty four to the time you. Retire the compounding of
that five thousand dollars is just it's.
Speaker 1 (37:00):
Crazy power of. COMPOUNDING i, know it's A. Seinfeld yeah
they found out yet some MONEY i don't, know like
a thousand bucks and now it's up to. Whatever, yeah
the power of compound. Interest it's an amazing.
Speaker 2 (37:11):
Thing, yeah it's it really.
Speaker 3 (37:13):
Is AND i encourage, anybody even if you're just sitting
out with your kids or your grandkids and you're trying
to get them to do four one k even just go,
online type in time value of money calculator and just
punch it in and just, say, hey this is just
what's saving this amount of money can, do and this
is what it'll be.
Speaker 1 (37:28):
Worth show it. To wouldn't you see them black and
white or a? Screen oh my, God, YEAH i can
make that much. Money, yeah.
Speaker 3 (37:35):
Exactly and a lot of, times you, know the first
few times you do, it even, me it never gets
old to, Me, right this is this is what you can,
do and it's like, wow really and you can just
do these small, things and sometimes you have to make
choices of, hey DO i buy the brand new, car
DO i save, money DO i do this big, renovation
or DO i save some money or you, know it's
it's all about goal, setting BUT i mean it's and
(37:55):
it's it's just so important to, have you, know open
honest conversations with a grandkids about those things that worked
and things that didn't. Work so try to help them
avoid in the same. Pitfalls ALTHOUGH i, know right kids
don't always want to take your.
Speaker 2 (38:08):
ADVICE i get, that but.
Speaker 1 (38:11):
No they want to take their lunch and spend it
like you, said like the iPod and stuff like, that
or go out on the. Weekends BUT i think if
they realize it and see, it or just see you
and how you live your life and how the and
then grandparents may be reinforcing. It or as a gift At,
CHRISTMAS i got some money from my grandparents significant for
a few years and it. WORKED i INVEST i saved.
(38:33):
It that helped me with the car. Eventually so great, Advice.
Chauncey on the Show, Today All, around we started out
with if your spouse, passes there's a. Checklist jeff talked
about early retirement maybe there's more to it than you,
think and then this segment was fantastic when we come.
Back how do you Reach chauncey and the STAFF I
Creative planning there all around. Town we'll give about that
(38:54):
information when we come back the Retirement. CLINIC a short
break On wis And Chauncey Wisnzella fight Financial. Planner I'm
paul Cron forest will be right Back Retirement clinic With Creative.
Planning we gave up the. Websites But, chauncy IF i
want to reach out and talk to, directly a phone
call might be the easiest.
Speaker 3 (39:10):
Way, yeah two six two five two to forty six
two five to two two four zero four.
Speaker 2 (39:15):
Zero give our office a, call you, know talk to myself.
Speaker 3 (39:18):
Or any of our other wonderful advisors in our office
there In brookfield Or raceime Where Aaron spitzer mostly is
so out In Port, Washington, Delafield, Brookfield racine Also Cape,
Coral phoenix as. Well another great thing as well as, zoom,
right we can we can do. Zoom you can live
anywhere in the. COUNTRY i even have clients that live
in the Area i've never met in person because they
want to meet over.
Speaker 1 (39:38):
Zoom nothing wrong with. That, no whatever it takes to
get things done right exactly And truancy the website. Again
you can go to the name of the, show The
Retirement clinic dot com Or Creative planning dot. Com market
reports On dan o'donald Show monday Through, friday and then
of course we're back Next saturday at ten am for
The Retirement. Clinic it's Every saturday, Morning. Jouncy enjoy The Super.
Speaker 2 (40:00):
Bowl yeah you guys as, well go See Hawks.
Speaker 1 (40:03):
SEAHAWKS i agree with. That good. Stuff we'll see you
next week on Wysm's Retirement. Clinic news is coming up next,
Time Paul. Crownforce stay.
Speaker 6 (40:10):
Tuned the preceding program is furnished By Creative, planning AN
sec registered investment advisory. Firm Creative, planning along with its
Affiliate United Capital Financial, advisors currently manages or advises on
a combined three hundred and twenty five five billion dollars
in assets as Of june, thirtieth twenty twenty. Four the
host works For Creative, planning and all opinions expressed by
the host and or their guests are solely their own
(40:31):
and do not necessarily represent the opinion Of Creative. Planning
the show is designed to be informational in nature and
does not constitute investment tax or legal. Advice different types
of investments involve varying degrees of, risk and there could
be no assurance that the future performance of any specific
investment or investment, strategy including those discussed on the, show
will be profitable or equal any historical performance. Levels the
(40:53):
information contained herein has been obtained from sources deemed, reliable
but is not. Guaranteed if you would like our, help
requires us to speak to an advisor by going to
creative planning dot. Com Creative, planning tax and legal are
separate entities that must be engaged independently
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