April 25, 2026 • 42 mins
The Kowal team help plan your retirement
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Speaker 1 (00:00):
It's News Talk eleven thirty WYSMS Retirement Clinic. Welcome to
the program and good morning with us from Creative Planning
Jeff Kowall and hosting the show today. Co hosting, I
should say, Chauncey Wisensell back in studio. Good morning, gentlemen. Chauncey,
good morning.
Speaker 2 (00:16):
Good morning Paul, Paul, same do you, Jeff.
Speaker 1 (00:20):
Great to have both of you here at WIS in
a good hour in front of us to talk about
retirement obviously, and we should give a little background on
Creative Planning Jeff, for many many years the Kowal Investment Group.
Speaker 3 (00:32):
Now you're with Creative Planning, right.
Speaker 4 (00:34):
It's been the last year and a half and the
move has been great. Creative plan was just recently recognized
by Wall Street Journal Byside as the best Ria that's
registered investment advisor, best Ria for Comprehensive Wealth Management.
Speaker 3 (00:49):
We're number one. We're number one. Congrats, by the way,
thank you.
Speaker 4 (00:54):
We're to be recognized by that. This distinction reflects our
deep commitment to provide our clients. This is all compliance
related stuff. I have to say. Distinction reflects our deep
commandment to provide our clients with fully integrated financial planning
and services tailored to the unique and evolving financial goals.
But aside from that, it's what we do, the comprehensive planning.
(01:15):
We cover all areas of planning, the estate planning, the
wealth management, cash flow projections, accounting, insurance, legal, all those things.
And that's one of the reasons we went with Creative
Planning was because they had everything under one roof.
Speaker 3 (01:29):
It's worked out great.
Speaker 4 (01:30):
We've been with them a year and a half now.
Speaker 3 (01:33):
And again, you know.
Speaker 4 (01:34):
Give our office a call two six, two five to
ask for Chauncey or go to the Retirement Clinic dot com.
Speaker 3 (01:41):
They could ask for Jeff Cohal too.
Speaker 2 (01:47):
You're ready for that Choancy, right, Yeah, that's right.
Speaker 4 (01:49):
He's a CFP, so he knows everything.
Speaker 1 (01:51):
Certified financial planner, right, So many acronyms we tossed around,
but they mean a lot in your industry.
Speaker 5 (01:56):
Yeah, and CFP Certified Financial Planners eight one to get
didn't really know what. I didn't know until I learned it,
And just tons of stuff that you go through doing
something like that. It's great experience, glad I did it.
Lots of fun, continuing education and things to keep up,
to keep up the designation and just stay up to
(02:17):
date and everything going on in the finance world, so
all of our clients don't have to.
Speaker 1 (02:21):
Annually things change your to your tax laws right may
change and created planning. You've got all these resources now, Jeff.
In fact, what is today the twenty fifth of April,
ten days after tax day. Taxes affect your retirement plan.
They affect all of our investments.
Speaker 4 (02:36):
Of course, and that's why it's a good idea to
start planning now so you don't panic. I was just
talking a colleague of mine in Chicago and he was saying,
you know that goes crazy at tax time, and I said,
we planned for our clients out generally, don't panic at
tax time because we've been planning for them all year long.
Speaker 3 (02:54):
Yeah.
Speaker 1 (02:54):
If you do panic, you're possibly not planning the right way, right.
Speaker 5 (02:59):
Yeah, exactly. I mean we're always watching, especially when our
clients are retired. We're looking at you know, where's your
tax brackets. If we're looking at things like roth conversions
and I'm just gonna talk about like rm ds later on,
requirement of distributions and other acrono. But we're watching, you know,
how do we fill up those tax brackets the lower
ones before we put you into a twenty four thirty
(03:21):
two percent bracket, and we're watching you know where how
what type of impact is that going to have on
your medicare premiums? And just in those numbers, every year
they get changed slightly, most they go up normally for inflation.
So we're always watching that, always keeping up to date,
and every year is a little bit different.
Speaker 2 (03:36):
So it always requires planning.
Speaker 1 (03:38):
A jam packed hour today full of great topics, good
stuff as always, Jeff, you'll be talking later in the
show about financial scams right with AI. There's just seems
to be endless stories of people getting a phone call
that claim their so and so from the IRS and
now the voice can even sound like.
Speaker 3 (03:54):
Somebody there, Yeah, which is even scary. I was gonna.
Speaker 4 (03:57):
Address that because you know, they can get your cadence,
they could did everything, and they could have a conversation
with you as if they knew you forever. It's all
artificial intelligence. So yeah, I'll be careful with that, but
we'll talk about that after the break.
Speaker 3 (04:09):
Give you the videos.
Speaker 1 (04:10):
You know they got President Trump doing something and it's
not him. Sure, well, there's one of them golfing at
the Masters. I believe that was not him. Oh yeah,
if you use your breath a little bit, some of
it's common sense right again. AI can do all kinds
of wonderful things. They had Tigers Range Drover rolling onto
the Masters.
Speaker 3 (04:28):
I don't know if you saw that stuff.
Speaker 1 (04:30):
The memes that are going out there are not just creative,
but they're funny.
Speaker 3 (04:33):
They look real.
Speaker 1 (04:34):
Even more reason, your tenna need to be up to
know what if you're being scammed. So that's coming up.
How much money do you need to retire? That's where
we're going to start the show with Chauncey.
Speaker 3 (04:44):
Jeff.
Speaker 1 (04:44):
You mentioned your phone number. We'll give that out throughout
the hour. Any questions at all about your retirement plan
two six two five two two forty forty. Nothing's changed
with your locations. They've been there for years and bloom
On Road in Brookfield, Jeff, you've we've got a Port
Washington office Dellafield racine license in all fifty states now
with creative planning. Right, So a lot of resources to
(05:07):
go to, including the website, the Retirement Clinic dot com.
Please check that out, all right, Chauncey, that was a
good build up for the show and now we begin.
Speaker 5 (05:16):
Yeah, it's a great start to the show here. So
the first the article I was going to talk about
just kind of have conversation on here about how much
do you need to retire? But it's titled from Baron's
Americans magic number for retirement just jumped to one and
a half million dollars. I think for a long time
we were kind of talking about you for the show
a little bit. You know, it's a million dollars is
a lot of money, and that's so much you need
(05:36):
to retire. It's a nice clean round figure that that
kind of held around for a while, and it's kind of,
you know, expectedly, so crept up.
Speaker 2 (05:45):
A little bit.
Speaker 5 (05:46):
Inflation has happened, Everything costs more. People are living a
little bit longer, and I think that's a reason. Cites
a lot of different concerns and worries and anxiety around
retirement for different generations. But I think that's the reasons
for a lot of this is just kind of especially
inflation the last few years has been been higher than expected,
(06:06):
and we all know people are living longer, right, So
it looks like based on the article here, so one
point four to six million was the exact number in
a survey done by Northwestern Mutual, So one and a
half million, round up a little bit, but that's up
about two hundred thousand dollars from last year. So it's
a pretty surprising jump. You know, you're going from and
(06:28):
maybe I need a million three, it's I'm gonna probably
need a million five to retire now. So it's a
pretty significant jump. And it looks like Generation X was
the most worried, fifty one percent of them feeling unprepared
for retirement, and Generation X being born between nineteen sixty
five and nineteen eighty, that would be me, Are you
(06:48):
feeling anxious about retirement?
Speaker 1 (06:50):
I am not, but I have a plan in place.
I think that might help. Four to one k's are
offered to people.
Speaker 3 (06:57):
We've said for.
Speaker 1 (06:58):
Years, take advantage of those. If if you don't have
any retirement savings, a plan at all, I would be anxious.
I have anxiety, and I'd be concerned.
Speaker 5 (07:07):
Yeah, And I think it's maybe kind of natural, just
as boomors have gotten older and a lot of them
kind of being retired now at this point, I think
Generation X is kind of the next one coming up
right where it's like you know, we're, oh crap, we're
getting close to retirement, and so it maybe just natural
they have a little bit more worrying concern around it.
And I also kind of looked at an article from
(07:28):
Fidelity here just to kind of see average four oh
one K balance for Gen xers two hundred and seventeen
thousand dollars.
Speaker 4 (07:34):
Oh, we got to pick up the page, baby, Yeah, exactly.
Speaker 1 (07:38):
That's way off the goal if the goal is one
point five oh boy.
Speaker 5 (07:42):
Yeah, And that's an average too, So right, there's people
who have huge balances in their four to one k's
that bring that average way up, and obviously a lot
of people with low balances that bring the average down.
So two seventeen is definitely pretty low as far as
kind of an average four oh one k balance going there.
But it so this article, back to the Baron's article,
says fifty one percent of Generation X says they don't
(08:06):
expect to be financially prepared for retirement, twenty percent saying
they've already delayed retirement due to financial challenges or other concerns. Right,
And that's where just sitting down with somebody and putting
together a financial plan can take a lot of that
worry away. I think a lot of people get to
a point where they're kind of thinking, oh, maybe I can,
(08:26):
but I'm not sure. And that's where we see a
lot of people come to us and say, Okay, you
tell me, is the experts is this possible? And that's
where we kind of all the comprehensive planning. We're able
to do through creative planning. Now we're able to put
together financial plan And Jeff kind of mentioned the cash flow.
You know, how much is how much you spend in
every year, every month and how do we work that
into your plan and make sure you have enough to
(08:48):
supplement at this point, mostly just social security, not a
lot of pensions.
Speaker 2 (08:51):
Out there anymore unless you work for the government. Mostly
is what I tend to see.
Speaker 5 (08:56):
But putting that together, and maybe one and a half
million is a nother Maybe one and a half is
too much, Maybe you need even more than that. Everybody's
kind of magic number is a little bit different.
Speaker 1 (09:06):
And everybody's lifestyles are different. Yeah, how do you live
your life? Jeff, you talked about this over decades on
this show. We go back to two thousand and one,
choun See, Jeff and I started the show. That's a
long you're much younger than we are. Yes, and you
have said this so many times. First off, does retirement
sneak up on people? Have you ever heard that from
(09:26):
a client? Jeff Boy, It snuck up on me some.
Speaker 4 (09:29):
People who may have gotten laid off or you know,
that's where we're unexpectedly it would have happened. But it's
not only how much, and Chunce was alluding to this,
it's not only how much you have, but how much
you keep after taxes. So you might think you have
a million and a half and that's all you need.
Then you look at the text consequences of that million
and a half and it may not be a million
(09:50):
and a half. The other thing I was going to
say is that a million dollars for some people maybe
plenty five or ten million dollars for somebody else may
not be even close to what they need. So everybody's
different with that.
Speaker 1 (10:03):
So and this is where your conversations come into play. Also,
there's people that are looking forward to retire. They want
to they just want to stop. We've talked about the
red axes on the calendar, counting the days down, and
then they've totally just don't have enough. That's a different
story than those that want to keep working. A lot
of people want to keep working, Chancy.
Speaker 5 (10:22):
Yeah, that's not uncommon at all. I've got some clients,
so I'll sit down and be like, Okay, you can
retire any day now, right, And I like to say,
you're kind of work optional at that point.
Speaker 3 (10:32):
Right.
Speaker 5 (10:32):
It's you know, work because you enjoy it, because you
want to get out and you like what you do,
you like the people you work with, and all those
types of things. And then I've got the clients who,
as you mentioned, the red axes, right, it's like, oh
my gosh, Chauncey, am I there yet? And I'm like, no,
I'm sorry, we just need a little bit longer. I
know it sucks, but you know, and it's also it's
(10:52):
two different frames and mindset. And I know we've talked
about before having something to retire to, right, And it's
not just about being done with work and oh my gosh,
I just want to be done with that. It's you know,
having hobbies and things you want to do, grandkids and
I want to golf and fish and do all these
other things, right, So it's important to have other things
to do as well, to look forward to in retirement.
Speaker 3 (11:12):
Not just watch the Price is Right all day.
Speaker 2 (11:14):
Yeah, prices maybe a little bit.
Speaker 3 (11:17):
But remember the joke was when you were sick on
sick days, that's.
Speaker 5 (11:21):
What I used to do when I was homesick for
the school, Price is Right would beyond every afternoon.
Speaker 3 (11:25):
Because there really wasn't much else time.
Speaker 1 (11:27):
Yeah, now there's endless opportunities. No, you don't want to
be sitting in front of the TV twenty.
Speaker 3 (11:32):
Four hours a day. That gets old really fast.
Speaker 5 (11:34):
Yeah, exactly. And so it was kind of interesting that
this million and a half number. What I did is
just going back and saying how much money do we
need to save to get to million and a half?
Right by at different ages. So if I'm looking retirement
sixty five, use eight percent rate of return. If you're
twenty five, right, so you got a lot of years aheading,
forty years to sixty five. At eight percent rate of return,
(11:55):
it gets a million and a half. You need to
save six thousand dollars a year, five hundred bucks a mole. Yeah, right,
that's very doable.
Speaker 3 (12:02):
For most people.
Speaker 1 (12:03):
That should be very doable. Like you said, if it's not,
you need to make that happen, right exactly. You get
used to the new chuck amounts, you just do.
Speaker 5 (12:12):
Yeah, And we always hammer on the four to one k, right,
especially the match is just you're guaranteed ready to return.
Do that to get to five hundred dollars a month
between your four to one k and your match. If
you're young, do it in the row, all tax free
later on. Right, fantastic, but only five hundred dollars a
month to get you there. If you wait ten years
and you start saving it thirty five, it goes up
to thirteen thousand dollars a year that you need to save.
Speaker 2 (12:34):
Right.
Speaker 5 (12:35):
So now you're about over one thousand bucks a month
that you need to set aside. Now, still not incredibly difficult.
And if you wait another ten years to forty five,
now you need to save thirty three thousand dollars a
year to twenty thousand dollars extra just by waiting another
ten years.
Speaker 2 (12:50):
Right.
Speaker 5 (12:50):
So, I always think it's interesting just the power of compounding, right, time,
value of money, all kinds of fun stuff that I
think is interesting.
Speaker 1 (12:57):
Time is on your side. So the earlier you start
obviously laid, the.
Speaker 5 (13:00):
Better, yeah, exactly, And you know to get all that, especially,
like talk about in wroth for one k is while
you're young, super powerful, you know. Jeff kind of mentioned
how much do you have after taxes getting that in
that wroth for a one k. Well, if your whole
million and a half is in a wroth for a
one k, all of it is yours, right, You're not
giving away any of it to the government to pay
your taxes. You have to worry about state and federal
(13:20):
income tax and your Medicare premiums and all those different
things eventually later on.
Speaker 2 (13:25):
So it's a it's a great way to go.
Speaker 1 (13:28):
John, say, if you're looking at a household with a
married couple, both are employed, both have their own retirement plan, Yeah,
you can really do well, right if you really make
that conscious effort for both of you to save. By
the time you're that age just say sixty five, you
should be doing pretty well.
Speaker 5 (13:46):
Yeah, exactly, And you know, and hopefully that would make
you as you get closer to retirement, feel more comfortable.
And it even allows I like I see some of
the younger clients that I work in forties fifties, being younger,
for some of our clients want to plan aggressively and
they want to retire in their mid fifties or maybe sixty,
And then you have to take into consideration healthcare costs
and all that as well, you know, and kind of
(14:07):
play the game of the marketplace and Obamacare and all that.
But tons of different stuff to take into consideration there.
But the earlier you start, the more flexibility it gives
you right to not, Oh, you know, I started when
I was forty years old, and now I want to
retire at sixty and like, woof, that's a tall task, right,
unless you live a pretty lean lifestyle. But for most
(14:28):
people that's going to be a pretty tall task. Versus
starting earlier, you get yourself tons of flexibility. If you
want to try to make it retire earlier at at
fifty five, it maybe possible.
Speaker 1 (14:37):
Trunks Usually you can tell when you put a pen
to paper, you take their income, the current savings, and
you kind of do a projection. Right now, things can
happen life. You could win the lottery, right, yeah, you
could get a inheritance. Perhaps that's sizable. It might be
a game changer, but maybe not. Jeff has said over
the years, how many times do not count or plan
(14:59):
on inherent. It may, but it may not be there right.
Speaker 4 (15:03):
Something could happen to the person you're hoping to inherit
from the dominant.
Speaker 1 (15:08):
Let's hypothetically speaking, what if they need it, Jeff, for
long term care and they deplete every penny they have
because they need it.
Speaker 4 (15:15):
Well, yeah, and if you plan on that for your retirement,
you're out of luck. That's why we generally do not
do that unless it's the check is about to be written.
But typically you know a couple of things that we
got to talk about. First of all, that those numbers
gave her an eight percent not guaranteed.
Speaker 3 (15:30):
Those are just a projection.
Speaker 4 (15:32):
It could be better than eight, could be could be less,
could be less, but it's not guaranteed. But those are
just examples. We find that in reality. If you you
were talking about starting at age forty, a lot of
times when you hit age fifty. We saw this with
a lot of clients when they don't have anymore, may
not have mortgage payment, may not have college education to
(15:55):
pay for, kids are gone taking anything step up and
that's where those ketchup and the retirement plans that can
really kick in. And I trug you really alluding to
something really important. Reduce it to writing. I mean, if
you have any questions about reduce it to writing. And
that's where you tell your clients or we tell our clients,
do you have to maybe stay a little bit longer
or if you do this, this is a result, what
(16:16):
the result will be and you don't have to pay
for health insurance if you stay a little bit longer.
Things like that.
Speaker 1 (16:21):
Health insurance obviously costly getting costly as the years go by.
Speaker 5 (16:26):
Yeah, and there's been some changes, I think really last year.
I've seen quite a few clients this year make a
jump in healthcare expenses or switched to more affordable plans
with higher deductibles just to try to get that expense down.
Then nice thing about that is we've been able to
do hsas for them health savings accounts. If you have
a high deductible plan, you can save money into an.
Speaker 3 (16:47):
HSA that's not taxed either, is it No, So it's HSA's.
Speaker 5 (16:52):
The more I think about them and have their like
my favorite investment account, right because you put the money
in and you don't pay taxes on it. You take
the money out for health expenses and you don't pay
taxes on it. It's kind of like a traditional iray
and a wroth iray had a baby, but for health
care expert.
Speaker 3 (17:06):
Wow, did you just come up with that? I did.
Speaker 1 (17:10):
That's worthy of repeating. It's kind of like who had
a baby?
Speaker 5 (17:13):
So a traditional IRA because it's all tax deferred, and
then a wroth IRA because as long as you use
it for medical.
Speaker 2 (17:18):
It's tax free.
Speaker 3 (17:20):
It's brilliant.
Speaker 2 (17:21):
I think.
Speaker 4 (17:22):
So that's I categorize as brilliant.
Speaker 1 (17:25):
I would say that falls into the category of brilliant.
Good observation. I have an HSA, you have a little
debit card.
Speaker 3 (17:30):
You can use it for.
Speaker 1 (17:32):
Health related things like prescriptions. Let's say you've got a
balance or something. To pull out that card.
Speaker 5 (17:38):
Yeah, you've got a medical bill, You've got a prescription
or a.
Speaker 2 (17:41):
Cope or whatever. You're deductible, whatever it may be.
Speaker 5 (17:44):
Just use your HSA and it's a It's a good
one to kind of set aside and invest in chunk
of it. Leave them in cash if you if you
may need it immediately, but if you're not in need
of it, leave it alone, invest it, let it.
Speaker 1 (17:55):
Go, and that rolls over. I mean, that's you got
to talk to your employer about this right.
Speaker 5 (17:58):
Yeah, So HSA is always roll over. There's different health
like health HR's I think they're called, and there's other
ones that don't roll over. You need to spend it
within every year, but an HSA Health Savings Account continually
rolls over, so as long as your employer offers it
or even have Like I said, some clients now that
are on high deductible plans, they've gotten with the Affordable
(18:19):
Care Acts and we've opened hsas for them as well
and contributed and been investing in chunk of that.
Speaker 1 (18:24):
First, like current insurance every now and then, or any insurance,
homeowners you like to go through and kind of review
things and see if you can get a better price,
because that's if you just kind of ignore this stuff,
put it on the back burner.
Speaker 3 (18:35):
It all seems to be going up in price.
Speaker 2 (18:37):
Yeah, it does.
Speaker 5 (18:37):
And Health Insurance has been getting all of our insurances
right your home, your auto, your umbrella, your health insurance.
I mean, if you have long term care insurance, they
can increase the premiums there.
Speaker 2 (18:48):
I mean they're all going up now.
Speaker 1 (18:50):
So I haven't had a ticket in like over thirty years.
I keep on bringing that up. It's gotta be worth something, right,
shouldn't I insurance me? Shouldn't I be given a deal
because of that?
Speaker 4 (19:00):
Oh don't where you were going with this, but sure,
if you haven't had a somebody should give you a
discount for that.
Speaker 1 (19:06):
Fine, LA insurance agents pay attention out there. No, I mean,
that's you know, you're rewarded for that.
Speaker 3 (19:12):
You should be.
Speaker 1 (19:13):
But boy, across the board seem to be going up.
You're right, Chauncy. If you can have that mortgage paid
off for by the time we retire, that's a big one.
Speaker 5 (19:20):
Yeah, that's an easy way to trim costs is just
try to get rid of all your debt before you retire. Now,
a little bit of that is fine. I have plenty
of clients who retire with a mortgage, and if your
mortgage is at three percent, I wouldn't be in any
hurry to pay it off, right, But you can free
up a lot of cash flow by getting rid of
some of those those ongoing you know, expenses. Mortgage is
usually the biggest one. But I mean, and that's kind
(19:42):
of part of where this million half come from. We
talked about everything going up. It used to be a
million dollars and then last year even it was a
million three and now this year is they've done the survey,
it's up to a million.
Speaker 3 (19:51):
Five. Ten years from now probably over two million.
Speaker 5 (19:54):
Yeah, two millions to inflation, and we're just gonna keep
going up. And that's something Inflation is always the b
I guess why do we make sure we're accounting for
that when we run financial plans for clients, you know,
including two three percent inflation and saying how much do
you need today? Right, and recognizing that amount is going
to go up considerably in the future, and you'd be shocked.
You can see thirty years from now, right, if I
(20:15):
needed six thousand dollars a month, thirty years from now,
you know it's it's probably doubled.
Speaker 1 (20:19):
Chauncey Wisen, this is a great topic. How much That's
essentially what this show comes down to, Jeff. How much
do I need to retire and live the lifestyle I
want to, not just get by but you know all
the things I want? Can you get by and just
social security? Probably not.
Speaker 4 (20:35):
I still harken back to the days where we're doing seven
hours and you know, we'd ask them how much you
need to live on a retirement and nobody would say anything.
Everybody would look around, look around, and then somebody would say,
one hundred percent, I need to want to make it
now in retirement.
Speaker 3 (20:51):
Everybody else'll say we were thinking the same thing. Nobody
wanted to say it.
Speaker 4 (20:54):
Nobody wanted to say it. But you know it's one
hundred percent. That's spendable what you're what you're taking in
now after tax and form and kse all that. That's
what they were talking about, adjust for inflation. But you
got to reduce it to writing. You can't just eyeball it.
Speaker 1 (21:07):
Yeah, there's so many moving parts to a retirement plan. Chauncey,
great topic. If people have questions, we give out this
direct line to creative planning. Formally, the Coal Investment Group
all over southeast Wisconsin. Meet with an advisor, put that
pen to paper and figure it out.
Speaker 5 (21:23):
To say with Chauncey, just be happy to meet. Second opinion,
you come in low pressure. Let's just talk and see
what your goals are and your assets and hopefully we
can get a plan put together that works well for you.
Speaker 1 (21:35):
So maybe they've had a plan or they've got just
the four to one K and they don't really pay
attention to it. Chancy and they're Like you said, most
of your clients might be in their forties and fifties,
but you work with people of all ages.
Speaker 5 (21:45):
Yeah, I've got clients that are in their nineties right now.
You know that I've worked with. It's it's all over
the place, all different spectrums of life. And it's great
because you get to see kind of where how do
you get to where you are retired and successful, and
to help clients get there and to see clients who
have done it.
Speaker 2 (21:59):
And everybody's at different phases.
Speaker 1 (22:02):
But what does Jeff say, You could screw up and
live a long time. Okay, if you're in your nineties,
you've way out exceeded.
Speaker 3 (22:08):
The American average lifespan.
Speaker 4 (22:09):
You need money for that, though, I plan for it
so you can, so we can, we can do the
financial part of It's all you have to do is
lift to.
Speaker 3 (22:16):
Ninety or ninety five. That's it. That's all we ask
of you. Yeah, live a healthy lifestyle.
Speaker 1 (22:21):
Okay, Chauncey. After the break, we'll turn our attention to
another topic. Jeff has got a topic on scams, right,
financial scams that not only are happening, but probably on
the rise.
Speaker 3 (22:32):
They're on the rise. And are targeting senior so you
got to watch out for it.
Speaker 1 (22:35):
Yeah, so kids pay attention, you know, talk to your
parents or if you hear a goofy story a thanksgiving
from GRAMDMA.
Speaker 3 (22:41):
Follow up on it. Yeah, absolutely, because boy, stuff can
happen in the phone. They think it's legit, it's not.
That's coming up.
Speaker 1 (22:46):
Financial scams that number again two six two five two
two forty forty or check out the Retirement Clinic dot com.
I'm Paul Crown forced along with Jeff coll and Chauncey Wisensell.
The Retirement Clinic will be back in wisay Wyn's Retirement Clinic.
We continue with Chauncey wisen Cell and Jeff Kowal hosting
the show. They're with Creative Planning two six two five
(23:09):
two to forty forty. For any questions, Jeff alluded to
financial scams. Uh, they do happen. You need to be aware.
Oh yeah, do we need to be ultra like there
are some people that think everything's a scam. I know
people that don't believe anything anymore, everything on the Internet.
Speaker 4 (23:25):
That's kind of a healthy attitude to have.
Speaker 3 (23:29):
It's a little cynical to go through life. That way.
But if you don't, you are at risk of being scammed.
Speaker 4 (23:35):
But you hear about these things that people people are
getting scammed. And we had a client of ours calls
last week who's really very good technologically. He was talking
to us about how, you know, they could duplicate his
voice so he could call somebody in the same mannerism say,
you know, you can have a conversation with with himself
because of the you know that that they're that sophisticated.
(23:58):
And so we're we're trained in a chaunting I and
all the advisors uh at the Creative Planning we have
to go through training all the time and just be
aware of these things and be aware of it on
behalf of our clients.
Speaker 3 (24:10):
Red flags and red flags.
Speaker 4 (24:12):
Then we've got several layers of protection with creative Planning,
with fidelity, with Schwab whoever, we're dealing with another layers
other layers of security.
Speaker 1 (24:20):
What did the first red flag be? Your phone says
spam risk. Get those all the time.
Speaker 4 (24:25):
Oh yeah, yeah, you probably pick them up and carry
out a conversation.
Speaker 3 (24:31):
How are you doing? Hey?
Speaker 2 (24:32):
Oh my son?
Speaker 3 (24:32):
Security numbers? Why are that money right over? Okay?
Speaker 4 (24:37):
Seriously though, there's a Wall Street Journal article for financial
scam target that target seniors.
Speaker 3 (24:42):
Look out for these.
Speaker 4 (24:45):
It says swindlers have stepped up their game with artificial
intelligence and deep fakes to steal older Americans money and
personal information. Increasing number of scammers are targeting seniors bank
accounts and for one case, threatening the financial security of
many Awaremericans. Again, we hear about these all the time.
Many seniors are as savvy as anyone about avoiding scams,
(25:06):
but with the artificial intelligence tools like chat, GPT, scam
messages when we were just talking about that, text mails,
text phone, phone calls, social media, they're difficult to spot.
This says These include deep fake audio that lets scammers
a person at government officials, and fraudulent texts and emails
(25:29):
that mimic real communications from a bank, government agency, or
familiar company. Two point four billion has said that the
Federal Trade Commission said the adults sixteen older reached two
point seven four billion in scam money. That's up That
was in twenty twenty four. That's up twenty six percent
from twenty twenty three. That's according to Federal Trade Commission's
(25:53):
annual report to Congress. Older Americans are being earmarked because
they're emotional vulnerability, because they are not as digitally savvy
as younger generations. Okay, here are the four that day
that they identify as the biggest scams. One is investment scams,
swindle seniors in particular by promising them high guaranteed rates
(26:14):
with little risk and fake cryptocurrency ventures or phony high
healed investments.
Speaker 2 (26:21):
Investment.
Speaker 4 (26:21):
They have an investment manager tell them that they can
make a lot of money in these investments. They'll handle
all the mechanics. You don't have to know about cryptocurrency,
you would have to know investments. All you have to
do is trust me.
Speaker 3 (26:33):
It sounds appealing.
Speaker 4 (26:35):
Yeah, again, they make it so easy that, yeah, I'll
take care of all the paperwork. I'll take care of everything.
All you have to do is send the money. And
this occurs via phone call most times, Yeah, a lot
of times, phone calls or emails, any number of ways.
But one is investment scams. They say these statements, Oh
(26:56):
they said that the different companies they'll use way of
the money. They'll start sending you statements. They look like
real statements, and they have an account number on and
they're just bs's. They're fake statements, but then they get
you to send more money because it looks like they're
doing so well, and then they'll they'll get you said
more money.
Speaker 1 (27:16):
And be honest, a lot of people look very quickly
through their mail in letter. You know, it's just put
it on the pile, look at it. It looks legit
account number, my name, my address, and a lot of
times you will look at the statements. So so what
what can victim do? Report an investment scam? Investment scam
to the FBI's Internet Crime Complaints Center, Federal Trade Commission,
(27:36):
or call FINRA Financial Industry Regulatory Authorities helpline. That number
is eight four four five seven four three five seven
seven Again eight four four five seven four three five
seven seven. That's in this article Ball Street Journal. Next
one is is government imposters swindlers are increasingly contacting seniors
by phone. This really and again these are all aim
(27:59):
towards UH seniors. But there'll be somebody pretending to be
an agent from the I R S. Medicare of Social Security.
They may use a caller ID to make it seem
like they're calling from an official government number. You know,
sometimes I'm hard to say.
Speaker 3 (28:15):
That's the AI they're using it. Yeah. Boy, it's easy
to fall for that too, right.
Speaker 4 (28:19):
Absolutely, And some say that you owe back taxes and
they'll try to scare you demand immediate payment of the
I R S on the threat of arrest or deportation.
So others claim that there's a problem with your Social
Security account. And we just had coming last we my
wife and I both got them saying that you bought
this to send money. You know you already purchase this
(28:42):
to send us the money, so you'll expect this on
your bill and make sure you're up your credit card.
Speaker 3 (28:46):
Is up to date. You didn't send money, did you,
of course?
Speaker 4 (28:53):
But I mean it's easy to want to because they say,
you know, I'm good with my credit is good. I
don't want to affect my credits. So if I bought
something and I'm committed to buy and I and I'm
stiff in mine, I better pay it.
Speaker 1 (29:04):
Well, there's you're so vulnerable, especially if you are if
your spouse is passed, you're living alone. You get up
there and you're just nobody else to kind of go.
Speaker 3 (29:11):
Wait a minute, what are you doing? What did you
just do? Yeah?
Speaker 4 (29:14):
Yeah?
Speaker 3 (29:14):
Or did they do this before that?
Speaker 4 (29:16):
It was it something that they were doing on a
regular basis.
Speaker 5 (29:18):
Yeah, And I'll tell clients too to always like check
with me if you're not sure about something, you know,
send me the email or don't click on any links.
I'll have clients so get emails. They almost look legitimate
from Fidelity and they'll be like, Chauncey, did you do
something with my account?
Speaker 2 (29:32):
Or did you send me something.
Speaker 5 (29:33):
I'll be like, not that I'm aware of, and I'll
make sure I give them the actual Fidelity phone number.
They'll even sometimes put the real phone number on there,
thinking you won't call and I've sent them the phone, Like,
call Fidelity see if they sent you anything. If not,
you know, block the email report or whatever.
Speaker 2 (29:47):
Yes, exactly.
Speaker 3 (29:48):
That's a good news. Yeah, I mean you block all.
You do your best, right.
Speaker 1 (29:51):
They see they seem to like keep on calling me,
but I always block them the email. Same thing, And
that's good advice of what you said, Chauncy. If you
have a financial advice, check with them first so.
Speaker 4 (30:03):
You can contact the credit reading firms to freeze your
credit when something like this happens for or contact the
Federal Trade Commission. Not otherless romance scams. Romance scams. That's
that we hear about more and more. Social media romance
scams exploit seniors who may be lonely in seeking companionship
on the rise. According to fraud experts, one in six
(30:23):
adults over fifty say they are someone they know lost
money such a scam. One in six over fifty perpetrators
create fake profiles on Facebook, Instagram and other social media
and dating sites and apps to create relationships with seniors
they tend to live far away and can't meet in person.
Speaker 3 (30:42):
That that's a red flash.
Speaker 4 (30:43):
Yeah, and unwilling to do a video, so they say,
but if you set up on where the money coming
WhatsApp or something like that, then they can. They're say
they need money for emergencies or crisis that suddenly pop
up and ask for payment by gift cards or cryptal currency.
Speaker 3 (31:02):
What do you do for this?
Speaker 4 (31:04):
Yeah, I and I can see it, especially if you
lose a spouse or you're looking you're lonely later in life,
and I can see it that it's emotional and so hey.
Speaker 1 (31:15):
Your phone lights up, you're engaging with somebody else. Maybe
maybe that's part of it, Jeff, You get sucked in.
Speaker 4 (31:23):
So to tighten your privacy secure settings on all your
social media platforms.
Speaker 3 (31:27):
That's what's the article.
Speaker 4 (31:28):
The Wall Street Journal suggests report the crimed fbis in
a crime complaints center. Last one is tech support scams.
Tech support scammers try to scare you into believing there's
something wrong with your computer, with the goal of gaining
remote access to your machine so you can steal your
personal and financial information.
Speaker 3 (31:46):
And that is possible if they gain access to your computer.
Look out right, yep.
Speaker 4 (31:51):
Bait and switch starts with a pop up warning on
your screen that looks like it's from a well known
company or somebody that you work with regularly. Say if
there's something wrong, we need to get access to it.
Protect yourself, verified that any phone numbers or website links
are legitimate. Use unique and strong passwords.
Speaker 1 (32:09):
Password you know, wat, Jeff, We're all guilty of probably
not changing your passwords as much as we ought to, right, sure, Paul,
I mean I know you.
Speaker 4 (32:20):
Haven't either confirmed nor to die that I do or
don't change my passwords.
Speaker 1 (32:25):
And make it a password that obviously you know, not
your name one, two, three four, that would be an
obvious one.
Speaker 2 (32:32):
Right.
Speaker 1 (32:32):
It's like those garage court code pads, right, zero zero
zero zero or zero one two three or whatever.
Speaker 3 (32:38):
Don't do that. Come up with something a little bit.
Speaker 4 (32:41):
More great now, okay, we know what your.
Speaker 3 (32:46):
Thank you, Paul.
Speaker 4 (32:47):
Okay, scan your device using antivirus software that removes all
malware immediately.
Speaker 3 (32:52):
And we had a.
Speaker 4 (32:53):
Client of ours, a friend of ours that actually had
an issue with this and they sold money from his company.
And he said, actually, customer service for the belware company
was really good.
Speaker 3 (33:06):
Good grief, man, you got to have your intent up.
You've got to be aware. And Jeff, I guess as
we wrap.
Speaker 1 (33:11):
This up on a serious note, if you have any
inkling that this may or may not be legitimate, reach
out to your financial advisor.
Speaker 5 (33:19):
Yeah, it's just good to get a second pair of
eyes on something. I had a client even a couple
of weeks ago. He called me like a Friday afternoon,
he said, left me voicemail, call him right back. He said,
he's oh, I think my computer might have been hacked.
Blah blah blah. So I called up. We put locks
on all his accounts, no money in, no money out outstanding,
just right away to make sure that that that was okay.
(33:39):
And then he had his computer checked and changed his
passwords and all those things.
Speaker 2 (33:44):
Everything turned out fine.
Speaker 3 (33:45):
He changed his password, Jeff, what.
Speaker 2 (33:48):
Only because he thought somebody stole stolen.
Speaker 3 (33:52):
After the fact.
Speaker 1 (33:53):
And another thing you want to do is when you
change your password. And there's all kinds of apps for
passwords right now, you don't want to tape it to
the bottom of your keyboard or something like that.
Speaker 5 (34:01):
No, if some clients like write it down and keep
it in a notebook somewhere, which is fine. You can
also use like what's it like a passwords there's specific
apps or websites or something like that, like a third party.
It's like store your passwords. It's an additional layer of
security if you are going to store them.
Speaker 1 (34:17):
Mind, they remind you when you have to change them,
almost like a little you know, reminder, get your act
together kind of thing. Good stuff, Jeff, be on the lookout.
You don't want to be financially scammed. Of course, that
goes without saying. Call Creative Planning two six two five
two to forty.
Speaker 3 (34:33):
Forty with any questions and ask for Chauncey.
Speaker 1 (34:36):
And ask for Chauncey. Why that's Jeff Colewall, He's Chauncey.
I'm Paul Crown Force coming up the weekly Wealth Management
and preservation segment next as.
Speaker 3 (34:46):
The Retirement Clinic continues on.
Speaker 1 (34:48):
The weekly Wealth Management and here's a keyword preservation segment.
Speaker 3 (34:53):
We'll talk about that in a second.
Speaker 1 (34:54):
Welcome back the program, The Retirement Clinic with creative plannings
Chauncey wisen Cell and f Coo Wal.
Speaker 3 (35:01):
We do this every week, Jeff, we play the bar
Naked Ladies. If I had it should say one and
a half million.
Speaker 2 (35:08):
That's right.
Speaker 4 (35:10):
This show us for everybody. This particular segment is for
those with a million dollars or more. Once you've accumulates them, well,
how do you preserve it? Grow it, take income from it,
and pass it on to your heirs. And a lot
of times people think I don't have a million dollars
or a million and a half as the case may be.
But if you look at your four to one case,
if you look at other investments that you have, if
(35:30):
you own any other property, if you have a home,
if you have a lawsuit or an accident that settles,
if you sold a business, if you win a lottery,
there are all kinds of ways that you can have
a million dollars or more. So this segment is for you.
And this is tax efficient strategies for your mandatory i
RA withdrawals. And this is four ways to reduce the
(35:53):
tax impact of your annual four to one k plus
I've got a couple more. This is a Baron's article.
Speaker 3 (36:00):
Again.
Speaker 4 (36:00):
By seventy three and at that age goes up to
seventy five after a couple in a couple of years
if you're a little bit younger. But by seventy three,
retirees must begin taking annual required minimum distributions or rm
ds from your iras and retirement plans, which are taxed
at ordinary income tax rates That could be twenty percent.
(36:21):
It could be as high as thirty seven percent, as
opposed to capital gains tax rates, which typically are either zero,
ten percent or twenty percent. So if you get this
at twenty percent at ten percent taxes instead of thirty
seven percent, that's better. So how do you reduce your
(36:43):
taxes or do a better job with the taxes with
required minimum distributions that you're forced to take from your IRA.
First one is gifts from your IRA. They're called qualified
charitable distributions. If you're seventy and a half or better,
it's not the year you turn seventy and a half half,
it's age seventy and a half or older. You can
(37:05):
gift up to one hundred and eleven thousand dollars a
year to a qualified charity. That's one way. It doesn't
count as income, and if you're older than seventy three,
it goes towards your required minium distribution. How much can
you gift to your one hundred eleven thousand dollars that
you can gift it comes out of your IRA without taxes.
(37:27):
So this is as an example, if you have to
take one hundred thousand dollars out and you give ten
thousand dollars to charity, that means you only have to
take out ninety thousand dollars and only ninety you'll be
taxes ordinary income to you from your IRA. So the
first is gifts from your IRA. Second is convert iras
to wroth irays. You don't have to do required minimum
(37:50):
distributions from wroth iras. Why companies government's already got to
pound the flesh out of you. You already pay taxes,
so now it grows tax free, so they don't care
if you take required minimum distributions or not because they
already got their money. So we like converting the Iraate
(38:11):
traditional iras to wroth iras. Principles can be take principal
can be taken out tax free anytime withdrawals of growth.
Typically three to five are tax free after five years,
So that's the second one. Ideal time to do conversions
is right after retire, before you draw social Security, before
you have to take requirement of distributions. There's a nice
window there of anywhere from three or five years to
(38:35):
maybe up to ten or twelve years. That's great time
to do roth conversions. You do a lot of those too.
Speaker 5 (38:40):
Yeah, I've got some clients I can think of this
off and you know, they're kind of in that sweet spot.
They've retired, maybe they're not taking Social Security yet, we're
watching their income from met for health insurance premiums, all
these other things. But you get a nice window there
where even if you can just do ten thousand dollars
of conversions a year over ten years, that's one hundred
thousand dollars I just took out of my ira smaller
by it's lower tax bracket, it's a little bit more easy,
(39:03):
easy to pile it versus Hey, Alix, sudden, I have
this huge rm.
Speaker 2 (39:06):
D I need it take in seventy three.
Speaker 1 (39:08):
Are MD required minimum distribution? See what I've learned on
this show over twenty plus whatever time. It's been a
long time. Hey Jeff, before we wrap up this segment,
do you want to put a little you want to write?
Speaker 3 (39:21):
Are we done?
Speaker 2 (39:22):
Yeah?
Speaker 3 (39:22):
Just I don't want I don't want to interrupt.
Speaker 2 (39:24):
No, no, no, you can.
Speaker 4 (39:25):
You can plan for your arm DS required required minimum distributions.
A lot of our clients don't need the income, so
a lot of times they'll take that requirement of distribution,
pay tax and put it into an individual or trust account,
so then you're paying a capital gains tax rates the growth,
not ordinary income tax rates. A lot of our The
last things that a lot of our clients, if they
(39:46):
don't have a need for it, may buy life insurance
with it, even at older ages, and use those required
minimum distributions to increase the value of their estate. That
life insurance proceeds get paid out income tax free. It
can't be subject to state taxes, but maybe used to
ARMD used to buy some life insurance as well.
Speaker 1 (40:04):
Covered a lot of ground today started with how much
money do you need to retire? That's gone up to
about one point five million financial scams. And when we
come back, if you've got questions and we know you do,
to reach out to Creative Planning, it's a phone call
away two six two five two two forty forty.
Speaker 3 (40:21):
Stay tuned more the Retirement Clinic. Next on w.
Speaker 1 (40:24):
Great Information Today the Retirement Clinic. As we wrap up
this week, we are back next Saturday. Every Saturday morning
at ten o'clock. Jeff Cowal, Chauncey Wisenzel, Jeff, great stuff,
good information.
Speaker 3 (40:35):
You know you joke about being scammed, and we didn't
really joke about it, but we joke about it.
Speaker 1 (40:40):
You gotta be careful, you gotta be serious about it
for sure, because it does happen.
Speaker 3 (40:44):
It happens every day in America.
Speaker 4 (40:45):
And again part of the planning process for us, we
try to help you with those things closing down credit
or freezing your credit, things like that that we address
all the time with our clients.
Speaker 1 (40:53):
And then we talked about how much money do you
need to retire? All the scams that can happen do
you need and advise Chauncy, they can ask for you
a Creative Planning.
Speaker 5 (41:02):
Yeah, yeah, happy to meet with anybody, whether you have
somebody already and or a plan already and you want
a second opinion, or you have no plan whatsoever and
you'd like to come and just start off fresh and
happy to meet with you. Set up a set up
a meeting, you know, give us a call two six
two five to two two forty forty.
Speaker 1 (41:19):
And if you forget Chauncey's last name, wisen Cell, just
remember Chauncey.
Speaker 2 (41:23):
Yep, that's easy.
Speaker 3 (41:24):
I want to speak to Truancy yep, exactly.
Speaker 5 (41:27):
Not a lot of other Chaunceys in the office, so
I think you're gonna be fine.
Speaker 1 (41:30):
Great stuff, Truncy, good show as always, guys, Monday through Friday,
do the Dan o'donald show three and five pm news block.
You do the market updates, so those are every day,
and then of course we'll see you next Saturday. As
Chancy said, call two six two five two two forty
forty or check out the Retirement Clinic dot com.
Speaker 6 (41:50):
The preceding program is furnished by Creative Planning and SEC
registered investment advisory firm Creative Planning, along with its affiliate
United Capital Financial Advisors, currently manages or on a combined
three hundred and twenty 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 and do not
(42:11):
necessarily represent the opinion of Creative Planning. The show is
designed to be informational in nature and does not constitute investment.
Speaker 3 (42:18):
Tax, or legal advice.
Speaker 6 (42:19):
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 information contained herein has been obtained from sources deemed reliable,
but is not guaranteed. If you would like our help,
request to speak to an advisor by going to creative
(42:41):
Planning dot com. Creative Planning, tax and legal are separate
entities that must be engaged independently.
It's News Talk eleven thirty WYSMS Retirement Clinic. Welcome to
the program and good morning with us from Creative Planning
Jeff Kowall and hosting the show today. Co hosting, I
should say, Chauncey Wisensell back in studio. Good morning, gentlemen. Chauncey,
good morning.
Speaker 2 (00:16):
Good morning Paul, Paul, same do you, Jeff.
Speaker 1 (00:20):
Great to have both of you here at WIS in
a good hour in front of us to talk about
retirement obviously, and we should give a little background on
Creative Planning Jeff, for many many years the Kowal Investment Group.
Speaker 3 (00:32):
Now you're with Creative Planning, right.
Speaker 4 (00:34):
It's been the last year and a half and the
move has been great. Creative plan was just recently recognized
by Wall Street Journal Byside as the best Ria that's
registered investment advisor, best Ria for Comprehensive Wealth Management.
Speaker 3 (00:49):
We're number one. We're number one. Congrats, by the way,
thank you.
Speaker 4 (00:54):
We're to be recognized by that. This distinction reflects our
deep commitment to provide our clients. This is all compliance
related stuff. I have to say. Distinction reflects our deep
commandment to provide our clients with fully integrated financial planning
and services tailored to the unique and evolving financial goals.
But aside from that, it's what we do, the comprehensive planning.
(01:15):
We cover all areas of planning, the estate planning, the
wealth management, cash flow projections, accounting, insurance, legal, all those things.
And that's one of the reasons we went with Creative
Planning was because they had everything under one roof.
Speaker 3 (01:29):
It's worked out great.
Speaker 4 (01:30):
We've been with them a year and a half now.
Speaker 3 (01:33):
And again, you know.
Speaker 4 (01:34):
Give our office a call two six, two five to
ask for Chauncey or go to the Retirement Clinic dot com.
Speaker 3 (01:41):
They could ask for Jeff Cohal too.
Speaker 2 (01:47):
You're ready for that Choancy, right, Yeah, that's right.
Speaker 4 (01:49):
He's a CFP, so he knows everything.
Speaker 1 (01:51):
Certified financial planner, right, So many acronyms we tossed around,
but they mean a lot in your industry.
Speaker 5 (01:56):
Yeah, and CFP Certified Financial Planners eight one to get
didn't really know what. I didn't know until I learned it,
And just tons of stuff that you go through doing
something like that. It's great experience, glad I did it.
Lots of fun, continuing education and things to keep up,
to keep up the designation and just stay up to
(02:17):
date and everything going on in the finance world, so
all of our clients don't have to.
Speaker 1 (02:21):
Annually things change your to your tax laws right may
change and created planning. You've got all these resources now, Jeff.
In fact, what is today the twenty fifth of April,
ten days after tax day. Taxes affect your retirement plan.
They affect all of our investments.
Speaker 4 (02:36):
Of course, and that's why it's a good idea to
start planning now so you don't panic. I was just
talking a colleague of mine in Chicago and he was saying,
you know that goes crazy at tax time, and I said,
we planned for our clients out generally, don't panic at
tax time because we've been planning for them all year long.
Speaker 3 (02:54):
Yeah.
Speaker 1 (02:54):
If you do panic, you're possibly not planning the right way, right.
Speaker 5 (02:59):
Yeah, exactly. I mean we're always watching, especially when our
clients are retired. We're looking at you know, where's your
tax brackets. If we're looking at things like roth conversions
and I'm just gonna talk about like rm ds later on,
requirement of distributions and other acrono. But we're watching, you know,
how do we fill up those tax brackets the lower
ones before we put you into a twenty four thirty
(03:21):
two percent bracket, and we're watching you know where how
what type of impact is that going to have on
your medicare premiums? And just in those numbers, every year
they get changed slightly, most they go up normally for inflation.
So we're always watching that, always keeping up to date,
and every year is a little bit different.
Speaker 2 (03:36):
So it always requires planning.
Speaker 1 (03:38):
A jam packed hour today full of great topics, good
stuff as always, Jeff, you'll be talking later in the
show about financial scams right with AI. There's just seems
to be endless stories of people getting a phone call
that claim their so and so from the IRS and
now the voice can even sound like.
Speaker 3 (03:54):
Somebody there, Yeah, which is even scary. I was gonna.
Speaker 4 (03:57):
Address that because you know, they can get your cadence,
they could did everything, and they could have a conversation
with you as if they knew you forever. It's all
artificial intelligence. So yeah, I'll be careful with that, but
we'll talk about that after the break.
Speaker 3 (04:09):
Give you the videos.
Speaker 1 (04:10):
You know they got President Trump doing something and it's
not him. Sure, well, there's one of them golfing at
the Masters. I believe that was not him. Oh yeah,
if you use your breath a little bit, some of
it's common sense right again. AI can do all kinds
of wonderful things. They had Tigers Range Drover rolling onto
the Masters.
Speaker 3 (04:28):
I don't know if you saw that stuff.
Speaker 1 (04:30):
The memes that are going out there are not just creative,
but they're funny.
Speaker 3 (04:33):
They look real.
Speaker 1 (04:34):
Even more reason, your tenna need to be up to
know what if you're being scammed. So that's coming up.
How much money do you need to retire? That's where
we're going to start the show with Chauncey.
Speaker 3 (04:44):
Jeff.
Speaker 1 (04:44):
You mentioned your phone number. We'll give that out throughout
the hour. Any questions at all about your retirement plan
two six two five two two forty forty. Nothing's changed
with your locations. They've been there for years and bloom
On Road in Brookfield, Jeff, you've we've got a Port
Washington office Dellafield racine license in all fifty states now
with creative planning. Right, So a lot of resources to
(05:07):
go to, including the website, the Retirement Clinic dot com.
Please check that out, all right, Chauncey, that was a
good build up for the show and now we begin.
Speaker 5 (05:16):
Yeah, it's a great start to the show here. So
the first the article I was going to talk about
just kind of have conversation on here about how much
do you need to retire? But it's titled from Baron's
Americans magic number for retirement just jumped to one and
a half million dollars. I think for a long time
we were kind of talking about you for the show
a little bit. You know, it's a million dollars is
a lot of money, and that's so much you need
(05:36):
to retire. It's a nice clean round figure that that
kind of held around for a while, and it's kind of,
you know, expectedly, so crept up.
Speaker 2 (05:45):
A little bit.
Speaker 5 (05:46):
Inflation has happened, Everything costs more. People are living a
little bit longer, and I think that's a reason. Cites
a lot of different concerns and worries and anxiety around
retirement for different generations. But I think that's the reasons
for a lot of this is just kind of especially
inflation the last few years has been been higher than expected,
(06:06):
and we all know people are living longer, right, So
it looks like based on the article here, so one
point four to six million was the exact number in
a survey done by Northwestern Mutual, So one and a
half million, round up a little bit, but that's up
about two hundred thousand dollars from last year. So it's
a pretty surprising jump. You know, you're going from and
(06:28):
maybe I need a million three, it's I'm gonna probably
need a million five to retire now. So it's a
pretty significant jump. And it looks like Generation X was
the most worried, fifty one percent of them feeling unprepared
for retirement, and Generation X being born between nineteen sixty
five and nineteen eighty, that would be me, Are you
(06:48):
feeling anxious about retirement?
Speaker 1 (06:50):
I am not, but I have a plan in place.
I think that might help. Four to one k's are
offered to people.
Speaker 3 (06:57):
We've said for.
Speaker 1 (06:58):
Years, take advantage of those. If if you don't have
any retirement savings, a plan at all, I would be anxious.
I have anxiety, and I'd be concerned.
Speaker 5 (07:07):
Yeah, And I think it's maybe kind of natural, just
as boomors have gotten older and a lot of them
kind of being retired now at this point, I think
Generation X is kind of the next one coming up
right where it's like you know, we're, oh crap, we're
getting close to retirement, and so it maybe just natural
they have a little bit more worrying concern around it.
And I also kind of looked at an article from
(07:28):
Fidelity here just to kind of see average four oh
one K balance for Gen xers two hundred and seventeen
thousand dollars.
Speaker 4 (07:34):
Oh, we got to pick up the page, baby, Yeah, exactly.
Speaker 1 (07:38):
That's way off the goal if the goal is one
point five oh boy.
Speaker 5 (07:42):
Yeah, And that's an average too, So right, there's people
who have huge balances in their four to one k's
that bring that average way up, and obviously a lot
of people with low balances that bring the average down.
So two seventeen is definitely pretty low as far as
kind of an average four oh one k balance going there.
But it so this article, back to the Baron's article,
says fifty one percent of Generation X says they don't
(08:06):
expect to be financially prepared for retirement, twenty percent saying
they've already delayed retirement due to financial challenges or other concerns. Right,
And that's where just sitting down with somebody and putting
together a financial plan can take a lot of that
worry away. I think a lot of people get to
a point where they're kind of thinking, oh, maybe I can,
(08:26):
but I'm not sure. And that's where we see a
lot of people come to us and say, Okay, you
tell me, is the experts is this possible? And that's
where we kind of all the comprehensive planning. We're able
to do through creative planning. Now we're able to put
together financial plan And Jeff kind of mentioned the cash flow.
You know, how much is how much you spend in
every year, every month and how do we work that
into your plan and make sure you have enough to
(08:48):
supplement at this point, mostly just social security, not a
lot of pensions.
Speaker 2 (08:51):
Out there anymore unless you work for the government. Mostly
is what I tend to see.
Speaker 5 (08:56):
But putting that together, and maybe one and a half
million is a nother Maybe one and a half is
too much, Maybe you need even more than that. Everybody's
kind of magic number is a little bit different.
Speaker 1 (09:06):
And everybody's lifestyles are different. Yeah, how do you live
your life? Jeff, you talked about this over decades on
this show. We go back to two thousand and one,
choun See, Jeff and I started the show. That's a
long you're much younger than we are. Yes, and you
have said this so many times. First off, does retirement
sneak up on people? Have you ever heard that from
(09:26):
a client? Jeff Boy, It snuck up on me some.
Speaker 4 (09:29):
People who may have gotten laid off or you know,
that's where we're unexpectedly it would have happened. But it's
not only how much, and Chunce was alluding to this,
it's not only how much you have, but how much
you keep after taxes. So you might think you have
a million and a half and that's all you need.
Then you look at the text consequences of that million
and a half and it may not be a million
(09:50):
and a half. The other thing I was going to
say is that a million dollars for some people maybe
plenty five or ten million dollars for somebody else may
not be even close to what they need. So everybody's
different with that.
Speaker 1 (10:03):
So and this is where your conversations come into play. Also,
there's people that are looking forward to retire. They want
to they just want to stop. We've talked about the
red axes on the calendar, counting the days down, and
then they've totally just don't have enough. That's a different
story than those that want to keep working. A lot
of people want to keep working, Chancy.
Speaker 5 (10:22):
Yeah, that's not uncommon at all. I've got some clients,
so I'll sit down and be like, Okay, you can
retire any day now, right, And I like to say,
you're kind of work optional at that point.
Speaker 3 (10:32):
Right.
Speaker 5 (10:32):
It's you know, work because you enjoy it, because you
want to get out and you like what you do,
you like the people you work with, and all those
types of things. And then I've got the clients who,
as you mentioned, the red axes, right, it's like, oh
my gosh, Chauncey, am I there yet? And I'm like, no,
I'm sorry, we just need a little bit longer. I
know it sucks, but you know, and it's also it's
(10:52):
two different frames and mindset. And I know we've talked
about before having something to retire to, right, And it's
not just about being done with work and oh my gosh,
I just want to be done with that. It's you know,
having hobbies and things you want to do, grandkids and
I want to golf and fish and do all these
other things, right, So it's important to have other things
to do as well, to look forward to in retirement.
Speaker 3 (11:12):
Not just watch the Price is Right all day.
Speaker 2 (11:14):
Yeah, prices maybe a little bit.
Speaker 3 (11:17):
But remember the joke was when you were sick on
sick days, that's.
Speaker 5 (11:21):
What I used to do when I was homesick for
the school, Price is Right would beyond every afternoon.
Speaker 3 (11:25):
Because there really wasn't much else time.
Speaker 1 (11:27):
Yeah, now there's endless opportunities. No, you don't want to
be sitting in front of the TV twenty.
Speaker 3 (11:32):
Four hours a day. That gets old really fast.
Speaker 5 (11:34):
Yeah, exactly. And so it was kind of interesting that
this million and a half number. What I did is
just going back and saying how much money do we
need to save to get to million and a half?
Right by at different ages. So if I'm looking retirement
sixty five, use eight percent rate of return. If you're
twenty five, right, so you got a lot of years aheading,
forty years to sixty five. At eight percent rate of return,
(11:55):
it gets a million and a half. You need to
save six thousand dollars a year, five hundred bucks a mole. Yeah, right,
that's very doable.
Speaker 3 (12:02):
For most people.
Speaker 1 (12:03):
That should be very doable. Like you said, if it's not,
you need to make that happen, right exactly. You get
used to the new chuck amounts, you just do.
Speaker 5 (12:12):
Yeah, And we always hammer on the four to one k, right,
especially the match is just you're guaranteed ready to return.
Do that to get to five hundred dollars a month
between your four to one k and your match. If
you're young, do it in the row, all tax free
later on. Right, fantastic, but only five hundred dollars a
month to get you there. If you wait ten years
and you start saving it thirty five, it goes up
to thirteen thousand dollars a year that you need to save.
Speaker 2 (12:34):
Right.
Speaker 5 (12:35):
So now you're about over one thousand bucks a month
that you need to set aside. Now, still not incredibly difficult.
And if you wait another ten years to forty five,
now you need to save thirty three thousand dollars a
year to twenty thousand dollars extra just by waiting another
ten years.
Speaker 2 (12:50):
Right.
Speaker 5 (12:50):
So, I always think it's interesting just the power of compounding, right, time,
value of money, all kinds of fun stuff that I
think is interesting.
Speaker 1 (12:57):
Time is on your side. So the earlier you start
obviously laid, the.
Speaker 5 (13:00):
Better, yeah, exactly, And you know to get all that, especially,
like talk about in wroth for one k is while
you're young, super powerful, you know. Jeff kind of mentioned
how much do you have after taxes getting that in
that wroth for a one k. Well, if your whole
million and a half is in a wroth for a
one k, all of it is yours, right, You're not
giving away any of it to the government to pay
your taxes. You have to worry about state and federal
(13:20):
income tax and your Medicare premiums and all those different
things eventually later on.
Speaker 2 (13:25):
So it's a it's a great way to go.
Speaker 1 (13:28):
John, say, if you're looking at a household with a
married couple, both are employed, both have their own retirement plan, Yeah,
you can really do well, right if you really make
that conscious effort for both of you to save. By
the time you're that age just say sixty five, you
should be doing pretty well.
Speaker 5 (13:46):
Yeah, exactly, And you know, and hopefully that would make
you as you get closer to retirement, feel more comfortable.
And it even allows I like I see some of
the younger clients that I work in forties fifties, being younger,
for some of our clients want to plan aggressively and
they want to retire in their mid fifties or maybe sixty,
And then you have to take into consideration healthcare costs
and all that as well, you know, and kind of
(14:07):
play the game of the marketplace and Obamacare and all that.
But tons of different stuff to take into consideration there.
But the earlier you start, the more flexibility it gives
you right to not, Oh, you know, I started when
I was forty years old, and now I want to
retire at sixty and like, woof, that's a tall task, right,
unless you live a pretty lean lifestyle. But for most
(14:28):
people that's going to be a pretty tall task. Versus
starting earlier, you get yourself tons of flexibility. If you
want to try to make it retire earlier at at
fifty five, it maybe possible.
Speaker 1 (14:37):
Trunks Usually you can tell when you put a pen
to paper, you take their income, the current savings, and
you kind of do a projection. Right now, things can
happen life. You could win the lottery, right, yeah, you
could get a inheritance. Perhaps that's sizable. It might be
a game changer, but maybe not. Jeff has said over
the years, how many times do not count or plan
(14:59):
on inherent. It may, but it may not be there right.
Speaker 4 (15:03):
Something could happen to the person you're hoping to inherit
from the dominant.
Speaker 1 (15:08):
Let's hypothetically speaking, what if they need it, Jeff, for
long term care and they deplete every penny they have
because they need it.
Speaker 4 (15:15):
Well, yeah, and if you plan on that for your retirement,
you're out of luck. That's why we generally do not
do that unless it's the check is about to be written.
But typically you know a couple of things that we
got to talk about. First of all, that those numbers
gave her an eight percent not guaranteed.
Speaker 3 (15:30):
Those are just a projection.
Speaker 4 (15:32):
It could be better than eight, could be could be less,
could be less, but it's not guaranteed. But those are
just examples. We find that in reality. If you you
were talking about starting at age forty, a lot of
times when you hit age fifty. We saw this with
a lot of clients when they don't have anymore, may
not have mortgage payment, may not have college education to
(15:55):
pay for, kids are gone taking anything step up and
that's where those ketchup and the retirement plans that can
really kick in. And I trug you really alluding to
something really important. Reduce it to writing. I mean, if
you have any questions about reduce it to writing. And
that's where you tell your clients or we tell our clients,
do you have to maybe stay a little bit longer
or if you do this, this is a result, what
(16:16):
the result will be and you don't have to pay
for health insurance if you stay a little bit longer.
Things like that.
Speaker 1 (16:21):
Health insurance obviously costly getting costly as the years go by.
Speaker 5 (16:26):
Yeah, and there's been some changes, I think really last year.
I've seen quite a few clients this year make a
jump in healthcare expenses or switched to more affordable plans
with higher deductibles just to try to get that expense down.
Then nice thing about that is we've been able to
do hsas for them health savings accounts. If you have
a high deductible plan, you can save money into an.
Speaker 3 (16:47):
HSA that's not taxed either, is it No, So it's HSA's.
Speaker 5 (16:52):
The more I think about them and have their like
my favorite investment account, right because you put the money
in and you don't pay taxes on it. You take
the money out for health expenses and you don't pay
taxes on it. It's kind of like a traditional iray
and a wroth iray had a baby, but for health
care expert.
Speaker 3 (17:06):
Wow, did you just come up with that? I did.
Speaker 1 (17:10):
That's worthy of repeating. It's kind of like who had
a baby?
Speaker 5 (17:13):
So a traditional IRA because it's all tax deferred, and
then a wroth IRA because as long as you use
it for medical.
Speaker 2 (17:18):
It's tax free.
Speaker 3 (17:20):
It's brilliant.
Speaker 2 (17:21):
I think.
Speaker 4 (17:22):
So that's I categorize as brilliant.
Speaker 1 (17:25):
I would say that falls into the category of brilliant.
Good observation. I have an HSA, you have a little
debit card.
Speaker 3 (17:30):
You can use it for.
Speaker 1 (17:32):
Health related things like prescriptions. Let's say you've got a
balance or something. To pull out that card.
Speaker 5 (17:38):
Yeah, you've got a medical bill, You've got a prescription
or a.
Speaker 2 (17:41):
Cope or whatever. You're deductible, whatever it may be.
Speaker 5 (17:44):
Just use your HSA and it's a It's a good
one to kind of set aside and invest in chunk
of it. Leave them in cash if you if you
may need it immediately, but if you're not in need
of it, leave it alone, invest it, let it.
Speaker 1 (17:55):
Go, and that rolls over. I mean, that's you got
to talk to your employer about this right.
Speaker 5 (17:58):
Yeah, So HSA is always roll over. There's different health
like health HR's I think they're called, and there's other
ones that don't roll over. You need to spend it
within every year, but an HSA Health Savings Account continually
rolls over, so as long as your employer offers it
or even have Like I said, some clients now that
are on high deductible plans, they've gotten with the Affordable
(18:19):
Care Acts and we've opened hsas for them as well
and contributed and been investing in chunk of that.
Speaker 1 (18:24):
First, like current insurance every now and then, or any insurance,
homeowners you like to go through and kind of review
things and see if you can get a better price,
because that's if you just kind of ignore this stuff,
put it on the back burner.
Speaker 3 (18:35):
It all seems to be going up in price.
Speaker 2 (18:37):
Yeah, it does.
Speaker 5 (18:37):
And Health Insurance has been getting all of our insurances
right your home, your auto, your umbrella, your health insurance.
I mean, if you have long term care insurance, they
can increase the premiums there.
Speaker 2 (18:48):
I mean they're all going up now.
Speaker 1 (18:50):
So I haven't had a ticket in like over thirty years.
I keep on bringing that up. It's gotta be worth something, right,
shouldn't I insurance me? Shouldn't I be given a deal
because of that?
Speaker 4 (19:00):
Oh don't where you were going with this, but sure,
if you haven't had a somebody should give you a
discount for that.
Speaker 1 (19:06):
Fine, LA insurance agents pay attention out there. No, I mean,
that's you know, you're rewarded for that.
Speaker 3 (19:12):
You should be.
Speaker 1 (19:13):
But boy, across the board seem to be going up.
You're right, Chauncy. If you can have that mortgage paid
off for by the time we retire, that's a big one.
Speaker 5 (19:20):
Yeah, that's an easy way to trim costs is just
try to get rid of all your debt before you retire. Now,
a little bit of that is fine. I have plenty
of clients who retire with a mortgage, and if your
mortgage is at three percent, I wouldn't be in any
hurry to pay it off, right, But you can free
up a lot of cash flow by getting rid of
some of those those ongoing you know, expenses. Mortgage is
usually the biggest one. But I mean, and that's kind
(19:42):
of part of where this million half come from. We
talked about everything going up. It used to be a
million dollars and then last year even it was a
million three and now this year is they've done the survey,
it's up to a million.
Speaker 3 (19:51):
Five. Ten years from now probably over two million.
Speaker 5 (19:54):
Yeah, two millions to inflation, and we're just gonna keep
going up. And that's something Inflation is always the b
I guess why do we make sure we're accounting for
that when we run financial plans for clients, you know,
including two three percent inflation and saying how much do
you need today? Right, and recognizing that amount is going
to go up considerably in the future, and you'd be shocked.
You can see thirty years from now, right, if I
(20:15):
needed six thousand dollars a month, thirty years from now,
you know it's it's probably doubled.
Speaker 1 (20:19):
Chauncey Wisen, this is a great topic. How much That's
essentially what this show comes down to, Jeff. How much
do I need to retire and live the lifestyle I
want to, not just get by but you know all
the things I want? Can you get by and just
social security? Probably not.
Speaker 4 (20:35):
I still harken back to the days where we're doing seven
hours and you know, we'd ask them how much you
need to live on a retirement and nobody would say anything.
Everybody would look around, look around, and then somebody would say,
one hundred percent, I need to want to make it
now in retirement.
Speaker 3 (20:51):
Everybody else'll say we were thinking the same thing. Nobody
wanted to say it.
Speaker 4 (20:54):
Nobody wanted to say it. But you know it's one
hundred percent. That's spendable what you're what you're taking in
now after tax and form and kse all that. That's
what they were talking about, adjust for inflation. But you
got to reduce it to writing. You can't just eyeball it.
Speaker 1 (21:07):
Yeah, there's so many moving parts to a retirement plan. Chauncey,
great topic. If people have questions, we give out this
direct line to creative planning. Formally, the Coal Investment Group
all over southeast Wisconsin. Meet with an advisor, put that
pen to paper and figure it out.
Speaker 5 (21:23):
To say with Chauncey, just be happy to meet. Second opinion,
you come in low pressure. Let's just talk and see
what your goals are and your assets and hopefully we
can get a plan put together that works well for you.
Speaker 1 (21:35):
So maybe they've had a plan or they've got just
the four to one K and they don't really pay
attention to it. Chancy and they're Like you said, most
of your clients might be in their forties and fifties,
but you work with people of all ages.
Speaker 5 (21:45):
Yeah, I've got clients that are in their nineties right now.
You know that I've worked with. It's it's all over
the place, all different spectrums of life. And it's great
because you get to see kind of where how do
you get to where you are retired and successful, and
to help clients get there and to see clients who
have done it.
Speaker 2 (21:59):
And everybody's at different phases.
Speaker 1 (22:02):
But what does Jeff say, You could screw up and
live a long time. Okay, if you're in your nineties,
you've way out exceeded.
Speaker 3 (22:08):
The American average lifespan.
Speaker 4 (22:09):
You need money for that, though, I plan for it
so you can, so we can, we can do the
financial part of It's all you have to do is
lift to.
Speaker 3 (22:16):
Ninety or ninety five. That's it. That's all we ask
of you. Yeah, live a healthy lifestyle.
Speaker 1 (22:21):
Okay, Chauncey. After the break, we'll turn our attention to
another topic. Jeff has got a topic on scams, right,
financial scams that not only are happening, but probably on
the rise.
Speaker 3 (22:32):
They're on the rise. And are targeting senior so you
got to watch out for it.
Speaker 1 (22:35):
Yeah, so kids pay attention, you know, talk to your
parents or if you hear a goofy story a thanksgiving
from GRAMDMA.
Speaker 3 (22:41):
Follow up on it. Yeah, absolutely, because boy, stuff can
happen in the phone. They think it's legit, it's not.
That's coming up.
Speaker 1 (22:46):
Financial scams that number again two six two five two
two forty forty or check out the Retirement Clinic dot com.
I'm Paul Crown forced along with Jeff coll and Chauncey Wisensell.
The Retirement Clinic will be back in wisay Wyn's Retirement Clinic.
We continue with Chauncey wisen Cell and Jeff Kowal hosting
the show. They're with Creative Planning two six two five
(23:09):
two to forty forty. For any questions, Jeff alluded to
financial scams. Uh, they do happen. You need to be aware.
Oh yeah, do we need to be ultra like there
are some people that think everything's a scam. I know
people that don't believe anything anymore, everything on the Internet.
Speaker 4 (23:25):
That's kind of a healthy attitude to have.
Speaker 3 (23:29):
It's a little cynical to go through life. That way.
But if you don't, you are at risk of being scammed.
Speaker 4 (23:35):
But you hear about these things that people people are
getting scammed. And we had a client of ours calls
last week who's really very good technologically. He was talking
to us about how, you know, they could duplicate his
voice so he could call somebody in the same mannerism say,
you know, you can have a conversation with with himself
because of the you know that that they're that sophisticated.
(23:58):
And so we're we're trained in a chaunting I and
all the advisors uh at the Creative Planning we have
to go through training all the time and just be
aware of these things and be aware of it on
behalf of our clients.
Speaker 3 (24:10):
Red flags and red flags.
Speaker 4 (24:12):
Then we've got several layers of protection with creative Planning,
with fidelity, with Schwab whoever, we're dealing with another layers
other layers of security.
Speaker 1 (24:20):
What did the first red flag be? Your phone says
spam risk. Get those all the time.
Speaker 4 (24:25):
Oh yeah, yeah, you probably pick them up and carry
out a conversation.
Speaker 3 (24:31):
How are you doing? Hey?
Speaker 2 (24:32):
Oh my son?
Speaker 3 (24:32):
Security numbers? Why are that money right over? Okay?
Speaker 4 (24:37):
Seriously though, there's a Wall Street Journal article for financial
scam target that target seniors.
Speaker 3 (24:42):
Look out for these.
Speaker 4 (24:45):
It says swindlers have stepped up their game with artificial
intelligence and deep fakes to steal older Americans money and
personal information. Increasing number of scammers are targeting seniors bank
accounts and for one case, threatening the financial security of
many Awaremericans. Again, we hear about these all the time.
Many seniors are as savvy as anyone about avoiding scams,
(25:06):
but with the artificial intelligence tools like chat, GPT, scam
messages when we were just talking about that, text mails,
text phone, phone calls, social media, they're difficult to spot.
This says These include deep fake audio that lets scammers
a person at government officials, and fraudulent texts and emails
(25:29):
that mimic real communications from a bank, government agency, or
familiar company. Two point four billion has said that the
Federal Trade Commission said the adults sixteen older reached two
point seven four billion in scam money. That's up That
was in twenty twenty four. That's up twenty six percent
from twenty twenty three. That's according to Federal Trade Commission's
(25:53):
annual report to Congress. Older Americans are being earmarked because
they're emotional vulnerability, because they are not as digitally savvy
as younger generations. Okay, here are the four that day
that they identify as the biggest scams. One is investment scams,
swindle seniors in particular by promising them high guaranteed rates
(26:14):
with little risk and fake cryptocurrency ventures or phony high
healed investments.
Speaker 2 (26:21):
Investment.
Speaker 4 (26:21):
They have an investment manager tell them that they can
make a lot of money in these investments. They'll handle
all the mechanics. You don't have to know about cryptocurrency,
you would have to know investments. All you have to
do is trust me.
Speaker 3 (26:33):
It sounds appealing.
Speaker 4 (26:35):
Yeah, again, they make it so easy that, yeah, I'll
take care of all the paperwork. I'll take care of everything.
All you have to do is send the money. And
this occurs via phone call most times, Yeah, a lot
of times, phone calls or emails, any number of ways.
But one is investment scams. They say these statements, Oh
(26:56):
they said that the different companies they'll use way of
the money. They'll start sending you statements. They look like
real statements, and they have an account number on and
they're just bs's. They're fake statements, but then they get
you to send more money because it looks like they're
doing so well, and then they'll they'll get you said
more money.
Speaker 1 (27:16):
And be honest, a lot of people look very quickly
through their mail in letter. You know, it's just put
it on the pile, look at it. It looks legit
account number, my name, my address, and a lot of
times you will look at the statements. So so what
what can victim do? Report an investment scam? Investment scam
to the FBI's Internet Crime Complaints Center, Federal Trade Commission,
(27:36):
or call FINRA Financial Industry Regulatory Authorities helpline. That number
is eight four four five seven four three five seven
seven Again eight four four five seven four three five
seven seven. That's in this article Ball Street Journal. Next
one is is government imposters swindlers are increasingly contacting seniors
by phone. This really and again these are all aim
(27:59):
towards UH seniors. But there'll be somebody pretending to be
an agent from the I R S. Medicare of Social Security.
They may use a caller ID to make it seem
like they're calling from an official government number. You know,
sometimes I'm hard to say.
Speaker 3 (28:15):
That's the AI they're using it. Yeah. Boy, it's easy
to fall for that too, right.
Speaker 4 (28:19):
Absolutely, And some say that you owe back taxes and
they'll try to scare you demand immediate payment of the
I R S on the threat of arrest or deportation.
So others claim that there's a problem with your Social
Security account. And we just had coming last we my
wife and I both got them saying that you bought
this to send money. You know you already purchase this
(28:42):
to send us the money, so you'll expect this on
your bill and make sure you're up your credit card.
Speaker 3 (28:46):
Is up to date. You didn't send money, did you,
of course?
Speaker 4 (28:53):
But I mean it's easy to want to because they say,
you know, I'm good with my credit is good. I
don't want to affect my credits. So if I bought
something and I'm committed to buy and I and I'm
stiff in mine, I better pay it.
Speaker 1 (29:04):
Well, there's you're so vulnerable, especially if you are if
your spouse is passed, you're living alone. You get up
there and you're just nobody else to kind of go.
Speaker 3 (29:11):
Wait a minute, what are you doing? What did you
just do? Yeah?
Speaker 4 (29:14):
Yeah?
Speaker 3 (29:14):
Or did they do this before that?
Speaker 4 (29:16):
It was it something that they were doing on a
regular basis.
Speaker 5 (29:18):
Yeah, And I'll tell clients too to always like check
with me if you're not sure about something, you know,
send me the email or don't click on any links.
I'll have clients so get emails. They almost look legitimate
from Fidelity and they'll be like, Chauncey, did you do
something with my account?
Speaker 2 (29:32):
Or did you send me something.
Speaker 5 (29:33):
I'll be like, not that I'm aware of, and I'll
make sure I give them the actual Fidelity phone number.
They'll even sometimes put the real phone number on there,
thinking you won't call and I've sent them the phone, Like,
call Fidelity see if they sent you anything. If not,
you know, block the email report or whatever.
Speaker 2 (29:47):
Yes, exactly.
Speaker 3 (29:48):
That's a good news. Yeah, I mean you block all.
You do your best, right.
Speaker 1 (29:51):
They see they seem to like keep on calling me,
but I always block them the email. Same thing, And
that's good advice of what you said, Chauncy. If you
have a financial advice, check with them first so.
Speaker 4 (30:03):
You can contact the credit reading firms to freeze your
credit when something like this happens for or contact the
Federal Trade Commission. Not otherless romance scams. Romance scams. That's
that we hear about more and more. Social media romance
scams exploit seniors who may be lonely in seeking companionship
on the rise. According to fraud experts, one in six
(30:23):
adults over fifty say they are someone they know lost
money such a scam. One in six over fifty perpetrators
create fake profiles on Facebook, Instagram and other social media
and dating sites and apps to create relationships with seniors
they tend to live far away and can't meet in person.
Speaker 3 (30:42):
That that's a red flash.
Speaker 4 (30:43):
Yeah, and unwilling to do a video, so they say,
but if you set up on where the money coming
WhatsApp or something like that, then they can. They're say
they need money for emergencies or crisis that suddenly pop
up and ask for payment by gift cards or cryptal currency.
Speaker 3 (31:02):
What do you do for this?
Speaker 4 (31:04):
Yeah, I and I can see it, especially if you
lose a spouse or you're looking you're lonely later in life,
and I can see it that it's emotional and so hey.
Speaker 1 (31:15):
Your phone lights up, you're engaging with somebody else. Maybe
maybe that's part of it, Jeff, You get sucked in.
Speaker 4 (31:23):
So to tighten your privacy secure settings on all your
social media platforms.
Speaker 3 (31:27):
That's what's the article.
Speaker 4 (31:28):
The Wall Street Journal suggests report the crimed fbis in
a crime complaints center. Last one is tech support scams.
Tech support scammers try to scare you into believing there's
something wrong with your computer, with the goal of gaining
remote access to your machine so you can steal your
personal and financial information.
Speaker 3 (31:46):
And that is possible if they gain access to your computer.
Look out right, yep.
Speaker 4 (31:51):
Bait and switch starts with a pop up warning on
your screen that looks like it's from a well known
company or somebody that you work with regularly. Say if
there's something wrong, we need to get access to it.
Protect yourself, verified that any phone numbers or website links
are legitimate. Use unique and strong passwords.
Speaker 1 (32:09):
Password you know, wat, Jeff, We're all guilty of probably
not changing your passwords as much as we ought to, right, sure, Paul,
I mean I know you.
Speaker 4 (32:20):
Haven't either confirmed nor to die that I do or
don't change my passwords.
Speaker 1 (32:25):
And make it a password that obviously you know, not
your name one, two, three four, that would be an
obvious one.
Speaker 2 (32:32):
Right.
Speaker 1 (32:32):
It's like those garage court code pads, right, zero zero
zero zero or zero one two three or whatever.
Speaker 3 (32:38):
Don't do that. Come up with something a little bit.
Speaker 4 (32:41):
More great now, okay, we know what your.
Speaker 3 (32:46):
Thank you, Paul.
Speaker 4 (32:47):
Okay, scan your device using antivirus software that removes all
malware immediately.
Speaker 3 (32:52):
And we had a.
Speaker 4 (32:53):
Client of ours, a friend of ours that actually had
an issue with this and they sold money from his company.
And he said, actually, customer service for the belware company
was really good.
Speaker 3 (33:06):
Good grief, man, you got to have your intent up.
You've got to be aware. And Jeff, I guess as
we wrap.
Speaker 1 (33:11):
This up on a serious note, if you have any
inkling that this may or may not be legitimate, reach
out to your financial advisor.
Speaker 5 (33:19):
Yeah, it's just good to get a second pair of
eyes on something. I had a client even a couple
of weeks ago. He called me like a Friday afternoon,
he said, left me voicemail, call him right back. He said,
he's oh, I think my computer might have been hacked.
Blah blah blah. So I called up. We put locks
on all his accounts, no money in, no money out outstanding,
just right away to make sure that that that was okay.
(33:39):
And then he had his computer checked and changed his
passwords and all those things.
Speaker 2 (33:44):
Everything turned out fine.
Speaker 3 (33:45):
He changed his password, Jeff, what.
Speaker 2 (33:48):
Only because he thought somebody stole stolen.
Speaker 3 (33:52):
After the fact.
Speaker 1 (33:53):
And another thing you want to do is when you
change your password. And there's all kinds of apps for
passwords right now, you don't want to tape it to
the bottom of your keyboard or something like that.
Speaker 5 (34:01):
No, if some clients like write it down and keep
it in a notebook somewhere, which is fine. You can
also use like what's it like a passwords there's specific
apps or websites or something like that, like a third party.
It's like store your passwords. It's an additional layer of
security if you are going to store them.
Speaker 1 (34:17):
Mind, they remind you when you have to change them,
almost like a little you know, reminder, get your act
together kind of thing. Good stuff, Jeff, be on the lookout.
You don't want to be financially scammed. Of course, that
goes without saying. Call Creative Planning two six two five
two to forty.
Speaker 3 (34:33):
Forty with any questions and ask for Chauncey.
Speaker 1 (34:36):
And ask for Chauncey. Why that's Jeff Colewall, He's Chauncey.
I'm Paul Crown Force coming up the weekly Wealth Management
and preservation segment next as.
Speaker 3 (34:46):
The Retirement Clinic continues on.
Speaker 1 (34:48):
The weekly Wealth Management and here's a keyword preservation segment.
Speaker 3 (34:53):
We'll talk about that in a second.
Speaker 1 (34:54):
Welcome back the program, The Retirement Clinic with creative plannings
Chauncey wisen Cell and f Coo Wal.
Speaker 3 (35:01):
We do this every week, Jeff, we play the bar
Naked Ladies. If I had it should say one and
a half million.
Speaker 2 (35:08):
That's right.
Speaker 4 (35:10):
This show us for everybody. This particular segment is for
those with a million dollars or more. Once you've accumulates them, well,
how do you preserve it? Grow it, take income from it,
and pass it on to your heirs. And a lot
of times people think I don't have a million dollars
or a million and a half as the case may be.
But if you look at your four to one case,
if you look at other investments that you have, if
(35:30):
you own any other property, if you have a home,
if you have a lawsuit or an accident that settles,
if you sold a business, if you win a lottery,
there are all kinds of ways that you can have
a million dollars or more. So this segment is for you.
And this is tax efficient strategies for your mandatory i
RA withdrawals. And this is four ways to reduce the
(35:53):
tax impact of your annual four to one k plus
I've got a couple more. This is a Baron's article.
Speaker 3 (36:00):
Again.
Speaker 4 (36:00):
By seventy three and at that age goes up to
seventy five after a couple in a couple of years
if you're a little bit younger. But by seventy three,
retirees must begin taking annual required minimum distributions or rm
ds from your iras and retirement plans, which are taxed
at ordinary income tax rates That could be twenty percent.
(36:21):
It could be as high as thirty seven percent, as
opposed to capital gains tax rates, which typically are either zero,
ten percent or twenty percent. So if you get this
at twenty percent at ten percent taxes instead of thirty
seven percent, that's better. So how do you reduce your
(36:43):
taxes or do a better job with the taxes with
required minimum distributions that you're forced to take from your IRA.
First one is gifts from your IRA. They're called qualified
charitable distributions. If you're seventy and a half or better,
it's not the year you turn seventy and a half half,
it's age seventy and a half or older. You can
(37:05):
gift up to one hundred and eleven thousand dollars a
year to a qualified charity. That's one way. It doesn't
count as income, and if you're older than seventy three,
it goes towards your required minium distribution. How much can
you gift to your one hundred eleven thousand dollars that
you can gift it comes out of your IRA without taxes.
(37:27):
So this is as an example, if you have to
take one hundred thousand dollars out and you give ten
thousand dollars to charity, that means you only have to
take out ninety thousand dollars and only ninety you'll be
taxes ordinary income to you from your IRA. So the
first is gifts from your IRA. Second is convert iras
to wroth irays. You don't have to do required minimum
(37:50):
distributions from wroth iras. Why companies government's already got to
pound the flesh out of you. You already pay taxes,
so now it grows tax free, so they don't care
if you take required minimum distributions or not because they
already got their money. So we like converting the Iraate
(38:11):
traditional iras to wroth iras. Principles can be take principal
can be taken out tax free anytime withdrawals of growth.
Typically three to five are tax free after five years,
So that's the second one. Ideal time to do conversions
is right after retire, before you draw social Security, before
you have to take requirement of distributions. There's a nice
window there of anywhere from three or five years to
(38:35):
maybe up to ten or twelve years. That's great time
to do roth conversions. You do a lot of those too.
Speaker 5 (38:40):
Yeah, I've got some clients I can think of this
off and you know, they're kind of in that sweet spot.
They've retired, maybe they're not taking Social Security yet, we're
watching their income from met for health insurance premiums, all
these other things. But you get a nice window there
where even if you can just do ten thousand dollars
of conversions a year over ten years, that's one hundred
thousand dollars I just took out of my ira smaller
by it's lower tax bracket, it's a little bit more easy,
(39:03):
easy to pile it versus Hey, Alix, sudden, I have
this huge rm.
Speaker 2 (39:06):
D I need it take in seventy three.
Speaker 1 (39:08):
Are MD required minimum distribution? See what I've learned on
this show over twenty plus whatever time. It's been a
long time. Hey Jeff, before we wrap up this segment,
do you want to put a little you want to write?
Speaker 3 (39:21):
Are we done?
Speaker 2 (39:22):
Yeah?
Speaker 3 (39:22):
Just I don't want I don't want to interrupt.
Speaker 2 (39:24):
No, no, no, you can.
Speaker 4 (39:25):
You can plan for your arm DS required required minimum distributions.
A lot of our clients don't need the income, so
a lot of times they'll take that requirement of distribution,
pay tax and put it into an individual or trust account,
so then you're paying a capital gains tax rates the growth,
not ordinary income tax rates. A lot of our The
last things that a lot of our clients, if they
(39:46):
don't have a need for it, may buy life insurance
with it, even at older ages, and use those required
minimum distributions to increase the value of their estate. That
life insurance proceeds get paid out income tax free. It
can't be subject to state taxes, but maybe used to
ARMD used to buy some life insurance as well.
Speaker 1 (40:04):
Covered a lot of ground today started with how much
money do you need to retire? That's gone up to
about one point five million financial scams. And when we
come back, if you've got questions and we know you do,
to reach out to Creative Planning, it's a phone call
away two six two five two two forty forty.
Speaker 3 (40:21):
Stay tuned more the Retirement Clinic. Next on w.
Speaker 1 (40:24):
Great Information Today the Retirement Clinic. As we wrap up
this week, we are back next Saturday. Every Saturday morning
at ten o'clock. Jeff Cowal, Chauncey Wisenzel, Jeff, great stuff,
good information.
Speaker 3 (40:35):
You know you joke about being scammed, and we didn't
really joke about it, but we joke about it.
Speaker 1 (40:40):
You gotta be careful, you gotta be serious about it
for sure, because it does happen.
Speaker 3 (40:44):
It happens every day in America.
Speaker 4 (40:45):
And again part of the planning process for us, we
try to help you with those things closing down credit
or freezing your credit, things like that that we address
all the time with our clients.
Speaker 1 (40:53):
And then we talked about how much money do you
need to retire? All the scams that can happen do
you need and advise Chauncy, they can ask for you
a Creative Planning.
Speaker 5 (41:02):
Yeah, yeah, happy to meet with anybody, whether you have
somebody already and or a plan already and you want
a second opinion, or you have no plan whatsoever and
you'd like to come and just start off fresh and
happy to meet with you. Set up a set up
a meeting, you know, give us a call two six
two five to two two forty forty.
Speaker 1 (41:19):
And if you forget Chauncey's last name, wisen Cell, just
remember Chauncey.
Speaker 2 (41:23):
Yep, that's easy.
Speaker 3 (41:24):
I want to speak to Truancy yep, exactly.
Speaker 5 (41:27):
Not a lot of other Chaunceys in the office, so
I think you're gonna be fine.
Speaker 1 (41:30):
Great stuff, Truncy, good show as always, guys, Monday through Friday,
do the Dan o'donald show three and five pm news block.
You do the market updates, so those are every day,
and then of course we'll see you next Saturday. As
Chancy said, call two six two five two two forty
forty or check out the Retirement Clinic dot com.
Speaker 6 (41:50):
The preceding program is furnished by Creative Planning and SEC
registered investment advisory firm Creative Planning, along with its affiliate
United Capital Financial Advisors, currently manages or on a combined
three hundred and twenty 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 and do not
(42:11):
necessarily represent the opinion of Creative Planning. The show is
designed to be informational in nature and does not constitute investment.
Speaker 3 (42:18):
Tax, or legal advice.
Speaker 6 (42:19):
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 information contained herein has been obtained from sources deemed reliable,
but is not guaranteed. If you would like our help,
request to speak to an advisor by going to creative
(42:41):
Planning dot com. Creative Planning, tax and legal are separate
entities that must be engaged independently.
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