The Kowal Retirement Clinic 5-9-26

The Kowal team help plan your retirement

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Episode Transcript

Speaker 1 (00:00):
It is time for the retirement Clinic.

Speaker 2 (00:01):
On WI said, welcome to the program with Creative Planning
On Paul kron Forest hosting today's show. Back in studio
is Truncy, Wise and Cell or two weeks ago, we
just said, asked for Truancy. If you can't remember the
last name.

Speaker 3 (00:15):
Yeah, exactly. Yeah, I was just here. It feels like
two weeks ago doing the show with you and Jeff.

Speaker 2 (00:20):
Indeed you were welcome back, Truncy. Your official titles? I
joke about the acronyms of CFP Certified Financial Planning. What
is your title?

Speaker 3 (00:29):
Yeah, so I'm I'm a Certified Financial Planner CFP or
the letters behind my name. You know, going through the process,
you study for about a year. You learned a ton
of stuff about taxes and estate planning, investing in insurance
and annuities and all these things, right, good things, bad things?
How can you help clients with all this? And then
you sit and take a lovely you know, like six

(00:50):
seven hour test and then you pass and then you're
your CFT. But I learned a ton going through that.
It's it was a great thing to do. So so
glad I did it.

Speaker 2 (01:00):
Yeah, and what we talk about each week. Is the
retirement side of things. That Creative Planning, which was a
coal investment group for years, right, you joined Creative Planning sometime.
It go a little over a year ago once and
you've got all these resources at your disposal. Tax is
a state planning, you name it. One of the things
we're going to talk about today is a tax refund.

(01:20):
If you get a tax refund, maybe it was a surprise,
you maybe didn't plan on one. There's all kinds of
people getting refunds, and what if it's significant, what are
you going to do with that money? Chrancy, that's where
you're gonna kick things off.

Speaker 3 (01:32):
Yeah, exactly. We'll talk a little bit about that. It
seems as and this is just I've been experiencing with
a lot of my clients, and so it just feels
like a good thing to talk about with with people.
I'm sure there's other people out there experiencing the same thing,
is getting refunds, and normally they don't, right, And there's
nothing wrong with getting a refund. Maybe like ah, you know,
I gave the government a little too much money and
I didn't have to, and you know, but I guess

(01:54):
it's better your refund than NUP one.

Speaker 2 (01:56):
You get a check in the mail. Well, it's and
it goes right into your account, now, isn't it. I think, so, yeah,
nice little surprise. Maybe yeah it's great, But yeah, I
think a couple of changes that we I really noticed,
we saw coming last year, and I'm sure we talked
about them on the radio show, and I'm sure everybody
remembers that exact episode when we talked about it, because

(02:16):
even I don't remember it right. But and you kind
of get a year in and you kind of see,
you know, what are the actual implications of that going
to be? And I think I've seen it for a
lot of clients. The two main changes I think have
really contributed to a lot of people getting RESPU refunds.
And specifically, it really seems to be kind of our.

Speaker 3 (02:33):
Retired clients getting refunds that normally don't or or they
owe much less than they usually do, or whatever, it
seems to be working out better for them. But on
the federal side of things, if you're modified adjustice gross
income is under seventy five thousand or less as a
single person or one hundred and fifty thousand joint that's
you're modified adjusted gross income, you get an additional six
thousand dollars on your standard deduction per person.

Speaker 1 (02:55):
If your income is under those amounts.

Speaker 3 (02:57):
You said, so, yeah, So once you get over, there's
a few I don't quite remember where the top of
the phase out is, but that becomes less and less,
and you have to be sixty five or over for
that to be in effect. So sixty five or over
modified to justin gross under seventy five thousand, single, one
hundred and fifty thousand joint, you got additional six thousand
dollars refund. If you're married, additional twelve thousand dollars on

(03:19):
your standard deduction. Excuse me, not six thousand dollars refund, right, right,
that'd be nice, but add additional six thousand per person
standard deduction. So that's helped quite a few clients out
on the federal side of things, right. So, I've even
had I had one client who even came in for
a meeting, might have been last week, and they said,
you know, Chauncey got I got a refund. I haven't

(03:40):
gotten a refund since I was making peanuts when I
first started working in my career, right, And so it's
it's kind of a big shift for a lot of
people to kind of be getting a refund now.

Speaker 2 (03:50):
I remember getting refunds when I was younger, Chauncy and
looking forward to them. Oh that's like, oh yeah, that's
a little bonus get from the IRS. And then until
some wise persons took Really you're not doing your taxes
right if you're getting big refunds, Paul, do you want
the IRS keeping your money all year?

Speaker 3 (04:05):
Yeah, they're just giving you your money back, your.

Speaker 1 (04:07):
Money back, Yeah, thanks for hanging on to it.

Speaker 3 (04:10):
Yeah, they're like, thanks for that little loan and you
gave us throughout the course of the year.

Speaker 1 (04:13):
Yeah, and here it is.

Speaker 2 (04:15):
It's your money anyway, and that over the years has changed.
But yeah, if that's the case, and if you're retired,
that's where we're going to go and really kick things
off on today's Retirement Clinic. Before we go any further,
I do want to give some background later in the show.
Right after this first break coming up, Jeff Coal joins
us to talk about collecting Social Security really important in

(04:37):
your retirement, the slow fade to retirement. We'll be talking
about that. In addition to Chauncey, You've got many many topics.
If people have questions, we send them right to create
a planning There's a website, the Retirement Clinic dot com.
All the information is there Creative Planning dot com. Or
simply call two six' two five two two forty forty four.

Speaker 1 (04:59):
Question students two six.

Speaker 3 (05:03):
In.

Speaker 2 (05:03):
Town you're In, brookfield right On Blue mountain In, Racine Delafield, Office, Port.
Washington you've Got Cape, Coral, Florida, Phoenix arizona license in
all fifty. States you do the market updates every day
and The Dan o'donalds show twice a, day and then
this show culminates the. Weekend it's the icing on the.
Cake it's the peak of the. Week is really this

(05:25):
show every set and we've been doing this show since
two thousand and. One the week before nine to, Eleven
jeff always reminds us of that was a weird, week
actually weird, month because we were pulled off the air
for coverage of nine to eleven if you remember way
back in the. Day so we've been doing this a
long time ON. Wism you guys have been doing this
a lot of time with a lot of experienced, tarancy
a lot of good, advisors At Creative planning right here in.

(05:48):
Town so let's talk about. This when your clients come to,
you are they surprised in many ways when they get that?

Speaker 3 (05:53):
Refund, yeah AND i think a lot of them have been,
surprised mostly because of the changes that we didn't have
that we we're just implemented last. Year SO i mentioned
the federal, one there's also one for the state Of
wisconsin as well that was. Implemented so starting in twenty twenty,
five if you're sixty seven or, older you and your
spouse or single one, person twenty four thousand dollars each

(06:15):
of your qualified income is no longer taxable in the
state Of. Wisconsin so used to be all of your
income you pulled out of your four to one k's,
irays your if it's a private, pension all taxable's income
now twenty four thousand. Dollars is an individual forty eight
thousand dollars married filing joint not taxable coming from. Here
if you're taking distributions from your iras or your four

(06:35):
to ONE k or fourth THROUGH b or even if
you have a private, pension so private being not government,
funded but state tax on That basically the first forty.
Eight you can you can shave having to pay state
income tax off of, now which is. GREAT i think
the state Of wisconsin saw a lot of. Retirees, right
how many times we talked about moving moving To? Florida,

(06:56):
Right the weather's, nice there's no state taxes THAT i
think you're seeing a lot of, that AND i Think
wisconsin's trying, to, hey, okay let's incentivize people a little
bit more to maybe stay here by by decreasing that
that state income tax on those those distributions for people
who are sixty seven.

Speaker 2 (07:10):
Plus, Now florida's got it all going, right the tax
side of, things the. Weather, yeah just like you know,
that this is why people retire or move To. Florida
it's not Just. Florida It's, arizona It's, texas other warm.
States but we often Mentioned florida because also the villages are.

Speaker 3 (07:25):
There, yeah, CORRECT i.

Speaker 2 (07:26):
Don't.

Speaker 1 (07:27):
Yeah We President trump's book at The villages last. Week
that was. Weird, yeah it was.

Speaker 2 (07:32):
Funny he had some funny lines and. Comments but it's
like you think of the villages as old. People it's not.
No WHEN i Say i'm fifty, FIVE i. Qualify, Yeah
i'm fifty. NINE i mean you have to be fifty five.

Speaker 1 (07:43):
Or older to live. There, YEAH i could live, there, truancy.

Speaker 3 (07:46):
That's a scary.

Speaker 2 (07:46):
Thought pre part just getting, like put on the white, shoes,
yeah get the golf, cart, yeah and just start drinking
martinis at four.

Speaker 3 (07:54):
Pm that's what being retired is all. About that's Why i've,
heard at.

Speaker 2 (07:57):
Least it's whatever you want to make of. It, yeah,
right if that's your. Thing maybe some people hate that,
stuff but it's whatever you want to make with. It
but back to these.

Speaker 1 (08:05):
Numbers twenty you said twenty four, each so forty eight.

Speaker 3 (08:10):
Combined, yeah if you're married filing joint forty eight thousand
of qualified income from qualified accounts mostly so retirement accounts
in general not taxable in the state Of wisconsin. Anymore
So i've kind of seen, clients So i'm kind of
getting double whammy right as far as benefit goes federal
and state and so as we've kind of been looking
at that and they, say, well you, KNOW i don't

(08:30):
really need a. Refund i'm, like, okay, well if we're if
you're taking distutions from your, iras you, know we could
always decrease withholding right and kind of try to tee
that in or if you kind of want to keep
your withholding the, same you, know what can we look
at doing to maybe take advantage and use up some
of that? Refund, Right and a lot of times where
we started looking and had a lot of conversations about roth, conversions,

(08:51):
right which we've talked about for a long time on the. Show,
right doesn't make, sense to convert doesn't make, Sense and
everybody's financial situation is a little bit. DIFFERENT i had
one client, where you, know they ended up getting a
large refund and they're, like, well we don't really need
this at all by any, means and what can we?
Do and so we looked at you in roth conversions
to basically kind of use up their refund that they
were getting so that they don't have to worry about

(09:13):
writing quarterlies or underpayment or anything like that because they're
going to pay the same amount of. Taxes but now
we're just going to convert and they're either going to
not get a refund or get a smaller. Refund and
so kind of using some of the that up to
do those conversions.

Speaker 1 (09:25):
For the benefit of The Wroth.

Speaker 2 (09:26):
Chauncy i've learned some things after listening yes to you
guys from many many years on the. Show is that
the money is taxed when you put it into the, account, Correct, Yeah.

Speaker 3 (09:35):
So the conversion is we're taking the money from THE
ira and paying, taxes putting in the ROTH, ira and
then we're growing a tax free.

Speaker 1 (09:41):
The four one k kind of the opposite tax when
you withdraw.

Speaker 3 (09:44):
It, yeah. Exactly so you know a lot of times
we look at those for clients before they have to
start one of our, lovely lovely acronyms rm ds or
acquired minimum. Distributions so if we were taking money out
of YOUR, ira we can decrease the amount that the
government's going to make you take out right when you
the hit seventy three or seventy. Five there's a line
of demarcation that they've put in place now for for.

(10:05):
That but but, yeah so we're we're taking money out
of THE i, rays paying some taxes and using that
refund to pay the, taxes, right and then now we've
got money growing in a tax free and THE, roth
and it decreases the required distribution down the.

Speaker 1 (10:19):
Line and you can do.

Speaker 2 (10:20):
That you can use the refund obviously to pick for
those taxes you can. Do you can use the refund for.

Speaker 3 (10:25):
Anything, yeah you. Can't you can use it for a new.

Speaker 1 (10:27):
CAR i could spend. It you could buy a new
golf cart for.

Speaker 3 (10:29):
The villages, exactly or new golf clubs.

Speaker 1 (10:33):
Cost i'm looking at some new. Clubs, oh holy, cow.

Speaker 3 (10:36):
Yeah it's it can be pretty.

Speaker 1 (10:37):
Steep can they talk?

Speaker 2 (10:38):
About everything's gone? Up whether that's inflation or just the,
Cost everything is gone. Up AND i would tend to
agree with. That Holy i'm looking at new. Clubs so
and Now i'm looking at do a piecemealing together like
by a driver because it's on. Sale that's kind Of
cordyon door.

Speaker 3 (10:54):
Care BUT i get a good deal and find something you.
Like now if the club, fits it's not the worst.
Thing or you get like a, partial get a set
of irons and then get your driver and your hybrid
and different.

Speaker 2 (11:04):
Splaces my last set was a hand me down from a.
Friend that's that's WHAT i use right now is. HERE
i don't want, them and what do you need?

Speaker 1 (11:11):
Now they're? Yours take?

Speaker 4 (11:12):
Them.

Speaker 2 (11:12):
Okay so that's that's Where i'm at with my golf.
Clubs BUT i have noticed that things have gone. Up
so if you want to take your refund, vacation do
what you want with.

Speaker 3 (11:21):
It, yeah, exactly if you want to do some some
neat financial planning and use up your your refund for roth,
conversions or maybe now you kind of know next year
you're gonna get a refund and you can kind of
factor that Into, HEY i can take out, MORE i
can decrease my withholding and increase my net after, attax
or you can even do things like realize additional capital,
gains right because instead of getting a, refund now that

(11:43):
next year it'll be you'll just get less of a
refund because you realize capital gains or did a roth.
Conversion So i've been looking at doing a lot of
that with clients and now was we're kind of having
these conversations and going. Through but it's also nice. TOO i,
mean if you're taking a one client who's, LIKE i
will keep it the, SAME i use the money for
for a, trip, Right And i'm, like, okay, great you
know whatever you want to use it, for it's. Great

(12:04):
and you know a lot of, times you, know maybe
if it's a few thousand, dollars it's it's money that
sometimes they may otherwise take out of the retirement accounts
with us that now They, Hey i'm just gonna use
my tax.

Speaker 2 (12:13):
Refund it might even be pocket change for some people
that have high net, worth.

Speaker 1 (12:18):
But so, what it's still significant money we're talking.

Speaker 2 (12:22):
About and if this is not another reason to work
with a certified financial planner when there's, changes to know
about those, changes how to properly make sure you not
take advantage of tax coaches but use them the right.
Way is that a better way for Raising?

Speaker 3 (12:35):
Yeah, yeah, EXACTLY i mean take advantage of. THEM i
mean there's there's stuff there THAT i, MEAN i won't
call them, loopholes but different things you can, do, right,
say like we're talking about two in conversions or realizing
capital gains or another another popular. ONE i was going
to kind of touch on as well as tax loss,
harvesting and we've talked on that about that a little
bit before as. Well but if you have an individual

(12:57):
stock or an exchange traded fund or a mutual fund
and as a loss at some point to sell it
and buy something very similar and take a tax. Loss
Right and we kind of went through a whole dip
in the market with everything In, iran and you, know
there was a pretty volatile time, there and we saw
that a year ago with tariffs In march as. Well,
right take advantage Of it's not fun when your stocks
are losing, money but if there's we can take advantage,

(13:19):
of you, know maybe taking some tax losses and you
can use.

Speaker 2 (13:22):
Stuff like when it bounces back up. Though, yeah and
this one's it always seems to do.

Speaker 3 (13:27):
That, Yeah AND i would say this one With iran
came back really, quickly.

Speaker 1 (13:31):
Quicker THAN i think a lot of people, Expect.

Speaker 3 (13:33):
Quicker than THAN i even. EXPECTED i was prepared to
sit tight for a few. Months and you, know it's
always the same. Stuff you, Know, hey we're we're. Watching
if we see a need to, reallocate we're going to rebalanced.
Portfolios but stocks are a long term, game. Right we've
always obviously talked about that here as. Well we're not
trying to time the, market.

Speaker 1 (13:48):
No big picture.

Speaker 2 (13:49):
Stuff and that's not to say we're not going to
see more ups and, downs not just with what's going
on With iran and the straight and the oil prices,
everything but it's, combined it's everything combined.

Speaker 3 (14:00):
Exactly and you know they were we're watching the short
term and if we need to do. Something we, will
but you, know always keeping that that long term view of,
hey your financial plan is for thirty or forty or fifty.
Years it's not, hey what AM i going to do
in the next two? Months you, know so keeping the long.
Game but then we're watching as. Well but, yeah this
time came back super. Fast it was it was great

(14:20):
to see with everything over And iran and you get
these there's always these events that happen over the course
of the year where you get some type of correction
or whatever it may, be and those are also good.
TIME i just talk About roth. Conversions to Do roth, conversions,
right if the market's down ten, percent pay taxes on
it then and then put it in your wrath and
then it recovers and you get all that the all
the the market coming back tax. Free, yeah on chunk

(14:44):
of that.

Speaker 2 (14:44):
Money, yeah and you're, right it's sometimes it's. Overseas sometimes
it's stuff domestically that. HAPPENS i mentioned nine to. Eleven,
yeah back TO covid when we were down about what
thirty five? Percent, yeah very quickly and people were. Panicking,
right the worst you can Do, TRUNCE i, know you
send this over and over AND i think people know,
this but.

Speaker 1 (15:01):
It's hard to see clearly when you're in the midst
of something like.

Speaker 2 (15:05):
That they know they should not, sell they should hang
on and be patient because when it does bounce, back
your buying.

Speaker 3 (15:09):
Low AND i MEAN i would even SAY i Don't
some people don't know, that. Right they think that's the game.
Is you're trying to sell and get out and stop the,
bleeding and that's what they think it's supposed to. Be
and a lot of times that's when you do the
most harm to. Yourself, right how many times we said
you got to be right? Twice when DO i get?
Out when DO i get?

Speaker 2 (15:25):
Back unless you're a day, trader and that's kind of
that's what we're talking. About we're talking about trying to
time the market and what do you? Else it's time
in the, market.

Speaker 3 (15:34):
Yep that's. Right the, power the lovely power of. Compounding you,
know can never buy more, Time, Right that's WHAT i always,
Say start, Young BUT i, mean, yeah but there's there's
certain things we can do when the markets are volatile
to you, know make the best of a bad, situation
whether that's doing your rough conversion or doing some tax
loss harvesting that we're trying to help our clients out

(15:56):
on their taxes along the, way and we're there to
watch the accounts and do these things for, you, Right
and you know that's where the real value comes. In
and working with an advisor or a certified financial planner
like myself to kind of go through these. Things you
don't have to be you're not trying to do you,
know math on a napkin on your own and trying
to figure out it's just a good. TIME i don't
know how much SHOULD i. DO i don't want, to you,

(16:17):
KNOW i don't want to put myself in another tax
bracket or have too much income and push My medicare
premiums up or whatever it. Is, right it's it's good
to sit down with us and go through these things
and you, know get some, hey pen to, paper what
is what is the? Math how does this? Look and
make make a good informed.

Speaker 2 (16:34):
Decision and you mentioned That, trancie and you work with
people that are not, retired that they're working their way to,
retirement so they could be twenty, thirties.

Speaker 1 (16:41):
Forties, fifties.

Speaker 2 (16:43):
Whatever but then you work with people that are retired as,
well and you want them to enjoy maybe it's that golf,
game maybe it's just a day off with their kids or.
Grandkids you don't want them to be worrying about their
account every day to the point of where there's anxiety.

Speaker 1 (16:57):
Over, it.

Speaker 3 (16:57):
Exactly AND i have some clients that will they'll check
it every day And i'm and sometimes they get worried about,
it And i'll tell, them just don't look at. It
if you're gonna if you just look at it and you're,
Like i'm informed And i'm not gonna be emotional about that's, fine,
right feel free to look at, it but if it's
gonna bother you every day every. Day OR i had
one client where they would check every day and it
was certain times of the day and they would see

(17:19):
red and they were misinterpreting things and they're, like, Oh
i'm always losing, Money. Chauncey and they came in And i'm,
like your counsel are doing really, well but it's always.
Down i'm, like what numbers are you? Looking, Right it's
it's just and so just to get you to look
less sometimes and not worry about. It and that's where you,
know we have a financial, plan and we don't. Plan
we use a you, know a relatively conservative rate of

(17:39):
return when we're doing these plans as, well to, say,
hey you, know we don't need account on the market
to get us ten percent for your plan to. Work
that's not a good, strategy, Right and to, say, hey
this looks great and you can pull out money to
do these, things whether you want to buy a home
in the, villages or you want to you, know be
a snowbird and go To arizona Or, florida or buy
new golf clubs or. Whatever it may be right. There

(18:01):
if there's money in there and you can do those.
Things you, know us tell clients And i'm, like you need,
more you can take, more feel free to do, so
or IF i can tell they're kind of, LIKE i
don't know IF i really should or want to OR
i want, to BUT i don't know IF i. Shouldn't i'm,
like do, it do? It do? It, like just spend.

Speaker 2 (18:16):
IT i think some people just but conservative by. Nature
it's hard to just flip a, switch oh yeah and
change that. Mentality and you, know but But trunk is.
Right you, know let's just hypothetically Say i've Got i've
got millions of my. Plan chauncy but, boy by nature you're.
Conservative you're taught to save and save. That it's even
for a set of golf. Clubs that's. Nothing that's minuscule
in a big.

Speaker 3 (18:37):
Picture, yeah if you're looking at a portfolio of you, know,
two three four million dollars and you're, like, OH i
need three thousand dollars for new golf, clubs it's, like
as long as you're not chronically spending a ton all the, time, Right,
like that's, fine you, Know i'm, like And i'll tell
them if whenever a, meetum, like call me when you
need money for new golf. Clubs, right unless you have
a lot Of if you're that, conservative you probably have

(18:58):
a lot of money in the bank as.

Speaker 1 (18:59):
Well maybe join a country. Club take it one step.

Speaker 3 (19:02):
Further, Yeah, yeah it's important to be able to spend
some of that and do the things you want to do.

Speaker 2 (19:07):
Well we always mentioned. Golf it's just what comes to.
Mind it literally could be. ANYTHING i have musician friends
that in retirement they're playing out and about. More have
you ever noticed when you go see a band, locally
very rarely are the guys or girls in their.

Speaker 3 (19:20):
Twenties, yeah a lot of.

Speaker 1 (19:22):
Older it's more guys like.

Speaker 3 (19:24):
Me, Yeah i've got fifties. Sixties i've got a few clients,
who you, know they sing in a, band or they
they play the piano or the drums or the guitar
or whatever it may, be and kind of do. That
And i've got a number of clients to do. That
it's whatever whatever your interests. Are you, know WHETHER i
like fishing and golf and watching, sports that's. GREAT i

(19:44):
MEAN i have a lot of clients who play pickleball and, golf,
right but, right just go for bike rides and hikes
and whatever it.

Speaker 1 (19:52):
May football is.

Speaker 2 (19:53):
GREAT i did tear my, meniscus but it's been, Fixed.
Chauncy but, yes it's something that keeps you. Busy you
must do SOMETHING i think mentally and physically to keep
you sharp in.

Speaker 1 (20:05):
Retirement, yeah.

Speaker 3 (20:06):
Definitely AND i was just talking to client this. Weekend
it's you, know, hey we just we go for a
walk every, day you, know one or two miles and
then other. Things and that's how they start their day
every single, day no matter what it. Is and just
to keep you physically active and mentally. Sharp it's it's
good to have those things and have activities and hobbies and.

Speaker 1 (20:24):
It's a sense of purpose. Too, yeah there's something to.

Speaker 2 (20:26):
Do oh we got to take that walk and not
just get up and float around the. House and you,
know watch the prices right all.

Speaker 3 (20:32):
Day, yeah you're drinking your coffee and you're eating your
breakfast and you got the prices right, on and you
know you're. Going you go on your phone and next
thing you, know it's, like, oh it's. LUNCHTIME i guess you.
Know the scrolling thing is is a. Problem, yeah what's it?

Speaker 1 (20:45):
Called just what is? It doom? Scrolling what's the?

Speaker 3 (20:47):
Term pretty?

Speaker 2 (20:48):
Much, yeah you're just scrolling and you're aimlessly just looking at.

Speaker 1 (20:52):
Stories some aren't even.

Speaker 5 (20:53):
Real.

Speaker 2 (20:53):
YEAH i saw SOME ai stuff this. Week it was
all made, up manufactured.

Speaker 3 (20:57):
News, yeah and ACTUALLY i think that WAS i did
a help this segment for last, weekend and that's WHAT
i talked, about was doom scrolling kind of in. Retirement,
right that was a good segment last.

Speaker 5 (21:06):
Week you thank.

Speaker 1 (21:07):
You.

Speaker 3 (21:07):
Yeah BUT i mean now it's Like i'm. WORKING i
have deadlines and things they need to, do AND i
can maybe go on my. Phone we'll eat my lunch
for fifteen. Minutes but then When i'm, done All i've
got another, meeting And i've got emails and phone calls
and things to, do, right and it kind of makes
you put it. Down when you're, retired you could just
sit there and. Scroll you got nothing on the, books
and you're, like oh, yeah i'll go do that yard work.
Later and you just scroll and. Scroll and what were you?

Speaker 2 (21:26):
Like your fingers feel, tingly they're. Numb, yeah and you
haven't gotten up off the couch in an hour and a.
Half what you've accomplished. Nothing you're probably angry because of
social media. Posts, yeah sometimes just put it. Down i've
even silenced, it which goes against everything that because of
my career radio. Communication so it's a liberating. Feeling that
was a good segment last. WEEK i forgot about that social.

(21:46):
Media i'm just kind of taking a, break putting the phone.
Down sometimes you can't see me any but truancy can
see What i'm. Doing i'm taking my, iPhone which is, silence,
yeah because we're on the, radio AND i.

Speaker 3 (21:56):
Turn it yeah, upside don't look at.

Speaker 2 (21:58):
IT i don't look at. IT i turn it down
for the. SHOW i don't want to see if it comes.
Through it comes, Through i'll see it when the show's.

Speaker 3 (22:03):
Done AND i mean you can even take a step,
right put, it put it in your bedroom if you're at.
Home But i'm the, charger And i've done that. Before
i've forgotten my phone at home Or i've left. It
i've left it in my my truck WHEN i go
run in the store and it's, like how how almost
naked do we? Feel?

Speaker 1 (22:18):
RIGHT i said that on your? Side?

Speaker 3 (22:19):
YAH i. Did i'm, like you don't have your phone
and it's just like a. Store i'm, like oh my,
GOSH i don't have my.

Speaker 1 (22:24):
Phone did you? PANIC i.

Speaker 3 (22:26):
DID i left it in my truck and, UH i
finished my grocery shop and you.

Speaker 2 (22:30):
Don't i'm looking at your. Watch you have a, watch
but you don't have A i. Watch that's another, thing,
PEOPLE i don't need the.

Speaker 1 (22:35):
PHONE i. Watch this is bad because you're looking.

Speaker 3 (22:38):
At your wrists with access and it's oh it buzzes
and you just look and it's makes it even more.

Speaker 1 (22:42):
Difficult it does the to sum up this uh.

Speaker 2 (22:46):
Segment people that are getting refunds from the government from,
taxes what are they doing with that?

Speaker 1 (22:52):
Money?

Speaker 3 (22:53):
Yeah and try to take use no use the knowledge Of,
hey this is how your tax situation worked out this
year to apply it as you kind of are doing
your tax planning for the next, year, right whether it's
doing A roth, conversion you, know or you, know realizing
capital gains if you have a position with a lot
of gains it maybe you've been trying to unwind or
whatever it may. Be you, know do some of those
planning things throughout the, year kind of knowing how that.

(23:14):
Happened and one other real quick important note is the
federal additional twelve thousand for married filing joint six thousand
if you're single is only throughout kind Of President trump's term,
Here so whoever the next president is will have to
either let that sunset or or extend that and so
this may only be for the next couple of. Years
so even if you, say, Hey i'm going to get

(23:35):
an additional twelve thousand dollars standard, deduction why DON'T i
just do a ten thousand Dollars roth, conversion, Right and
the taxes are basically taking care of by the government
with the standard, Deduction so just doing some planning throughout
the year is good.

Speaker 2 (23:47):
If we Have i'm sure this applies to so many
people that are listening and thinking maybe my advisor forgot
to tell, me or have you got?

Speaker 1 (23:54):
Questions you can reach out to.

Speaker 2 (23:55):
Create a planning real simply and really quickly by calling
two six two five to two forty two six two
five two two four zero four. Zero and that's for
all locations On Blue Mountain road In, Brookfield, Racine, Delafield, Port,
washington license in all fifty.

Speaker 3 (24:13):
States chauncey ask for. Trouncy, YEAH i feel. Free, yeah
you can call up and ask for. Me happy to
answer questions or if you're you're, interested you know in
setting up a. Meeting always happy to do that as.
Well and actually after After jeff, Here i'm gonna talk
a little bit about what the process of setting up
a meeting and meeting with us looks. Like so we
can just to kind of give people an idea of.

Speaker 1 (24:31):
That, yeah and you make it.

Speaker 2 (24:32):
EASY i mean a lot of people Make, okay we
can zoom it, Right i'm busy.

Speaker 1 (24:36):
Golfing can we do it on the phone, whatever?

Speaker 3 (24:39):
Whatever, yeah, exactly.

Speaker 2 (24:40):
As long as you get, together doesn't necessarily have to
be in a in a boardroom or conference, room yeah.

Speaker 3 (24:45):
Exactly and, now, yeah whatever works best You I've i've
had clients where you, know, like, oh we just need
to talk about something, quick and they're going through the,
airport or, hey they're they're In florida on their snow
doing their snowbird thing right and we're doing a zoom
and they meet with me in person in the, summer
or some people are LIKE i have some clients that
never even met face to face because we've always just.

Speaker 1 (25:05):
Oh sure over. Zoom it's all. Remote.

Speaker 2 (25:07):
YEAH i THINK covid started a lot of, that and
then on the plus side of what came out OF,
covid if.

Speaker 1 (25:12):
It, works it.

Speaker 2 (25:12):
Works zoom meetings are easier do? It you, know for
some people they work, great or just a phone call
or whatever it. Is two, six two, five two forty
The Retirement clinic dot. Com you Mentioned jeff joining. Us
he's talking about social, security the slow fade to. Retirement
so while you collect social, security which is a big
part of, retirement and it's people always talk about social,

(25:34):
security is it's going to be around for?

Speaker 1 (25:36):
Me and that's been.

Speaker 2 (25:37):
Discussed for, Decades, Right jeff is going to touch on
that right after the. Break your host Is chauncey Wisen.
Cell I'm paul Kron. Forst Wison's Retirement clinic ten to
eleven Every saturday.

Speaker 1 (25:48):
Morning will be right.

Speaker 5 (25:49):
Back I'm Jeff.

Speaker 6 (25:51):
COLE a lot of our clients would like to try out,
retirement maybe slow, down fewer, hours but are worried about.
Income for, many it may make sense to Claim Social
security while still. Working this, article it's From Yahoo, finance
and they call it the slow, Fade, fade the slow.

Speaker 5 (26:12):
Fade so here we go From Yahoo finance.

Speaker 6 (26:15):
Working while Collecting Social security the slow faid to. Retirement
more people are choosing Claiming Social security while still working
isn't an outlier these, Days it's pretty, common according to
The center For Retirement research At Boston, college which found
out that two in five people combine work and benefits

(26:36):
for at least some period of, time so they're Collecting
Social security benefits while they're still.

Speaker 5 (26:42):
Working at two in five, people forty percent.

Speaker 6 (26:45):
Count among Them Sharon, smith who started Her Social security
benefit at sixty seven even though she wasn't. Retiring she's
an executive coach of business consultant In, Naples, florida And,
boston and once she reached full retirement, age she was
ready for her.

Speaker 5 (27:01):
CAREER a career.

Speaker 6 (27:03):
TRANSITION i stepped out of high pressure management job AND
i needed a break to focus on my health and
morph into a new. Career so she wasn't done working,
yet and the income from the Monthly Social security check
was an important key to the. Process my husband AND
i needed that money AS i built up my coaching,
business And i'm glad we had. It the article goes

(27:25):
on to, say by the, way this is From Carrie
Hanyon Carrie, hannon who's a senior columnist For Yahoo. Finance
Social security was created to provide income for those no longer,
working but today many households over sixty five report earnings
from a job And Social security. Income labor force participantation

(27:47):
rate declined sharply after people reach age sixty. Two that's
among people percentage of the population that's. Working recent studies
showed that earnings from a job constitute more than a
fifth of in come for households over age sixty. Five
people who work after claiming benefits fallow into two distinct.
Groups more than two thirds are low earners who claim it.

(28:10):
Early they typically work part time and Need Social security
to supplement. Earnings the remaining, third that's two. Thirds the
remaining third are high earners who claim around their full retirement.

Speaker 5 (28:22):
Age and often continue.

Speaker 6 (28:23):
Working they combine the income typically exceeds preclaiming, levels suggesting
that they could postpone claiming until.

Speaker 5 (28:31):
Seventy but they take it, early And i'm.

Speaker 6 (28:34):
Guessing that a lot of, them like a number of our,
clients they'll take That Social security early while they're still
working and make electronic deposits into investments into their investment
account outside of the retirement, plan so they can build
additional assets outside of the retirement. Plan and they're using
Those Social security bands benefits to do.

Speaker 5 (28:52):
It, okay back to the article how it.

Speaker 6 (28:55):
Works you can Take Social security as early as age sixty,
two but your benefit can be by as much as
thirty percent from once you would.

Speaker 5 (29:02):
Get at full retirement. Age not for a lot of.

Speaker 6 (29:05):
People for anybody born over after age, sixty your full
retirement age is aged sixty. Seven if you delayed benefits
from your full retirement age age, seventy you earn delayed
retirement credits and that's about eight percent a. Year it's
a bridge to an encore. Career like the woman who
was sixty seven claiming. Benefits it, says you know she

(29:29):
was trying to figure out what to do with her,
life so it was a bridge to the next. Career
and the article goes on at this POINT i thought
was pretty. Interesting need the money versus want to. Work
majority of workers sixty five and older say they work
both because they need the money and because they want to.
Work we hear this time and time again that a

(29:50):
lot of our clients feel they still have the ability to.
Work they still are pretty, sharp they have time on their,
hands and they want they like the extra.

Speaker 5 (29:59):
Money why.

Speaker 6 (30:00):
Not and the, employers especially if you're in a key
position engineers or, others or you just know the history
of the, company employers love to have you.

Speaker 5 (30:10):
Around so let me get back to the.

Speaker 6 (30:12):
Article according to the report From Pew research on How
americans view their, jobs some seventeen percent say they keep
working simply because they need the. Money this helping me
make ends. Meet Richard, johnson AARP's vice president of financial,
security Told Yahoo finance truth as Many americans are not
financially prepared to stop, working and some do get a

(30:33):
kick out of what they. Do older adults reported having
more positive experiences with work, overall and they had boosted
their health and sense of well being compared to working
adults between age fifty and sixty. Four that's according to
A university Of michigan. Poll as Of august of this,
year there were approximately eleven point nine million workers over

(30:56):
sixty five in THE us labor force one point nine
almost twelve million workers over sixty five AND us labor
force representing about seven percent a total, workforce more than
four times the number in the mid nineteen. Eighties, well
people are living longer now, too they want to work
again the rules On Social security and the group is

(31:18):
projected to be eight point six. Percent so now it's
a labor force by twenty thirty, two according to The
bureau Of Labor. Statistics so right now it's about seven
percent of the. Workforce its projected to be about eight
point six percent of workforce by twenty thirty.

Speaker 5 (31:36):
Two, again some.

Speaker 6 (31:37):
Of them work because they need the, money lob work
because they just want to work and want to stay.

Speaker 5 (31:43):
Active if that's, you you're part of a growing. Trend
hope you enjoined.

Speaker 1 (31:48):
This back to you, guys wy and The Retirement, clinic we.
Continue JAUN.

Speaker 2 (31:52):
C wisenzell is your, host certified financial planner With Creative
planning of, course formerly the co Wal Investiments. Group the,
website well there's actually two the name of the, show
so The Retirement clinic dot com very simple Or Creative
planning dot com for more, information and we'll give up
the number throughout the show as well and at the

(32:13):
end of the. Program but you alluded to this, Before.
Shauncey if you don't work with us of any kind of, planner,
financial if you don't have a retirement, plan if you're
just weighing, it or maybe you've just got the pension
and four ONE k in, mind but you need to
work with. Somebody how does that process, start, specifically how
do you handle? Things they creative.

Speaker 3 (32:30):
Planning, yeah so that's it's a good thing to talk
about and something you, know before summer starts and we
all start going up north and All i'm spending all
my afternoons golfing and fishing and these types of. Things,
right just something to just get it in and get
it done is good to. Do so just simplest, ways
just call, us set up a, meeting you, know we give.
It we're giving out the phone number all the time

(32:51):
throughout the. Show butts six two, Five thank, You, paul
plug that in. There but uh, yeah just call us
and set up and that's that's really where everything. Starts
and you'll either talk to one of our lovely brand
ambassadors that created planning who enter the, phone or if
you call our office you could always talk to myself
or whoever it may. Be but it just starts with

(33:12):
a phone. Call and in that phone, call generally we
just kind of gather some very basic, information your contact,
information you, know you, know what are? You what do
you give? Us a rough idea of your assets and
that type of, thing and then we'll set up a.

Speaker 2 (33:23):
Meeting there's no obligation for this first. Meeting, no there's
no fees or, anything.

Speaker 3 (33:28):
No, nothing there's no no cost to meeting with us at.
All you just you come. In usually WHAT i like
to do is send out we called our first meeting,
checklist and it's just got a bunch of documents on.
It you can provide as much of it or as
little of it as you'd. Like obviously MORE i at
least like to try to get like financial statements to
see your investments and balances and things like. That but

(33:48):
you can give us everything from your home and auto
insurance to your life, insurance to your retirement, plans to
your social you give us everything if you want, to
but you're not obligated, to but bring as much of
that in as you'd like or send it to me before,
hand and then we set up a. Meeting we have our,
meeting and usually for, me that meeting is just sitting
down and getting to know. You, right let me tell
you a little bit about creative, planning all of our wonderful,

(34:08):
services tell you a little bit about, myself YadA, YadA,
YadA but it's really all about you and getting to
know you and what is your? Situation what are your?
Goals what are your? Concerns when do you want to?
Retire how much money do you spend or need to
spend or want to? Spend you, know do you want
to buy a place In florida or a house up
north or a? Snowbirder you need to buy a new
car or renovate your, home, like these are all the

(34:29):
things we're talking about with our, clients and it's great and.

Speaker 2 (34:33):
The just use The seinfeld, phrase you, know YadA YadA.
YadA that's that's where.

Speaker 1 (34:37):
It kind of became.

Speaker 2 (34:38):
Famous and that gets me, there thinking of that both
parents on. This they moved down to The Del Boca
visa In, Florida Big seinfeld because they moved out Of New.
York of, course the kids wanted their parents to lead
because they drove them. Nuts they weren't well off, parents
AND i think they lived In queen's in a very modest.
Home but they wanted to move To florida and they.

Speaker 1 (34:58):
Did there's a.

Speaker 3 (34:59):
Lot of people do, That, yeah, Exactly and that's that
may be one of your goals or maybe you you
have whatever your. Goals everybody's has different, goals, Right and
some PEOPLE i meet with and they're, LIKE i have
no desire to. TRAVEL i have no desire to. Move
maybe you traveled a ton for work and you're, Like
i'm sick of.

Speaker 2 (35:13):
THAT i got friends that love living In, wisconsin LIKE
i love the change of. SEASONS i actually enjoy, Winter
And i'm, like are you?

Speaker 1 (35:18):
Crazy?

Speaker 2 (35:19):
NOW i don't, Say but the point is they don't
want the palm trees in the beach in the ninety.
Degrees they're content.

Speaker 3 (35:24):
Here yeah. Exactly and if that's the, case and maybe
you have different, goals or you want a gift to
your kids or your grandkids or whatever it may, be,
right but WE i kind of get an idea of
all that. Stuff THEN i take all the information AND
i go back AND i put together for you a financial.
PLAN i look at your different documents AND i, say,
hey you, know Maybe i'm just gonna give you some general.
Recommendations you, know we need to consider Doing roth conversions

(35:47):
like we talked about, earlier or your portfolio there's a
concern here for whatever, reason or your insurance is concerning
for THIS, x Y, z and what do we want
to do about? It and kind of just give some general.
Recommendations we'll set up another meeting, together usually like two
or three weeks after that first, one and then we get,
Together i'll put together your lovely financial plan That i've
done for, you and then we can and then oftentimes

(36:09):
in that, Meeting i'm tweaking it, Right you, say, well
what about? This what about? That can we change? That
or now you, know we talked about, it but maybe
we need a little bit more than we, thought or
whatever it may, be and kind of really honing in
and then going over some of those kind of general
recommendations and all these, things and you, know at that
point we finish up that. Meeting if you, say, Hey,
chauncey you're awesome and create a planing is. GREAT i

(36:30):
want to work with. You, fantastic you, know we can
get the process. Started or if you're, like, HEY i
need a little time to think of, it we'll set
up another meeting and then we can get, together answer
any questions and get your decision at that point in.
Time but it's it's really kind of just a whatever
pace is best for. You and then once you do
decide to become a, client, right that's where we jump Into,
okay you know we're gonna open you these. Accounts we're

(36:50):
gonna open you AN ira and a ROTH ira and
a tax account and whatever accounts we need to to
kind of work on movie and everything over and then
put together an investment strategy for. You and then at
that point we put together what's called a, dashboard which
has a ton of in, depth detailed recommendations on your
home and auto, insurance your life, insurance your long term care,
insurance your retirement, plan your investment, accounts your estate, planning your,

(37:13):
will is your, trust your financial.

Speaker 2 (37:14):
Returny you should put a binder together for your. Clients,
yeah physical bike a.

Speaker 3 (37:18):
Huge STICK i don't know how many inches at three, INCHES.

Speaker 2 (37:20):
I love the old. School it's not a flash. Drive
you're not throwing somebody to a website with a. Password,
yeah it's good.

Speaker 3 (37:25):
Binder, yeah it's a, binder and it's designed to get
everything in. There so if something happens to, you you,
know keep, it keep it in a. Safe the binder
is not, fireproof you. KNOW i have clients to, say,
oh i'll keep it on The i'll keep it on
the mantles SO i can grab it WHEN i run
out when there's a. Fire i'm, like what if you're not, home,
man what if you can't get to.

Speaker 1 (37:42):
It get a fireproof.

Speaker 3 (37:43):
Safe please are easily?

Speaker 1 (37:45):
Accessible? Yeah are? Fireproof?

Speaker 2 (37:48):
Correct, yeah and it would be safe in there now you.
Much you, know if you've got a power, attorney or
your kids or your, spouse everybody should be aware of That.

Speaker 1 (37:55):
Biden.

Speaker 3 (37:55):
Yeah so, yeah then that's that's WHAT i always tell.
People make your kids, aware or if you don't have,
kids whoever your executive of your state is or your
power of. Attorneys say, hey i've got this. Binder it's
in my. Safe it's in my basement or in my
bedroom or. Wherever right and just say, hey you, know
this is how you get into, it and every and
literally everything you need is gonna be in. There and it's.

(38:17):
GREAT i had a client passed away a few weeks
ago and we had built her the, binder and her
sons both came in and met with me and they
brought the binder and we had everything AND i, said.

Speaker 1 (38:26):
Okay she was, alone no husband in the. Picture.

Speaker 2 (38:28):
Correct, Yeah so then the sons knew think about, that less,
anxiety less.

Speaker 1 (38:33):
Stress.

Speaker 3 (38:34):
Yeah and before, that where before we were doing the
binders with creative, Planning i'd have widows come in or
kids come in and it's, like, hey you know mom
or passed, away my husband passed, away and it's they're
getting all this stuff from the mail and they're, LIKE
i have no idea where all this is and how
much we have and.

Speaker 1 (38:49):
You, KNOW i say this all the. Time they're grieving,
too and It.

Speaker 3 (38:52):
Yeah it's incredibly. Hard AND i always try to take
as much of that from from them AS i, can, Say,
hey you, Know i'm happy to call your attorney and
figure out what we need to do for title in
and beneficiaries and things like, that and try to give
them some pointers on different, things but it's. Great so,
yeah we put together if you decide to become a,
client we put together the dashboard with all those. Recommendations
all of your financial documents go on the. Binder copy

(39:14):
of your financial, plan a copy of your, dashboard and
as we continually up these update these, things we give
you copies as. Well when you, said, oh, Hey, CHAUNCY
i did those things in my home and auto insurance
you told me to do. Us, okay, great check those.
Off update the. Dashboard here's a new. Copy keep it in. There,
hey we updated your financial. Plan here's a copy of.
That keep it in, there, right and.

Speaker 2 (39:33):
So, things current, life, insurance everything you keep it up
to date in that. Binder, chrancy after the, break will
kind of give up more. INFORMATION i said the phone
number throughout the show several times ask For chauncy At
Creative planning two six two five two two forty. Forty
there's more coming up ON wysn With Chauncy wise And
cell your host, Today I'm Paul Crownforce.

Speaker 1 (39:55):
Wysen stay. Tuned you totally wrap up the retirement clinic.

Speaker 2 (39:58):
Today Chauncey wise And cell like you walk through the
process for about five. Minutes just what it's like to
get that ball rolling if you have no retirement, plan
if you've been procrastinating back, Burner, yeah that's. Fine we
always say there's. Time there are literally catch up.

Speaker 3 (40:13):
Provisions yeah, exactly there's always time to catch. Up and
it's never too late to start. Planning and even if
you already have a, plan maybe you just want a
second opinion on it and, say, Hey, Johncey i've got a.
PLAN i work with, somebody but look at my, investments
look at my. Plan what do you?

Speaker 2 (40:25):
Think, yeah to get a set or if you've got another,
advisor but it's been dus growing on that binder for,
years yes, exactly and you're not even aware of what
you're invested. In you, know you want a second. Opinion
those conversations happen every.

Speaker 3 (40:38):
Day, yeah and maybe they're not talking like we talked
early about taxes and social, security and if they're not
having conversations with, you you, know maybe time to give
us a call and kind of maybe look at start
going through the process and see what you.

Speaker 2 (40:48):
Think remember all those locations for Creative planning On Bluemont
road And brookfield In delafield in recipe In Port, Washington Cape, Coral, Florida, Phoenix.
Arizona and here's where create a planning with all the.
Resources they're licensed in all fifty. States the phone number
two six two five two two forty forty or go
to The Retirement clinic dot. Com great. Website there are

(41:11):
podcasts of this, Show so if you want to go
back and listen to, us Which i'm sure millions of people.

Speaker 3 (41:16):
Will everybody's gonna definitely re listen to this.

Speaker 2 (41:18):
Show what to do if you get a tax refund
was a great, segment especially if you're a boomer and
you're getting it.

Speaker 3 (41:24):
Unexpectedly, yeah and it's just keep it in mind the
next especially the next year coming up as you are
doing your tax planning and if you're talking with your
advisor about, it maybe there's room to do conversions or
realize capital gains or whatever it may. Be use this
at least for the next couple of. Years with the
federal increase in the deduction if you're over sixty five
to your.

Speaker 1 (41:41):
Advantage good, Stuff truancy as, always have a great.

Speaker 3 (41:44):
Weekend, yeah thanks you, Too, paul.

Speaker 1 (41:45):
And to our, listeners thank you for joining.

Speaker 2 (41:47):
Us for Back Next saturday and Every saturday morning for
The Retirement clinic here ON wisn at ten. Am I'm
paul Kron forced With Chauncy news is coming up next day.

Speaker 4 (41:56):
Tuned the preceding program is furnished By Creative planning AT
sec registered investment advisory. Firm Creative, planning along with its
Affiliate United Capital Financial, advisors currently manages or advises on
a combined three hundred and twenty five 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

(42:18):
do not necessarily represent the opinion Of Creative. Planning the
show is designed to be informational in nature and does
not constitute, investment tax or legal. Advice different types of
investments involve varying degrees of, risk and there can 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

(42:40):
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 planning dot.
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must be engaged.

Speaker 1 (42:53):
Independently