June 20, 2026 • 40 mins
The Kowal team help plan your retirement
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Speaker 1 (00:00):
It's News Talk eleven WYSN the Retirement Clinic hosted today
by Jeff Kowal with Creative Planning, of course formally the
co Wal Investment Group. Jeff, good morning, Come on, Paul,
how are you fantastic? And we're ready to go. Boy,
do we have a busy show. Later in the program,
Anthony Priester from Creative Planning is joining us.
Speaker 2 (00:21):
Jeff, that's why he's gonna talk about Social Security and
you know it's running out of money.
Speaker 1 (00:26):
No, it's not not you know that's something since we
started in two thousand and one we've addressed several times
a year. Oh yeah, we used to take calls on that. Yeah,
I'll never have social I'll have those seeing people that
called us an one are collecting the checks right now
and now.
Speaker 2 (00:41):
There's a definite date that the Social Scarity Trust Fund
is going to run out of money. And you know,
of course, if it bleeds, it leads. So that's what
they're all, uh business thing shows are talking about. Anthony's
gonna talk about clear up some misperceptions conceptions about it.
Speaker 1 (00:57):
Well, I think there are, because you said that gets
the headlines. But Jeff, if it's you've mentioned what a
political hot potato. Oh yeah, to vote, you know, they
would have to do that to get rid of Social Security,
and of course Americans rely on it. However, that kind
of segues into what we talk about on the show,
your retirement plan. If you just rely on Social Security,
it's not nearly enough. Jeff.
Speaker 2 (01:18):
Absolutely not that we've talked about that for now twenty
five years. But this show is kind of fun now
because I mean it has been all these years. But
I talk about whatever it comes across that's interesting to me.
If there's a hot topic like social Security, will address that.
If there's not something pressing right away, I talk about
other things. And the thing I'm gonna talk about today
(01:39):
is something that we've been doing in our practice for
thirty five years at least. It's a retirement tax bak
that most people overlook. So we'll get to that a
little bit.
Speaker 1 (01:47):
We should give the phone number, Jeff, and just a
little background on creative planning in Brookfield right on Blue
Mount Road. Great locations what in Ozaki County and Port Washington, Delafield, Racine.
You've also got Phoenix, Arizona, Cape Coral, Florida. License in
all fifty states the website for information the Retirement Clinic
(02:09):
dot com. More information, of course, is always at Creative
Planning dot com. Here's the most important thing. Just call
and talk to a human now with AI, we have
to say that you can call with any questions at
two six two five two two forty forty two six
two five two two forty forty.
Speaker 2 (02:28):
Also, if you want to schedule time to get together,
and we're already in June, and you know that the
you're screaming by, and if you had the best intentions
of reviewing your program or getting in on different things
or addressing all different areas of planning, now's the time
to do it. Schedule time to do it, give us
a call two six two five to two forty forty,
or go on the Retirement Clinic dot com and then
(02:49):
schedule time to get together with us. UH. The move
to create a planning expands our ability to provide comprehensive
wealth management, investment advisory services, retirement plying services, all in
the house. We can help simplify your journey to financial wellness. Investments, retirement,
wills and trusts, taxes, insurance, trust services all under one
(03:11):
roof With Creative Planning it's been a great merger. It's
been about a year and a half now. They've kept
a promise to us, to our clients, to our employees,
to everybody. It's just a great partnership with creative planning.
So give our office call two six two five to
two forty forty, ask for Chauncy and get on his schedule.
Speaker 1 (03:27):
He's been hosting the show a lot lately, so listeners
are familiar with trons.
Speaker 2 (03:31):
Sure, Chauncy Wis is a great guy, knows the stuff CFP.
Anthony Priest are also a great guy, knows this stuff CFP.
So just a great team of people, next generation in place.
So give our office call, schedule time to get together.
Speaker 1 (03:43):
It's a lot of talent, Jeff, not to but before
we start with the first topic, Like you said, retirement
tax breaks you may not know about, but name to
Baron's top financial advisors now for going back to twenty
fourteen through twenty twenty, The Milwaukee Biz Times Future fifty,
the Financial Times Top four hundred Advisors. Jeff, you would
ever say this? You and your son Aaron are in
(04:05):
the Forbes list of best in State Wealth Advisors twenty nineteen,
twenty twenty two, twenty three, twenty four. You got guys
that know what they're doing. We're kind of a big
deal too. Yeah, but the experience, I think and the
niche is retirement Retirement Clinic is the name of the show.
Speaker 2 (04:22):
What's nice to get the local, state, and national recognition.
We don't do it for that. We do it for
our clients. And it just happens that the different publications Forbes, Barons,
they recognize how well we do for our clients. We
appreciate that, and we get the recognition and our clients
get the credit for it. Let me talk about this
as a Wall Street Journal article. Over the last few weeks,
(04:43):
we've talked about employees and executives not wanting to learn
new technology, leaving the work for some are retiring early
for a variety of reasons, some even before age sixty.
This technique we're going to talk about. We've used this
with our clients for decades, but still surprising how few
people know about it, and even advisors either don't know
(05:08):
about it or don't want their clients.
Speaker 1 (05:10):
To know about it.
Speaker 2 (05:11):
So we do because we always put our client's interest first.
We act as fiduciary. So if this is in your
best interest, we sure share it with you. This again
Wall Street Journal article the retirement tax break did most
people overlook? It's the rule of fifty five allows former
employees underlying former employees to access four oh one K
(05:33):
plans penalty free before the age of fifty nine and
a half. It's a tax break few people know about.
Mark Niles and Colorado saved about twenty four thousand tax
penalties by using this. The rule of fifty five, it's
called by those in the know, lets people who leave
their employers in the year they turn fifty five year
(05:57):
in the year they turn fifty five or older to
pull money from their four oh one K without penalty.
You still have to pay taxes on it. But if
you roll that money into an IRA take money from
an irabh before he's fifty nine and a half, there's
a ten percent penalty stayed Wisconsin as a three point
three three percent state penalty. Other states probably have penalties
(06:18):
as well. But if you take it, if you leave
it in a four to one K plan, if you
leave in a four to three B plan, you could
take money out without penalties. Knowing I could access that
money penalty free has made a huge difference in Barker,
that's the guy fifty eight. Again, he still had to
pay income taxes four or three B withdrawals, but knowing
he would avoid penalty encourage.
Speaker 1 (06:38):
Him to try something new.
Speaker 2 (06:41):
The ten percent early withdrawal penalty is called a tax
by the IRS. Rule of fifty five have been around
for decades, but in recent Wall Street Journal Personal Finance quiz,
more than eighty percent of readers got a question wrong
about the earliest age you can make penalty free four
oh one K withdrawals.
Speaker 1 (07:00):
Just misinformed? Yep, just what we just talked about. What's
the earliest stage, Paul, earliest stage is fifty fifty five
fifty five if you do it right. However, I know this, Jeff.
Typically it's fifty nine and a half when you can
start taking without penalty, correct withdrawals from your four to
one K withdraws from four one ks iras any qualified
plans fifty but from a four to one K it's
(07:22):
fifty five or four or three B. Many people lose
out on the rule of fifty five because of lack
of awareness. A light which did the Light Solutions did
the survey shows that approximately ten percent of workers left
their jobs routeen fifty five and fifty nine and a
half and twenty twenty four. That's a lot.
Speaker 2 (07:41):
That is a lot between fifty five and fifty nine
and a half. Ten percent. Slightly less than one third
of them use the rule of fifty five. Those who
leave their jobs often inadvertently cause themself to lose access
to the big break by rolling your four one K
savings into an IRA. And this is where advice there's
some type get wrong. I think that they either don't
(08:03):
know about or they'll tell their clients roll over into
an IRA with we we'll manage that money, and all
of a sudden, you lose the ability to take that
money out tax free. Are penalty free because you rolled
it into an IRA.
Speaker 1 (08:15):
You can never get around taxes. We should stress that, Jeff,
you're going to pay those anyway. That's regardless of this
correct rule of fifty five.
Speaker 2 (08:22):
That's right, But especially when people are laid off, the
first thing they do is roll over the money.
Speaker 1 (08:26):
Don't do it. Think about it.
Speaker 2 (08:28):
Between fifty five and fifty nine and a half stop,
take a breath. Let's say, okay, now there is and
you have some flexibility with that too. As with most
tax breaks. This one requires people who use it to
plan ahead by asking you for one K plan provider
about the rules for withdrawals.
Speaker 1 (08:46):
But you don't know what you don't know. In other words,
if you're just ignorant of this, and I would assume
there might be advisors throughout the US that don't even
know about a JEFF, that aren't tetting their clients, that's right.
Speaker 2 (08:58):
They may not work specialize in retirement planning, ye, And
they may be investing or in planning for growth, or
education planning or things like that.
Speaker 1 (09:08):
Or you just use your HR department at your work
for your four to one K questions and don'ty or
may not know about it. That's right.
Speaker 2 (09:16):
But some require some former employeers require you to take
your money out depending on the size, so you may
not have those options. You have to check it out.
But here's another. One retired from his job as a
hydrologist at US Geological Survey at fifty six when his
wife Nora retired a few months later in twenty nineteen
and fifty seven. Her four to one K plan allowed
(09:38):
only a single, one time penalty free withdrawal. He could
do it monthly, she had to do it one time,
so they just planned for it. They said, okay, once
a year, we'll take out whatever we can. Another one.
Let me see. They still have to pay tax on
the withdrawals. Qualify for penalty three free withdrawals. Frank Gundle
said he waited until his fifty five to retire from
(09:59):
his job as a character of energy efficiency at a
utility company. Now fifty seven, he hasn't had to drop
from his four oh one K to supplement his part
time income designing kitchens. He instead realizes with draws from
cash investments, so he could do it. But what we've
done in the past is as an example, if somebody
(10:19):
needs five hundred has a million dollars in their retirement plan,
and they turned fifty five, then may say, okay, over,
let's say to fifty seven, and they've got three years
before they reach fifty nine and a half, say okay,
what income do you need? What's the most you need,
and let's say it's four hundred and fifty thousand dollars,
So okay, we'll peel off. We'll leave four hundred fifty
(10:40):
thousand dollars in a four one K plan, roll over
five hundred and fifty thousand dollars into an IRA, so
they can have the four hundred and fifty tax free withdrawals.
If they decide they don't need that much, they can
roll that over into an IRA. But anything that stays
in that four to one k they can pull out
penalty free against outstanding.
Speaker 1 (10:59):
Jeff, is this what we call a loophole? No, not necessarily,
just it's a rule that's in place, but not many
people know about it. Yeah. I think that's a very
good point poll because loophole has tossed around.
Speaker 2 (11:13):
But I think what government has tried to do it's
a double edged sword. They want to encourage you to
save for retirement, but yet if you get bumped from
your job early, how do you get money, How do
you get access to it early?
Speaker 1 (11:27):
They penalize you for it, So they.
Speaker 2 (11:28):
Penalize you for it. So they've tried to try to
work it so that if these life events do happen.
I'm not by any mean saying that the government has
said stiff to your needs or mind needs called that's
not the case. But it happens that things that This
is not a loophole, it's been around for a long time.
Just allows you to access it. Just like I think
that John McCain, as much as I disagreed with him
(11:51):
so much, he was the one that kept on pushing
for higher ages for required minimum distributions. People are living longer,
they were saving more. But if they had to take
money out seventy and a half, yeah, they are going
to live longer, they'd have to start bleeding their four
one K play. He kept pushing. So now ultimately it's
(12:11):
going to get up to age seventy five for most people.
Speaker 1 (12:13):
At age seventy three, we are living longer. That's a
good point. Yep, may not some people say, yeah, we're
not healthy. That's that's a moot point. If regardless of
your health, if you're living longer, you need money. Jeff,
you need money.
Speaker 2 (12:25):
But if you could delay it a live it longer,
let grow tax deferred or tax free, depending on what
type of account you have. Just wrapping this up, I
have another thing I want to talk about aging at home.
But former employees with both traditional four oh one K
and WROTH for oh one K who want to take
early withdrawals should ask the plan whether they can decide
which money to pull from, because if you can, you
(12:47):
should leave the WROTH money in there. You already paid
the taxes on it. Let it continue to grow tax free.
Why screw that up, Especially if your income is lower
than while you were working your tax bracket, taxes on
that money that you are taking out probably won't be
as high as it was while you were still working.
And even though it's a very special year, the two
hundred and fiftieth birthday of the US, Jeff, you've often
(13:08):
said we don't want to be overly patriotic and paytrio
much in tax.
Speaker 1 (13:13):
That's right.
Speaker 2 (13:14):
It's just like they say, there's no prestige in overpaying.
There's no prestige you overpaid the government either, not at all.
You're not being overly patriotic by giving more money to
the government.
Speaker 1 (13:24):
And if these rules are in place, and if you're
unaware of them, well then you kind of miss out.
If you've got an advisor like I Creative Planning that
knows about it, well then you take advantage of these
And that's a.
Speaker 2 (13:36):
Key point poll because we work with a lot of
people have a million, two million, five million, ten million
dollars or more. They may have a significant amount of
money a cum million their retirement plans, and you know,
we specialize in that area. So yeah, all the people
that create a planning are various, student and helpful in
this particular area.
Speaker 1 (13:51):
This is when we should step in and give the
phone number two six two five two two forty forty
to reach an advisor like Jeff coolewal Chauncey Wise and
Cell coming up soon, Anthony Priester two six to two
five to two forty forty, or the Retirement Clinic dot com.
Speaker 2 (14:07):
If you missed out on some of the growth in
the market and he say, well, it's just too late,
no time for you to meet one of our planners
and see what we can do to help you.
Speaker 1 (14:16):
Just way off the record, but before the show started
off the air, Jeff and I were just talking about, yes,
there can be some down days on the market, but
it just seems like many more updates than down and
it's been record setting highs. It's an amazing time.
Speaker 2 (14:31):
The last number I heard is that there's new record
set every nineteen days. So if you say, yeah, but
the market set a peak, well there's gonna be another
one in nineteen days. Yeah, and there's no guarantee. I'm
not saying that that, so I gotta be careful with compliance.
You know, not guaranteed that it's gonna be another fourteen
to nineteen days.
Speaker 1 (14:46):
Of course, nothing's guaranteed. But look at the history of
the stock market the last I don't know, three out
of four years. But keep in mind it never goes
straight up, never go straight up. We remember twenty twenty two,
wh we had nine percent inflation. We had so much
money going into the market that inflation was going nuts.
Twenty with COVID, Yeah, there was a significant drop and
(15:08):
it did come right back.
Speaker 2 (15:10):
Bounce back very quickly. But it does three out of
four years of markets up. So I'll take those odds.
I think exactly pretty good. Again, have downside protection, make
sure that you have money available, money and bonds, money
in cash for the times that you need to take withdrawals.
But I think that you know, don't be shy about
getting in the market either. And again talk with your
(15:32):
advisor and make sure that it matches your wealth, your
risk tolerance. Let me touch on this article before a break, Paul.
We got a couple of minutes before that.
Speaker 1 (15:40):
Absolutely, Jeff Cowill here on the Retirement Clinic, WI Cent
on Paul kron Force, what's next up?
Speaker 2 (15:45):
Just so much information polish and again, something I find
interesting is a Wall Street Journal article, and we work
with a lot of clients who are doing this. You
talk about aging in place and can you convert your house?
It used to be I remember twenty five years ago, Paul,
when we started to show people are looking about assisted living, home,
(16:08):
health care, nursing home and the ultimate objective was that
you were going to be in a nursing home. Nursing
homes were going to blow up, They're gonna be all.
I realized that not everybody wants to go into a
nursing home.
Speaker 1 (16:19):
They want to stay in their homes. Yeah, so if you can,
they can. Now some people can, Jeff, But if you can.
Speaker 2 (16:25):
If you can't, And more Americans want to age at home.
And this is how a couple of people have made
it work again a Wall Street Journal article. Claire Annsbury
is the author of this. Garret and Anne Marie Hughes,
both in their eighties, have decided to age and their
large four bedroom house in suburban Rochester, New York. After
(16:46):
looking at alternatives and weighing costs of costs of living
in a quality of life, they came up with a
renovation plan that they think will allow them to live
simply and safely in their house.
Speaker 1 (16:57):
And that's husband and wife. They're both still.
Speaker 2 (17:00):
Both in her agies. Yep, nothing as one hundred percent
certainly have plenty of company. Around three quarters of Americans
over age fifty want to age in the current homes.
According to AARP, seventy five percent one the age in place.
And that's certainly a turnaround over the last twenty or
twenty five years.
Speaker 1 (17:17):
I do, I'm sixty. I qualify for that.
Speaker 2 (17:20):
Yeah, and luckily Jane, my wife, thought about that. We're
not close to one in an eating but we built
our new house ten years ago. She wanted to have
everything on one on the first floor. Yeah, you know,
if we go to the other floors, it's great, but
we would never have to leave the first floor. She
had the foresight and I which.
Speaker 1 (17:38):
You canst get one of those little chairs that go
down the you know, the center. Now, even with the
vision of you on that chair gives me a little
laughing attack. But you know what, in all seriousness, now
they are coming up with these little elevators that are
like little shoots, meant for one person, but they're rather expensive.
(17:58):
A picture like got doub weeder.
Speaker 3 (18:00):
You know you can.
Speaker 1 (18:01):
It's kind of second floor, very modern. You get in
and it just shoots you up and then you get
out on your next story. There you are.
Speaker 2 (18:08):
There are just so many things that are going on
now because people want to stay in their home. If
there's a way that we can do it again, Jane
had the foresight to do it at our place. Many
of their homes aren't suitable for aging because the stairs, bathtubs,
and narrow doorways and slippery tile floors. Only about ten
percent of homes are considered aging ready have a step
(18:30):
free entry, a bedroom and accessible full bathroom on the
first floor, according to a twenty twenty census report.
Speaker 1 (18:36):
All of this is so key. Just think of your
daily life. Do you have to go in the basement,
who's putting salt in the software? There's little things like this. Now,
maybe you've got relatives and family that can help. Jeff
that that's key, But you don't want to be going
up on basements called the salt and the software guy again.
Or you hire somebody. It's like long care. You have
somebody cut it. If you've got the money to do it,
(18:57):
then you don't have to worry about it. And that's
where we come in with the planning process. If you say, geez,
we haven't're gonna have to start hiring for the taking
as salt downstairs, hiring to cut the grass, plowings, so
all those things are going to have to hire for
those if you plan properly, and that create a planning again,
we do this, do a cash flow projection. We call
it a vision builder and our advisors are great at
(19:17):
that and say, okay, these are the extra things you're
gonna need, do you have enough mind to do that?
So a lot of it is confidence, not only physical
confidence that you can move around comfortably, but also financial
confidence that if you have to change your house, if
you have to upgrade, if you know, if it costs
you more to have those different services, you can afford it.
(19:40):
And that gives you financial peace of mind. And that's
why it's so important to not just eyeball, to actually
put pen to paper, have a cash flow projection done
to make sure that you have enough mind to less
risk and that can be started as early as in
your twenties. Absolutely, your retirement plan, what Okay, I'm forty five,
I'm fifty five, Jeff, and I haven't started, you said before,
(20:02):
it's never too late to start. There are ketchup provisions,
there's all kinds of things to do.
Speaker 2 (20:07):
Yeah, and now be between sixty and sixty four. There
are extra provisions that you can catch up. And if
you're that age range and you haven't done as much
for planning, you can do it. They're incentives for you
to do it, so I you know, there's no reason
not to, and kids likely are grown, done with college expenses,
may have your mortgage paid off, so you may be
(20:28):
able to pour more money into those retirement plans.
Speaker 1 (20:32):
And nothing beats living at home, home, sweet home, you know,
spending Christmas, holidays, whatever it is, having your kids over
at your own house. And you were talking about this, Paul.
Speaker 2 (20:41):
Unlike prior generations, though, today's would be aged and placers
have significant advantages. First Boomers are wealthiest older generation ever,
so many of them have either services in place or
can afford to have the services in place.
Speaker 1 (20:55):
Not everybody.
Speaker 2 (20:56):
I'm not saying that everybody has, but now there are
more certified aging in place specialists, remodelers, contractors, and consultants
who focus on helping older homeowners stay where they are
Asian place classes. There's a whole industry around supporting people
(21:17):
to age and place. This is something that I thought
a decade ago. Not that I'm a curry driver, but
I thought about this that I could work in my
commute to the office. And not too distant future, self
driving cars will solve mobility issues, talking taking those who
no longer drive to the Stone doctor's office. Meanwhile, go
(21:40):
go grandparent and lift Silver arranged rides.
Speaker 1 (21:44):
Lift.
Speaker 2 (21:44):
Everybody uses Uber and a lot of people use Uber
and lyft Lift, Silver arranges rides.
Speaker 1 (21:50):
You know there are more services out there for seniors
for transportation, Jeff that cannot drive themselves.
Speaker 2 (21:56):
Yeah, you're right. There's just one last thing, he says.
A couple looking in their senior living is too expensive
to average annual cost per person for assisted living in
Rochester areas eighty four thousand dollars, according to a twenty
five twenty twenty five Jenworth cost of care survey eighty
four thousand dollars for assisted living. And they decided we
(22:18):
decided to do it on our own. He was a
systems engineer. He's covered costs. They took us three hundred
thousand dollars home equity loan. Renovating a house to make
it suitable for aging in place can be expensive. A
bathroom renovation, new tiles, cabinets, widening door openings, taking out
the tub, and other things on Installing a walking shower
(22:40):
can cost forty five thousand dollars or more, but some
master bathroom renovations range from one hundred and fifty thousand
to three hundred thousand dollars, in part because people want
beautiful fixtures, not commercial looking grab bars.
Speaker 1 (22:54):
Yeah, not a hotel room with that stainless still grab bar. Jeff, Okay,
so it's expensive always nursing homes right, so is a
living facilities? Oh my goodness, all of these are great points. Juff.
The Waymo car, that's the self driving. On a funny note,
in Atlanta, the GPS got them as they all ended
(23:15):
up in that one cul de sac. There had to
be thirty white Waymo cars all bunched up, and the
neighbors are.
Speaker 2 (23:21):
Calling we seals in Phoenix all the time everywhere temp
And they're Jaguars in Phoenix.
Speaker 1 (23:27):
They're Jaguars SUVs, is that right? They're nice little cars.
I mean, But if you know what tlogy is getting better,
just like everything is.
Speaker 2 (23:35):
And you know, like my son and daughter in law
will use all the time that you said, do you
think they want to talk to us? Like they don't
want to talk today? They would have no driver there.
So it's different. Everybody's different.
Speaker 1 (23:46):
Everybody's different. You know there's safety issues involved with that too. Yeah,
but I my mom is eighty five and she's still driving, Jeff.
She prefers not to, but she canon does so, and
if she needs heell for the family. Were there too,
Jeff Cowll The Retirement Clinic A quick break Anthony Priester's
topic Jeff after the break is.
Speaker 2 (24:05):
Social security and the latest news about that and it's
running out of money?
Speaker 1 (24:09):
But is it hot? Let's define that exactly. That's That's
got a good one coming up next on The Retirement
Clinic two six two five to two forty forty. To
reach out to Creative Planning on Paul kron Forced with
Jeff Cowal. This is Wison.
Speaker 3 (24:24):
Good morning, Jeff and Paul, thanks for having me today.
I'm wealth manager Anthony Priesser with Creative Planning. Jeff and
I have been receiving a lot of questions from our
clients pertaining to social security as the Social Security Trustee
report just came out pertaining to how long social Security
and the Trust Fund are actually going to be around.
So the direct answer to you right away, social Security
(24:45):
retirement is not going away. The trust Fund, however, is
scheduled to be depleted in two thousand and thirty two.
Last year when the report came out, it was actually
two thousand and thirty two and three quarters of the
way through the year versus right now, it's actually accelerated
about one quarter based on some current regulation changes and
things that are happening overall throughout the federal government. So
(25:08):
I wanted to provide an update to our listeners today
regarding Social Security and what to kind of expect.
Speaker 1 (25:14):
So let's talk about the worst.
Speaker 3 (25:15):
Case scenario right away. If nothing were to change before
twenty thirty two, an average recipient of Social Security would
see a direct reduction of about twenty two percent of
their benefits, which equates to about five hundred dollars per
month less. Again, if nothing were to change, and what
we're saying there is the Social Security Trust Fund would
be depleted, and then ongoing contributions from.
Speaker 1 (25:38):
Payroll, etc.
Speaker 3 (25:39):
Account for about seventy eight percent of the current Social
Security projected benefits that are being paid out. So a
direct twenty two percent reduction in current recipients benefits equates
to five hundred dollars less per month overall. Again, that's
worst case scenario if nothing changes. But when we're looking
from a political aspect as well, politicians do not want
(26:02):
that to happen, and they understand that this would be
disastrous if they were allowed that to happen. So there's
a lot of different things that they're looking at, increasing, modifying, etc.
To ensure again, the political disaster does not happen and
benefits are able to continue to those who have earned them.
There's a great article that Elizabeth O'Brien from Barons looked
(26:22):
at and published regarding Social Security, which I'm going to
summarize for you again today. So now let's jump into
is Congress likely to save Social Security? And what kind
of changes are they looking at when they implement those
changes overall, Again, just to summarize, the retirement Trust fund
reserves are projected to run dry in about six years,
and if nothing changes, about seventy eight percent of the
(26:43):
benefits would continue. We can use history as a guide
and looking back the last time the program came close
to running out of money was in the early nineteen eighties.
Congress at that time struck an eleventh hour deal to
show up the program's finances in nineteen eighty three. The
changes that they implemented in nineteen eighty three could be
a template for changes now. As part of those reforms,
(27:05):
Congress made benefits taxable for the first time above certain
income thresholds, and raised the full retirement age from age
sixty five to age sixty seven. This increase stretched over decades,
so no one on the cusp of retirement had the
rug pulled out from under them, so they were still
able to retire. We expect lawmakers to make an incremental
(27:28):
approach at this time sometime, but again before twenty thirty two,
and what that looks like is the younger generation bearing
the brunt of these changes, likely to be the retirement
age or there are also potential fixes include raising or
eliminating the taxable salary cap and reducing the annual cost
of living adjustment. In twenty twenty six, the annual taxable
(27:53):
salary cap on Social Security applies up to one hundred
eighty four thousand, five hundred dollars. Lifting the cap would
provide extra funds to the Social Security Trust Fund, which
again is scheduled to be depleted in two thousand and
thirty two with no changes. Analysts expect Congress to pass
legislation at the last minute to plug the shortfall. Therefore,
(28:14):
we might not see any changes up until two thousand
and thirty or even two thousand and thirty one, as
Social Security the Trust on will continue to deplete overtime
again without any immediate changes. Now, let's take some time
to summarize everything that I just discussed overall and really
make sure everyone understands what to expect for current recipients
and also future beneficiaries. So to summarize, the Social Security
(28:37):
Trustee report that was recently published accelerated the Social Security
Trust Fund to run out within the next six years,
right around two thousand and thirty two with no changes.
Congress is holding all the cards and are able to
implement changes now, but analysts expect no changes until the
last minute. Individuals who are currently receiving benefits may start
(28:57):
planning for a reduction in the cost of living adjustment received,
while individuals who are not receiving benefits or the younger
generation may start planning for potential reduction and benefits projected
or an increased retirement age. These fixes are long overdue.
The best thing you could do today is plan for it.
This is a great opportunity to meet with our fiduciary
(29:18):
advisors at Creative.
Speaker 1 (29:19):
Planning to review your financial plan.
Speaker 3 (29:22):
Contact us directly at two six' two five two two
four zero four zero to set up an appointment.
Speaker 1 (29:28):
Today great to hear From Anthony priest. Today this is
the Retirement. Clinic Jeff coleboll thoughts on social.
Speaker 2 (29:35):
Security, well it's an important part of a retirement. Plan
so if you think that there's not going to be anywhere,
wrong there will be. Something this appearance, article but it
plays right into This parent's. Article it says more than
forty Percent americans retire earlier than expect it or, intended
and so, security whether you retire early or you stay,
later is an important part of that for a lot of.
(29:56):
People only twenty one percent of those who retire this
Is baron's. Article, again only twenty one percent of those
who retired early said they did so because they had
saved enough enough, Money so that means the other seventy
nine percent did because they were forced out Many. Americas
that's a big, number by the, way Oh. Man Many
americans dream of an early, retirement but for, some it's
(30:19):
an unhappy circumstance forced on. THEM a new survey From
Alliance life found that forty two percent Of americans retire
earlier than they. Anticipated the reasons are usually beyond their.
Control when a worker is forced to retire earlier than,
expected to, say do the unforeseen health considerations that can
up end their retirement. Plans when retirement comes, early it
(30:40):
can quickly turn a solid plan into a fragile.
Speaker 1 (30:43):
One let's see what.
Speaker 2 (30:45):
Else The alliance report highlights the unexpected risks that could.
Speaker 1 (30:49):
Prompt an early.
Speaker 2 (30:49):
Retirement the survey found that thirty percent of early retirees
said they exited the workforce due to health. Issues just
over twenty percent they said they retired early because they
had lost their. Job only twenty one percent said they
were retired because they were financially.
Speaker 1 (31:05):
Ready twenty one. Percent that's way too. Low you want
to see that go, up, Right.
Speaker 2 (31:10):
Yeah but early retirement is a widely shared. Goal alians
found that seventy percent respondents said they wanted to copy
their financial strategies used by successful early. Retirements fifty four
percent said they retire immediately if they walt the.
Speaker 1 (31:24):
Lottery, yeah good luck with. That that's don't count on
the lottery for your.
Speaker 2 (31:28):
Retirement, No but, again you can prepare for an early.
Retirement there's no reason that you have to stay till
full retirement ahs because somebody said you had, to because
that's what. Culture you, know people say you should stay
a sixty, two sixty, five seventy seventy. Five, however it's
up to. You if early retirement is in your, future
you have to put a pencil to. It you can't guess.
(31:50):
It you have to make sure. That again there's that
vision builder or cash flow. Projection but along With Wilson, trust,
insurance health, insurance all those, things you have to make
sure that everything is in place to make sure you
have a successful, retirement even if it's.
Speaker 1 (32:05):
Early and everybody's. Different that's why you customize their own
plan At Creative. Planning Jeff cowal here On wison's retirement.
Clinic we heard From Anthony. Priester that was good stuff
on Social. Security coming up, Next. Jeff The Weekly Wealth
management And Preservation SEGMENT.
Speaker 2 (32:21):
Yep for state planning lessons every family should carry into
twenty twenty. Six we're gonna talk about that some different.
Speaker 1 (32:27):
Perspectives stay Tuned The Retirement clinic dot com for questions
called two six two five two two forty. Forty Jeff
cowal is here today And I'm paul crownforst On. Wis
Man alsen joined The Bare Naked ladies in that, song
and that means it's time for the Weekly Wealth management
And preservation. Segment The Retirement clinic is back On wis
and With Jeff Kolewal you've got some estate. Planning almost
(32:50):
bullet points are going to run down, here that's.
Speaker 2 (32:52):
Right this show us forever By this particular segment is
for those with a million dollars or. More want of
accumulated a million? Dollars how do you preserve, it grow,
it take income from, it and pass it on to your.
Heirs one of the key parts of that planning is
the estate playing part of. It and this was an
article From trust And will WHICH i thought was pretty
interesting and it, says for state playing lessons every family
(33:15):
should carry into twenty twenty, six and THEN i, thought,
okay name, beneficiaries.
Speaker 1 (33:20):
Etc.
Speaker 2 (33:20):
Etc all that, Stuff BUT i thought these are a
couple of different takes out THAT i thought were. Different
lesson number, one incremental progress beats waiting for the perfect.
Plan if you don't have, anything do will? Okay if
you don't, say, WELL i don't know exactly WHAT i
want to put in the, trust what ASSETS i want
to put in, there don't make. It it doesn't have
(33:41):
to be. PERFECT i was a strategic coach for a long.
Time it was a, coach a consulting psychologist that coached.
ENTREPRENEURS i didn't want to, manager BUT i didn't mind
having a. Coach then he would talk about, progress not.
Perfection if you make, progress you'll do. Well if you
wait to perfect time to do, something you won't do. Anything,
(34:02):
so first of, all is incremental progress beats waiting for
the perfect. Plan number two is many families misunderstand guardianship
increases incorrect assumptions about, guardianship including beliefs that courts would
automatically appoint the person they, intended that distance didn't, matter
(34:23):
or that informal wishes carry legal.
Speaker 1 (34:26):
Weight nobody wants a court making that. Determination we want
to do.
Speaker 2 (34:29):
That, again if it's not reduced to writing the court
is forced to make that. Determination they will not necessarily
take The they may not know who you, intended or
if everybody in the. Family oh, yeah it was supposed
to be this, person but this you, know if that
person lives across, country may not be the best person for,
that so courts will take a look at. That lesson number,
(34:51):
Three this one is. Interesting couples often disagree and don't
realize it until they talk about, it and this is
what we. Say let's let's at least get it out
in the. Open they observe this. Pattern many couples discover
they have different assumptions and expectations about, guardianship, backups the
succession roles only after they begin the estate planning. Process
(35:15):
some assume their wishes will be naturally be, honored not
realizing the property document documentation is what ensures their intentions are,
followed whether it's, financial whether it's guardianship or. Anything, again
you could disagree about who you, want but let's talk
it through and eventually you have to reduce it to.
Writing otherwise it won't it won't have any legal effect.
(35:38):
Whatsoever lesson number. Four the importance of planning becomes clearest
when the plan is actually. Needed it's like that's an
old darted moment we said we shouldn't have done. Something
experience the most profound reminders of. Us this is Again
trust And will's Article experience one of the profound reminders
(36:01):
of a state plan's. Value when a long term client
passed away In, october supporting a family through the state
settlement process made the purpose of this work. Unmistakable because
the documents were properly in, place the family had, direction,
clarity and structure at the moment when everything else felt.
Difficult keep in mind, again they had everything reduced to.
(36:24):
Writing it's an emotional time when somebody passes, away whether
it's a long time illness or. Sudden when somebody passes,
away real life comes into, play and that's when you
have to make sure that there's protections for the, family
that it's dispersed in the way that you wanted, it
that everything goes according to. Plan but if there's no,
plan or if you haven't reduced a plan to, writing
(36:46):
that's when THINGS.
Speaker 1 (36:49):
I think that's a great, Point. Jeff you're, grieving you're
dealing with possibly funeral plans your. Family you know what it's.
Like everybody's been through this probably in their. Family it's
not a pleasure the. Moment you don't want to be
thinking about your state plan at that point in.
Speaker 2 (37:03):
Time you want to think about, finances about who gets,
what about cleaning out the, house none of this stuff
you don't want to think. About this IS i thought
was a great point. Too with modern dynamics like out
of state guardians blended, families that's a key one multi factor.
Authentication how do you get at the accounts because there's
multi digital account. ACCESS a state plan can longer be
(37:24):
treated as a one time. Event you don't set it
and forget. It you have to keep updating.
Speaker 1 (37:28):
It and again, right there could be step, brothers step
sisters coming out of the woodwork after they find out
of the, death and they may not be a part
of the family at.
Speaker 2 (37:38):
All, yeah and all of a sudden they, say, oh
yeah he owed me. Money yeah. Okay so incremental progress
beats waiting for the perfect. Plan number, two as many
families misunderstand. Guardianship number three is Companies couples often disagree
and don't realize it until they talk About and number
four is the importance supplying becomes clearest when there is
(37:58):
a real event that happens in real.
Speaker 1 (38:00):
Life all good advice From Jeff cohle regarding estate planning
or lack. Thereof just like a retirement, plan talk to,
somebody have that plan in, place reach out to create a.
Planning we'll give you all the information you need when
we come. Back simply put the phone call two six
two five two two forty forty and uh it gives
you a peace of mind, Too. Jeff, right you get
(38:21):
that done that way.
Speaker 2 (38:22):
And go to the retirement dot, com The Retirement clinic
dot com and actually schedule, deployment schedule time to get
the process.
Speaker 1 (38:29):
Going all, Right. Jeff some final comments on The Retirement
clinic With Jeff cowall On Paul Kronforce News talking eleven THIRTY.
Wisn we'll be right back wrapping up this week With
jeff colewal you've been listening to The Retirement. Clinic now
we are back Next. Saturday Each saturday at ten o'clock ON.
Wisn in, addition weekly reports we haven't talked About jeff
on The Daniel Donald Show monday Through, friday three and five.
(38:52):
Pm news. Blocks that's, right.
Speaker 2 (38:54):
If you, will you give you an update on what's
going on in the market's that particular, day whether it's
a government, report corporate, earnings initial public, offering whatever happens
to be going on that. Day three o'clock and five
o'clock news, blocks one man with our team At Creative.
Planning we wrap it up with the DONALDY sb five
hundred And nasdaq all in one, minute three o'clock and
five o'clock. Newsblocks during The Dan Donald show.
Speaker 1 (39:15):
And going back to two thousand and, one we've been
doing this. Show The Retirement clinic AND wisn locations all
over Southeast. Wisconsin In Ozaki, county there's A Port washington
location that's fantastic On Bluemont road And brookfield In. Delafield
we're Seeing Cape, Coral. Florida Also, Phoenix. Arizona license in
all fifty, states The Retirement clinic Dot. Com, jeff thank,
(39:37):
you thank, you thank you for a great. Show thank,
you thanks for listeners as. Well thank. You paul back
Next saturday AND wisn The Retirement clinic dot com please
check it. Out news is coming up. Next I'm paul
crownforst ON Wisn.
Speaker 4 (39:48):
Milwaukee 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 advisors on
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assets as Of june, thirtieth twenty twenty. Four the host
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(40:10):
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(40:32):
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Speaker 1 (40:35):
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Speaker 1 (40:45):
Independently
It's News Talk eleven WYSN the Retirement Clinic hosted today
by Jeff Kowal with Creative Planning, of course formally the
co Wal Investment Group. Jeff, good morning, Come on, Paul,
how are you fantastic? And we're ready to go. Boy,
do we have a busy show. Later in the program,
Anthony Priester from Creative Planning is joining us.
Speaker 2 (00:21):
Jeff, that's why he's gonna talk about Social Security and
you know it's running out of money.
Speaker 1 (00:26):
No, it's not not you know that's something since we
started in two thousand and one we've addressed several times
a year. Oh yeah, we used to take calls on that. Yeah,
I'll never have social I'll have those seeing people that
called us an one are collecting the checks right now
and now.
Speaker 2 (00:41):
There's a definite date that the Social Scarity Trust Fund
is going to run out of money. And you know,
of course, if it bleeds, it leads. So that's what
they're all, uh business thing shows are talking about. Anthony's
gonna talk about clear up some misperceptions conceptions about it.
Speaker 1 (00:57):
Well, I think there are, because you said that gets
the headlines. But Jeff, if it's you've mentioned what a
political hot potato. Oh yeah, to vote, you know, they
would have to do that to get rid of Social Security,
and of course Americans rely on it. However, that kind
of segues into what we talk about on the show,
your retirement plan. If you just rely on Social Security,
it's not nearly enough. Jeff.
Speaker 2 (01:18):
Absolutely not that we've talked about that for now twenty
five years. But this show is kind of fun now
because I mean it has been all these years. But
I talk about whatever it comes across that's interesting to me.
If there's a hot topic like social Security, will address that.
If there's not something pressing right away, I talk about
other things. And the thing I'm gonna talk about today
(01:39):
is something that we've been doing in our practice for
thirty five years at least. It's a retirement tax bak
that most people overlook. So we'll get to that a
little bit.
Speaker 1 (01:47):
We should give the phone number, Jeff, and just a
little background on creative planning in Brookfield right on Blue
Mount Road. Great locations what in Ozaki County and Port Washington, Delafield, Racine.
You've also got Phoenix, Arizona, Cape Coral, Florida. License in
all fifty states the website for information the Retirement Clinic
(02:09):
dot com. More information, of course, is always at Creative
Planning dot com. Here's the most important thing. Just call
and talk to a human now with AI, we have
to say that you can call with any questions at
two six two five two two forty forty two six
two five two two forty forty.
Speaker 2 (02:28):
Also, if you want to schedule time to get together,
and we're already in June, and you know that the
you're screaming by, and if you had the best intentions
of reviewing your program or getting in on different things
or addressing all different areas of planning, now's the time
to do it. Schedule time to do it, give us
a call two six two five to two forty forty,
or go on the Retirement Clinic dot com and then
(02:49):
schedule time to get together with us. UH. The move
to create a planning expands our ability to provide comprehensive
wealth management, investment advisory services, retirement plying services, all in
the house. We can help simplify your journey to financial wellness. Investments, retirement,
wills and trusts, taxes, insurance, trust services all under one
(03:11):
roof With Creative Planning it's been a great merger. It's
been about a year and a half now. They've kept
a promise to us, to our clients, to our employees,
to everybody. It's just a great partnership with creative planning.
So give our office call two six two five to
two forty forty, ask for Chauncy and get on his schedule.
Speaker 1 (03:27):
He's been hosting the show a lot lately, so listeners
are familiar with trons.
Speaker 2 (03:31):
Sure, Chauncy Wis is a great guy, knows the stuff CFP.
Anthony Priest are also a great guy, knows this stuff CFP.
So just a great team of people, next generation in place.
So give our office call, schedule time to get together.
Speaker 1 (03:43):
It's a lot of talent, Jeff, not to but before
we start with the first topic, Like you said, retirement
tax breaks you may not know about, but name to
Baron's top financial advisors now for going back to twenty
fourteen through twenty twenty, The Milwaukee Biz Times Future fifty,
the Financial Times Top four hundred Advisors. Jeff, you would
ever say this? You and your son Aaron are in
(04:05):
the Forbes list of best in State Wealth Advisors twenty nineteen,
twenty twenty two, twenty three, twenty four. You got guys
that know what they're doing. We're kind of a big
deal too. Yeah, but the experience, I think and the
niche is retirement Retirement Clinic is the name of the show.
Speaker 2 (04:22):
What's nice to get the local, state, and national recognition.
We don't do it for that. We do it for
our clients. And it just happens that the different publications Forbes, Barons,
they recognize how well we do for our clients. We
appreciate that, and we get the recognition and our clients
get the credit for it. Let me talk about this
as a Wall Street Journal article. Over the last few weeks,
(04:43):
we've talked about employees and executives not wanting to learn
new technology, leaving the work for some are retiring early
for a variety of reasons, some even before age sixty.
This technique we're going to talk about. We've used this
with our clients for decades, but still surprising how few
people know about it, and even advisors either don't know
(05:08):
about it or don't want their clients.
Speaker 1 (05:10):
To know about it.
Speaker 2 (05:11):
So we do because we always put our client's interest first.
We act as fiduciary. So if this is in your
best interest, we sure share it with you. This again
Wall Street Journal article the retirement tax break did most
people overlook? It's the rule of fifty five allows former
employees underlying former employees to access four oh one K
(05:33):
plans penalty free before the age of fifty nine and
a half. It's a tax break few people know about.
Mark Niles and Colorado saved about twenty four thousand tax
penalties by using this. The rule of fifty five, it's
called by those in the know, lets people who leave
their employers in the year they turn fifty five year
(05:57):
in the year they turn fifty five or older to
pull money from their four oh one K without penalty.
You still have to pay taxes on it. But if
you roll that money into an IRA take money from
an irabh before he's fifty nine and a half, there's
a ten percent penalty stayed Wisconsin as a three point
three three percent state penalty. Other states probably have penalties
(06:18):
as well. But if you take it, if you leave
it in a four to one K plan, if you
leave in a four to three B plan, you could
take money out without penalties. Knowing I could access that
money penalty free has made a huge difference in Barker,
that's the guy fifty eight. Again, he still had to
pay income taxes four or three B withdrawals, but knowing
he would avoid penalty encourage.
Speaker 1 (06:38):
Him to try something new.
Speaker 2 (06:41):
The ten percent early withdrawal penalty is called a tax
by the IRS. Rule of fifty five have been around
for decades, but in recent Wall Street Journal Personal Finance quiz,
more than eighty percent of readers got a question wrong
about the earliest age you can make penalty free four
oh one K withdrawals.
Speaker 1 (07:00):
Just misinformed? Yep, just what we just talked about. What's
the earliest stage, Paul, earliest stage is fifty fifty five
fifty five if you do it right. However, I know this, Jeff.
Typically it's fifty nine and a half when you can
start taking without penalty, correct withdrawals from your four to
one K withdraws from four one ks iras any qualified
plans fifty but from a four to one K it's
(07:22):
fifty five or four or three B. Many people lose
out on the rule of fifty five because of lack
of awareness. A light which did the Light Solutions did
the survey shows that approximately ten percent of workers left
their jobs routeen fifty five and fifty nine and a
half and twenty twenty four. That's a lot.
Speaker 2 (07:41):
That is a lot between fifty five and fifty nine
and a half. Ten percent. Slightly less than one third
of them use the rule of fifty five. Those who
leave their jobs often inadvertently cause themself to lose access
to the big break by rolling your four one K
savings into an IRA. And this is where advice there's
some type get wrong. I think that they either don't
(08:03):
know about or they'll tell their clients roll over into
an IRA with we we'll manage that money, and all
of a sudden, you lose the ability to take that
money out tax free. Are penalty free because you rolled
it into an IRA.
Speaker 1 (08:15):
You can never get around taxes. We should stress that, Jeff,
you're going to pay those anyway. That's regardless of this
correct rule of fifty five.
Speaker 2 (08:22):
That's right, But especially when people are laid off, the
first thing they do is roll over the money.
Speaker 1 (08:26):
Don't do it. Think about it.
Speaker 2 (08:28):
Between fifty five and fifty nine and a half stop,
take a breath. Let's say, okay, now there is and
you have some flexibility with that too. As with most
tax breaks. This one requires people who use it to
plan ahead by asking you for one K plan provider
about the rules for withdrawals.
Speaker 1 (08:46):
But you don't know what you don't know. In other words,
if you're just ignorant of this, and I would assume
there might be advisors throughout the US that don't even
know about a JEFF, that aren't tetting their clients, that's right.
Speaker 2 (08:58):
They may not work specialize in retirement planning, ye, And
they may be investing or in planning for growth, or
education planning or things like that.
Speaker 1 (09:08):
Or you just use your HR department at your work
for your four to one K questions and don'ty or
may not know about it. That's right.
Speaker 2 (09:16):
But some require some former employeers require you to take
your money out depending on the size, so you may
not have those options. You have to check it out.
But here's another. One retired from his job as a
hydrologist at US Geological Survey at fifty six when his
wife Nora retired a few months later in twenty nineteen
and fifty seven. Her four to one K plan allowed
(09:38):
only a single, one time penalty free withdrawal. He could
do it monthly, she had to do it one time,
so they just planned for it. They said, okay, once
a year, we'll take out whatever we can. Another one.
Let me see. They still have to pay tax on
the withdrawals. Qualify for penalty three free withdrawals. Frank Gundle
said he waited until his fifty five to retire from
(09:59):
his job as a character of energy efficiency at a
utility company. Now fifty seven, he hasn't had to drop
from his four oh one K to supplement his part
time income designing kitchens. He instead realizes with draws from
cash investments, so he could do it. But what we've
done in the past is as an example, if somebody
(10:19):
needs five hundred has a million dollars in their retirement plan,
and they turned fifty five, then may say, okay, over,
let's say to fifty seven, and they've got three years
before they reach fifty nine and a half, say okay,
what income do you need? What's the most you need,
and let's say it's four hundred and fifty thousand dollars,
So okay, we'll peel off. We'll leave four hundred fifty
(10:40):
thousand dollars in a four one K plan, roll over
five hundred and fifty thousand dollars into an IRA, so
they can have the four hundred and fifty tax free withdrawals.
If they decide they don't need that much, they can
roll that over into an IRA. But anything that stays
in that four to one k they can pull out
penalty free against outstanding.
Speaker 1 (10:59):
Jeff, is this what we call a loophole? No, not necessarily,
just it's a rule that's in place, but not many
people know about it. Yeah. I think that's a very
good point poll because loophole has tossed around.
Speaker 2 (11:13):
But I think what government has tried to do it's
a double edged sword. They want to encourage you to
save for retirement, but yet if you get bumped from
your job early, how do you get money, How do
you get access to it early?
Speaker 1 (11:27):
They penalize you for it, So they.
Speaker 2 (11:28):
Penalize you for it. So they've tried to try to
work it so that if these life events do happen.
I'm not by any mean saying that the government has
said stiff to your needs or mind needs called that's
not the case. But it happens that things that This
is not a loophole, it's been around for a long time.
Just allows you to access it. Just like I think
that John McCain, as much as I disagreed with him
(11:51):
so much, he was the one that kept on pushing
for higher ages for required minimum distributions. People are living longer,
they were saving more. But if they had to take
money out seventy and a half, yeah, they are going
to live longer, they'd have to start bleeding their four
one K play. He kept pushing. So now ultimately it's
(12:11):
going to get up to age seventy five for most people.
Speaker 1 (12:13):
At age seventy three, we are living longer. That's a
good point. Yep, may not some people say, yeah, we're
not healthy. That's that's a moot point. If regardless of
your health, if you're living longer, you need money. Jeff,
you need money.
Speaker 2 (12:25):
But if you could delay it a live it longer,
let grow tax deferred or tax free, depending on what
type of account you have. Just wrapping this up, I
have another thing I want to talk about aging at home.
But former employees with both traditional four oh one K
and WROTH for oh one K who want to take
early withdrawals should ask the plan whether they can decide
which money to pull from, because if you can, you
(12:47):
should leave the WROTH money in there. You already paid
the taxes on it. Let it continue to grow tax free.
Why screw that up, Especially if your income is lower
than while you were working your tax bracket, taxes on
that money that you are taking out probably won't be
as high as it was while you were still working.
And even though it's a very special year, the two
hundred and fiftieth birthday of the US, Jeff, you've often
(13:08):
said we don't want to be overly patriotic and paytrio
much in tax.
Speaker 1 (13:13):
That's right.
Speaker 2 (13:14):
It's just like they say, there's no prestige in overpaying.
There's no prestige you overpaid the government either, not at all.
You're not being overly patriotic by giving more money to
the government.
Speaker 1 (13:24):
And if these rules are in place, and if you're
unaware of them, well then you kind of miss out.
If you've got an advisor like I Creative Planning that
knows about it, well then you take advantage of these
And that's a.
Speaker 2 (13:36):
Key point poll because we work with a lot of
people have a million, two million, five million, ten million
dollars or more. They may have a significant amount of
money a cum million their retirement plans, and you know,
we specialize in that area. So yeah, all the people
that create a planning are various, student and helpful in
this particular area.
Speaker 1 (13:51):
This is when we should step in and give the
phone number two six two five two two forty forty
to reach an advisor like Jeff coolewal Chauncey Wise and
Cell coming up soon, Anthony Priester two six to two
five to two forty forty, or the Retirement Clinic dot com.
Speaker 2 (14:07):
If you missed out on some of the growth in
the market and he say, well, it's just too late,
no time for you to meet one of our planners
and see what we can do to help you.
Speaker 1 (14:16):
Just way off the record, but before the show started
off the air, Jeff and I were just talking about, yes,
there can be some down days on the market, but
it just seems like many more updates than down and
it's been record setting highs. It's an amazing time.
Speaker 2 (14:31):
The last number I heard is that there's new record
set every nineteen days. So if you say, yeah, but
the market set a peak, well there's gonna be another
one in nineteen days. Yeah, and there's no guarantee. I'm
not saying that that, so I gotta be careful with compliance.
You know, not guaranteed that it's gonna be another fourteen
to nineteen days.
Speaker 1 (14:46):
Of course, nothing's guaranteed. But look at the history of
the stock market the last I don't know, three out
of four years. But keep in mind it never goes
straight up, never go straight up. We remember twenty twenty two,
wh we had nine percent inflation. We had so much
money going into the market that inflation was going nuts.
Twenty with COVID, Yeah, there was a significant drop and
(15:08):
it did come right back.
Speaker 2 (15:10):
Bounce back very quickly. But it does three out of
four years of markets up. So I'll take those odds.
I think exactly pretty good. Again, have downside protection, make
sure that you have money available, money and bonds, money
in cash for the times that you need to take withdrawals.
But I think that you know, don't be shy about
getting in the market either. And again talk with your
(15:32):
advisor and make sure that it matches your wealth, your
risk tolerance. Let me touch on this article before a break, Paul.
We got a couple of minutes before that.
Speaker 1 (15:40):
Absolutely, Jeff Cowill here on the Retirement Clinic, WI Cent
on Paul kron Force, what's next up?
Speaker 2 (15:45):
Just so much information polish and again, something I find
interesting is a Wall Street Journal article, and we work
with a lot of clients who are doing this. You
talk about aging in place and can you convert your house?
It used to be I remember twenty five years ago, Paul,
when we started to show people are looking about assisted living, home,
(16:08):
health care, nursing home and the ultimate objective was that
you were going to be in a nursing home. Nursing
homes were going to blow up, They're gonna be all.
I realized that not everybody wants to go into a
nursing home.
Speaker 1 (16:19):
They want to stay in their homes. Yeah, so if you can,
they can. Now some people can, Jeff, But if you can.
Speaker 2 (16:25):
If you can't, And more Americans want to age at home.
And this is how a couple of people have made
it work again a Wall Street Journal article. Claire Annsbury
is the author of this. Garret and Anne Marie Hughes,
both in their eighties, have decided to age and their
large four bedroom house in suburban Rochester, New York. After
(16:46):
looking at alternatives and weighing costs of costs of living
in a quality of life, they came up with a
renovation plan that they think will allow them to live
simply and safely in their house.
Speaker 1 (16:57):
And that's husband and wife. They're both still.
Speaker 2 (17:00):
Both in her agies. Yep, nothing as one hundred percent
certainly have plenty of company. Around three quarters of Americans
over age fifty want to age in the current homes.
According to AARP, seventy five percent one the age in place.
And that's certainly a turnaround over the last twenty or
twenty five years.
Speaker 1 (17:17):
I do, I'm sixty. I qualify for that.
Speaker 2 (17:20):
Yeah, and luckily Jane, my wife, thought about that. We're
not close to one in an eating but we built
our new house ten years ago. She wanted to have
everything on one on the first floor. Yeah, you know,
if we go to the other floors, it's great, but
we would never have to leave the first floor. She
had the foresight and I which.
Speaker 1 (17:38):
You canst get one of those little chairs that go
down the you know, the center. Now, even with the
vision of you on that chair gives me a little
laughing attack. But you know what, in all seriousness, now
they are coming up with these little elevators that are
like little shoots, meant for one person, but they're rather expensive.
(17:58):
A picture like got doub weeder.
Speaker 3 (18:00):
You know you can.
Speaker 1 (18:01):
It's kind of second floor, very modern. You get in
and it just shoots you up and then you get
out on your next story. There you are.
Speaker 2 (18:08):
There are just so many things that are going on
now because people want to stay in their home. If
there's a way that we can do it again, Jane
had the foresight to do it at our place. Many
of their homes aren't suitable for aging because the stairs, bathtubs,
and narrow doorways and slippery tile floors. Only about ten
percent of homes are considered aging ready have a step
(18:30):
free entry, a bedroom and accessible full bathroom on the
first floor, according to a twenty twenty census report.
Speaker 1 (18:36):
All of this is so key. Just think of your
daily life. Do you have to go in the basement,
who's putting salt in the software? There's little things like this. Now,
maybe you've got relatives and family that can help. Jeff
that that's key, But you don't want to be going
up on basements called the salt and the software guy again.
Or you hire somebody. It's like long care. You have
somebody cut it. If you've got the money to do it,
(18:57):
then you don't have to worry about it. And that's
where we come in with the planning process. If you say, geez,
we haven't're gonna have to start hiring for the taking
as salt downstairs, hiring to cut the grass, plowings, so
all those things are going to have to hire for
those if you plan properly, and that create a planning again,
we do this, do a cash flow projection. We call
it a vision builder and our advisors are great at
(19:17):
that and say, okay, these are the extra things you're
gonna need, do you have enough mind to do that?
So a lot of it is confidence, not only physical
confidence that you can move around comfortably, but also financial
confidence that if you have to change your house, if
you have to upgrade, if you know, if it costs
you more to have those different services, you can afford it.
(19:40):
And that gives you financial peace of mind. And that's
why it's so important to not just eyeball, to actually
put pen to paper, have a cash flow projection done
to make sure that you have enough mind to less
risk and that can be started as early as in
your twenties. Absolutely, your retirement plan, what Okay, I'm forty five,
I'm fifty five, Jeff, and I haven't started, you said before,
(20:02):
it's never too late to start. There are ketchup provisions,
there's all kinds of things to do.
Speaker 2 (20:07):
Yeah, and now be between sixty and sixty four. There
are extra provisions that you can catch up. And if
you're that age range and you haven't done as much
for planning, you can do it. They're incentives for you
to do it, so I you know, there's no reason
not to, and kids likely are grown, done with college expenses,
may have your mortgage paid off, so you may be
(20:28):
able to pour more money into those retirement plans.
Speaker 1 (20:32):
And nothing beats living at home, home, sweet home, you know,
spending Christmas, holidays, whatever it is, having your kids over
at your own house. And you were talking about this, Paul.
Speaker 2 (20:41):
Unlike prior generations, though, today's would be aged and placers
have significant advantages. First Boomers are wealthiest older generation ever,
so many of them have either services in place or
can afford to have the services in place.
Speaker 1 (20:55):
Not everybody.
Speaker 2 (20:56):
I'm not saying that everybody has, but now there are
more certified aging in place specialists, remodelers, contractors, and consultants
who focus on helping older homeowners stay where they are
Asian place classes. There's a whole industry around supporting people
(21:17):
to age and place. This is something that I thought
a decade ago. Not that I'm a curry driver, but
I thought about this that I could work in my
commute to the office. And not too distant future, self
driving cars will solve mobility issues, talking taking those who
no longer drive to the Stone doctor's office. Meanwhile, go
(21:40):
go grandparent and lift Silver arranged rides.
Speaker 1 (21:44):
Lift.
Speaker 2 (21:44):
Everybody uses Uber and a lot of people use Uber
and lyft Lift, Silver arranges rides.
Speaker 1 (21:50):
You know there are more services out there for seniors
for transportation, Jeff that cannot drive themselves.
Speaker 2 (21:56):
Yeah, you're right. There's just one last thing, he says.
A couple looking in their senior living is too expensive
to average annual cost per person for assisted living in
Rochester areas eighty four thousand dollars, according to a twenty
five twenty twenty five Jenworth cost of care survey eighty
four thousand dollars for assisted living. And they decided we
(22:18):
decided to do it on our own. He was a
systems engineer. He's covered costs. They took us three hundred
thousand dollars home equity loan. Renovating a house to make
it suitable for aging in place can be expensive. A
bathroom renovation, new tiles, cabinets, widening door openings, taking out
the tub, and other things on Installing a walking shower
(22:40):
can cost forty five thousand dollars or more, but some
master bathroom renovations range from one hundred and fifty thousand
to three hundred thousand dollars, in part because people want
beautiful fixtures, not commercial looking grab bars.
Speaker 1 (22:54):
Yeah, not a hotel room with that stainless still grab bar. Jeff, Okay,
so it's expensive always nursing homes right, so is a
living facilities? Oh my goodness, all of these are great points. Juff.
The Waymo car, that's the self driving. On a funny note,
in Atlanta, the GPS got them as they all ended
(23:15):
up in that one cul de sac. There had to
be thirty white Waymo cars all bunched up, and the
neighbors are.
Speaker 2 (23:21):
Calling we seals in Phoenix all the time everywhere temp
And they're Jaguars in Phoenix.
Speaker 1 (23:27):
They're Jaguars SUVs, is that right? They're nice little cars.
I mean, But if you know what tlogy is getting better,
just like everything is.
Speaker 2 (23:35):
And you know, like my son and daughter in law
will use all the time that you said, do you
think they want to talk to us? Like they don't
want to talk today? They would have no driver there.
So it's different. Everybody's different.
Speaker 1 (23:46):
Everybody's different. You know there's safety issues involved with that too. Yeah,
but I my mom is eighty five and she's still driving, Jeff.
She prefers not to, but she canon does so, and
if she needs heell for the family. Were there too,
Jeff Cowll The Retirement Clinic A quick break Anthony Priester's
topic Jeff after the break is.
Speaker 2 (24:05):
Social security and the latest news about that and it's
running out of money?
Speaker 1 (24:09):
But is it hot? Let's define that exactly. That's That's
got a good one coming up next on The Retirement
Clinic two six two five to two forty forty. To
reach out to Creative Planning on Paul kron Forced with
Jeff Cowal. This is Wison.
Speaker 3 (24:24):
Good morning, Jeff and Paul, thanks for having me today.
I'm wealth manager Anthony Priesser with Creative Planning. Jeff and
I have been receiving a lot of questions from our
clients pertaining to social security as the Social Security Trustee
report just came out pertaining to how long social Security
and the Trust Fund are actually going to be around.
So the direct answer to you right away, social Security
(24:45):
retirement is not going away. The trust Fund, however, is
scheduled to be depleted in two thousand and thirty two.
Last year when the report came out, it was actually
two thousand and thirty two and three quarters of the
way through the year versus right now, it's actually accelerated
about one quarter based on some current regulation changes and
things that are happening overall throughout the federal government. So
(25:08):
I wanted to provide an update to our listeners today
regarding Social Security and what to kind of expect.
Speaker 1 (25:14):
So let's talk about the worst.
Speaker 3 (25:15):
Case scenario right away. If nothing were to change before
twenty thirty two, an average recipient of Social Security would
see a direct reduction of about twenty two percent of
their benefits, which equates to about five hundred dollars per
month less. Again, if nothing were to change, and what
we're saying there is the Social Security Trust Fund would
be depleted, and then ongoing contributions from.
Speaker 1 (25:38):
Payroll, etc.
Speaker 3 (25:39):
Account for about seventy eight percent of the current Social
Security projected benefits that are being paid out. So a
direct twenty two percent reduction in current recipients benefits equates
to five hundred dollars less per month overall. Again, that's
worst case scenario if nothing changes. But when we're looking
from a political aspect as well, politicians do not want
(26:02):
that to happen, and they understand that this would be
disastrous if they were allowed that to happen. So there's
a lot of different things that they're looking at, increasing, modifying, etc.
To ensure again, the political disaster does not happen and
benefits are able to continue to those who have earned them.
There's a great article that Elizabeth O'Brien from Barons looked
(26:22):
at and published regarding Social Security, which I'm going to
summarize for you again today. So now let's jump into
is Congress likely to save Social Security? And what kind
of changes are they looking at when they implement those
changes overall, Again, just to summarize, the retirement Trust fund
reserves are projected to run dry in about six years,
and if nothing changes, about seventy eight percent of the
(26:43):
benefits would continue. We can use history as a guide
and looking back the last time the program came close
to running out of money was in the early nineteen eighties.
Congress at that time struck an eleventh hour deal to
show up the program's finances in nineteen eighty three. The
changes that they implemented in nineteen eighty three could be
a template for changes now. As part of those reforms,
(27:05):
Congress made benefits taxable for the first time above certain
income thresholds, and raised the full retirement age from age
sixty five to age sixty seven. This increase stretched over decades,
so no one on the cusp of retirement had the
rug pulled out from under them, so they were still
able to retire. We expect lawmakers to make an incremental
(27:28):
approach at this time sometime, but again before twenty thirty two,
and what that looks like is the younger generation bearing
the brunt of these changes, likely to be the retirement
age or there are also potential fixes include raising or
eliminating the taxable salary cap and reducing the annual cost
of living adjustment. In twenty twenty six, the annual taxable
(27:53):
salary cap on Social Security applies up to one hundred
eighty four thousand, five hundred dollars. Lifting the cap would
provide extra funds to the Social Security Trust Fund, which
again is scheduled to be depleted in two thousand and
thirty two with no changes. Analysts expect Congress to pass
legislation at the last minute to plug the shortfall. Therefore,
(28:14):
we might not see any changes up until two thousand
and thirty or even two thousand and thirty one, as
Social Security the Trust on will continue to deplete overtime
again without any immediate changes. Now, let's take some time
to summarize everything that I just discussed overall and really
make sure everyone understands what to expect for current recipients
and also future beneficiaries. So to summarize, the Social Security
(28:37):
Trustee report that was recently published accelerated the Social Security
Trust Fund to run out within the next six years,
right around two thousand and thirty two with no changes.
Congress is holding all the cards and are able to
implement changes now, but analysts expect no changes until the
last minute. Individuals who are currently receiving benefits may start
(28:57):
planning for a reduction in the cost of living adjustment received,
while individuals who are not receiving benefits or the younger
generation may start planning for potential reduction and benefits projected
or an increased retirement age. These fixes are long overdue.
The best thing you could do today is plan for it.
This is a great opportunity to meet with our fiduciary
(29:18):
advisors at Creative.
Speaker 1 (29:19):
Planning to review your financial plan.
Speaker 3 (29:22):
Contact us directly at two six' two five two two
four zero four zero to set up an appointment.
Speaker 1 (29:28):
Today great to hear From Anthony priest. Today this is
the Retirement. Clinic Jeff coleboll thoughts on social.
Speaker 2 (29:35):
Security, well it's an important part of a retirement. Plan
so if you think that there's not going to be anywhere,
wrong there will be. Something this appearance, article but it
plays right into This parent's. Article it says more than
forty Percent americans retire earlier than expect it or, intended
and so, security whether you retire early or you stay,
later is an important part of that for a lot of.
(29:56):
People only twenty one percent of those who retire this
Is baron's. Article, again only twenty one percent of those
who retired early said they did so because they had
saved enough enough, Money so that means the other seventy
nine percent did because they were forced out Many. Americas
that's a big, number by the, way Oh. Man Many
americans dream of an early, retirement but for, some it's
(30:19):
an unhappy circumstance forced on. THEM a new survey From
Alliance life found that forty two percent Of americans retire
earlier than they. Anticipated the reasons are usually beyond their.
Control when a worker is forced to retire earlier than,
expected to, say do the unforeseen health considerations that can
up end their retirement. Plans when retirement comes, early it
(30:40):
can quickly turn a solid plan into a fragile.
Speaker 1 (30:43):
One let's see what.
Speaker 2 (30:45):
Else The alliance report highlights the unexpected risks that could.
Speaker 1 (30:49):
Prompt an early.
Speaker 2 (30:49):
Retirement the survey found that thirty percent of early retirees
said they exited the workforce due to health. Issues just
over twenty percent they said they retired early because they
had lost their. Job only twenty one percent said they
were retired because they were financially.
Speaker 1 (31:05):
Ready twenty one. Percent that's way too. Low you want
to see that go, up, Right.
Speaker 2 (31:10):
Yeah but early retirement is a widely shared. Goal alians
found that seventy percent respondents said they wanted to copy
their financial strategies used by successful early. Retirements fifty four
percent said they retire immediately if they walt the.
Speaker 1 (31:24):
Lottery, yeah good luck with. That that's don't count on
the lottery for your.
Speaker 2 (31:28):
Retirement, No but, again you can prepare for an early.
Retirement there's no reason that you have to stay till
full retirement ahs because somebody said you had, to because
that's what. Culture you, know people say you should stay
a sixty, two sixty, five seventy seventy. Five, however it's
up to. You if early retirement is in your, future
you have to put a pencil to. It you can't guess.
(31:50):
It you have to make sure. That again there's that
vision builder or cash flow. Projection but along With Wilson, trust,
insurance health, insurance all those, things you have to make
sure that everything is in place to make sure you
have a successful, retirement even if it's.
Speaker 1 (32:05):
Early and everybody's. Different that's why you customize their own
plan At Creative. Planning Jeff cowal here On wison's retirement.
Clinic we heard From Anthony. Priester that was good stuff
on Social. Security coming up, Next. Jeff The Weekly Wealth
management And Preservation SEGMENT.
Speaker 2 (32:21):
Yep for state planning lessons every family should carry into
twenty twenty. Six we're gonna talk about that some different.
Speaker 1 (32:27):
Perspectives stay Tuned The Retirement clinic dot com for questions
called two six two five two two forty. Forty Jeff
cowal is here today And I'm paul crownforst On. Wis
Man alsen joined The Bare Naked ladies in that, song
and that means it's time for the Weekly Wealth management
And preservation. Segment The Retirement clinic is back On wis
and With Jeff Kolewal you've got some estate. Planning almost
(32:50):
bullet points are going to run down, here that's.
Speaker 2 (32:52):
Right this show us forever By this particular segment is
for those with a million dollars or. More want of
accumulated a million? Dollars how do you preserve, it grow,
it take income from, it and pass it on to your.
Heirs one of the key parts of that planning is
the estate playing part of. It and this was an
article From trust And will WHICH i thought was pretty
interesting and it, says for state playing lessons every family
(33:15):
should carry into twenty twenty, six and THEN i, thought,
okay name, beneficiaries.
Speaker 1 (33:20):
Etc.
Speaker 2 (33:20):
Etc all that, Stuff BUT i thought these are a
couple of different takes out THAT i thought were. Different
lesson number, one incremental progress beats waiting for the perfect.
Plan if you don't have, anything do will? Okay if
you don't, say, WELL i don't know exactly WHAT i
want to put in the, trust what ASSETS i want
to put in, there don't make. It it doesn't have
(33:41):
to be. PERFECT i was a strategic coach for a long.
Time it was a, coach a consulting psychologist that coached.
ENTREPRENEURS i didn't want to, manager BUT i didn't mind
having a. Coach then he would talk about, progress not.
Perfection if you make, progress you'll do. Well if you
wait to perfect time to do, something you won't do. Anything,
(34:02):
so first of, all is incremental progress beats waiting for
the perfect. Plan number two is many families misunderstand guardianship
increases incorrect assumptions about, guardianship including beliefs that courts would
automatically appoint the person they, intended that distance didn't, matter
(34:23):
or that informal wishes carry legal.
Speaker 1 (34:26):
Weight nobody wants a court making that. Determination we want
to do.
Speaker 2 (34:29):
That, again if it's not reduced to writing the court
is forced to make that. Determination they will not necessarily
take The they may not know who you, intended or
if everybody in the. Family oh, yeah it was supposed
to be this, person but this you, know if that
person lives across, country may not be the best person for,
that so courts will take a look at. That lesson number,
(34:51):
Three this one is. Interesting couples often disagree and don't
realize it until they talk about, it and this is
what we. Say let's let's at least get it out
in the. Open they observe this. Pattern many couples discover
they have different assumptions and expectations about, guardianship, backups the
succession roles only after they begin the estate planning. Process
(35:15):
some assume their wishes will be naturally be, honored not
realizing the property document documentation is what ensures their intentions are,
followed whether it's, financial whether it's guardianship or. Anything, again
you could disagree about who you, want but let's talk
it through and eventually you have to reduce it to.
Writing otherwise it won't it won't have any legal effect.
(35:38):
Whatsoever lesson number. Four the importance of planning becomes clearest
when the plan is actually. Needed it's like that's an
old darted moment we said we shouldn't have done. Something
experience the most profound reminders of. Us this is Again
trust And will's Article experience one of the profound reminders
(36:01):
of a state plan's. Value when a long term client
passed away In, october supporting a family through the state
settlement process made the purpose of this work. Unmistakable because
the documents were properly in, place the family had, direction,
clarity and structure at the moment when everything else felt.
Difficult keep in mind, again they had everything reduced to.
(36:24):
Writing it's an emotional time when somebody passes, away whether
it's a long time illness or. Sudden when somebody passes,
away real life comes into, play and that's when you
have to make sure that there's protections for the, family
that it's dispersed in the way that you wanted, it
that everything goes according to. Plan but if there's no,
plan or if you haven't reduced a plan to, writing
(36:46):
that's when THINGS.
Speaker 1 (36:49):
I think that's a great, Point. Jeff you're, grieving you're
dealing with possibly funeral plans your. Family you know what it's.
Like everybody's been through this probably in their. Family it's
not a pleasure the. Moment you don't want to be
thinking about your state plan at that point in.
Speaker 2 (37:03):
Time you want to think about, finances about who gets,
what about cleaning out the, house none of this stuff
you don't want to think. About this IS i thought
was a great point. Too with modern dynamics like out
of state guardians blended, families that's a key one multi factor.
Authentication how do you get at the accounts because there's
multi digital account. ACCESS a state plan can longer be
(37:24):
treated as a one time. Event you don't set it
and forget. It you have to keep updating.
Speaker 1 (37:28):
It and again, right there could be step, brothers step
sisters coming out of the woodwork after they find out
of the, death and they may not be a part
of the family at.
Speaker 2 (37:38):
All, yeah and all of a sudden they, say, oh
yeah he owed me. Money yeah. Okay so incremental progress
beats waiting for the perfect. Plan number, two as many
families misunderstand. Guardianship number three is Companies couples often disagree
and don't realize it until they talk About and number
four is the importance supplying becomes clearest when there is
(37:58):
a real event that happens in real.
Speaker 1 (38:00):
Life all good advice From Jeff cohle regarding estate planning
or lack. Thereof just like a retirement, plan talk to,
somebody have that plan in, place reach out to create a.
Planning we'll give you all the information you need when
we come. Back simply put the phone call two six
two five two two forty forty and uh it gives
you a peace of mind, Too. Jeff, right you get
(38:21):
that done that way.
Speaker 2 (38:22):
And go to the retirement dot, com The Retirement clinic
dot com and actually schedule, deployment schedule time to get
the process.
Speaker 1 (38:29):
Going all, Right. Jeff some final comments on The Retirement
clinic With Jeff cowall On Paul Kronforce News talking eleven THIRTY.
Wisn we'll be right back wrapping up this week With
jeff colewal you've been listening to The Retirement. Clinic now
we are back Next. Saturday Each saturday at ten o'clock ON.
Wisn in, addition weekly reports we haven't talked About jeff
on The Daniel Donald Show monday Through, friday three and five.
(38:52):
Pm news. Blocks that's, right.
Speaker 2 (38:54):
If you, will you give you an update on what's
going on in the market's that particular, day whether it's
a government, report corporate, earnings initial public, offering whatever happens
to be going on that. Day three o'clock and five
o'clock news, blocks one man with our team At Creative.
Planning we wrap it up with the DONALDY sb five
hundred And nasdaq all in one, minute three o'clock and
five o'clock. Newsblocks during The Dan Donald show.
Speaker 1 (39:15):
And going back to two thousand and, one we've been
doing this. Show The Retirement clinic AND wisn locations all
over Southeast. Wisconsin In Ozaki, county there's A Port washington
location that's fantastic On Bluemont road And brookfield In. Delafield
we're Seeing Cape, Coral. Florida Also, Phoenix. Arizona license in
all fifty, states The Retirement clinic Dot. Com, jeff thank,
(39:37):
you thank, you thank you for a great. Show thank,
you thanks for listeners as. Well thank. You paul back
Next saturday AND wisn The Retirement clinic dot com please
check it. Out news is coming up. Next I'm paul
crownforst ON Wisn.
Speaker 4 (39:48):
Milwaukee 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 advisors 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
(40:10):
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
(40:32):
contained herein has been obtained from sources deemed.
Speaker 1 (40:35):
Reliable but is not.
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Guaranteed if you would like our, help request to speak
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planning tax and legal are separate entities that must be engaged.
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Independently
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