Retirement Ready with David Kopyc - Dealing with Fear of Running Out of Money in Retirement

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Episode Transcript

(00:00):
Well, I'm always happy on Fridaymorning because it means I get to talk
with my good friend David Kopek,who is president of the Retirement Planning Group.
Now, just a reminder you knowthis, David has his own show
on our sister station eight ten andone h three one WGY that happens every
Saturday morning from seven to nine.Good morning, brother David. How are
you, Jamie? Happy Friday.I'm doing fantastic. Hopefully we're going to

(00:24):
have us a weekend without snap cracklingpop and rain. Yeah. Yeah,
it's looking good. After the humidityleaves us today, Saturday and Sunday are
looking good. So good. Yeah, yeah, that's what we're looking forward
to. All right, Okay,I'll see you there. I'll see you
there. Listen. As someone whois a future retiree, I wanted to

(00:45):
talk about this. Obviously, afear a lot of us have is running
out of money in our retirement.So what do we do about this?
How do we address this fear?You know, Jamie, the survey's fidelity
just stud us serve and it's consistentlythe number one. It's either number one
and number two. It's either healthcareor running out of money. Having adequate

(01:08):
amounts of cash, you have tobuild a pension. That's the bottom line.
You have to build a pension benefit. Because eighty six percent of us
do not have pension benefits. Thatmeans that we're going to have to create
our own. And with these highinterest rates down, you know, everybody
talks annuities, annuities, annuities,which we're big fans of. But the

(01:30):
thing is is that now with thishigher interest rate environment five to six,
seven percent, you can build yourselfa pretty strong cash flow for the next
ten, twelve to fifteen years,depending on how long you would want to
tie that money up for. Sothere are options today that we haven't had
over the last few years. Talka little bit about those options that we

(01:52):
have. Please, Well, you'vegot corporate bonds right now that are yielding
anywhere from seven to nine percent.Wow, treasuries right now you can get
over five percent. The rule thathas always been the rule of four percent.
Modern portfolio theory is said, don'ttake more than four percent off your

(02:13):
portfolio with the risk of the moneygoing away before you do. Well,
you can get a hell of alot higher than that with a guaranteed rate,
right now and some people, asyou're quite well aware, Jamie,
are just not suitable to be inthe stock market, right absolutely, absolutely,
too scary, too scary, absolutely, yes, yes, And I
don't blame them, you know,this is it's a whole different world.

(02:36):
Things happen instantaneously today. We usedto take days, now take seconds,
right, right, yeah, right, absolutely absolutely So it sounds like there
are other options out there for us, which is good. I'm guessing you'll
be talking more about this on theRetirement Planning Show tomorrow. We're going to
be talking about the ability to createa pension benefit and what the options are

(03:00):
going to go through a multitude ofdifferent things for you to consider. But
as always, it's a call inshow, so it's alive, so if
people have any specific questions, theycan give a jingle jingle yeah, and
make sure you do. I mean, this is a big topic because I
think you know, every there's notunless you're a you know, multi millionaire,

(03:21):
everyone has this fear, so definitelyworth make sure you listen to David
tomorrow morning on the Retirement Planning Showon our sister station eight ten and one
O three one w g y atairs from seven to nine you don't want
to miss it. For me,required listening every single week. And remember
you can always get in touch withDave. It's so easy five one eight

(03:44):
five eight zero one nine one nineor just hop online rpg retire dot com
rpg retire dot com. David,thank you so so much important information.
I'll be listening tomorrow. Thanks Jamie. Have a safe week, darling butt Pie