Retirement Ready with David Kopyc-Where To Live In Your Retirement

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Episode Transcript

(00:00):
Fridays are always good days because Iget to speak with my friend David Kopeck.
You know, David is the presidentof the Retirement Planning Group also has
its own show on our sister stationeight ten and one oh three one that
happens every Saturday morning from seven tonine. Good morning, David, how
are you? Good morning Jamie.On this fall, I don't think it's
officially fall yet, is it?No, not to the twenty first or

(00:24):
twenty second? Does that very secondthat we're not that far away? We're
not that far away, but definitely, definitely there's some bounce in my step
this morning with that chilly air.Hey yeah, you're definitely going to walk
from the house to the car alittle quicker than you usually do much.
Yeah, yeah, I get that. I get that. Matter of fact,

(00:47):
I've got to close my pool,which I always know that that's summer
is over with. I know it'sa little sad. I feel like,
you know, there should be likea little ceremony, but that's some like
you know, on the gate,I've got some purple curtains set up the
death of the pool for another year, I know, but it will be

(01:07):
reborn, and that's what we needto remember it will be reborn. I
wanted to talk to you about youknow, we obviously we talk all the
time about retirement, but one ofthe things that maybe a lot of people
don't think enough about is where isyour final destination going to be? Where
are you going to be living inyour retirement and when you're starting to think

(01:32):
about retirement, is that something youreally should base things on. Critical?
Critical, Okay, critical for alot of reasons, Jamie. I'll give
you two examples. Okay, wejust had people that came over from Massachusetts
to meet with us. They listento us on the radio, older couple,

(01:53):
you know, starting to plan outtheir estate and what happens at death.
And in Massachusetts they don't get thesame benefits that we get in New
York as far as protection of IRAassets. If you get into a Medicaid
or you need long term care,it's a resource that they can go after
immediately. So there's you know,you've got hundreds of thousands, not a

(02:15):
million, dollars inside your IRA,that's all money that's going to be susceptible
to a Medicaid spend down. Thatis not the case in New York State.
They make you pay it out,but they don't go after the corpus.
That's not the case in Massachusetts.So for people that leave New York
with the assumption that they've got assetsprotected inside their IRA, that is not

(02:39):
the case in Massachusetts and Carolinas.I hear a lot of people going to
the Carolina's right state retiree and theysay, yeah, I'm going to the
Carolinas. I've always wanted to livedown there. They leave and they say,
hey, what's this. I go, what are you talking about?
They go, my income is taxeddown here. I say, yea New

(02:59):
York state, they don't tax yourincome because you're a state retiree, but
Massachusetts does, or not Massachusetts,but the Carolinas does tax your income.
So you got to be careful ofthat because don't assume that everything stays constant,
because it doesn't. So are theseall the kinds of issues that you
should be talking over with your financialadvisors. That's something that you would be

(03:22):
able to if I say to you, you know what, David, I'm
thinking of retiring, thinking I'm gonnamove to Georgia's. I have family there.
That's where I think I want togo. Are you the person who
can say to me, Okay,here's what's going to make a difference in
your retirement funds. I always saythis, Jamie, before you make a
major decision like that, get akey okay and went okay, okay,

(03:46):
don't make a don't make a bigfinancial commitment, because there's a lot of
halfbacks. Halfbacks are people that leftNew York, went to Florida, they
didn't like it, and they camehalfway back and they're in Tennessee, the
Carolinas, et cetera. Okay,you know, any time you change your
zip code, you're gonna have dynamicsthat are going to change finances and family
and your overall estate plan. Andthe answer to your question briefly is yes.

(04:10):
We talk about it in great detailat the retirement planning group because it
can be thousands of dollars, ifnot hundreds of thousands of dollars that are
at risk. Yeah, yeah,okay, And I'm guessing you're gonna go
deeper in depth, depth on thistomorrow, or deeper in debt if you're
me, but deeper in debth Areyou trying to kill me? Tell me

(04:34):
something I don't know's going No,No, no, depth, depth,
with a with ah at the endof it. I don't want to go
deeper in death. Oh my gosh, let's slipping the tongue. But oh
you gotta left. Yeah. Yes, we're gonna talk about it tomorrow at
Love. Okay, so listen,do what I do every Saturday morning,

(04:55):
start your day, and listening toDavid, you get all kinds of wonderful
information about hiring, and that's somethingwe all want to do Tomorrow morning seven
to nine on our sister station eightten and one oh three one wg Y.
And you can always talk to Davidyourself his phone number five one eight
five eight zero one nine one nine, or just go online rpg retire dot

(05:18):
com, rpg retire dot com.David, thank you so so much for
talking with me this morning. Youbet Jamie gout BLUs