Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:05):
This is News Radio seven to ten WNTM. Uncle Henry
here with John McNeil and Virginia O'Brien of Mobile Bay
Financial Solutions. You can find Mobile Bay Financial Solutions online
at MB financial Solutions dot com. That's MB financial Solutions
dot com. Telephone number two five to one sixty sixty
(00:28):
six five thousand if you'd like to call and make
an appointment or just call and ask a question. Two
five to one six sixty six five thousand. That is
the number for Mobile Bay Financial Solutions. The commentary presented
herein contains the opinions of Mobile Bay Wealth Management LLC,
a registered investment advisor. This information should not be relied
(00:48):
upon for tax purposes. Is based on sources believed to
be reliable. No guarantee is made to the completeness or
accuracy of this information. Mobile Bay Wealth Management LC shall
not be responsible for any trading decisions, damages, or other
losses resulting from or related to the information, data, analysis,
or opinions contained herein or their use which do not
(01:12):
constitute investment advice. Are provided as of the date written,
are provided solely for informational purposes, and therefore are not
an offer to buy or sell a security. Investments and
securities are subject to investment risk, including possible loss of principle.
Prices of securities may fluctuate from time to time and
may even become valueless. This information has not been tailored
(01:34):
to suit any individual. John McNeil, how are things going
this week at Mobile Bay Financial Solutions.
Speaker 2 (01:39):
Uncle Henry, it's better now that you're here as all.
Speaker 1 (01:41):
Well, thank you.
Speaker 2 (01:42):
Always a pleasure to have you drop in every week,
and so we can I kind of miss doing the
live show at the studios.
Speaker 1 (01:50):
Yes, and we could still come in and do those
if you want.
Speaker 2 (01:53):
I know it, and we have we've done, but it's
a little more convenient. Yeah, maybe not for you, but
it is convenient.
Speaker 1 (02:02):
No, this is wonderful to get to be here at
Mobile Bay Financial Solutions and see how everything is done here.
Speaker 2 (02:08):
Yeah, it's ah, we've been busy. This is a busy
the fourth quarter here we are starting the fourth quarter. Uh, well,
it's always busy, but there are a lot of things
that don't happen other times of the year.
Speaker 1 (02:21):
Okay.
Speaker 3 (02:21):
Meeting with clients, make sure.
Speaker 2 (02:23):
They have if they can afford it, to max out
their retirement accounts before the end of the year, you know,
with ad a little more out of the paycheck. For
those who are retired and are having to take their
required minimum distributions, we do. We start that right now
and being of October, if they if they hadn't already
taken a lot of people take their requirement and distributions monthly. Okay, okay,
(02:45):
that's just part of their income plan. But for those
who don't need the income, they just leave it in
their retirement accounts. They're irais and we call and remind you,
remind them. You've got to take this them out.
Speaker 3 (02:58):
You know.
Speaker 2 (02:58):
I talked to client this and he just he turned
seventy three this year, so this is the first time
to take a requirement of distribution. He said, I know
y'all told me about that before. But what I said, well,
it's based on the value of your all of your
iras last decembert de Sement thirty one, whatever the value is.
He has to take a certain percent and at age
(03:19):
seventy three, you have to take four percent of whatever
you have.
Speaker 3 (03:23):
And he said, well, what does that come to.
Speaker 2 (03:25):
I said, well, I got to send you a check
for twenty three thousand dollars. Said I don't need that.
I don't want that. So we immediately went into the
conversation of QCDS qualified Charitable distributions because they do give
money to a charity. So we're going to set that up.
They're going to send some money, not all of it,
send money to seven or eight different charities.
Speaker 3 (03:44):
So that's that's what we do this.
Speaker 2 (03:46):
Time of year, a lot of meeting with clients, making
sure we can take the R and D because if not,
the IRS comes after you and imagine that they want
their tax money.
Speaker 1 (03:55):
Yes they do, so we like it.
Speaker 2 (03:57):
We got to send it out. And but that's that's fine.
We get to meet with our clients on a pretty
regular basis.
Speaker 1 (04:05):
All right, well we're gonna we're gonna start in on
some topics for you the listener here with John McNeil
of Mobile Bay Financial Solutions. Keep in mind you can
call their office make it appointment at two five to
one sixty six sixty five thousand, two five to one
sixty sixty six five thousand for Mobile Bay Financial Solutions.
Now this, I guess this segment would be for people
who are already retired, and we're going to talk about
(04:27):
not screwing it up. Don't screw up your retirement. Right,
So John and Neil, you're gonna give us some bullet
points here on ways to make sure that a retiree
doesn't screw it all up. Okay, So first would be
don't make any sudden decisions.
Speaker 2 (04:45):
Yeah, you know, money is emotional, right, you know, people
they keep it close to the vest most of the time.
You don't talk about in normal circumstances. You don't talk
about money and politics. Some people don't even talk like
talking about religion. I do, but a lot of people don't.
Speaker 1 (05:01):
So hey. And some marriages they don't talk about money,
which I know that's a probably, but that does happen
in marriages of many years.
Speaker 2 (05:08):
Oh yeah, yeah, a lot of times one of the
two knows everything about the money, or so they think,
and the other one.
Speaker 3 (05:17):
Is clueless, really clueless.
Speaker 2 (05:19):
There's not quite as much of that as it was
when I first got in the business forty six years ago.
Back then, not the stereotype, but most of the men
took care of the money and the women ran the house.
That's the way it was, you know, back in the
fifties and sixties and even up to the seventies and eighties.
Then things started to change, and then it became more
(05:41):
of more common and more of the norm that both
husband and wife weren't you know, but they still didn't
talk about money. A lot of them they still don't talk.
Speaker 1 (05:50):
And a lot of it has to do with the
emotion attached to money, and these emotions, I guess that
leads to emotional decisions.
Speaker 2 (05:57):
Yes, and usually typically again talking about statistics, most men
are more willing to take more risk than women, Okay,
and there's a logical reason for that. Women are more conservative,
more cautious with money than men are because the women
are scared because they know the husband's going to be
(06:18):
gone many years before she's gone, so they don't want
to ride in money. But making sudden decisions, you need to.
You've retired, you've made it. It's time to sit back
and not rush intothing. You know, don't rush into taking
another job if you don't have to unless you want to,
(06:39):
but you know, getting into a new business venture or
buying expensive.
Speaker 3 (06:43):
Toys or real estate.
Speaker 2 (06:45):
You know, just cool down a minute and take a
breath and make sure all the eyes are died in
teas across and then we'll see what kind of what
we call fun money, you've got to maybe go out
and do some things. I had a client in.
Speaker 3 (07:00):
Just a little while ago.
Speaker 2 (07:02):
She brought buy some things that she had gotten in
the mail's one to make sure it was okay to
shredd it.
Speaker 3 (07:07):
And I told her.
Speaker 2 (07:08):
I assured her that anything she gets in the mail
that we handled, we've got copies of it, so you
don't need to keep.
Speaker 3 (07:13):
Big boxes and stuff.
Speaker 2 (07:15):
But she's getting ready to go on a eighteen day
trip over to Europe with some friends of her. Spouse
passed away not too long ago, you know, a year
or so ago, And she said, do I have enough
money to upgrade the first class? I said, You've got
plenty of money. She says, it's going to be three
thousand dollars. I said, just by you know so. But
(07:38):
don't rush into sudden decisions. That's one of the key
things to making sure you're going to be happy later
in life.
Speaker 1 (07:45):
Now. So for the person already retired, another key to
not screwing up retirement is don't jump into investments that
you don't understand.
Speaker 2 (07:54):
Yeah, we get calls from time to time. You know,
we put most of our clients and managed accounts which
are actively traded and monitored every day by our money managers.
But we have people call that say, my son, in
some cases, my grandson said, I need to get into bitcoin. Well,
(08:16):
they don't even have it what bitcoin is. Most people
don't know what pitcoin is, right, what is it? It's
just something out there exactly. So that's one one idea,
and we have people call it and say, had one
Virginia had one ninety seven year old client called up.
She was in the nursing home. She said, I've been
I've been getting She got all these newsletters you know,
that she subscribed to, and she watches the TV and
(08:37):
there there's an ad on TV right now that we're
looking at telling them that need to get into lithium minds.
You know, what do you know about where they make
batteries out of lithium? Yeah, well that's not something you
need to get into. But that's what Virginia told her.
So we kind of cool her down. So she just
(08:58):
kept buying gold off of tea, which is a big mistake. Also,
not buying gold but buying it from somebody on TV.
Speaker 1 (09:05):
Well, it occurs to me as you're talking about this,
the advice of don't jumping to investments you'd understand. That
doesn't necessarily mean the latest thing. It could be an
age old investment like precious metals that you just don't
understand how to use properly.
Speaker 2 (09:20):
Exactly how to use it, probably who to trust when
you're buying it, that kind of thing. And usually the
old at is buy local. Is much better sit face
to face, tot to toe if somebody knows what they're doing. Uh,
and you can go back and see them if you
want to make a change. If you die this eight
hundred number, you don't know what you're getting. And you've
(09:41):
heard the stories before. You know the terrible we've talked
about the it's really awful. But yeah, just don't if
you don't understand something. And that's what you've seen uncle.
And we are big on educating our clients. When we
put together our retirement dream Catcher, we tell them where
we're going to invest the money, why we're investing the money,
what's the cost of investing the money, the way we're investing,
(10:04):
and what's the purpose of that particular bucket of money.
Is it a short term, a medium term and long term?
Is it designed for ever increasing income? Is does include
long term care built into it and all these type things.
We want them to understand exactly what we're doing, why
we're doing it, or why we're not doing something that
(10:26):
they think they ought to be doing, just because everybody
that they play golf with is doing it. Well, you
don't have any idea what that guy's got, you know,
so what's good for him may not be good or
appropriate for you and your wife.
Speaker 1 (10:39):
Right. Another key to not screwing up your retirement would
be you need to work with a pro.
Speaker 2 (10:45):
Well, I didn't write this, No, you did not.
Speaker 1 (10:48):
I didn't write this, But you need to work with
a professional.
Speaker 2 (10:50):
Yeah, I mean everything you do that has a meaning.
You're working with a professional. You go to church because
you're listening to your pastor, who's he knows what he's
talking about.
Speaker 3 (11:02):
You know.
Speaker 2 (11:02):
You go to a doctor because he knows what he's
talking about. I don't know why they call it a practice,
you know the doctors that makes me lear of going
to a doctor's practice. I hope their experienced. But work
with a professional doesn't cost anything. To come in and
see Virginia and I and see if we can help you,
if we can help you, and we make the recommendations,
and we tell you what the cost is going to be.
(11:23):
People are surprised at how little it is for what
they're getting. So it is worth working with a professional
that you get along with that does take the time
to meet with you and talk to you and explain things,
not just say yeah, we're gonna put you in this
portfolio and you'll be fine. Okay, Well, now I want
to learn a little bit more about that, so we go.
We go into great detail about why we're doing what
(11:47):
we're doing and the benefits of doing that. But a
professional advice is usually a route to go, especially for retirees,
because the big concern. More times than not, when we
first meet with the client for the first time, the
husband will say, I just want to make sure everything's
(12:07):
in order. So something happens to me, She's gonna be
taken care of, right. So that's why working Virginia and
I working together with these clients, they know that somebody's
going to be here. We've been here one hundred and
four years after the story before. Virginia has clients that
are the clients of her great grandfather's clients. They are
(12:29):
the great grandchildren of her great grandfather's clients. So it
came down from him to my father, and then my
father's clients children became my clients, and then my client's
children became Virginia's clients.
Speaker 3 (12:40):
It's there's a.
Speaker 2 (12:42):
Continuity that means a lot to our clients going forward
and knowing that somebody is gonna be here. Might not
be in this office, but we'll be somewhere here in
the Mobile, South Alabama area.
Speaker 1 (12:55):
One final point on not screwing up your retirement if
you're already retired, and that point is that you need
to have an actual plan for your retirement.
Speaker 3 (13:03):
Yeah, you need to be.
Speaker 2 (13:04):
Able to look at something. And that's why our retirement
dream Catcher does. It lays everything out on one page.
There are a lot of supplemental pages with it, but
one page color cud is showing them exactly what the
plan is. This is when you're gonna retire. This is
all your buckets and if you keep putting money in
until you do retire, if you haven't retired yet, this
(13:25):
is what it's gonna be worth, you know, three years
from now, five years from now, and then we're gonna
turn all these buckets into a paycheck, because you don't
have a paycheck anymore. We'll send you money every month.
We'll withhold taxes just like your employer, and we'll turn
on more buckets if we need more money. We'll have
buckets that we're not gonna turn on an income from,
but that are gonna be there just to go get
(13:45):
money out of, to go on a trip, to buy
a car, put a roof on the house, you know,
do whatever. But we'll have other bugets that are designed
for income and it's not complicated. We let it all
out and answer all the questions.
Speaker 1 (13:58):
You listening to John McNeil of Mobile Bay Financial Solutions.
You can go to their website. It's MB financial Solutions
dot com. You can find out more at MB financial
Solutions dot com and you can call their office at
two five one sixty six six five thousand. That's two
five to one sixty sixty six five thousand for Mobile
Bay Financial Solutions. Now, is you the listener here this show?
(14:21):
We're now in the month of October. October is financial
Planning month, and so how could you and how should
you commemorate the occasion of financial Planning Month? John McNeil,
One way would be to ask the question, Yeah, if
(14:42):
you've got a question to ask the question.
Speaker 2 (14:43):
You know, if you're in a group of people, Uncle
Henry and you all standing around just talking about whatever.
Let's say it's financial planning, and somebody says, you know,
I don't know exactly how this works. I need to
ask the question, and everybod nod yeah, I don't neither.
That's a good question. Why don't you ask the question?
There are no stupid questions.
Speaker 3 (15:02):
You know. We do these.
Speaker 2 (15:02):
Meetings at night sometimes and with charberal organizations and for
our clients and for new clients, and people are afraid
to ask questions in an open forum. Man, we tell
them you don't have to ask any questions. Just come
to the office. We'll answer it, and we'll talk about
it in private. But there are no stupid questions. When
you're talking about your money. If you don't understand something,
(15:24):
ask a question. So if you have a financial planner
and you don't understand something, ask the questions just whatever
it may be. You're not gonna it's not gonna be
embarrassing for you to answer the question. You're not supposed
to know everything of a field. You're not you aren't
trained in so to speak. I wouldn't be able to
run your board at the studio because I've never done before.
Speaker 3 (15:47):
I have no clue. You can do it blindfolded.
Speaker 2 (15:50):
You know where all those buttons everything is, and you
know everything about the broadcasting industry, but I don't. So
it's good to ask questions. The more we love it
when people are asking questions because we know they're paying attention.
That's the first sign. If they're not asking any questions,
they're not paying attention.
Speaker 1 (16:07):
All right. So one way to commemorate the financial planning
month is to write out a financial dream. Now why
would I want to write out a financial dream?
Speaker 2 (16:19):
Well, you want to aspire to something, Uncle Henry.
Speaker 3 (16:21):
You've tried your whole life. You're getting there.
Speaker 2 (16:23):
Yeah, but it helps. It's like putting a goal down
on paper. It's not really a goal if you don't
write it down on paper. You know, when I first
started events, I always had something taped to my computer screen.
It just had one screen, you know, the big old
tubes inside there. Yeah, after it took thirty minutes to
boot up. But you write down your goals. So now
(16:47):
in retirement, you need to write down your dreams. What
do you want to do? Take a trip of a lifetime.
You want to retire early, you want to make a
sizeable donation to charity. Is that feasible even for goals
that may be unattainable? Right now, write something down you
really want to start to consider, and we'll do take
care of it in small steps and work toward that goal.
(17:07):
Making sure that you've got that your dreams and goals
for you, you espouse, your kids, whatever it may be,
we can do that. Don't just think you want to
do this and then don't make any plans for it.
Let's write it down and make it happen.
Speaker 1 (17:22):
Another way to commemorate Financial Planning Month would be to
challenge yourself. Would what would be a good way to
challenge oneself?
Speaker 2 (17:29):
Okay, well, one of the biggest fears of Americans over
sixty five is running out of money.
Speaker 1 (17:36):
That would be my number one. Yeah, that is my
number one.
Speaker 2 (17:38):
It has been for a number of years. The second
biggest fear is who's going to take care of me
when I can't take care of and that.
Speaker 1 (17:44):
Is my number two. Yes, those are those are fears.
I'm sure a lot of people listening have the same thoughts.
Speaker 2 (17:49):
I don't want to use the word budget as a
bad word. But if you're in a retirement or close
to retirement, test yourself. Challenge yourself and see how little
money you can spend in a month. You know, we
spend money like like crazy if we don't even realize it.
You know, if you've got a habit of going to
Starbucks every day and spending seven dollars and twenty two
(18:11):
cents on a non fat grande latte, which I have
to go get my wife every Saturday morning that we're
before the game day, you know she wants some that's
from starbuarys seven dollars and twenty two cents.
Speaker 3 (18:24):
You know.
Speaker 2 (18:26):
Where I can make it in my curric and yes,
I can whip up her cream in there. But challenge yourself,
see how much money you can really get. Bound not
to say we're going to design a plan to limit
you on what you're gonna spend, but we're gonna give
you reality, right, and it might be less offensive if
you say, well, you know, I really I don't need
(18:47):
that seven thousand dollars a month of income in retirement
because I'm only spending thirty two hundred. Well, and you're
getting you and your wife are getting thirty seven hundred
from so scary loan. So see, you know the plan's
going to work. So we want you to challenge yourself
and see how few times the Amazon truck's gonna pull
up in your front yard.
Speaker 1 (19:05):
Do you have a lot of clients that don't realize
how much they spend on subscriptions that they've subscribed not
magazines but video services.
Speaker 2 (19:15):
Your liver pe see how many how many apps you've
opened that you think aren't costing anything. It might not
have cost something for the first three months within an
automatal read the five print automatically rolls over to your
paion four dollars and twenty two cents a month for
it now, and you've got twenty seven or forty five
different apps on your phone and they're on my watch. Yes,
(19:36):
my wife got my watch and she started deleting stuff.
You know, but challenge yourself.
Speaker 1 (19:44):
And one more way to mark a financial planning month
in October is do a financial inventory.
Speaker 3 (19:51):
Yeah, that's that's big.
Speaker 2 (19:53):
Unfortunately, more times than now we have people who come
in and they bring all their statements and we're asking
questions and they say, I know they'll come back, Sigamin,
you know I found this other camp. You got us
thinking I had an old four oh one k at
a hospital over in Mississippi that happened just last week.
And you know, I forgot about. I hadn't worked there
in thirty years, but I was there long enough to
qualify for their pension. But I couldn't get until I
(20:16):
was sixty, and she was getting ready to turn sixty,
and uh so she brought the last thing she got
in the mail, and uh, I just never pay attention
to this thing. I said, we'll go home and call
them and see what you got. It turns out she's
got the lump sum of thirty seven thousand dollars coming.
Nice didn't even know she had it coming. But you know,
take a financial inventory, look at where your moneys are,
(20:38):
different banks, different brokerage accounts, whatever. Uh, you'll be surprised
at what you may find. Go to what is it
called where it's the State of Alabama has stuff that
unclaimed properties.
Speaker 1 (20:53):
Yes, yes, look up yourself, look.
Speaker 2 (20:55):
Up your name and unclaimed properties that.
Speaker 1 (20:57):
I think that's what the state Auditor's office or something
like that. But yeah, you can look up your name.
Speaker 2 (21:01):
And see all kind of thing, dividend checks that got
lost in the mail and ended up at the State
of Alabama. So I think I've got something like twenty
seven million dollars from a great uncle that died over
in Ukraine or something.
Speaker 1 (21:15):
Really. Yeah, I got congratulations.
Speaker 3 (21:17):
I got a letter from his lawyer the other day.
Speaker 1 (21:18):
I said, Hey, we are almost out of time. I
think we've got time for one email.
Speaker 3 (21:26):
Okay.
Speaker 1 (21:27):
By the way, if you'd like to get an email
answered by John mcneillan Virginia, Brian, you can send the
email to info at mobaifs dot com. That's info at
mobifs dot com. This email is from Tim in Midtown Mobile.
He writes, My wife and I are in our mid
fifties and up until now have both worked full time,
even while raising two kids. In the past five years,
(21:50):
we've both been working from home, but now our jobs
are taking away some of that flexibility and requiring us
to return to the office in person. My wife is
considering stepping away from the workforce and simply retiring at
fifty six. I don't think that will be a problem
for us financially, but I'm curious to know what kind
of things should we consider that. Maybe I'm not thinking about.
Speaker 2 (22:12):
Okay, there's a number of them, and I've run through
these real quick. Where do y'all have your health insurance?
Are y'all both covered on the same plan, or does
she cover under your employer or sponsored plan. You got
to have health insurance to get to sixty five before
Medicare kicks in, because it's expensive if you go out
on the open market. So that's one thing to consider.
(22:34):
Now you say you're financially well off, it probably won't
be a problem, but you're gonna have less income because
she's not gonna be working. The other thing is her
security benefits. If you get your security statement and you
read the fine print, and let's say you're making eighty
thousand dollars a year and you're fifty six your age
sixty you're so security benefits starting at age sixty two
(22:57):
are based on the fact that you're gonna make eighty
thousand dollars a year until age sixty two. If you don't,
you're not gonna get what's on that statement. It tells
you that on the front page, So you need to
read the fine print and make sure that's in order.
There are other things, and what is she gonna do
at fifty six if she's been working, you know, spend money,
(23:19):
spend Amazon's coming, you know. So make sure she's just
not gonna be doesn't have a purpose in life. That's
a big thing. It's not just financial, it's physical and
also psychological. What are you gonna do? Hey, we have
people from tiring their fifties all the time. Not a problem.
(23:39):
But just sit down with a professional like we talked
about a little while ago and make sure you're financially okay.
Speaker 1 (23:45):
All right, we are out of time. You can make
an appointment with John McNeil and Virginia O'Brian of Mobile
Bay Financial Solutions by calling two five to one six
six six five thousand. That's two five to one sixty
six six five thousand for Mobile Bay Financial Solutions, the
website MB financial Solutions dot com. John McNeil, thank you,
(24:06):
and roll tide.
Speaker 2 (24:07):
Rolltidebvandy
This is News Radio seven to ten WNTM. Uncle Henry
here with John McNeil and Virginia O'Brien of Mobile Bay
Financial Solutions. You can find Mobile Bay Financial Solutions online
at MB financial Solutions dot com. That's MB financial Solutions
dot com. Telephone number two five to one sixty sixty
(00:28):
six five thousand if you'd like to call and make
an appointment or just call and ask a question. Two
five to one six sixty six five thousand. That is
the number for Mobile Bay Financial Solutions. The commentary presented
herein contains the opinions of Mobile Bay Wealth Management LLC,
a registered investment advisor. This information should not be relied
(00:48):
upon for tax purposes. Is based on sources believed to
be reliable. No guarantee is made to the completeness or
accuracy of this information. Mobile Bay Wealth Management LC shall
not be responsible for any trading decisions, damages, or other
losses resulting from or related to the information, data, analysis,
or opinions contained herein or their use which do not
(01:12):
constitute investment advice. Are provided as of the date written,
are provided solely for informational purposes, and therefore are not
an offer to buy or sell a security. Investments and
securities are subject to investment risk, including possible loss of principle.
Prices of securities may fluctuate from time to time and
may even become valueless. This information has not been tailored
(01:34):
to suit any individual. John McNeil, how are things going
this week at Mobile Bay Financial Solutions.
Speaker 2 (01:39):
Uncle Henry, it's better now that you're here as all.
Speaker 1 (01:41):
Well, thank you.
Speaker 2 (01:42):
Always a pleasure to have you drop in every week,
and so we can I kind of miss doing the
live show at the studios.
Speaker 1 (01:50):
Yes, and we could still come in and do those
if you want.
Speaker 2 (01:53):
I know it, and we have we've done, but it's
a little more convenient. Yeah, maybe not for you, but
it is convenient.
Speaker 1 (02:02):
No, this is wonderful to get to be here at
Mobile Bay Financial Solutions and see how everything is done here.
Speaker 2 (02:08):
Yeah, it's ah, we've been busy. This is a busy
the fourth quarter here we are starting the fourth quarter. Uh, well,
it's always busy, but there are a lot of things
that don't happen other times of the year.
Speaker 1 (02:21):
Okay.
Speaker 3 (02:21):
Meeting with clients, make sure.
Speaker 2 (02:23):
They have if they can afford it, to max out
their retirement accounts before the end of the year, you know,
with ad a little more out of the paycheck. For
those who are retired and are having to take their
required minimum distributions, we do. We start that right now
and being of October, if they if they hadn't already
taken a lot of people take their requirement and distributions monthly. Okay, okay,
(02:45):
that's just part of their income plan. But for those
who don't need the income, they just leave it in
their retirement accounts. They're irais and we call and remind you,
remind them. You've got to take this them out.
Speaker 3 (02:58):
You know.
Speaker 2 (02:58):
I talked to client this and he just he turned
seventy three this year, so this is the first time
to take a requirement of distribution. He said, I know
y'all told me about that before. But what I said, well,
it's based on the value of your all of your
iras last decembert de Sement thirty one, whatever the value is.
He has to take a certain percent and at age
(03:19):
seventy three, you have to take four percent of whatever
you have.
Speaker 3 (03:23):
And he said, well, what does that come to.
Speaker 2 (03:25):
I said, well, I got to send you a check
for twenty three thousand dollars. Said I don't need that.
I don't want that. So we immediately went into the
conversation of QCDS qualified Charitable distributions because they do give
money to a charity. So we're going to set that up.
They're going to send some money, not all of it,
send money to seven or eight different charities.
Speaker 3 (03:44):
So that's that's what we do this.
Speaker 2 (03:46):
Time of year, a lot of meeting with clients, making
sure we can take the R and D because if not,
the IRS comes after you and imagine that they want
their tax money.
Speaker 1 (03:55):
Yes they do, so we like it.
Speaker 2 (03:57):
We got to send it out. And but that's that's fine.
We get to meet with our clients on a pretty
regular basis.
Speaker 1 (04:05):
All right, well we're gonna we're gonna start in on
some topics for you the listener here with John McNeil
of Mobile Bay Financial Solutions. Keep in mind you can
call their office make it appointment at two five to
one sixty six sixty five thousand, two five to one
sixty sixty six five thousand for Mobile Bay Financial Solutions.
Now this, I guess this segment would be for people
who are already retired, and we're going to talk about
(04:27):
not screwing it up. Don't screw up your retirement. Right,
So John and Neil, you're gonna give us some bullet
points here on ways to make sure that a retiree
doesn't screw it all up. Okay, So first would be
don't make any sudden decisions.
Speaker 2 (04:45):
Yeah, you know, money is emotional, right, you know, people
they keep it close to the vest most of the time.
You don't talk about in normal circumstances. You don't talk
about money and politics. Some people don't even talk like
talking about religion. I do, but a lot of people don't.
Speaker 1 (05:01):
So hey. And some marriages they don't talk about money,
which I know that's a probably, but that does happen
in marriages of many years.
Speaker 2 (05:08):
Oh yeah, yeah, a lot of times one of the
two knows everything about the money, or so they think,
and the other one.
Speaker 3 (05:17):
Is clueless, really clueless.
Speaker 2 (05:19):
There's not quite as much of that as it was
when I first got in the business forty six years ago.
Back then, not the stereotype, but most of the men
took care of the money and the women ran the house.
That's the way it was, you know, back in the
fifties and sixties and even up to the seventies and eighties.
Then things started to change, and then it became more
(05:41):
of more common and more of the norm that both
husband and wife weren't you know, but they still didn't
talk about money. A lot of them they still don't talk.
Speaker 1 (05:50):
And a lot of it has to do with the
emotion attached to money, and these emotions, I guess that
leads to emotional decisions.
Speaker 2 (05:57):
Yes, and usually typically again talking about statistics, most men
are more willing to take more risk than women, Okay,
and there's a logical reason for that. Women are more conservative,
more cautious with money than men are because the women
are scared because they know the husband's going to be
(06:18):
gone many years before she's gone, so they don't want
to ride in money. But making sudden decisions, you need to.
You've retired, you've made it. It's time to sit back
and not rush intothing. You know, don't rush into taking
another job if you don't have to unless you want to,
(06:39):
but you know, getting into a new business venture or
buying expensive.
Speaker 3 (06:43):
Toys or real estate.
Speaker 2 (06:45):
You know, just cool down a minute and take a
breath and make sure all the eyes are died in
teas across and then we'll see what kind of what
we call fun money, you've got to maybe go out
and do some things. I had a client in.
Speaker 3 (07:00):
Just a little while ago.
Speaker 2 (07:02):
She brought buy some things that she had gotten in
the mail's one to make sure it was okay to
shredd it.
Speaker 3 (07:07):
And I told her.
Speaker 2 (07:08):
I assured her that anything she gets in the mail
that we handled, we've got copies of it, so you
don't need to keep.
Speaker 3 (07:13):
Big boxes and stuff.
Speaker 2 (07:15):
But she's getting ready to go on a eighteen day
trip over to Europe with some friends of her. Spouse
passed away not too long ago, you know, a year
or so ago, And she said, do I have enough
money to upgrade the first class? I said, You've got
plenty of money. She says, it's going to be three
thousand dollars. I said, just by you know so. But
(07:38):
don't rush into sudden decisions. That's one of the key
things to making sure you're going to be happy later
in life.
Speaker 1 (07:45):
Now. So for the person already retired, another key to
not screwing up retirement is don't jump into investments that
you don't understand.
Speaker 2 (07:54):
Yeah, we get calls from time to time. You know,
we put most of our clients and managed accounts which
are actively traded and monitored every day by our money managers.
But we have people call that say, my son, in
some cases, my grandson said, I need to get into bitcoin. Well,
(08:16):
they don't even have it what bitcoin is. Most people
don't know what pitcoin is, right, what is it? It's
just something out there exactly. So that's one one idea,
and we have people call it and say, had one
Virginia had one ninety seven year old client called up.
She was in the nursing home. She said, I've been
I've been getting She got all these newsletters you know,
that she subscribed to, and she watches the TV and
(08:37):
there there's an ad on TV right now that we're
looking at telling them that need to get into lithium minds.
You know, what do you know about where they make
batteries out of lithium? Yeah, well that's not something you
need to get into. But that's what Virginia told her.
So we kind of cool her down. So she just
(08:58):
kept buying gold off of tea, which is a big mistake. Also,
not buying gold but buying it from somebody on TV.
Speaker 1 (09:05):
Well, it occurs to me as you're talking about this,
the advice of don't jumping to investments you'd understand. That
doesn't necessarily mean the latest thing. It could be an
age old investment like precious metals that you just don't
understand how to use properly.
Speaker 2 (09:20):
Exactly how to use it, probably who to trust when
you're buying it, that kind of thing. And usually the
old at is buy local. Is much better sit face
to face, tot to toe if somebody knows what they're doing. Uh,
and you can go back and see them if you
want to make a change. If you die this eight
hundred number, you don't know what you're getting. And you've
(09:41):
heard the stories before. You know the terrible we've talked
about the it's really awful. But yeah, just don't if
you don't understand something. And that's what you've seen uncle.
And we are big on educating our clients. When we
put together our retirement dream Catcher, we tell them where
we're going to invest the money, why we're investing the money,
what's the cost of investing the money, the way we're investing,
(10:04):
and what's the purpose of that particular bucket of money.
Is it a short term, a medium term and long term?
Is it designed for ever increasing income? Is does include
long term care built into it and all these type things.
We want them to understand exactly what we're doing, why
we're doing it, or why we're not doing something that
(10:26):
they think they ought to be doing, just because everybody
that they play golf with is doing it. Well, you
don't have any idea what that guy's got, you know,
so what's good for him may not be good or
appropriate for you and your wife.
Speaker 1 (10:39):
Right. Another key to not screwing up your retirement would
be you need to work with a pro.
Speaker 2 (10:45):
Well, I didn't write this, No, you did not.
Speaker 1 (10:48):
I didn't write this, But you need to work with
a professional.
Speaker 2 (10:50):
Yeah, I mean everything you do that has a meaning.
You're working with a professional. You go to church because
you're listening to your pastor, who's he knows what he's
talking about.
Speaker 3 (11:02):
You know.
Speaker 2 (11:02):
You go to a doctor because he knows what he's
talking about. I don't know why they call it a practice,
you know the doctors that makes me lear of going
to a doctor's practice. I hope their experienced. But work
with a professional doesn't cost anything. To come in and
see Virginia and I and see if we can help you,
if we can help you, and we make the recommendations,
and we tell you what the cost is going to be.
(11:23):
People are surprised at how little it is for what
they're getting. So it is worth working with a professional
that you get along with that does take the time
to meet with you and talk to you and explain things,
not just say yeah, we're gonna put you in this
portfolio and you'll be fine. Okay, Well, now I want
to learn a little bit more about that, so we go.
We go into great detail about why we're doing what
(11:47):
we're doing and the benefits of doing that. But a
professional advice is usually a route to go, especially for retirees,
because the big concern. More times than not, when we
first meet with the client for the first time, the
husband will say, I just want to make sure everything's
(12:07):
in order. So something happens to me, She's gonna be
taken care of, right. So that's why working Virginia and
I working together with these clients, they know that somebody's
going to be here. We've been here one hundred and
four years after the story before. Virginia has clients that
are the clients of her great grandfather's clients. They are
(12:29):
the great grandchildren of her great grandfather's clients. So it
came down from him to my father, and then my
father's clients children became my clients, and then my client's
children became Virginia's clients.
Speaker 3 (12:40):
It's there's a.
Speaker 2 (12:42):
Continuity that means a lot to our clients going forward
and knowing that somebody is gonna be here. Might not
be in this office, but we'll be somewhere here in
the Mobile, South Alabama area.
Speaker 1 (12:55):
One final point on not screwing up your retirement if
you're already retired, and that point is that you need
to have an actual plan for your retirement.
Speaker 3 (13:03):
Yeah, you need to be.
Speaker 2 (13:04):
Able to look at something. And that's why our retirement
dream Catcher does. It lays everything out on one page.
There are a lot of supplemental pages with it, but
one page color cud is showing them exactly what the
plan is. This is when you're gonna retire. This is
all your buckets and if you keep putting money in
until you do retire, if you haven't retired yet, this
(13:25):
is what it's gonna be worth, you know, three years
from now, five years from now, and then we're gonna
turn all these buckets into a paycheck, because you don't
have a paycheck anymore. We'll send you money every month.
We'll withhold taxes just like your employer, and we'll turn
on more buckets if we need more money. We'll have
buckets that we're not gonna turn on an income from,
but that are gonna be there just to go get
(13:45):
money out of, to go on a trip, to buy
a car, put a roof on the house, you know,
do whatever. But we'll have other bugets that are designed
for income and it's not complicated. We let it all
out and answer all the questions.
Speaker 1 (13:58):
You listening to John McNeil of Mobile Bay Financial Solutions.
You can go to their website. It's MB financial Solutions
dot com. You can find out more at MB financial
Solutions dot com and you can call their office at
two five one sixty six six five thousand. That's two
five to one sixty sixty six five thousand for Mobile
Bay Financial Solutions. Now, is you the listener here this show?
(14:21):
We're now in the month of October. October is financial
Planning month, and so how could you and how should
you commemorate the occasion of financial Planning Month? John McNeil,
One way would be to ask the question, Yeah, if
(14:42):
you've got a question to ask the question.
Speaker 2 (14:43):
You know, if you're in a group of people, Uncle
Henry and you all standing around just talking about whatever.
Let's say it's financial planning, and somebody says, you know,
I don't know exactly how this works. I need to
ask the question, and everybod nod yeah, I don't neither.
That's a good question. Why don't you ask the question?
There are no stupid questions.
Speaker 3 (15:02):
You know. We do these.
Speaker 2 (15:02):
Meetings at night sometimes and with charberal organizations and for
our clients and for new clients, and people are afraid
to ask questions in an open forum. Man, we tell
them you don't have to ask any questions. Just come
to the office. We'll answer it, and we'll talk about
it in private. But there are no stupid questions. When
you're talking about your money. If you don't understand something,
(15:24):
ask a question. So if you have a financial planner
and you don't understand something, ask the questions just whatever
it may be. You're not gonna it's not gonna be
embarrassing for you to answer the question. You're not supposed
to know everything of a field. You're not you aren't
trained in so to speak. I wouldn't be able to
run your board at the studio because I've never done before.
Speaker 3 (15:47):
I have no clue. You can do it blindfolded.
Speaker 2 (15:50):
You know where all those buttons everything is, and you
know everything about the broadcasting industry, but I don't. So
it's good to ask questions. The more we love it
when people are asking questions because we know they're paying attention.
That's the first sign. If they're not asking any questions,
they're not paying attention.
Speaker 1 (16:07):
All right. So one way to commemorate the financial planning
month is to write out a financial dream. Now why
would I want to write out a financial dream?
Speaker 2 (16:19):
Well, you want to aspire to something, Uncle Henry.
Speaker 3 (16:21):
You've tried your whole life. You're getting there.
Speaker 2 (16:23):
Yeah, but it helps. It's like putting a goal down
on paper. It's not really a goal if you don't
write it down on paper. You know, when I first
started events, I always had something taped to my computer screen.
It just had one screen, you know, the big old
tubes inside there. Yeah, after it took thirty minutes to
boot up. But you write down your goals. So now
(16:47):
in retirement, you need to write down your dreams. What
do you want to do? Take a trip of a lifetime.
You want to retire early, you want to make a
sizeable donation to charity. Is that feasible even for goals
that may be unattainable? Right now, write something down you
really want to start to consider, and we'll do take
care of it in small steps and work toward that goal.
(17:07):
Making sure that you've got that your dreams and goals
for you, you espouse, your kids, whatever it may be,
we can do that. Don't just think you want to
do this and then don't make any plans for it.
Let's write it down and make it happen.
Speaker 1 (17:22):
Another way to commemorate Financial Planning Month would be to
challenge yourself. Would what would be a good way to
challenge oneself?
Speaker 2 (17:29):
Okay, well, one of the biggest fears of Americans over
sixty five is running out of money.
Speaker 1 (17:36):
That would be my number one. Yeah, that is my
number one.
Speaker 2 (17:38):
It has been for a number of years. The second
biggest fear is who's going to take care of me
when I can't take care of and that.
Speaker 1 (17:44):
Is my number two. Yes, those are those are fears.
I'm sure a lot of people listening have the same thoughts.
Speaker 2 (17:49):
I don't want to use the word budget as a
bad word. But if you're in a retirement or close
to retirement, test yourself. Challenge yourself and see how little
money you can spend in a month. You know, we
spend money like like crazy if we don't even realize it.
You know, if you've got a habit of going to
Starbucks every day and spending seven dollars and twenty two
(18:11):
cents on a non fat grande latte, which I have
to go get my wife every Saturday morning that we're
before the game day, you know she wants some that's
from starbuarys seven dollars and twenty two cents.
Speaker 3 (18:24):
You know.
Speaker 2 (18:26):
Where I can make it in my curric and yes,
I can whip up her cream in there. But challenge yourself,
see how much money you can really get. Bound not
to say we're going to design a plan to limit
you on what you're gonna spend, but we're gonna give
you reality, right, and it might be less offensive if
you say, well, you know, I really I don't need
(18:47):
that seven thousand dollars a month of income in retirement
because I'm only spending thirty two hundred. Well, and you're
getting you and your wife are getting thirty seven hundred
from so scary loan. So see, you know the plan's
going to work. So we want you to challenge yourself
and see how few times the Amazon truck's gonna pull
up in your front yard.
Speaker 1 (19:05):
Do you have a lot of clients that don't realize
how much they spend on subscriptions that they've subscribed not
magazines but video services.
Speaker 2 (19:15):
Your liver pe see how many how many apps you've
opened that you think aren't costing anything. It might not
have cost something for the first three months within an
automatal read the five print automatically rolls over to your
paion four dollars and twenty two cents a month for
it now, and you've got twenty seven or forty five
different apps on your phone and they're on my watch. Yes,
(19:36):
my wife got my watch and she started deleting stuff.
You know, but challenge yourself.
Speaker 1 (19:44):
And one more way to mark a financial planning month
in October is do a financial inventory.
Speaker 3 (19:51):
Yeah, that's that's big.
Speaker 2 (19:53):
Unfortunately, more times than now we have people who come
in and they bring all their statements and we're asking
questions and they say, I know they'll come back, Sigamin,
you know I found this other camp. You got us
thinking I had an old four oh one k at
a hospital over in Mississippi that happened just last week.
And you know, I forgot about. I hadn't worked there
in thirty years, but I was there long enough to
qualify for their pension. But I couldn't get until I
(20:16):
was sixty, and she was getting ready to turn sixty,
and uh so she brought the last thing she got
in the mail, and uh, I just never pay attention
to this thing. I said, we'll go home and call
them and see what you got. It turns out she's
got the lump sum of thirty seven thousand dollars coming.
Nice didn't even know she had it coming. But you know,
take a financial inventory, look at where your moneys are,
(20:38):
different banks, different brokerage accounts, whatever. Uh, you'll be surprised
at what you may find. Go to what is it
called where it's the State of Alabama has stuff that
unclaimed properties.
Speaker 1 (20:53):
Yes, yes, look up yourself, look.
Speaker 2 (20:55):
Up your name and unclaimed properties that.
Speaker 1 (20:57):
I think that's what the state Auditor's office or something
like that. But yeah, you can look up your name.
Speaker 2 (21:01):
And see all kind of thing, dividend checks that got
lost in the mail and ended up at the State
of Alabama. So I think I've got something like twenty
seven million dollars from a great uncle that died over
in Ukraine or something.
Speaker 1 (21:15):
Really. Yeah, I got congratulations.
Speaker 3 (21:17):
I got a letter from his lawyer the other day.
Speaker 1 (21:18):
I said, Hey, we are almost out of time. I
think we've got time for one email.
Speaker 3 (21:26):
Okay.
Speaker 1 (21:27):
By the way, if you'd like to get an email
answered by John mcneillan Virginia, Brian, you can send the
email to info at mobaifs dot com. That's info at
mobifs dot com. This email is from Tim in Midtown Mobile.
He writes, My wife and I are in our mid
fifties and up until now have both worked full time,
even while raising two kids. In the past five years,
(21:50):
we've both been working from home, but now our jobs
are taking away some of that flexibility and requiring us
to return to the office in person. My wife is
considering stepping away from the workforce and simply retiring at
fifty six. I don't think that will be a problem
for us financially, but I'm curious to know what kind
of things should we consider that. Maybe I'm not thinking about.
Speaker 2 (22:12):
Okay, there's a number of them, and I've run through
these real quick. Where do y'all have your health insurance?
Are y'all both covered on the same plan, or does
she cover under your employer or sponsored plan. You got
to have health insurance to get to sixty five before
Medicare kicks in, because it's expensive if you go out
on the open market. So that's one thing to consider.
(22:34):
Now you say you're financially well off, it probably won't
be a problem, but you're gonna have less income because
she's not gonna be working. The other thing is her
security benefits. If you get your security statement and you
read the fine print, and let's say you're making eighty
thousand dollars a year and you're fifty six your age
sixty you're so security benefits starting at age sixty two
(22:57):
are based on the fact that you're gonna make eighty
thousand dollars a year until age sixty two. If you don't,
you're not gonna get what's on that statement. It tells
you that on the front page, So you need to
read the fine print and make sure that's in order.
There are other things, and what is she gonna do
at fifty six if she's been working, you know, spend money,
(23:19):
spend Amazon's coming, you know. So make sure she's just
not gonna be doesn't have a purpose in life. That's
a big thing. It's not just financial, it's physical and
also psychological. What are you gonna do? Hey, we have
people from tiring their fifties all the time. Not a problem.
(23:39):
But just sit down with a professional like we talked
about a little while ago and make sure you're financially okay.
Speaker 1 (23:45):
All right, we are out of time. You can make
an appointment with John McNeil and Virginia O'Brian of Mobile
Bay Financial Solutions by calling two five to one six
six six five thousand. That's two five to one sixty
six six five thousand for Mobile Bay Financial Solutions, the
website MB financial Solutions dot com. John McNeil, thank you,
(24:06):
and roll tide.
Speaker 2 (24:07):
Rolltidebvandy
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