April 23, 2025 • 47 mins
Christy Smith, founder of Presley Wealth Management and Matt Kennedy, investment adviser representative, discuss issues that affect your retirement planning and how you can build a plan to help reduce risk and implement wealth accumulation strategies. Learn more at presleywealthmanagement.com and then, if you would like to have a conversation around your specific situation, set up an appointment at meetwithusnow.com or by calling (225) 791-5773.
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Episode Transcript
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Speaker 1 (00:00):
When the news is national.
Speaker 2 (00:01):
So security system molatility, global turmoil, interest rates, rough.
Speaker 1 (00:04):
Dane Wall Street.
Speaker 2 (00:05):
Your money matters. When it's Louisiana Local serving the greater
Baton Rouge area, your money matters. And when it's your
time to retire. Presley Wealth Management presents your Money Matters
with Christy Smith.
Speaker 3 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement. And that's where I believe it's
so important that you do have a full pledge retirement plan.
Speaker 4 (00:30):
And Matt Kennedy, maybe you're thinking, hmm, should I take
Social Security at sixty two, at sixty seven, at seventy
These are things you don't do every day.
Speaker 1 (00:38):
It's what we do every day.
Speaker 2 (00:40):
The conversation starts now this is your money Matters.
Speaker 1 (00:48):
Welcome to your money Matters. I'm Mark Kelly alongside the
team from Presley Wealth Management. Christy Smith, the founder of
Presley Wealth Management, started the company back in two thousand
and six. Kennedy an investment advisor representative, a certified estate planner.
He joined the team in two thousand and eight. We
talk retirement. That's what Christy and Matt and the team
at Pressley Wealth are all about how do they how
(01:09):
can they help you maybe shore up your retirement a
little bit? Can I retire? When can I retire? Do
I have enough on my money? Last? All those big questions,
they are here to help. You can always give them
a call two two five seven nine to one fifty
seven seventy three. Two two five seven nine to one
fifty seven seventy three. If you have questions, you have concerns,
you can ask them. There's no cost to do so.
(01:30):
You can always go to the website and meet with
usnow dot com. That's an easy way to do it.
I think it's easy to remember too, meet with us
now dot com. Christy Matt, Welcome to the show. And Christy,
you know the stock market, I don't know if you
pay attention to that. You've got a lot of you know,
you and your husband going to make sure the yard
is looking nice at this time of the year and
water in the trees and the planets and all that.
Have you noticed the market's been a little volatile, maybe
(01:51):
a little bit, Christy, what are these markets you're speaking of?
Speaker 3 (01:56):
Yeah, of course, you know, nothing is going to stop
me from at the markets, and so I do think
that that We've experienced a fair amount of turbulence, but honestly,
I somewhat expected that, and I think that for most
of us, we believe that we just need to hold
the course. If you've got a great plan built that
(02:17):
includes risk risk hedging, then you don't need to make
massive changes. Now. I think where people really go wrong
as they start to try to time the market. They
let emotions get in the mix. They typically sell when
the market's down and they go in when the market's up.
I think it's a much safer bet to build a
(02:37):
long term plan and hold the course.
Speaker 1 (02:40):
Now, you know, you think about it, Matt, your client's
at Pressley Wealth Management. They've got a plan and it's
not you know, it's one of the things you've talked
to them about is market volatility. Hey, when the markets
go down, we're gonna pull from over here, not from
the market money. It's in a lot of instances. Everybody's
situation is unique, but I think that's what happens if
you don't have a plan. Those are the ones that
get a little tricky. The ones that have a plan.
(03:00):
I'm guessing your phone's not ringing off the hook with
market volatility.
Speaker 4 (03:04):
Correct It hasn't been when you think about the stock
market and it's volatility, Here's what I really want you
to focus on.
Speaker 1 (03:10):
Christy and I talk about this a lot in the office.
Speaker 4 (03:13):
We talk about it when Christy or April the other
advisor in office, and Christy, when we all three, any
of us sit down with a prospective client or a client,
we always say, where are you on the path to retirement.
If you're ten years away from retiring, just leave it alone.
If you have a plan that's aggressive, that's fine, you're
ten years away. But when you get closer to retiring,
(03:36):
in that three years before and the three years after,
and now for some clients Christy, who maybe don't have
as much wiggle room, they don't have as many assets,
maybe it's five years before you retire and five years after.
That's when it becomes very important to focus not on
your rate of return, but on your range of return.
Speaker 1 (03:58):
We all know what rate of return is, right.
Speaker 4 (04:00):
We've been We've been told, Christy, we've been brainwashed to
focus on rate of return.
Speaker 1 (04:04):
There's nothing wrong with that.
Speaker 4 (04:06):
Hey, my four oh one K has been averaging eleven
percent the last fifteen years.
Speaker 1 (04:10):
That's great.
Speaker 4 (04:11):
But if you're on the cusp of retiring or you
recently retired, Trying to stay up with the market could
be a mistake if you have to draw from your assets.
So when we talk about rate of return, we're talking
about how much your portfolio goes up and down. And
if you're mirroring the stock market. An up market is
fantastic the last couple of years, yee hi, But what
(04:33):
if it all falls apart? I mean we're down some
this year. We're barely into a bear market on the Nasdaq,
meaning down about twenty percent. What if it goes down
forty and you're close to retiring and now you need
to draw from those assets. Our focus when you're close
to retiring or when you are retired is we want
to focus on range of return. Meaning what Christy, when
(04:56):
the highs are good, we're making money, but we're not
uring the market. And what happens to the range of
return when things go bad?
Speaker 3 (05:03):
Christy, Well, that's where it really hurts you when if
you don't have an overall plan. To me, it's it
can be detrimental if you've just recently retired. You know,
we talk about people approaching retirement, but what about the
people that have retired over the last ten years. You know,
we've seen a great market over the last ten years.
(05:24):
So even people that have retired, you know, five, seven,
ten years ago, they may be starting to feel the
impact of these turbulent market conditions for the first time.
Speaker 4 (05:36):
Right, we're not saying we can set it so that
you don't lose any money when the market's bad. We
can't set your whole portfolio that way. But you know
what we can do, We can build a plan that
lowers your overall risk. So the question is how much
risk do you have now and are you nervous watching
the markets the way they behave recently. If you're nervous,
(05:57):
you can set around being nervous, or let us see
valuate the current portfolio you have, whether it's your four
oh one K, whether it's a brokerage account, an IRA
that you're handling yourself, or maybe you're working with someone.
We have some software that will stress test your portfolio.
I remember when dad worked summers out at Exon. He
(06:17):
was working for Harmony and Turner and some of the
different plants. My dad was a welder. Well he was
a preacher. But when you're the preacher of a small church.
You have to make money when you can, so Dad
would go well some, especially in the summer. But I remember, Christy,
when they got ready to use cement, they would actually
before they poured the big slab, they would pour three
or four samples of the cement, and then they would
(06:39):
put it under great pressure to make sure that it
didn't fail.
Speaker 1 (06:43):
It's stress tests. Your retirement's no different. We're going to.
Speaker 4 (06:47):
Take your portfolio and see exactly how would it behave
if we mirrored the twenty twenty COVID crash, if we
mirrored the two thousand dot com crash, the two thousand
and eight housing crash. Not saying those things are happening,
not saying it's going to get that bad, but would
that derail or wreck your retirement, because Christy, we saw
(07:09):
people come into this office in two thousand and eight
with kleenex crying, saying, our guy never calls us back,
and we've lost so much money. Now we can't afford
to retire, or we can't afford to draw from our
retirement savings, and our travel plans are out the window.
Our vacation property, we're gonna have to put it up
for rent because we can't afford to go over there.
That changes lives. So if you're worried, turn your worry
(07:32):
into action. Reach out to us at seven nine one
five seven seven three two two five seven nine one
five seven seventh three.
Speaker 1 (07:42):
Just leave us a message.
Speaker 4 (07:42):
We'll call you back early in the week, set up
a fifteen minute phone call and then if appropriate, move
forward with a no cost, no obligation visit.
Speaker 1 (07:51):
And one of the things we'll do is dig deep.
Speaker 4 (07:54):
Into your portfolio like that cement, We'll stress test it
and see how well it would perform, and should you
choose to engage with us, we'll go further than that.
We'll roll out our entire smart plan where we're focused
on five individual things. Risk is one of the five
Christy talk about the smart plan and what the other
four areas we focus on.
Speaker 3 (08:15):
Well, the smart plan really is a complete holistic retirement
planning approach, and what we think works better in retirement
is to have a complete plan. What is a complete plan?
A complete plan is going to look at number one
sources of income. You know right now a lot of
our clients are using their safe strategies to generate their
(08:37):
retirement income. Well, that helps because it means they don't
have to act emotional when market conditions are unfavorable, right,
their income is still going to come in. We help
our clients look at their social Security benefits determine what's
going to be the best way for them to draw
those social Security benefits. So income is included in sources
(08:57):
of income in our smart plan. In addition to that,
we look at your overall investment plan. You know, Matt,
it's really weird that most people believe their investment plan
is their retirement plan. It's actually not. Your investments should
be completely different than your income plan. So investments are
really there for the what if. So I call it
(09:19):
curve balls because I believe in a long retirement there's
going to be curveballs. It's not a matter of will
we have them, it's when we will have them.
Speaker 4 (09:28):
Market volatility, sickness, accidents, unplanned expenses. Maybe a grandchild or
a child becomes in a situation where they have to
move back in. We see that and that puts pressure
on your expenses. And then we look at M in
the smart plan. M is going to be for medical planning,
we look at Medicare. We look at Medicare options. Is
(09:49):
it best for you to be on a Medicare advantage
plan or a Medicare supplemental plan. We also look at
long term care planning. You know, most people don't understand
that in retireronment, long term care services will probably be
their largest expense. We want to know that if in
a husband and wife situation, if one of them needs
(10:09):
long term care, the other is not going to be
left financially destitute.
Speaker 1 (10:14):
Great point.
Speaker 3 (10:15):
We want to look at their estate planning, at bands planning.
Do you have a will, Do you have a power
of attorney for medical and financial? Do you need a trust?
There's a lot involved in legacy planning, but to me,
having a properly designed smart plan a retirement plan means
you have a legacy plan and you want to make
(10:35):
sure that when you are gone or no longer alive,
you want to make sure that that money's going to
go the way you want it to go. Then we
have tax planning, you know. Tax planning to me is
one of the hottest topics that we could really discuss
because I think taxes have no way to go lower.
I think they're going to go higher in the future,
and for most of our clients, we see tax planning
(10:58):
as one of their critical components in their overall plan
because we see that long term they could potentially pay
more in taxes in retirement than they did while they
were even working. So having a tax plan is extremely
important our risk. Let's address your risk. You know, do
(11:20):
you have in your current portfolio? Do you have a
buffer a safety net built in? You know, it's funny
because our safe strategies, we typically are going to use
a fixed index annuity, which is with an insurance company,
they're going to tie your performance to different indexes on
the market. You know, in the old days, we used
(11:40):
to be limited to basically the S and P five hundred,
maybe the nasdak or the Russell two thousand. But now
there's so many different index choices depending on what carrier
we're looking at. And over the last ten years, our
clients have seen great gains in their fixed indextinuity strategies.
But the real value to fix indextinuity, in my opinion,
(12:02):
is that you can't lose money due to market condition.
Speaker 4 (12:05):
And that goes back to what I said Mark and
Christy about range of return versus rate. If you're you know,
more than five years out, focus on focus on rate
of return. But when you're getting close to retiring or
first retired, you don't want a terrible market downturn. You
don't want a bad sequence of returns to mess up
your retirement. If you're worried, don't sit around and worry.
(12:27):
Let's talk, let's stress test, let's build a plan. You
can reach out to us at seven nine to one
five seven seven three seven nine one five seven seven three.
You're going to get the answering machine, leave a message
best way to contact you, and we'll call you back
Monday and set up a time for a fifteen to
thirty minute phone call to kind of assess the overall situation.
(12:47):
Then we'll plan a meeting. You can also go to
www dot Meet with usnow dot com. That's meetwi usnow
dot com and set your own fifteen minute appointment Meet
with us now dot com.
Speaker 1 (13:00):
Stay with us. We're just getting started on your money
matters with Christy Smith and Matt Kennedy of Presley Wealth Management.
Speaker 5 (13:04):
More Rightever, worried your financial strategy is missing something, Presley
Wealth wants you to feel confident going into retirement. See
how you're doing with a free visit by going to
the Presleygroup dot net. That's the Presleygroup dot net, or
call eight sixty six three nine oho twelve fifty two.
Speaker 1 (13:26):
Stop for a moment, think about this.
Speaker 4 (13:28):
Do you know how much money in your four oh
one k or ira is actually your money? All well,
the government take a bigger chunk than you thought.
Speaker 1 (13:35):
Remember, you still.
Speaker 4 (13:36):
May owe taxes on that money. But do you have
a plan to help make sure you don't pay more
than you should? At Presley Wealth Management, we believe you
deserve to keep more of what you've earned, which is
why we're here to help you navigate the confusing world
of retirement taxes. It's your money. You deserve to know
what's at stake Right now. Taxes are historically low, but
they won't be this low forever. So call us at
(13:58):
seventy nine one five seven seven three. That's seven nine
one five seven seven three. Look, you work hard for
your money, We'll work just as hard to help you
keep it. Pressley Wealth Management seven ninet one five seven
seven three.
Speaker 5 (14:10):
Investment advisory services offer through a wealth management LLSE, a
registered investment advisor. Investing involves risk. Always consult with the
qualified tax advisor before making any decisions. Regarding a roth conversion,
as there may be additional tax considerations.
Speaker 3 (14:26):
If this is a year you've.
Speaker 5 (14:27):
Resolved to finally get your finances in order, Christy Smith
and her team can help. Give them a call today
at eight six six three nine oh twelve fifty two.
That's eight sixty six three nine oh twelve fifty two.
Speaker 1 (14:43):
Welcome back to your money matters with Christy Smith and
Matt Kennedy of Pressley Wealth Management. I'm Mark Eliot. You
can always get ahold of the team if you have questions,
you have concerns two two five seven nine to one
fifty seven seventy three two two five seven nine one
fifty seven seventy three. You know, while you're working, you
know you're going to get paid once a month, every
two weeks. Maybe you get paid every week, but everybody
(15:04):
has a system, right you know when your paycheck is
coming in. Well, once you retire, now where's your money
going to come from? So security certainly would be one
of those pension if you're lucky enough to have one
of those. But really it's about having that dependable income
to kind of ease some stress. Christy, how important is
it to have dependable income sources for today's retirees.
Speaker 3 (15:26):
Well, I think it's extremely important. You know, what we're
seeing is we're seeing pension payments go away. You know,
people are not retiring now with a guaranteed pension payment
like in the old days. You know, in the old days,
we would have pension payments and social Security and most
people didn't live the way retirees are living now. They
(15:49):
lived within that income range. What we're seeing now is
people retire and really want to live the same way
that they did while they were working. It's extremely important
to create a reliable income stream to go along with
your social Security benefits. That's part of an income plan,
and it's why having an income plan is so important
(16:11):
because you don't want that income to change when market
conditions change. You want that income to continue coming in.
And I can tell you if we had a difference
in income for you know, our clients of even two
three hundred dollars a month, they would call worrying. But
(16:32):
they don't experience that because we've created a real income plan.
And I would even argue it's good to have that
income plan in writing. But we're seeing rise and costs
with inflation, you know, it costs more to go to
the grocery store. It costs more for your car insurance,
your home insurance. Everything is costing more. So having a
(16:52):
reliable income plan that even would account for inflation, meaning
let's let your income go up as you get older
in retirement critical to compensate for the higher out of
pocket expenses is extremely important.
Speaker 4 (17:08):
Let me tell you what an income plan is not.
You know, Christy, sometimes it's better to explain what something
is by explaining what it is not. And so an
income plan is not your investments. We say this a lot. Well,
I have my investments, and I need to withdraw a
certain amount every month, and I've got a perfect sixty
forty stock bond mix, and so I'm in good shape.
Speaker 1 (17:29):
Here's when that will blow up in your face.
Speaker 4 (17:33):
I remember when I've met Christy in late two thousand
and seven and begin working here in a training under
Christy in two thousand and eight. The average person who
came to see you, who was in tears, who said,
you know, our retirement is not going as planned because
our person, our guy, says we have to draw a
lot less money and so we don't risk running out
(17:54):
of money. They had investments and they followed something called
the four percent rule. Some of you may have heard
of that. It's a very popular rule in retirement planning.
You take your portfolio, you should be able to take
out four percent a year, and you should be able
to adjust for three percent inflation. You have five hundred
thousand dollars. What's four percent of five hundred thousand. It's
twenty grand. So you should be able to withdraw twenty
(18:17):
thousand a year and not risk running out of retirement.
That works great unless you retire when things go bad.
And in two thousand and eight, the person with half
a million dollars saw their portfolio drop to three hundred thousand. Well,
if you need twenty thousand from three hundred thousand, I'm
going to use some irwin.
Speaker 3 (18:37):
Villeas taking a lot more than four percent.
Speaker 4 (18:39):
That ain't four percent, And so you're violating the four
percent rule and you risk running.
Speaker 1 (18:43):
Out of money.
Speaker 4 (18:44):
Your investments aren't your income. At Presley Wealth Management, when
we build out our smart plan, we're looking at sources
of income, but we're also looking at risk, and we
want to reduce the highs and the lows. We want
to smooth out your highs and lows and when the
market's good, we may draw from the market. When the
market turns sour, we're going to have investments set up
(19:07):
that didn't take losses in the market, and we can
draw from those to supplement the income. That's the peace
of mind that you get from having an income plan.
Speaker 1 (19:17):
Does it mean that.
Speaker 4 (19:18):
It always works out perfectly and you don't have market highs,
market lows or curveballs like you mentioned the last segment
Christy thrown at you. No curveballs happen, But the goal
is to not have to radically.
Speaker 1 (19:29):
Alter your lifestyle.
Speaker 4 (19:31):
I keep stressing this because there's this psychological thing called
recency bias, Christy, where humans tend to focus on what
happened recently and view that as the future. It was
a long time ago that we had a two thousand
and eight market disaster. I'm not saying it's going to happen,
but if it did, how much income would you have
(19:52):
to reduce?
Speaker 1 (19:54):
How much?
Speaker 4 (19:54):
Most of you are asking the question do I have
enough to create the income I need to live on?
But how all would a bad market downturn impact your income?
Don't be a victim like I saw in eight and nine,
who people thought their investments were their income. Sorry, Christian,
I'm getting kind of passionate here, but I just people
get hung up on what has happened recently, and the
(20:15):
market's been pretty good, it's been very stable. If that
falls apart, right when you retire and all you have
are investments, you saw the.
Speaker 3 (20:23):
Outcome, Yeah, we absolutely didn't, and it actually happened in
my own family situation with my dad. You know, we
just can't stress enough the importance of having an income plan,
and it's why we focus at Presley Wealth Management on
creating a complete, holistic smart plan that's going to include
your income plan, your investment plan, risk planning, estate planning,
(20:45):
tax planning, and medical planning. You know, it's funny how
and people will often ask me in the office, Mark,
why do you cover all five of those areas? And
I say, because anything goes wrong in one of them,
it can affect the other.
Speaker 1 (20:58):
They're all in a relation, a relate, because we want to.
Speaker 3 (21:01):
Make sure and create a complete holistic plan.
Speaker 4 (21:03):
For example, if you have too much risk and you
lose too much money, that in turn blows up your income.
So now your sources of income have been messed up.
You can't live in a vacuum. One affects and impacts
the other. You know where we are seven nine to
one five seven seven three. We're not doom and glooming. Look,
(21:24):
I think long term, you close your eyes, in ten
years from now, the stock market will be higher. But
if you retire when it's going through some painful times,
it will radically alter your retirement. It could change your dreams,
it could change your plans. Have a plan seven nine
one five seven seven three.
Speaker 1 (21:44):
Christy, since we've been doing this show, it's always been
the number one fear of most retires is the fear
of outliving their money. Is that still a major concern?
Speaker 3 (21:50):
It is a major concern, you know, for us, I
think it's the number one concern when people walk in
the door. As advisors, we see for most of our clients,
tax planning shit, it'd be the number one concern, But
outliving their income actually is their number one concern.
Speaker 4 (22:06):
I want you to think about this for a moment.
If you have a million dollars of IRA or four
to one K money and you say, well, I'm going
to take out four percent to live on that means
forty thousand. But after you pay Uncle Sam, how much
is left in your pocket. Now, what if you had
a million dollars that was tax free, you could take
out forty thousand and spend forty Tax planning is grossly
(22:27):
underrated baby boomers. I'm sorry most of you were lied to.
You were told save your money pre tax because if
my money goes in pre tax, I get my tax
break while my income is higher, and I'll always pay
lower taxes in retirement. I can't tell you the number
of people that we meet with and we show them
as part of our tax planning.
Speaker 1 (22:48):
Yes, if you.
Speaker 4 (22:48):
Retire at sixty five, your taxes are lower. But down
the road, when you're seventy three, seventy four, seventy five
and the government forces you to start taking out money,
we often see cases where by the late seventies, someone's
paying more in projected taxes than than they paid while working.
Speaker 1 (23:08):
So, if people are worried about whether their current retirement
income will last as long as they do, what's your suggestion,
what's your advice?
Speaker 3 (23:16):
Well, my advice is give us a call and schedule
an appointment to come in and meet with us and
let us work on building a complete smart plan. And
I would say, know what you plan to spend. Yeah,
that's great in retirement before you come even see us,
because you'd be surprised Mark, how many people come in
to meet with us, and when we get to how
much do you think you're going to need to live
(23:37):
on in retirement? How many of them don't know that answer.
This is what we do every day and we'd love
to help you. Give us a call at seven nine
one five seven seven three seven nine one five seven
seven three are going to meet with us now dot com.
Speaker 1 (23:52):
So we're going to talk more about creating dependable retirement
income when we come back right here on your money
matters with Christine Matt.
Speaker 6 (23:59):
Uncle might need a loan soon from you. We have
over thirty four trillion dollars in national debt. Where do
you think the money to pay for that's going to
come from? Taxes? Believe it or not, taxes are at
historic lows right now, but how much longer will that last?
A roth Ira conversion might be a good option when
planning for your retirement because you can pay lower taxes
(24:20):
now and avoid potentially higher taxes later. Christy Smith and
the team at the Presley Group have seen taxes rise
and fall. They know what options you have to potentially
reduce the amount of taxes you pay in retirement. Call
the team at the Presley Group and schedule your tax
analysis today. Eight sixty six three nine zero twelve fifty two.
That's eight six six three nine zero one two five
(24:40):
to two. Uncle Sam needs money. Don't let him take
it from you. Eight six six three nine zero twelve
fifty two. Investment advisory services offer through a wealth management
LLC A RETCH should investment advisor. Investing involves risk. Always
consult with the qualifying tax advisor before making any decisions
regarding a ROTH conversion, as there may be additional tax considerations.
Speaker 5 (25:00):
If you aren't able to listen to this show in
its entirety, go to Presleywealthmanagement dot com to listen to
this and past radio shows. Otherwise, stick around to find
out how Presley Wealth Management will help you retire with confidence.
Speaker 1 (25:16):
Glady with us today for your money matters with Christy
Smith and Matt Kennedy of Presley Wealth Management. I'm Mark Elliott.
You can always go to the website to learn more
Pressleywealthmanagement dot com. Find out more about Christiematt and the team.
There's some great information there. Find out about events I
find out maybe an eave set up. You can set
up your own appointment there as well. We're talking about
retirement income. That's going to be there, dependable, it's going
to be there for as long as you live. And
Christy you said one of the challenges most people aren't
(25:38):
really sure about how much they need. So when they
come in to talk with you for the first time
and you say, hey, how much do you think you're
going to need to live on? Well, I'm not really sure.
How do you help them figure that out? Because there
is a way to I would think to figure that
out that's not super complicated.
Speaker 3 (25:52):
Well, typically we'll start off with a budget template. You know,
we've got inside of our retirement income planning software, we've
got a budget template. And the crazy thing is is
that it's such a good template. People come back when
they've completed and they say there's so many things on
there that they had not even considered in retirement, and
(26:13):
so it's a great example. But I think a budget
template is where to start. The second thing I would
recommend is go back in your checkbook, are your credit
cards and look and see where you're actually spending your
money now.
Speaker 4 (26:23):
And look, some people are budget doers. The engineers who
walk in the door, they bring a spreadsheet. One guy
brought his spreadsheet on double legal paper. He's taped it
all together.
Speaker 1 (26:33):
Is very proud.
Speaker 4 (26:34):
He covered up my entire conference room table. But it
was a thing of beauty. And the guy knew exactly
how much money he needed to live on. He just
didn't know how to generate that money in a way
that would give him stable income. People often ask do
we or do I have enough? I think that's the
number one question. Do I have enough? And the thing
is the answer for your next door neighbor and the
(26:56):
answer for you are different. You guys may have exactly
the same amount of money saved, but how you will
spend what the goal and the dream is matters person
to person to person. That's why we don't do rubber
stamp plans here. Everybody has a plan uniquely designed for
their situation. But the number one thing to remember is
(27:18):
the closer you're getting to retiring, and when you're first
in retirement is make sure you have your risk under control,
that you've developed a clear budget. And Christy, I know
you'd like to tell people and I agree. In April
in our office has the same thing to clients prospective clients,
If you have a chance, test drive your budget in retirement.
Speaker 3 (27:38):
Yeah, I mean how many of you would go and
buy a new vehicle without ever driving it. Not many.
Most people want to drive it and see how it feels,
make sure they'd like it. For me, it makes sense
to test drive your retirement. You know, a year before
you retire, start living as if you're already retired financially,
(27:59):
because because you may be making more than you need,
just save it. But if you can do that even
after a six month period, you should see a good
trend in how things are going to go and can
you be comfortable in retirement. The second thing is is
I would say make sure you have reliable sources of income.
You know, let's look at your Social Security benefits. Are
(28:21):
you going to have any pensions? Do you have any
annuities that are going to provide guaranteed income? Is that
income going to be provided for both you and a
spouse or is it over just your life expectancy. We
typically want to know is it going to cover both
of your life expectancies?
Speaker 6 (28:41):
You know?
Speaker 3 (28:41):
I think the biggest thing is knowing how much you
need to spend and then knowing where you're going to
get that.
Speaker 1 (28:47):
Matt at the end of the day. I guess really,
I would think this is the one of the bigger
parts of income, right. That's kind of where the smart
process starts. How do you help your clients then evaluate
their current situation and figure out if they're already but
potential income gaps.
Speaker 4 (29:01):
As simplistic as it sounds when we think of it
as if we're building a house.
Speaker 1 (29:06):
So while you're working, you're just working, and you know
you're paying the bills, but when you get ready to retire,
we're going to build a house.
Speaker 4 (29:12):
I've said before. My dad is a retired preacher. He
was also an amazing carpenter. My dad could envision it
and build anything. I grew up in Irwinville and when
my dad got ready to build Faith Church on Highway
one ninety Christy, when Dad said we're going to build
a church, he meant he was going to build the church.
He meant he was going to build the church. And
I never will forget. He would have all the lumber
delivered and there's a board scattered everywhere, and they're framing
(29:36):
up a foundation, and I'm like, Dad, how do you
know how to do this. You don't have a degree.
You don't do you know, you're not a draftsman. And
he said, I can see it right here, and he
would tap the temple of his head so he could
see the end plan. Well, we see the end plan
for people who are planning retirement. And it's kind of
like my dad's church. You want to have a roof,
you want to have some walls, and you want to
(29:57):
have a floor, and we all know you build the
roof first, right Christy, No, you build the foundation. So
what we want to find out from you is what
are your guaranteed sources of income? Social Security? Now that
weapon GPO are gone, that has helped a lot of you.
So social security do you have one? Do you have two?
Social securities? What about pensions? Should you take it lump some?
(30:19):
Should you take it as payments? How will you set
that up? Will your spouse continue getting the same amount?
Will he or she get half? What are your needs
in that situation? And if your income comes up short,
how do we use the tools to make sure that,
no matter what happens in the market, your income is
your foundation. Because if your roof with your higher risk
(30:41):
stocks and your walls, which would be in the market,
but they would be tactically managed to adjust for risk
if that money goes down in bad times. We want
the Florida stay there. We don't want foundation failure. We
don't want to have a foundation repair company have to
swoop in and rescue your house because if that's the case,
things have gotten really, really bad. So it's roof its walls,
(31:03):
it's floor. How much goes in each place from your
portfolio depends on what your needs are. But I mean
that sounds overly simplistic, Christy, but it's it's all designed
to do two things. Reduce market risk and keep the
income flowing no matter the circumstances.
Speaker 1 (31:21):
That really is it right?
Speaker 3 (31:22):
Absolutely, there is no retirement without retirement income.
Speaker 1 (31:27):
Why don't you guys take the final couple two and
a half minutes or so and talk about what happens
when somebody does call seven nine to one, fifty seven
seventy three, or what happens when they go to meet
with US now dot com. What can they expect?
Speaker 4 (31:37):
So if the phone rings and you'll get a machine,
because we do this show on the weekend, and so
when you get the machine, do us a favor, leave
a message. Don't worry, it will not disappear into the void.
And when our staff gets in Monday morning, if you
would simply leave the most pertinent information your name, a
callback number, and if you'd like an email address, and
(31:58):
we're going to reach out to you Monday morning and
then set up a fifteen minute phone call. Christy, explain
why we want to spend fifteen to twenty minutes on
the phone.
Speaker 3 (32:09):
Well, the reason why we want to spend fifteen minutes
talking before you come in is we understand that time
is so valuable. We want to make sure that we
can help you accomplish your goals. You know, if you're
in a situation where we're not able to help you,
then we want to make sure that you haven't wasted
(32:30):
your time coming in. We actually want to be able
to refer you in the right direction before you even
come in. Now, if you go to the website meet
with usnow dot com, you can schedule that fifteen minute
phone call on your own. Right now, meet with usnow
dot com. You can expect a fifteen minute phone call
that's literally just going to be talking about you and
(32:53):
your needs and your desires and how we can help.
After that, we're going to schedule a compliment entry visit
for you to come into the office and we're going
to start working on what we call our serve model.
We like to go five levels deep and we like
to know can we help you accomplish your goals? Because
that's what it's about. It's really about helping you accomplish
(33:16):
your goals. We don't have a preset agenda when you
come in. Everyone's needs are completely different and guys, this
is what we do every day and we would love
to be able to do it for you. There is
no cost or obligation, there's no commitment. We simply are
here to help. Give us a call at seven nine
one five seven seven three seven nine one five seven
(33:40):
seven three are go to meet with usnow dot com
and schedule your complimentary fifteen minute phone call.
Speaker 1 (33:47):
Stay with us. Our final segment of Today's Your Money
Matters with Christian Matten. Right after this.
Speaker 5 (33:54):
Is the price tag on everything giving you sticker shock,
from groceries to gas. The cost of living is skyrocketing.
But if you think inflation is painful, now just wait
until you retire. Easy impact of inflation and start planning
now for your retirement. Called Presley Wealth Management at eight
six six three nine oh twelve fifty two. That's eight
(34:16):
six six three, nine oh twelve fifty two.
Speaker 1 (34:22):
Stop for a moment, think about this.
Speaker 4 (34:23):
Do you know how much money in your four oh
one k or ira is actually your money? Although the
government take a bigger chunk than you thought.
Speaker 1 (34:31):
Remember, you still may owe taxes on that money.
Speaker 4 (34:34):
But do you have a plan to help make sure
you don't pay more than you should? At Presley Wealth Management,
we believe you deserve to keep more of what you've earned,
which is why we're here to help you navigate the
confusing world of retirement taxes.
Speaker 1 (34:46):
It's your money. You deserve to know what's at stake.
Speaker 4 (34:49):
Right now, taxes are historically low, but they won't be
this low forever. So call us at seven nine one
five seven seven three. That's seven nine one five seven
seven three. If you work hard for your money, will
work just as hard to help you keep it. Presley
Wealth Management seven nine one five seven seven three.
Speaker 5 (35:07):
Investment advisory services offer through AE Wealth Management, LLSE, a
registered investment advisor. Investing involves risk. Always consult with a
qualified tax advisor before making any decisions. Regarding a roth conversion,
as there may be additional tax considerations. Christy Smith of
Presley Wealth Management wants to advocate for you making sure
(35:28):
you have the retirement you have always wanted. Call eight
sixty six three nine oh twelve fifty two and make
sure Presley Wealth is the right fit for you. You
won't know until you call eight sixty six three nine
oh twelve fifty two.
Speaker 1 (35:45):
Welcome back to your money matters with Christy Smith and
Matt Kennedy of Presley Wealth Management. Christie started the company
back in two thousand and six. I said, now with
hundreds and hundreds and hundreds of people just like you,
trying to help them figure out where they were on
that road to retirement. If you would like to walk
through that problem process, no cost to you. Meet with
usnow dot com, set up that fifteen minute phone call,
or just call them and have a conversation. Two two
(36:07):
five seven nine to one fifty seven seventy three seven
nine to one fifty seven seventy three. I'm Markelly Glader
with us today. We're going to finish up the program
with positive thinking. Now we've been thinking positive, right, how
do you figure out how much income you're going to
need and how does that whole process work, the smart
process at Presley Wealth Management, How does that pertain to me?
Now we're going to talk about how in the world
(36:28):
do you have a happy retirement? So that's what we're
going to do in this final segment, Christy, I'm going
to start with you.
Speaker 4 (36:34):
Hold on, hold on, I need to light some candles
and get the throw pillows out. Yep, we're going to
kick back and now we're better. I made Christy laugh.
You don't always laugh at my stupid jokes.
Speaker 3 (36:44):
Make me laugh.
Speaker 1 (36:45):
So all right, let's go. We've got five tips for
a happy retirement. Christy, where would you start? What's what's
number five?
Speaker 3 (36:52):
Well, lastly, tip number five is focus on your health
now before you retire. Well experienced it recently with Rick's health.
You know he's had some your husband, right, He's had
a few health conditions that have given us a little
scare and he's starting to change how he eats, he's
starting to exercise more. So I think it's I think
(37:14):
the sooner the better you start focusing on your health,
because who wants to retire and be sick? You know,
what we really want to do is retire and live
another twenty five years healthy. You know, we want to
be able to go hike. We want you know, we
want to do the things we really planned on doing
all the years we were working and just weren't able to.
Speaker 4 (37:32):
And a lot of those things you will need to
do in the first ten to fifteen years of retirement
because nature will take over and even if you're healthy,
your joints may keep you from hiking, you know, through
the Mohave Desert.
Speaker 1 (37:43):
Let's just face it. So health matters.
Speaker 3 (37:45):
Well, I'd say focus on your health and that's going
to include getting regular checkups, making sure you're doing all
of your prevention visits at your doctors, and actually listen
to what they have to say.
Speaker 1 (37:56):
Yeah, I hate having to listen to my doctors, but okay,
I'm six yeap better, I guess I better. So yeah,
that makes perfect sense. There's no question. I think, especially Christy,
you can you could, you could, you could agree to this.
I bet is that when Rick is sick or mad
is sick. I mean do we whine? Guys? Oh, that's
all we don't. We don't like not feeling well at all.
That's a good thing.
Speaker 4 (38:16):
My wife isn't on this show every time it's the
same thing. Well you didn't have to see sections.
Speaker 1 (38:21):
Okay, all right? Tip number four for that happy retirement
mad Where are you gonna go with that? One? Number four?
Build new social networks? What was the old song? Who
sang one is the loneliest? Number three? Dog Night? You're right.
Speaker 4 (38:39):
When you stop working, you're gonna lose daily interactions with
co workers. How often is it we ask people you
miss work. I don't miss the work, I miss the people.
So if you aren't replacing your social interactions, you can
get lonely. And I'm gonna go somewhere. Christy stop me
if I'm going too far. But hey, guys, a lot
of you have why maybe that also worked, or they
(39:02):
were at home one of the two and you weren't
around them from say, six am to five or six pm.
Then all of a sudden you retire. You're at home,
you haven't shaved in three days, you're watching gun smoke
at ten thirty am, and she's not used to that.
So you need to find something to do exactly I'm
telling you. I hear this mark, I hear newly retired
(39:22):
spouses say, yeah, he sure is around a lot ladies,
y'all don't do that.
Speaker 1 (39:28):
For some reason, you maintain better social networks. But I
don't care.
Speaker 4 (39:32):
If it's a woodworking class, build you a shop in
the back. Your spouse wasn't used to be you being there.
If I retire tomorrow, and I'm not christy, but if
I did and my wife were at home, she would
throw me out of the house because she couldn't take
me for twelve hours in the middle of the day.
So built some social networks, and as you get older
(39:54):
it becomes even more important. My mom and dad right
now are an independent life, but they're attached to an
assisted living facility. And I did a quick survey. This
is very sad. I asked the staff. I said, for
the assisted living side, how many of these people have
guests that come regularly? Thirty five percent? Leady said, I
(40:15):
would guess thirty five percent. I said, so you mean
you mean sixty five percent of these people they come
on holidays and that's about it. So try to build
a social network. Friends are important, whether it's church, social clubs, whatever.
Speaker 3 (40:27):
Create You might even consider volunteering. That's huge, you know,
to me, the world goes round because of volunteers. Yeah,
and and many of us in our working years don't
have time to spend volunteering. And I'm saying I'm not
saying right in the check. I'm saying, actually helping do
the work. So you might start thinking about what are
some of the organizations are causes that you may want
(40:49):
to help participate in. It's a great way to create
a new social network.
Speaker 1 (40:53):
I like that. I like that. Christy. What's tip number
three for that happy retirement?
Speaker 3 (40:57):
Well, I think tip number three is discuss your plans
with your family. Why is this important? You know? To me,
it's important because you're your family may have other plans
for you. How often do we see Matt clients come
in for their annual checkups and they they tell us
(41:17):
that they're babysitting their grandchildren all the time. They love
babysitting that. I don't want you to think I'm saying
that in a negative way, but what I am saying
is that often we can get put in positions that
maybe we weren't planning on being.
Speaker 1 (41:32):
In Wall Street Journal.
Speaker 4 (41:34):
Article, I believe it was about mid April early April,
the article was about how grandparents are finally pushing back
telling their children two things Number one, I don't have
money to help support you anymore. And number two is
I am not a forty hour a week babysitter.
Speaker 3 (41:54):
Yeah, and that's so important because you may have plans
to volunteer, You may have plans to a lot of
our clients, believe it or not, Mark they want to
start their own little small businesses, like based on like
a hobby that they've looked forward to doing. They want
to travel. We want to travel in retirement. You can't
babysit forty hours a week if you want to travel.
(42:15):
So I think it's really important to have clear expectations
with your family as to what you're wanting to accomplish.
Speaker 1 (42:21):
Yeah. I like that one makes a lot of sense,
no question. My sister's got four daughters who also have
two to four kids themselves. She's a building babysitter. Yeah,
sometimes she has to say sorry, I'm not available. Tip
number two matt for that happy retirement. Structure your days.
Speaker 4 (42:38):
I was joking earlier about sitting around till ten thirty
in the morning, or at ten thirty in the morning
watching gun smoke.
Speaker 1 (42:44):
I do like some Matthew Dillon, But structure.
Speaker 4 (42:47):
Your days, especially if you are a highly organized person,
maybe an engineer or something like that, and you were
going to work and you had a set schedule, plan
your time with activities you enjoy. But having a routine
will make your life much more enjoyable. Unless you're the
type of person that just enjoys spotaneity. But for most
of you, having a routine, even in retirement, is very important.
(43:11):
That doesn't mean you can't sleep in some but just
have a routine. Whether you go for a walk at
a set time, do something with your spouse at a
set time, a routine is important. I find that a
lot of people, Christy, when they first retire, the first
couple of months are like a very long vacation. But
I also tell you, for a lot of guys, a
little bit of like sadness, even a depression can set
in because it's the way we're wired.
Speaker 1 (43:33):
We're wired to provide, me.
Speaker 4 (43:35):
Must go, me must hunt, you know, and so having
a routine will kind of curb that sum.
Speaker 1 (43:41):
The fine old tip for a happy retirement, there's you
can think of all kinds of things that would make
you happy, obviously, but Christy, the number one tip for
what we're talking about right now for a happy retirement
is well.
Speaker 3 (43:52):
I think number one tip is approach retirement like a
new job. Like think about what do you want to
focus on in retirement. Do you want to spend more
time doing a hobby or volunteering or even learning something new.
I think it's really important because that can help energize you.
It can help give you a sense of purpose.
Speaker 4 (44:12):
You know.
Speaker 3 (44:12):
I think about my daughter in law's grandmother. She's in
her eighties, and it's funny because when I talk to
my daughter in law about her grandmother's it always starts
off with me. And she has one tough little cookie
because she's had a knee replacement. She's you know, she's
had health obstacles or challenges that she's had to overcome.
(44:33):
But what I admire so much about her is that
when I'm trying to reach her to schedule a visit,
a strategy session for her to come in and let's
review her plan, we have to literally put it on
her calendar. And the reason we have to schedule it
in her calendar is because she's involved in so many things.
She quilts, she still takes care of her house, she
(44:56):
does go and see her her other daughter that lives
in in Texas. You know, literally, she has a schedule,
and I think it's part of why she's in her
in her eighties and she's doing so well. I think
approach it like a job plan, and I also say
focus on the things you enjoy the most. Listen, we
(45:17):
can help you build this retirement plan for you. This
is what we do every day, and we'd love to
help you. Call us at seven nine one five seven
seven three seven nine one five seven seven three just
to schedule a fifteen minute quick phone call, or go
to meet with usnow dot com. Meet with us now
dot com and schedule the fifteen minute phone call today.
Speaker 2 (45:40):
Presley Wealth Management has a strategic partnership with tax professionals
and attorneys who can provide tax and or legal advice.
Speaker 5 (45:46):
Investment advisory products and services made available through AE Wealth
Management LLC AEWM, a registered investment advisor. Insurance products are
offered through the insurance business the Presley Group. Presley Wealth
Management is an investment advisory practice that offers products and
services through AE Wealth Management LLCAWM, a registered investment advisor.
AWM does not offer insurance products. The insurance products offered
(46:09):
by the Presley Group are not subject to Investment advisor requirements.
AWM and the Presley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial strength and claims paying abilities of the
issuing carrier. This radio show is intended for informational purposes only.
(46:32):
It is not intended to be used as a sole
basis for financial decisions, nor should it be construed as
advice designed to meet the particular needs of an individual situation.
The Presley Group is not permitted to offer, and no
statement made during the show shall constitute tax or legal advice.
Our firm is not affiliated with or endorsed by the
US government or any governmental agency. The information and opinions
contained herein provided by third parties have been obtained from
(46:53):
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group.
Speaker 3 (46:57):
This radio show is a paid placement
When the news is national.
Speaker 2 (00:01):
So security system molatility, global turmoil, interest rates, rough.
Speaker 1 (00:04):
Dane Wall Street.
Speaker 2 (00:05):
Your money matters. When it's Louisiana Local serving the greater
Baton Rouge area, your money matters. And when it's your
time to retire. Presley Wealth Management presents your Money Matters
with Christy Smith.
Speaker 3 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement. And that's where I believe it's
so important that you do have a full pledge retirement plan.
Speaker 4 (00:30):
And Matt Kennedy, maybe you're thinking, hmm, should I take
Social Security at sixty two, at sixty seven, at seventy
These are things you don't do every day.
Speaker 1 (00:38):
It's what we do every day.
Speaker 2 (00:40):
The conversation starts now this is your money Matters.
Speaker 1 (00:48):
Welcome to your money Matters. I'm Mark Kelly alongside the
team from Presley Wealth Management. Christy Smith, the founder of
Presley Wealth Management, started the company back in two thousand
and six. Kennedy an investment advisor representative, a certified estate planner.
He joined the team in two thousand and eight. We
talk retirement. That's what Christy and Matt and the team
at Pressley Wealth are all about how do they how
(01:09):
can they help you maybe shore up your retirement a
little bit? Can I retire? When can I retire? Do
I have enough on my money? Last? All those big questions,
they are here to help. You can always give them
a call two two five seven nine to one fifty
seven seventy three. Two two five seven nine to one
fifty seven seventy three. If you have questions, you have concerns,
you can ask them. There's no cost to do so.
(01:30):
You can always go to the website and meet with
usnow dot com. That's an easy way to do it.
I think it's easy to remember too, meet with us
now dot com. Christy Matt, Welcome to the show. And Christy,
you know the stock market, I don't know if you
pay attention to that. You've got a lot of you know,
you and your husband going to make sure the yard
is looking nice at this time of the year and
water in the trees and the planets and all that.
Have you noticed the market's been a little volatile, maybe
(01:51):
a little bit, Christy, what are these markets you're speaking of?
Speaker 3 (01:56):
Yeah, of course, you know, nothing is going to stop
me from at the markets, and so I do think
that that We've experienced a fair amount of turbulence, but honestly,
I somewhat expected that, and I think that for most
of us, we believe that we just need to hold
the course. If you've got a great plan built that
(02:17):
includes risk risk hedging, then you don't need to make
massive changes. Now. I think where people really go wrong
as they start to try to time the market. They
let emotions get in the mix. They typically sell when
the market's down and they go in when the market's up.
I think it's a much safer bet to build a
(02:37):
long term plan and hold the course.
Speaker 1 (02:40):
Now, you know, you think about it, Matt, your client's
at Pressley Wealth Management. They've got a plan and it's
not you know, it's one of the things you've talked
to them about is market volatility. Hey, when the markets
go down, we're gonna pull from over here, not from
the market money. It's in a lot of instances. Everybody's
situation is unique, but I think that's what happens if
you don't have a plan. Those are the ones that
get a little tricky. The ones that have a plan.
(03:00):
I'm guessing your phone's not ringing off the hook with
market volatility.
Speaker 4 (03:04):
Correct It hasn't been when you think about the stock
market and it's volatility, Here's what I really want you
to focus on.
Speaker 1 (03:10):
Christy and I talk about this a lot in the office.
Speaker 4 (03:13):
We talk about it when Christy or April the other
advisor in office, and Christy, when we all three, any
of us sit down with a prospective client or a client,
we always say, where are you on the path to retirement.
If you're ten years away from retiring, just leave it alone.
If you have a plan that's aggressive, that's fine, you're
ten years away. But when you get closer to retiring,
(03:36):
in that three years before and the three years after,
and now for some clients Christy, who maybe don't have
as much wiggle room, they don't have as many assets,
maybe it's five years before you retire and five years after.
That's when it becomes very important to focus not on
your rate of return, but on your range of return.
Speaker 1 (03:58):
We all know what rate of return is, right.
Speaker 4 (04:00):
We've been We've been told, Christy, we've been brainwashed to
focus on rate of return.
Speaker 1 (04:04):
There's nothing wrong with that.
Speaker 4 (04:06):
Hey, my four oh one K has been averaging eleven
percent the last fifteen years.
Speaker 1 (04:10):
That's great.
Speaker 4 (04:11):
But if you're on the cusp of retiring or you
recently retired, Trying to stay up with the market could
be a mistake if you have to draw from your assets.
So when we talk about rate of return, we're talking
about how much your portfolio goes up and down. And
if you're mirroring the stock market. An up market is
fantastic the last couple of years, yee hi, But what
(04:33):
if it all falls apart? I mean we're down some
this year. We're barely into a bear market on the Nasdaq,
meaning down about twenty percent. What if it goes down
forty and you're close to retiring and now you need
to draw from those assets. Our focus when you're close
to retiring or when you are retired is we want
to focus on range of return. Meaning what Christy, when
(04:56):
the highs are good, we're making money, but we're not
uring the market. And what happens to the range of
return when things go bad?
Speaker 3 (05:03):
Christy, Well, that's where it really hurts you when if
you don't have an overall plan. To me, it's it
can be detrimental if you've just recently retired. You know,
we talk about people approaching retirement, but what about the
people that have retired over the last ten years. You know,
we've seen a great market over the last ten years.
(05:24):
So even people that have retired, you know, five, seven,
ten years ago, they may be starting to feel the
impact of these turbulent market conditions for the first time.
Speaker 4 (05:36):
Right, we're not saying we can set it so that
you don't lose any money when the market's bad. We
can't set your whole portfolio that way. But you know
what we can do, We can build a plan that
lowers your overall risk. So the question is how much
risk do you have now and are you nervous watching
the markets the way they behave recently. If you're nervous,
(05:57):
you can set around being nervous, or let us see
valuate the current portfolio you have, whether it's your four
oh one K, whether it's a brokerage account, an IRA
that you're handling yourself, or maybe you're working with someone.
We have some software that will stress test your portfolio.
I remember when dad worked summers out at Exon. He
(06:17):
was working for Harmony and Turner and some of the
different plants. My dad was a welder. Well he was
a preacher. But when you're the preacher of a small church.
You have to make money when you can, so Dad
would go well some, especially in the summer. But I remember, Christy,
when they got ready to use cement, they would actually
before they poured the big slab, they would pour three
or four samples of the cement, and then they would
(06:39):
put it under great pressure to make sure that it
didn't fail.
Speaker 1 (06:43):
It's stress tests. Your retirement's no different. We're going to.
Speaker 4 (06:47):
Take your portfolio and see exactly how would it behave
if we mirrored the twenty twenty COVID crash, if we
mirrored the two thousand dot com crash, the two thousand
and eight housing crash. Not saying those things are happening,
not saying it's going to get that bad, but would
that derail or wreck your retirement, because Christy, we saw
(07:09):
people come into this office in two thousand and eight
with kleenex crying, saying, our guy never calls us back,
and we've lost so much money. Now we can't afford
to retire, or we can't afford to draw from our
retirement savings, and our travel plans are out the window.
Our vacation property, we're gonna have to put it up
for rent because we can't afford to go over there.
That changes lives. So if you're worried, turn your worry
(07:32):
into action. Reach out to us at seven nine one
five seven seven three two two five seven nine one
five seven seventh three.
Speaker 1 (07:42):
Just leave us a message.
Speaker 4 (07:42):
We'll call you back early in the week, set up
a fifteen minute phone call and then if appropriate, move
forward with a no cost, no obligation visit.
Speaker 1 (07:51):
And one of the things we'll do is dig deep.
Speaker 4 (07:54):
Into your portfolio like that cement, We'll stress test it
and see how well it would perform, and should you
choose to engage with us, we'll go further than that.
We'll roll out our entire smart plan where we're focused
on five individual things. Risk is one of the five
Christy talk about the smart plan and what the other
four areas we focus on.
Speaker 3 (08:15):
Well, the smart plan really is a complete holistic retirement
planning approach, and what we think works better in retirement
is to have a complete plan. What is a complete plan?
A complete plan is going to look at number one
sources of income. You know right now a lot of
our clients are using their safe strategies to generate their
(08:37):
retirement income. Well, that helps because it means they don't
have to act emotional when market conditions are unfavorable, right,
their income is still going to come in. We help
our clients look at their social Security benefits determine what's
going to be the best way for them to draw
those social Security benefits. So income is included in sources
(08:57):
of income in our smart plan. In addition to that,
we look at your overall investment plan. You know, Matt,
it's really weird that most people believe their investment plan
is their retirement plan. It's actually not. Your investments should
be completely different than your income plan. So investments are
really there for the what if. So I call it
(09:19):
curve balls because I believe in a long retirement there's
going to be curveballs. It's not a matter of will
we have them, it's when we will have them.
Speaker 4 (09:28):
Market volatility, sickness, accidents, unplanned expenses. Maybe a grandchild or
a child becomes in a situation where they have to
move back in. We see that and that puts pressure
on your expenses. And then we look at M in
the smart plan. M is going to be for medical planning,
we look at Medicare. We look at Medicare options. Is
(09:49):
it best for you to be on a Medicare advantage
plan or a Medicare supplemental plan. We also look at
long term care planning. You know, most people don't understand
that in retireronment, long term care services will probably be
their largest expense. We want to know that if in
a husband and wife situation, if one of them needs
(10:09):
long term care, the other is not going to be
left financially destitute.
Speaker 1 (10:14):
Great point.
Speaker 3 (10:15):
We want to look at their estate planning, at bands planning.
Do you have a will, Do you have a power
of attorney for medical and financial? Do you need a trust?
There's a lot involved in legacy planning, but to me,
having a properly designed smart plan a retirement plan means
you have a legacy plan and you want to make
(10:35):
sure that when you are gone or no longer alive,
you want to make sure that that money's going to
go the way you want it to go. Then we
have tax planning, you know. Tax planning to me is
one of the hottest topics that we could really discuss
because I think taxes have no way to go lower.
I think they're going to go higher in the future,
and for most of our clients, we see tax planning
(10:58):
as one of their critical components in their overall plan
because we see that long term they could potentially pay
more in taxes in retirement than they did while they
were even working. So having a tax plan is extremely
important our risk. Let's address your risk. You know, do
(11:20):
you have in your current portfolio? Do you have a
buffer a safety net built in? You know, it's funny
because our safe strategies, we typically are going to use
a fixed index annuity, which is with an insurance company,
they're going to tie your performance to different indexes on
the market. You know, in the old days, we used
(11:40):
to be limited to basically the S and P five hundred,
maybe the nasdak or the Russell two thousand. But now
there's so many different index choices depending on what carrier
we're looking at. And over the last ten years, our
clients have seen great gains in their fixed indextinuity strategies.
But the real value to fix indextinuity, in my opinion,
(12:02):
is that you can't lose money due to market condition.
Speaker 4 (12:05):
And that goes back to what I said Mark and
Christy about range of return versus rate. If you're you know,
more than five years out, focus on focus on rate
of return. But when you're getting close to retiring or
first retired, you don't want a terrible market downturn. You
don't want a bad sequence of returns to mess up
your retirement. If you're worried, don't sit around and worry.
(12:27):
Let's talk, let's stress test, let's build a plan. You
can reach out to us at seven nine to one
five seven seven three seven nine one five seven seven three.
You're going to get the answering machine, leave a message
best way to contact you, and we'll call you back
Monday and set up a time for a fifteen to
thirty minute phone call to kind of assess the overall situation.
(12:47):
Then we'll plan a meeting. You can also go to
www dot Meet with usnow dot com. That's meetwi usnow
dot com and set your own fifteen minute appointment Meet
with us now dot com.
Speaker 1 (13:00):
Stay with us. We're just getting started on your money
matters with Christy Smith and Matt Kennedy of Presley Wealth Management.
Speaker 5 (13:04):
More Rightever, worried your financial strategy is missing something, Presley
Wealth wants you to feel confident going into retirement. See
how you're doing with a free visit by going to
the Presleygroup dot net. That's the Presleygroup dot net, or
call eight sixty six three nine oho twelve fifty two.
Speaker 1 (13:26):
Stop for a moment, think about this.
Speaker 4 (13:28):
Do you know how much money in your four oh
one k or ira is actually your money? All well,
the government take a bigger chunk than you thought.
Speaker 1 (13:35):
Remember, you still.
Speaker 4 (13:36):
May owe taxes on that money. But do you have
a plan to help make sure you don't pay more
than you should? At Presley Wealth Management, we believe you
deserve to keep more of what you've earned, which is
why we're here to help you navigate the confusing world
of retirement taxes. It's your money. You deserve to know
what's at stake Right now. Taxes are historically low, but
they won't be this low forever. So call us at
(13:58):
seventy nine one five seven seven three. That's seven nine
one five seven seven three. Look, you work hard for
your money, We'll work just as hard to help you
keep it. Pressley Wealth Management seven ninet one five seven
seven three.
Speaker 5 (14:10):
Investment advisory services offer through a wealth management LLSE, a
registered investment advisor. Investing involves risk. Always consult with the
qualified tax advisor before making any decisions. Regarding a roth conversion,
as there may be additional tax considerations.
Speaker 3 (14:26):
If this is a year you've.
Speaker 5 (14:27):
Resolved to finally get your finances in order, Christy Smith
and her team can help. Give them a call today
at eight six six three nine oh twelve fifty two.
That's eight sixty six three nine oh twelve fifty two.
Speaker 1 (14:43):
Welcome back to your money matters with Christy Smith and
Matt Kennedy of Pressley Wealth Management. I'm Mark Eliot. You
can always get ahold of the team if you have questions,
you have concerns two two five seven nine to one
fifty seven seventy three two two five seven nine one
fifty seven seventy three. You know, while you're working, you
know you're going to get paid once a month, every
two weeks. Maybe you get paid every week, but everybody
(15:04):
has a system, right you know when your paycheck is
coming in. Well, once you retire, now where's your money
going to come from? So security certainly would be one
of those pension if you're lucky enough to have one
of those. But really it's about having that dependable income
to kind of ease some stress. Christy, how important is
it to have dependable income sources for today's retirees.
Speaker 3 (15:26):
Well, I think it's extremely important. You know, what we're
seeing is we're seeing pension payments go away. You know,
people are not retiring now with a guaranteed pension payment
like in the old days. You know, in the old days,
we would have pension payments and social Security and most
people didn't live the way retirees are living now. They
(15:49):
lived within that income range. What we're seeing now is
people retire and really want to live the same way
that they did while they were working. It's extremely important
to create a reliable income stream to go along with
your social Security benefits. That's part of an income plan,
and it's why having an income plan is so important
(16:11):
because you don't want that income to change when market
conditions change. You want that income to continue coming in.
And I can tell you if we had a difference
in income for you know, our clients of even two
three hundred dollars a month, they would call worrying. But
(16:32):
they don't experience that because we've created a real income plan.
And I would even argue it's good to have that
income plan in writing. But we're seeing rise and costs
with inflation, you know, it costs more to go to
the grocery store. It costs more for your car insurance,
your home insurance. Everything is costing more. So having a
(16:52):
reliable income plan that even would account for inflation, meaning
let's let your income go up as you get older
in retirement critical to compensate for the higher out of
pocket expenses is extremely important.
Speaker 4 (17:08):
Let me tell you what an income plan is not.
You know, Christy, sometimes it's better to explain what something
is by explaining what it is not. And so an
income plan is not your investments. We say this a lot. Well,
I have my investments, and I need to withdraw a
certain amount every month, and I've got a perfect sixty
forty stock bond mix, and so I'm in good shape.
Speaker 1 (17:29):
Here's when that will blow up in your face.
Speaker 4 (17:33):
I remember when I've met Christy in late two thousand
and seven and begin working here in a training under
Christy in two thousand and eight. The average person who
came to see you, who was in tears, who said,
you know, our retirement is not going as planned because
our person, our guy, says we have to draw a
lot less money and so we don't risk running out
(17:54):
of money. They had investments and they followed something called
the four percent rule. Some of you may have heard
of that. It's a very popular rule in retirement planning.
You take your portfolio, you should be able to take
out four percent a year, and you should be able
to adjust for three percent inflation. You have five hundred
thousand dollars. What's four percent of five hundred thousand. It's
twenty grand. So you should be able to withdraw twenty
(18:17):
thousand a year and not risk running out of retirement.
That works great unless you retire when things go bad.
And in two thousand and eight, the person with half
a million dollars saw their portfolio drop to three hundred thousand. Well,
if you need twenty thousand from three hundred thousand, I'm
going to use some irwin.
Speaker 3 (18:37):
Villeas taking a lot more than four percent.
Speaker 4 (18:39):
That ain't four percent, And so you're violating the four
percent rule and you risk running.
Speaker 1 (18:43):
Out of money.
Speaker 4 (18:44):
Your investments aren't your income. At Presley Wealth Management, when
we build out our smart plan, we're looking at sources
of income, but we're also looking at risk, and we
want to reduce the highs and the lows. We want
to smooth out your highs and lows and when the
market's good, we may draw from the market. When the
market turns sour, we're going to have investments set up
(19:07):
that didn't take losses in the market, and we can
draw from those to supplement the income. That's the peace
of mind that you get from having an income plan.
Speaker 1 (19:17):
Does it mean that.
Speaker 4 (19:18):
It always works out perfectly and you don't have market highs,
market lows or curveballs like you mentioned the last segment
Christy thrown at you. No curveballs happen, But the goal
is to not have to radically.
Speaker 1 (19:29):
Alter your lifestyle.
Speaker 4 (19:31):
I keep stressing this because there's this psychological thing called
recency bias, Christy, where humans tend to focus on what
happened recently and view that as the future. It was
a long time ago that we had a two thousand
and eight market disaster. I'm not saying it's going to happen,
but if it did, how much income would you have
(19:52):
to reduce?
Speaker 1 (19:54):
How much?
Speaker 4 (19:54):
Most of you are asking the question do I have
enough to create the income I need to live on?
But how all would a bad market downturn impact your income?
Don't be a victim like I saw in eight and nine,
who people thought their investments were their income. Sorry, Christian,
I'm getting kind of passionate here, but I just people
get hung up on what has happened recently, and the
(20:15):
market's been pretty good, it's been very stable. If that
falls apart, right when you retire and all you have
are investments, you saw the.
Speaker 3 (20:23):
Outcome, Yeah, we absolutely didn't, and it actually happened in
my own family situation with my dad. You know, we
just can't stress enough the importance of having an income plan,
and it's why we focus at Presley Wealth Management on
creating a complete, holistic smart plan that's going to include
your income plan, your investment plan, risk planning, estate planning,
(20:45):
tax planning, and medical planning. You know, it's funny how
and people will often ask me in the office, Mark,
why do you cover all five of those areas? And
I say, because anything goes wrong in one of them,
it can affect the other.
Speaker 1 (20:58):
They're all in a relation, a relate, because we want to.
Speaker 3 (21:01):
Make sure and create a complete holistic plan.
Speaker 4 (21:03):
For example, if you have too much risk and you
lose too much money, that in turn blows up your income.
So now your sources of income have been messed up.
You can't live in a vacuum. One affects and impacts
the other. You know where we are seven nine to
one five seven seven three. We're not doom and glooming. Look,
(21:24):
I think long term, you close your eyes, in ten
years from now, the stock market will be higher. But
if you retire when it's going through some painful times,
it will radically alter your retirement. It could change your dreams,
it could change your plans. Have a plan seven nine
one five seven seven three.
Speaker 1 (21:44):
Christy, since we've been doing this show, it's always been
the number one fear of most retires is the fear
of outliving their money. Is that still a major concern?
Speaker 3 (21:50):
It is a major concern, you know, for us, I
think it's the number one concern when people walk in
the door. As advisors, we see for most of our clients,
tax planning shit, it'd be the number one concern, But
outliving their income actually is their number one concern.
Speaker 4 (22:06):
I want you to think about this for a moment.
If you have a million dollars of IRA or four
to one K money and you say, well, I'm going
to take out four percent to live on that means
forty thousand. But after you pay Uncle Sam, how much
is left in your pocket. Now, what if you had
a million dollars that was tax free, you could take
out forty thousand and spend forty Tax planning is grossly
(22:27):
underrated baby boomers. I'm sorry most of you were lied to.
You were told save your money pre tax because if
my money goes in pre tax, I get my tax
break while my income is higher, and I'll always pay
lower taxes in retirement. I can't tell you the number
of people that we meet with and we show them
as part of our tax planning.
Speaker 1 (22:48):
Yes, if you.
Speaker 4 (22:48):
Retire at sixty five, your taxes are lower. But down
the road, when you're seventy three, seventy four, seventy five
and the government forces you to start taking out money,
we often see cases where by the late seventies, someone's
paying more in projected taxes than than they paid while working.
Speaker 1 (23:08):
So, if people are worried about whether their current retirement
income will last as long as they do, what's your suggestion,
what's your advice?
Speaker 3 (23:16):
Well, my advice is give us a call and schedule
an appointment to come in and meet with us and
let us work on building a complete smart plan. And
I would say, know what you plan to spend. Yeah,
that's great in retirement before you come even see us,
because you'd be surprised Mark, how many people come in
to meet with us, and when we get to how
much do you think you're going to need to live
(23:37):
on in retirement? How many of them don't know that answer.
This is what we do every day and we'd love
to help you. Give us a call at seven nine
one five seven seven three seven nine one five seven
seven three are going to meet with us now dot com.
Speaker 1 (23:52):
So we're going to talk more about creating dependable retirement
income when we come back right here on your money
matters with Christine Matt.
Speaker 6 (23:59):
Uncle might need a loan soon from you. We have
over thirty four trillion dollars in national debt. Where do
you think the money to pay for that's going to
come from? Taxes? Believe it or not, taxes are at
historic lows right now, but how much longer will that last?
A roth Ira conversion might be a good option when
planning for your retirement because you can pay lower taxes
(24:20):
now and avoid potentially higher taxes later. Christy Smith and
the team at the Presley Group have seen taxes rise
and fall. They know what options you have to potentially
reduce the amount of taxes you pay in retirement. Call
the team at the Presley Group and schedule your tax
analysis today. Eight sixty six three nine zero twelve fifty two.
That's eight six six three nine zero one two five
(24:40):
to two. Uncle Sam needs money. Don't let him take
it from you. Eight six six three nine zero twelve
fifty two. Investment advisory services offer through a wealth management
LLC A RETCH should investment advisor. Investing involves risk. Always
consult with the qualifying tax advisor before making any decisions
regarding a ROTH conversion, as there may be additional tax considerations.
Speaker 5 (25:00):
If you aren't able to listen to this show in
its entirety, go to Presleywealthmanagement dot com to listen to
this and past radio shows. Otherwise, stick around to find
out how Presley Wealth Management will help you retire with confidence.
Speaker 1 (25:16):
Glady with us today for your money matters with Christy
Smith and Matt Kennedy of Presley Wealth Management. I'm Mark Elliott.
You can always go to the website to learn more
Pressleywealthmanagement dot com. Find out more about Christiematt and the team.
There's some great information there. Find out about events I
find out maybe an eave set up. You can set
up your own appointment there as well. We're talking about
retirement income. That's going to be there, dependable, it's going
to be there for as long as you live. And
Christy you said one of the challenges most people aren't
(25:38):
really sure about how much they need. So when they
come in to talk with you for the first time
and you say, hey, how much do you think you're
going to need to live on? Well, I'm not really sure.
How do you help them figure that out? Because there
is a way to I would think to figure that
out that's not super complicated.
Speaker 3 (25:52):
Well, typically we'll start off with a budget template. You know,
we've got inside of our retirement income planning software, we've
got a budget template. And the crazy thing is is
that it's such a good template. People come back when
they've completed and they say there's so many things on
there that they had not even considered in retirement, and
(26:13):
so it's a great example. But I think a budget
template is where to start. The second thing I would
recommend is go back in your checkbook, are your credit
cards and look and see where you're actually spending your
money now.
Speaker 4 (26:23):
And look, some people are budget doers. The engineers who
walk in the door, they bring a spreadsheet. One guy
brought his spreadsheet on double legal paper. He's taped it
all together.
Speaker 1 (26:33):
Is very proud.
Speaker 4 (26:34):
He covered up my entire conference room table. But it
was a thing of beauty. And the guy knew exactly
how much money he needed to live on. He just
didn't know how to generate that money in a way
that would give him stable income. People often ask do
we or do I have enough? I think that's the
number one question. Do I have enough? And the thing
is the answer for your next door neighbor and the
(26:56):
answer for you are different. You guys may have exactly
the same amount of money saved, but how you will
spend what the goal and the dream is matters person
to person to person. That's why we don't do rubber
stamp plans here. Everybody has a plan uniquely designed for
their situation. But the number one thing to remember is
(27:18):
the closer you're getting to retiring, and when you're first
in retirement is make sure you have your risk under control,
that you've developed a clear budget. And Christy, I know
you'd like to tell people and I agree. In April
in our office has the same thing to clients prospective clients,
If you have a chance, test drive your budget in retirement.
Speaker 3 (27:38):
Yeah, I mean how many of you would go and
buy a new vehicle without ever driving it. Not many.
Most people want to drive it and see how it feels,
make sure they'd like it. For me, it makes sense
to test drive your retirement. You know, a year before
you retire, start living as if you're already retired financially,
(27:59):
because because you may be making more than you need,
just save it. But if you can do that even
after a six month period, you should see a good
trend in how things are going to go and can
you be comfortable in retirement. The second thing is is
I would say make sure you have reliable sources of income.
You know, let's look at your Social Security benefits. Are
(28:21):
you going to have any pensions? Do you have any
annuities that are going to provide guaranteed income? Is that
income going to be provided for both you and a
spouse or is it over just your life expectancy. We
typically want to know is it going to cover both
of your life expectancies?
Speaker 6 (28:41):
You know?
Speaker 3 (28:41):
I think the biggest thing is knowing how much you
need to spend and then knowing where you're going to
get that.
Speaker 1 (28:47):
Matt at the end of the day. I guess really,
I would think this is the one of the bigger
parts of income, right. That's kind of where the smart
process starts. How do you help your clients then evaluate
their current situation and figure out if they're already but
potential income gaps.
Speaker 4 (29:01):
As simplistic as it sounds when we think of it
as if we're building a house.
Speaker 1 (29:06):
So while you're working, you're just working, and you know
you're paying the bills, but when you get ready to retire,
we're going to build a house.
Speaker 4 (29:12):
I've said before. My dad is a retired preacher. He
was also an amazing carpenter. My dad could envision it
and build anything. I grew up in Irwinville and when
my dad got ready to build Faith Church on Highway
one ninety Christy, when Dad said we're going to build
a church, he meant he was going to build the church.
He meant he was going to build the church. And
I never will forget. He would have all the lumber
delivered and there's a board scattered everywhere, and they're framing
(29:36):
up a foundation, and I'm like, Dad, how do you
know how to do this. You don't have a degree.
You don't do you know, you're not a draftsman. And
he said, I can see it right here, and he
would tap the temple of his head so he could
see the end plan. Well, we see the end plan
for people who are planning retirement. And it's kind of
like my dad's church. You want to have a roof,
you want to have some walls, and you want to
(29:57):
have a floor, and we all know you build the
roof first, right Christy, No, you build the foundation. So
what we want to find out from you is what
are your guaranteed sources of income? Social Security? Now that
weapon GPO are gone, that has helped a lot of you.
So social security do you have one? Do you have two?
Social securities? What about pensions? Should you take it lump some?
(30:19):
Should you take it as payments? How will you set
that up? Will your spouse continue getting the same amount?
Will he or she get half? What are your needs
in that situation? And if your income comes up short,
how do we use the tools to make sure that,
no matter what happens in the market, your income is
your foundation. Because if your roof with your higher risk
(30:41):
stocks and your walls, which would be in the market,
but they would be tactically managed to adjust for risk
if that money goes down in bad times. We want
the Florida stay there. We don't want foundation failure. We
don't want to have a foundation repair company have to
swoop in and rescue your house because if that's the case,
things have gotten really, really bad. So it's roof its walls,
(31:03):
it's floor. How much goes in each place from your
portfolio depends on what your needs are. But I mean
that sounds overly simplistic, Christy, but it's it's all designed
to do two things. Reduce market risk and keep the
income flowing no matter the circumstances.
Speaker 1 (31:21):
That really is it right?
Speaker 3 (31:22):
Absolutely, there is no retirement without retirement income.
Speaker 1 (31:27):
Why don't you guys take the final couple two and
a half minutes or so and talk about what happens
when somebody does call seven nine to one, fifty seven
seventy three, or what happens when they go to meet
with US now dot com. What can they expect?
Speaker 4 (31:37):
So if the phone rings and you'll get a machine,
because we do this show on the weekend, and so
when you get the machine, do us a favor, leave
a message. Don't worry, it will not disappear into the void.
And when our staff gets in Monday morning, if you
would simply leave the most pertinent information your name, a
callback number, and if you'd like an email address, and
(31:58):
we're going to reach out to you Monday morning and
then set up a fifteen minute phone call. Christy, explain
why we want to spend fifteen to twenty minutes on
the phone.
Speaker 3 (32:09):
Well, the reason why we want to spend fifteen minutes
talking before you come in is we understand that time
is so valuable. We want to make sure that we
can help you accomplish your goals. You know, if you're
in a situation where we're not able to help you,
then we want to make sure that you haven't wasted
(32:30):
your time coming in. We actually want to be able
to refer you in the right direction before you even
come in. Now, if you go to the website meet
with usnow dot com, you can schedule that fifteen minute
phone call on your own. Right now, meet with usnow
dot com. You can expect a fifteen minute phone call
that's literally just going to be talking about you and
(32:53):
your needs and your desires and how we can help.
After that, we're going to schedule a compliment entry visit
for you to come into the office and we're going
to start working on what we call our serve model.
We like to go five levels deep and we like
to know can we help you accomplish your goals? Because
that's what it's about. It's really about helping you accomplish
(33:16):
your goals. We don't have a preset agenda when you
come in. Everyone's needs are completely different and guys, this
is what we do every day and we would love
to be able to do it for you. There is
no cost or obligation, there's no commitment. We simply are
here to help. Give us a call at seven nine
one five seven seven three seven nine one five seven
(33:40):
seven three are go to meet with usnow dot com
and schedule your complimentary fifteen minute phone call.
Speaker 1 (33:47):
Stay with us. Our final segment of Today's Your Money
Matters with Christian Matten. Right after this.
Speaker 5 (33:54):
Is the price tag on everything giving you sticker shock,
from groceries to gas. The cost of living is skyrocketing.
But if you think inflation is painful, now just wait
until you retire. Easy impact of inflation and start planning
now for your retirement. Called Presley Wealth Management at eight
six six three nine oh twelve fifty two. That's eight
(34:16):
six six three, nine oh twelve fifty two.
Speaker 1 (34:22):
Stop for a moment, think about this.
Speaker 4 (34:23):
Do you know how much money in your four oh
one k or ira is actually your money? Although the
government take a bigger chunk than you thought.
Speaker 1 (34:31):
Remember, you still may owe taxes on that money.
Speaker 4 (34:34):
But do you have a plan to help make sure
you don't pay more than you should? At Presley Wealth Management,
we believe you deserve to keep more of what you've earned,
which is why we're here to help you navigate the
confusing world of retirement taxes.
Speaker 1 (34:46):
It's your money. You deserve to know what's at stake.
Speaker 4 (34:49):
Right now, taxes are historically low, but they won't be
this low forever. So call us at seven nine one
five seven seven three. That's seven nine one five seven
seven three. If you work hard for your money, will
work just as hard to help you keep it. Presley
Wealth Management seven nine one five seven seven three.
Speaker 5 (35:07):
Investment advisory services offer through AE Wealth Management, LLSE, a
registered investment advisor. Investing involves risk. Always consult with a
qualified tax advisor before making any decisions. Regarding a roth conversion,
as there may be additional tax considerations. Christy Smith of
Presley Wealth Management wants to advocate for you making sure
(35:28):
you have the retirement you have always wanted. Call eight
sixty six three nine oh twelve fifty two and make
sure Presley Wealth is the right fit for you. You
won't know until you call eight sixty six three nine
oh twelve fifty two.
Speaker 1 (35:45):
Welcome back to your money matters with Christy Smith and
Matt Kennedy of Presley Wealth Management. Christie started the company
back in two thousand and six. I said, now with
hundreds and hundreds and hundreds of people just like you,
trying to help them figure out where they were on
that road to retirement. If you would like to walk
through that problem process, no cost to you. Meet with
usnow dot com, set up that fifteen minute phone call,
or just call them and have a conversation. Two two
(36:07):
five seven nine to one fifty seven seventy three seven
nine to one fifty seven seventy three. I'm Markelly Glader
with us today. We're going to finish up the program
with positive thinking. Now we've been thinking positive, right, how
do you figure out how much income you're going to
need and how does that whole process work, the smart
process at Presley Wealth Management, How does that pertain to me?
Now we're going to talk about how in the world
(36:28):
do you have a happy retirement? So that's what we're
going to do in this final segment, Christy, I'm going
to start with you.
Speaker 4 (36:34):
Hold on, hold on, I need to light some candles
and get the throw pillows out. Yep, we're going to
kick back and now we're better. I made Christy laugh.
You don't always laugh at my stupid jokes.
Speaker 3 (36:44):
Make me laugh.
Speaker 1 (36:45):
So all right, let's go. We've got five tips for
a happy retirement. Christy, where would you start? What's what's
number five?
Speaker 3 (36:52):
Well, lastly, tip number five is focus on your health
now before you retire. Well experienced it recently with Rick's health.
You know he's had some your husband, right, He's had
a few health conditions that have given us a little
scare and he's starting to change how he eats, he's
starting to exercise more. So I think it's I think
(37:14):
the sooner the better you start focusing on your health,
because who wants to retire and be sick? You know,
what we really want to do is retire and live
another twenty five years healthy. You know, we want to
be able to go hike. We want you know, we
want to do the things we really planned on doing
all the years we were working and just weren't able to.
Speaker 4 (37:32):
And a lot of those things you will need to
do in the first ten to fifteen years of retirement
because nature will take over and even if you're healthy,
your joints may keep you from hiking, you know, through
the Mohave Desert.
Speaker 1 (37:43):
Let's just face it. So health matters.
Speaker 3 (37:45):
Well, I'd say focus on your health and that's going
to include getting regular checkups, making sure you're doing all
of your prevention visits at your doctors, and actually listen
to what they have to say.
Speaker 1 (37:56):
Yeah, I hate having to listen to my doctors, but okay,
I'm six yeap better, I guess I better. So yeah,
that makes perfect sense. There's no question. I think, especially Christy,
you can you could, you could, you could agree to this.
I bet is that when Rick is sick or mad
is sick. I mean do we whine? Guys? Oh, that's
all we don't. We don't like not feeling well at all.
That's a good thing.
Speaker 4 (38:16):
My wife isn't on this show every time it's the
same thing. Well you didn't have to see sections.
Speaker 1 (38:21):
Okay, all right? Tip number four for that happy retirement
mad Where are you gonna go with that? One? Number four?
Build new social networks? What was the old song? Who
sang one is the loneliest? Number three? Dog Night? You're right.
Speaker 4 (38:39):
When you stop working, you're gonna lose daily interactions with
co workers. How often is it we ask people you
miss work. I don't miss the work, I miss the people.
So if you aren't replacing your social interactions, you can
get lonely. And I'm gonna go somewhere. Christy stop me
if I'm going too far. But hey, guys, a lot
of you have why maybe that also worked, or they
(39:02):
were at home one of the two and you weren't
around them from say, six am to five or six pm.
Then all of a sudden you retire. You're at home,
you haven't shaved in three days, you're watching gun smoke
at ten thirty am, and she's not used to that.
So you need to find something to do exactly I'm
telling you. I hear this mark, I hear newly retired
(39:22):
spouses say, yeah, he sure is around a lot ladies,
y'all don't do that.
Speaker 1 (39:28):
For some reason, you maintain better social networks. But I
don't care.
Speaker 4 (39:32):
If it's a woodworking class, build you a shop in
the back. Your spouse wasn't used to be you being there.
If I retire tomorrow, and I'm not christy, but if
I did and my wife were at home, she would
throw me out of the house because she couldn't take
me for twelve hours in the middle of the day.
So built some social networks, and as you get older
(39:54):
it becomes even more important. My mom and dad right
now are an independent life, but they're attached to an
assisted living facility. And I did a quick survey. This
is very sad. I asked the staff. I said, for
the assisted living side, how many of these people have
guests that come regularly? Thirty five percent? Leady said, I
(40:15):
would guess thirty five percent. I said, so you mean
you mean sixty five percent of these people they come
on holidays and that's about it. So try to build
a social network. Friends are important, whether it's church, social clubs, whatever.
Speaker 3 (40:27):
Create You might even consider volunteering. That's huge, you know,
to me, the world goes round because of volunteers. Yeah,
and and many of us in our working years don't
have time to spend volunteering. And I'm saying I'm not
saying right in the check. I'm saying, actually helping do
the work. So you might start thinking about what are
some of the organizations are causes that you may want
(40:49):
to help participate in. It's a great way to create
a new social network.
Speaker 1 (40:53):
I like that. I like that. Christy. What's tip number
three for that happy retirement?
Speaker 3 (40:57):
Well, I think tip number three is discuss your plans
with your family. Why is this important? You know? To me,
it's important because you're your family may have other plans
for you. How often do we see Matt clients come
in for their annual checkups and they they tell us
(41:17):
that they're babysitting their grandchildren all the time. They love
babysitting that. I don't want you to think I'm saying
that in a negative way, but what I am saying
is that often we can get put in positions that
maybe we weren't planning on being.
Speaker 1 (41:32):
In Wall Street Journal.
Speaker 4 (41:34):
Article, I believe it was about mid April early April,
the article was about how grandparents are finally pushing back
telling their children two things Number one, I don't have
money to help support you anymore. And number two is
I am not a forty hour a week babysitter.
Speaker 3 (41:54):
Yeah, and that's so important because you may have plans
to volunteer, You may have plans to a lot of
our clients, believe it or not, Mark they want to
start their own little small businesses, like based on like
a hobby that they've looked forward to doing. They want
to travel. We want to travel in retirement. You can't
babysit forty hours a week if you want to travel.
(42:15):
So I think it's really important to have clear expectations
with your family as to what you're wanting to accomplish.
Speaker 1 (42:21):
Yeah. I like that one makes a lot of sense,
no question. My sister's got four daughters who also have
two to four kids themselves. She's a building babysitter. Yeah,
sometimes she has to say sorry, I'm not available. Tip
number two matt for that happy retirement. Structure your days.
Speaker 4 (42:38):
I was joking earlier about sitting around till ten thirty
in the morning, or at ten thirty in the morning
watching gun smoke.
Speaker 1 (42:44):
I do like some Matthew Dillon, But structure.
Speaker 4 (42:47):
Your days, especially if you are a highly organized person,
maybe an engineer or something like that, and you were
going to work and you had a set schedule, plan
your time with activities you enjoy. But having a routine
will make your life much more enjoyable. Unless you're the
type of person that just enjoys spotaneity. But for most
of you, having a routine, even in retirement, is very important.
(43:11):
That doesn't mean you can't sleep in some but just
have a routine. Whether you go for a walk at
a set time, do something with your spouse at a
set time, a routine is important. I find that a
lot of people, Christy, when they first retire, the first
couple of months are like a very long vacation. But
I also tell you, for a lot of guys, a
little bit of like sadness, even a depression can set
in because it's the way we're wired.
Speaker 1 (43:33):
We're wired to provide, me.
Speaker 4 (43:35):
Must go, me must hunt, you know, and so having
a routine will kind of curb that sum.
Speaker 1 (43:41):
The fine old tip for a happy retirement, there's you
can think of all kinds of things that would make
you happy, obviously, but Christy, the number one tip for
what we're talking about right now for a happy retirement
is well.
Speaker 3 (43:52):
I think number one tip is approach retirement like a
new job. Like think about what do you want to
focus on in retirement. Do you want to spend more
time doing a hobby or volunteering or even learning something new.
I think it's really important because that can help energize you.
It can help give you a sense of purpose.
Speaker 4 (44:12):
You know.
Speaker 3 (44:12):
I think about my daughter in law's grandmother. She's in
her eighties, and it's funny because when I talk to
my daughter in law about her grandmother's it always starts
off with me. And she has one tough little cookie
because she's had a knee replacement. She's you know, she's
had health obstacles or challenges that she's had to overcome.
(44:33):
But what I admire so much about her is that
when I'm trying to reach her to schedule a visit,
a strategy session for her to come in and let's
review her plan, we have to literally put it on
her calendar. And the reason we have to schedule it
in her calendar is because she's involved in so many things.
She quilts, she still takes care of her house, she
(44:56):
does go and see her her other daughter that lives
in in Texas. You know, literally, she has a schedule,
and I think it's part of why she's in her
in her eighties and she's doing so well. I think
approach it like a job plan, and I also say
focus on the things you enjoy the most. Listen, we
(45:17):
can help you build this retirement plan for you. This
is what we do every day, and we'd love to
help you. Call us at seven nine one five seven
seven three seven nine one five seven seven three just
to schedule a fifteen minute quick phone call, or go
to meet with usnow dot com. Meet with us now
dot com and schedule the fifteen minute phone call today.
Speaker 2 (45:40):
Presley Wealth Management has a strategic partnership with tax professionals
and attorneys who can provide tax and or legal advice.
Speaker 5 (45:46):
Investment advisory products and services made available through AE Wealth
Management LLC AEWM, a registered investment advisor. Insurance products are
offered through the insurance business the Presley Group. Presley Wealth
Management is an investment advisory practice that offers products and
services through AE Wealth Management LLCAWM, a registered investment advisor.
AWM does not offer insurance products. The insurance products offered
(46:09):
by the Presley Group are not subject to Investment advisor requirements.
AWM and the Presley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial strength and claims paying abilities of the
issuing carrier. This radio show is intended for informational purposes only.
(46:32):
It is not intended to be used as a sole
basis for financial decisions, nor should it be construed as
advice designed to meet the particular needs of an individual situation.
The Presley Group is not permitted to offer, and no
statement made during the show shall constitute tax or legal advice.
Our firm is not affiliated with or endorsed by the
US government or any governmental agency. The information and opinions
contained herein provided by third parties have been obtained from
(46:53):
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group.
Speaker 3 (46:57):
This radio show is a paid placement
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