April 3, 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 online 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 SOB, security system volatility, global turmoil,
interest rates, Rock.
Speaker 2 (00:04):
Dane, Wall Street.
Speaker 1 (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 2 (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. It's what
we do every day.
Speaker 1 (00:40):
The conversation starts now this is your money Matters.
Speaker 4 (00:49):
Welcome to your money Matters. I'm Mark Elliott alongside the
team from Presley Wealth Management. That would be the founder,
Christy Smith, an investment advisor representative with the team Matt
Kennedy here to give us some advice and chat to
us about retirement. Can we retire? But they don't know,
not till we come in and see them. You know,
I think I've got enough. Christy and Matt, but I
don't know. Why don't you find out? You can always
(01:10):
call the team of Presley Wealth Management. They are here
to help guide you if you need that help when
it comes to your retirement. The number is two two
five seven nine to one fifty seven seventy three two
two five seven nine one five seven seven three. You
can always go to the website to find out more
about Christi and Matt and the team Presleywealthmanagement dot com.
Presleywealthmanagement dot com. Of course you just want to chat
(01:33):
with them, you have a you know, fifteen to thirty
minute phone call. Can they help you? Meet with us
now dot com. Meet with us now dot com. Christy, Matt, Welcome.
We're gonna talk about I think something is kind of
kind of cool. It's it's kind of the uh, And
it's whether we were growing up, do we really listen
to our parents and our grandparents for advice or do
we just kind of not? That's you guys are too old.
(01:55):
You don't know what you're talking about. Well, now that
we're older, maybe we will listen to advice. Now we're
talking about retirees giving pre retirees some advice. So I
like that so well, Chrisy, You guys have done this
a long time. You started your company way back in
the day two thousand and six. What kind of practical
tips you know for people that are getting ready to
(02:15):
retire to you think the people you've already helped retire
might be able to give them.
Speaker 3 (02:20):
Well, I think the first the first thing that you
can consider is, you know, looking at your finances and
kind of get your financial house in order. We think
about retirement as you know, we're going to retire and
you know, basically sit on the front porch and rock
and retirement in this day and time really doesn't look
like that. I mean, I even think about myself in
(02:41):
that mix. I think about the things that my husband
and I are doing now that you know, we just
didn't think we would be doing at this point in
our life. We spend a lot of time with our grandchildren.
I walked in the office this morning, I said, Hey,
I didn't do something this weekend that I wanted to
get done because I spent all weekend with my grand kids.
We need to start looking as we prepare for retirement,
(03:04):
we start looking at how do we get our financial
house in order. And one of the things to consider
is looking at your expenses. You know your debt. Do
you have current debt. I've worked with a client for
about four years now and we created his plan, and
believe it or not, he actually could have retired four
years ago, but he didn't because he had some college
(03:28):
loans that his student loans he was trying to pay off.
He wanted to pay for his children's education and so
they had borrowed money to help him get through college.
But it was important for him to pay those loans off.
And so you know, that was for him a big deal.
And we recently met and he's retiring in the next
three months. So I say get your financial house in order,
(03:48):
and that means look at your debt, look at your
monthly expenses, and then think about what do you want
your retirement to look like. Are you going to travel
a lot? Because if you're going to, we need to
add that expense in. If you're going to maybe start
a new job. And when I say a job, a
lot of times it's self employed. People in this day
(04:11):
and time, they think of doing things that they dreamt
of doing for a long time and they actually do
it when they retire. I have another client that does woodworking,
one that does duck calls, you know, and so often
that will take a little money at the very beginning
to get up and running, and we have to plan
for that. And so I think the first step is
(04:33):
is to look at where you are, what do you
want your retirement days to look like, and then get
a plan. I say a plan is more important than
anything because we can plan for the vacations, we can
plan for the new business, you know, expenses, there's things
that we can build into your plan. And you know,
I often talk about test driving your retirement. We'll talk
(04:55):
about that later, but I think that's even a good
thing to do when considering retirement.
Speaker 4 (05:00):
So if you'd like to sit down with the team
at Presley Wealth Management, figure out where you are on
that road to retirement, maybe get a plan. How cooled
i'd be, income, investment, taxes, healthcare, legacy planning, so security,
medicare decisions. There's a lot of moving parts in retirement.
Christy Matt and the team at Presley Wealth are here
to help. Again, it's meet with usnow dot com. Meet
with us now dot com. And you know, Matt, the
I think the challenge for some is some people really
(05:23):
love their job and love their coworkers, and so they
missed the routine, they missed the camaraderie. It's a different
side of life. I guess when we get to retirement,
maybe missing the you know, the challenge and comfort of
having a place to go every day. Right.
Speaker 2 (05:36):
Oh, I agree, And Christy, I know you've run into
this a lot. So I've started playing mostly financial planner,
part psychologists or psycho Well, I guess it would be psychologists,
not psychiatrists, right, although I don't have a degree in psychology.
Here's what we tell people. Don't be surprised if the
first two months of retirement don't feel like a long, wonderful,
(05:57):
well deserved, long overdue vacation. Right, just oh, it's so awesome.
I wake up, my honeydew list is down to one
hundred and thirty seven things. But don't be surprised, and
I say this especially the men. Don't be surprised if
after a couple of months you don't feel some depression
or you don't feel some anxiety. Because for so many years,
(06:18):
you know, you hung around a group of people and
here's the key word, you had purpose. You went to
the job, you completed a project, in the plant, or
you sold some product or whatever the case was, you
had an end result. But retirement doesn't really have an
end result. So be prepared that at first it feels
(06:39):
like vacation, but then you have to settle in. And
I've seen people Christy question their self worth.
Speaker 3 (06:45):
Yeah, and another thing too, is is you got to understand,
for most of you, when you retire, it actually takes
a couple of months often to get things all in order.
Speaker 2 (06:54):
That's the first busy, busy, busy time.
Speaker 4 (06:56):
Right.
Speaker 2 (06:57):
So what I tell people, and what Christy tells people,
and what we're telling you right now is as you
settle into retirement, remember your wife may have had a job,
and you may have had a job. Ladies, you may
have stayed home, he may have worked. Maybe you worked
and he stayed at home. All of a sudden, now
you're in each other's space. Who is this guy that's here?
He used to be gone fifty hours a week, and
(07:18):
now it's ten o'clock in the morning and he's bored
and he's bugging me. Exactly, So you have to maintain
your own separate identity. That's why your friend likes making
duck calls. It's not about the duck calls. He just
needs some alone time, right, and so maintain your separate identity,
maintain some friends. I saw an article, I think it
was Wall Street Journal some months ago that the reason
(07:43):
most old old people shrivel up and fade away and
then die out of sadness is they lose their social connections.
Don't give up your social connections. That's so critical to
easing through retirement. Now, Christy mins and filing for Social Security,
understand that. At Pressly Wealth Management, yes, we help build
(08:05):
an investment portfolio where we make sure that you know,
we manage risk and create income and all of that.
But when it comes to Medicare, when it comes to
social Security, we can put you on the right path.
We can show you how to file your Social Security
without having to sit at the Social Security office for hours.
We can help you shop for Medicare supplement our Medicare
(08:28):
advantage plans. We can walk you through all of that.
That's what we do as part of our full blown
smart retirement plan. Remember our smart plan that's an acronym s.
What are my sources of income? That's your biggest fear.
You're going to stop getting the pitcheck? How do we
replace it? We'll show you sources of income M that
(08:50):
stands for Medicare planning, a advanced planning, things like do
I need a will or a trust? What do I
do about my estate? SMA? Oh yeah, Christy, that's risk
making sure that as you're into retirement, you're not taking
so much risk that a major market downturn wipes out
(09:10):
your income. And then there's T. It's probably the most
important thing. But because the word is smart, T goes
at the end. What does T stand for? Christy?
Speaker 5 (09:18):
Tax planning?
Speaker 2 (09:19):
Yes, and so many of you have never thought about taxes. Oh,
you think about it every day, and you think about
it every year when you file your taxes. But you're
dealing with the taxes in the rearview mirror right when
you file your tax return. What are you thinking about, Folks?
You're thinking about, Oh, darn it, I didn't have enough withheld.
I owe the irs two thousand dollars. You're looking in
(09:40):
the rearview mirror. We want to look through the windshield. Hey,
you're sixty five. What's going to happen when you turn
seventy five and you have to start taking money out
of your iras and you're forced to do it by
law under the required minimum distributions. Your CPA typically doesn't
look ten years down the road. The guy at one
(10:03):
of the big brokerage firms or the gal at one
of the big firms, they're not looking at that. They're
looking at the investments today. We want to look at today,
but we want to look through the windshield, not through
the rear view mirror down the road. What is your plan?
It's all part of our smart plan. You can call
us up, we'll talk at two two five seven nine
(10:24):
one five seven seven three. That's seven nine one five
seven seven three. Or look, make it easier on yourself.
Go to the web and go to meet with usnow
dot com. You'll find little chunks of fifteen minute time.
Pick a time and for fifteen minutes we'll chat on
the phone. You know, how close are you to retiring,
(10:45):
are you already retired? What are your biggest concerns. We
just kind of get the overall picture. Then we work
on a plan and meet to get you to your
ultimate goal, which is a happy, fulfilled retirement. Seven nine
one five seven three.
Speaker 4 (11:01):
Hey, Christy, take a minute to talk about retirees giving
pre retirees advice that is you said, you know, kind
of that trial run boy, don't make the big move.
I'm gonna move, you know, just make that decision right away.
Maybe go live there first before you make that decision,
or the RV. Maybe rent it before you buy it.
Speaker 2 (11:18):
Yeah.
Speaker 5 (11:18):
Absolutely so.
Speaker 3 (11:19):
I've said this for years, and you know, I can
remember ten years ago when I said it first, Matt
looked at me kind of crazy. I think that that
sometimes we have this this preconceived notion in our mind
of what retirement's going to look like. And I think
it's really important that if we're if we're truly going
to consider retiring, we live like we're we're retired before
(11:41):
we actually retire. Now, if your biggest goal in retirement
is travel, maybe you're going to just use what vacation
time you have available, but you need to start looking
at your budget. You need to start living within that
budget to make sure that that's really what you want
to do in retirement. I think test driving your retirement
is extremely important. We'd love to help you build your
(12:03):
smart plan. Give us a call at two two five
seven nine one five seven seven three. This is what
we do every day and we'd love to work with you.
Speaker 4 (12:12):
So glad you're with us today for your money manager
with Christie Smith and Matt Keny Presley Wealth Management. We're
just getting started. A lot more to come right after
this stay with us.
Speaker 6 (12:22):
Worrying 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 Presley
Group dot net. That's the Presleygroup dot net or call
eight sixty six three nine oho twelve fifty two.
Speaker 2 (12:41):
Stop for a moment, think about this. 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. Remember you still 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 more of what you've earned, which is
(13:01):
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
seven 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
(13:22):
keep it. Pressley Wealth Management seven ninet one five seven
seven three.
Speaker 6 (13:26):
Investment advisory services offer through a WEL Management LLSE, a
registered investment advisor. Investing involves risk. Always consult with the
qualified tax advisor before making any decisions regarding a ROD conversion,
as there may be additional tax considerations.
Speaker 5 (13:43):
If this is a.
Speaker 6 (13:44):
Year you've resolved to finally get your finances in order,
Christy Smith and her team can help. Give them a
call today at eight sixty six three nine ozho twelve
fifty two. That's eight sixty six three nine oh twelve
fifty two.
Speaker 4 (14:00):
Welcome back to your money matters with Christy Smith and
Matt Kennedy at Presley Wealth Management. Christie started the company
back in two thousand and six. I'm Mark Kelly. Glad
you're with us again. If you want to sit down
and talk with Christian, Matt and the team at Presley
Wealth about where you are on that road to retirement,
maybe already retired, to you have some questions, meet with
us now dot com meeting with us now dot com.
You can always call two two five seven nine to
(14:21):
one fifty seven seventy three. Two two five seven nine
to one fifty seven seventy three. Hey, Christy, Matt, I
think I've got enough. I think I've got enough. Are
we going to be okay? Don't really know? Why not
find out? I think this could be one of the
more important things that you do. I is talking with
a retirement planning team like Christian Matt at Presley Wealth
two two five seven nine to one fifty seven seventy three.
(14:44):
All right, We're going to talk about something that we've
talked about over the years. We've been doing this show
for a long time, probably seven eight nine years. I
don't even know, but you think about it. We have
talked touched on this subject before, and I think it's
kind of something to bring back. It is kind of interesting,
I think, And that's the the three stages of retirement.
And Matt, I would assume basically everybody goes through these
(15:05):
three stages, right the go go phase, the one they
can't wait for. And you don't know if that's let's
say you're retired at sixty five, are you in the
go go from sixty five to eighty, sixty five to
seventy two, don't know, right, because of health and all
that kind of stuff. But you have the go go phase,
and you have the slow go phase where you can go,
but yeah, I just don't really feel like it. Then
you get to the no go phase where we really
(15:25):
can't go anymore. Talk about the go go there's I
think that's the exciting part of retirement, isn't it.
Speaker 2 (15:32):
It's the exciting part, but I would contend it's also
the most dangerous part. And by danger Christy, I don't
mean to sound negative, but here's what often happened. People
come in, you know, we sit, we talk, and the
couple says, Okay, here's our plan. In two years, we're retiring,
and the good news is we'll only need half the
money we have now to live on. Really, if you've
(15:54):
done a budget, you positively know that. Because one of
the things Christy and I have discovered over the years
is number one, many people, lots of couples underestimate what
they really need to spend in the first eight to
ten years, the go go years of retirement, because number one,
things are more expensive, and number two, we're not our parents.
(16:18):
You know, our parents are like, well, I'm retired now,
I'm onn sit in a rock and chair and make
me a bacon, lettuce and tomato sandwich. That's my dad,
not us, right, We go go and go. Going is expensive, right, Christy.
Speaker 5 (16:30):
Well, it truly is.
Speaker 3 (16:31):
And so when we think about the go go years,
there's several things we really got to think about.
Speaker 5 (16:35):
Number one, where do your children live?
Speaker 3 (16:39):
Because I hear more often than anything, hey, I want
to go spend time with my grandchildren. And what we're
seeing is more and more often our kids are not
living where we are any longer. So we're wanting to
travel more. Not only do we want to travel to
see our grandkids, but we actually want to take our
grandkids on vacation. We want to take our entire family
(17:03):
on vacation. You know, I can remember twenty years ago
when we would talk about the vacations we plan to
take our kids on. My mother in law and father
in law always thought we were kind of crazy. We
would go snow skiing the week after Christmas. You know,
we would do that instead of buying a lot of
junk for Christmas, because making those memories with our family
(17:23):
was more important. What we're hearing now is we're hearing
people want to take their families on vacation. Well, that's expensive,
and they want to pay for it. So not only
do they want to go, but they want to pay
for it. I'm also hearing I want to help pay
for my kids' education. I'm actually are my grandkids education.
(17:44):
I'm actually doing that now. You know, my daughter and
son in law didn't need it, didn't ask for it,
but it certainly was important for me and Rick to contribute.
You know, we want to feel like we're trying to
our grandchildren's future, and so we're doing things differently than
(18:05):
we did twenty thirty years ago. And the go go
years are I hate to say this, but they're they're
more go go than they've ever been. You know, Matt,
you used to hate when I would say you don't
know what you don't know nobody, and you say, Christy,
you sound terrible when you say that. I'm like, mm,
but you don't know what you don't know? And now
(18:26):
you're like, oh, you are so right about that. Well,
I'm saying the go go years are more go going
than they've ever been, and I think it's really important.
Speaker 5 (18:35):
When you're planning your.
Speaker 3 (18:36):
Retirement that you actually build that into your retirement. It's
important to face okay, like, understand what is it we
really want to do, and then build that into your plan,
because if you don't build it into your plan, what
you're gonna find is your plan's going to blow.
Speaker 5 (18:50):
Up because you did more than what you anticipated.
Speaker 4 (18:53):
And Christy, we know that seventy percent of Americans do
not have a retirement plan. Hey we you know, we
created it. We had a four one K at work.
We're lucky enough, maybe have a pension of work. We're
we're doing okay, we can figure this out. And they
don't really so sometimes they're not sure, I can they
take this trip, Can they get that car? They don't
really know, so they play it a little safer because
they don't really have a plan. I think one of
(19:15):
the benefits, especially if you do have big ideas about
traveling and doing things in retirement, the plan that you
walk people through I think is so important because now
you know exactly where you are. And I think sometimes
people think, well, Christy's going to tell us we can't
do it. That's not You're not gonna tell them. We're
gonna say, here's the situation. It's a math problem, basically,
isn't it.
Speaker 3 (19:36):
It truly is, And so for me, you know, helping
people understand that transitioning from working to retirement is it
is a process. You know a lot of times people
will come in they're about to retire, they're really excited,
but yet they've got a lot of decisions to make
and you know, unfortunately taking care of some of those
(20:00):
things can take as long as three months after retirement.
So it truly is a transition, and I would say
it's a six month transition in my mind. You know,
it's a normal time period. But I think building in
in your budget the resources so that you can go
and do the things you dream of doing. If you
(20:22):
want to take your kids and your grandchildren on a vacation,
let's build it into your budget. I think it's important
to talk about what is important to you in retirement
with your spouse or significant other and then build it
into your plan.
Speaker 4 (20:36):
Hey, Christy, what you just said I think is obviously important.
But here's my question for you. Do we have to
wait till we're retire to take our family on a
vacation or do you promote Hey, we don't know what
tomorrow holds. You've always dreamed of taking this trip, because
there was some friends of mine, their parents were having
their fiftieth wedding anniversary and they scheduled they were going
(20:58):
to both turn seventy five same time, and so they
had a huge trip. It was like the German River
Cruise or whatever, that Viking River Cruise or whatever. And
they put it off and put it off because we're
gonna do it on our fiftieth wedding anniversary we both
turned seventy five. They had it all set up, and
a month before they left, she got sick. They never
made it. They never made it, and that's kind of
(21:19):
the challenge. We say, boy, this would be great, and
then we put things off and then all of a
sudden you never get a chance to do it.
Speaker 3 (21:26):
You know, Mark, with going through the experience that I
went through with my sister passing away at fifty, suddenly,
it makes you realize how it's important to live every
day of your life like it's the last day. And
I think it's important that if you really dream of
(21:46):
going on those types of monumental like vacations together as
a family, doing them as soon as possible is important
because once you enter the slogo years, you know, we've
got the go go years, and I really look at
that as it's like a ten year period. But then
we go into the slogo years, and slogo doesn't mean
that you're not going. It just means that you're not
(22:08):
going to go as much. I think putting off things
that you really dream about doing is a terrible mistake
and I learned that lesson a long time ago. My
first motor home was really purchased out of emotions. My
dad said, Honey, does he ask you for much? And
I said no, and he said, well I wish I would.
Speaker 5 (22:30):
Have with your mom. And it made me, oh wow.
Speaker 3 (22:34):
No, I mean it's that's that conversation is embedded in
my mind. So we're going to encourage our clients to,
you know, tell us what their dreams are. Then we're
going to work that into their plan and we're going
to try to encourage them to do it while they can.
You know, it's all really about having a plan, and
that's what we do at Presley Wealth Management is we
(22:55):
work with you. We are a team to build your
smart plan. Give us a call at two two five
seven nine one five seven seven three and schedule a
fifteen minute conversation. That's the first step. And guys, we
do this every day and we'd love to help you.
Speaker 4 (23:12):
There's no cost to you. This is totally free, totally complimentary,
no cost to obligation, no pressure. Seven nine to one
fifty seven seventy three. So we're going to get into
the slogo of the Nogo years because you think, well,
I'm going to spend most of my money in the
no Go years, Well maybe maybe not. Stay with us,
back with more with Christi and Matt. This is your
money matters.
Speaker 6 (23:33):
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
(23:55):
six six three nine oh twelve fifty two.
Speaker 2 (24:00):
Stop for a moment, think about this. Do you know
how much money in your four oh one k or
ira is actually your money?
Speaker 4 (24:07):
All?
Speaker 2 (24:07):
Will the government take a bigger chunk than you thought?
Remember you still 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,
(24:30):
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. Look, you work hard
for your money, will work just as hard to help
you keep it. Pressley Wealth Management seven nine one five
seven seven three.
Speaker 6 (24:45):
Investment advisory services offer through a wealth management LLC 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. Is the price
tag on everything giving you sticker shock from groceries to gas.
(25:05):
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 Presleywealth Management at eight six six three nine oh
twelve fifty two. That's eight six six three nine oh
twelve fifty two.
Speaker 4 (25:28):
Glad you're with us today for your money matters with
Christy Smith and Matt Kennedy at Presley Wealth Management. You
can find out more Presleywealthmanagement dot com. Presleywealthmanagement dot com.
I'll find out about upcoming events, find out more about Christy,
Matt and the team. You can certainly get a lot
of great information on that website if you want to
sit down and talk with them. You just want to
have a conversation. Maybe you want to have a just
start with a phone call. Hey, we got some questions,
(25:50):
got some concerns. What do you guys think it is?
Meetwith usnow dot com? Meet with usnow dot com. I'm
Mark Kelly. Glad you're with us. We're talking about the
three stages of retirement. We will all go through these.
We just don't really know how long we're gonna be
in each one. You got the go go years, you know,
think about the bucket list that you've always dreamed of
being able to do in retirement. Are you gonna be
in that for five years, fifteen years? Maybe it's ten,
(26:13):
maybe it's from sixty five to seventy five. Then you
get into the slogo years. You can still go, you
just don't really want to go as much. You're not
gonna be as active as the go go years. You
can still do things physically, but maybe you're around home more,
maybe you're around the grandkids more. You're more just settled.
Then you get to the no go years and you
really can't go anymore. And I think a lot of
(26:34):
times people think, Okay, we're gonna go take these trips
and those trips, and we're gonna really be active. And
then once we get to the slogo and nogo years, well,
we're not gonna spend hard le any money at all. Then,
because we're not doing anything. That's far from the truth,
isn't it, Matt.
Speaker 2 (26:49):
It's far from the truth. A couple of things happen,
so you slow down some, right, and maybe you've had
some fun, you've spent some money, and you suddenly realize, wait,
hold on a second. You know, we played hard through
our mid to late sixties and early seventies, and all
of a sudden, I noticed, why are my taxes going
(27:11):
up so much? Well, don't forget about our little friend,
mister required minimum distribution. See, when you turn a certain age,
it used to be age seventy and a half. The
law has changed. For most of you listening now the
age is seventy three. And if you were born in
nineteen sixty or later, then your required minimum distribution age
(27:34):
will be age seventy five. So what's the deal. Well,
the government has let you save into four h one
ks and iras for years and years and years. And
what happened when you had that job and you put
your ten twenty thousand and thirty thousand a year in
You got a tax break. You got to write that
off of your income, and you got your tax break. Well,
(27:57):
you know right that when you pull money out of
your iras four A one K, simple irase, set plans, pensions,
et cetera, that money is always taxable. But when you
reach that magic age, let's just use seventy three. Seventy
seventy three is a good age for most of you.
You've slowed down, But now all of a sudden, Uncle
(28:20):
Sam is making you take a required minimum amount. Maybe
let's just say I'm making up a number. You got
two million dollars. Okay, that required minimum will be almost
eighty grand. So maybe you were living on eighty grand
when you were going, but now you're like, ah, life's easy.
We can basically live on Social Security. Praise the Lord.
(28:40):
Our taxes will be lower. And then all of a
sudden you're forced to take out eighty thousand dollars that
you don't need, right, Christy, because you've slowed down. Then
you realize, oh, my goodness, I'm paying as much in
taxes now as I was when I was go going,
or even when I was working. So Christy, what we
see this all the time? People are shocked to realize
(29:02):
that their taxes are probably going to go up when
they're slowing down. How do we tackle that?
Speaker 3 (29:08):
Well, the first thing is is that and I want
to answer that my map, But the thing is is
that I really want to stress. You know, as you
get older and you're in the slogo years, what happens
if one of you passes away in a married couple,
if you have a spouse pass away, and you're being
forced to take that same eighty thousand and a required
minimum distribution.
Speaker 5 (29:30):
Now you're actually.
Speaker 3 (29:31):
Filing taxes as a single person. Versus married file and joint.
So often it is so beneficial for us to sit
down and look at do you need a tax plan
because maybe you know, most people are well, a lot
of people are not familiar with IRMA IRMA penalties for medicare.
(29:53):
You know, I call it mother IRMA because none of
us like mother IRMA and you want to try to
avoid it as as.
Speaker 5 (30:00):
Much as you can.
Speaker 3 (30:01):
But the thing is is that if you're in the
go go years and you're spending some of your money,
is that the time the tax plan. Many people decide, oh,
I want to put it off, yes, and when I'm
spending less, that's what I'm gonna tax plan. But the
reality is is maybe while you are in the first
ten years of your retirement, maybe that's exactly the time
(30:22):
you should consider tax planning because you want to try
to eliminate IRMA as quickly as possible.
Speaker 4 (30:29):
So meet with us now dot com if you'd like
sit down with Christiane Matt and the team at Presley
Wealth Management and talk about this. Meet with us now
dot com. Just set up a time for a fifteen
to thirty minute phone call. Let's have a conversation. They
don't know if they can help you until you reach out.
So it's your opportunity to take advantage of this. It's
complimentary meet with usnow dot com and you think of
the slogo phase moving to the no go phase. Boy
(30:54):
Matt mitched long term care that is super expensive. My
mom went from living in a home, went to the
retirement community assisted living three grand a month. Then last year,
late in the year, she decided, well it's time for
a little unassisted living. She's got diabetes and it's really
hard to control up and down like crazy. So I
went to assist a living. Well that three grand a
month became nine grand a month. I mean, that is
(31:15):
the there's expenses coming all the time. That's what I
think is such a such a challenge that we kind
of Christy what you're talking about. People get from the
go go and now go. I'm not going to spend
as much. I had a buddy of mine retired longtime
insurance agent for a well known company, and he sold
his rental home two years before he retired because he thought, well,
(31:36):
there's an herb attack. I know that, and it's two
years before or he thought it was one. He said,
so if I do it two years, it's not a factor.
I said, well, it's a two year look back. I
mean people that you think would know these things don't know.
You guys come in to help a lot with those
types of things as well.
Speaker 2 (31:51):
What's the old saying, Christy, it's not what you don't
know that hurts you. It's what you think you know
but you really don't know that helps you.
Speaker 5 (32:00):
So I make it sound so much easier. You don't
know what you don't know.
Speaker 2 (32:04):
Mark.
Speaker 3 (32:05):
I have to say that because Matt really hates it
when I say that.
Speaker 2 (32:09):
It's okay. I've learned to love it.
Speaker 4 (32:11):
But I do think that's the challenge. I think we
think we know things, whether it's social scirty decisions, whether
it's medicare decisions, whether it's the you know, the seventy three,
we have to start doing the rm DS whatever. We
think we kind of understand it and we can google it,
but it's not. You guys look and look much deeper
than just the surface of this stuff. Matt. I mean,
you guys go in depth. You need to, as Christy
(32:33):
has said all the time. You want to find out
what do you want to do in retirement? What's your
perfect day? How can we help, and I love to
say this. Our goal is always to start with the
end in mind. You know, it's most firms.
Speaker 2 (32:46):
When you sit down with the average firm on the corner,
it's all about, oh, well, we have these great stocks
or bonds or mutual funds, and we're going to make
you ex percent a year. Great, beautiful. So they're doing
one thing for you, right, they're doing investment planning. Well,
that's twenty percent of what you need when it comes
to retirement. They're buying and selling. We're serving. And there's
(33:10):
a difference because investment planning is one fifth of the
help you need for retirement planning. I mentioned to them earlier,
where are my sources of income? Show me on the
screen what it looks like and how much I can
afford to draw. What does it look like when we're
in our late nineties, do we still have money left? Right?
So it's not just about the investments. And if you're
(33:32):
working with someone and they never have conversations with you,
if you have an advisor and they never have conversations
about tax planning, they never have conversations about estate planning,
they never have conversations about medicare, they never have conversations
about maximizing your income. Then you're paying for investments. Wouldn't
(33:52):
you'd rather have a much more comprehensive approach. It's what
we do. Reach out to us at two two five
five seven seven three, seven nine one fifty seven seventy three,
will holler back at you next week and uh Casey
from the office will call and set up a time
for us to get together or make your own appointment.
(34:13):
We always start with a brief phone call just to
kind of get to know each other. Then we'll set
up a face to face meeting and roll up our
sleeves and get to rolling. Our number is seven nine
one five seven seven three, or online it's meet with
us now dot com. That's meet with us now dot com.
Speaker 4 (34:33):
Glad you're with us today for your money matters with
Christian Matt or with Presley Wealth Management. We're down to
our final segment. I're gonna learn some inside information on
Christian Matt when we come back. Stay with us back
right after this.
Speaker 6 (34:49):
If you only think about taxes once a year, you're
doing it wrong. To get the most out of your
retirement nest Egg. You shouldn't just file your taxes. You
need to plan for them. Call Christy Smith now to
see what tax opportunities you could take advantage of. Eight
sixty six three nine oh twelve fifty two. That's eight
six six three nine oh twelve fifty two.
Speaker 7 (35:14):
It's nice when you can get everything on your list
in one place, isn't it? Christy Smith that the Presley
Group agrees. That's why she offers comprehensive retirement planning all
under one roof. You shouldn't have to go to one
place for information about tax planning, another for estate planning,
and another for retirement income planning. That's why the Presleay
(35:35):
Group was started. Christy Smith wanted to build a company
that could help families with all aspects of their retirement.
The Presleag Group is more than just convenient. They're knowledgeable
and experienced. To set up a meeting with Christy Smith
and her team to talk about your retirement plan all
of it, call eight six six three nine zero twelve
(35:55):
fifty two. That's eight six six three nine zero one
two five two. The Presley Group one stop for a
wealth of retirement solutions. Eight six six three nine zero
twelve fifty two. Investment advisory service is offered through eight
Wealth Management LLC, a registered investment advisor.
Speaker 6 (36:16):
Be smart when it comes to your retirement. Presley Wealth
Management has a smart plan to help you better understand
the process. Set up your no consultation appointment to get
your smart planning in place. Call eight six six three
nine oh twelve fifty two. That's eight six six three
nine oh twelve fifty two.
Speaker 4 (36:36):
Welcome back to your Money Matters with Christy Smith and
Matt Kennedy of Presley Wealth Management. I'm Markkellay Gled're with
us today. Any questions it's two two five seven nine
one fifty seven seventy three seven nine one fifty seven
seventy three, or meet with us now dot com. Set
up your own appointment. Meet with usnow dot com. I'm Markelly.
Glad you're with us. We're gonna have a kind of
(36:56):
a fun segment. I'm gonna ask a couple just generic
retirement questions, one one to Matt, one to Christy because
I think they're important questions, and then we're going to
have some kind of wild questions. We'll get it dig
a little deeper into Christian Matt as well, but as
we wrap up this show, So here's the first one, Matt,
I'll give it to you. And this is one because
I've talked about it before. I mean, I'm gonna be
(37:17):
sixty five medicares right around the corner, but I have
not started SO scurity because I'm still working. And I
think a lot of people look at SO scurity in
a vacuum. Hey, I'm retiring at sixty two, I'm gonna
take SO scurity. I'm gonna retire at sixty five because
I get medicare, so I might as well start SO
scurity then, And they don't really look at it in
the big picture. How should people figure out when and
how to start SO scurity? And I suppose it's even
(37:39):
a little bit more complicated if you're married rather than
a single person.
Speaker 2 (37:42):
Idiots, Well, the rules keep changing, and it seems like
every couple of years the Social Security Administration makes some
changes in a bid to keep Social Security completely solvent.
It may sound incredibly simplistic, but if you're facing retirement
and you're going to go to put food on the
(38:02):
table because maybe you haven't saved a boatload of money,
but taking Social Security, even though you're taking it early,
and you're maybe giving up you know, or you're getting
a smaller amount than you would, say in two or
three years. If you need the money, take it. Honestly,
if you need the money, take it. But one of
the most important things to remember, and this is a
(38:22):
hard and fast rule, Social Security will punish you for
drawing your benefit before your full retirement age. So remember this.
If you were born nineteen sixty or later, your full
retirement age is sixty seven, and there's a sliding scale
before that. Some of you, maybe your full retirement age
is sixty six and a half. Let's say you're going
(38:45):
to retire at sixty five. Well, Christy, right. The beauty
of taking Social Security right at sixty five is that
when you hop all Medicare, then your Part B, which
right now cost about one hundred and seventy bucks a month,
it's easy. That's autumnatic deducted from your Social Security makes
it easy. But what if you're still working at sixty five, Well,
(39:07):
maybe your company is going to make you get on Medicare.
But if you got on Social Security and you earn
more than twenty thousand dollars in a year, the government
is going to rake back a dollar in benefits for
every two dollars that you make over that twenty thousand.
I'm throwing a lot at you right there. Understand, it's
(39:27):
what you don't know that can get you in trouble.
You don't know what you don't know, right, seventy nine
to one, five seven seven three.
Speaker 4 (39:35):
So Christy, when you sit down with a new perspective,
couple for example, or an individual, it doesn't really matter
either way, a widow, widower, married, couple, divorced, whatever, It's
always starts kind of with income, right, I mean the
smart plan and the programming that you walk people through.
You want to know what they want to do and
all of that, but it's always about income. It seems
to start anyway. Do you have enough to maintain your
(39:57):
lifestyle and where's it going to come from? Son? Can
you explain a retirement income plan? How do you go
about creating that?
Speaker 3 (40:04):
Well, the first thing that we do is is we
determine how much income do you need monthly in retirement.
Then we want to factor in a level of inflation
each year to your monthly expenses, because we don't want
your standard of living to go down as you get
older just because we didn't we didn't include inflation. So
(40:25):
we start off looking at how much do you need.
Then we look at where are you going to actually
receive that income. For many people we're going to include
social Security benefits. Maybe it's a husband and wife. We
determine is it going to be a like a spouse,
a spousal benefit or are you going to both draw
on your own social Security benefits? We look at are
(40:48):
there any pension incomes that are going to come in
in retirement. Once we can get that nail down to
fill in the gap, what we're going to do is
is we're going to create certain buckets that are going
to be designed to pay out income. Now, one of
the things that you want to be mindful of is
(41:08):
tax planning because often we're working with people that are
sixty years old and they're retiring and they need health
insurance between sixty and sixty five. So what they want
to do is they typically say most of them know,
they'll say, I want to qualify for that subsidy.
Speaker 5 (41:29):
Well, what are they talking about.
Speaker 3 (41:30):
They're talking about a healthcare of a tax subsidy for
health insurance. That means they need to keep their income down. Well,
if all of their sources of income are coming from
pre taxed environments, often they're not.
Speaker 5 (41:44):
Able to do that.
Speaker 3 (41:45):
So that's why it's important to start building an income
plan early because in building that plan, what we're going
to do is we're going to look at what pools
of money do we have. We may put some into
like a guaranteed income annuity that we will let grow
for a very long time, and then turn on that
guaranteed income at a certain point in their life. Having
(42:08):
a written income plan means where is my income gonna
come from, not only today, but in ten years from now.
Speaker 4 (42:16):
This is where the team at Presley Wealth Management really
can step up and help you. And they're not gonna
tell you have to do this or you have to
do that. You the math kind of tells you, and
now it's your choice. Hey, here's the best options in
this category. Here's the best options over here. It's at
the end of the day, it's your retirement, it's your money,
it's your hopes and dreams. Christian and Matt and the
team of Presley Wealth are here to help. They're kind
of like your personal wealth coach, your own chief financial officer.
(42:38):
If you will meet with usnow dot com, set up
your own fifteen minute phone call there's no cost for
this meet with usnow dot com. All right, just some
random questions. Christy, what was your first car?
Speaker 3 (42:50):
My first car was a B B two ten Hatch
Bet Dotson.
Speaker 2 (42:56):
I thought you were gonna say BMW and I was
gonna punch you.
Speaker 5 (42:59):
No, it was my mom car. She got a Lincoln
and gave me her car.
Speaker 2 (43:02):
Okay, Matt, what about you Fort Fairmont? Oh?
Speaker 4 (43:06):
Wow, it was awesome, but a fancy car.
Speaker 2 (43:08):
It was a piece of garbage.
Speaker 4 (43:11):
Dating exactly. Cake or pie? Oh?
Speaker 2 (43:14):
Absolutely, get me some cake.
Speaker 4 (43:16):
Yeah, I don't.
Speaker 5 (43:17):
I prefer pie.
Speaker 4 (43:18):
Yeah, I figured I don't eat pie. I don't eat
that at all.
Speaker 7 (43:20):
What.
Speaker 2 (43:20):
Yeah, I'm chocolate cake rules cream pie?
Speaker 4 (43:24):
Ice cream is better?
Speaker 2 (43:25):
Yeah?
Speaker 4 (43:26):
All right, final one because we've got two minutes left,
and I would like both of you to answer this
question and you can talk about yourself, but also Presley
Wealth Management. Christy. Most important thing you would like your
clients to know about you and your company?
Speaker 3 (43:41):
Well, the most important thing to me is that we
truly are a company here to serve. And I know
you know that, Mark because you hear us every week
as we prepare for this radio program. But I really
believe that our job here as a company is to
serve the families that we help. That means I want
(44:01):
to know that if we're choosing to work together as
a team, I want to know that my clients are
going to be okay in retirement. I never want to
have the day where we have to say someone ran
out of money. I always want to know what's going
to happen when one of them passes away. Is the
(44:24):
spouse going to be taken care of financially? I want
to know that the children, if it's a goal of
a husband and wife, I want to know that the
children will be able to receive their funds when they're
no longer here. It's really all about serving, and that's
we call this our serve model.
Speaker 5 (44:41):
It's what we do.
Speaker 3 (44:42):
In fact, we have postcards in the office that we
write on that says serve and I guess that's what
I would want people to know about our company well.
Speaker 5 (44:52):
And we serve the community too.
Speaker 2 (44:54):
True.
Speaker 5 (44:54):
That's also important.
Speaker 2 (44:55):
Well for me as an advisor in the company. When
I look across the table, I always see my parents.
I mean, you may not be as old as my parents,
but I always you remember do unto others as you
would do unto your parents, and so I would want
to handle your money as if I were handling my
parents or my own money and my own planning. What
(45:17):
result can we achieve based on always doing what's in
your best interest? Our number is seven nine to one
five seven seventy three. We'd love to serve you also
online at meetwi usnow dot com. Meet with usnow dot com.
Hop on their schedule your fifteen minute one on one
phone consultation.
Speaker 1 (45:41):
Presley Wealth Management has a strategic partnership with tax professionals
and attorneys who can provide tax and or legal advice.
Speaker 6 (45:46):
Investment advisory products and services made available through AE Wealth
Management LLCAEWM, a registered investment advisor. Insurance products are offered
through the insurance business the Presley Group. Presley Wealth Management
is an investment advisory practice as it 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 Pressley Group are not subject to investment advisor requirements.
AWM and the Pressley 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. This radio show is
a paid placement and
When the news is national SOB, security system volatility, global turmoil,
interest rates, Rock.
Speaker 2 (00:04):
Dane, Wall Street.
Speaker 1 (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 2 (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. It's what
we do every day.
Speaker 1 (00:40):
The conversation starts now this is your money Matters.
Speaker 4 (00:49):
Welcome to your money Matters. I'm Mark Elliott alongside the
team from Presley Wealth Management. That would be the founder,
Christy Smith, an investment advisor representative with the team Matt
Kennedy here to give us some advice and chat to
us about retirement. Can we retire? But they don't know,
not till we come in and see them. You know,
I think I've got enough. Christy and Matt, but I
don't know. Why don't you find out? You can always
(01:10):
call the team of Presley Wealth Management. They are here
to help guide you if you need that help when
it comes to your retirement. The number is two two
five seven nine to one fifty seven seventy three two
two five seven nine one five seven seven three. You
can always go to the website to find out more
about Christi and Matt and the team Presleywealthmanagement dot com.
Presleywealthmanagement dot com. Of course you just want to chat
(01:33):
with them, you have a you know, fifteen to thirty
minute phone call. Can they help you? Meet with us
now dot com. Meet with us now dot com. Christy, Matt, Welcome.
We're gonna talk about I think something is kind of
kind of cool. It's it's kind of the uh, And
it's whether we were growing up, do we really listen
to our parents and our grandparents for advice or do
we just kind of not? That's you guys are too old.
(01:55):
You don't know what you're talking about. Well, now that
we're older, maybe we will listen to advice. Now we're
talking about retirees giving pre retirees some advice. So I
like that so well, Chrisy, You guys have done this
a long time. You started your company way back in
the day two thousand and six. What kind of practical
tips you know for people that are getting ready to
(02:15):
retire to you think the people you've already helped retire
might be able to give them.
Speaker 3 (02:20):
Well, I think the first the first thing that you
can consider is, you know, looking at your finances and
kind of get your financial house in order. We think
about retirement as you know, we're going to retire and
you know, basically sit on the front porch and rock
and retirement in this day and time really doesn't look
like that. I mean, I even think about myself in
(02:41):
that mix. I think about the things that my husband
and I are doing now that you know, we just
didn't think we would be doing at this point in
our life. We spend a lot of time with our grandchildren.
I walked in the office this morning, I said, Hey,
I didn't do something this weekend that I wanted to
get done because I spent all weekend with my grand kids.
We need to start looking as we prepare for retirement,
(03:04):
we start looking at how do we get our financial
house in order. And one of the things to consider
is looking at your expenses. You know your debt. Do
you have current debt. I've worked with a client for
about four years now and we created his plan, and
believe it or not, he actually could have retired four
years ago, but he didn't because he had some college
(03:28):
loans that his student loans he was trying to pay off.
He wanted to pay for his children's education and so
they had borrowed money to help him get through college.
But it was important for him to pay those loans off.
And so you know, that was for him a big deal.
And we recently met and he's retiring in the next
three months. So I say get your financial house in order,
(03:48):
and that means look at your debt, look at your
monthly expenses, and then think about what do you want
your retirement to look like. Are you going to travel
a lot? Because if you're going to, we need to
add that expense in. If you're going to maybe start
a new job. And when I say a job, a
lot of times it's self employed. People in this day
(04:11):
and time, they think of doing things that they dreamt
of doing for a long time and they actually do
it when they retire. I have another client that does woodworking,
one that does duck calls, you know, and so often
that will take a little money at the very beginning
to get up and running, and we have to plan
for that. And so I think the first step is
(04:33):
is to look at where you are, what do you
want your retirement days to look like, and then get
a plan. I say a plan is more important than
anything because we can plan for the vacations, we can
plan for the new business, you know, expenses, there's things
that we can build into your plan. And you know,
I often talk about test driving your retirement. We'll talk
(04:55):
about that later, but I think that's even a good
thing to do when considering retirement.
Speaker 4 (05:00):
So if you'd like to sit down with the team
at Presley Wealth Management, figure out where you are on
that road to retirement, maybe get a plan. How cooled
i'd be, income, investment, taxes, healthcare, legacy planning, so security,
medicare decisions. There's a lot of moving parts in retirement.
Christy Matt and the team at Presley Wealth are here
to help. Again, it's meet with usnow dot com. Meet
with us now dot com. And you know, Matt, the
I think the challenge for some is some people really
(05:23):
love their job and love their coworkers, and so they
missed the routine, they missed the camaraderie. It's a different
side of life. I guess when we get to retirement,
maybe missing the you know, the challenge and comfort of
having a place to go every day. Right.
Speaker 2 (05:36):
Oh, I agree, And Christy, I know you've run into
this a lot. So I've started playing mostly financial planner,
part psychologists or psycho Well, I guess it would be psychologists,
not psychiatrists, right, although I don't have a degree in psychology.
Here's what we tell people. Don't be surprised if the
first two months of retirement don't feel like a long, wonderful,
(05:57):
well deserved, long overdue vacation. Right, just oh, it's so awesome.
I wake up, my honeydew list is down to one
hundred and thirty seven things. But don't be surprised, and
I say this especially the men. Don't be surprised if
after a couple of months you don't feel some depression
or you don't feel some anxiety. Because for so many years,
(06:18):
you know, you hung around a group of people and
here's the key word, you had purpose. You went to
the job, you completed a project, in the plant, or
you sold some product or whatever the case was, you
had an end result. But retirement doesn't really have an
end result. So be prepared that at first it feels
(06:39):
like vacation, but then you have to settle in. And
I've seen people Christy question their self worth.
Speaker 3 (06:45):
Yeah, and another thing too, is is you got to understand,
for most of you, when you retire, it actually takes
a couple of months often to get things all in order.
Speaker 2 (06:54):
That's the first busy, busy, busy time.
Speaker 4 (06:56):
Right.
Speaker 2 (06:57):
So what I tell people, and what Christy tells people,
and what we're telling you right now is as you
settle into retirement, remember your wife may have had a job,
and you may have had a job. Ladies, you may
have stayed home, he may have worked. Maybe you worked
and he stayed at home. All of a sudden, now
you're in each other's space. Who is this guy that's here?
He used to be gone fifty hours a week, and
(07:18):
now it's ten o'clock in the morning and he's bored
and he's bugging me. Exactly, So you have to maintain
your own separate identity. That's why your friend likes making
duck calls. It's not about the duck calls. He just
needs some alone time, right, and so maintain your separate identity,
maintain some friends. I saw an article, I think it
was Wall Street Journal some months ago that the reason
(07:43):
most old old people shrivel up and fade away and
then die out of sadness is they lose their social connections.
Don't give up your social connections. That's so critical to
easing through retirement. Now, Christy mins and filing for Social Security,
understand that. At Pressly Wealth Management, yes, we help build
(08:05):
an investment portfolio where we make sure that you know,
we manage risk and create income and all of that.
But when it comes to Medicare, when it comes to
social Security, we can put you on the right path.
We can show you how to file your Social Security
without having to sit at the Social Security office for hours.
We can help you shop for Medicare supplement our Medicare
(08:28):
advantage plans. We can walk you through all of that.
That's what we do as part of our full blown
smart retirement plan. Remember our smart plan that's an acronym s.
What are my sources of income? That's your biggest fear.
You're going to stop getting the pitcheck? How do we
replace it? We'll show you sources of income M that
(08:50):
stands for Medicare planning, a advanced planning, things like do
I need a will or a trust? What do I
do about my estate? SMA? Oh yeah, Christy, that's risk
making sure that as you're into retirement, you're not taking
so much risk that a major market downturn wipes out
(09:10):
your income. And then there's T. It's probably the most
important thing. But because the word is smart, T goes
at the end. What does T stand for? Christy?
Speaker 5 (09:18):
Tax planning?
Speaker 2 (09:19):
Yes, and so many of you have never thought about taxes. Oh,
you think about it every day, and you think about
it every year when you file your taxes. But you're
dealing with the taxes in the rearview mirror right when
you file your tax return. What are you thinking about, Folks?
You're thinking about, Oh, darn it, I didn't have enough withheld.
I owe the irs two thousand dollars. You're looking in
(09:40):
the rearview mirror. We want to look through the windshield. Hey,
you're sixty five. What's going to happen when you turn
seventy five and you have to start taking money out
of your iras and you're forced to do it by
law under the required minimum distributions. Your CPA typically doesn't
look ten years down the road. The guy at one
(10:03):
of the big brokerage firms or the gal at one
of the big firms, they're not looking at that. They're
looking at the investments today. We want to look at today,
but we want to look through the windshield, not through
the rear view mirror down the road. What is your plan?
It's all part of our smart plan. You can call
us up, we'll talk at two two five seven nine
(10:24):
one five seven seven three. That's seven nine one five
seven seven three. Or look, make it easier on yourself.
Go to the web and go to meet with usnow
dot com. You'll find little chunks of fifteen minute time.
Pick a time and for fifteen minutes we'll chat on
the phone. You know, how close are you to retiring,
(10:45):
are you already retired? What are your biggest concerns. We
just kind of get the overall picture. Then we work
on a plan and meet to get you to your
ultimate goal, which is a happy, fulfilled retirement. Seven nine
one five seven three.
Speaker 4 (11:01):
Hey, Christy, take a minute to talk about retirees giving
pre retirees advice that is you said, you know, kind
of that trial run boy, don't make the big move.
I'm gonna move, you know, just make that decision right away.
Maybe go live there first before you make that decision,
or the RV. Maybe rent it before you buy it.
Speaker 2 (11:18):
Yeah.
Speaker 5 (11:18):
Absolutely so.
Speaker 3 (11:19):
I've said this for years, and you know, I can
remember ten years ago when I said it first, Matt
looked at me kind of crazy. I think that that
sometimes we have this this preconceived notion in our mind
of what retirement's going to look like. And I think
it's really important that if we're if we're truly going
to consider retiring, we live like we're we're retired before
(11:41):
we actually retire. Now, if your biggest goal in retirement
is travel, maybe you're going to just use what vacation
time you have available, but you need to start looking
at your budget. You need to start living within that
budget to make sure that that's really what you want
to do in retirement. I think test driving your retirement
is extremely important. We'd love to help you build your
(12:03):
smart plan. Give us a call at two two five
seven nine one five seven seven three. This is what
we do every day and we'd love to work with you.
Speaker 4 (12:12):
So glad you're with us today for your money manager
with Christie Smith and Matt Keny Presley Wealth Management. We're
just getting started. A lot more to come right after
this stay with us.
Speaker 6 (12:22):
Worrying 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 Presley
Group dot net. That's the Presleygroup dot net or call
eight sixty six three nine oho twelve fifty two.
Speaker 2 (12:41):
Stop for a moment, think about this. 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. Remember you still 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 more of what you've earned, which is
(13:01):
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
seven 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
(13:22):
keep it. Pressley Wealth Management seven ninet one five seven
seven three.
Speaker 6 (13:26):
Investment advisory services offer through a WEL Management LLSE, a
registered investment advisor. Investing involves risk. Always consult with the
qualified tax advisor before making any decisions regarding a ROD conversion,
as there may be additional tax considerations.
Speaker 5 (13:43):
If this is a.
Speaker 6 (13:44):
Year you've resolved to finally get your finances in order,
Christy Smith and her team can help. Give them a
call today at eight sixty six three nine ozho twelve
fifty two. That's eight sixty six three nine oh twelve
fifty two.
Speaker 4 (14:00):
Welcome back to your money matters with Christy Smith and
Matt Kennedy at Presley Wealth Management. Christie started the company
back in two thousand and six. I'm Mark Kelly. Glad
you're with us again. If you want to sit down
and talk with Christian, Matt and the team at Presley
Wealth about where you are on that road to retirement,
maybe already retired, to you have some questions, meet with
us now dot com meeting with us now dot com.
You can always call two two five seven nine to
(14:21):
one fifty seven seventy three. Two two five seven nine
to one fifty seven seventy three. Hey, Christy, Matt, I
think I've got enough. I think I've got enough. Are
we going to be okay? Don't really know? Why not
find out? I think this could be one of the
more important things that you do. I is talking with
a retirement planning team like Christian Matt at Presley Wealth
two two five seven nine to one fifty seven seventy three.
(14:44):
All right, We're going to talk about something that we've
talked about over the years. We've been doing this show
for a long time, probably seven eight nine years. I
don't even know, but you think about it. We have
talked touched on this subject before, and I think it's
kind of something to bring back. It is kind of interesting,
I think, And that's the the three stages of retirement.
And Matt, I would assume basically everybody goes through these
(15:05):
three stages, right the go go phase, the one they
can't wait for. And you don't know if that's let's
say you're retired at sixty five, are you in the
go go from sixty five to eighty, sixty five to
seventy two, don't know, right, because of health and all
that kind of stuff. But you have the go go phase,
and you have the slow go phase where you can go,
but yeah, I just don't really feel like it. Then
you get to the no go phase where we really
(15:25):
can't go anymore. Talk about the go go there's I
think that's the exciting part of retirement, isn't it.
Speaker 2 (15:32):
It's the exciting part, but I would contend it's also
the most dangerous part. And by danger Christy, I don't
mean to sound negative, but here's what often happened. People
come in, you know, we sit, we talk, and the
couple says, Okay, here's our plan. In two years, we're retiring,
and the good news is we'll only need half the
money we have now to live on. Really, if you've
(15:54):
done a budget, you positively know that. Because one of
the things Christy and I have discovered over the years
is number one, many people, lots of couples underestimate what
they really need to spend in the first eight to
ten years, the go go years of retirement, because number one,
things are more expensive, and number two, we're not our parents.
(16:18):
You know, our parents are like, well, I'm retired now,
I'm onn sit in a rock and chair and make
me a bacon, lettuce and tomato sandwich. That's my dad,
not us, right, We go go and go. Going is expensive, right, Christy.
Speaker 5 (16:30):
Well, it truly is.
Speaker 3 (16:31):
And so when we think about the go go years,
there's several things we really got to think about.
Speaker 5 (16:35):
Number one, where do your children live?
Speaker 3 (16:39):
Because I hear more often than anything, hey, I want
to go spend time with my grandchildren. And what we're
seeing is more and more often our kids are not
living where we are any longer. So we're wanting to
travel more. Not only do we want to travel to
see our grandkids, but we actually want to take our
grandkids on vacation. We want to take our entire family
(17:03):
on vacation. You know, I can remember twenty years ago
when we would talk about the vacations we plan to
take our kids on. My mother in law and father
in law always thought we were kind of crazy. We
would go snow skiing the week after Christmas. You know,
we would do that instead of buying a lot of
junk for Christmas, because making those memories with our family
(17:23):
was more important. What we're hearing now is we're hearing
people want to take their families on vacation. Well, that's expensive,
and they want to pay for it. So not only
do they want to go, but they want to pay
for it. I'm also hearing I want to help pay
for my kids' education. I'm actually are my grandkids education.
(17:44):
I'm actually doing that now. You know, my daughter and
son in law didn't need it, didn't ask for it,
but it certainly was important for me and Rick to contribute.
You know, we want to feel like we're trying to
our grandchildren's future, and so we're doing things differently than
(18:05):
we did twenty thirty years ago. And the go go
years are I hate to say this, but they're they're
more go go than they've ever been. You know, Matt,
you used to hate when I would say you don't
know what you don't know nobody, and you say, Christy,
you sound terrible when you say that. I'm like, mm,
but you don't know what you don't know? And now
(18:26):
you're like, oh, you are so right about that. Well,
I'm saying the go go years are more go going
than they've ever been, and I think it's really important.
Speaker 5 (18:35):
When you're planning your.
Speaker 3 (18:36):
Retirement that you actually build that into your retirement. It's
important to face okay, like, understand what is it we
really want to do, and then build that into your plan,
because if you don't build it into your plan, what
you're gonna find is your plan's going to blow.
Speaker 5 (18:50):
Up because you did more than what you anticipated.
Speaker 4 (18:53):
And Christy, we know that seventy percent of Americans do
not have a retirement plan. Hey we you know, we
created it. We had a four one K at work.
We're lucky enough, maybe have a pension of work. We're
we're doing okay, we can figure this out. And they
don't really so sometimes they're not sure, I can they
take this trip, Can they get that car? They don't
really know, so they play it a little safer because
they don't really have a plan. I think one of
(19:15):
the benefits, especially if you do have big ideas about
traveling and doing things in retirement, the plan that you
walk people through I think is so important because now
you know exactly where you are. And I think sometimes
people think, well, Christy's going to tell us we can't
do it. That's not You're not gonna tell them. We're
gonna say, here's the situation. It's a math problem, basically,
isn't it.
Speaker 3 (19:36):
It truly is, And so for me, you know, helping
people understand that transitioning from working to retirement is it
is a process. You know a lot of times people
will come in they're about to retire, they're really excited,
but yet they've got a lot of decisions to make
and you know, unfortunately taking care of some of those
(20:00):
things can take as long as three months after retirement.
So it truly is a transition, and I would say
it's a six month transition in my mind. You know,
it's a normal time period. But I think building in
in your budget the resources so that you can go
and do the things you dream of doing. If you
(20:22):
want to take your kids and your grandchildren on a vacation,
let's build it into your budget. I think it's important
to talk about what is important to you in retirement
with your spouse or significant other and then build it
into your plan.
Speaker 4 (20:36):
Hey, Christy, what you just said I think is obviously important.
But here's my question for you. Do we have to
wait till we're retire to take our family on a
vacation or do you promote Hey, we don't know what
tomorrow holds. You've always dreamed of taking this trip, because
there was some friends of mine, their parents were having
their fiftieth wedding anniversary and they scheduled they were going
(20:58):
to both turn seventy five same time, and so they
had a huge trip. It was like the German River
Cruise or whatever, that Viking River Cruise or whatever. And
they put it off and put it off because we're
gonna do it on our fiftieth wedding anniversary we both
turned seventy five. They had it all set up, and
a month before they left, she got sick. They never
made it. They never made it, and that's kind of
(21:19):
the challenge. We say, boy, this would be great, and
then we put things off and then all of a
sudden you never get a chance to do it.
Speaker 3 (21:26):
You know, Mark, with going through the experience that I
went through with my sister passing away at fifty, suddenly,
it makes you realize how it's important to live every
day of your life like it's the last day. And
I think it's important that if you really dream of
(21:46):
going on those types of monumental like vacations together as
a family, doing them as soon as possible is important
because once you enter the slogo years, you know, we've
got the go go years, and I really look at
that as it's like a ten year period. But then
we go into the slogo years, and slogo doesn't mean
that you're not going. It just means that you're not
(22:08):
going to go as much. I think putting off things
that you really dream about doing is a terrible mistake
and I learned that lesson a long time ago. My
first motor home was really purchased out of emotions. My
dad said, Honey, does he ask you for much? And
I said no, and he said, well I wish I would.
Speaker 5 (22:30):
Have with your mom. And it made me, oh wow.
Speaker 3 (22:34):
No, I mean it's that's that conversation is embedded in
my mind. So we're going to encourage our clients to,
you know, tell us what their dreams are. Then we're
going to work that into their plan and we're going
to try to encourage them to do it while they can.
You know, it's all really about having a plan, and
that's what we do at Presley Wealth Management is we
(22:55):
work with you. We are a team to build your
smart plan. Give us a call at two two five
seven nine one five seven seven three and schedule a
fifteen minute conversation. That's the first step. And guys, we
do this every day and we'd love to help you.
Speaker 4 (23:12):
There's no cost to you. This is totally free, totally complimentary,
no cost to obligation, no pressure. Seven nine to one
fifty seven seventy three. So we're going to get into
the slogo of the Nogo years because you think, well,
I'm going to spend most of my money in the
no Go years, Well maybe maybe not. Stay with us,
back with more with Christi and Matt. This is your
money matters.
Speaker 6 (23:33):
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
(23:55):
six six three nine oh twelve fifty two.
Speaker 2 (24:00):
Stop for a moment, think about this. Do you know
how much money in your four oh one k or
ira is actually your money?
Speaker 4 (24:07):
All?
Speaker 2 (24:07):
Will the government take a bigger chunk than you thought?
Remember you still 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,
(24:30):
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. Look, you work hard
for your money, will work just as hard to help
you keep it. Pressley Wealth Management seven nine one five
seven seven three.
Speaker 6 (24:45):
Investment advisory services offer through a wealth management LLC 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. Is the price
tag on everything giving you sticker shock from groceries to gas.
(25:05):
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 Presleywealth Management at eight six six three nine oh
twelve fifty two. That's eight six six three nine oh
twelve fifty two.
Speaker 4 (25:28):
Glad you're with us today for your money matters with
Christy Smith and Matt Kennedy at Presley Wealth Management. You
can find out more Presleywealthmanagement dot com. Presleywealthmanagement dot com.
I'll find out about upcoming events, find out more about Christy,
Matt and the team. You can certainly get a lot
of great information on that website if you want to
sit down and talk with them. You just want to
have a conversation. Maybe you want to have a just
start with a phone call. Hey, we got some questions,
(25:50):
got some concerns. What do you guys think it is?
Meetwith usnow dot com? Meet with usnow dot com. I'm
Mark Kelly. Glad you're with us. We're talking about the
three stages of retirement. We will all go through these.
We just don't really know how long we're gonna be
in each one. You got the go go years, you know,
think about the bucket list that you've always dreamed of
being able to do in retirement. Are you gonna be
in that for five years, fifteen years? Maybe it's ten,
(26:13):
maybe it's from sixty five to seventy five. Then you
get into the slogo years. You can still go, you
just don't really want to go as much. You're not
gonna be as active as the go go years. You
can still do things physically, but maybe you're around home more,
maybe you're around the grandkids more. You're more just settled.
Then you get to the no go years and you
really can't go anymore. And I think a lot of
(26:34):
times people think, Okay, we're gonna go take these trips
and those trips, and we're gonna really be active. And
then once we get to the slogo and nogo years, well,
we're not gonna spend hard le any money at all. Then,
because we're not doing anything. That's far from the truth,
isn't it, Matt.
Speaker 2 (26:49):
It's far from the truth. A couple of things happen,
so you slow down some, right, and maybe you've had
some fun, you've spent some money, and you suddenly realize, wait,
hold on a second. You know, we played hard through
our mid to late sixties and early seventies, and all
of a sudden, I noticed, why are my taxes going
(27:11):
up so much? Well, don't forget about our little friend,
mister required minimum distribution. See, when you turn a certain age,
it used to be age seventy and a half. The
law has changed. For most of you listening now the
age is seventy three. And if you were born in
nineteen sixty or later, then your required minimum distribution age
(27:34):
will be age seventy five. So what's the deal. Well,
the government has let you save into four h one
ks and iras for years and years and years. And
what happened when you had that job and you put
your ten twenty thousand and thirty thousand a year in
You got a tax break. You got to write that
off of your income, and you got your tax break. Well,
(27:57):
you know right that when you pull money out of
your iras four A one K, simple irase, set plans, pensions,
et cetera, that money is always taxable. But when you
reach that magic age, let's just use seventy three. Seventy
seventy three is a good age for most of you.
You've slowed down, But now all of a sudden, Uncle
(28:20):
Sam is making you take a required minimum amount. Maybe
let's just say I'm making up a number. You got
two million dollars. Okay, that required minimum will be almost
eighty grand. So maybe you were living on eighty grand
when you were going, but now you're like, ah, life's easy.
We can basically live on Social Security. Praise the Lord.
(28:40):
Our taxes will be lower. And then all of a
sudden you're forced to take out eighty thousand dollars that
you don't need, right, Christy, because you've slowed down. Then
you realize, oh, my goodness, I'm paying as much in
taxes now as I was when I was go going,
or even when I was working. So Christy, what we
see this all the time? People are shocked to realize
(29:02):
that their taxes are probably going to go up when
they're slowing down. How do we tackle that?
Speaker 3 (29:08):
Well, the first thing is is that and I want
to answer that my map, But the thing is is
that I really want to stress. You know, as you
get older and you're in the slogo years, what happens
if one of you passes away in a married couple,
if you have a spouse pass away, and you're being
forced to take that same eighty thousand and a required
minimum distribution.
Speaker 5 (29:30):
Now you're actually.
Speaker 3 (29:31):
Filing taxes as a single person. Versus married file and joint.
So often it is so beneficial for us to sit
down and look at do you need a tax plan
because maybe you know, most people are well, a lot
of people are not familiar with IRMA IRMA penalties for medicare.
(29:53):
You know, I call it mother IRMA because none of
us like mother IRMA and you want to try to
avoid it as as.
Speaker 5 (30:00):
Much as you can.
Speaker 3 (30:01):
But the thing is is that if you're in the
go go years and you're spending some of your money,
is that the time the tax plan. Many people decide, oh,
I want to put it off, yes, and when I'm
spending less, that's what I'm gonna tax plan. But the
reality is is maybe while you are in the first
ten years of your retirement, maybe that's exactly the time
(30:22):
you should consider tax planning because you want to try
to eliminate IRMA as quickly as possible.
Speaker 4 (30:29):
So meet with us now dot com if you'd like
sit down with Christiane Matt and the team at Presley
Wealth Management and talk about this. Meet with us now
dot com. Just set up a time for a fifteen
to thirty minute phone call. Let's have a conversation. They
don't know if they can help you until you reach out.
So it's your opportunity to take advantage of this. It's
complimentary meet with usnow dot com and you think of
the slogo phase moving to the no go phase. Boy
(30:54):
Matt mitched long term care that is super expensive. My
mom went from living in a home, went to the
retirement community assisted living three grand a month. Then last year,
late in the year, she decided, well it's time for
a little unassisted living. She's got diabetes and it's really
hard to control up and down like crazy. So I
went to assist a living. Well that three grand a
month became nine grand a month. I mean, that is
(31:15):
the there's expenses coming all the time. That's what I
think is such a such a challenge that we kind
of Christy what you're talking about. People get from the
go go and now go. I'm not going to spend
as much. I had a buddy of mine retired longtime
insurance agent for a well known company, and he sold
his rental home two years before he retired because he thought, well,
(31:36):
there's an herb attack. I know that, and it's two
years before or he thought it was one. He said,
so if I do it two years, it's not a factor.
I said, well, it's a two year look back. I
mean people that you think would know these things don't know.
You guys come in to help a lot with those
types of things as well.
Speaker 2 (31:51):
What's the old saying, Christy, it's not what you don't
know that hurts you. It's what you think you know
but you really don't know that helps you.
Speaker 5 (32:00):
So I make it sound so much easier. You don't
know what you don't know.
Speaker 2 (32:04):
Mark.
Speaker 3 (32:05):
I have to say that because Matt really hates it
when I say that.
Speaker 2 (32:09):
It's okay. I've learned to love it.
Speaker 4 (32:11):
But I do think that's the challenge. I think we
think we know things, whether it's social scirty decisions, whether
it's medicare decisions, whether it's the you know, the seventy three,
we have to start doing the rm DS whatever. We
think we kind of understand it and we can google it,
but it's not. You guys look and look much deeper
than just the surface of this stuff. Matt. I mean,
you guys go in depth. You need to, as Christy
(32:33):
has said all the time. You want to find out
what do you want to do in retirement? What's your
perfect day? How can we help, and I love to
say this. Our goal is always to start with the
end in mind. You know, it's most firms.
Speaker 2 (32:46):
When you sit down with the average firm on the corner,
it's all about, oh, well, we have these great stocks
or bonds or mutual funds, and we're going to make
you ex percent a year. Great, beautiful. So they're doing
one thing for you, right, they're doing investment planning. Well,
that's twenty percent of what you need when it comes
to retirement. They're buying and selling. We're serving. And there's
(33:10):
a difference because investment planning is one fifth of the
help you need for retirement planning. I mentioned to them earlier,
where are my sources of income? Show me on the
screen what it looks like and how much I can
afford to draw. What does it look like when we're
in our late nineties, do we still have money left? Right?
So it's not just about the investments. And if you're
(33:32):
working with someone and they never have conversations with you,
if you have an advisor and they never have conversations
about tax planning, they never have conversations about estate planning,
they never have conversations about medicare, they never have conversations
about maximizing your income. Then you're paying for investments. Wouldn't
(33:52):
you'd rather have a much more comprehensive approach. It's what
we do. Reach out to us at two two five
five seven seven three, seven nine one fifty seven seventy three,
will holler back at you next week and uh Casey
from the office will call and set up a time
for us to get together or make your own appointment.
(34:13):
We always start with a brief phone call just to
kind of get to know each other. Then we'll set
up a face to face meeting and roll up our
sleeves and get to rolling. Our number is seven nine
one five seven seven three, or online it's meet with
us now dot com. That's meet with us now dot com.
Speaker 4 (34:33):
Glad you're with us today for your money matters with
Christian Matt or with Presley Wealth Management. We're down to
our final segment. I're gonna learn some inside information on
Christian Matt when we come back. Stay with us back
right after this.
Speaker 6 (34:49):
If you only think about taxes once a year, you're
doing it wrong. To get the most out of your
retirement nest Egg. You shouldn't just file your taxes. You
need to plan for them. Call Christy Smith now to
see what tax opportunities you could take advantage of. Eight
sixty six three nine oh twelve fifty two. That's eight
six six three nine oh twelve fifty two.
Speaker 7 (35:14):
It's nice when you can get everything on your list
in one place, isn't it? Christy Smith that the Presley
Group agrees. That's why she offers comprehensive retirement planning all
under one roof. You shouldn't have to go to one
place for information about tax planning, another for estate planning,
and another for retirement income planning. That's why the Presleay
(35:35):
Group was started. Christy Smith wanted to build a company
that could help families with all aspects of their retirement.
The Presleag Group is more than just convenient. They're knowledgeable
and experienced. To set up a meeting with Christy Smith
and her team to talk about your retirement plan all
of it, call eight six six three nine zero twelve
(35:55):
fifty two. That's eight six six three nine zero one
two five two. The Presley Group one stop for a
wealth of retirement solutions. Eight six six three nine zero
twelve fifty two. Investment advisory service is offered through eight
Wealth Management LLC, a registered investment advisor.
Speaker 6 (36:16):
Be smart when it comes to your retirement. Presley Wealth
Management has a smart plan to help you better understand
the process. Set up your no consultation appointment to get
your smart planning in place. Call eight six six three
nine oh twelve fifty two. That's eight six six three
nine oh twelve fifty two.
Speaker 4 (36:36):
Welcome back to your Money Matters with Christy Smith and
Matt Kennedy of Presley Wealth Management. I'm Markkellay Gled're with
us today. Any questions it's two two five seven nine
one fifty seven seventy three seven nine one fifty seven
seventy three, or meet with us now dot com. Set
up your own appointment. Meet with usnow dot com. I'm Markelly.
Glad you're with us. We're gonna have a kind of
(36:56):
a fun segment. I'm gonna ask a couple just generic
retirement questions, one one to Matt, one to Christy because
I think they're important questions, and then we're going to
have some kind of wild questions. We'll get it dig
a little deeper into Christian Matt as well, but as
we wrap up this show, So here's the first one, Matt,
I'll give it to you. And this is one because
I've talked about it before. I mean, I'm gonna be
(37:17):
sixty five medicares right around the corner, but I have
not started SO scurity because I'm still working. And I
think a lot of people look at SO scurity in
a vacuum. Hey, I'm retiring at sixty two, I'm gonna
take SO scurity. I'm gonna retire at sixty five because
I get medicare, so I might as well start SO
scurity then, And they don't really look at it in
the big picture. How should people figure out when and
how to start SO scurity? And I suppose it's even
(37:39):
a little bit more complicated if you're married rather than
a single person.
Speaker 2 (37:42):
Idiots, Well, the rules keep changing, and it seems like
every couple of years the Social Security Administration makes some
changes in a bid to keep Social Security completely solvent.
It may sound incredibly simplistic, but if you're facing retirement
and you're going to go to put food on the
(38:02):
table because maybe you haven't saved a boatload of money,
but taking Social Security, even though you're taking it early,
and you're maybe giving up you know, or you're getting
a smaller amount than you would, say in two or
three years. If you need the money, take it. Honestly,
if you need the money, take it. But one of
the most important things to remember, and this is a
(38:22):
hard and fast rule, Social Security will punish you for
drawing your benefit before your full retirement age. So remember this.
If you were born nineteen sixty or later, your full
retirement age is sixty seven, and there's a sliding scale
before that. Some of you, maybe your full retirement age
is sixty six and a half. Let's say you're going
(38:45):
to retire at sixty five. Well, Christy, right. The beauty
of taking Social Security right at sixty five is that
when you hop all Medicare, then your Part B, which
right now cost about one hundred and seventy bucks a month,
it's easy. That's autumnatic deducted from your Social Security makes
it easy. But what if you're still working at sixty five, Well,
(39:07):
maybe your company is going to make you get on Medicare.
But if you got on Social Security and you earn
more than twenty thousand dollars in a year, the government
is going to rake back a dollar in benefits for
every two dollars that you make over that twenty thousand.
I'm throwing a lot at you right there. Understand, it's
(39:27):
what you don't know that can get you in trouble.
You don't know what you don't know, right, seventy nine
to one, five seven seven three.
Speaker 4 (39:35):
So Christy, when you sit down with a new perspective,
couple for example, or an individual, it doesn't really matter
either way, a widow, widower, married, couple, divorced, whatever, It's
always starts kind of with income, right, I mean the
smart plan and the programming that you walk people through.
You want to know what they want to do and
all of that, but it's always about income. It seems
to start anyway. Do you have enough to maintain your
(39:57):
lifestyle and where's it going to come from? Son? Can
you explain a retirement income plan? How do you go
about creating that?
Speaker 3 (40:04):
Well, the first thing that we do is is we
determine how much income do you need monthly in retirement.
Then we want to factor in a level of inflation
each year to your monthly expenses, because we don't want
your standard of living to go down as you get
older just because we didn't we didn't include inflation. So
(40:25):
we start off looking at how much do you need.
Then we look at where are you going to actually
receive that income. For many people we're going to include
social Security benefits. Maybe it's a husband and wife. We
determine is it going to be a like a spouse,
a spousal benefit or are you going to both draw
on your own social Security benefits? We look at are
(40:48):
there any pension incomes that are going to come in
in retirement. Once we can get that nail down to
fill in the gap, what we're going to do is
is we're going to create certain buckets that are going
to be designed to pay out income. Now, one of
the things that you want to be mindful of is
(41:08):
tax planning because often we're working with people that are
sixty years old and they're retiring and they need health
insurance between sixty and sixty five. So what they want
to do is they typically say most of them know,
they'll say, I want to qualify for that subsidy.
Speaker 5 (41:29):
Well, what are they talking about.
Speaker 3 (41:30):
They're talking about a healthcare of a tax subsidy for
health insurance. That means they need to keep their income down. Well,
if all of their sources of income are coming from
pre taxed environments, often they're not.
Speaker 5 (41:44):
Able to do that.
Speaker 3 (41:45):
So that's why it's important to start building an income
plan early because in building that plan, what we're going
to do is we're going to look at what pools
of money do we have. We may put some into
like a guaranteed income annuity that we will let grow
for a very long time, and then turn on that
guaranteed income at a certain point in their life. Having
(42:08):
a written income plan means where is my income gonna
come from, not only today, but in ten years from now.
Speaker 4 (42:16):
This is where the team at Presley Wealth Management really
can step up and help you. And they're not gonna
tell you have to do this or you have to
do that. You the math kind of tells you, and
now it's your choice. Hey, here's the best options in
this category. Here's the best options over here. It's at
the end of the day, it's your retirement, it's your money,
it's your hopes and dreams. Christian and Matt and the
team of Presley Wealth are here to help. They're kind
of like your personal wealth coach, your own chief financial officer.
(42:38):
If you will meet with usnow dot com, set up
your own fifteen minute phone call there's no cost for
this meet with usnow dot com. All right, just some
random questions. Christy, what was your first car?
Speaker 3 (42:50):
My first car was a B B two ten Hatch
Bet Dotson.
Speaker 2 (42:56):
I thought you were gonna say BMW and I was
gonna punch you.
Speaker 5 (42:59):
No, it was my mom car. She got a Lincoln
and gave me her car.
Speaker 2 (43:02):
Okay, Matt, what about you Fort Fairmont? Oh?
Speaker 4 (43:06):
Wow, it was awesome, but a fancy car.
Speaker 2 (43:08):
It was a piece of garbage.
Speaker 4 (43:11):
Dating exactly. Cake or pie? Oh?
Speaker 2 (43:14):
Absolutely, get me some cake.
Speaker 4 (43:16):
Yeah, I don't.
Speaker 5 (43:17):
I prefer pie.
Speaker 4 (43:18):
Yeah, I figured I don't eat pie. I don't eat
that at all.
Speaker 7 (43:20):
What.
Speaker 2 (43:20):
Yeah, I'm chocolate cake rules cream pie?
Speaker 4 (43:24):
Ice cream is better?
Speaker 2 (43:25):
Yeah?
Speaker 4 (43:26):
All right, final one because we've got two minutes left,
and I would like both of you to answer this
question and you can talk about yourself, but also Presley
Wealth Management. Christy. Most important thing you would like your
clients to know about you and your company?
Speaker 3 (43:41):
Well, the most important thing to me is that we
truly are a company here to serve. And I know
you know that, Mark because you hear us every week
as we prepare for this radio program. But I really
believe that our job here as a company is to
serve the families that we help. That means I want
(44:01):
to know that if we're choosing to work together as
a team, I want to know that my clients are
going to be okay in retirement. I never want to
have the day where we have to say someone ran
out of money. I always want to know what's going
to happen when one of them passes away. Is the
(44:24):
spouse going to be taken care of financially? I want
to know that the children, if it's a goal of
a husband and wife, I want to know that the
children will be able to receive their funds when they're
no longer here. It's really all about serving, and that's
we call this our serve model.
Speaker 5 (44:41):
It's what we do.
Speaker 3 (44:42):
In fact, we have postcards in the office that we
write on that says serve and I guess that's what
I would want people to know about our company well.
Speaker 5 (44:52):
And we serve the community too.
Speaker 2 (44:54):
True.
Speaker 5 (44:54):
That's also important.
Speaker 2 (44:55):
Well for me as an advisor in the company. When
I look across the table, I always see my parents.
I mean, you may not be as old as my parents,
but I always you remember do unto others as you
would do unto your parents, and so I would want
to handle your money as if I were handling my
parents or my own money and my own planning. What
(45:17):
result can we achieve based on always doing what's in
your best interest? Our number is seven nine to one
five seven seventy three. We'd love to serve you also
online at meetwi usnow dot com. Meet with usnow dot com.
Hop on their schedule your fifteen minute one on one
phone consultation.
Speaker 1 (45:41):
Presley Wealth Management has a strategic partnership with tax professionals
and attorneys who can provide tax and or legal advice.
Speaker 6 (45:46):
Investment advisory products and services made available through AE Wealth
Management LLCAEWM, a registered investment advisor. Insurance products are offered
through the insurance business the Presley Group. Presley Wealth Management
is an investment advisory practice as it 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 Pressley Group are not subject to investment advisor requirements.
AWM and the Pressley 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. This radio show is
a paid placement and
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