July 18, 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.
Speaker 2 (00:01):
SOB, security system molatility, global turmoil, interest rates, rom Dane
Wall Street.
Speaker 3 (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 2 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement. And that's where I believe it's
so important that you do have a full pledge retirement plan.
Speaker 4 (00:30):
And Matt Kennedy, maybe you're thinking, hmm, should I take
Social Security at sixty two, at sixty seven, at seventy
These are things you don't do every day.
Speaker 1 (00:38):
It's what we do every day.
Speaker 3 (00:40):
The conversation starts now this is your money Matters.
Speaker 1 (00:49):
Welcome to your money Matters.
Speaker 5 (00:51):
I'm Mark Elliott here with Matt Kennedy, an investment advisor
representative any certifying a state planning with the team at
Presley Wealth Management, Christy Smith, the founder of Presley. Well,
not here right now might make it in We'll find
out in the next segment, I suppose. But if you
have any questions about where you are on that road
to retirement, can I retire? How does this big Beautiful
bill affect us? A lot going on? That's what we're
going to talk about this morning. But the number to
(01:12):
talk with Matt, Christy and the team at Presley Wealth
is two two five five two three sixty three eighty nine.
No cost to you whatsoever. It's an opportunity for you
to figure out how it's gonna affect you. It's a
great opportunity, no cost. Two two five five two three
sixty three eighty nine. All right, Matt, welcome, glad to
chat with you as I am every week on the program.
Christy may or may not show up here in the
(01:34):
next segment. We'll find out. But the Big Beautiful Bill,
A lot of people think it's a big beautiful bill.
Others not so happy with it. I guess what's your
initial take? I'm sure now you've had time to read
the nine hundred plus pages, all.
Speaker 4 (01:46):
Nine hundred plus pages, absolutely I have.
Speaker 5 (01:49):
Yeah, So what's your take on it? I mean, obviously
it's about the tax rates and brackets staying permanent. Now
we know permanent is with exclamation points, meaning maybe.
Speaker 4 (01:58):
It depends on the next then rest well, listen, you
don't even have to take a political side here, Mark,
you don't have to be pro Trump or anti Trump
to acknowledge that it's the facts. I mean, it's what
Congress passed, and so it's the law, at least for
a while some of it.
Speaker 1 (02:15):
So the BBB, the Big Beautiful.
Speaker 4 (02:17):
Bill, it is really a massive gift for retirees for
a short period of time until the end of twenty
twenty eight. It opens a window for significantly lower taxes,
especially for those of you sixty five plus. So, I
mean there's things in there that some would say are
maybe advantageous or disadvantageous depending on your income level for
(02:41):
those underage sixty five. But as you were telling me
Mark before we started, for you, I'm sixty five, it
makes a huge difference.
Speaker 5 (02:49):
Right, It's right in my wheelhouse because I didn't even
know this, and I'm divorced, so I'm single, which means
I have the fifteen thousand dollars standard deduction, but that
got cranked up to fifteen seven fifty. I didn't even
know what sixty five already had a standard deduction built
in of two thousand. Didn't even know that. I know
that this one put an extra six thousand in there.
So as a single person, my total standard deduction is
(03:10):
basically twenty three thousand, seven hundred and fifty.
Speaker 1 (03:12):
That can make a difference in huge difference. Right.
Speaker 5 (03:15):
Married, if you're over sixty five at both and the
couple are, your standard deduction goes all the way up
to forty six thousand, seven hundred Right.
Speaker 4 (03:22):
I'm gonna do some math when we get a little
deeper into this segment, because if you're sixty five plus married,
filing jointly, and have Social Security, it really makes a
massive impact. More on that in the moment. Let me
walk through the key points from the new tax law.
Number one, you mentioned that the tax brackets of ten percent, twelve,
twenty four to thirty two, thirty five, and thirty seven
(03:43):
those brackets from the twenty seventeen tax cuts. They're now
made permanent permanent needs an asterisk. Next administration can make
them unpermanent, right, but they are considered to be permanent
at this point, which means.
Speaker 1 (03:56):
Congress has to make a new law to change that.
Speaker 4 (03:59):
Right Because had the law not passed then I believe
at the end of this year or next year, at
the end of this year and jobs we were going
to go back to the higher brackets. Okay, and you
mentioned the standard deduction.
Speaker 1 (04:12):
You're right.
Speaker 4 (04:13):
So if you're a married couple filing jointly under the
age of sixty five, your standard deduction thirty thousand. The
new standard deduction thirty one thousand and five hundred, and
that goes into effect retroactive to January first, so it's
in effect for this year.
Speaker 1 (04:30):
Now.
Speaker 4 (04:31):
They're calling it the bonus deduction. Mark, I'm just kind
of recapping what you said. So, if you're sixty five
or older, under the old law, you got the two
thousand dollars extra deduction.
Speaker 5 (04:44):
Yeah, a single but married at sixteen hundred, and then
per person, yeah right, it's thirty two hundred.
Speaker 1 (04:49):
Yeah, and you did the math.
Speaker 4 (04:50):
And so under the new law, this new bonus deduction,
by the way, two caveats, it is higher. It's six
thousand per person, twelve thousand for the married couple filing
joint Now here's something very important. It doesn't take away this.
It doesn't take away what you were getting. So if
the married couple, if you were getting the sixteen hundred,
(05:12):
it's the sixteen hundred plus the six thousand on top
of that, and like Mark, like you said for a
married couple filing jointly, the new total standard deduction if
you're sixty five plus is forty six thousand, seven hundred.
But two things to note two caveats. Number one, this
(05:32):
is only temporary. It expires at the end of twenty
twenty eight, so it's about three and a half years
from now, right.
Speaker 1 (05:39):
And it also is phased out.
Speaker 4 (05:42):
So you mentioned the single deduction mark that begins to
phase out if you earn above seventy five thousand dollars,
and if you're married filing jointly, it phases out when
you earn one hundred and fifty thousand dollars or more.
It begins to fade out. Okay, but let me show
you how powerful it really is for one sixty five
plus who is also drawing Social Security. Many of you
(06:05):
may not be aware, especially if you're not taking your
Social Security yet, but when you begin taking Social Security,
only half of social Security actually counts as income. We
call that provisional income. So mark think about this for
a minute. Married couple filing jointly, let's just say that
their social Security combined is.
Speaker 1 (06:28):
We'll just say it's three thousand bucks a month.
Speaker 4 (06:31):
Okay, well, three thousand times twelve is thirty six thousand dollars.
That's how much Social Security they're bringing in right per year.
But Mark, it's not thirty six thousand dollars for tax purposes,
it's half of that amount. It's eighteen thousand. So let's
say that you've got eighteen thousand of Social Security and
then you're drawing from your retirement savings another eighteen thousand
(06:52):
a year. Do you realize that your income tax Well,
your federal tax rate will now be zero because think
about it, You've got all all of your Social Security,
which is thirty six thousand, but thirty six thousand doesn't
count as taxable income. Only eighteen thousand does. Then you
draw another eighteen thousand from your retirement savings, assuming it's
like an IRA or something, then your what we call
(07:14):
provisional income, it's thirty six thousand. Well, the total deduction
is forty six thousand, seven hundred. So if you're sixty
five plus living on Social Security, your federal taxes will
drop significantly. State taxes in Louisiana at three percent. Mark,
of course, there's no state tax on Social Security. Mark
(07:34):
what this means? And folks, what this means for you
is if you've been thinking about working to get some
of your pre tax money into tax free money, right
roth IRA conversions and a few of the things like that,
it is the time to do it, because Mark, if
you're ten thousand dollars of income below the standard deduction,
(07:57):
you have room to convert a significant amount of money
into tax free money so that later in life you
don't get hit as hard on the required minimum.
Speaker 1 (08:06):
This is a gift.
Speaker 4 (08:08):
The next three and a half years are a gift
even if you're not sixty five plus.
Speaker 1 (08:13):
Just the increase in the standard.
Speaker 4 (08:15):
Deduction alone, and then some of the other things that
they've passed really create an opportunity for you to consider conversions,
converting forever taxable money into forever tax free money. But
if you're sixty five plus, not working and living on
Social Security.
Speaker 1 (08:32):
It may be the optimal time.
Speaker 4 (08:34):
And we can show you with our tax planning software
exactly how much money it would cost you to take
advantage of this law by doing certain kind of conversions,
but also how much it will save you and your
children your legacy in the long run. If you're interested,
reach out to us at two two five five two
three sixty three eighty nine. You can send a text
(08:57):
if you'd like to. If you text the word visit
to that number, we'll give you a call back Monday
and set up a time. Or you can just call
us and leave a voicemail and say, hey, I want
to learn more about the tax code and how I
can help me with my taxes. Two two five five
two three sixty three eighty nine. Two two five, five,
two three six three eight nine. That's the biggie mark.
(09:18):
There's more I'll cover, but that's the biggie.
Speaker 1 (09:20):
Yeah, certainly.
Speaker 5 (09:20):
And we know that the tax rates and the brackets
are now permanent until another administration or another Congress decides
to change that. The standard deduction, the six thousand for those, uh,
that one is expiring, as you said, at the end
of twenty twenty eight. No tax on tips, no tax
on overtime. Those also expire after twenty twenty eight. And
there are dollar amounts with those as well.
Speaker 1 (09:41):
Right.
Speaker 5 (09:42):
Obviously, it did a lot for the border, It did
a lot for the military.
Speaker 6 (09:47):
Uh.
Speaker 1 (09:48):
I guess the overall take for me is.
Speaker 5 (09:49):
That, Okay, the tax things now finalize, which now helps
you and Christy and the team of Pressley Wealth. Try
to figure out how to help people now, because now
you have a you kind of know you have the
next four or five years.
Speaker 1 (09:58):
To do something. It makes a huge difference.
Speaker 4 (10:01):
You mentioned overtime pay, and with this I'll give you
the caveat check with your human resources department. There are
some very specific rules about what actually counts as overtime.
There are very specific definitions of which employees this applies to.
But in the past, obviously overtime pay was tax like
regular pay, drove your income higher, probably drove your taxes higher.
(10:24):
Under the new law, through the end of twenty twenty eight,
you can now deduct up to twelve thousand, five hundred
dollars per taxpayer with overtime. Well, what if you've got
a married couple where one works and the other doesen't
You could still take twenty five thousand as the deduction
even if the other person isn't working. But again, check
with your human resources department. Mark, do you want a
(10:46):
new car?
Speaker 1 (10:47):
How about that? Yeah, how about that? You can now deduct.
Speaker 5 (10:50):
That's through twenty twenty five through twenty twenty eight as well.
Speaker 1 (10:52):
That's correct.
Speaker 4 (10:53):
You can deduct up to ten thousand dollars of interest
on a new car loan. You don't even have to
itemize to do it, because that's always been the thing. Well,
I would take some of these deductions, but I have
to itemize. Not with this, you don't have to itemize,
and you can still deduct ten thousand of interest on
new loans. The caveat there being the car must have
(11:13):
its final assembly in the USA, so check with the dealership.
Here's a biggie charitable contributions. Once upon a time you
could write off your charitable contributions if you itemized, so
a lot of people. Because the standard deduction got bigger
and bigger, people quit itemizing. Now even if you don't itemize,
(11:33):
you can write off one thousand dollars to charity, or
two thousand if you're a married couple filing jointly. Now
that does not start until next year. That does not
go into place for this year. I would be remiss
to not note that it absolutely increases the deficit. It
is more spending with the hope is that by stimulating
the economy, we will help grow ourselves out of the
(11:56):
deficit situation. Mark Only time will tell, but for you,
it's a three and a half year window to make
massive improvements to your future tax burden, especially if you're
at the cusp of or in retirement. Let's show you
how much money it really could put back in your pocket.
Two two five five two three sixty three eighty nine.
(12:18):
Reach out to us UH call, leave a voicemail, or
text the word visit to two two five five two
three sixty three eight nine.
Speaker 5 (12:28):
The state taxes have changed as well. We'll talk about
all of this as we move down the road. Weeks
down the road. Well, we're going to find out new
parts of this thing all the time. So we're just
getting started on your money matters with Christy Smith and
Matt Kennedy more right after this.
Speaker 6 (12:43):
Since twenty fifteen, Christy Smith and Presley Wealth Management have
been committed to creating holistic financial plans. We help clients
with income, investment, medical, tax and legacy planning called two
two five five two three sixty three eighty nine or
visit Presleywealth dot com to see how they can help
(13:04):
you in retirement.
Speaker 2 (13:07):
With chaos on the news and uncertainty in the markets,
are you worried that your retirement savings could be at risk?
Speaker 3 (13:13):
Hi?
Speaker 2 (13:13):
This is Christy Smith with Presley Wealth Management. Tariffs, trade wars,
and a shaky stock market have left many retirees asking
what's next for my financial future. If you've been asking
that question, it's time to take action. Come sit down
with me and my team so that we can review
your financial plan and help make sure that you're prepared
for the challenges ahead. Just call two two five five
(13:36):
two three six three eight nine for a free visit. Together,
we'll create a strategy to help you preserve what you've
worked so hard to build.
Speaker 7 (13:44):
Don't wait.
Speaker 2 (13:45):
Call me Christy Smith at Presley Wealth Management at two
two five five two three six three eight nine to
schedule your visit. There's no cost to meet, but my
calendar is filling up fast. Called two two five five
two three six three.
Speaker 6 (13:59):
An investment advisory services offered through a wealth management LLC
a registered investment advisor. Text Book to two two five
five two three six three eight nine to get an
instant download of chapter one of Christy Smith's book, Unlock
Your Smart Plan. That's book to two two five five
(14:22):
two three sixty three eighty nine.
Speaker 5 (14:27):
Welcome back to your Money Matters with Christy Smith and
Matt Kennedy Oppressley wealth Management. I'm Mark Elat. You can
always get ahold of the team if you have questions,
you have concerns. It is two two five five two
three sixty three eighty nine. Two two five five two
three sixty three eighty nine. You know, while you're working,
you know you're gonna get paid once a month, every
two weeks. Maybe you get paid every week, but everybody
(14:49):
has a system, right, you know when your paycheck is
coming in. Well, once you retire, now where's your money
gonna come from? So Scurty certainly could be one of
those pension if you're lucky enough to have one of those.
But really it's about having that dependable income to kind
of ease some stress. Christy, how important is it to
have dependable income sources for today's retirees.
Speaker 7 (15:11):
Well, I think it's extremely important.
Speaker 2 (15:14):
You know, what we're seeing is we're seeing pension payments
go away. You know, people are not retiring now with
a guaranteed pension payment like in the old days. You know,
in the old days, we would have pension payments and
Social Security, and most people didn't live the way retirees
are living now. They lived within that income range. What
(15:38):
we're seeing now is people retire and really want to
live the same way that they did while they were working.
So it's extremely important to create a reliable income stream
to go along with your Social Security benefits. That's part
of an income plan, and it's why having an income
plan is so important because you don't want that income
(16:00):
to change when market conditions change. You want that income
to continue coming in. And I can tell you if
we had a difference in income for you know, our
clients of even choose three hundred dollars a month, they
would call worrying. But they don't experience that because we've
created a real income plan. And I would even argue
(16:23):
it's good to have that income plan in writing. But
we're seeing rising costs with inflation. It costs more to
go to the grocery store, it costs more for your
car insurance, your home insurance, everything is costing more. So
having a reliable income plan that even would account for inflation,
(16:44):
meaning let's let your income go up as you get
older in retirement to compensate for the higher out of
pocket expenses is extremely important.
Speaker 4 (16:54):
Let me tell you what an income plan is, not Christy.
Sometimes it's better to explain what something is by explaining
what it is not. And so an income plan is
not your investments. We say this a lot. Well, I
have my investments, and i need to withdraw a certain
amount every month, and I've got a perfect sixty forty
stock bond mix, and so I'm in good shape. Here's
(17:16):
when that will blow up in your face. I remember
when I've met Christy in late two thousand and seven
and begin working here in a training under Christy in
two thousand and eight. The average person who came to
see you, who was in tears, who said, you know,
our retirement is not going as planned because our person,
(17:37):
our guy, says we have to draw a lot less money,
and so we don't risk running out of money. They
had investments, and they followed something called the four percent rule.
Some of you may have heard of that. It's a
very popular rule in retirement planning. You take your portfolio,
you should be able to take out four percent a year,
and you should be able to adjust for three percent inflation.
(17:57):
You have five hundred thousand dollars. What's four percent of
five hundred thousand. It's twenty grand, So you should be
able to withdraw twenty thousand a year and not risk
running out of retirement. That works great unless you retire
when things go bad. And in two thousand and eight,
the person with half a million dollars saw their portfolio
(18:17):
drop to three hundred thousand. Well, if you need twenty
thousand from three hundred thousand, I'm going to use some Erwinville.
Speaker 7 (18:24):
You taking a lot more than four percent.
Speaker 4 (18:25):
That ain't four percent, and so you're violating the four
percent rule and you risk running out of money. Your
investments aren't your income. At Presley Wealth Management, when we
build out our smart plan, we're looking at sources of income,
but we're also looking at risk, and we want to
reduce the highs and the lows. We want to smooth
out your investment highs and lows, and when the market's good,
(18:50):
we may draw from the market. When the market turns sour,
we're going to have investments set up that didn't take
losses in the market, and we can draw from those
to supplement the income. That's the peace of mind that
you get from having an income plan. Does it mean
that it always works out perfectly and you don't have
market highs, market lows or curveballs like you mentioned the
last segment, Christy thrown at you. No curveballs happen, but
(19:13):
the goal is to not have to radically alter your lifestyle.
I keep stressing this because there's this psychological thing called
recency bias, Christy, where humans tend to focus on what
happened recently and view that as the future. It was
a long time ago that we had a two thousand
and eight market disaster. I'm not saying it's going to happen,
(19:35):
but if it did, how much income would you have
to reduce? How much most of you were asking the question,
do I have enough to create the income I need
to live on? But how would a bad market downturn
impact your income? Don't be a victim like I saw
in eight and nine who people thought their investments were
(19:56):
their income. Sorry, Christy, I'm getting kind of passionate here,
but I just people get hung up on what has
happened recently, and the market's been pretty good, it's been
very stable. If that falls apart, right when you retire
and all you have or investments, you saw the outcome.
Speaker 7 (20:12):
Yeah, we absolutely didn't.
Speaker 2 (20:13):
And it actually happened in my own family situation with
my dad. You know, we just can't stress enough the
importance of having an income plan, and it's why we
focus at Presley Wealth Management on creating a complete, holistic
smart plan that's going to include your income plan, your
investment plan, risk planning, estate planning, tax planning, and medical planning.
(20:35):
You know it's funny how and people will often ask
me in the office, Mark, why do you cover all
five of those areas? And I say, because anything goes
wrong in one of them, it can affect the other.
Speaker 1 (20:46):
They're all in a relation.
Speaker 7 (20:47):
They're all inter.
Speaker 2 (20:47):
Related because when to make sure and create a complete
holistic plan.
Speaker 4 (20:51):
For example, if you have too much risk and you
lose too much money, that in turn blows up your income,
so now you're ho veruses of income have been messed up.
You can't live in a vacuum. One affects and impacts
the other. We're not doom and glooming. Look, I think
long term, you close your eyes, in ten years from now,
the stock market will be higher. But if you retire
(21:14):
when it's going through some painful times, it will radically
alter your retirement. It could change your dreams, it could
change your plans.
Speaker 1 (21:24):
Have a plan, Christy.
Speaker 5 (21:26):
Since we've been doing this show, it's always been the
number one fear of most retirees is the fear of
outliving their money.
Speaker 1 (21:30):
Is that still a major concern?
Speaker 2 (21:32):
It is a major concern, you know, for us, I
think it's the number one concern when people walk in
the door. As advisors, we see for most of our clients,
tax planning should be the number one concern, but outliving
their income actually is their number one concern.
Speaker 4 (21:48):
I want you to think about this for a moment.
If you have a million dollars of IRA or four
to one K money, and you say, well, I'm going
to take out four percent to live on that means
forty thousand. But after you pay Uncle Sam, how much
is left in your pocket?
Speaker 1 (22:02):
Now? What if you had a million dollars that was
tax free?
Speaker 4 (22:05):
You could take out forty thousand and spend forty Tax
planning is grossly underrated Baby boomers. I'm sorry most of
you were lied to. You were told save your money
pre tax because if my money goes in pre tax,
I get my tax break while my income is higher,
and I'll always pay lower taxes in retirement. I can't
tell you the number of people that we meet with
(22:27):
and we show them as part of our tax planning.
Speaker 1 (22:30):
Yes, if you retire at sixty five, your taxes are lower.
Speaker 4 (22:34):
But down the road when you're seventy three, seventy four,
seventy five and the government forces you to start taking
out money. We often see cases where by the late
seventies someone's paying more in projected taxes then than they
paid while working.
Speaker 5 (22:51):
So if people are worried about whether their current retirement
income will last as long as they do, what's your suggestion,
what's your advice?
Speaker 2 (22:59):
Well, my advice is give us a call and schedule
a uh AN appointment to come in and meet with
us and let us work on building a complete smart plan.
And I would say, know what you plan to spend, Yes,
that's coreat in retirement before you come even see us,
because you'd be surprised. Mark how many people come in
to meet with us and we when we get to
how much do you think you're going to need to
(23:20):
live on in retirement? How many of them don't know
that answer. This is what we do every day, and
we'd love to help you.
Speaker 5 (23:27):
It is two two five five two three sixty three
eighty nine. Two two five five two three sixty three
eighty nine. So we're going to talk more about creating
dependable retirement income. When we come back right here on
your money Matters with Christine Matt.
Speaker 6 (23:44):
Text visit to two two five five two three sixty
three eighty nine to set up your complimentary meeting with
the Presley Wealth Management team. That's visit to two two
five five two three six three eight nine.
Speaker 1 (24:00):
A quarter twenty five cents. That's hardly anything.
Speaker 4 (24:03):
Right ah, But at Presley Wealth Management we see quarters
a little differently. A quarter is a lot when it's
a quarter of your retirement savings. So do you want
to pay twenty five percent or more in taxes during
your retirement? At Presley Wealth we help create a plan
to help you address taxation. If the only time you
think about taxes is when you file them, you don't
(24:23):
have a tax strategy, but it's not too late to
get one. Act now to make sure you're not paying
a quarter, dime, or even a penny more than you should,
call Christy and the team at Presley Wealth Management at
five two three sixty three eighty nine.
Speaker 1 (24:36):
That's two two five five two three six three.
Speaker 4 (24:39):
Eight nine to schedule your personalized tax strategy session. A
quarter saved as a quarter earned so called two two
five five two three sixty three eight nine. That's two
two five five two three six.
Speaker 1 (24:51):
Three eight nine.
Speaker 6 (24:52):
Investment advisory services offered.
Speaker 7 (24:53):
Through a wealth management LLC.
Speaker 6 (24:56):
A registered investment advisor firm may not give tax advice.
You listen to Christy Smith and Matt Kennedy on the radio,
Now go in and talk with them in person.
Speaker 7 (25:06):
Let them help you retire with confidence.
Speaker 6 (25:09):
Two two five five two three six three eight nine.
Or go online to Presleywealthmanagement dot com.
Speaker 5 (25:18):
Lady with us today for your money matters with Christy
Smith and Matt Kennedy at Presley Wealth Management. I'm Mark Elliott.
You can always go to the website to learn more
Presleywealthmanagement dot Com. Find out more about Christy, Matt and
the team. There's some great information there. Find out about events,
find out maybe an even set up. You can set
up your own appoyment there as well. We're talking about
retirement income. That's going to be there, dependable, it's going
to be there for as long as you live. And Christy,
(25:38):
you said one of the challenges most people aren't really
sure about how much they need. So when they come
in to talk with you for the first time and
you say, hey, how much do you think you're going
to need to live on?
Speaker 1 (25:48):
Well, I'm not really sure. How do you help them
figure that out?
Speaker 5 (25:51):
Because there is a way to I would think to
figure that out that's not super complicated.
Speaker 2 (25:55):
Well, typically we'll start off with a budget template. You know,
we we've got inside of our retirement income planning software,
we've got a budget template. And the crazy thing is
is that it's such a good template. People come back
when they've completed and they say there's so many things
on there that they had not even considered in retirement.
(26:17):
And so it's a great example. But I think a
budget template is where to start. The second thing I
would recommend is go back in your checkbook, are your
credit cards, and look and see where you're actually spending
your money.
Speaker 4 (26:27):
Now, hey, look, some people are budget doers. The engineers
who walk in the door, they bring a spreadsheet. One
guy brought his spreadsheet on double legal paper. He's taped
it all together. He's very proud. He covered up my
entire conference room table. But it was a thing of beauty.
And the guy knew exactly how much money he needed
to live on. He just didn't know how to generate
(26:49):
that money in a way that would give him stable income.
People often asked do we or do I have enough?
I think that's the number one question, do I have enough?
The thing is the answer for your next door neighbor
and the answer for you are different. You guys may
have exactly the same amount of money saved, but how
you will spend, what the goal and the dream is
(27:13):
matters person to person to person. That's why we don't
do rubber stamp plans here. Everybody has a plan uniquely
designed for their situation. But the number one thing to
remember is the closer you're getting to retiring, and when
you're first in retirement, is make sure you have your
risk under control, that you've developed a clear budget. And Christy,
(27:36):
I know you'd like to tell people and I agree.
In April in our office says the same thing to clients,
prospective clients, if you have a chance, test drive your
budget in retirement.
Speaker 1 (27:47):
Yeah.
Speaker 2 (27:47):
I mean, how many of you would go and buy
a new vehicle without ever driving it.
Speaker 7 (27:52):
Not many.
Speaker 2 (27:53):
Most people want to drive it and see how it feels,
make sure they'd like it. For me, it makes sense
to test or eye your retirement. You know, a year
before you retire, start living as if you're already retired
financially because because you may be making more than you need,
just save it. But if you can do that, even
(28:15):
after a six month period, you should see a good
trend and how things are going to go and can
you be comfortable in retirement. The second thing is is
I would say, make sure you have reliable sources of income.
You know, let's let's look at your Social Security benefits.
Are you going to have any pensions? Do you have
(28:35):
any annuities that are going to provide guaranteed income? Is
that income going to be provided for both you and
a spouse or is it over just your life expectancy?
We typically want to know is it going to cover
both of your life expectancies? You know, I think the
biggest thing is knowing how much you need to spend
(28:56):
and then knowing where you're going to get that.
Speaker 5 (28:58):
Matt at the end of the day, I guess, really,
I would think this is the one of the bigger
parts his income, Right. That's kind of where the smart
process starts. How do you help your clients then evaluate
their current situation and figure out if there are already
potential income gaps.
Speaker 4 (29:13):
As simplistic as it sounds when we think of it
as if we're building a house. So while you're working,
you're just working, and you know you're paying the bills.
But when you get ready to retire, we're going to
build a house. I've said before. My dad is a
retired preacher. He was also an amazing carpenter. My dad
could envision it and build anything. I grew up in
Erwinville and when my dad got ready to build Faith
(29:37):
Church on Highway one ninety Christy, when Dad said we're
going to build a church, he meant he was going
to build the church. He meant he was going to
build the church. And I never will forget. He would
have all the lumber delivered and there's a board scattered
everywhere and they're framing up a foundation. And I'm like, Dad,
how do you know how to do this? You don't
have a degree, you don't do you know, you're not
a draftsman. And he said, I can see it right here,
(29:59):
and he would tap the temple of his head so
he could see the end plan. Well, we see the
end plan for people who are planning retirement, and it's
kind of like my dad's church. You want to have
a roof. You want to have some walls and you
want to have a floor, and we all know you
build the roof first, right Christy, No, you build the foundation.
So what we want to find out from you is
(30:20):
what are your guaranteed sources of income? Social Security? Now
that weapon GPO are gone, that has helped a lot
of you. So social security do you have one? Do
you have two? Social securities? What about pensions? Should you
take it lump some? Should you take it as payments?
How will you set that up? Will your spouse continue
getting the same amount, will he or she get half?
(30:43):
What are your needs in that situation? And if your
income comes up short, how do we use the tools
to make sure that, no matter what happens in the market,
your income is your foundation. Because if your roof, with
your higher risk stocks and your wall, which would be
in the market, but they would be tactically managed to
(31:03):
adjust for risk, if that money goes down in bad times,
we want the Florida stay there. We don't want foundation failure.
We don't want to have a foundation repair company have
to swoop in and rescue your house because if that's
the case, things have gotten really, really bad. So it's
roof its walls, it's floor. How much goes in each
(31:24):
place from your portfolio depends on what your needs are.
But I mean that sounds overly simplistic, Christy, but it's
it's all designed to do two things, reduce market risk
and keep the income flowing no matter the circumstances.
Speaker 1 (31:40):
That really is it right?
Speaker 2 (31:42):
Absolutely, there is no retirement without retirement income.
Speaker 5 (31:46):
Why don't you guys take the final couple two and
a half minutes or so and talk about what happens
when somebody does call two two five five two three
sixty three eighty nine, or what happens when they go
to meet with us now dot com.
Speaker 1 (31:59):
What can they expect?
Speaker 4 (32:00):
So if the phone rings and you'll get a machine,
because we do this show on the weekend. And so
when you get the machine, do us a favor, leave
a message. Don't worry, it will not disappear into the void.
And when our staff gets in Monday morning, if you
would simply leave the most pertinent information your name, a
callback number, and if you'd like an email address, and
(32:22):
we're going to reach out to you Monday morning and
then set up a fifteen minute phone call. Christy, explain
why we want to spend fifteen to twenty minutes on
the phone.
Speaker 2 (32:34):
Well, the reason why we want to spend fifteen minutes
talking before you come in is we understand that time
is so valuable. We want to make sure that we
can help you accomplish your goals. You know, if you're
in a situation where we're not able to help you,
then we want to make sure that you haven't wasted
(32:56):
your time coming in. We actually want to be able
to refer you in the right direction before you even
come in. Now, if you go to the website meet
with usnow dot com, you can schedule that fifteen minute
phone call on your own right now meet with usnow
dot com. You can expect a fifteen minute phone call
that's literally just going to be talking about you and
(33:20):
your needs and your desires and how we can help.
After that, we're going to schedule a complimentary visit for
you to come into the office and we're going to
start working on what we call our serve model. We
like to go five levels deep and we like to
know can we help you accomplish your goals because that's
what it's about. It's really about helping you accomplish your goals.
(33:44):
We don't have a preset agenda when you come in.
Everyone's needs are completely different and guys, this is what
we do every day and we would love to be
able to do it for you. There is no cost
or obligation, there's no commit mit. We simply are here
to help. Go to meet with usnow dot com and
(34:05):
schedule your complementary fifteen minute phone call.
Speaker 5 (34:09):
It is two two five five two three sixty three
eighty nine. Two two five five two three sixty three
eighty nine. Stay with us our final segment of Today's
Your Money Matters with Christian Matt Right after this.
Speaker 6 (34:24):
Text book to two two five five two three six
three eight nine to get an instant download of chapter
one of Christy Smith's book, Unlock Your Smart Plan. That's
book to two two five five two three sixty three
eighty nine.
Speaker 2 (34:43):
With pay us on the news and uncertainty in the markets?
Are you worried that your retirement savings could be at risk? Hi,
this is Christy Smith with Presley Wealth Management. Tariffs, trade
wars and a shaky stock market have left many retirees
asking what's next for my financial future? If you've been
asking that question, it's time to take action. Come sit
(35:03):
down with me and my team so that we can
review your financial plan and help make sure that you're
prepared for the challenges ahead. Just call two two five
five two three six three eight nine for a free visit. Together,
we'll create a strategy to help you preserve what you've
worked so hard to build.
Speaker 7 (35:20):
Don't wait.
Speaker 2 (35:21):
Call me Christy Smith at Presley Wealth Management at two
two five five two three six three eight nine to
schedule your visit. There's no cost to meet, but my
calendar is filling up fast. Called two two five five
two three six three eight nine.
Speaker 6 (35:36):
Investment Advisory services offered through AE Wealth Management LLC, a
registered investment advisor. Texts visit to two two five five
two three sixty three eighty nine to set up your
complimentary meeting with the Presley Wealth Management team. That's a
visit to two two five five two three six three
(35:59):
eight nine.
Speaker 5 (36:01):
Glad you're with us today for your buddy matters with
Christy Smith and Matt Kennedy of Presley Wealth Management. If
you'd like to chat with the team, you certainly can.
Just text the word visit to two two five five
two three sixty three eighty nine. Visit to two, two, five, five, three,
sixty three, eighty nine. And then you'll set up a
time to have a fifteen minute, twenty minute phone call
with the team. Maybe you'll say, you know what, really
(36:23):
we're getting closer to retirement. We'll just soon come in
and have a conversation with you. We can set that
up as well, So a great opportunity for I'm mar
Kelly Glader with us. We're gonna finish up the show
with a little mailbag segment. Christy and Maggit questions people
all the time. Might be in the grocery store line
and they're like, wow, that's a good question. We had
to use that one on a radio show. So we've
got to create this mail bag, a hodgepodge of questions,
and they're all over the place. But I always say
(36:43):
this when we do this segment, because for Christy and
Matt to give you the entire answer that you're looking for,
you have to be able to sit down with them
because they're gonna have follow up questions. You're gonna have
follow up questions. So our first question comes from Ben
and Denham Springs. And here's the deal. Ben, Christy and
Matt don't know from your question. They don't know how
old you are, they don't know kind of money you have,
(37:04):
They're not sure what your hopes and dreams are for retirement.
There's just a lot more than goes into it. But
they're going to do their best answer the question in
a general way in this segment, so we always enjoy this.
Speaker 1 (37:14):
So Christy, you're up. This comes from Ben and Denham Springs. Guys.
Speaker 5 (37:18):
I've had a steady corporate job for thirty five years
and my wife has top piano lessons since we were
married in the early eighties. Her job helped us pay
for groceries and gave us some extra money to put
away for the future. But she does not have a
job with a four to oh one K or insurance benefits.
How can I make sure she'll be okay if something
happens to me?
Speaker 2 (37:36):
Well, the first thing you want to do is is
look at your current four to oh one K and
make sure that your wife is listed as your primary beneficiary.
You also want to look at any life insurance contracts
you have make sure she is the primary beneficiary, because
you know accounts that have beneficiary designations aren't going to
go through secession in Louisiana, So you want to make
(37:57):
sure you have that set up properly, you know. The
second thing you might consider doing is looking at insurance.
What type of insurance. Well, you might consider either a
life insurance contract or even an annuity contract. You know,
an annuity can provide guaranteed income if something should happen
to you, if you've chosen the right plan. All contracts
(38:19):
are not identical, but you do have options. Been The
first thing I would do, though, is make sure your
wife is listed as your primary beneficiary. But if you'd
like to sit down with us to discuss your exact
situation and see are there ways that we can help you,
just text two two five, five, two three, six, three
eight nine, text the word visit and we'll get back
(38:41):
in touch with you and schedule a visit as soon
as possible.
Speaker 5 (38:45):
All right, nice, All right, Next question, Matt, this one's
for you. This is Shelley and Baton Rouge. We weren't
planning on leaving much for our kids after we passed,
but now that our first grandchild has been born, we've
changed our minds. And then Shelley has a little in parentheses.
We should have had the grand kids first.
Speaker 7 (39:00):
I always say that.
Speaker 5 (39:02):
So Shelley says, is there a way for us to
leave them h a little something after we're gone?
Speaker 6 (39:08):
Yeah?
Speaker 4 (39:09):
Sure, there's a multiple of ways that it can be done.
Everybody's situation is different, and like Christy was saying about
and you were saying Mark about the last situation, we
have to see the entire picture to be able to
give specific advice. So Shelley, I don't have any specific,
one magic tool that's gonna fix everything. But it depends
(39:29):
on two Do you want that money to be used
for their education? Do you want that money to be
something to help them buy their first home? But there
are numerous ways that you can set up something so
that they can they can benefit. And then but we
also want to do it right, Christy, in the most
tax efficient way possible. The last thing you want to
do is leave the child the young adult perhaps a
(39:52):
tax burden. But there's a multiplicity of things that can
be done. I think a lot of it depends on
what the parents think they may do. If they're sure
fire that kid's going to school, then maybe, for example,
a five two nine plan is good. If they're instead
going to maybe uh not need help with schooling. But
like I said, help with the first you know, down
(40:12):
payment on their first home. There's different kinds of accounts
for that, but sure it can absolutely be done.
Speaker 5 (40:18):
All right, So here we go another question, Christy. This
one is for you, and again you can always just
call the team two two five five two three sixty
three eighty nine. You can even just text the word
visit if you want to and the team will get
back to you to set up a time. Two two
five five two three sixty three eighty nine. Christy, this
is for you. This comes from Gonzales. Betty says this.
(40:38):
My husband and I just started getting serious about preparing
for retirement. So we started going through all of our
monthly expenses and it was really eye opening. I had
no idea where it was all going each month. Now,
what should we do? Is that uncommon? Well, I mean
when people come in, they need to know what's going out,
what's coming in, I suppose, but most probably don't know
(40:58):
those figures.
Speaker 2 (40:59):
Well, the crazy thing is Mark, is that, Betty, is
not unusual. We see this all the time. I mean,
people come in, we start working on building a plan.
The number one thing we need to know is how
much do you want to spend in retirement? How much
do you need to generate an income? So gathering up
all the expenses and it can be eye opening. But
(41:22):
the next thing we need you to do is look
at gathering all of your accounts. You know, your investment accounts,
your four oh one K, your IRA, any pension information,
social security information like brokerage account CDs.
Speaker 7 (41:38):
Because because the part of.
Speaker 2 (41:40):
The puzzle is going to be, okay, how much do
you have and how is it going to be taxed
when you spend it? And then how much do you need?
So you've started the process off right by trying to
determine how much you need, but then we need to
look at how much do you have and how is
that money going to be taxed when you live on it?
Speaker 5 (42:01):
And we've been telling you can text the word visit
to have a conversation with the team and you can
just call them and have a chat two two five
five two three sixty three eighty nine. But I think
a great thing all these questions are all over the place. Well,
a great opportunity for you to get Christy's book. Uh,
it's a fantastic book. Unlock your smart plan a comprehensive
guide to retirement in Louisiana. If you'd like that first
(42:22):
chapter just downloadable, they'll send it right to you. Just
text the word book to two two five five two
three sixty three eighty nine. Just text book to two
two five five two three sixty three eighty nine.
Speaker 1 (42:34):
All right.
Speaker 5 (42:35):
Final question Matt to you comes from Jack in Prairieville.
I'm planning a relatively simple, quiet retirement. I've done most
of the traveling that I wanted to do, and I
only have one or two places that i'd like to
see someday. If I don't have anything big planned, is
there really that much I should do for a retirement strategy.
Speaker 4 (42:51):
There's probably plenty you should do. Jack, do you have kids,
grandkids that you want to make sure receive your inherited
its most tax efficiently without messing up their income taxes.
You didn't mention if you had a spouse or not,
but do you have a plan for something happens to you?
Maybe your your spouse has big plans that you don't have.
(43:13):
I mean, we'd have to know more about your situation,
but I think your primary question is, Look, my life
is relatively simple, but think about the smart plan. It
sounds like you've got sources of income well in hand
because you're saying, I don't have anything big going on.
But what about medical What if something popped up later
in life that caused you to spend a significant amount
(43:34):
of your retirement portfolio. Would that mean that you leave
less of a legacy? Would that mean that you left
a spouse in a situation where they won't have nearly
as much money to draw from because medical bills ate
that up. There's an old saying brother, well, he loves
to say it, my dad. You know, it's not what
you don't know that could sometimes hurt you down the road.
(43:55):
It's what you think you know, but you don't know exactly.
I know that's confusing, right.
Speaker 7 (44:00):
Yeah it is.
Speaker 2 (44:00):
And you know Dell Carnegie always says knowledge is powerful
when applied, Yes, when applied, when applied. And so the
thing is is that you know, we're here to serve
and there's all kinds of ways, Jack, that things that
can happen in your retirement that you didn't plan for.
We would love to sit down and visit with you
(44:21):
and see if you have a complete holistic plan, because
that's what we do. Again, if you would like to
receive a chapter of my book. The first chapter of
my book, you can text us at two two five
five two three six three eight nine. Just text that
number and put book in it two two five five
(44:43):
two three six three eight nine. Or you can text
the same number and type visit if you would like
to schedule a complimentary visit to meet with either myself
or or one of our other advisors. You know, what
we do is help you create the plan so you
don't have to worry in retirement about the what ifs,
(45:03):
like where am I going to get my income? How
much am I looking at and paying in taxes? Do
I have too much risk to my portfolio? We can't
predict the entire like the future of the markets, but
we can build a plan. We can build a smart plan,
and that's what we do at Presley Wealth Management. Again,
if you'd like the first chapter of my book, text
two two five five two three six three eight nine.
(45:27):
Just text the word book two two five five two
three six three eight nine. You can use the same
number and text visit if you'd like to come into
visit with us.
Speaker 3 (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 LLC AEWM, a registered investment advisor. Insurance products are
offered through the insurance business the Presley Group. Presley Wealth
Management is an investment advisory practice. 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 Presley Group are not subject to investment advisor requirements.
AWM and the Presley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial strength and claims paying abilities of the
issuing carrier. This radio show is intended for informational purposes only.
(46:32):
It is not intended to be used as a sole
basis for financial decisions, nor should it be construed as
advice designed to meet the particular needs of an individual situation.
The Presley Group is not permitted to offer and no
statement made during the show shall constitute tax or legal advice.
Our firm is not affiliated with or endorsed by the
US government or any governmental agency. The information and opinions
contained herein provided by third parties have been obtained from
(46:53):
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group.
Speaker 7 (46:58):
This radio show is a paid placement
When the news is national.
Speaker 2 (00:01):
SOB, security system molatility, global turmoil, interest rates, rom Dane
Wall Street.
Speaker 3 (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 2 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement. And that's where I believe it's
so important that you do have a full pledge retirement plan.
Speaker 4 (00:30):
And Matt Kennedy, maybe you're thinking, hmm, should I take
Social Security at sixty two, at sixty seven, at seventy
These are things you don't do every day.
Speaker 1 (00:38):
It's what we do every day.
Speaker 3 (00:40):
The conversation starts now this is your money Matters.
Speaker 1 (00:49):
Welcome to your money Matters.
Speaker 5 (00:51):
I'm Mark Elliott here with Matt Kennedy, an investment advisor
representative any certifying a state planning with the team at
Presley Wealth Management, Christy Smith, the founder of Presley. Well,
not here right now might make it in We'll find
out in the next segment, I suppose. But if you
have any questions about where you are on that road
to retirement, can I retire? How does this big Beautiful
bill affect us? A lot going on? That's what we're
going to talk about this morning. But the number to
(01:12):
talk with Matt, Christy and the team at Presley Wealth
is two two five five two three sixty three eighty nine.
No cost to you whatsoever. It's an opportunity for you
to figure out how it's gonna affect you. It's a
great opportunity, no cost. Two two five five two three
sixty three eighty nine. All right, Matt, welcome, glad to
chat with you as I am every week on the program.
Christy may or may not show up here in the
(01:34):
next segment. We'll find out. But the Big Beautiful Bill,
A lot of people think it's a big beautiful bill.
Others not so happy with it. I guess what's your
initial take? I'm sure now you've had time to read
the nine hundred plus pages, all.
Speaker 4 (01:46):
Nine hundred plus pages, absolutely I have.
Speaker 5 (01:49):
Yeah, So what's your take on it? I mean, obviously
it's about the tax rates and brackets staying permanent. Now
we know permanent is with exclamation points, meaning maybe.
Speaker 4 (01:58):
It depends on the next then rest well, listen, you
don't even have to take a political side here, Mark,
you don't have to be pro Trump or anti Trump
to acknowledge that it's the facts. I mean, it's what
Congress passed, and so it's the law, at least for
a while some of it.
Speaker 1 (02:15):
So the BBB, the Big Beautiful.
Speaker 4 (02:17):
Bill, it is really a massive gift for retirees for
a short period of time until the end of twenty
twenty eight. It opens a window for significantly lower taxes,
especially for those of you sixty five plus. So, I
mean there's things in there that some would say are
maybe advantageous or disadvantageous depending on your income level for
(02:41):
those underage sixty five. But as you were telling me
Mark before we started, for you, I'm sixty five, it
makes a huge difference.
Speaker 5 (02:49):
Right, It's right in my wheelhouse because I didn't even
know this, and I'm divorced, so I'm single, which means
I have the fifteen thousand dollars standard deduction, but that
got cranked up to fifteen seven fifty. I didn't even
know what sixty five already had a standard deduction built
in of two thousand. Didn't even know that. I know
that this one put an extra six thousand in there.
So as a single person, my total standard deduction is
(03:10):
basically twenty three thousand, seven hundred and fifty.
Speaker 1 (03:12):
That can make a difference in huge difference. Right.
Speaker 5 (03:15):
Married, if you're over sixty five at both and the
couple are, your standard deduction goes all the way up
to forty six thousand, seven hundred Right.
Speaker 4 (03:22):
I'm gonna do some math when we get a little
deeper into this segment, because if you're sixty five plus married,
filing jointly, and have Social Security, it really makes a
massive impact. More on that in the moment. Let me
walk through the key points from the new tax law.
Number one, you mentioned that the tax brackets of ten percent, twelve,
twenty four to thirty two, thirty five, and thirty seven
(03:43):
those brackets from the twenty seventeen tax cuts. They're now
made permanent permanent needs an asterisk. Next administration can make
them unpermanent, right, but they are considered to be permanent
at this point, which means.
Speaker 1 (03:56):
Congress has to make a new law to change that.
Speaker 4 (03:59):
Right Because had the law not passed then I believe
at the end of this year or next year, at
the end of this year and jobs we were going
to go back to the higher brackets. Okay, and you
mentioned the standard deduction.
Speaker 1 (04:12):
You're right.
Speaker 4 (04:13):
So if you're a married couple filing jointly under the
age of sixty five, your standard deduction thirty thousand. The
new standard deduction thirty one thousand and five hundred, and
that goes into effect retroactive to January first, so it's
in effect for this year.
Speaker 1 (04:30):
Now.
Speaker 4 (04:31):
They're calling it the bonus deduction. Mark, I'm just kind
of recapping what you said. So, if you're sixty five
or older, under the old law, you got the two
thousand dollars extra deduction.
Speaker 5 (04:44):
Yeah, a single but married at sixteen hundred, and then
per person, yeah right, it's thirty two hundred.
Speaker 1 (04:49):
Yeah, and you did the math.
Speaker 4 (04:50):
And so under the new law, this new bonus deduction,
by the way, two caveats, it is higher. It's six
thousand per person, twelve thousand for the married couple filing
joint Now here's something very important. It doesn't take away this.
It doesn't take away what you were getting. So if
the married couple, if you were getting the sixteen hundred,
(05:12):
it's the sixteen hundred plus the six thousand on top
of that, and like Mark, like you said for a
married couple filing jointly, the new total standard deduction if
you're sixty five plus is forty six thousand, seven hundred.
But two things to note two caveats. Number one, this
(05:32):
is only temporary. It expires at the end of twenty
twenty eight, so it's about three and a half years
from now, right.
Speaker 1 (05:39):
And it also is phased out.
Speaker 4 (05:42):
So you mentioned the single deduction mark that begins to
phase out if you earn above seventy five thousand dollars,
and if you're married filing jointly, it phases out when
you earn one hundred and fifty thousand dollars or more.
It begins to fade out. Okay, but let me show
you how powerful it really is for one sixty five
plus who is also drawing Social Security. Many of you
(06:05):
may not be aware, especially if you're not taking your
Social Security yet, but when you begin taking Social Security,
only half of social Security actually counts as income. We
call that provisional income. So mark think about this for
a minute. Married couple filing jointly, let's just say that
their social Security combined is.
Speaker 1 (06:28):
We'll just say it's three thousand bucks a month.
Speaker 4 (06:31):
Okay, well, three thousand times twelve is thirty six thousand dollars.
That's how much Social Security they're bringing in right per year.
But Mark, it's not thirty six thousand dollars for tax purposes,
it's half of that amount. It's eighteen thousand. So let's
say that you've got eighteen thousand of Social Security and
then you're drawing from your retirement savings another eighteen thousand
(06:52):
a year. Do you realize that your income tax Well,
your federal tax rate will now be zero because think
about it, You've got all all of your Social Security,
which is thirty six thousand, but thirty six thousand doesn't
count as taxable income. Only eighteen thousand does. Then you
draw another eighteen thousand from your retirement savings, assuming it's
like an IRA or something, then your what we call
(07:14):
provisional income, it's thirty six thousand. Well, the total deduction
is forty six thousand, seven hundred. So if you're sixty
five plus living on Social Security, your federal taxes will
drop significantly. State taxes in Louisiana at three percent. Mark,
of course, there's no state tax on Social Security. Mark
(07:34):
what this means? And folks, what this means for you
is if you've been thinking about working to get some
of your pre tax money into tax free money, right
roth IRA conversions and a few of the things like that,
it is the time to do it, because Mark, if
you're ten thousand dollars of income below the standard deduction,
(07:57):
you have room to convert a significant amount of money
into tax free money so that later in life you
don't get hit as hard on the required minimum.
Speaker 1 (08:06):
This is a gift.
Speaker 4 (08:08):
The next three and a half years are a gift
even if you're not sixty five plus.
Speaker 1 (08:13):
Just the increase in the standard.
Speaker 4 (08:15):
Deduction alone, and then some of the other things that
they've passed really create an opportunity for you to consider conversions,
converting forever taxable money into forever tax free money. But
if you're sixty five plus, not working and living on
Social Security.
Speaker 1 (08:32):
It may be the optimal time.
Speaker 4 (08:34):
And we can show you with our tax planning software
exactly how much money it would cost you to take
advantage of this law by doing certain kind of conversions,
but also how much it will save you and your
children your legacy in the long run. If you're interested,
reach out to us at two two five five two
three sixty three eighty nine. You can send a text
(08:57):
if you'd like to. If you text the word visit
to that number, we'll give you a call back Monday
and set up a time. Or you can just call
us and leave a voicemail and say, hey, I want
to learn more about the tax code and how I
can help me with my taxes. Two two five five
two three sixty three eighty nine. Two two five, five,
two three six three eight nine. That's the biggie mark.
(09:18):
There's more I'll cover, but that's the biggie.
Speaker 1 (09:20):
Yeah, certainly.
Speaker 5 (09:20):
And we know that the tax rates and the brackets
are now permanent until another administration or another Congress decides
to change that. The standard deduction, the six thousand for those, uh,
that one is expiring, as you said, at the end
of twenty twenty eight. No tax on tips, no tax
on overtime. Those also expire after twenty twenty eight. And
there are dollar amounts with those as well.
Speaker 1 (09:41):
Right.
Speaker 5 (09:42):
Obviously, it did a lot for the border, It did
a lot for the military.
Speaker 6 (09:47):
Uh.
Speaker 1 (09:48):
I guess the overall take for me is.
Speaker 5 (09:49):
That, Okay, the tax things now finalize, which now helps
you and Christy and the team of Pressley Wealth. Try
to figure out how to help people now, because now
you have a you kind of know you have the
next four or five years.
Speaker 1 (09:58):
To do something. It makes a huge difference.
Speaker 4 (10:01):
You mentioned overtime pay, and with this I'll give you
the caveat check with your human resources department. There are
some very specific rules about what actually counts as overtime.
There are very specific definitions of which employees this applies to.
But in the past, obviously overtime pay was tax like
regular pay, drove your income higher, probably drove your taxes higher.
(10:24):
Under the new law, through the end of twenty twenty eight,
you can now deduct up to twelve thousand, five hundred
dollars per taxpayer with overtime. Well, what if you've got
a married couple where one works and the other doesen't
You could still take twenty five thousand as the deduction
even if the other person isn't working. But again, check
with your human resources department. Mark, do you want a
(10:46):
new car?
Speaker 1 (10:47):
How about that? Yeah, how about that? You can now deduct.
Speaker 5 (10:50):
That's through twenty twenty five through twenty twenty eight as well.
Speaker 1 (10:52):
That's correct.
Speaker 4 (10:53):
You can deduct up to ten thousand dollars of interest
on a new car loan. You don't even have to
itemize to do it, because that's always been the thing. Well,
I would take some of these deductions, but I have
to itemize. Not with this, you don't have to itemize,
and you can still deduct ten thousand of interest on
new loans. The caveat there being the car must have
(11:13):
its final assembly in the USA, so check with the dealership.
Here's a biggie charitable contributions. Once upon a time you
could write off your charitable contributions if you itemized, so
a lot of people. Because the standard deduction got bigger
and bigger, people quit itemizing. Now even if you don't itemize,
(11:33):
you can write off one thousand dollars to charity, or
two thousand if you're a married couple filing jointly. Now
that does not start until next year. That does not
go into place for this year. I would be remiss
to not note that it absolutely increases the deficit. It
is more spending with the hope is that by stimulating
the economy, we will help grow ourselves out of the
(11:56):
deficit situation. Mark Only time will tell, but for you,
it's a three and a half year window to make
massive improvements to your future tax burden, especially if you're
at the cusp of or in retirement. Let's show you
how much money it really could put back in your pocket.
Two two five five two three sixty three eighty nine.
(12:18):
Reach out to us UH call, leave a voicemail, or
text the word visit to two two five five two
three sixty three eight nine.
Speaker 5 (12:28):
The state taxes have changed as well. We'll talk about
all of this as we move down the road. Weeks
down the road. Well, we're going to find out new
parts of this thing all the time. So we're just
getting started on your money matters with Christy Smith and
Matt Kennedy more right after this.
Speaker 6 (12:43):
Since twenty fifteen, Christy Smith and Presley Wealth Management have
been committed to creating holistic financial plans. We help clients
with income, investment, medical, tax and legacy planning called two
two five five two three sixty three eighty nine or
visit Presleywealth dot com to see how they can help
(13:04):
you in retirement.
Speaker 2 (13:07):
With chaos on the news and uncertainty in the markets,
are you worried that your retirement savings could be at risk?
Speaker 3 (13:13):
Hi?
Speaker 2 (13:13):
This is Christy Smith with Presley Wealth Management. Tariffs, trade wars,
and a shaky stock market have left many retirees asking
what's next for my financial future. If you've been asking
that question, it's time to take action. Come sit down
with me and my team so that we can review
your financial plan and help make sure that you're prepared
for the challenges ahead. Just call two two five five
(13:36):
two three six three eight nine for a free visit. Together,
we'll create a strategy to help you preserve what you've
worked so hard to build.
Speaker 7 (13:44):
Don't wait.
Speaker 2 (13:45):
Call me Christy Smith at Presley Wealth Management at two
two five five two three six three eight nine to
schedule your visit. There's no cost to meet, but my
calendar is filling up fast. Called two two five five
two three six three.
Speaker 6 (13:59):
An investment advisory services offered through a wealth management LLC
a registered investment advisor. Text Book to two two five
five two three six three eight nine to get an
instant download of chapter one of Christy Smith's book, Unlock
Your Smart Plan. That's book to two two five five
(14:22):
two three sixty three eighty nine.
Speaker 5 (14:27):
Welcome back to your Money Matters with Christy Smith and
Matt Kennedy Oppressley wealth Management. I'm Mark Elat. You can
always get ahold of the team if you have questions,
you have concerns. It is two two five five two
three sixty three eighty nine. Two two five five two
three sixty three eighty nine. You know, while you're working,
you know you're gonna get paid once a month, every
two weeks. Maybe you get paid every week, but everybody
(14:49):
has a system, right, you know when your paycheck is
coming in. Well, once you retire, now where's your money
gonna come from? So Scurty certainly could be one of
those pension if you're lucky enough to have one of those.
But really it's about having that dependable income to kind
of ease some stress. Christy, how important is it to
have dependable income sources for today's retirees.
Speaker 7 (15:11):
Well, I think it's extremely important.
Speaker 2 (15:14):
You know, what we're seeing is we're seeing pension payments
go away. You know, people are not retiring now with
a guaranteed pension payment like in the old days. You know,
in the old days, we would have pension payments and
Social Security, and most people didn't live the way retirees
are living now. They lived within that income range. What
(15:38):
we're seeing now is people retire and really want to
live the same way that they did while they were working.
So it's extremely important to create a reliable income stream
to go along with your Social Security benefits. That's part
of an income plan, and it's why having an income
plan is so important because you don't want that income
(16:00):
to change when market conditions change. You want that income
to continue coming in. And I can tell you if
we had a difference in income for you know, our
clients of even choose three hundred dollars a month, they
would call worrying. But they don't experience that because we've
created a real income plan. And I would even argue
(16:23):
it's good to have that income plan in writing. But
we're seeing rising costs with inflation. It costs more to
go to the grocery store, it costs more for your
car insurance, your home insurance, everything is costing more. So
having a reliable income plan that even would account for inflation,
(16:44):
meaning let's let your income go up as you get
older in retirement to compensate for the higher out of
pocket expenses is extremely important.
Speaker 4 (16:54):
Let me tell you what an income plan is, not Christy.
Sometimes it's better to explain what something is by explaining
what it is not. And so an income plan is
not your investments. We say this a lot. Well, I
have my investments, and i need to withdraw a certain
amount every month, and I've got a perfect sixty forty
stock bond mix, and so I'm in good shape. Here's
(17:16):
when that will blow up in your face. I remember
when I've met Christy in late two thousand and seven
and begin working here in a training under Christy in
two thousand and eight. The average person who came to
see you, who was in tears, who said, you know,
our retirement is not going as planned because our person,
(17:37):
our guy, says we have to draw a lot less money,
and so we don't risk running out of money. They
had investments, and they followed something called the four percent rule.
Some of you may have heard of that. It's a
very popular rule in retirement planning. You take your portfolio,
you should be able to take out four percent a year,
and you should be able to adjust for three percent inflation.
(17:57):
You have five hundred thousand dollars. What's four percent of
five hundred thousand. It's twenty grand, So you should be
able to withdraw twenty thousand a year and not risk
running out of retirement. That works great unless you retire
when things go bad. And in two thousand and eight,
the person with half a million dollars saw their portfolio
(18:17):
drop to three hundred thousand. Well, if you need twenty
thousand from three hundred thousand, I'm going to use some Erwinville.
Speaker 7 (18:24):
You taking a lot more than four percent.
Speaker 4 (18:25):
That ain't four percent, and so you're violating the four
percent rule and you risk running out of money. Your
investments aren't your income. At Presley Wealth Management, when we
build out our smart plan, we're looking at sources of income,
but we're also looking at risk, and we want to
reduce the highs and the lows. We want to smooth
out your investment highs and lows, and when the market's good,
(18:50):
we may draw from the market. When the market turns sour,
we're going to have investments set up that didn't take
losses in the market, and we can draw from those
to supplement the income. That's the peace of mind that
you get from having an income plan. Does it mean
that it always works out perfectly and you don't have
market highs, market lows or curveballs like you mentioned the
last segment, Christy thrown at you. No curveballs happen, but
(19:13):
the goal is to not have to radically alter your lifestyle.
I keep stressing this because there's this psychological thing called
recency bias, Christy, where humans tend to focus on what
happened recently and view that as the future. It was
a long time ago that we had a two thousand
and eight market disaster. I'm not saying it's going to happen,
(19:35):
but if it did, how much income would you have
to reduce? How much most of you were asking the question,
do I have enough to create the income I need
to live on? But how would a bad market downturn
impact your income? Don't be a victim like I saw
in eight and nine who people thought their investments were
(19:56):
their income. Sorry, Christy, I'm getting kind of passionate here,
but I just people get hung up on what has
happened recently, and the market's been pretty good, it's been
very stable. If that falls apart, right when you retire
and all you have or investments, you saw the outcome.
Speaker 7 (20:12):
Yeah, we absolutely didn't.
Speaker 2 (20:13):
And it actually happened in my own family situation with
my dad. You know, we just can't stress enough the
importance of having an income plan, and it's why we
focus at Presley Wealth Management on creating a complete, holistic
smart plan that's going to include your income plan, your
investment plan, risk planning, estate planning, tax planning, and medical planning.
(20:35):
You know it's funny how and people will often ask
me in the office, Mark, why do you cover all
five of those areas? And I say, because anything goes
wrong in one of them, it can affect the other.
Speaker 1 (20:46):
They're all in a relation.
Speaker 7 (20:47):
They're all inter.
Speaker 2 (20:47):
Related because when to make sure and create a complete
holistic plan.
Speaker 4 (20:51):
For example, if you have too much risk and you
lose too much money, that in turn blows up your income,
so now you're ho veruses of income have been messed up.
You can't live in a vacuum. One affects and impacts
the other. We're not doom and glooming. Look, I think
long term, you close your eyes, in ten years from now,
the stock market will be higher. But if you retire
(21:14):
when it's going through some painful times, it will radically
alter your retirement. It could change your dreams, it could
change your plans.
Speaker 1 (21:24):
Have a plan, Christy.
Speaker 5 (21:26):
Since we've been doing this show, it's always been the
number one fear of most retirees is the fear of
outliving their money.
Speaker 1 (21:30):
Is that still a major concern?
Speaker 2 (21:32):
It is a major concern, you know, for us, I
think it's the number one concern when people walk in
the door. As advisors, we see for most of our clients,
tax planning should be the number one concern, but outliving
their income actually is their number one concern.
Speaker 4 (21:48):
I want you to think about this for a moment.
If you have a million dollars of IRA or four
to one K money, and you say, well, I'm going
to take out four percent to live on that means
forty thousand. But after you pay Uncle Sam, how much
is left in your pocket?
Speaker 1 (22:02):
Now? What if you had a million dollars that was
tax free?
Speaker 4 (22:05):
You could take out forty thousand and spend forty Tax
planning is grossly underrated Baby boomers. I'm sorry most of
you were lied to. You were told save your money
pre tax because if my money goes in pre tax,
I get my tax break while my income is higher,
and I'll always pay lower taxes in retirement. I can't
tell you the number of people that we meet with
(22:27):
and we show them as part of our tax planning.
Speaker 1 (22:30):
Yes, if you retire at sixty five, your taxes are lower.
Speaker 4 (22:34):
But down the road when you're seventy three, seventy four,
seventy five and the government forces you to start taking
out money. We often see cases where by the late
seventies someone's paying more in projected taxes then than they
paid while working.
Speaker 5 (22:51):
So if people are worried about whether their current retirement
income will last as long as they do, what's your suggestion,
what's your advice?
Speaker 2 (22:59):
Well, my advice is give us a call and schedule
a uh AN appointment to come in and meet with
us and let us work on building a complete smart plan.
And I would say, know what you plan to spend, Yes,
that's coreat in retirement before you come even see us,
because you'd be surprised. Mark how many people come in
to meet with us and we when we get to
how much do you think you're going to need to
(23:20):
live on in retirement? How many of them don't know
that answer. This is what we do every day, and
we'd love to help you.
Speaker 5 (23:27):
It is two two five five two three sixty three
eighty nine. Two two five five two three sixty three
eighty nine. So we're going to talk more about creating
dependable retirement income. When we come back right here on
your money Matters with Christine Matt.
Speaker 6 (23:44):
Text visit to two two five five two three sixty
three eighty nine to set up your complimentary meeting with
the Presley Wealth Management team. That's visit to two two
five five two three six three eight nine.
Speaker 1 (24:00):
A quarter twenty five cents. That's hardly anything.
Speaker 4 (24:03):
Right ah, But at Presley Wealth Management we see quarters
a little differently. A quarter is a lot when it's
a quarter of your retirement savings. So do you want
to pay twenty five percent or more in taxes during
your retirement? At Presley Wealth we help create a plan
to help you address taxation. If the only time you
think about taxes is when you file them, you don't
(24:23):
have a tax strategy, but it's not too late to
get one. Act now to make sure you're not paying
a quarter, dime, or even a penny more than you should,
call Christy and the team at Presley Wealth Management at
five two three sixty three eighty nine.
Speaker 1 (24:36):
That's two two five five two three six three.
Speaker 4 (24:39):
Eight nine to schedule your personalized tax strategy session. A
quarter saved as a quarter earned so called two two
five five two three sixty three eight nine. That's two
two five five two three six.
Speaker 1 (24:51):
Three eight nine.
Speaker 6 (24:52):
Investment advisory services offered.
Speaker 7 (24:53):
Through a wealth management LLC.
Speaker 6 (24:56):
A registered investment advisor firm may not give tax advice.
You listen to Christy Smith and Matt Kennedy on the radio,
Now go in and talk with them in person.
Speaker 7 (25:06):
Let them help you retire with confidence.
Speaker 6 (25:09):
Two two five five two three six three eight nine.
Or go online to Presleywealthmanagement dot com.
Speaker 5 (25:18):
Lady with us today for your money matters with Christy
Smith and Matt Kennedy at Presley Wealth Management. I'm Mark Elliott.
You can always go to the website to learn more
Presleywealthmanagement dot Com. Find out more about Christy, Matt and
the team. There's some great information there. Find out about events,
find out maybe an even set up. You can set
up your own appoyment there as well. We're talking about
retirement income. That's going to be there, dependable, it's going
to be there for as long as you live. And Christy,
(25:38):
you said one of the challenges most people aren't really
sure about how much they need. So when they come
in to talk with you for the first time and
you say, hey, how much do you think you're going
to need to live on?
Speaker 1 (25:48):
Well, I'm not really sure. How do you help them
figure that out?
Speaker 5 (25:51):
Because there is a way to I would think to
figure that out that's not super complicated.
Speaker 2 (25:55):
Well, typically we'll start off with a budget template. You know,
we we've got inside of our retirement income planning software,
we've got a budget template. And the crazy thing is
is that it's such a good template. People come back
when they've completed and they say there's so many things
on there that they had not even considered in retirement.
(26:17):
And so it's a great example. But I think a
budget template is where to start. The second thing I
would recommend is go back in your checkbook, are your
credit cards, and look and see where you're actually spending
your money.
Speaker 4 (26:27):
Now, hey, look, some people are budget doers. The engineers
who walk in the door, they bring a spreadsheet. One
guy brought his spreadsheet on double legal paper. He's taped
it all together. He's very proud. He covered up my
entire conference room table. But it was a thing of beauty.
And the guy knew exactly how much money he needed
to live on. He just didn't know how to generate
(26:49):
that money in a way that would give him stable income.
People often asked do we or do I have enough?
I think that's the number one question, do I have enough?
The thing is the answer for your next door neighbor
and the answer for you are different. You guys may
have exactly the same amount of money saved, but how
you will spend, what the goal and the dream is
(27:13):
matters person to person to person. That's why we don't
do rubber stamp plans here. Everybody has a plan uniquely
designed for their situation. But the number one thing to
remember is the closer you're getting to retiring, and when
you're first in retirement, is make sure you have your
risk under control, that you've developed a clear budget. And Christy,
(27:36):
I know you'd like to tell people and I agree.
In April in our office says the same thing to clients,
prospective clients, if you have a chance, test drive your
budget in retirement.
Speaker 1 (27:47):
Yeah.
Speaker 2 (27:47):
I mean, how many of you would go and buy
a new vehicle without ever driving it.
Speaker 7 (27:52):
Not many.
Speaker 2 (27:53):
Most people want to drive it and see how it feels,
make sure they'd like it. For me, it makes sense
to test or eye your retirement. You know, a year
before you retire, start living as if you're already retired
financially because because you may be making more than you need,
just save it. But if you can do that, even
(28:15):
after a six month period, you should see a good
trend and how things are going to go and can
you be comfortable in retirement. The second thing is is
I would say, make sure you have reliable sources of income.
You know, let's let's look at your Social Security benefits.
Are you going to have any pensions? Do you have
(28:35):
any annuities that are going to provide guaranteed income? Is
that income going to be provided for both you and
a spouse or is it over just your life expectancy?
We typically want to know is it going to cover
both of your life expectancies? You know, I think the
biggest thing is knowing how much you need to spend
(28:56):
and then knowing where you're going to get that.
Speaker 5 (28:58):
Matt at the end of the day, I guess, really,
I would think this is the one of the bigger
parts his income, Right. That's kind of where the smart
process starts. How do you help your clients then evaluate
their current situation and figure out if there are already
potential income gaps.
Speaker 4 (29:13):
As simplistic as it sounds when we think of it
as if we're building a house. So while you're working,
you're just working, and you know you're paying the bills.
But when you get ready to retire, we're going to
build a house. I've said before. My dad is a
retired preacher. He was also an amazing carpenter. My dad
could envision it and build anything. I grew up in
Erwinville and when my dad got ready to build Faith
(29:37):
Church on Highway one ninety Christy, when Dad said we're
going to build a church, he meant he was going
to build the church. He meant he was going to
build the church. And I never will forget. He would
have all the lumber delivered and there's a board scattered
everywhere and they're framing up a foundation. And I'm like, Dad,
how do you know how to do this? You don't
have a degree, you don't do you know, you're not
a draftsman. And he said, I can see it right here,
(29:59):
and he would tap the temple of his head so
he could see the end plan. Well, we see the
end plan for people who are planning retirement, and it's
kind of like my dad's church. You want to have
a roof. You want to have some walls and you
want to have a floor, and we all know you
build the roof first, right Christy, No, you build the foundation.
So what we want to find out from you is
(30:20):
what are your guaranteed sources of income? Social Security? Now
that weapon GPO are gone, that has helped a lot
of you. So social security do you have one? Do
you have two? Social securities? What about pensions? Should you
take it lump some? Should you take it as payments?
How will you set that up? Will your spouse continue
getting the same amount, will he or she get half?
(30:43):
What are your needs in that situation? And if your
income comes up short, how do we use the tools
to make sure that, no matter what happens in the market,
your income is your foundation. Because if your roof, with
your higher risk stocks and your wall, which would be
in the market, but they would be tactically managed to
(31:03):
adjust for risk, if that money goes down in bad times,
we want the Florida stay there. We don't want foundation failure.
We don't want to have a foundation repair company have
to swoop in and rescue your house because if that's
the case, things have gotten really, really bad. So it's
roof its walls, it's floor. How much goes in each
(31:24):
place from your portfolio depends on what your needs are.
But I mean that sounds overly simplistic, Christy, but it's
it's all designed to do two things, reduce market risk
and keep the income flowing no matter the circumstances.
Speaker 1 (31:40):
That really is it right?
Speaker 2 (31:42):
Absolutely, there is no retirement without retirement income.
Speaker 5 (31:46):
Why don't you guys take the final couple two and
a half minutes or so and talk about what happens
when somebody does call two two five five two three
sixty three eighty nine, or what happens when they go
to meet with us now dot com.
Speaker 1 (31:59):
What can they expect?
Speaker 4 (32:00):
So if the phone rings and you'll get a machine,
because we do this show on the weekend. And so
when you get the machine, do us a favor, leave
a message. Don't worry, it will not disappear into the void.
And when our staff gets in Monday morning, if you
would simply leave the most pertinent information your name, a
callback number, and if you'd like an email address, and
(32:22):
we're going to reach out to you Monday morning and
then set up a fifteen minute phone call. Christy, explain
why we want to spend fifteen to twenty minutes on
the phone.
Speaker 2 (32:34):
Well, the reason why we want to spend fifteen minutes
talking before you come in is we understand that time
is so valuable. We want to make sure that we
can help you accomplish your goals. You know, if you're
in a situation where we're not able to help you,
then we want to make sure that you haven't wasted
(32:56):
your time coming in. We actually want to be able
to refer you in the right direction before you even
come in. Now, if you go to the website meet
with usnow dot com, you can schedule that fifteen minute
phone call on your own right now meet with usnow
dot com. You can expect a fifteen minute phone call
that's literally just going to be talking about you and
(33:20):
your needs and your desires and how we can help.
After that, we're going to schedule a complimentary visit for
you to come into the office and we're going to
start working on what we call our serve model. We
like to go five levels deep and we like to
know can we help you accomplish your goals because that's
what it's about. It's really about helping you accomplish your goals.
(33:44):
We don't have a preset agenda when you come in.
Everyone's needs are completely different and guys, this is what
we do every day and we would love to be
able to do it for you. There is no cost
or obligation, there's no commit mit. We simply are here
to help. Go to meet with usnow dot com and
(34:05):
schedule your complementary fifteen minute phone call.
Speaker 5 (34:09):
It is two two five five two three sixty three
eighty nine. Two two five five two three sixty three
eighty nine. Stay with us our final segment of Today's
Your Money Matters with Christian Matt Right after this.
Speaker 6 (34:24):
Text book to two two five five two three six
three eight nine to get an instant download of chapter
one of Christy Smith's book, Unlock Your Smart Plan. That's
book to two two five five two three sixty three
eighty nine.
Speaker 2 (34:43):
With pay us on the news and uncertainty in the markets?
Are you worried that your retirement savings could be at risk? Hi,
this is Christy Smith with Presley Wealth Management. Tariffs, trade
wars and a shaky stock market have left many retirees
asking what's next for my financial future? If you've been
asking that question, it's time to take action. Come sit
(35:03):
down with me and my team so that we can
review your financial plan and help make sure that you're
prepared for the challenges ahead. Just call two two five
five two three six three eight nine for a free visit. Together,
we'll create a strategy to help you preserve what you've
worked so hard to build.
Speaker 7 (35:20):
Don't wait.
Speaker 2 (35:21):
Call me Christy Smith at Presley Wealth Management at two
two five five two three six three eight nine to
schedule your visit. There's no cost to meet, but my
calendar is filling up fast. Called two two five five
two three six three eight nine.
Speaker 6 (35:36):
Investment Advisory services offered through AE Wealth Management LLC, a
registered investment advisor. Texts visit to two two five five
two three sixty three eighty nine to set up your
complimentary meeting with the Presley Wealth Management team. That's a
visit to two two five five two three six three
(35:59):
eight nine.
Speaker 5 (36:01):
Glad you're with us today for your buddy matters with
Christy Smith and Matt Kennedy of Presley Wealth Management. If
you'd like to chat with the team, you certainly can.
Just text the word visit to two two five five
two three sixty three eighty nine. Visit to two, two, five, five, three,
sixty three, eighty nine. And then you'll set up a
time to have a fifteen minute, twenty minute phone call
with the team. Maybe you'll say, you know what, really
(36:23):
we're getting closer to retirement. We'll just soon come in
and have a conversation with you. We can set that
up as well, So a great opportunity for I'm mar
Kelly Glader with us. We're gonna finish up the show
with a little mailbag segment. Christy and Maggit questions people
all the time. Might be in the grocery store line
and they're like, wow, that's a good question. We had
to use that one on a radio show. So we've
got to create this mail bag, a hodgepodge of questions,
and they're all over the place. But I always say
(36:43):
this when we do this segment, because for Christy and
Matt to give you the entire answer that you're looking for,
you have to be able to sit down with them
because they're gonna have follow up questions. You're gonna have
follow up questions. So our first question comes from Ben
and Denham Springs. And here's the deal. Ben, Christy and
Matt don't know from your question. They don't know how
old you are, they don't know kind of money you have,
(37:04):
They're not sure what your hopes and dreams are for retirement.
There's just a lot more than goes into it. But
they're going to do their best answer the question in
a general way in this segment, so we always enjoy this.
Speaker 1 (37:14):
So Christy, you're up. This comes from Ben and Denham Springs. Guys.
Speaker 5 (37:18):
I've had a steady corporate job for thirty five years
and my wife has top piano lessons since we were
married in the early eighties. Her job helped us pay
for groceries and gave us some extra money to put
away for the future. But she does not have a
job with a four to oh one K or insurance benefits.
How can I make sure she'll be okay if something
happens to me?
Speaker 2 (37:36):
Well, the first thing you want to do is is
look at your current four to oh one K and
make sure that your wife is listed as your primary beneficiary.
You also want to look at any life insurance contracts
you have make sure she is the primary beneficiary, because
you know accounts that have beneficiary designations aren't going to
go through secession in Louisiana, So you want to make
(37:57):
sure you have that set up properly, you know. The
second thing you might consider doing is looking at insurance.
What type of insurance. Well, you might consider either a
life insurance contract or even an annuity contract. You know,
an annuity can provide guaranteed income if something should happen
to you, if you've chosen the right plan. All contracts
(38:19):
are not identical, but you do have options. Been The
first thing I would do, though, is make sure your
wife is listed as your primary beneficiary. But if you'd
like to sit down with us to discuss your exact
situation and see are there ways that we can help you,
just text two two five, five, two three, six, three
eight nine, text the word visit and we'll get back
(38:41):
in touch with you and schedule a visit as soon
as possible.
Speaker 5 (38:45):
All right, nice, All right, Next question, Matt, this one's
for you. This is Shelley and Baton Rouge. We weren't
planning on leaving much for our kids after we passed,
but now that our first grandchild has been born, we've
changed our minds. And then Shelley has a little in parentheses.
We should have had the grand kids first.
Speaker 7 (39:00):
I always say that.
Speaker 5 (39:02):
So Shelley says, is there a way for us to
leave them h a little something after we're gone?
Speaker 6 (39:08):
Yeah?
Speaker 4 (39:09):
Sure, there's a multiple of ways that it can be done.
Everybody's situation is different, and like Christy was saying about
and you were saying Mark about the last situation, we
have to see the entire picture to be able to
give specific advice. So Shelley, I don't have any specific,
one magic tool that's gonna fix everything. But it depends
(39:29):
on two Do you want that money to be used
for their education? Do you want that money to be
something to help them buy their first home? But there
are numerous ways that you can set up something so
that they can they can benefit. And then but we
also want to do it right, Christy, in the most
tax efficient way possible. The last thing you want to
do is leave the child the young adult perhaps a
(39:52):
tax burden. But there's a multiplicity of things that can
be done. I think a lot of it depends on
what the parents think they may do. If they're sure
fire that kid's going to school, then maybe, for example,
a five two nine plan is good. If they're instead
going to maybe uh not need help with schooling. But
like I said, help with the first you know, down
(40:12):
payment on their first home. There's different kinds of accounts
for that, but sure it can absolutely be done.
Speaker 5 (40:18):
All right, So here we go another question, Christy. This
one is for you, and again you can always just
call the team two two five five two three sixty
three eighty nine. You can even just text the word
visit if you want to and the team will get
back to you to set up a time. Two two
five five two three sixty three eighty nine. Christy, this
is for you. This comes from Gonzales. Betty says this.
(40:38):
My husband and I just started getting serious about preparing
for retirement. So we started going through all of our
monthly expenses and it was really eye opening. I had
no idea where it was all going each month. Now,
what should we do? Is that uncommon? Well, I mean
when people come in, they need to know what's going out,
what's coming in, I suppose, but most probably don't know
(40:58):
those figures.
Speaker 2 (40:59):
Well, the crazy thing is Mark, is that, Betty, is
not unusual. We see this all the time. I mean,
people come in, we start working on building a plan.
The number one thing we need to know is how
much do you want to spend in retirement? How much
do you need to generate an income? So gathering up
all the expenses and it can be eye opening. But
(41:22):
the next thing we need you to do is look
at gathering all of your accounts. You know, your investment accounts,
your four oh one K, your IRA, any pension information,
social security information like brokerage account CDs.
Speaker 7 (41:38):
Because because the part of.
Speaker 2 (41:40):
The puzzle is going to be, okay, how much do
you have and how is it going to be taxed
when you spend it? And then how much do you need?
So you've started the process off right by trying to
determine how much you need, but then we need to
look at how much do you have and how is
that money going to be taxed when you live on it?
Speaker 5 (42:01):
And we've been telling you can text the word visit
to have a conversation with the team and you can
just call them and have a chat two two five
five two three sixty three eighty nine. But I think
a great thing all these questions are all over the place. Well,
a great opportunity for you to get Christy's book. Uh,
it's a fantastic book. Unlock your smart plan a comprehensive
guide to retirement in Louisiana. If you'd like that first
(42:22):
chapter just downloadable, they'll send it right to you. Just
text the word book to two two five five two
three sixty three eighty nine. Just text book to two
two five five two three sixty three eighty nine.
Speaker 1 (42:34):
All right.
Speaker 5 (42:35):
Final question Matt to you comes from Jack in Prairieville.
I'm planning a relatively simple, quiet retirement. I've done most
of the traveling that I wanted to do, and I
only have one or two places that i'd like to
see someday. If I don't have anything big planned, is
there really that much I should do for a retirement strategy.
Speaker 4 (42:51):
There's probably plenty you should do. Jack, do you have kids,
grandkids that you want to make sure receive your inherited
its most tax efficiently without messing up their income taxes.
You didn't mention if you had a spouse or not,
but do you have a plan for something happens to you?
Maybe your your spouse has big plans that you don't have.
(43:13):
I mean, we'd have to know more about your situation,
but I think your primary question is, Look, my life
is relatively simple, but think about the smart plan. It
sounds like you've got sources of income well in hand
because you're saying, I don't have anything big going on.
But what about medical What if something popped up later
in life that caused you to spend a significant amount
(43:34):
of your retirement portfolio. Would that mean that you leave
less of a legacy? Would that mean that you left
a spouse in a situation where they won't have nearly
as much money to draw from because medical bills ate
that up. There's an old saying brother, well, he loves
to say it, my dad. You know, it's not what
you don't know that could sometimes hurt you down the road.
(43:55):
It's what you think you know, but you don't know exactly.
I know that's confusing, right.
Speaker 7 (44:00):
Yeah it is.
Speaker 2 (44:00):
And you know Dell Carnegie always says knowledge is powerful
when applied, Yes, when applied, when applied. And so the
thing is is that you know, we're here to serve
and there's all kinds of ways, Jack, that things that
can happen in your retirement that you didn't plan for.
We would love to sit down and visit with you
(44:21):
and see if you have a complete holistic plan, because
that's what we do. Again, if you would like to
receive a chapter of my book. The first chapter of
my book, you can text us at two two five
five two three six three eight nine. Just text that
number and put book in it two two five five
(44:43):
two three six three eight nine. Or you can text
the same number and type visit if you would like
to schedule a complimentary visit to meet with either myself
or or one of our other advisors. You know, what
we do is help you create the plan so you
don't have to worry in retirement about the what ifs,
(45:03):
like where am I going to get my income? How
much am I looking at and paying in taxes? Do
I have too much risk to my portfolio? We can't
predict the entire like the future of the markets, but
we can build a plan. We can build a smart plan,
and that's what we do at Presley Wealth Management. Again,
if you'd like the first chapter of my book, text
two two five five two three six three eight nine.
(45:27):
Just text the word book two two five five two
three six three eight nine. You can use the same
number and text visit if you'd like to come into
visit with us.
Speaker 3 (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 LLC AEWM, a registered investment advisor. Insurance products are
offered through the insurance business the Presley Group. Presley Wealth
Management is an investment advisory practice. 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 Presley Group are not subject to investment advisor requirements.
AWM and the Presley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial strength and claims paying abilities of the
issuing carrier. This radio show is intended for informational purposes only.
(46:32):
It is not intended to be used as a sole
basis for financial decisions, nor should it be construed as
advice designed to meet the particular needs of an individual situation.
The Presley Group is not permitted to offer and no
statement made during the show shall constitute tax or legal advice.
Our firm is not affiliated with or endorsed by the
US government or any governmental agency. The information and opinions
contained herein provided by third parties have been obtained from
(46:53):
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group.
Speaker 7 (46:58):
This radio show is a paid placement
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