October 4, 2024 • 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 deeper conversation, set up an appointment online at meetwithusnow.com or by calling (225) 791-5773.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
When the news is national SOB, security system molatility, global turmoil,
interest rates, rough Dane Wall Street. 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 3 (00:30):
And Matt Kennedy, maybe you're thinking, hmm, should I take
Social Security at sixty two, at sixty seven, at seventy
These are things you don't do every day. It's what
we do every day.
Speaker 1 (00:40):
The conversation starts now this is your money Matters.
Speaker 4 (00:49):
Welcome to your money Matters.
Speaker 5 (00:51):
I'm Mark Elliott here with Christy Smith, the founder of
Presley Wealth Management. Also Matt Kennedy and investment advisors or
representative with Presley Wealth Management Matts spend with the team
since two thousand and eight. Christy started the company in
two thousand and six. You can always learn more on
the website Presleywealthmanagement dot com, Presleywealthmanagement dot com.
Speaker 4 (01:10):
If you want to talk to him.
Speaker 5 (01:11):
You can always call them two two five seven nine
one fifty seven seventy three and Matt will give you
that number from time to time. But to me, the
easiest thing to remember because I'm old. I'm on Medicare
this year. Holy col Okay, I believe it. Meet with
usnow dot com. Meet with us now dot com. It's
our calendar. Find a time that works for you. You'll
know that it works for them.
Speaker 4 (01:30):
Sign up. Just have a conversation. Can we retire? Do
we have enough?
Speaker 5 (01:33):
We're gonna be okay, those kind of questions. Meet with
us now dot com. Hey, Christy, Matt, are you guys
ready to go? And you think about it? Retirement is
one of those things that I don't know. I mean, Christy,
when you and your husband and you know, you got
your first house. My guess is you're probably a little
nervous about it. But you also would have walked through
it first before buying it, would.
Speaker 4 (01:53):
That be fair?
Speaker 2 (01:55):
Definitely, we built it, so yeah, definitely walk through it.
Speaker 4 (01:58):
Yeah.
Speaker 5 (01:59):
And so I don't like trying on clothes, Christy, but
I guess you're okay with it. You'll go try on
clothes for you buy him be my guess.
Speaker 3 (02:05):
Maybe maybe not.
Speaker 2 (02:06):
Yeah, that's probably the one thing I would say no,
because I just hate shopping so much.
Speaker 3 (02:11):
Christy's the coolest woman in the world. She actually hates shopping.
Speaker 4 (02:14):
Yeah, I like that. I like that.
Speaker 5 (02:15):
And then, uh, you probably test drive a car before
you buy it, Matt. Do you test drive it or
you just go off because you can buy him online?
Speaker 4 (02:22):
Now?
Speaker 3 (02:22):
I do not because I stick to one brand, a
brand that I've owned numerous times, So I'm odd in
that respect. I don't test drive, but if I was,
if I were switching brands, I would test drive.
Speaker 4 (02:34):
Is that your brand, Bentley?
Speaker 3 (02:36):
No, my brand is not Bentley. I'm still I'm still
driving the Ugo with the carpet.
Speaker 4 (02:41):
On the floor. Yeah, there you go.
Speaker 3 (02:43):
Remember that piece of junk?
Speaker 4 (02:44):
Oh yeah that was And then we had the what
was the car that blew up? Wasn't the Ugo though?
I don't think that was the Yeah, and.
Speaker 3 (02:51):
Ford's bringing that back? Yeah, really, my kid, you not?
Ford is bringing back the Pinto Ye are so all right?
Speaker 5 (02:58):
You're You're like, well wait a minute, I thought this,
you know, with Christian Matt was about retirement. Well, it
is about cars. We're just talking a different way think
about this. So you're always gonna pretty much you're gonna
go through a house and look at it. If you
have kids, you're gonna check the neighborhood. What about the schools?
Speaker 4 (03:11):
Are they good?
Speaker 5 (03:11):
You're doing your research. You go into buy a car,
you kind of have an all ballpark idea of what
the car is actually worth. Then you go in and
you try to make the deal. If you really want
the car, go shopping for clothes. I don't like trying
on clothes, so I'll guess and then if they're too small,
they got to go back. If they're too big, that's okay.
I can deal with that. But Christy, what we're talking
about is kind of right in yours of Matt's wheelhouse,
(03:32):
and that is can we test drive any part or
a lot of parts of retirement.
Speaker 3 (03:39):
Christy's been telling people this for years.
Speaker 1 (03:41):
Yeah.
Speaker 2 (03:41):
The crazy thing is is that we get people that
come into the office and they don't know if they
can make it with you know, a certain budget and retirement.
They don't know if they're even mentally ready. A lot
of times, but for me, when it's really bowling down
to the financials, then I'm going to always recommend that
(04:03):
they test drive their retirement. What does that mean, Well,
it means determine how much income you're going to live
on in retirement and for a six month period or
a I actually recommend a year a year period live
on that exact amount, even if you're making more. Put
(04:24):
the difference in savings. Forget you've got it, let it
grow or invest it. But test drive your retirement. So
what you can do is maybe use a week or
two of your vacation time. Normally, if you've been at
a job long enough that you're looking at retiring, you
probably have four or five weeks of vacation. Take take
(04:44):
a couple of weeks of vacation. Don't plan any trips
or anything. Just plan to do things at home the
way you would in retirement.
Speaker 4 (04:54):
I like that one.
Speaker 5 (04:55):
I think that's you know, because the middle side is
a challenge for supp For me, Matt, I'm going to
go play golf, I'm good. But for a lot of
people like Christy Smith, company owner, she's got her own
business started two thousand and six. Look how how many
people you have helped over the years. How can Christie
ever step away and be comfortable enough to be retired.
It's there, it's her identity, it's their companies she built.
Speaker 2 (05:18):
Well, sometimes we hear that people want to volunteer, but
when I ask them, you know, what organization or what
do you want to do in terms of volunteering, they
typically don't know, And so I say, start doing that
while you're working so you can find out. Is it
something you can even be passionate about? What organization are
you going to volunteer for? You know, things like that.
(05:39):
You can do these types of things while you're still working.
Speaker 3 (05:43):
Mark, I know you've heard of the Villages in Florida.
Speaker 4 (05:45):
Right, Yes, yes, Nancy Lopez used to do commercials for him.
I think maybe lived there.
Speaker 5 (05:49):
I don't know.
Speaker 3 (05:50):
We have some clients that have moved there a few
over the years. For those who don't know, the Villages
is a retire It's a fifty plus community, maybe fifty
five plus. But the bottom line is it's massive. It's
approaching a couple one hundred thousand people. It's about forty
five minutes northwest of Orlando. Well, clients were telling me
that when they decided where they were going to move,
(06:12):
the Villages offers basically a trial run you can rent
there for a six month period before you decide you're
going to buy there.
Speaker 2 (06:21):
Well, And I think it's really important that you're on
the same page huge because often we will see a
husband and wife, you know, maybe a fifty five year
old and a fifty eight year old couple. They come
in to meet with us, and when I ask them
what does their ideal retirement look like? What does it
look like? A lot of times mark you would be
(06:44):
surprised that they're different, and I think sometimes it gets
a little uncomfortable because they realize that in our conference room.
So I would encourage you, if you're getting closer to retirement,
start talking to your significant other and find out what
does retirement look like for them, because you want to
(07:05):
make sure that you're on the same page. You want
to make sure that you know, maybe you have to
make some compromises. My husband, his idea of retirement and
my idea of retirement are probably two different things. So
we want to be able to work together talking through
it so that we can, you know, we can figure
out a plan to where we are like co mingling
(07:28):
and accomplishing those dreams together. Communication is like the number
one key.
Speaker 5 (07:33):
Sure and I've got a lot of friends because I'm
shoot on medicareage this year unbelievable sixty five.
Speaker 2 (07:37):
Howie cow, did you do the Happy Dance?
Speaker 5 (07:39):
I haven't made it yet. It's going to be at
the end of the year. But it's crazy to think
that I'm that old.
Speaker 2 (07:43):
But a lot of the video of when you do
the Happy Dance exactly.
Speaker 5 (07:47):
But a lot of my friends are retired and one
buddy of mine, he'll go on golf trips with his buddies.
She will go on trips with her friends. I mean,
they do a lot of things together, but they also
do a lot of things separately. But they certainly have
had that conversation.
Speaker 3 (08:00):
And that's the key. And I think one of the
things the conversation.
Speaker 5 (08:03):
One of the things I think is interesting too, is
because of Christie. I knew you're going to talk about
the income. If you're not really sure you can live
on it, will try it before you actually retire. But
you think about, Okay, we want to go to Florida.
We want to go to Arizona. We'll be there in
July and August. Hey, we want to move to the mountains.
We'll make sure you're there in January and February if
you want to. You know, the twenty twenty the RVs
went crazy because of COVID.
Speaker 4 (08:23):
Don't want to fly, I.
Speaker 5 (08:23):
Don't want to be a hotel. Let's go buy a
hard RV. So a lot of people still there's tons
of our V sales in twenty twenty. Now you're like
that sounds like a lot of fun. I'm going to retire.
Let's sell our house by an RV. We'll travel the country. Well,
maybe rent one before you buy it, right, I mean
I like this idea of try it before you actually
commit to it.
Speaker 2 (08:41):
Yeah, I really do. And the thing is is that
for me, it's important about having a clear vision, you know,
clear expectations, and then test them.
Speaker 3 (08:52):
You know.
Speaker 2 (08:52):
I have always been a big fan of testing your retirement.
I mean it's funny because we try out things all
the time before we buy, but yet we take this
leap of faith into retirement without even really knowing if
this is what we really want to do, or how
does it? How is it going to look? What are
we going to do?
Speaker 4 (09:11):
Well?
Speaker 3 (09:11):
When it comes to test driving, you first have to
have the keys, and so the keys to a test
drive start with having a plan, and the plan that
we want to help you implement we call it our
smart plan, So it's an acronym S. What are my
sources of income? Could you got to put gas in
the RV? So if you don't have lifetime income, whether
(09:31):
it's social security, investment income, pension income, what are your
sources of income? And how confident are you that those
sources of income will last as long as you're around
and your significant other? So sources of income? In medicare
and medical planning? Do you understand how to set up
for long term care? And all the ins and outs
(09:52):
of medicare? Is part A, B, C, D, E, F, G, HIJK,
you know, etcetera. A advanced planning? Have you done a
state planning? Are? How much? What risk do you have
in your portfolio? If the market goes bad? Is that
going to mess up your retirement planning? How do you
how do you handle that risk? And then the big
one for us is te taxes? Will taxes eat up
(10:13):
your retirement or will you be able to counteract the
effect of increased taxation? That's how we help. So before
you test drive, before before we handle the keys, let's
build a plan. Our number is seven nine one five
seven seven three, or hop on the web meet with
us now dot com. That's meetwi us now dot com
(10:34):
and we'll reach out to you next week and set
up a time for a one on one visit.
Speaker 5 (10:38):
Glad you're with us today for your money matters with
Christy Smith and Matt Kennedy a Presley Wealth Management we're
just getting started. We've got a lot to get to
stay with us. We're back with more right after the.
Speaker 6 (10:46):
T Interest rates are on the rise. So what does
that mean for your retirement? Find out by calling the
Presley Wealth Management team now eight six six.
Speaker 7 (10:56):
Three nine oh twelve fifty two.
Speaker 6 (10:59):
That's eight six six three nine zero twelve fifty two.
Speaker 8 (11:06):
Uncle Sam might need a loan soon from you. We
have over thirty four trillion dollars in national debt. Where
do you think the money to pay for that's going
to come from? Taxes? Believe it or not, taxes are
at historic lows right now, but how much longer will
that last? A roth Ira conversion might be a good
option when planning for your retirement because you can pay
(11:26):
lower taxes now and avoid potentially higher taxes later. Christy
Smith and the team at the Presley Group have seen
taxes rise and fall. They know what options you have
to potentially reduce the amount of taxes you pay in retirement.
Call the team at the Presley Group and schedule your
tax analysis today. Eight sixty six three nine zero twelve
fifty two. That's eight six six three nine zero one
(11:46):
two five to two. Uncle Sam needs money, don't let
him take it from you. Eight sixty six three nine
zero twelve fifty two. Investment advisory services offer through a
wealth management LLC A RETCH should investment advisor. Investing involves risk.
Always consult with the qualifying tax advisor before making any
decisions regarding a ROTH conversion, as there may be additional
tax considerations.
Speaker 7 (12:08):
Be smart when it comes to your retirement.
Speaker 6 (12:11):
Presley Wealth Management has a smart plan to help you
better understand the process. Set up your no consultation appointment
to get your smart planning in place. Call eight six
six three nine oh twelve fifty two. That's eight six
six three nine oh twelve fifty two.
Speaker 5 (12:29):
Welcome back to your money matters with Christy Smith and
Matt Kennedy of Presley Wealth Management. Christy started the company
back in two thousand and six. I'm Mark Kelly, glad
you're with us again. If you want to sit down
and talk with Christian, Matt and the team at Presley
Wealth about where you are on that road to retirement,
maybe already retire to you have some questions, meet with
usnow dot com. Meet with us now dot com. You
can always call two two five seven nine one fifty
(12:49):
seven seventy three. Two two five seven nine one fifty
seven seventy three. Hey, Christy, Matt, I think I've got enough.
I think I've got enough. Are we going to be okay?
Speaker 4 (12:59):
Don't really know?
Speaker 5 (13:00):
Why not find out? I think this could be one
of the more important things that you do. I is
talking with a retirement planning team like CHRISTI and Matt
at Presley Wealth. Two two five seven nine to one
fifty seven seventy three. All right, We're going to talk
about something that we've talked about over the years. We've
been doing this show for a long time, probably seven
eight nine years. I don't even know, but you think
about it. We have touched on this subject before, and
(13:22):
I think it's kind of something to bring back. It's
kind of interesting, I think, And that's the three stages
of retirement and Matt I would assume basically everybody goes
through these three stages, right, the go go phase the
one they can't wait for, and you don't know if
that's let's say you're retired at sixty five. Are you
in the go go from sixty five to eighty sixty
five to seventy two? Don't know, right, because of health
(13:43):
and all that kind of stuff. But you have the
go go phase, and you have the slow go phase
where you can go but yeah, I just don't really
feel like it. Then you get to the no go
phase where you really can't go anymore. Talk about the
go go. I think that's the exciting part of retirement,
isn't it.
Speaker 3 (13:57):
It's the exciting part. But I would that's also the
most dangerous part. And by danger Christy, I don't mean
to sound negative, but here's what often happened. People come in,
you know, we sit, we talked, and the couple says, Okay,
here's our plan. In two years we're retiring, and the
good news is we'll only need half the money we
have now to live on. Really, have you've done a budget?
(14:19):
You positively know that because one of the things Christy
and I have discovered over the years is number one.
Many people, lots of couples underestimate what they really need
to spend in the first eight to ten years the
go go years of retirement because number one, things are
more expensive. And number two, we're not our parents. You know,
(14:41):
our parents are like, well, I'm retired now, I'm on
sit in a rocking chair and make me a bacon,
lettuce and tomato sandwich. That's my dad, not us, right,
we go go and go. Going is expensive, right Christy.
Speaker 2 (14:53):
Well, it truly is. And so when we think about
the go go years, there's several things we really got
to think about. Number one, where do your children live?
Because I hear more often than anything, Hey, I want
to go spend time with my grandchildren. And what we're
seeing is more and more often our kids are not
living where we are any longer. So we're wanting to
(15:14):
travel more. Not only do we want to travel to
see our grandkids, but we actually want to take our
grandkids on vacation. We want to take our entire family
on vacation. You know, I can remember twenty years ago
when we would talk about the vacations we plan to
take our kids on. My mother in law and father
(15:35):
in law always thought we were kind of crazy. We
would go snowskiing the week after Christmas, you know, we
would do that instead of buying a lot of junk
for Christmas, because making those memories with our family was
more important. What we're hearing now is we're hearing people
want to take their families on vacation. Well, that's expensive
and they want to pay for it. So not only
(15:55):
do they want to go, but they want to pay
for it. I'm also hearing I want to help pay
for my kid's education. I'm actually are my grandkids education.
I'm actually doing that now. You know, my daughter and
son in law didn't need it, didn't ask for it,
but it certainly was important for me and Rick to contribute.
(16:18):
You know, we want to feel like we're contributing to
our grandchildren's future, and so we're doing things differently than
we did twenty thirty years ago. Now. Being very involved
in our grandkids' lives is super important, and unfortunately it's
not as easy as it used to be. I remember
go and see my grandparents, was crossing the Chapel Ii
(16:39):
River going to Simsport, Louisiana every other Sunday because my
dad workshift work every other Sunday we'd go see my grandparents.
Now for many of our clients, they have to get
on a plane and go and they'll stay two or
three weeks and then they'll come back home. You know,
retirement doesn't look like it used to. And the go
go years are to say this, but they're more go
(17:02):
go than they've ever been. You know, Matt, you used
to hate when I would say you don't know what
you don't know nobody and you say, Christy, you sound
terrible when you say that. I'm like, but you don't
know what you don't know? And now you're like, oh,
you are so right about that. Well, I'm saying the
go go years are more go going than they've ever been.
(17:22):
And I think it's really important when you're planning your
retirement that you actually build that into your retirement. It's
important to face, okay, like, understand what is it we
really want to do, and then build that into your plan,
because if you don't build it into your plan, what
you're gonna find is your plan's going to blow up
because you did more than what you anticipated, right.
Speaker 3 (17:41):
And so that's why we we talk about our smart
plan here. Smart S stands for sources of income. We'll
talk more about what the other letters stand for. So
when we help you plan for retirement, that's what we
do here at Presley Wealth Management. The very first thing
we really want to focus on is s sources of
in whether it's should I take my pension as payments
(18:02):
or take my pension lump sum? How do we time
our social security? Especially if we're a married couple, you know,
do we take a spousal benefit? Do we delay till
seventy do we start our social security?
Speaker 4 (18:13):
Now?
Speaker 3 (18:13):
What are your sources of income? The biggest fear of
most of you have is that you keep on working
because boy, every two weeks or every week that paycheck
feels good. How do you take your savings and turn
those savings into a paycheck, because that's what gives you,
That's what gives you the confidence to be able to say,
(18:34):
we have a plan and now we can actually retire
seven nine to one fifty seven seventy three. That's our
number seven nine five seven seven three. Or you can
reach us online go to meetwi usnow dot com. If
you're thinking about heading into those go go years or
maybe if you are already retired and you're in the
(18:54):
go go and you're like, okay, now what do we
do is we face the slow go years. We're here
meet with usnow dot com. Just pick a time on
our calendar fifteen to twenty minutes. We'll get together on
the phone, get to know you better, and then set
up a one on one visit. That's meetwi usnow dot.
Speaker 5 (19:11):
Com and Christy. We know that seventy percent of Americans
do not have a retirement plan. Hey, you know, we
created it. We had a four one K at work.
Speaker 4 (19:19):
We had it.
Speaker 5 (19:19):
We're lucky enough, maybe have a pension of work. We're
we're doing okay, we can figure this out. And they
don't really so sometimes they're not sure if can they
take this trip, can they get that car? They don't
really know, so they play it a little safer because
they don't really have a plan. I think one of
the benefits, especially if you do have big ideas about
traveling and doing things in retirement, the plan that you
walk people through I think is so important because now
(19:42):
you know exactly where you are. And I think sometimes
people think, well, Christy's gonna tell us we can't do it.
That's not You're not gonna tell them we're gonna say,
here's the situation. It's a math problem, basically, isn't it.
Speaker 2 (19:53):
It truly is, And so for me, you know, helping
people understand that transitioning from working to retirement is it
is a process. You know a lot of times people
will come in they're about to retire, they're really excited,
but yet they've got a lot of decisions to make
and you know, unfortunately taking care of some of those
(20:17):
things can take as long as three months after a retirement.
So it truly is a transition, and I would say
it's a six month transition in my mind. You know,
it's a normal time period. But I think building in
in your budget the resources so that you can go
and do the things you dream of doing. If you
(20:37):
want to take your kids and your grandchildren on a vacation,
let's build it into your budget. I think it's important
to talk about what is important to you in retirement
with your spouse or significant other and then build it
into your plan.
Speaker 5 (20:51):
Hey, Christy, what you just said I think is obviously important.
But here's my question for you. Do we have to
wait till or retire to take our family in a
vacation or do you promote, Hey, we don't know what
tomorrow holds.
Speaker 4 (21:03):
You've always dreamed of taking this trip.
Speaker 5 (21:04):
Because there was some friends of mine, their parents were
having their fiftieth wedding anniversary, and they scheduled they were
going to both turn seventy five at the same time,
and so they had a huge trip. It was like
the German River Cruise or whatever, that Viking River Cruise
or whatever. And they put it off and put it
off because we're gonna do it on our fiftieth wedding
anniversary we both turned seventy five. They had it all
(21:27):
set up, and a month before they left, she got sick.
They never made it. They never made it, and that's
kind of the challenge. We say, boy, this would be great,
and then we put things off and then all of
a sudden you never get a chance to do it.
Speaker 2 (21:39):
You know, Mark, with going through the experience that I
went through with my sister passing away at fifty, suddenly
it makes you realize how it's important to live every
day of your life like it's the last day. And
I think it's important that if you really dream of
going on those types of monumental like vacations together as
(22:02):
a family, doing them as soon as possible is important
because once you enter the slogo years, you know, we've
got the go go years, and I really look at
that as like a ten year period. But then we
go into the slogo years, and slogo doesn't mean that
you're not going. It just means that you're not gonna
go as as much. I think putting off things that
(22:24):
you really dream about doing is a terrible mistake and
I learned that lesson a long time ago. My first
motor home was really purchased out of emotions. My dad said, Honey,
does he ask you for much? And I said no,
and he said, well I wish I would have with
your mom. And it made me, oh wow. No, I
(22:46):
mean it's that's that conversation is embedded in my mind.
So we're going to encourage our clients to, you know,
tell us what their dreams are. Then we're going to
work that into their plan and we're going to try
to encourage them to do it while they can't. And
you know, it's all really about having a plan. And
that's what we do at Presley Wealth Management is we
work with you. We are a team to build your
(23:09):
smart plan. Give us a call at two two five
seven nine one five seven seven three and schedule a
fifteen minute conversation. That's the first step. And guys, we
do this every day and we love to help you.
Speaker 4 (23:22):
There's no cost to you.
Speaker 5 (23:23):
This is totally free, totally complimentary, no cost to obligation,
no pressure, seven nine to one fifty seven seventy three.
So we're going to get into the slogo of the
Nogo Years because you think, well, I'm going to spend
most of my money in the Nogo Years, Well maybe
maybe not. Stay with us, back with more with Christi
and Matt. This is your money matters.
Speaker 6 (23:43):
You're listening to your money matters with Christy Smith and
Matt Kennedy to set up your fifteen minute meeting with
the Presley Wealth Management team called eight six six three
nine ozho twelve fifty two.
Speaker 9 (23:59):
It's nice when you can get everything on your list
in one place, isn't it? Christy Smith that the Presleay
Group agrees. That's why she offers comprehensive retirement planning all
under one roof. You shouldn't have to go to one
place for information about tax planning, another for estate planning,
and another for retirement income planning. That's why the Presleay
(24:19):
Group was started. Christy Smith wanted to build a company
that could help families with all aspects of their retirement.
The Presleay Group is more than just convenient. They're knowledgeable
and experienced. To set up a meeting with Christy Smith
and her team to talk about your retirement plan all
of it, call eight six six three nine zero twelve
(24:40):
fifty two. That's eight sixty six three nine zero one
two five two. The Presley Group one stop for a
wealth of retirement solutions eight six six three nine zero
twelve fifty two and investment advisory service is offered through
EIGHTE Wealth Management LLC, a registered investment advisor.
Speaker 6 (25:01):
Is the price tag on everything giving you sticker shock,
from groceries to gas.
Speaker 7 (25:05):
The cost of living is skyrocketing.
Speaker 6 (25:08):
But if you think inflation is painful, now just wait
until you retire. Easy impact of inflation and start planning
now for your retirement. Called Presleywealth Management at eight six six.
Speaker 7 (25:20):
Three nine oh twelve fifty two.
Speaker 6 (25:22):
That's eight six six three nine oh twelve fifty two.
Speaker 5 (25:28):
Glad you're with us today for your money matters with
Christy Smith and Matt Kennedy at Presley Wealth Management. You
can find out more Presleywealthmanagement dot com. Presleywealthmanagement dot com.
I'll find out about upcoming events, find out more about Christy,
Matt and the team. You can certainly get a lot
of great information on that website if you want to
sit down and talk with them, you just want to
have a conversation, Maybe you want to have a just
start with a phone call. Hey, we got some questions,
(25:50):
got some concerns. What do you guys think it is?
Meetwith usnow dot com. Meet with usnow dot com. I'm
Mark Kelly, glad you're with us. We're talking about the
three stages of retirement. We will all go through these.
We just don't really know how long we're gonna be
in each one. You got the go go years, you know,
think about the bucket list that you've always dreamed of
being able to do in retirement. Are you gonna be
in that for five years, fifteen years, maybe it's ten,
(26:13):
maybe it's from sixty five to seventy five. Then you
get into the slogo years you can still go. You
just don't really want to go as much. You're not
gonna be as active as the go go years. You
can still do things physically, but maybe you're around home more,
maybe you're around the grandkids more. You're more just settled.
Then you get to the no go years and you
really can't go anymore. And I think a lot of
(26:34):
times people think, Okay, we're gonna go take these trips
and those trips, and we're gonna really be active. And
then once we get to the slogo and nogo years, well,
we're not gonna spend hard le aning money at all. Then,
because we're not doing anything. That's far from the truth,
isn't it, Matt, It's far from the truth. A couple
of things happen.
Speaker 3 (26:52):
So you slow down some right, and maybe you've had
some fun, you've spent some money, and you suddenly realize, wait,
hold on a second. You know, we played hard through
our mid to late sixties and early seventies, and all
of a sudden, I noticed, why are my taxes going
up so much? Well, don't forget about our little friend,
(27:15):
mister required minimum distribution. See, when you turn a certain age,
it used to be age seventy and a half. The
law has changed. For most of you listening now, the
age is seventy three, and if you were born in
nineteen sixty or later, then your required minimum distribution age
will be age seventy five. So what's the deal. Well,
(27:38):
the government has let you save into four h one
ks and iras for years and years and years. And
what happened when you had that job and you put
your ten twenty thousand and thirty thousand a year in
You got a tax break. You got to write that
off of your income, and you got your tax break. Well,
you know right that when you pull money out of
(28:00):
your iras four A one K, simple irase, set plans, pensions,
et cetera, that money is always taxable. But when you
reached that magic age, let's just use seventy three. Seventy
three is a good age for most of you. You've
slowed down, but now all of a sudden, Uncle Sam
(28:20):
is making you take a required minimum amount. Maybe let's
just say I'm making up a number. You got two
million dollars, Okay, that required minimum will be almost eighty grand.
So maybe you were living on eighty grand when you
were going. But now you're like, ah, life's easy. We
can basically live on Social Security. Praise the Lord. Our
taxes will be lower, and then all of a sudden
(28:42):
you're forced to take out eighty thousand dollars that you
don't need, right, Christy, because you've slowed down. Then you realize, oh,
my goodness, I'm paying as much in taxes now as
I was when I was go going, or even when
I was working. So Christy, what we see this all
the time? People are shocked to realize that their taxes
(29:03):
are probably going to go up when they're slowing down.
How do we tackle that?
Speaker 2 (29:08):
Well, the first thing is is that and I want
to answer that my map. But the thing is is
that I really want to stress you know, as you
get older and you're in the slogo years, what happens
if one of you passes away in a married couple,
if you have a spouse pass away, and you're being
forced to take that same eighty thousand and a required
minimum distribution. Now you're actually filing taxes as a single
(29:33):
person versus married violent joint. So often it is so
beneficial for us to sit down and look at do
you need a tax plan? Because maybe you know, most
people are well, a lot of people are not familiar
with IRMA IRMA penalties for medicare you know, I call
(29:54):
it mother IRMA because none of us like mother IRMA,
and you want to try to avoid it as as
much as you can. But the thing is is that
if you're in the go go years and you're spending
some of your money, is that the time the tax plan.
Many people decide, oh, I want to put it off, Yes,
and when I'm spending less, that's what I'm gonna tax plan.
(30:14):
But the reality is is maybe while you are in
the first ten years of your retirement, maybe that's exactly
the time you should consider tax planning because you want
to try to eliminate IRMA as quickly as possible.
Speaker 5 (30:29):
So meet with us now dot com if you'd like
sit down with Christiane Matt and the team at Presley
Wealth Management and talk about this. Meet with us now
dot com. Just set up a time for a fifteen
to thirty minute phone call. Let's have a conversation. They
don't know if they can help you until you reach out,
so it's your opportunity to take advantage of this. It's complimentary.
Meet with usnow dot com and you think of the
slogo phase moving to the no go phase. Boy Matt
(30:54):
mitched long term care that is super expensive. My mom
went from living in a home, went to the retirement
community assisted living three grand a month. Then last year,
late in the year, she decided, well it's time for
a little unassisted living. She's got diabetes and it's really
hard to control up and down like crazy. So I
went to assist a living. Well, that three grand a
month became nine grand a month. I mean, that is
(31:15):
the there's expenses coming all the time. That's what I
think is such a such a challenge that we kind
of Christie, what you're talking about. People get from the
go go and now go, well, I'm not going to
spend as much. I had a buddy of mine retired
longtime insurance agent for a well known company, and he
sold his rental home two years before he retired because
(31:36):
he thought, well, there's an herb attack. I know that,
and it's two years before, or he thought it was one.
He said, so if I do it two years, it's
not a factor. I said, well, it's a two year
look back. I mean, people that you think would know
these things don't know. You guys come in to help
a lot with those types of things as well.
Speaker 3 (31:51):
What's the old saying, Christy it's not what you don't
know that hurts you. It's what you think you know
but you really don't know that helps you. So I
make it sound so much easier. You don't know what
you don't know. Mark.
Speaker 2 (32:05):
I have to say that because Matt really hates it
when I say that.
Speaker 3 (32:09):
It's okay. I've learned to love it.
Speaker 4 (32:11):
But I do think that's the challenge.
Speaker 5 (32:12):
I think we think we know things, whether it's social
scirty decisions, whether it's medicare decisions, whether it's the you know,
the seventy three, we have to start doing the rm DS.
Speaker 4 (32:21):
Whatever.
Speaker 5 (32:22):
We think we kind of understand it and we can
google it, but it's not You guys, look and look
much deeper than just the surface of this stuff.
Speaker 4 (32:30):
Matt. I mean, you guys go in depth. You need to.
Speaker 5 (32:32):
As Christy has said all the time. You want to
find out what do you want to do in retirement,
what's your perfect day? How can we help?
Speaker 3 (32:39):
And I love to say this. Our goal is always
to start with the end in mind. You know, it's
most firms, when you sit down with the average firm
on the corner, it's all about, oh, well, we have
these great stocks or bonds or mutual funds, and we're
going to make you ex percent a year. Great, beautiful.
So they're doing one thing for you, right, they're doing
(33:00):
investment planning. Well, that's twenty percent of what you need
when it comes to retirement. They're buying and selling, we're serving.
And there's a difference because investment planning is one fifth
of the help you need for retirement planning. I mentioned
to them earlier, where are my sources of income? Show
(33:20):
me on the screen what it looks like and how
much I can afford to draw? What does it look
like when we're in our late nineties do we still
have money left? Right? So it's not just about the investments.
And if you're working with someone and they never have
conversations with you, if you have an advisor and they
never have conversations about tax planning, they never have conversations
(33:41):
about estate planning, they never have conversations about medicare, they
never have conversations about maximizing your income, then you're paying
for investments. Wouldn't you'd rather have a much more comprehensive approach.
It's what we do. Reach out to us at two, two, five, five, seven, seven, three,
(34:03):
seven nine one fifty seven seventy three will holler back
at you next week and uh Casey from the office
will call and set up a time for us to
get together or make your own appointment. We always start
with a brief phone call just to kind of get
to know each other. Then we'll set up a face
to face meeting and roll up our sleeves and get
to rolling. Our number is seven nine one five seven
(34:24):
seven three, or online it's meet with us now dot com.
That's meet with us now dot com.
Speaker 5 (34:33):
Glad you're with us today for your money matters with
Christian Matt or with Presley Wealth Management. We're down to
our final segment. I're gonna learn some inside information on
Christian Matt when we come back.
Speaker 4 (34:44):
Stay with us back right after this.
Speaker 6 (34:49):
If you only think about taxes once a year, you're
doing it wrong to get the most out of your
retirement nest egg. You shouldn't just file your taxes. You
need to plan for them. Call Christy Smith now to
see what tax opportunities you could take advantage of. Eight
sixty six three nine oh twelve fifty two. That's eight
six six three nine oh twelve fifty two.
Speaker 9 (35:14):
It's nice when you can get everything on your list
in one place, isn't it. Christy Smith at the Presley
Group agrees. That's why she offers comprehensive retirement planning all
under one roof. You shouldn't have to go to one
place for information about tax planning, another for estate planning,
and another for retirement income planning. That's why the Presleay
(35:35):
Group was started. Christy Smith wanted to build a company
that could help families with all aspects of their retirement.
The Presleag Group is more than just convenient. They're knowledgeable
and experienced. To set up a meeting with Christy Smith
and her team to talk about your retirement plan all
of it, call eight six six three nine zero twelve
(35:55):
fifty two. That's eight six six three nine zero one
two five two The Presley Group one stop for a
wealth of retirement solutions eight six six three nine zero
twelve fifty two. Investment advisory service is offered through eight
Wealth Management LLC, a registered investment advisor.
Speaker 7 (36:16):
Be smart when it comes to your retirement.
Speaker 6 (36:18):
Presley Wealth Management has a smart plan to help you
better understand the process. Set up your no consultation appointment
to get your smart planning in place. Call eight six
six three nine oh twelve fifty two.
Speaker 7 (36:31):
That's eight six six three nine oh twelve fifty two.
Speaker 5 (36:36):
Welcome back to your Money Matters with Christy Smith and
Matt Kennedy of Presley Wealth Management. I'm Markkellay Gled're with
us today. Any questions, it's two two five seven nine
one fifty seven seventy three seven nine one fifty seven
seventy three or meet with us now dot com. Set
up your own appointment. Meet with usnow dot com. I'm
Markelly Glad you're with us. We're gonna have a kind
(36:56):
of a fun segment. I'm gonna ask a couple just
generic retirement questions, one one to Matt, one to Christy
because I think they're important questions, and then we're going
to have some kind of wild questions. We'll get it
dig a little deeper into Christian Matt as well, but
as we wrap up this show. So here's the first one, Matt,
I'll give it to you. And this is one because
I've talked about it before. I mean, I'm gonna be
(37:17):
sixty five medicares right around a corner, but I have
not started so scurity because I'm still working and I
think a lot of people look at SO scurity in
a vacuum. Hey, I'm retiring at sixty two, I'm gonna
take SO scurity. I'm gonna retire at sixty five because
I get Medicare, so I might as well start SO
scurity then. And they don't really look at it in
the big picture. How should people figure out when and
how to start SO security? And I suppose it's even
(37:39):
a little bit more complicated if you're married rather than
a single person.
Speaker 4 (37:42):
Idiots.
Speaker 3 (37:42):
Well, the rules keep changing, and it seems like every
couple of years the Social Security Administration makes some changes
in a bid to keep Social Security completely solvent. It
may sound incredibly simplistic, but if you're facing retirement and
you're going to go to put food on the table
(38:03):
because maybe you haven't saved a boatload of money, But
taking Social Security, even though you're taking it early and
you're maybe giving up you know, or you're getting a
smaller amount than you would say in two or three years,
if you need the money, take it. Honestly, if you
need the money, take it. But one of the most
important things to remember, and this is a hard and
(38:23):
fast rule, Social Security will punish you for drawing your
benefit before your full retirement age. So remember this. If
you were born nineteen sixty or later, your full retirement
age is sixty seven, and there's a sliding scale before that.
Some of you, maybe your full retirement age is sixty
six and a half. Let's say you're going to retire
(38:45):
at sixty five. Well, Christy, right. The beauty of taking
Social Security right at sixty five is that when you
hop all Medicare, then your Part B, which right now
cost about one hundred and seventy bucks a month, it's easy.
That's automatic deducted from your Social Security makes it easy.
But what if you're still working at sixty five, Well,
(39:07):
maybe your company is going to make you get on Medicare.
But if you got on Social Security and you earn
more than twenty thousand dollars in a year, the government
is going to rake back a dollar in benefits for
every two dollars that you make over that twenty thousand.
I'm throwing a lot at you right there. Understand, it's
(39:27):
what you don't know that can get you in trouble.
You don't know what you don't know, right, seventy nine
to one, five, seven seven.
Speaker 4 (39:34):
Three so Christy.
Speaker 5 (39:36):
When you sit down with a new perspective, couple for example,
or an individual, it doesn't really matter either way, a widow, widower, married, couple, divorced, whatever.
It's always starts kind of with income, right, I mean
the smart plan and the programming that you walk people through.
You want to know what they want to do and
all of that, but it's always about income. It seems
to start anyway, do you have enough to maintain your
(39:57):
lifestyle and where's it going to come from?
Speaker 4 (39:59):
Son?
Speaker 5 (40:00):
Can you explain a retirement income plan? How do you
go about creating that?
Speaker 2 (40:04):
Well, the first thing that we do is is we
determine how much income do you need monthly in retirement.
Then we want to factor in a level of inflation
each year to your monthly expenses, because we don't want
your standard of living to go down as you get
older just because we didn't we didn't include inflation. So
(40:25):
we start off looking at how much do you need?
Then we look at where are you going to actually
receive that income. For many people we're going to include
social Security benefits. Maybe it's a husband and wife. We
determine is it going to be a like a spouse,
a spousal benefit or are you going to both draw
on your own Social Security benefits? We look at are
(40:47):
there any pension incomes that are going to come in
in retirement. Once we can get that nail down to
fill in the gap, what we're going to do is
is we're going to create certain buckets that are going
to be designed to pay out income. Now, one of
the things that you want to be mindful of is
(41:08):
tax planning because often we're working with people that are
sixty years old and they're retiring and they need health
insurance between sixty and sixty five. So what they want
to do is they typically say most of them know,
they'll say, I want to qualify for that subsidy. Well,
(41:29):
what are they talking about. They're talking about a healthcare
of a tax subsidy for health insurance. That means they
need to keep their income down. Well, if all of
their sources of income are coming from pre taxed environments,
often they're not able to do that. So that's why
it's important to start building an income plan early because
(41:50):
in building that plan, what we're going to do is
we're going to look at what pools of money do
we have. We may put some into like a guaranteed
income annuity that we will let grow for a very
long time and then turn on that guaranteed income at
a certain point in their life. Having a written income
plan means where is my income gonna come from, not
(42:13):
only today, but in ten years from now.
Speaker 5 (42:16):
This is where the team at Presley Wealth Management really
can step up and help you. And they're not gonna
tell you have to do this or you have to
do that. The math kind of tells you and now
it's your choice. Hey, here's the best options in this category.
Here's the best options over here. It's at the end
of the day, it's your retirement, it's your money, it's
your hopes and dreams. Christian and Matt and the team
of Presley Wealth are here to help. They're kind of
like your personal wealth coach, your own chief financial officer.
(42:38):
If you will meet with usnow dot com, set up
your own fifteen minute phone call. There's no cost for this.
Meet with usnow dot com. All right, just some random questions. Christy,
what was your first car?
Speaker 2 (42:50):
My first car was a B B two ten Hatch
bet Dotson.
Speaker 3 (42:56):
I thought you were gonna say BMW and I was
gonna punch you.
Speaker 2 (42:59):
No, it was my mom car. She got a Lincoln
and gave me her car.
Speaker 3 (43:02):
Okay, Matt, what about you Fort Fairmont?
Speaker 4 (43:06):
Oh wow, it was awesome, but a fancy car.
Speaker 3 (43:08):
It was a piece of garbage.
Speaker 4 (43:11):
Dating exactly. Cake or pie? Oh?
Speaker 3 (43:14):
Absolutely, get me some cake.
Speaker 4 (43:16):
Yeah, I don't.
Speaker 2 (43:17):
I prefer pie.
Speaker 4 (43:18):
Yeah, I figured it. I don't eat pie. I don't
eat that at all.
Speaker 3 (43:20):
What yeahman, chocolate cake rules cream pie? I better?
Speaker 4 (43:25):
Yeah?
Speaker 5 (43:26):
All right, final one, because we've got two minutes left,
and I would like both of you to answer this
question and you can talk about yourself, but also Presley
Wealth Management. Christy, the most important thing you would like
your clients to know about you and your company?
Speaker 2 (43:41):
Well, the most important thing to me is that we
truly are a company here to serve. And I know
you know that, Mark because you hear us every week
as we prepare for this radio program. But I really
believe that our job here as a company is to
serve the families that we help. That means I want
(44:01):
to know that if we're choosing to work together as
a team, I want to know that my clients are
going to be okay in retirement. I never want to
have the day where we have to say someone ran
out of money. I always want to know what's going
to happen when one of them passes away. Is the
(44:24):
spouse going to be taken care of financially? I want
to know that the children, if it's a goal of
a husband and wife, I want to know that the
children will be able to receive their funds when they're
no longer here. It's really all about serving, and that's
we call this our serve model. It's what we do.
In fact, we have postcards in the office that we
(44:46):
write on that says serve and I guess that's what
I would want people to know about our company well.
And we serve the community too.
Speaker 3 (44:54):
True.
Speaker 2 (44:54):
That's also important.
Speaker 3 (44:55):
Well for me as an advisor in the company. When
I look across the table, I always see my parents.
I mean, you may not be as old as my parents,
but I always you remember do unto others as you
would do unto your parents, And so I would want
to handle your money as if I were handling my
parents or my own money and my own planning. What
(45:17):
result can we achieve based on always doing what's in
your best interest? Our number is seven nine to one
five seven seventy three. We'd love to serve you also
online at meetwi usnow dot com. Meet with usnow dot com.
Hop on their schedule your fifteen minute one on one
phone consultation.
Speaker 1 (45:41):
Presley Wealth Management has a strategic partnership with tax professionals
and attorneys who can provide tax and or legal advice.
Speaker 6 (45:46):
Investment advisory products and services made available through AE Wealth
Management LLCAEWM, a registered investment advisor. Insurance products are offered
through the insurance business the Presley Group. Presley Wealth Management
is an investment advisory practice as it offers products and
services through AE Wealth Management LLCAWM, a registered investment advisor.
AWM does not offer insurance products. The insurance products offered
(46:09):
by the Pressley Group are not subject to investment advisor requirements.
AWM and the Pressley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial strength and claims paying abilities of the
issuing carrier. This radio show is intended for informational purposes only.
(46:32):
It is not intended to be used as a sole
basis for financial decisions, nor should it be construed as
advice designed to meet the particular needs of an individual situation.
The Presley Group is not permitted to offer, and no
statement made during the show shall constitute tax or legal advice.
Our firm is not affiliated with, or endorsed by the
US government or any governmental agency. The information and opinions
contained herein provided by third parties have been obtained from
(46:53):
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group. This radio show is
a paid placement and
When the news is national SOB, security system molatility, global turmoil,
interest rates, rough Dane Wall Street. 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 3 (00:30):
And Matt Kennedy, maybe you're thinking, hmm, should I take
Social Security at sixty two, at sixty seven, at seventy
These are things you don't do every day. It's what
we do every day.
Speaker 1 (00:40):
The conversation starts now this is your money Matters.
Speaker 4 (00:49):
Welcome to your money Matters.
Speaker 5 (00:51):
I'm Mark Elliott here with Christy Smith, the founder of
Presley Wealth Management. Also Matt Kennedy and investment advisors or
representative with Presley Wealth Management Matts spend with the team
since two thousand and eight. Christy started the company in
two thousand and six. You can always learn more on
the website Presleywealthmanagement dot com, Presleywealthmanagement dot com.
Speaker 4 (01:10):
If you want to talk to him.
Speaker 5 (01:11):
You can always call them two two five seven nine
one fifty seven seventy three and Matt will give you
that number from time to time. But to me, the
easiest thing to remember because I'm old. I'm on Medicare
this year. Holy col Okay, I believe it. Meet with
usnow dot com. Meet with us now dot com. It's
our calendar. Find a time that works for you. You'll
know that it works for them.
Speaker 4 (01:30):
Sign up. Just have a conversation. Can we retire? Do
we have enough?
Speaker 5 (01:33):
We're gonna be okay, those kind of questions. Meet with
us now dot com. Hey, Christy, Matt, are you guys
ready to go? And you think about it? Retirement is
one of those things that I don't know. I mean, Christy,
when you and your husband and you know, you got
your first house. My guess is you're probably a little
nervous about it. But you also would have walked through
it first before buying it, would.
Speaker 4 (01:53):
That be fair?
Speaker 2 (01:55):
Definitely, we built it, so yeah, definitely walk through it.
Speaker 4 (01:58):
Yeah.
Speaker 5 (01:59):
And so I don't like trying on clothes, Christy, but
I guess you're okay with it. You'll go try on
clothes for you buy him be my guess.
Speaker 3 (02:05):
Maybe maybe not.
Speaker 2 (02:06):
Yeah, that's probably the one thing I would say no,
because I just hate shopping so much.
Speaker 3 (02:11):
Christy's the coolest woman in the world. She actually hates shopping.
Speaker 4 (02:14):
Yeah, I like that. I like that.
Speaker 5 (02:15):
And then, uh, you probably test drive a car before
you buy it, Matt. Do you test drive it or
you just go off because you can buy him online?
Speaker 4 (02:22):
Now?
Speaker 3 (02:22):
I do not because I stick to one brand, a
brand that I've owned numerous times, So I'm odd in
that respect. I don't test drive, but if I was,
if I were switching brands, I would test drive.
Speaker 4 (02:34):
Is that your brand, Bentley?
Speaker 3 (02:36):
No, my brand is not Bentley. I'm still I'm still
driving the Ugo with the carpet.
Speaker 4 (02:41):
On the floor. Yeah, there you go.
Speaker 3 (02:43):
Remember that piece of junk?
Speaker 4 (02:44):
Oh yeah that was And then we had the what
was the car that blew up? Wasn't the Ugo though?
I don't think that was the Yeah, and.
Speaker 3 (02:51):
Ford's bringing that back? Yeah, really, my kid, you not?
Ford is bringing back the Pinto Ye are so all right?
Speaker 5 (02:58):
You're You're like, well wait a minute, I thought this,
you know, with Christian Matt was about retirement. Well, it
is about cars. We're just talking a different way think
about this. So you're always gonna pretty much you're gonna
go through a house and look at it. If you
have kids, you're gonna check the neighborhood. What about the schools?
Speaker 4 (03:11):
Are they good?
Speaker 5 (03:11):
You're doing your research. You go into buy a car,
you kind of have an all ballpark idea of what
the car is actually worth. Then you go in and
you try to make the deal. If you really want
the car, go shopping for clothes. I don't like trying
on clothes, so I'll guess and then if they're too small,
they got to go back. If they're too big, that's okay.
I can deal with that. But Christy, what we're talking
about is kind of right in yours of Matt's wheelhouse,
(03:32):
and that is can we test drive any part or
a lot of parts of retirement.
Speaker 3 (03:39):
Christy's been telling people this for years.
Speaker 1 (03:41):
Yeah.
Speaker 2 (03:41):
The crazy thing is is that we get people that
come into the office and they don't know if they
can make it with you know, a certain budget and retirement.
They don't know if they're even mentally ready. A lot
of times, but for me, when it's really bowling down
to the financials, then I'm going to always recommend that
(04:03):
they test drive their retirement. What does that mean, Well,
it means determine how much income you're going to live
on in retirement and for a six month period or
a I actually recommend a year a year period live
on that exact amount, even if you're making more. Put
(04:24):
the difference in savings. Forget you've got it, let it
grow or invest it. But test drive your retirement. So
what you can do is maybe use a week or
two of your vacation time. Normally, if you've been at
a job long enough that you're looking at retiring, you
probably have four or five weeks of vacation. Take take
(04:44):
a couple of weeks of vacation. Don't plan any trips
or anything. Just plan to do things at home the
way you would in retirement.
Speaker 4 (04:54):
I like that one.
Speaker 5 (04:55):
I think that's you know, because the middle side is
a challenge for supp For me, Matt, I'm going to
go play golf, I'm good. But for a lot of
people like Christy Smith, company owner, she's got her own
business started two thousand and six. Look how how many
people you have helped over the years. How can Christie
ever step away and be comfortable enough to be retired.
It's there, it's her identity, it's their companies she built.
Speaker 2 (05:18):
Well, sometimes we hear that people want to volunteer, but
when I ask them, you know, what organization or what
do you want to do in terms of volunteering, they
typically don't know, And so I say, start doing that
while you're working so you can find out. Is it
something you can even be passionate about? What organization are
you going to volunteer for? You know, things like that.
(05:39):
You can do these types of things while you're still working.
Speaker 3 (05:43):
Mark, I know you've heard of the Villages in Florida.
Speaker 4 (05:45):
Right, Yes, yes, Nancy Lopez used to do commercials for him.
I think maybe lived there.
Speaker 5 (05:49):
I don't know.
Speaker 3 (05:50):
We have some clients that have moved there a few
over the years. For those who don't know, the Villages
is a retire It's a fifty plus community, maybe fifty
five plus. But the bottom line is it's massive. It's
approaching a couple one hundred thousand people. It's about forty
five minutes northwest of Orlando. Well, clients were telling me
that when they decided where they were going to move,
(06:12):
the Villages offers basically a trial run you can rent
there for a six month period before you decide you're
going to buy there.
Speaker 2 (06:21):
Well, And I think it's really important that you're on
the same page huge because often we will see a
husband and wife, you know, maybe a fifty five year
old and a fifty eight year old couple. They come
in to meet with us, and when I ask them
what does their ideal retirement look like? What does it
look like? A lot of times mark you would be
(06:44):
surprised that they're different, and I think sometimes it gets
a little uncomfortable because they realize that in our conference room.
So I would encourage you, if you're getting closer to retirement,
start talking to your significant other and find out what
does retirement look like for them, because you want to
(07:05):
make sure that you're on the same page. You want
to make sure that you know, maybe you have to
make some compromises. My husband, his idea of retirement and
my idea of retirement are probably two different things. So
we want to be able to work together talking through
it so that we can, you know, we can figure
out a plan to where we are like co mingling
(07:28):
and accomplishing those dreams together. Communication is like the number
one key.
Speaker 5 (07:33):
Sure and I've got a lot of friends because I'm
shoot on medicareage this year unbelievable sixty five.
Speaker 2 (07:37):
Howie cow, did you do the Happy Dance?
Speaker 5 (07:39):
I haven't made it yet. It's going to be at
the end of the year. But it's crazy to think
that I'm that old.
Speaker 2 (07:43):
But a lot of the video of when you do
the Happy Dance exactly.
Speaker 5 (07:47):
But a lot of my friends are retired and one
buddy of mine, he'll go on golf trips with his buddies.
She will go on trips with her friends. I mean,
they do a lot of things together, but they also
do a lot of things separately. But they certainly have
had that conversation.
Speaker 3 (08:00):
And that's the key. And I think one of the
things the conversation.
Speaker 5 (08:03):
One of the things I think is interesting too, is
because of Christie. I knew you're going to talk about
the income. If you're not really sure you can live
on it, will try it before you actually retire. But
you think about, Okay, we want to go to Florida.
We want to go to Arizona. We'll be there in
July and August. Hey, we want to move to the mountains.
We'll make sure you're there in January and February if
you want to. You know, the twenty twenty the RVs
went crazy because of COVID.
Speaker 4 (08:23):
Don't want to fly, I.
Speaker 5 (08:23):
Don't want to be a hotel. Let's go buy a
hard RV. So a lot of people still there's tons
of our V sales in twenty twenty. Now you're like
that sounds like a lot of fun. I'm going to retire.
Let's sell our house by an RV. We'll travel the country. Well,
maybe rent one before you buy it, right, I mean
I like this idea of try it before you actually
commit to it.
Speaker 2 (08:41):
Yeah, I really do. And the thing is is that
for me, it's important about having a clear vision, you know,
clear expectations, and then test them.
Speaker 3 (08:52):
You know.
Speaker 2 (08:52):
I have always been a big fan of testing your retirement.
I mean it's funny because we try out things all
the time before we buy, but yet we take this
leap of faith into retirement without even really knowing if
this is what we really want to do, or how
does it? How is it going to look? What are
we going to do?
Speaker 4 (09:11):
Well?
Speaker 3 (09:11):
When it comes to test driving, you first have to
have the keys, and so the keys to a test
drive start with having a plan, and the plan that
we want to help you implement we call it our
smart plan, So it's an acronym S. What are my
sources of income? Could you got to put gas in
the RV? So if you don't have lifetime income, whether
(09:31):
it's social security, investment income, pension income, what are your
sources of income? And how confident are you that those
sources of income will last as long as you're around
and your significant other? So sources of income? In medicare
and medical planning? Do you understand how to set up
for long term care? And all the ins and outs
(09:52):
of medicare? Is part A, B, C, D, E, F, G, HIJK,
you know, etcetera. A advanced planning? Have you done a
state planning? Are? How much? What risk do you have
in your portfolio? If the market goes bad? Is that
going to mess up your retirement planning? How do you
how do you handle that risk? And then the big
one for us is te taxes? Will taxes eat up
(10:13):
your retirement or will you be able to counteract the
effect of increased taxation? That's how we help. So before
you test drive, before before we handle the keys, let's
build a plan. Our number is seven nine one five
seven seven three, or hop on the web meet with
us now dot com. That's meetwi us now dot com
(10:34):
and we'll reach out to you next week and set
up a time for a one on one visit.
Speaker 5 (10:38):
Glad you're with us today for your money matters with
Christy Smith and Matt Kennedy a Presley Wealth Management we're
just getting started. We've got a lot to get to
stay with us. We're back with more right after the.
Speaker 6 (10:46):
T Interest rates are on the rise. So what does
that mean for your retirement? Find out by calling the
Presley Wealth Management team now eight six six.
Speaker 7 (10:56):
Three nine oh twelve fifty two.
Speaker 6 (10:59):
That's eight six six three nine zero twelve fifty two.
Speaker 8 (11:06):
Uncle Sam might need a loan soon from you. We
have over thirty four trillion dollars in national debt. Where
do you think the money to pay for that's going
to come from? Taxes? Believe it or not, taxes are
at historic lows right now, but how much longer will
that last? A roth Ira conversion might be a good
option when planning for your retirement because you can pay
(11:26):
lower taxes now and avoid potentially higher taxes later. Christy
Smith and the team at the Presley Group have seen
taxes rise and fall. They know what options you have
to potentially reduce the amount of taxes you pay in retirement.
Call the team at the Presley Group and schedule your
tax analysis today. Eight sixty six three nine zero twelve
fifty two. That's eight six six three nine zero one
(11:46):
two five to two. Uncle Sam needs money, don't let
him take it from you. Eight sixty six three nine
zero twelve fifty two. Investment advisory services offer through a
wealth management LLC A RETCH should investment advisor. Investing involves risk.
Always consult with the qualifying tax advisor before making any
decisions regarding a ROTH conversion, as there may be additional
tax considerations.
Speaker 7 (12:08):
Be smart when it comes to your retirement.
Speaker 6 (12:11):
Presley Wealth Management has a smart plan to help you
better understand the process. Set up your no consultation appointment
to get your smart planning in place. Call eight six
six three nine oh twelve fifty two. That's eight six
six three nine oh twelve fifty two.
Speaker 5 (12:29):
Welcome back to your money matters with Christy Smith and
Matt Kennedy of Presley Wealth Management. Christy started the company
back in two thousand and six. I'm Mark Kelly, glad
you're with us again. If you want to sit down
and talk with Christian, Matt and the team at Presley
Wealth about where you are on that road to retirement,
maybe already retire to you have some questions, meet with
usnow dot com. Meet with us now dot com. You
can always call two two five seven nine one fifty
(12:49):
seven seventy three. Two two five seven nine one fifty
seven seventy three. Hey, Christy, Matt, I think I've got enough.
I think I've got enough. Are we going to be okay?
Speaker 4 (12:59):
Don't really know?
Speaker 5 (13:00):
Why not find out? I think this could be one
of the more important things that you do. I is
talking with a retirement planning team like CHRISTI and Matt
at Presley Wealth. Two two five seven nine to one
fifty seven seventy three. All right, We're going to talk
about something that we've talked about over the years. We've
been doing this show for a long time, probably seven
eight nine years. I don't even know, but you think
about it. We have touched on this subject before, and
(13:22):
I think it's kind of something to bring back. It's
kind of interesting, I think, And that's the three stages
of retirement and Matt I would assume basically everybody goes
through these three stages, right, the go go phase the
one they can't wait for, and you don't know if
that's let's say you're retired at sixty five. Are you
in the go go from sixty five to eighty sixty
five to seventy two? Don't know, right, because of health
(13:43):
and all that kind of stuff. But you have the
go go phase, and you have the slow go phase
where you can go but yeah, I just don't really
feel like it. Then you get to the no go
phase where you really can't go anymore. Talk about the
go go. I think that's the exciting part of retirement,
isn't it.
Speaker 3 (13:57):
It's the exciting part. But I would that's also the
most dangerous part. And by danger Christy, I don't mean
to sound negative, but here's what often happened. People come in,
you know, we sit, we talked, and the couple says, Okay,
here's our plan. In two years we're retiring, and the
good news is we'll only need half the money we
have now to live on. Really, have you've done a budget?
(14:19):
You positively know that because one of the things Christy
and I have discovered over the years is number one.
Many people, lots of couples underestimate what they really need
to spend in the first eight to ten years the
go go years of retirement because number one, things are
more expensive. And number two, we're not our parents. You know,
(14:41):
our parents are like, well, I'm retired now, I'm on
sit in a rocking chair and make me a bacon,
lettuce and tomato sandwich. That's my dad, not us, right,
we go go and go. Going is expensive, right Christy.
Speaker 2 (14:53):
Well, it truly is. And so when we think about
the go go years, there's several things we really got
to think about. Number one, where do your children live?
Because I hear more often than anything, Hey, I want
to go spend time with my grandchildren. And what we're
seeing is more and more often our kids are not
living where we are any longer. So we're wanting to
(15:14):
travel more. Not only do we want to travel to
see our grandkids, but we actually want to take our
grandkids on vacation. We want to take our entire family
on vacation. You know, I can remember twenty years ago
when we would talk about the vacations we plan to
take our kids on. My mother in law and father
(15:35):
in law always thought we were kind of crazy. We
would go snowskiing the week after Christmas, you know, we
would do that instead of buying a lot of junk
for Christmas, because making those memories with our family was
more important. What we're hearing now is we're hearing people
want to take their families on vacation. Well, that's expensive
and they want to pay for it. So not only
(15:55):
do they want to go, but they want to pay
for it. I'm also hearing I want to help pay
for my kid's education. I'm actually are my grandkids education.
I'm actually doing that now. You know, my daughter and
son in law didn't need it, didn't ask for it,
but it certainly was important for me and Rick to contribute.
(16:18):
You know, we want to feel like we're contributing to
our grandchildren's future, and so we're doing things differently than
we did twenty thirty years ago. Now. Being very involved
in our grandkids' lives is super important, and unfortunately it's
not as easy as it used to be. I remember
go and see my grandparents, was crossing the Chapel Ii
(16:39):
River going to Simsport, Louisiana every other Sunday because my
dad workshift work every other Sunday we'd go see my grandparents.
Now for many of our clients, they have to get
on a plane and go and they'll stay two or
three weeks and then they'll come back home. You know,
retirement doesn't look like it used to. And the go
go years are to say this, but they're more go
(17:02):
go than they've ever been. You know, Matt, you used
to hate when I would say you don't know what
you don't know nobody and you say, Christy, you sound
terrible when you say that. I'm like, but you don't
know what you don't know? And now you're like, oh,
you are so right about that. Well, I'm saying the
go go years are more go going than they've ever been.
(17:22):
And I think it's really important when you're planning your
retirement that you actually build that into your retirement. It's
important to face, okay, like, understand what is it we
really want to do, and then build that into your plan,
because if you don't build it into your plan, what
you're gonna find is your plan's going to blow up
because you did more than what you anticipated, right.
Speaker 3 (17:41):
And so that's why we we talk about our smart
plan here. Smart S stands for sources of income. We'll
talk more about what the other letters stand for. So
when we help you plan for retirement, that's what we
do here at Presley Wealth Management. The very first thing
we really want to focus on is s sources of
in whether it's should I take my pension as payments
(18:02):
or take my pension lump sum? How do we time
our social security? Especially if we're a married couple, you know,
do we take a spousal benefit? Do we delay till
seventy do we start our social security?
Speaker 4 (18:13):
Now?
Speaker 3 (18:13):
What are your sources of income? The biggest fear of
most of you have is that you keep on working
because boy, every two weeks or every week that paycheck
feels good. How do you take your savings and turn
those savings into a paycheck, because that's what gives you,
That's what gives you the confidence to be able to say,
(18:34):
we have a plan and now we can actually retire
seven nine to one fifty seven seventy three. That's our
number seven nine five seven seven three. Or you can
reach us online go to meetwi usnow dot com. If
you're thinking about heading into those go go years or
maybe if you are already retired and you're in the
(18:54):
go go and you're like, okay, now what do we
do is we face the slow go years. We're here
meet with usnow dot com. Just pick a time on
our calendar fifteen to twenty minutes. We'll get together on
the phone, get to know you better, and then set
up a one on one visit. That's meetwi usnow dot.
Speaker 5 (19:11):
Com and Christy. We know that seventy percent of Americans
do not have a retirement plan. Hey, you know, we
created it. We had a four one K at work.
Speaker 4 (19:19):
We had it.
Speaker 5 (19:19):
We're lucky enough, maybe have a pension of work. We're
we're doing okay, we can figure this out. And they
don't really so sometimes they're not sure if can they
take this trip, can they get that car? They don't
really know, so they play it a little safer because
they don't really have a plan. I think one of
the benefits, especially if you do have big ideas about
traveling and doing things in retirement, the plan that you
walk people through I think is so important because now
(19:42):
you know exactly where you are. And I think sometimes
people think, well, Christy's gonna tell us we can't do it.
That's not You're not gonna tell them we're gonna say,
here's the situation. It's a math problem, basically, isn't it.
Speaker 2 (19:53):
It truly is, And so for me, you know, helping
people understand that transitioning from working to retirement is it
is a process. You know a lot of times people
will come in they're about to retire, they're really excited,
but yet they've got a lot of decisions to make
and you know, unfortunately taking care of some of those
(20:17):
things can take as long as three months after a retirement.
So it truly is a transition, and I would say
it's a six month transition in my mind. You know,
it's a normal time period. But I think building in
in your budget the resources so that you can go
and do the things you dream of doing. If you
(20:37):
want to take your kids and your grandchildren on a vacation,
let's build it into your budget. I think it's important
to talk about what is important to you in retirement
with your spouse or significant other and then build it
into your plan.
Speaker 5 (20:51):
Hey, Christy, what you just said I think is obviously important.
But here's my question for you. Do we have to
wait till or retire to take our family in a
vacation or do you promote, Hey, we don't know what
tomorrow holds.
Speaker 4 (21:03):
You've always dreamed of taking this trip.
Speaker 5 (21:04):
Because there was some friends of mine, their parents were
having their fiftieth wedding anniversary, and they scheduled they were
going to both turn seventy five at the same time,
and so they had a huge trip. It was like
the German River Cruise or whatever, that Viking River Cruise
or whatever. And they put it off and put it
off because we're gonna do it on our fiftieth wedding
anniversary we both turned seventy five. They had it all
(21:27):
set up, and a month before they left, she got sick.
They never made it. They never made it, and that's
kind of the challenge. We say, boy, this would be great,
and then we put things off and then all of
a sudden you never get a chance to do it.
Speaker 2 (21:39):
You know, Mark, with going through the experience that I
went through with my sister passing away at fifty, suddenly
it makes you realize how it's important to live every
day of your life like it's the last day. And
I think it's important that if you really dream of
going on those types of monumental like vacations together as
(22:02):
a family, doing them as soon as possible is important
because once you enter the slogo years, you know, we've
got the go go years, and I really look at
that as like a ten year period. But then we
go into the slogo years, and slogo doesn't mean that
you're not going. It just means that you're not gonna
go as as much. I think putting off things that
(22:24):
you really dream about doing is a terrible mistake and
I learned that lesson a long time ago. My first
motor home was really purchased out of emotions. My dad said, Honey,
does he ask you for much? And I said no,
and he said, well I wish I would have with
your mom. And it made me, oh wow. No, I
(22:46):
mean it's that's that conversation is embedded in my mind.
So we're going to encourage our clients to, you know,
tell us what their dreams are. Then we're going to
work that into their plan and we're going to try
to encourage them to do it while they can't. And
you know, it's all really about having a plan. And
that's what we do at Presley Wealth Management is we
work with you. We are a team to build your
(23:09):
smart plan. Give us a call at two two five
seven nine one five seven seven three and schedule a
fifteen minute conversation. That's the first step. And guys, we
do this every day and we love to help you.
Speaker 4 (23:22):
There's no cost to you.
Speaker 5 (23:23):
This is totally free, totally complimentary, no cost to obligation,
no pressure, seven nine to one fifty seven seventy three.
So we're going to get into the slogo of the
Nogo Years because you think, well, I'm going to spend
most of my money in the Nogo Years, Well maybe
maybe not. Stay with us, back with more with Christi
and Matt. This is your money matters.
Speaker 6 (23:43):
You're listening to your money matters with Christy Smith and
Matt Kennedy to set up your fifteen minute meeting with
the Presley Wealth Management team called eight six six three
nine ozho twelve fifty two.
Speaker 9 (23:59):
It's nice when you can get everything on your list
in one place, isn't it? Christy Smith that the Presleay
Group agrees. That's why she offers comprehensive retirement planning all
under one roof. You shouldn't have to go to one
place for information about tax planning, another for estate planning,
and another for retirement income planning. That's why the Presleay
(24:19):
Group was started. Christy Smith wanted to build a company
that could help families with all aspects of their retirement.
The Presleay Group is more than just convenient. They're knowledgeable
and experienced. To set up a meeting with Christy Smith
and her team to talk about your retirement plan all
of it, call eight six six three nine zero twelve
(24:40):
fifty two. That's eight sixty six three nine zero one
two five two. The Presley Group one stop for a
wealth of retirement solutions eight six six three nine zero
twelve fifty two and investment advisory service is offered through
EIGHTE Wealth Management LLC, a registered investment advisor.
Speaker 6 (25:01):
Is the price tag on everything giving you sticker shock,
from groceries to gas.
Speaker 7 (25:05):
The cost of living is skyrocketing.
Speaker 6 (25:08):
But if you think inflation is painful, now just wait
until you retire. Easy impact of inflation and start planning
now for your retirement. Called Presleywealth Management at eight six six.
Speaker 7 (25:20):
Three nine oh twelve fifty two.
Speaker 6 (25:22):
That's eight six six three nine oh twelve fifty two.
Speaker 5 (25:28):
Glad you're with us today for your money matters with
Christy Smith and Matt Kennedy at Presley Wealth Management. You
can find out more Presleywealthmanagement dot com. Presleywealthmanagement dot com.
I'll find out about upcoming events, find out more about Christy,
Matt and the team. You can certainly get a lot
of great information on that website if you want to
sit down and talk with them, you just want to
have a conversation, Maybe you want to have a just
start with a phone call. Hey, we got some questions,
(25:50):
got some concerns. What do you guys think it is?
Meetwith usnow dot com. Meet with usnow dot com. I'm
Mark Kelly, glad you're with us. We're talking about the
three stages of retirement. We will all go through these.
We just don't really know how long we're gonna be
in each one. You got the go go years, you know,
think about the bucket list that you've always dreamed of
being able to do in retirement. Are you gonna be
in that for five years, fifteen years, maybe it's ten,
(26:13):
maybe it's from sixty five to seventy five. Then you
get into the slogo years you can still go. You
just don't really want to go as much. You're not
gonna be as active as the go go years. You
can still do things physically, but maybe you're around home more,
maybe you're around the grandkids more. You're more just settled.
Then you get to the no go years and you
really can't go anymore. And I think a lot of
(26:34):
times people think, Okay, we're gonna go take these trips
and those trips, and we're gonna really be active. And
then once we get to the slogo and nogo years, well,
we're not gonna spend hard le aning money at all. Then,
because we're not doing anything. That's far from the truth,
isn't it, Matt, It's far from the truth. A couple
of things happen.
Speaker 3 (26:52):
So you slow down some right, and maybe you've had
some fun, you've spent some money, and you suddenly realize, wait,
hold on a second. You know, we played hard through
our mid to late sixties and early seventies, and all
of a sudden, I noticed, why are my taxes going
up so much? Well, don't forget about our little friend,
(27:15):
mister required minimum distribution. See, when you turn a certain age,
it used to be age seventy and a half. The
law has changed. For most of you listening now, the
age is seventy three, and if you were born in
nineteen sixty or later, then your required minimum distribution age
will be age seventy five. So what's the deal. Well,
(27:38):
the government has let you save into four h one
ks and iras for years and years and years. And
what happened when you had that job and you put
your ten twenty thousand and thirty thousand a year in
You got a tax break. You got to write that
off of your income, and you got your tax break. Well,
you know right that when you pull money out of
(28:00):
your iras four A one K, simple irase, set plans, pensions,
et cetera, that money is always taxable. But when you
reached that magic age, let's just use seventy three. Seventy
three is a good age for most of you. You've
slowed down, but now all of a sudden, Uncle Sam
(28:20):
is making you take a required minimum amount. Maybe let's
just say I'm making up a number. You got two
million dollars, Okay, that required minimum will be almost eighty grand.
So maybe you were living on eighty grand when you
were going. But now you're like, ah, life's easy. We
can basically live on Social Security. Praise the Lord. Our
taxes will be lower, and then all of a sudden
(28:42):
you're forced to take out eighty thousand dollars that you
don't need, right, Christy, because you've slowed down. Then you realize, oh,
my goodness, I'm paying as much in taxes now as
I was when I was go going, or even when
I was working. So Christy, what we see this all
the time? People are shocked to realize that their taxes
(29:03):
are probably going to go up when they're slowing down.
How do we tackle that?
Speaker 2 (29:08):
Well, the first thing is is that and I want
to answer that my map. But the thing is is
that I really want to stress you know, as you
get older and you're in the slogo years, what happens
if one of you passes away in a married couple,
if you have a spouse pass away, and you're being
forced to take that same eighty thousand and a required
minimum distribution. Now you're actually filing taxes as a single
(29:33):
person versus married violent joint. So often it is so
beneficial for us to sit down and look at do
you need a tax plan? Because maybe you know, most
people are well, a lot of people are not familiar
with IRMA IRMA penalties for medicare you know, I call
(29:54):
it mother IRMA because none of us like mother IRMA,
and you want to try to avoid it as as
much as you can. But the thing is is that
if you're in the go go years and you're spending
some of your money, is that the time the tax plan.
Many people decide, oh, I want to put it off, Yes,
and when I'm spending less, that's what I'm gonna tax plan.
(30:14):
But the reality is is maybe while you are in
the first ten years of your retirement, maybe that's exactly
the time you should consider tax planning because you want
to try to eliminate IRMA as quickly as possible.
Speaker 5 (30:29):
So meet with us now dot com if you'd like
sit down with Christiane Matt and the team at Presley
Wealth Management and talk about this. Meet with us now
dot com. Just set up a time for a fifteen
to thirty minute phone call. Let's have a conversation. They
don't know if they can help you until you reach out,
so it's your opportunity to take advantage of this. It's complimentary.
Meet with usnow dot com and you think of the
slogo phase moving to the no go phase. Boy Matt
(30:54):
mitched long term care that is super expensive. My mom
went from living in a home, went to the retirement
community assisted living three grand a month. Then last year,
late in the year, she decided, well it's time for
a little unassisted living. She's got diabetes and it's really
hard to control up and down like crazy. So I
went to assist a living. Well, that three grand a
month became nine grand a month. I mean, that is
(31:15):
the there's expenses coming all the time. That's what I
think is such a such a challenge that we kind
of Christie, what you're talking about. People get from the
go go and now go, well, I'm not going to
spend as much. I had a buddy of mine retired
longtime insurance agent for a well known company, and he
sold his rental home two years before he retired because
(31:36):
he thought, well, there's an herb attack. I know that,
and it's two years before, or he thought it was one.
He said, so if I do it two years, it's
not a factor. I said, well, it's a two year
look back. I mean, people that you think would know
these things don't know. You guys come in to help
a lot with those types of things as well.
Speaker 3 (31:51):
What's the old saying, Christy it's not what you don't
know that hurts you. It's what you think you know
but you really don't know that helps you. So I
make it sound so much easier. You don't know what
you don't know. Mark.
Speaker 2 (32:05):
I have to say that because Matt really hates it
when I say that.
Speaker 3 (32:09):
It's okay. I've learned to love it.
Speaker 4 (32:11):
But I do think that's the challenge.
Speaker 5 (32:12):
I think we think we know things, whether it's social
scirty decisions, whether it's medicare decisions, whether it's the you know,
the seventy three, we have to start doing the rm DS.
Speaker 4 (32:21):
Whatever.
Speaker 5 (32:22):
We think we kind of understand it and we can
google it, but it's not You guys, look and look
much deeper than just the surface of this stuff.
Speaker 4 (32:30):
Matt. I mean, you guys go in depth. You need to.
Speaker 5 (32:32):
As Christy has said all the time. You want to
find out what do you want to do in retirement,
what's your perfect day? How can we help?
Speaker 3 (32:39):
And I love to say this. Our goal is always
to start with the end in mind. You know, it's
most firms, when you sit down with the average firm
on the corner, it's all about, oh, well, we have
these great stocks or bonds or mutual funds, and we're
going to make you ex percent a year. Great, beautiful.
So they're doing one thing for you, right, they're doing
(33:00):
investment planning. Well, that's twenty percent of what you need
when it comes to retirement. They're buying and selling, we're serving.
And there's a difference because investment planning is one fifth
of the help you need for retirement planning. I mentioned
to them earlier, where are my sources of income? Show
(33:20):
me on the screen what it looks like and how
much I can afford to draw? What does it look
like when we're in our late nineties do we still
have money left? Right? So it's not just about the investments.
And if you're working with someone and they never have
conversations with you, if you have an advisor and they
never have conversations about tax planning, they never have conversations
(33:41):
about estate planning, they never have conversations about medicare, they
never have conversations about maximizing your income, then you're paying
for investments. Wouldn't you'd rather have a much more comprehensive approach.
It's what we do. Reach out to us at two, two, five, five, seven, seven, three,
(34:03):
seven nine one fifty seven seventy three will holler back
at you next week and uh Casey from the office
will call and set up a time for us to
get together or make your own appointment. We always start
with a brief phone call just to kind of get
to know each other. Then we'll set up a face
to face meeting and roll up our sleeves and get
to rolling. Our number is seven nine one five seven
(34:24):
seven three, or online it's meet with us now dot com.
That's meet with us now dot com.
Speaker 5 (34:33):
Glad you're with us today for your money matters with
Christian Matt or with Presley Wealth Management. We're down to
our final segment. I're gonna learn some inside information on
Christian Matt when we come back.
Speaker 4 (34:44):
Stay with us back right after this.
Speaker 6 (34:49):
If you only think about taxes once a year, you're
doing it wrong to get the most out of your
retirement nest egg. You shouldn't just file your taxes. You
need to plan for them. Call Christy Smith now to
see what tax opportunities you could take advantage of. Eight
sixty six three nine oh twelve fifty two. That's eight
six six three nine oh twelve fifty two.
Speaker 9 (35:14):
It's nice when you can get everything on your list
in one place, isn't it. Christy Smith at the Presley
Group agrees. That's why she offers comprehensive retirement planning all
under one roof. You shouldn't have to go to one
place for information about tax planning, another for estate planning,
and another for retirement income planning. That's why the Presleay
(35:35):
Group was started. Christy Smith wanted to build a company
that could help families with all aspects of their retirement.
The Presleag Group is more than just convenient. They're knowledgeable
and experienced. To set up a meeting with Christy Smith
and her team to talk about your retirement plan all
of it, call eight six six three nine zero twelve
(35:55):
fifty two. That's eight six six three nine zero one
two five two The Presley Group one stop for a
wealth of retirement solutions eight six six three nine zero
twelve fifty two. Investment advisory service is offered through eight
Wealth Management LLC, a registered investment advisor.
Speaker 7 (36:16):
Be smart when it comes to your retirement.
Speaker 6 (36:18):
Presley Wealth Management has a smart plan to help you
better understand the process. Set up your no consultation appointment
to get your smart planning in place. Call eight six
six three nine oh twelve fifty two.
Speaker 7 (36:31):
That's eight six six three nine oh twelve fifty two.
Speaker 5 (36:36):
Welcome back to your Money Matters with Christy Smith and
Matt Kennedy of Presley Wealth Management. I'm Markkellay Gled're with
us today. Any questions, it's two two five seven nine
one fifty seven seventy three seven nine one fifty seven
seventy three or meet with us now dot com. Set
up your own appointment. Meet with usnow dot com. I'm
Markelly Glad you're with us. We're gonna have a kind
(36:56):
of a fun segment. I'm gonna ask a couple just
generic retirement questions, one one to Matt, one to Christy
because I think they're important questions, and then we're going
to have some kind of wild questions. We'll get it
dig a little deeper into Christian Matt as well, but
as we wrap up this show. So here's the first one, Matt,
I'll give it to you. And this is one because
I've talked about it before. I mean, I'm gonna be
(37:17):
sixty five medicares right around a corner, but I have
not started so scurity because I'm still working and I
think a lot of people look at SO scurity in
a vacuum. Hey, I'm retiring at sixty two, I'm gonna
take SO scurity. I'm gonna retire at sixty five because
I get Medicare, so I might as well start SO
scurity then. And they don't really look at it in
the big picture. How should people figure out when and
how to start SO security? And I suppose it's even
(37:39):
a little bit more complicated if you're married rather than
a single person.
Speaker 4 (37:42):
Idiots.
Speaker 3 (37:42):
Well, the rules keep changing, and it seems like every
couple of years the Social Security Administration makes some changes
in a bid to keep Social Security completely solvent. It
may sound incredibly simplistic, but if you're facing retirement and
you're going to go to put food on the table
(38:03):
because maybe you haven't saved a boatload of money, But
taking Social Security, even though you're taking it early and
you're maybe giving up you know, or you're getting a
smaller amount than you would say in two or three years,
if you need the money, take it. Honestly, if you
need the money, take it. But one of the most
important things to remember, and this is a hard and
(38:23):
fast rule, Social Security will punish you for drawing your
benefit before your full retirement age. So remember this. If
you were born nineteen sixty or later, your full retirement
age is sixty seven, and there's a sliding scale before that.
Some of you, maybe your full retirement age is sixty
six and a half. Let's say you're going to retire
(38:45):
at sixty five. Well, Christy, right. The beauty of taking
Social Security right at sixty five is that when you
hop all Medicare, then your Part B, which right now
cost about one hundred and seventy bucks a month, it's easy.
That's automatic deducted from your Social Security makes it easy.
But what if you're still working at sixty five, Well,
(39:07):
maybe your company is going to make you get on Medicare.
But if you got on Social Security and you earn
more than twenty thousand dollars in a year, the government
is going to rake back a dollar in benefits for
every two dollars that you make over that twenty thousand.
I'm throwing a lot at you right there. Understand, it's
(39:27):
what you don't know that can get you in trouble.
You don't know what you don't know, right, seventy nine
to one, five, seven seven.
Speaker 4 (39:34):
Three so Christy.
Speaker 5 (39:36):
When you sit down with a new perspective, couple for example,
or an individual, it doesn't really matter either way, a widow, widower, married, couple, divorced, whatever.
It's always starts kind of with income, right, I mean
the smart plan and the programming that you walk people through.
You want to know what they want to do and
all of that, but it's always about income. It seems
to start anyway, do you have enough to maintain your
(39:57):
lifestyle and where's it going to come from?
Speaker 4 (39:59):
Son?
Speaker 5 (40:00):
Can you explain a retirement income plan? How do you
go about creating that?
Speaker 2 (40:04):
Well, the first thing that we do is is we
determine how much income do you need monthly in retirement.
Then we want to factor in a level of inflation
each year to your monthly expenses, because we don't want
your standard of living to go down as you get
older just because we didn't we didn't include inflation. So
(40:25):
we start off looking at how much do you need?
Then we look at where are you going to actually
receive that income. For many people we're going to include
social Security benefits. Maybe it's a husband and wife. We
determine is it going to be a like a spouse,
a spousal benefit or are you going to both draw
on your own Social Security benefits? We look at are
(40:47):
there any pension incomes that are going to come in
in retirement. Once we can get that nail down to
fill in the gap, what we're going to do is
is we're going to create certain buckets that are going
to be designed to pay out income. Now, one of
the things that you want to be mindful of is
(41:08):
tax planning because often we're working with people that are
sixty years old and they're retiring and they need health
insurance between sixty and sixty five. So what they want
to do is they typically say most of them know,
they'll say, I want to qualify for that subsidy. Well,
(41:29):
what are they talking about. They're talking about a healthcare
of a tax subsidy for health insurance. That means they
need to keep their income down. Well, if all of
their sources of income are coming from pre taxed environments,
often they're not able to do that. So that's why
it's important to start building an income plan early because
(41:50):
in building that plan, what we're going to do is
we're going to look at what pools of money do
we have. We may put some into like a guaranteed
income annuity that we will let grow for a very
long time and then turn on that guaranteed income at
a certain point in their life. Having a written income
plan means where is my income gonna come from, not
(42:13):
only today, but in ten years from now.
Speaker 5 (42:16):
This is where the team at Presley Wealth Management really
can step up and help you. And they're not gonna
tell you have to do this or you have to
do that. The math kind of tells you and now
it's your choice. Hey, here's the best options in this category.
Here's the best options over here. It's at the end
of the day, it's your retirement, it's your money, it's
your hopes and dreams. Christian and Matt and the team
of Presley Wealth are here to help. They're kind of
like your personal wealth coach, your own chief financial officer.
(42:38):
If you will meet with usnow dot com, set up
your own fifteen minute phone call. There's no cost for this.
Meet with usnow dot com. All right, just some random questions. Christy,
what was your first car?
Speaker 2 (42:50):
My first car was a B B two ten Hatch
bet Dotson.
Speaker 3 (42:56):
I thought you were gonna say BMW and I was
gonna punch you.
Speaker 2 (42:59):
No, it was my mom car. She got a Lincoln
and gave me her car.
Speaker 3 (43:02):
Okay, Matt, what about you Fort Fairmont?
Speaker 4 (43:06):
Oh wow, it was awesome, but a fancy car.
Speaker 3 (43:08):
It was a piece of garbage.
Speaker 4 (43:11):
Dating exactly. Cake or pie? Oh?
Speaker 3 (43:14):
Absolutely, get me some cake.
Speaker 4 (43:16):
Yeah, I don't.
Speaker 2 (43:17):
I prefer pie.
Speaker 4 (43:18):
Yeah, I figured it. I don't eat pie. I don't
eat that at all.
Speaker 3 (43:20):
What yeahman, chocolate cake rules cream pie? I better?
Speaker 4 (43:25):
Yeah?
Speaker 5 (43:26):
All right, final one, because we've got two minutes left,
and I would like both of you to answer this
question and you can talk about yourself, but also Presley
Wealth Management. Christy, the most important thing you would like
your clients to know about you and your company?
Speaker 2 (43:41):
Well, the most important thing to me is that we
truly are a company here to serve. And I know
you know that, Mark because you hear us every week
as we prepare for this radio program. But I really
believe that our job here as a company is to
serve the families that we help. That means I want
(44:01):
to know that if we're choosing to work together as
a team, I want to know that my clients are
going to be okay in retirement. I never want to
have the day where we have to say someone ran
out of money. I always want to know what's going
to happen when one of them passes away. Is the
(44:24):
spouse going to be taken care of financially? I want
to know that the children, if it's a goal of
a husband and wife, I want to know that the
children will be able to receive their funds when they're
no longer here. It's really all about serving, and that's
we call this our serve model. It's what we do.
In fact, we have postcards in the office that we
(44:46):
write on that says serve and I guess that's what
I would want people to know about our company well.
And we serve the community too.
Speaker 3 (44:54):
True.
Speaker 2 (44:54):
That's also important.
Speaker 3 (44:55):
Well for me as an advisor in the company. When
I look across the table, I always see my parents.
I mean, you may not be as old as my parents,
but I always you remember do unto others as you
would do unto your parents, And so I would want
to handle your money as if I were handling my
parents or my own money and my own planning. What
(45:17):
result can we achieve based on always doing what's in
your best interest? Our number is seven nine to one
five seven seventy three. We'd love to serve you also
online at meetwi usnow dot com. Meet with usnow dot com.
Hop on their schedule your fifteen minute one on one
phone consultation.
Speaker 1 (45:41):
Presley Wealth Management has a strategic partnership with tax professionals
and attorneys who can provide tax and or legal advice.
Speaker 6 (45:46):
Investment advisory products and services made available through AE Wealth
Management LLCAEWM, a registered investment advisor. Insurance products are offered
through the insurance business the Presley Group. Presley Wealth Management
is an investment advisory practice as it offers products and
services through AE Wealth Management LLCAWM, a registered investment advisor.
AWM does not offer insurance products. The insurance products offered
(46:09):
by the Pressley Group are not subject to investment advisor requirements.
AWM and the Pressley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial strength and claims paying abilities of the
issuing carrier. This radio show is intended for informational purposes only.
(46:32):
It is not intended to be used as a sole
basis for financial decisions, nor should it be construed as
advice designed to meet the particular needs of an individual situation.
The Presley Group is not permitted to offer, and no
statement made during the show shall constitute tax or legal advice.
Our firm is not affiliated with, or endorsed by the
US government or any governmental agency. The information and opinions
contained herein provided by third parties have been obtained from
(46:53):
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group. This radio show is
a paid placement and
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Therapy Gecko
An unlicensed lizard psychologist travels the universe talking to strangers about absolutely nothing. TO CALL THE GECKO: follow me on https://www.twitch.tv/lyleforever to get a notification for when I am taking calls. I am usually live Mondays, Wednesdays, and Fridays but lately a lot of other times too. I am a gecko.