March 29, 2025 • 47 mins
Christy Smith, founder of Presley Wealth Management and Matt Kennedy, investment adviser representative, discuss issues that affect your retirement planning and how you can build a plan to help reduce risk and implement wealth accumulation strategies. Learn more at presleywealthmanagement.com and then, if you would like to have a conversation around your specific situation, set up an appointment online at meetwithusnow.com or by calling (225) 791-5773.
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Episode Transcript
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Speaker 1 (00:00):
When the news is national.
Speaker 2 (00:01):
SOB, security system molatility, global turmoil, interest rates, Ron Dane,
Wall Street.
Speaker 3 (00:05):
Your money matters. When it's Louisiana Local serving the Greater
Baton Rouge area, your money matters. And when it's your
time to retire, Presley Wealth Management presents your money Matters
with Christy Smith.
Speaker 2 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement. And that's where I believe it's
so important that you do have a full pledge retirement plan.
Speaker 1 (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 3 (00:40):
The conversation starts now this is your money matters.
Speaker 1 (00:48):
Welcome to your money Matters.
Speaker 4 (00:50):
I Mark Elliet alongside Christy Smith and Matt Kennedy at
Presley Wealth Management.
Speaker 1 (00:54):
Glad you are with us today.
Speaker 4 (00:55):
Christy started the company back in two thousand and six,
and they're here to really help you figure out where
you are on that road to retirement, give you some clarity,
give you some direction. All right, Christy, I'm gonna start
with you. Welcome to the program today, and you know,
you think about the markets. Markets go up, they go down,
they go sideways. But this has been a kind of
an interesting I guess start to the year. Markets were
(01:17):
great to start, then they got a little bumpy. Where
are you with this market volatility?
Speaker 2 (01:22):
Well, I think so far the clients that we've been
meeting with in the past couple of weeks have had
this sense of peace because they believe things that are
going to work out with President Trump. I don't know
if that's the sentiment all over, but I know that's
what we're seeing in our office. The thing is for
me is that when we look at retiring, we think
(01:47):
about sequence of returns, and we've talked about this so
many times. Mart For me, we're in a time period
where we really haven't been in what ten years now.
Speaker 1 (02:02):
Matt, Well, there was a correction in twenty twenty two,
but it was it was it was barely a correction.
Stocks went down like twenty three percent, So it wasn't
earth shattering like two thousand and eight or you know,
the two thousand dot com crash.
Speaker 2 (02:15):
So what we see is people that have retired over
the past you know, five, seven, ten years, they really
haven't experienced the level of turbulence that we're facing right now.
Many don't even understand the amount of risk that they're
actually taking in their retirement plans. I know my dad
(02:36):
didn't when he retired, and it reminds me of that
time period where you have this false sense of security
because the markets have done so well and now we're
experiencing some turbulence. For me, it's all about finding out
your risk. Do you know what risk you have in
(02:56):
your portfolio? And the reason I asked is because my dad,
when he retired in nineteen ninety eight, he didn't know
how much risk he had.
Speaker 1 (03:07):
Mark.
Speaker 2 (03:07):
We've had this conversation so many times. He was a
very smart guy when it came to his job.
Speaker 1 (03:13):
He had a pension, he's good to go, but.
Speaker 2 (03:15):
He didn't understand the markets, and he trusted an investment plan.
He didn't have a retirement plan. He had an investment plan,
and when he saw that portfolio cut in half, he
had to emotionally react or so he felt so. And
that's what will happen to many people if we continue
(03:39):
to see the markets behave the way they are right now.
And another thing, too, is is that many people don't
even understand how the turbulence that we've already experienced affects
them because they haven't looked at a statement yet. You know,
that's when people really start to react emotionally, is when
they start looking at us a quarterly statement or a
(04:02):
monthly statement and they see how it's actually affected them.
They may hear about it on the news, but until
they actually see how it affects their accounts, they just
really don't understand. And my fear is that emotional reaction
where people then make mistakes, and that's why it's so
important to have a long term plan.
Speaker 1 (04:24):
So you talk about the emotional reaction, here's some numbers
that will amaze you, Christy. What's the most common emotional
reaction that investors have to markets that are falling.
Speaker 5 (04:35):
But they want to get out?
Speaker 1 (04:36):
Okay? So in twenty twenty three, Fidelity they ran this
report and Fidelity showed that ten thousand dollars fully invested
in the S and P five hundred between January first,
nineteen eighty and December thirty first, twenty twenty two would
have kicked off about one point one million. That really
(04:57):
is buy and hold for a long, long, long, long, time.
But look at this, if you had missed the five
biggest days of return in those forty three years, if
you missed the just the five biggest days, you would
actually not end up with one point one million, but
six hundred and seventy one thousand. And if you missed
(05:18):
the fifty biggest days in that period of time between
nineteen eighty and twenty twenty two, if you had just
missed the fifty best days, you would only be up
about seventeen sixteen seventeen thousand dollars. So trying to time
the market is for most people a huge mistake. But
(05:38):
you might be saying, yeah, but what happens if I
leave all my money in then I have to suffer
through all of the downturns. No, because what we work
on is the range of return versus the rate of return.
I can't emphasize this enough. While you're working, while you're
saving up until about five years out from retirement, right, Christy,
the rate of return matters. I'm not going to quit tomorrow.
(05:58):
I'm working here. You'll let me for a good while longer.
So I'm kind of focused on the rate of return
of my four h one K and my investments. But
when you are about five years out from retirement and
the first five years into retirement, we call that the
red zone. Right, what matters more is not your rate
of return, but your range of return. What do I
(06:20):
mean by that? Well, going up thirty percent forty percent
in your portfolio what would be great. Right, But at
that time period, when you're close to retiring or first
in retirement, losing forty percent would have a far bigger
impact than making forty percent. So we focus on helping
are soon to be retirees and those who have recently
retired who are drawing income, because that's the key. Focus
(06:44):
more on the range of return. Hey, if the market
goes up twenty percent, we want a portfolio that makes
maybe fifteen or sixteen, so that if the market drops
twenty percent, your downside loss on average would be limited
to maybe twelve percent. Don't don't get hung up on
the rate of return as you're near or first in retirement.
(07:06):
Focus instead on the range, and we can show you
how to do that. We have the software to first
analyze how much risk do you have now? In other words,
if we build a plan for you and you do
nothing and you keep your investments the way they are,
and you retire and you're drawing money from those. We
can simulate good and bad markets, and sometimes some of
you think you're okay, only to find out that you've
(07:27):
got so much risk that if we go through a
very bad bear market, you'll be going back to work,
or you'll be taking less money and living a retirement
lifestyle you did not want to live. Let us help
in our smart plan. Risk is one of the most
critical things we focus on. We focus on sources of income,
medical and medicare, advance planning. When it comes to things
like wills and trust are, we want to focus on risk.
(07:50):
Where at seven nine to one five seven seven three
seven nine to one five seven seven three, or as
Mark mentioned at the beginning of the show, meet with us. Now, remember,
don't get greedy. What's the old saying, pigs get slaughter
when you're close to retirement, When you're first in retirement,
assess how much risk you have and how would it
(08:11):
impact your retirement income. Seven nine to one fifty seven
seventy three. You'll get the machine, leave a message and
we'll call you back Monday and set up a time
to get together and look at your risk profile.
Speaker 4 (08:22):
And Chris, do you think about it? What Matt's talking
about is pretty interesting. I think when people come to you,
let's say they're three years out from retirement, it's probably
not unusual that ninety plus percent of their money is
sitting in iras in four oh one k's once they
get to retirement. My guess is that most of your
clients don't have one hundred percent of their money sitting
in the markets and their iras and four oh one
k's right, there's there's got to be a percentage that
(08:44):
we're making safe and protected.
Speaker 1 (08:46):
I would guess, well.
Speaker 5 (08:48):
There really is.
Speaker 2 (08:48):
And to have a proper retirement plan, a smart plan,
you're going to need some safe money to protect you
in down periods. And one of the things that we're
doing right now now is we're using safe money to
generate our client's incomes. The last thing you want to
do is have to lower your income in retirement because
(09:10):
of market conditions. You know, that's something we can't control.
But what we can control is having a plan, and
an income plan is going to say, Okay, this is
how we're going to generate your income in good and
bad times. We're not going to call you and say, hey,
we need you to lower your income. And when Matt
came to work with me, he'll he'll be glad to
(09:31):
tell you how many people he heard say my advisor
called and said I need to lower my income substantially.
Speaker 1 (09:38):
Yeah, this is back in two thousand and seven, two
thousand and eight, and I was in shock. I'm like
these I'm sorry, I didn't mean to sound judgmental, but
I was like, these people just retired and their advisor
didn't think to say, you know, we might want to
be less risky. But everybody was making money. And there's
there's a psychological term, Christy, it's called recency bias. We
(09:58):
think things will continue the way they are because it's
what's most recently in our memory. People in two thousand
and eight got destroyed. Their lives were changed, their retirements
were up ended. Those some of those who wanted to
retire you had to go back to work. But the
dot com crash was only eight years earlier. It was
only eight years earlier, Christy, how did they forget.
Speaker 2 (10:19):
Here's the bottom line. If you don't have a financial plan,
your savings could be at risk. Market volatility is here,
like we haven't seen it in a very long time,
and without a strategy, it may impact your retirement and
your family's future. We understand how this can be an
overwhelming feeling, and it doesn't have to That's why we've
(10:42):
created a process designed specifically for retirees like you. Here's
what we do. We take a close look at your
goal so that your money works for you, not against you.
We pinpoint the threats to your wealth, from market losses
to rising taxes, so you can help safeguard your savings.
(11:02):
We present actionable strategies to help grow your investments and
preserve your income. Most importantly, we help you build a
tailored plan that helps protect your future and give you
the confidence that you need despite market conditions in retirement.
Don't leave your retirement to chance. Every day you delay
(11:25):
can make a difference in your savings. Call us at
two two five seven nine one five seven seven three.
Call right now. It's a free financial review. This is
your opportunity to turn uncertainty into control, and it's simple,
it's personalized, and it can work. Give us a call
at two two five seven ninety one five seven seven three.
Speaker 4 (11:49):
Christi Smith and Matt Kennedy back with more of your
money matters. Right after this, we're going to talk about
some hidden obstacles that might be in your retirement path,
and stay with us for back and corn.
Speaker 1 (11:58):
Right after this, our.
Speaker 6 (12:00):
Financial strategy is missing something. Presley Wealth wants you to
feel confident going into retirement. See how you're doing with
a free visit by going to the Presley Group dot net.
That's the Presley Group dot net, or call eight sixty
six three nine ozho twelve fifty two.
Speaker 1 (12:18):
Stop for a moment, think about this. Do you know
how much money in your four oh one k or
ira is actually your money? Although the government take a
bigger chunk than you thought. Remember, you still may owe
taxes on that money, But do you have a plan
to help make sure you don't pay more than you should?
At Presley Wealth Management, we believe you deserve to keep
more of what you've earned, which is why we're here
(12:38):
to help you navigate the confusing world of retirement taxes.
It's your money, you deserve to know what's at stake.
Right now, taxes are historically low, but they won't be
this low forever. So call us at seven nine one
five seven seven three. That's seven nine one five seven
seven three. Look, you work hard for your money, will
work just as hard to help you keep it. Presley
(12:59):
Wealth Management a nine one five seven seven three.
Speaker 6 (13:02):
Investment advisory services offer through a wealth management LLC, a
registered investment advisor. Investing involves risk. Always consult with a
qualified tax advisor before making any decisions regarding a ROTH conversion,
as there may be additional tax considerations. If this is
a year you've resolved to finally get your finances in order,
Christy Smith and her team can help. Give them a
(13:24):
call today at eight sixty six three nine oh twelve
fifty two. That's eight sixty six three nine oh twelve
fifty two.
Speaker 4 (13:34):
Welcome back to your money matters with Christy Smith and
Matt Kennedy of Presley Wealth Management. You can always go
to the website to learn more Pressley Weealthmanagement dot com.
If you have questions, though, do you want to talk
to the team call them two two five seven nine
one fifty seven seventy three. There is no cost, no obligation,
no pressure. Retirement obstacles that I think everybody will face
(13:55):
to a degree.
Speaker 1 (13:57):
What would you what would you.
Speaker 4 (13:58):
Say that the kind of the sticks out as those
things that maybe people don't think about right out of
the gate, but maybe they should.
Speaker 1 (14:04):
Christy, there's so many obstacles I want to see if
you agree with me, I think the number one obstacle
in the short term could be a severe market downturn,
because everything in retirement for most people is driven off
of how much they've saved and can I safely withdraw?
What's the number one question people ask us when they
(14:25):
come in here, Well.
Speaker 5 (14:26):
They want to know how much income they can get
and can they retire?
Speaker 1 (14:29):
Do I have enough? Have I saved enough? I don't
know how much do you want to spend? And so
we kind of dig into that sum with our proprietary
smart plan, looking at you know, what are your sources
of income, timing on social Security. But for most people
now some of you are lucky you have a pension
and maybe between the pension and social Security that covers
all the bills and so market volatility maybe is not
(14:51):
as big of a concern. But if you're planning to
live on your savings, and you're like, I'm going to
stick faithfully to the four percent rule, and I've got
a million bucks, so I can draw forty thousand a
year and I'll be in a pig and slop life
will be grand. That works, but only in stable markets,
because if the market takes a big plummet and you've
(15:13):
got too much risk and you lose a lot of
your money. Now you're not drawing four percent. If your
million dollars becomes six hundred and eighty four thousand and
you still take out forty grand a year, uh oh,
Now you're not taking four percent. Now you're taking more
like six and a half seven percent. So one of
the biggest obstacles in the short term is forgetting the past.
(15:33):
We're not trying to scare you. We love the stock market.
We use the stock market, but you need a plan
that reduces the range of return while you're working. It's
about the rate of return of your investments. But our
focus is to show you how to reduce the range
of return. Don't be greedy when the stock market's good,
you want to make some money, You're not trying to
beat the market. When the stock market's bad. Don't let
(15:55):
the market beat you up. Reduce the highs and the lows.
And that in the short term. Mark is the number
one obstacle, and I think it's one of the biggest
obstacles now because markets are near all time highs, you know.
Speaker 4 (16:07):
And really it's interesting, I think, Christy, and you've seen this.
You started your company in two thousand and six, so
you think about the market, the Great Recession of seven
to nine. That was a banking and housing financial crisis,
and that was an extended recession, right, the Great Recession.
But then you fast forward to twenty twenty and in
two thousand and eight was, oh, your four O one
k is now a two on. Okay, you just lost
(16:27):
half your money. I'm never gonna be able to retire.
And you fast forward to twenty twenty, it's covid. Hey,
I'm retiring now because it might die. I mean, emotions
drive the bus, don't they, Christy?
Speaker 5 (16:36):
They really do.
Speaker 2 (16:37):
And for me, that's a dangerous position to be in,
you know, Like, I just don't believe making emotional decisions
typically end up being the best decisions we make. And
that's why it's so important that we really do have
a well thought out, complete plan, you know. Matt said
he believes one of the biggest obstacles that we face
(16:58):
in retirement would be risk. But I would argue an
equal risk, in my opinion, would be the tax implications
of your retirement account withdrawals in retirement.
Speaker 1 (17:12):
Yeah, agreed, because again.
Speaker 4 (17:14):
Well Christy, when we get to retirement, our taxes are lower.
That's what they told us a long time ago.
Speaker 5 (17:19):
Yeah.
Speaker 2 (17:19):
But the thing is we are in a low tax
environment currently. But the reality is that there's factors that
you have to consider. Number one, the loss can change,
the tax rates can change. In addition to that, we
have to look at required minimum distributions. For many of
our clients, required minimum distributions at seventy five eighty years
(17:43):
old is a much greater amount of money than what
the client actually needs to live on, and that's going
to throw them in a higher tax bracket. And Lord forbid,
husband and wife, one of them pass away, and now
they're paying taxes on that required minimum distribution as a
single household.
Speaker 1 (18:01):
Tax bracket just went way up.
Speaker 5 (18:03):
Yeah.
Speaker 2 (18:03):
So to me, I would say risk is definitely high
on the priority list, But I think taxes should be
an equal concern.
Speaker 1 (18:12):
You know you mentioned that, folks. Let me give you
just a couple of numbers. I had a meeting with
someone who came in He called us from the radio,
and we sat down and gathered all the data you know.
So no name is here, but Christy keep this in mind.
Sixty four years old, wants to retire at sixty seven.
He has eight hundred thousand dollars saved up, and in
analyzing his situation at age sixty five, he and his
(18:33):
wife the same age, they're both going to get Social Security,
so he really will not need to draw a lot
of his savings. Just a small amount, maybe like one percent,
would be adequate to live on. So in his present job.
In his present job, his total tax burden federal and
state right now is around twenty four thousand dollars. And
(18:53):
he goes, well, I'm not too worried about taxes because
I know if I'm not drawing that much and living
on Social Security, my taxes will be lower. I said,
let me show you something. So at age sixty six,
the year he's first fully retired, he and his wife
went from paying about twenty four thousand dollars in federal
and state taxes down to about one thousand, a massive
tax decline. And he said, see, I told you, mate,
(19:15):
I knew I was right. I said, yes, but wait
one second. Let's go ten years down the road. And
he said, why ten years. I said, well, when you're
seventy five, you'll be forced to start taking money. And
when you're seventy six, let's just take a glance. Care
to guess Christy what his total tax burden was going
to be when he was seventy six. Remember he went
from twenty four thousand working, so it was actually right
(19:38):
under a thousand dollars of federal and state. Because only
half of Social Security counts's income. Social Security is somewhat
tax advantaged, he wasn't drawing much from his IRA, and
it was just getting bigger and bigger. Here's the number,
twenty two, three hundred and seventeen dollars.
Speaker 5 (19:54):
And that's if they're both living. Yes, that's if it's
a married, foul and joint.
Speaker 1 (19:59):
And he said that can't be and I said, no,
it's right. I said, what happened is your money in
that ten year period to around even conservative growth was
about one point two million. And the amount he was
forced to take out it drove his taxes back up,
and by the time he was eighty he was paying
more in taxes than when he was working. And I said,
here's the deal. The deal is, that's assuming taxes don't
(20:21):
change from where they are today, and it's assuming that
you're still married, filing jointly. It blew his mind. So
that's why I say risk is the predominant factor right now.
Taxes are a huge factor now, folks, if you don't
have a plan to produce your taxes down the road,
you'll be in for a root of wicking. It's like
a bomb. It's literally like a bomb that's just sitting
(20:45):
hidden in your retirement savings. But we can show you
two or three strategies that you can employ now. So
when this gentleman I was speaking with gets down the
road to age seventy six, he's not sitting there giving
the government more money than he will when he was working.
Interested we'll show you how to do it seven nine
one five seven seven three seven nine one five seven
(21:07):
seven three or on the web meet with us now
dot com.
Speaker 4 (21:11):
Christy, what Matt was just talking about and your point
to one of the certainly a couple of the challenges
we've talked about so far, volatility in the market and
then certainly the tax situation.
Speaker 1 (21:21):
But you brought it up.
Speaker 4 (21:22):
I mean, you think about requirement ofum distributions that now
the age is seventy three, but as Matt pointed out
in twenty thirty three, it moves up to the age
of seventy five. So one of the challenges is you're
here's your rmds, here's what you're gonna owe, here's what
you say, here's the taxes on that we're projecting. Right,
but when the spouse, when one spouse passes, that's one
of the biggest tax jumps you get in it from
going to married filing jointly to single, and that that's
(21:45):
an RMD disaster waiting to happen that people get surprised by.
Speaker 5 (21:48):
Maybe it really is, and for me it is.
Speaker 2 (21:53):
You know, I just feel so passionate about it that
when we're working with clients, we want to build a
plan that we can start shifting that tax burden from
pre tax to no tax, and we want to do
it strategically. You know, that's that's really part of having
a complete plan. You know, we think about what is
a smart plan income. Most people will say, well, we've
(22:13):
got that income taken care of. We're going to get
social Security, we're going to get a pension, we're going
to pull three percent out of our retirement accounts. And
we've got a plan, Well that's not really a plan.
A plan's going to include things like strategy, timing of
account withdrawals. It's going to consider possible wroth conversions during
your you know, early retirement years. It's going to look
(22:35):
at okay, how do we how do we look out
for and try to prevent IRMA penalties when we're sixty
five and on medicare. There's so much involved in having
a complete plan. But Mark, the funny thing is most
people they think an investment account is a retirement plan.
And what we would like to do is we'd like
to work with you to create your own smart plan.
(22:58):
It takes fifteen minutes a fifteen minute phone call, so
we can just talk a few minutes and decide, okay,
can we help you? And if we can, we're going
to offer you the opportunity to come in and meet
with us with no costs, no obligation. It does start
with a phone call. Our phone number is two two
five seven nine one five seven seven three two two
(23:22):
five seven nine one five seven seven three. Or you
can go to meet with us now dot com and
just schedule a fifteen minute phone call. Meet with us
now dot com So.
Speaker 4 (23:35):
Two of the big things you have to think about
when you get to retirement would be certainly market volatility
if you're planning on living, especially off the market moneys
you've saved in your four oh and kN I raise,
that's certainly a factor. And then taxes a big factor
where people kind of overlook at times like Matt's example,
We're going to talk about a couple more hidden obstacles
when we get to retirement. When we come back right
here on your money matters with Christy Smith and Matt
Kennedy of Presley, Well many back with more.
Speaker 7 (23:57):
Right ever, uncle might need a loan soon from you.
We have over thirty four trillion dollars in national debt.
Where do you think the money to pay for that's
going to come from? Taxes? Believe it or not, taxes
are at historic lows right now, but how much longer
will that last? A roth Ira conversion might be a
good option when planning for your retirement because you can
(24:19):
pay 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 two five to two. Uncle Sam needs money.
(24:42):
Don't let him take it from you. Eight six six
three nine zero twelve fifty two. Investment advisory services offer
through a wealth management LLC a registered investment advisor. Investing
involves risk. Always console with the qualifying tax advisor before
making any decisions regarding a roth conversion, as there may
be additional tax considerations.
Speaker 6 (25:00):
If you aren't able to listen to this show in
its entirety, go to Presleywealthmanagement dot com to listen to
this and past radio shows. Otherwise, stick around to find
out how Presley Wealth Management will help you retire with confidence.
Speaker 4 (25:16):
I find you're with us today for your money matters
with Christy Smith and Matt Kennedy of Presley Wealth Management.
Again the website Presleywealthmanagement dot com. If you want to
chat with them, you can always go to this website.
Meet with us now dot com. That's easy to remember.
Meet with us now dot com. Set up a fifteen
minute phone call with the team. Hey, here's some of
the questions I have. Here's some concerns I have.
Speaker 1 (25:35):
What do you think?
Speaker 4 (25:36):
And you just have a conversation and then from there
you decide, Wow, I wonder if they could really help us,
that would be great. Put a plan together that would
be fantastic. You can certainly do that. Meet with us
now dot com. You can always If you're like me,
I'm sixty five, I'd like to talk to somebody, so
I might just call them two two five seven nine
to one fifty seven seventy three two two five seven
nine one fifty seven seventy three.
Speaker 1 (25:57):
I'm Mark Elliott. We're talking about critical, really.
Speaker 4 (25:59):
Hidden obstacles, if you will, things that we are excited
about getting into retirement, and things that we might overlook.
One is market volatility. There's no guarantee that the markets
go up all the time, right we all know that.
So if you're planning on living off your four oh
and K and ira moneies hoping they're growing, that's a
big deal.
Speaker 1 (26:15):
If the markets go down.
Speaker 4 (26:17):
Don't want to be pulling money from an entity that
the market the money's going backwards on, and so we
add to our deficit by pulling money out of a
sinking market moneies if you will. The other huge challenge
that Christy and Matt spent a lot of time talking
to people about our taxes. Taxes, even though it's such
a different time than our grandparents. From my grandparents, there
was no iras and four oh one k's then, because
(26:38):
IRA started nineteen seventy four four oh one k's in
nineteen seventy eight, they didn't have those. But today that's
our retirement those. If you're in the traditional side, none
of that money's been taxed yet, So the taxes are
a huge thing. Healthcare, Christy, to me, is one of
the big unknowns longevity. We don't know how long we're
going to be here. When you're putting the smart plan
together for your clients at Pressley Wealth, you don't know
how long they're going to be here to plan for
(27:00):
how they both might get to one hundred. One might
pass away at seventy the other one lives to one hundred.
You don't know how that's going to play out. So
longevity is a big deal, But you don't know if
one or both will have health issues either. That's a
huge unknown to me is healthcare, and we know Christy.
I think since we started doing this program a long
time ago, the medical profession has not lowered the price
of healthcare, has it.
Speaker 1 (27:21):
Oh yeah, health care costs have plummeted.
Speaker 5 (27:24):
They absolutely have not.
Speaker 1 (27:26):
You know.
Speaker 5 (27:26):
The funny thing is is that for most.
Speaker 2 (27:28):
People, they believe they've heard turn in sixty five, get
none medicare. They believe that their medical costs are now
going to be taking care of. So most people think
of long term care costs as being medical cost, but
in reality, most long term care costs are actually custodial cost,
(27:53):
And in reality it is one of the largest expenses
most couples incur in retirement. But you'd be surprised how
many have not planned for it. They don't even know
it's a threat. They don't know it's an obstacle.
Speaker 1 (28:09):
Mark.
Speaker 4 (28:09):
Don't you think that's because of what you just said,
Because they go on, once I get to sixty five,
are on medicare, We don't even have to worry about
that kind of stuff.
Speaker 2 (28:16):
I absolutely think that, you know. I can remember when
one of my good friends turned sixty five and she
called me. She lives in Texas, and she said, I'm
doing the Medicare happinans And I remember that because her
name is Joy and she's always so happy.
Speaker 1 (28:33):
You know, her parents named her right then.
Speaker 2 (28:35):
Yes, and so I remember having that conversation with her
and how you know now she was going to spend
so much less on healthcare.
Speaker 5 (28:45):
So then I simply asked her.
Speaker 2 (28:47):
I happened to know that her mother lived into her
nineties and actually needed long term care. And I said, well,
have you planned for that? Have you planned for that expense?
How you're going to pay for that? She like got
silent for a second. It like hit her, you know, like, no,
I didn't think about that.
Speaker 5 (29:07):
You know. To me, when.
Speaker 2 (29:09):
Building a complete holistic retirement plan, you have to really
look at what factors can devastate our plan, and we
have to include those in your plan. So it's really
important now that we address not only long term care costs,
which can be tremendous, but we also want to look
at costs with Medicare. We want to evaluate your Medicare
(29:32):
plan that you choose every year. We also want to
look at are there ways to control RMA penalties for
your Medicare benefits? Maybe for someone retiring at you know, sixty,
maybe they need to consider big conversions for two or
three years so that they can control irma cost when
(29:54):
they get on Medicare.
Speaker 5 (29:56):
What is arma cost?
Speaker 1 (29:58):
That is that one of your aunts from simsport.
Speaker 2 (30:01):
No, you know, when I started in this industry in
May of nineteen ninety seven, everybody paid the same exact
amount of Medicare Port B premium. There was no there
was no oh, we're going to means test this. But
now it doesn't work that way. Now everyone pays Medicare
(30:24):
Part B premium based on their earnings. But it's looked
that two years prior to the year you're paying for it.
So it's again all about having a plan and to me,
thinking in retirement and building a retirement plan that doesn't
(30:45):
include a plan for how will we pay for this? Yep,
Because it's actually a very high statistic. One out of
two will need some form of long term care. But
again it is primarily custodial care, not medical care.
Speaker 1 (31:00):
And it doesn't necessarily have to be a long term
care policy because some of you may have said, yeah,
but man, my parents looked at that some years ago
and go it was so expensive. It's good to have
a long term care policy. I would say, that covers
most of the bases, but you may be able to
accomplish something similar to give you some protection without having
(31:22):
to incur the cost of a true traditional long term
care plan. We can help you understand that better at
seven nine one five seven seven to three. That's seven
nine one five seven seven three.
Speaker 4 (31:34):
So, Matt, the other part of this kind of a
a big obstacle is I think people think, okay, well
I think I need five thousand and eighty eight thousand
whatever monthly amount they figure they need to live on
to be.
Speaker 1 (31:46):
Able to live out their retirement.
Speaker 4 (31:48):
That is where the smart process starts with your clients
is the sources of income, and the more income we
can have from different I guess, more variety from different sources.
I mean, if we have a pinchion, great, we're ahead
of the game. Socialcurity is one, our market moneys be another.
Income is such a I mean to be able to
not run out of money before you run out of life,
then income is probably one of the big keys.
Speaker 1 (32:09):
Oh it's huge. And you know earlier we talked about
if there's too much market risk and the market risk
reduces your total bucket of money, then that could you know,
create a problem with your income, So we kind of
think about it like buckets. You know, you need a
bucket of money that you can draw from that keeps
the income stable and secure no matter what happens in
(32:31):
the market. If your income isn't impacted, your emotions will
not be nearly as impacted, and you can weather a
market downturn much better. So we often will divide the
savings into three buckets. You know, short term needs. I'm
going to have some money that is protected from market risk,
can grow when the market is good, and I'm going
to pull my income from there. I've got my emergency
(32:53):
funds set aside. But then i want some money set
aside that's maybe a little more risky, that can have
some returns, and I'll access that money in five or
seven years. Then I've got longer term funds that are
more aggressive. I I'm doing Wroth conversions or other tax
planning out of that, And if the market takes a decline,
I'm not relying on that bucket for my immediate income,
(33:17):
so i can leave it alone, let it grow, let
it be there for future cost, healthcare cost or legacy planning.
And that's kind of an oversimplification. But in our smart plan,
remember we're looking at sources of income, but not just
where is the money coming from, but where is it
coming from most tax efficient? Where is it coming from
in such a way that you don't have to worry
(33:39):
about market downturns crushing your retirement income. Again, we're at
seven nine one five, seven seven three, seven nine one
five seven seven three. It's all about understanding what you
have and what you want your money to do. Our
plan looks at five critical areas and they're all interlink.
(34:00):
They all work together. Smart What are my sources of income?
Will that money last? Advance planning? That's the A in
other words, wills, trust, powers of attorney. We're not attorneys,
Christy and I and April who the advisors here, but
we can guide you down the path of what you
need to look out for. Possible obstacles to your legacy
(34:23):
and estate planning SMA advance planning are risk. We've talked
about that a lot today. Taking into account market risk
when you're close to or first into retirement is one
of the single biggest drivers of retirement success. And then
t taxes. We work in all five areas. We'd love
to help you seven nine one five seven seventy three,
(34:44):
or visit www dot meetwi usnow dot com schedule your
fifteen minute phone call. I'll give you a call. We'll
chat for a bit, find out what your overall situation is.
Then we roll our sleeves up, sit down in a
one on one meeting and go deep in to each
of your levels of concern and determine how we can
build a plan for your retirement success. So stay with us.
Speaker 4 (35:06):
Our final segment of your money matters with Christi and
Matt back right after this.
Speaker 6 (35:13):
Is the price tag on everything giving you sticker shock,
from groceries to gas. The cost of living is skyrocketing.
But if you think inflation is painful, now just wait
until you retire. Easy impact of inflation and start planning
now for your retirement. Called Presley Wealth Management at eight
six six three nine oh twelve fifty two. That's eight
(35:35):
six six three nine oh twelve fifty two.
Speaker 1 (35:40):
Stop for a moment, think about this. Do you know
how much money in your four oh one k or
ira is actually your money? All? Will the government take
a bigger chunk than you thought? Remember you still may
owe taxes on that money. But do you have a
plan to help make sure you don't pay more than
you should. At Presley Wealth Management, we believe you deserve
to keep more of what you've earned, which is why
(36:01):
we're here to help you navigate the confusing world of
retirement taxes. It's your money. You deserve to know what's
at stake. Right now, taxes are historically low, but they
won't be this low forever. So call us at seven
nine one five seven seven three. That's seven nine one
five seven seven three. Look, you work hard for your money,
will work just as hard to help you keep it.
(36:22):
Presley Wealth Management seven ninet one five seven seven three.
Speaker 6 (36:26):
Investment advisory services offer through AE Wealth Management LLSE, a
registered investment advisor. Investing involves risk. Always consult with the
qualified tax advisor before making any decisions regarding a ROTH conversion,
as there may be additional tax considerations. Christy Smith of
Presley Wealth Management wants to advocate for you, making sure
(36:47):
you have the retirement you have always wanted. Call eight
sixty six three nine ZHO twelve fifty two and make
sure Presley Wealth is the right fit for you. You
won't know until you call three nine oh twelve fifty two.
Speaker 4 (37:04):
Welcome back to your money matters with Christy Smith and
Matt Kennedy of Presley Wealth Management. They're the team that's
here to help you come up with your smart retirement plan.
Think about it's income, it's about your investments. It's about taxes.
It's about healthcare. It's about legacy planning. What about so
scurity it's in the income part. What about medicare, it's
in the healthcare part. A lot of pressure on you
as a retiree. Our grandparents had those kind of things
(37:26):
taken care of, They had pensions, they had so security.
Income is not a problem. A lot of times they
stayed on the healthcare plan at their work. Those things
have all changed. So that's where Christy and Matt and
the team at Presley Wealth come along to help you
figure out where you are. Seven nine to one fifty
seven seventy three two two five seven nine to one
fifty seven seventy three. There is no constant chat with
the team. Meet with us now dot com is an
(37:46):
easy one to remember, right, Just go there, set up
your own time to have a fifteen twenty minute conversation
with him, and then from there you figure out, hey,
should we meet again. Let's meet with us now dot com.
I'm Mark Elliott. Now you guys are so much younger
than I. I'm sixty five.
Speaker 1 (38:00):
Cow.
Speaker 4 (38:00):
We're going to talk scams in this final segment. Scams,
Oh lord, it is. It is really crazy. You guys
know where I work and we have to do a
test every month and it's on scams, emails, phishing attempts,
all those kind of things, and it's just crazy.
Speaker 1 (38:17):
I get.
Speaker 4 (38:17):
I had a text the other day that I'm like,
and it was I think it was from Discover and
it said, hey, your credit card is now out of date.
And I'm like what. So I didn't respond to the
text message at all. I called Discover and they're like yeah,
and I said, oh, I got a new card. I
didn't change the date. Okay, that was legitimate. I didn't
respond to that. I went and actually talked to the company,
(38:40):
which made sense. But that's because I'm paranoid about small stuff.
I don't trust all these emails I get and they're
out of control, and it's all the time. Hey, you've
got a package that's sitting here waiting for you, but
all you have to do is call us. And I
get so many of those I get. I bet I
get ten a week that I just delete delete. Well,
I'm still waiting.
Speaker 1 (38:57):
I'm still waiting on that money from my African prince
uncle in Nigeria, and he sent me a fat I mean,
I sent the five thousand dollars and all of a sudden,
after I sent the money, the facts has stopped coming.
I was getting a fax every week here, my rich
Nigerian uncle wants to give me ten million wand bat
or something.
Speaker 5 (39:16):
You know, we're laughing about that.
Speaker 1 (39:17):
I'm just kidding. I didn't send him five thousand.
Speaker 2 (39:19):
I do actually know two people that I would consider
to be very intelligent people that have been scammed in
the last quarter.
Speaker 5 (39:29):
These scam orders are really good.
Speaker 1 (39:31):
My dad got a phone call. His computer was locked.
He was told all he had to do was go
to the bank and make a deposit. He actually went
to the bank and the teller said, brother Willie, no,
I'm not gonna let you do this because it's a scam.
Then my dad called me and I said, Dad, never,
I said, can we just disconnect all phones and so
(39:53):
you don't get you guys know what I'm talking about.
I mean, social Security isn't gonna call you and tell
you you have a long lost relative. It's not gonna happen.
But now it's the fear tactic just here locally. Have
you heard about this one? Christy? You get the phone
call that you didn't respond to a bench warrant and
if you just send some money to the sheriff's department
(40:17):
in Ascension Parish, it'll all be good. No, they don't
call you for that. They send two big old dudes
with guns to your house. They don't call you.
Speaker 5 (40:26):
And now they actually know about their children.
Speaker 1 (40:29):
Oh it's they know everything.
Speaker 2 (40:30):
They'll know everything about like their family, and so they
really use the scare tactics.
Speaker 1 (40:35):
They know where you live. Yep.
Speaker 4 (40:37):
It is incredible. You think, boy, these scammers are getting
so good, and they're they're adjusting with all the the
uh I guess software that's out there, all the computer stuff,
texting and phones and all that kind of stuff. They
can hack into anything. It seems like, how about if
you put that to legitimate use, you could actually make
some pretty good money in.
Speaker 1 (40:55):
Any care way. I think because they're they're incredible.
Speaker 4 (40:58):
I sixty Minutes did a special on them and they
went to some little island and it wasn't the Philippines
or you know, India or something, but it was that
kind of a place when they went in and it
was a big building with just hundreds of people on
the phone, and they said, this is where they're calling
and they're setting this up. And when they get just
like your dad, mat, it's pretty easy to fall for it.
(41:19):
You're like, Wow, that's incredible, that's fantastic. And now I'm
so cynical. I don't buy anything. I don't believe anything
that that I'm reading in those kind of things a
text message. And I think just because we get older,
they start even playing on us more. But it's not
like I think twenty year olds don't get scammed. I
mean that's still gonna happen too.
Speaker 1 (41:34):
I suppose, well it could, but so you can tell
it's age based. When you're younger, the spam is hey,
your UPS package is ready, click this link. Well, I
don't respond to too many phone numbers that start with
an international area code of three eight. I'm sorry delete
report as jumps.
Speaker 5 (41:53):
But they don't always have the wrong code.
Speaker 1 (41:55):
They don't. A lot of them are getting better, and
they have local numbers. That's number one that is on
the phone, Yeah, I get it, Oh absolutely, And then
number two. Number two, Now it's fear for older people,
it's a fear tactic. It's hey, we're gonna find you.
We're going to call the police and send you to jail.
So it's now they're preying on fear and forgetfulness the
(42:17):
two f's if you will.
Speaker 4 (42:19):
Is it okay to respond to those and say, come on,
come on, I just have to report.
Speaker 1 (42:25):
I report junk all the time. Yeah, best responses had.
Speaker 4 (42:28):
Used to I used to just delete everything, but now
I actually do have to report junk stuff.
Speaker 1 (42:32):
Now there's this new have you heard about this one?
Mark the fake prescription scam. So a lot of people
buy their prescriptions online now and uh, you know you'll
get get a notice that, hey you have a special
two month for free offer if you respond to this link. Well,
the link is just getting into your computer so they
can sabotage your data. It's unbelievable and with a I
(42:56):
being what it is, My daughter showed me up an
AI this past weekend where Taylor Swift broke up with
Travis Kelsey. Have you seen this? It's unbelievable. I mean
the dealer Swift, the deep fakes are in the newest thing.
How do we know who to believe anymore? I mean,
is it really Christy Smith and Matt Kennedy sitting here
(43:17):
that really really talking to them? It's crazy. I know,
it's bad. The deep fakes are a big, big, huge thing.
Precious metal is another. I'm just going off on the
ones I'm thinking of. Folks, you will get a lot
of calls about how the government is out to seize this,
(43:37):
that or the other, and if you just send us
some money, you will buy you some gold. Now, some
of that may be real. Folks. If you didn't initiate
the contact, don't deal with it. It's that simple. If
you did not initiate the contact, if someone cold called you,
I would be incredibly, incredibly suspicious. Heck, if it's in
(43:57):
the financial services sector, call your advisor each out to
us and just to ask, because we get an updated
list of these all the time.
Speaker 4 (44:04):
And certainly we see the romance scams where a widow
or widower, you know, they're now seventies, eighties, and they're
lonely and they're like, yeah, I have great conversations with
somebody for a long time, and they're not real I mean,
it's there's no end to this.
Speaker 1 (44:17):
Christie.
Speaker 2 (44:18):
We actually had a client that that happened to yep,
and you know, we could see it, but she couldn't.
Speaker 5 (44:23):
You know.
Speaker 2 (44:23):
Unfortunately, her husband passed away four or five years ago,
and the people get lonely.
Speaker 1 (44:29):
Mark, Christy, I got one.
Speaker 4 (44:31):
I've been divorced for a couple of decades, now, I suppose,
and I got one from a just a gorgeous fifty
something gun. I'm sixty five and I'm looking at her, going,
there's no possible way if she saw me.
Speaker 1 (44:42):
Shere's no way somebody that attracted that was my deduction there, Christie. Wow, easy, hello, Mark,
Mark not buying it. Maybe a fake psychiatrist needs to
call you, give you some self confidence. I'm just kidding.
It's scary and watching these people pray on people. Oh,
my parents' age. The spam. I looked at my mom's
(45:03):
phone the other day and my mind was blown by
the number of scam texts. Now taught er, don't touch it,
leave it alone. It's out of control. Well listen, I'm
going to remember, by the way, for oh I am
too a special place in hell. But here's the deal.
If you didn't originate the call. Do not respond. That's
the safest thing. If it's the cops and they really
(45:25):
need you, they'll find you, They'll not they'll call your family.
Don't respond. God bless you all. Remember we're here to help.
Reach out anytime seven nine to one, five seven seventy
three or meet with usnow dot com.
Speaker 3 (45:40):
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. It offers products and services
through AE Wealth Management LLCAWM, a registered investment advisor. AWM
(46:06):
does not offer insurance products. The insurance products offered by
the Pressley Group are not subject to investment advisor requirements.
AWM and the Presley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial strength and claims paying abilities of the
(46:28):
issuing carrier. This radio show is intended for informational purposes only.
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
(46:50):
contained herein provided by third parties have been obtained from
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group.
Speaker 5 (46:57):
This radio show is a paid placement
When the news is national.
Speaker 2 (00:01):
SOB, security system molatility, global turmoil, interest rates, Ron Dane,
Wall Street.
Speaker 3 (00:05):
Your money matters. When it's Louisiana Local serving the Greater
Baton Rouge area, your money matters. And when it's your
time to retire, Presley Wealth Management presents your money Matters
with Christy Smith.
Speaker 2 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement. And that's where I believe it's
so important that you do have a full pledge retirement plan.
Speaker 1 (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 3 (00:40):
The conversation starts now this is your money matters.
Speaker 1 (00:48):
Welcome to your money Matters.
Speaker 4 (00:50):
I Mark Elliet alongside Christy Smith and Matt Kennedy at
Presley Wealth Management.
Speaker 1 (00:54):
Glad you are with us today.
Speaker 4 (00:55):
Christy started the company back in two thousand and six,
and they're here to really help you figure out where
you are on that road to retirement, give you some clarity,
give you some direction. All right, Christy, I'm gonna start
with you. Welcome to the program today, and you know,
you think about the markets. Markets go up, they go down,
they go sideways. But this has been a kind of
an interesting I guess start to the year. Markets were
(01:17):
great to start, then they got a little bumpy. Where
are you with this market volatility?
Speaker 2 (01:22):
Well, I think so far the clients that we've been
meeting with in the past couple of weeks have had
this sense of peace because they believe things that are
going to work out with President Trump. I don't know
if that's the sentiment all over, but I know that's
what we're seeing in our office. The thing is for
me is that when we look at retiring, we think
(01:47):
about sequence of returns, and we've talked about this so
many times. Mart For me, we're in a time period
where we really haven't been in what ten years now.
Speaker 1 (02:02):
Matt, Well, there was a correction in twenty twenty two,
but it was it was it was barely a correction.
Stocks went down like twenty three percent, So it wasn't
earth shattering like two thousand and eight or you know,
the two thousand dot com crash.
Speaker 2 (02:15):
So what we see is people that have retired over
the past you know, five, seven, ten years, they really
haven't experienced the level of turbulence that we're facing right now.
Many don't even understand the amount of risk that they're
actually taking in their retirement plans. I know my dad
(02:36):
didn't when he retired, and it reminds me of that
time period where you have this false sense of security
because the markets have done so well and now we're
experiencing some turbulence. For me, it's all about finding out
your risk. Do you know what risk you have in
(02:56):
your portfolio? And the reason I asked is because my dad,
when he retired in nineteen ninety eight, he didn't know
how much risk he had.
Speaker 1 (03:07):
Mark.
Speaker 2 (03:07):
We've had this conversation so many times. He was a
very smart guy when it came to his job.
Speaker 1 (03:13):
He had a pension, he's good to go, but.
Speaker 2 (03:15):
He didn't understand the markets, and he trusted an investment plan.
He didn't have a retirement plan. He had an investment plan,
and when he saw that portfolio cut in half, he
had to emotionally react or so he felt so. And
that's what will happen to many people if we continue
(03:39):
to see the markets behave the way they are right now.
And another thing, too, is is that many people don't
even understand how the turbulence that we've already experienced affects
them because they haven't looked at a statement yet. You know,
that's when people really start to react emotionally, is when
they start looking at us a quarterly statement or a
(04:02):
monthly statement and they see how it's actually affected them.
They may hear about it on the news, but until
they actually see how it affects their accounts, they just
really don't understand. And my fear is that emotional reaction
where people then make mistakes, and that's why it's so
important to have a long term plan.
Speaker 1 (04:24):
So you talk about the emotional reaction, here's some numbers
that will amaze you, Christy. What's the most common emotional
reaction that investors have to markets that are falling.
Speaker 5 (04:35):
But they want to get out?
Speaker 1 (04:36):
Okay? So in twenty twenty three, Fidelity they ran this
report and Fidelity showed that ten thousand dollars fully invested
in the S and P five hundred between January first,
nineteen eighty and December thirty first, twenty twenty two would
have kicked off about one point one million. That really
(04:57):
is buy and hold for a long, long, long, long, time.
But look at this, if you had missed the five
biggest days of return in those forty three years, if
you missed the just the five biggest days, you would
actually not end up with one point one million, but
six hundred and seventy one thousand. And if you missed
(05:18):
the fifty biggest days in that period of time between
nineteen eighty and twenty twenty two, if you had just
missed the fifty best days, you would only be up
about seventeen sixteen seventeen thousand dollars. So trying to time
the market is for most people a huge mistake. But
(05:38):
you might be saying, yeah, but what happens if I
leave all my money in then I have to suffer
through all of the downturns. No, because what we work
on is the range of return versus the rate of return.
I can't emphasize this enough. While you're working, while you're
saving up until about five years out from retirement, right, Christy,
the rate of return matters. I'm not going to quit tomorrow.
(05:58):
I'm working here. You'll let me for a good while longer.
So I'm kind of focused on the rate of return
of my four h one K and my investments. But
when you are about five years out from retirement and
the first five years into retirement, we call that the
red zone. Right, what matters more is not your rate
of return, but your range of return. What do I
(06:20):
mean by that? Well, going up thirty percent forty percent
in your portfolio what would be great. Right, But at
that time period, when you're close to retiring or first
in retirement, losing forty percent would have a far bigger
impact than making forty percent. So we focus on helping
are soon to be retirees and those who have recently
retired who are drawing income, because that's the key. Focus
(06:44):
more on the range of return. Hey, if the market
goes up twenty percent, we want a portfolio that makes
maybe fifteen or sixteen, so that if the market drops
twenty percent, your downside loss on average would be limited
to maybe twelve percent. Don't don't get hung up on
the rate of return as you're near or first in retirement.
(07:06):
Focus instead on the range, and we can show you
how to do that. We have the software to first
analyze how much risk do you have now? In other words,
if we build a plan for you and you do
nothing and you keep your investments the way they are,
and you retire and you're drawing money from those. We
can simulate good and bad markets, and sometimes some of
you think you're okay, only to find out that you've
(07:27):
got so much risk that if we go through a
very bad bear market, you'll be going back to work,
or you'll be taking less money and living a retirement
lifestyle you did not want to live. Let us help
in our smart plan. Risk is one of the most
critical things we focus on. We focus on sources of income,
medical and medicare, advance planning. When it comes to things
like wills and trust are, we want to focus on risk.
(07:50):
Where at seven nine to one five seven seven three
seven nine to one five seven seven three, or as
Mark mentioned at the beginning of the show, meet with us. Now, remember,
don't get greedy. What's the old saying, pigs get slaughter
when you're close to retirement, When you're first in retirement,
assess how much risk you have and how would it
(08:11):
impact your retirement income. Seven nine to one fifty seven
seventy three. You'll get the machine, leave a message and
we'll call you back Monday and set up a time
to get together and look at your risk profile.
Speaker 4 (08:22):
And Chris, do you think about it? What Matt's talking
about is pretty interesting. I think when people come to you,
let's say they're three years out from retirement, it's probably
not unusual that ninety plus percent of their money is
sitting in iras in four oh one k's once they
get to retirement. My guess is that most of your
clients don't have one hundred percent of their money sitting
in the markets and their iras and four oh one
k's right, there's there's got to be a percentage that
(08:44):
we're making safe and protected.
Speaker 1 (08:46):
I would guess, well.
Speaker 5 (08:48):
There really is.
Speaker 2 (08:48):
And to have a proper retirement plan, a smart plan,
you're going to need some safe money to protect you
in down periods. And one of the things that we're
doing right now now is we're using safe money to
generate our client's incomes. The last thing you want to
do is have to lower your income in retirement because
(09:10):
of market conditions. You know, that's something we can't control.
But what we can control is having a plan, and
an income plan is going to say, Okay, this is
how we're going to generate your income in good and
bad times. We're not going to call you and say, hey,
we need you to lower your income. And when Matt
came to work with me, he'll he'll be glad to
(09:31):
tell you how many people he heard say my advisor
called and said I need to lower my income substantially.
Speaker 1 (09:38):
Yeah, this is back in two thousand and seven, two
thousand and eight, and I was in shock. I'm like
these I'm sorry, I didn't mean to sound judgmental, but
I was like, these people just retired and their advisor
didn't think to say, you know, we might want to
be less risky. But everybody was making money. And there's
there's a psychological term, Christy, it's called recency bias. We
(09:58):
think things will continue the way they are because it's
what's most recently in our memory. People in two thousand
and eight got destroyed. Their lives were changed, their retirements
were up ended. Those some of those who wanted to
retire you had to go back to work. But the
dot com crash was only eight years earlier. It was
only eight years earlier, Christy, how did they forget.
Speaker 2 (10:19):
Here's the bottom line. If you don't have a financial plan,
your savings could be at risk. Market volatility is here,
like we haven't seen it in a very long time,
and without a strategy, it may impact your retirement and
your family's future. We understand how this can be an
overwhelming feeling, and it doesn't have to That's why we've
(10:42):
created a process designed specifically for retirees like you. Here's
what we do. We take a close look at your
goal so that your money works for you, not against you.
We pinpoint the threats to your wealth, from market losses
to rising taxes, so you can help safeguard your savings.
(11:02):
We present actionable strategies to help grow your investments and
preserve your income. Most importantly, we help you build a
tailored plan that helps protect your future and give you
the confidence that you need despite market conditions in retirement.
Don't leave your retirement to chance. Every day you delay
(11:25):
can make a difference in your savings. Call us at
two two five seven nine one five seven seven three.
Call right now. It's a free financial review. This is
your opportunity to turn uncertainty into control, and it's simple,
it's personalized, and it can work. Give us a call
at two two five seven ninety one five seven seven three.
Speaker 4 (11:49):
Christi Smith and Matt Kennedy back with more of your
money matters. Right after this, we're going to talk about
some hidden obstacles that might be in your retirement path,
and stay with us for back and corn.
Speaker 1 (11:58):
Right after this, our.
Speaker 6 (12:00):
Financial strategy is missing something. Presley Wealth wants you to
feel confident going into retirement. See how you're doing with
a free visit by going to the Presley Group dot net.
That's the Presley Group dot net, or call eight sixty
six three nine ozho twelve fifty two.
Speaker 1 (12:18):
Stop for a moment, think about this. Do you know
how much money in your four oh one k or
ira is actually your money? Although the government take a
bigger chunk than you thought. Remember, you still may owe
taxes on that money, But do you have a plan
to help make sure you don't pay more than you should?
At Presley Wealth Management, we believe you deserve to keep
more of what you've earned, which is why we're here
(12:38):
to help you navigate the confusing world of retirement taxes.
It's your money, you deserve to know what's at stake.
Right now, taxes are historically low, but they won't be
this low forever. So call us at seven nine one
five seven seven three. That's seven nine one five seven
seven three. Look, you work hard for your money, will
work just as hard to help you keep it. Presley
(12:59):
Wealth Management a nine one five seven seven three.
Speaker 6 (13:02):
Investment advisory services offer through a wealth management LLC, a
registered investment advisor. Investing involves risk. Always consult with a
qualified tax advisor before making any decisions regarding a ROTH conversion,
as there may be additional tax considerations. If this is
a year you've resolved to finally get your finances in order,
Christy Smith and her team can help. Give them a
(13:24):
call today at eight sixty six three nine oh twelve
fifty two. That's eight sixty six three nine oh twelve
fifty two.
Speaker 4 (13:34):
Welcome back to your money matters with Christy Smith and
Matt Kennedy of Presley Wealth Management. You can always go
to the website to learn more Pressley Weealthmanagement dot com.
If you have questions, though, do you want to talk
to the team call them two two five seven nine
one fifty seven seventy three. There is no cost, no obligation,
no pressure. Retirement obstacles that I think everybody will face
(13:55):
to a degree.
Speaker 1 (13:57):
What would you what would you.
Speaker 4 (13:58):
Say that the kind of the sticks out as those
things that maybe people don't think about right out of
the gate, but maybe they should.
Speaker 1 (14:04):
Christy, there's so many obstacles I want to see if
you agree with me, I think the number one obstacle
in the short term could be a severe market downturn,
because everything in retirement for most people is driven off
of how much they've saved and can I safely withdraw?
What's the number one question people ask us when they
(14:25):
come in here, Well.
Speaker 5 (14:26):
They want to know how much income they can get
and can they retire?
Speaker 1 (14:29):
Do I have enough? Have I saved enough? I don't
know how much do you want to spend? And so
we kind of dig into that sum with our proprietary
smart plan, looking at you know, what are your sources
of income, timing on social Security. But for most people
now some of you are lucky you have a pension
and maybe between the pension and social Security that covers
all the bills and so market volatility maybe is not
(14:51):
as big of a concern. But if you're planning to
live on your savings, and you're like, I'm going to
stick faithfully to the four percent rule, and I've got
a million bucks, so I can draw forty thousand a
year and I'll be in a pig and slop life
will be grand. That works, but only in stable markets,
because if the market takes a big plummet and you've
(15:13):
got too much risk and you lose a lot of
your money. Now you're not drawing four percent. If your
million dollars becomes six hundred and eighty four thousand and
you still take out forty grand a year, uh oh,
Now you're not taking four percent. Now you're taking more
like six and a half seven percent. So one of
the biggest obstacles in the short term is forgetting the past.
(15:33):
We're not trying to scare you. We love the stock market.
We use the stock market, but you need a plan
that reduces the range of return while you're working. It's
about the rate of return of your investments. But our
focus is to show you how to reduce the range
of return. Don't be greedy when the stock market's good,
you want to make some money, You're not trying to
beat the market. When the stock market's bad. Don't let
(15:55):
the market beat you up. Reduce the highs and the lows.
And that in the short term. Mark is the number
one obstacle, and I think it's one of the biggest
obstacles now because markets are near all time highs, you know.
Speaker 4 (16:07):
And really it's interesting, I think, Christy, and you've seen this.
You started your company in two thousand and six, so
you think about the market, the Great Recession of seven
to nine. That was a banking and housing financial crisis,
and that was an extended recession, right, the Great Recession.
But then you fast forward to twenty twenty and in
two thousand and eight was, oh, your four O one
k is now a two on. Okay, you just lost
(16:27):
half your money. I'm never gonna be able to retire.
And you fast forward to twenty twenty, it's covid. Hey,
I'm retiring now because it might die. I mean, emotions
drive the bus, don't they, Christy?
Speaker 5 (16:36):
They really do.
Speaker 2 (16:37):
And for me, that's a dangerous position to be in,
you know, Like, I just don't believe making emotional decisions
typically end up being the best decisions we make. And
that's why it's so important that we really do have
a well thought out, complete plan, you know. Matt said
he believes one of the biggest obstacles that we face
(16:58):
in retirement would be risk. But I would argue an
equal risk, in my opinion, would be the tax implications
of your retirement account withdrawals in retirement.
Speaker 1 (17:12):
Yeah, agreed, because again.
Speaker 4 (17:14):
Well Christy, when we get to retirement, our taxes are lower.
That's what they told us a long time ago.
Speaker 5 (17:19):
Yeah.
Speaker 2 (17:19):
But the thing is we are in a low tax
environment currently. But the reality is that there's factors that
you have to consider. Number one, the loss can change,
the tax rates can change. In addition to that, we
have to look at required minimum distributions. For many of
our clients, required minimum distributions at seventy five eighty years
(17:43):
old is a much greater amount of money than what
the client actually needs to live on, and that's going
to throw them in a higher tax bracket. And Lord forbid,
husband and wife, one of them pass away, and now
they're paying taxes on that required minimum distribution as a
single household.
Speaker 1 (18:01):
Tax bracket just went way up.
Speaker 5 (18:03):
Yeah.
Speaker 2 (18:03):
So to me, I would say risk is definitely high
on the priority list, But I think taxes should be
an equal concern.
Speaker 1 (18:12):
You know you mentioned that, folks. Let me give you
just a couple of numbers. I had a meeting with
someone who came in He called us from the radio,
and we sat down and gathered all the data you know.
So no name is here, but Christy keep this in mind.
Sixty four years old, wants to retire at sixty seven.
He has eight hundred thousand dollars saved up, and in
analyzing his situation at age sixty five, he and his
(18:33):
wife the same age, they're both going to get Social Security,
so he really will not need to draw a lot
of his savings. Just a small amount, maybe like one percent,
would be adequate to live on. So in his present job.
In his present job, his total tax burden federal and
state right now is around twenty four thousand dollars. And
(18:53):
he goes, well, I'm not too worried about taxes because
I know if I'm not drawing that much and living
on Social Security, my taxes will be lower. I said,
let me show you something. So at age sixty six,
the year he's first fully retired, he and his wife
went from paying about twenty four thousand dollars in federal
and state taxes down to about one thousand, a massive
tax decline. And he said, see, I told you, mate,
(19:15):
I knew I was right. I said, yes, but wait
one second. Let's go ten years down the road. And
he said, why ten years. I said, well, when you're
seventy five, you'll be forced to start taking money. And
when you're seventy six, let's just take a glance. Care
to guess Christy what his total tax burden was going
to be when he was seventy six. Remember he went
from twenty four thousand working, so it was actually right
(19:38):
under a thousand dollars of federal and state. Because only
half of Social Security counts's income. Social Security is somewhat
tax advantaged, he wasn't drawing much from his IRA, and
it was just getting bigger and bigger. Here's the number,
twenty two, three hundred and seventeen dollars.
Speaker 5 (19:54):
And that's if they're both living. Yes, that's if it's
a married, foul and joint.
Speaker 1 (19:59):
And he said that can't be and I said, no,
it's right. I said, what happened is your money in
that ten year period to around even conservative growth was
about one point two million. And the amount he was
forced to take out it drove his taxes back up,
and by the time he was eighty he was paying
more in taxes than when he was working. And I said,
here's the deal. The deal is, that's assuming taxes don't
(20:21):
change from where they are today, and it's assuming that
you're still married, filing jointly. It blew his mind. So
that's why I say risk is the predominant factor right now.
Taxes are a huge factor now, folks, if you don't
have a plan to produce your taxes down the road,
you'll be in for a root of wicking. It's like
a bomb. It's literally like a bomb that's just sitting
(20:45):
hidden in your retirement savings. But we can show you
two or three strategies that you can employ now. So
when this gentleman I was speaking with gets down the
road to age seventy six, he's not sitting there giving
the government more money than he will when he was working.
Interested we'll show you how to do it seven nine
one five seven seven three seven nine one five seven
(21:07):
seven three or on the web meet with us now
dot com.
Speaker 4 (21:11):
Christy, what Matt was just talking about and your point
to one of the certainly a couple of the challenges
we've talked about so far, volatility in the market and
then certainly the tax situation.
Speaker 1 (21:21):
But you brought it up.
Speaker 4 (21:22):
I mean, you think about requirement ofum distributions that now
the age is seventy three, but as Matt pointed out
in twenty thirty three, it moves up to the age
of seventy five. So one of the challenges is you're
here's your rmds, here's what you're gonna owe, here's what
you say, here's the taxes on that we're projecting. Right,
but when the spouse, when one spouse passes, that's one
of the biggest tax jumps you get in it from
going to married filing jointly to single, and that that's
(21:45):
an RMD disaster waiting to happen that people get surprised by.
Speaker 5 (21:48):
Maybe it really is, and for me it is.
Speaker 2 (21:53):
You know, I just feel so passionate about it that
when we're working with clients, we want to build a
plan that we can start shifting that tax burden from
pre tax to no tax, and we want to do
it strategically. You know, that's that's really part of having
a complete plan. You know, we think about what is
a smart plan income. Most people will say, well, we've
(22:13):
got that income taken care of. We're going to get
social Security, we're going to get a pension, we're going
to pull three percent out of our retirement accounts. And
we've got a plan, Well that's not really a plan.
A plan's going to include things like strategy, timing of
account withdrawals. It's going to consider possible wroth conversions during
your you know, early retirement years. It's going to look
(22:35):
at okay, how do we how do we look out
for and try to prevent IRMA penalties when we're sixty
five and on medicare. There's so much involved in having
a complete plan. But Mark, the funny thing is most
people they think an investment account is a retirement plan.
And what we would like to do is we'd like
to work with you to create your own smart plan.
(22:58):
It takes fifteen minutes a fifteen minute phone call, so
we can just talk a few minutes and decide, okay,
can we help you? And if we can, we're going
to offer you the opportunity to come in and meet
with us with no costs, no obligation. It does start
with a phone call. Our phone number is two two
five seven nine one five seven seven three two two
(23:22):
five seven nine one five seven seven three. Or you
can go to meet with us now dot com and
just schedule a fifteen minute phone call. Meet with us
now dot com So.
Speaker 4 (23:35):
Two of the big things you have to think about
when you get to retirement would be certainly market volatility
if you're planning on living, especially off the market moneys
you've saved in your four oh and kN I raise,
that's certainly a factor. And then taxes a big factor
where people kind of overlook at times like Matt's example,
We're going to talk about a couple more hidden obstacles
when we get to retirement. When we come back right
here on your money matters with Christy Smith and Matt
Kennedy of Presley, Well many back with more.
Speaker 7 (23:57):
Right ever, uncle might need a loan soon from you.
We have over thirty four trillion dollars in national debt.
Where do you think the money to pay for that's
going to come from? Taxes? Believe it or not, taxes
are at historic lows right now, but how much longer
will that last? A roth Ira conversion might be a
good option when planning for your retirement because you can
(24:19):
pay 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 two five to two. Uncle Sam needs money.
(24:42):
Don't let him take it from you. Eight six six
three nine zero twelve fifty two. Investment advisory services offer
through a wealth management LLC a registered investment advisor. Investing
involves risk. Always console with the qualifying tax advisor before
making any decisions regarding a roth conversion, as there may
be additional tax considerations.
Speaker 6 (25:00):
If you aren't able to listen to this show in
its entirety, go to Presleywealthmanagement dot com to listen to
this and past radio shows. Otherwise, stick around to find
out how Presley Wealth Management will help you retire with confidence.
Speaker 4 (25:16):
I find you're with us today for your money matters
with Christy Smith and Matt Kennedy of Presley Wealth Management.
Again the website Presleywealthmanagement dot com. If you want to
chat with them, you can always go to this website.
Meet with us now dot com. That's easy to remember.
Meet with us now dot com. Set up a fifteen
minute phone call with the team. Hey, here's some of
the questions I have. Here's some concerns I have.
Speaker 1 (25:35):
What do you think?
Speaker 4 (25:36):
And you just have a conversation and then from there
you decide, Wow, I wonder if they could really help us,
that would be great. Put a plan together that would
be fantastic. You can certainly do that. Meet with us
now dot com. You can always If you're like me,
I'm sixty five, I'd like to talk to somebody, so
I might just call them two two five seven nine
to one fifty seven seventy three two two five seven
nine one fifty seven seventy three.
Speaker 1 (25:57):
I'm Mark Elliott. We're talking about critical, really.
Speaker 4 (25:59):
Hidden obstacles, if you will, things that we are excited
about getting into retirement, and things that we might overlook.
One is market volatility. There's no guarantee that the markets
go up all the time, right we all know that.
So if you're planning on living off your four oh
and K and ira moneies hoping they're growing, that's a
big deal.
Speaker 1 (26:15):
If the markets go down.
Speaker 4 (26:17):
Don't want to be pulling money from an entity that
the market the money's going backwards on, and so we
add to our deficit by pulling money out of a
sinking market moneies if you will. The other huge challenge
that Christy and Matt spent a lot of time talking
to people about our taxes. Taxes, even though it's such
a different time than our grandparents. From my grandparents, there
was no iras and four oh one k's then, because
(26:38):
IRA started nineteen seventy four four oh one k's in
nineteen seventy eight, they didn't have those. But today that's
our retirement those. If you're in the traditional side, none
of that money's been taxed yet, So the taxes are
a huge thing. Healthcare, Christy, to me, is one of
the big unknowns longevity. We don't know how long we're
going to be here. When you're putting the smart plan
together for your clients at Pressley Wealth, you don't know
how long they're going to be here to plan for
(27:00):
how they both might get to one hundred. One might
pass away at seventy the other one lives to one hundred.
You don't know how that's going to play out. So
longevity is a big deal, But you don't know if
one or both will have health issues either. That's a
huge unknown to me is healthcare, and we know Christy.
I think since we started doing this program a long
time ago, the medical profession has not lowered the price
of healthcare, has it.
Speaker 1 (27:21):
Oh yeah, health care costs have plummeted.
Speaker 5 (27:24):
They absolutely have not.
Speaker 1 (27:26):
You know.
Speaker 5 (27:26):
The funny thing is is that for most.
Speaker 2 (27:28):
People, they believe they've heard turn in sixty five, get
none medicare. They believe that their medical costs are now
going to be taking care of. So most people think
of long term care costs as being medical cost, but
in reality, most long term care costs are actually custodial cost,
(27:53):
And in reality it is one of the largest expenses
most couples incur in retirement. But you'd be surprised how
many have not planned for it. They don't even know
it's a threat. They don't know it's an obstacle.
Speaker 1 (28:09):
Mark.
Speaker 4 (28:09):
Don't you think that's because of what you just said,
Because they go on, once I get to sixty five,
are on medicare, We don't even have to worry about
that kind of stuff.
Speaker 2 (28:16):
I absolutely think that, you know. I can remember when
one of my good friends turned sixty five and she
called me. She lives in Texas, and she said, I'm
doing the Medicare happinans And I remember that because her
name is Joy and she's always so happy.
Speaker 1 (28:33):
You know, her parents named her right then.
Speaker 2 (28:35):
Yes, and so I remember having that conversation with her
and how you know now she was going to spend
so much less on healthcare.
Speaker 5 (28:45):
So then I simply asked her.
Speaker 2 (28:47):
I happened to know that her mother lived into her
nineties and actually needed long term care. And I said, well,
have you planned for that? Have you planned for that expense?
How you're going to pay for that? She like got
silent for a second. It like hit her, you know, like, no,
I didn't think about that.
Speaker 5 (29:07):
You know. To me, when.
Speaker 2 (29:09):
Building a complete holistic retirement plan, you have to really
look at what factors can devastate our plan, and we
have to include those in your plan. So it's really
important now that we address not only long term care costs,
which can be tremendous, but we also want to look
at costs with Medicare. We want to evaluate your Medicare
(29:32):
plan that you choose every year. We also want to
look at are there ways to control RMA penalties for
your Medicare benefits? Maybe for someone retiring at you know, sixty,
maybe they need to consider big conversions for two or
three years so that they can control irma cost when
(29:54):
they get on Medicare.
Speaker 5 (29:56):
What is arma cost?
Speaker 1 (29:58):
That is that one of your aunts from simsport.
Speaker 2 (30:01):
No, you know, when I started in this industry in
May of nineteen ninety seven, everybody paid the same exact
amount of Medicare Port B premium. There was no there
was no oh, we're going to means test this. But
now it doesn't work that way. Now everyone pays Medicare
(30:24):
Part B premium based on their earnings. But it's looked
that two years prior to the year you're paying for it.
So it's again all about having a plan and to me,
thinking in retirement and building a retirement plan that doesn't
(30:45):
include a plan for how will we pay for this? Yep,
Because it's actually a very high statistic. One out of
two will need some form of long term care. But
again it is primarily custodial care, not medical care.
Speaker 1 (31:00):
And it doesn't necessarily have to be a long term
care policy because some of you may have said, yeah,
but man, my parents looked at that some years ago
and go it was so expensive. It's good to have
a long term care policy. I would say, that covers
most of the bases, but you may be able to
accomplish something similar to give you some protection without having
(31:22):
to incur the cost of a true traditional long term
care plan. We can help you understand that better at
seven nine one five seven seven to three. That's seven
nine one five seven seven three.
Speaker 4 (31:34):
So, Matt, the other part of this kind of a
a big obstacle is I think people think, okay, well
I think I need five thousand and eighty eight thousand
whatever monthly amount they figure they need to live on
to be.
Speaker 1 (31:46):
Able to live out their retirement.
Speaker 4 (31:48):
That is where the smart process starts with your clients
is the sources of income, and the more income we
can have from different I guess, more variety from different sources.
I mean, if we have a pinchion, great, we're ahead
of the game. Socialcurity is one, our market moneys be another.
Income is such a I mean to be able to
not run out of money before you run out of life,
then income is probably one of the big keys.
Speaker 1 (32:09):
Oh it's huge. And you know earlier we talked about
if there's too much market risk and the market risk
reduces your total bucket of money, then that could you know,
create a problem with your income, So we kind of
think about it like buckets. You know, you need a
bucket of money that you can draw from that keeps
the income stable and secure no matter what happens in
(32:31):
the market. If your income isn't impacted, your emotions will
not be nearly as impacted, and you can weather a
market downturn much better. So we often will divide the
savings into three buckets. You know, short term needs. I'm
going to have some money that is protected from market risk,
can grow when the market is good, and I'm going
to pull my income from there. I've got my emergency
(32:53):
funds set aside. But then i want some money set
aside that's maybe a little more risky, that can have
some returns, and I'll access that money in five or
seven years. Then I've got longer term funds that are
more aggressive. I I'm doing Wroth conversions or other tax
planning out of that, And if the market takes a decline,
I'm not relying on that bucket for my immediate income,
(33:17):
so i can leave it alone, let it grow, let
it be there for future cost, healthcare cost or legacy planning.
And that's kind of an oversimplification. But in our smart plan,
remember we're looking at sources of income, but not just
where is the money coming from, but where is it
coming from most tax efficient? Where is it coming from
in such a way that you don't have to worry
(33:39):
about market downturns crushing your retirement income. Again, we're at
seven nine one five, seven seven three, seven nine one
five seven seven three. It's all about understanding what you
have and what you want your money to do. Our
plan looks at five critical areas and they're all interlink.
(34:00):
They all work together. Smart What are my sources of income?
Will that money last? Advance planning? That's the A in
other words, wills, trust, powers of attorney. We're not attorneys,
Christy and I and April who the advisors here, but
we can guide you down the path of what you
need to look out for. Possible obstacles to your legacy
(34:23):
and estate planning SMA advance planning are risk. We've talked
about that a lot today. Taking into account market risk
when you're close to or first into retirement is one
of the single biggest drivers of retirement success. And then
t taxes. We work in all five areas. We'd love
to help you seven nine one five seven seventy three,
(34:44):
or visit www dot meetwi usnow dot com schedule your
fifteen minute phone call. I'll give you a call. We'll
chat for a bit, find out what your overall situation is.
Then we roll our sleeves up, sit down in a
one on one meeting and go deep in to each
of your levels of concern and determine how we can
build a plan for your retirement success. So stay with us.
Speaker 4 (35:06):
Our final segment of your money matters with Christi and
Matt back right after this.
Speaker 6 (35:13):
Is the price tag on everything giving you sticker shock,
from groceries to gas. The cost of living is skyrocketing.
But if you think inflation is painful, now just wait
until you retire. Easy impact of inflation and start planning
now for your retirement. Called Presley Wealth Management at eight
six six three nine oh twelve fifty two. That's eight
(35:35):
six six three nine oh twelve fifty two.
Speaker 1 (35:40):
Stop for a moment, think about this. Do you know
how much money in your four oh one k or
ira is actually your money? All? Will the government take
a bigger chunk than you thought? Remember you still may
owe taxes on that money. But do you have a
plan to help make sure you don't pay more than
you should. At Presley Wealth Management, we believe you deserve
to keep more of what you've earned, which is why
(36:01):
we're here to help you navigate the confusing world of
retirement taxes. It's your money. You deserve to know what's
at stake. Right now, taxes are historically low, but they
won't be this low forever. So call us at seven
nine one five seven seven three. That's seven nine one
five seven seven three. Look, you work hard for your money,
will work just as hard to help you keep it.
(36:22):
Presley Wealth Management seven ninet one five seven seven three.
Speaker 6 (36:26):
Investment advisory services offer through AE Wealth Management LLSE, a
registered investment advisor. Investing involves risk. Always consult with the
qualified tax advisor before making any decisions regarding a ROTH conversion,
as there may be additional tax considerations. Christy Smith of
Presley Wealth Management wants to advocate for you, making sure
(36:47):
you have the retirement you have always wanted. Call eight
sixty six three nine ZHO twelve fifty two and make
sure Presley Wealth is the right fit for you. You
won't know until you call three nine oh twelve fifty two.
Speaker 4 (37:04):
Welcome back to your money matters with Christy Smith and
Matt Kennedy of Presley Wealth Management. They're the team that's
here to help you come up with your smart retirement plan.
Think about it's income, it's about your investments. It's about taxes.
It's about healthcare. It's about legacy planning. What about so
scurity it's in the income part. What about medicare, it's
in the healthcare part. A lot of pressure on you
as a retiree. Our grandparents had those kind of things
(37:26):
taken care of, They had pensions, they had so security.
Income is not a problem. A lot of times they
stayed on the healthcare plan at their work. Those things
have all changed. So that's where Christy and Matt and
the team at Presley Wealth come along to help you
figure out where you are. Seven nine to one fifty
seven seventy three two two five seven nine to one
fifty seven seventy three. There is no constant chat with
the team. Meet with us now dot com is an
(37:46):
easy one to remember, right, Just go there, set up
your own time to have a fifteen twenty minute conversation
with him, and then from there you figure out, hey,
should we meet again. Let's meet with us now dot com.
I'm Mark Elliott. Now you guys are so much younger
than I. I'm sixty five.
Speaker 1 (38:00):
Cow.
Speaker 4 (38:00):
We're going to talk scams in this final segment. Scams,
Oh lord, it is. It is really crazy. You guys
know where I work and we have to do a
test every month and it's on scams, emails, phishing attempts,
all those kind of things, and it's just crazy.
Speaker 1 (38:17):
I get.
Speaker 4 (38:17):
I had a text the other day that I'm like,
and it was I think it was from Discover and
it said, hey, your credit card is now out of date.
And I'm like what. So I didn't respond to the
text message at all. I called Discover and they're like yeah,
and I said, oh, I got a new card. I
didn't change the date. Okay, that was legitimate. I didn't
respond to that. I went and actually talked to the company,
(38:40):
which made sense. But that's because I'm paranoid about small stuff.
I don't trust all these emails I get and they're
out of control, and it's all the time. Hey, you've
got a package that's sitting here waiting for you, but
all you have to do is call us. And I
get so many of those I get. I bet I
get ten a week that I just delete delete. Well,
I'm still waiting.
Speaker 1 (38:57):
I'm still waiting on that money from my African prince
uncle in Nigeria, and he sent me a fat I mean,
I sent the five thousand dollars and all of a sudden,
after I sent the money, the facts has stopped coming.
I was getting a fax every week here, my rich
Nigerian uncle wants to give me ten million wand bat
or something.
Speaker 5 (39:16):
You know, we're laughing about that.
Speaker 1 (39:17):
I'm just kidding. I didn't send him five thousand.
Speaker 2 (39:19):
I do actually know two people that I would consider
to be very intelligent people that have been scammed in
the last quarter.
Speaker 5 (39:29):
These scam orders are really good.
Speaker 1 (39:31):
My dad got a phone call. His computer was locked.
He was told all he had to do was go
to the bank and make a deposit. He actually went
to the bank and the teller said, brother Willie, no,
I'm not gonna let you do this because it's a scam.
Then my dad called me and I said, Dad, never,
I said, can we just disconnect all phones and so
(39:53):
you don't get you guys know what I'm talking about.
I mean, social Security isn't gonna call you and tell
you you have a long lost relative. It's not gonna happen.
But now it's the fear tactic just here locally. Have
you heard about this one? Christy? You get the phone
call that you didn't respond to a bench warrant and
if you just send some money to the sheriff's department
(40:17):
in Ascension Parish, it'll all be good. No, they don't
call you for that. They send two big old dudes
with guns to your house. They don't call you.
Speaker 5 (40:26):
And now they actually know about their children.
Speaker 1 (40:29):
Oh it's they know everything.
Speaker 2 (40:30):
They'll know everything about like their family, and so they
really use the scare tactics.
Speaker 1 (40:35):
They know where you live. Yep.
Speaker 4 (40:37):
It is incredible. You think, boy, these scammers are getting
so good, and they're they're adjusting with all the the
uh I guess software that's out there, all the computer stuff,
texting and phones and all that kind of stuff. They
can hack into anything. It seems like, how about if
you put that to legitimate use, you could actually make
some pretty good money in.
Speaker 1 (40:55):
Any care way. I think because they're they're incredible.
Speaker 4 (40:58):
I sixty Minutes did a special on them and they
went to some little island and it wasn't the Philippines
or you know, India or something, but it was that
kind of a place when they went in and it
was a big building with just hundreds of people on
the phone, and they said, this is where they're calling
and they're setting this up. And when they get just
like your dad, mat, it's pretty easy to fall for it.
(41:19):
You're like, Wow, that's incredible, that's fantastic. And now I'm
so cynical. I don't buy anything. I don't believe anything
that that I'm reading in those kind of things a
text message. And I think just because we get older,
they start even playing on us more. But it's not
like I think twenty year olds don't get scammed. I
mean that's still gonna happen too.
Speaker 1 (41:34):
I suppose, well it could, but so you can tell
it's age based. When you're younger, the spam is hey,
your UPS package is ready, click this link. Well, I
don't respond to too many phone numbers that start with
an international area code of three eight. I'm sorry delete
report as jumps.
Speaker 5 (41:53):
But they don't always have the wrong code.
Speaker 1 (41:55):
They don't. A lot of them are getting better, and
they have local numbers. That's number one that is on
the phone, Yeah, I get it, Oh absolutely, And then
number two. Number two, Now it's fear for older people,
it's a fear tactic. It's hey, we're gonna find you.
We're going to call the police and send you to jail.
So it's now they're preying on fear and forgetfulness the
(42:17):
two f's if you will.
Speaker 4 (42:19):
Is it okay to respond to those and say, come on,
come on, I just have to report.
Speaker 1 (42:25):
I report junk all the time. Yeah, best responses had.
Speaker 4 (42:28):
Used to I used to just delete everything, but now
I actually do have to report junk stuff.
Speaker 1 (42:32):
Now there's this new have you heard about this one?
Mark the fake prescription scam. So a lot of people
buy their prescriptions online now and uh, you know you'll
get get a notice that, hey you have a special
two month for free offer if you respond to this link. Well,
the link is just getting into your computer so they
can sabotage your data. It's unbelievable and with a I
(42:56):
being what it is, My daughter showed me up an
AI this past weekend where Taylor Swift broke up with
Travis Kelsey. Have you seen this? It's unbelievable. I mean
the dealer Swift, the deep fakes are in the newest thing.
How do we know who to believe anymore? I mean,
is it really Christy Smith and Matt Kennedy sitting here
(43:17):
that really really talking to them? It's crazy. I know,
it's bad. The deep fakes are a big, big, huge thing.
Precious metal is another. I'm just going off on the
ones I'm thinking of. Folks, you will get a lot
of calls about how the government is out to seize this,
(43:37):
that or the other, and if you just send us
some money, you will buy you some gold. Now, some
of that may be real. Folks. If you didn't initiate
the contact, don't deal with it. It's that simple. If
you did not initiate the contact, if someone cold called you,
I would be incredibly, incredibly suspicious. Heck, if it's in
(43:57):
the financial services sector, call your advisor each out to
us and just to ask, because we get an updated
list of these all the time.
Speaker 4 (44:04):
And certainly we see the romance scams where a widow
or widower, you know, they're now seventies, eighties, and they're
lonely and they're like, yeah, I have great conversations with
somebody for a long time, and they're not real I mean,
it's there's no end to this.
Speaker 1 (44:17):
Christie.
Speaker 2 (44:18):
We actually had a client that that happened to yep,
and you know, we could see it, but she couldn't.
Speaker 5 (44:23):
You know.
Speaker 2 (44:23):
Unfortunately, her husband passed away four or five years ago,
and the people get lonely.
Speaker 1 (44:29):
Mark, Christy, I got one.
Speaker 4 (44:31):
I've been divorced for a couple of decades, now, I suppose,
and I got one from a just a gorgeous fifty
something gun. I'm sixty five and I'm looking at her, going,
there's no possible way if she saw me.
Speaker 1 (44:42):
Shere's no way somebody that attracted that was my deduction there, Christie. Wow, easy, hello, Mark,
Mark not buying it. Maybe a fake psychiatrist needs to
call you, give you some self confidence. I'm just kidding.
It's scary and watching these people pray on people. Oh,
my parents' age. The spam. I looked at my mom's
(45:03):
phone the other day and my mind was blown by
the number of scam texts. Now taught er, don't touch it,
leave it alone. It's out of control. Well listen, I'm
going to remember, by the way, for oh I am
too a special place in hell. But here's the deal.
If you didn't originate the call. Do not respond. That's
the safest thing. If it's the cops and they really
(45:25):
need you, they'll find you, They'll not they'll call your family.
Don't respond. God bless you all. Remember we're here to help.
Reach out anytime seven nine to one, five seven seventy
three or meet with usnow dot com.
Speaker 3 (45:40):
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. It offers products and services
through AE Wealth Management LLCAWM, a registered investment advisor. AWM
(46:06):
does not offer insurance products. The insurance products offered by
the Pressley Group are not subject to investment advisor requirements.
AWM and the Presley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial strength and claims paying abilities of the
(46:28):
issuing carrier. This radio show is intended for informational purposes only.
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
(46:50):
contained herein provided by third parties have been obtained from
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group.
Speaker 5 (46:57):
This radio show is a paid placement
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