October 19, 2024 • 47 mins
Christy Smith, founder of Presley Wealth Management and Matt Kennedy, investment adviser representative, discuss issues that affect your retirement planning and how you can build a plan to help reduce risk and implement wealth accumulation strategies. Learn more at presleywealthmanagement.com and then, if you would like to have a deeper conversation, set up an appointment online at meetwithusnow.com or by calling (225) 791-5773.
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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, Rock 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 4 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement.
Speaker 5 (00:24):
And that's where I believe it's so important that you
do have a full pledge retirement plan.
Speaker 6 (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 (00:49):
Welcome to your money Matters.
Speaker 7 (00:51):
I'm Mark Elliott here with Matt Kennedy of Presley Wealth Management.
Speaker 1 (00:55):
Glad you're with us. We talk retirement.
Speaker 7 (00:57):
Christy Smith, the founder of Preston and Wealth, started the
company in two thighs thousand and six. Matt joined the
team in two thousand and eight, and we talk retirement.
Christy not here today, Matt, is we think Presley Smith
might even join us coming up? How exciting is that
Christy's daughter that rodeo or we might talk barrel racing,
but we might talk medicare is what we might end
up doing. If you have any questions about boy, I
(01:18):
think I've got enough. I hope I've got enough. I
wonder if I can retire two two five seven nine
to one fifty seven seventy three, no costo obligation to
chat with the team two two five seven nine to
one fifty seven seventy three. And of course you can
always go to the website Meet with us now dot com.
Just set up your own fifteen thirty minute phone call.
Speaker 1 (01:37):
Let's go.
Speaker 7 (01:37):
You want to get started. I think it's a great
opportunity for you to get clarity into your retirement picture.
Meet with us now dot com. All right, Matt, We're
gonna talk this segment a little bit about a survey
that was done about regrets.
Speaker 5 (01:49):
Survey says, survey says.
Speaker 7 (01:51):
Now, I wonder, I mean, I don't know if people
have a lot of regrets on things they've done, or
do they have more regrets on things that they wish
they had done.
Speaker 6 (02:00):
Do you think, oh, wow, probably wish they had done Yeah,
I think that's probably right. Yeah, I probably wish they
had done. Unless you live in the French Quarter, then
there might be some things you're glad you didn't do.
Speaker 1 (02:12):
Yeah.
Speaker 7 (02:14):
But there was a survey done by bank rate and
it was which bank rate is financial services company, survey
thousands of retirees about the regrets they have and they
may have in retirement. Most of it is financial map
most of them just go bad. I wish I would
have started saving earlier. I wish I would have saved
a little bit more. I mean, that's that's pretty typical,
isn't it.
Speaker 5 (02:33):
Oh, it's very typical.
Speaker 6 (02:34):
We hear it all the time, even from people who
come in they're close to retiring and they've done a
good job of saving. They'll say, I just wish I
had started earlier. I wish I had saved more earlier.
I wish I had spent less earlier on or been
more disciplined about saving more consistently.
Speaker 5 (02:50):
Yeah, you're right.
Speaker 1 (02:52):
So how do you help?
Speaker 7 (02:53):
I mean one of the cool things that you and
Christy and the team had Pressley Well do for people
is you help them figure out where they are in
that road retirement. Hey, you got plenty, you don't have
quite enough. Maybe you need to work a little bit longer,
or hey, maybe we could try this that might help
you get through this or whatever. I mean, you're here
to help people figure out how to retire and how
to stay retired. There's so many different facets. I think
when you think of your process at Presley Wealth, it's
(03:17):
not just money, but money is kind of where it
all starts, isn't it.
Speaker 6 (03:21):
It is so mark this bank Rate survey that there's
some more data in there.
Speaker 5 (03:25):
I'd like to just I love numbers. I love surveys.
Speaker 6 (03:28):
So seventy seven percent of people have a financial regret.
Speaker 5 (03:33):
That's four out of five Americans.
Speaker 6 (03:35):
So the surveyor has got a little more specific mark
and what are some of the things that they ask
them about specific percentages about having regrets. Twenty two percent
said their number one regret was not having saved early enough.
And we see that more now than we did some
years ago. You know, our parents' generation, the silent generation.
(03:58):
I mean, if they had a dime, they saved you
a penny. I mean that's the way they were. Eighteen
percent of Americans regret not saving enough for emergency expenses.
I think that's a big one mark because if you can't,
you know, come up with the money for an emergency
and you have to put it on a card and
that card has high eighteen nineteen percent interest, that can
(04:19):
can set up a very bad precedent, right for high
interest debt for a long time. And number two is
fourteen percent or number three rather fourteen percent regret taking
on too much credit card debt. But that sounds like
some of the regrets from being younger. But your question was,
how can we help people who have regrets about maybe
(04:43):
not having saved enough.
Speaker 5 (04:44):
Is that kind of what you're asking.
Speaker 1 (04:45):
Yeah, kind of.
Speaker 7 (04:46):
I mean I think you're gonna you have people to
come in and some you're like, man, you're great, you
can retire anytime you want to. Yes, You're like, we
got to do some strategies here. I mean, there's a
difference I think on how you prepare help people. But
the idea is you're trying to help everybody you can.
Speaker 5 (05:00):
Absolutely. So here's the deal.
Speaker 6 (05:01):
If you have a lot of money saved up, you
have more wiggle room. I mean, this is high level
financial planning, right. But if you have a lot, you
have more wiggle room. You can better withstand a market downturn.
You can probably afford to be more aggressive in your investments.
When you're retired, you can better weather an unexpected emergency.
Speaker 5 (05:21):
Right.
Speaker 6 (05:22):
But for those who have not saved as much, maybe
you're listening to the show this morning and you're saying, Man,
I'm that person. I just really feel like we're behind
the eight ball. Haven't saved enough. Saving your money number
one in a tax free way such as a RATH
or other tax free vehicles, that's a smart move, mark
because when you get ready to spend that money, all
(05:43):
of that money is your money. You don't have to
pay taxes, whereas if it's in a regular four h
one K or a regular IRA and you have to
pull money out, then you already have a debt, and
that debt is the taxation. So of those of you
who feel behind, see if WROTH is an option in
your four to oh one K, are a wroth IRA.
(06:05):
Look at trying to save where your tax free number
two is, be very intentional about it and don't interrupt it.
What I mean is, if you have a payroll deduction plan,
don't take out loans from your four to h one
K unless it's a dire emergency, don't stop and start
your contributions right mark, put the money in, allow the
(06:27):
money to go in. There's an old saying that you know,
if you're saving on a bi weekly or you know,
bi monthly basis, or every paycheck however you get paid,
that you never really miss the money.
Speaker 5 (06:38):
If it's there, you just don't miss it. You follow what.
Speaker 1 (06:41):
I'm saying, Yeah, I agree with that. Yeah.
Speaker 6 (06:43):
And there's also been some changes in the law, and
I don't know the exact specifics. I haven't looked at it,
but in very general terms, recently, if you get into
a real bad bind, you are now allowed to take
a penalty free withdrawal from your four oh one K
for very dire situations, some medical emergencies and things like that.
(07:04):
The rules of that have eased up a little bit because, look,
the government knows that Americans some can't even come up
with that thousand dollars for a major out of pocket
expense at one time. But as much as possible, save
tax free. Save intentionally, don't interrupt the savings.
Speaker 5 (07:23):
And here's one more, especially if you're younger, but even.
Speaker 6 (07:26):
If you're older, set set it up so that the
money that goes into your workplace savings plan increases by
say one percent or two percent every year. So if
you start out saving five percent into your four oh
one K, let it go up to six the next year,
then seven, then eight.
Speaker 5 (07:43):
At least your.
Speaker 6 (07:45):
Intentionally increasing the amount that you're saving. That's that's critical.
Speaker 7 (07:51):
That's a pretty unique idea. One percent every year. Now,
that would have been good if I'd have thought of
that forty years ago.
Speaker 6 (07:56):
And that's the thing, right, right, because you get to
a point where you can only max out to a
certain amount. But again, if you don't, if you don't
see the money in your check, the odds are you
won't miss the money in your check. And so try
to be intentional, work with your human resources at your
workplace plan. Now, Mark, that's for the folks who are
still saving and have a pretty good time horizon left.
(08:18):
For those of you who are on the cusp of
retiring and you say, well, I just regret to have
it saved more, what can I do?
Speaker 1 (08:24):
Well?
Speaker 6 (08:24):
In those situations, we may need to look at taking
a portion of your savings, your four oh one K
and putting it into a plan that can give us
a guaranteed set income payout. Remember, for a lot of you,
when you hit age fifty nine and a half, you're
able to do from your workplace plan what we call
(08:46):
an in service distribution. That means we're able to take
money from your four oh one K without taxation, roll
that money into an IRA, and if you feel like
you're behind on savings and you want to retire, say
in three to five years, we can position a portion
of that money where we get a guaranteed rate of
(09:06):
growth and then we get a guaranteed set payout. Typically
we're going to use some sort of an index plan
index annuity plan, you know, based on the claims paying
ability of an insurance company.
Speaker 5 (09:19):
But we're basically creating you.
Speaker 6 (09:21):
Your own pension to say, hey, how do we supplement
social Security and mark not run the risk of getting
hurt with a bad market down turn right before you retire.
So don't feel like you're out of time, don't feel
like there's no hope, don't feel like there's despair. If
you've got at least five more years to save, then
(09:42):
follow some of the tricks I told you earlier, right,
just stick it in there. Try to increase the percentage
if you can and save tax free as much as possible,
and if you're closer than five years, let's talk.
Speaker 5 (09:54):
We're always here.
Speaker 6 (09:55):
Our number is seven nine to one five seven, seven
to three. I think the number one thing to remember
is don't let your regrets keep you frozen. I hear
people say sometimes, well, if I had done this, but
then they took no action. Don't let your regrets keep
you frozen. It's never too late. But we do have
strategies to help you get your head above water and
(10:17):
get a clear path forward. It's all part of our
retirement money map that will help put together for you.
Speaker 5 (10:22):
So reach out to us for a.
Speaker 6 (10:23):
Consultation at seven nine one five seven seven three seven
nine one five seven seven three, or you can go
online go to meet with us now dot com.
Speaker 7 (10:35):
All right, final thing, final minute of our first segment.
Then we'll get moving along. We'll talk a little medicair
when we come back on Your Money Matters with Matt Kennedy,
Presley Smith. Christie's daughter will join us here in the
next segment. Have you ever heard of micro retirements? They're
talking about younger people that are borrowing from their own
four one k's or what and going you know what
I'm gonna I think a lot of that happened around COVID,
(10:55):
didn't it.
Speaker 5 (10:56):
It sure did micro retirements.
Speaker 6 (10:58):
So you're thirty four years old and you're like, you
know what, the man's keeping me down and making you
work too much.
Speaker 5 (11:04):
So people take we're taking.
Speaker 6 (11:06):
Out loans to take small vacations, you know, or just
or you know, go to Yosemite, you know, or or
just take off and go explore the world for a month.
Speaker 8 (11:17):
Uh.
Speaker 6 (11:18):
Just be very very careful with that, you know, because
that's a loan that you've got to pay back. And
one of your regrets could be I wish I had
to borrow that ten thousand dollars from my four oh
one K when I was thirty four. Because never forget
Albert Einstein said, the greatest power on Earth is not nuclear.
The greatest power on earth is compounding interest. Warren Buffett
(11:41):
said that compounding works great if you don't interrupt it.
So taking loans is dangerous. Be very very careful with that.
Make that an absolute last resort.
Speaker 7 (11:50):
So again, if you want to sit down and chat
with the team at Presley Wealth managementout anything regarding your
financiers or retirement two two five seven nine one fifty
seven seventy three back with more of your.
Speaker 1 (12:00):
Matters right up for this.
Speaker 4 (12:03):
Be smart when it comes to your retirement. Presley Wealth
Management has a smart plan to help you better understand
the process. Set up your no consultation appointment To get
your smart planning in place, call eight sixty six three
nine oh twelve fifty two. That's eight six six three
nine o twelve fifty two.
Speaker 2 (12:24):
It's nice when you can get everything on your list
in one place, isn't it. Christy Smith that the Presleay
Group agrees. That's why she offers comprehensive retirement planning all
under one roof. You shouldn't have to go to one
place for information about tax planning, another for estate planning,
and another for retirement income planning. That's why the Presleay
(12:44):
Group was started. Christy Smith wanted to build a company
that could help families with all aspects of their retirement.
The Presleague Group is more than just convenient. They're knowledgeable
and experienced. To set up a meeting with Christy Smith
and her team to talk about your retires plan all
of it, call eight six six three nine zero twelve
(13:05):
fifty two. That's eight six six three nine zero one
two five two. The Presley Group one stop for a
wealth of retirement solutions eight six six three nine zero
twelve fifty two and investment advisory service is offered through
eight Wealth Management LLC, a registered investment advisor.
Speaker 4 (13:26):
You're listening to your Money Matters with Christy Smith and
Matt Kennedy to set up your fifteen minute meeting with
the Presley Wealth Management team called eight six six three
nine zero twelve fifty two.
Speaker 7 (13:40):
Welcome back to your Money Matters with Matt Kennedy of
Presley Wealth Management. I'm Mark Ellick. Glad you're with us.
Christy Smith, the founder started the company at six She's
not here, but she sent her daughter, Presley Smith is here.
Presley is really helping Christy and the team at Presley
Wealth Management handle their Medicare and we are coming up
on that time October fifteenth through to some seventh, which
is open enrollment they call it. But if you have
(14:03):
questions about Social Security Medicare, that's right in Matt and
Christie's wheelhouse of helping you figure out what what do
you should really not telling you how to do it.
It's giving you the options, and then you make the
decision because it's your retirement. It's seven nine to one
fifty seven seventy three two two five seven nine to
one fifty seven seventy three. If you have questions, and
of course you can always go to meet with us
now dot com and set up a time. All right, Matt,
(14:25):
let's go. We're gonna talk Presley. We're gonna get her
radio debut, so we got to walk her through this.
I mean, she's the barrel raser, so she can handle pressure.
Speaker 1 (14:32):
We know that.
Speaker 7 (14:33):
Right.
Speaker 6 (14:33):
Oh yeah, well, I mean this really isn't her debut now, Okay,
so Presley, you're uh, you're probably gonna forget this. But
when you were like seven or eight years old, you
came up to the studios and we recorded you reading
the Bible verses at Christmas time, and you weren't the
least bit nervous. She's like, I'm nervous about this, and
like when you were seven, you didn't think about it.
You just you were just happy to talk.
Speaker 8 (14:53):
I know, I came on the radio multiple times and
multiple times, and it's funny because now I'm twenty three,
and I feel more nervous about being on the radio
than I did when I was seven.
Speaker 6 (15:02):
But we'll just remember this is not about Bible versus.
This is about Medicare, and for some people it's just
as important, right because it's so confusing. Presley, if you
knew the number of people that looked at me and
your mom or April and the mediate and said, I'm
just lost on Social Security and I'm lost on Medicare.
So you'll be a great help today guiding people through
(15:24):
some of the basics.
Speaker 5 (15:25):
And Mark, I'll.
Speaker 6 (15:26):
Let you walk through the ABC's of Medicare with her
if you will.
Speaker 7 (15:30):
Yeah, yeah, And I think, really when you think about
Medicare and Presley, just so you know, in like I
don't know at any second, I want to be sixty
five years old. I've been getting Medicare statements for our companies,
offering me the greatest opportunity ever to join their Medicare family.
I'm still working, so I'm going to sign up for
part A. I'm not going to sign up for the
(15:50):
rest of it, but part A because it's free. I guess.
How do you help clients at Presley Wealth Management? Presley
try to figure out all this Medicare stuff because it
in theory, it should be simple, but it's not that simple.
Speaker 1 (16:01):
It seems.
Speaker 8 (16:02):
Well, first, you know, I want to go ahead and
you know, just reintroduce myself. So I'm Presley, I'm Christy's daughter.
And how you ask, how do I help people with medicare? Well,
this all came about because, as Matt said, you know,
it is a real concern.
Speaker 9 (16:18):
Many clients walk in the.
Speaker 8 (16:19):
Door and you think that they're only talking about their retirement,
but you have to understand that your healthcare is a
huge part. It's a huge expense in your retirement. And
they look at them when they are, you know, nearing
sixty five, and they say, hey, I'm not sure what
route to go with with my with my health care.
Is that something that you can help with? And where
(16:41):
I came into play with that is Christy, my mom.
Speaker 9 (16:45):
You know, she knows that this is a need.
Speaker 8 (16:47):
In her firm and she wants to help people, and
so you know, she took she took me a little
while to convince me, about two years, but I finally
rounded the corner and said, okay, I'm on board.
Speaker 9 (16:59):
Let's do this. So I as my job is.
Speaker 8 (17:03):
You know, medicare is extremely confusing, right, and what's funny
is is seniors when they sit down with me, they
they almost are upset with themselves that they're confused by Medicare. Well,
it's completely normal to be confused by medicare. You've never
had to use this this healthcare. You know, you've probably
been on your group insurance, possibly your whole life, or
(17:24):
your spouse's health insurance. So don't be discouraged if this
is new to you and it's a it's a foreign
language when you're you're not used to it.
Speaker 9 (17:34):
But that's what my job.
Speaker 8 (17:36):
Here is is to sit down with you, let's discover
let's talk about your Medicare options, and let's see what's
the best route for you.
Speaker 9 (17:43):
And and that's something.
Speaker 8 (17:45):
That I enjoy doing is getting to help people figure
that out and and ease them of this worry, this concern.
Speaker 7 (17:52):
That was very nicely done, Presley right there, because I
do think Medicare is pretty confusing, and there's so many
there's all the old letters in the supplement world. So
when people come in, do you have companies to me?
Because one of the nice things about medicare, I think,
what are the cool things like you, Presley, if you're
sitting down with somebody, a couple comes in, they're trying
to figure out medicare. All the help you give them,
(18:14):
there is no cost to them whatsoever, right, I mean,
the insurance company pays you if you got them to
come to that company.
Speaker 1 (18:20):
But that's the cool thing. You're here to look out
for their best interest.
Speaker 9 (18:23):
Well, and I want to touch on that.
Speaker 8 (18:25):
So something that is different about me than working at
a specific company is I represent many different companies, so
I am not loyal to one specific company, and because
of that, I'm really able to hear our clients' healthcare
concerns and I'm able to move in the direction that
(18:48):
is best for them. I don't have to stay within
a playground of that specific company, and because of that,
we're really able feel to help clients in the best
way possible.
Speaker 1 (19:03):
Yeah.
Speaker 7 (19:03):
Absolutely, So if you'd like to sit down and talk
with maybe maybe I have questions about medicare. You want
to talk with Presley every timement questions, it's two two
five seven nine one fifty seven seventy three. Again no
cost seven nine to one fifty seven seventy three. You
think about the part A is the free part. So
like I'm working, like I told you, I'm gonna keep
working after I'm sixty five, so I'm gonna sign up
(19:24):
for Part A. I don't have to sign up for
Part A, I suppose, because I do have good insurance.
But I might as well sign up for Part A
because there's you get penalized if you don't sign up
when you're supposed to sign up.
Speaker 1 (19:35):
Matt, do you have any input on that?
Speaker 5 (19:36):
I'm gonna ask Pressley.
Speaker 6 (19:38):
So if some people say, I heard if I don't
sign up for Medicare at sixty five, I get penalized,
and I'm so worried about that. But I'm but I'm
gonna keep my workplace insurance. It's perfectly fine to not
sign up at all, as long as you have workplace.
Speaker 5 (19:55):
Coverage correctly correct.
Speaker 6 (19:56):
Okay, But what if your spouse is a stay at
home wife. Let's say, and she hits that age and
she's on your insurance. She doesn't have to sign up,
does she? She can stay on the husband's insurance, can't she?
Speaker 7 (20:08):
Yes?
Speaker 5 (20:09):
Okay? But what if Medicare is cheaper? Can she opt
into Medicare? At that point?
Speaker 9 (20:14):
She can move to her Medicare options?
Speaker 1 (20:19):
Right?
Speaker 8 (20:19):
But her husband can also choose to stay I always
encourage people when you're nearing sixty five, you have a
seven month window. You have three months before, you have
the month that you turn sixty five, and then you
have three months after.
Speaker 9 (20:34):
So I always.
Speaker 8 (20:35):
Encourage people, let's be ahead of the ball so that
a way we avoid, you know, we're are you so
inch stress?
Speaker 7 (20:41):
Because they do have penalties for not signing up when
you're supposed to sign up, and there are times where
people do get clocked because well I had insurance. They're like, well, no,
that was incredible. So sometimes it can get a little sticky.
I think when you start thinking about about medicare, that's
why it's so important. I think, sit down with somebody
that understands it. October fifteenth through to some seven of
this is open enrollment period. Typically that is a drug
(21:03):
drug time. Time to make some opportunity and to change
some things. Because a drug that costs you five dollars
in twenty twenty four might cost you one hundred dollars
in twenty twenty five.
Speaker 1 (21:10):
That's kind of what can happen.
Speaker 7 (21:13):
But that opportunity for open enrollment is typically the drugs
and Advantage plans because supplements, you can sign up anytime
during the year if your health is okay, Is that right?
Speaker 6 (21:22):
Yes, so let me let me help clarify that, or Pressley,
I'm asking just for clarification. So whenever I'm working and
I quit my job to retire, I don't need to
be in the open enrollment period. At that point, I
enter what's called an SEP, a special enrollment period. I
So if I retire in the middle of June, i
(21:42):
can still sign up for Medicare because I'm in that
special enrollment period because I'm coming off of my workplace plan.
Speaker 1 (21:49):
Right.
Speaker 8 (21:50):
Absolutely, when you retire and you're coming off of your
group health insurance, you don't need to worry about being penalized.
That you are guaranteed the opportunity to enroll in Medicare
got but.
Speaker 6 (22:01):
You have a set amount of time to enroll after
you come off of your workplace plan or you face
a penalty.
Speaker 5 (22:07):
But they give you a good bit of time, don't they.
Speaker 9 (22:10):
They do.
Speaker 8 (22:10):
They give you plenty of time. But you know, most
people often focus on the penalty. But when I sit
down with clients, their.
Speaker 9 (22:17):
Focus is on the penalty. My focus is.
Speaker 8 (22:20):
One, We've got to get you health insurance because unfortunately
I you know, God forbid, something could happen to you
tomorrow and you need your health insurance.
Speaker 6 (22:29):
You don't want to have that gap, right, You don't
want your company insurance to end and you haven't yet enrolled.
How soon before they retire should they contact you to
get signed up for Medicare?
Speaker 5 (22:39):
How long does it take? Is it weeks? Is it days?
Is it months?
Speaker 4 (22:42):
So?
Speaker 8 (22:43):
The great thing about signing up for either an advantage
plan or a supplement plan is it's done. It's done
pretty quickly. We can we can almost guarantee that within
a week if there's no mistakes and all the information
is accurate. But I hate to say that because clients
take that as oh, I my group, I come off
my group health insurance in a week, and I've got
(23:05):
plenty of time. I prefer to go ahead and do
it early. As I said, you have a seven month window.
So if you know that your group health insurance is
going to be ending on January first, we're going to
need to get you health insurance starting effective February first.
Speaker 9 (23:22):
So let's go ahead.
Speaker 8 (23:23):
And tackle this the beginning of January, if not December.
Speaker 5 (23:27):
Got it.
Speaker 6 (23:28):
Reach out to us, especially if you're already on Medicare
and you want to search for your options and open
enroll month period where it's seven nine one five seven
seven three that's seven nine one five seven seven three,
and just say listen, I need Medicare. Help, help, and
we'll be happy to reach out.
Speaker 7 (23:47):
You can also go to meet with usnow dot com.
That might be easy to remember as well. Anyway, Presley
and Matt are going to come back. We're going to
talk a little bit more about Medicare right after this.
On your money matters.
Speaker 10 (24:00):
Uncle Sam might need a loan soon from you. We
have over thirty four trillion dollars in national debt. Where
do you think the money to pay for that's going
to come from? Taxes? Believe it or not, taxes are
at historic lows right now, but how much longer will
that last? A roth Ira conversion might be a good
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(24:20):
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 Pressley 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
(24:40):
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zero twelve fifty two. Investment advisory services offered through a
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Speaker 4 (25:01):
Interest rates are on the rise, So what does that
mean for your retirement? Find out by calling the Presley
Wealth Management team now eight six six three nine oh
twelve fifty two. That's eight six six three nine oh
well fifty two.
Speaker 7 (25:18):
Glad you're with us today for your money matters. I'm
Mark Elliot along with Matt Kennedy. Matt's been with Christy
Smith's team at Presley Wealth Management since two thousand and eight.
Speaker 1 (25:27):
Seeing a lot, done a lot, helped a lot of folks.
Speaker 7 (25:29):
He could he he'd love to sit down with you
and see if the team at Presley Wealth can.
Speaker 1 (25:32):
Help help you as well.
Speaker 7 (25:33):
It's two two five seven nine one fifty seven seventy three,
seven nine to one fifty seven seventy three. No cost
to have a chat with Matt. You can always go
to meet with us now dot com as well. Just
set up your own time to chat with the team.
You can do it by phone, by zoom, you can
come in. It's your choice. Meet with us now dot com.
I'm Mark Elliott, also with us Presley Smith, Presley, Presley,
(25:55):
it's her company, So you didn't tell her mom, Mike,
you're out the company, says Presley Wealth Management.
Speaker 1 (25:59):
It's my Is that right, Presley? I mean it's your company? Right?
Speaker 7 (26:03):
No?
Speaker 1 (26:04):
I wish no, it has not how or should just
named it after you?
Speaker 9 (26:06):
Maybe that's correct?
Speaker 7 (26:08):
Yes, there you go, all right. Presley is now at
the age of twenty three and still a barrel racer
at times depending on the health of her horses. But
had you've had a great run in the rodeo circuit
though the last couple of years. That's a different life
than where you are right now. I would think you're
trying to finish school and you're helping people with medicare
for your mom. Is it as gratifying, satisfying?
Speaker 9 (26:29):
Yeah?
Speaker 8 (26:29):
Absolutely, This has always been something that I have wanted
to do.
Speaker 9 (26:35):
I enjoy helping people.
Speaker 8 (26:37):
I still obviously love the horses just as much as
I did when I was a kid, if not more.
Everyone always joked with my family that had grow out
of it. But I think it's more of like a drug.
I just have gotten more and more addicted the older
I get love. I love the horses. I love the
relationships that the horses have brought me with fellow competitors
(26:57):
and families and people, and I you know, it's just
it's a part of life. I'm growing up, and as
my mom and dad say, I've got to be able
to afford the horses. So you know, this is a
special way that I get to do.
Speaker 7 (27:10):
That biggest check you've made so far in your professional
rodeo career.
Speaker 5 (27:15):
Well, that's a nosy question.
Speaker 1 (27:17):
It is.
Speaker 7 (27:17):
It is because we see all the we still all
the baseball, basketball, all those but yours. Because you're right, Presley,
it costs so much to transport horses, to feed them,
to take care of them. I mean, I mean, do
you really get ahead in that world? I suppose you sponsors.
Speaker 9 (27:31):
Probably yes, you do, and you don't.
Speaker 8 (27:35):
I Basically, anytime you're ahead that you just see it
as or I've always seen it as money that goes
gets put back into the horses to keep keep getting
to do.
Speaker 7 (27:43):
It, because your mom's talked about your success at times,
going wow, she just did one X and one did this,
and you're like, wow, there's still you got a truck,
you got a trailer. All right, all right, Well, anyway,
it's been fun and you're not done. We want to
make that clear. You're still out there going to set
some records before this is all over. But let's talk.
Let's go back to Medicare. There's Medicare, there's Medicaid, there's
(28:05):
Medicare advantage plans, there's Medicare supplements. Can you kind of
walk us through that, Presley.
Speaker 9 (28:10):
Yeah, absolutely so.
Speaker 8 (28:11):
As you said, you know, of course, Medicare is super confusing,
and that's why my job is so important. I encourage
clients to come in sit and let's just sit down.
Let's talk about Medicare. Let's go through what is Medicare?
What are the different options with medicare? Because it is
(28:31):
so confusing and it's overwhelming, and I mean it's something
that no one prepares senior citizens for. Just like you
know in school, no one ever. My teachers never taught
me how to do my taxes or how to write
a check.
Speaker 5 (28:45):
And good point.
Speaker 8 (28:45):
You know, I turn I turn eighteen, or I turned
twenty one, and I have no idea how to do
these things. It's the same way with Medicare. It's something
that isn't taught.
Speaker 9 (28:55):
So that's my job.
Speaker 8 (28:56):
My job is to sit down, it's to educate on
Medicare itself, to get into the nitty gritty because it
is overwhelming. So with medicare, you know, as you said,
you have part A, Part B, Part.
Speaker 9 (29:08):
C, and part D. Part A is your hospital coverage.
Speaker 8 (29:11):
Anything that you view as you're doing in the hospital.
Speaker 9 (29:15):
Part B, Part B is my favorite. Part B is
your doctor's visits.
Speaker 8 (29:18):
And that's that is the biggest part of medicare, as
your doctor's visits. More often than not, seniors are going
to the doctor hopefully instead of the hospital. But with
Part A and Part B, we can't just rely fully
on Part A and Part B, unfortunately, because there are
many gaps in Part A and part B, and if
(29:40):
we just relied on Part A and Part B, you
definitely could be risking your life, savings, your retirement because
there are just so many gaps, and because of those gaps,
that's where my job really comes into effect is we
look at different plans. We either look at Medicare supplement plans,
where we look at Medicare advantage plans. Also we look
(30:02):
at drug plans, we look at dental envision plans. Because
of all of those gaps, we want to make sure
that your healthcare is covered as much as we possibly can,
but we also want to make sure that it's covered
at an affordable price that's it's not going to break
your bank. That's something that is extremely important in retirement.
(30:23):
You you've worked your whole life for your retirement savings.
You don't want to spend it. You don't want to
spend more on it than you have to on your healthcare.
Speaker 7 (30:30):
So again, if you have questions about any of this,
you want to sit down with Presley and the team
at Presley Wealth Management. It's seven nine to one fifty
seven seventy three seven nine one fifty seven seventy three
meet with us now dot com and don't forget open
enrollment period is coming October fifteenth through December seventh, and
that's every year they do it then and that's really
for the drug plans and for the advantage plans supplements.
(30:52):
If you our health is good enough, I suppose you
can change those at any time during the year. That's
really kind of what's confusing as well, because this October
to November open enrollment period is an opportunity you're already
on Medicare or one of the plans of Medicare. Obviously
the advantage plans are supplements, but it's the drug plans
that typically change. And there's some big changes coming this year,
(31:14):
is are there not. I mean, we're gonna find out
about those real soon.
Speaker 8 (31:17):
Yeah, there are many changes coming every Unfortunately, every year
there are changes in Medicare, and that's why Medicare is
not a one way.
Speaker 9 (31:26):
Stop and shop.
Speaker 8 (31:28):
It's not just a turn sixty five, get it over
with and never look at it again. It's something that
we need to evaluate every year. And that's why I
love open enrollment. Open enrollment is a time where we
are able to make changes to your healthcare penalty free,
and we're able to explore the different changes and also
too not to mention unfortunately your health changes. As a
(31:52):
seniors get older, their health changes, and because of that
we're able to move in a direction that will cover
them best.
Speaker 5 (31:59):
Mark, may I chime in real quick, espuestly.
Speaker 6 (32:02):
One of the questions often get, you know, when people
first start talking to us before we hand them over
to you, is well, should I get a supplement plan
or an advantage plan? So is there any There's no,
there's no cut and dry answer to that, right. It
depends on the person absolutely.
Speaker 8 (32:18):
So that's why it's so important that we sit down
and we discuss your lifestyle, your health. Often more often
than not, I have someone come in and their neighbor,
Sally is on an advantage plan, and they think that
they want an advantage plan as well, because Sally loves
the advantage plan and the advantage plan has been great
(32:39):
for Sally. There are many advantage plans that are great plans. Unfortunately,
you know, for Judy it's not a fit because you know,
maybe Judy travels very very often and different in different
circumstances like that. That's just one example. But we really
sit down and we and we talk. For some people,
you know, getting the option to go to any doctor
(33:00):
they want is extremely important. So that's that's where we
sit down and we have these conversations and we're able
to make decisions that are are based on on your
your needs and what's important to you.
Speaker 6 (33:14):
But my understanding is basically, if you like to be
on a budget and kind of know what the expenses
out of pocket will be.
Speaker 5 (33:21):
A supplement maybe better.
Speaker 6 (33:23):
Whereas if you you know, maybe you're healthier and you
have more flexibility, the advantage is better.
Speaker 5 (33:28):
Or do I have that backwards?
Speaker 6 (33:29):
Oh?
Speaker 9 (33:30):
You have that backwards.
Speaker 5 (33:30):
See that's why she's here, Mark.
Speaker 1 (33:32):
Yeah.
Speaker 8 (33:33):
The most the most common misconception is that an advantage
plan is cheaper, and uh, most often than not, and
an advantage plan is cheaper because you're you're not paying
a monthly premium. But with an advantage plan, the tricky
part is there are things such as deductibles and co payments,
so we are able to run the numbers. I'm a
(33:55):
numbers person, just like you, Matt. I'm a numbers person.
Let's let's sit down, Let's let's discover both options. Let's
run the numbers on both. What are your your maximum
out of pocket calls in the event that your your
health takes a turn for the worse.
Speaker 9 (34:10):
And that's really my job.
Speaker 8 (34:12):
My job is to offer that information, offer those numbers
and have those conversations of where your health is at,
what is your lifestyle like, and then you know, normally
the decision making that's always that's always the client's right responsibility,
and you know in any way can help them that
that's my job.
Speaker 7 (34:33):
Seven nine one fifty seven seventy three Area code two
two five to chat with Presley and the team at
Presley Wealth Management two two five seven nine to one
fifty seven seventy three, And of course you can always
go to the website Meet with us now dot com.
Medicare can get really confusing, and there is no cost
to sit down with Presley and the team at Presley
Wealth to figure.
Speaker 1 (34:53):
Out your situation. Why not.
Speaker 7 (34:55):
Then you're making an educated decision, and you're making the
choice because the end of the day, Pressley's not saying
you have to do this, you have to do that.
This makes a lot of sense for you. But here's
another one that's pretty close. It's now kind of your decision.
At least, now you've got some understanding. Meet with usnow
dot Commerce seven nine to one fifty seven seventy three.
All right, we're back with our final segment of your
money matters right after this.
Speaker 4 (35:17):
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 2 (35:36):
It's nice when you can get everything on your list
in one place, isn't it? Christy Smith that the Presleay
Group agrees. That's why she offers comprehensive retirement planning all
under one roof. You shouldn't have to go to one
place for information about tax planning, another for estate planning,
and another for retirement income planning. That's why the Presleay
Group was started. Christy Smith wanted to build a company
(35:59):
that could help family ways with all aspects of their retirement.
The Presley Group is more than just convenient. They're knowledgeable
and experienced. To set up a meeting with Christy Smith
and her team to talk about your retirement plan all
of it, call eight sixty six three nine zero twelve
fifty two. That's eight six six three nine zero one
(36:20):
two five two. The Presley Group one stop for a
wealth of retirement solutions. Eight sixty six three nine zero
twelve fifty two and investment advisory service is offered through
EIGHTE Wealth Management LLC, a registered investment advisor.
Speaker 4 (36:38):
You're listening to your Money Matters with Christy Smith and
Matt Kennedy. To set up your fifteen minute meeting with
the Presley Wealth Management team, call eight six six three
nine zero twelve fifty two.
Speaker 7 (36:52):
Welcome back to Money Matters with Presley Smith, not Christy,
Christy's daughter Presley. Presley's hanging out with the team. She
finish up college, takes a little break from barrel racing.
She still might get into that, but she's really here
to help you with Medicare decisions, Medicare supplements, Medicare advantage.
It can get really complicated. There's no constant chat with
her about this. It's a big decision, a lot of
(37:13):
moving parts pressing. The team are here at seven nine
one fifty seven to seventy three if you'd like to
chat with her two two five seven nine to one
fifty seven seventy three, and you can always go to
meet with us now dot com. I'm Mark Elliot, Matt
Kennedy alongside as well and Presley. I know there was
something you wanted to add in as we're trying to
wade through all these different supplements and advantage plans and
all of that.
Speaker 8 (37:34):
Absolutely, So, Mark, one thing that I really wanted to
mention was your healthcare is one of the biggest expenses
in your retirement. And that's how my mom initially convinced
me to come and be the Medicare specialist here is
because it moving forward, it's an expense that every client has.
(37:57):
Hopefully it's it's a minimum expense, but it unfortunately can
be a very expensive expense. And because of that, I'm
able to work hand in hand with our advisors here
with their healthcare and they're able to account that into
their retirement plans. That's why our smart plan here is
(38:18):
so important. Is all the different factors in your retirement
all we are turning will here and they all flow together.
We're all under the Presley House and we're able to
work together. And that's something that I pride in our
firm that we're able to offer our client.
Speaker 6 (38:34):
That's a great point, you know, Mark, I don't want
to let that just slide by, because the way that
you say, the way that your money is taxed, the
forethought that goes into what happens when we turn eighty
five and we need nursing care. All of that is
part of your healthcare expense, right, Presley, And so having
a plan for that starts with Medicare, but it goes
(38:56):
so much beyond that.
Speaker 5 (38:57):
That's a great point.
Speaker 7 (38:59):
It is before you said, Matt, do you remember the
stat we had in one of our headlines one time,
and it was that sixty sixty five percent of all bankruptcies,
whether you're working or retired, because of healthcare bills.
Speaker 1 (39:10):
Yep.
Speaker 6 (39:11):
And the average yeah, exactly, And the average retired couple
we'll spend about three hundred and eighty seven thousand dollars
in their retirement on healthcare. Now, how many of you
have set aside three hundred and eighty seven thousand dollars
in a bank account, making four percent saying now that's
our healthcare bucket. Most of you haven't, So we have
to build that into your plan. And Medicare is one
(39:33):
step along the path.
Speaker 7 (39:35):
So there's no question there's a lot of different parts
here that we need to know, which is I Presley.
Christy has said, hey, Presley, canj you come on and
help people with medicare because one of the nice things
there's no cost to sitting down with Presley. There's no
cost sitting down with Matt or Christie talking about your retirement.
But the smart program is income, investment, taxes, healthcare, legacy planning,
soci scurity decisions are in the income part and Medicare
(39:56):
decisions are in the healthcare part. It's a big part
of this. What's the biggest misconception, Presley that you commonly
hear about Medicare coverage? Because certainly, Matt, we know as
we get older, our eyesight does not get worse, our
hearing does not get worse, So you know all those
things will be covered with Medicare.
Speaker 6 (40:13):
Oh, there's no doubt not to jump in for Presley,
but she was adjusting her microphone Pressially, the single biggest
myth that your mom and I through the years have
run across is exactly what Mark just said. Oh, it
covers everything, but it doesn't, doesn't it.
Speaker 9 (40:26):
That that's definitely the biggest myth.
Speaker 8 (40:29):
The biggest myth that I hear is that, oh, I
want an advantage plan because an advantage plan covers everything,
and I think I'll only have to spend you know,
maybe three hundred dollars a year on my health insurance.
Speaker 9 (40:45):
It covers everything.
Speaker 8 (40:46):
Another myth that I hear with supplement plans is I
have a policy with this company and this company is
better than that company.
Speaker 9 (40:56):
That's a myth.
Speaker 8 (40:56):
Because with supplement plans, they are all the exact same
no matter who the company is with. If you have
a Plan G with Company A, it is going to
offer these same benefits with Company B. That's a huge misconception.
The only difference is is that price. That's why I
(41:22):
love to do my job, because I'm able to find
if Sally loves a Plan G, a supplement Plan G,
I'm able to find her the cheapest Plan G for
this year. But next year, the cheapest Plan G might
be with a different company. And because of I'm licensed
with many and multiple companies, we're able to make those
(41:44):
changes and they're able to save money while still receiving
the same exact healthcare benefits.
Speaker 7 (41:51):
So and you, since you've been doing all this studying
and all of this to learn about this Medicare world
because you didn't know it five years ago, I mean,
this is your focus right now. What is the biggest
difference you think between the Medicare supplement world and the
Medicare advantage plans, because I've heard that as well since
I'm almost sixty five. Boy, the advantage plan is a
great place to go. I don't doesn't cost you hardly anything.
(42:12):
I don't pay anything on this or that. Supplements all
those are really expensive. If you've got bad health, you
better go supplements because it's better. What can you clear
that up for us? It's all confusing.
Speaker 8 (42:22):
Absolutely, so an advantage plan you absolutely can pay nothing
or close to nothing if you're healthy. The problem is
is that nobody's god, and nobody knows the future. And unfortunately,
if your health takes a turn for the worst, you
actually could end up paying more for an advantage plan
than you possibly could have won a supplement plan. It's
(42:44):
not a clear path, and that's why I always recommend
to go sit down with someone and help clear this
path up, because the water is already muddy with Medicare.
And my job is to present you all the information,
all the numbers, and I'm such a numbers person. I
feel like when numbers are sitting in front of you,
you're definitely able to help to make a better decision.
Speaker 7 (43:08):
Yeah, so I like that. I like that Medicare supplements.
You said this earlier Medicare supplements. It's the same plan
regardless of the company the advantage plan. Are there any
myths around that? I mean, I think a lot of
people think, well, advantage plans, it's gonna cover everything.
Speaker 1 (43:20):
Maybe maybe not depends.
Speaker 8 (43:22):
There are gaps in it. There are gaps in Medicare
advantage plans. For instance, you're gonna have to pay co
payments and deductibles. And you know, Mark, I don't know
about you, but I every time I go to the
doctor's office, I have to pay a deductible. And because
of that, it's kind of like, oh, is that, you know,
fifty dollars really worth it? So that's something that you're
(43:43):
gonna you're gonna encounter with a Medicare advantage plan is
that you will always have co payments and you will
always have deductibles with that plan.
Speaker 7 (43:51):
So final myth, let's get to this one. It says
another myth about about Medicare is that your doctor is
always in control of your health plan. Well, it seems
like he should be in charge my health plan or
she should be in charge of my health plan.
Speaker 1 (44:04):
How's that a myth?
Speaker 8 (44:06):
It's a myth because you are in charge of your
healthcare no matter rather you're on a Medicare advantage or
a Medicare supplement plan. I do always tell clients that
I feel you have more control over your healthcare on
a supplement plan. And the reason that I say that
is because with a Medicare supplement plan, you are not
(44:29):
limited to a certain network of doctors. You are able
to go to any doctor you want as long as
they accept Medicare. You're able to go to any specialist
no matter where you are in the United States to
where on an advantage plan you are limited to a
network of doctors. So while on an advantage plan, you
(44:51):
still are in charge of your healthcare, you have to
make decisions inside of a realm.
Speaker 5 (44:59):
Presley, thanks so much. This has been great information today.
Speaker 6 (45:03):
You know I've done this working here with your mom
now for sixteen years, and I still get confused about
Medicare because the rules change. But if you are thinking
about signing up for Medicare because you're just now turning
age sixty five or sixty four and nine months, or
if you're thinking about retiring soon, then you have questions,
(45:23):
or because it's open enrollment time coming up, Reach out
to us. Presley is a wealth of knowledge and can
absolutely help help you.
Speaker 5 (45:30):
Our number is seven nine one five seven seven three.
Great job today, Presley, Thank you.
Speaker 9 (45:37):
Thank you all. Look forward to meeting with you.
Speaker 3 (45:41):
Presley Wealth Management has a strategic partnership with tax professionals
and attorneys who can provide tax and or legal advice.
Speaker 4 (45:46):
Investment advisory products and services made available through AE Wealth
Management LLC AWM, a registered investment advisor. Insurance products are
offered through the insurance business the Presley Group. Presley Wealth
Management is an investment advisory practice 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 Pressley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial strength and claims paying abilities of the
(46:28):
issuing carrier. This radio show is intended for informational purposes.
Speaker 1 (46:32):
Only.
Speaker 4 (46:32):
It is not intended to be used as a sole
basis for financial decisions, nor should it be construed as
advice designed to meet the particular needs of an individual situation.
The Presley Group is not permitted to offer, and no
statement made during the show shall constitute tax or legal advice.
Our firm is not affiliated with, or endorsed by the
US government or any governmental agency. The information and opinions
contained herein provided by third parties have been obtained from
(46:53):
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group. This radio show is
a paid placement
When the news is national.
Speaker 2 (00:01):
SOB, security system molatility, global turmoil, interest rates, Rock 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 4 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement.
Speaker 5 (00:24):
And that's where I believe it's so important that you
do have a full pledge retirement plan.
Speaker 6 (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 (00:49):
Welcome to your money Matters.
Speaker 7 (00:51):
I'm Mark Elliott here with Matt Kennedy of Presley Wealth Management.
Speaker 1 (00:55):
Glad you're with us. We talk retirement.
Speaker 7 (00:57):
Christy Smith, the founder of Preston and Wealth, started the
company in two thighs thousand and six. Matt joined the
team in two thousand and eight, and we talk retirement.
Christy not here today, Matt, is we think Presley Smith
might even join us coming up? How exciting is that
Christy's daughter that rodeo or we might talk barrel racing,
but we might talk medicare is what we might end
up doing. If you have any questions about boy, I
(01:18):
think I've got enough. I hope I've got enough. I
wonder if I can retire two two five seven nine
to one fifty seven seventy three, no costo obligation to
chat with the team two two five seven nine to
one fifty seven seventy three. And of course you can
always go to the website Meet with us now dot com.
Just set up your own fifteen thirty minute phone call.
Speaker 1 (01:37):
Let's go.
Speaker 7 (01:37):
You want to get started. I think it's a great
opportunity for you to get clarity into your retirement picture.
Meet with us now dot com. All right, Matt, We're
gonna talk this segment a little bit about a survey
that was done about regrets.
Speaker 5 (01:49):
Survey says, survey says.
Speaker 7 (01:51):
Now, I wonder, I mean, I don't know if people
have a lot of regrets on things they've done, or
do they have more regrets on things that they wish
they had done.
Speaker 6 (02:00):
Do you think, oh, wow, probably wish they had done Yeah,
I think that's probably right. Yeah, I probably wish they
had done. Unless you live in the French Quarter, then
there might be some things you're glad you didn't do.
Speaker 1 (02:12):
Yeah.
Speaker 7 (02:14):
But there was a survey done by bank rate and
it was which bank rate is financial services company, survey
thousands of retirees about the regrets they have and they
may have in retirement. Most of it is financial map
most of them just go bad. I wish I would
have started saving earlier. I wish I would have saved
a little bit more. I mean, that's that's pretty typical,
isn't it.
Speaker 5 (02:33):
Oh, it's very typical.
Speaker 6 (02:34):
We hear it all the time, even from people who
come in they're close to retiring and they've done a
good job of saving. They'll say, I just wish I
had started earlier. I wish I had saved more earlier.
I wish I had spent less earlier on or been
more disciplined about saving more consistently.
Speaker 5 (02:50):
Yeah, you're right.
Speaker 1 (02:52):
So how do you help?
Speaker 7 (02:53):
I mean one of the cool things that you and
Christy and the team had Pressley Well do for people
is you help them figure out where they are in
that road retirement. Hey, you got plenty, you don't have
quite enough. Maybe you need to work a little bit longer,
or hey, maybe we could try this that might help
you get through this or whatever. I mean, you're here
to help people figure out how to retire and how
to stay retired. There's so many different facets. I think
when you think of your process at Presley Wealth, it's
(03:17):
not just money, but money is kind of where it
all starts, isn't it.
Speaker 6 (03:21):
It is so mark this bank Rate survey that there's
some more data in there.
Speaker 5 (03:25):
I'd like to just I love numbers. I love surveys.
Speaker 6 (03:28):
So seventy seven percent of people have a financial regret.
Speaker 5 (03:33):
That's four out of five Americans.
Speaker 6 (03:35):
So the surveyor has got a little more specific mark
and what are some of the things that they ask
them about specific percentages about having regrets. Twenty two percent
said their number one regret was not having saved early enough.
And we see that more now than we did some
years ago. You know, our parents' generation, the silent generation.
(03:58):
I mean, if they had a dime, they saved you
a penny. I mean that's the way they were. Eighteen
percent of Americans regret not saving enough for emergency expenses.
I think that's a big one mark because if you can't,
you know, come up with the money for an emergency
and you have to put it on a card and
that card has high eighteen nineteen percent interest, that can
(04:19):
can set up a very bad precedent, right for high
interest debt for a long time. And number two is
fourteen percent or number three rather fourteen percent regret taking
on too much credit card debt. But that sounds like
some of the regrets from being younger. But your question was,
how can we help people who have regrets about maybe
(04:43):
not having saved enough.
Speaker 5 (04:44):
Is that kind of what you're asking.
Speaker 1 (04:45):
Yeah, kind of.
Speaker 7 (04:46):
I mean I think you're gonna you have people to
come in and some you're like, man, you're great, you
can retire anytime you want to. Yes, You're like, we
got to do some strategies here. I mean, there's a
difference I think on how you prepare help people. But
the idea is you're trying to help everybody you can.
Speaker 5 (05:00):
Absolutely. So here's the deal.
Speaker 6 (05:01):
If you have a lot of money saved up, you
have more wiggle room. I mean, this is high level
financial planning, right. But if you have a lot, you
have more wiggle room. You can better withstand a market downturn.
You can probably afford to be more aggressive in your investments.
When you're retired, you can better weather an unexpected emergency.
Speaker 5 (05:21):
Right.
Speaker 6 (05:22):
But for those who have not saved as much, maybe
you're listening to the show this morning and you're saying, Man,
I'm that person. I just really feel like we're behind
the eight ball. Haven't saved enough. Saving your money number
one in a tax free way such as a RATH
or other tax free vehicles, that's a smart move, mark
because when you get ready to spend that money, all
(05:43):
of that money is your money. You don't have to
pay taxes, whereas if it's in a regular four h
one K or a regular IRA and you have to
pull money out, then you already have a debt, and
that debt is the taxation. So of those of you
who feel behind, see if WROTH is an option in
your four to oh one K, are a wroth IRA.
(06:05):
Look at trying to save where your tax free number
two is, be very intentional about it and don't interrupt it.
What I mean is, if you have a payroll deduction plan,
don't take out loans from your four to h one
K unless it's a dire emergency, don't stop and start
your contributions right mark, put the money in, allow the
(06:27):
money to go in. There's an old saying that you know,
if you're saving on a bi weekly or you know,
bi monthly basis, or every paycheck however you get paid,
that you never really miss the money.
Speaker 5 (06:38):
If it's there, you just don't miss it. You follow what.
Speaker 1 (06:41):
I'm saying, Yeah, I agree with that. Yeah.
Speaker 6 (06:43):
And there's also been some changes in the law, and
I don't know the exact specifics. I haven't looked at it,
but in very general terms, recently, if you get into
a real bad bind, you are now allowed to take
a penalty free withdrawal from your four oh one K
for very dire situations, some medical emergencies and things like that.
(07:04):
The rules of that have eased up a little bit because, look,
the government knows that Americans some can't even come up
with that thousand dollars for a major out of pocket
expense at one time. But as much as possible, save
tax free. Save intentionally, don't interrupt the savings.
Speaker 5 (07:23):
And here's one more, especially if you're younger, but even.
Speaker 6 (07:26):
If you're older, set set it up so that the
money that goes into your workplace savings plan increases by
say one percent or two percent every year. So if
you start out saving five percent into your four oh
one K, let it go up to six the next year,
then seven, then eight.
Speaker 5 (07:43):
At least your.
Speaker 6 (07:45):
Intentionally increasing the amount that you're saving. That's that's critical.
Speaker 7 (07:51):
That's a pretty unique idea. One percent every year. Now,
that would have been good if I'd have thought of
that forty years ago.
Speaker 6 (07:56):
And that's the thing, right, right, because you get to
a point where you can only max out to a
certain amount. But again, if you don't, if you don't
see the money in your check, the odds are you
won't miss the money in your check. And so try
to be intentional, work with your human resources at your
workplace plan. Now, Mark, that's for the folks who are
still saving and have a pretty good time horizon left.
(08:18):
For those of you who are on the cusp of
retiring and you say, well, I just regret to have
it saved more, what can I do?
Speaker 1 (08:24):
Well?
Speaker 6 (08:24):
In those situations, we may need to look at taking
a portion of your savings, your four oh one K
and putting it into a plan that can give us
a guaranteed set income payout. Remember, for a lot of you,
when you hit age fifty nine and a half, you're
able to do from your workplace plan what we call
(08:46):
an in service distribution. That means we're able to take
money from your four oh one K without taxation, roll
that money into an IRA, and if you feel like
you're behind on savings and you want to retire, say
in three to five years, we can position a portion
of that money where we get a guaranteed rate of
(09:06):
growth and then we get a guaranteed set payout. Typically
we're going to use some sort of an index plan
index annuity plan, you know, based on the claims paying
ability of an insurance company.
Speaker 5 (09:19):
But we're basically creating you.
Speaker 6 (09:21):
Your own pension to say, hey, how do we supplement
social Security and mark not run the risk of getting
hurt with a bad market down turn right before you retire.
So don't feel like you're out of time, don't feel
like there's no hope, don't feel like there's despair. If
you've got at least five more years to save, then
(09:42):
follow some of the tricks I told you earlier, right,
just stick it in there. Try to increase the percentage
if you can and save tax free as much as possible,
and if you're closer than five years, let's talk.
Speaker 5 (09:54):
We're always here.
Speaker 6 (09:55):
Our number is seven nine to one five seven, seven
to three. I think the number one thing to remember
is don't let your regrets keep you frozen. I hear
people say sometimes, well, if I had done this, but
then they took no action. Don't let your regrets keep
you frozen. It's never too late. But we do have
strategies to help you get your head above water and
(10:17):
get a clear path forward. It's all part of our
retirement money map that will help put together for you.
Speaker 5 (10:22):
So reach out to us for a.
Speaker 6 (10:23):
Consultation at seven nine one five seven seven three seven
nine one five seven seven three, or you can go
online go to meet with us now dot com.
Speaker 7 (10:35):
All right, final thing, final minute of our first segment.
Then we'll get moving along. We'll talk a little medicair
when we come back on Your Money Matters with Matt Kennedy,
Presley Smith. Christie's daughter will join us here in the
next segment. Have you ever heard of micro retirements? They're
talking about younger people that are borrowing from their own
four one k's or what and going you know what
I'm gonna I think a lot of that happened around COVID,
(10:55):
didn't it.
Speaker 5 (10:56):
It sure did micro retirements.
Speaker 6 (10:58):
So you're thirty four years old and you're like, you
know what, the man's keeping me down and making you
work too much.
Speaker 5 (11:04):
So people take we're taking.
Speaker 6 (11:06):
Out loans to take small vacations, you know, or just
or you know, go to Yosemite, you know, or or
just take off and go explore the world for a month.
Speaker 8 (11:17):
Uh.
Speaker 6 (11:18):
Just be very very careful with that, you know, because
that's a loan that you've got to pay back. And
one of your regrets could be I wish I had
to borrow that ten thousand dollars from my four oh
one K when I was thirty four. Because never forget
Albert Einstein said, the greatest power on Earth is not nuclear.
The greatest power on earth is compounding interest. Warren Buffett
(11:41):
said that compounding works great if you don't interrupt it.
So taking loans is dangerous. Be very very careful with that.
Make that an absolute last resort.
Speaker 7 (11:50):
So again, if you want to sit down and chat
with the team at Presley Wealth managementout anything regarding your
financiers or retirement two two five seven nine one fifty
seven seventy three back with more of your.
Speaker 1 (12:00):
Matters right up for this.
Speaker 4 (12:03):
Be smart when it comes to your retirement. Presley Wealth
Management has a smart plan to help you better understand
the process. Set up your no consultation appointment To get
your smart planning in place, call eight sixty six three
nine oh twelve fifty two. That's eight six six three
nine o twelve fifty two.
Speaker 2 (12:24):
It's nice when you can get everything on your list
in one place, isn't it. Christy Smith that the Presleay
Group agrees. That's why she offers comprehensive retirement planning all
under one roof. You shouldn't have to go to one
place for information about tax planning, another for estate planning,
and another for retirement income planning. That's why the Presleay
(12:44):
Group was started. Christy Smith wanted to build a company
that could help families with all aspects of their retirement.
The Presleague Group is more than just convenient. They're knowledgeable
and experienced. To set up a meeting with Christy Smith
and her team to talk about your retires plan all
of it, call eight six six three nine zero twelve
(13:05):
fifty two. That's eight six six three nine zero one
two five two. The Presley Group one stop for a
wealth of retirement solutions eight six six three nine zero
twelve fifty two and investment advisory service is offered through
eight Wealth Management LLC, a registered investment advisor.
Speaker 4 (13:26):
You're listening to your Money Matters with Christy Smith and
Matt Kennedy to set up your fifteen minute meeting with
the Presley Wealth Management team called eight six six three
nine zero twelve fifty two.
Speaker 7 (13:40):
Welcome back to your Money Matters with Matt Kennedy of
Presley Wealth Management. I'm Mark Ellick. Glad you're with us.
Christy Smith, the founder started the company at six She's
not here, but she sent her daughter, Presley Smith is here.
Presley is really helping Christy and the team at Presley
Wealth Management handle their Medicare and we are coming up
on that time October fifteenth through to some seventh, which
is open enrollment they call it. But if you have
(14:03):
questions about Social Security Medicare, that's right in Matt and
Christie's wheelhouse of helping you figure out what what do
you should really not telling you how to do it.
It's giving you the options, and then you make the
decision because it's your retirement. It's seven nine to one
fifty seven seventy three two two five seven nine to
one fifty seven seventy three. If you have questions, and
of course you can always go to meet with us
now dot com and set up a time. All right, Matt,
(14:25):
let's go. We're gonna talk Presley. We're gonna get her
radio debut, so we got to walk her through this.
I mean, she's the barrel raser, so she can handle pressure.
Speaker 1 (14:32):
We know that.
Speaker 7 (14:33):
Right.
Speaker 6 (14:33):
Oh yeah, well, I mean this really isn't her debut now, Okay,
so Presley, you're uh, you're probably gonna forget this. But
when you were like seven or eight years old, you
came up to the studios and we recorded you reading
the Bible verses at Christmas time, and you weren't the
least bit nervous. She's like, I'm nervous about this, and
like when you were seven, you didn't think about it.
You just you were just happy to talk.
Speaker 8 (14:53):
I know, I came on the radio multiple times and
multiple times, and it's funny because now I'm twenty three,
and I feel more nervous about being on the radio
than I did when I was seven.
Speaker 6 (15:02):
But we'll just remember this is not about Bible versus.
This is about Medicare, and for some people it's just
as important, right because it's so confusing. Presley, if you
knew the number of people that looked at me and
your mom or April and the mediate and said, I'm
just lost on Social Security and I'm lost on Medicare.
So you'll be a great help today guiding people through
(15:24):
some of the basics.
Speaker 5 (15:25):
And Mark, I'll.
Speaker 6 (15:26):
Let you walk through the ABC's of Medicare with her
if you will.
Speaker 7 (15:30):
Yeah, yeah, And I think, really when you think about
Medicare and Presley, just so you know, in like I
don't know at any second, I want to be sixty
five years old. I've been getting Medicare statements for our companies,
offering me the greatest opportunity ever to join their Medicare family.
I'm still working, so I'm going to sign up for
part A. I'm not going to sign up for the
(15:50):
rest of it, but part A because it's free. I guess.
How do you help clients at Presley Wealth Management? Presley
try to figure out all this Medicare stuff because it
in theory, it should be simple, but it's not that simple.
Speaker 1 (16:01):
It seems.
Speaker 8 (16:02):
Well, first, you know, I want to go ahead and
you know, just reintroduce myself. So I'm Presley, I'm Christy's daughter.
And how you ask, how do I help people with medicare? Well,
this all came about because, as Matt said, you know,
it is a real concern.
Speaker 9 (16:18):
Many clients walk in the.
Speaker 8 (16:19):
Door and you think that they're only talking about their retirement,
but you have to understand that your healthcare is a
huge part. It's a huge expense in your retirement. And
they look at them when they are, you know, nearing
sixty five, and they say, hey, I'm not sure what
route to go with with my with my health care.
Is that something that you can help with? And where
(16:41):
I came into play with that is Christy, my mom.
Speaker 9 (16:45):
You know, she knows that this is a need.
Speaker 8 (16:47):
In her firm and she wants to help people, and
so you know, she took she took me a little
while to convince me, about two years, but I finally
rounded the corner and said, okay, I'm on board.
Speaker 9 (16:59):
Let's do this. So I as my job is.
Speaker 8 (17:03):
You know, medicare is extremely confusing, right, and what's funny
is is seniors when they sit down with me, they
they almost are upset with themselves that they're confused by Medicare. Well,
it's completely normal to be confused by medicare. You've never
had to use this this healthcare. You know, you've probably
been on your group insurance, possibly your whole life, or
(17:24):
your spouse's health insurance. So don't be discouraged if this
is new to you and it's a it's a foreign
language when you're you're not used to it.
Speaker 9 (17:34):
But that's what my job.
Speaker 8 (17:36):
Here is is to sit down with you, let's discover
let's talk about your Medicare options, and let's see what's
the best route for you.
Speaker 9 (17:43):
And and that's something.
Speaker 8 (17:45):
That I enjoy doing is getting to help people figure
that out and and ease them of this worry, this concern.
Speaker 7 (17:52):
That was very nicely done, Presley right there, because I
do think Medicare is pretty confusing, and there's so many
there's all the old letters in the supplement world. So
when people come in, do you have companies to me?
Because one of the nice things about medicare, I think,
what are the cool things like you, Presley, if you're
sitting down with somebody, a couple comes in, they're trying
to figure out medicare. All the help you give them,
(18:14):
there is no cost to them whatsoever, right, I mean,
the insurance company pays you if you got them to
come to that company.
Speaker 1 (18:20):
But that's the cool thing. You're here to look out
for their best interest.
Speaker 9 (18:23):
Well, and I want to touch on that.
Speaker 8 (18:25):
So something that is different about me than working at
a specific company is I represent many different companies, so
I am not loyal to one specific company, and because
of that, I'm really able to hear our clients' healthcare
concerns and I'm able to move in the direction that
(18:48):
is best for them. I don't have to stay within
a playground of that specific company, and because of that,
we're really able feel to help clients in the best
way possible.
Speaker 1 (19:03):
Yeah.
Speaker 7 (19:03):
Absolutely, So if you'd like to sit down and talk
with maybe maybe I have questions about medicare. You want
to talk with Presley every timement questions, it's two two
five seven nine one fifty seven seventy three. Again no
cost seven nine to one fifty seven seventy three. You
think about the part A is the free part. So
like I'm working, like I told you, I'm gonna keep
working after I'm sixty five, so I'm gonna sign up
(19:24):
for Part A. I don't have to sign up for
Part A, I suppose, because I do have good insurance.
But I might as well sign up for Part A
because there's you get penalized if you don't sign up
when you're supposed to sign up.
Speaker 1 (19:35):
Matt, do you have any input on that?
Speaker 5 (19:36):
I'm gonna ask Pressley.
Speaker 6 (19:38):
So if some people say, I heard if I don't
sign up for Medicare at sixty five, I get penalized,
and I'm so worried about that. But I'm but I'm
gonna keep my workplace insurance. It's perfectly fine to not
sign up at all, as long as you have workplace.
Speaker 5 (19:55):
Coverage correctly correct.
Speaker 6 (19:56):
Okay, But what if your spouse is a stay at
home wife. Let's say, and she hits that age and
she's on your insurance. She doesn't have to sign up,
does she? She can stay on the husband's insurance, can't she?
Speaker 7 (20:08):
Yes?
Speaker 5 (20:09):
Okay? But what if Medicare is cheaper? Can she opt
into Medicare? At that point?
Speaker 9 (20:14):
She can move to her Medicare options?
Speaker 1 (20:19):
Right?
Speaker 8 (20:19):
But her husband can also choose to stay I always
encourage people when you're nearing sixty five, you have a
seven month window. You have three months before, you have
the month that you turn sixty five, and then you
have three months after.
Speaker 9 (20:34):
So I always.
Speaker 8 (20:35):
Encourage people, let's be ahead of the ball so that
a way we avoid, you know, we're are you so
inch stress?
Speaker 7 (20:41):
Because they do have penalties for not signing up when
you're supposed to sign up, and there are times where
people do get clocked because well I had insurance. They're like, well, no,
that was incredible. So sometimes it can get a little sticky.
I think when you start thinking about about medicare, that's
why it's so important. I think, sit down with somebody
that understands it. October fifteenth through to some seven of
this is open enrollment period. Typically that is a drug
(21:03):
drug time. Time to make some opportunity and to change
some things. Because a drug that costs you five dollars
in twenty twenty four might cost you one hundred dollars
in twenty twenty five.
Speaker 1 (21:10):
That's kind of what can happen.
Speaker 7 (21:13):
But that opportunity for open enrollment is typically the drugs
and Advantage plans because supplements, you can sign up anytime
during the year if your health is okay, Is that right?
Speaker 6 (21:22):
Yes, so let me let me help clarify that, or Pressley,
I'm asking just for clarification. So whenever I'm working and
I quit my job to retire, I don't need to
be in the open enrollment period. At that point, I
enter what's called an SEP, a special enrollment period. I
So if I retire in the middle of June, i
(21:42):
can still sign up for Medicare because I'm in that
special enrollment period because I'm coming off of my workplace plan.
Speaker 1 (21:49):
Right.
Speaker 8 (21:50):
Absolutely, when you retire and you're coming off of your
group health insurance, you don't need to worry about being penalized.
That you are guaranteed the opportunity to enroll in Medicare
got but.
Speaker 6 (22:01):
You have a set amount of time to enroll after
you come off of your workplace plan or you face
a penalty.
Speaker 5 (22:07):
But they give you a good bit of time, don't they.
Speaker 9 (22:10):
They do.
Speaker 8 (22:10):
They give you plenty of time. But you know, most
people often focus on the penalty. But when I sit
down with clients, their.
Speaker 9 (22:17):
Focus is on the penalty. My focus is.
Speaker 8 (22:20):
One, We've got to get you health insurance because unfortunately
I you know, God forbid, something could happen to you
tomorrow and you need your health insurance.
Speaker 6 (22:29):
You don't want to have that gap, right, You don't
want your company insurance to end and you haven't yet enrolled.
How soon before they retire should they contact you to
get signed up for Medicare?
Speaker 5 (22:39):
How long does it take? Is it weeks? Is it days?
Is it months?
Speaker 4 (22:42):
So?
Speaker 8 (22:43):
The great thing about signing up for either an advantage
plan or a supplement plan is it's done. It's done
pretty quickly. We can we can almost guarantee that within
a week if there's no mistakes and all the information
is accurate. But I hate to say that because clients
take that as oh, I my group, I come off
my group health insurance in a week, and I've got
(23:05):
plenty of time. I prefer to go ahead and do
it early. As I said, you have a seven month window.
So if you know that your group health insurance is
going to be ending on January first, we're going to
need to get you health insurance starting effective February first.
Speaker 9 (23:22):
So let's go ahead.
Speaker 8 (23:23):
And tackle this the beginning of January, if not December.
Speaker 5 (23:27):
Got it.
Speaker 6 (23:28):
Reach out to us, especially if you're already on Medicare
and you want to search for your options and open
enroll month period where it's seven nine one five seven
seven three that's seven nine one five seven seven three,
and just say listen, I need Medicare. Help, help, and
we'll be happy to reach out.
Speaker 7 (23:47):
You can also go to meet with usnow dot com.
That might be easy to remember as well. Anyway, Presley
and Matt are going to come back. We're going to
talk a little bit more about Medicare right after this.
On your money matters.
Speaker 10 (24:00):
Uncle Sam might need a loan soon from you. We
have over thirty four trillion dollars in national debt. Where
do you think the money to pay for that's going
to come from? Taxes? Believe it or not, taxes are
at historic lows right now, but how much longer will
that last? A roth Ira conversion might be a good
option when planning for your retirement because you can pay
(24:20):
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 Pressley 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
(24:40):
two five to two. Uncle Sam needs money, Don't let
him take it from you. Eight six six three nine
zero twelve fifty two. Investment advisory services offered through a
wealth management LLC a Retshul investment advisor. Investing involves risk.
Always consult with the qualifying tax advisor before making any
decisions regarding a ROTH conversion, as there may be additional
tax considerations.
Speaker 4 (25:01):
Interest rates are on the rise, So what does that
mean for your retirement? Find out by calling the Presley
Wealth Management team now eight six six three nine oh
twelve fifty two. That's eight six six three nine oh
well fifty two.
Speaker 7 (25:18):
Glad you're with us today for your money matters. I'm
Mark Elliot along with Matt Kennedy. Matt's been with Christy
Smith's team at Presley Wealth Management since two thousand and eight.
Speaker 1 (25:27):
Seeing a lot, done a lot, helped a lot of folks.
Speaker 7 (25:29):
He could he he'd love to sit down with you
and see if the team at Presley Wealth can.
Speaker 1 (25:32):
Help help you as well.
Speaker 7 (25:33):
It's two two five seven nine one fifty seven seventy three,
seven nine to one fifty seven seventy three. No cost
to have a chat with Matt. You can always go
to meet with us now dot com as well. Just
set up your own time to chat with the team.
You can do it by phone, by zoom, you can
come in. It's your choice. Meet with us now dot com.
I'm Mark Elliott, also with us Presley Smith, Presley, Presley,
(25:55):
it's her company, So you didn't tell her mom, Mike,
you're out the company, says Presley Wealth Management.
Speaker 1 (25:59):
It's my Is that right, Presley? I mean it's your company? Right?
Speaker 7 (26:03):
No?
Speaker 1 (26:04):
I wish no, it has not how or should just
named it after you?
Speaker 9 (26:06):
Maybe that's correct?
Speaker 7 (26:08):
Yes, there you go, all right. Presley is now at
the age of twenty three and still a barrel racer
at times depending on the health of her horses. But
had you've had a great run in the rodeo circuit
though the last couple of years. That's a different life
than where you are right now. I would think you're
trying to finish school and you're helping people with medicare
for your mom. Is it as gratifying, satisfying?
Speaker 9 (26:29):
Yeah?
Speaker 8 (26:29):
Absolutely, This has always been something that I have wanted
to do.
Speaker 9 (26:35):
I enjoy helping people.
Speaker 8 (26:37):
I still obviously love the horses just as much as
I did when I was a kid, if not more.
Everyone always joked with my family that had grow out
of it. But I think it's more of like a drug.
I just have gotten more and more addicted the older
I get love. I love the horses. I love the
relationships that the horses have brought me with fellow competitors
(26:57):
and families and people, and I you know, it's just
it's a part of life. I'm growing up, and as
my mom and dad say, I've got to be able
to afford the horses. So you know, this is a
special way that I get to do.
Speaker 7 (27:10):
That biggest check you've made so far in your professional
rodeo career.
Speaker 5 (27:15):
Well, that's a nosy question.
Speaker 1 (27:17):
It is.
Speaker 7 (27:17):
It is because we see all the we still all
the baseball, basketball, all those but yours. Because you're right, Presley,
it costs so much to transport horses, to feed them,
to take care of them. I mean, I mean, do
you really get ahead in that world? I suppose you sponsors.
Speaker 9 (27:31):
Probably yes, you do, and you don't.
Speaker 8 (27:35):
I Basically, anytime you're ahead that you just see it
as or I've always seen it as money that goes
gets put back into the horses to keep keep getting
to do.
Speaker 7 (27:43):
It, because your mom's talked about your success at times,
going wow, she just did one X and one did this,
and you're like, wow, there's still you got a truck,
you got a trailer. All right, all right, Well, anyway,
it's been fun and you're not done. We want to
make that clear. You're still out there going to set
some records before this is all over. But let's talk.
Let's go back to Medicare. There's Medicare, there's Medicaid, there's
(28:05):
Medicare advantage plans, there's Medicare supplements. Can you kind of
walk us through that, Presley.
Speaker 9 (28:10):
Yeah, absolutely so.
Speaker 8 (28:11):
As you said, you know, of course, Medicare is super confusing,
and that's why my job is so important. I encourage
clients to come in sit and let's just sit down.
Let's talk about Medicare. Let's go through what is Medicare?
What are the different options with medicare? Because it is
(28:31):
so confusing and it's overwhelming, and I mean it's something
that no one prepares senior citizens for. Just like you
know in school, no one ever. My teachers never taught
me how to do my taxes or how to write
a check.
Speaker 5 (28:45):
And good point.
Speaker 8 (28:45):
You know, I turn I turn eighteen, or I turned
twenty one, and I have no idea how to do
these things. It's the same way with Medicare. It's something
that isn't taught.
Speaker 9 (28:55):
So that's my job.
Speaker 8 (28:56):
My job is to sit down, it's to educate on
Medicare itself, to get into the nitty gritty because it
is overwhelming. So with medicare, you know, as you said,
you have part A, Part B, Part.
Speaker 9 (29:08):
C, and part D. Part A is your hospital coverage.
Speaker 8 (29:11):
Anything that you view as you're doing in the hospital.
Speaker 9 (29:15):
Part B, Part B is my favorite. Part B is
your doctor's visits.
Speaker 8 (29:18):
And that's that is the biggest part of medicare, as
your doctor's visits. More often than not, seniors are going
to the doctor hopefully instead of the hospital. But with
Part A and Part B, we can't just rely fully
on Part A and Part B, unfortunately, because there are
many gaps in Part A and part B, and if
(29:40):
we just relied on Part A and Part B, you
definitely could be risking your life, savings, your retirement because
there are just so many gaps, and because of those gaps,
that's where my job really comes into effect is we
look at different plans. We either look at Medicare supplement plans,
where we look at Medicare advantage plans. Also we look
(30:02):
at drug plans, we look at dental envision plans. Because
of all of those gaps, we want to make sure
that your healthcare is covered as much as we possibly can,
but we also want to make sure that it's covered
at an affordable price that's it's not going to break
your bank. That's something that is extremely important in retirement.
(30:23):
You you've worked your whole life for your retirement savings.
You don't want to spend it. You don't want to
spend more on it than you have to on your healthcare.
Speaker 7 (30:30):
So again, if you have questions about any of this,
you want to sit down with Presley and the team
at Presley Wealth Management. It's seven nine to one fifty
seven seventy three seven nine one fifty seven seventy three
meet with us now dot com and don't forget open
enrollment period is coming October fifteenth through December seventh, and
that's every year they do it then and that's really
for the drug plans and for the advantage plans supplements.
(30:52):
If you our health is good enough, I suppose you
can change those at any time during the year. That's
really kind of what's confusing as well, because this October
to November open enrollment period is an opportunity you're already
on Medicare or one of the plans of Medicare. Obviously
the advantage plans are supplements, but it's the drug plans
that typically change. And there's some big changes coming this year,
(31:14):
is are there not. I mean, we're gonna find out
about those real soon.
Speaker 8 (31:17):
Yeah, there are many changes coming every Unfortunately, every year
there are changes in Medicare, and that's why Medicare is
not a one way.
Speaker 9 (31:26):
Stop and shop.
Speaker 8 (31:28):
It's not just a turn sixty five, get it over
with and never look at it again. It's something that
we need to evaluate every year. And that's why I
love open enrollment. Open enrollment is a time where we
are able to make changes to your healthcare penalty free,
and we're able to explore the different changes and also
too not to mention unfortunately your health changes. As a
(31:52):
seniors get older, their health changes, and because of that
we're able to move in a direction that will cover
them best.
Speaker 5 (31:59):
Mark, may I chime in real quick, espuestly.
Speaker 6 (32:02):
One of the questions often get, you know, when people
first start talking to us before we hand them over
to you, is well, should I get a supplement plan
or an advantage plan? So is there any There's no,
there's no cut and dry answer to that, right. It
depends on the person absolutely.
Speaker 8 (32:18):
So that's why it's so important that we sit down
and we discuss your lifestyle, your health. Often more often
than not, I have someone come in and their neighbor,
Sally is on an advantage plan, and they think that
they want an advantage plan as well, because Sally loves
the advantage plan and the advantage plan has been great
(32:39):
for Sally. There are many advantage plans that are great plans. Unfortunately,
you know, for Judy it's not a fit because you know,
maybe Judy travels very very often and different in different
circumstances like that. That's just one example. But we really
sit down and we and we talk. For some people,
you know, getting the option to go to any doctor
(33:00):
they want is extremely important. So that's that's where we
sit down and we have these conversations and we're able
to make decisions that are are based on on your
your needs and what's important to you.
Speaker 6 (33:14):
But my understanding is basically, if you like to be
on a budget and kind of know what the expenses
out of pocket will be.
Speaker 5 (33:21):
A supplement maybe better.
Speaker 6 (33:23):
Whereas if you you know, maybe you're healthier and you
have more flexibility, the advantage is better.
Speaker 5 (33:28):
Or do I have that backwards?
Speaker 6 (33:29):
Oh?
Speaker 9 (33:30):
You have that backwards.
Speaker 5 (33:30):
See that's why she's here, Mark.
Speaker 1 (33:32):
Yeah.
Speaker 8 (33:33):
The most the most common misconception is that an advantage
plan is cheaper, and uh, most often than not, and
an advantage plan is cheaper because you're you're not paying
a monthly premium. But with an advantage plan, the tricky
part is there are things such as deductibles and co payments,
so we are able to run the numbers. I'm a
(33:55):
numbers person, just like you, Matt. I'm a numbers person.
Let's let's sit down, Let's let's discover both options. Let's
run the numbers on both. What are your your maximum
out of pocket calls in the event that your your
health takes a turn for the worse.
Speaker 9 (34:10):
And that's really my job.
Speaker 8 (34:12):
My job is to offer that information, offer those numbers
and have those conversations of where your health is at,
what is your lifestyle like, and then you know, normally
the decision making that's always that's always the client's right responsibility,
and you know in any way can help them that
that's my job.
Speaker 7 (34:33):
Seven nine one fifty seven seventy three Area code two
two five to chat with Presley and the team at
Presley Wealth Management two two five seven nine to one
fifty seven seventy three, And of course you can always
go to the website Meet with us now dot com.
Medicare can get really confusing, and there is no cost
to sit down with Presley and the team at Presley
Wealth to figure.
Speaker 1 (34:53):
Out your situation. Why not.
Speaker 7 (34:55):
Then you're making an educated decision, and you're making the
choice because the end of the day, Pressley's not saying
you have to do this, you have to do that.
This makes a lot of sense for you. But here's
another one that's pretty close. It's now kind of your decision.
At least, now you've got some understanding. Meet with usnow
dot Commerce seven nine to one fifty seven seventy three.
All right, we're back with our final segment of your
money matters right after this.
Speaker 4 (35:17):
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 2 (35:36):
It's nice when you can get everything on your list
in one place, isn't it? Christy Smith that the Presleay
Group agrees. That's why she offers comprehensive retirement planning all
under one roof. You shouldn't have to go to one
place for information about tax planning, another for estate planning,
and another for retirement income planning. That's why the Presleay
Group was started. Christy Smith wanted to build a company
(35:59):
that could help family ways with all aspects of their retirement.
The Presley Group is more than just convenient. They're knowledgeable
and experienced. To set up a meeting with Christy Smith
and her team to talk about your retirement plan all
of it, call eight sixty six three nine zero twelve
fifty two. That's eight six six three nine zero one
(36:20):
two five two. The Presley Group one stop for a
wealth of retirement solutions. Eight sixty six three nine zero
twelve fifty two and investment advisory service is offered through
EIGHTE Wealth Management LLC, a registered investment advisor.
Speaker 4 (36:38):
You're listening to your Money Matters with Christy Smith and
Matt Kennedy. To set up your fifteen minute meeting with
the Presley Wealth Management team, call eight six six three
nine zero twelve fifty two.
Speaker 7 (36:52):
Welcome back to Money Matters with Presley Smith, not Christy,
Christy's daughter Presley. Presley's hanging out with the team. She
finish up college, takes a little break from barrel racing.
She still might get into that, but she's really here
to help you with Medicare decisions, Medicare supplements, Medicare advantage.
It can get really complicated. There's no constant chat with
her about this. It's a big decision, a lot of
(37:13):
moving parts pressing. The team are here at seven nine
one fifty seven to seventy three if you'd like to
chat with her two two five seven nine to one
fifty seven seventy three, and you can always go to
meet with us now dot com. I'm Mark Elliot, Matt
Kennedy alongside as well and Presley. I know there was
something you wanted to add in as we're trying to
wade through all these different supplements and advantage plans and
all of that.
Speaker 8 (37:34):
Absolutely, So, Mark, one thing that I really wanted to
mention was your healthcare is one of the biggest expenses
in your retirement. And that's how my mom initially convinced
me to come and be the Medicare specialist here is
because it moving forward, it's an expense that every client has.
(37:57):
Hopefully it's it's a minimum expense, but it unfortunately can
be a very expensive expense. And because of that, I'm
able to work hand in hand with our advisors here
with their healthcare and they're able to account that into
their retirement plans. That's why our smart plan here is
(38:18):
so important. Is all the different factors in your retirement
all we are turning will here and they all flow together.
We're all under the Presley House and we're able to
work together. And that's something that I pride in our
firm that we're able to offer our client.
Speaker 6 (38:34):
That's a great point, you know, Mark, I don't want
to let that just slide by, because the way that
you say, the way that your money is taxed, the
forethought that goes into what happens when we turn eighty
five and we need nursing care. All of that is
part of your healthcare expense, right, Presley, And so having
a plan for that starts with Medicare, but it goes
(38:56):
so much beyond that.
Speaker 5 (38:57):
That's a great point.
Speaker 7 (38:59):
It is before you said, Matt, do you remember the
stat we had in one of our headlines one time,
and it was that sixty sixty five percent of all bankruptcies,
whether you're working or retired, because of healthcare bills.
Speaker 1 (39:10):
Yep.
Speaker 6 (39:11):
And the average yeah, exactly, And the average retired couple
we'll spend about three hundred and eighty seven thousand dollars
in their retirement on healthcare. Now, how many of you
have set aside three hundred and eighty seven thousand dollars
in a bank account, making four percent saying now that's
our healthcare bucket. Most of you haven't, So we have
to build that into your plan. And Medicare is one
(39:33):
step along the path.
Speaker 7 (39:35):
So there's no question there's a lot of different parts
here that we need to know, which is I Presley.
Christy has said, hey, Presley, canj you come on and
help people with medicare because one of the nice things
there's no cost to sitting down with Presley. There's no
cost sitting down with Matt or Christie talking about your retirement.
But the smart program is income, investment, taxes, healthcare, legacy planning,
soci scurity decisions are in the income part and Medicare
(39:56):
decisions are in the healthcare part. It's a big part
of this. What's the biggest misconception, Presley that you commonly
hear about Medicare coverage? Because certainly, Matt, we know as
we get older, our eyesight does not get worse, our
hearing does not get worse, So you know all those
things will be covered with Medicare.
Speaker 6 (40:13):
Oh, there's no doubt not to jump in for Presley,
but she was adjusting her microphone Pressially, the single biggest
myth that your mom and I through the years have
run across is exactly what Mark just said. Oh, it
covers everything, but it doesn't, doesn't it.
Speaker 9 (40:26):
That that's definitely the biggest myth.
Speaker 8 (40:29):
The biggest myth that I hear is that, oh, I
want an advantage plan because an advantage plan covers everything,
and I think I'll only have to spend you know,
maybe three hundred dollars a year on my health insurance.
Speaker 9 (40:45):
It covers everything.
Speaker 8 (40:46):
Another myth that I hear with supplement plans is I
have a policy with this company and this company is
better than that company.
Speaker 9 (40:56):
That's a myth.
Speaker 8 (40:56):
Because with supplement plans, they are all the exact same
no matter who the company is with. If you have
a Plan G with Company A, it is going to
offer these same benefits with Company B. That's a huge misconception.
The only difference is is that price. That's why I
(41:22):
love to do my job, because I'm able to find
if Sally loves a Plan G, a supplement Plan G,
I'm able to find her the cheapest Plan G for
this year. But next year, the cheapest Plan G might
be with a different company. And because of I'm licensed
with many and multiple companies, we're able to make those
(41:44):
changes and they're able to save money while still receiving
the same exact healthcare benefits.
Speaker 7 (41:51):
So and you, since you've been doing all this studying
and all of this to learn about this Medicare world
because you didn't know it five years ago, I mean,
this is your focus right now. What is the biggest
difference you think between the Medicare supplement world and the
Medicare advantage plans, because I've heard that as well since
I'm almost sixty five. Boy, the advantage plan is a
great place to go. I don't doesn't cost you hardly anything.
(42:12):
I don't pay anything on this or that. Supplements all
those are really expensive. If you've got bad health, you
better go supplements because it's better. What can you clear
that up for us? It's all confusing.
Speaker 8 (42:22):
Absolutely, so an advantage plan you absolutely can pay nothing
or close to nothing if you're healthy. The problem is
is that nobody's god, and nobody knows the future. And unfortunately,
if your health takes a turn for the worst, you
actually could end up paying more for an advantage plan
than you possibly could have won a supplement plan. It's
(42:44):
not a clear path, and that's why I always recommend
to go sit down with someone and help clear this
path up, because the water is already muddy with Medicare.
And my job is to present you all the information,
all the numbers, and I'm such a numbers person. I
feel like when numbers are sitting in front of you,
you're definitely able to help to make a better decision.
Speaker 7 (43:08):
Yeah, so I like that. I like that Medicare supplements.
You said this earlier Medicare supplements. It's the same plan
regardless of the company the advantage plan. Are there any
myths around that? I mean, I think a lot of
people think, well, advantage plans, it's gonna cover everything.
Speaker 1 (43:20):
Maybe maybe not depends.
Speaker 8 (43:22):
There are gaps in it. There are gaps in Medicare
advantage plans. For instance, you're gonna have to pay co
payments and deductibles. And you know, Mark, I don't know
about you, but I every time I go to the
doctor's office, I have to pay a deductible. And because
of that, it's kind of like, oh, is that, you know,
fifty dollars really worth it? So that's something that you're
(43:43):
gonna you're gonna encounter with a Medicare advantage plan is
that you will always have co payments and you will
always have deductibles with that plan.
Speaker 7 (43:51):
So final myth, let's get to this one. It says
another myth about about Medicare is that your doctor is
always in control of your health plan. Well, it seems
like he should be in charge my health plan or
she should be in charge of my health plan.
Speaker 1 (44:04):
How's that a myth?
Speaker 8 (44:06):
It's a myth because you are in charge of your
healthcare no matter rather you're on a Medicare advantage or
a Medicare supplement plan. I do always tell clients that
I feel you have more control over your healthcare on
a supplement plan. And the reason that I say that
is because with a Medicare supplement plan, you are not
(44:29):
limited to a certain network of doctors. You are able
to go to any doctor you want as long as
they accept Medicare. You're able to go to any specialist
no matter where you are in the United States to
where on an advantage plan you are limited to a
network of doctors. So while on an advantage plan, you
(44:51):
still are in charge of your healthcare, you have to
make decisions inside of a realm.
Speaker 5 (44:59):
Presley, thanks so much. This has been great information today.
Speaker 6 (45:03):
You know I've done this working here with your mom
now for sixteen years, and I still get confused about
Medicare because the rules change. But if you are thinking
about signing up for Medicare because you're just now turning
age sixty five or sixty four and nine months, or
if you're thinking about retiring soon, then you have questions,
(45:23):
or because it's open enrollment time coming up, Reach out
to us. Presley is a wealth of knowledge and can
absolutely help help you.
Speaker 5 (45:30):
Our number is seven nine one five seven seven three.
Great job today, Presley, Thank you.
Speaker 9 (45:37):
Thank you all. Look forward to meeting with you.
Speaker 3 (45:41):
Presley Wealth Management has a strategic partnership with tax professionals
and attorneys who can provide tax and or legal advice.
Speaker 4 (45:46):
Investment advisory products and services made available through AE Wealth
Management LLC AWM, a registered investment advisor. Insurance products are
offered through the insurance business the Presley Group. Presley Wealth
Management is an investment advisory practice 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 Pressley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial strength and claims paying abilities of the
(46:28):
issuing carrier. This radio show is intended for informational purposes.
Speaker 1 (46:32):
Only.
Speaker 4 (46:32):
It is not intended to be used as a sole
basis for financial decisions, nor should it be construed as
advice designed to meet the particular needs of an individual situation.
The Presley Group is not permitted to offer, and no
statement made during the show shall constitute tax or legal advice.
Our firm is not affiliated with, or endorsed by the
US government or any governmental agency. The information and opinions
contained herein provided by third parties have been obtained from
(46:53):
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group. This radio show is
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