April 9, 2025 • 47 mins
Christy Smith, founder of Presley Wealth Management and Matt Kennedy, investment adviser representative, discuss issues that affect your retirement planning and how you can build a plan to help reduce risk and implement wealth accumulation strategies. Learn more at presleywealthmanagement.com and then, if you would like to have a conversation around your specific situation, set up an appointment online at meetwithusnow.com or by calling (225) 791-5773.
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Transcript
Episode Transcript
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Speaker 1 (00:00):
When the news is national.
Speaker 2 (00:01):
So security system volatility, global turmoil, interest rates, Rock Dane,
Wall Street.
Speaker 1 (00:05):
Your money matters. When it's Louisiana local serving the Greater
Baton Rouge area.
Speaker 3 (00:10):
Your money matters.
Speaker 1 (00:11):
And when it's your time to retire, Presley Wealth Management
presents your Money Matters with Christy Smith.
Speaker 2 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement. And that's where I believe it's
so important that you do have a full pledge retirement plan.
Speaker 4 (00:30):
And Matt Kennedy, maybe you're thinking, hmm, should I take
Social Security at sixty two, at sixty seven, at seventy
These are things you don't do every day. It's what
we do every day.
Speaker 1 (00:40):
The conversation starts now this is your money Matters.
Speaker 3 (00:49):
Welcome to your Money Matters. I'm Mark Elliott here alongside
Matt Kennedy of Presley Wealth Management. Christy Smith may or
may not join us after this segment. I bet you'll
be there though, but Matt's gonna handle this first segment
by himself. You can always go to the website Presleywealthmanagement
dot com to find out more about Matt, Christie and
the team Christy founded the company back in two thousand
(01:10):
and six, and what Presley Wealth Management is all about
is helping you figure out where you are on that
road to retirement. Can I retire? Are we gonna be okay?
If we retire? There's a lot on your shoulders as
a retiree. Christy Matt and the team at Presley Wealth
here to help take some of the burden off if
you would like. Two two five seven nine to one
fifty seven seventy three two two five seven nine to
one fifty seven seventy three. Maybe the easiest one to
(01:33):
remember is meet with us now dot com. Just have
a fifteen metaphone call, have a conversation, then see if
you should go further than that. The opportunity is there, though,
Just get some clarity into your retirement picture, which I
think is priceless. Meet with us now dot com. Hey, Matt,
how's it going.
Speaker 4 (01:48):
It's very good, Mark, very good, very busy, but very good.
Speaker 3 (01:51):
You know, the world is it doesn't matter really what's
going on because somebody's always freaking out about something. Well,
now because of President Trump's tariffs, and I don't know
if that's a good thing or a bad thing. I
have no idea. People are like, holy cow, I better.
You know, there's pickets and protests going on all over
the place because of departments being shut down. But at
(02:12):
the end of the day, I get the theory of
the what reciprocal free trade? Rather than if you're gonna
charge me ten percent on my stuff, I'm gonn charge
of ten percent on your stuff. And that's kind of
the idea is to kind of get rid of a
lot of this. I think, what's your take on all
of this?
Speaker 4 (02:27):
Mat You know, I'll never pretend to be or even
act like I have the first solid inkling of what
an exactly perfect tear of plan is. But it's royal
the world. But as of early in the week, I mean,
markets have just sold off drastically. We haven't seen a
downturn like this since COVID. As a matter of fact,
(02:48):
this reminds me of the COVID market meltdown. It happens
so fast mark that it was breathtaking. Then the government
stepped in printed a bunch of money, and as we know,
the economy. Not only did the economy quickly recover, but
the market's rapidly recovered. The question this time around is
how long before somebody blinks, right, how long before someone capitulates?
(03:12):
Some countries have already said they've cried uncle, hey, help,
they've capitulated. But can I be very candid, None of
that matters until China and Europe capitulate. If China and
Europe don't capitulate on tariffs and we end up in
a long protracted tariff war, it will eat this market
alive and throw us much more rapidly into a recession.
(03:35):
The odds of a recession were already there, but now
the odds of a recession have jumped dramatically because of
all the tariff angst. If you will not saying the
tariff plan is bad, look Mark, let's just call it
like it is. Trump's not your normal politician. I think
everybody knows that Trump's a real estate mogul. He's a businessman,
and he doesn't rule with a feather and a mink glove.
(03:58):
He rules with an iron fist and he slams it
on the disk and then says it's my way or
the highway. That's how he negotiates. And the end result
will be countries will capitulate or they won't. And if
they do, and it balances out a lot of the trade.
America is a winner and if it doesn't work, it
will blow up the world economy. No risk there, right,
(04:18):
no none.
Speaker 3 (04:19):
It doesn't sound like any I mean blow up the
world economy. We're still good, you know. It's really one
of the things that I think is kind of like
for me, I'm sixty five, I'm going to retire. I
don't know, maybe five years, I don't know. But at
the end of the day, when the markets do this,
I'm like, great, my four O one k is buying
a whole bunch more than it could have. That's fantastic.
For people maybe that are living on that money, they
(04:39):
get nervous, I suppose. But the idea when you sit down,
you know, when somebody comes in and says, down with
you and Christy, this is part of the deal. You
probably when they come in for that first time and
you put this plan together, right, You're gonna put the
whole part and you know pieces income, investment, taxes, healthcare,
legacy planning, social curity, and medicare. That's safe process. You
(05:00):
people through safe management, receave retirement if you will. But
you think about it, every single one of them. You
tell them the market's only going to go up while
you're retired, right, Well, yes, we're ever going to go down. No,
that's one of the first things you talk about.
Speaker 4 (05:14):
One of the first things we talk about is market risk.
And let me say this. If you're in Mark's position
or my position, and you have at least Mark you
said maybe five years, let's say you go a little longer.
If your five years are more out from retiring, then
your focus needs to be on accumulation and it needs
to be on your rate of return. Stay with me carefully.
(05:36):
I'm gonna throw out some phrases here I think that
will resonate. So your five years are more out from retiring, eh,
rate of return really matters. But when you cross we'll
call it the thirty yard line, and you're driving and
you're in field goal range, and you've got between five
and three years to retire, then it becomes more important
(05:59):
to begin shifting some of your focus to the range
of return. Now, when it's first down and goal to
go and you've got three years or less to retirement,
you really need to focus on range of return. So
what's the difference between rate of return and range of return?
Ask yourself this, If you were retiring in six months,
(06:19):
would a twenty percent jump in the market have any
impact on your retirement? It might, right Mark, I mean
to make sure I say, hey, wow, that gives me
some extra money to buy a boat or something. But
for most people, the twenty percent jump in the six
months to a year before they retire doesn't really have
a huge impact. But a twenty or a thirty percent
(06:43):
drop like we've recently seen could have a huge negative impact. Typically,
big drops right when you're about to retire have a
much bigger impact than being gains, And a lot of
it is psychological because you're asking yourself how much lower
can it go? So you have to shift your focus
from I'm gonna shoot for the moon and I hope
(07:04):
I make thirty percent this year, and if I lose
thirty percent, no matter what. That's fine when you're five
years or more out, But when you're three years and closer,
and really when you're about eighteen months before retirement and
the three years after you retire, focus less on the
rate and more on the range. What do I mean
(07:24):
by range? We help our clients who are closing in
on retirement and those who have just retired build portfolios
that say I'm not going to be overly greedy. I
want my range of return to be maybe fifteen percent
on the upside, twelve percent on the downside. That is,
if the stock market booms and goes up twenty five
(07:45):
thirty percent, if I make fifteen, I'm understanding, Hey, I'm
giving up some of the top side gain because I
don't want to get hurt as much on the downside.
So if it falls thirty percent, the portfolio that's been
designed has some active management, it has some safe money,
it has some risk hedging built in. So instead of
(08:07):
saying I want to make thirty or lose thirty, I'm
going to be happy with maybe fourteen or fifteen percent
average on the upside so that I will not experience
near as big a draw down on the downside. Of course,
this is all based on past returns, and the past
is no guarantee of the future, but it's the way
we build portfolio. So in this tumultuous time, markets are
(08:30):
just dropping like a stone. If you haven't taken the
time to examine how much risk you actually have in
your portfolio, whether it's your four oh one K, whether
it's iras, whether you're recently retired or planning on retiring,
if you're five years before retiring or five years after retiring.
(08:51):
If you're in that window, let us analyze how much
risk you actually have in your portfolio. We have the
software to do it. We can find out is your
range of return potential putting you at risk of blowing
up your retirement? Because Mark, what would happen if if
you were about to retire tomorrow and the market drop
(09:11):
thirty five percent. Would that be a different impact on
you than if you were going to retire in five
years and the market drop thirty five percent.
Speaker 3 (09:18):
No, because I sat down with Christy and Matt at
Presley Wealth Management and already had this plan in place.
So when I'm retiring tomorrow.
Speaker 4 (09:24):
There you go. Perfect And it sounds simple, But the
problem is we all suffer, most of us, the vast majority, Mark,
We suffer from something called recency bias. The way things
have been is the way they will continue to be.
You know, twenty twenty two, we saw the market drop
about twenty five percent. It was a very quick recovery.
(09:46):
But two thousand and eight wasn't that terribly long ago,
and it wrecked people's retirements. I'm not saying this is
two thousand and eight, but the sequence of returns has
a massive impact on the success of your retirement. The
sequence of return says, basically this, how the market behaves
primarily in the three years before and the three years
(10:08):
after you retire, will have a massive impact. Why because
while your Mark and you're Matt and you're working, and
you're saving into your four oh one K or iras
if the market declines, you're right, when my paycheck comes
out here what is today? When my paycheck comes out
on the fifteenth of the month, that'll be great, Mark,
you and I'll have put some money in the four
oh one k and we'll have bought this market really low.
(10:31):
But imagine if instead of putting in one thousand dollars
we were taking out one thousand dollars to live on.
Speaker 3 (10:38):
Think about that kind of a double whemy right there.
Speaker 4 (10:40):
It's a double whammy because not only is the market
hurting you, but you're not putting money back in to
build it back up. You're buying low when you're in
the four o one K, but you're pulling money out
at the worst possible time. So how do you mitigate
that well, we want to create a system where we
have some short term funds to cover our expenses in
(11:01):
the very short term. But then we want to have
buckets of money set aside that have load to no risk,
and use that for our ongoing income, say over the
course of the next eighteen months or even three years,
and let the money that's in the market be the
money that can be subject to more tumultuous times, so
that we're not pulling money from an already declining asset.
(11:24):
It's real simple. If you have ten dollars and you
need to take three out and the market takes another
three from you all of a sudden, you're in real trouble.
So have a plan that a addresses how much risk
you have, a plan to mitigate the risk in those
critical first years, and thirdly, a plan to deal with
(11:49):
the taxes on what you do take out. That's a
whole different conversation we can get into. Look, I know
these are unnerving times and the worst thing you can
do is panic and make a knee jerk reaction. But
planning is always in vogue. So reach out to us
at meetwith usnow dot com. That's www dot meet with
usnow dot com and you can pick a time for
(12:10):
a phone call. And what we do is we set
aside fifteen twenty minutes or so and just kind of
chat about your situation and if appropriate, set up a
no cost, no obligation, in person visit right now, Let's
find out how much risk you have, how much do
you need to live on, will your money actually last?
And how do we take care of the potential of
(12:30):
a sequence of returns hurting your retirement seven nine one
five seven seven to three.
Speaker 3 (12:36):
Glad you're with us today for your money matters with
Matt Kennedy, O Presley Wealth Management, Christy Smith. I'm guessing
we'll join us right after this. We're just getting started
a lot to get to stay with us. We're back
right after this.
Speaker 5 (12:49):
Does inflation have you pinching pennies? Are you reconsidering retirement plans?
Don't make any hasty decisions just yet. Come meet with
Christy Smith and Matt Kennedy to get started on the
right foot. Call eight six six three nine oh twelve
fifty two. That's eight six six three nine oh twelve
fifty two to get a free fifteen minute meeting, or
(13:12):
go to Presleywealthmanagement dot com.
Speaker 4 (13:16):
Stop for a moment. Think about this. Do you know
how much money in your four oh one k or
ira is actually your money? Alloll the government take a
bigger chunk than you thought. Remember, you still may owe
taxes on that money. But do you have a plan
to help make sure you don't pay more than you should?
At Presley Wealth Management, we believe you deserve to keep
more of what you've earned, which is why we're here
(13:36):
to help you navigate the confusing world of retirement taxes.
It's your money, you deserve to know what's at stake.
Right now. Taxes are historically low, but they won't be
this low forever. So call us at seven nine one
five seven seven three. That's seven nine one five seven
seven three. Look, you work hard for your money, We'll
work just as hard to help you keep it. Presley
(13:57):
Wealth Management seven ninet one five seven seven three.
Speaker 5 (14:00):
Investment advisory services offer through a wealth management LLC, a
registered investment advisor.
Speaker 6 (14:05):
Investing involves risk.
Speaker 5 (14:07):
Always consult with a qualified tax advisor before making any
decisions regarding a ROTH conversion, as there may be additional
tax considerations.
Speaker 6 (14:15):
Be smart when it comes to retirement.
Speaker 5 (14:17):
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.
Speaker 6 (14:26):
Call eight sixty six three nine oh twelve fifty two.
Speaker 5 (14:30):
That's eight six six three nine oh twelve fifty two.
Speaker 3 (14:35):
Welcome back to your money matters with Christy Smith and
Matt Kennedy of Presley Wealth Management. I'm Mark el At.
You can always find out more on their website Presleywealthmanagement
dot com if you want to have a conversation trying
to figure out where you are on that roads retirement.
Can we retire? I think we've got enough. I hope
we've got enough. Are we gonna be okay? Those kind
of questions. Christy Matten there right now, Willis. That's what
Presley Wealth Management's all about. Are here to help you
(14:57):
figure out where you are on that roads retirement, income, investment, tax, healthcare,
legacy planning, social security, medicare decisions. A lot going on
when you get to retirement. Meet with usnow dot com.
Meet with us now dot com. No cost to chat
with them. You can just set it up through the website.
You can give them a call at two two five
seven to nine to one fifty seven seventy three. It's
complimentary always. They're here to help if they can. They
(15:18):
don't know if they can help you until you reach out.
I'm Mark Kelly, glad you're with us. We're going to
talk about the debt of this country, and Matt I'll
start with you this segment. I think it's going to
be very interesting with Elon Musk and the vak Karamaswamy,
the Doze Department, the Department of Government Efficiency. We're thirty
(15:38):
six trillion dollars in debt as a nation. They cannot
tax their way out of this. So we're going to
see what are your thoughts on our debt hitting thirty
six trillion? Is that a milestone to be proud.
Speaker 4 (15:49):
Of or it's a scary Or is so massive and
it's growing so rapidly that it's almost an incomprehensible number.
But imagine for a moment if if you had a
three hundred and thirteen thousand dollars mortgage but you couldn't
live in the house. Folks, that's pretty much your share
of this crushing deficit. You own a house that you
(16:11):
can't live in now. Fortunately you're not having to make
the payments every day. Well, you are, I guess, through taxes,
but no one's knocking on the door saying, hey, where's
my three hundred and some thousand dollars to pay off
the house? Is it going to take higher taxes to
fix the problem. Well, the Doze Department is going to
try to go in and do some severe cutting. I mean,
I want you to think about this for a minute.
(16:33):
The Pentagon back in the November, they failed their audit,
and their audit showed out of an eight hundred and
twenty four billion dollar budget that they could not account
for about ten percent of that money.
Speaker 2 (16:50):
What well, and another thing that we have to be
mindful of, and this is what I'm here, and is
that you know, we have to be mindful of inflation.
You know, we know inflations high right now and the
government's trying to get it under control. But different things
that they can do which may have a positive impact
(17:10):
on us day to day, would actually have a negative
impact in terms of inflation, and long term that hurts
us all as well. So I think it's a balancing act.
I'm really excited to see what they may do. I
do believe that you got to have a budget and
you got to stick to your budget.
Speaker 4 (17:28):
And it's funny.
Speaker 2 (17:28):
I was at a homeowner's meeting recently and there's an
argument over the budget, you know, like it's that big
of a deal, it's that important. I wasn't involved in it.
I was an innocent bystander. But when you think that
there can be an argument about your homeowner's budget, think
about the argument when it comes to the government budget
mass you know, I mean, there's just tremendous amounts of
(17:51):
spending that could probably be cut out.
Speaker 3 (17:54):
So we're talking about the government debt. How will that
affect us in our everyday lives? And the crazy thing
is nineteen percent of our tax is go to interest
on the debt at this point, and the debt right
now they're projecting over the next decade, thirteen trillion dollars
will be spent by our government on the debt alone,
interest wise, not the debt, interest on the debt. And
(18:14):
when you think about a trillion, and we're thirty six
trillion in debt as a nation, if you would go
one one thousand and two one thousand, it would take
you twelve days to count to one million, thirty one
years to count to one billion and thirty one thousand
years to get to one trillion. So I don't know
if anybody really has done that. I don't think it's possible.
But Matt, you mentioned so Security and Medicare. Now, remember
I'm sixty five. I did start Part A because I'm
(18:37):
still working. I don't need Part B yet, which is
what you have to probably for a's hospitals. I'm just
extra hospital coverage. I guess I signed up for it,
but I have not started Social Security. And when they
changed the age to sixty seven for the full retirement
age for Social Security, they did that in nineteen eighty
three and said, if you're born in nineteen sixty, your
full retirement age is sixty seven. Well, the people they
changed that on were twenty twenty years old, I guess
(19:01):
twenty three years old, So I mean they had time.
It wasn't like they're going to do something and the
next year has changed on you. So soci Security, Medicare,
it should not change for me because I'm sixty five already.
But if I'm forty five, there could be some differences.
What do you what do you think.
Speaker 4 (19:14):
I think that we'll probably personally. Christy chime in here.
I think the number one change we may see is
that right now you only pay the six point two
percent unless you're self employed, if you work for a company.
You see, you know social Security FAIICA come out of
your check. You pay six point two percent into Social Security,
(19:35):
but you only pay that up until about one hundred
and sixty seven thousand dollars of income. After that you
no longer pay into Social Security. That's why there's a
maximum you can get for drawing Social Security Number one.
I think that changes.
Speaker 3 (19:48):
I think you think that's weird. Isn't that weird that
they see it is weird? Sociecurity payment.
Speaker 4 (19:52):
It's certain they adjusted, Yeah, they adjusted for inflation every year.
But I think that could immediately jump to two hundred
and fifty thousand. And I think that alone would create
some solvency in the system. But I will tell you
not so much for you know, those of us in
our fifties. But if you're in your thirties, don't be
surprised if the full retirement age doesn't eventually creep up
(20:14):
to seventy. I think that's likely too. That's probably the
second thing that will happen, or if the wrong administration
gets in there, they could means test social Security. That
would be incredibly controversial, but look, did it with Medicare
Part B. You know, if your income as a married
couple filing jointly exceeds two hundred and eight thousand dollars
(20:35):
a year, your Part B is higher and your Part
D is higher. Could they possibly do the same thing
with Social Security and say well, if your income is
over x, you get twenty percent less social Security. Very controversial,
but it's been talked about well.
Speaker 2 (20:52):
And that's one of the things that for me when
I start thinking about helping someone create a long term
tax plan, yep, we start thinking about how do we
say in environments where the income as we draw it
would be considered tax free. Huge, because what you can
do is you can build your own plan where you're
receiving the amount of income you desire. If you have
(21:12):
enough money but your tax return looks very low, it does,
so you're you're able to use the loopholes in the
system by saving properly, you know, diversifying your savings to
where your adjustable growth income each year looks very low.
Speaker 4 (21:30):
Let me see it this way, Mark, most of you
think of the word diversification like this, Well, I'm going
to have some stocks and bonds. You know, I'm going
to have some precious metals. We always have been taught
that diversification means diversifying what the risk. Well, if you're
not diversifying tax risk, then you're not diversifying maybe the
(21:51):
biggest risk of all because you may be putting ten
thousand dollars into your four h one K to day
and getting that tax break today. But when you go
to retire, one of your single biggest risk is what
will happen with taxes and if you need to take
money out to live on, and most of you will
when you retire, is that money coming back to you
(22:12):
tax free or is it coming back to you fully taxable. Yes,
there is a risk with the market, but there's also
a massive risk with taxation. I will tell you the
thing I've learned. If you listen, if you're fifty or under,
listen carefully. You know, over fifteen years of doing this,
the number one thing I've learned is that so many
baby boomers have been lied to because you were told
(22:35):
save your money pre tax get your tax break today,
you'll always pay lower taxes in retirement. And Christy, we
see it all the time. Most boomers do pay lower
taxes when they first retire, But if a hurricane blows
through and you have to take a lot of money out,
it's all taxable. Once you hit require minimum distribution age boom,
(22:56):
everything you're taking out is taxable. It's not uncommon for
us to see somebody in a low tax bracket at
sixty five or sixty six when they retire, and the
projection ten years later is that you're now paying about
as much in taxes because of RMDS that you were
paying when you were working. But no, you were told
taxes will always be lower, they may not be. Planning
(23:18):
is the key. Reach out to us at seven nine
one five seven seven three. That's seven nine one five
seven seven three. You'll get the voicemail. We'll reach back
out to you and set up a time to chat
on the phone. Just find out more about your situation.
Let us help build a smart retirement plan. You can
also set your own appointment online at meetwith usnow dot com.
(23:41):
That's meet with usnow dot com.
Speaker 3 (23:43):
So the country's thirty six trillion and counting in debt,
what about you and your situation? How big of a
deal is debt going into retirement? Good debt, bad debt?
Christian Matt will discuss when we come back. Stay here.
This is your money matters with Christy Smith and Matt
Kennedy and Presley Wealth Management.
Speaker 4 (24:01):
Stop for a moment. Think about this. Do you know
how much money in your four oh one k or
ira is actually your money? Although the government take a
bigger chunk than you thought. Remember, you still may owe
taxes on that money. But do you have a plan
to help make sure you don't pay more than you should?
At Presley Wealth Management, we believe you deserve to keep
more of what you've earned, which is why we're here
(24:22):
to help you navigate the confusing world of retirement taxes.
It's your money. You deserve to know what's at stake.
Right now, taxes are historically low, but they won't be
this low forever. So call us at seven nine one
five seven seven three. That's seven nine one five seven
seven three. Look, you work hard for your money, will
work just as hard to help you keep it. Pressley
(24:42):
Wealth Management seven nine one five seven seven three.
Speaker 5 (24:45):
Investment advisory services offer through a wealth management LLSE, a
registered investment advisor.
Speaker 6 (24:51):
Investing involves risk.
Speaker 5 (24:52):
Always consult with a qualified tax advisor before making any
decisions regarding your ROD conversion, as there may be additional
tax considerations.
Speaker 6 (25:00):
If you aren't able to listen to.
Speaker 5 (25:01):
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 3 (25:16):
Glad you're with us today for your buddy matters with
Christy Smith and Matt Kennedy of Presley Wealth Management. You
can always go to meet with us now dot com.
Set up a time to chat with them. Got some questions, Hey,
those ROTH conversions you were talking about, should I be
doing that? They're right for a lot of people, They're
not right for everybody, So never take that and go,
I guess I should take all of my four oh
one k and IRA money that's in traditional and turn
(25:37):
it into ROTH. Maybe, but probably not at one time.
There's strategies involved, and Christy and Matt and the team
can certainly walk you through all that. It's two two five,
seven nine one fifty seven seventy three. If you have
questions you want to learn more seven nine to one
fifty seven seventy three. And of course you can go
to meet with us now dot com, set up your
own time to have a conversation. There's no cost to you.
(25:59):
It's a great opportun I think, to get clarity into
your retirement picture. It's the old MasterCard commercial. It's priceless.
They get that kind of advice. I think meet with
us now dot com. I'm Mark Elli Christy. You know
when we're talking about good debt, bad debt, those kind
of things. I think. You know, we're talking about the
country's debt at thirty six trillion dollars in counting. My
guess is there's a lot of bad debt, but there's
(26:19):
still Do I get to take off my taxes? Like
if I had a blowout because I hit a pothole
in the road, my tax is supposed to taking care
of those roads. Do I deduct that from my taxes?
Speaker 4 (26:29):
Is that?
Speaker 3 (26:29):
Can I do that?
Speaker 4 (26:30):
Yeah?
Speaker 5 (26:30):
Sure?
Speaker 4 (26:31):
Unfortunately, that's like the guy that bought a box of
cigars and then said his house call fire and burn
them up.
Speaker 3 (26:40):
She get your money back. But you know, one of
the things that I think is interested in Christy, that
you have been doing since two thousand and six, which
you started your own company at Presley Wealth management is
a lot of people, and especially the interest rate environment
kind of controls kind of some of these things, So
like do I pay my house off? Do I not
pay my house off? Sometimes it's emotionally, it's like they've
(27:00):
got to do it. They need to be debt free.
That's been their goal forever. Maybe it's not the best
thing money wise, but for their health and mental health,
it's a great decision. Go ahead and pay the house off.
But good debt bad debt? I mean, I think a
house is typically good debt and credit cards are typically
bad debt. How do you look at that?
Speaker 2 (27:18):
Well, I would agree, you know, you don't want a
mortgage at a real high interest rate, But if you've
got a decent interest rate, I would think a mortgage
can be a good debt. I also think it's an
emotional situation when someone gets close to retiring and they
still owe a fair amount on their home. So one
(27:41):
of the questions they ask us is if they're able
to you know, if they've saved enough, are they able
to take money from their four on one K or
their IRA to pay the house off before they retire?
And often they do have the money to do that
the problem is it will make them pay so much
(28:01):
more in taxes and could even increase their Medicare Part
B premiums and their drug plan, putting them in in
an irma situation. Is that the smart thing to do?
But I will tell you it's an emotional question we
get all the time.
Speaker 4 (28:19):
And remember you nail it. Everything is interrelated, everything is
linked together. Yes, So we've seen people who come to
us and say, yeah, like a year ago, I just
took a whole bunch of money out of my four
one K and paid off my house. And then they
suddenly realize, uh, oh, now my Part B is going
to be three hundred and forty dollars a month for
me four hundred yeah for me and my wife just
(28:41):
making up the number, and they didn't realize that. So remember,
everything is linked together. So what you do when you
pull a bunch of money out to pay off the house.
That may give you a great feeling, but you could
be setting yourself up for penalties. I don't mean a penalty,
I just mean you could be her being your long
term plan. But you are right, there's plenty of people
(29:03):
who we say you owe thirty thousand on the house,
and it's at three percent, I just keep paying the note.
I don't want to retire with a note. Okay, no problem,
it's your money.
Speaker 2 (29:11):
But I would say credit card debt is normally it's
a bad debt. And I think it's real important that
you start really looking at your needs for retirement. You know, like,
do you have debt that you should consider paying off
before you retire, Because for a lot of people, they
(29:31):
may need a three to five year period to build
a plan to get out of debt before they retire.
Speaker 4 (29:38):
That's correct.
Speaker 2 (29:38):
You know, it's always good to test drive your retirement
before you actually retire.
Speaker 4 (29:42):
I'm a big proponent of that, and you know I
am that absolutely.
Speaker 2 (29:45):
I will recommend to someone, Hey, if you're making fifteen
thousand dollars a month right now, husband and wife, and
you're telling me that your budget your need in retirement's
only going to.
Speaker 4 (29:58):
Be six thousand a month, try it.
Speaker 2 (30:00):
Maybe you should limit yourself to spending only that six
dowsand a month while you're working, so that you can
make sure you're going to be able to live on
that comfortably in retirement. Often it takes time to create
a plan to pay off debt. Unfortunately people live with debt.
It's become a common thing, and it really shouldn't be,
(30:22):
but it is. It has a long term effect on
your retirement. So I would say credit card debt is
typically not a good debt.
Speaker 3 (30:28):
But credit card is your emergency fund.
Speaker 4 (30:30):
Shouldn't be?
Speaker 2 (30:31):
Should not be?
Speaker 3 (30:32):
Christy and Matt here to spoiler hopes and dreams can't
do anything. You have to be perfect. Well. It really
is a challenge, though I think there is no doubt.
And that's why I think it's so cool. You think
of all the big Fortune five hundred companies, they all
have a chief financial officer. How cool to be to
have your own chief financial officer to help you make
these types of decisions. Do I move money into the
roth world? Do I pay this off? Do I not
(30:53):
pay this off? How do I trickle down that debt?
How do I do it? Christi and Matt and the
team are here to help you. It's a great opportunity
for you. Again, it's two two five seven nine to
one fifty seven seventy three. Two two five seven nine
to one fifty seven seventy three are just easy to remember.
Meet with us now dot com, say your own appointment
meet with us now dot com.
Speaker 4 (31:13):
Mark Mark, Can I jump in and add one thing here, Folks,
when you are if you're searching for someone to help you,
you know, plan for and work through retirement. Remember you're
looking for someone who works in all five areas sources
of income, medical and medicare advance planning. That's where we
(31:33):
talk about wills and trust and things like that, and
what we're talking about here, you know, paying off debt, taxes,
wroth conversions, et cetera. So many of you may end
up making a mistake of connecting with someone who only
works in one area. The investments, and look, the investments
are critically important, but are you going to pay someone
(31:54):
to only work in one of five areas? We work
in all five areas because what did I say earlier?
Everything is interlinked and so if you're not working with
someone who has a holistic approach, then they may shy
away from giving you advice on what to do about
paying off the house versus not paying off the house.
(32:15):
Are they always looking at the last quarter, Well, the
stock market that good in your portfolios up the last quarter.
We're looking down the road twenty years to see what
the impact of not tax planning could have on you
and your heirs are dead planning.
Speaker 2 (32:30):
As we're talking about point dead planning.
Speaker 4 (32:33):
Just make sure that you're not always looking through the
rearview mirror. You got to look through the windshield because
the rearview mirror is pretty small. The windshield's really big.
Look forward, look down the road, work with someone who
works in all five areas.
Speaker 3 (32:47):
Okay, point well taken, Well said, and Christy, let's finish
this up and we started another segment to get to
so stay with us right here on your money Matters
with Christy Smith and Matt Kennedy Impressley Wealth Management. But
the Rothkin versions, it's one of those things that I
think we all like the idea, and Matt talked about
it earlier. Diversification, small cap, large cap, MidCap, international, all
that kind of stuff. We think diversification on the wrist side.
(33:07):
We don't think diversification in the tax side. Taxable, tax deferred,
tax free, and the roth conversions. I think we all
like the idea of tax free, but to do that,
you've got to pay the taxes to move that money
into the tax free category. Then all the growth is
tax free. But not everybody should do it? I suppose,
how do you? How do you? What's your rule of thumb?
I guess for Roth conversions, is there one?
Speaker 2 (33:28):
Well, we typically start off with looking at someone's current
tax return, and so we're going to be looking you know,
Matt's talking about looking in the rearview mirror versus the
front windshield. Where we start off looking at the rear view, Mira,
we put in the tax return from the previous year.
That's going to give us a really good idea of
where you're sitting right now currently. Now we know, you know,
(33:51):
you may get a raise this year, you may you
may not work the full year. There's going to be
things that would change year to year. So then we
can go when and we can make those projections to
see where do you fall in the tax brackets. Now,
you know, well, it's not uncommon for us to see
someone right now hitting the twenty two percent marginal bracket,
(34:12):
but their effective rate may only be eleven percent, so
they may be able to consider doing a Wroth conversion.
Maybe maybe they do a small one that keeps them
in the eleven percent effective rate, you know, environment where
so it's not hurting them at all. But if you're
a highway journer. It may be something where you don't
(34:33):
have very much wiggle room. So it all starts off
with looking in the rear view era and then planning
to the future and putting the numbers into the software,
and they make it very easy for you to see.
Should you consider, you know, doing a WROTH conversion. Now
a lot of times people think that a WROTH account
is the only way to save tax free. We're often
(34:53):
able to use some other environments that will grow for
you to be able to access income tax free. So
Wroth planning is not the only way. There's always more
than one way to accomplish a goal. The reality is
is you need to look at your personal situation to
determine which route is going to be the best route
(35:14):
for you. And that's what we love to do at
Presley Wealth Management. We love to help you. Give us
a call at seven nine one five seven seven three
seven nine one five seven seven three are going to
meet with usnow dot com.
Speaker 3 (35:29):
So back for our final segment, Today's Your Money Matters
with Christy Smith and Matt Kennedy and Presley Wealth Management.
We are back right after.
Speaker 5 (35:36):
This is the price tag on everything giving you sticker
shock from groceries to gas.
Speaker 6 (35:43):
The cost of living is skyrocketing.
Speaker 5 (35:45):
But if you think inflation is painful, now just wait
until you retire. Easy impact of inflation, and start planning
now for your retirement. Called Presley Wealth Management at eight
sixty six.
Speaker 6 (35:58):
Three point nine oh twelve fifty two.
Speaker 5 (36:00):
That's eight sixty six three nine oh twelve fifty two.
Speaker 4 (36:06):
Stop for a moment, think about this. Do you know
how much money in your four oh one k or
ira is actually your money? Although the government take a
bigger chunk than you thought. Remember, you still may owe
taxes on that money. But do you have a plan
to help make sure you don't pay more than you should?
At Presley Wealth Management, we believe you deserve to keep
more of what you've earned, which is why we're here
(36:27):
to help you navigate the confusing world of retirement taxes.
It's your money. You deserve to know what's at stake.
Right now, taxes are historically low, but they won't be
this low forever, So call us at seven nine one
five seven seven three. That's seven nine one five seven
seven three. Look, you work hard for your money, we'll
work just as hard to help you keep it. Presley
(36:48):
Wealth Management seven nine one five seven seven three.
Speaker 5 (36:51):
Investment advisory services offer through a wealth management LLC a
registered investment advisor.
Speaker 6 (36:57):
Investing involves risk. Always consult with the qualify.
Speaker 5 (37:00):
By tax advisor before making any decisions regarding a ROTH conversion,
as there may be additional tax considerations. Christy Smith of
Presley Wealth Management wants to advocate for you making sure
you have the retirement you have always wanted. Call eight
sixty six three nine oh twelve fifty two and make
(37:20):
sure Presley Wealth is the right fit for you. You
won't know until you call eight six six three nine
oh twelve fifty two.
Speaker 3 (37:30):
Thanks for stating with us for your money matters with
Christy Smith and Matt Kennedy of Presley Wealth Management again,
you can always go to their calendar set up a
time to have a conversation. You want to figure out
where you are on that road to retirement. Can I retire? Well, hey,
I'm already retired. Can they help you then? Well? Yeauht
meet with usnow dot com or you can just call
them two two five seven nine to one fifty seven
(37:52):
seventy three. That's seven nine one fifty seven seventy three
on Mark Elliott. We're gonna finish up today with a
little mail bag segment. And I say this every time
we do one of these. So these questions come from
people that have come into the office, people that have
attended events that Christian Matt put on. They're just kind
of random questions. Okay, But here's the deal. I think
you're better off asking Christy or Matt in person or
(38:15):
on the phone these questions because then they can ask
you follow up questions. You can ask them followup questions.
Typically we don't have enough information to give you the
entire answer, but we always enjoy this. So Christy, I'll
start with you. This is Brent from Baton Rouge Baton Rouge.
He says this, Guys, I've been retired for about two
years now, and so far it's been disappointing. Brent, play golf,
(38:39):
Play golf, Brent. I wasn't expecting to feel this let
down about this much free time, but that's how I feel.
I'm thinking about part time work, but I also don't
like the idea of locking myself into a certain number
of hours or a certain schedule. Do you ever hear
other people struggling with this same thing?
Speaker 4 (38:55):
Yep.
Speaker 2 (38:55):
You know it's crazy that you ask that, Brent, because
I think one of the biggest considerations about retiring needs
to be or you actually mentally ready. And a lot
of people think they're mentally ready just because they have
this idea of retirement. You know, retirement sounds great, but
(39:18):
sometimes people really aren't mentally ready. I don't. We definitely
hear this. I don't know if going back to work
is the answer. Maybe maybe you have an interest that
you could pursue on your own, like making your own
like opening up your own company, doing some things you
(39:41):
like to do. Have a client that makes duck calls
because he likes it, that's his hobby. In addition to that,
we often see people that are in the same point
in life that you are. They find opportunities with volunteering,
and you know, that's what I encourage my dad to do,
and I would encourage you to maybe consider. Are there
(40:04):
any you know, organizations or you know, your church that
you would maybe be able to benefit them by doing
some volunteer work. But this is a very common question.
Speaker 4 (40:15):
Yes, we hear it a lot, and more common for
men than women. I would say yes. Not trying to
be sexist or chauvinistic. But in my years of doing this,
I've noticed that oftentimes when a when a woman works
and retires. I don't know how y'all do it, but
you just separate effortlessly. But then after COVID, I noticed
that a lot of men who were maybe accept at
(40:36):
early buyouts and things. A couple of years later, Hey, Matt,
can I take social Security and work too? What are
the rules on that? Because I want to go back
and consult. Yes, because I can only watch so many
episodes of gun Smoke.
Speaker 3 (40:50):
You know.
Speaker 4 (40:50):
I mean, I can only see Matt Dillon infestus only
a certain number of times. And I think for men too,
there's a sense of getting up shaving, having a sense
of purpose that matters. But if Christy nailed it, it doesn't
have to be worked. That purpose could be volunteering on whatever.
It's not uncommon. You're not alone, and a financial advisor
is valuable to talk you through that. All right, Mark,
(41:11):
give us one more?
Speaker 3 (41:12):
Yeah, so, Brenton, you can go to meet with us
now dot com or you just call him at seven
ninety one fifty seven seventy three and have a conversation.
It's really about not retiring from something. It's retiring to something,
all right. Next one comes from Alice and Baker. The
idea of a big market drop makes me really uncomfortable.
Now that I'm within a few years of retirement, Do
I need to start repositioning by assets the closer I
(41:33):
get to retirement.
Speaker 4 (41:34):
More than likely you do. Everyone situation is different, Alice.
Think about it like you're on an airplane. Okay, you're
flying from Chicago to Baton Rouge or Chicago to New Orleans.
The pilot, what does he say? You can never understand him, right.
Why can you only hear the stewardess so well but
not the pilot. But the pilot basically says, hey, we'll
(41:55):
be touching down in about twenty five minutes. Put your
trade tables up. We're beginning our descent. We're two hundred
miles from the airport. What does the pilot not do.
The pilot does not say, oh my gosh, we're landing
in five minutes. Get ready for the nose dive. Retirement's
absolutely no different. When you are five years out, start
being very conscientious of the risk you're taking. When you're
(42:19):
three years out, it's more than likely time to pull
back and reduce the risk. Now, how do you do it? Well,
different plans have different ways. We have our own proprietary system.
But you're on an airplane. If you're three years away
from retiring, or if you just retired within the last
three years, that is the most dangerous time that the
(42:42):
mark can hurt you. Baddling All right.
Speaker 3 (42:44):
Final question, this comes from Cheryl in attis. I'm really
struggling to get organized with my finances. We have money saved,
but I just keep letting all this paperwork pile up.
Could you help me sort through everything I have or
what I need to get it put together before I
come in and talk to you for the first time.
Speaker 2 (43:01):
But Churel, a lot of times people come to us
and they literally will have like either bags or boxes
and they bring it all because a lot of times
you'd be surprised how many people have three, four, five
different retirement accounts from just changing jobs. It's funny how
(43:22):
people will you know, when they pack up their desks
because they're changing jobs, They're going to pack up every
single thing, like down to their coffee cup, there anything
personal on their desk they're bringing. But yet they leave
their four oh one k oh I forgot. So yeah,
it's really shocking to me. And so this is very common, Cheryl.
(43:43):
Don't worry about it. We're able to help you go
through it. We probably could go through it quicker, just
because we understand looking like, okay, is that a four
oh one K, is that an I or a things
like that. Don't don't be ashamed. Let us help you.
This is we do this all the time. I go
to meet with usnow dot com and schedule a fifteen
minute call and or just give our office a call
(44:06):
and schedule a time to get together seven nine one
five seven seven three.
Speaker 3 (44:10):
Not everybody that calls you is going to be a
full blown client oppressed in wealth management.
Speaker 4 (44:15):
Absolutely not off.
Speaker 2 (44:16):
We don't really even want to help people that don't
need help.
Speaker 4 (44:19):
And oftentimes we're going to call maybe from the child
of a client who is retired, and they'll say, look,
can you just spend fifteen minutes giving me some input
on where we are? And you know what, I often
find those hard working thirty and forty year olds. Oftentimes
they have the option, for example, for the WROTH four
oh one K at their work, but they're not using
(44:41):
it or they haven't thought about life insurance needs for
their family, or maybe because they're young and so healthy,
now's the time to put a long term care place
and plan things that you know. Maybe we're not going
to immediately act on for them, but we can at
least give some guidance. We're here to help. Our number
is seven nine one five seven seven three. When you
(45:04):
sit down with us, we find out how we can
serve you and we walk you through our smart plan.
What are your sources of income? What about medical and medicare?
Seven nine one five seven seven three are meet with
us now dot com.
Speaker 6 (45:21):
Be smart when it comes to retirement.
Speaker 5 (45:24):
Presley Wealth Management has a smart plan to help you
better understand the process. Set up your no consultation appointment.
To get your smart plan in place, call eight six
six three nine.
Speaker 6 (45:34):
Oh twelve fifty two.
Speaker 5 (45:36):
That's eight six six three nine oh twelve fifty two.
Speaker 1 (45:41):
Presley Wealth Management has a strategic partnership with tax professionals
and attorneys who can provide tax and or legal device.
Speaker 5 (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 at all offers products
and services through AE Wealth Management LLCAWM, a registered investment advisor.
AWM does not offer insurance products. The insurance products offered
(46:09):
by the Pressley Group are not subject to investment advisor requirements.
AWM and the Pressley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial strength and claims paying abilities of the
issuing carrier. This radio show is intended for informational purposes only.
(46:32):
It is not intended to be used as a sole
basis for financial decisions, nor should it be construed as
advice designed to meet the particular needs of an individual situation.
The Presley Group is not permitted to offer, and no
statement made during the show shall constitute tax or legal advice.
Our firm is not affiliated with or endorsed by the
US government or any governmental agency. The information and opinions
contained herein provided by third parties have been obtained from
(46:53):
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group.
Speaker 6 (46:58):
This radio show is a paid placement
When the news is national.
Speaker 2 (00:01):
So security system volatility, global turmoil, interest rates, Rock Dane,
Wall Street.
Speaker 1 (00:05):
Your money matters. When it's Louisiana local serving the Greater
Baton Rouge area.
Speaker 3 (00:10):
Your money matters.
Speaker 1 (00:11):
And when it's your time to retire, Presley Wealth Management
presents your Money Matters with Christy Smith.
Speaker 2 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement. And that's where I believe it's
so important that you do have a full pledge retirement plan.
Speaker 4 (00:30):
And Matt Kennedy, maybe you're thinking, hmm, should I take
Social Security at sixty two, at sixty seven, at seventy
These are things you don't do every day. It's what
we do every day.
Speaker 1 (00:40):
The conversation starts now this is your money Matters.
Speaker 3 (00:49):
Welcome to your Money Matters. I'm Mark Elliott here alongside
Matt Kennedy of Presley Wealth Management. Christy Smith may or
may not join us after this segment. I bet you'll
be there though, but Matt's gonna handle this first segment
by himself. You can always go to the website Presleywealthmanagement
dot com to find out more about Matt, Christie and
the team Christy founded the company back in two thousand
(01:10):
and six, and what Presley Wealth Management is all about
is helping you figure out where you are on that
road to retirement. Can I retire? Are we gonna be okay?
If we retire? There's a lot on your shoulders as
a retiree. Christy Matt and the team at Presley Wealth
here to help take some of the burden off if
you would like. Two two five seven nine to one
fifty seven seventy three two two five seven nine to
one fifty seven seventy three. Maybe the easiest one to
(01:33):
remember is meet with us now dot com. Just have
a fifteen metaphone call, have a conversation, then see if
you should go further than that. The opportunity is there, though,
Just get some clarity into your retirement picture, which I
think is priceless. Meet with us now dot com. Hey, Matt,
how's it going.
Speaker 4 (01:48):
It's very good, Mark, very good, very busy, but very good.
Speaker 3 (01:51):
You know, the world is it doesn't matter really what's
going on because somebody's always freaking out about something. Well,
now because of President Trump's tariffs, and I don't know
if that's a good thing or a bad thing. I
have no idea. People are like, holy cow, I better.
You know, there's pickets and protests going on all over
the place because of departments being shut down. But at
(02:12):
the end of the day, I get the theory of
the what reciprocal free trade? Rather than if you're gonna
charge me ten percent on my stuff, I'm gonn charge
of ten percent on your stuff. And that's kind of
the idea is to kind of get rid of a
lot of this. I think, what's your take on all
of this?
Speaker 4 (02:27):
Mat You know, I'll never pretend to be or even
act like I have the first solid inkling of what
an exactly perfect tear of plan is. But it's royal
the world. But as of early in the week, I mean,
markets have just sold off drastically. We haven't seen a
downturn like this since COVID. As a matter of fact,
(02:48):
this reminds me of the COVID market meltdown. It happens
so fast mark that it was breathtaking. Then the government
stepped in printed a bunch of money, and as we know,
the economy. Not only did the economy quickly recover, but
the market's rapidly recovered. The question this time around is
how long before somebody blinks, right, how long before someone capitulates?
(03:12):
Some countries have already said they've cried uncle, hey, help,
they've capitulated. But can I be very candid, None of
that matters until China and Europe capitulate. If China and
Europe don't capitulate on tariffs and we end up in
a long protracted tariff war, it will eat this market
alive and throw us much more rapidly into a recession.
(03:35):
The odds of a recession were already there, but now
the odds of a recession have jumped dramatically because of
all the tariff angst. If you will not saying the
tariff plan is bad, look Mark, let's just call it
like it is. Trump's not your normal politician. I think
everybody knows that Trump's a real estate mogul. He's a businessman,
and he doesn't rule with a feather and a mink glove.
(03:58):
He rules with an iron fist and he slams it
on the disk and then says it's my way or
the highway. That's how he negotiates. And the end result
will be countries will capitulate or they won't. And if
they do, and it balances out a lot of the trade.
America is a winner and if it doesn't work, it
will blow up the world economy. No risk there, right,
(04:18):
no none.
Speaker 3 (04:19):
It doesn't sound like any I mean blow up the
world economy. We're still good, you know. It's really one
of the things that I think is kind of like
for me, I'm sixty five, I'm going to retire. I
don't know, maybe five years, I don't know. But at
the end of the day, when the markets do this,
I'm like, great, my four O one k is buying
a whole bunch more than it could have. That's fantastic.
For people maybe that are living on that money, they
(04:39):
get nervous, I suppose. But the idea when you sit down,
you know, when somebody comes in and says, down with
you and Christy, this is part of the deal. You
probably when they come in for that first time and
you put this plan together, right, You're gonna put the
whole part and you know pieces income, investment, taxes, healthcare,
legacy planning, social curity, and medicare. That's safe process. You
(05:00):
people through safe management, receave retirement if you will. But
you think about it, every single one of them. You
tell them the market's only going to go up while
you're retired, right, Well, yes, we're ever going to go down. No,
that's one of the first things you talk about.
Speaker 4 (05:14):
One of the first things we talk about is market risk.
And let me say this. If you're in Mark's position
or my position, and you have at least Mark you
said maybe five years, let's say you go a little longer.
If your five years are more out from retiring, then
your focus needs to be on accumulation and it needs
to be on your rate of return. Stay with me carefully.
(05:36):
I'm gonna throw out some phrases here I think that
will resonate. So your five years are more out from retiring, eh,
rate of return really matters. But when you cross we'll
call it the thirty yard line, and you're driving and
you're in field goal range, and you've got between five
and three years to retire, then it becomes more important
(05:59):
to begin shifting some of your focus to the range
of return. Now, when it's first down and goal to
go and you've got three years or less to retirement,
you really need to focus on range of return. So
what's the difference between rate of return and range of return?
Ask yourself this, If you were retiring in six months,
(06:19):
would a twenty percent jump in the market have any
impact on your retirement? It might, right Mark, I mean
to make sure I say, hey, wow, that gives me
some extra money to buy a boat or something. But
for most people, the twenty percent jump in the six
months to a year before they retire doesn't really have
a huge impact. But a twenty or a thirty percent
(06:43):
drop like we've recently seen could have a huge negative impact. Typically,
big drops right when you're about to retire have a
much bigger impact than being gains, And a lot of
it is psychological because you're asking yourself how much lower
can it go? So you have to shift your focus
from I'm gonna shoot for the moon and I hope
(07:04):
I make thirty percent this year, and if I lose
thirty percent, no matter what. That's fine when you're five
years or more out, But when you're three years and closer,
and really when you're about eighteen months before retirement and
the three years after you retire, focus less on the
rate and more on the range. What do I mean
(07:24):
by range? We help our clients who are closing in
on retirement and those who have just retired build portfolios
that say I'm not going to be overly greedy. I
want my range of return to be maybe fifteen percent
on the upside, twelve percent on the downside. That is,
if the stock market booms and goes up twenty five
(07:45):
thirty percent, if I make fifteen, I'm understanding, Hey, I'm
giving up some of the top side gain because I
don't want to get hurt as much on the downside.
So if it falls thirty percent, the portfolio that's been
designed has some active management, it has some safe money,
it has some risk hedging built in. So instead of
(08:07):
saying I want to make thirty or lose thirty, I'm
going to be happy with maybe fourteen or fifteen percent
average on the upside so that I will not experience
near as big a draw down on the downside. Of course,
this is all based on past returns, and the past
is no guarantee of the future, but it's the way
we build portfolio. So in this tumultuous time, markets are
(08:30):
just dropping like a stone. If you haven't taken the
time to examine how much risk you actually have in
your portfolio, whether it's your four oh one K, whether
it's iras, whether you're recently retired or planning on retiring,
if you're five years before retiring or five years after retiring.
(08:51):
If you're in that window, let us analyze how much
risk you actually have in your portfolio. We have the
software to do it. We can find out is your
range of return potential putting you at risk of blowing
up your retirement? Because Mark, what would happen if if
you were about to retire tomorrow and the market drop
(09:11):
thirty five percent. Would that be a different impact on
you than if you were going to retire in five
years and the market drop thirty five percent.
Speaker 3 (09:18):
No, because I sat down with Christy and Matt at
Presley Wealth Management and already had this plan in place.
So when I'm retiring tomorrow.
Speaker 4 (09:24):
There you go. Perfect And it sounds simple, But the
problem is we all suffer, most of us, the vast majority, Mark,
We suffer from something called recency bias. The way things
have been is the way they will continue to be.
You know, twenty twenty two, we saw the market drop
about twenty five percent. It was a very quick recovery.
(09:46):
But two thousand and eight wasn't that terribly long ago,
and it wrecked people's retirements. I'm not saying this is
two thousand and eight, but the sequence of returns has
a massive impact on the success of your retirement. The
sequence of return says, basically this, how the market behaves
primarily in the three years before and the three years
(10:08):
after you retire, will have a massive impact. Why because
while your Mark and you're Matt and you're working, and
you're saving into your four oh one K or iras
if the market declines, you're right, when my paycheck comes
out here what is today? When my paycheck comes out
on the fifteenth of the month, that'll be great, Mark,
you and I'll have put some money in the four
oh one k and we'll have bought this market really low.
(10:31):
But imagine if instead of putting in one thousand dollars
we were taking out one thousand dollars to live on.
Speaker 3 (10:38):
Think about that kind of a double whemy right there.
Speaker 4 (10:40):
It's a double whammy because not only is the market
hurting you, but you're not putting money back in to
build it back up. You're buying low when you're in
the four o one K, but you're pulling money out
at the worst possible time. So how do you mitigate
that well, we want to create a system where we
have some short term funds to cover our expenses in
(11:01):
the very short term. But then we want to have
buckets of money set aside that have load to no risk,
and use that for our ongoing income, say over the
course of the next eighteen months or even three years,
and let the money that's in the market be the
money that can be subject to more tumultuous times, so
that we're not pulling money from an already declining asset.
(11:24):
It's real simple. If you have ten dollars and you
need to take three out and the market takes another
three from you all of a sudden, you're in real trouble.
So have a plan that a addresses how much risk
you have, a plan to mitigate the risk in those
critical first years, and thirdly, a plan to deal with
(11:49):
the taxes on what you do take out. That's a
whole different conversation we can get into. Look, I know
these are unnerving times and the worst thing you can
do is panic and make a knee jerk reaction. But
planning is always in vogue. So reach out to us
at meetwith usnow dot com. That's www dot meet with
usnow dot com and you can pick a time for
(12:10):
a phone call. And what we do is we set
aside fifteen twenty minutes or so and just kind of
chat about your situation and if appropriate, set up a
no cost, no obligation, in person visit right now, Let's
find out how much risk you have, how much do
you need to live on, will your money actually last?
And how do we take care of the potential of
(12:30):
a sequence of returns hurting your retirement seven nine one
five seven seven to three.
Speaker 3 (12:36):
Glad you're with us today for your money matters with
Matt Kennedy, O Presley Wealth Management, Christy Smith. I'm guessing
we'll join us right after this. We're just getting started
a lot to get to stay with us. We're back
right after this.
Speaker 5 (12:49):
Does inflation have you pinching pennies? Are you reconsidering retirement plans?
Don't make any hasty decisions just yet. Come meet with
Christy Smith and Matt Kennedy to get started on the
right foot. Call eight six six three nine oh twelve
fifty two. That's eight six six three nine oh twelve
fifty two to get a free fifteen minute meeting, or
(13:12):
go to Presleywealthmanagement dot com.
Speaker 4 (13:16):
Stop for a moment. Think about this. Do you know
how much money in your four oh one k or
ira is actually your money? Alloll the government take a
bigger chunk than you thought. Remember, you still may owe
taxes on that money. But do you have a plan
to help make sure you don't pay more than you should?
At Presley Wealth Management, we believe you deserve to keep
more of what you've earned, which is why we're here
(13:36):
to help you navigate the confusing world of retirement taxes.
It's your money, you deserve to know what's at stake.
Right now. Taxes are historically low, but they won't be
this low forever. So call us at seven nine one
five seven seven three. That's seven nine one five seven
seven three. Look, you work hard for your money, We'll
work just as hard to help you keep it. Presley
(13:57):
Wealth Management seven ninet one five seven seven three.
Speaker 5 (14:00):
Investment advisory services offer through a wealth management LLC, a
registered investment advisor.
Speaker 6 (14:05):
Investing involves risk.
Speaker 5 (14:07):
Always consult with a qualified tax advisor before making any
decisions regarding a ROTH conversion, as there may be additional
tax considerations.
Speaker 6 (14:15):
Be smart when it comes to retirement.
Speaker 5 (14:17):
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.
Speaker 6 (14:26):
Call eight sixty six three nine oh twelve fifty two.
Speaker 5 (14:30):
That's eight six six three nine oh twelve fifty two.
Speaker 3 (14:35):
Welcome back to your money matters with Christy Smith and
Matt Kennedy of Presley Wealth Management. I'm Mark el At.
You can always find out more on their website Presleywealthmanagement
dot com if you want to have a conversation trying
to figure out where you are on that roads retirement.
Can we retire? I think we've got enough. I hope
we've got enough. Are we gonna be okay? Those kind
of questions. Christy Matten there right now, Willis. That's what
Presley Wealth Management's all about. Are here to help you
(14:57):
figure out where you are on that roads retirement, income, investment, tax, healthcare,
legacy planning, social security, medicare decisions. A lot going on
when you get to retirement. Meet with usnow dot com.
Meet with us now dot com. No cost to chat
with them. You can just set it up through the website.
You can give them a call at two two five
seven to nine to one fifty seven seventy three. It's
complimentary always. They're here to help if they can. They
(15:18):
don't know if they can help you until you reach out.
I'm Mark Kelly, glad you're with us. We're going to
talk about the debt of this country, and Matt I'll
start with you this segment. I think it's going to
be very interesting with Elon Musk and the vak Karamaswamy,
the Doze Department, the Department of Government Efficiency. We're thirty
(15:38):
six trillion dollars in debt as a nation. They cannot
tax their way out of this. So we're going to
see what are your thoughts on our debt hitting thirty
six trillion? Is that a milestone to be proud.
Speaker 4 (15:49):
Of or it's a scary Or is so massive and
it's growing so rapidly that it's almost an incomprehensible number.
But imagine for a moment if if you had a
three hundred and thirteen thousand dollars mortgage but you couldn't
live in the house. Folks, that's pretty much your share
of this crushing deficit. You own a house that you
(16:11):
can't live in now. Fortunately you're not having to make
the payments every day. Well, you are, I guess, through taxes,
but no one's knocking on the door saying, hey, where's
my three hundred and some thousand dollars to pay off
the house? Is it going to take higher taxes to
fix the problem. Well, the Doze Department is going to
try to go in and do some severe cutting. I mean,
I want you to think about this for a minute.
(16:33):
The Pentagon back in the November, they failed their audit,
and their audit showed out of an eight hundred and
twenty four billion dollar budget that they could not account
for about ten percent of that money.
Speaker 2 (16:50):
What well, and another thing that we have to be
mindful of, and this is what I'm here, and is
that you know, we have to be mindful of inflation.
You know, we know inflations high right now and the
government's trying to get it under control. But different things
that they can do which may have a positive impact
(17:10):
on us day to day, would actually have a negative
impact in terms of inflation, and long term that hurts
us all as well. So I think it's a balancing act.
I'm really excited to see what they may do. I
do believe that you got to have a budget and
you got to stick to your budget.
Speaker 4 (17:28):
And it's funny.
Speaker 2 (17:28):
I was at a homeowner's meeting recently and there's an
argument over the budget, you know, like it's that big
of a deal, it's that important. I wasn't involved in it.
I was an innocent bystander. But when you think that
there can be an argument about your homeowner's budget, think
about the argument when it comes to the government budget
mass you know, I mean, there's just tremendous amounts of
(17:51):
spending that could probably be cut out.
Speaker 3 (17:54):
So we're talking about the government debt. How will that
affect us in our everyday lives? And the crazy thing
is nineteen percent of our tax is go to interest
on the debt at this point, and the debt right
now they're projecting over the next decade, thirteen trillion dollars
will be spent by our government on the debt alone,
interest wise, not the debt, interest on the debt. And
(18:14):
when you think about a trillion, and we're thirty six
trillion in debt as a nation, if you would go
one one thousand and two one thousand, it would take
you twelve days to count to one million, thirty one
years to count to one billion and thirty one thousand
years to get to one trillion. So I don't know
if anybody really has done that. I don't think it's possible.
But Matt, you mentioned so Security and Medicare. Now, remember
I'm sixty five. I did start Part A because I'm
(18:37):
still working. I don't need Part B yet, which is
what you have to probably for a's hospitals. I'm just
extra hospital coverage. I guess I signed up for it,
but I have not started Social Security. And when they
changed the age to sixty seven for the full retirement
age for Social Security, they did that in nineteen eighty
three and said, if you're born in nineteen sixty, your
full retirement age is sixty seven. Well, the people they
changed that on were twenty twenty years old, I guess
(19:01):
twenty three years old, So I mean they had time.
It wasn't like they're going to do something and the
next year has changed on you. So soci Security, Medicare,
it should not change for me because I'm sixty five already.
But if I'm forty five, there could be some differences.
What do you what do you think.
Speaker 4 (19:14):
I think that we'll probably personally. Christy chime in here.
I think the number one change we may see is
that right now you only pay the six point two
percent unless you're self employed, if you work for a company.
You see, you know social Security FAIICA come out of
your check. You pay six point two percent into Social Security,
(19:35):
but you only pay that up until about one hundred
and sixty seven thousand dollars of income. After that you
no longer pay into Social Security. That's why there's a
maximum you can get for drawing Social Security Number one.
I think that changes.
Speaker 3 (19:48):
I think you think that's weird. Isn't that weird that
they see it is weird? Sociecurity payment.
Speaker 4 (19:52):
It's certain they adjusted, Yeah, they adjusted for inflation every year.
But I think that could immediately jump to two hundred
and fifty thousand. And I think that alone would create
some solvency in the system. But I will tell you
not so much for you know, those of us in
our fifties. But if you're in your thirties, don't be
surprised if the full retirement age doesn't eventually creep up
(20:14):
to seventy. I think that's likely too. That's probably the
second thing that will happen, or if the wrong administration
gets in there, they could means test social Security. That
would be incredibly controversial, but look, did it with Medicare
Part B. You know, if your income as a married
couple filing jointly exceeds two hundred and eight thousand dollars
(20:35):
a year, your Part B is higher and your Part
D is higher. Could they possibly do the same thing
with Social Security and say well, if your income is
over x, you get twenty percent less social Security. Very controversial,
but it's been talked about well.
Speaker 2 (20:52):
And that's one of the things that for me when
I start thinking about helping someone create a long term
tax plan, yep, we start thinking about how do we
say in environments where the income as we draw it
would be considered tax free. Huge, because what you can
do is you can build your own plan where you're
receiving the amount of income you desire. If you have
(21:12):
enough money but your tax return looks very low, it does,
so you're you're able to use the loopholes in the
system by saving properly, you know, diversifying your savings to
where your adjustable growth income each year looks very low.
Speaker 4 (21:30):
Let me see it this way, Mark, most of you
think of the word diversification like this, Well, I'm going
to have some stocks and bonds. You know, I'm going
to have some precious metals. We always have been taught
that diversification means diversifying what the risk. Well, if you're
not diversifying tax risk, then you're not diversifying maybe the
(21:51):
biggest risk of all because you may be putting ten
thousand dollars into your four h one K to day
and getting that tax break today. But when you go
to retire, one of your single biggest risk is what
will happen with taxes and if you need to take
money out to live on, and most of you will
when you retire, is that money coming back to you
(22:12):
tax free or is it coming back to you fully taxable. Yes,
there is a risk with the market, but there's also
a massive risk with taxation. I will tell you the
thing I've learned. If you listen, if you're fifty or under,
listen carefully. You know, over fifteen years of doing this,
the number one thing I've learned is that so many
baby boomers have been lied to because you were told
(22:35):
save your money pre tax get your tax break today,
you'll always pay lower taxes in retirement. And Christy, we
see it all the time. Most boomers do pay lower
taxes when they first retire, But if a hurricane blows
through and you have to take a lot of money out,
it's all taxable. Once you hit require minimum distribution age boom,
(22:56):
everything you're taking out is taxable. It's not uncommon for
us to see somebody in a low tax bracket at
sixty five or sixty six when they retire, and the
projection ten years later is that you're now paying about
as much in taxes because of RMDS that you were
paying when you were working. But no, you were told
taxes will always be lower, they may not be. Planning
(23:18):
is the key. Reach out to us at seven nine
one five seven seven three. That's seven nine one five
seven seven three. You'll get the voicemail. We'll reach back
out to you and set up a time to chat
on the phone. Just find out more about your situation.
Let us help build a smart retirement plan. You can
also set your own appointment online at meetwith usnow dot com.
(23:41):
That's meet with usnow dot com.
Speaker 3 (23:43):
So the country's thirty six trillion and counting in debt,
what about you and your situation? How big of a
deal is debt going into retirement? Good debt, bad debt?
Christian Matt will discuss when we come back. Stay here.
This is your money matters with Christy Smith and Matt
Kennedy and Presley Wealth Management.
Speaker 4 (24:01):
Stop for a moment. Think about this. Do you know
how much money in your four oh one k or
ira is actually your money? Although the government take a
bigger chunk than you thought. Remember, you still may owe
taxes on that money. But do you have a plan
to help make sure you don't pay more than you should?
At Presley Wealth Management, we believe you deserve to keep
more of what you've earned, which is why we're here
(24:22):
to help you navigate the confusing world of retirement taxes.
It's your money. You deserve to know what's at stake.
Right now, taxes are historically low, but they won't be
this low forever. So call us at seven nine one
five seven seven three. That's seven nine one five seven
seven three. Look, you work hard for your money, will
work just as hard to help you keep it. Pressley
(24:42):
Wealth Management seven nine one five seven seven three.
Speaker 5 (24:45):
Investment advisory services offer through a wealth management LLSE, a
registered investment advisor.
Speaker 6 (24:51):
Investing involves risk.
Speaker 5 (24:52):
Always consult with a qualified tax advisor before making any
decisions regarding your ROD conversion, as there may be additional
tax considerations.
Speaker 6 (25:00):
If you aren't able to listen to.
Speaker 5 (25:01):
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 3 (25:16):
Glad you're with us today for your buddy matters with
Christy Smith and Matt Kennedy of Presley Wealth Management. You
can always go to meet with us now dot com.
Set up a time to chat with them. Got some questions, Hey,
those ROTH conversions you were talking about, should I be
doing that? They're right for a lot of people, They're
not right for everybody, So never take that and go,
I guess I should take all of my four oh
one k and IRA money that's in traditional and turn
(25:37):
it into ROTH. Maybe, but probably not at one time.
There's strategies involved, and Christy and Matt and the team
can certainly walk you through all that. It's two two five,
seven nine one fifty seven seventy three. If you have
questions you want to learn more seven nine to one
fifty seven seventy three. And of course you can go
to meet with us now dot com, set up your
own time to have a conversation. There's no cost to you.
(25:59):
It's a great opportun I think, to get clarity into
your retirement picture. It's the old MasterCard commercial. It's priceless.
They get that kind of advice. I think meet with
us now dot com. I'm Mark Elli Christy. You know
when we're talking about good debt, bad debt, those kind
of things. I think. You know, we're talking about the
country's debt at thirty six trillion dollars in counting. My
guess is there's a lot of bad debt, but there's
(26:19):
still Do I get to take off my taxes? Like
if I had a blowout because I hit a pothole
in the road, my tax is supposed to taking care
of those roads. Do I deduct that from my taxes?
Speaker 4 (26:29):
Is that?
Speaker 3 (26:29):
Can I do that?
Speaker 4 (26:30):
Yeah?
Speaker 5 (26:30):
Sure?
Speaker 4 (26:31):
Unfortunately, that's like the guy that bought a box of
cigars and then said his house call fire and burn
them up.
Speaker 3 (26:40):
She get your money back. But you know, one of
the things that I think is interested in Christy, that
you have been doing since two thousand and six, which
you started your own company at Presley Wealth management is
a lot of people, and especially the interest rate environment
kind of controls kind of some of these things, So
like do I pay my house off? Do I not
pay my house off? Sometimes it's emotionally, it's like they've
(27:00):
got to do it. They need to be debt free.
That's been their goal forever. Maybe it's not the best
thing money wise, but for their health and mental health,
it's a great decision. Go ahead and pay the house off.
But good debt bad debt? I mean, I think a
house is typically good debt and credit cards are typically
bad debt. How do you look at that?
Speaker 2 (27:18):
Well, I would agree, you know, you don't want a
mortgage at a real high interest rate, But if you've
got a decent interest rate, I would think a mortgage
can be a good debt. I also think it's an
emotional situation when someone gets close to retiring and they
still owe a fair amount on their home. So one
(27:41):
of the questions they ask us is if they're able
to you know, if they've saved enough, are they able
to take money from their four on one K or
their IRA to pay the house off before they retire?
And often they do have the money to do that
the problem is it will make them pay so much
(28:01):
more in taxes and could even increase their Medicare Part
B premiums and their drug plan, putting them in in
an irma situation. Is that the smart thing to do?
But I will tell you it's an emotional question we
get all the time.
Speaker 4 (28:19):
And remember you nail it. Everything is interrelated, everything is
linked together. Yes, So we've seen people who come to
us and say, yeah, like a year ago, I just
took a whole bunch of money out of my four
one K and paid off my house. And then they
suddenly realize, uh, oh, now my Part B is going
to be three hundred and forty dollars a month for
me four hundred yeah for me and my wife just
(28:41):
making up the number, and they didn't realize that. So remember,
everything is linked together. So what you do when you
pull a bunch of money out to pay off the house.
That may give you a great feeling, but you could
be setting yourself up for penalties. I don't mean a penalty,
I just mean you could be her being your long
term plan. But you are right, there's plenty of people
(29:03):
who we say you owe thirty thousand on the house,
and it's at three percent, I just keep paying the note.
I don't want to retire with a note. Okay, no problem,
it's your money.
Speaker 2 (29:11):
But I would say credit card debt is normally it's
a bad debt. And I think it's real important that
you start really looking at your needs for retirement. You know, like,
do you have debt that you should consider paying off
before you retire, Because for a lot of people, they
(29:31):
may need a three to five year period to build
a plan to get out of debt before they retire.
Speaker 4 (29:38):
That's correct.
Speaker 2 (29:38):
You know, it's always good to test drive your retirement
before you actually retire.
Speaker 4 (29:42):
I'm a big proponent of that, and you know I
am that absolutely.
Speaker 2 (29:45):
I will recommend to someone, Hey, if you're making fifteen
thousand dollars a month right now, husband and wife, and
you're telling me that your budget your need in retirement's
only going to.
Speaker 4 (29:58):
Be six thousand a month, try it.
Speaker 2 (30:00):
Maybe you should limit yourself to spending only that six
dowsand a month while you're working, so that you can
make sure you're going to be able to live on
that comfortably in retirement. Often it takes time to create
a plan to pay off debt. Unfortunately people live with debt.
It's become a common thing, and it really shouldn't be,
(30:22):
but it is. It has a long term effect on
your retirement. So I would say credit card debt is
typically not a good debt.
Speaker 3 (30:28):
But credit card is your emergency fund.
Speaker 4 (30:30):
Shouldn't be?
Speaker 2 (30:31):
Should not be?
Speaker 3 (30:32):
Christy and Matt here to spoiler hopes and dreams can't
do anything. You have to be perfect. Well. It really
is a challenge, though I think there is no doubt.
And that's why I think it's so cool. You think
of all the big Fortune five hundred companies, they all
have a chief financial officer. How cool to be to
have your own chief financial officer to help you make
these types of decisions. Do I move money into the
roth world? Do I pay this off? Do I not
(30:53):
pay this off? How do I trickle down that debt?
How do I do it? Christi and Matt and the
team are here to help you. It's a great opportunity
for you. Again, it's two two five seven nine to
one fifty seven seventy three. Two two five seven nine
to one fifty seven seventy three are just easy to remember.
Meet with us now dot com, say your own appointment
meet with us now dot com.
Speaker 4 (31:13):
Mark Mark, Can I jump in and add one thing here, Folks,
when you are if you're searching for someone to help you,
you know, plan for and work through retirement. Remember you're
looking for someone who works in all five areas sources
of income, medical and medicare advance planning. That's where we
(31:33):
talk about wills and trust and things like that, and
what we're talking about here, you know, paying off debt, taxes,
wroth conversions, et cetera. So many of you may end
up making a mistake of connecting with someone who only
works in one area. The investments, and look, the investments
are critically important, but are you going to pay someone
(31:54):
to only work in one of five areas? We work
in all five areas because what did I say earlier?
Everything is interlinked and so if you're not working with
someone who has a holistic approach, then they may shy
away from giving you advice on what to do about
paying off the house versus not paying off the house.
(32:15):
Are they always looking at the last quarter, Well, the
stock market that good in your portfolios up the last quarter.
We're looking down the road twenty years to see what
the impact of not tax planning could have on you
and your heirs are dead planning.
Speaker 2 (32:30):
As we're talking about point dead planning.
Speaker 4 (32:33):
Just make sure that you're not always looking through the
rearview mirror. You got to look through the windshield because
the rearview mirror is pretty small. The windshield's really big.
Look forward, look down the road, work with someone who
works in all five areas.
Speaker 3 (32:47):
Okay, point well taken, Well said, and Christy, let's finish
this up and we started another segment to get to
so stay with us right here on your money Matters
with Christy Smith and Matt Kennedy Impressley Wealth Management. But
the Rothkin versions, it's one of those things that I
think we all like the idea, and Matt talked about
it earlier. Diversification, small cap, large cap, MidCap, international, all
that kind of stuff. We think diversification on the wrist side.
(33:07):
We don't think diversification in the tax side. Taxable, tax deferred,
tax free, and the roth conversions. I think we all
like the idea of tax free, but to do that,
you've got to pay the taxes to move that money
into the tax free category. Then all the growth is
tax free. But not everybody should do it? I suppose,
how do you? How do you? What's your rule of thumb?
I guess for Roth conversions, is there one?
Speaker 2 (33:28):
Well, we typically start off with looking at someone's current
tax return, and so we're going to be looking you know,
Matt's talking about looking in the rearview mirror versus the
front windshield. Where we start off looking at the rear view, Mira,
we put in the tax return from the previous year.
That's going to give us a really good idea of
where you're sitting right now currently. Now we know, you know,
(33:51):
you may get a raise this year, you may you
may not work the full year. There's going to be
things that would change year to year. So then we
can go when and we can make those projections to
see where do you fall in the tax brackets. Now,
you know, well, it's not uncommon for us to see
someone right now hitting the twenty two percent marginal bracket,
(34:12):
but their effective rate may only be eleven percent, so
they may be able to consider doing a Wroth conversion.
Maybe maybe they do a small one that keeps them
in the eleven percent effective rate, you know, environment where
so it's not hurting them at all. But if you're
a highway journer. It may be something where you don't
(34:33):
have very much wiggle room. So it all starts off
with looking in the rear view era and then planning
to the future and putting the numbers into the software,
and they make it very easy for you to see.
Should you consider, you know, doing a WROTH conversion. Now
a lot of times people think that a WROTH account
is the only way to save tax free. We're often
(34:53):
able to use some other environments that will grow for
you to be able to access income tax free. So
Wroth planning is not the only way. There's always more
than one way to accomplish a goal. The reality is
is you need to look at your personal situation to
determine which route is going to be the best route
(35:14):
for you. And that's what we love to do at
Presley Wealth Management. We love to help you. Give us
a call at seven nine one five seven seven three
seven nine one five seven seven three are going to
meet with usnow dot com.
Speaker 3 (35:29):
So back for our final segment, Today's Your Money Matters
with Christy Smith and Matt Kennedy and Presley Wealth Management.
We are back right after.
Speaker 5 (35:36):
This is the price tag on everything giving you sticker
shock from groceries to gas.
Speaker 6 (35:43):
The cost of living is skyrocketing.
Speaker 5 (35:45):
But if you think inflation is painful, now just wait
until you retire. Easy impact of inflation, and start planning
now for your retirement. Called Presley Wealth Management at eight
sixty six.
Speaker 6 (35:58):
Three point nine oh twelve fifty two.
Speaker 5 (36:00):
That's eight sixty six three nine oh twelve fifty two.
Speaker 4 (36:06):
Stop for a moment, think about this. Do you know
how much money in your four oh one k or
ira is actually your money? Although the government take a
bigger chunk than you thought. Remember, you still may owe
taxes on that money. But do you have a plan
to help make sure you don't pay more than you should?
At Presley Wealth Management, we believe you deserve to keep
more of what you've earned, which is why we're here
(36:27):
to help you navigate the confusing world of retirement taxes.
It's your money. You deserve to know what's at stake.
Right now, taxes are historically low, but they won't be
this low forever, So call us at seven nine one
five seven seven three. That's seven nine one five seven
seven three. Look, you work hard for your money, we'll
work just as hard to help you keep it. Presley
(36:48):
Wealth Management seven nine one five seven seven three.
Speaker 5 (36:51):
Investment advisory services offer through a wealth management LLC a
registered investment advisor.
Speaker 6 (36:57):
Investing involves risk. Always consult with the qualify.
Speaker 5 (37:00):
By tax advisor before making any decisions regarding a ROTH conversion,
as there may be additional tax considerations. Christy Smith of
Presley Wealth Management wants to advocate for you making sure
you have the retirement you have always wanted. Call eight
sixty six three nine oh twelve fifty two and make
(37:20):
sure Presley Wealth is the right fit for you. You
won't know until you call eight six six three nine
oh twelve fifty two.
Speaker 3 (37:30):
Thanks for stating with us for your money matters with
Christy Smith and Matt Kennedy of Presley Wealth Management again,
you can always go to their calendar set up a
time to have a conversation. You want to figure out
where you are on that road to retirement. Can I retire? Well, hey,
I'm already retired. Can they help you then? Well? Yeauht
meet with usnow dot com or you can just call
them two two five seven nine to one fifty seven
(37:52):
seventy three. That's seven nine one fifty seven seventy three
on Mark Elliott. We're gonna finish up today with a
little mail bag segment. And I say this every time
we do one of these. So these questions come from
people that have come into the office, people that have
attended events that Christian Matt put on. They're just kind
of random questions. Okay, But here's the deal. I think
you're better off asking Christy or Matt in person or
(38:15):
on the phone these questions because then they can ask
you follow up questions. You can ask them followup questions.
Typically we don't have enough information to give you the
entire answer, but we always enjoy this. So Christy, I'll
start with you. This is Brent from Baton Rouge Baton Rouge.
He says this, Guys, I've been retired for about two
years now, and so far it's been disappointing. Brent, play golf,
(38:39):
Play golf, Brent. I wasn't expecting to feel this let
down about this much free time, but that's how I feel.
I'm thinking about part time work, but I also don't
like the idea of locking myself into a certain number
of hours or a certain schedule. Do you ever hear
other people struggling with this same thing?
Speaker 4 (38:55):
Yep.
Speaker 2 (38:55):
You know it's crazy that you ask that, Brent, because
I think one of the biggest considerations about retiring needs
to be or you actually mentally ready. And a lot
of people think they're mentally ready just because they have
this idea of retirement. You know, retirement sounds great, but
(39:18):
sometimes people really aren't mentally ready. I don't. We definitely
hear this. I don't know if going back to work
is the answer. Maybe maybe you have an interest that
you could pursue on your own, like making your own
like opening up your own company, doing some things you
(39:41):
like to do. Have a client that makes duck calls
because he likes it, that's his hobby. In addition to that,
we often see people that are in the same point
in life that you are. They find opportunities with volunteering,
and you know, that's what I encourage my dad to do,
and I would encourage you to maybe consider. Are there
(40:04):
any you know, organizations or you know, your church that
you would maybe be able to benefit them by doing
some volunteer work. But this is a very common question.
Speaker 4 (40:15):
Yes, we hear it a lot, and more common for
men than women. I would say yes. Not trying to
be sexist or chauvinistic. But in my years of doing this,
I've noticed that oftentimes when a when a woman works
and retires. I don't know how y'all do it, but
you just separate effortlessly. But then after COVID, I noticed
that a lot of men who were maybe accept at
(40:36):
early buyouts and things. A couple of years later, Hey, Matt,
can I take social Security and work too? What are
the rules on that? Because I want to go back
and consult. Yes, because I can only watch so many
episodes of gun Smoke.
Speaker 3 (40:50):
You know.
Speaker 4 (40:50):
I mean, I can only see Matt Dillon infestus only
a certain number of times. And I think for men too,
there's a sense of getting up shaving, having a sense
of purpose that matters. But if Christy nailed it, it doesn't
have to be worked. That purpose could be volunteering on whatever.
It's not uncommon. You're not alone, and a financial advisor
is valuable to talk you through that. All right, Mark,
(41:11):
give us one more?
Speaker 3 (41:12):
Yeah, so, Brenton, you can go to meet with us
now dot com or you just call him at seven
ninety one fifty seven seventy three and have a conversation.
It's really about not retiring from something. It's retiring to something,
all right. Next one comes from Alice and Baker. The
idea of a big market drop makes me really uncomfortable.
Now that I'm within a few years of retirement, Do
I need to start repositioning by assets the closer I
(41:33):
get to retirement.
Speaker 4 (41:34):
More than likely you do. Everyone situation is different, Alice.
Think about it like you're on an airplane. Okay, you're
flying from Chicago to Baton Rouge or Chicago to New Orleans.
The pilot, what does he say? You can never understand him, right.
Why can you only hear the stewardess so well but
not the pilot. But the pilot basically says, hey, we'll
(41:55):
be touching down in about twenty five minutes. Put your
trade tables up. We're beginning our descent. We're two hundred
miles from the airport. What does the pilot not do.
The pilot does not say, oh my gosh, we're landing
in five minutes. Get ready for the nose dive. Retirement's
absolutely no different. When you are five years out, start
being very conscientious of the risk you're taking. When you're
(42:19):
three years out, it's more than likely time to pull
back and reduce the risk. Now, how do you do it? Well,
different plans have different ways. We have our own proprietary system.
But you're on an airplane. If you're three years away
from retiring, or if you just retired within the last
three years, that is the most dangerous time that the
(42:42):
mark can hurt you. Baddling All right.
Speaker 3 (42:44):
Final question, this comes from Cheryl in attis. I'm really
struggling to get organized with my finances. We have money saved,
but I just keep letting all this paperwork pile up.
Could you help me sort through everything I have or
what I need to get it put together before I
come in and talk to you for the first time.
Speaker 2 (43:01):
But Churel, a lot of times people come to us
and they literally will have like either bags or boxes
and they bring it all because a lot of times
you'd be surprised how many people have three, four, five
different retirement accounts from just changing jobs. It's funny how
(43:22):
people will you know, when they pack up their desks
because they're changing jobs, They're going to pack up every
single thing, like down to their coffee cup, there anything
personal on their desk they're bringing. But yet they leave
their four oh one k oh I forgot. So yeah,
it's really shocking to me. And so this is very common, Cheryl.
(43:43):
Don't worry about it. We're able to help you go
through it. We probably could go through it quicker, just
because we understand looking like, okay, is that a four
oh one K, is that an I or a things
like that. Don't don't be ashamed. Let us help you.
This is we do this all the time. I go
to meet with usnow dot com and schedule a fifteen
minute call and or just give our office a call
(44:06):
and schedule a time to get together seven nine one
five seven seven three.
Speaker 3 (44:10):
Not everybody that calls you is going to be a
full blown client oppressed in wealth management.
Speaker 4 (44:15):
Absolutely not off.
Speaker 2 (44:16):
We don't really even want to help people that don't
need help.
Speaker 4 (44:19):
And oftentimes we're going to call maybe from the child
of a client who is retired, and they'll say, look,
can you just spend fifteen minutes giving me some input
on where we are? And you know what, I often
find those hard working thirty and forty year olds. Oftentimes
they have the option, for example, for the WROTH four
oh one K at their work, but they're not using
(44:41):
it or they haven't thought about life insurance needs for
their family, or maybe because they're young and so healthy,
now's the time to put a long term care place
and plan things that you know. Maybe we're not going
to immediately act on for them, but we can at
least give some guidance. We're here to help. Our number
is seven nine one five seven seven three. When you
(45:04):
sit down with us, we find out how we can
serve you and we walk you through our smart plan.
What are your sources of income? What about medical and medicare?
Seven nine one five seven seven three are meet with
us now dot com.
Speaker 6 (45:21):
Be smart when it comes to retirement.
Speaker 5 (45:24):
Presley Wealth Management has a smart plan to help you
better understand the process. Set up your no consultation appointment.
To get your smart plan in place, call eight six
six three nine.
Speaker 6 (45:34):
Oh twelve fifty two.
Speaker 5 (45:36):
That's eight six six three nine oh twelve fifty two.
Speaker 1 (45:41):
Presley Wealth Management has a strategic partnership with tax professionals
and attorneys who can provide tax and or legal device.
Speaker 5 (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 at all offers products
and services through AE Wealth Management LLCAWM, a registered investment advisor.
AWM does not offer insurance products. The insurance products offered
(46:09):
by the Pressley Group are not subject to investment advisor requirements.
AWM and the Pressley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial strength and claims paying abilities of the
issuing carrier. This radio show is intended for informational purposes only.
(46:32):
It is not intended to be used as a sole
basis for financial decisions, nor should it be construed as
advice designed to meet the particular needs of an individual situation.
The Presley Group is not permitted to offer, and no
statement made during the show shall constitute tax or legal advice.
Our firm is not affiliated with or endorsed by the
US government or any governmental agency. The information and opinions
contained herein provided by third parties have been obtained from
(46:53):
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group.
Speaker 6 (46:58):
This radio show is a paid placement
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