February 21, 2025 • 47 mins
Christy Smith, founder of Presley Wealth Management and Matt Kennedy, investment adviser representative, discuss issues that affect your retirement planning and how you can build a plan to help reduce risk and implement wealth accumulation strategies. Learn more at presleywealthmanagement.com and then, if you would like to have a conversation around your specific situation, set up an appointment online at meetwithusnow.com or by calling (225) 791-5773.
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Episode Transcript
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Speaker 1 (00:00):
When the news is national.
Speaker 2 (00:01):
SOB, security system volatility, global turmoil, interest rates, Rock Dan
Wall Street.
Speaker 1 (00:05):
Your money matters. When it's Louisiana local serving the Greater
Baton Rouge area, your money matters. And when it's your
time to retire, Presley Wealth Management presents your Money Matters
with Christy Smith.
Speaker 3 (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 fledged retirement plan.
Speaker 2 (00:30):
And Matt Kennedy, maybe you're thinking, hmm, should I take
Social Security at sixty two? At sixty seven it's seventy.
These are things you don't do every day. It's what
we do every day.
Speaker 1 (00:40):
The conversation starts now this is your money Matters.
Speaker 4 (00:49):
Welcome to your money Matters.
Speaker 5 (00:51):
I'm Mark Elliott here with the founder of Presley Wealth Management,
that is Christy Smith. We're here with Matt Kennedy as well.
Matt at Investment Advisor Representative. He's got other titles as well.
He's been with Christy since two thousand and eight. Christie
started Presley Wealth back in two thousand and six. You
can always go to the website to learn more Presleywealthmanagement
dot com. Presleywealthmanagement dot com.
Speaker 6 (01:13):
Uh, if you'd like to just give the team a
holler and say, hey, I've got a couple questions. What
do you think, Christy? What do you think?
Speaker 4 (01:19):
Matt?
Speaker 6 (01:20):
It's meeting with us now dot com. Meet with us
now dot com. And of course you can always give
the team a call it two two, five, seven, nine
one fifty seven seventy three. I Mark, Kelly, glad you're
with us. There are certain things that you really are
not supposed to bring up at a dinner party. Religion
politics would probably be the top two. We're going to
talk about some of the taboo topics that really we
(01:40):
don't really want to talk about there, but they're a
big part of retirement planning. Christie, you know.
Speaker 2 (01:45):
You don't talk about religion and politics at every Thanksgiving dinner? Well,
you say, with you, Mark, you should.
Speaker 7 (01:50):
I guess you can.
Speaker 2 (01:51):
Maybe that's why no one comes over for thanks stunning
Just kidding.
Speaker 6 (01:56):
Yes, So here you go the top five of our
taboo topics.
Speaker 2 (02:01):
But they're really important.
Speaker 6 (02:02):
I think Christy, when you sit down and talk with somebody,
you don't want to bring up this topic. But I
mean You're not just giving them the retirement money map
and saying good luck, I hope everything works out. You're
going to stay with them through the end of their retirement.
The Presley Wealth Manager team is going to be a
part of this and adjust that plan as needed. But
number five on the list of taboo topics is death
(02:23):
and thinking about death and dying is difficult in general,
but it's certainly not a fun conversation to have. But
you have to figure if, especially a married couple, right,
what's going to happen to the surviving spouse? How do
you deal with death?
Speaker 3 (02:37):
Well, often the first thing we have to face is
the fact that when one spouse dies, typically the other
spouse is going to lose income. And you know, most
people understand that because if a husband and wife are
drawing Social Security benefits and one passes away, it's understandable
that you're going to lose a Social Security income check.
(03:00):
But the reality is is most people don't like to
talk about death at all because they don't want to
face the fact that it will happen. We don't know when,
but it is a you know, it's one of those
things in life that's going to happen.
Speaker 8 (03:13):
At some point.
Speaker 3 (03:14):
But I think it's really important to not only build
a plan that's going to help give you the highest
possibility of a successful retirement, but we also need to
build a plan that says, what if one one spouse
passes away at a young age, what's young to me?
Speaker 7 (03:31):
Young?
Speaker 8 (03:31):
You know, seventy seventy five years.
Speaker 6 (03:33):
Old, and Christy, you think about it. We've talked about
this before. The average age of a US widow fifty nine.
Speaker 2 (03:39):
That's shocking.
Speaker 8 (03:41):
That is a shocking statistic.
Speaker 2 (03:44):
When we run our retirement money map, we're able to
actually run several scenarios and one of the things we
often run into is, ladies, how many of you have
maybe been a school teacher, right, and so you're going
to have a pension from the state when you retire,
but you're going to have very little social security. Well,
(04:05):
thanks to something inside of social Security called the government
pension offset, you may very well give up all our
most of your husband's social security if he dies before you. Christy.
A lot of people don't understand how that works, and
we've seen situations where, you know, if the husband passes away,
(04:27):
the wife continues getting her school teacher pension, but she
loses maybe several thousand dollars a month of social security
that has a massive impact on her life going forward.
So we have to plan differently. So we have to
talk about death markets critical well.
Speaker 3 (04:43):
And also that's why we always build a legacy plan
into our smart plan, because not only do we need
a plan that you know, one of one of the
two will not outlive their income because of an early death,
but we also want to have a good solid legacy
plan in place. If everything goes right, running out of
money is not an option, So that means there will
(05:05):
be money left, and we want to make sure that
you know, at the end of the day, everything goes
the way you want it to go. And so we're
going to work on building the legacy plan as well.
Speaker 6 (05:16):
Meet with us now dot com to learn more. Meet
with usnow dot com to learn more. The next one
on our list is mental health, and mental health has
gotten a lot of publicity. I think in the last
half decade or so, I've been a lot of talk
about mental health, COVID and all the things are going
on causing people some issues. But one of the things
that's interesting, Matt is sometimes somebody comes in and they
are super excited. They can't wait to retire. Others their
(05:39):
identities based around what they did as a job, and
they're having a hard time making that transition. So mental
health how.
Speaker 2 (05:45):
Important, critically important early in retirement to understand that you're
transitioning from, especially for men, from being the provider to
now you can stay at home, stay in your pj's
till noon and watch Gunsmoke. We've talked about this before.
I love gun Smoke, Matt Dillon, but you have to
have your identity even after retirement. So mental health is important.
(06:09):
And I'll tell you, Christy, some of the toughest conversations
we have though our clients who became our clients fifteen
years ago. If one of them starts really mentally slipping,
it's our duty to look the spouse in the eye
and say, you know, I'm concerned about filling the blank, Bob.
He doesn't seem to really understand what I'm telling him,
(06:31):
but it happens, and we have to have that conversation,
don't we, Christy.
Speaker 8 (06:35):
We absolutely do.
Speaker 3 (06:36):
And one of the things that we've seen recently just
since COVID is many people were forced to retire earlier
than they planned and We're seeing a lot of those
people struggle with just the situation that they're in. You know,
life often throws us curveballs, and those curveballs can cause
(06:58):
us to have mental struggles. So I think it's really
important that we understand.
Speaker 8 (07:03):
Not only is knowing you.
Speaker 3 (07:06):
Can retire with the amount of money that you need important,
but it's also important to understand are you mentally ready
to retire, because often people will be forced into retirement now,
but they're not really ready to retire mentally, and that
causes problems, which is going to bring us even into
the next issue.
Speaker 2 (07:28):
Mark you know what that one is?
Speaker 6 (07:30):
That would be divorce.
Speaker 2 (07:31):
I'm going to the big deal. And don't mean Dallas.
Who sang that song? Wasn't that Alan? Come on, Christy
help me. You know country music? Who's sang That's Alan Jackson?
That was it? So divorce is a big deal. Check
out the statistic. Over the past thirty years, the divorce
rate after age fifty has doubled in America. We see
(07:53):
couples in their eighties getting divorced now they've had it
with each other. So we have to have a conversation
about that. You guys planning on stay and Mary or
is there some friction underneath that we have to know
because divorce changes everyone's retirement picture, right, Christy.
Speaker 3 (08:10):
Yeah, do you think that the divorce rate is getting
higher because people are living so much longer, The kids
are getting, you know, out of the door. They've met
those obligations for the kids, and now people are all
of a sudden saying I can live another thirty years
and enjoy my life differently.
Speaker 2 (08:26):
I think that's part.
Speaker 8 (08:27):
I think that's a big part of it.
Speaker 2 (08:28):
Yeah, I think there's more there's more independence feeling. Yeah, true,
but we're seeing it and you have to plan for that,
you sure do.
Speaker 6 (08:34):
Here's another one on our list of taboo topics that
is relationships. And this could be all right. Wife was
already retired, husband now retires. She's going, Man, he's in
the kitchen all the time, Get out of my kitchen. Right,
They're not used to being around twenty four to seven.
Maybe because one has worked and one is not. Maybe
or they've retired at different times. Then, but it's also
the relationship. Hey, Like, my sister has four kids, four
(08:57):
girls who all have two to four kids themselves. Wow,
So grandma is basically a babysitter there, and there was
some friction every once in a while when they say, hey, mom,
can you watch a kid and she'd say, Nope, I can't.
I got things I'm doing and it costs. So the relationships,
you can go a lot of different ways with this one.
Speaker 2 (09:13):
We could spend an entire show on this, maybe two
or three. Can I say what I think is the
most important thing? And I know this cuts deep, but
here it goes. Folks, don't let your children or grandchildren
or your extended family blow up your retirement. We all
want to help, right there are situations where we have
(09:35):
to help raise a grandchild, help maybe help get a
kid out of trouble or something. Be very careful if
you don't seek some wise counsel from a financial advisor,
you can really make a mistake that can have detrimental
impact long term. So if you're struggling with well, do
I give them this or help with that? Let's talk
seven nine one five, seven seven three. I know we
(09:58):
only have a minute mark. So what is the last taboo?
Speaker 6 (10:01):
That's one we all know, and that would be why
did most people divorce?
Speaker 7 (10:05):
Money?
Speaker 2 (10:05):
Yep, Money's number one, cheating's number two. Right, So what
happens if you cheat with money, you're guaranteed to get
divorced money. It's amazing to me how many couples don't
talk a lot about their money. It's one of the
reasons that when we schedule our our first sit down
(10:26):
visit where we really want to understand your retirement visit. Sometimes,
for example, the gentleman will say, oh, well, you know what,
I'm working at the plant. My wife stays at home,
so I'll just meet you guys at one point thirty
because she's not interested in this, and Christy and I
always say no, she needs to come with you because
it's a team effort and if all those other taboos
(10:48):
aren't there, like you're getting divorced or something, we want
it to be a team effort. We're out of time
talk and sometimes if you don't feel comfortable talking to
each other, let us be the go between. We'll play
marriage counselor for the first session. Our number is seven
nine one five seven seven three, so that simple. You
call the number, leave a voicemail. We'll reach back out
(11:10):
to you at your best contact number early next week
and set up a time to visit. Or you can
set your own appointment online by visiting meetwi usnow dot com.
That's meet with us now dot com.
Speaker 6 (11:24):
The number again, as Matt said, is two two five
seven nine one fifty seven seventy three seven nine one
fifty seven seventy three. And you can always go to
the website and meet with usnow dot com. Schedule your
own appointment right there. Meet with usnow dot com. Glad
you're with us today for your money matters. Christy and
Matt back with more right after this.
Speaker 9 (11:46):
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.
Speaker 10 (11:58):
Call eight six y six three nine oh twelve fifty two.
Speaker 9 (12:02):
That's eight six six three nine oh twelve fifty two
to get a free fifteen minute meeting, or go to
Presleywealthmanagement dot com.
Speaker 2 (12:12):
Stop for a moment, think about this. Do you know
how much money in your four oh one k or
ira is actually your money all? Will the government take
a bigger chunk than you thought?
Speaker 7 (12:21):
Remember you still may.
Speaker 2 (12:23):
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 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
(12:45):
nine one five seven seven three. That's seven nine one
five seven seven three. Look, you work hard for your money,
will work just as hard to help you keep it.
Presley Wealth Management seven ninety one five seven seven three.
Speaker 9 (12:56):
Investment advisory services offer through eight Wealth Management LLC, a
registered investment advisor.
Speaker 11 (13:02):
Investing involves risk.
Speaker 9 (13:03):
Always consult with the qualified tax advisor before making any
decisions regarding a ROTH conversion, as there may be additional
tax considerations.
Speaker 10 (13:12):
Be smart when it comes to your retirement.
Speaker 9 (13:14):
Presley Wealth Management has a smart plan to help you
better understand the process.
Speaker 10 (13:19):
Set up your no consultation appointment.
Speaker 9 (13:21):
To get your smart planning in place, call eight sixty
six three nine oh twelve fifty two. That's eight six
six three nine oh twelve fifty two.
Speaker 6 (13:32):
Welcome back to your money matters with Christy Smith and
Matt Kennedy a Presley Wealth Management. Christy started the company
back in two thousand and six. I'm Mark Kelly. Glad
you're with us again. If you want to sit down
and talk with Christian and Matt and the team at
Presley Wealth about where you are on that road to retirement,
maybe already retire. To you ask some questions, meet with
usnow dot com. Meet with us now dot com. You
can always call two two five seven nine one fifty
(13:54):
seven seventy three. Two two five seven nine one fifty
seven seventy three. Hey, Christie, Matt, I think I've got enough.
I think I've got enough. Are we going to be okay?
Don't really know? Why not find out? I think this
could be one of the more important things that you do.
I is talking with a retirement planning team like Christian
Matt at Presley Wealth. Two two five seven nine to
one fifty seven seventy three. All right, We're going to
(14:16):
talk about something that we've talked about over the years.
We've been doing this show for a long time, probably
seven eight nine years. I don't even know, but you
think about it. We have touched on this subject before,
and I think it's kind of something to bring back.
It's kind of interesting, I think. And that's the three
stages of retirement. And Matt, I would assume basically everybody
goes through these three stages, right, the go go phase
(14:39):
the one they can't wait for, and you don't know
if that's let's say you're retired at sixty five. Are
you in the go go from sixty five to eighty
sixty five to seventy two? Don't know, right, because of
health and all that kind of stuff. But you have
the go go phase, and you have the slow go
phase where you can go, but yeah, I just don't
really feel like it. Then you get to the no
go phase where we really can't go anymore. Talk about
(14:59):
the go go I think that's the exciting part of retirement,
isn't it.
Speaker 2 (15:03):
It's the exciting part, But I would contend it's also
the most dangerous part. And by danger Christy, I don't
mean to sound negative, but here's what often happened. People
come in, you know, we sit, we talked, and the
couple says, Okay, here's our plan. In two years we're retiring,
and the good news is we'll only need half the
money we have now to live on. Really, have you've
(15:25):
done a budget? You positively know that because one of
the things Christy and I have discovered over the years
is number one, many people, lots of couples, underestimate what
they really need to spend in the first eight to
ten years the go go years of retirement because number one,
things are more expensive. And number two, we're not our parents.
(15:48):
You know, our parents are like, well, I'm retired now,
I'm or sit in a rocking chair and make me
a bacon, lettuce and tomato sandwich. That's my dad, not us. Right,
we go go and go going is right?
Speaker 8 (16:00):
Christy, Well, it truly is.
Speaker 3 (16:02):
And so when we think about the go go years,
there's several things we really got to think about. Number one,
where do your children live? Because I hear more often
than anything, Hey, I want to go spend time with
my grandchildren. And what we're seeing is more and more
often our kids are not living where we are any longer.
So we're wanting to travel more. Not only do we
(16:25):
want to travel to see our grandkids, but we actually
want to take our grandkids on vacation. We want to
take our entire family on vacation. You know, I can
remember twenty years ago when we would talk about the
vacations we plan to take our kids on. My mother
in law and father in law always thought we were
kind of crazy. We would go snow skiing the week
(16:47):
after Christmas. You know, we would do that instead of
buying a lot of junk for Christmas, because making those
memories with our family was more important. What we're hearing
now is we're hearing people want to take their families
on vacation. Well, that's expensive, and they want to pay
for it. So not only do they want to go,
but they want to pay for it. I'm also here
(17:08):
and I want to help pay for my kids education.
I'm actually are my grandkids' education. I'm actually doing that now.
You know, my daughter and son in law didn't need it,
didn't ask for it, but it certainly was important for
me and Rick to contribute. You know, we want to
(17:28):
feel like we're contributing to our grandchildren's future, and so
we're doing things differently than.
Speaker 8 (17:35):
We did twenty thirty years ago.
Speaker 3 (17:37):
And the go go years are I hate to say this,
but they're they're more go go than they've ever been,
you know, Matt you used to hate when I would
say you don't know what you don't know nobody and
you say, Christy, you sound terrible when you say that,
And I'm like, but you don't know what you don't know?
Speaker 8 (17:55):
And now you're like, oh, you are so right about that.
Speaker 3 (17:57):
Well, I'm saying the go go years or more go
going than they've ever been. And I think it's really
important when you're planning your retirement that you actually build
that into your retirement. It's important to face okay, like,
understand what is it we really want to do, and
then build that into your plan because if you don't
build it into your plan, what you're going to find
(18:19):
is your plan's going to blow up because you did
more than what you anticipated.
Speaker 6 (18:22):
And Christy, we know that seventy percent of Americans do
not have a retirement plan. Hey, you know, we created it.
We had a four one K at work.
Speaker 7 (18:30):
We had it.
Speaker 6 (18:30):
We're lucky enough maybe have a pension of work. We're
we're doing okay, we can figure this out. And they
don't really so sometimes they're not sure, I can they
take this trip? Can they get that car? They don't
really know. So they played a little safer because they
don't really have a plan. I think one of the benefits,
especially if you do have big ideas about traveling and
doing things in retirement, the plan that you walk people through,
(18:52):
I think is so important because now you know exactly
where you are. And I think sometimes people think, well,
Christy's going to tell us we can't do it. That's
not You're not gonna tell them, We're gonna say, here's
the situation. It's a math problem, basically, isn't it.
Speaker 3 (19:05):
It truly is, And so for me, you know, helping
people understand that transitioning from working to retirement is it
is a process. You know a lot of times people
will come in they're about to retire, they're really excited,
but yet they've got a lot of decisions to make,
and you know, unfortunately taking care of some of those
(19:29):
things can take as long as three months after a retirement.
So it truly is a transition, and I would say
it's a six month transition in my mind. You know,
it's a normal time period. But I think building in
in your budget the resources so that you can go
and do the things you dream of doing. If you
(19:50):
want to take your kids and your grandchildren on a vacation.
Let's build it into your budget. I think it's important
to talk about what is important to you in rechil
hirement with your spouse or significant other and then build
it into your plan.
Speaker 6 (20:04):
Hey, Christy, what you just said I think is obviously important.
But here's my question for you. Do we have to
wait till we're retired to take our family on a
vacation or do you promote? Hey, we don't know what
tomorrow holds. You've always dreamed of taking this trip, because
there was some friends of mine, their parents were having
their fiftieth wedding anniversary and they scheduled they were going
(20:26):
to both turn seventy five at the same time, and
so they had a huge trip. It was like the
German River Cruise or whatever, that Viking River Cruise or whatever.
And they put it off and put it off because
we're gonna do it on our fiftieth wedding anniversary we
both turned seventy five. They had it all set up,
and a month before they left, she got sick.
Speaker 2 (20:44):
They never made it.
Speaker 6 (20:45):
They never made it, and that's kind of the challenge.
We say, boy, this would be great, and then we
put things off and then all of a sudden you
never get a chance to.
Speaker 3 (20:52):
Do it, you know, Mark with going through the experience
that I went through with my sister passing away at fifty, suddenly,
it makes you realize how it's important to live every
day of your life like it's the last day. And
I think it's important that if you really dream of
(21:14):
going on those types of monumental vacations together as a family,
doing them as soon as possible is important because once
you enter the slogo years, you know, we've got the
go go years, and I really look at that as
like a ten year period, but then we go into
the slogo years, and slogo doesn't mean that you're not going.
(21:34):
It just means that you're not going to go as much.
I think putting off things that you really dream about
doing is a terrible mistake, and I learned that lesson
a long time ago. My first motor home was really
purchased out of emotions. My dad said, Honey, does he
ask you for much? And I said no, and he said,
(21:56):
well I wish I would have with your mom And
it made me, oh, wow, No, I mean it's that's
that conversation is embedded in my mind, so We're going
to encourage our clients to, you know, tell us what
their dreams are. Then we're going to work that into
their plan and we're going to try to encourage them
to do it while they can. You know, it's all
(22:17):
really about having a plan. And that's what we do
at Presley Wealth Management is we work with you. We
are a team to build your smart plan. Give us
a call at two two five seven nine one five
seven seven three and schedule a fifteen minute conversation. That's
the first step. And guys, we do this every day
(22:38):
and we'd love to help you.
Speaker 6 (22:39):
There's no cost to you. This is totally free, totally complimentary,
no cost to obligation, no pressure. Seven nine to one
fifty seven seventy three. So we're going to get into
the slogo of the Nogo years because you think, well,
I'm going to spend most of my money in the
no Goo years, Well maybe maybe not. Stay with us,
back with more with Christy and Matt. This is your
money matters.
Speaker 4 (23:01):
Uncle Sam might need a loan soon from you. We
have over thirty four trillion dollars in national debt. Where
do you think the money to pay for that's going
to come from taxes. Believe it or not. Taxes are
at historic lows right now, but how much longer will
that last? A roth Ira conversion might be a good
option when planning for your retirement because you can pay
(23:21):
lower taxes now and avoid potentially higher taxes later. Christy
Smith and the team at the Presley Group have seen
taxes rise and fall. They know what options you have
to potentially reduce the amount of taxes you pay in retirement.
Call the team at the Presley Group and schedule your
tax analysis today. Eight sixty six three nine zero twelve
fifty two. That's eight six six three nine zero one
(23:41):
two five to two. Uncle Sam needs money. Don't let
him take it from you. Eight six six three nine
zero twelve fifty two. Investment advisory services offer through a
wealth management LLC A RETCH should investment advisor. Investing involves risk.
Always consult with the qualifying tax advisor before making any
decisions regarding a roth conversion, as there may be a
disitional tax considerations.
Speaker 2 (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?
Speaker 7 (24:08):
All?
Speaker 2 (24:08):
Will the government take a bigger chunk than you thought.
Speaker 7 (24:10):
Remember, you still may.
Speaker 2 (24:12):
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 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
(24:34):
nine one five seven seven three. That's seven nine one
five seven seven three. Look, you work hard for your money,
will work just as hard to help you keep it.
Presley Wealth Management seven nine one five seven seven three.
Speaker 9 (24:45):
Investment Advisory services offer through a Wealth management LLSE, a
registered investment advisor.
Speaker 11 (24:51):
Investing involves risk.
Speaker 9 (24:52):
Always consult with a qualified tax advisor before making any
decisions regarding your ROTH conversion, as there may be additional
tax considerations. If you aren't able to listen to this
show in its entirety, go to Presleywealthmanagement dot com to
listen to this.
Speaker 10 (25:06):
And past radio shows.
Speaker 9 (25:08):
Otherwise, stick around to find out how Presleywealth Management will
help you retire with confidence.
Speaker 6 (25:17):
Glad you're with us today for your money matters with
Christy Smith and Matt Kennedy at Presley Wealth Management. You
can find out more Presleywealthmanagement dot com. Presleywealthmanagement dot com.
I'll find out about upcoming events, find out more about Christy,
Matt and the team. You can certainly get a lot
of great information on that website if you want to
sit down and talk with them. You just want to
have a conversation, Maybe you want to have a just
start with a phone call. Hey, we got some questions,
(25:38):
got some concerns. What do you guys think it is?
Meetw usnow dot com. Meet with usnow dot com. I'm
Mark Kelly Glad you're with us. We're talking about the
three stages of retirement. We will all go through these.
We just don't really know how long we're going to
be in each one. You got the go go years,
you know, think about the bucket list that you've always
dreamed of being able to do in retirement. Are you
going to be in that for five years, fifteen years,
(26:01):
maybe it's ten, maybe it's from sixty five to seventy five.
Then you get into the slogo years you can still go.
You just don't really want to go as much. You're
not gonna be as active as the go go years.
You still do things physically, but maybe you're around home more,
maybe you're around the grandkids more, you're more mis settled.
Then you get to the Nogo years and you really
can't go anymore. And I think a lot of times
(26:23):
people think, Okay, we're gonna go take these trips and
those trips, and we're gonna really be active. And then
once we get to the slogo and Nogo years, well,
we're not gonna spend hard le any money at all. Then,
because we're not doing anything. That's far from the truth,
isn't it, Matt, It's far from the truth.
Speaker 2 (26:39):
A couple of things happen, so you slow down some, right,
and maybe you've had some fun, you've spent some money,
and you suddenly.
Speaker 8 (26:47):
Realize, wait, hold on a second.
Speaker 2 (26:50):
You know, we played hard through our mid to late
sixties and early seventies, and all of a sudden, I notice,
why are my taxes going up so much much? Well,
don't forget about our little friend, mister required minimum distribution. See,
when you turn a certain age, it used to be
(27:10):
aged seventy and a half. The law has changed. For
most of you listening now, the age is seventy three
and if you were born in nineteen sixty or later,
then your required minimum distribution age will be aid seventy five.
So what's the deal. Well, the government has let you
save into four oh one ks and iras for years
(27:31):
and years and years. And what happened when you had
that job and you put your ten twenty thousand and
thirty thousand a year in You got a tax break.
You got to write that off of your income, and
you got your tax break. Well, you know right that
when you pull money out of your iras four oh
one case, simple iras, set plans, pensions, et cetera, that
(27:54):
money is always taxable.
Speaker 7 (27:57):
But when you reached.
Speaker 2 (27:58):
That magic age, let's just use seventy three. Seventy three
is a good age for most of you. You've slowed down.
But now all of a sudden, Uncle Sam is making
you take a required minimum amount. Maybe let's just say
I'm making up a number. You got two million dollars, Okay,
that required minimum will be almost eighty grand.
Speaker 7 (28:20):
So maybe you.
Speaker 2 (28:21):
Were living on eighty grand when you were going. But
now you're like, ah, life's easy. We can basically live
on Social Security. Praise the Lord, our taxes will be lower.
And then all of a sudden you're forced to take
out eighty thousand dollars that you don't need, right Christy,
because you've slowed down. Then you realize, oh, my goodness,
I'm paying as much in taxes now as I was
(28:43):
when I was go going, or even when I was working.
So Christy, what we see this all the time? People
are shocked to realize that their taxes are probably going
to go up when they're slowing down. How do we
tackle that?
Speaker 3 (28:57):
Well, the first thing is is that and I want
to answer that, my Matt, But the thing is is
that I really want to stress you know, as.
Speaker 8 (29:04):
You get older and you're in the slogo.
Speaker 3 (29:06):
Years, what happens if one of you passes away in
a married couple, if you have a spouse pass away,
and you're being forced to take that same eighty thousand
and a required minimum distribution? Now you're actually filing taxes
as a single person versus married violent joint. So often
it is so beneficial for us to sit down and
(29:29):
look at do you need a tax plan? Because maybe
you know, most people are well a lot of people
are not familiar with IRMA IRMA penalties for medicare. You know,
I call it mother IRMA because none of us like
mother IRMA, and you want to try to avoid it
as much as you can. But the thing is is
(29:50):
that if you're in the go go years and you're
spending some of your money, is that the time the
tax plan. Many people decide, oh, I want to put
it off, Yes, and when I'm spending less, that's what
I'm gonna tax plan. But the reality is is maybe
while you are in the first ten years of your retirement,
maybe that's exactly the time you should consider tax planning
(30:12):
because you want to try to eliminate IRMA as quickly
as possible.
Speaker 6 (30:17):
So meet with us now dot com. If you'd like
to sit down with Christie Matt and the team at
Presley Wealth Management and talk about this. Meet with us
now dot com. Just set up a time for fifteen
to thirty minute phone call. Let's have a conversation. They
don't know if they can help you until you reach out,
so it's your opportunity to take advantage of this. It's complimentary.
Meet with usnow dot com and you think of the
slogo phase moving to the no go phase. Boy Matt
(30:42):
mitched long term care that is super expensive. My mom
went from living in a home, went to the retirement
community and unassisted living three grand a month. Then last year,
late in the year, she decided, well it's time for
a little unassisted living. She's got diabetes and it's really
hard to control up and down like crazy. So I
went to assist a living. Well, that three grand a
month became nine grand a month. I mean, that is
(31:03):
the there's expenses coming all the time. That's what I
think is such a such a challenge that we kind
of Christy where you're talking about people get from the
go go and now go. I'm not gonna spend as much.
I had a buddy of mine retired longtime insurance agent
for a well known company, and he sold his rental
home two years before he retired because he thought, well,
(31:24):
there's an herb attax. I know that, and it's two
years before, or he thought it was one. He said,
so if I do it two years, it's not a factor.
I said, well, it's a two year look back. I mean,
people that you think would know these things don't know.
You guys come in to help a lot with those
types of things as well.
Speaker 2 (31:38):
What's the old saying, Christy, it's not what you don't
know that hurts you. It's what you think you know,
but you really don't know that helps you.
Speaker 3 (31:47):
So to see, I make it sound so much easier.
You don't know what you don't know.
Speaker 7 (31:52):
Mark.
Speaker 3 (31:52):
I have to say that because Matt really hates it
when I say that.
Speaker 2 (31:56):
It's okay. I've learned to love it.
Speaker 6 (31:59):
But I do think that's I think we think we
know things, whether it's social scurity decisions, whether it's medicare decisions,
whether it's the you know, the seventy three, we have
to start doing the rm DS whatever. We think we
kind of understand it and we can google it, but
it's not You guys look and look much deeper than
just the surface of this stuff.
Speaker 7 (32:18):
Matt.
Speaker 6 (32:18):
I mean, you guys go in depth.
Speaker 7 (32:19):
You need to.
Speaker 6 (32:20):
As Christy has said all the time. You want to
find out what do you want to do in retirement,
what's your perfect day?
Speaker 2 (32:25):
How can we help? And I love to say this.
Our goal is always to start with the end in mind.
You know, it's most firms, when you sit down with
the average firm on the corner. It's all about, oh, well,
we have these great stocks or bonds or mutual funds
and we're going to make you x percent a year. Great, beautiful.
So they're doing one thing for you, right, they're doing
(32:47):
investment planning. Well, that's twenty percent of what you need
when it comes to retirement. They're they're buying and selling.
We're serving. And there's a difference because in investment planning
is one fifth of the help you need for retirement planning.
I mentioned them earlier. Where are my sources of income?
(33:08):
Show me on the screen what it looks like and
how much I can afford to draw? What does it
look like when we're in our late nineties do we
still have money left?
Speaker 7 (33:16):
Right?
Speaker 2 (33:17):
So it's not just about the investments. And if you're
working with someone and they never have conversations with you,
if you have an advisor and they never have conversations
about tax planning, they never have conversations about a state planning,
they never have conversations about medicare, they never have conversations
about maximizing your income. Then you're paying for investments. Wouldn't
(33:40):
you'd rather have a much more comprehensive approach. It's what
we do. Reach out to us at two two five
seven nine to one five seven, seven three, seven nine
one fifty seven seventy three will holler back at you
next week and Casey from the office will call and
set up a time for us to get together or
make your own appointment. We always start with a brief
(34:02):
phone call just to kind of get to know each other.
Then we'll set up a face to face meeting and
roll up our sleeves and get to rolling. Our number
is seven nine one five seven seven three, or online
it's meetwith us now dot com. That's meet with usnow
dot com.
Speaker 6 (34:20):
Glad you're with us today for your money matters with
Christian Matt. But with Presley Wealth Management, we're down to
our final segment. You are going to learn some inside
information on Christian Matt when we come back. Stay with
us back right after.
Speaker 9 (34:32):
This is the price tag on everything giving you sticker shock,
from groceries to gas.
Speaker 10 (34:39):
The cost of living is skyrocketing.
Speaker 9 (34:42):
But if you think inflation is painful, now just wait
until you retire. Easy impact of inflation and start planning
now for your retirement. Called Presley Wealth Management at eight six, six,
three nine oh twelve fifty two. That's eight six six
three nine oh twelve fifty two.
Speaker 2 (35:02):
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? A will the government take
a bigger chunk than you thought?
Speaker 7 (35:12):
Remember, you still may.
Speaker 2 (35:13):
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 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
(35:36):
nine one five seven seven three. That's seven nine one
five seven seven three. Look, you work hard for your money,
will work just as hard to help you keep it.
Presley Wealth Management seven ninety one five seven seven three.
Speaker 9 (35:47):
Investment advisory services offer through a wealth management LLC, a
registered investment advisor.
Speaker 11 (35:53):
Investing involves risk.
Speaker 9 (35:55):
Always consult with the qualified tax advisor before making any
decisions regarding your roth convert 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 sure Presley Wealth is the right.
Speaker 10 (36:18):
Bit for you.
Speaker 9 (36:19):
You won't know until you call eight six six three
nine oh twelve fifty two.
Speaker 6 (36:27):
Welcome back to your money matters with Christy Smith and
Matt Kennedy of Presley Wealth Management. I'm Mark Elliott. If
you'd like to chat with them. You've got questions. Boy,
I wonder if I can retire, Do I have enough?
Weill my loved one's be okay? If something happens to me,
just go to meet with usnow dot com. Set up
your own fifteen twenty minute conversation with the team then
to see if you need to maybe come in and
sit down and actually have a full blown smart plan
(36:47):
built for you. So, Christy, I'll start with you. And
this is something that I know is near and dear
to your heart. That would be taxes. Christy, how do
I figure out how much I'll have to pay in
taxes in retirement? Oh it's easy. It's gonna to be less,
that's right.
Speaker 3 (37:02):
Guess more well, I think one of the things that
you need to do is is you need to look
at what are your sources of income going to be.
You know, when we determine how much you want to
live on monthly, how are you going to fund that?
Because are you going to be taking that from Social
Security benefits alone, are you going to be receiving a
pension payment, or are you going to be supplementing those
sources of income with money from pre tax buckets? Maybe
(37:26):
you've saved some in after tax money. So I think
the first way of understanding you know, what am I
going to pay in terms of taxes in retirement immediately
is going to be where are your income sources coming
from and how are they taxed?
Speaker 8 (37:41):
That's number one.
Speaker 3 (37:41):
But I think it's very important that we be proactive
in looking at, you know, what type of taxes are
we going to be paying in the future, because we
know that as it stands today, we will be paying
taxes at a higher rate beginning January one, twenty twenty six.
So I think we start off with the basin how
are we going to be taxed right now based on
(38:02):
our true need and.
Speaker 8 (38:04):
Sources of income?
Speaker 3 (38:05):
But then we start looking at how will we be
taxed in the future at a higher tax rate, or
you know, how will we be taxed when we're forced
to take money from pre tax accounts that maybe we
didn't actually need, you know, so it's looking in advance.
Speaker 6 (38:19):
Yeah, so things might change. We need that RMD age.
Required minimum distribution age right now is seventy three. I'm
sixty four. My RMD age will be seventy five because
in twenty thirty three it bounces to seventy five. So
what are you going to do? Your taxes will change
when you get to that point. Matt, here's a question
for you. What do I do with my four oh
one K after I retire? Now, I imagine if you
(38:40):
retire early, younger than say fifty nine and a half,
it's a different answer than if you retire after that age.
Speaker 2 (38:48):
So you actually have two options. Well three number one,
you can leave it in the four oh one K.
Some people do that. You can do that. The problem
is you typically end up paying a good bit more
because when you're in a four oh one K, your
employee your employee or sorry, they pick up a lot
of the cost of the funds and things. But once
you leave the full burdens on you, and it can
(39:09):
be more expensive than you might imagine. Also, you have
very limited investments, right, I mean typically you're only going
to have mutual funds, Whereas if you move the money
into an individual retirement account, you don't pay taxes because
we roll the money. It's called a trustee to trustee transfer.
If your four oh one K is with Empower or
(39:29):
Fidelity or Vanguard, it moves into a with us, it's
Charles schwab Ira. Well that's a transfer. So what's the advantage. Well,
we have more investment choices, we have the ability to
much better manage risk. So you can roll it, you
can leave it. Those are two options. I guess option
(39:49):
three would be you could just go cash the whole
darn thing out and pay taxes. But most people don't
do that, do they, Christy.
Speaker 3 (39:54):
So one of the questions we get often is, you know,
if we want to retire before age fifty nine and
a half, or are we going to pay that added
ten percent tax penalty if we're using pre tax money
to live on the answer is, it depends on how
you do it. And so typically, because we're seeing more
and more people come in that are wanting to retire
(40:18):
before age fifty nine and a half. Believe it or not,
we're seeing a lot more people in that situation. So
a lot of times what we're able to do is
we're able to say, Okay, look, you're able to draw
income from your four to oh one K company if
you leave money in that plan, and you're not going
to pay the added ten percent penalty because there's a
(40:38):
special ruling that says if you retire at fifty five
or or older, but before fifty nine and a half,
if you draw income directly from the four oh one K,
the IRS will not assess that ten percent penalty to you.
Speaker 2 (40:52):
I want to stress that again, So if you leave
a job at fifty and you start a new job
and retire at fifty six, you can't draw from the
four oh one K that you left at age fifty.
But if you're working I'll use Turner Industries as an example.
You're working there, you turn fifty five, and your four
oh one K is at Turner. When you turn fifty
(41:14):
five and you retire, say at fifty five fifty five
and a half, you can set up withdrawals from the
four to oh one K without the ten percent penalty.
But what if you have a million bucks there, Well,
we look and say how much do you need a year?
We might move some of the money into an IRA
to hedge the risk, work on tax planning, create lifetime
(41:34):
income for when you are fifty nine and a half.
Be careful when you move the money to an IRA.
Fifty nine and a half comes into play. But we
leave enough money in the four oh one K that
you have income or if you have an emergency, you
can draw from it. It's all about having a strategy.
It's your now money and your later money.
Speaker 3 (41:52):
And there are some companies that won't allow you if
you if you retire from a company at you know,
fifty six years old and you need to draw income
from the four oh one KY, they won't allow you to.
Speaker 8 (42:06):
Move any of it out.
Speaker 3 (42:07):
So it's a matter of learning the facts and I
think knowledge is powerful.
Speaker 6 (42:13):
So again, meet with usnow dot com to learn about
your situation. Meet with us now dot com or you
can always call the team at seven nine to one
fifty seven seventy three. All right, here's just some fun questions.
Wrap up today's show, Christy your biggest industry frustration. Then
matt yours, Christy, go go ahead, biggest industry frustrating.
Speaker 3 (42:32):
Oh my gosh, that you're putting me on the spot there.
Oh wow, this is big in our industry, in our
because it depends on how you look at this question.
Let's just put it in a client's perspective, okay, because
that that's taken regulatory out of the mix.
Speaker 8 (42:46):
Let's say in the.
Speaker 3 (42:48):
Biggest frustration is that people they they fear getting advice
because they fear they're going to be sold something. And
often they put off getting advice, where if they if
they came and god advice at an earlier age, they
could have made changes inside of their plans while they're
still working. That would have made a big difference in retirement.
Speaker 7 (43:09):
For me.
Speaker 2 (43:09):
It's the same thing. It's the belief that we're all
sales clowns, and there are lots of sales clowns out
there who don't do the right thing, and then there
are people who actually care and do the right thing.
And it sounds like I'm bragging, but that's us. That's
what we do. I mean, I don't chase people around.
Christy doesn't sell you know, rainbow vacuums and cutco knives,
(43:29):
although I own those and love them. We're not going
to chase you down. Here are the facts. Here's what
we can help you do. Do you need our help? Boom?
Speaker 7 (43:36):
Okay?
Speaker 2 (43:37):
First job, first job? First job, I worked at the
Western Auto in Erwinville, sweeping the parking lot and stocking
the shelves.
Speaker 3 (43:46):
My first job was at Blinking Ship Drugs in Baker
and I worked in the pharmacy as a cashier.
Speaker 8 (43:54):
All right, all.
Speaker 6 (43:55):
Right, favorite sports team?
Speaker 2 (43:57):
Well, it's easy to the Saints. I'm an NFL fan,
So the Saints are number one. LSU football or any
LSU sports right there at.
Speaker 3 (44:04):
Number two, I was gonna say LSU is my favorite team.
My favorite sport I would have to say is football.
Speaker 6 (44:11):
Let's hope the women's team doesn't fight Plath That how
was ugly?
Speaker 8 (44:15):
Yeah?
Speaker 2 (44:16):
How many pets do you have? Final menu?
Speaker 3 (44:18):
Oh my god, you got to ask Matthews first so
I can count all my mind.
Speaker 2 (44:21):
I'm going to count your horses. We have, well, we
have two. We have mea the border Collie, who's ten,
and we also have a little Yorkie who runs the house.
Her name is Penny and she's five and she's just
so bad.
Speaker 3 (44:34):
I have to say over ten. And that's because we
have chew dogs. My favorite dog is Millie, a little corgy,
and so we have chew dogs. We have a cat,
and then we have a lot of horses. My favorite
horse is Jerry.
Speaker 6 (44:49):
Jerry's the favorite.
Speaker 8 (44:50):
Jerry Maguire partial to Jerry.
Speaker 6 (44:53):
All right, all right, that'll wrap that up. Why don't
you go ahead and remind people how to get ahold
of you they have any questions about where they are
on their road to retirement.
Speaker 2 (45:00):
Ways www dot meetwith usnow dot com. You can set
up a fifteen minute phone call just to talk, so
that's meetwith usnow dot com. Or leave us a voicemail
and we'll grab it on Monday and reach back out
to you during the week. Where at seven nine one
five seven seven three. That's seven nine one five seven
seven three, God bless, have a great weekend.
Speaker 10 (45:21):
Be smart when it comes to retirement.
Speaker 9 (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 oh twelve fifty two. 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 advice.
Speaker 9 (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. It offers products and
services through AE Wealth Management LLCAWM, a registered investment advisor.
AWM does not offer insurance products. The insurance products offered
(46:09):
by the Pressley Group are not subject to investment advisor requirements.
AWM and the Pressley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial strength and claims paying abilities of the
issuing carrier. This radio show is intended for informational purposes only.
(46:32):
It is not intended to be used as a sole
basis for financial decisions, nor should it be construed as
advice designed to meet the particular needs of an individual situation.
The Presley Group is not permitted to offer, and no
statement made during the show shall constitute tax or legal advice.
Our firm is not affiliated with, or endorsed by the
US government or any governmental agency. The information and opinions
contained herein provided by third parties have been obtained from
(46:53):
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group.
Speaker 10 (46:58):
This radio show is a paid placement
When the news is national.
Speaker 2 (00:01):
SOB, security system volatility, global turmoil, interest rates, Rock Dan
Wall Street.
Speaker 1 (00:05):
Your money matters. When it's Louisiana local serving the Greater
Baton Rouge area, your money matters. And when it's your
time to retire, Presley Wealth Management presents your Money Matters
with Christy Smith.
Speaker 3 (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 fledged retirement plan.
Speaker 2 (00:30):
And Matt Kennedy, maybe you're thinking, hmm, should I take
Social Security at sixty two? At sixty seven it's seventy.
These are things you don't do every day. It's what
we do every day.
Speaker 1 (00:40):
The conversation starts now this is your money Matters.
Speaker 4 (00:49):
Welcome to your money Matters.
Speaker 5 (00:51):
I'm Mark Elliott here with the founder of Presley Wealth Management,
that is Christy Smith. We're here with Matt Kennedy as well.
Matt at Investment Advisor Representative. He's got other titles as well.
He's been with Christy since two thousand and eight. Christie
started Presley Wealth back in two thousand and six. You
can always go to the website to learn more Presleywealthmanagement
dot com. Presleywealthmanagement dot com.
Speaker 6 (01:13):
Uh, if you'd like to just give the team a
holler and say, hey, I've got a couple questions. What
do you think, Christy? What do you think?
Speaker 4 (01:19):
Matt?
Speaker 6 (01:20):
It's meeting with us now dot com. Meet with us
now dot com. And of course you can always give
the team a call it two two, five, seven, nine
one fifty seven seventy three. I Mark, Kelly, glad you're
with us. There are certain things that you really are
not supposed to bring up at a dinner party. Religion
politics would probably be the top two. We're going to
talk about some of the taboo topics that really we
(01:40):
don't really want to talk about there, but they're a
big part of retirement planning. Christie, you know.
Speaker 2 (01:45):
You don't talk about religion and politics at every Thanksgiving dinner? Well,
you say, with you, Mark, you should.
Speaker 7 (01:50):
I guess you can.
Speaker 2 (01:51):
Maybe that's why no one comes over for thanks stunning
Just kidding.
Speaker 6 (01:56):
Yes, So here you go the top five of our
taboo topics.
Speaker 2 (02:01):
But they're really important.
Speaker 6 (02:02):
I think Christy, when you sit down and talk with somebody,
you don't want to bring up this topic. But I
mean You're not just giving them the retirement money map
and saying good luck, I hope everything works out. You're
going to stay with them through the end of their retirement.
The Presley Wealth Manager team is going to be a
part of this and adjust that plan as needed. But
number five on the list of taboo topics is death
(02:23):
and thinking about death and dying is difficult in general,
but it's certainly not a fun conversation to have. But
you have to figure if, especially a married couple, right,
what's going to happen to the surviving spouse? How do
you deal with death?
Speaker 3 (02:37):
Well, often the first thing we have to face is
the fact that when one spouse dies, typically the other
spouse is going to lose income. And you know, most
people understand that because if a husband and wife are
drawing Social Security benefits and one passes away, it's understandable
that you're going to lose a Social Security income check.
(03:00):
But the reality is is most people don't like to
talk about death at all because they don't want to
face the fact that it will happen. We don't know when,
but it is a you know, it's one of those
things in life that's going to happen.
Speaker 8 (03:13):
At some point.
Speaker 3 (03:14):
But I think it's really important to not only build
a plan that's going to help give you the highest
possibility of a successful retirement, but we also need to
build a plan that says, what if one one spouse
passes away at a young age, what's young to me?
Speaker 7 (03:31):
Young?
Speaker 8 (03:31):
You know, seventy seventy five years.
Speaker 6 (03:33):
Old, and Christy, you think about it. We've talked about
this before. The average age of a US widow fifty nine.
Speaker 2 (03:39):
That's shocking.
Speaker 8 (03:41):
That is a shocking statistic.
Speaker 2 (03:44):
When we run our retirement money map, we're able to
actually run several scenarios and one of the things we
often run into is, ladies, how many of you have
maybe been a school teacher, right, and so you're going
to have a pension from the state when you retire,
but you're going to have very little social security. Well,
(04:05):
thanks to something inside of social Security called the government
pension offset, you may very well give up all our
most of your husband's social security if he dies before you. Christy.
A lot of people don't understand how that works, and
we've seen situations where, you know, if the husband passes away,
(04:27):
the wife continues getting her school teacher pension, but she
loses maybe several thousand dollars a month of social security
that has a massive impact on her life going forward.
So we have to plan differently. So we have to
talk about death markets critical well.
Speaker 3 (04:43):
And also that's why we always build a legacy plan
into our smart plan, because not only do we need
a plan that you know, one of one of the
two will not outlive their income because of an early death,
but we also want to have a good solid legacy
plan in place. If everything goes right, running out of
money is not an option, So that means there will
(05:05):
be money left, and we want to make sure that
you know, at the end of the day, everything goes
the way you want it to go. And so we're
going to work on building the legacy plan as well.
Speaker 6 (05:16):
Meet with us now dot com to learn more. Meet
with usnow dot com to learn more. The next one
on our list is mental health, and mental health has
gotten a lot of publicity. I think in the last
half decade or so, I've been a lot of talk
about mental health, COVID and all the things are going
on causing people some issues. But one of the things
that's interesting, Matt is sometimes somebody comes in and they
are super excited. They can't wait to retire. Others their
(05:39):
identities based around what they did as a job, and
they're having a hard time making that transition. So mental
health how.
Speaker 2 (05:45):
Important, critically important early in retirement to understand that you're
transitioning from, especially for men, from being the provider to
now you can stay at home, stay in your pj's
till noon and watch Gunsmoke. We've talked about this before.
I love gun Smoke, Matt Dillon, but you have to
have your identity even after retirement. So mental health is important.
(06:09):
And I'll tell you, Christy, some of the toughest conversations
we have though our clients who became our clients fifteen
years ago. If one of them starts really mentally slipping,
it's our duty to look the spouse in the eye
and say, you know, I'm concerned about filling the blank, Bob.
He doesn't seem to really understand what I'm telling him,
(06:31):
but it happens, and we have to have that conversation,
don't we, Christy.
Speaker 8 (06:35):
We absolutely do.
Speaker 3 (06:36):
And one of the things that we've seen recently just
since COVID is many people were forced to retire earlier
than they planned and We're seeing a lot of those
people struggle with just the situation that they're in. You know,
life often throws us curveballs, and those curveballs can cause
(06:58):
us to have mental struggles. So I think it's really
important that we understand.
Speaker 8 (07:03):
Not only is knowing you.
Speaker 3 (07:06):
Can retire with the amount of money that you need important,
but it's also important to understand are you mentally ready
to retire, because often people will be forced into retirement now,
but they're not really ready to retire mentally, and that
causes problems, which is going to bring us even into
the next issue.
Speaker 2 (07:28):
Mark you know what that one is?
Speaker 6 (07:30):
That would be divorce.
Speaker 2 (07:31):
I'm going to the big deal. And don't mean Dallas.
Who sang that song? Wasn't that Alan? Come on, Christy
help me. You know country music? Who's sang That's Alan Jackson?
That was it? So divorce is a big deal. Check
out the statistic. Over the past thirty years, the divorce
rate after age fifty has doubled in America. We see
(07:53):
couples in their eighties getting divorced now they've had it
with each other. So we have to have a conversation
about that. You guys planning on stay and Mary or
is there some friction underneath that we have to know
because divorce changes everyone's retirement picture, right, Christy.
Speaker 3 (08:10):
Yeah, do you think that the divorce rate is getting
higher because people are living so much longer, The kids
are getting, you know, out of the door. They've met
those obligations for the kids, and now people are all
of a sudden saying I can live another thirty years
and enjoy my life differently.
Speaker 2 (08:26):
I think that's part.
Speaker 8 (08:27):
I think that's a big part of it.
Speaker 2 (08:28):
Yeah, I think there's more there's more independence feeling. Yeah, true,
but we're seeing it and you have to plan for that,
you sure do.
Speaker 6 (08:34):
Here's another one on our list of taboo topics that
is relationships. And this could be all right. Wife was
already retired, husband now retires. She's going, Man, he's in
the kitchen all the time, Get out of my kitchen. Right,
They're not used to being around twenty four to seven.
Maybe because one has worked and one is not. Maybe
or they've retired at different times. Then, but it's also
the relationship. Hey, Like, my sister has four kids, four
(08:57):
girls who all have two to four kids themselves. Wow,
So grandma is basically a babysitter there, and there was
some friction every once in a while when they say, hey, mom,
can you watch a kid and she'd say, Nope, I can't.
I got things I'm doing and it costs. So the relationships,
you can go a lot of different ways with this one.
Speaker 2 (09:13):
We could spend an entire show on this, maybe two
or three. Can I say what I think is the
most important thing? And I know this cuts deep, but
here it goes. Folks, don't let your children or grandchildren
or your extended family blow up your retirement. We all
want to help, right there are situations where we have
(09:35):
to help raise a grandchild, help maybe help get a
kid out of trouble or something. Be very careful if
you don't seek some wise counsel from a financial advisor,
you can really make a mistake that can have detrimental
impact long term. So if you're struggling with well, do
I give them this or help with that? Let's talk
seven nine one five, seven seven three. I know we
(09:58):
only have a minute mark. So what is the last taboo?
Speaker 6 (10:01):
That's one we all know, and that would be why
did most people divorce?
Speaker 7 (10:05):
Money?
Speaker 2 (10:05):
Yep, Money's number one, cheating's number two. Right, So what
happens if you cheat with money, you're guaranteed to get
divorced money. It's amazing to me how many couples don't
talk a lot about their money. It's one of the
reasons that when we schedule our our first sit down
(10:26):
visit where we really want to understand your retirement visit. Sometimes,
for example, the gentleman will say, oh, well, you know what,
I'm working at the plant. My wife stays at home,
so I'll just meet you guys at one point thirty
because she's not interested in this, and Christy and I
always say no, she needs to come with you because
it's a team effort and if all those other taboos
(10:48):
aren't there, like you're getting divorced or something, we want
it to be a team effort. We're out of time
talk and sometimes if you don't feel comfortable talking to
each other, let us be the go between. We'll play
marriage counselor for the first session. Our number is seven
nine one five seven seven three, so that simple. You
call the number, leave a voicemail. We'll reach back out
(11:10):
to you at your best contact number early next week
and set up a time to visit. Or you can
set your own appointment online by visiting meetwi usnow dot com.
That's meet with us now dot com.
Speaker 6 (11:24):
The number again, as Matt said, is two two five
seven nine one fifty seven seventy three seven nine one
fifty seven seventy three. And you can always go to
the website and meet with usnow dot com. Schedule your
own appointment right there. Meet with usnow dot com. Glad
you're with us today for your money matters. Christy and
Matt back with more right after this.
Speaker 9 (11:46):
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.
Speaker 10 (11:58):
Call eight six y six three nine oh twelve fifty two.
Speaker 9 (12:02):
That's eight six six three nine oh twelve fifty two
to get a free fifteen minute meeting, or go to
Presleywealthmanagement dot com.
Speaker 2 (12:12):
Stop for a moment, think about this. Do you know
how much money in your four oh one k or
ira is actually your money all? Will the government take
a bigger chunk than you thought?
Speaker 7 (12:21):
Remember you still may.
Speaker 2 (12:23):
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 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
(12:45):
nine one five seven seven three. That's seven nine one
five seven seven three. Look, you work hard for your money,
will work just as hard to help you keep it.
Presley Wealth Management seven ninety one five seven seven three.
Speaker 9 (12:56):
Investment advisory services offer through eight Wealth Management LLC, a
registered investment advisor.
Speaker 11 (13:02):
Investing involves risk.
Speaker 9 (13:03):
Always consult with the qualified tax advisor before making any
decisions regarding a ROTH conversion, as there may be additional
tax considerations.
Speaker 10 (13:12):
Be smart when it comes to your retirement.
Speaker 9 (13:14):
Presley Wealth Management has a smart plan to help you
better understand the process.
Speaker 10 (13:19):
Set up your no consultation appointment.
Speaker 9 (13:21):
To get your smart planning in place, call eight sixty
six three nine oh twelve fifty two. That's eight six
six three nine oh twelve fifty two.
Speaker 6 (13:32):
Welcome back to your money matters with Christy Smith and
Matt Kennedy a Presley Wealth Management. Christy started the company
back in two thousand and six. I'm Mark Kelly. Glad
you're with us again. If you want to sit down
and talk with Christian and Matt and the team at
Presley Wealth about where you are on that road to retirement,
maybe already retire. To you ask some questions, meet with
usnow dot com. Meet with us now dot com. You
can always call two two five seven nine one fifty
(13:54):
seven seventy three. Two two five seven nine one fifty
seven seventy three. Hey, Christie, Matt, I think I've got enough.
I think I've got enough. Are we going to be okay?
Don't really know? Why not find out? I think this
could be one of the more important things that you do.
I is talking with a retirement planning team like Christian
Matt at Presley Wealth. Two two five seven nine to
one fifty seven seventy three. All right, We're going to
(14:16):
talk about something that we've talked about over the years.
We've been doing this show for a long time, probably
seven eight nine years. I don't even know, but you
think about it. We have touched on this subject before,
and I think it's kind of something to bring back.
It's kind of interesting, I think. And that's the three
stages of retirement. And Matt, I would assume basically everybody
goes through these three stages, right, the go go phase
(14:39):
the one they can't wait for, and you don't know
if that's let's say you're retired at sixty five. Are
you in the go go from sixty five to eighty
sixty five to seventy two? Don't know, right, because of
health and all that kind of stuff. But you have
the go go phase, and you have the slow go
phase where you can go, but yeah, I just don't
really feel like it. Then you get to the no
go phase where we really can't go anymore. Talk about
(14:59):
the go go I think that's the exciting part of retirement,
isn't it.
Speaker 2 (15:03):
It's the exciting part, But I would contend it's also
the most dangerous part. And by danger Christy, I don't
mean to sound negative, but here's what often happened. People
come in, you know, we sit, we talked, and the
couple says, Okay, here's our plan. In two years we're retiring,
and the good news is we'll only need half the
money we have now to live on. Really, have you've
(15:25):
done a budget? You positively know that because one of
the things Christy and I have discovered over the years
is number one, many people, lots of couples, underestimate what
they really need to spend in the first eight to
ten years the go go years of retirement because number one,
things are more expensive. And number two, we're not our parents.
(15:48):
You know, our parents are like, well, I'm retired now,
I'm or sit in a rocking chair and make me
a bacon, lettuce and tomato sandwich. That's my dad, not us. Right,
we go go and go going is right?
Speaker 8 (16:00):
Christy, Well, it truly is.
Speaker 3 (16:02):
And so when we think about the go go years,
there's several things we really got to think about. Number one,
where do your children live? Because I hear more often
than anything, Hey, I want to go spend time with
my grandchildren. And what we're seeing is more and more
often our kids are not living where we are any longer.
So we're wanting to travel more. Not only do we
(16:25):
want to travel to see our grandkids, but we actually
want to take our grandkids on vacation. We want to
take our entire family on vacation. You know, I can
remember twenty years ago when we would talk about the
vacations we plan to take our kids on. My mother
in law and father in law always thought we were
kind of crazy. We would go snow skiing the week
(16:47):
after Christmas. You know, we would do that instead of
buying a lot of junk for Christmas, because making those
memories with our family was more important. What we're hearing
now is we're hearing people want to take their families
on vacation. Well, that's expensive, and they want to pay
for it. So not only do they want to go,
but they want to pay for it. I'm also here
(17:08):
and I want to help pay for my kids education.
I'm actually are my grandkids' education. I'm actually doing that now.
You know, my daughter and son in law didn't need it,
didn't ask for it, but it certainly was important for
me and Rick to contribute. You know, we want to
(17:28):
feel like we're contributing to our grandchildren's future, and so
we're doing things differently than.
Speaker 8 (17:35):
We did twenty thirty years ago.
Speaker 3 (17:37):
And the go go years are I hate to say this,
but they're they're more go go than they've ever been,
you know, Matt you used to hate when I would
say you don't know what you don't know nobody and
you say, Christy, you sound terrible when you say that,
And I'm like, but you don't know what you don't know?
Speaker 8 (17:55):
And now you're like, oh, you are so right about that.
Speaker 3 (17:57):
Well, I'm saying the go go years or more go
going than they've ever been. And I think it's really
important when you're planning your retirement that you actually build
that into your retirement. It's important to face okay, like,
understand what is it we really want to do, and
then build that into your plan because if you don't
build it into your plan, what you're going to find
(18:19):
is your plan's going to blow up because you did
more than what you anticipated.
Speaker 6 (18:22):
And Christy, we know that seventy percent of Americans do
not have a retirement plan. Hey, you know, we created it.
We had a four one K at work.
Speaker 7 (18:30):
We had it.
Speaker 6 (18:30):
We're lucky enough maybe have a pension of work. We're
we're doing okay, we can figure this out. And they
don't really so sometimes they're not sure, I can they
take this trip? Can they get that car? They don't
really know. So they played a little safer because they
don't really have a plan. I think one of the benefits,
especially if you do have big ideas about traveling and
doing things in retirement, the plan that you walk people through,
(18:52):
I think is so important because now you know exactly
where you are. And I think sometimes people think, well,
Christy's going to tell us we can't do it. That's
not You're not gonna tell them, We're gonna say, here's
the situation. It's a math problem, basically, isn't it.
Speaker 3 (19:05):
It truly is, And so for me, you know, helping
people understand that transitioning from working to retirement is it
is a process. You know a lot of times people
will come in they're about to retire, they're really excited,
but yet they've got a lot of decisions to make,
and you know, unfortunately taking care of some of those
(19:29):
things can take as long as three months after a retirement.
So it truly is a transition, and I would say
it's a six month transition in my mind. You know,
it's a normal time period. But I think building in
in your budget the resources so that you can go
and do the things you dream of doing. If you
(19:50):
want to take your kids and your grandchildren on a vacation.
Let's build it into your budget. I think it's important
to talk about what is important to you in rechil
hirement with your spouse or significant other and then build
it into your plan.
Speaker 6 (20:04):
Hey, Christy, what you just said I think is obviously important.
But here's my question for you. Do we have to
wait till we're retired to take our family on a
vacation or do you promote? Hey, we don't know what
tomorrow holds. You've always dreamed of taking this trip, because
there was some friends of mine, their parents were having
their fiftieth wedding anniversary and they scheduled they were going
(20:26):
to both turn seventy five at the same time, and
so they had a huge trip. It was like the
German River Cruise or whatever, that Viking River Cruise or whatever.
And they put it off and put it off because
we're gonna do it on our fiftieth wedding anniversary we
both turned seventy five. They had it all set up,
and a month before they left, she got sick.
Speaker 2 (20:44):
They never made it.
Speaker 6 (20:45):
They never made it, and that's kind of the challenge.
We say, boy, this would be great, and then we
put things off and then all of a sudden you
never get a chance to.
Speaker 3 (20:52):
Do it, you know, Mark with going through the experience
that I went through with my sister passing away at fifty, suddenly,
it makes you realize how it's important to live every
day of your life like it's the last day. And
I think it's important that if you really dream of
(21:14):
going on those types of monumental vacations together as a family,
doing them as soon as possible is important because once
you enter the slogo years, you know, we've got the
go go years, and I really look at that as
like a ten year period, but then we go into
the slogo years, and slogo doesn't mean that you're not going.
(21:34):
It just means that you're not going to go as much.
I think putting off things that you really dream about
doing is a terrible mistake, and I learned that lesson
a long time ago. My first motor home was really
purchased out of emotions. My dad said, Honey, does he
ask you for much? And I said no, and he said,
(21:56):
well I wish I would have with your mom And
it made me, oh, wow, No, I mean it's that's
that conversation is embedded in my mind, so We're going
to encourage our clients to, you know, tell us what
their dreams are. Then we're going to work that into
their plan and we're going to try to encourage them
to do it while they can. You know, it's all
(22:17):
really about having a plan. And that's what we do
at Presley Wealth Management is we work with you. We
are a team to build your smart plan. Give us
a call at two two five seven nine one five
seven seven three and schedule a fifteen minute conversation. That's
the first step. And guys, we do this every day
(22:38):
and we'd love to help you.
Speaker 6 (22:39):
There's no cost to you. This is totally free, totally complimentary,
no cost to obligation, no pressure. Seven nine to one
fifty seven seventy three. So we're going to get into
the slogo of the Nogo years because you think, well,
I'm going to spend most of my money in the
no Goo years, Well maybe maybe not. Stay with us,
back with more with Christy and Matt. This is your
money matters.
Speaker 4 (23:01):
Uncle Sam might need a loan soon from you. We
have over thirty four trillion dollars in national debt. Where
do you think the money to pay for that's going
to come from taxes. Believe it or not. Taxes are
at historic lows right now, but how much longer will
that last? A roth Ira conversion might be a good
option when planning for your retirement because you can pay
(23:21):
lower taxes now and avoid potentially higher taxes later. Christy
Smith and the team at the Presley Group have seen
taxes rise and fall. They know what options you have
to potentially reduce the amount of taxes you pay in retirement.
Call the team at the Presley Group and schedule your
tax analysis today. Eight sixty six three nine zero twelve
fifty two. That's eight six six three nine zero one
(23:41):
two five to two. Uncle Sam needs money. Don't let
him take it from you. Eight six six three nine
zero twelve fifty two. Investment advisory services offer through a
wealth management LLC A RETCH should investment advisor. Investing involves risk.
Always consult with the qualifying tax advisor before making any
decisions regarding a roth conversion, as there may be a
disitional tax considerations.
Speaker 2 (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?
Speaker 7 (24:08):
All?
Speaker 2 (24:08):
Will the government take a bigger chunk than you thought.
Speaker 7 (24:10):
Remember, you still may.
Speaker 2 (24:12):
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 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
(24:34):
nine one five seven seven three. That's seven nine one
five seven seven three. Look, you work hard for your money,
will work just as hard to help you keep it.
Presley Wealth Management seven nine one five seven seven three.
Speaker 9 (24:45):
Investment Advisory services offer through a Wealth management LLSE, a
registered investment advisor.
Speaker 11 (24:51):
Investing involves risk.
Speaker 9 (24:52):
Always consult with a qualified tax advisor before making any
decisions regarding your ROTH conversion, as there may be additional
tax considerations. If you aren't able to listen to this
show in its entirety, go to Presleywealthmanagement dot com to
listen to this.
Speaker 10 (25:06):
And past radio shows.
Speaker 9 (25:08):
Otherwise, stick around to find out how Presleywealth Management will
help you retire with confidence.
Speaker 6 (25:17):
Glad you're with us today for your money matters with
Christy Smith and Matt Kennedy at Presley Wealth Management. You
can find out more Presleywealthmanagement dot com. Presleywealthmanagement dot com.
I'll find out about upcoming events, find out more about Christy,
Matt and the team. You can certainly get a lot
of great information on that website if you want to
sit down and talk with them. You just want to
have a conversation, Maybe you want to have a just
start with a phone call. Hey, we got some questions,
(25:38):
got some concerns. What do you guys think it is?
Meetw usnow dot com. Meet with usnow dot com. I'm
Mark Kelly Glad you're with us. We're talking about the
three stages of retirement. We will all go through these.
We just don't really know how long we're going to
be in each one. You got the go go years,
you know, think about the bucket list that you've always
dreamed of being able to do in retirement. Are you
going to be in that for five years, fifteen years,
(26:01):
maybe it's ten, maybe it's from sixty five to seventy five.
Then you get into the slogo years you can still go.
You just don't really want to go as much. You're
not gonna be as active as the go go years.
You still do things physically, but maybe you're around home more,
maybe you're around the grandkids more, you're more mis settled.
Then you get to the Nogo years and you really
can't go anymore. And I think a lot of times
(26:23):
people think, Okay, we're gonna go take these trips and
those trips, and we're gonna really be active. And then
once we get to the slogo and Nogo years, well,
we're not gonna spend hard le any money at all. Then,
because we're not doing anything. That's far from the truth,
isn't it, Matt, It's far from the truth.
Speaker 2 (26:39):
A couple of things happen, so you slow down some, right,
and maybe you've had some fun, you've spent some money,
and you suddenly.
Speaker 8 (26:47):
Realize, wait, hold on a second.
Speaker 2 (26:50):
You know, we played hard through our mid to late
sixties and early seventies, and all of a sudden, I notice,
why are my taxes going up so much much? Well,
don't forget about our little friend, mister required minimum distribution. See,
when you turn a certain age, it used to be
(27:10):
aged seventy and a half. The law has changed. For
most of you listening now, the age is seventy three
and if you were born in nineteen sixty or later,
then your required minimum distribution age will be aid seventy five.
So what's the deal. Well, the government has let you
save into four oh one ks and iras for years
(27:31):
and years and years. And what happened when you had
that job and you put your ten twenty thousand and
thirty thousand a year in You got a tax break.
You got to write that off of your income, and
you got your tax break. Well, you know right that
when you pull money out of your iras four oh
one case, simple iras, set plans, pensions, et cetera, that
(27:54):
money is always taxable.
Speaker 7 (27:57):
But when you reached.
Speaker 2 (27:58):
That magic age, let's just use seventy three. Seventy three
is a good age for most of you. You've slowed down.
But now all of a sudden, Uncle Sam is making
you take a required minimum amount. Maybe let's just say
I'm making up a number. You got two million dollars, Okay,
that required minimum will be almost eighty grand.
Speaker 7 (28:20):
So maybe you.
Speaker 2 (28:21):
Were living on eighty grand when you were going. But
now you're like, ah, life's easy. We can basically live
on Social Security. Praise the Lord, our taxes will be lower.
And then all of a sudden you're forced to take
out eighty thousand dollars that you don't need, right Christy,
because you've slowed down. Then you realize, oh, my goodness,
I'm paying as much in taxes now as I was
(28:43):
when I was go going, or even when I was working.
So Christy, what we see this all the time? People
are shocked to realize that their taxes are probably going
to go up when they're slowing down. How do we
tackle that?
Speaker 3 (28:57):
Well, the first thing is is that and I want
to answer that, my Matt, But the thing is is
that I really want to stress you know, as.
Speaker 8 (29:04):
You get older and you're in the slogo.
Speaker 3 (29:06):
Years, what happens if one of you passes away in
a married couple, if you have a spouse pass away,
and you're being forced to take that same eighty thousand
and a required minimum distribution? Now you're actually filing taxes
as a single person versus married violent joint. So often
it is so beneficial for us to sit down and
(29:29):
look at do you need a tax plan? Because maybe
you know, most people are well a lot of people
are not familiar with IRMA IRMA penalties for medicare. You know,
I call it mother IRMA because none of us like
mother IRMA, and you want to try to avoid it
as much as you can. But the thing is is
(29:50):
that if you're in the go go years and you're
spending some of your money, is that the time the
tax plan. Many people decide, oh, I want to put
it off, Yes, and when I'm spending less, that's what
I'm gonna tax plan. But the reality is is maybe
while you are in the first ten years of your retirement,
maybe that's exactly the time you should consider tax planning
(30:12):
because you want to try to eliminate IRMA as quickly
as possible.
Speaker 6 (30:17):
So meet with us now dot com. If you'd like
to sit down with Christie Matt and the team at
Presley Wealth Management and talk about this. Meet with us
now dot com. Just set up a time for fifteen
to thirty minute phone call. Let's have a conversation. They
don't know if they can help you until you reach out,
so it's your opportunity to take advantage of this. It's complimentary.
Meet with usnow dot com and you think of the
slogo phase moving to the no go phase. Boy Matt
(30:42):
mitched long term care that is super expensive. My mom
went from living in a home, went to the retirement
community and unassisted living three grand a month. Then last year,
late in the year, she decided, well it's time for
a little unassisted living. She's got diabetes and it's really
hard to control up and down like crazy. So I
went to assist a living. Well, that three grand a
month became nine grand a month. I mean, that is
(31:03):
the there's expenses coming all the time. That's what I
think is such a such a challenge that we kind
of Christy where you're talking about people get from the
go go and now go. I'm not gonna spend as much.
I had a buddy of mine retired longtime insurance agent
for a well known company, and he sold his rental
home two years before he retired because he thought, well,
(31:24):
there's an herb attax. I know that, and it's two
years before, or he thought it was one. He said,
so if I do it two years, it's not a factor.
I said, well, it's a two year look back. I mean,
people that you think would know these things don't know.
You guys come in to help a lot with those
types of things as well.
Speaker 2 (31:38):
What's the old saying, Christy, it's not what you don't
know that hurts you. It's what you think you know,
but you really don't know that helps you.
Speaker 3 (31:47):
So to see, I make it sound so much easier.
You don't know what you don't know.
Speaker 7 (31:52):
Mark.
Speaker 3 (31:52):
I have to say that because Matt really hates it
when I say that.
Speaker 2 (31:56):
It's okay. I've learned to love it.
Speaker 6 (31:59):
But I do think that's I think we think we
know things, whether it's social scurity decisions, whether it's medicare decisions,
whether it's the you know, the seventy three, we have
to start doing the rm DS whatever. We think we
kind of understand it and we can google it, but
it's not You guys look and look much deeper than
just the surface of this stuff.
Speaker 7 (32:18):
Matt.
Speaker 6 (32:18):
I mean, you guys go in depth.
Speaker 7 (32:19):
You need to.
Speaker 6 (32:20):
As Christy has said all the time. You want to
find out what do you want to do in retirement,
what's your perfect day?
Speaker 2 (32:25):
How can we help? And I love to say this.
Our goal is always to start with the end in mind.
You know, it's most firms, when you sit down with
the average firm on the corner. It's all about, oh, well,
we have these great stocks or bonds or mutual funds
and we're going to make you x percent a year. Great, beautiful.
So they're doing one thing for you, right, they're doing
(32:47):
investment planning. Well, that's twenty percent of what you need
when it comes to retirement. They're they're buying and selling.
We're serving. And there's a difference because in investment planning
is one fifth of the help you need for retirement planning.
I mentioned them earlier. Where are my sources of income?
(33:08):
Show me on the screen what it looks like and
how much I can afford to draw? What does it
look like when we're in our late nineties do we
still have money left?
Speaker 7 (33:16):
Right?
Speaker 2 (33:17):
So it's not just about the investments. And if you're
working with someone and they never have conversations with you,
if you have an advisor and they never have conversations
about tax planning, they never have conversations about a state planning,
they never have conversations about medicare, they never have conversations
about maximizing your income. Then you're paying for investments. Wouldn't
(33:40):
you'd rather have a much more comprehensive approach. It's what
we do. Reach out to us at two two five
seven nine to one five seven, seven three, seven nine
one fifty seven seventy three will holler back at you
next week and Casey from the office will call and
set up a time for us to get together or
make your own appointment. We always start with a brief
(34:02):
phone call just to kind of get to know each other.
Then we'll set up a face to face meeting and
roll up our sleeves and get to rolling. Our number
is seven nine one five seven seven three, or online
it's meetwith us now dot com. That's meet with usnow
dot com.
Speaker 6 (34:20):
Glad you're with us today for your money matters with
Christian Matt. But with Presley Wealth Management, we're down to
our final segment. You are going to learn some inside
information on Christian Matt when we come back. Stay with
us back right after.
Speaker 9 (34:32):
This is the price tag on everything giving you sticker shock,
from groceries to gas.
Speaker 10 (34:39):
The cost of living is skyrocketing.
Speaker 9 (34:42):
But if you think inflation is painful, now just wait
until you retire. Easy impact of inflation and start planning
now for your retirement. Called Presley Wealth Management at eight six, six,
three nine oh twelve fifty two. That's eight six six
three nine oh twelve fifty two.
Speaker 2 (35:02):
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? A will the government take
a bigger chunk than you thought?
Speaker 7 (35:12):
Remember, you still may.
Speaker 2 (35:13):
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 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
(35:36):
nine one five seven seven three. That's seven nine one
five seven seven three. Look, you work hard for your money,
will work just as hard to help you keep it.
Presley Wealth Management seven ninety one five seven seven three.
Speaker 9 (35:47):
Investment advisory services offer through a wealth management LLC, a
registered investment advisor.
Speaker 11 (35:53):
Investing involves risk.
Speaker 9 (35:55):
Always consult with the qualified tax advisor before making any
decisions regarding your roth convert 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 sure Presley Wealth is the right.
Speaker 10 (36:18):
Bit for you.
Speaker 9 (36:19):
You won't know until you call eight six six three
nine oh twelve fifty two.
Speaker 6 (36:27):
Welcome back to your money matters with Christy Smith and
Matt Kennedy of Presley Wealth Management. I'm Mark Elliott. If
you'd like to chat with them. You've got questions. Boy,
I wonder if I can retire, Do I have enough?
Weill my loved one's be okay? If something happens to me,
just go to meet with usnow dot com. Set up
your own fifteen twenty minute conversation with the team then
to see if you need to maybe come in and
sit down and actually have a full blown smart plan
(36:47):
built for you. So, Christy, I'll start with you. And
this is something that I know is near and dear
to your heart. That would be taxes. Christy, how do
I figure out how much I'll have to pay in
taxes in retirement? Oh it's easy. It's gonna to be less,
that's right.
Speaker 3 (37:02):
Guess more well, I think one of the things that
you need to do is is you need to look
at what are your sources of income going to be.
You know, when we determine how much you want to
live on monthly, how are you going to fund that?
Because are you going to be taking that from Social
Security benefits alone, are you going to be receiving a
pension payment, or are you going to be supplementing those
sources of income with money from pre tax buckets? Maybe
(37:26):
you've saved some in after tax money. So I think
the first way of understanding you know, what am I
going to pay in terms of taxes in retirement immediately
is going to be where are your income sources coming
from and how are they taxed?
Speaker 8 (37:41):
That's number one.
Speaker 3 (37:41):
But I think it's very important that we be proactive
in looking at, you know, what type of taxes are
we going to be paying in the future, because we
know that as it stands today, we will be paying
taxes at a higher rate beginning January one, twenty twenty six.
So I think we start off with the basin how
are we going to be taxed right now based on
(38:02):
our true need and.
Speaker 8 (38:04):
Sources of income?
Speaker 3 (38:05):
But then we start looking at how will we be
taxed in the future at a higher tax rate, or
you know, how will we be taxed when we're forced
to take money from pre tax accounts that maybe we
didn't actually need, you know, so it's looking in advance.
Speaker 6 (38:19):
Yeah, so things might change. We need that RMD age.
Required minimum distribution age right now is seventy three. I'm
sixty four. My RMD age will be seventy five because
in twenty thirty three it bounces to seventy five. So
what are you going to do? Your taxes will change
when you get to that point. Matt, here's a question
for you. What do I do with my four oh
one K after I retire? Now, I imagine if you
(38:40):
retire early, younger than say fifty nine and a half,
it's a different answer than if you retire after that age.
Speaker 2 (38:48):
So you actually have two options. Well three number one,
you can leave it in the four oh one K.
Some people do that. You can do that. The problem
is you typically end up paying a good bit more
because when you're in a four oh one K, your
employee your employee or sorry, they pick up a lot
of the cost of the funds and things. But once
you leave the full burdens on you, and it can
(39:09):
be more expensive than you might imagine. Also, you have
very limited investments, right, I mean typically you're only going
to have mutual funds, Whereas if you move the money
into an individual retirement account, you don't pay taxes because
we roll the money. It's called a trustee to trustee transfer.
If your four oh one K is with Empower or
(39:29):
Fidelity or Vanguard, it moves into a with us, it's
Charles schwab Ira. Well that's a transfer. So what's the advantage. Well,
we have more investment choices, we have the ability to
much better manage risk. So you can roll it, you
can leave it. Those are two options. I guess option
(39:49):
three would be you could just go cash the whole
darn thing out and pay taxes. But most people don't
do that, do they, Christy.
Speaker 3 (39:54):
So one of the questions we get often is, you know,
if we want to retire before age fifty nine and
a half, or are we going to pay that added
ten percent tax penalty if we're using pre tax money
to live on the answer is, it depends on how
you do it. And so typically, because we're seeing more
and more people come in that are wanting to retire
(40:18):
before age fifty nine and a half. Believe it or not,
we're seeing a lot more people in that situation. So
a lot of times what we're able to do is
we're able to say, Okay, look, you're able to draw
income from your four to oh one K company if
you leave money in that plan, and you're not going
to pay the added ten percent penalty because there's a
(40:38):
special ruling that says if you retire at fifty five
or or older, but before fifty nine and a half,
if you draw income directly from the four oh one K,
the IRS will not assess that ten percent penalty to you.
Speaker 2 (40:52):
I want to stress that again, So if you leave
a job at fifty and you start a new job
and retire at fifty six, you can't draw from the
four oh one K that you left at age fifty.
But if you're working I'll use Turner Industries as an example.
You're working there, you turn fifty five, and your four
oh one K is at Turner. When you turn fifty
(41:14):
five and you retire, say at fifty five fifty five
and a half, you can set up withdrawals from the
four to oh one K without the ten percent penalty.
But what if you have a million bucks there, Well,
we look and say how much do you need a year?
We might move some of the money into an IRA
to hedge the risk, work on tax planning, create lifetime
(41:34):
income for when you are fifty nine and a half.
Be careful when you move the money to an IRA.
Fifty nine and a half comes into play. But we
leave enough money in the four oh one K that
you have income or if you have an emergency, you
can draw from it. It's all about having a strategy.
It's your now money and your later money.
Speaker 3 (41:52):
And there are some companies that won't allow you if
you if you retire from a company at you know,
fifty six years old and you need to draw income
from the four oh one KY, they won't allow you to.
Speaker 8 (42:06):
Move any of it out.
Speaker 3 (42:07):
So it's a matter of learning the facts and I
think knowledge is powerful.
Speaker 6 (42:13):
So again, meet with usnow dot com to learn about
your situation. Meet with us now dot com or you
can always call the team at seven nine to one
fifty seven seventy three. All right, here's just some fun questions.
Wrap up today's show, Christy your biggest industry frustration. Then
matt yours, Christy, go go ahead, biggest industry frustrating.
Speaker 3 (42:32):
Oh my gosh, that you're putting me on the spot there.
Oh wow, this is big in our industry, in our
because it depends on how you look at this question.
Let's just put it in a client's perspective, okay, because
that that's taken regulatory out of the mix.
Speaker 8 (42:46):
Let's say in the.
Speaker 3 (42:48):
Biggest frustration is that people they they fear getting advice
because they fear they're going to be sold something. And
often they put off getting advice, where if they if
they came and god advice at an earlier age, they
could have made changes inside of their plans while they're
still working. That would have made a big difference in retirement.
Speaker 7 (43:09):
For me.
Speaker 2 (43:09):
It's the same thing. It's the belief that we're all
sales clowns, and there are lots of sales clowns out
there who don't do the right thing, and then there
are people who actually care and do the right thing.
And it sounds like I'm bragging, but that's us. That's
what we do. I mean, I don't chase people around.
Christy doesn't sell you know, rainbow vacuums and cutco knives,
(43:29):
although I own those and love them. We're not going
to chase you down. Here are the facts. Here's what
we can help you do. Do you need our help? Boom?
Speaker 7 (43:36):
Okay?
Speaker 2 (43:37):
First job, first job? First job, I worked at the
Western Auto in Erwinville, sweeping the parking lot and stocking
the shelves.
Speaker 3 (43:46):
My first job was at Blinking Ship Drugs in Baker
and I worked in the pharmacy as a cashier.
Speaker 8 (43:54):
All right, all.
Speaker 6 (43:55):
Right, favorite sports team?
Speaker 2 (43:57):
Well, it's easy to the Saints. I'm an NFL fan,
So the Saints are number one. LSU football or any
LSU sports right there at.
Speaker 3 (44:04):
Number two, I was gonna say LSU is my favorite team.
My favorite sport I would have to say is football.
Speaker 6 (44:11):
Let's hope the women's team doesn't fight Plath That how
was ugly?
Speaker 8 (44:15):
Yeah?
Speaker 2 (44:16):
How many pets do you have? Final menu?
Speaker 3 (44:18):
Oh my god, you got to ask Matthews first so
I can count all my mind.
Speaker 2 (44:21):
I'm going to count your horses. We have, well, we
have two. We have mea the border Collie, who's ten,
and we also have a little Yorkie who runs the house.
Her name is Penny and she's five and she's just
so bad.
Speaker 3 (44:34):
I have to say over ten. And that's because we
have chew dogs. My favorite dog is Millie, a little corgy,
and so we have chew dogs. We have a cat,
and then we have a lot of horses. My favorite
horse is Jerry.
Speaker 6 (44:49):
Jerry's the favorite.
Speaker 8 (44:50):
Jerry Maguire partial to Jerry.
Speaker 6 (44:53):
All right, all right, that'll wrap that up. Why don't
you go ahead and remind people how to get ahold
of you they have any questions about where they are
on their road to retirement.
Speaker 2 (45:00):
Ways www dot meetwith usnow dot com. You can set
up a fifteen minute phone call just to talk, so
that's meetwith usnow dot com. Or leave us a voicemail
and we'll grab it on Monday and reach back out
to you during the week. Where at seven nine one
five seven seven three. That's seven nine one five seven
seven three, God bless, have a great weekend.
Speaker 10 (45:21):
Be smart when it comes to retirement.
Speaker 9 (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 oh twelve fifty two. 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 advice.
Speaker 9 (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. It offers products and
services through AE Wealth Management LLCAWM, a registered investment advisor.
AWM does not offer insurance products. The insurance products offered
(46:09):
by the Pressley Group are not subject to investment advisor requirements.
AWM and the Pressley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial strength and claims paying abilities of the
issuing carrier. This radio show is intended for informational purposes only.
(46:32):
It is not intended to be used as a sole
basis for financial decisions, nor should it be construed as
advice designed to meet the particular needs of an individual situation.
The Presley Group is not permitted to offer, and no
statement made during the show shall constitute tax or legal advice.
Our firm is not affiliated with, or endorsed by the
US government or any governmental agency. The information and opinions
contained herein provided by third parties have been obtained from
(46:53):
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group.
Speaker 10 (46:58):
This radio show is a paid placement
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