January 24, 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 SOB, security system molatility, global turmoil,
interest rates, Ron Dane, Wall Street. Your money matters. When
it's Louisiana local serving the greater Baton Rouge area, your
money matters. And when it's your time to retire. Presley
Wealth Management presents your Money Matters with Christy Smith.
Speaker 2 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement.
Speaker 3 (00:24):
And that's where I believe it's so important that you
do have a full pledge retirement plan.
Speaker 4 (00:30):
And Matt Kennedy, maybe you're thinking, hmm, should I take
Social Security at sixty two, at sixty seven, at seventy
These are things you don't do every day.
Speaker 3 (00:38):
It's what we do every day.
Speaker 1 (00:40):
The conversation starts now this is your Money Matters.
Speaker 5 (00:49):
Welcome to your Money Matters is side. Mark Ellen here
alongside Matt Kennedy with Presley Wealth Management, Christy Smith, the
founder started the company back in O six. Not with
is today. Oh she's having a great weekend. I hope
you are as well. Matt and are going to talk
a little bit about retirement. We're going to start off
talking about social security, really a big decision. If you'd
like to learn more. Maybe you have the same question.
It's two two five seven nine to one fifty seven
(01:11):
seventy three to jib with the team at Presley Wealth.
Two two five seven nine to one fifty seven seventy
three social security. If the average SO scurity today, Matt
is around nineteen hundred and if you're you know, thirty
years in retirement and your spouse and you were so,
I mean, it's a million dollar decision for a married couple. Typically, Yeah,
but a lot of people just kind of take SO
(01:32):
security by sixty two. I think I'll retire because I
get SO scurity. Now I'm gonna take it at sixty
five because I get Medicare then, so I'm gonna retire. Then.
They don't look at the whole picture like you and
Christian and the team at Presley Wealth. Do they look
at it so scurity in a vacuum, don't they? Oftentimes
that's exactly what happens. Mark.
Speaker 4 (01:48):
It is one of the bigger decisions you'll ever make.
Because you're right at the average amount is nineteen hundred bucks.
That could be thirty eight hundred bucks a month for
a married couple times twelve times, say twenty years in retirement.
It adds up to a lot of money. And the
laws have changed. Just over the last ten to twelve years,
there have been significant changes in how married couples can
(02:13):
file for Social Security together. I won't necessarily get into
all of the rule changes, but you really have to
understand the profound impact of timing the Social Security and
it's one of the tougher decisions now when we help
people just like you all retire. One of the things
we spend a lot of time on and we have
the computer software for mark, is to figure out different strategies.
(02:37):
You know, if you have a wife who has a benefit,
should she take hers and then the husband wait or
vice versa? Should you file simultaneously and get your benefit
at the same time. Do you understand what happens if
one spouse passes away, what happens with the remaining amount
of Social Security?
Speaker 3 (02:55):
Who gets what?
Speaker 4 (02:56):
There's so much confusion over this, So this is a
great segment for us to kind of break down exactly
what happens, you know, Madam.
Speaker 5 (03:02):
There was a survey done by the Nationwide Retirement Institute,
and it surveyed Americans on retirement issues, specifically focusing on
Social Security what did that poll find out? I don't think.
I think we're a little nervous about sobecurity.
Speaker 3 (03:15):
It seems yeah, so survey says, who used to say that?
Was that? Was that?
Speaker 4 (03:20):
Wink?
Speaker 3 (03:20):
Martindale survey says no. Richard Dawson Dawson, thank you, Ah,
survey says.
Speaker 4 (03:26):
The survey found that nearly three quarters seventy two percent,
to be exact, three quarters of you worry that the
system will run out of funding during your lifetime. I
laugh because most people never even pay attention to their
Social Security statement other than they go to page three
and look at what mark, They look at the amount
(03:47):
they're going to get, right exactly. But on page two,
somewhere in the fine print, by the way, social Security
stopped mailing out your statements unless you're sixty year older.
Speaker 5 (03:58):
That's right? Did I get mine?
Speaker 4 (04:00):
Exactly? And people say I haven't gotten one of those
in forever. Go to social Security dot gov or SSA
dot goov, SSA dot gov, just create a username, a passwords.
Speaker 3 (04:12):
You can see your statement online anytime.
Speaker 4 (04:14):
But when you download the statement or get your statement
of the mail, if you look somewhere on page two,
it says something about if Congress doesn't.
Speaker 3 (04:21):
Take action, the Social Security Trust.
Speaker 4 (04:22):
Fund will only be able to pay out seventy nine
percent of benefits by the year twenty thirty three, something
like that. Basically, they're warning us that in eleven, twelve,
thirteen years they may have to cut the benefit that
you receive just to keep the system solvent. Well, it's
a valid concern. Seventy two percent of you are worried
about that. By the way, among millennials, seventy nine percent
(04:46):
of concern Gen xers that's me. I'm almost a boomer, Mark,
I missed it by a couple of years. Seventy seven
percent of us are worried. Gen Z sixty sixty six
percent are worried.
Speaker 5 (04:59):
I guess they.
Speaker 4 (04:59):
Figured, you know, they'll figure out a strategy on TikTok
and sixty six percent of boomers. But here's the most
interesting number. Twenty three percent, twenty three percent of you,
all ages, all demographics, believe you'll never see a dime
of Social Security. So it's a concern. I'm not quite
(05:20):
that pessimistic. I think that they'll make changes to the system.
This is just my opinion. I think if you're a
boomer and you're on Social Security. You don't have much
to be concerned about if you're me, I'm fifty eight.
Is it possible they could do a cut, maybe, but
more than likely they'll raise taxes for and keep the
(05:41):
system solvent. But I think for younger people, the Gen
zeers and you know, some of the earlier Gen xers, Yeah,
it's it's a concern, could be, but it shows you
the depth of concern that Americans have for the solvency
of the system and will my payment be there?
Speaker 5 (05:58):
You know, we've heard that for a long time. Thank you,
and Christie and I we've been chatting about this for
it seems for eight ten years that So Security Administrator says, hey,
by twenty thirty three, thirty four or thirty five, somewhere
in there, you're gonna maybe get seventy nine cents on
the dollar or something. Think about this, Yeah, for those
for you, your full retirement age is according to soci Security,
is sixty seven correct, all right. I was born in
nineteen fifty nine, so I'm at the end of these
(06:18):
sixty six and ten months is my full retirement. So
that's coming up according to Social Security. But when they
changed it from sixty six and ten months to sixty seven.
Do you realize that the oldest the born in nineteen
sixty or twenty three at that time, So there's a
lot of time. So I don't know if they'll change
something where it's the effects the it'd have to be
under fifty I would think, wouldn't they.
Speaker 4 (06:39):
I would think so. Well, remember, without getting too deep
in the weeds, social Security comes out of your paycheck.
You pay six point two percent into the system. Your
employer pays six point two percent.
Speaker 5 (06:50):
The problem is it doesn't go into the Matt Kennedy fund.
It goes into the general fund. It's going to your
parle fund.
Speaker 4 (06:56):
You're right, unless you're self employed, then you pay both sides.
Speaker 3 (06:59):
Bottom line is you only.
Speaker 4 (07:00):
Pay up to a certain income level, like one hundred
and sixty seven thousand a year. You know they could
change that, and that's probably the first thing they'll change.
They'll say, well, you know what, a lot of rich
people who make great money aren't paying in enough, so
let's raise that to four hundred thousand boom. That automatically
would help keep the system more solvent. They could raise
the age. I don't really see them whacking benefits for
(07:25):
quite some time. I think they'll find ways to make
the system more solvent. But that survey says you're worried. Okay,
But here's the thing. Another survey says that fifty one percent,
more than half of you don't know ways to maximize
the Social Security benefit. And it gets even trickier in
Louisiana because we have, you know, we have the windfall
(07:48):
elimination provision and the government pension offset. So if you
were a state employee and your spouse wasn't, there's huge
impacts on your Social Security. Fifty one percent of you
say I don't know how to get the most out
of it. Thirty three percent didn't even know what your
full retirement age was. So here's the deal. When we
sit down and work with you and we build a
(08:08):
comprehensive retirement plan. Remember we always focus on sources of
your income, medical, medicare, things like that, advance planning like
a state planning, risk planning, tax planning, all that. But
when it comes to the big one in retirement, the
biggest thing most of you were concerned about is this,
how do I replace my current paycheck in retirement? What
(08:31):
we call that sources of income. So those sources of
income typically start with social Security. Maybe you have a pension,
now you'll have to also work on withdrawing from the
savings that you have.
Speaker 3 (08:44):
But social security is one of the key tenants of
your retirement income, and if you just guess and do
it wrong, you could leave a lot of money on
the table.
Speaker 4 (08:56):
I've heard people say, well, I'm gonna take it at
sixty two because they may go bus and at least
I'll be grandfathered in.
Speaker 3 (09:02):
Okay.
Speaker 4 (09:02):
I've heard other people say, you know what, there is
a seven year age difference between me and my wife,
so I'm going to wait till seventy so that she
gets the higher benefit. That may work as well.
Speaker 3 (09:12):
Mark.
Speaker 4 (09:13):
The easiest way to figure out when to take social
Security is to know exactly how long you're going to live.
Speaker 5 (09:19):
See how that would make that pretty simple if we
knew exactly how long will we be here.
Speaker 4 (09:22):
So I'll leave you with this this simple formula. If
you take your social Security at seventy, that's the maximum age,
and that's the maximum benefit you can draw. If you
do that, you need to live to about eighty four
and a half to justify all the money you didn't
take out Beginning at age sixty two. We call that
(09:45):
the break even point. So when we sit down and
meet with you and go over your full retirement plan,
we have software that can show you from a mathematical
standpoint where it makes sense to take your retirement benefit.
But I think the more confusing part is coordinating that
benefit with your spouse. So it really is impossible, obviously
(10:05):
to know the future. And if anyone out there knows
exactly how long they're going to live, can you share
that app with me?
Speaker 3 (10:11):
I put that on my phone that we all know.
Speaker 4 (10:14):
You know, But I think fears of the program going
away completely or overblown. I think changes are on the way,
but trying to make a plan based on Washington is
always tough. But the bottom line is you need to
have a plan. The key is that you have the
best plan possible for your circumstances. If you're a subject
(10:36):
to the windfall elimination or the government pension offset, or
do you understand how working in retirement could potentially hurt
your Social Security benefit? Do you know what happens when
one of you passes away? What will the other get?
Did you think about a scenario where if part of
Social Security goes away your retirement income could be drastically impacted.
(11:00):
It's called planning. It's what we do at Presley Wealth Management.
So if you're closing in on retirement and you're trying
to make big social security decisions, or maybe you've retired
but you haven't yet triggered social Security, let's talk. Our
number is seven nine to one five seven seven three.
That's seven nine one five seven seven three for the
(11:22):
average married couple. Mark was right at the beginning. You're
talking about probably a million dollars if you live thirty
years in retirement. Don't mess it up. Don't make a
million dollar mistake. Presley Wealth Management. We're here to help.
Reach out for a consultation at seven nine one five
seven seven three, or you can set up your own
consultation online at meetwith usnow dot com.
Speaker 5 (11:45):
So Matt Kennedy and I just getting started on your
money matters. Matt of course, and Christy Smith with Presley
Wealth Management. You can always go to Presleywealthmanagement dot com
to find out more as well. We're just getting started.
Crack of more all right after.
Speaker 2 (11:57):
This, be smart when it comes to your retirement. Presley
Wealth Management has a smart plan to help you better
understand the process. Set up your no consultation appointment to
get your smart planning place. Call eight sixty six three
nine oh twell fifty two. That's eight six six three
nine oh twelve fifty two.
Speaker 6 (12:20):
It's nice when you can get everything on your list
in one place, isn't it? Christy Smith that the Presley
Group agrees. That's why she offers comprehensive retirement planning all
under one roof. You shouldn't have to go to one
place for information about tax planning, another for estate planning,
and another for retirement income planning. That's why the Presley
(12:41):
Group was started. Christy Smith wanted to build a company
that could help families with all aspects of their retirement.
The Presleage Group is more than just convenient. They're knowledgeable
and experienced. To set up a meeting with Christy Smith
and her team to talk about your retirement plan all
of it, call eight six six three nine zero twelve
(13:01):
fifty two. That's eight sixty six three nine zero one
two five two. The Presley Group one stop for a
wealth of retirement solutions eight six six three nine zero
twelve fifty two. And investment advisory service is offered through
eight Wealth Management LLC, a registered investment advisor.
Speaker 2 (13:23):
You're listening to your Money Matters with Christy Smith and
Matt Kennedy to set up your fifteen minute meeting with
the Presley Wealth Management team called eight sixty six three
nine zero twelve fifty two.
Speaker 5 (13:38):
Welcome back to your Money Matters. I'm Mark Elliott here
with Matt Kennedy of Presley Wealth Management. Christy Smith, the founder,
started the company in six Matt joined the team in
two thousand and eight. You want to learn more, you
can always go to the website Presleywealthmanagement dot com to
learn more Presleywealthmanagement dot com. Now they also have a
lot of events they put on. All that information is
(13:58):
on the website, so it's a great place. It just
kind of check things out if you would like. They'd
love to have you check it out, all right, Matt,
I think we're gonna talk about something that to me,
I think a lot of people are confused, and that
is if only I mean it's like less than twenty
five percent of Americans actually sit down with a retirement
planning team and get their retirement kind of mapped out.
We know that Dwight Dave and I is an hour,
(14:19):
the general in World War Two, the Kansas president back
in the day that he had said, you know, planning
really is kind of useless, but planning is really indispensable.
It's what he was talking about war. You know, it's
kind of useless because things happen. We got to change
all the time. But to me, it's amazing that we're
talking about a twenty to thirty year retirement and people
(14:39):
don't sit down with a team like yours, oppressedly wealth
management and discuss, boy, how are we because you're looking
at a lot of different areas. It's not just money.
And I wonder do you think most people don't come in,
Maybe because they're scared mask going to make fun of
one of the stupid decision I made back in the
day or something, or so you're gonna be judgmental, or
(15:00):
that's presley wealth management. I don't have enough money to
talk with them. I gotta be rich to go talk
with them.
Speaker 4 (15:05):
I think it's those are two good examples. I've had
people say, you know, we were really hesitant to come
in because A we didn't think we had enough. B
we didn't want a sales pitch. I mean, some of
you are afraid that it's like sitting in the manager's
office at the used car dealership and you're gonna leave
(15:29):
with a car or else. You know, Nah, it doesn't
work that way, Mark. There are great reasons to hire
an advisor, and there are reasons to fire your current advisor.
Can we just dig into that.
Speaker 5 (15:42):
Some Yeah, sure, sure, I think the challenge but I
think before you get into all those reasons to either
hire or fire is, can you talk about the world
of financial advisors? Is like everybody's a financial advisor, insurance agent, brokers.
I mean, there's so many people that there's so many
aspects in the financial world that they all do different things.
(16:02):
I mean the niche for pressor wealth matage was retirement planning.
Most advisors are not in that category.
Speaker 3 (16:09):
That's correct.
Speaker 4 (16:10):
And you know it's the different labels and acronyms and
all of that initials after names that can create so
much confusion.
Speaker 3 (16:18):
So let me just simplify it.
Speaker 4 (16:21):
In our business, you're either a broker or an agent.
You know, like if you're a stock broker you're buying
and selling for someone, or maybe you're an insurance agent. Okay,
but they're typically transaction based, you know, you want to
buy XYZ shares of XYZ. You know XYZ number of
(16:42):
XYZ shares. You call your broker, right, of course, back
in the day you paid forty nine to ninety five
for that trade, and now it's free online. So most
people aren't calling their broker. But you may have a
broker calling you we got this hot stock. That's a broker.
Or you may have someone who says, hey, listen and
you really need to buy this annuity because XYZ. Typically
(17:04):
they're an agent, but at Presley Wealth we have a
very microscopic focus.
Speaker 3 (17:09):
It's retirement.
Speaker 6 (17:10):
Now.
Speaker 4 (17:10):
Our firm is held to the fiduciary standard, which means
we are legally obligated to act in your best interest
and disclose any conflicts of interest and listen. There may
be some of you you might need an agent. You
certainly probably need an agent for the let's just say,
the fire and hurricane coverage on your house, right your
(17:32):
home insurance, your auto insurance. You need an insurance agent
for that. You might need a broker, you know, if
you don't trade stocks online, maybe you have to have
a broker. But for most of you, what you really
need is an advisor. So let me focus on who
of you out there should hire an advisor if you
absolutely positively are terrified to death at the prospect of
(17:55):
retiring and your paycheck is going to end, and you're
sitting out there with a level of concern.
Speaker 3 (18:01):
That's very high.
Speaker 4 (18:02):
I have no idea, you might be saying to yourself,
if we have enough saved, then you need to talk
to someone who is an advisor. Our specialty is retirement advising.
Because the answer may not make you happy, or it
may delight you. Some of you may walk through our
doors and we sit down and we say, look, why
(18:23):
didn't you retire three years ago? Why have you been
worried about this? Because you know we run different scenarios
what happens if you retire into good markets or bad markets?
But an advisor who's worth their salt will say to you,
I'm sorry. If you try to retire now, you have
a very high risk of running out of money. You
(18:44):
probably need to either lower your expenses or work and
save more. That's called being a fiduciary. Right mark, you're
acting in the client's best interest in saying, don't mess
this up, But wouldn't you rather know where you stand
than to just take a wild guess the dark. But
I would say that about eighty percent of the time
when I sit down and Christy sits down, or April
(19:06):
in our office, when we sit down with someone who says,
you know, I just don't know if we have enough,
eighty percent of the time you do. And I can
look at people and say, why have you even worried
about this for the last eighteen months like you said
you were, Because really you're on track, Because it's more
than just the money. You see so often with a
(19:26):
stock picker, you know, like a broker or an insurance
only agent, it's about a transaction and it's about one
part of your retirement.
Speaker 3 (19:34):
But with us, it's the whole picture.
Speaker 4 (19:36):
We have the software to look and see how where's
the money coming from, What are the sources of income?
What about social security? How do we take that? Should
you take your pension as a lump sum and slowly
take it out over time and invest that money, or
would you be better off taking your pension as reliable,
steady pension payments which works best to your scenario? Can
(20:01):
we compare both scenarios? Did you think about taxes? Oh? Yeah,
there's that got to focus on that, oh man, the
big one. Mark, What about risk management? In our business
at Presley Wealth, we are obsessed with focusing on something
called SR sequence of returns.
Speaker 3 (20:22):
Any idea what that is?
Speaker 5 (20:23):
Mark? That is sequence of returns? Would be Hey, I
retired in nineteen ninety, Well, the next decade was pretty
good on the market. You're fine. Yeah, I retired in
two thousand and the market was terrible for the next decade.
I might be in trouble.
Speaker 4 (20:38):
If there's one thing that I find that so many
people planning for retirement don't worry about, but should worry about,
its sequence of returns. Let me camp here for a minute.
So many of you get focused on you run a
budget and you say, yeah, I think with social security
and if we draw four percent from our savings, we
should be okay. And you go to some software program
(20:58):
online and you enter the data and it says you're good.
You may be, but remember the way the market behaves
and how much exposure you have to the stock market
when you first retire can absolutely dictate your success or
failure super quick. Example, Okay, Mark, let's just say you
(21:19):
have a brother. We're going to be brothers from min
at Mark, So you're my older brother, and you retired
with half a million dollars in nineteen ninety. You took
out thirty grand a year, right, you took out a
lot six percent, thirty grand a year. You didn't worry
about adjusting for inflation. Ten years later, at the beginning
of two thousand, you've still got about one point one
million dollars left if you're fully in the stock market.
(21:41):
Why because the market was so good between nineteen ninety
and two thousand. So I you're a younger brother, I say, well,
darn it. That works so great for my brother Mark.
I think I'll do it. So I've got a half
mill in IRA money, I pull it out, I pay
the taxes, I got my thirty thousand a year gross.
I've got that my Social Security. Then all of a sudden,
things just go to hades in a handbasket. Two thousand,
(22:06):
we have the dot com crash. Two thousand and one,
we have nine to eleven, two thousand and two, we
have a recession. At the end of that ten year
period between two thousand and twenty ten, I've got one
hundred and forty seven thousand dollars left, and I'm begging
you for a loan because I'm in trouble.
Speaker 3 (22:23):
We did the same thing.
Speaker 4 (22:25):
One of us got killed in the market and the
other one was blessed by a good stock market. So
at Presley Wealth we focus on those outcomes. Hey, how
much risk can we afford to take and put ourselves
in a situation where.
Speaker 3 (22:39):
If things are good, we're good. If things are bad,
we can weather the storm. So if you have an advisor,
I'm gonna be blunt. But if you have.
Speaker 4 (22:48):
Someone who says they're your retirement planning advisor, and you
meet with them or you talk to them on the phone,
and they only focus on buying and selling and they
only look at your investment portfolio.
Speaker 3 (23:00):
Well that's a real, real, real red flag.
Speaker 4 (23:02):
It is important that you have the right investments and
that you mitigate risk, but it's so much more than
just buying and selling stocks or Hey, we've got this,
you know, growth and income portfolio, So you should be good.
Has it been tested to see how it would react
in bad market conditions, so so that way you can
survive a very bad sequence of returns, especially right before
(23:29):
and right after you retire. Seven nine one five, seven
seven three that's two two five seven nine one, five, seven,
seven three or hop online at meetwith us now dot com.
Speaker 5 (23:43):
So how do you know if you have the right advisor,
or how do you know if you even need an advisor.
That's where we're going next, right here on your Money
Matters with Matt Kennedy Presley Wealth Management back right after this.
Speaker 7 (24:00):
Uncle Sam might need a loan soon from you. We
have over thirty four trillion dollars in national debt. Where
do you think the money to pay for that's going
to come from? Taxes? Believe it or not, taxes are
at historic lows right now, but how much longer will
that last? A roth Ira conversion might be a good
option when planning for your retirement because you can pay
(24:20):
lower taxes now and avoid potentially higher taxes later. Christy
Smith and the team at the Presley Group have seen
taxes rise and fall. They know what options you have
to potentially reduce the amount of taxes you pay in retirement.
Call the team at the Pressley Group and schedule your
tax analysis today. Eight sixty six three nine zero twelve
fifty two. That's eight six six three nine zero one
(24:40):
two five to two. Uncle Sam needs money. Don't let
him take it from you eight six six three nine
zero twelve fifty two. Investment advisory services offer through a
wealth management LLC a Retchhuld investment advisor. Investing involves risk.
Always consult with the qualifying tax advisor before making any
decisions regarding a ROTH conversion, as there may be additional
tax considerations.
Speaker 2 (25:00):
Christy Smith of Presley Wealth Management wants to advocate for
you making sure you have the retirement you have always
won it. Call eight sixty six three nine oh twelve
fifty two and make sure Presley Wealth is the right
fit for you. You won't know until you called eight
six six three nine oh twelve fifty two.
Speaker 5 (25:21):
Glad you're with us today for money matters with Matt
Kennedy of Presley Wealth Management. Christy Smith. She's out enjoying
time with the family, so good for her, hope. Uh,
she's having a wonderful weekend. Matt is here. We're talking
about advisors. We're talking about how in the world do
we know if we need somebody to help guide us
through our retirement or you know, we've kind of done
it all on our own. Four oh one k at work,
(25:42):
we put money in it looked like it did did Okay?
Because it got us enough to be able to retire.
We think, and it's amazing to me that most and
it's probably seventy five percent of Americans do not work
with the retirement planning team. They just do it on
their own. Hey, I think we're gonna be fine. Let's
just go with it. I think you're kind of you're
taking a chance there, because when you sit down with
Christie Matta, the team at Pressley Wealth Management, it is
the smart planet. It's about income, it's about investments, it's
(26:05):
about taxes, it's about healthcare. It's about legacy planning. So
security decisions, medicare decisions, it's all in there. It's on
our shoulders. Compared to our grandparents, where they had a
pinsion so security, their income was no problem whatsoever. They weren't.
There were no iras in four own case from my grandparents.
The IRA started in seventy four, poor owin case started
in seventy eight. So it's a different retirement world. I
(26:25):
think your company at Presley Wealth Management, my grandparents didn't
need that. They were fine. Because it's the retirement planning
world that has gotten so much more complicated and difficult.
I think that's where it comes into where you guys
really help out. How do we know maybe if we're
not working with somebody, or maybe we're not working with
(26:45):
somebody that's really the right fit for us. Because we're
now talking about retirement, not just you know, growing our
money through the stock market, for example, how do we
know if we're working with somebody that's actually wrong or
we need to be working with somebody. How do we
even figure that out?
Speaker 4 (27:00):
There are some of you who are excellent do it yourselfers.
And if you have a basic understanding of the sequence
of returns risk that we mentioned the last segment, and
if you understand the complexities of taxation down the road,
if I throw out the phrase like required minimum distributions
rmds and you understand the impact of those and how
(27:20):
they will hit you down the road, And quite candidly, mark,
if you have enough wiggle room, that is, if you
have enough investible money, if you have a sizeable portfolio.
You know, if your income needs are thirty grand a
year from your portfolio and you have three million dollars,
you probably can just handle things yourself. Maybe if you
(27:42):
have a comfort level, in other words, you have enough
money to withstand the ups and.
Speaker 3 (27:46):
Downs of the market.
Speaker 4 (27:47):
But do you have the knowledge about the taxes and
the Social Security, oh and the estate planning, and do
you understand the rules about how when you pass away,
what taxes does your spouse have to pay? What taxes
would you ch children have to pay? What could you
possibly mess up that could have the irs knocking at
your door. Those are the things that we get paid
(28:08):
to understand.
Speaker 3 (28:10):
So if you have a complete.
Speaker 4 (28:12):
Understanding of those things, you probably don't need an advisor.
But the vast majority of you have spent your lives
putting your head down, nose to the grindstone, working saving,
and you may have a good knowledge or understanding of investments,
but that's only twenty percent of retirement. Only one fifth
(28:32):
of retirement is about the actual money. The other four
fifths are about taxes and risk management and medical decisions
medicare long term planning, and then combining all of your
funds and sources of income together to compliment and coordinate
with Social Security. The problem is some people think they
(28:53):
have an advisor. Mark, I'm going to be very blunt
for a moment. Some of you think you have a
financial advisor, but you really just have a b And
what I mean is the conversations you're having only focus
on the actual investments. So if you feel like you're
in that situation, it may be wise to seek a
second opinion. Okay, we're not trying to start divorces here,
(29:14):
but sometimes you might need to do that. If the
conversation each meeting or phone call is always about what
stock or what bond or what mutual fund you should
buy or that you own.
Speaker 3 (29:26):
And then if you.
Speaker 4 (29:27):
Bring up the question about well what about a state
planning or Medicare? And if you're told, well, that's just
not something we get into, you'd have to call Social
Security about that, that's a red flag. I mean, I'm
not Social Security. Christy is not Social Security. You can't
file with us and get on Social Security. You still
have to go through Uncle Sam. But wouldn't it be
(29:47):
nice to have someone who knows the ins and outs
of that and Medicare and Medicare supplement and advantage plans.
I've had some people tell me, you know, I asked
my advisor about taxes and they said, oh, well, we're
not CPAs, we can't discuss that. Well, we're not CPAs either,
but we certainly can discuss with an opinion what you
(30:09):
might could consider long term to change your tax outlook.
Should you look at Wroth conversions. Should you let's run
the numbers, then you check with your CPA and see
if that actually makes sense. Should you look at some
sort of a long term care policy or maybe some
sort of life insurance to help mitigate future estate taxes.
(30:30):
These are the conversations that we have all the time
with our clients and prospective clients. So if you're you know,
the title of this segment was how to know when
to hold them and how to know when to fold
them right, like Kenny Rogers said, So if you don't
have an advisor and you are concerned in these five
areas sources of income, medical, medicare, long term care, estate planning,
(30:53):
tax planning, risk planning.
Speaker 3 (30:54):
That's what we do.
Speaker 4 (30:55):
It's called planning, not just for what's happening today, mark
will happen potentially down the road. So if you constantly
are getting pushed off on the other four fifths and
your advisor is saying, eh, it's not something we do,
then that's a red flag. We should talk seven nine
one five, seven, seven three two two five seven nine
(31:17):
one five seven seven to three.
Speaker 5 (31:20):
Back to the brothers where the one they retired in
nineteen ninety started with five hundred thousand, took out three
hundred thousand over ten years, thirty thousand a year. He
ends up with over a million dollars at the end
of that ten year period. The other brother does this
exact same thing, but it's in two thousand and two
thousand and nine, the lost decade with the markets. He
now has less than one hundred and fifty thousand. Now
he's in trouble. So one of the challenges I think
(31:40):
is that when people come in too sit down with
you while they're working, I would think ninety percent of
their money is sitting in the market four oh one
k's in the like close so you know that kind
of idea. But once they become a client, because it's
back to your risk management, not all of their money
is going to be sitting in them. Now. You might
have some clients that have all of it in there
because they're good with the risks, they're they're fine, but
most of your clients are probably going to have money
(32:02):
that is safe and protected and some other moneies that
are at risk trying to grow. I mean it's not
all the eggs in one basket.
Speaker 4 (32:08):
I'm thinking, Well, think about it like buckets, right, If
you take money out of the pure growth bucket and
you dump it all into the safe bucket, well, there's
always a trade off. If I put all of my
money in the safe bucket, I have a limited return
and probably limited access to that money. If I leave
(32:30):
it all in the growth bucket, then I probably end
up with the greatest return, probability, full liquidity, but I
also have what the greatest risk. So at Presley Wealth,
we build plans, and the focus of those plans is
to smooth out the ride. I want to go back
to the Brothers. The example I use was a bit
(32:51):
stark because I said, hey, they just kept all of
their money in the stock market, right, But there are
years that the stock market and the market go down together.
It happened in twenty twenty two. A lot of you
in the twenty twenty or twenty twenty five funds couldn't
understand why you lost so much money. It's because interest
rates jumped, bond values plummeted along with the stock market.
(33:16):
A lot of people got really burned in twenty twenty two.
By that So our approach is, let's cording off some
of the money that's in a bucket that doesn't have
stock risk but can earn when the stock market is good.
Now there are strings attached, liquidity strings. You have to
hold the product for a certain period of time. But
(33:37):
we don't put all the money in that bucket. We
put a portion there. Then we want some money that
can actively hedge risk, and we want some money that's
fully at risk. It's all about smoothing out the highs
and the lows. So if your brother number one, if
your Mark and you retire and you have a lower
risk plan, that means you're probably going to give up
(33:57):
some of the earnings in the good years. That's what
if you retire into a bear market. I was the
other brother, right, I would not have been crushed nearly
as badly at the beginning. My odds of success in
retirement are much much larger. One of the biggest misconceptions
thirty seconds left. One of the biggest misconceptions, One of
(34:18):
the biggest traps you can fall into, folks, is trying
to look at rate of return. If you hear nothing else,
I've said this entire segment. Listen when you are near retirement.
When you're first in and through retirement, it is more
important that we focus on the range of return versus
the rate. And by range of return, I mean it's
(34:41):
more important that we smooth out the highs and the
lows so you don't end up losing big money while
you're withdrawing money to live on. We can talk more
about this in person. Our number is seven nine to
one five seven seven three. Presley Wealth Management seven nine
one five seven seven three.
Speaker 5 (35:03):
Matt Christy and the team at Presley wealtha are here
to help you with your situation. It's not about them.
How can they help you? So again, it's seven nine
one fifty seven seventy three Meet with us now dot com.
Back with our final segment of your Money Matters with
Matt Kennedy your Presley Wealth Management right after this.
Speaker 2 (35:22):
If you aren't able to listen to this show in
its entirety, go to Presleywealthmanagement dot Com to listen to
this and past radio shows. Otherwise, stick around to find
out how Presley Wealth Management will help you retire with confidence.
Speaker 6 (35:40):
It's nice when you can get everything on your list
in one place, isn't it? Christy Smith that the Presley
Group agrees. That's why she offers comprehensive retirement planning all
under one roof. You shouldn't have to go to one
place for information about tax planning, another for estate planning,
and another for retirement income planning. That's why the Presley
(36:01):
Group was started. Christy Smith wanted to build a company
that could help families with all aspects of their retirement.
The Presley Group is more than just convenient. They're knowledgeable
and experienced. To set up a meeting with Christy Smith
and her team to talk about your retirement plan all
of it, call eight six six three nine zero twelve
(36:21):
fifty two. That's eight sixty six three nine zero one
two five two. The Presley Group one stop for a
wealth of retirement solutions eight sixty six three nine zero
twelve fifty two. And investment advisory service is offered through
EIGHTE Wealth Management, LLC, a registered investment advisor.
Speaker 2 (36:43):
Should I take Medicare A or B? What is covered
under Medicare Part D? If you are ready to begin
your Medicare journey and have questions, Presley Wealth Management can
be your guide. Yo to Presleywealthmanagement dot com to find
out more. That's Presleywealthmanagement dot com.
Speaker 5 (37:02):
Welcome back to your money matters with Matt Kennedy of
Presley Wealth Management. I'm Mark Elliott again. If you want
to learn more about Christy, Matt and the team, it's
Presleywealthmanagement dot com. Find out about upcoming events, find out
more about the team Presleywealthmanagement dot com. Christy started the
company in two thousand and six, Matt joined the team
in two thousand and eight, and they're here to help
you figure out where you are on that road to retirement.
(37:23):
Do I have enough? When can I retire?
Speaker 4 (37:25):
Boy?
Speaker 5 (37:26):
Are we gonna be okay? If we retire? Is our
money gonna last as long as we need it too?
There's a lot of questions, and Matt and Christy and
the team at Presley Wealth here to help you figure
that out. It's two two five seven nine one fifty
seven seventy three. If you have questions, you have concerns,
it's seven nine to one fifty seven seventy three. And
you can always use the website. It's easy to remember.
Meet with usnow dot com. Set up your own time
(37:46):
to have a conversation, whether it's a phone call in person.
It's really kind of your choice Matt's now he's so
technology savvy that he can dow zoom meetings. You can
do whatever you need meet with usnow dot com. I
want to kind of continue on with what we're talking about.
Were talking about reasons to have an advisor, or hey,
you don't even need an advisor. If you've got twenty
million dollars. You can make a lot of mistakes, probably,
(38:06):
but I would think tax reasons, you better have somebody
to really help guide you in that situation. But most people, Matt,
I think, you know, we talked about at the start
why people don't work with Presley Wealth Management, Why most
people seventy five percent of Americans do not work with
the retirement planning team and they're missing out. I think
on a lot of great insight. You guys have done
this for a long time. You know a lot of
mistakes that people make and things that they overlook. For example,
(38:29):
taxes and retirement is certainly a big, big topic that
we've had on this program for quite some time. But
one of the things we get kind of back to that,
oh it's Presley Wealth Management. I don't have enough to
work with them, or they're just they're just going to
try to sell me something. You brought that one up
right now, they're just going to try to sell me
something so they can make money. Well, one of the
interesting parts of this whole thing is Presley wealth management.
(38:50):
It sounds to me like it's all about money, but
at the end of the day, what you're doing, there's
only certain parts of your smart plan that are about money.
Other parts are about other parts of our lives and
our retire fees because you're not going to do this
for free, so there's a fee in there. How does
I think people get caught up in because I can't
believe there's no way. You know, my bosses where I work,
(39:11):
there's no way they're charging me a fee in my
four oh one k They love me. But maybe they
are because they're fees everywhere, right, And I don't think
we pay much attention to fees.
Speaker 4 (39:22):
Well, I think I bit my tongue, but I'll say it.
I think it is the great lie by omission in
the financial services world. Quite candidly, let me tell you
how the typical conversation goes. You go to see someone
who is a financial advisor or broker or whatever, and
you ask, so, how much do you charge, and let's
(39:45):
say the response is one percent. So you leave assuming
that if you have a million bucks and they're managing
your money, you pay one percent, right, I mean, that's
seems like that's how the conversation went, Mark right, one percent.
But what you may not be aware of is that
oftentimes that fee is the fee that you pay, whatever
(40:08):
it is, point seventy five, one point twenty five, that's
the fee you're paying to get the advice and guidance
of the broker or the advisor. But what we see
so many times when people bring their statements in is
that there are numerous hidden fees. For example, if you
(40:29):
have if your portfolio is loaded up with a bunch
of mutual funds, very often those mutual funds have fees
all by themselves.
Speaker 5 (40:39):
There was a study. It was called the Ibbitson Study,
and it was what study Ibbitson, Okay, Bill Ibodson, something
like that.
Speaker 4 (40:46):
Roger Ibotsen, I call him, yeah, yeah, I call him Ibotsen.
Maybe it is Ibitsen right for economics.
Speaker 5 (40:53):
But he says forty four percent of mutual fund fees
are legally hidden, and you you have.
Speaker 4 (41:00):
To know on the statement where to even try to
begin to find them, but typically it isn't disclosed in
the average statement. Now there have been some changes under
the Secure Act one point zero and two point oh
to try to make that a little more transparent. But
the bottom line is, if someone tells you that they're
charging you a specific fee, oftentimes that's the fee that
(41:22):
they're charging to give you the advice. You have to
dig deeper. You have to find out what does the
investment cost me. I've had people say it's one percent.
I know that's what I pay. Then we run a
fund report to find out what the true expenses are,
and it's not unusual to find another one to one
point three percent of mutual fun fees that are hidden,
(41:47):
So you're not really paying one percent, you're paying two
point three. We see it all the time if you
own a variable annuity, and that may or may not
be appropriate for you. But if you own a variable annuity,
it's not uncommon to pay three and a half to
four percent in fees. But do you know how to
find out what you're really paying?
Speaker 3 (42:05):
Let me tell you this.
Speaker 4 (42:06):
When you meet with any advisor, do not ask the
question how much do you charge? That is the wrong question.
The question you must ask is how much do I pay? Oh,
you pay one percent?
Speaker 5 (42:19):
No?
Speaker 3 (42:19):
No, no, I mean how much do I pay? All in?
Speaker 4 (42:23):
Show me everything? How much do I pay to meet
with you and for you, sir or ma'am to give
me advice? And how much do I pay for the
individual investments? Now, if you're not comfortable asking that question,
we have software. There's always software, right, and we can
actually take the portfolio that you have. We can run
that portfolio through the software and it will spit out
(42:45):
for us exactly how much your current investments cost. We'll
show you what ours cost, because that's very important. But
I'm telling you it's just it irts me. It has
for a long time that our industry seems comfortable with
what is tantamount to a lie by omission. So if
you're curious about what you're really paying, let's take a
(43:06):
look at it, reach out to us. It's seven nine
to one five seven seven three seven nine to one
five seven seven to three.
Speaker 5 (43:15):
All right, final things. Working with a team like Presley
Wealth Management makes great sense to me as a sixty
four soon to be sixty five year old, because retirement
there are so many parts of it that I don't understand.
And I think that's where you come in to kind
of walk side by side. You're not up on the
opposite side of the table. You're walking with us, trying
to help us make the right decision. And at the
end of the day, it's their money's their retirement, it's
(43:36):
their lives. Sure, if you're here to kind of be
a partner in a way, go back to that, Oh,
I don't have enough money to work with Presley Wealth Management.
I got to be rich to work with them, or
time wise, when should we come in to get ready
for retirement? And it's actually sit down with.
Speaker 3 (43:50):
You, Well, you never know what you don't know.
Speaker 4 (43:52):
So if you're worried that you don't have enough, it's
kind of like having a little spot on your arm,
a little brown spot that didn't used to be there,
and you notice that it's getting a little bit bigger.
You can just ignore it and it could be skin
cancer or you could find out for sure. Why would
you be worried that you don't have enough and then
just say, well, I'll not pay attention to that. If
I don't have enough, darn it, I don't have enough.
(44:14):
You've got to know where you stand in my opinion.
So don't let embarrassment or fear of judgment holds you back.
We're simply going to give you the facts. We're not
going to wag fingers at you, tell you where you stand.
At least you'll know and hopefully that will greatly improve
your odds of success. Now, as far as a timeline,
you know, we mentioned much earlier in the show mark
(44:35):
about the sequence of returns.
Speaker 3 (44:38):
So if you are three years out.
Speaker 4 (44:40):
From retiring, or if you've recently retired and maybe you're
working with someone, maybe you're not, but you're in your
first three years of retiring, that's a great time to
understand where you stand and to start taking action on
things like risk reduction, taxes, planning for medicare, et cetera.
Speaker 5 (44:58):
Etc.
Speaker 4 (44:58):
But look, even if you're in your early fifties and
you don't plan to retire for ten years, that doesn't
mean we can at least help points you in the
right direction and maybe offer you some advice and some
feedback on things you can do now to have a
real impact, because you've got a longer runway.
Speaker 3 (45:15):
We're here to help.
Speaker 4 (45:16):
Our number is two two five seven nine one five
seven seven three seven nine one five seven seven three.
If you call, you'll get the machine. We'll call you
back Mondata set up a time if if you want to,
you can hop online. Just go to meet with usnow
dot com. That's meetwith usnow dot com and you can
set up your own fifteen minute phone call with us
(45:36):
right there to get our retirement conversation started.
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 2 (45:46):
Investment advisory products and services made available through AE Wealth
Management LLCAEWM, a registered investment advisor. Insurance products are offered
through the insurance business the Presley Group. Presley Wealth Management
is an investment advisory practice offers products and services through
AE Wealth Management LLCAWM, a registered investment advisor. AWM does
(46:07):
not offer insurance products. The insurance products offered by the
Presley Group are not subject to investment advisor requirements. AWM
and the Presley Group are not affiliated companies. Investing involves risk,
including the potential loss of principle. Any references to protection, safety,
or lifetime income generally refer to fixed insurance products, never
securities or investments. Insurance guarantees are backed by the financial
(46:27):
strength and claims paying abilities of the issuing carrier. This
radio show is intended for informational purposes only. It is
not intended to be used as a sole basis for
financial decisions, nor should it be construed as advice designed
to meet the particular needs of an individual situation. The
Presley Group is not permitted to offer, and no statement
made during the show shall constitute tax or legal advice.
Our firm is not affiliated with or endorsed by the
(46:47):
US government or any governmental agency. The information and opinions
contained herein provided by third parties have been obtained from
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group. This radio show is
a paid placement
When the news is national SOB, security system molatility, global turmoil,
interest rates, Ron Dane, Wall Street. Your money matters. When
it's Louisiana local serving the greater Baton Rouge area, your
money matters. And when it's your time to retire. Presley
Wealth Management presents your Money Matters with Christy Smith.
Speaker 2 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement.
Speaker 3 (00:24):
And that's where I believe it's so important that you
do have a full pledge retirement plan.
Speaker 4 (00:30):
And Matt Kennedy, maybe you're thinking, hmm, should I take
Social Security at sixty two, at sixty seven, at seventy
These are things you don't do every day.
Speaker 3 (00:38):
It's what we do every day.
Speaker 1 (00:40):
The conversation starts now this is your Money Matters.
Speaker 5 (00:49):
Welcome to your Money Matters is side. Mark Ellen here
alongside Matt Kennedy with Presley Wealth Management, Christy Smith, the
founder started the company back in O six. Not with
is today. Oh she's having a great weekend. I hope
you are as well. Matt and are going to talk
a little bit about retirement. We're going to start off
talking about social security, really a big decision. If you'd
like to learn more. Maybe you have the same question.
It's two two five seven nine to one fifty seven
(01:11):
seventy three to jib with the team at Presley Wealth.
Two two five seven nine to one fifty seven seventy
three social security. If the average SO scurity today, Matt
is around nineteen hundred and if you're you know, thirty
years in retirement and your spouse and you were so,
I mean, it's a million dollar decision for a married couple. Typically, Yeah,
but a lot of people just kind of take SO
(01:32):
security by sixty two. I think I'll retire because I
get SO scurity. Now I'm gonna take it at sixty
five because I get Medicare then, so I'm gonna retire. Then.
They don't look at the whole picture like you and
Christian and the team at Presley Wealth. Do they look
at it so scurity in a vacuum, don't they? Oftentimes
that's exactly what happens. Mark.
Speaker 4 (01:48):
It is one of the bigger decisions you'll ever make.
Because you're right at the average amount is nineteen hundred bucks.
That could be thirty eight hundred bucks a month for
a married couple times twelve times, say twenty years in retirement.
It adds up to a lot of money. And the
laws have changed. Just over the last ten to twelve years,
there have been significant changes in how married couples can
(02:13):
file for Social Security together. I won't necessarily get into
all of the rule changes, but you really have to
understand the profound impact of timing the Social Security and
it's one of the tougher decisions now when we help
people just like you all retire. One of the things
we spend a lot of time on and we have
the computer software for mark, is to figure out different strategies.
(02:37):
You know, if you have a wife who has a benefit,
should she take hers and then the husband wait or
vice versa? Should you file simultaneously and get your benefit
at the same time. Do you understand what happens if
one spouse passes away, what happens with the remaining amount
of Social Security?
Speaker 3 (02:55):
Who gets what?
Speaker 4 (02:56):
There's so much confusion over this, So this is a
great segment for us to kind of break down exactly
what happens, you know, Madam.
Speaker 5 (03:02):
There was a survey done by the Nationwide Retirement Institute,
and it surveyed Americans on retirement issues, specifically focusing on
Social Security what did that poll find out? I don't think.
I think we're a little nervous about sobecurity.
Speaker 3 (03:15):
It seems yeah, so survey says, who used to say that?
Was that? Was that?
Speaker 4 (03:20):
Wink?
Speaker 3 (03:20):
Martindale survey says no. Richard Dawson Dawson, thank you, Ah,
survey says.
Speaker 4 (03:26):
The survey found that nearly three quarters seventy two percent,
to be exact, three quarters of you worry that the
system will run out of funding during your lifetime. I
laugh because most people never even pay attention to their
Social Security statement other than they go to page three
and look at what mark, They look at the amount
(03:47):
they're going to get, right exactly. But on page two,
somewhere in the fine print, by the way, social Security
stopped mailing out your statements unless you're sixty year older.
Speaker 5 (03:58):
That's right? Did I get mine?
Speaker 4 (04:00):
Exactly? And people say I haven't gotten one of those
in forever. Go to social Security dot gov or SSA
dot goov, SSA dot gov, just create a username, a passwords.
Speaker 3 (04:12):
You can see your statement online anytime.
Speaker 4 (04:14):
But when you download the statement or get your statement
of the mail, if you look somewhere on page two,
it says something about if Congress doesn't.
Speaker 3 (04:21):
Take action, the Social Security Trust.
Speaker 4 (04:22):
Fund will only be able to pay out seventy nine
percent of benefits by the year twenty thirty three, something
like that. Basically, they're warning us that in eleven, twelve,
thirteen years they may have to cut the benefit that
you receive just to keep the system solvent. Well, it's
a valid concern. Seventy two percent of you are worried
about that. By the way, among millennials, seventy nine percent
(04:46):
of concern Gen xers that's me. I'm almost a boomer, Mark,
I missed it by a couple of years. Seventy seven
percent of us are worried. Gen Z sixty sixty six
percent are worried.
Speaker 5 (04:59):
I guess they.
Speaker 4 (04:59):
Figured, you know, they'll figure out a strategy on TikTok
and sixty six percent of boomers. But here's the most
interesting number. Twenty three percent, twenty three percent of you,
all ages, all demographics, believe you'll never see a dime
of Social Security. So it's a concern. I'm not quite
(05:20):
that pessimistic. I think that they'll make changes to the system.
This is just my opinion. I think if you're a
boomer and you're on Social Security. You don't have much
to be concerned about if you're me, I'm fifty eight.
Is it possible they could do a cut, maybe, but
more than likely they'll raise taxes for and keep the
(05:41):
system solvent. But I think for younger people, the Gen
zeers and you know, some of the earlier Gen xers, Yeah,
it's it's a concern, could be, but it shows you
the depth of concern that Americans have for the solvency
of the system and will my payment be there?
Speaker 5 (05:58):
You know, we've heard that for a long time. Thank you,
and Christie and I we've been chatting about this for
it seems for eight ten years that So Security Administrator says, hey,
by twenty thirty three, thirty four or thirty five, somewhere
in there, you're gonna maybe get seventy nine cents on
the dollar or something. Think about this, Yeah, for those
for you, your full retirement age is according to soci Security,
is sixty seven correct, all right. I was born in
nineteen fifty nine, so I'm at the end of these
(06:18):
sixty six and ten months is my full retirement. So
that's coming up according to Social Security. But when they
changed it from sixty six and ten months to sixty seven.
Do you realize that the oldest the born in nineteen
sixty or twenty three at that time, So there's a
lot of time. So I don't know if they'll change
something where it's the effects the it'd have to be
under fifty I would think, wouldn't they.
Speaker 4 (06:39):
I would think so. Well, remember, without getting too deep
in the weeds, social Security comes out of your paycheck.
You pay six point two percent into the system. Your
employer pays six point two percent.
Speaker 5 (06:50):
The problem is it doesn't go into the Matt Kennedy fund.
It goes into the general fund. It's going to your
parle fund.
Speaker 4 (06:56):
You're right, unless you're self employed, then you pay both sides.
Speaker 3 (06:59):
Bottom line is you only.
Speaker 4 (07:00):
Pay up to a certain income level, like one hundred
and sixty seven thousand a year. You know they could
change that, and that's probably the first thing they'll change.
They'll say, well, you know what, a lot of rich
people who make great money aren't paying in enough, so
let's raise that to four hundred thousand boom. That automatically
would help keep the system more solvent. They could raise
the age. I don't really see them whacking benefits for
(07:25):
quite some time. I think they'll find ways to make
the system more solvent. But that survey says you're worried. Okay,
But here's the thing. Another survey says that fifty one percent,
more than half of you don't know ways to maximize
the Social Security benefit. And it gets even trickier in
Louisiana because we have, you know, we have the windfall
(07:48):
elimination provision and the government pension offset. So if you
were a state employee and your spouse wasn't, there's huge
impacts on your Social Security. Fifty one percent of you
say I don't know how to get the most out
of it. Thirty three percent didn't even know what your
full retirement age was. So here's the deal. When we
sit down and work with you and we build a
(08:08):
comprehensive retirement plan. Remember we always focus on sources of
your income, medical, medicare, things like that, advance planning like
a state planning, risk planning, tax planning, all that. But
when it comes to the big one in retirement, the
biggest thing most of you were concerned about is this,
how do I replace my current paycheck in retirement? What
(08:31):
we call that sources of income. So those sources of
income typically start with social Security. Maybe you have a pension,
now you'll have to also work on withdrawing from the
savings that you have.
Speaker 3 (08:44):
But social security is one of the key tenants of
your retirement income, and if you just guess and do
it wrong, you could leave a lot of money on
the table.
Speaker 4 (08:56):
I've heard people say, well, I'm gonna take it at
sixty two because they may go bus and at least
I'll be grandfathered in.
Speaker 3 (09:02):
Okay.
Speaker 4 (09:02):
I've heard other people say, you know what, there is
a seven year age difference between me and my wife,
so I'm going to wait till seventy so that she
gets the higher benefit. That may work as well.
Speaker 3 (09:12):
Mark.
Speaker 4 (09:13):
The easiest way to figure out when to take social
Security is to know exactly how long you're going to live.
Speaker 5 (09:19):
See how that would make that pretty simple if we
knew exactly how long will we be here.
Speaker 4 (09:22):
So I'll leave you with this this simple formula. If
you take your social Security at seventy, that's the maximum age,
and that's the maximum benefit you can draw. If you
do that, you need to live to about eighty four
and a half to justify all the money you didn't
take out Beginning at age sixty two. We call that
(09:45):
the break even point. So when we sit down and
meet with you and go over your full retirement plan,
we have software that can show you from a mathematical
standpoint where it makes sense to take your retirement benefit.
But I think the more confusing part is coordinating that
benefit with your spouse. So it really is impossible, obviously
(10:05):
to know the future. And if anyone out there knows
exactly how long they're going to live, can you share
that app with me?
Speaker 3 (10:11):
I put that on my phone that we all know.
Speaker 4 (10:14):
You know, But I think fears of the program going
away completely or overblown. I think changes are on the way,
but trying to make a plan based on Washington is
always tough. But the bottom line is you need to
have a plan. The key is that you have the
best plan possible for your circumstances. If you're a subject
(10:36):
to the windfall elimination or the government pension offset, or
do you understand how working in retirement could potentially hurt
your Social Security benefit? Do you know what happens when
one of you passes away? What will the other get?
Did you think about a scenario where if part of
Social Security goes away your retirement income could be drastically impacted.
(11:00):
It's called planning. It's what we do at Presley Wealth Management.
So if you're closing in on retirement and you're trying
to make big social security decisions, or maybe you've retired
but you haven't yet triggered social Security, let's talk. Our
number is seven nine to one five seven seven three.
That's seven nine one five seven seven three for the
(11:22):
average married couple. Mark was right at the beginning. You're
talking about probably a million dollars if you live thirty
years in retirement. Don't mess it up. Don't make a
million dollar mistake. Presley Wealth Management. We're here to help.
Reach out for a consultation at seven nine one five
seven seven three, or you can set up your own
consultation online at meetwith usnow dot com.
Speaker 5 (11:45):
So Matt Kennedy and I just getting started on your
money matters. Matt of course, and Christy Smith with Presley
Wealth Management. You can always go to Presleywealthmanagement dot com
to find out more as well. We're just getting started.
Crack of more all right after.
Speaker 2 (11:57):
This, be smart when it comes to your retirement. Presley
Wealth Management has a smart plan to help you better
understand the process. Set up your no consultation appointment to
get your smart planning place. Call eight sixty six three
nine oh twell fifty two. That's eight six six three
nine oh twelve fifty two.
Speaker 6 (12:20):
It's nice when you can get everything on your list
in one place, isn't it? Christy Smith that the Presley
Group agrees. That's why she offers comprehensive retirement planning all
under one roof. You shouldn't have to go to one
place for information about tax planning, another for estate planning,
and another for retirement income planning. That's why the Presley
(12:41):
Group was started. Christy Smith wanted to build a company
that could help families with all aspects of their retirement.
The Presleage Group is more than just convenient. They're knowledgeable
and experienced. To set up a meeting with Christy Smith
and her team to talk about your retirement plan all
of it, call eight six six three nine zero twelve
(13:01):
fifty two. That's eight sixty six three nine zero one
two five two. The Presley Group one stop for a
wealth of retirement solutions eight six six three nine zero
twelve fifty two. And investment advisory service is offered through
eight Wealth Management LLC, a registered investment advisor.
Speaker 2 (13:23):
You're listening to your Money Matters with Christy Smith and
Matt Kennedy to set up your fifteen minute meeting with
the Presley Wealth Management team called eight sixty six three
nine zero twelve fifty two.
Speaker 5 (13:38):
Welcome back to your Money Matters. I'm Mark Elliott here
with Matt Kennedy of Presley Wealth Management. Christy Smith, the founder,
started the company in six Matt joined the team in
two thousand and eight. You want to learn more, you
can always go to the website Presleywealthmanagement dot com to
learn more Presleywealthmanagement dot com. Now they also have a
lot of events they put on. All that information is
(13:58):
on the website, so it's a great place. It just
kind of check things out if you would like. They'd
love to have you check it out, all right, Matt,
I think we're gonna talk about something that to me,
I think a lot of people are confused, and that
is if only I mean it's like less than twenty
five percent of Americans actually sit down with a retirement
planning team and get their retirement kind of mapped out.
We know that Dwight Dave and I is an hour,
(14:19):
the general in World War Two, the Kansas president back
in the day that he had said, you know, planning
really is kind of useless, but planning is really indispensable.
It's what he was talking about war. You know, it's
kind of useless because things happen. We got to change
all the time. But to me, it's amazing that we're
talking about a twenty to thirty year retirement and people
(14:39):
don't sit down with a team like yours, oppressedly wealth
management and discuss, boy, how are we because you're looking
at a lot of different areas. It's not just money.
And I wonder do you think most people don't come in,
Maybe because they're scared mask going to make fun of
one of the stupid decision I made back in the
day or something, or so you're gonna be judgmental, or
(15:00):
that's presley wealth management. I don't have enough money to
talk with them. I gotta be rich to go talk
with them.
Speaker 4 (15:05):
I think it's those are two good examples. I've had
people say, you know, we were really hesitant to come
in because A we didn't think we had enough. B
we didn't want a sales pitch. I mean, some of
you are afraid that it's like sitting in the manager's
office at the used car dealership and you're gonna leave
(15:29):
with a car or else. You know, Nah, it doesn't
work that way, Mark. There are great reasons to hire
an advisor, and there are reasons to fire your current advisor.
Can we just dig into that.
Speaker 5 (15:42):
Some Yeah, sure, sure, I think the challenge but I
think before you get into all those reasons to either
hire or fire is, can you talk about the world
of financial advisors? Is like everybody's a financial advisor, insurance agent, brokers.
I mean, there's so many people that there's so many
aspects in the financial world that they all do different things.
(16:02):
I mean the niche for pressor wealth matage was retirement planning.
Most advisors are not in that category.
Speaker 3 (16:09):
That's correct.
Speaker 4 (16:10):
And you know it's the different labels and acronyms and
all of that initials after names that can create so
much confusion.
Speaker 3 (16:18):
So let me just simplify it.
Speaker 4 (16:21):
In our business, you're either a broker or an agent.
You know, like if you're a stock broker you're buying
and selling for someone, or maybe you're an insurance agent. Okay,
but they're typically transaction based, you know, you want to
buy XYZ shares of XYZ. You know XYZ number of
(16:42):
XYZ shares. You call your broker, right, of course, back
in the day you paid forty nine to ninety five
for that trade, and now it's free online. So most
people aren't calling their broker. But you may have a
broker calling you we got this hot stock. That's a broker.
Or you may have someone who says, hey, listen and
you really need to buy this annuity because XYZ. Typically
(17:04):
they're an agent, but at Presley Wealth we have a
very microscopic focus.
Speaker 3 (17:09):
It's retirement.
Speaker 6 (17:10):
Now.
Speaker 4 (17:10):
Our firm is held to the fiduciary standard, which means
we are legally obligated to act in your best interest
and disclose any conflicts of interest and listen. There may
be some of you you might need an agent. You
certainly probably need an agent for the let's just say,
the fire and hurricane coverage on your house, right your
(17:32):
home insurance, your auto insurance. You need an insurance agent
for that. You might need a broker, you know, if
you don't trade stocks online, maybe you have to have
a broker. But for most of you, what you really
need is an advisor. So let me focus on who
of you out there should hire an advisor if you
absolutely positively are terrified to death at the prospect of
(17:55):
retiring and your paycheck is going to end, and you're
sitting out there with a level of concern.
Speaker 3 (18:01):
That's very high.
Speaker 4 (18:02):
I have no idea, you might be saying to yourself,
if we have enough saved, then you need to talk
to someone who is an advisor. Our specialty is retirement advising.
Because the answer may not make you happy, or it
may delight you. Some of you may walk through our
doors and we sit down and we say, look, why
(18:23):
didn't you retire three years ago? Why have you been
worried about this? Because you know we run different scenarios
what happens if you retire into good markets or bad markets?
But an advisor who's worth their salt will say to you,
I'm sorry. If you try to retire now, you have
a very high risk of running out of money. You
(18:44):
probably need to either lower your expenses or work and
save more. That's called being a fiduciary. Right mark, you're
acting in the client's best interest in saying, don't mess
this up, But wouldn't you rather know where you stand
than to just take a wild guess the dark. But
I would say that about eighty percent of the time
when I sit down and Christy sits down, or April
(19:06):
in our office, when we sit down with someone who says,
you know, I just don't know if we have enough,
eighty percent of the time you do. And I can
look at people and say, why have you even worried
about this for the last eighteen months like you said
you were, Because really you're on track, Because it's more
than just the money. You see so often with a
(19:26):
stock picker, you know, like a broker or an insurance
only agent, it's about a transaction and it's about one
part of your retirement.
Speaker 3 (19:34):
But with us, it's the whole picture.
Speaker 4 (19:36):
We have the software to look and see how where's
the money coming from, What are the sources of income?
What about social security? How do we take that? Should
you take your pension as a lump sum and slowly
take it out over time and invest that money, or
would you be better off taking your pension as reliable,
steady pension payments which works best to your scenario? Can
(20:01):
we compare both scenarios? Did you think about taxes? Oh? Yeah,
there's that got to focus on that, oh man, the
big one. Mark, What about risk management? In our business
at Presley Wealth, we are obsessed with focusing on something
called SR sequence of returns.
Speaker 3 (20:22):
Any idea what that is?
Speaker 5 (20:23):
Mark? That is sequence of returns? Would be Hey, I
retired in nineteen ninety, Well, the next decade was pretty
good on the market. You're fine. Yeah, I retired in
two thousand and the market was terrible for the next decade.
I might be in trouble.
Speaker 4 (20:38):
If there's one thing that I find that so many
people planning for retirement don't worry about, but should worry about,
its sequence of returns. Let me camp here for a minute.
So many of you get focused on you run a
budget and you say, yeah, I think with social security
and if we draw four percent from our savings, we
should be okay. And you go to some software program
(20:58):
online and you enter the data and it says you're good.
You may be, but remember the way the market behaves
and how much exposure you have to the stock market
when you first retire can absolutely dictate your success or
failure super quick. Example, Okay, Mark, let's just say you
(21:19):
have a brother. We're going to be brothers from min
at Mark, So you're my older brother, and you retired
with half a million dollars in nineteen ninety. You took
out thirty grand a year, right, you took out a
lot six percent, thirty grand a year. You didn't worry
about adjusting for inflation. Ten years later, at the beginning
of two thousand, you've still got about one point one
million dollars left if you're fully in the stock market.
(21:41):
Why because the market was so good between nineteen ninety
and two thousand. So I you're a younger brother, I say, well,
darn it. That works so great for my brother Mark.
I think I'll do it. So I've got a half
mill in IRA money, I pull it out, I pay
the taxes, I got my thirty thousand a year gross.
I've got that my Social Security. Then all of a sudden,
things just go to hades in a handbasket. Two thousand,
(22:06):
we have the dot com crash. Two thousand and one,
we have nine to eleven, two thousand and two, we
have a recession. At the end of that ten year
period between two thousand and twenty ten, I've got one
hundred and forty seven thousand dollars left, and I'm begging
you for a loan because I'm in trouble.
Speaker 3 (22:23):
We did the same thing.
Speaker 4 (22:25):
One of us got killed in the market and the
other one was blessed by a good stock market. So
at Presley Wealth we focus on those outcomes. Hey, how
much risk can we afford to take and put ourselves
in a situation where.
Speaker 3 (22:39):
If things are good, we're good. If things are bad,
we can weather the storm. So if you have an advisor,
I'm gonna be blunt. But if you have.
Speaker 4 (22:48):
Someone who says they're your retirement planning advisor, and you
meet with them or you talk to them on the phone,
and they only focus on buying and selling and they
only look at your investment portfolio.
Speaker 3 (23:00):
Well that's a real, real, real red flag.
Speaker 4 (23:02):
It is important that you have the right investments and
that you mitigate risk, but it's so much more than
just buying and selling stocks or Hey, we've got this,
you know, growth and income portfolio, So you should be good.
Has it been tested to see how it would react
in bad market conditions, so so that way you can
survive a very bad sequence of returns, especially right before
(23:29):
and right after you retire. Seven nine one five, seven
seven three that's two two five seven nine one, five, seven,
seven three or hop online at meetwith us now dot com.
Speaker 5 (23:43):
So how do you know if you have the right advisor,
or how do you know if you even need an advisor.
That's where we're going next, right here on your Money
Matters with Matt Kennedy Presley Wealth Management back right after this.
Speaker 7 (24:00):
Uncle Sam might need a loan soon from you. We
have over thirty four trillion dollars in national debt. Where
do you think the money to pay for that's going
to come from? Taxes? Believe it or not, taxes are
at historic lows right now, but how much longer will
that last? A roth Ira conversion might be a good
option when planning for your retirement because you can pay
(24:20):
lower taxes now and avoid potentially higher taxes later. Christy
Smith and the team at the Presley Group have seen
taxes rise and fall. They know what options you have
to potentially reduce the amount of taxes you pay in retirement.
Call the team at the Pressley Group and schedule your
tax analysis today. Eight sixty six three nine zero twelve
fifty two. That's eight six six three nine zero one
(24:40):
two five to two. Uncle Sam needs money. Don't let
him take it from you eight six six three nine
zero twelve fifty two. Investment advisory services offer through a
wealth management LLC a Retchhuld investment advisor. Investing involves risk.
Always consult with the qualifying tax advisor before making any
decisions regarding a ROTH conversion, as there may be additional
tax considerations.
Speaker 2 (25:00):
Christy Smith of Presley Wealth Management wants to advocate for
you making sure you have the retirement you have always
won it. Call eight sixty six three nine oh twelve
fifty two and make sure Presley Wealth is the right
fit for you. You won't know until you called eight
six six three nine oh twelve fifty two.
Speaker 5 (25:21):
Glad you're with us today for money matters with Matt
Kennedy of Presley Wealth Management. Christy Smith. She's out enjoying
time with the family, so good for her, hope. Uh,
she's having a wonderful weekend. Matt is here. We're talking
about advisors. We're talking about how in the world do
we know if we need somebody to help guide us
through our retirement or you know, we've kind of done
it all on our own. Four oh one k at work,
(25:42):
we put money in it looked like it did did Okay?
Because it got us enough to be able to retire.
We think, and it's amazing to me that most and
it's probably seventy five percent of Americans do not work
with the retirement planning team. They just do it on
their own. Hey, I think we're gonna be fine. Let's
just go with it. I think you're kind of you're
taking a chance there, because when you sit down with
Christie Matta, the team at Pressley Wealth Management, it is
the smart planet. It's about income, it's about investments, it's
(26:05):
about taxes, it's about healthcare. It's about legacy planning. So
security decisions, medicare decisions, it's all in there. It's on
our shoulders. Compared to our grandparents, where they had a
pinsion so security, their income was no problem whatsoever. They weren't.
There were no iras in four own case from my grandparents.
The IRA started in seventy four, poor owin case started
in seventy eight. So it's a different retirement world. I
(26:25):
think your company at Presley Wealth Management, my grandparents didn't
need that. They were fine. Because it's the retirement planning
world that has gotten so much more complicated and difficult.
I think that's where it comes into where you guys
really help out. How do we know maybe if we're
not working with somebody, or maybe we're not working with
(26:45):
somebody that's really the right fit for us. Because we're
now talking about retirement, not just you know, growing our
money through the stock market, for example, how do we
know if we're working with somebody that's actually wrong or
we need to be working with somebody. How do we
even figure that out?
Speaker 4 (27:00):
There are some of you who are excellent do it yourselfers.
And if you have a basic understanding of the sequence
of returns risk that we mentioned the last segment, and
if you understand the complexities of taxation down the road,
if I throw out the phrase like required minimum distributions
rmds and you understand the impact of those and how
(27:20):
they will hit you down the road, And quite candidly, mark,
if you have enough wiggle room, that is, if you
have enough investible money, if you have a sizeable portfolio.
You know, if your income needs are thirty grand a
year from your portfolio and you have three million dollars,
you probably can just handle things yourself. Maybe if you
(27:42):
have a comfort level, in other words, you have enough
money to withstand the ups and.
Speaker 3 (27:46):
Downs of the market.
Speaker 4 (27:47):
But do you have the knowledge about the taxes and
the Social Security, oh and the estate planning, and do
you understand the rules about how when you pass away,
what taxes does your spouse have to pay? What taxes
would you ch children have to pay? What could you
possibly mess up that could have the irs knocking at
your door. Those are the things that we get paid
(28:08):
to understand.
Speaker 3 (28:10):
So if you have a complete.
Speaker 4 (28:12):
Understanding of those things, you probably don't need an advisor.
But the vast majority of you have spent your lives
putting your head down, nose to the grindstone, working saving,
and you may have a good knowledge or understanding of investments,
but that's only twenty percent of retirement. Only one fifth
(28:32):
of retirement is about the actual money. The other four
fifths are about taxes and risk management and medical decisions
medicare long term planning, and then combining all of your
funds and sources of income together to compliment and coordinate
with Social Security. The problem is some people think they
(28:53):
have an advisor. Mark, I'm going to be very blunt
for a moment. Some of you think you have a
financial advisor, but you really just have a b And
what I mean is the conversations you're having only focus
on the actual investments. So if you feel like you're
in that situation, it may be wise to seek a
second opinion. Okay, we're not trying to start divorces here,
(29:14):
but sometimes you might need to do that. If the
conversation each meeting or phone call is always about what
stock or what bond or what mutual fund you should
buy or that you own.
Speaker 3 (29:26):
And then if you.
Speaker 4 (29:27):
Bring up the question about well what about a state
planning or Medicare? And if you're told, well, that's just
not something we get into, you'd have to call Social
Security about that, that's a red flag. I mean, I'm
not Social Security. Christy is not Social Security. You can't
file with us and get on Social Security. You still
have to go through Uncle Sam. But wouldn't it be
(29:47):
nice to have someone who knows the ins and outs
of that and Medicare and Medicare supplement and advantage plans.
I've had some people tell me, you know, I asked
my advisor about taxes and they said, oh, well, we're
not CPAs, we can't discuss that. Well, we're not CPAs either,
but we certainly can discuss with an opinion what you
(30:09):
might could consider long term to change your tax outlook.
Should you look at Wroth conversions. Should you let's run
the numbers, then you check with your CPA and see
if that actually makes sense. Should you look at some
sort of a long term care policy or maybe some
sort of life insurance to help mitigate future estate taxes.
(30:30):
These are the conversations that we have all the time
with our clients and prospective clients. So if you're you know,
the title of this segment was how to know when
to hold them and how to know when to fold
them right, like Kenny Rogers said, So if you don't
have an advisor and you are concerned in these five
areas sources of income, medical, medicare, long term care, estate planning,
(30:53):
tax planning, risk planning.
Speaker 3 (30:54):
That's what we do.
Speaker 4 (30:55):
It's called planning, not just for what's happening today, mark
will happen potentially down the road. So if you constantly
are getting pushed off on the other four fifths and
your advisor is saying, eh, it's not something we do,
then that's a red flag. We should talk seven nine
one five, seven, seven three two two five seven nine
(31:17):
one five seven seven to three.
Speaker 5 (31:20):
Back to the brothers where the one they retired in
nineteen ninety started with five hundred thousand, took out three
hundred thousand over ten years, thirty thousand a year. He
ends up with over a million dollars at the end
of that ten year period. The other brother does this
exact same thing, but it's in two thousand and two
thousand and nine, the lost decade with the markets. He
now has less than one hundred and fifty thousand. Now
he's in trouble. So one of the challenges I think
(31:40):
is that when people come in too sit down with
you while they're working, I would think ninety percent of
their money is sitting in the market four oh one
k's in the like close so you know that kind
of idea. But once they become a client, because it's
back to your risk management, not all of their money
is going to be sitting in them. Now. You might
have some clients that have all of it in there
because they're good with the risks, they're they're fine, but
most of your clients are probably going to have money
(32:02):
that is safe and protected and some other moneies that
are at risk trying to grow. I mean it's not
all the eggs in one basket.
Speaker 4 (32:08):
I'm thinking, Well, think about it like buckets, right, If
you take money out of the pure growth bucket and
you dump it all into the safe bucket, well, there's
always a trade off. If I put all of my
money in the safe bucket, I have a limited return
and probably limited access to that money. If I leave
(32:30):
it all in the growth bucket, then I probably end
up with the greatest return, probability, full liquidity, but I
also have what the greatest risk. So at Presley Wealth,
we build plans, and the focus of those plans is
to smooth out the ride. I want to go back
to the Brothers. The example I use was a bit
(32:51):
stark because I said, hey, they just kept all of
their money in the stock market, right, But there are
years that the stock market and the market go down together.
It happened in twenty twenty two. A lot of you
in the twenty twenty or twenty twenty five funds couldn't
understand why you lost so much money. It's because interest
rates jumped, bond values plummeted along with the stock market.
(33:16):
A lot of people got really burned in twenty twenty two.
By that So our approach is, let's cording off some
of the money that's in a bucket that doesn't have
stock risk but can earn when the stock market is good.
Now there are strings attached, liquidity strings. You have to
hold the product for a certain period of time. But
(33:37):
we don't put all the money in that bucket. We
put a portion there. Then we want some money that
can actively hedge risk, and we want some money that's
fully at risk. It's all about smoothing out the highs
and the lows. So if your brother number one, if
your Mark and you retire and you have a lower
risk plan, that means you're probably going to give up
(33:57):
some of the earnings in the good years. That's what
if you retire into a bear market. I was the
other brother, right, I would not have been crushed nearly
as badly at the beginning. My odds of success in
retirement are much much larger. One of the biggest misconceptions
thirty seconds left. One of the biggest misconceptions, One of
(34:18):
the biggest traps you can fall into, folks, is trying
to look at rate of return. If you hear nothing else,
I've said this entire segment. Listen when you are near retirement.
When you're first in and through retirement, it is more
important that we focus on the range of return versus
the rate. And by range of return, I mean it's
(34:41):
more important that we smooth out the highs and the
lows so you don't end up losing big money while
you're withdrawing money to live on. We can talk more
about this in person. Our number is seven nine to
one five seven seven three. Presley Wealth Management seven nine
one five seven seven three.
Speaker 5 (35:03):
Matt Christy and the team at Presley wealtha are here
to help you with your situation. It's not about them.
How can they help you? So again, it's seven nine
one fifty seven seventy three Meet with us now dot com.
Back with our final segment of your Money Matters with
Matt Kennedy your Presley Wealth Management right after this.
Speaker 2 (35:22):
If you aren't able to listen to this show in
its entirety, go to Presleywealthmanagement dot Com to listen to
this and past radio shows. Otherwise, stick around to find
out how Presley Wealth Management will help you retire with confidence.
Speaker 6 (35:40):
It's nice when you can get everything on your list
in one place, isn't it? Christy Smith that the Presley
Group agrees. That's why she offers comprehensive retirement planning all
under one roof. You shouldn't have to go to one
place for information about tax planning, another for estate planning,
and another for retirement income planning. That's why the Presley
(36:01):
Group was started. Christy Smith wanted to build a company
that could help families with all aspects of their retirement.
The Presley Group is more than just convenient. They're knowledgeable
and experienced. To set up a meeting with Christy Smith
and her team to talk about your retirement plan all
of it, call eight six six three nine zero twelve
(36:21):
fifty two. That's eight sixty six three nine zero one
two five two. The Presley Group one stop for a
wealth of retirement solutions eight sixty six three nine zero
twelve fifty two. And investment advisory service is offered through
EIGHTE Wealth Management, LLC, a registered investment advisor.
Speaker 2 (36:43):
Should I take Medicare A or B? What is covered
under Medicare Part D? If you are ready to begin
your Medicare journey and have questions, Presley Wealth Management can
be your guide. Yo to Presleywealthmanagement dot com to find
out more. That's Presleywealthmanagement dot com.
Speaker 5 (37:02):
Welcome back to your money matters with Matt Kennedy of
Presley Wealth Management. I'm Mark Elliott again. If you want
to learn more about Christy, Matt and the team, it's
Presleywealthmanagement dot com. Find out about upcoming events, find out
more about the team Presleywealthmanagement dot com. Christy started the
company in two thousand and six, Matt joined the team
in two thousand and eight, and they're here to help
you figure out where you are on that road to retirement.
(37:23):
Do I have enough? When can I retire?
Speaker 4 (37:25):
Boy?
Speaker 5 (37:26):
Are we gonna be okay? If we retire? Is our
money gonna last as long as we need it too?
There's a lot of questions, and Matt and Christy and
the team at Presley Wealth here to help you figure
that out. It's two two five seven nine one fifty
seven seventy three. If you have questions, you have concerns,
it's seven nine to one fifty seven seventy three. And
you can always use the website. It's easy to remember.
Meet with usnow dot com. Set up your own time
(37:46):
to have a conversation, whether it's a phone call in person.
It's really kind of your choice Matt's now he's so
technology savvy that he can dow zoom meetings. You can
do whatever you need meet with usnow dot com. I
want to kind of continue on with what we're talking about.
Were talking about reasons to have an advisor, or hey,
you don't even need an advisor. If you've got twenty
million dollars. You can make a lot of mistakes, probably,
(38:06):
but I would think tax reasons, you better have somebody
to really help guide you in that situation. But most people, Matt,
I think, you know, we talked about at the start
why people don't work with Presley Wealth Management, Why most
people seventy five percent of Americans do not work with
the retirement planning team and they're missing out. I think
on a lot of great insight. You guys have done
this for a long time. You know a lot of
mistakes that people make and things that they overlook. For example,
(38:29):
taxes and retirement is certainly a big, big topic that
we've had on this program for quite some time. But
one of the things we get kind of back to that,
oh it's Presley Wealth Management. I don't have enough to
work with them, or they're just they're just going to
try to sell me something. You brought that one up
right now, they're just going to try to sell me
something so they can make money. Well, one of the
interesting parts of this whole thing is Presley wealth management.
(38:50):
It sounds to me like it's all about money, but
at the end of the day, what you're doing, there's
only certain parts of your smart plan that are about money.
Other parts are about other parts of our lives and
our retire fees because you're not going to do this
for free, so there's a fee in there. How does
I think people get caught up in because I can't
believe there's no way. You know, my bosses where I work,
(39:11):
there's no way they're charging me a fee in my
four oh one k They love me. But maybe they
are because they're fees everywhere, right, And I don't think
we pay much attention to fees.
Speaker 4 (39:22):
Well, I think I bit my tongue, but I'll say it.
I think it is the great lie by omission in
the financial services world. Quite candidly, let me tell you
how the typical conversation goes. You go to see someone
who is a financial advisor or broker or whatever, and
you ask, so, how much do you charge, and let's
(39:45):
say the response is one percent. So you leave assuming
that if you have a million bucks and they're managing
your money, you pay one percent, right, I mean, that's
seems like that's how the conversation went, Mark right, one percent.
But what you may not be aware of is that
oftentimes that fee is the fee that you pay, whatever
(40:08):
it is, point seventy five, one point twenty five, that's
the fee you're paying to get the advice and guidance
of the broker or the advisor. But what we see
so many times when people bring their statements in is
that there are numerous hidden fees. For example, if you
(40:29):
have if your portfolio is loaded up with a bunch
of mutual funds, very often those mutual funds have fees
all by themselves.
Speaker 5 (40:39):
There was a study. It was called the Ibbitson Study,
and it was what study Ibbitson, Okay, Bill Ibodson, something
like that.
Speaker 4 (40:46):
Roger Ibotsen, I call him, yeah, yeah, I call him Ibotsen.
Maybe it is Ibitsen right for economics.
Speaker 5 (40:53):
But he says forty four percent of mutual fund fees
are legally hidden, and you you have.
Speaker 4 (41:00):
To know on the statement where to even try to
begin to find them, but typically it isn't disclosed in
the average statement. Now there have been some changes under
the Secure Act one point zero and two point oh
to try to make that a little more transparent. But
the bottom line is, if someone tells you that they're
charging you a specific fee, oftentimes that's the fee that
(41:22):
they're charging to give you the advice. You have to
dig deeper. You have to find out what does the
investment cost me. I've had people say it's one percent.
I know that's what I pay. Then we run a
fund report to find out what the true expenses are,
and it's not unusual to find another one to one
point three percent of mutual fun fees that are hidden,
(41:47):
So you're not really paying one percent, you're paying two
point three. We see it all the time if you
own a variable annuity, and that may or may not
be appropriate for you. But if you own a variable annuity,
it's not uncommon to pay three and a half to
four percent in fees. But do you know how to
find out what you're really paying?
Speaker 3 (42:05):
Let me tell you this.
Speaker 4 (42:06):
When you meet with any advisor, do not ask the
question how much do you charge? That is the wrong question.
The question you must ask is how much do I pay? Oh,
you pay one percent?
Speaker 5 (42:19):
No?
Speaker 3 (42:19):
No, no, I mean how much do I pay? All in?
Speaker 4 (42:23):
Show me everything? How much do I pay to meet
with you and for you, sir or ma'am to give
me advice? And how much do I pay for the
individual investments? Now, if you're not comfortable asking that question,
we have software. There's always software, right, and we can
actually take the portfolio that you have. We can run
that portfolio through the software and it will spit out
(42:45):
for us exactly how much your current investments cost. We'll
show you what ours cost, because that's very important. But
I'm telling you it's just it irts me. It has
for a long time that our industry seems comfortable with
what is tantamount to a lie by omission. So if
you're curious about what you're really paying, let's take a
(43:06):
look at it, reach out to us. It's seven nine
to one five seven seven three seven nine to one
five seven seven to three.
Speaker 5 (43:15):
All right, final things. Working with a team like Presley
Wealth Management makes great sense to me as a sixty
four soon to be sixty five year old, because retirement
there are so many parts of it that I don't understand.
And I think that's where you come in to kind
of walk side by side. You're not up on the
opposite side of the table. You're walking with us, trying
to help us make the right decision. And at the
end of the day, it's their money's their retirement, it's
(43:36):
their lives. Sure, if you're here to kind of be
a partner in a way, go back to that, Oh,
I don't have enough money to work with Presley Wealth Management.
I got to be rich to work with them, or
time wise, when should we come in to get ready
for retirement? And it's actually sit down with.
Speaker 3 (43:50):
You, Well, you never know what you don't know.
Speaker 4 (43:52):
So if you're worried that you don't have enough, it's
kind of like having a little spot on your arm,
a little brown spot that didn't used to be there,
and you notice that it's getting a little bit bigger.
You can just ignore it and it could be skin
cancer or you could find out for sure. Why would
you be worried that you don't have enough and then
just say, well, I'll not pay attention to that. If
I don't have enough, darn it, I don't have enough.
(44:14):
You've got to know where you stand in my opinion.
So don't let embarrassment or fear of judgment holds you back.
We're simply going to give you the facts. We're not
going to wag fingers at you, tell you where you stand.
At least you'll know and hopefully that will greatly improve
your odds of success. Now, as far as a timeline,
you know, we mentioned much earlier in the show mark
(44:35):
about the sequence of returns.
Speaker 3 (44:38):
So if you are three years out.
Speaker 4 (44:40):
From retiring, or if you've recently retired and maybe you're
working with someone, maybe you're not, but you're in your
first three years of retiring, that's a great time to
understand where you stand and to start taking action on
things like risk reduction, taxes, planning for medicare, et cetera.
Speaker 5 (44:58):
Etc.
Speaker 4 (44:58):
But look, even if you're in your early fifties and
you don't plan to retire for ten years, that doesn't
mean we can at least help points you in the
right direction and maybe offer you some advice and some
feedback on things you can do now to have a
real impact, because you've got a longer runway.
Speaker 3 (45:15):
We're here to help.
Speaker 4 (45:16):
Our number is two two five seven nine one five
seven seven three seven nine one five seven seven three.
If you call, you'll get the machine. We'll call you
back Mondata set up a time if if you want to,
you can hop online. Just go to meet with usnow
dot com. That's meetwith usnow dot com and you can
set up your own fifteen minute phone call with us
(45:36):
right there to get our retirement conversation started.
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 2 (45:46):
Investment advisory products and services made available through AE Wealth
Management LLCAEWM, a registered investment advisor. Insurance products are offered
through the insurance business the Presley Group. Presley Wealth Management
is an investment advisory practice offers products and services through
AE Wealth Management LLCAWM, a registered investment advisor. AWM does
(46:07):
not offer insurance products. The insurance products offered by the
Presley Group are not subject to investment advisor requirements. AWM
and the Presley Group are not affiliated companies. Investing involves risk,
including the potential loss of principle. Any references to protection, safety,
or lifetime income generally refer to fixed insurance products, never
securities or investments. Insurance guarantees are backed by the financial
(46:27):
strength and claims paying abilities of the issuing carrier. This
radio show is intended for informational purposes only. It is
not intended to be used as a sole basis for
financial decisions, nor should it be construed as advice designed
to meet the particular needs of an individual situation. The
Presley Group is not permitted to offer, and no statement
made during the show shall constitute tax or legal advice.
Our firm is not affiliated with or endorsed by the
(46:47):
US government or any governmental agency. The information and opinions
contained herein provided by third parties have been obtained from
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group. This radio show is
a paid placement
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