June 21, 2025 • 47 mins
Christy Smith, founder of Presley Wealth Management and Matt Kennedy, investment adviser representative, discuss issues that affect your retirement planning and how you can build a plan to help reduce risk and implement wealth accumulation strategies. Learn more at presleywealthmanagement.com and then, if you would like to have a conversation around your specific situation, set up an appointment online at meetwithusnow.com or by calling (225) 791-5773.
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Episode Transcript
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Speaker 1 (00:00):
When the news is national.
Speaker 2 (00:01):
So security system molatility, global turmoil, interest rates, Rock Dane,
Wall Street.
Speaker 3 (00:05):
Your money matters. When it's Louisiana local serving the Greater
Baton Rouge area, your money matters. And when it's your
time to retire, Presley Wealth Management presents your Money Matters
with Christy Smith.
Speaker 2 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement. And that's where I believe it's
so important that you do have a full pledge retirement plan.
Speaker 4 (00:30):
And Matt Kennedy, maybe you're thinking, hmm, should I take
Social Security at sixty two, at sixty seven, at seventy
These are things you don't do every day.
Speaker 1 (00:38):
It's what we do every day.
Speaker 3 (00:40):
The conversation starts now this is your money Matters.
Speaker 1 (00:49):
Welcome to your money Matters. I'm Mark Elliott alongside Christy Smith,
the founder of Presley Wealth Management, and Matt Kennedy, an
investment advisor representative a Certify a State planner with Presley
Wealth joined the team in late two thousand and eight.
We are glad you are with us today. You can
always find out more by going to the website Presleywealthmanagement
dot com Presleywealthmanagement dot Com. A lot of great information there.
(01:12):
You can find out aboutpcoming events, find out more about
Christy Matt and the team. There's just a lot in
from the office, new office. Shoot, it's a lot going
on with Christian Matt and the team at Presley Wealth Management.
If you want to talk to him. You got some questions, right,
Can I retire? Do we have enough? Are we going
to be? Okay? It is two two five five two
three sixty three eighty nine. Two two five five two
(01:34):
three sixty three eighty nine, And that is a texting line.
You can call, obviously and talk to somebody, but you
can also just text the word visit and then the
team will get back to you and you set it up. Hey,
I'm kind of busy right now, but I really need
to see Christian Matt and the team. I got to
figure out where we are on that road to retirement.
Are we good? Are we not good? Do we need
to tweak something? Just text the word visit the two
(01:55):
two five five two three sixty three eighty nine. Two
two five five two three sixty three eighty nine. All right, Christy,
We're gonna start with one of the challenges certainly, and
it's been this way. You started the company in six
you were in the business before that, of course. Uh.
And we're going to talk about your book in the
next couple segments, so we're going to get into all
(02:15):
of the history and all of that. Why would you
write a book? And Uh, pretty impressive. It's a great
looking book. It's easy read, a lot of great information there.
But you think about it, the since you started, and
probably before that, the biggest concern of retirees of the
fair amount living their money. I don't think that was
the fear for like my grandparents who had pensions and
(02:36):
all of that. But your dad had a pension and
things went a little walky there, So I don't know.
I mean, two thirds of investors in this global Atlantic
study don't I mean, they're worried about their money lasting.
And this was people that were fifty five to seventy five,
that had two hundred and fifty thousand dollars saved to
five million or some crazy number like that, and they
(02:56):
were still concerned about outliving their money. That's still the
biggest fear.
Speaker 2 (03:00):
Absolutely, the number one concern when people come in to
meet with us at the office is do I have
enough money to retire and live on. But with market volatility,
people tend to get they get worried if they don't
have a complete plan. They see their market accounts going down,
(03:21):
they get concerned that they're going to have to make
adjustments to their income, and they absolutely are concerned about
outliving their money, especially with rising health care costs. We
see a lot of our clients that are living much
longer in retirement. We see people are needing long term
care services now more than ever, and believe it or not,
(03:41):
you know, we typically would look at long term care
services in your no go years, which you know I
always tell clients we have our go go years, our
slogo years, and our.
Speaker 5 (03:51):
No go years.
Speaker 2 (03:53):
Well, in your no Goo years, you typically would think
you would spend less money, but in reality, in the
no go years, we spend more than even in our
go go because typically we're doing it for long term
care costs which are not covered under Medicare or private
health insurance unless you have like a long term care policy.
Speaker 5 (04:13):
To pay for that.
Speaker 2 (04:14):
So we do see that the number one concern is
outliving their money.
Speaker 1 (04:20):
Now, Matt, that study was actually it was the ages.
I was right fifty five to seventy five, but it
was two hundred and fifty thousand dollars to two million saved.
So if you had two to five million, you're not
worried anymore. I guess according to this study, thirty percent.
I'm We're worried. But you think about it, as Christy said, healthcare,
long term care, we don't know what's going to happen,
so it's hard to project. You don't know how long
(04:40):
your clients will live. Maybe one hits seventy five, the
other one hits ninety five, maybe they both hit one hundred.
You don't know, and then you throw in kind of
that outlier inflation. So longevity, healthcare, and inflation, those are
three pretty big unknowns you got to plan for.
Speaker 4 (04:53):
They're huge unknowns, and you know, I know Christy will
echo this, but so many of you are asking the
question do we or do I have enough? You see,
what's enough for you may not be nearly enough for
your neighbor. What's enough for your neighbor may not be
nearly enough for you. There's no magic number, Christian. Don't
you love when you see these articles I'm being facetious.
(05:16):
I see them sometimes in the Wall Street Journal or
Baron's Magazine. The average America needs one point four million
dollars to retire. Well, if you live in Ethel Louisiana
versus San Diego, California, you just don't need nearly as
much money. The cheapest state in America for a retiree
is West Virginia. I saw this study the other day.
Overall expenses, Mississippi is the second cheapest state. Louisiana is
(05:41):
one of the cheaper states. But if you go to
California or Oregon or some Ver or Washington, then obviously
you need more money. But also what's your lifestyle, right, Christy,
So just because you only have five hundred thousand dollars
doesn't mean you're not gonna be okay. And just because
you have one point five million, it doesn't mean you're
(06:02):
going to be okay. Turning that money into reliable income.
That's what we do, and that's what the big concern is.
From that same study you mentioned, mark stability is a
key priority. Sixty five percent of those surveyed. Again we're
talking ages fifty five to seventy five, sixty five percent
(06:24):
prioritize lifetime income over asset accumulation. So it's not necessarily
how big is my nest egg, it's how long will
my nest dig last?
Speaker 1 (06:35):
That's the key. So again, if you'd like to have
a conversation with Christy Matt and the team at Presley Wealth,
just give him a call at two two five five
two three sixty three eighty nine. Two two five five
two three sixty three eighty nine. You can also just
text the word visit if you would like to, and
then the team will get back to and you guys
set up a time to have a fifteen minute conversation
and then you see from there, hey, we should really
(06:56):
come in and sit down. Let's talk a little bit
more seriously about this. But you can certainly get some answer.
It's just by having that just text word visit two
two five five two three sixty three eighty nine. And Christy,
I would think when they walk through your smart program,
if you will, your smart retirement process, I would think
that kind of alleviate some of that fear of outliving
(07:17):
our money. I mean, the more we plan and at
least put it down on paper, we kind of know
where we are, we have a better feeling about the future.
Speaker 2 (07:24):
I would think we absolutely do and the key to
that is actually having a plan. Mark you would not
believe how many people come into the office. They've actually
already retired. They just are coming in for a second
like a checkup, or the biggest thing is they come
in because they want to look at their tax concerns
(07:47):
simply because their current advisor hasn't addressed it with them.
They hear us talking about taxes all the time on
the radio, and a lot of times that's actually why
they call us to come in and meet with us.
Having a complete, holistic plan is, in my opinion, one
of the most important things you can do before retiring.
And the reason for that is because if you have
(08:09):
a complete plan, we've taken the time to look at Okay,
the markets are not always going to be great now.
They were great for a good long time, and if
you retired in the last ten years, you probably did
pretty well. However, there are going to be times where
the markets are not doing great and they're not favorable
(08:31):
and you can get nervous, and getting nervous in retirement
while you're drawing retirement income can be one of the
worst things that can happen, because then you make decisions
based on emotions. You don't want to make decisions on emotions.
You want to make decisions based on facts. So what
we do with our smart plan is we create a
(08:51):
income plan. We know where are we going to draw
your retirement income, regardless whether the market is up or down.
And that's part of having a real plan.
Speaker 4 (09:03):
Mark In two thousand and eight, when I came to
work with Christy, I was observing what was happening, Christy,
will ech go this The single biggest concern wasn't just wow,
we've lost you know, thirty five, thirty eight to forty
percent of our portfolio. That was a huge concern. But
that was the biggest concern, right Christy, for people who
were about to retire and thought, well, now have to
(09:24):
work longer. But I remember the real tiers and the
real Kleenex was spent on the people who were drawing
from that asset that had declined so much in value
that the advisor said, you'll be okay if you withdraw
a lot less money every month. Well that changed their
whole lifestyle. So stability of income is the key, right Christy.
Speaker 5 (09:46):
It absolutely is.
Speaker 2 (09:47):
You know, some people don't have a written financial plan
and it makes it very hard to feel confident about
their future in retirement. A written plan can ensure steady
income stream and preserve your lifelong savings from inflation and
rising cost. We have a process. It starts with our
(10:08):
Serve model, and I want to help you. This is
what we do every day. Call us and we can
help you create a dependable income stream so you don't
have to rely solely on unpredicted markets. We can help
you understand the biggest risk to your savings, including inflation,
healthcare cost and the lack of predictable income, and also taxes.
(10:32):
We can help you build a safeguard with your financial
future and give you confidence in retirement in the future.
This is what we do. This analysis is completely free.
There's no obligation, but you need to call now. Call
two two five, five, two three, six, three eight nine
to schedule your complementary retirement income review. You're just going
(10:56):
to text the word visit. After this review, you're going
to know exactly where you stand. You're going to have
a clear plan to help protect your financial future. This
isn't about chasing high risk rewards. It's about making sure
your savings last as long as you do. Don't wait
called two two five five two three six three eight
(11:19):
nine two two five five two three six three eight nine,
or you can text that number. Just text the word
visit and we'll get in touch with you to schedule
a complimentary visit, Matt.
Speaker 1 (11:33):
It seems to me this is one of the crazy things.
As Christy said, most people do not have a written
retirement plan. They've not sat down with the retirement planning
team like Presley Wealth Management.
Speaker 4 (11:42):
Why it's because the vast majority of people giving advice
and the vast majority of you receiving advice, think that
your investments are your plan. No, your investments are your investments,
and a lot of advisors like to talk about, well,
you're in this fund and that fund, and that's your investments.
Speaker 1 (12:00):
That's a tool. But to build a.
Speaker 4 (12:02):
Financial future, you have to know how the tools will
construct the physical house that lead to the stable, reliable income. Again,
if you'd like to get with us, simply text the
word visit to two two five five two three sixty
three eighty nine. You can also call the number, but
it's two two five five two three sixty three eight nine.
(12:22):
Text the word visit and that'll give us some information.
We can reach out and set up a time talk
about giving you the confidence in retirement that you so
richly deserve.
Speaker 1 (12:33):
Right here on your Money Matters with Christi and Matt
back after this.
Speaker 6 (12:39):
Since twenty fifteen, Christy Smith and Presley Wealth Management have
been committed to creating holistic financial plans. We help clients
with income, investment, medical, tax and legacy planning. Called two
two five five, two three sixty three eighty nine or
visit presleywealth dot com to see how they can help
(12:59):
you and reach retirement.
Speaker 2 (13:02):
With chaos on the news and uncertainty in the markets,
are you worried that your retirement savings could be at risk? Hi,
this is Christy Smith with Presley Wealth Management. Tariffs, trade wars,
and a shaky stock market have left many retirees asking
what's next for my financial future? If you've been asking
that question, it's time to take action. Come sit down
(13:23):
with me and my team so that we can review
your financial plan and help make sure that you're prepared
for the challenges ahead. Just call two two five five,
two three six three eight nine for a free visit. Together,
we'll create a strategy to help you preserve what you've
worked so hard to build. Don't wait, Call me Christy
Smith at Presley Wealth Management at two two five five
(13:44):
two three six three eight nine to schedule your visit.
There's no cost to meet, but my calendar is filling
up fast. Called two two five five two three six
three eight nine.
Speaker 6 (13:55):
Investment Advisory services offered through AE Wealth Management LLC, a
registered investment advisor. Text Book to two two five five
two three six three eight nine to get an instant
download of chapter one of Christy Smith's book, Unlock Your
Smart Plan. That's book to two two five five two
(14:18):
three sixty three eighty nine.
Speaker 1 (14:22):
Welcome back to your Money Matters with Christy Smith and
Matt Kennedy of Pressley Wealth Management. I'm Mark Elliott. You
can always get ahold of the team if you have questions,
you have concerns. It is two two five five two
three sixty three eighty nine. Two two five five two
three sixty three eighty nine. You know, while you're working,
you know you're gonna get paid once a month, every
two weeks. Maybe you get paid every week, but everybody
(14:45):
has a system, right you know when your paycheck is
coming in. Well, once you retire, now where's your money
gonna come from? So scurity. Certainly could be one of
those pension if you're lucky enough to have one of those.
But really it's about having that dependable income to kind
of ease some stress. Christy, how important is it to
have dependable income sources for today's retirees.
Speaker 2 (15:07):
Well, I think it's extremely important. You know, what we're
seeing is we're seeing pension payments go away. You know,
people are not retiring now with a guaranteed pension payment
like in the old days. You know, in the old days,
we would have pension payments and social security and most
people didn't live the way retirees are living now. They
(15:30):
lived within that income range. What we're seeing now is
people retire and really want to live the same way
that they did while they were working. So it's extremely
important to create a reliable income stream to go along
with your social security benefits. That's part of an income plan,
(15:50):
and it's why having an income plan is so important
because you don't want that income to change when market
conditions change. I want that income to continue coming in.
And I can tell you if we had a difference
in income for you know, our clients of even choose
three hundred dollars a month they would call worrying, but
(16:13):
they don't experience that because we've created a real income plan.
And I would even argue it's good to have that
income plan in writing. But we're seeing rising costs with inflation.
You know, it costs more to go to the grocery store,
it costs more for your car insurance, your home insurance,
everything is costing more. So having a reliable income plan
(16:37):
that that even would account for inflation, meaning let's let
your income go up as you get older in retirement
to compensate for the higher out of pocket expenses is
extremely important.
Speaker 4 (16:50):
Let me tell you what an income plan is not, now, Christy.
Sometimes it's better to explain what something is by explaining
what it is not. And so, so an income plan
is not your investments. We say this a lot. Well,
I have my investments, and i need to withdraw a
certain amount every month, and I've got a perfect sixty
forty stock bond mix, and so I'm in good shape.
Speaker 1 (17:12):
Here's when that will blow up in your face.
Speaker 4 (17:16):
I remember when I've met Christy in late two thousand
and seven and begin working here in a training under
Christy in two thousand and eight. The average person who
came to see you, who was in tears, who said,
you know, our retirement is not going as planned because
our person, our guy, says we have to draw a
lot less money, and so we don't risk running out
(17:37):
of money. They had investments, and they followed something called
the four percent rule. Some of you may have heard
of that. It's a very popular rule in retirement planning.
You take your portfolio, you should be able to take
out four percent a year, and you should be able
to adjust for three percent inflation. You have five hundred
thousand dollars. What's four percent of five hundred thousand. It's
(17:58):
twenty grand. So you should be able to withdraw twenty
thousand a year and not risk running out of retirement.
That works great unless you retire when things go bad.
And in two thousand and eight, the person with half
a million dollars saw their portfolio drop to three hundred thousand. Well,
if you need twenty thousand from three hundred thousand, I'm
(18:20):
gonna use some erwin.
Speaker 5 (18:21):
Villeas taking a lot more than four percent.
Speaker 4 (18:23):
That ain't four percent, and so you're violating the four
percent rule and you risk running out of money. Your
investments aren't your income at Presley Wealth Management. When we
build out our smart plan, we're looking at sources of income,
but we're also looking at risk and we want to
reduce the highs and the lows. We want to smooth
out your investment highs and lows, and when the market's good,
(18:47):
we may draw from the market. When the market turns sour,
we're going to have investments set up that didn't take
losses in the market, and we can draw from those
to supplement the income. That's the peace of mind that
you get from having an income plan. Does it mean
that it always works out perfectly and you don't have
market highs, market lows or curveballs like you mentioned the
(19:07):
last segment Christy thrown at you. No curveballs happen, But
the goal is to not have to radically alter your lifestyle.
I keep stressing this because there's this psychological thing called
recency bias, Christy, where humans tend to focus on what
happened recently and view that as the future. It was
a long time ago that we had a two thousand
(19:29):
and eight market disaster. I'm not saying it's going to happen,
but if it did, how much income would you have
to reduce how much. Most of you were asking the
question do I have enough to create the income I
need to live on? But how would a bad market
downturn impact your income? Don't be a victim like I
(19:51):
saw in eight and nine who people thought their investments
were their income. Sorry, Christy, I'm getting kind of passionate here,
but I just people get hung up on what has
happened recently, and the market's been pretty good, it's been
very stable.
Speaker 1 (20:04):
If that falls apart.
Speaker 4 (20:05):
Right when you retire and all you have or investments,
you saw the outcome.
Speaker 2 (20:10):
We absolutely didn't, and it actually happened in my own
family situation with my dad. You know, we just can't
stress enough the importance of having an income plan, and
it's why we focus at Presley Wealth Management on creating
a complete, holistic smart plan that's going to include your
income plan, your investment plan, risk planning, estate planning, tax planning,
(20:33):
and medical planning. You know, it's funny how and people
will often ask me in the office, Mark, why do
you cover all five of those areas? And I say,
because anything goes wrong in one of them, it can
affect the other. They're all in a relation, they're all
in a related because when you make sure and create
a complete holistic plan.
Speaker 4 (20:50):
For example, if you have too much risk and you
lose too much money, that in turn blows up your income.
So now your sources of income have been met. Stuff
you can't live in a vacuum. One affects and impacts
the other. We're not doom and glooming. Look, I think
long term, you close your eyes, in ten years from now,
the stock market will be higher. But if you retire
(21:13):
when it's going through some painful times, it will radically
alter your retirement. It could change your dreams, it could
change your plans. Have a plan, Christy.
Speaker 1 (21:25):
Since we've been doing this show, it's always been the
number one fear of most retirees is the fear of
outliving their money. Is that still a major concern?
Speaker 2 (21:31):
It is a major concern, you know, for us, I
think it's the number one concern when people walk in
the door. As advisors, we see for most of our
clients tax planning should be the number one concern, but
outliving their income actually is their number one concern.
Speaker 4 (21:47):
I want you to think about this for a moment.
If you have a million dollars of IRA or four
one K money, and you say, well, I'm going to
take out four percent to live on. That means forty thousand.
But after you pay Uncle Sam, how much is left
in your pocket?
Speaker 1 (22:02):
Now?
Speaker 4 (22:02):
What if you had a million dollars that was tax free,
you could take out forty thousand and spend forty Tax
planning is grossly underrated baby boomers. I'm sorry most of
you were lied to. You were told save your money
pre tax because if my money goes in pre tax,
I get my tax break while my income is higher,
and I'll always pay lower taxes in retirement. I can't
(22:24):
tell you the number of people that we meet with
and we show them as part of our tax planning.
Speaker 1 (22:30):
Yes, if you.
Speaker 4 (22:30):
Retire at sixty five, your taxes are lower. But down
the road, when you're seventy three, seventy four, seventy five
and the government forces you to start taking out money.
We often see cases where by the late seventies, someone's
paying more in projected taxes then than they paid while working.
Speaker 1 (22:50):
So if people are worried about whether their current retirement
income will last as long as they do, what's your suggestion,
what's your advice?
Speaker 5 (22:58):
Well, my advice is give us.
Speaker 2 (23:00):
It's a call and schedule a uh an appointment to
come in and meet with us and let us work
on building a complete smart plan. And I would say,
know what you plan to spend? Yeah, that's coreat in
retirement before you come even see us, because you'd be surprised.
Mark how many people come in to meet with us
and we when we get to how much do you
think you're going to need to live on in retirement?
(23:21):
How many of them don't know that answer? This is
what we do every day and we'd love to help you.
Speaker 1 (23:27):
It is two two five five two three sixty three
eighty nine. Two two five five two three sixty three
eighty nine. So we're going to talk more about creating
dependable retirement income when we come back right here on
your Money Matters with Christy and Matt.
Speaker 6 (23:44):
Text visit to two two five five two three sixty
three eighty nine to set up your complimentary meeting with
the Presley Wealth Management team. That's visit to two two
five five two three six three eight nine.
Speaker 4 (24:00):
A quarter twenty five cents. That's hardly anything, right ah,
But at Presley Wealth Management we see quarters a little differently.
A quarter is a lot when it's a quarter of
your retirement savings, So do you want to pay twenty
five percent or more in taxes during your retirement? At
Presley Wealth we help create a plan to help you
address taxation. If the only time you think about taxes
(24:21):
is when you file them. You don't have a tax strategy,
but it's not too late to get one. Act now
to make sure you're not paying a quarter, dime, or
even a penny more than you should. Call Christy and
the team at Pressley Wealth Management at five two three
sixty three eighty nine. That's two two five five two
three six three eight nine to schedule your personalized tax
(24:42):
strategy session. A quarter saved as a quarter earned so
called two two five five two three sixty three eight nine.
That's two two five five two three sixty three eight nine.
Speaker 6 (24:52):
Investment advisory services offered through AE Wealth Management LLC, a
registered investment advisor firm, may not give tax advice. You
listen to Christy Smith and Matt Kennedy on the radio,
Now go in and talk with them in person.
Speaker 5 (25:06):
Let them help you.
Speaker 6 (25:07):
Retire with confidence. Two two five five two three six
three eight nine, or go online to Presleywealthmanagement dot com.
Speaker 1 (25:18):
Ready with us today for your money matters with Christy
Smith and Matt Kennedy and Presley Wealth Management. I'm Mark Elliott.
You can always go to the website to learn more
Pressleywealthmanagement dot com. Find out more about Christy, Matt and
the team. There's some great information there. Find out about events,
find out maybe an even set up. You can set
up your own appointment there as well. We're talking about
retirement income. That's going to be there, dependable, it's going
to be there for as long as you live. And Christy,
(25:38):
you said one of the challenges most people aren't really
sure about how much they need. So when they come
in to talk with you for the first time and
you say, hey, how much do you think you're going
to need to live on? Well, I'm not really sure.
How do you help them figure that out? Because there
is a way to, I would think, to figure that
out that's not super complicated.
Speaker 2 (25:55):
Well, typically we'll start off with a budget template. You know,
we we've got inside of our retirement income planning software,
we've got a budget template. And the crazy thing is
is that it's such a good template. People come back
when they've completed and they say, there's so many things
on there. That they had not even considered in retirement.
(26:17):
And so it's a great example. But I think a
budget template is where to start. The second thing I
would recommend is go back in your checkbook, are your
credit cards, and look and see where you're actually spending
your money.
Speaker 4 (26:27):
Now, hey, look, some people are budget doers. The engineers
who walk in the door, they bring a spreadsheet. One
guy brought his spreadsheet on double legal paper. He's taped
it all together. It's very proud. He covered up my
entire conference room table. But it was a thing of beauty.
And the guy knew exactly how much money he needed
to live on. He just didn't know how to generate
(26:49):
that money in a way that would give him stable income.
People often asked do we or do I have enough?
I think that's the number one question, do I have enough?
The thing is the answer for your next door neighbor
and the answer for you are different. You guys may
have exactly the same amount of money saved, but how
you will spend what the goal and the dream is
(27:13):
matters person to person to person. That's why we don't
do rubber stamp plans here. Everybody has a plan uniquely
designed for their situation. But the number one thing to
remember is the closer you're getting to retiring and when
you're first in retirement is make sure you have your
risk under control, that you've developed a clear budget. And Christy,
(27:36):
I know you'd like to tell people, and I agree.
In April in our office says the same thing to clients,
prospective clients, if you have a chance, test drive your
budget in retirement.
Speaker 2 (27:47):
Yeah, I mean, how many of you would go and
buy a new vehicle without ever driving it.
Speaker 5 (27:52):
Not many.
Speaker 2 (27:53):
Most people want to drive it and see how it feels,
make sure they'd like it. For me, it makes sense
to test your eye your retirement. You know, a year
before you retire, start living as if you're already retired
financially because because you may be making more than you need,
just save it. But if you can do that, even
(28:15):
after a six month period, you should see a good
trend and how things are going to go and can
you be comfortable in retirement. The second thing is is
I would say make sure you have reliable sources of income.
You know, let's let's look at your Social Security benefits.
Are you going to have any pensions? Do you have
(28:35):
any annuities that are going to provide guaranteed income. Is
that income going to be provided for both you and
a spouse or is it over just your life expectancy?
We typically want to know is it going to cover
both of your life expectancies? You know, I think the
biggest thing is knowing how much you need to spend
(28:56):
and then knowing where you're going to get that.
Speaker 1 (28:58):
Matt at the end of the day, I guess really,
I would think this is the one of the bigger
parts his income, right. That's kind of where the smart
process starts. How do you help your clients then evaluate
their current situation and figure out if there are already
potential income gaps.
Speaker 4 (29:13):
As simplistic as it sounds when we think of it,
as if we're building a house. So while you're working,
you're just working and you know you're paying the bills.
But when you get ready to retire, we're going to
build a house. I've said before. My dad is a
retired preacher. He was also an amazing carpenter. My dad
could envision it and build anything. I grew up in
Irwinville and when my dad got ready to build Faith
(29:37):
Church on Highway one ninety Christy, when Dad said we're
going to build a church.
Speaker 5 (29:41):
He meant he was going to build a church.
Speaker 4 (29:42):
He meant he was going to build the church, and
I never will forget. He would have all the lumber
delivered and there's a board scattered everywhere and they're framing
up a foundation. And I'm like, Dad, how do you
know how to do this? You don't have a degree,
you don't do you know, you're not a draftsman. And
he said, I can see it right here, and he
would tap the temple of his head so he could
see the end plan. Well, we see the end plan
(30:05):
for people who are planning retirement, and it's kind of
like my dad's church. You want to have a roof,
you want to have some walls, and you want to
have a floor, and we all know you build the
roof first, right Christy, No, you build the foundation. So
what we want to find out from you is what
are your guaranteed sources of income? Social security? Now that
weapon GPO are gone, that has helped a lot of you.
(30:28):
So social security do you have one?
Speaker 1 (30:31):
Do you have two?
Speaker 4 (30:32):
Social securities? What about pensions? Should you take it lump some?
Should you take it as payments? How will you set
that up. Will your spouse continue getting the same amount,
will he or she get half? What are your needs
in that situation? And if your income comes up short,
how do we use the tools to make sure that,
no matter what happens in the market, your income is
(30:54):
your foundation. Because if your roof, with your higher risk
stocks and your wall, which would be in the market,
but they would be tactically managed to adjust for risk,
if that money goes down in bad times, we want
the Florida to stay there. We don't want foundation failure.
We don't want to have a foundation repair company have
(31:14):
to swoop in and rescue your house because if that's
the case, things have gotten really, really bad. So it's roof,
its walls, it's floor. How much goes in each place
from your portfolio depends on what your needs are. But
I mean that sounds overly simplistic, Christy, but it's it's
all designed to do two things, reduce market risk and
(31:36):
keep the income flowing no matter the circumstances. That really
is it right?
Speaker 2 (31:42):
Absolutely, there is no retirement without retirement income.
Speaker 1 (31:46):
Why don't you guys take the final couple two and
a half minutes or so and talk about what happens
when somebody does call two two five five two three
sixty three eighty nine, or what happens when they go
to meet with us now dot com? What can they expect?
Speaker 4 (32:00):
So if the phone rings and you'll get a machine,
because we do this show on the weekend, and so
when you get the machine, do us a favor leave
a message. Don't worry, it will not disappear into the void.
And when our staff gets in Monday morning, if you
would simply leave the most pertinent information your name, a
callback number, and if you'd like an email address, and
(32:22):
we're going to reach out to you Monday morning and
then set up a fifteen minute phone call. Christy, explain
why we want to spend fifteen to twenty minutes on
the phone.
Speaker 2 (32:34):
Well, the reason why we want to spend fifteen minutes
talking before you come in is we understand that time
is so valuable. We want to make sure that we
can help you accomplish your goals. You know, if you're
in a situation where we're not able to help you,
then we want to make sure that you haven't wasted
(32:56):
your time coming in. We actually want to be able
to refer you in the right direction before you even
come in now. If you go to the website meet
with usnow dot com, you can schedule that fifteen minute
phone call on your own right now, meet with usnow
dot com. You can expect a fifteen minute phone call
that's literally just going to be talking about you and
(33:20):
your needs and your desires and how we can help.
After that, we're going to schedule a complimentary visit for
you to come into the office and we're going to
start working on what we call our serve model. We
like to go five levels deep, and we like to
know can we help you accomplish your goals? Because that's
what it's about. It's really about helping you accomplish your goals.
(33:44):
We don't have a preset agenda when you come in.
Everyone's needs are completely different and guys, this is what
we do every day and we would love to be
able to do it for you. There is no cost
or obligation, there's no commitm miant. We simply are here
to help. Go to meet with usnow dot com and
(34:05):
schedule your complementary fifteen minute phone call.
Speaker 1 (34:09):
It is two two five five two three sixty three
eighty nine two two five five two three sixty three
eighty nine, Stay with us our final segment of Today's
Your Money Matters with Christian Matt Right after this.
Speaker 6 (34:24):
Text book to two two five five two three six
three eight nine to get an instant download of chapter
one of Christy Smith's book, Unlock Your Smart Plan. That's
book to two two five five two three sixty three
eighty nine.
Speaker 2 (34:43):
With chaos on the news and uncertainty in the markets,
are you worried that your retirement savings could be at risk? Hi,
this is Christy Smith with Presley Wealth Management. Tariffs, trade wars,
and a shaky stock market have left many retirees asking
what's next for my financial future. If you've been asking
that question, it's time to take action. Come sit down
(35:03):
with me and my team so that we can review
your financial plan and help make sure that you're prepared
for the challenges ahead. Just call two two five five
two three six three eight nine for a free visit. Together,
we'll create a strategy to help you preserve what you've
worked so hard to build.
Speaker 5 (35:20):
Don't wait. Call me Christy Smith.
Speaker 2 (35:22):
At Presley Wealth Management at CHEW two five five two
three six three eight nine to schedule your visit. There's
no cost to meet, but my calendar is filling up fast.
Called two two five five two three six three eight nine.
Speaker 6 (35:36):
Investment advisory services offered through AE Wealth Management LLC, a
registered investment advisor. Text visit to two two five five
two three sixty three eighty nine to set up your
complementary meeting with the Presley Wealth Management team.
Speaker 5 (35:54):
That's a visit to.
Speaker 6 (35:55):
Two two five five two three six three eight nine.
Speaker 1 (36:02):
Glad you're with us today for your buddy matters with
Christy Smith and Matt Kennedy of Presley Wealth Management. If
you'd like to chat with the team, you certainly can
just text the word visit to two two five five
two three sixty three eighty nine. Visit to two two
five five three sixty three eighty nine, and then you'll
set up a time to have a fifteen minute twenty
minute phone call with the team. Maybe you'll say, you
(36:22):
know what, really we're getting closer to return. We'll just
soon come in and have a conversation with you. We
can set that up as well, So a great opportunity
for you. I'm Mark Kelly Glader with us. We're gonna finish
up the show with a little mail bag segment. Christy
and maggot questions people all the time. Might be in
the grocery store line and they're like, wow, that's a
good question. We got to use that one on a
radio show. So we've got to create this mailbag, a
hodgepodge of questions, and they're all over the place. But
(36:42):
I always say this when we do this segment, because
for Christy and Matt to give you the entire answer
that you're looking for, you have to be able to
sit down with them because they're gonna have follow up questions.
You're gonna have follow up questions. So our first question
comes from Ben and Denham Springs. And here's the deal. Ben,
Christy and Matt don't know from your question. They don't
(37:03):
know how old you are, they don't know kind of
money you have, They're not sure what your hopes and
dreams are for retirement. There's just a lot more than
goes into it. But they're going to do their best
answer the question in a general way on this in
this segment, so we always enjoy this. So Christy, you're up.
This comes from Ben and Denham Springs. Guys. I've had
a steady corporate job for thirty five years and my
wife has top piano lesson since we were married in
the early eighties. Her job helped us pay for groceries
(37:25):
and gave us some extra money to put away for
the future. But she does not have a job with
a four to oh one K or insurance benefits. How
can I make sure she'll be okay if something happens
to me.
Speaker 2 (37:36):
Well, the first thing you want to do is is
look at your current four oh one K and make
sure that your wife is listed as your primary beneficiary.
You also want to look at any life insurance contracts
you have make sure she is the primary beneficiary, because
you know, accounts that have beneficiary designations aren't going to
go through secession in Louisiana, so you want to make
(37:57):
sure you have that setup properly.
Speaker 4 (38:00):
You know.
Speaker 2 (38:00):
The second thing you might consider doing is looking at insurance.
What type of insurance? Well, you might consider either a
life insurance contract or even an annuity contract. You know,
an annuity can provide guaranteed income if something should happen
to you if you've chosen the right plan. All contracts
are not identical, but you do have options. Been The
(38:23):
first thing I would do, though, is make sure your
wife is listed as your primary beneficiary, But if you'd
like to sit down with us to discuss your exact
situation and see are there ways that we can help you?
Just text two two five, five, two three six, three
eight nine text the word visit and we'll get back
in touch with you and schedule a visit as soon
(38:43):
as possible.
Speaker 1 (38:45):
All right, nice, All right, Next question, Matt, this one's
for you. This is Shelley and Baton Rouge. We weren't
planning on leaving much for our kids after we passed,
but now that our first grandchild has been born, we've
changed our minds. And then Shelley has a little in parentheses,
We should have had the grandkids first.
Speaker 5 (39:00):
I always say that.
Speaker 1 (39:02):
So Shelley says, is there a way for us to
leave them each a little something after we're gone? Yeah?
Speaker 4 (39:09):
Sure, there's a multiple of ways that it can be done.
Everybody's situation is different, and like Christy was saying about
and you were saying Mark about the last situation, we
have to see the entire picture to be able to
give specific advice. So Shelley, I don't have any specific,
one magic tool that's gonna fix everything, but it depends
(39:29):
on two do you want that money to be used
for their education? Do you want that money to be
something to help them buy their first home? But there
are numerous ways that you can set up something so
that they can they can benefit and then but we
also want to do it right, Christy, in the most
tax efficient way possible. The last thing you want to
do is leave the child, the young adult perhaps a
(39:52):
tax burden. But there's a multiplicity of things that can
be done. I think a lot of it depends on
what the parents think they may do. If they're sure
fire that kid's going to school, then maybe, for example,
a five two nine plan is good. If they're instead
going to maybe uh not need help with schooling. But
like I said, help with the first you know, down
(40:12):
payment on their first home. There's different kinds of accounts
for that mature It can absolutely be done.
Speaker 1 (40:18):
All right, So here we go another question, Christy. This
one is for you, and again you can always just
call the team two two five five two three sixty
three eighty nine. You can even just text the word
visit if you want to, and the team will get
back to you to set up a time two two
five five two three sixty three eighty nine. Christy, this
is for you. This comes from Gonzales. Betty says this.
(40:38):
My husband and I just started getting serious about preparing
for retirement. So we started going through all of our
monthly expenses and it was really eye opening. I had
no idea where it was all going each month. Now,
what should we do? Is that uncommon?
Speaker 3 (40:53):
Well?
Speaker 1 (40:53):
I mean when people come in, they need to know
what's going out, what's coming in, I suppose, but most
probably don't know those figures.
Speaker 2 (41:00):
So the crazy thing is Mark, is that, Betty is
not unusual. We see this all the time. I mean,
people come in, we start working on building a plan.
The number one thing we need to know is how
much do you want to spend in retirement? How much
do you need to generate an income? So gathering up
all the expenses and it can be eye opening. But
(41:22):
the next thing we need you to do is look
at gathering all of your accounts. You know, your investment accounts,
your four oh one K, your IRA, any pension information,
social security information like brokerage account CDs. Because because the
part of the puzzle is going to be okay, how
(41:42):
much do you have and how is it going to
be taxed?
Speaker 5 (41:46):
When you spend it, and then how much do you need?
Speaker 2 (41:49):
So you've started the process off right by trying to
determine how much you need. But then we need to
look at how much do you have and how is
that money going to be taxed when you live on it?
Speaker 1 (42:01):
And we've been telling you can text the word visit
to have a conversation with the team and you can
just call them and have a chat two two five
five two three sixty three eighty nine. But I think
a great thing all these questions are all over the place. Well,
a great opportunity for you to get Christy's book. Uh,
it's a fantastic book, Unlock your Smart Plan, a comprehensive
guide to retirement in Louisiana. If you'd like that first
(42:22):
chapter just downloadable. They'll send it right to you. Just
text the word book to two two five five two
three sixty three eighty nine. Just text book to two
two five five two three sixty three eighty nine. All right.
Final question Matt to you comes from Jack in Prairieville.
I'm planning a relatively simple, quiet retirement. I've done most
of the traveling that I wanted to do, and I
(42:43):
only have one or two places that I'd like to
see someday. If I don't have anything big planned, is
there really that much I should do for a retirement strategy.
Speaker 4 (42:51):
There's probably plenty you should do. Jack, Do you have kids,
grandkids that you want to make sure receive your inherits
most tax efficiently without messing up their income taxes. You
didn't mention if you had a spouse or not, but
do you have a plan for something happens to you?
Maybe your spouse has big plans that you don't have.
(43:13):
I mean, we'd have to know more about your situation,
but I think your primary question is, Look, my life
is relatively simple, But think about the smart plan. It
sounds like you've got sources of income well in hand
because you're saying I don't have anything big going on.
But what about medical What if something popped up later
in life that caused you to spend a significant amount
(43:34):
of your retirement portfolio. Would that mean that you leave
less of a legacy? Would that mean that you left
a spouse in a situation where they won't have nearly
as much money to draw from because medical bills ate
that up. There's an old saying, brother, well, he loves
to say it, my dad. You know, it's not what
you don't know that could sometimes hurt you down the road.
(43:55):
It's what you think you know, but you don't know exactly.
I know that's confusing, right.
Speaker 5 (44:00):
Yeah it is.
Speaker 2 (44:00):
And you know Dell Carnegie always says knowledge is powerful
when applied.
Speaker 5 (44:05):
Yes, when applied, when applied.
Speaker 2 (44:06):
And so the thing is is that you know we're
here to serve and there's all kinds of ways, Jack,
that things that can happen in your retirement that you
didn't plan for. We would love to sit down and
visit with you and see if you have a complete
holistic plan, because that's what we do. Again, if you
would like to receive a chapter of my book, the
(44:30):
first chapter of my book, you can text us at
two two five five two three six three eight nine.
Just text that number and put book in it two
two five five two three six three eight nine. Or
you can text the same number and type visit if
you would like to schedule a complimentary visit to meet
(44:52):
with either myself or one of our other advisors. You know,
what we do is help you create the plan so
that you don't have to worry in retirement about the
what ifs like where am I going to get my income?
How much am I looking at and paying in taxes?
Do I have too much risk to my portfolio? We
can't predict the entire like the future of the markets,
(45:14):
but we can build a plan. We can build a
smart plan, and that's what we do at Presley Wealth Management. Again,
if you'd like the first chapter of my book text
two two five five two three six three eight nine,
Just text the word book two two five five two
three six three eight nine. You can use the same
number and text visit if you'd like to come into
(45:36):
visit with us.
Speaker 3 (45:41):
Presley Wealth Management has a strategic partnership with tax professionals
and attorneys who can provide tax and or legal advice.
Speaker 6 (45:46):
Investment advisory products and services made available through AE Wealth
Management llc AWM, a registered investment advisor. Insurance products are
offered through the insurance business the Presley Group. Presley Wealth
Management is an investment advisory practice. It offers products and
services through AE Wealth Management LLCAWM, a registered investment advisor.
AWM does not offer insurance products. The insurance products offered
(46:09):
by the Pressley Group are not subject to investment advisor requirements.
AWM and the Pressley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial strength and claims paying abilities of the
issuing carrier. This radio show is intended for informational purposes only.
(46:32):
It is not intended to be used as a sole
basis for financial decisions, nor should it be construed as
advice designed to meet the particular needs of an individual situation.
The Presley Group is not permitted to offer, and no
statement made during the show shall constitute tax or legal advice.
Our firm is not affiliated with or endorsed by the
US government or any governmental agency. The information and opinions
contained herein provided by third parties have been obtained from
(46:53):
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group.
Speaker 5 (46:58):
This radio show is a paid placement
When the news is national.
Speaker 2 (00:01):
So security system molatility, global turmoil, interest rates, Rock Dane,
Wall Street.
Speaker 3 (00:05):
Your money matters. When it's Louisiana local serving the Greater
Baton Rouge area, your money matters. And when it's your
time to retire, Presley Wealth Management presents your Money Matters
with Christy Smith.
Speaker 2 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement. And that's where I believe it's
so important that you do have a full pledge retirement plan.
Speaker 4 (00:30):
And Matt Kennedy, maybe you're thinking, hmm, should I take
Social Security at sixty two, at sixty seven, at seventy
These are things you don't do every day.
Speaker 1 (00:38):
It's what we do every day.
Speaker 3 (00:40):
The conversation starts now this is your money Matters.
Speaker 1 (00:49):
Welcome to your money Matters. I'm Mark Elliott alongside Christy Smith,
the founder of Presley Wealth Management, and Matt Kennedy, an
investment advisor representative a Certify a State planner with Presley
Wealth joined the team in late two thousand and eight.
We are glad you are with us today. You can
always find out more by going to the website Presleywealthmanagement
dot com Presleywealthmanagement dot Com. A lot of great information there.
(01:12):
You can find out aboutpcoming events, find out more about
Christy Matt and the team. There's just a lot in
from the office, new office. Shoot, it's a lot going
on with Christian Matt and the team at Presley Wealth Management.
If you want to talk to him. You got some questions, right,
Can I retire? Do we have enough? Are we going
to be? Okay? It is two two five five two
three sixty three eighty nine. Two two five five two
(01:34):
three sixty three eighty nine, And that is a texting line.
You can call, obviously and talk to somebody, but you
can also just text the word visit and then the
team will get back to you and you set it up. Hey,
I'm kind of busy right now, but I really need
to see Christian Matt and the team. I got to
figure out where we are on that road to retirement.
Are we good? Are we not good? Do we need
to tweak something? Just text the word visit the two
(01:55):
two five five two three sixty three eighty nine. Two
two five five two three sixty three eighty nine. All right, Christy,
We're gonna start with one of the challenges certainly, and
it's been this way. You started the company in six
you were in the business before that, of course. Uh.
And we're going to talk about your book in the
next couple segments, so we're going to get into all
(02:15):
of the history and all of that. Why would you
write a book? And Uh, pretty impressive. It's a great
looking book. It's easy read, a lot of great information there.
But you think about it, the since you started, and
probably before that, the biggest concern of retirees of the
fair amount living their money. I don't think that was
the fear for like my grandparents who had pensions and
(02:36):
all of that. But your dad had a pension and
things went a little walky there, So I don't know.
I mean, two thirds of investors in this global Atlantic
study don't I mean, they're worried about their money lasting.
And this was people that were fifty five to seventy five,
that had two hundred and fifty thousand dollars saved to
five million or some crazy number like that, and they
(02:56):
were still concerned about outliving their money. That's still the
biggest fear.
Speaker 2 (03:00):
Absolutely, the number one concern when people come in to
meet with us at the office is do I have
enough money to retire and live on. But with market volatility,
people tend to get they get worried if they don't
have a complete plan. They see their market accounts going down,
(03:21):
they get concerned that they're going to have to make
adjustments to their income, and they absolutely are concerned about
outliving their money, especially with rising health care costs. We
see a lot of our clients that are living much
longer in retirement. We see people are needing long term
care services now more than ever, and believe it or not,
(03:41):
you know, we typically would look at long term care
services in your no go years, which you know I
always tell clients we have our go go years, our
slogo years, and our.
Speaker 5 (03:51):
No go years.
Speaker 2 (03:53):
Well, in your no Goo years, you typically would think
you would spend less money, but in reality, in the
no go years, we spend more than even in our
go go because typically we're doing it for long term
care costs which are not covered under Medicare or private
health insurance unless you have like a long term care policy.
Speaker 5 (04:13):
To pay for that.
Speaker 2 (04:14):
So we do see that the number one concern is
outliving their money.
Speaker 1 (04:20):
Now, Matt, that study was actually it was the ages.
I was right fifty five to seventy five, but it
was two hundred and fifty thousand dollars to two million saved.
So if you had two to five million, you're not
worried anymore. I guess according to this study, thirty percent.
I'm We're worried. But you think about it, as Christy said, healthcare,
long term care, we don't know what's going to happen,
so it's hard to project. You don't know how long
(04:40):
your clients will live. Maybe one hits seventy five, the
other one hits ninety five, maybe they both hit one hundred.
You don't know, and then you throw in kind of
that outlier inflation. So longevity, healthcare, and inflation, those are
three pretty big unknowns you got to plan for.
Speaker 4 (04:53):
They're huge unknowns, and you know, I know Christy will
echo this, but so many of you are asking the
question do we or do I have enough? You see,
what's enough for you may not be nearly enough for
your neighbor. What's enough for your neighbor may not be
nearly enough for you. There's no magic number, Christian. Don't
you love when you see these articles I'm being facetious.
(05:16):
I see them sometimes in the Wall Street Journal or
Baron's Magazine. The average America needs one point four million
dollars to retire. Well, if you live in Ethel Louisiana
versus San Diego, California, you just don't need nearly as
much money. The cheapest state in America for a retiree
is West Virginia. I saw this study the other day.
Overall expenses, Mississippi is the second cheapest state. Louisiana is
(05:41):
one of the cheaper states. But if you go to
California or Oregon or some Ver or Washington, then obviously
you need more money. But also what's your lifestyle, right, Christy,
So just because you only have five hundred thousand dollars
doesn't mean you're not gonna be okay. And just because
you have one point five million, it doesn't mean you're
(06:02):
going to be okay. Turning that money into reliable income.
That's what we do, and that's what the big concern is.
From that same study you mentioned, mark stability is a
key priority. Sixty five percent of those surveyed. Again we're
talking ages fifty five to seventy five, sixty five percent
(06:24):
prioritize lifetime income over asset accumulation. So it's not necessarily
how big is my nest egg, it's how long will
my nest dig last?
Speaker 1 (06:35):
That's the key. So again, if you'd like to have
a conversation with Christy Matt and the team at Presley Wealth,
just give him a call at two two five five
two three sixty three eighty nine. Two two five five
two three sixty three eighty nine. You can also just
text the word visit if you would like to, and
then the team will get back to and you guys
set up a time to have a fifteen minute conversation
and then you see from there, hey, we should really
(06:56):
come in and sit down. Let's talk a little bit
more seriously about this. But you can certainly get some answer.
It's just by having that just text word visit two
two five five two three sixty three eighty nine. And Christy,
I would think when they walk through your smart program,
if you will, your smart retirement process, I would think
that kind of alleviate some of that fear of outliving
(07:17):
our money. I mean, the more we plan and at
least put it down on paper, we kind of know
where we are, we have a better feeling about the future.
Speaker 2 (07:24):
I would think we absolutely do and the key to
that is actually having a plan. Mark you would not
believe how many people come into the office. They've actually
already retired. They just are coming in for a second
like a checkup, or the biggest thing is they come
in because they want to look at their tax concerns
(07:47):
simply because their current advisor hasn't addressed it with them.
They hear us talking about taxes all the time on
the radio, and a lot of times that's actually why
they call us to come in and meet with us.
Having a complete, holistic plan is, in my opinion, one
of the most important things you can do before retiring.
And the reason for that is because if you have
(08:09):
a complete plan, we've taken the time to look at Okay,
the markets are not always going to be great now.
They were great for a good long time, and if
you retired in the last ten years, you probably did
pretty well. However, there are going to be times where
the markets are not doing great and they're not favorable
(08:31):
and you can get nervous, and getting nervous in retirement
while you're drawing retirement income can be one of the
worst things that can happen, because then you make decisions
based on emotions. You don't want to make decisions on emotions.
You want to make decisions based on facts. So what
we do with our smart plan is we create a
(08:51):
income plan. We know where are we going to draw
your retirement income, regardless whether the market is up or down.
And that's part of having a real plan.
Speaker 4 (09:03):
Mark In two thousand and eight, when I came to
work with Christy, I was observing what was happening, Christy,
will ech go this The single biggest concern wasn't just wow,
we've lost you know, thirty five, thirty eight to forty
percent of our portfolio. That was a huge concern. But
that was the biggest concern, right Christy, for people who
were about to retire and thought, well, now have to
(09:24):
work longer. But I remember the real tiers and the
real Kleenex was spent on the people who were drawing
from that asset that had declined so much in value
that the advisor said, you'll be okay if you withdraw
a lot less money every month. Well that changed their
whole lifestyle. So stability of income is the key, right Christy.
Speaker 5 (09:46):
It absolutely is.
Speaker 2 (09:47):
You know, some people don't have a written financial plan
and it makes it very hard to feel confident about
their future in retirement. A written plan can ensure steady
income stream and preserve your lifelong savings from inflation and
rising cost. We have a process. It starts with our
(10:08):
Serve model, and I want to help you. This is
what we do every day. Call us and we can
help you create a dependable income stream so you don't
have to rely solely on unpredicted markets. We can help
you understand the biggest risk to your savings, including inflation,
healthcare cost and the lack of predictable income, and also taxes.
(10:32):
We can help you build a safeguard with your financial
future and give you confidence in retirement in the future.
This is what we do. This analysis is completely free.
There's no obligation, but you need to call now. Call
two two five, five, two three, six, three eight nine
to schedule your complementary retirement income review. You're just going
(10:56):
to text the word visit. After this review, you're going
to know exactly where you stand. You're going to have
a clear plan to help protect your financial future. This
isn't about chasing high risk rewards. It's about making sure
your savings last as long as you do. Don't wait
called two two five five two three six three eight
(11:19):
nine two two five five two three six three eight nine,
or you can text that number. Just text the word
visit and we'll get in touch with you to schedule
a complimentary visit, Matt.
Speaker 1 (11:33):
It seems to me this is one of the crazy things.
As Christy said, most people do not have a written
retirement plan. They've not sat down with the retirement planning
team like Presley Wealth Management.
Speaker 4 (11:42):
Why it's because the vast majority of people giving advice
and the vast majority of you receiving advice, think that
your investments are your plan. No, your investments are your investments,
and a lot of advisors like to talk about, well,
you're in this fund and that fund, and that's your investments.
Speaker 1 (12:00):
That's a tool. But to build a.
Speaker 4 (12:02):
Financial future, you have to know how the tools will
construct the physical house that lead to the stable, reliable income. Again,
if you'd like to get with us, simply text the
word visit to two two five five two three sixty
three eighty nine. You can also call the number, but
it's two two five five two three sixty three eight nine.
(12:22):
Text the word visit and that'll give us some information.
We can reach out and set up a time talk
about giving you the confidence in retirement that you so
richly deserve.
Speaker 1 (12:33):
Right here on your Money Matters with Christi and Matt
back after this.
Speaker 6 (12:39):
Since twenty fifteen, Christy Smith and Presley Wealth Management have
been committed to creating holistic financial plans. We help clients
with income, investment, medical, tax and legacy planning. Called two
two five five, two three sixty three eighty nine or
visit presleywealth dot com to see how they can help
(12:59):
you and reach retirement.
Speaker 2 (13:02):
With chaos on the news and uncertainty in the markets,
are you worried that your retirement savings could be at risk? Hi,
this is Christy Smith with Presley Wealth Management. Tariffs, trade wars,
and a shaky stock market have left many retirees asking
what's next for my financial future? If you've been asking
that question, it's time to take action. Come sit down
(13:23):
with me and my team so that we can review
your financial plan and help make sure that you're prepared
for the challenges ahead. Just call two two five five,
two three six three eight nine for a free visit. Together,
we'll create a strategy to help you preserve what you've
worked so hard to build. Don't wait, Call me Christy
Smith at Presley Wealth Management at two two five five
(13:44):
two three six three eight nine to schedule your visit.
There's no cost to meet, but my calendar is filling
up fast. Called two two five five two three six
three eight nine.
Speaker 6 (13:55):
Investment Advisory services offered through AE Wealth Management LLC, a
registered investment advisor. Text Book to two two five five
two three six three eight nine to get an instant
download of chapter one of Christy Smith's book, Unlock Your
Smart Plan. That's book to two two five five two
(14:18):
three sixty three eighty nine.
Speaker 1 (14:22):
Welcome back to your Money Matters with Christy Smith and
Matt Kennedy of Pressley Wealth Management. I'm Mark Elliott. You
can always get ahold of the team if you have questions,
you have concerns. It is two two five five two
three sixty three eighty nine. Two two five five two
three sixty three eighty nine. You know, while you're working,
you know you're gonna get paid once a month, every
two weeks. Maybe you get paid every week, but everybody
(14:45):
has a system, right you know when your paycheck is
coming in. Well, once you retire, now where's your money
gonna come from? So scurity. Certainly could be one of
those pension if you're lucky enough to have one of those.
But really it's about having that dependable income to kind
of ease some stress. Christy, how important is it to
have dependable income sources for today's retirees.
Speaker 2 (15:07):
Well, I think it's extremely important. You know, what we're
seeing is we're seeing pension payments go away. You know,
people are not retiring now with a guaranteed pension payment
like in the old days. You know, in the old days,
we would have pension payments and social security and most
people didn't live the way retirees are living now. They
(15:30):
lived within that income range. What we're seeing now is
people retire and really want to live the same way
that they did while they were working. So it's extremely
important to create a reliable income stream to go along
with your social security benefits. That's part of an income plan,
(15:50):
and it's why having an income plan is so important
because you don't want that income to change when market
conditions change. I want that income to continue coming in.
And I can tell you if we had a difference
in income for you know, our clients of even choose
three hundred dollars a month they would call worrying, but
(16:13):
they don't experience that because we've created a real income plan.
And I would even argue it's good to have that
income plan in writing. But we're seeing rising costs with inflation.
You know, it costs more to go to the grocery store,
it costs more for your car insurance, your home insurance,
everything is costing more. So having a reliable income plan
(16:37):
that that even would account for inflation, meaning let's let
your income go up as you get older in retirement
to compensate for the higher out of pocket expenses is
extremely important.
Speaker 4 (16:50):
Let me tell you what an income plan is not, now, Christy.
Sometimes it's better to explain what something is by explaining
what it is not. And so, so an income plan
is not your investments. We say this a lot. Well,
I have my investments, and i need to withdraw a
certain amount every month, and I've got a perfect sixty
forty stock bond mix, and so I'm in good shape.
Speaker 1 (17:12):
Here's when that will blow up in your face.
Speaker 4 (17:16):
I remember when I've met Christy in late two thousand
and seven and begin working here in a training under
Christy in two thousand and eight. The average person who
came to see you, who was in tears, who said,
you know, our retirement is not going as planned because
our person, our guy, says we have to draw a
lot less money, and so we don't risk running out
(17:37):
of money. They had investments, and they followed something called
the four percent rule. Some of you may have heard
of that. It's a very popular rule in retirement planning.
You take your portfolio, you should be able to take
out four percent a year, and you should be able
to adjust for three percent inflation. You have five hundred
thousand dollars. What's four percent of five hundred thousand. It's
(17:58):
twenty grand. So you should be able to withdraw twenty
thousand a year and not risk running out of retirement.
That works great unless you retire when things go bad.
And in two thousand and eight, the person with half
a million dollars saw their portfolio drop to three hundred thousand. Well,
if you need twenty thousand from three hundred thousand, I'm
(18:20):
gonna use some erwin.
Speaker 5 (18:21):
Villeas taking a lot more than four percent.
Speaker 4 (18:23):
That ain't four percent, and so you're violating the four
percent rule and you risk running out of money. Your
investments aren't your income at Presley Wealth Management. When we
build out our smart plan, we're looking at sources of income,
but we're also looking at risk and we want to
reduce the highs and the lows. We want to smooth
out your investment highs and lows, and when the market's good,
(18:47):
we may draw from the market. When the market turns sour,
we're going to have investments set up that didn't take
losses in the market, and we can draw from those
to supplement the income. That's the peace of mind that
you get from having an income plan. Does it mean
that it always works out perfectly and you don't have
market highs, market lows or curveballs like you mentioned the
(19:07):
last segment Christy thrown at you. No curveballs happen, But
the goal is to not have to radically alter your lifestyle.
I keep stressing this because there's this psychological thing called
recency bias, Christy, where humans tend to focus on what
happened recently and view that as the future. It was
a long time ago that we had a two thousand
(19:29):
and eight market disaster. I'm not saying it's going to happen,
but if it did, how much income would you have
to reduce how much. Most of you were asking the
question do I have enough to create the income I
need to live on? But how would a bad market
downturn impact your income? Don't be a victim like I
(19:51):
saw in eight and nine who people thought their investments
were their income. Sorry, Christy, I'm getting kind of passionate here,
but I just people get hung up on what has
happened recently, and the market's been pretty good, it's been
very stable.
Speaker 1 (20:04):
If that falls apart.
Speaker 4 (20:05):
Right when you retire and all you have or investments,
you saw the outcome.
Speaker 2 (20:10):
We absolutely didn't, and it actually happened in my own
family situation with my dad. You know, we just can't
stress enough the importance of having an income plan, and
it's why we focus at Presley Wealth Management on creating
a complete, holistic smart plan that's going to include your
income plan, your investment plan, risk planning, estate planning, tax planning,
(20:33):
and medical planning. You know, it's funny how and people
will often ask me in the office, Mark, why do
you cover all five of those areas? And I say,
because anything goes wrong in one of them, it can
affect the other. They're all in a relation, they're all
in a related because when you make sure and create
a complete holistic plan.
Speaker 4 (20:50):
For example, if you have too much risk and you
lose too much money, that in turn blows up your income.
So now your sources of income have been met. Stuff
you can't live in a vacuum. One affects and impacts
the other. We're not doom and glooming. Look, I think
long term, you close your eyes, in ten years from now,
the stock market will be higher. But if you retire
(21:13):
when it's going through some painful times, it will radically
alter your retirement. It could change your dreams, it could
change your plans. Have a plan, Christy.
Speaker 1 (21:25):
Since we've been doing this show, it's always been the
number one fear of most retirees is the fear of
outliving their money. Is that still a major concern?
Speaker 2 (21:31):
It is a major concern, you know, for us, I
think it's the number one concern when people walk in
the door. As advisors, we see for most of our
clients tax planning should be the number one concern, but
outliving their income actually is their number one concern.
Speaker 4 (21:47):
I want you to think about this for a moment.
If you have a million dollars of IRA or four
one K money, and you say, well, I'm going to
take out four percent to live on. That means forty thousand.
But after you pay Uncle Sam, how much is left
in your pocket?
Speaker 1 (22:02):
Now?
Speaker 4 (22:02):
What if you had a million dollars that was tax free,
you could take out forty thousand and spend forty Tax
planning is grossly underrated baby boomers. I'm sorry most of
you were lied to. You were told save your money
pre tax because if my money goes in pre tax,
I get my tax break while my income is higher,
and I'll always pay lower taxes in retirement. I can't
(22:24):
tell you the number of people that we meet with
and we show them as part of our tax planning.
Speaker 1 (22:30):
Yes, if you.
Speaker 4 (22:30):
Retire at sixty five, your taxes are lower. But down
the road, when you're seventy three, seventy four, seventy five
and the government forces you to start taking out money.
We often see cases where by the late seventies, someone's
paying more in projected taxes then than they paid while working.
Speaker 1 (22:50):
So if people are worried about whether their current retirement
income will last as long as they do, what's your suggestion,
what's your advice?
Speaker 5 (22:58):
Well, my advice is give us.
Speaker 2 (23:00):
It's a call and schedule a uh an appointment to
come in and meet with us and let us work
on building a complete smart plan. And I would say,
know what you plan to spend? Yeah, that's coreat in
retirement before you come even see us, because you'd be surprised.
Mark how many people come in to meet with us
and we when we get to how much do you
think you're going to need to live on in retirement?
(23:21):
How many of them don't know that answer? This is
what we do every day and we'd love to help you.
Speaker 1 (23:27):
It is two two five five two three sixty three
eighty nine. Two two five five two three sixty three
eighty nine. So we're going to talk more about creating
dependable retirement income when we come back right here on
your Money Matters with Christy and Matt.
Speaker 6 (23:44):
Text visit to two two five five two three sixty
three eighty nine to set up your complimentary meeting with
the Presley Wealth Management team. That's visit to two two
five five two three six three eight nine.
Speaker 4 (24:00):
A quarter twenty five cents. That's hardly anything, right ah,
But at Presley Wealth Management we see quarters a little differently.
A quarter is a lot when it's a quarter of
your retirement savings, So do you want to pay twenty
five percent or more in taxes during your retirement? At
Presley Wealth we help create a plan to help you
address taxation. If the only time you think about taxes
(24:21):
is when you file them. You don't have a tax strategy,
but it's not too late to get one. Act now
to make sure you're not paying a quarter, dime, or
even a penny more than you should. Call Christy and
the team at Pressley Wealth Management at five two three
sixty three eighty nine. That's two two five five two
three six three eight nine to schedule your personalized tax
(24:42):
strategy session. A quarter saved as a quarter earned so
called two two five five two three sixty three eight nine.
That's two two five five two three sixty three eight nine.
Speaker 6 (24:52):
Investment advisory services offered through AE Wealth Management LLC, a
registered investment advisor firm, may not give tax advice. You
listen to Christy Smith and Matt Kennedy on the radio,
Now go in and talk with them in person.
Speaker 5 (25:06):
Let them help you.
Speaker 6 (25:07):
Retire with confidence. Two two five five two three six
three eight nine, or go online to Presleywealthmanagement dot com.
Speaker 1 (25:18):
Ready with us today for your money matters with Christy
Smith and Matt Kennedy and Presley Wealth Management. I'm Mark Elliott.
You can always go to the website to learn more
Pressleywealthmanagement dot com. Find out more about Christy, Matt and
the team. There's some great information there. Find out about events,
find out maybe an even set up. You can set
up your own appointment there as well. We're talking about
retirement income. That's going to be there, dependable, it's going
to be there for as long as you live. And Christy,
(25:38):
you said one of the challenges most people aren't really
sure about how much they need. So when they come
in to talk with you for the first time and
you say, hey, how much do you think you're going
to need to live on? Well, I'm not really sure.
How do you help them figure that out? Because there
is a way to, I would think, to figure that
out that's not super complicated.
Speaker 2 (25:55):
Well, typically we'll start off with a budget template. You know,
we we've got inside of our retirement income planning software,
we've got a budget template. And the crazy thing is
is that it's such a good template. People come back
when they've completed and they say, there's so many things
on there. That they had not even considered in retirement.
(26:17):
And so it's a great example. But I think a
budget template is where to start. The second thing I
would recommend is go back in your checkbook, are your
credit cards, and look and see where you're actually spending
your money.
Speaker 4 (26:27):
Now, hey, look, some people are budget doers. The engineers
who walk in the door, they bring a spreadsheet. One
guy brought his spreadsheet on double legal paper. He's taped
it all together. It's very proud. He covered up my
entire conference room table. But it was a thing of beauty.
And the guy knew exactly how much money he needed
to live on. He just didn't know how to generate
(26:49):
that money in a way that would give him stable income.
People often asked do we or do I have enough?
I think that's the number one question, do I have enough?
The thing is the answer for your next door neighbor
and the answer for you are different. You guys may
have exactly the same amount of money saved, but how
you will spend what the goal and the dream is
(27:13):
matters person to person to person. That's why we don't
do rubber stamp plans here. Everybody has a plan uniquely
designed for their situation. But the number one thing to
remember is the closer you're getting to retiring and when
you're first in retirement is make sure you have your
risk under control, that you've developed a clear budget. And Christy,
(27:36):
I know you'd like to tell people, and I agree.
In April in our office says the same thing to clients,
prospective clients, if you have a chance, test drive your
budget in retirement.
Speaker 2 (27:47):
Yeah, I mean, how many of you would go and
buy a new vehicle without ever driving it.
Speaker 5 (27:52):
Not many.
Speaker 2 (27:53):
Most people want to drive it and see how it feels,
make sure they'd like it. For me, it makes sense
to test your eye your retirement. You know, a year
before you retire, start living as if you're already retired
financially because because you may be making more than you need,
just save it. But if you can do that, even
(28:15):
after a six month period, you should see a good
trend and how things are going to go and can
you be comfortable in retirement. The second thing is is
I would say make sure you have reliable sources of income.
You know, let's let's look at your Social Security benefits.
Are you going to have any pensions? Do you have
(28:35):
any annuities that are going to provide guaranteed income. Is
that income going to be provided for both you and
a spouse or is it over just your life expectancy?
We typically want to know is it going to cover
both of your life expectancies? You know, I think the
biggest thing is knowing how much you need to spend
(28:56):
and then knowing where you're going to get that.
Speaker 1 (28:58):
Matt at the end of the day, I guess really,
I would think this is the one of the bigger
parts his income, right. That's kind of where the smart
process starts. How do you help your clients then evaluate
their current situation and figure out if there are already
potential income gaps.
Speaker 4 (29:13):
As simplistic as it sounds when we think of it,
as if we're building a house. So while you're working,
you're just working and you know you're paying the bills.
But when you get ready to retire, we're going to
build a house. I've said before. My dad is a
retired preacher. He was also an amazing carpenter. My dad
could envision it and build anything. I grew up in
Irwinville and when my dad got ready to build Faith
(29:37):
Church on Highway one ninety Christy, when Dad said we're
going to build a church.
Speaker 5 (29:41):
He meant he was going to build a church.
Speaker 4 (29:42):
He meant he was going to build the church, and
I never will forget. He would have all the lumber
delivered and there's a board scattered everywhere and they're framing
up a foundation. And I'm like, Dad, how do you
know how to do this? You don't have a degree,
you don't do you know, you're not a draftsman. And
he said, I can see it right here, and he
would tap the temple of his head so he could
see the end plan. Well, we see the end plan
(30:05):
for people who are planning retirement, and it's kind of
like my dad's church. You want to have a roof,
you want to have some walls, and you want to
have a floor, and we all know you build the
roof first, right Christy, No, you build the foundation. So
what we want to find out from you is what
are your guaranteed sources of income? Social security? Now that
weapon GPO are gone, that has helped a lot of you.
(30:28):
So social security do you have one?
Speaker 1 (30:31):
Do you have two?
Speaker 4 (30:32):
Social securities? What about pensions? Should you take it lump some?
Should you take it as payments? How will you set
that up. Will your spouse continue getting the same amount,
will he or she get half? What are your needs
in that situation? And if your income comes up short,
how do we use the tools to make sure that,
no matter what happens in the market, your income is
(30:54):
your foundation. Because if your roof, with your higher risk
stocks and your wall, which would be in the market,
but they would be tactically managed to adjust for risk,
if that money goes down in bad times, we want
the Florida to stay there. We don't want foundation failure.
We don't want to have a foundation repair company have
(31:14):
to swoop in and rescue your house because if that's
the case, things have gotten really, really bad. So it's roof,
its walls, it's floor. How much goes in each place
from your portfolio depends on what your needs are. But
I mean that sounds overly simplistic, Christy, but it's it's
all designed to do two things, reduce market risk and
(31:36):
keep the income flowing no matter the circumstances. That really
is it right?
Speaker 2 (31:42):
Absolutely, there is no retirement without retirement income.
Speaker 1 (31:46):
Why don't you guys take the final couple two and
a half minutes or so and talk about what happens
when somebody does call two two five five two three
sixty three eighty nine, or what happens when they go
to meet with us now dot com? What can they expect?
Speaker 4 (32:00):
So if the phone rings and you'll get a machine,
because we do this show on the weekend, and so
when you get the machine, do us a favor leave
a message. Don't worry, it will not disappear into the void.
And when our staff gets in Monday morning, if you
would simply leave the most pertinent information your name, a
callback number, and if you'd like an email address, and
(32:22):
we're going to reach out to you Monday morning and
then set up a fifteen minute phone call. Christy, explain
why we want to spend fifteen to twenty minutes on
the phone.
Speaker 2 (32:34):
Well, the reason why we want to spend fifteen minutes
talking before you come in is we understand that time
is so valuable. We want to make sure that we
can help you accomplish your goals. You know, if you're
in a situation where we're not able to help you,
then we want to make sure that you haven't wasted
(32:56):
your time coming in. We actually want to be able
to refer you in the right direction before you even
come in now. If you go to the website meet
with usnow dot com, you can schedule that fifteen minute
phone call on your own right now, meet with usnow
dot com. You can expect a fifteen minute phone call
that's literally just going to be talking about you and
(33:20):
your needs and your desires and how we can help.
After that, we're going to schedule a complimentary visit for
you to come into the office and we're going to
start working on what we call our serve model. We
like to go five levels deep, and we like to
know can we help you accomplish your goals? Because that's
what it's about. It's really about helping you accomplish your goals.
(33:44):
We don't have a preset agenda when you come in.
Everyone's needs are completely different and guys, this is what
we do every day and we would love to be
able to do it for you. There is no cost
or obligation, there's no commitm miant. We simply are here
to help. Go to meet with usnow dot com and
(34:05):
schedule your complementary fifteen minute phone call.
Speaker 1 (34:09):
It is two two five five two three sixty three
eighty nine two two five five two three sixty three
eighty nine, Stay with us our final segment of Today's
Your Money Matters with Christian Matt Right after this.
Speaker 6 (34:24):
Text book to two two five five two three six
three eight nine to get an instant download of chapter
one of Christy Smith's book, Unlock Your Smart Plan. That's
book to two two five five two three sixty three
eighty nine.
Speaker 2 (34:43):
With chaos on the news and uncertainty in the markets,
are you worried that your retirement savings could be at risk? Hi,
this is Christy Smith with Presley Wealth Management. Tariffs, trade wars,
and a shaky stock market have left many retirees asking
what's next for my financial future. If you've been asking
that question, it's time to take action. Come sit down
(35:03):
with me and my team so that we can review
your financial plan and help make sure that you're prepared
for the challenges ahead. Just call two two five five
two three six three eight nine for a free visit. Together,
we'll create a strategy to help you preserve what you've
worked so hard to build.
Speaker 5 (35:20):
Don't wait. Call me Christy Smith.
Speaker 2 (35:22):
At Presley Wealth Management at CHEW two five five two
three six three eight nine to schedule your visit. There's
no cost to meet, but my calendar is filling up fast.
Called two two five five two three six three eight nine.
Speaker 6 (35:36):
Investment advisory services offered through AE Wealth Management LLC, a
registered investment advisor. Text visit to two two five five
two three sixty three eighty nine to set up your
complementary meeting with the Presley Wealth Management team.
Speaker 5 (35:54):
That's a visit to.
Speaker 6 (35:55):
Two two five five two three six three eight nine.
Speaker 1 (36:02):
Glad you're with us today for your buddy matters with
Christy Smith and Matt Kennedy of Presley Wealth Management. If
you'd like to chat with the team, you certainly can
just text the word visit to two two five five
two three sixty three eighty nine. Visit to two two
five five three sixty three eighty nine, and then you'll
set up a time to have a fifteen minute twenty
minute phone call with the team. Maybe you'll say, you
(36:22):
know what, really we're getting closer to return. We'll just
soon come in and have a conversation with you. We
can set that up as well, So a great opportunity
for you. I'm Mark Kelly Glader with us. We're gonna finish
up the show with a little mail bag segment. Christy
and maggot questions people all the time. Might be in
the grocery store line and they're like, wow, that's a
good question. We got to use that one on a
radio show. So we've got to create this mailbag, a
hodgepodge of questions, and they're all over the place. But
(36:42):
I always say this when we do this segment, because
for Christy and Matt to give you the entire answer
that you're looking for, you have to be able to
sit down with them because they're gonna have follow up questions.
You're gonna have follow up questions. So our first question
comes from Ben and Denham Springs. And here's the deal. Ben,
Christy and Matt don't know from your question. They don't
(37:03):
know how old you are, they don't know kind of
money you have, They're not sure what your hopes and
dreams are for retirement. There's just a lot more than
goes into it. But they're going to do their best
answer the question in a general way on this in
this segment, so we always enjoy this. So Christy, you're up.
This comes from Ben and Denham Springs. Guys. I've had
a steady corporate job for thirty five years and my
wife has top piano lesson since we were married in
the early eighties. Her job helped us pay for groceries
(37:25):
and gave us some extra money to put away for
the future. But she does not have a job with
a four to oh one K or insurance benefits. How
can I make sure she'll be okay if something happens
to me.
Speaker 2 (37:36):
Well, the first thing you want to do is is
look at your current four oh one K and make
sure that your wife is listed as your primary beneficiary.
You also want to look at any life insurance contracts
you have make sure she is the primary beneficiary, because
you know, accounts that have beneficiary designations aren't going to
go through secession in Louisiana, so you want to make
(37:57):
sure you have that setup properly.
Speaker 4 (38:00):
You know.
Speaker 2 (38:00):
The second thing you might consider doing is looking at insurance.
What type of insurance? Well, you might consider either a
life insurance contract or even an annuity contract. You know,
an annuity can provide guaranteed income if something should happen
to you if you've chosen the right plan. All contracts
are not identical, but you do have options. Been The
(38:23):
first thing I would do, though, is make sure your
wife is listed as your primary beneficiary, But if you'd
like to sit down with us to discuss your exact
situation and see are there ways that we can help you?
Just text two two five, five, two three six, three
eight nine text the word visit and we'll get back
in touch with you and schedule a visit as soon
(38:43):
as possible.
Speaker 1 (38:45):
All right, nice, All right, Next question, Matt, this one's
for you. This is Shelley and Baton Rouge. We weren't
planning on leaving much for our kids after we passed,
but now that our first grandchild has been born, we've
changed our minds. And then Shelley has a little in parentheses,
We should have had the grandkids first.
Speaker 5 (39:00):
I always say that.
Speaker 1 (39:02):
So Shelley says, is there a way for us to
leave them each a little something after we're gone? Yeah?
Speaker 4 (39:09):
Sure, there's a multiple of ways that it can be done.
Everybody's situation is different, and like Christy was saying about
and you were saying Mark about the last situation, we
have to see the entire picture to be able to
give specific advice. So Shelley, I don't have any specific,
one magic tool that's gonna fix everything, but it depends
(39:29):
on two do you want that money to be used
for their education? Do you want that money to be
something to help them buy their first home? But there
are numerous ways that you can set up something so
that they can they can benefit and then but we
also want to do it right, Christy, in the most
tax efficient way possible. The last thing you want to
do is leave the child, the young adult perhaps a
(39:52):
tax burden. But there's a multiplicity of things that can
be done. I think a lot of it depends on
what the parents think they may do. If they're sure
fire that kid's going to school, then maybe, for example,
a five two nine plan is good. If they're instead
going to maybe uh not need help with schooling. But
like I said, help with the first you know, down
(40:12):
payment on their first home. There's different kinds of accounts
for that mature It can absolutely be done.
Speaker 1 (40:18):
All right, So here we go another question, Christy. This
one is for you, and again you can always just
call the team two two five five two three sixty
three eighty nine. You can even just text the word
visit if you want to, and the team will get
back to you to set up a time two two
five five two three sixty three eighty nine. Christy, this
is for you. This comes from Gonzales. Betty says this.
(40:38):
My husband and I just started getting serious about preparing
for retirement. So we started going through all of our
monthly expenses and it was really eye opening. I had
no idea where it was all going each month. Now,
what should we do? Is that uncommon?
Speaker 3 (40:53):
Well?
Speaker 1 (40:53):
I mean when people come in, they need to know
what's going out, what's coming in, I suppose, but most
probably don't know those figures.
Speaker 2 (41:00):
So the crazy thing is Mark, is that, Betty is
not unusual. We see this all the time. I mean,
people come in, we start working on building a plan.
The number one thing we need to know is how
much do you want to spend in retirement? How much
do you need to generate an income? So gathering up
all the expenses and it can be eye opening. But
(41:22):
the next thing we need you to do is look
at gathering all of your accounts. You know, your investment accounts,
your four oh one K, your IRA, any pension information,
social security information like brokerage account CDs. Because because the
part of the puzzle is going to be okay, how
(41:42):
much do you have and how is it going to
be taxed?
Speaker 5 (41:46):
When you spend it, and then how much do you need?
Speaker 2 (41:49):
So you've started the process off right by trying to
determine how much you need. But then we need to
look at how much do you have and how is
that money going to be taxed when you live on it?
Speaker 1 (42:01):
And we've been telling you can text the word visit
to have a conversation with the team and you can
just call them and have a chat two two five
five two three sixty three eighty nine. But I think
a great thing all these questions are all over the place. Well,
a great opportunity for you to get Christy's book. Uh,
it's a fantastic book, Unlock your Smart Plan, a comprehensive
guide to retirement in Louisiana. If you'd like that first
(42:22):
chapter just downloadable. They'll send it right to you. Just
text the word book to two two five five two
three sixty three eighty nine. Just text book to two
two five five two three sixty three eighty nine. All right.
Final question Matt to you comes from Jack in Prairieville.
I'm planning a relatively simple, quiet retirement. I've done most
of the traveling that I wanted to do, and I
(42:43):
only have one or two places that I'd like to
see someday. If I don't have anything big planned, is
there really that much I should do for a retirement strategy.
Speaker 4 (42:51):
There's probably plenty you should do. Jack, Do you have kids,
grandkids that you want to make sure receive your inherits
most tax efficiently without messing up their income taxes. You
didn't mention if you had a spouse or not, but
do you have a plan for something happens to you?
Maybe your spouse has big plans that you don't have.
(43:13):
I mean, we'd have to know more about your situation,
but I think your primary question is, Look, my life
is relatively simple, But think about the smart plan. It
sounds like you've got sources of income well in hand
because you're saying I don't have anything big going on.
But what about medical What if something popped up later
in life that caused you to spend a significant amount
(43:34):
of your retirement portfolio. Would that mean that you leave
less of a legacy? Would that mean that you left
a spouse in a situation where they won't have nearly
as much money to draw from because medical bills ate
that up. There's an old saying, brother, well, he loves
to say it, my dad. You know, it's not what
you don't know that could sometimes hurt you down the road.
(43:55):
It's what you think you know, but you don't know exactly.
I know that's confusing, right.
Speaker 5 (44:00):
Yeah it is.
Speaker 2 (44:00):
And you know Dell Carnegie always says knowledge is powerful
when applied.
Speaker 5 (44:05):
Yes, when applied, when applied.
Speaker 2 (44:06):
And so the thing is is that you know we're
here to serve and there's all kinds of ways, Jack,
that things that can happen in your retirement that you
didn't plan for. We would love to sit down and
visit with you and see if you have a complete
holistic plan, because that's what we do. Again, if you
would like to receive a chapter of my book, the
(44:30):
first chapter of my book, you can text us at
two two five five two three six three eight nine.
Just text that number and put book in it two
two five five two three six three eight nine. Or
you can text the same number and type visit if
you would like to schedule a complimentary visit to meet
(44:52):
with either myself or one of our other advisors. You know,
what we do is help you create the plan so
that you don't have to worry in retirement about the
what ifs like where am I going to get my income?
How much am I looking at and paying in taxes?
Do I have too much risk to my portfolio? We
can't predict the entire like the future of the markets,
(45:14):
but we can build a plan. We can build a
smart plan, and that's what we do at Presley Wealth Management. Again,
if you'd like the first chapter of my book text
two two five five two three six three eight nine,
Just text the word book two two five five two
three six three eight nine. You can use the same
number and text visit if you'd like to come into
(45:36):
visit with us.
Speaker 3 (45:41):
Presley Wealth Management has a strategic partnership with tax professionals
and attorneys who can provide tax and or legal advice.
Speaker 6 (45:46):
Investment advisory products and services made available through AE Wealth
Management llc AWM, a registered investment advisor. Insurance products are
offered through the insurance business the Presley Group. Presley Wealth
Management is an investment advisory practice. It offers products and
services through AE Wealth Management LLCAWM, a registered investment advisor.
AWM does not offer insurance products. The insurance products offered
(46:09):
by the Pressley Group are not subject to investment advisor requirements.
AWM and the Pressley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial strength and claims paying abilities of the
issuing carrier. This radio show is intended for informational purposes only.
(46:32):
It is not intended to be used as a sole
basis for financial decisions, nor should it be construed as
advice designed to meet the particular needs of an individual situation.
The Presley Group is not permitted to offer, and no
statement made during the show shall constitute tax or legal advice.
Our firm is not affiliated with or endorsed by the
US government or any governmental agency. The information and opinions
contained herein provided by third parties have been obtained from
(46:53):
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group.
Speaker 5 (46:58):
This radio show is a paid placement
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