May 22, 2025 • 47 mins
Christy Smith, founder of Presley Wealth Management and Matt Kennedy, investment adviser representative, discuss issues that affect your retirement planning and how you can build a plan to help reduce risk and implement wealth accumulation strategies. Learn more at presleywealthmanagement.com and then, if you would like to have a conversation around your specific situation, set up an appointment online at meetwithusnow.com or by calling (225) 791-5773.
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Episode Transcript
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Speaker 1 (00:00):
When the news is national SOB, security system molatility, global turmoil,
interest rates, rough.
Speaker 2 (00:04):
Dane Wall Street.
Speaker 1 (00:05):
Your money matters. When it's Louisiana local serving the greater
Baton Rouge area, your money matters. And when it's your
time to retire, Presley Wealth Management presents your Money Matters
with Christy Smith.
Speaker 3 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement. And that's where I believe it's
so important that you do have a full 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 2 (00:38):
It's what we do every day.
Speaker 1 (00:40):
The conversation starts now this is your money Matters.
Speaker 5 (00:49):
Welcome to your money Matters.
Speaker 6 (00:51):
I'm Mark Kellam here alongside Matt Kennedy with Presley Wealth Management.
Christy Smith, the founder started the company back in six
not with us today. Hope she's having eight weekend. Hope
you are as well. Matt and I are going to
talk a little bit about retirement. We're gonna start off
talking about social Security, really a big decision. If you'd
like to learn more. Maybe you have the same question.
It's two two five seven nine to one fifty seven
(01:12):
seventy three to chat with the team at Presley Wealth.
Two two five seven nine to one fifty seven seventy
three social security. If the average SO scurity today, Matt
is around nineteen hundred and if you're you know, thirty
years in retirement and your spouse and you were so
I mean, it's a million dollar decision for a married couple. Typically, Yeah,
But a lot of people just kind of take SO
(01:34):
scurity by sixty two. I'm I think I'll retire because
I get so security. Now I'm gonna take it at
sixty five because I get Medicare then, so I'm gonna retire. Then.
They don't look at the whole picture like you and
Christy and the team at Presley Wealth. Do they look
at it so scarty in a vacuum, don't they?
Speaker 2 (01:48):
Oftentimes that's exactly what happens.
Speaker 5 (01:50):
Mark.
Speaker 4 (01:51):
It is one of the bigger decisions you'll ever make.
Because you're right at the average amount is nineteen hundred bucks.
That could be thirty eight hundred bucks a month for
a married couple times twelve times, say twenty five thirty
years in retirement. It adds up to a lot of money.
And the laws have changed. Just over the last ten
to twelve years, there have been significant changes in how
(02:15):
married couples can file for Social Security together. I won't
necessarily get into all of the rule changes, but you
really have to understand the profound impact of timing the
Social Security and it's one of the tougher decisions, you know,
when we help people just like you all retire. One
of the things we spend a lot of time on
(02:37):
and we have the computer software for Mark, is to
figure out different strategies. You know, if you have a
wife who has a benefit, should she take hers and
then the husband wait or vice versa? Should you file
simultaneously and get your benefit at the same time. Do
you understand what happens if one spouse passes away, what
(02:58):
happens with the remaining amount of Social Security?
Speaker 2 (03:01):
Who gets what?
Speaker 4 (03:02):
There's so much confusion over this, So this is a
great segment for us to kind of break down exactly
what happens, you know, Madam.
Speaker 6 (03:08):
There was a survey done by the Nationwide Retirement Institute,
and it surveyed Americans on retirement issues, specifically focusing on
social security.
Speaker 5 (03:18):
What did that poll find out? I don't think. I
think we're a little nervous about sociecurity.
Speaker 4 (03:22):
It seems yeah, so survey says, who used to say that?
Speaker 2 (03:26):
Was that? Wink?
Speaker 4 (03:27):
Martindale survey says no. Richard Dawson, Dawson, thank you, Ah,
survey says. The survey found that nearly three quarters seventy
two percent, to be exact, three quarters of you worry
that the system will run out of funding during your lifetime.
(03:47):
I laugh because most people never even pay attention to
their Social Security statement other than they go to page
three and look at what mark, They look at the
amount they're going to get, right exactly. But on page two,
somewhere in the fine print, by the way, social Security
stopped mailing out your statements unless you're sixty years older.
Speaker 5 (04:07):
That's right old? Does I get mine now, Matt?
Speaker 4 (04:09):
Exactly? And people say I haven't gotten one of those
in forever. Go to social Security dot gov or SSA
dot goov, SSA dot gov. Just create a username, a passwords.
You can see your statement online anytime. But when you
download the statement or get your statement of the mail,
if you look somewhere on page two. It says something
about if Congress doesn't take action, the Social Security Trust
(04:32):
Fund will only be able to pay out seventy nine
percent of benefits by the year twenty thirty three, something
like that. Basically, they're warning us that in eleven, twelve,
thirteen years they may have to cut the benefit that
you receive just to keep the system solvent. Well, that's
a valid concern. Seventy two percent of you are worried
about that. By the way, among millennials, seventy nine percent
(04:56):
of concern Gen xers.
Speaker 5 (04:59):
That's me.
Speaker 4 (05:00):
I'm almost a boomer, Mark, I missed it by a
couple of years. Seventy seven percent of us are worried.
Gen Z sixty sixty six percent are worried. I guess
they figured, you know, they'll figure out a strategy on TikTok,
and sixty six percent of boomers. But here's the most
interesting number. Twenty three percent, twenty three percent of you,
(05:23):
all ages, all demographics, believe you'll never see a dime
of Social Security. So it's a concern. I'm not quite
that pessimistic. I think that they'll make changes to the system. Uh,
this is just my opinion. I think if you're a
boomer and you're on Social Security, you don't have much
(05:44):
to be concerned about. If you're me, I'm fifty eight.
Is it possible they could do a cut. Maybe, but
more than likely they'll raise taxes for and keep the
system solvent. But I think for younger people, the Gen
zeers and you know, some of the earlier Gen xers, Yeah,
it's it's a concern, could be, but it shows you
(06:04):
the depth of concern that Americans have for the solvency
of the system and will my payment be there.
Speaker 6 (06:11):
You know, we've heard that for a long time. I mean,
you and Christie and I we've been chatting about this
for it seems for eight ten years that So Security
administrator says, hey, by twenty thirty three, thirty four or
thirty five, somewhere in there, you're gonna maybe get seventy
nine cents on the dollar or something.
Speaker 5 (06:24):
Think about this.
Speaker 6 (06:24):
Yeah, for those for you, your full retirement age is
according to soci Security, is sixty seven, correct, all right.
I was born in nineteen fifty nine, so I'm at
the end of these sixty six and ten months is
my full retirement.
Speaker 5 (06:35):
So that's coming up. According to Social Security.
Speaker 6 (06:38):
But when they changed it from sixty six and ten
months to sixty seven, do you realize that the oldest
the born in nineteen sixty were twenty three at that time.
So there's a lot of time. So I don't know
if they'll change something where it's the effects the it
have to be under fifty I would think, wouldn't they?
Speaker 2 (06:54):
I would think so?
Speaker 4 (06:55):
Well, remember, without getting too deep in the weeds, social
Security comes out of your paycheck. You pay six point
two percent into the system. Your employer pays six point
two percent. The problemag it doesn't go into the Matt
Kennedy fund. It goes into the general fund. It's going
to your puneral fund. You're right, unless you're self employed,
then you pay both sides. Bottom line is you only
(07:17):
pay up to a certain income level, like one hundred
and sixty seven thousand a year.
Speaker 2 (07:20):
You know they could change that, and that's probably the
first thing they'll change.
Speaker 4 (07:24):
They'll say, well, you know what, a lot of rich
people who make great money aren't paying in enough, so
let's raise that to four hundred thousand boom. That automatically
would help keep the system more solvent. They could raise
the age. I don't really see them whacking benefits for
quite some time. I think they'll find ways to make
the system more solvent. But that survey says you're worried. Okay,
(07:48):
But here's the thing. Another survey says that fifty one percent,
more than half of you don't know ways to maximize
the Social Security benefit. And it gets even trickier in
Louisiana because we have, you know, we have the windfall
elimination provision and the government pension offset. So if you
(08:09):
were a state employee and your spouse wasn't, there's huge
impacts on your Social Security. Fifty one percent of you
say I don't know how to get the most out
of it. Thirty three percent didn't even know what your
full retirement age was. So here's the deal. When we
sit down and work with you and we build a
comprehensive retirement plan. Remember we always focus on sources of
(08:31):
your income, medical, medicare, things like that, advance planning like
a state planning, risk planning, tax planning, all that. But
when it comes to the big one in retirement, the
biggest thing most of you were concerned about is this,
how do I replace my current paycheck in retirement? What
(08:51):
we call that sources of income. So those sources of
income typically start with social Security. Maybe you have a pen.
Now you'll have to also work on withdrawing from the savings.
Speaker 2 (09:04):
That you have.
Speaker 4 (09:05):
But social Security is one of the key tenants of
your retirement income, and if you just guess and do
it wrong, you could leave a lot of money on
the table. I've heard people say, well, I'm gonna take
it at sixty two because they may go bust and
at least I'll be grandfathered in.
Speaker 2 (09:23):
Okay.
Speaker 4 (09:24):
I've heard other people say, you know what, there is
a seven year age difference between me and my wife,
so I'm going to wait till seventy so that she
gets the higher benefit. That may work as well.
Speaker 2 (09:34):
Mark.
Speaker 4 (09:35):
The easiest way to figure out when to take social
Security is to know exactly how long you're going to live.
Speaker 2 (09:41):
See how that would make that pretty simple if we
knew exactly how long we be here.
Speaker 4 (09:44):
So I'll leave you with this this simple formula. If
you take your social Security at seventy, that's the maximum age,
and that's the maximum benefit you can draw. If you
do that, you need to live to about eight four
and a half to justify all the money you didn't
take out beginning at age sixty two. We call that
(10:08):
the break even point. So when we sit down and
meet with you and go over your full retirement plan,
we have software that can show you from a mathematical
standpoint where it makes sense to take your retirement benefit.
But I think the more confusing part is coordinating that
benefit with your spouse. So it really is impossible, obviously
(10:29):
to know the future. And if anyone out there knows
exactly how long they're going to live, can you share
that app with me? I put that on my phone
that we all know you know. But I think fears
of the program going away completely or overblown. I think
changes are on the way, but trying to make a
plan based on Washington is always tough. But the bottom
(10:51):
line is you need to have a plan. The key
is that you have the best plan possible for your circumstances.
If you're subject to the windfall elimination or the government
pension offset, or do you understand how working in retirement
could potentially hurt your Social Security benefit? Do you know
(11:14):
what happens when one of you passes away, what will
the other get? Did you think about a scenario where
if part of Social Security goes away, your retirement income
could be drastically impacted. It's called planning. It's what we
do at Presley Wealth Management. So if you're closing in
on retirement and you're trying to make big social security decisions,
(11:35):
or maybe you've retired but you haven't yet triggered social Security,
let's talk. Our number is seven nine to one five
seven seventy three. That's seven nine one five seven seven
three for the average married couple. Mark was right at
the beginning, you're talking about probably a million dollars if
(11:55):
you live thirty years in retirement. Don't mess it up.
Don't make a million dollar mistake. Presley Wealth Management. We're
here to help. Reach out for a consultation at seven
nine one five seven seven three, or you can set
up your own consultation online at meetwith usnow dot com.
Speaker 6 (12:14):
So Matt Kennedy and I just getting started on your
money matters. Matt, of course, and Christy Smith with Presleywealth Management.
You can always go to Presleywealthmanagement dot com to find
out more as well. We're just getting started rack.
Speaker 7 (12:25):
Up more all right after this, worried your financial strategy
is missing something? Presleywealth wants you to feel confident going
into retirement. See how you're doing with a free visit
by going to the Presleygroup dot net. That's the Presleygroup
dot net or call eight sixty six three nine oho
(12:45):
twelve fifty two.
Speaker 2 (12:49):
Stop for a moment, think about this.
Speaker 4 (12:51):
Do you know how much money in your four oh
one k or ira is actually your money?
Speaker 6 (12:56):
Ah?
Speaker 4 (12:56):
Well, the government take a bigger chunk than you thought.
Speaker 2 (12:58):
Remember you still.
Speaker 4 (13:00):
May owe taxes on that money. But do you have
a plan to help make sure you don't pay more
than you should? At Presley Wealth Management, we believe you
deserve to keep more of what you've earned, which is
why we're here to help you navigate the confusing world
of retirement taxes. It's your money. You deserve to know
what's at stake Right now. Taxes are historically low, but
they won't be this low forever. So call us at
(13:21):
seven nine one five seven seven three. That's seven nine
one five seven seven three. Look, you work hard for
your money, will work just as hard to help you
keep it. Pressley Wealth Management seven nine one five seven
seven three.
Speaker 7 (13:33):
Investment advisory services offer through AE Wealth Management LLSE, a
registered investment advisor.
Speaker 8 (13:39):
Investing involves risk.
Speaker 7 (13:40):
Always consult with a qualified tax advisor before making any
decisions regarding a ROTH conversion, as there may be additional
tax considerations. Interest rates are on the rise, So what
does that mean for your retirement? Find out by calling
the Presley Wealth Management team now eight six six three
nine h twelve fifty two. That's eight six six three
(14:03):
nine zero twelve fifty two.
Speaker 6 (14:06):
Welcome back to your money matters with Christy Smith and
Matt Kennedy op Pressley Wealth Management.
Speaker 5 (14:11):
I'm Mark Elat.
Speaker 6 (14:11):
You can always get ahold of the team if you
have questions, you have concerns two two five seven nine
to one fifty seven seventy three two two five seven
nine to one fifty seven seventy three. 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 has a system, right you know when your paycheck
is coming in. Well, once you retire, now where's your
(14:35):
money going to come from? So security 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 3 (14:51):
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 rich hiring 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.
(15:15):
They 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
(15:35):
income plan. And it's why having an income plan is
so important, because you don't want that income to change
when market conditions change. You 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 two three hundred dollars a month, they would call worrying.
(15:59):
But they own 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 rise
and costs with inflation. It costs more to go to
the grocery store, it costs more for your car insurance,
your home insurance, everything is costing more.
Speaker 6 (16:19):
So.
Speaker 3 (16:20):
Having a reliable income plan that even would account for inflation,
meaning let's let your income go up as you get
older in retirement critical to compensate for the higher out
of pocket expenses is extremely important.
Speaker 4 (16:37):
Let me tell you what an income plan is not, No, Christy.
Sometimes it's better to explain what something is by explaining
what it is not. And 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 of every month, and I've got a perfect sixty
forty stock bond mix, and so I'm in good shape.
Speaker 2 (17:00):
Here's when that will blow up in your face.
Speaker 4 (17:03):
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
(17:25):
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
(17:46):
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
(18:08):
going to use some Erwinville.
Speaker 3 (18:09):
It taking a lot more than four percent.
Speaker 4 (18:11):
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
(18:32):
out your investment highs and lows, and when the market's good,
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
(18:52):
that it always works out perfectly and you don't have
market highs, market lows or curve balls like you mentioned
the last segment Christy thrown at you. No curveball happen,
But the goal is to not have to radically alter
your lifestyle. I keep stressing this because there's there's this
psychological thing called recency bias, Christy, where humans tend to
(19:13):
focus on what happened recently and view that as the future.
It was a long time ago that we had a
two thousand 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?
Speaker 2 (19:29):
How much?
Speaker 4 (19:30):
Most of you are 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?
Speaker 2 (19:39):
Don't be a victim like I saw.
Speaker 4 (19:41):
In eight and nine who people thought their investments were
their income. Sorry, Christy, I'm getting kind of pasionate 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. If that falls apart, right when you retire
and all you have are investments, you saw the outcome.
Speaker 3 (20:01):
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,
(20:24):
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 relate, They're all
in a related because we when to make sure and
create a complete holistic plan. For example, if you have
too much risk and you lose too much money, that
(20:47):
in turn blows up your income. So now your sources
of income have been messed up. You can't live in
a vacuum. One affects and impacts the other. You know
where we are seven nine to one five seven seven three.
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 when
(21:10):
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 seven nine one five seven
seven three.
Speaker 6 (21:24):
Christy, since we've been doing this show, it's always been
the number one fear of most retirees, the fear of
outliving their money.
Speaker 5 (21:28):
Is that still a major concern?
Speaker 3 (21:30):
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, and how much is
left in your pocket? Now, 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
(22:10):
baby boomers.
Speaker 2 (22:11):
I'm sorry most of you were lied to.
Speaker 4 (22:13):
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 tell you the number
of people that we meet with and we show them
as part of our tax planning. Yes, if you retire
at sixty five, your taxes are lower. But down the road,
(22:35):
when you're seventy three, seventy four, seventy five and the
government forces you to start taking out money. We often
see cases whereby the late seventies, someone's paying more in
projected taxes then than they paid while working.
Speaker 6 (22:51):
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 3 (23:00):
Well, my advice is give us a call and schedule
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 yest
in retirement before you come even see us, because you'd
be surprised. Mark how many people come in to meet
with us, and when we get to how much do
(23:20):
you think you're going to need to live on in retirement?
How many of them don't know that answer. This is
what we do every day and we'd love to help you.
Give us a call at seven nine one five seven
seven three seven nine one five seven seven three, or
go to meet with usnow dot com.
Speaker 6 (23:37):
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 7 (23:45):
You're listening to Your Money Matters with Christy Smith and
Matt Kennedy. To set up your fifteen minute meeting with
the Presley Wealth Management Team. Call eight six six three
nine oh twelve fifty two.
Speaker 9 (24:00):
Sam might need a loan soon from you. We have
over thirty four trillion dollars in national debt. Where do
you think the money to pay for that's going to
come from? Taxes? Believe it or not, taxes are at
historic lows right now but how much longer will that last?
A roth Ira conversion might be a good option when
planning for your retirement because you can pay lower taxes
(24:20):
now and avoid potentially higher taxes later. Christy Smith and
the team at the Presley Group have seen taxes rise
and fall. They know what options you have to potentially
reduce the amount of taxes you pay in retirement. Call
the team at the Presley Group and schedule your tax
analysis today. Eight sixty six three nine zero twelve fifty two.
That's eight six six three nine zero one two five
(24:40):
to two. Uncle Sam needs money. Don't let him take
it from you. Eight six six three nine zero twelve
fifty two. Investment advisory services offer through a wealth management
LLC A RETCH should investment advisor. Investing involves risks. Always
consult with the qualified tax advisor before making any decisions
regarding a roth conversion, as there may be additional tax considerations.
Speaker 7 (25:00):
You're listening to your money Matters with Christy Smith and
Matt Kennedy to set up your fifteen minute meeting with
the Presley Wealth Management team called.
Speaker 8 (25:09):
Eight sixty six three I oh, well fifty.
Speaker 6 (25:12):
Two Lady with us today for your money matters with
Christy Smith and Matt Kennedy at Presley Wealth Management.
Speaker 5 (25:19):
I'm Mark Elliott.
Speaker 6 (25:20):
You can always go to the website to learn more
Pressleywealthmanagement dot com. Find out more about Christie, Matt and
the team. There's some great information there. Find out about events,
find out maybe an eaven 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,
you said one of the challenges most people aren't really
sure about how much they need. So when they come
(25:40):
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?
Speaker 5 (25:45):
Well, I'm not really sure. How do you help them
figure that out?
Speaker 6 (25:48):
Because there is a way to, I would think, to
figure that out that's not super complicated.
Speaker 3 (25:52):
Well, typically we'll start off with a budget template. You know,
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, and
(26:14):
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 (26:24):
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 taped
it all together. He was 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
(26:45):
to generate 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? And 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
(27:08):
goal and the dream is 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
(27:31):
a clear budget. And Christy, I know you'd like to
tell people, and I agree. In April in our office
says the same thing to clients, our prospective clients. If
you have a chance, test drive your budget in retirement.
Speaker 3 (27:44):
Yeah, I mean, how many of you would go and
buy a new vehicle without ever driving it. Not many.
Most people want to drive it and see how it feels,
make sure they like it. For me, it makes sense
to test drive your retirement. You know, a year before
you retire, start living as if you're already retired financially,
(28:05):
because because you may be making more than you need,
just save it. But if you can do that, even
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.
(28:28):
Are you going to have any pensions? Do you have
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
(28:50):
biggest thing is knowing how much you need to spend
and then knowing where you're going to get that.
Speaker 6 (28:55):
Matt at the end of the day, I guess really,
I would think this is the one of the big
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 (29:10):
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 Erwinville,
(29:30):
and when my dad got ready to build Faith Church
on Highway one ninety Christy, when dad said, we're going
to build a church.
Speaker 3 (29:38):
He meant he was going to build the church.
Speaker 4 (29:39):
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
(30:02):
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.
(30:24):
So social security do you have one? Do you have two?
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,
(30:47):
no matter what happens in the market, your income is
your foundation. Because if your roof with your higher risk
stocks and your walls, 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 floria to stay there. We don't want foundation failure.
(31:08):
We don't want to have a foundation repair company have
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
(31:33):
keep the income flowing no matter the circumstances.
Speaker 2 (31:37):
That really is it right?
Speaker 3 (31:39):
Absolutely, there is no retirement without retirement income.
Speaker 6 (31:43):
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 seven nine to one, fifty seven
seventy three, or what happens when they go to meet
with us now dot com?
Speaker 5 (31:53):
What can they expect.
Speaker 4 (31:54):
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
(32:16):
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 3 (32:28):
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
(32:50):
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
(33:14):
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.
(33:38):
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 commitment. We simply are here to help.
Give us a call at seven nine one five seven
(34:00):
seven three seven nine one five seven seven three are
go to meet with usnow dot com and schedule your
complimentary fifteen minute phone call.
Speaker 6 (34:11):
Stay with us our final segment of Today's Your Money
Matters with Christian Matt Right after this.
Speaker 7 (34:16):
You can be five or ten years away from retirement,
or it could be tomorrow. If you have financial concerns
about retirement, called Christy Smith and the team at Presley
Well eight six six three nine oh one two five two.
That's eight six six three nine oh twelve fifty two.
Let them ease your concerns by sitting down for a
(34:38):
complimentary first meeting. Eight six six three nine oh twelve
fifty two.
Speaker 2 (34:45):
Stop for a moment, think about this.
Speaker 4 (34:47):
Do you know how much money in your four oh
one k or ira is actually your money?
Speaker 6 (34:52):
All?
Speaker 2 (34:52):
Will the government take a bigger chunk than you thought? Remember,
you still may.
Speaker 4 (34:56):
Owe taxes on that money, But do you have a
plan to help make sure you you don't pay more
than you should? At Presley Wealth Management, we believe you
deserve to keep more of what you've earned, which is
why we're here to help you navigate the confusing world
of retirement taxes. It's your money, you deserve to know
what's at stake. Right now, taxes are historically low, but
they won't be this low forever. So call us at
(35:18):
seven nine one five seven seven three. That's seven nine
one five seven seven three. Look, you work hard for
your money, will work just as hard to help you
keep it. Pressley Wealth Management seven nine one five seven
seven three.
Speaker 7 (35:30):
Investment advisory services offer through a Wealth Management LLC a
registered investment advisor.
Speaker 8 (35:36):
Investing involves risk. Always consult with the.
Speaker 7 (35:39):
Qualified tax advisor before making any decisions regarding your roth conversion,
as there may be additional tax considerations.
Speaker 9 (35:45):
Uncle Sam might need a loan soon from you. We
have over thirty four trillion dollars in national debt. Where
do you think the money to pay for that's going
to come from? Taxes? Believe it or not, Taxes are
at historic lows right now, but how much long will
that last? A roth Ira conversion might be a good
option when planning for your retirement because you can pay
(36:05):
lower taxes now and avoid potentially higher taxes later. Christy
Smith than the team at the Presley Group have seen
taxes rise and fall. They know what options you have
to potentially reduce the amount of taxes you pay in retirement.
Call the team at the Presley Group and schedule your
tax analysis today. Eight sixty six three nine zero twelve
fifty two. That's eight sixty six three nine zero one
(36:26):
two five to two. Uncle Sam needs money, don't let
him take it from you. Eight six six three nine
zero twelve fifty two. Investment advisory services offered through a
wealth management LLC a RETCHURLD investment advisor. Investing involves risk.
Always console with the qualifying tax advisor before making any
decisions regarding a ROTH conversion, as there may be additional
tax considerations.
Speaker 7 (36:47):
Christy Smith of Presley Wealth Management wants to advocate for you,
making sure you have the retirement you have always won
it pall eight sixty six three nine zero twelve fifty two,
and make sure Press Wealth is.
Speaker 8 (37:00):
The right fit for you.
Speaker 7 (37:02):
You won't know until you call eight sixty six three
nine oh twelve fifty two.
Speaker 6 (37:10):
Thanks for stating with us for your money matters with
Christy Smith and Matt Kennedy Oppressley Wealth Management again. You
can always go to their calendar set up of time
to have a conversation. You want to figure out where
you are on that road to retirement. Can I retire? Well, hey,
I'm already retired. Can they help you then? Well, yeah,
meet with us now dot com or you can just
call them two two five seven nine to one fifty
seven seventy three. That's seven nine one fifty seven seventy three.
Speaker 5 (37:33):
I'm Mark Elliott.
Speaker 6 (37:34):
We're gonna finish up today with a little mail bag segment.
And I say this every time we do one of these.
So these questions come from people that have come into
the office, people that have attended events that CHRISTI and
Matt put on. They're just kind of random questions. Okay,
But here's the deal. I think you're better off asking
Christy or Matt in person or on the phone these
questions because then they can ask you follow up questions.
(37:57):
You can ask them follow up questions. Typically we don't
have enough inform to give the entire answer, but we
always enjoy this. So Christy, I'll start with you. This
is Brent from Baton Rouge Baton Rouge. He says this, Guys,
I've been retired for about two years now, and so
far it's been disappointing. Brent, play golf, play golf, Brent.
(38:17):
I wasn't expecting to feel this let down about this
much free time, but that's how I feel. I'm thinking
about part time work, but I also don't like the
idea of locking myself into a certain number of hours
or a certain schedule. Do you ever hear other people
struggling with this same thing?
Speaker 2 (38:30):
Yep.
Speaker 3 (38:31):
You know it's crazy that you ask that, Brent, because
I think one of the biggest considerations about retiring needs
to be or you actually mentally ready. And a lot
of people think they're mentally ready just because they have
this idea of retirement. You know, retirement sounds great, but
(38:53):
sometimes people really aren't mentally ready. I don't. We definitely
hear this. I don't know if going back to work
is the answer. Maybe maybe you have an interest that
you could pursue on your own, like making your own
like opening up your own company, doing some things you
(39:14):
like to do. Have a client that makes duck calls
because he likes it, that's his hobby. In addition to that,
we often see people that are in the same point
in life that you are. They find opportunities with volunteering,
and you know, that's what I encourage my dad to do,
and I would encourage you to maybe consider. Are there
(39:36):
any you know, organizations or you know, your church that
you would maybe be able to benefit them by doing
some volunteer work. But this is a very common question. Yes,
we hear it a lot.
Speaker 4 (39:48):
And more common for men than women. I would say yes,
not trying to be sexist or chauvinistic, but in my
years of doing this, I've noticed that oftentimes when a
when a woman works and retires.
Speaker 5 (40:00):
I don't know how.
Speaker 4 (40:01):
Y'all do it, but you just separate effortlessly. But then
after COVID, I noticed that a lot of men who
were maybe accept at early buyouts and things.
Speaker 2 (40:08):
A couple of years.
Speaker 4 (40:08):
Later, Hey, Matt, can I take Social Security and work too?
What are the rules on that? Because I want to
go back and consult because I can only watch so.
Speaker 2 (40:19):
Many episodes of gun Smoke, you.
Speaker 4 (40:20):
Know, I mean, I can only see Matt Dillon infest
us only a certain number of times. And I think
for men too, there's a sense of getting up, shaving,
having a sense of purpose that matters. But if Christy
nailed that, it doesn't have to be worked. That purpose
could be volunteering on whatever. It's not uncommon. You're not alone,
and a financial advisor is valuable to talk you through that.
Speaker 2 (40:40):
All right, Mark, give us one more?
Speaker 6 (40:41):
Yeah, so Brenton, you can go to meet with us
now dot com or you just call him at seven
nine to one fifty seven seventy three and have a conversation.
It's really about not retiring from something, it's retiring to something,
all right. Next one comes from Alison Baker. The idea
of a big market drop makes me really uncomfortable. Now
that I'm within a few years of retirement. Do I
need to start reposition by assets the closer I get
(41:01):
to retirement.
Speaker 4 (41:02):
More than likely you do. Everyone situation is different, Alice.
Think about it like you're on an airplane. Okay, you're
flying from Chicago to Baton Rouge, or Chicago to New Orleans.
Speaker 2 (41:12):
The pilot, what does he say? You can never understand him?
Speaker 5 (41:16):
Right?
Speaker 2 (41:16):
Why can you only hear the stewardess so well but
not the pilot.
Speaker 4 (41:19):
Da But the pilot basically says, hey, we'll be touching
down in about twenty five minutes. Put your trade tables up.
We're beginning our descent. We're two hundred miles from the airport.
What does the pilot not do. The pilot does not say,
oh my gosh, we're landing in five minutes. Get ready
for the nose dive. Retirement's absolutely no different. When you
are five years out, start being very conscientious of the
(41:43):
risk you're taking. When you're three years out, it's more
than likely time to pull back and reduce the risk.
Speaker 2 (41:51):
Now, how do you do it? Well?
Speaker 4 (41:53):
Different plans have different ways. We have our own proprietary system.
But you're on an airplane. If you're three years away
from retire or if you've just retired within the last
three years, that is the most dangerous time that the
market can hurt you badly.
Speaker 5 (42:08):
All right.
Speaker 6 (42:09):
Final question, this comes from Cheryl in Attis. I'm really
struggling to get organized with my finances. We have money saved,
but I just keep letting all this paperwork pile up.
Could you help me sort through everything I have or
what I need to get it put together before I
come in and talk to you for the first time.
Speaker 3 (42:25):
But Churel, a lot of times people come to us
and they literally will have like either bags or boxes boxes,
and they bring it all because a lot of times
you'd be surprised how many people have three, four, five
different retirement accounts from just changing jobs. It's funny how
people will you know when they pack up their desks
(42:47):
because they're changing jobs, They're going to pack up every
single thing, like down to their coffee cup. There anything
personal on their desk they're bringing, but yet they leave
their four oh one K I forgot. So yeah, it's really
shocking to me. And so this is very common, Cheryl.
Don't worry about it. We're able to help you go
(43:09):
through it. We probably could go through it quicker, just
because we understand looking like, okay, is that a four
oh one K? Is that an I ORRA things like that.
Don't be ashamed. Let us help you. This is we
do this all the time. Go to meet with usnow
dot com and schedule a fifteen minute call and or
just give our office a call and schedule a time
to get together seven nine one five seven seven three.
Speaker 6 (43:31):
Not everybody that calls you is going to be a
full blown client oppressed in wealth management.
Speaker 2 (43:35):
Absolutely not off.
Speaker 3 (43:37):
We don't really even want to help people that don't
need help.
Speaker 4 (43:39):
And oftentimes we're get to call maybe from the child
of a client who is retired, and they'll say, look,
can you just spend fifteen minutes giving me some input
on where we are? And you know what, I often
find those hard working thirty and forty year olds. Oftentimes
they have the option, for example, for the raw four
ah one K at their work, but they're not using it,
(44:00):
or they haven't thought about life insurance needs for their family,
or maybe because they're young and so healthy, now's the
time to put a long term care place and plan
things that you know. Maybe we're not going to immediately
act on for them, but we can at least give
some guidance. We're here to help. Our number is seven
nine to one, five seven seven three. When you sit
(44:23):
down with us, we find out how we can serve you,
and we walk you through our smart plan. What are
your sources of income? What about medical and medicare? Seven
nine one five seven seven three are meet with us
now dot com?
Speaker 2 (44:41):
Stop for a moment, think about this.
Speaker 4 (44:42):
Do you know how much money in your four oh
one k or ira is actually your money? Oh well,
the government take a bigger chunk than you thought.
Speaker 2 (44:50):
Remember, you still.
Speaker 4 (44:52):
May owe taxes on that money. But do you have
a plan to help make sure you don't pay more
than you should? At Presley Wealth Management, we believe you
deserve to keep more of what you've earned, which is
why we're here to help you navigate the confusing world
of retirement taxes. It's your money, you deserve to know
what's at stake right now. Taxes are historically low, but
they won't be this low forever. So call us at
(45:14):
seven nine one five seven seven three. That's seven nine
one five seven seven three. Look, you work hard for
your money, will work just as hard to help you
keep it. Presley Wealth Management seven nine one five seven
seven three.
Speaker 7 (45:26):
Investment advisory services offer through AE Wealth Management LLC, a
registered investment advisor.
Speaker 8 (45:32):
Investing involves risk.
Speaker 7 (45:33):
Always consult with the qualified tax advisor before making any
decisions regarding a ROTH conversion, as there may be additional
tax considerations.
Speaker 1 (45:41):
Presley Wealth Management has a strategic partnership with tax professionals
and attorneys who can provide tax and or legal advice.
Speaker 7 (45:46):
Investment advisory products and services made available through AE Wealth
Management LLC AWM, a registered investment advisor. Insurance products are
offered through the insurance business the Presley Group. Presley Wealth
Management is an investment advisory practice at all offers products
and services through AE Wealth Management LLCAWM, a registered investment advisor.
AWM does not offer insurance products. The insurance products offered
(46:09):
by the Presley Group are not subject to investment advisor requirements.
AWM and the Presley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial 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 8 (46:58):
This radio show is a paid placement
When the news is national SOB, security system molatility, global turmoil,
interest rates, rough.
Speaker 2 (00:04):
Dane Wall Street.
Speaker 1 (00:05):
Your money matters. When it's Louisiana local serving the greater
Baton Rouge area, your money matters. And when it's your
time to retire, Presley Wealth Management presents your Money Matters
with Christy Smith.
Speaker 3 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement. And that's where I believe it's
so important that you do have a full 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 2 (00:38):
It's what we do every day.
Speaker 1 (00:40):
The conversation starts now this is your money Matters.
Speaker 5 (00:49):
Welcome to your money Matters.
Speaker 6 (00:51):
I'm Mark Kellam here alongside Matt Kennedy with Presley Wealth Management.
Christy Smith, the founder started the company back in six
not with us today. Hope she's having eight weekend. Hope
you are as well. Matt and I are going to
talk a little bit about retirement. We're gonna start off
talking about social Security, really a big decision. If you'd
like to learn more. Maybe you have the same question.
It's two two five seven nine to one fifty seven
(01:12):
seventy three to chat with the team at Presley Wealth.
Two two five seven nine to one fifty seven seventy
three social security. If the average SO scurity today, Matt
is around nineteen hundred and if you're you know, thirty
years in retirement and your spouse and you were so
I mean, it's a million dollar decision for a married couple. Typically, Yeah,
But a lot of people just kind of take SO
(01:34):
scurity by sixty two. I'm I think I'll retire because
I get so security. Now I'm gonna take it at
sixty five because I get Medicare then, so I'm gonna retire. Then.
They don't look at the whole picture like you and
Christy and the team at Presley Wealth. Do they look
at it so scarty in a vacuum, don't they?
Speaker 2 (01:48):
Oftentimes that's exactly what happens.
Speaker 5 (01:50):
Mark.
Speaker 4 (01:51):
It is one of the bigger decisions you'll ever make.
Because you're right at the average amount is nineteen hundred bucks.
That could be thirty eight hundred bucks a month for
a married couple times twelve times, say twenty five thirty
years in retirement. It adds up to a lot of money.
And the laws have changed. Just over the last ten
to twelve years, there have been significant changes in how
(02:15):
married couples can file for Social Security together. I won't
necessarily get into all of the rule changes, but you
really have to understand the profound impact of timing the
Social Security and it's one of the tougher decisions, you know,
when we help people just like you all retire. One
of the things we spend a lot of time on
(02:37):
and we have the computer software for Mark, is to
figure out different strategies. You know, if you have a
wife who has a benefit, should she take hers and
then the husband wait or vice versa? Should you file
simultaneously and get your benefit at the same time. Do
you understand what happens if one spouse passes away, what
(02:58):
happens with the remaining amount of Social Security?
Speaker 2 (03:01):
Who gets what?
Speaker 4 (03:02):
There's so much confusion over this, So this is a
great segment for us to kind of break down exactly
what happens, you know, Madam.
Speaker 6 (03:08):
There was a survey done by the Nationwide Retirement Institute,
and it surveyed Americans on retirement issues, specifically focusing on
social security.
Speaker 5 (03:18):
What did that poll find out? I don't think. I
think we're a little nervous about sociecurity.
Speaker 4 (03:22):
It seems yeah, so survey says, who used to say that?
Speaker 2 (03:26):
Was that? Wink?
Speaker 4 (03:27):
Martindale survey says no. Richard Dawson, Dawson, thank you, Ah,
survey says. The survey found that nearly three quarters seventy
two percent, to be exact, three quarters of you worry
that the system will run out of funding during your lifetime.
(03:47):
I laugh because most people never even pay attention to
their Social Security statement other than they go to page
three and look at what mark, They look at the
amount they're going to get, right exactly. But on page two,
somewhere in the fine print, by the way, social Security
stopped mailing out your statements unless you're sixty years older.
Speaker 5 (04:07):
That's right old? Does I get mine now, Matt?
Speaker 4 (04:09):
Exactly? And people say I haven't gotten one of those
in forever. Go to social Security dot gov or SSA
dot goov, SSA dot gov. Just create a username, a passwords.
You can see your statement online anytime. But when you
download the statement or get your statement of the mail,
if you look somewhere on page two. It says something
about if Congress doesn't take action, the Social Security Trust
(04:32):
Fund will only be able to pay out seventy nine
percent of benefits by the year twenty thirty three, something
like that. Basically, they're warning us that in eleven, twelve,
thirteen years they may have to cut the benefit that
you receive just to keep the system solvent. Well, that's
a valid concern. Seventy two percent of you are worried
about that. By the way, among millennials, seventy nine percent
(04:56):
of concern Gen xers.
Speaker 5 (04:59):
That's me.
Speaker 4 (05:00):
I'm almost a boomer, Mark, I missed it by a
couple of years. Seventy seven percent of us are worried.
Gen Z sixty sixty six percent are worried. I guess
they figured, you know, they'll figure out a strategy on TikTok,
and sixty six percent of boomers. But here's the most
interesting number. Twenty three percent, twenty three percent of you,
(05:23):
all ages, all demographics, believe you'll never see a dime
of Social Security. So it's a concern. I'm not quite
that pessimistic. I think that they'll make changes to the system. Uh,
this is just my opinion. I think if you're a
boomer and you're on Social Security, you don't have much
(05:44):
to be concerned about. If you're me, I'm fifty eight.
Is it possible they could do a cut. Maybe, but
more than likely they'll raise taxes for and keep the
system solvent. But I think for younger people, the Gen
zeers and you know, some of the earlier Gen xers, Yeah,
it's it's a concern, could be, but it shows you
(06:04):
the depth of concern that Americans have for the solvency
of the system and will my payment be there.
Speaker 6 (06:11):
You know, we've heard that for a long time. I mean,
you and Christie and I we've been chatting about this
for it seems for eight ten years that So Security
administrator says, hey, by twenty thirty three, thirty four or
thirty five, somewhere in there, you're gonna maybe get seventy
nine cents on the dollar or something.
Speaker 5 (06:24):
Think about this.
Speaker 6 (06:24):
Yeah, for those for you, your full retirement age is
according to soci Security, is sixty seven, correct, all right.
I was born in nineteen fifty nine, so I'm at
the end of these sixty six and ten months is
my full retirement.
Speaker 5 (06:35):
So that's coming up. According to Social Security.
Speaker 6 (06:38):
But when they changed it from sixty six and ten
months to sixty seven, do you realize that the oldest
the born in nineteen sixty were twenty three at that time.
So there's a lot of time. So I don't know
if they'll change something where it's the effects the it
have to be under fifty I would think, wouldn't they?
Speaker 2 (06:54):
I would think so?
Speaker 4 (06:55):
Well, remember, without getting too deep in the weeds, social
Security comes out of your paycheck. You pay six point
two percent into the system. Your employer pays six point
two percent. The problemag it doesn't go into the Matt
Kennedy fund. It goes into the general fund. It's going
to your puneral fund. You're right, unless you're self employed,
then you pay both sides. Bottom line is you only
(07:17):
pay up to a certain income level, like one hundred
and sixty seven thousand a year.
Speaker 2 (07:20):
You know they could change that, and that's probably the
first thing they'll change.
Speaker 4 (07:24):
They'll say, well, you know what, a lot of rich
people who make great money aren't paying in enough, so
let's raise that to four hundred thousand boom. That automatically
would help keep the system more solvent. They could raise
the age. I don't really see them whacking benefits for
quite some time. I think they'll find ways to make
the system more solvent. But that survey says you're worried. Okay,
(07:48):
But here's the thing. Another survey says that fifty one percent,
more than half of you don't know ways to maximize
the Social Security benefit. And it gets even trickier in
Louisiana because we have, you know, we have the windfall
elimination provision and the government pension offset. So if you
(08:09):
were a state employee and your spouse wasn't, there's huge
impacts on your Social Security. Fifty one percent of you
say I don't know how to get the most out
of it. Thirty three percent didn't even know what your
full retirement age was. So here's the deal. When we
sit down and work with you and we build a
comprehensive retirement plan. Remember we always focus on sources of
(08:31):
your income, medical, medicare, things like that, advance planning like
a state planning, risk planning, tax planning, all that. But
when it comes to the big one in retirement, the
biggest thing most of you were concerned about is this,
how do I replace my current paycheck in retirement? What
(08:51):
we call that sources of income. So those sources of
income typically start with social Security. Maybe you have a pen.
Now you'll have to also work on withdrawing from the savings.
Speaker 2 (09:04):
That you have.
Speaker 4 (09:05):
But social Security is one of the key tenants of
your retirement income, and if you just guess and do
it wrong, you could leave a lot of money on
the table. I've heard people say, well, I'm gonna take
it at sixty two because they may go bust and
at least I'll be grandfathered in.
Speaker 2 (09:23):
Okay.
Speaker 4 (09:24):
I've heard other people say, you know what, there is
a seven year age difference between me and my wife,
so I'm going to wait till seventy so that she
gets the higher benefit. That may work as well.
Speaker 2 (09:34):
Mark.
Speaker 4 (09:35):
The easiest way to figure out when to take social
Security is to know exactly how long you're going to live.
Speaker 2 (09:41):
See how that would make that pretty simple if we
knew exactly how long we be here.
Speaker 4 (09:44):
So I'll leave you with this this simple formula. If
you take your social Security at seventy, that's the maximum age,
and that's the maximum benefit you can draw. If you
do that, you need to live to about eight four
and a half to justify all the money you didn't
take out beginning at age sixty two. We call that
(10:08):
the break even point. So when we sit down and
meet with you and go over your full retirement plan,
we have software that can show you from a mathematical
standpoint where it makes sense to take your retirement benefit.
But I think the more confusing part is coordinating that
benefit with your spouse. So it really is impossible, obviously
(10:29):
to know the future. And if anyone out there knows
exactly how long they're going to live, can you share
that app with me? I put that on my phone
that we all know you know. But I think fears
of the program going away completely or overblown. I think
changes are on the way, but trying to make a
plan based on Washington is always tough. But the bottom
(10:51):
line is you need to have a plan. The key
is that you have the best plan possible for your circumstances.
If you're subject to the windfall elimination or the government
pension offset, or do you understand how working in retirement
could potentially hurt your Social Security benefit? Do you know
(11:14):
what happens when one of you passes away, what will
the other get? Did you think about a scenario where
if part of Social Security goes away, your retirement income
could be drastically impacted. It's called planning. It's what we
do at Presley Wealth Management. So if you're closing in
on retirement and you're trying to make big social security decisions,
(11:35):
or maybe you've retired but you haven't yet triggered social Security,
let's talk. Our number is seven nine to one five
seven seventy three. That's seven nine one five seven seven
three for the average married couple. Mark was right at
the beginning, you're talking about probably a million dollars if
(11:55):
you live thirty years in retirement. Don't mess it up.
Don't make a million dollar mistake. Presley Wealth Management. We're
here to help. Reach out for a consultation at seven
nine one five seven seven three, or you can set
up your own consultation online at meetwith usnow dot com.
Speaker 6 (12:14):
So Matt Kennedy and I just getting started on your
money matters. Matt, of course, and Christy Smith with Presleywealth Management.
You can always go to Presleywealthmanagement dot com to find
out more as well. We're just getting started rack.
Speaker 7 (12:25):
Up more all right after this, worried your financial strategy
is missing something? Presleywealth wants you to feel confident going
into retirement. See how you're doing with a free visit
by going to the Presleygroup dot net. That's the Presleygroup
dot net or call eight sixty six three nine oho
(12:45):
twelve fifty two.
Speaker 2 (12:49):
Stop for a moment, think about this.
Speaker 4 (12:51):
Do you know how much money in your four oh
one k or ira is actually your money?
Speaker 6 (12:56):
Ah?
Speaker 4 (12:56):
Well, the government take a bigger chunk than you thought.
Speaker 2 (12:58):
Remember you still.
Speaker 4 (13:00):
May owe taxes on that money. But do you have
a plan to help make sure you don't pay more
than you should? At Presley Wealth Management, we believe you
deserve to keep more of what you've earned, which is
why we're here to help you navigate the confusing world
of retirement taxes. It's your money. You deserve to know
what's at stake Right now. Taxes are historically low, but
they won't be this low forever. So call us at
(13:21):
seven nine one five seven seven three. That's seven nine
one five seven seven three. Look, you work hard for
your money, will work just as hard to help you
keep it. Pressley Wealth Management seven nine one five seven
seven three.
Speaker 7 (13:33):
Investment advisory services offer through AE Wealth Management LLSE, a
registered investment advisor.
Speaker 8 (13:39):
Investing involves risk.
Speaker 7 (13:40):
Always consult with a qualified tax advisor before making any
decisions regarding a ROTH conversion, as there may be additional
tax considerations. Interest rates are on the rise, So what
does that mean for your retirement? Find out by calling
the Presley Wealth Management team now eight six six three
nine h twelve fifty two. That's eight six six three
(14:03):
nine zero twelve fifty two.
Speaker 6 (14:06):
Welcome back to your money matters with Christy Smith and
Matt Kennedy op Pressley Wealth Management.
Speaker 5 (14:11):
I'm Mark Elat.
Speaker 6 (14:11):
You can always get ahold of the team if you
have questions, you have concerns two two five seven nine
to one fifty seven seventy three two two five seven
nine to one fifty seven seventy three. 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 has a system, right you know when your paycheck
is coming in. Well, once you retire, now where's your
(14:35):
money going to come from? So security 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 3 (14:51):
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 rich hiring 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.
(15:15):
They 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
(15:35):
income plan. And it's why having an income plan is
so important, because you don't want that income to change
when market conditions change. You 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 two three hundred dollars a month, they would call worrying.
(15:59):
But they own 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 rise
and costs with inflation. It costs more to go to
the grocery store, it costs more for your car insurance,
your home insurance, everything is costing more.
Speaker 6 (16:19):
So.
Speaker 3 (16:20):
Having a reliable income plan that even would account for inflation,
meaning let's let your income go up as you get
older in retirement critical to compensate for the higher out
of pocket expenses is extremely important.
Speaker 4 (16:37):
Let me tell you what an income plan is not, No, Christy.
Sometimes it's better to explain what something is by explaining
what it is not. And 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 of every month, and I've got a perfect sixty
forty stock bond mix, and so I'm in good shape.
Speaker 2 (17:00):
Here's when that will blow up in your face.
Speaker 4 (17:03):
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
(17:25):
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
(17:46):
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
(18:08):
going to use some Erwinville.
Speaker 3 (18:09):
It taking a lot more than four percent.
Speaker 4 (18:11):
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
(18:32):
out your investment highs and lows, and when the market's good,
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
(18:52):
that it always works out perfectly and you don't have
market highs, market lows or curve balls like you mentioned
the last segment Christy thrown at you. No curveball happen,
But the goal is to not have to radically alter
your lifestyle. I keep stressing this because there's there's this
psychological thing called recency bias, Christy, where humans tend to
(19:13):
focus on what happened recently and view that as the future.
It was a long time ago that we had a
two thousand 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?
Speaker 2 (19:29):
How much?
Speaker 4 (19:30):
Most of you are 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?
Speaker 2 (19:39):
Don't be a victim like I saw.
Speaker 4 (19:41):
In eight and nine who people thought their investments were
their income. Sorry, Christy, I'm getting kind of pasionate 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. If that falls apart, right when you retire
and all you have are investments, you saw the outcome.
Speaker 3 (20:01):
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,
(20:24):
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 relate, They're all
in a related because we when to make sure and
create a complete holistic plan. For example, if you have
too much risk and you lose too much money, that
(20:47):
in turn blows up your income. So now your sources
of income have been messed up. You can't live in
a vacuum. One affects and impacts the other. You know
where we are seven nine to one five seven seven three.
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 when
(21:10):
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 seven nine one five seven
seven three.
Speaker 6 (21:24):
Christy, since we've been doing this show, it's always been
the number one fear of most retirees, the fear of
outliving their money.
Speaker 5 (21:28):
Is that still a major concern?
Speaker 3 (21:30):
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, and how much is
left in your pocket? Now, 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
(22:10):
baby boomers.
Speaker 2 (22:11):
I'm sorry most of you were lied to.
Speaker 4 (22:13):
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 tell you the number
of people that we meet with and we show them
as part of our tax planning. Yes, if you retire
at sixty five, your taxes are lower. But down the road,
(22:35):
when you're seventy three, seventy four, seventy five and the
government forces you to start taking out money. We often
see cases whereby the late seventies, someone's paying more in
projected taxes then than they paid while working.
Speaker 6 (22:51):
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 3 (23:00):
Well, my advice is give us a call and schedule
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 yest
in retirement before you come even see us, because you'd
be surprised. Mark how many people come in to meet
with us, and when we get to how much do
(23:20):
you think you're going to need to live on in retirement?
How many of them don't know that answer. This is
what we do every day and we'd love to help you.
Give us a call at seven nine one five seven
seven three seven nine one five seven seven three, or
go to meet with usnow dot com.
Speaker 6 (23:37):
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 7 (23:45):
You're listening to Your Money Matters with Christy Smith and
Matt Kennedy. To set up your fifteen minute meeting with
the Presley Wealth Management Team. Call eight six six three
nine oh twelve fifty two.
Speaker 9 (24:00):
Sam might need a loan soon from you. We have
over thirty four trillion dollars in national debt. Where do
you think the money to pay for that's going to
come from? Taxes? Believe it or not, taxes are at
historic lows right now but how much longer will that last?
A roth Ira conversion might be a good option when
planning for your retirement because you can pay lower taxes
(24:20):
now and avoid potentially higher taxes later. Christy Smith and
the team at the Presley Group have seen taxes rise
and fall. They know what options you have to potentially
reduce the amount of taxes you pay in retirement. Call
the team at the Presley Group and schedule your tax
analysis today. Eight sixty six three nine zero twelve fifty two.
That's eight six six three nine zero one two five
(24:40):
to two. Uncle Sam needs money. Don't let him take
it from you. Eight six six three nine zero twelve
fifty two. Investment advisory services offer through a wealth management
LLC A RETCH should investment advisor. Investing involves risks. Always
consult with the qualified tax advisor before making any decisions
regarding a roth conversion, as there may be additional tax considerations.
Speaker 7 (25:00):
You're listening to your money Matters with Christy Smith and
Matt Kennedy to set up your fifteen minute meeting with
the Presley Wealth Management team called.
Speaker 8 (25:09):
Eight sixty six three I oh, well fifty.
Speaker 6 (25:12):
Two Lady with us today for your money matters with
Christy Smith and Matt Kennedy at Presley Wealth Management.
Speaker 5 (25:19):
I'm Mark Elliott.
Speaker 6 (25:20):
You can always go to the website to learn more
Pressleywealthmanagement dot com. Find out more about Christie, Matt and
the team. There's some great information there. Find out about events,
find out maybe an eaven 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,
you said one of the challenges most people aren't really
sure about how much they need. So when they come
(25:40):
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?
Speaker 5 (25:45):
Well, I'm not really sure. How do you help them
figure that out?
Speaker 6 (25:48):
Because there is a way to, I would think, to
figure that out that's not super complicated.
Speaker 3 (25:52):
Well, typically we'll start off with a budget template. You know,
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, and
(26:14):
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 (26:24):
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 taped
it all together. He was 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
(26:45):
to generate 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? And 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
(27:08):
goal and the dream is 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
(27:31):
a clear budget. And Christy, I know you'd like to
tell people, and I agree. In April in our office
says the same thing to clients, our prospective clients. If
you have a chance, test drive your budget in retirement.
Speaker 3 (27:44):
Yeah, I mean, how many of you would go and
buy a new vehicle without ever driving it. Not many.
Most people want to drive it and see how it feels,
make sure they like it. For me, it makes sense
to test drive your retirement. You know, a year before
you retire, start living as if you're already retired financially,
(28:05):
because because you may be making more than you need,
just save it. But if you can do that, even
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.
(28:28):
Are you going to have any pensions? Do you have
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
(28:50):
biggest thing is knowing how much you need to spend
and then knowing where you're going to get that.
Speaker 6 (28:55):
Matt at the end of the day, I guess really,
I would think this is the one of the big
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 (29:10):
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 Erwinville,
(29:30):
and when my dad got ready to build Faith Church
on Highway one ninety Christy, when dad said, we're going
to build a church.
Speaker 3 (29:38):
He meant he was going to build the church.
Speaker 4 (29:39):
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
(30:02):
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.
(30:24):
So social security do you have one? Do you have two?
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,
(30:47):
no matter what happens in the market, your income is
your foundation. Because if your roof with your higher risk
stocks and your walls, 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 floria to stay there. We don't want foundation failure.
(31:08):
We don't want to have a foundation repair company have
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
(31:33):
keep the income flowing no matter the circumstances.
Speaker 2 (31:37):
That really is it right?
Speaker 3 (31:39):
Absolutely, there is no retirement without retirement income.
Speaker 6 (31:43):
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 seven nine to one, fifty seven
seventy three, or what happens when they go to meet
with us now dot com?
Speaker 5 (31:53):
What can they expect.
Speaker 4 (31:54):
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
(32:16):
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 3 (32:28):
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
(32:50):
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
(33:14):
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.
(33:38):
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 commitment. We simply are here to help.
Give us a call at seven nine one five seven
(34:00):
seven three seven nine one five seven seven three are
go to meet with usnow dot com and schedule your
complimentary fifteen minute phone call.
Speaker 6 (34:11):
Stay with us our final segment of Today's Your Money
Matters with Christian Matt Right after this.
Speaker 7 (34:16):
You can be five or ten years away from retirement,
or it could be tomorrow. If you have financial concerns
about retirement, called Christy Smith and the team at Presley
Well eight six six three nine oh one two five two.
That's eight six six three nine oh twelve fifty two.
Let them ease your concerns by sitting down for a
(34:38):
complimentary first meeting. Eight six six three nine oh twelve
fifty two.
Speaker 2 (34:45):
Stop for a moment, think about this.
Speaker 4 (34:47):
Do you know how much money in your four oh
one k or ira is actually your money?
Speaker 6 (34:52):
All?
Speaker 2 (34:52):
Will the government take a bigger chunk than you thought? Remember,
you still may.
Speaker 4 (34:56):
Owe taxes on that money, But do you have a
plan to help make sure you you don't pay more
than you should? At Presley Wealth Management, we believe you
deserve to keep more of what you've earned, which is
why we're here to help you navigate the confusing world
of retirement taxes. It's your money, you deserve to know
what's at stake. Right now, taxes are historically low, but
they won't be this low forever. So call us at
(35:18):
seven nine one five seven seven three. That's seven nine
one five seven seven three. Look, you work hard for
your money, will work just as hard to help you
keep it. Pressley Wealth Management seven nine one five seven
seven three.
Speaker 7 (35:30):
Investment advisory services offer through a Wealth Management LLC a
registered investment advisor.
Speaker 8 (35:36):
Investing involves risk. Always consult with the.
Speaker 7 (35:39):
Qualified tax advisor before making any decisions regarding your roth conversion,
as there may be additional tax considerations.
Speaker 9 (35:45):
Uncle Sam might need a loan soon from you. We
have over thirty four trillion dollars in national debt. Where
do you think the money to pay for that's going
to come from? Taxes? Believe it or not, Taxes are
at historic lows right now, but how much long will
that last? A roth Ira conversion might be a good
option when planning for your retirement because you can pay
(36:05):
lower taxes now and avoid potentially higher taxes later. Christy
Smith than the team at the Presley Group have seen
taxes rise and fall. They know what options you have
to potentially reduce the amount of taxes you pay in retirement.
Call the team at the Presley Group and schedule your
tax analysis today. Eight sixty six three nine zero twelve
fifty two. That's eight sixty six three nine zero one
(36:26):
two five to two. Uncle Sam needs money, don't let
him take it from you. Eight six six three nine
zero twelve fifty two. Investment advisory services offered through a
wealth management LLC a RETCHURLD investment advisor. Investing involves risk.
Always console with the qualifying tax advisor before making any
decisions regarding a ROTH conversion, as there may be additional
tax considerations.
Speaker 7 (36:47):
Christy Smith of Presley Wealth Management wants to advocate for you,
making sure you have the retirement you have always won
it pall eight sixty six three nine zero twelve fifty two,
and make sure Press Wealth is.
Speaker 8 (37:00):
The right fit for you.
Speaker 7 (37:02):
You won't know until you call eight sixty six three
nine oh twelve fifty two.
Speaker 6 (37:10):
Thanks for stating with us for your money matters with
Christy Smith and Matt Kennedy Oppressley Wealth Management again. You
can always go to their calendar set up of time
to have a conversation. You want to figure out where
you are on that road to retirement. Can I retire? Well, hey,
I'm already retired. Can they help you then? Well, yeah,
meet with us now dot com or you can just
call them two two five seven nine to one fifty
seven seventy three. That's seven nine one fifty seven seventy three.
Speaker 5 (37:33):
I'm Mark Elliott.
Speaker 6 (37:34):
We're gonna finish up today with a little mail bag segment.
And I say this every time we do one of these.
So these questions come from people that have come into
the office, people that have attended events that CHRISTI and
Matt put on. They're just kind of random questions. Okay,
But here's the deal. I think you're better off asking
Christy or Matt in person or on the phone these
questions because then they can ask you follow up questions.
(37:57):
You can ask them follow up questions. Typically we don't
have enough inform to give the entire answer, but we
always enjoy this. So Christy, I'll start with you. This
is Brent from Baton Rouge Baton Rouge. He says this, Guys,
I've been retired for about two years now, and so
far it's been disappointing. Brent, play golf, play golf, Brent.
(38:17):
I wasn't expecting to feel this let down about this
much free time, but that's how I feel. I'm thinking
about part time work, but I also don't like the
idea of locking myself into a certain number of hours
or a certain schedule. Do you ever hear other people
struggling with this same thing?
Speaker 2 (38:30):
Yep.
Speaker 3 (38:31):
You know it's crazy that you ask that, Brent, because
I think one of the biggest considerations about retiring needs
to be or you actually mentally ready. And a lot
of people think they're mentally ready just because they have
this idea of retirement. You know, retirement sounds great, but
(38:53):
sometimes people really aren't mentally ready. I don't. We definitely
hear this. I don't know if going back to work
is the answer. Maybe maybe you have an interest that
you could pursue on your own, like making your own
like opening up your own company, doing some things you
(39:14):
like to do. Have a client that makes duck calls
because he likes it, that's his hobby. In addition to that,
we often see people that are in the same point
in life that you are. They find opportunities with volunteering,
and you know, that's what I encourage my dad to do,
and I would encourage you to maybe consider. Are there
(39:36):
any you know, organizations or you know, your church that
you would maybe be able to benefit them by doing
some volunteer work. But this is a very common question. Yes,
we hear it a lot.
Speaker 4 (39:48):
And more common for men than women. I would say yes,
not trying to be sexist or chauvinistic, but in my
years of doing this, I've noticed that oftentimes when a
when a woman works and retires.
Speaker 5 (40:00):
I don't know how.
Speaker 4 (40:01):
Y'all do it, but you just separate effortlessly. But then
after COVID, I noticed that a lot of men who
were maybe accept at early buyouts and things.
Speaker 2 (40:08):
A couple of years.
Speaker 4 (40:08):
Later, Hey, Matt, can I take Social Security and work too?
What are the rules on that? Because I want to
go back and consult because I can only watch so.
Speaker 2 (40:19):
Many episodes of gun Smoke, you.
Speaker 4 (40:20):
Know, I mean, I can only see Matt Dillon infest
us only a certain number of times. And I think
for men too, there's a sense of getting up, shaving,
having a sense of purpose that matters. But if Christy
nailed that, it doesn't have to be worked. That purpose
could be volunteering on whatever. It's not uncommon. You're not alone,
and a financial advisor is valuable to talk you through that.
Speaker 2 (40:40):
All right, Mark, give us one more?
Speaker 6 (40:41):
Yeah, so Brenton, you can go to meet with us
now dot com or you just call him at seven
nine to one fifty seven seventy three and have a conversation.
It's really about not retiring from something, it's retiring to something,
all right. Next one comes from Alison Baker. The idea
of a big market drop makes me really uncomfortable. Now
that I'm within a few years of retirement. Do I
need to start reposition by assets the closer I get
(41:01):
to retirement.
Speaker 4 (41:02):
More than likely you do. Everyone situation is different, Alice.
Think about it like you're on an airplane. Okay, you're
flying from Chicago to Baton Rouge, or Chicago to New Orleans.
Speaker 2 (41:12):
The pilot, what does he say? You can never understand him?
Speaker 5 (41:16):
Right?
Speaker 2 (41:16):
Why can you only hear the stewardess so well but
not the pilot.
Speaker 4 (41:19):
Da But the pilot basically says, hey, we'll be touching
down in about twenty five minutes. Put your trade tables up.
We're beginning our descent. We're two hundred miles from the airport.
What does the pilot not do. The pilot does not say,
oh my gosh, we're landing in five minutes. Get ready
for the nose dive. Retirement's absolutely no different. When you
are five years out, start being very conscientious of the
(41:43):
risk you're taking. When you're three years out, it's more
than likely time to pull back and reduce the risk.
Speaker 2 (41:51):
Now, how do you do it? Well?
Speaker 4 (41:53):
Different plans have different ways. We have our own proprietary system.
But you're on an airplane. If you're three years away
from retire or if you've just retired within the last
three years, that is the most dangerous time that the
market can hurt you badly.
Speaker 5 (42:08):
All right.
Speaker 6 (42:09):
Final question, this comes from Cheryl in Attis. I'm really
struggling to get organized with my finances. We have money saved,
but I just keep letting all this paperwork pile up.
Could you help me sort through everything I have or
what I need to get it put together before I
come in and talk to you for the first time.
Speaker 3 (42:25):
But Churel, a lot of times people come to us
and they literally will have like either bags or boxes boxes,
and they bring it all because a lot of times
you'd be surprised how many people have three, four, five
different retirement accounts from just changing jobs. It's funny how
people will you know when they pack up their desks
(42:47):
because they're changing jobs, They're going to pack up every
single thing, like down to their coffee cup. There anything
personal on their desk they're bringing, but yet they leave
their four oh one K I forgot. So yeah, it's really
shocking to me. And so this is very common, Cheryl.
Don't worry about it. We're able to help you go
(43:09):
through it. We probably could go through it quicker, just
because we understand looking like, okay, is that a four
oh one K? Is that an I ORRA things like that.
Don't be ashamed. Let us help you. This is we
do this all the time. Go to meet with usnow
dot com and schedule a fifteen minute call and or
just give our office a call and schedule a time
to get together seven nine one five seven seven three.
Speaker 6 (43:31):
Not everybody that calls you is going to be a
full blown client oppressed in wealth management.
Speaker 2 (43:35):
Absolutely not off.
Speaker 3 (43:37):
We don't really even want to help people that don't
need help.
Speaker 4 (43:39):
And oftentimes we're get to call maybe from the child
of a client who is retired, and they'll say, look,
can you just spend fifteen minutes giving me some input
on where we are? And you know what, I often
find those hard working thirty and forty year olds. Oftentimes
they have the option, for example, for the raw four
ah one K at their work, but they're not using it,
(44:00):
or they haven't thought about life insurance needs for their family,
or maybe because they're young and so healthy, now's the
time to put a long term care place and plan
things that you know. Maybe we're not going to immediately
act on for them, but we can at least give
some guidance. We're here to help. Our number is seven
nine to one, five seven seven three. When you sit
(44:23):
down with us, we find out how we can serve you,
and we walk you through our smart plan. What are
your sources of income? What about medical and medicare? Seven
nine one five seven seven three are meet with us
now dot com?
Speaker 2 (44:41):
Stop for a moment, think about this.
Speaker 4 (44:42):
Do you know how much money in your four oh
one k or ira is actually your money? Oh well,
the government take a bigger chunk than you thought.
Speaker 2 (44:50):
Remember, you still.
Speaker 4 (44:52):
May owe taxes on that money. But do you have
a plan to help make sure you don't pay more
than you should? At Presley Wealth Management, we believe you
deserve to keep more of what you've earned, which is
why we're here to help you navigate the confusing world
of retirement taxes. It's your money, you deserve to know
what's at stake right now. Taxes are historically low, but
they won't be this low forever. So call us at
(45:14):
seven nine one five seven seven three. That's seven nine
one five seven seven three. Look, you work hard for
your money, will work just as hard to help you
keep it. Presley Wealth Management seven nine one five seven
seven three.
Speaker 7 (45:26):
Investment advisory services offer through AE Wealth Management LLC, a
registered investment advisor.
Speaker 8 (45:32):
Investing involves risk.
Speaker 7 (45:33):
Always consult with the qualified tax advisor before making any
decisions regarding a ROTH conversion, as there may be additional
tax considerations.
Speaker 1 (45:41):
Presley Wealth Management has a strategic partnership with tax professionals
and attorneys who can provide tax and or legal advice.
Speaker 7 (45:46):
Investment advisory products and services made available through AE Wealth
Management LLC AWM, a registered investment advisor. Insurance products are
offered through the insurance business the Presley Group. Presley Wealth
Management is an investment advisory practice at all offers products
and services through AE Wealth Management LLCAWM, a registered investment advisor.
AWM does not offer insurance products. The insurance products offered
(46:09):
by the Presley Group are not subject to investment advisor requirements.
AWM and the Presley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial 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 8 (46:58):
This radio show is a paid placement
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