May 29, 2025 • 47 mins
Christy Smith, founder of Presley Wealth Management and Matt Kennedy, investment adviser representative, discuss issues that affect your retirement planning and how you can build a plan to help reduce risk and implement wealth accumulation strategies. Learn more at presleywealthmanagement.com and then, if you would like to have a conversation around your specific situation, set up an appointment online at meetwithusnow.com or by calling (225) 791-5773.
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Episode Transcript
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Speaker 1 (00:00):
When the news is national.
Speaker 2 (00:01):
SOB, security system molatility, global turmoil, interest rates, rough Dane
Wall Street.
Speaker 3 (00:05):
Your money matters. When it's Louisiana Local serving the greater
Baton Rouge area, your money matters. And when it's your
time to retire. Presley Wealth Management presents your Money Matters
with Christy Smith.
Speaker 2 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement. And that's where I believe it's
so important that you do have a full pledge retirement plan.
Speaker 4 (00:30):
And Matt Kennedy, maybe you're thinking, hmm, should I take
Social Security at sixty two, at sixty seven, at seventy
These are things you don't do every day.
Speaker 5 (00:38):
It's what we do every day.
Speaker 3 (00:40):
The conversation starts now this is your money Matters.
Speaker 1 (00:49):
Welcome to your money Matters. I'm Mark Elliott alongside the
team from Presley Wealth Management that would be the founder,
Christy Smith, an investment advisor representative with the team Matt
Kennedy to give us some advice and chat to us
about retirement. Can we retire? But they don't know, not
till we come in and see them. They are here
to help guide you if you need that help. The
number is two two five seven nine to one fifty
(01:11):
seven seventy three two two five seven nine one five
seven seven three. You can always go to the website
to find out more about Christy and Matt and the
team Presleywealthmanagement dot com. Presley Wealth Management dot com. Of
course you just want to chat with them. You have
a you know, fifteen to thirty minute phone call. Can
they help you? Meet with us now dot com. Meet
(01:31):
with usnow dot com. Christy, Matt, Welcome. We're gonna talk
about I think something is kind of kind of cool.
It's it's kind of the uh, And it's whether we
were growing up do we really listen to our parents
and our grandparents for advice? Are we just kind of not?
That's you guys are too old. You don't know what
you're talking about. Well, now that we're older, maybe we
will listen to advice. Now we're talking about retirees giving
(01:54):
pre retirees some advice. So I like that. So well, Christy,
you guys have done this a long time. We started
your company way back in the day two thousand and six.
What kind of practical tips you know for people that
are getting ready to retire? To you think the people
you've already helped retire might be able to give them.
Speaker 2 (02:10):
Well, I think the first the first thing that you
can consider is, you know, looking at your finances and
kind of get your financial house in order. We think
about retirement as you know, we're going to retire and
you know, basically sit on the front porch and rock
and retirement in this day and time really doesn't look
like that. I mean, I even think about myself in
(02:32):
that mix. I think about the things that my husband
and I are doing now that you know, we just
didn't think we would be doing at this point in
our life. You know, we spend a lot of time
with our grandchildren. I walked in the office this morning,
I said, hey, I didn't do something this weekend that
I wanted to get done because I spent all weekend
with my grandkids. We need to start looking as we
(02:52):
prepare for retirement, we start looking at how do we
get our financial house in order? And one of the
things to consus is looking at you know your expenses,
you know your debt, do you have current debt. I've
worked with a client for about four years now and
we created his plan, and believe it or not, he
actually could have retired four years ago, but he didn't
(03:15):
because he had some college loans that his student loans
he was trying to pay off. He wanted to pay
for his children's education and so they had borrowed money
to help him get through college. But it was important
for him to pay those loans off. And so you know,
that was for him a big deal. And we recently
met and he's retiring in the next three months. So
(03:35):
I say, get your financial house in order, and that
means look at your debt, look at your monthly expenses,
and then think about what do you want your retirement
to look like. Are you going to travel a lot,
because if you're going to travel, we need to add
that expense in. If you're going to maybe start a
new job. When I say a job, a lot of
(03:57):
times it's self employed people in this day and time,
they think of doing things that they dreamt of doing
for a long time, and they actually do it when
they retire. I have another client that does woodworking, one
that does duck calls, you know, and so often that
will take a little money at the very beginning to
get up and running, and we have to plan for that.
(04:19):
And so I think the first step is is to
look at where you are, what do you want your
retirement days to look like, and then get a plan.
I say a plan is more important than anything because
we can plan for the vacations, we can plan for
the new business, you know, expenses, there's things that we
can build into your plan. And you know I often
(04:41):
talk about test driving your retirement. We'll talk about that later,
but I think that's even a good thing to do
when considering retirement.
Speaker 1 (04:47):
So if you'd like to sit down with the team
of Presley Wealth Management, figure out where you are on
that road to retirement, maybe get a plan. How cooled
i'd be income, investment, taxes, healthcare, legacy planning, so security,
medicare decisions. There's a lot of moving parts in retirement. Christy,
Matt and the tea, but Presley Wealtha are here to help. Again,
it's meet with usnow dot com, Meet with usnow dot
com and you know, Matt the I think the challenge
(05:08):
for some is some people really love their job and
love their coworkers, and so they missed the routine, they
missed the camaraderie. It's a different side of life. I
guess when we get to retirement maybe missing the you know,
the challenge and comfort of having a place to go
every day. Right.
Speaker 4 (05:23):
Oh, I agree, and Christy, I know you've run into
this a lot, so I've started playing mostly financial planner,
part psychologists or psychist. I guess it would be psychologists,
not psychiatrists, right, although I don't have a degree in psychology.
Speaker 5 (05:37):
Here's what we tell people.
Speaker 4 (05:38):
Don't be surprised if the first two months of retirement
don't feel like a long, wonderful, well deserved, long overdue vacation.
Speaker 5 (05:46):
Right. Just oh, it's so awesome.
Speaker 4 (05:48):
I wake up, my honeydew list is down to one
hundred and thirty seven things. But don't be surprised, and
I say this especially the men. Don't be surprised if
after a couple of months you don't feel some depression
or you don't feel some anxiety because for so many years,
you know, you hung around a group of people, and
here's the keyword, you had purpose. You went to the job,
(06:10):
you completed a project in the plant, or you sold
some product or whatever the case was, you had an
end result. But retirement doesn't really have an end result.
So be prepared that at first it feels like vacation.
But then you have to settle in. And I've seen
people Christy question their self worth.
Speaker 2 (06:30):
Yeah, and another thing too, is is you got to
understand for most of you, when you retire, it actually
takes a couple of months often to get things all
in order.
Speaker 4 (06:39):
That's the first busy, busy, busy time. So what I
tell people, and what Christy tells people, and what we're
telling you right now is as you settle into retirement,
remember your wife may have had a job, and you
may have had a job. Ladies, you may have stayed home,
he may have worked. Maybe you worked and he stayed
at home. All of a sudden, now you're in each
other's space. Who is this guy that's here. He used
(07:01):
to be gone fifty hours a week, and now it's
ten o'clock in the morning and he's bored and he's
bugging me. Exactly, So you have to maintain your own
separate identity. That's why your friend likes making duck calls.
It's not about the duck calls. He just needs some
alone time, right, And so maintain your separate identity, maintain
some friends, don't give up your social connections. That's so
(07:24):
critical to easing through retirement. Now, Christy mentioned filing for
Social Security. Understand that at Presley Wealth Management, Yes, we
help build an investment portfolio where we make sure that
you know, we manage risk and create income.
Speaker 5 (07:37):
And all of that.
Speaker 4 (07:39):
But when it comes to Medicare, when it comes to
Social Security, we can put you on the right path.
We can show you how to file your Social Security
without having to sit at the Social Security office for hours.
We can help you shop for Medicare supplement our Medicare
advantage plans. We can walk you through all of that.
That's what we do as part of our full blown
(08:01):
smart retirement plan. Remember our smart plan that's an acronym S.
What are my sources of income? That's your biggest fear.
You're going to stop getting the pincheck, how do we
replace it? We'll show you sources of income M that
stands for Medicare planning, a advance planning, things like do
I need.
Speaker 5 (08:21):
A will or a trust?
Speaker 4 (08:22):
What do I do about my estate SMA R Oh yeah, Christy,
that's risk making sure that as you're you're into retirement,
you're not taking so much risk that a major market
downturn wipes out your income. And then there's T. It's
probably the most important thing. But because the word is smart,
T goes at the end. What does T stand for?
Speaker 5 (08:43):
Christy?
Speaker 2 (08:44):
Tax planning?
Speaker 5 (08:45):
Yes, and so.
Speaker 4 (08:46):
Many of you have never thought about taxes. Oh, you
think about it every day, and you think about it
every year when you file your taxes. But you're dealing
with the taxes in the rear view mirror right when
you file your tax return.
Speaker 5 (08:57):
What are you thinking about? Folks?
Speaker 4 (08:59):
You're thinking about, Oh, darn it, I didn't have enough withheld.
I owe the irs two thousand dollars. You're looking in
the rear view mirror. We want to look through the windshield. Hey,
you're sixty five. What's going to happen when you turn
seventy five and you have to start taking money out
of your iras and you're forced to do it by
(09:19):
law under the required minimum distributions. You can call us up.
We'll talk at two two five seven nine one five
seven seven three. That's seven nine one five seven seven three.
Or look, make it easier on yourself. Go to the
web and go to meet with usnow dot com. You'll
(09:40):
find little chunks of fifteen minute time. Pick a time
and for fifteen minutes, we'll chat on the phone. You know,
how close are you too retiring? Are you already retired?
What are your biggest concerns. We just kind of get
the overall picture. Then we work on a plan and
meet to get you to your ultimate goal, which is
a happy, fulfilled retirement.
Speaker 5 (10:00):
Seven nine one five seven seven to three.
Speaker 1 (10:03):
Hey, Christy, take a minute to talk about retirees giving
pre retirees advice. That is, you said, you know, kind
of that trial run boy, don't make the big move
I'm gonna move, you know, just make that decision right away.
Maybe go live there first before you make that decision,
or the RV. Maybe rent it before you buy it.
Speaker 2 (10:19):
Yeah. Absolutely, So I've said this for years, and you know,
I can remember ten years ago when I said it first,
Matt looked at me kind of crazy. I think that
that sometimes we have this this preconceived notion in our
mind of what retirement's going to look like. And I
think it's really important that if we're if we're truly
going to consider retiring, we live like we're retired before
(10:42):
we actually retire. Now, if your biggest goal in retirement
is travel, maybe you're going to just use what vacation
time you have available. But you need to start looking
at your budget. You need to start living within that
budget to make sure that that's really what you want
to do in retirement. I think has driving your retirement
is extremely important. We'd love to help you build your
(11:04):
smart plan. Give us a call at two two five
seven nine one five seven seven three. This is what
we do every day and we'd love to work with you.
Speaker 1 (11:12):
So glad you're with us today for your money manager
with Christy Smith and Mackennie Presley Wealth Management. We're just
getting started. A lot more to come right after this.
Stay with us.
Speaker 6 (11:22):
Worried your financial strategy is missing something, Presley Wealth wants
you to feel confident going into retirement. See how you're
doing with a free visit by going to the Presley
Group dot net. That's the Presleygroup dot net or call
eight sixty six three nine oho twelve fifty two.
Speaker 5 (11:42):
Stop for a moment, think about this.
Speaker 4 (11:44):
Do you know how much money in your four oh
one k or ira is actually your money?
Speaker 1 (11:49):
All?
Speaker 5 (11:49):
Will the government take a bigger chunk than you thought?
Remember you still.
Speaker 4 (11:53):
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. Leave You deserve
to keep more of what you've earned, which is why
we're here to help you navigate the confusing world of
retirement taxes. It's your money. You deserve to know what's
at stake Right now. Taxes are historically low, but they
won't be this low forever, so call us at seven
(12:15):
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.
Speaker 5 (12:23):
Pressley Wealth Management seven ninet one five seven seven three.
Speaker 6 (12:26):
Investment advisory services offer through a wealth management LLSE, a
registered investment advisor. Investing involves risk. Always consult with the
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?
(12:47):
Find out by calling the Presley Wealth Management team now
eight six six three nine oh twelve fifty two. That's
eight six six three nine oh twelve fifty two.
Speaker 1 (13:01):
Welcome back to your money matters with Christy Smith and
Matt Kennedy Oppressley Wealth Management. The team is here to
help you figure out where you are on that road
to retirement. They'll walk you through the smart process you
think about it, Yes, sources of income in medical, healthcare,
a advanced financial planning or risk management, t tax efficient strategies,
and it's all. Everybody's situation is unique. So all of
(13:23):
those plans go into everybody's plan, but what's actually in
them is different because it all depends on you. Two two, five, seven,
nine to one, fifty seven seventy three is a number.
And you can always go to meet with us now
dot com and you set up your own fifteen minute
phone call with the team at Prosy Wealth Management. Retirement
should be a great time, not a super stressful time,
you know, Christy. One of the fun things that we do.
(13:44):
We try to do it every week, I think, don't
we It seems like we got to talk taxes. Why
why do we talk taxes so much? Wire tax strategy
such a crucial to a degree often overlooked aspect of
retirement preparation. Why is that?
Speaker 2 (13:58):
Well, because Matt Low, when I say this, you don't
know what you don't know. So for us, the biggest
question when many people come in to meet with us
is can I retire and have enough income? That's number
one question. The funny thing is is that you know,
taxes is normally the least of their concerns because they
honestly don't understand that long term they can end up
(14:21):
paying more in taxes than they even did while they're working.
And so our software does a great job being able
to teach that. And I got to tell you Mark,
most people that come in to meet with us, taxes
clearly becomes the number one issue. Not income. We can
easily generate the income. It's looking at the long term
tax burden that is the major problem.
Speaker 4 (14:43):
And I think Christy, if I may interject, I think
it's because taxes are silent, right, You're used to paying them.
They when you're working, the taxes get sucked out of
your paycheck, and so it's kind of just a silent
thing that's there that we accept.
Speaker 5 (14:58):
Most of you.
Speaker 4 (14:59):
It's human nature, right, most of you focus on what
mostly the risk, Oh, I see the market going up
and down. You focus on the short term. But in
the long term, it's the taxes that I argue will
probably have a greater impact on your retirement success and
your legacy than the risk. Now, risk can be damaging
(15:21):
if you take a major market meltdown right when you retire.
Speaker 5 (15:24):
But what do you think about that, Christy? Long term?
Speaker 4 (15:26):
Again, I think people don't focus on taxes because that's
down the road for most people.
Speaker 5 (15:32):
But what you don't.
Speaker 4 (15:33):
Understand is the more taxes you have to pay, the
less income you have in retirement, the less legacy you
leave for your family, and the greater burden you have
over many, many years. Many of you will be retired
twenty five, thirty years. Your tax burden isn't just a
market correction that lasts a month.
Speaker 5 (15:51):
It's a long time problem.
Speaker 2 (15:53):
Christy, Well, it actually is. But for me, what is
an eye opener is that for many of our clients
that want to retire at say sixty two or even earlier,
a lot of times their concern is health insurance. So
they're wanting to look at, Okay, how are we going
to cover the cost of health insurance between age save
(16:17):
sixty two and sixty five, and they've saved enough to
be able to retire. But the problem is for many
is they've saved so much in pre tax money that
we have to be concerned about their adjustable gross income
because number one, we don't want them to pay more
for health insurance than what's necessary. So if they've done
(16:38):
proper tax planning a lot of times, they can retire
at sixty two and still maybe even qualify for a
subsidy for the Affordable Health Care Act and get good
health insurance and pay a reasonable amount for it. But
they're able to do that because they generate income from
pre tax money and after tax money. It's all about
(17:00):
having a plan. Now. You have to remember that when
you turn sixty five, the federal government's going to look
at your income beginning at age sixty three to determine
how much you're gonna pay for your ARM, your Part
B Medicare benefits, or are you going to have an
ARMA penalty. So people think about taxes in terms of
just the effective rate they're paying in taxes every year,
(17:22):
but we take a holistic approach, looking long term and
how that income is going to affect the entire plan.
So we want to typically plan ahead so that we
can help eliminate high cost for health insurance if they
want to retire before age sixty five. But it's all
about having a plan.
Speaker 6 (17:42):
Now.
Speaker 2 (17:42):
You want me to tell you the real kicker mark
for us is when we have a married couple that
we're meeting with. They're retired, sixty two years old. They
have a million, million and a half in pre tax money.
When they look at the amount of expenses, the money
they're gonna need retirement to live on, they really don't
(18:02):
need very much.
Speaker 5 (18:04):
You know.
Speaker 2 (18:04):
They they're going to file their Social Security benefits, some
will have a pension from a federal government, some will
have a like a teacher's pension, things like that, and
when you look at their sources of income versus their need,
they really don't need that much. But the problem is
is if you have, you know, a million and a
half dollars in pre tax money, at some point Uncle
(18:26):
Sam says, hey, we want you to pay the tax bill.
You get further down the road, you're let's say, even
like age eighty and one of the cup one of
the persons in that married couple passes away, you still
have this big pre tax account. So now we have
a single person, you know, filing a tax return being
(18:49):
forced to take a high required minimum distribution, which means
that person is going to end up paying so much
more in taxes than they ever did. In their working years,
and now they're even getting hit with ARMA penalties on
top of that, right because they're having to take the
required minimum distribution. So again, when we think about taxes, like,
(19:09):
taxes are not going to stay low indefinitely. When you
look at how the government, the income the government is
paying in versus the debt the government is paying out,
it makes common sense that taxes are not going to
stay this low indefinitely. So you owe it to yourself
to look and say, how can I lower this long
(19:32):
term tax burden? You know, over time, because slow and
steadies what's going to win the race when you're tax planning.
So how can I begin to do that? Now? If
you're young, how can you begin to do that within
your current four oh one K plan now mark most
people are thinking, oh, well, the only way to do
that is a wroth conversion or saving into wrath. But
(19:53):
there's actually other strategies available that will allow someone to
start growing their wealth in a never tax bucket. It's
not just wroth conversions, guys, there's other strategies available. And
I'll tell you what. When I give my kids financial advice,
and they don't ask for it often, but when they do.
(20:15):
I know they're serious and it's normally about taxes, and
I literally tell them save as much as you can
long term and never tax money. So we want to
teach our clients and prospects how to do that. And
again it's not all about WROTH conversions. So we would
love to help you with it. Give us a call
(20:36):
at seven nine one five seven seventy three and schedule
a fifteen minute phone call just to start the conversation,
or you can go to meet with usnow dot com.
Speaker 1 (20:45):
So, Matt, we certainly get caught up in the markets
going up and down and all of that, and holy
cow of the market's dropping, we're losing money. But do
you think maybe at the end of the day, when
we're all gone, that maybe we could have actually had
bigger savings by using the tax code in our favor
than actually the market.
Speaker 4 (21:04):
Yes, it's exponential as well. If you're young and you
save into wrath, the difference when you're retired and then
of RMD age can be monumental. I mean, there's calculators
we can show you. Like Christy was saying, though, if
you've saved pre tax almost all of your life and
now you're at the cusp of retirement or just into retirement.
(21:25):
You may need a strategy in addition to WROTH conversions
that can leverage time so that the tax implications down
the road are sped up, if you will. But the
bottom line is I completely agree. I make a personal
choice here. I don't mind telling you. I've told Christy this.
We have a WROTH four to oh one k here. Now,
(21:45):
every rule of the book says that as a fifty
eight year old making decent money, able to max out
my four oh one K, that I should be saving
pre tax. Because I don't have any kids at home,
I can't write off Mia and Penny, you know, I mean,
I don't have any tax breaks. So as a married
guy filing jointly, I should be doing all pretax, right, Christy,
I don't. I'd use one hundred percent WROTH and my
(22:07):
CPA every year. Why don't you do that? Because all
you're doing is paying more taxes. But that means that
when I get ready to take this money out down
the road, I've taken my tax beating now don't have
to worry about it. And so I mean that's a
personal decision. I'm not saying you should run out if
you're five, ten years, three years away from retiring and
suddenly switch to all wroth. But I work in this
(22:29):
business every day, and I understand the power of if
I can compound my money.
Speaker 5 (22:35):
But I'm compounding off of a.
Speaker 4 (22:37):
Tax free number versus a taxable number. It can be
mind blowing. Hey, for you engineers out there, we'll show you.
We've got the software to say if you do this, now,
here's the outcome later. And if you don't do this,
now here's the outcome later. And in many cases, by
the time you're in your late eighties, it can be
(22:59):
a three, four or one hundred thousand dollars difference for
many clients we can help. We'll show you seven nine
to one five seven seven three the area codes two
two five seven nine one five seven seven three, or
like Christy said earlier, go to www dot meet with
us now. That's meet with us now. Just pick out
(23:20):
a time on there for a brief phone call and
we'll sit down on the phone together and go over
where you stand how we can help. Then we'll set
up an in person, no cost, no obligation meeting seven
nine one five seven seven three.
Speaker 1 (23:32):
So you all think of diversification when it comes to
the market. Do we think about diversification when it comes
to taxes. We're gonna touch on that when we come
back right here on Your Money Matters with Christy Smith
and Matt Kennedy Presley Wealth Management.
Speaker 6 (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 ozho twelve fifty.
Speaker 7 (23:57):
Twouncle Sam might need a loan soon from you. We
have over thirty four trillion dollars in national debt. Where
do you think the money to pay for that's going
to come from? Taxes? Believe it or not, taxes are
at historic lows right now, but how much longer will
that last? A roth Ira conversion might be a good
option when planning for your retirement because you can pay
(24:20):
lower taxes now and avoid potentially higher taxes later. Christy
Smith and the team at the Presley Group have seen
taxes rise and fall. They know what options you have
to potentially reduce the amount of taxes you pay in retirement.
Call the team at the 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
(24:40):
two five to two. Uncle Sam needs money. Don't let
him take it from you. Eight six six three nine
zero twelve fifty two. Investment advisory services offer through a
wealth management LLC A RETCH should investment advisor. Investing involves risk.
Always consult with the qualified tax advisor before making any
decisions regarding a ROTH conversion, as there may be additional
tax considerations.
Speaker 6 (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 eight sixty six three
I oh Wealth fifty two excity with.
Speaker 1 (25:15):
Us today for your money Matters with Christy Smith and
Matt Kennedy of Presley Wealth Management. You can always learn
more on the website Presleywealthmanagement dot Com. A lot of
great information there. Find out by upcoming events, find out
more about Christy, Matt and the team. You know, Matt,
we talk about in the investment world, and it's really
about diversification. If you have twenty mutual funds, yeah, you're
probably not diversified. If all of your money is in
the SMP, you're probably really not diversified because you're all
(25:37):
in the large, large companies. But I don't know if
we think about tax diversification. You were just talking about
putting money into the Rothboro and Ko work. But there's
there's taxable, there's tax deferred, and there's tax free. Now
we all like tax free, but we don't get to
tax free without paying the taxes at that time, right.
Speaker 5 (25:56):
Right, correct?
Speaker 4 (25:56):
And I do agree that's Will stated Mark about diversification.
Speaker 5 (26:00):
Again, what did I say last segment?
Speaker 4 (26:02):
So often the focus in the short term are the investments,
and you have to focus on that. That's smart, But
it's the tax diversification that's equally as critical. And so
some of you don't even know if you have the
ability to save differently through your workplace. You can typically
call your human resources department, you can look online, but
(26:23):
if that's not in your wheelhouse.
Speaker 5 (26:24):
Give us a call. We'll be happy to you.
Speaker 4 (26:26):
At least you know, help you glance at your statement
and know what your options really are. But that's powerful, Mark.
Tax diversification is equally as important as investment diversification. And
sometimes the best place to save might be two places.
What if I told you maybe the best thing to
(26:48):
do is to.
Speaker 5 (26:48):
Pile all of your money into your four roh one K.
Speaker 4 (26:51):
What if you had a four to oh one K,
but you had to count outside of that that were
designed specifically for retirement as tax free income and protection
for your family through the form of insurance.
Speaker 5 (27:03):
So there's more than one way to skin the cat.
Speaker 4 (27:05):
I know that's not hy that no, but you've said it.
Speaker 2 (27:09):
I know you heard it.
Speaker 5 (27:10):
Yeah, my dad says that all the time.
Speaker 2 (27:11):
I hate it when he said that, but I would
always hate it. But he did say that.
Speaker 5 (27:15):
There's more than one way to bake the biscuits.
Speaker 2 (27:17):
So to say that's a good one, that's what I
need to do.
Speaker 5 (27:19):
So anyway, there it is.
Speaker 4 (27:21):
So you don't know what you don't know, and not
saying you're dumb, it's just you don't do this necessarily
all the time. So if you're glancing at your four
O one K and you're wondering, well, what are my options?
Call us seven nine one five seven seven three. We're
not going to give you specific investment advice about what
funds to pick in your four O one K, but
we can at least let you know what options you
(27:41):
have as far as the tax qualifications within your four
oh one.
Speaker 2 (27:45):
K now mark one of the things that I have
discussed with my children, for example, Alexis and Danny. We're
very fortunate because Danny's got a great job, does a
great job as a as a husband and provider for
the family, and he's very disciplined with saving inside of
his four o one. Okay, but he always is interested
in learning, you know, like what is he doing everything right?
(28:06):
Like he'll come to me and say, look, miss Christy,
this is what I'm doing. One of the times that
he came to me and was showing it to me,
I said, yeah, but you know, you've got life insurance
through your job. Alexis is a stay home mom. They
have three children, all under age seven, So you definitely
need life insurance. And I would think you need more
life insurance than what you actually have through your job.
(28:28):
So one of the things that he ought to consider
doing is utilizing a universal life insurance contract, like an
indexed universal life insurance contract. Man, you might be thinking,
why do that, Like, well, first of all, when you're young,
the cost of insurance is very low, great investment actually,
(28:49):
And then we look at the fact that he can
overfund that instead of putting so much into his four
oh one K, which he's putting way more than what
the company is matching, he can fund the end universal
life build up a cash value that's not at risk
due to market conditions. And even if he needed to
use some of that money in the future not for retirement.
(29:09):
Maybe he needs to use it for his children to
go to college, Maybe he needs to use it because
he's got one daughter that's going to get married one day.
You know, in an Index Universal life contract, you can
actually take money out of that contract tax free to
use for things besides retirement. So for me as a
financial advisor, I said, you know, maybe adding one more
(29:32):
layer of diversification to your plan is and it's also
helping with tax planning as well. Is looking at an
Index Universal Life contract. Now, the funny thing is when
you say the word insurance, most people like their intena
is go up. You know, the reality is insurance costs
are so low when you're young that it's probably one
(29:54):
of the smartest investments you can make. And if I'm
not mistaken, you know, big families like the Rockefellers really
utilize the tax codes with insurance to build uber wealth.
So why shouldn't we You know, it's all about learning
and what's available and how you can use it. And
you know, we hear all these strategies every day on
(30:14):
social media. We just don't really understand that that person
talking on the TikTok video is talking about an index
universal life contract. You know, yeah, I know the phrases.
I just don't want to say I'm on the radio,
but you know it's like a hook and you're thinking, man,
that sounds really good. I need to check into that.
But what it is is using your own money. You know,
(30:36):
there was a company out there called it bank on Yourself.
I'm not calling it bank on Yourself, but but it
kind of gives you the impression of what you're doing.
You're using your own money to fund your your life
insurance contract. You can take money out tax free if
you've done it properly. Now there are guidelines you want
to make sure you set it up properly. But again
(30:56):
it all goes back to tax diversification mark because people
think that the only way they can save in after
taxes either raw or just stocking it away in a
you know, checking savings or money market account, and there's
so many other ways to plan. I would encourage you
to learn your options because I believe and do know factually,
for most of our clients, taxes is the number one issue.
(31:21):
They may not realize it when they come in. Originally
they think income is. But when we've created the long
term plan, what we can see is the big picture,
taxes are not going to remain where they are now indefinitely.
So why not create a plan?
Speaker 1 (31:37):
Meet with us now dot com. Set up your own
fifty minute phone call with Christy, Matt and the team
at Presley Wealth Management. There is no cost to obligation,
no pressure, no judgment. You know, Matt, Christy talked about
the IRMA income related monthly adjusted amount. Is that close?
Speaker 5 (31:52):
Yes, that's exactly Well.
Speaker 4 (31:53):
Some people think your cheesier, you're aunty from Mississippi IRMA.
Speaker 5 (31:58):
What's that farmer? I call her mother IRMA? And you
just have to be careful. You don't want to get jam.
Speaker 1 (32:03):
You've got IRMA. You got SOB security taxes fifty percent
or eighty five percent, depending on the amount of money.
Possibly you could be taxed on so security. We'll see
what happens with President trumple they get rid of the
federal taxes for all of that. So it is a
moving target. But withdrawals once you get into retirement. We
talk a lot about pre retirement, but when you're in retirement,
where you pull and how you pull from different accounts
(32:24):
can make a huge difference.
Speaker 5 (32:25):
I would think it makes a big difference.
Speaker 4 (32:28):
A lot of people go into retirement and uh, maybe
how many times has this happened?
Speaker 5 (32:34):
Christie?
Speaker 4 (32:34):
Well, you know, we've saved up forty thousand dollars of
cash and we already have ten thousand in the checking accounts.
So we're just going to burn through the cash for
a while. Maybe that's not the right move. Maybe you
should spend some of your taxable money. There's so many factors.
Listen when you hear terms like IRMA and medicare and
part A, part B, part C, D E f G,
(32:57):
h ijk ALMA, when you hear all of this social secure,
when you hear a filing spousal benefit, when you hear
all these crazy things, it can be overwhelming. I will
tell you that I think what overwhelmed so many people
is not just the taxes and the investments, but boy,
the stuff with the government, social security medicare. What we
do is we put it all together for you. It's
(33:19):
a jigsaw puzzle. My wife loves jigsaw puzzles. If it's
a jigsaw puzzle, it's a thousand piece puzzle just thrown
out on the table and you're staring at it and
you're thinking, oh my gosh, I'm overwhelmed.
Speaker 5 (33:29):
You know what. We put together jigsaw puzzles every day.
Speaker 4 (33:32):
It's what we do because we have practice putting together many, many,
many jigsaw puzzles. So if you feel scattered, if you
feel like you don't quite know what to do or
what changes you should make. If you're already retired, it's
always a no cost, no obligation evaluation of where you
stand seven nine one, five seven seventy three. That's two
two five, seven ninety one fifty seven seventy three. Or
(33:56):
again visit www dot meet with us now dot com.
Pick a fifteen minute window. We'll do a phone call
and talk about what you need.
Speaker 1 (34:04):
Christy had Matt back with our final segment of Today's
Your Money Matters Right after that.
Speaker 6 (34:09):
You can be five or ten years away from retirement,
or it could be tomorrow. If you have financial concerns
about retirement.
Speaker 2 (34:17):
Call Christy Smith and the team.
Speaker 6 (34:19):
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 complimentary first meeting eight six six three
nine oh twelve fifty two.
Speaker 5 (34:39):
Stop for a moment, think about this.
Speaker 4 (34:40):
Do you know how much money in your four oh
one k or ira is actually your money?
Speaker 6 (34:46):
All?
Speaker 5 (34:46):
Will the government take a bigger chunk than you thought?
Remember you still.
Speaker 4 (34:49):
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
(35:12):
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.
Speaker 5 (35:20):
Presley Wealth Management seven nine one five seven seven three.
Speaker 6 (35:24):
Investment advisory services offer through a wealth management LLSE a
registered investment advisor. Investing involves risk. Always consult with the
qualified tax advisor before making any decisions regarding a ROTH conversion,
as there may be additional tax considerations. Christy Smith of
Presley Wealth Management wants to advocate for you, making sure
(35:45):
you have the retirement you have always won it. Call
eight six six three nine oh twelve fifty two and
make sure Presley Wealth is the right fit for you.
You won't know until you call AID sixty six three
nine oh twelve fifty.
Speaker 1 (36:00):
To welcome back to your money matters with Christy Smith
and Matt Kennedy of Presley Wealth Management. I'm Mark Kelly.
Glad you are with us today again. If you have questions,
you're boy, You're not really sure. I wonder if I've
got enough, Wonder if we can retire. Wonderf our money
will last as long as we need it. Meet with
usnow dot com. No cost, that says setting up a
fifteen minute phone call with one of the coaches at Presley, Well,
no cost to you. Meeting with us now dot com
(36:22):
to get some answers, or you can always call them
at two two five seven nine to one, fifty seven
seventy three. I thought this would be kind of a
fun way to finish today. We've talked about a lot
of things, as we always do, but this one is
about myths, retirement myths, and Matt, I'm gonna start with you,
then I'll go to Christy. I've got six retirement myths
that we got to get into in these final nine
point two minutes of the program. So here you go, Matt.
(36:45):
First myth, and this one I imagine could be well,
maybe the first myth is that you will spend much
less in retirement. A lot of people think they're going
to spend less. Obviously we know some spend a lot more.
How do you see that myth? As we're going to
spend less in retirement.
Speaker 4 (36:59):
You may down the road. So let me clarify this, Christy,
and I like to use this phraseology here. You have
go go go years, you have the slow go years,
and you have the no go years go go years.
Especially for baby boomers, not so much for my parents,
you know, the silent generation, and that generation they would
retire and quietly rock. I remember my grandfather sitting on
(37:22):
the front porch smoking those lucky strikes that he got
addicted to during World War Two when he was in
the Japanese theater.
Speaker 5 (37:29):
But our generation is not like that.
Speaker 4 (37:31):
I tell you that the biggest mistake you can make
is thinking that you're in your expenses will plummet the
day you retire. I'll bet you you'll spend seventy five
to eighty percent of what you're retiring now. Now, what
helps is if you're not at the job anymore, you're
not putting money into a four to oh one K,
you're not paying FIKA in Social Security taxes, you're not
burning gas to go to work, but you'll spend a
(37:51):
good bit. So keep in mind, go go slow, go
no go. And when we build out our retirement money map,
to show you will my asset that's make it through retirement,
we're going to take that into account and we're going
to warn you against saying you won't spend too much.
So that's a myth, and we can attack that and
show you what the actual facts would be.
Speaker 1 (38:11):
All right, Christy, the next myth And if you need
to phone a friend, you call your daughter, talk with Presley.
Here you go. Medicare will cover all of our healthcare costs.
Once we get on it at the age of sixty five.
Speaker 2 (38:23):
Well, I mean, the thing is is that Medicare is
a you know, a great system in my opinion, and
I often refer to turning age sixty five going onto Medicare,
I say, oh, we can do the Medicare happy dance.
Because for the most part, when you combine a Medicare
benefit with a Medicare supplemental plan or even a Medicare
(38:44):
at vantage plan, you are going to have a good
bit of your medical cost covered. But there are some
things that Medicare does not cover, like Medicare doesn't typically
cover dental Medicare doesn't typically cover like routine eye exams
or even glasses. Now maybe a Medicare advantage plan would
supplement that. There's a lot of nuances. But the thing
(39:04):
is is that for most people, they believe that their
medical expenses are going to be the biggest concern in
terms of health care in retirement. But in reality, your
actual medical cost in retirement and on Medicare are not
the biggest expense. The biggest expense that we typically see
(39:26):
is going to come with long term care. Now, I
know there's a lot of intents going up saying long
term care, I'm never going into a nursing home. When
we have to think about the fact that most long
term care is not given in a nursing home. And
we're using long term care services now not just because
we're sick, but because we're living so long that we
(39:47):
simply need help. So long term care services can include
someone coming help in your home, maybe assisted living. You know,
I say I would move in an assisted living today
if my husband would let me, because some of them
are very nice, and no you know know. But the
reality is is Medicare does not cover true long term
(40:11):
care costs, and that's where we see the bulk of
medical cost or are cost associated with care in retirement
is going to be done. It's going to be used
on long term care services. The Medicare system is, along
with a supplement or or advantage plan, is going to
do a great job covering the bulk of true medical expenses.
(40:32):
But again, I think it's critical to have long term
care planning built into your plan. You know, it's a
very high statistic. With a married couple years ago, it
was one out of two we'll use some form of
long term care services. I'm not sure if that's the
same statistic up today. It's going to make me look
at it right now, but you know, it's a very
(40:52):
high statistic. And the reason it's so high is because
we're using it now for for different reasons than we
would of you know, thirty years ago. And you have
to understand that you if you don't build in a
plan to pay for that care, because Medicare does not
cover long term care cost, if you don't have that
(41:14):
built into your plan, then that can destroy your plan.
So we want to make sure that we have addressed
that in building our complete plan.
Speaker 1 (41:23):
Two two five seven nine to one fifty seven seventy three.
If you'd like to learn more, this is a big
area that you really don't want to overlook it. Certainly,
if you've seen it in your family long term care,
you certainly look at this a little bit differently. I
think two two five seven nine to one fifty seven
seventy three. And again, you can always go to meet
with us now dot com set up your own fifteen
minute phone call. Mad I'm gonna skip ahead a little
bit because I think this one's kind of interesting. Hey,
(41:44):
you know what, you should have all of your debt
paid off before you retire, And I think we like that,
but is that really necessary?
Speaker 4 (41:50):
It's more of an emotional decision for some people. Uh,
we kind of have sort of a loose general rule
of thumb. You walk in, you're about to retire, and
I want to pay off my house. I thought, eighty
grand I want to pull a bunch of money out
of my four oh one k, or maybe I want
to take some of my some pension.
Speaker 5 (42:05):
And pay off the house. Is that wise?
Speaker 4 (42:08):
Well, what's your interest rate? Many of you ended up
with two and a half and three percent mortgages. Maybe
in that case it's wiser to actually keep paying the note.
But it is an emotional decision, but it is a
person by person decision. The nice thing is we have
software and we can look at an amateurization chart. Hey,
how much will you pay over the life of what
(42:29):
the loan that's remaining versus how much could you potentially
earn even in a safe investment long term. So we
have to look at that and not saying you shouldn't
do it. It is a person by person decision, but
some counsel on that from our experience, would probably be wise.
Speaker 1 (42:45):
Here's one Christy, and I mean I'm sixty five, so
there's no reason I even think about this yet. I
don't have to worry about it till IM probably eighty
eighty five. But legacy planning, I can wait on that
right till I'm in my eighties or well.
Speaker 2 (42:56):
I actually think people should have a legacy plan, you know,
early in life. I mean, we look at my sister
as an example. My sister passed away at age fifty
with a brain aneurysm immediately like there was no time
to plan so and unfortunately, in that situation, because she
didn't have a plan, everything is left up to the
(43:17):
court systems and that tends to not be pleasant. So
I think everyone needs a legacy plan. Now, for most
of our clients, we have to start going a little
deeper in determining do they need a simple will. I
believe most of them do need power of attorneys from
medical and financial. However, you hear all the time or
(43:41):
read or see, you see that people are being encouraged
to have a trust. So there's different types of trust,
and some people do need a trust, some people don't.
Some need a revocable trust, some need a irrevocable trust.
It really depends on what are you creating the trust
for There's a lot of different components when we think
(44:02):
about legacy planning, but I would say it the least
amount is everyone needs a last will and testament and
do you need power of attorneys for medical and financial
in case you're not able to make those decisions yourself?
Speaker 1 (44:17):
How hard are those to do?
Speaker 2 (44:19):
They're very simple. They're actually very simple.
Speaker 5 (44:21):
Lawyers have to do them in the most case.
Speaker 4 (44:24):
I mean, you can do online resources, but be careful
doing that because you're matt.
Speaker 2 (44:28):
Not to interrupt you, but you could even use a notary,
but I'll discourage that correction. So we actually have a
client who used a notary did their plan. It was
it was a blended family, and then when one of
them passed away, the children, remember blended family, challenged it
and actually won in a quarter of law because it
was done by a notary and it wasn't done up
to standard with Louisiana law.
Speaker 5 (44:50):
Yeah, be careful.
Speaker 2 (44:50):
So I do encourage a lawyer create the documents, but honestly,
they're not expensive and fairly simple to do.
Speaker 4 (44:58):
Yeah, and we have relationships with with attorneys that we've used.
Speaker 5 (45:02):
Can I just say this, Christy, I think and I
hope you'll agree.
Speaker 4 (45:04):
You have to be careful because there are some attorneys
who do a state planning that a trust, which is
significantly more expensive than a will, a trust is the
answer for everything. Don't pay for something you don't need,
and so let's evaluate what you do need and then
go seek the legal counsel. We're not attorneys, we're not
going to practice law, but at least we can arm
(45:24):
you with the right questions to ask to know in
your situation how you should proceed.
Speaker 5 (45:29):
I hope that clears up some myths.
Speaker 4 (45:30):
We're always here to help seven nine fifty seven seventy
three seven nine one seven seventy three Meet with us
now dot com.
Speaker 3 (45:41):
Presley Wealth Management has a strategic partnership with tax professionals
and attorneys who can provide tax and or legal advice.
Speaker 6 (45:46):
Investment advisory products and services made available through AE Wealth
Management llc AWM, a registered investment advisor. Insurance products are
offered through the insurance business the Presley Group. Presley Wealth
Management is an investment advisory practice. It offers products and
services through AE Wealth Management LLCAWM, a registered investment advisor.
AWM does not offer insurance products The insurance products offered
(46:09):
by the Pressley Group are not subject to investment advisor requirements.
AWM and the 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 2 (46:58):
This radio show is a paid placement
When the news is national.
Speaker 2 (00:01):
SOB, security system molatility, global turmoil, interest rates, rough Dane
Wall Street.
Speaker 3 (00:05):
Your money matters. When it's Louisiana Local serving the greater
Baton Rouge area, your money matters. And when it's your
time to retire. Presley Wealth Management presents your Money Matters
with Christy Smith.
Speaker 2 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement. And that's where I believe it's
so important that you do have a full pledge retirement plan.
Speaker 4 (00:30):
And Matt Kennedy, maybe you're thinking, hmm, should I take
Social Security at sixty two, at sixty seven, at seventy
These are things you don't do every day.
Speaker 5 (00:38):
It's what we do every day.
Speaker 3 (00:40):
The conversation starts now this is your money Matters.
Speaker 1 (00:49):
Welcome to your money Matters. I'm Mark Elliott alongside the
team from Presley Wealth Management that would be the founder,
Christy Smith, an investment advisor representative with the team Matt
Kennedy to give us some advice and chat to us
about retirement. Can we retire? But they don't know, not
till we come in and see them. They are here
to help guide you if you need that help. The
number is two two five seven nine to one fifty
(01:11):
seven seventy three two two five seven nine one five
seven seven three. You can always go to the website
to find out more about Christy and Matt and the
team Presleywealthmanagement dot com. Presley Wealth Management dot com. Of
course you just want to chat with them. You have
a you know, fifteen to thirty minute phone call. Can
they help you? Meet with us now dot com. Meet
(01:31):
with usnow dot com. Christy, Matt, Welcome. We're gonna talk
about I think something is kind of kind of cool.
It's it's kind of the uh, And it's whether we
were growing up do we really listen to our parents
and our grandparents for advice? Are we just kind of not?
That's you guys are too old. You don't know what
you're talking about. Well, now that we're older, maybe we
will listen to advice. Now we're talking about retirees giving
(01:54):
pre retirees some advice. So I like that. So well, Christy,
you guys have done this a long time. We started
your company way back in the day two thousand and six.
What kind of practical tips you know for people that
are getting ready to retire? To you think the people
you've already helped retire might be able to give them.
Speaker 2 (02:10):
Well, I think the first the first thing that you
can consider is, you know, looking at your finances and
kind of get your financial house in order. We think
about retirement as you know, we're going to retire and
you know, basically sit on the front porch and rock
and retirement in this day and time really doesn't look
like that. I mean, I even think about myself in
(02:32):
that mix. I think about the things that my husband
and I are doing now that you know, we just
didn't think we would be doing at this point in
our life. You know, we spend a lot of time
with our grandchildren. I walked in the office this morning,
I said, hey, I didn't do something this weekend that
I wanted to get done because I spent all weekend
with my grandkids. We need to start looking as we
(02:52):
prepare for retirement, we start looking at how do we
get our financial house in order? And one of the
things to consus is looking at you know your expenses,
you know your debt, do you have current debt. I've
worked with a client for about four years now and
we created his plan, and believe it or not, he
actually could have retired four years ago, but he didn't
(03:15):
because he had some college loans that his student loans
he was trying to pay off. He wanted to pay
for his children's education and so they had borrowed money
to help him get through college. But it was important
for him to pay those loans off. And so you know,
that was for him a big deal. And we recently
met and he's retiring in the next three months. So
(03:35):
I say, get your financial house in order, and that
means look at your debt, look at your monthly expenses,
and then think about what do you want your retirement
to look like. Are you going to travel a lot,
because if you're going to travel, we need to add
that expense in. If you're going to maybe start a
new job. When I say a job, a lot of
(03:57):
times it's self employed people in this day and time,
they think of doing things that they dreamt of doing
for a long time, and they actually do it when
they retire. I have another client that does woodworking, one
that does duck calls, you know, and so often that
will take a little money at the very beginning to
get up and running, and we have to plan for that.
(04:19):
And so I think the first step is is to
look at where you are, what do you want your
retirement days to look like, and then get a plan.
I say a plan is more important than anything because
we can plan for the vacations, we can plan for
the new business, you know, expenses, there's things that we
can build into your plan. And you know I often
(04:41):
talk about test driving your retirement. We'll talk about that later,
but I think that's even a good thing to do
when considering retirement.
Speaker 1 (04:47):
So if you'd like to sit down with the team
of Presley Wealth Management, figure out where you are on
that road to retirement, maybe get a plan. How cooled
i'd be income, investment, taxes, healthcare, legacy planning, so security,
medicare decisions. There's a lot of moving parts in retirement. Christy,
Matt and the tea, but Presley Wealtha are here to help. Again,
it's meet with usnow dot com, Meet with usnow dot
com and you know, Matt the I think the challenge
(05:08):
for some is some people really love their job and
love their coworkers, and so they missed the routine, they
missed the camaraderie. It's a different side of life. I
guess when we get to retirement maybe missing the you know,
the challenge and comfort of having a place to go
every day. Right.
Speaker 4 (05:23):
Oh, I agree, and Christy, I know you've run into
this a lot, so I've started playing mostly financial planner,
part psychologists or psychist. I guess it would be psychologists,
not psychiatrists, right, although I don't have a degree in psychology.
Speaker 5 (05:37):
Here's what we tell people.
Speaker 4 (05:38):
Don't be surprised if the first two months of retirement
don't feel like a long, wonderful, well deserved, long overdue vacation.
Speaker 5 (05:46):
Right. Just oh, it's so awesome.
Speaker 4 (05:48):
I wake up, my honeydew list is down to one
hundred and thirty seven things. But don't be surprised, and
I say this especially the men. Don't be surprised if
after a couple of months you don't feel some depression
or you don't feel some anxiety because for so many years,
you know, you hung around a group of people, and
here's the keyword, you had purpose. You went to the job,
(06:10):
you completed a project in the plant, or you sold
some product or whatever the case was, you had an
end result. But retirement doesn't really have an end result.
So be prepared that at first it feels like vacation.
But then you have to settle in. And I've seen
people Christy question their self worth.
Speaker 2 (06:30):
Yeah, and another thing too, is is you got to
understand for most of you, when you retire, it actually
takes a couple of months often to get things all
in order.
Speaker 4 (06:39):
That's the first busy, busy, busy time. So what I
tell people, and what Christy tells people, and what we're
telling you right now is as you settle into retirement,
remember your wife may have had a job, and you
may have had a job. Ladies, you may have stayed home,
he may have worked. Maybe you worked and he stayed
at home. All of a sudden, now you're in each
other's space. Who is this guy that's here. He used
(07:01):
to be gone fifty hours a week, and now it's
ten o'clock in the morning and he's bored and he's
bugging me. Exactly, So you have to maintain your own
separate identity. That's why your friend likes making duck calls.
It's not about the duck calls. He just needs some
alone time, right, And so maintain your separate identity, maintain
some friends, don't give up your social connections. That's so
(07:24):
critical to easing through retirement. Now, Christy mentioned filing for
Social Security. Understand that at Presley Wealth Management, Yes, we
help build an investment portfolio where we make sure that
you know, we manage risk and create income.
Speaker 5 (07:37):
And all of that.
Speaker 4 (07:39):
But when it comes to Medicare, when it comes to
Social Security, we can put you on the right path.
We can show you how to file your Social Security
without having to sit at the Social Security office for hours.
We can help you shop for Medicare supplement our Medicare
advantage plans. We can walk you through all of that.
That's what we do as part of our full blown
(08:01):
smart retirement plan. Remember our smart plan that's an acronym S.
What are my sources of income? That's your biggest fear.
You're going to stop getting the pincheck, how do we
replace it? We'll show you sources of income M that
stands for Medicare planning, a advance planning, things like do
I need.
Speaker 5 (08:21):
A will or a trust?
Speaker 4 (08:22):
What do I do about my estate SMA R Oh yeah, Christy,
that's risk making sure that as you're you're into retirement,
you're not taking so much risk that a major market
downturn wipes out your income. And then there's T. It's
probably the most important thing. But because the word is smart,
T goes at the end. What does T stand for?
Speaker 5 (08:43):
Christy?
Speaker 2 (08:44):
Tax planning?
Speaker 5 (08:45):
Yes, and so.
Speaker 4 (08:46):
Many of you have never thought about taxes. Oh, you
think about it every day, and you think about it
every year when you file your taxes. But you're dealing
with the taxes in the rear view mirror right when
you file your tax return.
Speaker 5 (08:57):
What are you thinking about? Folks?
Speaker 4 (08:59):
You're thinking about, Oh, darn it, I didn't have enough withheld.
I owe the irs two thousand dollars. You're looking in
the rear view mirror. We want to look through the windshield. Hey,
you're sixty five. What's going to happen when you turn
seventy five and you have to start taking money out
of your iras and you're forced to do it by
(09:19):
law under the required minimum distributions. You can call us up.
We'll talk at two two five seven nine one five
seven seven three. That's seven nine one five seven seven three.
Or look, make it easier on yourself. Go to the
web and go to meet with usnow dot com. You'll
(09:40):
find little chunks of fifteen minute time. Pick a time
and for fifteen minutes, we'll chat on the phone. You know,
how close are you too retiring? Are you already retired?
What are your biggest concerns. We just kind of get
the overall picture. Then we work on a plan and
meet to get you to your ultimate goal, which is
a happy, fulfilled retirement.
Speaker 5 (10:00):
Seven nine one five seven seven to three.
Speaker 1 (10:03):
Hey, Christy, take a minute to talk about retirees giving
pre retirees advice. That is, you said, you know, kind
of that trial run boy, don't make the big move
I'm gonna move, you know, just make that decision right away.
Maybe go live there first before you make that decision,
or the RV. Maybe rent it before you buy it.
Speaker 2 (10:19):
Yeah. Absolutely, So I've said this for years, and you know,
I can remember ten years ago when I said it first,
Matt looked at me kind of crazy. I think that
that sometimes we have this this preconceived notion in our
mind of what retirement's going to look like. And I
think it's really important that if we're if we're truly
going to consider retiring, we live like we're retired before
(10:42):
we actually retire. Now, if your biggest goal in retirement
is travel, maybe you're going to just use what vacation
time you have available. But you need to start looking
at your budget. You need to start living within that
budget to make sure that that's really what you want
to do in retirement. I think has driving your retirement
is extremely important. We'd love to help you build your
(11:04):
smart plan. Give us a call at two two five
seven nine one five seven seven three. This is what
we do every day and we'd love to work with you.
Speaker 1 (11:12):
So glad you're with us today for your money manager
with Christy Smith and Mackennie Presley Wealth Management. We're just
getting started. A lot more to come right after this.
Stay with us.
Speaker 6 (11:22):
Worried your financial strategy is missing something, Presley Wealth wants
you to feel confident going into retirement. See how you're
doing with a free visit by going to the Presley
Group dot net. That's the Presleygroup dot net or call
eight sixty six three nine oho twelve fifty two.
Speaker 5 (11:42):
Stop for a moment, think about this.
Speaker 4 (11:44):
Do you know how much money in your four oh
one k or ira is actually your money?
Speaker 1 (11:49):
All?
Speaker 5 (11:49):
Will the government take a bigger chunk than you thought?
Remember you still.
Speaker 4 (11:53):
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. Leave You deserve
to keep more of what you've earned, which is why
we're here to help you navigate the confusing world of
retirement taxes. It's your money. You deserve to know what's
at stake Right now. Taxes are historically low, but they
won't be this low forever, so call us at seven
(12:15):
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.
Speaker 5 (12:23):
Pressley Wealth Management seven ninet one five seven seven three.
Speaker 6 (12:26):
Investment advisory services offer through a wealth management LLSE, a
registered investment advisor. Investing involves risk. Always consult with the
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?
(12:47):
Find out by calling the Presley Wealth Management team now
eight six six three nine oh twelve fifty two. That's
eight six six three nine oh twelve fifty two.
Speaker 1 (13:01):
Welcome back to your money matters with Christy Smith and
Matt Kennedy Oppressley Wealth Management. The team is here to
help you figure out where you are on that road
to retirement. They'll walk you through the smart process you
think about it, Yes, sources of income in medical, healthcare,
a advanced financial planning or risk management, t tax efficient strategies,
and it's all. Everybody's situation is unique. So all of
(13:23):
those plans go into everybody's plan, but what's actually in
them is different because it all depends on you. Two two, five, seven,
nine to one, fifty seven seventy three is a number.
And you can always go to meet with us now
dot com and you set up your own fifteen minute
phone call with the team at Prosy Wealth Management. Retirement
should be a great time, not a super stressful time,
you know, Christy. One of the fun things that we do.
(13:44):
We try to do it every week, I think, don't
we It seems like we got to talk taxes. Why
why do we talk taxes so much? Wire tax strategy
such a crucial to a degree often overlooked aspect of
retirement preparation. Why is that?
Speaker 2 (13:58):
Well, because Matt Low, when I say this, you don't
know what you don't know. So for us, the biggest
question when many people come in to meet with us
is can I retire and have enough income? That's number
one question. The funny thing is is that you know,
taxes is normally the least of their concerns because they
honestly don't understand that long term they can end up
(14:21):
paying more in taxes than they even did while they're working.
And so our software does a great job being able
to teach that. And I got to tell you Mark,
most people that come in to meet with us, taxes
clearly becomes the number one issue. Not income. We can
easily generate the income. It's looking at the long term
tax burden that is the major problem.
Speaker 4 (14:43):
And I think Christy, if I may interject, I think
it's because taxes are silent, right, You're used to paying them.
They when you're working, the taxes get sucked out of
your paycheck, and so it's kind of just a silent
thing that's there that we accept.
Speaker 5 (14:58):
Most of you.
Speaker 4 (14:59):
It's human nature, right, most of you focus on what
mostly the risk, Oh, I see the market going up
and down. You focus on the short term. But in
the long term, it's the taxes that I argue will
probably have a greater impact on your retirement success and
your legacy than the risk. Now, risk can be damaging
(15:21):
if you take a major market meltdown right when you retire.
Speaker 5 (15:24):
But what do you think about that, Christy? Long term?
Speaker 4 (15:26):
Again, I think people don't focus on taxes because that's
down the road for most people.
Speaker 5 (15:32):
But what you don't.
Speaker 4 (15:33):
Understand is the more taxes you have to pay, the
less income you have in retirement, the less legacy you
leave for your family, and the greater burden you have
over many, many years. Many of you will be retired
twenty five, thirty years. Your tax burden isn't just a
market correction that lasts a month.
Speaker 5 (15:51):
It's a long time problem.
Speaker 2 (15:53):
Christy, Well, it actually is. But for me, what is
an eye opener is that for many of our clients
that want to retire at say sixty two or even earlier,
a lot of times their concern is health insurance. So
they're wanting to look at, Okay, how are we going
to cover the cost of health insurance between age save
(16:17):
sixty two and sixty five, and they've saved enough to
be able to retire. But the problem is for many
is they've saved so much in pre tax money that
we have to be concerned about their adjustable gross income
because number one, we don't want them to pay more
for health insurance than what's necessary. So if they've done
(16:38):
proper tax planning a lot of times, they can retire
at sixty two and still maybe even qualify for a
subsidy for the Affordable Health Care Act and get good
health insurance and pay a reasonable amount for it. But
they're able to do that because they generate income from
pre tax money and after tax money. It's all about
(17:00):
having a plan. Now. You have to remember that when
you turn sixty five, the federal government's going to look
at your income beginning at age sixty three to determine
how much you're gonna pay for your ARM, your Part
B Medicare benefits, or are you going to have an
ARMA penalty. So people think about taxes in terms of
just the effective rate they're paying in taxes every year,
(17:22):
but we take a holistic approach, looking long term and
how that income is going to affect the entire plan.
So we want to typically plan ahead so that we
can help eliminate high cost for health insurance if they
want to retire before age sixty five. But it's all
about having a plan.
Speaker 6 (17:42):
Now.
Speaker 2 (17:42):
You want me to tell you the real kicker mark
for us is when we have a married couple that
we're meeting with. They're retired, sixty two years old. They
have a million, million and a half in pre tax money.
When they look at the amount of expenses, the money
they're gonna need retirement to live on, they really don't
(18:02):
need very much.
Speaker 5 (18:04):
You know.
Speaker 2 (18:04):
They they're going to file their Social Security benefits, some
will have a pension from a federal government, some will
have a like a teacher's pension, things like that, and
when you look at their sources of income versus their need,
they really don't need that much. But the problem is
is if you have, you know, a million and a
half dollars in pre tax money, at some point Uncle
(18:26):
Sam says, hey, we want you to pay the tax bill.
You get further down the road, you're let's say, even
like age eighty and one of the cup one of
the persons in that married couple passes away, you still
have this big pre tax account. So now we have
a single person, you know, filing a tax return being
(18:49):
forced to take a high required minimum distribution, which means
that person is going to end up paying so much
more in taxes than they ever did. In their working years,
and now they're even getting hit with ARMA penalties on
top of that, right because they're having to take the
required minimum distribution. So again, when we think about taxes, like,
(19:09):
taxes are not going to stay low indefinitely. When you
look at how the government, the income the government is
paying in versus the debt the government is paying out,
it makes common sense that taxes are not going to
stay this low indefinitely. So you owe it to yourself
to look and say, how can I lower this long
(19:32):
term tax burden? You know, over time, because slow and
steadies what's going to win the race when you're tax planning.
So how can I begin to do that? Now? If
you're young, how can you begin to do that within
your current four oh one K plan now mark most
people are thinking, oh, well, the only way to do
that is a wroth conversion or saving into wrath. But
(19:53):
there's actually other strategies available that will allow someone to
start growing their wealth in a never tax bucket. It's
not just wroth conversions, guys, there's other strategies available. And
I'll tell you what. When I give my kids financial advice,
and they don't ask for it often, but when they do.
(20:15):
I know they're serious and it's normally about taxes, and
I literally tell them save as much as you can
long term and never tax money. So we want to
teach our clients and prospects how to do that. And
again it's not all about WROTH conversions. So we would
love to help you with it. Give us a call
(20:36):
at seven nine one five seven seventy three and schedule
a fifteen minute phone call just to start the conversation,
or you can go to meet with usnow dot com.
Speaker 1 (20:45):
So, Matt, we certainly get caught up in the markets
going up and down and all of that, and holy
cow of the market's dropping, we're losing money. But do
you think maybe at the end of the day, when
we're all gone, that maybe we could have actually had
bigger savings by using the tax code in our favor
than actually the market.
Speaker 4 (21:04):
Yes, it's exponential as well. If you're young and you
save into wrath, the difference when you're retired and then
of RMD age can be monumental. I mean, there's calculators
we can show you. Like Christy was saying, though, if
you've saved pre tax almost all of your life and
now you're at the cusp of retirement or just into retirement.
(21:25):
You may need a strategy in addition to WROTH conversions
that can leverage time so that the tax implications down
the road are sped up, if you will. But the
bottom line is I completely agree. I make a personal
choice here. I don't mind telling you. I've told Christy this.
We have a WROTH four to oh one k here. Now,
(21:45):
every rule of the book says that as a fifty
eight year old making decent money, able to max out
my four oh one K, that I should be saving
pre tax. Because I don't have any kids at home,
I can't write off Mia and Penny, you know, I mean,
I don't have any tax breaks. So as a married
guy filing jointly, I should be doing all pretax, right, Christy,
I don't. I'd use one hundred percent WROTH and my
(22:07):
CPA every year. Why don't you do that? Because all
you're doing is paying more taxes. But that means that
when I get ready to take this money out down
the road, I've taken my tax beating now don't have
to worry about it. And so I mean that's a
personal decision. I'm not saying you should run out if
you're five, ten years, three years away from retiring and
suddenly switch to all wroth. But I work in this
(22:29):
business every day, and I understand the power of if
I can compound my money.
Speaker 5 (22:35):
But I'm compounding off of a.
Speaker 4 (22:37):
Tax free number versus a taxable number. It can be
mind blowing. Hey, for you engineers out there, we'll show you.
We've got the software to say if you do this, now,
here's the outcome later. And if you don't do this,
now here's the outcome later. And in many cases, by
the time you're in your late eighties, it can be
(22:59):
a three, four or one hundred thousand dollars difference for
many clients we can help. We'll show you seven nine
to one five seven seven three the area codes two
two five seven nine one five seven seven three, or
like Christy said earlier, go to www dot meet with
us now. That's meet with us now. Just pick out
(23:20):
a time on there for a brief phone call and
we'll sit down on the phone together and go over
where you stand how we can help. Then we'll set
up an in person, no cost, no obligation meeting seven
nine one five seven seven three.
Speaker 1 (23:32):
So you all think of diversification when it comes to
the market. Do we think about diversification when it comes
to taxes. We're gonna touch on that when we come
back right here on Your Money Matters with Christy Smith
and Matt Kennedy Presley Wealth Management.
Speaker 6 (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 ozho twelve fifty.
Speaker 7 (23:57):
Twouncle Sam might need a loan soon from you. We
have over thirty four trillion dollars in national debt. Where
do you think the money to pay for that's going
to come from? Taxes? Believe it or not, taxes are
at historic lows right now, but how much longer will
that last? A roth Ira conversion might be a good
option when planning for your retirement because you can pay
(24:20):
lower taxes now and avoid potentially higher taxes later. Christy
Smith and the team at the Presley Group have seen
taxes rise and fall. They know what options you have
to potentially reduce the amount of taxes you pay in retirement.
Call the team at the 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
(24:40):
two five to two. Uncle Sam needs money. Don't let
him take it from you. Eight six six three nine
zero twelve fifty two. Investment advisory services offer through a
wealth management LLC A RETCH should investment advisor. Investing involves risk.
Always consult with the qualified tax advisor before making any
decisions regarding a ROTH conversion, as there may be additional
tax considerations.
Speaker 6 (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 eight sixty six three
I oh Wealth fifty two excity with.
Speaker 1 (25:15):
Us today for your money Matters with Christy Smith and
Matt Kennedy of Presley Wealth Management. You can always learn
more on the website Presleywealthmanagement dot Com. A lot of
great information there. Find out by upcoming events, find out
more about Christy, Matt and the team. You know, Matt,
we talk about in the investment world, and it's really
about diversification. If you have twenty mutual funds, yeah, you're
probably not diversified. If all of your money is in
the SMP, you're probably really not diversified because you're all
(25:37):
in the large, large companies. But I don't know if
we think about tax diversification. You were just talking about
putting money into the Rothboro and Ko work. But there's
there's taxable, there's tax deferred, and there's tax free. Now
we all like tax free, but we don't get to
tax free without paying the taxes at that time, right.
Speaker 5 (25:56):
Right, correct?
Speaker 4 (25:56):
And I do agree that's Will stated Mark about diversification.
Speaker 5 (26:00):
Again, what did I say last segment?
Speaker 4 (26:02):
So often the focus in the short term are the investments,
and you have to focus on that. That's smart, But
it's the tax diversification that's equally as critical. And so
some of you don't even know if you have the
ability to save differently through your workplace. You can typically
call your human resources department, you can look online, but
(26:23):
if that's not in your wheelhouse.
Speaker 5 (26:24):
Give us a call. We'll be happy to you.
Speaker 4 (26:26):
At least you know, help you glance at your statement
and know what your options really are. But that's powerful, Mark.
Tax diversification is equally as important as investment diversification. And
sometimes the best place to save might be two places.
What if I told you maybe the best thing to
(26:48):
do is to.
Speaker 5 (26:48):
Pile all of your money into your four roh one K.
Speaker 4 (26:51):
What if you had a four to oh one K,
but you had to count outside of that that were
designed specifically for retirement as tax free income and protection
for your family through the form of insurance.
Speaker 5 (27:03):
So there's more than one way to skin the cat.
Speaker 4 (27:05):
I know that's not hy that no, but you've said it.
Speaker 2 (27:09):
I know you heard it.
Speaker 5 (27:10):
Yeah, my dad says that all the time.
Speaker 2 (27:11):
I hate it when he said that, but I would
always hate it. But he did say that.
Speaker 5 (27:15):
There's more than one way to bake the biscuits.
Speaker 2 (27:17):
So to say that's a good one, that's what I
need to do.
Speaker 5 (27:19):
So anyway, there it is.
Speaker 4 (27:21):
So you don't know what you don't know, and not
saying you're dumb, it's just you don't do this necessarily
all the time. So if you're glancing at your four
O one K and you're wondering, well, what are my options?
Call us seven nine one five seven seven three. We're
not going to give you specific investment advice about what
funds to pick in your four O one K, but
we can at least let you know what options you
(27:41):
have as far as the tax qualifications within your four
oh one.
Speaker 2 (27:45):
K now mark one of the things that I have
discussed with my children, for example, Alexis and Danny. We're
very fortunate because Danny's got a great job, does a
great job as a as a husband and provider for
the family, and he's very disciplined with saving inside of
his four o one. Okay, but he always is interested
in learning, you know, like what is he doing everything right?
(28:06):
Like he'll come to me and say, look, miss Christy,
this is what I'm doing. One of the times that
he came to me and was showing it to me,
I said, yeah, but you know, you've got life insurance
through your job. Alexis is a stay home mom. They
have three children, all under age seven, So you definitely
need life insurance. And I would think you need more
life insurance than what you actually have through your job.
(28:28):
So one of the things that he ought to consider
doing is utilizing a universal life insurance contract, like an
indexed universal life insurance contract. Man, you might be thinking,
why do that, Like, well, first of all, when you're young,
the cost of insurance is very low, great investment actually,
(28:49):
And then we look at the fact that he can
overfund that instead of putting so much into his four
oh one K, which he's putting way more than what
the company is matching, he can fund the end universal
life build up a cash value that's not at risk
due to market conditions. And even if he needed to
use some of that money in the future not for retirement.
(29:09):
Maybe he needs to use it for his children to
go to college, Maybe he needs to use it because
he's got one daughter that's going to get married one day.
You know, in an Index Universal life contract, you can
actually take money out of that contract tax free to
use for things besides retirement. So for me as a
financial advisor, I said, you know, maybe adding one more
(29:32):
layer of diversification to your plan is and it's also
helping with tax planning as well. Is looking at an
Index Universal Life contract. Now, the funny thing is when
you say the word insurance, most people like their intena
is go up. You know, the reality is insurance costs
are so low when you're young that it's probably one
(29:54):
of the smartest investments you can make. And if I'm
not mistaken, you know, big families like the Rockefellers really
utilize the tax codes with insurance to build uber wealth.
So why shouldn't we You know, it's all about learning
and what's available and how you can use it. And
you know, we hear all these strategies every day on
(30:14):
social media. We just don't really understand that that person
talking on the TikTok video is talking about an index
universal life contract. You know, yeah, I know the phrases.
I just don't want to say I'm on the radio,
but you know it's like a hook and you're thinking, man,
that sounds really good. I need to check into that.
But what it is is using your own money. You know,
(30:36):
there was a company out there called it bank on Yourself.
I'm not calling it bank on Yourself, but but it
kind of gives you the impression of what you're doing.
You're using your own money to fund your your life
insurance contract. You can take money out tax free if
you've done it properly. Now there are guidelines you want
to make sure you set it up properly. But again
(30:56):
it all goes back to tax diversification mark because people
think that the only way they can save in after
taxes either raw or just stocking it away in a
you know, checking savings or money market account, and there's
so many other ways to plan. I would encourage you
to learn your options because I believe and do know factually,
for most of our clients, taxes is the number one issue.
(31:21):
They may not realize it when they come in. Originally
they think income is. But when we've created the long
term plan, what we can see is the big picture,
taxes are not going to remain where they are now indefinitely.
So why not create a plan?
Speaker 1 (31:37):
Meet with us now dot com. Set up your own
fifty minute phone call with Christy, Matt and the team
at Presley Wealth Management. There is no cost to obligation,
no pressure, no judgment. You know, Matt, Christy talked about
the IRMA income related monthly adjusted amount. Is that close?
Speaker 5 (31:52):
Yes, that's exactly Well.
Speaker 4 (31:53):
Some people think your cheesier, you're aunty from Mississippi IRMA.
Speaker 5 (31:58):
What's that farmer? I call her mother IRMA? And you
just have to be careful. You don't want to get jam.
Speaker 1 (32:03):
You've got IRMA. You got SOB security taxes fifty percent
or eighty five percent, depending on the amount of money.
Possibly you could be taxed on so security. We'll see
what happens with President trumple they get rid of the
federal taxes for all of that. So it is a
moving target. But withdrawals once you get into retirement. We
talk a lot about pre retirement, but when you're in retirement,
where you pull and how you pull from different accounts
(32:24):
can make a huge difference.
Speaker 5 (32:25):
I would think it makes a big difference.
Speaker 4 (32:28):
A lot of people go into retirement and uh, maybe
how many times has this happened?
Speaker 5 (32:34):
Christie?
Speaker 4 (32:34):
Well, you know, we've saved up forty thousand dollars of
cash and we already have ten thousand in the checking accounts.
So we're just going to burn through the cash for
a while. Maybe that's not the right move. Maybe you
should spend some of your taxable money. There's so many factors.
Listen when you hear terms like IRMA and medicare and
part A, part B, part C, D E f G,
(32:57):
h ijk ALMA, when you hear all of this social secure,
when you hear a filing spousal benefit, when you hear
all these crazy things, it can be overwhelming. I will
tell you that I think what overwhelmed so many people
is not just the taxes and the investments, but boy,
the stuff with the government, social security medicare. What we
do is we put it all together for you. It's
(33:19):
a jigsaw puzzle. My wife loves jigsaw puzzles. If it's
a jigsaw puzzle, it's a thousand piece puzzle just thrown
out on the table and you're staring at it and
you're thinking, oh my gosh, I'm overwhelmed.
Speaker 5 (33:29):
You know what. We put together jigsaw puzzles every day.
Speaker 4 (33:32):
It's what we do because we have practice putting together many, many,
many jigsaw puzzles. So if you feel scattered, if you
feel like you don't quite know what to do or
what changes you should make. If you're already retired, it's
always a no cost, no obligation evaluation of where you
stand seven nine one, five seven seventy three. That's two
two five, seven ninety one fifty seven seventy three. Or
(33:56):
again visit www dot meet with us now dot com.
Pick a fifteen minute window. We'll do a phone call
and talk about what you need.
Speaker 1 (34:04):
Christy had Matt back with our final segment of Today's
Your Money Matters Right after that.
Speaker 6 (34:09):
You can be five or ten years away from retirement,
or it could be tomorrow. If you have financial concerns
about retirement.
Speaker 2 (34:17):
Call Christy Smith and the team.
Speaker 6 (34:19):
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 complimentary first meeting eight six six three
nine oh twelve fifty two.
Speaker 5 (34:39):
Stop for a moment, think about this.
Speaker 4 (34:40):
Do you know how much money in your four oh
one k or ira is actually your money?
Speaker 6 (34:46):
All?
Speaker 5 (34:46):
Will the government take a bigger chunk than you thought?
Remember you still.
Speaker 4 (34:49):
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
(35:12):
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.
Speaker 5 (35:20):
Presley Wealth Management seven nine one five seven seven three.
Speaker 6 (35:24):
Investment advisory services offer through a wealth management LLSE a
registered investment advisor. Investing involves risk. Always consult with the
qualified tax advisor before making any decisions regarding a ROTH conversion,
as there may be additional tax considerations. Christy Smith of
Presley Wealth Management wants to advocate for you, making sure
(35:45):
you have the retirement you have always won it. Call
eight six six three nine oh twelve fifty two and
make sure Presley Wealth is the right fit for you.
You won't know until you call AID sixty six three
nine oh twelve fifty.
Speaker 1 (36:00):
To welcome back to your money matters with Christy Smith
and Matt Kennedy of Presley Wealth Management. I'm Mark Kelly.
Glad you are with us today again. If you have questions,
you're boy, You're not really sure. I wonder if I've
got enough, Wonder if we can retire. Wonderf our money
will last as long as we need it. Meet with
usnow dot com. No cost, that says setting up a
fifteen minute phone call with one of the coaches at Presley, Well,
no cost to you. Meeting with us now dot com
(36:22):
to get some answers, or you can always call them
at two two five seven nine to one, fifty seven
seventy three. I thought this would be kind of a
fun way to finish today. We've talked about a lot
of things, as we always do, but this one is
about myths, retirement myths, and Matt, I'm gonna start with you,
then I'll go to Christy. I've got six retirement myths
that we got to get into in these final nine
point two minutes of the program. So here you go, Matt.
(36:45):
First myth, and this one I imagine could be well,
maybe the first myth is that you will spend much
less in retirement. A lot of people think they're going
to spend less. Obviously we know some spend a lot more.
How do you see that myth? As we're going to
spend less in retirement.
Speaker 4 (36:59):
You may down the road. So let me clarify this, Christy,
and I like to use this phraseology here. You have
go go go years, you have the slow go years,
and you have the no go years go go years.
Especially for baby boomers, not so much for my parents,
you know, the silent generation, and that generation they would
retire and quietly rock. I remember my grandfather sitting on
(37:22):
the front porch smoking those lucky strikes that he got
addicted to during World War Two when he was in
the Japanese theater.
Speaker 5 (37:29):
But our generation is not like that.
Speaker 4 (37:31):
I tell you that the biggest mistake you can make
is thinking that you're in your expenses will plummet the
day you retire. I'll bet you you'll spend seventy five
to eighty percent of what you're retiring now. Now, what
helps is if you're not at the job anymore, you're
not putting money into a four to oh one K,
you're not paying FIKA in Social Security taxes, you're not
burning gas to go to work, but you'll spend a
(37:51):
good bit. So keep in mind, go go slow, go
no go. And when we build out our retirement money map,
to show you will my asset that's make it through retirement,
we're going to take that into account and we're going
to warn you against saying you won't spend too much.
So that's a myth, and we can attack that and
show you what the actual facts would be.
Speaker 1 (38:11):
All right, Christy, the next myth And if you need
to phone a friend, you call your daughter, talk with Presley.
Here you go. Medicare will cover all of our healthcare costs.
Once we get on it at the age of sixty five.
Speaker 2 (38:23):
Well, I mean, the thing is is that Medicare is
a you know, a great system in my opinion, and
I often refer to turning age sixty five going onto Medicare,
I say, oh, we can do the Medicare happy dance.
Because for the most part, when you combine a Medicare
benefit with a Medicare supplemental plan or even a Medicare
(38:44):
at vantage plan, you are going to have a good
bit of your medical cost covered. But there are some
things that Medicare does not cover, like Medicare doesn't typically
cover dental Medicare doesn't typically cover like routine eye exams
or even glasses. Now maybe a Medicare advantage plan would
supplement that. There's a lot of nuances. But the thing
(39:04):
is is that for most people, they believe that their
medical expenses are going to be the biggest concern in
terms of health care in retirement. But in reality, your
actual medical cost in retirement and on Medicare are not
the biggest expense. The biggest expense that we typically see
(39:26):
is going to come with long term care. Now, I
know there's a lot of intents going up saying long
term care, I'm never going into a nursing home. When
we have to think about the fact that most long
term care is not given in a nursing home. And
we're using long term care services now not just because
we're sick, but because we're living so long that we
(39:47):
simply need help. So long term care services can include
someone coming help in your home, maybe assisted living. You know,
I say I would move in an assisted living today
if my husband would let me, because some of them
are very nice, and no you know know. But the
reality is is Medicare does not cover true long term
(40:11):
care costs, and that's where we see the bulk of
medical cost or are cost associated with care in retirement
is going to be done. It's going to be used
on long term care services. The Medicare system is, along
with a supplement or or advantage plan, is going to
do a great job covering the bulk of true medical expenses.
(40:32):
But again, I think it's critical to have long term
care planning built into your plan. You know, it's a
very high statistic. With a married couple years ago, it
was one out of two we'll use some form of
long term care services. I'm not sure if that's the
same statistic up today. It's going to make me look
at it right now, but you know, it's a very
(40:52):
high statistic. And the reason it's so high is because
we're using it now for for different reasons than we
would of you know, thirty years ago. And you have
to understand that you if you don't build in a
plan to pay for that care, because Medicare does not
cover long term care cost, if you don't have that
(41:14):
built into your plan, then that can destroy your plan.
So we want to make sure that we have addressed
that in building our complete plan.
Speaker 1 (41:23):
Two two five seven nine to one fifty seven seventy three.
If you'd like to learn more, this is a big
area that you really don't want to overlook it. Certainly,
if you've seen it in your family long term care,
you certainly look at this a little bit differently. I
think two two five seven nine to one fifty seven
seventy three. And again, you can always go to meet
with us now dot com set up your own fifteen
minute phone call. Mad I'm gonna skip ahead a little
bit because I think this one's kind of interesting. Hey,
(41:44):
you know what, you should have all of your debt
paid off before you retire, And I think we like that,
but is that really necessary?
Speaker 4 (41:50):
It's more of an emotional decision for some people. Uh,
we kind of have sort of a loose general rule
of thumb. You walk in, you're about to retire, and
I want to pay off my house. I thought, eighty
grand I want to pull a bunch of money out
of my four oh one k, or maybe I want
to take some of my some pension.
Speaker 5 (42:05):
And pay off the house. Is that wise?
Speaker 4 (42:08):
Well, what's your interest rate? Many of you ended up
with two and a half and three percent mortgages. Maybe
in that case it's wiser to actually keep paying the note.
But it is an emotional decision, but it is a
person by person decision. The nice thing is we have
software and we can look at an amateurization chart. Hey,
how much will you pay over the life of what
(42:29):
the loan that's remaining versus how much could you potentially
earn even in a safe investment long term. So we
have to look at that and not saying you shouldn't
do it. It is a person by person decision, but
some counsel on that from our experience, would probably be wise.
Speaker 1 (42:45):
Here's one Christy, and I mean I'm sixty five, so
there's no reason I even think about this yet. I
don't have to worry about it till IM probably eighty
eighty five. But legacy planning, I can wait on that
right till I'm in my eighties or well.
Speaker 2 (42:56):
I actually think people should have a legacy plan, you know,
early in life. I mean, we look at my sister
as an example. My sister passed away at age fifty
with a brain aneurysm immediately like there was no time
to plan so and unfortunately, in that situation, because she
didn't have a plan, everything is left up to the
(43:17):
court systems and that tends to not be pleasant. So
I think everyone needs a legacy plan. Now, for most
of our clients, we have to start going a little
deeper in determining do they need a simple will. I
believe most of them do need power of attorneys from
medical and financial. However, you hear all the time or
(43:41):
read or see, you see that people are being encouraged
to have a trust. So there's different types of trust,
and some people do need a trust, some people don't.
Some need a revocable trust, some need a irrevocable trust.
It really depends on what are you creating the trust
for There's a lot of different components when we think
(44:02):
about legacy planning, but I would say it the least
amount is everyone needs a last will and testament and
do you need power of attorneys for medical and financial
in case you're not able to make those decisions yourself?
Speaker 1 (44:17):
How hard are those to do?
Speaker 2 (44:19):
They're very simple. They're actually very simple.
Speaker 5 (44:21):
Lawyers have to do them in the most case.
Speaker 4 (44:24):
I mean, you can do online resources, but be careful
doing that because you're matt.
Speaker 2 (44:28):
Not to interrupt you, but you could even use a notary,
but I'll discourage that correction. So we actually have a
client who used a notary did their plan. It was
it was a blended family, and then when one of
them passed away, the children, remember blended family, challenged it
and actually won in a quarter of law because it
was done by a notary and it wasn't done up
to standard with Louisiana law.
Speaker 5 (44:50):
Yeah, be careful.
Speaker 2 (44:50):
So I do encourage a lawyer create the documents, but honestly,
they're not expensive and fairly simple to do.
Speaker 4 (44:58):
Yeah, and we have relationships with with attorneys that we've used.
Speaker 5 (45:02):
Can I just say this, Christy, I think and I
hope you'll agree.
Speaker 4 (45:04):
You have to be careful because there are some attorneys
who do a state planning that a trust, which is
significantly more expensive than a will, a trust is the
answer for everything. Don't pay for something you don't need,
and so let's evaluate what you do need and then
go seek the legal counsel. We're not attorneys, we're not
going to practice law, but at least we can arm
(45:24):
you with the right questions to ask to know in
your situation how you should proceed.
Speaker 5 (45:29):
I hope that clears up some myths.
Speaker 4 (45:30):
We're always here to help seven nine fifty seven seventy
three seven nine one seven seventy three Meet with us
now dot com.
Speaker 3 (45:41):
Presley Wealth Management has a strategic partnership with tax professionals
and attorneys who can provide tax and or legal advice.
Speaker 6 (45:46):
Investment advisory products and services made available through AE Wealth
Management llc AWM, a registered investment advisor. Insurance products are
offered through the insurance business the Presley Group. Presley Wealth
Management is an investment advisory practice. It offers products and
services through AE Wealth Management LLCAWM, a registered investment advisor.
AWM does not offer insurance products The insurance products offered
(46:09):
by the Pressley Group are not subject to investment advisor requirements.
AWM and the 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 2 (46:58):
This radio show is a paid placement
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