March 7, 2025 • 47 mins
Christy Smith, founder of Presley Wealth Management and Matt Kennedy, investment adviser representative, discuss issues that affect your retirement planning and how you can build a plan to help reduce risk and implement wealth accumulation strategies. Learn more at presleywealthmanagement.com and then, if you would like to have a conversation around your specific situation, set up an appointment online at meetwithusnow.com or by calling (225) 791-5773.
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Episode Transcript
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Speaker 1 (00:00):
When the news is national SOB, security system volatility, global turmoil,
interest rates, rom Dan Wall Street. Your money matters. When
it's Louisiana local serving the Greater Baton Rouge area, your
money matters. And when it's your time to retire, Presley
Wealth Management presents your Money Matters with Christy Smith.
Speaker 2 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement. And that's where I believe it's
so important that you do have a full fledged retirement plan.
Speaker 3 (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. It's what
we do every day.
Speaker 1 (00:40):
The conversation starts now this is your Money Matters.
Speaker 4 (00:49):
Welcome to your Money Matters.
Speaker 5 (00:51):
I'm Mark Kelly alongside Christy Smith, the founder of Presley
Wealth Management, of Matt Kennedy and investment advisor Representati has
been with Christy's team since so eight. Christy is going
to join us in the next segment. Matt is going
to handle our headline segment. As we get going today
on the program. Here's the deal, though, if you have
any questions about where you are on that road to retirement,
can now retire?
Speaker 4 (01:09):
Will we be okay? Boys?
Speaker 5 (01:11):
Are not gonna last as long as we need it too.
You can always call the team I at Presley Wealth
Management two two five seven nine to one fifty seven
seventy three two two five seven nine to one fifty
seven seventy three. There's no cost, there's no obligation, there's
no pressure whatsoever. But you can also go to the
website to do it as well. Meet with usnow dot
com and then the team will get back to you
and it's a pretty easy way to set an appointment.
(01:32):
It's just there's no obligation for any of this. It's
just a great opportunity I think for you to get
clarity into your situation. Matt, do you buy that it's
a great opportunity to get some clarity into your retirement
situation by just talking with your team at Presley Wealth Management.
Speaker 4 (01:45):
Yeah.
Speaker 3 (01:45):
Clarity. That's what we do, is clarity. The most common
questions we are, am I on the right track? Have
I saved enough? And will I have enough to last?
And that's the most common questions, right, So that's the
clarity we seek to provide. Now how you get that
clarity maybe more or less complicated depending on your situation,
but yeah, clarity, that's the key word.
Speaker 4 (02:06):
I like that.
Speaker 5 (02:06):
Yeah, yeah, you gotta get some clarity, gotta know where
you are because then you can make decisions based on Hey,
you've won the game.
Speaker 4 (02:12):
So what do I do now? Can I retire?
Speaker 5 (02:14):
I love my job on to keep working? You certainly
do that, or I'd love to retire next year and
it's like, oh, let's be tired. We have to make
some tweaks here or there, or maybe you gonna have
to work a little bit longer. But I'd rather know
that before I retired. So again, it's two two five,
seven nine, one fifty seven seventy three to chat with
Christy Matt and the team at Presley Wealth Management. We're
going to talk about some research. There's always research, Matt,
(02:35):
You know that there's always somebody. This is a research
trans America Center for Retirement Savings and they did a
poll with people that have already retired, so these are retirees,
and ask them what are the regrets do you have
once you got into retirement? Anything that you regret leading
up to that retirement, And of course the number one.
(02:55):
We wish how to save more? And you know, you
just mentioned that one of the things that people have
questions are, boy, do have enough?
Speaker 4 (03:02):
And that answer is not the same for everybody, is it.
Speaker 5 (03:06):
I mean, you've seen people of the million that can't retire,
and you've seen people of two hundred thousand are good
to go.
Speaker 4 (03:10):
So not saving enough was the biggest regret.
Speaker 5 (03:13):
How do you feel? I mean, I suppose that's, as
you said, the number one question you get.
Speaker 3 (03:17):
You know, Mark, the survey is pretty eye opening about
not saving enough. More than eighty percent of the workers
surveyed over the age of forty five. More than eighty
percent say they didn't take retirement saving more seriously when
they're younger. So if you're under forty five, take it seriously.
You know what was Albert Einstein said, the greatest force
(03:38):
on Earth is not nuclear energy. The greatest force on
Earth is compounding interest. Give it some time. Time works wonders.
And then this part of the survey from trans America
really surprised me. Fewer than one in four under twenty
five percent of retirees are confident they can maintain their
(04:00):
comfortable lifestyle through retirement. Now that ties back in hand
in hand with Do I have enough saved? Maybe?
Speaker 4 (04:05):
Yeah, don't.
Speaker 3 (04:06):
But people often ask us, what's the magic number?
Speaker 6 (04:10):
You know?
Speaker 3 (04:10):
I saw some survey in the Wall Street Journal last
year the average America needs one point four million dollars
in savings, and I said, wait a second, If you
live in San Diego, California, that's not nearly enough. But
if you live in the backwoods of Piney, Mississippi, it
probably is plenty. How much you need is directly proportional
(04:31):
to how much you need to spend. Income is the number,
not how much you've saved. Income is the number. I'm
talking income from pensions, income from Social Security, and then
you top ad on top of that income from how
much you need to withdraw Many times mark we find
that people have saved enough, they just don't know what
(04:53):
an acceptable rate of withdrawal is. And if you don't
know what an acceptable rate of withdrawal is, and you
don't know if you saved enough, well, our retirement Money Map,
our proprietary software that we use with everyone we work with,
shows you, in both good and bad markets, what an
acceptable rate of withdrawal would be. Just to let you
(05:14):
know an answer the burning question do I have enough
and will at last. But that's the two biggest regrets,
not saving more and taking it more seriously when you're
younger and then fewer than one in four are confident
they can maintain the comfortable lifestyle. Not saving enough is
a big regret. You're not really sure, really how much?
Speaker 4 (05:34):
Boy?
Speaker 5 (05:34):
I wonder how much I think we've got enough. I
hope we've got enough. But why I find out? Just
call the team at Presley Wealth Management. Two two, five, seven, nine,
one fifty seven seventy three again is a number, and
the easiest to remember, I think, is just meet with
usnow dot com and then you'll have a conversation with
the team. There you go, fifteen minute conversation, meet with
us now dot com. Another regret is starting Social Security
too soon. There's some interesting numbers about SO security from
(05:56):
this Transamerica study. Now I will tell you I'm sixty five.
I have not started SO security yet full I was
born in nineteen fifty nine, so my full retirement age
is sixty six and ten months. So I could start
it then and still work and then it doesn't matter
how much money I make, which is great. So I'm
analyzing that my mom is eighty eight, Matt, and the
number one regret she has actually is starting so Security
(06:19):
at sixty two.
Speaker 3 (06:20):
I hear that a lot from people who are older,
and I'll sometimes survey our clients who are in their
mid seventies. I'm just curious, if you had anything to
do over again, what would it be? And oftentimes Mark,
they'll say, I wish I had waited and taken Social
Security at a later date. Let me walk you through
some numbers to help you make that decision. Remember, if
(06:41):
you take your Social Security at sixty two, in your
full retirement age is like Mark sixty six and ten months.
Or if you're born nineteen sixty or later, your full
retirement age is sixty seven, you're actually taking about a
twenty five to a twenty seven percent pay cut. Now,
if you wait until seventy that's the maximum age. Do
(07:03):
you know that your Social Security benefit grows at age
sixty two. Let's say your full retirement age of sixty seven,
your Social Security grows and this is not counting you
working and adding anything to it, but it grows at
six and a third percent simple interest for every year
you wait between sixty two and sixty seven. When you
(07:24):
hit sixty seven, or if your full age is like
marks sixty six and ten months, then your Social Social
Security benefit grows at eight percent simple interest until you're seventy.
But what's the catch mark? There's always a catch, right.
Speaker 4 (07:41):
And there is always a catch.
Speaker 3 (07:42):
If you wait until seventy, you basically need to live
till eighty four and a half. That's roughly the break
even point. So if you have a longevity in your
family and you don't need to take your benefit early on,
perhaps you wait. But I've had plenty of people retire
early and say I'm gonna take it and then in vest.
The difference everyone's situation is different. We work on a
(08:04):
proprietary five step process with all retirees. It's the Smart
Plan S stands for sources of income. So when we
work with you, we look at where are your sources
of income and retirement and that means we have to
run scenarios to see should you take it at sixty two,
sixty five, sixty seven? How do you coordinate that benefit
(08:25):
with your spouse? That's what we do. So if you're
interested in figuring out when to take it and what
the rules are regarding how much you can earn while
you're drawing, and how to coordinate spousal benefits. Mark mentioned it.
Reach out to us at seven nine one five seven
seventy three. That's seven nine one five seven seven three.
You'll get the voicemail. We'll call you back Monday. Set
(08:46):
up a time for a fifteen minute call. We always
like to spend a few minutes on the phone just
getting the broad overview, and then we'll sit face to face.
No cost, no obligation, no pressure.
Speaker 5 (08:56):
Now, great opportunity for you, and there's no cost for it,
no obligation, no pressure. There's no judgment either. We've all
made some dumb mistakes. I'm sure uh during this time.
Speaker 3 (09:04):
Uh.
Speaker 5 (09:04):
Here's another regret from trans America. And in talking to retirees,
it's their regrets. This one is interesting because I know
when you and Christy put plans together that debt is
a factor.
Speaker 4 (09:14):
I would think.
Speaker 5 (09:15):
And you have some people that you know their home,
you know their mortgage on their home is two point
two percent or something. You don't really need to pay
that off, Matt. We want to be debt free. It's
our goal. We're going to do it anyway. That sometimes
becomes an emotional decision. But debt, How about debt? I
mean there's good debt, bad debt, all that kind of stuff.
But I mean I would love to go to retirement
being debt free U. But not everybody can do that.
Speaker 4 (09:36):
Yeah.
Speaker 3 (09:36):
Four years ago, according to the survey, four years ago,
only forty percent of retirees said they went into retirement
with credit card debt. Now that's seventy percent. Not really
sure what the case is there. I'm thinking it's probably inflation, right.
Speaker 5 (09:51):
Yeah, dude had COVID during that time too, for Oh true, Yeah,
COVID and then inflation of twenty twenty two.
Speaker 3 (09:56):
Yeah, that's true. Between COVID. Maybe some uh, maybe people
didn't get there overtime, maybe they were laid off for
a brief period. But about fifty percent of the retiree
said debt was a stumbling block that prevented them from
saving for retirement. So it is an emotional decision. There's
good debt and there's bad debt. You mentioned a two
and a half percent interest, for example, on your mortgage.
(10:18):
You probably don't need to wipe that out because it's
such a small percentage if you amateurize it over time.
But for some of you you don't want to have
that debt, and we get that. So as part of
our smart plan, we look at, well, if paying off
the house is done, how does that affect your source
of income? Does it cause you to pay too much
in taxes or is it worth paying off the house early?
(10:41):
And you're right, it's off on an emotional burden.
Speaker 5 (10:43):
So final one is retiring, maybe being forced to retire
early or just boy, I retired a little bit. I
wish I had worked a little bit longer. That was
the final regret.
Speaker 3 (10:51):
Only sixty percent I say only, I should say sixty
percent of retirees did retire sooner than planned. I think
COVID played a big role in that, and about a
third of those regretted not working longer. But you know
what the main upshot of the survey was, overall people
say that they're still happy that they did retire. Yes,
(11:13):
there were obstacles and they're maybe concerned about some income
and things. Of course, the market has been fairly good.
That helps, But overall retired people say that they're happy
being retired. If you're planning to retire, or if you're
already retired and you're and you're really asking yourself, Am
I okay? Are we okay? Do we have enough money
saved up? Are we drawing enough? Are we drawing too much?
(11:36):
What are the things down the road? Taxes, medical, legacy,
estate planning that could trip up our plan? Do you
have a plan for the unknown? A plan for the
curve balls? Let's talk where it's seven nine one five
seven seven three. I can't where at seven nine one
five seven seven three. Or you can set out a
(11:57):
fifteen minute phone call appointment on your own. Just go
online to meet with usnow dot com.
Speaker 5 (12:02):
When do we come back? Christy Smith will join Matt
Kennedy and I right here on your money matter fact.
Speaker 6 (12:08):
Right after worried your financial strategy is missing something, Presley
Wealth wants.
Speaker 7 (12:14):
You to feel confident going into retirement.
Speaker 6 (12:16):
See how you're doing with a free visit by going
to the Presleygroup dot net. That's the Presleygroup dot net
or call eight sixty six three nine oho twelve fifty two.
Speaker 3 (12:28):
Stop for a moment, think about this. Do you know
how much money in your four oh one k or
ira is actually your money all? Will the government take
a bigger chunk than you thought? Remember you still 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
(12:48):
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
nine one five seven seven three. That's seven nine one
five seven seven three. Look, you work hard for your money,
we'll work just as hard to help you keep it.
(13:09):
Pressley Wealth Management seven nine one five seven seven three.
Speaker 6 (13:12):
Investment advisory services offer through a wealth management LLC a
registered investment advisor.
Speaker 7 (13:18):
Investing involves risk.
Speaker 6 (13:19):
Always consult with a qualified tax advisor before making any
decisions regarding your ROTH conversion, as there may be additional
tax considerations.
Speaker 7 (13:28):
If this is a year.
Speaker 6 (13:29):
You've resolved to finally get your finances in order, Christy
Smith and her team can help.
Speaker 7 (13:34):
Give them a call today.
Speaker 6 (13:36):
At eight sixty six three nine oh twelve fifty two.
That's eight sixty six three, nine oh twelve fifty two.
Speaker 5 (13:45):
Welcome back to your Money Matters with Christy Smith and
Matt Kennedy and Pressley Wealth Management. You can always go
to the website Meet with usnow dot com. There's no cost,
there's no obligation, there's no pressure. Christian and Matt and
the team are here to help and they don't know
if they can help you until you reach out. And
that's really what it is. It's a fifteen minute phone
call basically just to see, hey, is there some way
(14:06):
that they can reach out and maybe make a difference
just by changing a thing or two. Maybe it is
really all you need. Maybe then you're on your way.
They'd love to help. It's two two five seven nine
one fifty seven seventy three seven nine, one fifty seven
seventy three. Or you can always go to meet with
us now dot com. Meet with us now dot com.
My Mark Yelle, glad you're with us. So we're gonna
(14:29):
be talking today the next two segments about creating a legacy.
Speaker 4 (14:33):
Matt, I'll start with you on this one.
Speaker 5 (14:34):
What what are some basic questions we probably need to
ask ourselves when it comes to creating that lasting legacy.
Speaker 3 (14:40):
I think a lot of you might think of the
word legacy as well, that's not something I'm interested in.
I don't have a lot of money, and you know
my wife and I are my spouse, and I will
spend it and then we'll be done and ay, the
kids are okay. So when we talk legacy, Christy, we're
not talking just about leaving money. I think about it
as making it simple and uncumbersome as the legacy. In
(15:05):
other words, I remember, you know, my father in law
passed a few years ago, and there were a lot
of things that because he was a hardheaded Sicilian, he
wouldn't listen to me, and he didn't have certain things
in place, you know, wills and things like that, and
so for that reason, it makes it very cumbersome on
your heirs to have to go through probate and all
that kind of stuff. So there are certain things you
(15:26):
can do that if you have a lot of money,
can relieve the tax burden from your heirs. But even
if you're not trying to leave them a lot of money,
it's kind of selfish, Christie for folks not to plan
and then the burden falls upon their children. Don't you agree?
Speaker 2 (15:43):
I do agree, But you know, Mark, one of the
things that really stands out to me is that when
we hear the word legacy, we think wealthy, But I
think of my sister. You know, my sister passed away
suddenly at fifty years old. She had two children, and
she was in a blended family. She did not have
her estate planning done, she did not have a last
(16:06):
will and testament, she didn't have you know, powers of attorneys,
things like that. So when we think about legacy, most
people think money. But think about your personal possessions that
may be valuable or sentimental to you. So you would
think that if my sister had a piece of valuable jewelry,
(16:28):
that it would have went to her children, right because
she was in a blended family. But that's not what happened.
In fact, my brother in law's new fiance is wearing
my sister's jewelry when I think her children probably should
have gotten that. Now, I'm using that as a as
an example because when we think of legacy planning, we
(16:49):
tend to think, you know, even if we're young, that
we don't need it. And I would argue, in the
state of Louisiana, we all need a last will and testament.
Does it have to be one that's expensive, No, it doesn't.
But the way that our laws are written in Louisiana,
I would argue that we all need a last will
(17:11):
and testament.
Speaker 3 (17:12):
Yeah, Louisiana is an interesting state. Obviously, we're a community
property state. There are other states that are community property,
but we also fall under Napoleonic Code, and there's things
like forced airship and some kind of deep stuff out
there that you need to be careful of. Listen, the
worst thing you can do is die without a will. Now,
lots of people say to me, yeah, but Matt, I've
(17:34):
got an ira, We've got beneficiaries on that, and I've
already told the kids it's not a problem. They can
split the house in half and et cetera, et cetera.
So I don't think I really need a will. Well,
what happens if you die with no will? Well, in Louisiana,
if you die without a will, it will have to
go through succession, probate, whichever words you want to know.
Speaker 2 (17:55):
Even if you have a will, it has to go concession.
Speaker 3 (17:57):
Correct, You're right even if you don't. But if you
do and there's no will, it can drag on and on.
And what could be done in a couple of three months, Christy,
we've seen it take eighteen months because sometimes some other
family member comes out of the woodwork. They're contesting what's
going on, and because it wasn't written down, it creates
a problem.
Speaker 2 (18:17):
And for me, Mark, it really is about keeping the
family together.
Speaker 5 (18:21):
You know.
Speaker 2 (18:22):
We just got back from a short weekend trip with
Rick's sister and brother in law, and one of the
things that we talked about while we were there is
how Rick's mother would have been so happy that we
were there together because for them it was about family.
Everything was family. You would be surprised how upon a
(18:43):
death in the family, how many families get divided, and
it's typically over money or possessions. If you have a
last will and testament, you can simply honor that person's
wishes and move on, and it really can save families.
And that was important to my mother in law and
(19:03):
my father in law, and I'm pretty sure it's important
to you too. Avoid the conflicts.
Speaker 3 (19:10):
That's what we see is so conflict and confusion, right yes, yeah,
seven nine one five seven seveny three. We are not attorneys,
by the way, but we know the language. Christy and
I both hold the designation of CEP certified a state planner. Again,
we're not the attorneys, but we can at least talk
with you about the things you need, and we'll talk
(19:32):
more in detail as we go forward about the specifics.
But it's not just about saying, well, I'll live a long,
happy life and then I'll die, and so I want
to leave this legacy. It's also about the unexpected. You
mentioned your sister. Nobody thought your sister would die when
she was fifty years of age. I remember my wife
and I we were in our mid forties and a
(19:55):
neighbor of ours, healthy as all get out, forty seven
years old, jogged every day. Collapse not of a heart attack,
in his driveway, and it was our wake up call
because we had been putting off wills and putting off wills,
but we went so far as to do a will
that created what's called a testamentary trust. Then the assets
that we have will go into this trust because we
(20:15):
had minor children at the time, and that way the
children have a guardian and our assets could be used
as income for the children. That gave Alyssa my wife,
such an amazing peace of mind, because before that I
was like, well, I hope they're Okay, you know, no,
they're a burden to someone. So you have to be
able to spell out exactly how you want it to happen. Again,
(20:37):
don't write down testamentary. Trust the attorney may recommend something
different for you. But it's about preserving your finances and
most importantly, taking care of those you leave behind. But
you might not leave them behind when you're ninety five.
You may leave them behind when you're fifty five. So
you have to have a plan. And if you'd like
(20:57):
to chat about this, we're happy to. It's seven nine
one five, seven seven to three.
Speaker 5 (21:03):
So final couple minutes of this segment, Christy, could you
you talk about, because Matt mentioned earlier your smart program
that you walk people through the sources of income, medical
and healthcare, advanced financial planning, risk management, tax efficient strategies.
So you think of that smart smart, that's the acronym,
that's what it's all about. But the legacy part and
a state planning part, how does that factor end? Because
(21:26):
it's not something you do first, but it's not something
you wait till we're eighty to do it either.
Speaker 2 (21:30):
No, when we're building a plan, we're typically going to
discuss what our client's wishes are number one. For most people,
their retirement funds are going to end up creating a
tax liability for their children, and so we have to
address that. You would be surprised how many people do
not understand that the laws have changed in terms of
(21:54):
the kids inheriting pre tax money and how do the
taxes have to be paid on, you know, on those dollars.
So when we're working to build the income plan and
the investment plan, we're going to talk about what does
the client want if something happens to them. Keep in
mind we are always planning to protect the other spouse first,
(22:19):
Oh absolutely, you know, we're building a plan that neither
husband nor wife can outlive the income and then the
remaining assets and properties would would then funnel to the children.
And so we're going to always bring a state planning
up in the conversation. And the first thing is to
(22:39):
really find out what are their wishes because everyone has
completely different wishes. Some of our clients are more charitable minded.
They actually want to leave money to different charities, you know,
so we're going to talk about that. But the thing
is is that many people don't understand they actually need
an estate plan in because they're they're used to being
(23:02):
told that they have beneficiary designations on their IRA or
their four oh one K accounts, they have beneficiary designations
on their life insurance. So they often believe that they
don't need a last will and testament because they know
that a certain portion of their estate is going to
go to their loved ones quickly and easily. And so
(23:25):
it's really when you start having the conversation, it's eye
opening to see the clients when they start connecting the
dots as to oh, okay, yes, it's it's going to
go to a spouse without secession. However, you know long
term that could end up hurting the kids if you
(23:46):
don't start planning now.
Speaker 5 (23:48):
So when Christian Matt come back, we're to talk about
some of the legacy planning mistakes that you really.
Speaker 4 (23:52):
Don't want to make. Christian Matt back with more of
your money matters you try.
Speaker 3 (23:56):
To do this.
Speaker 8 (23:59):
Uncle 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 could pay lower taxes
(24:20):
now and avoid potentially higher taxes later. Christy Smith and
the team at the Presley Group have seen taxes rise
and fall. They know what options you have to potentially
reduce the amount of taxes you pay in retirement. Call
the team at the Presley Group and schedule your tax
analysis today. Eight sixty six three nine zero twelve fifty two.
That's eight six six three nine zero one two five
(24:40):
to two. Uncle Sam needs money. Don't let him take
it from you. Eight six six three nine zero twelve
fifty two. Investment advisory services offer through a wealth management
LLC A RETCH should investment advisor. Investing involves risk. Always
console with the qualified tax advisor before making any decisions
regarding a roth conversion, as there may be additional tax considerations.
Speaker 6 (25:00):
If this is a year you've resultd it. Finally, get
your finances in order. Christy Smith and her team can help.
Give them a call today at eight sixty six three
nine oh twelve fifty two. That's eight six six three
nine oh twelve fifty two.
Speaker 5 (25:17):
God, You're with us day for your money matters with
Christy Smith and Matt Kennedy and Presley Wealth Management.
Speaker 4 (25:22):
I'm Mark Elliott.
Speaker 5 (25:23):
UH two two five seven nine one five seven seven
three is a number if you have questions. Boy, I
think I've done enough. I hope I can retire. I
wonder if I can retire. This is the team to
help you figure that out. Presley Wealth Management two two
five seven nine to one fifty seven seventy three.
Speaker 4 (25:38):
And of course easier to remember.
Speaker 5 (25:39):
Maybe meet with us now dot com fifteen twenty minute
phone call. UH, just have a conversation and then from
there you figure out, Hey, I think they can help me,
or hey, you don't even need our help, You've already
won the game.
Speaker 4 (25:50):
That'd be great to know. We just don't know right
meet with usnow dot com.
Speaker 5 (25:54):
We're talking about having a will and all those kind
of things and having a legacy plan at the end
of the day for ourselves. And there's a lot of
different tools in this area. Christy, what kind of tools
do you think are the ones that we really need?
And maybe you could walk us through You and Mack
can walk us through some of these.
Speaker 2 (26:12):
Well, I would say the first tool most people need,
especially in Louisiana, is you need a last will and testament.
And what that means is because think about your estate
going through the court system. When we talk about your estate,
we talk about your home, your vehicles, you're checking your saving,
your personal possessions, you know, pretty much everything you own.
(26:35):
Wouldn't it be easier if you had it documented so
that the court system could just sign off on it,
like where did you want it to go? Because if
you don't, it really it gets dictated by the court system.
And so for me, the number one most important thing
that you can have is a last will and testament.
(26:57):
And I think it's also very important for those of
you that are listening this morning that are even young.
You know, you're not getting close to retirement age. You're
out there working, you have young children. You know if
something happened to you today, who would raise your children?
Many people have never sat down and thought about.
Speaker 3 (27:19):
That, and who would be financially responsible and would the
assets that you have go in a way that is
most tax efficient and in a way that you know
that it's being used properly. I mean, protect the children.
Not all families get along beautifully. Christy, you don't know
if you know that or not. So, Yeah, what if
you have some in laws that you don't necessarily get
(27:41):
along with, if you don't specify who takes care of
your children, they may not end up in the best situation.
Speaker 2 (27:48):
Because the courts are going to decide. If you don't decide,
who is going to decide? And why should someone of
the courses to you exactly So, I think a last
will and testament is, in my opinion, one of the
most critical documents that you can ever have.
Speaker 3 (28:05):
Like, I think you need it agreed and then right there,
right on the heels of a will, last will and
testament living will. Now some people confuse the two. A
will is for after you die, it's to honor your
wishes upon your passing. A living will is to honor
your wishes before you die. So, in other words, the
living will could say, Matt was a terrible auto accident.
(28:27):
Does he should he state? Should he state on the
tubes or not? Now that ties into the power of
attorney too. I'll let you expand on that sum though, Christy.
But the living will dictates my treatment at the end
of life. Am I explaining that correctly?
Speaker 7 (28:42):
Yeah?
Speaker 2 (28:43):
You know, we've seen this before. We've seen it in
the news where you know, a spouse has a stroke
and is there they have no brain waves, but the
but the other spouse you know, won't take them off
a life support or the family, the mother and father
of the.
Speaker 3 (29:00):
Well remember the Terry Shaibo story, Oh yeah, from years ago,
and they argue about it. The family was torn. One
said taker, I think the husband said take her off
life support. The parents said no. But because there was
no advanced directives or living wills, her wishes weren't known.
Me personally. I don't want to be a financial burden
and uh, you know, lay there on life support day
(29:22):
in and day out. Pull the plug. But that is
your wishes. That's my way.
Speaker 2 (29:26):
And what's important is that you know that you state
your wishes and so you can do a last will
and testament and you don't even have to always pay
for that. A lot of the hospitals have documents called
five wishes. Your doctor's offices a lot of times have it.
You can google it five wishes and it does not
have to be something that you've spent a lot of
(29:47):
money on, you know, having an attorney prepare.
Speaker 3 (29:49):
So you got the will, you got the living will. Now,
oftentimes Mark does a tremendous confusion between will and trust.
A lot of people, I think Christy, are afraid to
talk to an a state planning attorney because they're afraid
they may get sold a very expensive trust. Not everybody
needs a trust, But give me a good example of
someone who only needs a will and someone who only
(30:11):
needs a trust. I think that'll help people really understand it.
Speaker 4 (30:14):
Well.
Speaker 2 (30:14):
Maybe someone that that only needs a will would be
someone that has grown children. They have few assets, you know,
a home, a couple of vehicles.
Speaker 3 (30:26):
And most of their money in the bank, and most
of their assets are beneficiary.
Speaker 2 (30:29):
Beneficiary IRA things like that. So I would think that
type of situation would really only benefit from a last
will and testament.
Speaker 3 (30:39):
But if you were talking earlier about younger children, well,
how do you determine who raises those children and things
like that? You may need a living trust that way,
or what we call a testamentary trust perhaps, but the trust.
The most powerful thing about a trust is it avoids succession.
Even if you have a will, you still have to
(31:01):
go through the courts. Then the courts hopefully will honor
your wishes. As you stated on the will. A trust
avoids all that. I want you to think about a
living trust like a moving van. So you go to
the attorney, you set up the trust, but it's an
empty vehicle. You have to fund certain assets into there.
And oftentimes what will happen is people will make the trust.
(31:22):
They'll make it like the recipient or the beneficiary of
their assets. In case something happens, it goes into the trust.
Then the executor of the trust somebody you trust, your
most responsible child, your brother, your cousin, your aunt, your uncle.
Sometimes it's your attorney. Typically, I say trust are best
for people with blended families, troubled children. If you have
(31:45):
a disabled child, you might need a special needs trust.
Maybe you own property in multiple places. There's a reason
you would want to have a trust. But for most
people a will, powers of attorney will do the trick.
But for a lot of you, a trust is necessary,
and we can kind of help work through and then
(32:06):
point you in the right direction with legal counsel to
figure out which way is best.
Speaker 5 (32:10):
So there's powers of attorney for healthcare, but there's also
powers of attorney for finances. Right, I mean if we're
in a car wreck, I mean, are they the same,
Are they different?
Speaker 4 (32:18):
I don't know.
Speaker 2 (32:19):
No, they're they're they're different. And I always tell our
clients that the time to get a power of attorney
is not when you need it, because when you need it,
it's it's often very expensive for the family because they
do have to petition the court to get it. So
a power of attorney is going to be designed for
either medical or financial. And some people would be scared
(32:43):
to cite over a power of attorney to someone immediately,
right if they're young. They don't want to, you know,
they don't want to lose control of their assets. But
often attorneys will use a power of attorney that doesn't
even go in effect unless two medical physicians state that
you're unable to take care of your financial needs. Are
(33:04):
medical needs correct?
Speaker 3 (33:05):
They call it.
Speaker 2 (33:06):
They're not giving them like a blanket power of attorney
where they can just do anything beginning immediate.
Speaker 3 (33:11):
Right, It's called limited power of attorney. I have that
with my parents, I don't mind telling you, So I
can't just go into my parents' accounts and raid money, right,
But a limited power of attorney means that if my
mom or dad are incapacitated, then I can act on
their behalf. This is where I see this becoming so important.
We had a situation one time where almost all of
(33:33):
the assets were in the husband's IRA and the wife
had nothing other than what was in the bank account.
He had a stroke. She cannot sign to take money
out of his IRA to pay for his care. So
in this case, the kids were going to have to
step in to help cover the medical bills until he
either got better or passed away. Right, But with a
(33:57):
power of attorney, a financial power of attorney, the wife,
even though it's not her IRA, she has the power
to sign, or maybe one of their children has the
power to sign to take money out. So you can
put yourself parents, kids, You can put yourself in a
major financial bind if you don't have a power of attorney.
(34:17):
A limited financial power of attorney is also incredibly powerful,
So to recap. Everybody needs a will, simple as that
living will helps dictate your last wishes. You may need
a trust, and you very well need powers of attorney.
So just some high level stuff to keep in mind there,
and if we can be of assistance, you know where
(34:37):
we are. It's all part of planning your life, your legacy.
Seven nine one five seven seven three, seven ninety one
five seven seven three, or set your own appointment with
us visit meet with us now dot com.
Speaker 5 (34:52):
Christy and Matt back with the final segment of your
money matters.
Speaker 4 (34:56):
Right after this.
Speaker 6 (34:58):
Interest rates are on the rise. So what does that
mean for your retirement? Find out by calling the Presley
Wealth Management Team now eight six six three nine oh
twelve fifty two. That's eight six six three, nine oh
twelve fifty two.
Speaker 3 (35:16):
Stop for a moment, think about this. Do you know
how much money in your four oh one k or
ira is actually your money?
Speaker 6 (35:23):
All?
Speaker 3 (35:23):
Will the government take a bigger chunk than you thought? Remember,
you still 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,
(35:45):
but they won't be this low forever. So call us
at seven nine one five seven seven three. That's seven
nine one, five seven seven three. Look you work hard
for your money, We'll work just as hard to help
you keep it. Presley Wealth Management seven ninet one five
seven seven three.
Speaker 6 (36:01):
Investment advisory services offer through AE Wealth Management LLC, a
registered investment advisor.
Speaker 7 (36:07):
Investing involves risk.
Speaker 6 (36:08):
Always consult with a qualified tax advisor before making any
decisions regarding a ROTH conversion, as there may be additional
tax considerations. 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 six
six three nine OZHO twelve fifty two.
Speaker 5 (36:33):
Welcome back to your money Matters with Christy Smith and
Matt Kennedy of Presley Wealth Management. You find out more
on the website Presleywealthmanagement dot com. You can always give
them a call at seven nine one five seven seven three.
That's two two five seven nine one fifty seven seventy three.
Because the end of the day, Christian matter here to
help give you, you know, some advice on where you are,
(36:53):
some areas of concern maybe or maybe Hey, you could
have retired three years ago you didn't even know it.
It'd be great to get some clarity into your retire
a picture, Meet with us now dot Com. I'm Mark Elliot.
Final segment today will be a little mail bag segment.
So these questions come from people that have come in
to events that Christian Matt have put on. Just maybe
it's even questions they've sent in or meet with us
(37:13):
now dot com. Some questions there. We kind of hoard
these questions. But I will say this, Matt. You get
the first question. It comes from Greg and Denham Springs.
But I will say this Greg and everybody else, if
you really want to know the entire answer, you need
to talk with them because they need a lot more information.
Well how old are you, are you married, when are
you going to retire?
Speaker 4 (37:31):
Are you retired?
Speaker 5 (37:31):
All those kind of things, So it always makes sense
to me to talk with them. Meet with us now
dot com. All right, Matt, here you go. Greg says
this from Denhim Springs. Guys, I worked at the same
company for twenty five years. I had a four oh
one K there, but they had a big merger and
now I'm not sure how to track down that account.
Do you have any tips?
Speaker 3 (37:50):
Call me, call us and we'll help you track it down.
If you worked somewhere twenty five years. That money's out there.
It hasn't just vanished into thin air. But what probably
happened is the company had a merger or two and
the four oh one k company more than likely changed.
Uh So two things. Number one, Let's just pretend that
(38:10):
the account the last time you saw a statement maybe
was four or five years ago, and it was Fidelity.
You could probably reach out to them and they because
a lot of companies have a very specific division within,
say Fidelity or Vanguard. But Greg, we'd be happy to
help you. Seven nine one five seven seven three. Uh
if you don't know who to call, and you don't
(38:31):
know the language, it can get confusing. Start by asking HR.
But if that's not any help and you have a statement,
you can try calling the company on the most recent
statement or call us and we'll help you track it down.
It's out there, we'll find it.
Speaker 5 (38:45):
Yeah, So Greg, that number seven nine one, five, seven
seven three two two five seven nine one fifty seven
seventy three. To learn more, Sally and Baker says this, Christy,
I've done a pretty good job keeping track of my budget,
and my finance is my entire old life. Why is
it so important have someone else do this for me
in retirement.
Speaker 2 (39:06):
Well, I'm not so. I'm not sure that it's important
someone else keep track of your budget or generate even
your budget in retirement, but I think it's important to
work with someone else coordinating where are you going to
get your income, expecting that your income needs are going
to go up as you get older for inflation, and
(39:27):
how are you going to supplement that income as you
get older and need more income. Some of my clients
have done a very good job, you know, tracking their
expenses and understanding what they're going to have to pay.
But I'll tell you more often than not, when people
come in, they think they know what they're going to
need in retirement, but they actually don't because they forget
(39:49):
about the things that that maybe they pay for like
once a year or even in their paycheck, money's coming
out going to pay a harlan or something at a
credit union. So it is really important that we work
together to truly understand exactly how much you're going to
need in retirement and then build a plan that creates
(40:14):
that income to increase as you get older, and where
is that money going to come from. I hope that
helps you, Sally, but i'd I'd love to work with
you and determine do you have the right number for
you in retirement. We have a budget template I'd be
happy to send to you. Just give us a call
at seven nine one five seven seven three, or go
(40:35):
to meet with us now and schedule a fifteen minute
phone call.
Speaker 5 (40:38):
Yeah, so you think about the smart plan that Christian
Matt and the team of Presley Wealth can help you create,
sally the smart plan source of income, medical and healthcare,
advanced financial planning, risk management, tax efficient strategies. But also
so security decisions, medicare decisions. So a lot going on
all right. Next question comes from Dan and Baton Rouge. Matt,
my dad has always been a warrior, but now I'm
(40:59):
afraid he's going to worry self to death over every
little thing, especially since he's constantly on social media. There's
always some big scary headline that he's sharing with everyone
all the time, and I don't think this is healthy.
Anything you can share with me on how to talk
to him about the financial news, it seems to be
scaring them all the time. Because there's gonna be some
freaked out people this year since we're in a presidential election. Year,
So there's all kinds of things that could affect people's
(41:21):
mental capacity.
Speaker 2 (41:23):
We actually see this a lot in the office with
even existing clients.
Speaker 3 (41:28):
I pause for a minute because I don't want to
be too blunt, but I'll just be blunt. So you
have to understand that typically when there's a television ad,
I think everyone who's retired needs probably some precious metals
in their portfolio, a small amount, right, that's just called diversification.
(41:48):
But you see the TV ad for gold? Do they
advertise it this way? Christy? On television? You know it's
a beautiful medal and over the years it holds its value,
So you should own some.
Speaker 4 (41:59):
Gold, William Devadi, will you.
Speaker 3 (42:02):
Have to understand that so many operators sell you something
or try to sell you something based on a four
letter word fea R fear, Christy. And I do not
sit here and tell you, boy, you better buyd annuity
because the stock market's gonna crash. No, we tell you
to have a plan.
Speaker 4 (42:19):
Right.
Speaker 3 (42:19):
What did you always say? Your dad always said you
plan for the worst, and you hope and pray for
the best, but you have to plan. But remember when
you see those TV ads or hear those radio commercials
behind it is probably fear driven motivation. Don't be driven
by fear. The Bible says, he hasn't given us the
(42:40):
spirit of fear. But you better have some planning in place.
Should you perhaps own some gold?
Speaker 4 (42:46):
Yes?
Speaker 3 (42:47):
Is the world coming to an end? No, just be careful.
Or as I told a client one time, I had
been to their home one time, and they live on
this beautiful property to have a lake, and they have
a back porch. And I was talking to the lady
and she said, oh, map this and that so bad
in the world. And I saw this on the news,
and I said, do me a favor. I know you
like red wine, Get you a nice glass, Turn off
(43:09):
the television, go sit on the back porch and watch
the egrets land on your pond, and you'll feel a
whole lot better about life. Well, I think easier said
than done.
Speaker 2 (43:18):
For the most part. We spend so much time worrying
about things that don't happen.
Speaker 3 (43:26):
And fear rules the media. It just does. So maybe
maybe talk Dad into into getting involved in shuffle board
or pickleball or something. I hope that helps. I came
across kind of crass.
Speaker 4 (43:40):
All right, Christy.
Speaker 5 (43:40):
Final question, a minute and a half left in our show,
so I'll let you wrap it all up Benjamin, and
Gonzalez says this, what is your best advice for someone
who is ten years away from retirement and really doesn't
want to make any big financial mistakes?
Speaker 2 (43:53):
Well, I mean, I think Benjamin, one of the things
that we can do is look at where are you
currently and you know what is retirement going to look
like for you? Because often you're able to make changes
while you're working, slow and steady, changes that would make
a big difference in retirement, like saving inside of your
(44:13):
four oh one k, save more in the in the
wrath portion if you have that option available, versus socking
it all away in pre tax money. You know, are
there other ways to save outside of the four oh
one k that can typically build tax free income for
(44:34):
you long term? There absolutely are other ways, So I think,
you know, trying to get a handle on what are
your needs going to be in retirements? Number one, looking
to see a are there any changes in terms of
my investment strategy between now and when I retire? Or
(44:55):
are there ways that I maybe don't know or am
not aware of? And then like really trying to work
to create a long term plan.
Speaker 3 (45:04):
You know.
Speaker 2 (45:05):
That's my best advice. If you were one of my
children and come into me ten years before retirement, I
would the number one thing I would say is is
try to figure out how much you're gonna need in
retirement so that we can see do you have enough
and look to save more in a never tax environment
versus pre.
Speaker 3 (45:24):
Reach out to us at seven nine one five seven
seven three. That's seven nine one five seven seven three,
or visit meetwoth usnow dot com and set up your
free consultation right now at meetwith usnow dot com.
Speaker 1 (45:40):
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 AEWM, a registered investment advisor. Insurance products are
offered through the insurance business the Presley Group. Presley Wealth
Management is an investment advisory practice that offers products and
services through AE Wealth Management LLCAWM, a registered investment advisor.
AWM does not offer insurance products. The insurance products offered
(46:09):
by the Presley Group are not subject to investment advisor requirements.
AWM and the Presley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial strength and claims paying abilities of the
issuing carrier. This radio show is intended for informational purposes only.
(46:32):
It is not intended to be used as a sole
basis for financial decisions, nor should it be construed as
advice designed to meet the particular needs of an individual situation.
The Presley Group is not permitted to offer, and no
statement made during the show shall constitute tax or legal advice.
Our firm is not affiliated with or endorsed by the
US government or any governmental agency. The information and opinions
contained herein provided by third parties have been obtained from
(46:53):
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group.
Speaker 7 (46:57):
This radio show is a paid placement
When the news is national SOB, security system volatility, global turmoil,
interest rates, rom Dan Wall Street. Your money matters. When
it's Louisiana local serving the Greater Baton Rouge area, your
money matters. And when it's your time to retire, Presley
Wealth Management presents your Money Matters with Christy Smith.
Speaker 2 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement. And that's where I believe it's
so important that you do have a full fledged retirement plan.
Speaker 3 (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. It's what
we do every day.
Speaker 1 (00:40):
The conversation starts now this is your Money Matters.
Speaker 4 (00:49):
Welcome to your Money Matters.
Speaker 5 (00:51):
I'm Mark Kelly alongside Christy Smith, the founder of Presley
Wealth Management, of Matt Kennedy and investment advisor Representati has
been with Christy's team since so eight. Christy is going
to join us in the next segment. Matt is going
to handle our headline segment. As we get going today
on the program. Here's the deal, though, if you have
any questions about where you are on that road to retirement,
can now retire?
Speaker 4 (01:09):
Will we be okay? Boys?
Speaker 5 (01:11):
Are not gonna last as long as we need it too.
You can always call the team I at Presley Wealth
Management two two five seven nine to one fifty seven
seventy three two two five seven nine to one fifty
seven seventy three. There's no cost, there's no obligation, there's
no pressure whatsoever. But you can also go to the
website to do it as well. Meet with usnow dot
com and then the team will get back to you
and it's a pretty easy way to set an appointment.
(01:32):
It's just there's no obligation for any of this. It's
just a great opportunity I think for you to get
clarity into your situation. Matt, do you buy that it's
a great opportunity to get some clarity into your retirement
situation by just talking with your team at Presley Wealth Management.
Speaker 4 (01:45):
Yeah.
Speaker 3 (01:45):
Clarity. That's what we do, is clarity. The most common
questions we are, am I on the right track? Have
I saved enough? And will I have enough to last?
And that's the most common questions, right, So that's the
clarity we seek to provide. Now how you get that
clarity maybe more or less complicated depending on your situation,
but yeah, clarity, that's the key word.
Speaker 4 (02:06):
I like that.
Speaker 5 (02:06):
Yeah, yeah, you gotta get some clarity, gotta know where
you are because then you can make decisions based on Hey,
you've won the game.
Speaker 4 (02:12):
So what do I do now? Can I retire?
Speaker 5 (02:14):
I love my job on to keep working? You certainly
do that, or I'd love to retire next year and
it's like, oh, let's be tired. We have to make
some tweaks here or there, or maybe you gonna have
to work a little bit longer. But I'd rather know
that before I retired. So again, it's two two five,
seven nine, one fifty seven seventy three to chat with
Christy Matt and the team at Presley Wealth Management. We're
going to talk about some research. There's always research, Matt,
(02:35):
You know that there's always somebody. This is a research
trans America Center for Retirement Savings and they did a
poll with people that have already retired, so these are retirees,
and ask them what are the regrets do you have
once you got into retirement? Anything that you regret leading
up to that retirement, And of course the number one.
(02:55):
We wish how to save more? And you know, you
just mentioned that one of the things that people have
questions are, boy, do have enough?
Speaker 4 (03:02):
And that answer is not the same for everybody, is it.
Speaker 5 (03:06):
I mean, you've seen people of the million that can't retire,
and you've seen people of two hundred thousand are good
to go.
Speaker 4 (03:10):
So not saving enough was the biggest regret.
Speaker 5 (03:13):
How do you feel? I mean, I suppose that's, as
you said, the number one question you get.
Speaker 3 (03:17):
You know, Mark, the survey is pretty eye opening about
not saving enough. More than eighty percent of the workers
surveyed over the age of forty five. More than eighty
percent say they didn't take retirement saving more seriously when
they're younger. So if you're under forty five, take it seriously.
You know what was Albert Einstein said, the greatest force
(03:38):
on Earth is not nuclear energy. The greatest force on
Earth is compounding interest. Give it some time. Time works wonders.
And then this part of the survey from trans America
really surprised me. Fewer than one in four under twenty
five percent of retirees are confident they can maintain their
(04:00):
comfortable lifestyle through retirement. Now that ties back in hand
in hand with Do I have enough saved? Maybe?
Speaker 4 (04:05):
Yeah, don't.
Speaker 3 (04:06):
But people often ask us, what's the magic number?
Speaker 6 (04:10):
You know?
Speaker 3 (04:10):
I saw some survey in the Wall Street Journal last
year the average America needs one point four million dollars
in savings, and I said, wait a second, If you
live in San Diego, California, that's not nearly enough. But
if you live in the backwoods of Piney, Mississippi, it
probably is plenty. How much you need is directly proportional
(04:31):
to how much you need to spend. Income is the number,
not how much you've saved. Income is the number. I'm
talking income from pensions, income from Social Security, and then
you top ad on top of that income from how
much you need to withdraw Many times mark we find
that people have saved enough, they just don't know what
(04:53):
an acceptable rate of withdrawal is. And if you don't
know what an acceptable rate of withdrawal is, and you
don't know if you saved enough, well, our retirement Money Map,
our proprietary software that we use with everyone we work with,
shows you, in both good and bad markets, what an
acceptable rate of withdrawal would be. Just to let you
(05:14):
know an answer the burning question do I have enough
and will at last. But that's the two biggest regrets,
not saving more and taking it more seriously when you're
younger and then fewer than one in four are confident
they can maintain the comfortable lifestyle. Not saving enough is
a big regret. You're not really sure, really how much?
Speaker 4 (05:34):
Boy?
Speaker 5 (05:34):
I wonder how much I think we've got enough. I
hope we've got enough. But why I find out? Just
call the team at Presley Wealth Management. Two two, five, seven, nine,
one fifty seven seventy three again is a number, and
the easiest to remember, I think, is just meet with
usnow dot com and then you'll have a conversation with
the team. There you go, fifteen minute conversation, meet with
us now dot com. Another regret is starting Social Security
too soon. There's some interesting numbers about SO security from
(05:56):
this Transamerica study. Now I will tell you I'm sixty five.
I have not started SO security yet full I was
born in nineteen fifty nine, so my full retirement age
is sixty six and ten months. So I could start
it then and still work and then it doesn't matter
how much money I make, which is great. So I'm
analyzing that my mom is eighty eight, Matt, and the
number one regret she has actually is starting so Security
(06:19):
at sixty two.
Speaker 3 (06:20):
I hear that a lot from people who are older,
and I'll sometimes survey our clients who are in their
mid seventies. I'm just curious, if you had anything to
do over again, what would it be? And oftentimes Mark,
they'll say, I wish I had waited and taken Social
Security at a later date. Let me walk you through
some numbers to help you make that decision. Remember, if
(06:41):
you take your Social Security at sixty two, in your
full retirement age is like Mark sixty six and ten months.
Or if you're born nineteen sixty or later, your full
retirement age is sixty seven, you're actually taking about a
twenty five to a twenty seven percent pay cut. Now,
if you wait until seventy that's the maximum age. Do
(07:03):
you know that your Social Security benefit grows at age
sixty two. Let's say your full retirement age of sixty seven,
your Social Security grows and this is not counting you
working and adding anything to it, but it grows at
six and a third percent simple interest for every year
you wait between sixty two and sixty seven. When you
(07:24):
hit sixty seven, or if your full age is like
marks sixty six and ten months, then your Social Social
Security benefit grows at eight percent simple interest until you're seventy.
But what's the catch mark? There's always a catch, right.
Speaker 4 (07:41):
And there is always a catch.
Speaker 3 (07:42):
If you wait until seventy, you basically need to live
till eighty four and a half. That's roughly the break
even point. So if you have a longevity in your
family and you don't need to take your benefit early on,
perhaps you wait. But I've had plenty of people retire
early and say I'm gonna take it and then in vest.
The difference everyone's situation is different. We work on a
(08:04):
proprietary five step process with all retirees. It's the Smart
Plan S stands for sources of income. So when we
work with you, we look at where are your sources
of income and retirement and that means we have to
run scenarios to see should you take it at sixty two,
sixty five, sixty seven? How do you coordinate that benefit
(08:25):
with your spouse? That's what we do. So if you're
interested in figuring out when to take it and what
the rules are regarding how much you can earn while
you're drawing, and how to coordinate spousal benefits. Mark mentioned it.
Reach out to us at seven nine one five seven
seventy three. That's seven nine one five seven seven three.
You'll get the voicemail. We'll call you back Monday. Set
(08:46):
up a time for a fifteen minute call. We always
like to spend a few minutes on the phone just
getting the broad overview, and then we'll sit face to face.
No cost, no obligation, no pressure.
Speaker 5 (08:56):
Now, great opportunity for you, and there's no cost for it,
no obligation, no pressure. There's no judgment either. We've all
made some dumb mistakes. I'm sure uh during this time.
Speaker 3 (09:04):
Uh.
Speaker 5 (09:04):
Here's another regret from trans America. And in talking to retirees,
it's their regrets. This one is interesting because I know
when you and Christy put plans together that debt is
a factor.
Speaker 4 (09:14):
I would think.
Speaker 5 (09:15):
And you have some people that you know their home,
you know their mortgage on their home is two point
two percent or something. You don't really need to pay
that off, Matt. We want to be debt free. It's
our goal. We're going to do it anyway. That sometimes
becomes an emotional decision. But debt, How about debt? I
mean there's good debt, bad debt, all that kind of stuff.
But I mean I would love to go to retirement
being debt free U. But not everybody can do that.
Speaker 4 (09:36):
Yeah.
Speaker 3 (09:36):
Four years ago, according to the survey, four years ago,
only forty percent of retirees said they went into retirement
with credit card debt. Now that's seventy percent. Not really
sure what the case is there. I'm thinking it's probably inflation, right.
Speaker 5 (09:51):
Yeah, dude had COVID during that time too, for Oh true, Yeah,
COVID and then inflation of twenty twenty two.
Speaker 3 (09:56):
Yeah, that's true. Between COVID. Maybe some uh, maybe people
didn't get there overtime, maybe they were laid off for
a brief period. But about fifty percent of the retiree
said debt was a stumbling block that prevented them from
saving for retirement. So it is an emotional decision. There's
good debt and there's bad debt. You mentioned a two
and a half percent interest, for example, on your mortgage.
(10:18):
You probably don't need to wipe that out because it's
such a small percentage if you amateurize it over time.
But for some of you you don't want to have
that debt, and we get that. So as part of
our smart plan, we look at, well, if paying off
the house is done, how does that affect your source
of income? Does it cause you to pay too much
in taxes or is it worth paying off the house early?
(10:41):
And you're right, it's off on an emotional burden.
Speaker 5 (10:43):
So final one is retiring, maybe being forced to retire
early or just boy, I retired a little bit. I
wish I had worked a little bit longer. That was
the final regret.
Speaker 3 (10:51):
Only sixty percent I say only, I should say sixty
percent of retirees did retire sooner than planned. I think
COVID played a big role in that, and about a
third of those regretted not working longer. But you know
what the main upshot of the survey was, overall people
say that they're still happy that they did retire. Yes,
(11:13):
there were obstacles and they're maybe concerned about some income
and things. Of course, the market has been fairly good.
That helps, But overall retired people say that they're happy
being retired. If you're planning to retire, or if you're
already retired and you're and you're really asking yourself, Am
I okay? Are we okay? Do we have enough money
saved up? Are we drawing enough? Are we drawing too much?
(11:36):
What are the things down the road? Taxes, medical, legacy,
estate planning that could trip up our plan? Do you
have a plan for the unknown? A plan for the
curve balls? Let's talk where it's seven nine one five
seven seven three. I can't where at seven nine one
five seven seven three. Or you can set out a
(11:57):
fifteen minute phone call appointment on your own. Just go
online to meet with usnow dot com.
Speaker 5 (12:02):
When do we come back? Christy Smith will join Matt
Kennedy and I right here on your money matter fact.
Speaker 6 (12:08):
Right after worried your financial strategy is missing something, Presley
Wealth wants.
Speaker 7 (12:14):
You to feel confident going into retirement.
Speaker 6 (12:16):
See how you're doing with a free visit by going
to the Presleygroup dot net. That's the Presleygroup dot net
or call eight sixty six three nine oho twelve fifty two.
Speaker 3 (12:28):
Stop for a moment, think about this. Do you know
how much money in your four oh one k or
ira is actually your money all? Will the government take
a bigger chunk than you thought? Remember you still 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
(12:48):
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
nine one five seven seven three. That's seven nine one
five seven seven three. Look, you work hard for your money,
we'll work just as hard to help you keep it.
(13:09):
Pressley Wealth Management seven nine one five seven seven three.
Speaker 6 (13:12):
Investment advisory services offer through a wealth management LLC a
registered investment advisor.
Speaker 7 (13:18):
Investing involves risk.
Speaker 6 (13:19):
Always consult with a qualified tax advisor before making any
decisions regarding your ROTH conversion, as there may be additional
tax considerations.
Speaker 7 (13:28):
If this is a year.
Speaker 6 (13:29):
You've resolved to finally get your finances in order, Christy
Smith and her team can help.
Speaker 7 (13:34):
Give them a call today.
Speaker 6 (13:36):
At eight sixty six three nine oh twelve fifty two.
That's eight sixty six three, nine oh twelve fifty two.
Speaker 5 (13:45):
Welcome back to your Money Matters with Christy Smith and
Matt Kennedy and Pressley Wealth Management. You can always go
to the website Meet with usnow dot com. There's no cost,
there's no obligation, there's no pressure. Christian and Matt and
the team are here to help and they don't know
if they can help you until you reach out. And
that's really what it is. It's a fifteen minute phone
call basically just to see, hey, is there some way
(14:06):
that they can reach out and maybe make a difference
just by changing a thing or two. Maybe it is
really all you need. Maybe then you're on your way.
They'd love to help. It's two two five seven nine
one fifty seven seventy three seven nine, one fifty seven
seventy three. Or you can always go to meet with
us now dot com. Meet with us now dot com.
My Mark Yelle, glad you're with us. So we're gonna
(14:29):
be talking today the next two segments about creating a legacy.
Speaker 4 (14:33):
Matt, I'll start with you on this one.
Speaker 5 (14:34):
What what are some basic questions we probably need to
ask ourselves when it comes to creating that lasting legacy.
Speaker 3 (14:40):
I think a lot of you might think of the
word legacy as well, that's not something I'm interested in.
I don't have a lot of money, and you know
my wife and I are my spouse, and I will
spend it and then we'll be done and ay, the
kids are okay. So when we talk legacy, Christy, we're
not talking just about leaving money. I think about it
as making it simple and uncumbersome as the legacy. In
(15:05):
other words, I remember, you know, my father in law
passed a few years ago, and there were a lot
of things that because he was a hardheaded Sicilian, he
wouldn't listen to me, and he didn't have certain things
in place, you know, wills and things like that, and
so for that reason, it makes it very cumbersome on
your heirs to have to go through probate and all
that kind of stuff. So there are certain things you
(15:26):
can do that if you have a lot of money,
can relieve the tax burden from your heirs. But even
if you're not trying to leave them a lot of money,
it's kind of selfish, Christie for folks not to plan
and then the burden falls upon their children. Don't you agree?
Speaker 2 (15:43):
I do agree, But you know, Mark, one of the
things that really stands out to me is that when
we hear the word legacy, we think wealthy, But I
think of my sister. You know, my sister passed away
suddenly at fifty years old. She had two children, and
she was in a blended family. She did not have
her estate planning done, she did not have a last
(16:06):
will and testament, she didn't have you know, powers of attorneys,
things like that. So when we think about legacy, most
people think money. But think about your personal possessions that
may be valuable or sentimental to you. So you would
think that if my sister had a piece of valuable jewelry,
(16:28):
that it would have went to her children, right because
she was in a blended family. But that's not what happened.
In fact, my brother in law's new fiance is wearing
my sister's jewelry when I think her children probably should
have gotten that. Now, I'm using that as a as
an example because when we think of legacy planning, we
(16:49):
tend to think, you know, even if we're young, that
we don't need it. And I would argue, in the
state of Louisiana, we all need a last will and testament.
Does it have to be one that's expensive, No, it doesn't.
But the way that our laws are written in Louisiana,
I would argue that we all need a last will
(17:11):
and testament.
Speaker 3 (17:12):
Yeah, Louisiana is an interesting state. Obviously, we're a community
property state. There are other states that are community property,
but we also fall under Napoleonic Code, and there's things
like forced airship and some kind of deep stuff out
there that you need to be careful of. Listen, the
worst thing you can do is die without a will. Now,
lots of people say to me, yeah, but Matt, I've
(17:34):
got an ira, We've got beneficiaries on that, and I've
already told the kids it's not a problem. They can
split the house in half and et cetera, et cetera.
So I don't think I really need a will. Well,
what happens if you die with no will? Well, in Louisiana,
if you die without a will, it will have to
go through succession, probate, whichever words you want to know.
Speaker 2 (17:55):
Even if you have a will, it has to go concession.
Speaker 3 (17:57):
Correct, You're right even if you don't. But if you
do and there's no will, it can drag on and on.
And what could be done in a couple of three months, Christy,
we've seen it take eighteen months because sometimes some other
family member comes out of the woodwork. They're contesting what's
going on, and because it wasn't written down, it creates
a problem.
Speaker 2 (18:17):
And for me, Mark, it really is about keeping the
family together.
Speaker 5 (18:21):
You know.
Speaker 2 (18:22):
We just got back from a short weekend trip with
Rick's sister and brother in law, and one of the
things that we talked about while we were there is
how Rick's mother would have been so happy that we
were there together because for them it was about family.
Everything was family. You would be surprised how upon a
(18:43):
death in the family, how many families get divided, and
it's typically over money or possessions. If you have a
last will and testament, you can simply honor that person's
wishes and move on, and it really can save families.
And that was important to my mother in law and
(19:03):
my father in law, and I'm pretty sure it's important
to you too. Avoid the conflicts.
Speaker 3 (19:10):
That's what we see is so conflict and confusion, right yes, yeah,
seven nine one five seven seveny three. We are not attorneys,
by the way, but we know the language. Christy and
I both hold the designation of CEP certified a state planner. Again,
we're not the attorneys, but we can at least talk
with you about the things you need, and we'll talk
(19:32):
more in detail as we go forward about the specifics.
But it's not just about saying, well, I'll live a long,
happy life and then I'll die, and so I want
to leave this legacy. It's also about the unexpected. You
mentioned your sister. Nobody thought your sister would die when
she was fifty years of age. I remember my wife
and I we were in our mid forties and a
(19:55):
neighbor of ours, healthy as all get out, forty seven
years old, jogged every day. Collapse not of a heart attack,
in his driveway, and it was our wake up call
because we had been putting off wills and putting off wills,
but we went so far as to do a will
that created what's called a testamentary trust. Then the assets
that we have will go into this trust because we
(20:15):
had minor children at the time, and that way the
children have a guardian and our assets could be used
as income for the children. That gave Alyssa my wife,
such an amazing peace of mind, because before that I
was like, well, I hope they're Okay, you know, no,
they're a burden to someone. So you have to be
able to spell out exactly how you want it to happen. Again,
(20:37):
don't write down testamentary. Trust the attorney may recommend something
different for you. But it's about preserving your finances and
most importantly, taking care of those you leave behind. But
you might not leave them behind when you're ninety five.
You may leave them behind when you're fifty five. So
you have to have a plan. And if you'd like
(20:57):
to chat about this, we're happy to. It's seven nine
one five, seven seven to three.
Speaker 5 (21:03):
So final couple minutes of this segment, Christy, could you
you talk about, because Matt mentioned earlier your smart program
that you walk people through the sources of income, medical
and healthcare, advanced financial planning, risk management, tax efficient strategies.
So you think of that smart smart, that's the acronym,
that's what it's all about. But the legacy part and
a state planning part, how does that factor end? Because
(21:26):
it's not something you do first, but it's not something
you wait till we're eighty to do it either.
Speaker 2 (21:30):
No, when we're building a plan, we're typically going to
discuss what our client's wishes are number one. For most people,
their retirement funds are going to end up creating a
tax liability for their children, and so we have to
address that. You would be surprised how many people do
not understand that the laws have changed in terms of
(21:54):
the kids inheriting pre tax money and how do the
taxes have to be paid on, you know, on those dollars.
So when we're working to build the income plan and
the investment plan, we're going to talk about what does
the client want if something happens to them. Keep in
mind we are always planning to protect the other spouse first,
(22:19):
Oh absolutely, you know, we're building a plan that neither
husband nor wife can outlive the income and then the
remaining assets and properties would would then funnel to the children.
And so we're going to always bring a state planning
up in the conversation. And the first thing is to
(22:39):
really find out what are their wishes because everyone has
completely different wishes. Some of our clients are more charitable minded.
They actually want to leave money to different charities, you know,
so we're going to talk about that. But the thing
is is that many people don't understand they actually need
an estate plan in because they're they're used to being
(23:02):
told that they have beneficiary designations on their IRA or
their four oh one K accounts, they have beneficiary designations
on their life insurance. So they often believe that they
don't need a last will and testament because they know
that a certain portion of their estate is going to
go to their loved ones quickly and easily. And so
(23:25):
it's really when you start having the conversation, it's eye
opening to see the clients when they start connecting the
dots as to oh, okay, yes, it's it's going to
go to a spouse without secession. However, you know long
term that could end up hurting the kids if you
(23:46):
don't start planning now.
Speaker 5 (23:48):
So when Christian Matt come back, we're to talk about
some of the legacy planning mistakes that you really.
Speaker 4 (23:52):
Don't want to make. Christian Matt back with more of
your money matters you try.
Speaker 3 (23:56):
To do this.
Speaker 8 (23:59):
Uncle 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 could pay lower taxes
(24:20):
now and avoid potentially higher taxes later. Christy Smith and
the team at the Presley Group have seen taxes rise
and fall. They know what options you have to potentially
reduce the amount of taxes you pay in retirement. Call
the team at the Presley Group and schedule your tax
analysis today. Eight sixty six three nine zero twelve fifty two.
That's eight six six three nine zero one two five
(24:40):
to two. Uncle Sam needs money. Don't let him take
it from you. Eight six six three nine zero twelve
fifty two. Investment advisory services offer through a wealth management
LLC A RETCH should investment advisor. Investing involves risk. Always
console with the qualified tax advisor before making any decisions
regarding a roth conversion, as there may be additional tax considerations.
Speaker 6 (25:00):
If this is a year you've resultd it. Finally, get
your finances in order. Christy Smith and her team can help.
Give them a call today at eight sixty six three
nine oh twelve fifty two. That's eight six six three
nine oh twelve fifty two.
Speaker 5 (25:17):
God, You're with us day for your money matters with
Christy Smith and Matt Kennedy and Presley Wealth Management.
Speaker 4 (25:22):
I'm Mark Elliott.
Speaker 5 (25:23):
UH two two five seven nine one five seven seven
three is a number if you have questions. Boy, I
think I've done enough. I hope I can retire. I
wonder if I can retire. This is the team to
help you figure that out. Presley Wealth Management two two
five seven nine to one fifty seven seventy three.
Speaker 4 (25:38):
And of course easier to remember.
Speaker 5 (25:39):
Maybe meet with us now dot com fifteen twenty minute
phone call. UH, just have a conversation and then from
there you figure out, Hey, I think they can help me,
or hey, you don't even need our help, You've already
won the game.
Speaker 4 (25:50):
That'd be great to know. We just don't know right
meet with usnow dot com.
Speaker 5 (25:54):
We're talking about having a will and all those kind
of things and having a legacy plan at the end
of the day for ourselves. And there's a lot of
different tools in this area. Christy, what kind of tools
do you think are the ones that we really need?
And maybe you could walk us through You and Mack
can walk us through some of these.
Speaker 2 (26:12):
Well, I would say the first tool most people need,
especially in Louisiana, is you need a last will and testament.
And what that means is because think about your estate
going through the court system. When we talk about your estate,
we talk about your home, your vehicles, you're checking your saving,
your personal possessions, you know, pretty much everything you own.
(26:35):
Wouldn't it be easier if you had it documented so
that the court system could just sign off on it,
like where did you want it to go? Because if
you don't, it really it gets dictated by the court system.
And so for me, the number one most important thing
that you can have is a last will and testament.
(26:57):
And I think it's also very important for those of
you that are listening this morning that are even young.
You know, you're not getting close to retirement age. You're
out there working, you have young children. You know if
something happened to you today, who would raise your children?
Many people have never sat down and thought about.
Speaker 3 (27:19):
That, and who would be financially responsible and would the
assets that you have go in a way that is
most tax efficient and in a way that you know
that it's being used properly. I mean, protect the children.
Not all families get along beautifully. Christy, you don't know
if you know that or not. So, Yeah, what if
you have some in laws that you don't necessarily get
(27:41):
along with, if you don't specify who takes care of
your children, they may not end up in the best situation.
Speaker 2 (27:48):
Because the courts are going to decide. If you don't decide,
who is going to decide? And why should someone of
the courses to you exactly So, I think a last
will and testament is, in my opinion, one of the
most critical documents that you can ever have.
Speaker 3 (28:05):
Like, I think you need it agreed and then right there,
right on the heels of a will, last will and
testament living will. Now some people confuse the two. A
will is for after you die, it's to honor your
wishes upon your passing. A living will is to honor
your wishes before you die. So, in other words, the
living will could say, Matt was a terrible auto accident.
(28:27):
Does he should he state? Should he state on the
tubes or not? Now that ties into the power of
attorney too. I'll let you expand on that sum though, Christy.
But the living will dictates my treatment at the end
of life. Am I explaining that correctly?
Speaker 7 (28:42):
Yeah?
Speaker 2 (28:43):
You know, we've seen this before. We've seen it in
the news where you know, a spouse has a stroke
and is there they have no brain waves, but the
but the other spouse you know, won't take them off
a life support or the family, the mother and father
of the.
Speaker 3 (29:00):
Well remember the Terry Shaibo story, Oh yeah, from years ago,
and they argue about it. The family was torn. One
said taker, I think the husband said take her off
life support. The parents said no. But because there was
no advanced directives or living wills, her wishes weren't known.
Me personally. I don't want to be a financial burden
and uh, you know, lay there on life support day
(29:22):
in and day out. Pull the plug. But that is
your wishes. That's my way.
Speaker 2 (29:26):
And what's important is that you know that you state
your wishes and so you can do a last will
and testament and you don't even have to always pay
for that. A lot of the hospitals have documents called
five wishes. Your doctor's offices a lot of times have it.
You can google it five wishes and it does not
have to be something that you've spent a lot of
(29:47):
money on, you know, having an attorney prepare.
Speaker 3 (29:49):
So you got the will, you got the living will. Now,
oftentimes Mark does a tremendous confusion between will and trust.
A lot of people, I think Christy, are afraid to
talk to an a state planning attorney because they're afraid
they may get sold a very expensive trust. Not everybody
needs a trust, But give me a good example of
someone who only needs a will and someone who only
(30:11):
needs a trust. I think that'll help people really understand it.
Speaker 4 (30:14):
Well.
Speaker 2 (30:14):
Maybe someone that that only needs a will would be
someone that has grown children. They have few assets, you know,
a home, a couple of vehicles.
Speaker 3 (30:26):
And most of their money in the bank, and most
of their assets are beneficiary.
Speaker 2 (30:29):
Beneficiary IRA things like that. So I would think that
type of situation would really only benefit from a last
will and testament.
Speaker 3 (30:39):
But if you were talking earlier about younger children, well,
how do you determine who raises those children and things
like that? You may need a living trust that way,
or what we call a testamentary trust perhaps, but the trust.
The most powerful thing about a trust is it avoids succession.
Even if you have a will, you still have to
(31:01):
go through the courts. Then the courts hopefully will honor
your wishes. As you stated on the will. A trust
avoids all that. I want you to think about a
living trust like a moving van. So you go to
the attorney, you set up the trust, but it's an
empty vehicle. You have to fund certain assets into there.
And oftentimes what will happen is people will make the trust.
(31:22):
They'll make it like the recipient or the beneficiary of
their assets. In case something happens, it goes into the trust.
Then the executor of the trust somebody you trust, your
most responsible child, your brother, your cousin, your aunt, your uncle.
Sometimes it's your attorney. Typically, I say trust are best
for people with blended families, troubled children. If you have
(31:45):
a disabled child, you might need a special needs trust.
Maybe you own property in multiple places. There's a reason
you would want to have a trust. But for most
people a will, powers of attorney will do the trick.
But for a lot of you, a trust is necessary,
and we can kind of help work through and then
(32:06):
point you in the right direction with legal counsel to
figure out which way is best.
Speaker 5 (32:10):
So there's powers of attorney for healthcare, but there's also
powers of attorney for finances. Right, I mean if we're
in a car wreck, I mean, are they the same,
Are they different?
Speaker 4 (32:18):
I don't know.
Speaker 2 (32:19):
No, they're they're they're different. And I always tell our
clients that the time to get a power of attorney
is not when you need it, because when you need it,
it's it's often very expensive for the family because they
do have to petition the court to get it. So
a power of attorney is going to be designed for
either medical or financial. And some people would be scared
(32:43):
to cite over a power of attorney to someone immediately,
right if they're young. They don't want to, you know,
they don't want to lose control of their assets. But
often attorneys will use a power of attorney that doesn't
even go in effect unless two medical physicians state that
you're unable to take care of your financial needs. Are
(33:04):
medical needs correct?
Speaker 3 (33:05):
They call it.
Speaker 2 (33:06):
They're not giving them like a blanket power of attorney
where they can just do anything beginning immediate.
Speaker 3 (33:11):
Right, It's called limited power of attorney. I have that
with my parents, I don't mind telling you, So I
can't just go into my parents' accounts and raid money, right,
But a limited power of attorney means that if my
mom or dad are incapacitated, then I can act on
their behalf. This is where I see this becoming so important.
We had a situation one time where almost all of
(33:33):
the assets were in the husband's IRA and the wife
had nothing other than what was in the bank account.
He had a stroke. She cannot sign to take money
out of his IRA to pay for his care. So
in this case, the kids were going to have to
step in to help cover the medical bills until he
either got better or passed away. Right, But with a
(33:57):
power of attorney, a financial power of attorney, the wife,
even though it's not her IRA, she has the power
to sign, or maybe one of their children has the
power to sign to take money out. So you can
put yourself parents, kids, You can put yourself in a
major financial bind if you don't have a power of attorney.
(34:17):
A limited financial power of attorney is also incredibly powerful,
So to recap. Everybody needs a will, simple as that
living will helps dictate your last wishes. You may need
a trust, and you very well need powers of attorney.
So just some high level stuff to keep in mind there,
and if we can be of assistance, you know where
(34:37):
we are. It's all part of planning your life, your legacy.
Seven nine one five seven seven three, seven ninety one
five seven seven three, or set your own appointment with
us visit meet with us now dot com.
Speaker 5 (34:52):
Christy and Matt back with the final segment of your
money matters.
Speaker 4 (34:56):
Right after this.
Speaker 6 (34:58):
Interest rates are on the rise. So what does that
mean for your retirement? Find out by calling the Presley
Wealth Management Team now eight six six three nine oh
twelve fifty two. That's eight six six three, nine oh
twelve fifty two.
Speaker 3 (35:16):
Stop for a moment, think about this. Do you know
how much money in your four oh one k or
ira is actually your money?
Speaker 6 (35:23):
All?
Speaker 3 (35:23):
Will the government take a bigger chunk than you thought? Remember,
you still 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,
(35:45):
but they won't be this low forever. So call us
at seven nine one five seven seven three. That's seven
nine one, five seven seven three. Look you work hard
for your money, We'll work just as hard to help
you keep it. Presley Wealth Management seven ninet one five
seven seven three.
Speaker 6 (36:01):
Investment advisory services offer through AE Wealth Management LLC, a
registered investment advisor.
Speaker 7 (36:07):
Investing involves risk.
Speaker 6 (36:08):
Always consult with a qualified tax advisor before making any
decisions regarding a ROTH conversion, as there may be additional
tax considerations. 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 six
six three nine OZHO twelve fifty two.
Speaker 5 (36:33):
Welcome back to your money Matters with Christy Smith and
Matt Kennedy of Presley Wealth Management. You find out more
on the website Presleywealthmanagement dot com. You can always give
them a call at seven nine one five seven seven three.
That's two two five seven nine one fifty seven seventy three.
Because the end of the day, Christian matter here to
help give you, you know, some advice on where you are,
(36:53):
some areas of concern maybe or maybe Hey, you could
have retired three years ago you didn't even know it.
It'd be great to get some clarity into your retire
a picture, Meet with us now dot Com. I'm Mark Elliot.
Final segment today will be a little mail bag segment.
So these questions come from people that have come in
to events that Christian Matt have put on. Just maybe
it's even questions they've sent in or meet with us
(37:13):
now dot com. Some questions there. We kind of hoard
these questions. But I will say this, Matt. You get
the first question. It comes from Greg and Denham Springs.
But I will say this Greg and everybody else, if
you really want to know the entire answer, you need
to talk with them because they need a lot more information.
Well how old are you, are you married, when are
you going to retire?
Speaker 4 (37:31):
Are you retired?
Speaker 5 (37:31):
All those kind of things, So it always makes sense
to me to talk with them. Meet with us now
dot com. All right, Matt, here you go. Greg says
this from Denhim Springs. Guys, I worked at the same
company for twenty five years. I had a four oh
one K there, but they had a big merger and
now I'm not sure how to track down that account.
Do you have any tips?
Speaker 3 (37:50):
Call me, call us and we'll help you track it down.
If you worked somewhere twenty five years. That money's out there.
It hasn't just vanished into thin air. But what probably
happened is the company had a merger or two and
the four oh one k company more than likely changed.
Uh So two things. Number one, Let's just pretend that
(38:10):
the account the last time you saw a statement maybe
was four or five years ago, and it was Fidelity.
You could probably reach out to them and they because
a lot of companies have a very specific division within,
say Fidelity or Vanguard. But Greg, we'd be happy to
help you. Seven nine one five seven seven three. Uh
if you don't know who to call, and you don't
(38:31):
know the language, it can get confusing. Start by asking HR.
But if that's not any help and you have a statement,
you can try calling the company on the most recent
statement or call us and we'll help you track it down.
It's out there, we'll find it.
Speaker 5 (38:45):
Yeah, So Greg, that number seven nine one, five, seven
seven three two two five seven nine one fifty seven
seventy three. To learn more, Sally and Baker says this, Christy,
I've done a pretty good job keeping track of my budget,
and my finance is my entire old life. Why is
it so important have someone else do this for me
in retirement.
Speaker 2 (39:06):
Well, I'm not so. I'm not sure that it's important
someone else keep track of your budget or generate even
your budget in retirement, but I think it's important to
work with someone else coordinating where are you going to
get your income, expecting that your income needs are going
to go up as you get older for inflation, and
(39:27):
how are you going to supplement that income as you
get older and need more income. Some of my clients
have done a very good job, you know, tracking their
expenses and understanding what they're going to have to pay.
But I'll tell you more often than not, when people
come in, they think they know what they're going to
need in retirement, but they actually don't because they forget
(39:49):
about the things that that maybe they pay for like
once a year or even in their paycheck, money's coming
out going to pay a harlan or something at a
credit union. So it is really important that we work
together to truly understand exactly how much you're going to
need in retirement and then build a plan that creates
(40:14):
that income to increase as you get older, and where
is that money going to come from. I hope that
helps you, Sally, but i'd I'd love to work with
you and determine do you have the right number for
you in retirement. We have a budget template I'd be
happy to send to you. Just give us a call
at seven nine one five seven seven three, or go
(40:35):
to meet with us now and schedule a fifteen minute
phone call.
Speaker 5 (40:38):
Yeah, so you think about the smart plan that Christian
Matt and the team of Presley Wealth can help you create,
sally the smart plan source of income, medical and healthcare,
advanced financial planning, risk management, tax efficient strategies. But also
so security decisions, medicare decisions. So a lot going on
all right. Next question comes from Dan and Baton Rouge. Matt,
my dad has always been a warrior, but now I'm
(40:59):
afraid he's going to worry self to death over every
little thing, especially since he's constantly on social media. There's
always some big scary headline that he's sharing with everyone
all the time, and I don't think this is healthy.
Anything you can share with me on how to talk
to him about the financial news, it seems to be
scaring them all the time. Because there's gonna be some
freaked out people this year since we're in a presidential election. Year,
So there's all kinds of things that could affect people's
(41:21):
mental capacity.
Speaker 2 (41:23):
We actually see this a lot in the office with
even existing clients.
Speaker 3 (41:28):
I pause for a minute because I don't want to
be too blunt, but I'll just be blunt. So you
have to understand that typically when there's a television ad,
I think everyone who's retired needs probably some precious metals
in their portfolio, a small amount, right, that's just called diversification.
(41:48):
But you see the TV ad for gold? Do they
advertise it this way? Christy? On television? You know it's
a beautiful medal and over the years it holds its value,
So you should own some.
Speaker 4 (41:59):
Gold, William Devadi, will you.
Speaker 3 (42:02):
Have to understand that so many operators sell you something
or try to sell you something based on a four
letter word fea R fear, Christy. And I do not
sit here and tell you, boy, you better buyd annuity
because the stock market's gonna crash. No, we tell you
to have a plan.
Speaker 4 (42:19):
Right.
Speaker 3 (42:19):
What did you always say? Your dad always said you
plan for the worst, and you hope and pray for
the best, but you have to plan. But remember when
you see those TV ads or hear those radio commercials
behind it is probably fear driven motivation. Don't be driven
by fear. The Bible says, he hasn't given us the
(42:40):
spirit of fear. But you better have some planning in place.
Should you perhaps own some gold?
Speaker 4 (42:46):
Yes?
Speaker 3 (42:47):
Is the world coming to an end? No, just be careful.
Or as I told a client one time, I had
been to their home one time, and they live on
this beautiful property to have a lake, and they have
a back porch. And I was talking to the lady
and she said, oh, map this and that so bad
in the world. And I saw this on the news,
and I said, do me a favor. I know you
like red wine, Get you a nice glass, Turn off
(43:09):
the television, go sit on the back porch and watch
the egrets land on your pond, and you'll feel a
whole lot better about life. Well, I think easier said
than done.
Speaker 2 (43:18):
For the most part. We spend so much time worrying
about things that don't happen.
Speaker 3 (43:26):
And fear rules the media. It just does. So maybe
maybe talk Dad into into getting involved in shuffle board
or pickleball or something. I hope that helps. I came
across kind of crass.
Speaker 4 (43:40):
All right, Christy.
Speaker 5 (43:40):
Final question, a minute and a half left in our show,
so I'll let you wrap it all up Benjamin, and
Gonzalez says this, what is your best advice for someone
who is ten years away from retirement and really doesn't
want to make any big financial mistakes?
Speaker 2 (43:53):
Well, I mean, I think Benjamin, one of the things
that we can do is look at where are you
currently and you know what is retirement going to look
like for you? Because often you're able to make changes
while you're working, slow and steady, changes that would make
a big difference in retirement, like saving inside of your
(44:13):
four oh one k, save more in the in the
wrath portion if you have that option available, versus socking
it all away in pre tax money. You know, are
there other ways to save outside of the four oh
one k that can typically build tax free income for
(44:34):
you long term? There absolutely are other ways, So I think,
you know, trying to get a handle on what are
your needs going to be in retirements? Number one, looking
to see a are there any changes in terms of
my investment strategy between now and when I retire? Or
(44:55):
are there ways that I maybe don't know or am
not aware of? And then like really trying to work
to create a long term plan.
Speaker 3 (45:04):
You know.
Speaker 2 (45:05):
That's my best advice. If you were one of my
children and come into me ten years before retirement, I
would the number one thing I would say is is
try to figure out how much you're gonna need in
retirement so that we can see do you have enough
and look to save more in a never tax environment
versus pre.
Speaker 3 (45:24):
Reach out to us at seven nine one five seven
seven three. That's seven nine one five seven seven three,
or visit meetwoth usnow dot com and set up your
free consultation right now at meetwith usnow dot com.
Speaker 1 (45:40):
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 AEWM, a registered investment advisor. Insurance products are
offered through the insurance business the Presley Group. Presley Wealth
Management is an investment advisory practice that offers products and
services through AE Wealth Management LLCAWM, a registered investment advisor.
AWM does not offer insurance products. The insurance products offered
(46:09):
by the Presley Group are not subject to investment advisor requirements.
AWM and the Presley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial strength and claims paying abilities of the
issuing carrier. This radio show is intended for informational purposes only.
(46:32):
It is not intended to be used as a sole
basis for financial decisions, nor should it be construed as
advice designed to meet the particular needs of an individual situation.
The Presley Group is not permitted to offer, and no
statement made during the show shall constitute tax or legal advice.
Our firm is not affiliated with or endorsed by the
US government or any governmental agency. The information and opinions
contained herein provided by third parties have been obtained from
(46:53):
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group.
Speaker 7 (46:57):
This radio show is a paid placement
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