Looking For Guaranteed Income In Retirement

Join David and Travis Shepherd of Shepherd Wealth Solutions inside the Financial Lab Saturday at 10am on WJBO Newsradio 1150 AM & 98.7 FM to get a better understanding of the financial issues you could face preparing for and in retirement!
Visit shepherdwealthsolutions.com or call [phone] to learn more!

Episode Transcript

(00:10):
Welcome to the show. We appreciateyou joining us here for the financial Lab
with David and Travis Shepherd of ShepherdWealth Solutions. My name is Jessica.
Want to make sure you get thephone number. We do have team members
standing by to take your phone calloff the air. Two two five four
six five one zero six five.Again that's two two five four six five
one zero six five. More details, of course on the website at Shepherd

(00:33):
Wealth Solutions dot com. You caneven book your own appointment on the website
and I'll tell you what. Wehave lots to talk about on today's show.
Of course, we're gonna get intothe market. How volatile is it?
Are we headed towards a recession?Are things going back up? And
if you're looking for that guaranteed sourceof income in retirement, we're gonna let
the cat out of the bag tellyou how you can do that. But
first, David, Travis, welcome, guys. How you doing good?

(00:55):
Mauren, good morning. I'm dodgingrain drops around here all week it's but
you know, I'm glad we haveat Travis. We didn't have this rain.
We would have extreme heat. Lastweekend was really hot sitting around the
pool stuff. Right. Yeah,well, you know it's just fun.
It since Father's Day, weekend,barbecue and all last weekend and it's one
hundred and five heating decks, sopastic man. My sister called me from

(01:17):
Alabama. Watch this heat. It'sdangerous. Okay, I'm out here barbecue
in front of a big old barbecuepit. It's even twice as hide Oh
yeah, goodness. Yeah, Imean, no joke. It is hot,
that is for sure. Which youknow, here's the thing. I
know, it's summer, it's hot. People are out on the lake,

(01:37):
at the beach, they're at thepool, they're doing all this fun stuff,
right, but they're forgetting one importantaspect and that is their income,
that's their money, and putting thatin you know, perspective of you know,
if you don't want to start planningtoday, you're not gonna be able
to afford to go to the poolor the beach or these trips that you're
doing. And you know what's youradvice, David and Travis is to those
that are they keep putting this onthe back burner, Well, I think

(02:00):
lots going on with this market,and you better watch out. Some false
echoes are out there, you know, is it gonna go up? Is
it gonna go down? Well,the market had not too bad of a
little run there, but is itgonna hold? That's the question. I
don't think so. Yeah. Ithink the number one thing that we usually
talk to people about who are kindof putting off or they're just not sure,
like I think most people that tendto put it off usually that they're

(02:21):
they're answer for putting off as well. I'm just not sure how much things
are gonna cost in the future.How am I gonna know what things are
gonna cost ten ten years from downthe road, of five years down there,
in fifteen years down the road whenI didn't know in twenty twenty that
things in twenty twenty one will costlike five ten percent more? So,
how am I to do that?My way of candidly kind of joking about
as well, do you like yourlifestyle right now? Yeah? I enjoy
my life right now, just likeJessica said, I'm going out to the

(02:43):
beach, I'm on the river,on the lake, going on trips.
Yeah, I enjoy my life rightnow. Okay, well how much does
that cost? Oh? Well,you know, I probably spend this that
the other you add it all up. You know, I'm like, great,
well, let's make a plan forthat, right because if we can
plan to we can make a planbase. You know today, you can
always make changes. You always pivot, We can always flex with life as

(03:06):
it changes and improves or maybe getsa little more concerning, it gives some
challenges, whatever those points are inyour life. If you have a plan
to fund your lifestyle based on whatit costs you today, if it costs
you less in the future because youpaid off some bills or reduce your house
note nuts and they're one thing mostpeople try to be off when you're just
gonna have that much more income inretirement, so you can have more trips,
more time with the river, moretime with the lake, more fun,

(03:27):
more fun. We love fun mineand that's the reason to have some
fun. Money. But absolutely,and just to answer your question, Jesskin,
for people who are out there sitaround the car or in the workshop
or doing what you're doing, gardenand whatever they're doing, to listen to
us. Here's the thing. Ifyou enjoy what you're doing now, then
let's make a plan so that youcan keep enjoying it when you're ready to
retire. Don't come the grumpy bear. You know you need to be a

(03:49):
grumpy bear. You don't make aplan today for tomorrow. That's it,
you don't know, people get alittle grumpy one. The future is not
looking so bright. Oh that's forour family, sure, And that's where
our family's been doing for generations.Now. Our family helps other families achieve
the lifestyle they want based on usingthe tools they have available to them now
to make a more prosperous future.And that's how we designed the financial lab

(04:10):
So you can come in and say, hey, this is what I'm doing
right now. Here's what it costsme. I think it's going to cost
me about the same and then adjustit for inflation. And can I make
it work with what I got?If I can't make it work with what
I got, what do I needto do to improve it? So when
I get to that point of retirement, I can live the lifestyle I want.
Our financial Labe can help you dothat, you know, Travisty.
I was reading this article and thenwas Kip lunch church or something. Last

(04:34):
year, seventy percent of the peoplethought they were retirement. They had enough
money to retire on and then oneyear it's changed by forty percent. Forty
percent less think they have enough moneyto last our whole retirement. And that's
got to be a spooky thing outthere. So we don't want those grumpy
bears getting grumpier. We want themto come in and get that financial lab

(04:58):
done. Yeah, and let's fixsomething that are broke and make you have
a stress free retirement. Yeah.I mean, imagine you're one of those
forty percent of these people who lastyear, Hey, I want the right
track. I'm doing good, I'mgood to go right. Let's get out
there and let's do this right.And then here you are. Now you're
part of that forty percent. It'slike, you know, second thoughts,
I don't know if I was asgood as I was doing and I'm really

(05:20):
not that sure if I'm ever goingto get back there and be able to
Like, that's a horrible position tofind yourself in. And you know what,
you can't make improvements unless you startdoing something today. You gotta change
something. You gotta do something,and the first step is simply pick up
the phone, make the phone call, set the financial lab appointment. Let's
get started with figuring out how youwant to retire tomorrow with what you're doing

(05:43):
today, And it all starts withyou giving a call today for that financial
lab two two five four to sixfive one zero six five. Again,
that's two two five four to sixfive one zero six five. We've been
talking about the market for quite sometime, and I guess this looks like
good news. Yes, And Pfive hundred recently exited from the largest bear
market since nineteen forty eight? Isthis a new bull market or just you

(06:08):
know, I guess abounce before arecession. Are the people that you're talking
to, David and Travis, arethey more concerned about protection or getting positioned
for the next market up swing?Well, I guess that depends on the
age and whether they've retired or not. On Travis, and a lot of
that depends on income planning. Youknow, when we had their income right,
then they could do a little bitmore in the market. So I

(06:30):
would say that more people are worriedabout continuing downturn in the market because that's
what we've been seeing. Yeah,that forty percent referenced earlier, that's exactly
what it is. That they're notforty percent less confident about retirement because the
market has done so well for them. Yeah, they're forty percent less confident
about retirement because the market has takenthem away, you know. And are
we out of this market? Youknow, it's a really interesting point to

(06:50):
say that we're out of the we'reout of this bear marketing. We're it's
a new bull market, just usingyou know, using two thousand through two
thousand and two and two thousand andseven through two thousand and nine. I
mean, bear markets have huge rallies. In fact, in the two dot
com bubble, the nasdac rallied fortyone percent. I wish it would do
that, right, I mean,well it's it's it's trucking along, you

(07:13):
know. But it rallied up fortyone percent, and I think it was
two thousand and then didn't finish makingnew lower lows until they almost until the
summer two thousand and two. Soyou went up forty one and then you
gave up the ghosts for being downa negative twenty percent after going up forty
one. Well, this isn't notwhat we've been seeing here for the last
thirty six months. I mean,the you know that goes up and then

(07:34):
all of a sudden it pulls downhigher highs and lower lowers. I mean,
that's what we've been facing in thismarket, right, I mean,
that's what bearer markets do. TheyThey rally and they make a new lower
high, and then guess what followsa new lower high, a lower low.
This is typical behavior in a bearmarket, especially the last two big
ones we've had since two thousands.So I always say you can be cautiously

(07:57):
optimistic. I know we have alot of money that's sitting on the sideline
that's just waiting for confirmation that thisthing is bottom done and it's officially in
a real good position. I'm gonnatell you know what we're looking for.
I'm looking for consumer debt to decreasein consumer savings to increase, because right
now consumers have the most debt they'veever had in history, at the highest

(08:18):
rates in history, and they havethe least amount of savings. But leave
them credit cards alone. That meanspeople can't spend money. If they can't
spend money, they can't buy stuff. They can't buy stuff. Corporations can't
make all of it. And that'swhat Powell wan't toomtch. Those prices of
merchandise coming down some inflation comes down, he's raising you know, although he
polity, we're hoping that put hisinflation around at four point about four percent,

(08:43):
four percent, and what we're tryingto get it down as a blowball
too, so it's still one hundredpercent higher than where he wants it to
be. You know, if you'reout there in your word, I mean,
you've worked your butt off, right, I mean to save the money
you got to get your pile,to get your money saved for retirement.
What you don't need is you don'tneed to lose twenty to thirty percent more
than what you've already lost since twentytwenty one. No way, you don't

(09:05):
need to do that. That's stress, fear, anxiety. I mean,
that is the kind of thing thathappens to a lot of folks in two
thousand and seven and two thousand andeight, two thousand and two thousand and
one, where they thought they wereout of it, just to have the
market comeback and take another twenty tothirty percent fall. That's going to make
living off your money really hard becauseit increases the probability of you running out

(09:28):
of money. You still have tolive as long you just have twenty to
thirty percent less money. And Iknow you've worked hard and you don't want
to see that happens to you andyour family. We want to work hard
so our family can help yours avoidthat. Our family wants to work hard
for your family to create a planthat allows you to live in confidence in
retirement so you can enjoy that timewith the people you love, doing the

(09:50):
things you love and care about most. Quit stressing over your money, pick
up that phone and microphone call.That's what I'd like to say, get
a second opinion, get some financialplanners working for you. Don't try to
do this all on your own.It's too stressful and what has been working
in the past is not working sowell today. So give us a call
today. Let's get some new ideason the table. Let's help you out.

(10:13):
Let's do it for that financial labyou guys. It's so simple.
You call right now. There's nocost, no obligation. All it takes
is a little bit of your time. Two two five four to six five
one zero six five Again that's twotwo five four to six five one zero
six to five and real quick,you guys. For those that want to
come in for this financial lab.What are they leaving with? I mean,
are you jotting down a plan?Are they seeing numbers? What is

(10:35):
the benefit of sitting down and puttingthis lab together? Well, they're gonna
leave with a with a couple ofthings. The first thing they're gonna leave
with is a tax map, sothey kind of know where they are in
taxes. You know, the worstthing in the world is heading into retirement
and realizing you thought you're on aretirement date for two and you're you're actually
paying for three because Uncle Sam's gettinga chunk, right, I like,
So you're definitely gonna leave with thetax map, so you're smart about taxes

(10:56):
going out then you were coming in. The next thing you're gonna leave with
is you're gonna leave with an Xray of, if you will, of
your portfolio. In other words,what that means is just showing you that
kind of yield you can expect toget out of your investments and what kind
of risk you're taking to get thatyield. So if you've got a risk
of ten and a yield of six, now it's not the game you want

(11:16):
to play, right, You muchrather have a yield of six and a
risk of four right, because that'stime you have a higher probability conditional probability
of making money right. And thenthe third thing you're going to get is
we're actually going to take take allthe data part and put it into basically
a one pager essentially that says,hey, here's how much income you want

(11:39):
to provide after taxes. Here's howwe're going to provide that income in year
one, two, three, four, five, six, seven, eight,
ten, all the way through yourexpected lifetime. Here's where you're going
to draw your income from. Here'show we're going to position your assets so
you can protect, grow, andreduce taxes on your wealth throughout your lifetime.
And you're gonna be able to walkout with her with a basically a

(12:00):
sheet of paper that outlines everything youneed to do and how you need to
get it done so that you canmake a good decision from a point of
education for your family to have successin retirement. Yep, I would say
that a lot of people out theretryings really don't understand how they come in
and get this review done, thisworkshop done, how important it is to
start positioning money tax free retirement,because if you can start having an income

(12:24):
stream, and part of it istax free. That reduces the taxes on
your Social Security, taxes on yourdividend income, taxes on your income,
and taxes on any of the tennine nine urs you receive it, So
it saves you money in a lotof different areas. It makes a big
difference. People don't know how todo this, better, come in do
the financial lab, learn a fewmoves you'd be happy you did. Again.

(12:46):
That phone number two two five foursix five one zero six five.
It's for that complement or refinancial labtwo two five four six five one zero
six five. More details on thewebsite Shepherd well Solutions dot com. Coming
up next, how to generate guaranteedincome in retirement. We'll be right back.
Financial experts call them orphan four ohone ks, their retirement accounts that

(13:11):
we sort of forgot about when weleft a former job. Well, guess
what you can afford to forget aboutthat much money. For most of us,
our four o one K assets area significant portion of our overall retirement
savings, and it's critical that youkeep them up to date. If you
need help with this, then maybeit's time to talk with David and Travis
Shepherd. They'll review your old accountsand explain what your options are. Maybe

(13:35):
it's best to leave the account rightwhere it is, or maybe you'd be
better off rolling it over into anIRA. Every case is different, but
David and Travis will work with youto figure out what's best for you.
Preparing for retirement can be confusing,maybe even a little scary. Call Shepherd
Wealth Solutions Today two two five foursix five one zero six to five.

(13:56):
That's two two five, four sixfive zero six five, or visit them
online at Shepherd Wealth Solutions dot com. Ah the roller coaster, no matter
your age, no matter the amusementpark, it never ceases to bring the
emotional goods, the anticipation, theexcitement, and then the fear and adrenaline

(14:18):
rush that comes with the King ofall rides. The same can be said
when it comes to your retirement.Lots of questions and concerns that for some
can feel like a roller coaster.Will you be able to continue to live
as comfortably as you do now?Will you have complete financial independence? Will
you run out of money? Howabout taxes, social Security or healthcare?
David and Travis Shepherd and the teamat Shepherd Wealth Solutions can answer these questions

(14:43):
and more with their financial lab calledtwo two five four six five one zero
six to five. That's two twofive, four, six, five ten
sixty five. Call Shepherd Wealth Solutionstoday and let's save the fear and adrenaline
rush for the amusement park. Callto day and find out what David and
Travis Shepherd cook up for your retirementwith a customized financial lab called two two

(15:07):
five, four six five ten sixtyfive. Now let's get back to the
show. We appreciate you spending timewith us here today for the financial lab.
My name is Jessica alongside the fatherson duo David and Travis Shepherd of
Shepherd Wealth Solutions. More details atShepherd Wealth Solutions dot com. You know,
there are some in the financial worldwho won't even mention the word annuity,

(15:31):
even though it's one way to generateguaranteed income in retirement. We talked
with Cheryl Moore, She's an annuityadvocate with wink intel dot com. The
most interesting response is that I getand I read all the research on annuities.
All the research shows that if youdescribe an annuity's features without saying the
A word, most people are responsiveto it, and most people say that

(15:54):
is something that's appealing to me.It's only the word annuity that's a hang
up. Just because their cousin toldthem that it locks up their money,
or their neighbor told them that theinsurance company keeps the money if they die
the next day. That's what turnspeople off. Here's the thing. Call
me out if you want to.I don't care what it's called. If
it's giving me guaranteed income. I'mgetting a check each month or mailbox money

(16:17):
is she'd like to say, there, call it whatever you want. What
are your thoughts on this, guys, Yeah, I'd say most definitely.
I mean, gosh, it's oneof our superpower tools in any financial advisor
that fools with retirees tool jest,you better have this in there for continuous,
steady, rependable, reliable lifetime income. That's what retirement's all about.

(16:38):
I don't want to get down theroad and run out of money or income.
Yet, people, if you mentionedthe word annuity, they get awesome.
Not all of them, but manyof them get a little tied around
the lips. But if you explainwhat annewity does, how it provides a
safe investment or a safer investment optionwhere if the market goes up and these

(16:59):
fix index anew it tea, sothey go up, they go up when
the market keeps going up, butwhen the market starts coming down, amazingly
they stay up. And isn't thatwhat people are trying to do in retirement.
They don't lose they don't want tolose their health, and they don't
want to lose their money. Sohaving one of these type of investment strategies
in your portfolio, I mean,my gosh, that's it's just a no

(17:19):
brainer. But the other thing theydo besides income is well is the income
income and investments. You could usethem either way. Yeah, I didn't
share a story with you. Sohere's what we did for one of our
clients recently. So a couple camein kind of your two typical couple who's
been to a couple of different financialworkshops, you know, kind of seeing

(17:40):
what's going on. And they're nottoo hip on the word annuity because everybody's
been kind of shouting it out himfor years now as they're trying to prepare
for retirement. So came in kindof had a bias towards it. Just
didn't really understand why I should useit. Just kind of thought that people
just try to put you in itbecause they want you in it, right,
It's good for the advis or,not good for me. So we

(18:03):
ran their financial lab and one ofthe big concerns that we had in their
lab was was outliving income. Becauseof the death of one of the spouses,
they're gonna lose a chunk of soulsecurity and that's a big part of
their income. So that's concern.So what I did and what we did
is we ran it and we tookthe absolute minimal amount of money we needed
in order to generate generate enough incometo solve their income gap. Now,

(18:27):
an income gap is your expenses tofund your lifestyle minus your known incomes like
soul security, pensions, things ofthis nature, and then whatever's left over.
You got money left over, that'sincome gap. Your savings need to
fill that gap. So they havea gap of seven thousand, five hundred,
I don't know, forty five dollars. So I showed him and said,

(18:48):
okay, look, here's an ideathat we can use. We can
take fifty four thousand, three hundredand something bucks and then riot at nine
or just under nine years, we'regoing to solve your seven thousand dollars income
gap. He's like, well,that's cool. He's like, but I'm
really worried about if I pass awayfirst, my wife is going to lose
a big chunk of soul security becauseshe's a retired teacher. She has a
pension, and that kind of messesup the idea. So okay, well,

(19:10):
look already already thought about that,and here's here's what we can do
this way, and so if weincrease that amount to one hundred and twenty
five thousand, then in the sameperiod of time, it not only replaces
their seventy five hundred dollar income gap, but it also replaces his twenty three
thousand and twenty four thousand allar soulsecurity check. Wow. And I said,
so you can either turn that incomeone and have extra income, or

(19:32):
you can leave it alone and waitand when you you know, if you
pass away first, she can turnon and have the extra income. He's
like, well, why would Iwant to wait? I like more income
now. It's like, well,I don't know, I'd wait either,
I could income one down too.He said, Okay, that sounds great.
How are we doing this? Isaid, well, unfortunately, I
have to tell you that's an annuity. And he's like, I didn't know
that they could do that, right, I'm like yeah, I'm like,
you know, that's the whole thingwe're essentially be a nuity allows you to

(19:55):
create your own private pension, andso you can control how much you want
to earmark for that pension income orthat paycheck income, and how much you
don't. You know, Now,if you don't want to do that,
you know, mister Bob, wecan always do it the old fashioned way
that like you've been doing, justwith a little more tactical management to help
improve your risk and reward situation.But I can't tell you it's guaranteed,

(20:15):
and I can't tell you the lastlifetime, but it should. It's like,
so, do you want the guaranteeyou know, the last lifetime or
do you want to should says I'mgoing to go, I want guarantee last
lifetime. You know his wife's arethere, it's just not in her head,
like, yes, that's exactly whatwe want. Smart Yeah, but
I mean that is a good it'sa good fit. Look, that's what
we did and it worked for them, maybe it works for you, and

(20:36):
maybe it doesn't. Right, Butthat's a choice you need to make for
yourself, and you need you oweyourself the chance to get educated on it
and make that choice from a standpointof education and not from it he said,
she said about something. Yeah,right, Because that's the worst decision
you can do is get information aroundthe water cooler or from your cousin,
you know, Bob, who doesn'tknow anything about anything. It reminds me
of that remember that game you justplays kids. Telephone started out one message,

(21:00):
but by the time it got fouror five six people down, it
was something else. Same concept forguys, gets the education for yourself.
Yeah. I had a client andI'll tell try to make this a quick
story. It's been with me along time. He's into some shipping stocks
and all that kind of good stuffwith pay great dividends. And we also
have a good bit of about halfhis money and some annuities and he's turned

(21:23):
on some income stream. The coolthing about the annuities is the income stream
goes up each time the market goesup, and he doesn't go back down
when the market goes down. Well, his portfolio of his shipping and shipping
and utility stocks. Well mostly theshipping just took a major hit in and
the last quarter it lost like fiftyeight million dollars. A big company,

(21:47):
all right, So what do youthink they did with their dividends? They
don't have the cash flow there there. It didn't change what they're doing.
They're still going to pay dividends,but they only pay dividends. And when
there it's a positive cash well,and there's a profit, no profit,
no dividend. Well, this wasa big part. You know, about
a fourth of his retirement, buttwenty five percent of that income was coming

(22:08):
from some of these dividends. Well, yeah, you think he appreciated the
fact that the income is still beingcontinued by the annuity. Absolutely absolutely,
And he doesn't know when that dividend'is gonna start back up. So if
they cut their dividend, can youimagine what happens to their stock value?
Yep, it drops. You'll haveto imagine that, you know it,
it's going to drop. So sixtypercent of that value in that stock dropped.

(22:33):
And so that's what you want toavoid in retirement, and that's you
know. The good thing is hedid get some counseling from us, and
he has both sides of the equation. But if he wouldn't have came in,
he would have been left with allthose dividend stocks and a huge amount
of it would have been in shipping. And right now he would have been
what do I do for income?Yeah? I mean, look, here's
here's some simple financial planning for everybodywhen he come into a lot. You're

(22:53):
gonna get you get a snapshot ofthis. Whatever you need to fulfill your
basic income, food, water,shelter, that kind of stuff that should
be provided from financial tools that areguarantee, consistent, readliable and guaranteed as
much as humanly possible. Because ifone of those things stop, you're gonna

(23:17):
have to draw down the rest ofyour savings and make up for until it
starts back up again. And whywould you want to take that money and
go, you know, play rouletteat leberge on Black twenty seven with that
kind of money. Oh, ifit hits, pay off the house.
If it doesn't hit, you missthe house. Note, don't gamble with
your income in retirement like that.Protect what you need for income and then

(23:37):
invest the rest for growth. Thatis the winning formula to getting retirement done
right, and it all starts withyou giving a call today. We will
get you on the calendar. Wedo this offer exclusively for our radio listeners.
The phone number two two five foursix five one zero six five.
Again that's two two five four sixfive one zero six five. This is
for this financial lab where you're goingto be able to literally outline your income

(24:02):
plan for your retirement, for yourfinancial future. See how the numbers are
going to work for you, notagainst you. It's all going to be
on one sheet, so literally aone Sheeter income plan that you're going to
put together. Two two five foursix five one zero six five. The
website, of course, Shepherd WealthSolutions dot Com coming up next, creating
that tax free retirement you've always dreamedof. We'll tell you how to do

(24:25):
it in just a few moments.We all want our money to grow without
the risk of losing anything. Butwith interest rates so low, it's hard
to find safety in cash or bonds. At Shepherd Wealth Solutions, this is
what they call dead money. Theysee it all the time, outdated portfolios
of sixty percent stocks, forty percentbonds or some kind of cash stash on
the sideline. If you have thiskind of setup, it basically means that

(24:48):
forty percent of your money is doingnothing. At Shepherd Wealth Solutions, they
have an answer, Principal Protected money, offering you return while also helping you
lower your risk. David and TravisShephard today two two five four six five
ten sixty five for a complimentary portfolioreview and put your dead money to work
two two five four six five tensixty five or Shepherd Wealth Solutions dot com.

(25:17):
It used to be that you workedhard, saved as much as you
could, and then retired with whateveryou ended up with. But now life
is more complicated. You have toplan your retirement not only to keep what
you've earned, but also keep yourportfolio growing throughout your retirement years. And
that's why you need to talk withDavid and Travis Shepherd. At Shepherd Wealth
Solutions, they focus on helping familiesprotect and grow their wealth. They do

(25:38):
that with a variety of strategies,including advanced tax and estate planning. Give
them a call at two two fivefour six five ten sixty five and see
if you qualify for a complimentary financiallab that's two two five four six five
ten sixty five, or visit ShepherdWealth Solutions dot com. What's your retirement

(26:00):
mean to you? We'd love tohear from you. Two two five four
six five ten sixty five. Nowlet's get back to the show, The
Financial Lab with David and Travis Shephard. I hope you're enjoying your weekend.
You are, of course, listeningto the Financial Lab right here with David
and Travis Shepherd. My name isJessica. Get more details on the website.
Of course, at Shepherd wealth Solutionsdot com. We do have team

(26:22):
members available to take your call offthe air and of course get you schedule
for your very own customized Financial Lab. Two two five four six five one
zero six five. It's two twofive four six five one zero six five.
The last thing you want when yougo to get in your car after
a long night, Ryan, isto see that dreaded tire boot to have

(26:45):
you guys, ever had this donebefore, Never had the bid, but
I've seen them absolutely talk about reckonyour night. It's happened to me,
probably more times than I care toadmit. It usually costs about seventy five
dollars and you have to wait around. The guy shows up it's a
whole thing. But this guy inAtlanta, he's onto something here. He
is selling master keys for fifty dollarsthat enable you to unlock the boot yourself

(27:10):
and then you just leave it thereand I guess you'll leave, and I
can I cannot believe this is legal. I can't even believe how he figured
this out. Um. I wenton his website actually, and there's there's
different keys for different areas of whereyou're located, depending on your state.
So if you're interested in that,it seems to be in Florida, that's
what you need. Yeah, heneeds it. He definitely needs to go

(27:36):
to atl bootkey dot com and you'llbe able to hook him up for sure.
Um. But it got me thinkingabout taxes and retirements. So if
someone doesn't talk about tax planning toa professional like you guys, aren't they
kind of missing the key? Seewhat I did there? You just saving
money? Aren't they missing something?Yeah? I mean I would agree with
that. I mean it is kindof like the cheeko to retirement and your

(28:00):
money in general, whether it's retirementor just building your nest egg, Like,
if you don't know how your moneyis gonna get taxed. Well,
guess what you know the rule aboutpoker to wake up and find out how
much money you're gonna have to payin taxes, it's just rude. Yeah,
it's totally rude. Rude, that'show it's it. Um. But
like it's like poker. You knowyou've ever been told the big secret of
poker, Jessica, what's that now? If you don't know who the sucker

(28:22):
is at the table, it's you, right, So like in taxes,
if you don't know that you're themark, you're the guy they're going out,
gal, they're going after you're notprepared to play the game. You
need to go back and read themanual. Pay more than your share.
Let me put this an inconvenient conventionalfinancial wisdom is you should put all your

(28:45):
money into tax to heart investing becausetaxes won't be so bad later on in
retirement. Guess what's not true.It is absolutely unequivalently false. Taxes will
be more important in retirement because yourmoney, if it's all taxable, means
it. If you're in a twentypercent bracket, you're going to be funded

(29:07):
for his hairement because the other twentypercent is going to Uncle Sam. I
mean, when you're doing taxifert investing, you essentially you're getting compounded interests.
That's true, but that compounding interestis compounding taxes. You're going to pay
more and keep less. That's notwhat you want to retirement. You want
to make more and pay less tothe irs. That's what you're looking to

(29:30):
do. And without knowing the rulesof the game, you're not putting yourself
in a position to win the game. I want to keep more in my
pocket, Yeah, so I canspend it, send it to Uncle Sam,
so they can overspend it, andthey want more. So. We
have a client and he hates payingtaxes. In fact, it's just the

(29:51):
most aggravating thing in the world tohim. He doesn't understand I made the
money, I've paid taxes all mylife, and now I gotta pay taxes
again. And after remind him aall time that, well, you didn't
make the money, you did paytaxes all your life, but after you
pay the taxes, you stuck itinto your four oh one k or traditional
ira, and now you have topay taxes because you didn't pay it for

(30:12):
thirty years and the as Yeah,and the IRIS thinks you basically the IRIS
looks at your four O one kas a tax free loan that you're gonna
gowe back to them. So he'snot half about this. And we have
this conversation every year except for startingin year twenty twenty two. You know
why, because our client is supersmart and he's a really crafty guy.

(30:33):
I'm trying to think of which oneyou're talking about, not as soon as
ason as I say sorry. Sohere's what he did. So he went
and uh in twenty twenty one,he gave us a call and he said,
hey, I need about an houran hour and a half in the
conference room because I have some questionsand I have an idea and I want
you to make it happen. Likeokay, all right, okay, let's

(30:53):
just say let's say his name isJohn. All right, John, what
are we gonna do? He goes, no, no, no, I
can't tell you, but I'm gonnashow you. I said, okay,
So he get his appointment. Hecomes in a week later, he sits
down and goes, all right,Travis, David, here's what we're gonna
do. I'm like, man,i feel like I'm on mission impossible or
something, you know, like thismessage is gonna self destruct. He goes,

(31:14):
I don't want to pay taxes anymore, and I think I figured out
how I'm gonna do it. Now. This is a guy who John,
who I've been talking to you forthe last five or seven years about doing
Roth conversions and he wouldn't do thembecause it cost him in taxes and he
didn't want to have to pay thetax to get out of tax jail or
to get out Yeah, tax step. You know when he just kept the
misery going, yeah, he justit just it just drove nuts. So

(31:37):
twenty twenty one or saying when therewith John, he comes in, He
goes, Okay, here's what I'mgonna do interest rates. I can get
an interest rate to finance my houseat like less than two percent. He
goes, that's free money. Isaid, yeah, John, that's free
money. What do you want todo that? He goes, I want
to convert all my money in thein the IRA to Roth. I was
like, okay, and you wantto leverage your house for this? He

(31:57):
goes, no, no, no, I don't to do that. He
goes, run the numbers for me. So I ran the numbers. One
we wanted to do. Come tofind out he had to take about thirty
five forty percent of the house torefinance. That gave him enough money to
convert about a million dollars out ofa traditional ira to a raw thire.
And out of that money we tookI think it was two hundred and three

(32:19):
thousand dollars, we turned that intoin an income using the annuity right,
and that money paid the mortgage fromthe house which left him which was tax
free, which is tax free,which left him was seven hundred and ninety
eight thousand dollars that he could dowhat whatever the heck he wanted to and
he never had to pay taxes onlythat money ever, ever, ever again.

(32:40):
And his last name wasn't Cheatham wasit was not legally he did this.
It is illegal. This is alegal move that. So yeah,
I mean, you know, sometimesyou pick up some real good ones from
your clients, and that's one wepicked up from John. So if you're
out there and you're struggling with taxesor look, I mean, let's let's
let's not beat around the bush,and this makes it simple. Taxes are

(33:02):
like cavities. If you have acavity, do you think it's gonna get
less painful and less expensive if youdon't treat it for thirty years. It's
a good analogy. Yeah, yeah, no, it's not. It's gonna
get more painful and more expensive overthe next thirty years. Your taxes are
like that in retirement. You don'twant to head into retirement with potentially lose

(33:22):
another twenty to thirty five percent intaxes if you don't have to. The
difference is some people who understand thetax code and then everybody else. You
want to be one of the peoplewho understands the tax code so you can
make smart decisions with your money soyou can pay less to the irs legally.

(33:42):
You don't want to be like everybodyelse who's just sitting there doing their
taxes, waiting to see how badit is. That's not how I want
to live my life. Do youwant to live your life in fear and
concern, to worry about how muchyou gotta pay taxes every year? No?
I do get a little nervous aroundtaxes. Yeah, I bet you
do, right. I mean,everybody who owns a business owner it owes
it to themselves to make sure thatthey're not just getting tax preparation, but

(34:05):
tax advice. Business owners in thebest position possible to control their taxes if
they understand how it works. Yep. I agree with that. People who
work for business owners are in thesecond best position. Well, they don't
get the tax rite offs that businessowners get, yep. But they could
invest in things that create tax writeoffs too, exactly, And that's the

(34:27):
difference. Just because you're not abusiness owner doesn't mean you can't take advantage
of some of the same deduction asthey do. You just got to do
it a little bit differently. Butif you understand taxes, you can learn
how to put your money to workand pay less to the IRS. Do
it legally and enjoy a tax efficientor tax free future. Don't let the

(34:47):
IRS ride your coattails in retirement andhold you back from the kind of lifestyle
you can provide for yourself and yourspouse in retirement. Take control of it
and start today. Come do yourla and we'll show you how to get
control of the irs. Do itnow because IRS is going to take more
in the future, that's for sure. Yea. As we all go up,
yep, we all know taxes areon the rise, so you need

(35:08):
to take advantage of this. Opportunitytoday. Come in for your very own
tax lab. This is making sureyou're being tax efficient both now and in
the future. Less money to UncleTam, more money in your pockets.
Two two five four to six fiveone zero six five. Again for the
tax lab two two five four tosix five one zero six five. The
website Shepherd Wealth Solutions dot Com comingup next to the unusual requests that some

(35:34):
make after they're gone. Stay withus. The good and bad with home
improvement projects. The good you savea buck or two. The bad heaven
there's no hot water, so youmove on to the car heaven. What's
with the car? Good news.You can recover from these heaven well,
almost all of them. But whenit comes to your retirement, a mistake

(35:58):
can be devastating. David and TravisShepherd at Shepherd Wealth Solutions they've been helping
folks just like you plan for retirementfor years. That's why they've been able
to correct do it yourself problems beforetheir problems. Get your complimentary assessment of
where you are now and look atsome of the retirement boxes you haven't even
thought of. You can't YouTube yourretirement called David and Travish Shepherd Today two

(36:22):
two five four six five one zerosix five. More details on the website
Shepherd wealth Solutions dot com. Meetthe father and son team David and Travis
Shepherd, founders of Shepherd Wealth Solutions. You know, planning for your retirement,
it's not the same as it wasfor your grandfather, right. Oh,
no, you know grandfather's days,they had pensions, you know,
that's berry that wasn't even taxed thanthat. They were working for a plan

(36:45):
or are some industry. They usuallyhad a little pension go along with it,
and they didn't have a big taxproblem. Yeah. I mean,
if you think about it, it'skind of like there's a there's a pyramid
of investments or assets forsires. Yourgrandparents pyramid, the big basse at the
bottom that was their pensions. That'swhere they were heaviest at pensions. And

(37:07):
then they had they didn't have moneyin the brokerage accounts. Yeah, well
it didn't come out to the poor, right. But the base was always
their pension. Base was their pensionbecause that's where most of their income came
from. Then the next layer upwas their savings or their so security because
that's another income source. Then theyhad their savings, and then there's a
very small fraction of the top littlepeak of the pyramid was probably stocks or

(37:28):
investments things that incurred both the yieldand risk at today's age. But look
back, I mean, stocks weren'tthat popular back during my grandfather's you know
your grandfather, Yes, my grandfather. No, stock portfolios didn't become popular
until four one case came out.Then it started becoming much more popular.
Now that you talk about retirement structurechanging, it's just flipped up some Yeah,

(37:51):
the structure is exactly it's inverted.It's completely opposite. So now instead
of having a big bass as guaranteedincome like pensions so security now you're inverted.
Now You're biggest weight is no longerthat guarantee sources of income. You
still got soul security, but solsecurity today because it's taxable and it just
you don't really get a lot ofhelp with inflation. It's not as big
of an impact as it used tobe. Your largest savings is in your

(38:13):
four one K. In this riskbased yield and risk based type of investments,
that more money makes it more difficult, makes it a lot. If
you take a triangle right and youhave the big base at the bottom,
it's pretty dang stable, right.If you invert that triangle and try to
live off the little peak at thetop, then it becomes a teeter todder.
Yeah, and now it's not astable And that's why the retirement is

(38:34):
so different for the generation that's goingthrough it today. Your generation, Dad's
generation, My generation is gonna betotally different than your dad's generation and even
your grandfather's generation, who their pyramidwas strongest at the income base. And
that's why when we talk about buildingout plans for retirement, it's all about
income. If you want to talkabout your financial future, what it's like

(38:54):
to have that successful retirement, giveDavid and Travis a call today. Two
to five four six five ten sixtyfive two two five four six five ten
sixty five. Of course, moredetails on the website Shepherd Wealth Solutions dot
com. Getting Uncle Sam and WallStreet out of your pocket. Let's get

(39:14):
back to the financial Lab with Davidand Travis Shepherd. We appreciate you joining
us here today for the Financial Lab. We'd love hearing from you. Two
two five four six five one zerosix five. That's two two five,
four to six five one zero sixfive. The website Shepherd Wealth Solutions dot
com. History has served a plentyof examples of unusual requests by famous people

(39:37):
who have passed away. For example, the event are of the Pringles can
he was actually buried in one that'sweird. And let's see here the creator
of Star Trek had his ashes shotinto space. And I guess you know,
creativity aside, it's never easy tohave this conversation about a state planning,
legacy planning, maybe your plans,what you want, all that kind

(39:58):
of stuff. Have you guys hadsome unique will or estate planning conversations.
Yeah, we always run into afew strange things out there. It kind
of reminds me of the Catwoman.It came in. You know. Yeah,
she had a pretty nice sized state, but she was leaving it all
to her cats. What Yeah,how do you do I mean she left

(40:21):
it to she left it to uhsome of the trust. Yeah, there's
a trust. She created a CharitableRemainder trust, which helped her to reduce
her taxes and convert some money intoroth. But we used to Why can
I not think of the name ofher, like Capital Area Feline? I
don't remember anyways, Wow, it'sa charity that she's always given to that

(40:42):
specializes in taking care of cats.Um, So she set it up that
way, and she carved out someother money to have somebody to take care
of her. Her niece takes careof her cats, and then at the
end of those cats lives and theniece gets to keep the rest of that
money. Okay, well that's atleast there's a plan. B Yeah,
good, good part of a ghostof charity. But she gets a good
chunk tabe. And this is aserious question when you when people come in

(41:05):
and they say this, If theysay, I want to leave my money
to my cat or my dog ormy hamster or whatever the heck it is,
I mean, how hard is itfor you to maintain seriousness? I
mean, it's, honest to god, it's you know. You know what's
funny about that is it's actually notas hard if you ask the right questions
leading into that conversation. Oh mygod. So, like you know,

(41:28):
that's what we always thought about havinggiving your money a purpose, and so
like you know, a lot oftimes we start talking to people, we're
not gonna hey, how much you'vegotten? Where is it? Like,
that's not how conversations start for usbeing a family business or generational family,
generational family business, however you wantto say that. Um, A lot
of the questions begin with, hey, it's nice to meet you, you

(41:49):
know, tell us a little bitabout yourself and your family. Right,
And if somebody's having that conversation theydon't mention they have any family, you
might dig a little deeper to figureit out, because that's us doing it.
Sounds like were being nice, andwe are. We genuinely do care,
but it's also us doing our duediligence. As Fido sharies, well,
And here's the deal. I don'tplease listeners. Don't call me and
say I'm not an animal. That'snot what I'm saying. I'm an animal

(42:10):
ever all day long. I justknow that for me sitting down at a
table, I don't even know ifI would think about that. But anyway,
to each their own, but that'show that's that's how we get there.
So if someone didn't tell you theygot this going on or that going
on, but they love their cat, they love their dog, they love
their horse. Like then when itcomes up like hey, I want to
I want to leave, you know, uh, Shaggy all my all my

(42:30):
Scooby Doo treats. We're like,okay, well that you know, well,
I guess I got that wrong.Scooby Doo it gets all the treats
from Shaggy. But anyways, well, I was gonna say a state plans
get a little tougher too now becausea lot of marriages, um, you
know, getting blendid families, andthen there's uh that wheels are always challenged.
So we're you know, we encouragepeople to look at trust because they're

(42:51):
a little they're a little tougher tobreak up. You know, wills can
get challenged and overturned in probate courtor succession court, and they do that
all the time. So you know, somebody just has to challenge the will
and the judge about eighty percent ofthe time we'll overturn it somehow. You
know, it depends on what's beingchallenged. But uh, you know,
a trust we prefer having control overthe outcomes because I guess we're control freaks,

(43:15):
right, and really that and what'sworked for us in our family and
for our clients families it has beentrust. That's what we've done. It's
worked well, I mean you know, just to give you a little local
story or a statewide story. Imean, there's a reason Tom Benson put
the Saints in a trust. Butthe reader vents in LaVall could not get

(43:35):
ownership at the trust away from hislast wife. And guess what readA Benson
Lavallan. Did she went after thattrust? Did she get the Saints?
No? No, because he hadit in a trust that was approperly funded,
maintained and done when he is ofsound mind and body. But she
sure did trying to break up likehell to get that thing out of there.
But that's something that's why we didit. It's it's worked well for

(43:57):
us, It's worked well for thefamilies that we serve. It probably would
work well for you. It's definitelysomething you should consider. Yeah, you
know, the weirdest thing that Ican say is not from a client,
but actually one of our girls onthe team. She wants to be made
into a diamondsmond. Let me guesswho that is. Yeah, it must
be Stacy. She's into the blank. She's shiny stuff that Betty Johnson shoes,

(44:22):
Yes, Betty Johnson shoes. Allthat stuff. Maybe and maybe maybe
she'll put it into footwear. Idon't know. I don't know what the
plan is for the diamond, butshe said if she had a choice,
she'd come back as a diamond.Okay, well, listen, I think
really to each their own right inthe world as your oyster, so to
speak, when it comes to yourplans and what you want to do.
And that's why it's so important alsoguys to have a will and to have

(44:43):
an estate plan. And for somereason, when people hear a state plan,
they think, oh my gosh,you have to have millions and millions
of dollars to do that. That'snot the case. And this is all
part of the financial lab you guys. This is part of that checklist,
right, Yeah, this is it'snear the end of the financial lab.
After we accumulated all this, howare we going to pass to the next
generation. That's true. There areways to do it that will benefit the

(45:04):
family, and there are ways todo it not going to benefit the family
that much. Yeah, I meanyou think about it, like you said,
just people are always concerned that theydon't have enough to do a state
planning. Right, God, Ijust don't have enough saved or it's not
a problem for us. I wouldtell you this. Smaller states can afford
to give away less to the irs, are less to the courthouse. Courthouse.

(45:24):
Yeah right, you got less moneyto go around. You didn't make
sure you handle your business appropriately sothat your kids don't get less than the
irs or less than the court peoplethe courthouse, do you so? Yeah,
it's a bad stereotype. I thinkyou have to have a ton of
money to do a state planning properly. Smaller states, you really need to
make sure you haven't done properly becauseyou got you got less cushion, you
know, to give up. Biggerstates might have more cushion. But I'll

(45:46):
say you are this right now.They don't want the irs are the courthouse
to get anymore than their loved ones. Do you know? They don't like
to overpay the taxes. They don'tlike to overpay and legal fees. Right.
I mean, it's just not agood idea. It's not a good
thing to do. So if youcan, if you can avoid it,
and you can, the way youdo it is through proper planning, take

(46:08):
some time, put in the work, get a good outcome. That's why
we have a couple of attorneys associatedwith us that we use to do those
estate plans, So make sure youtake the time come in and get a
financial review, and before you leave, we'll do the estate planning, show
you the best possible way to passit down to your family. That's part
of what we do. Set yourselfup to get your estate planning done right,

(46:29):
and it all begins with you todaycalling two two five, four to
six five one zero six five.You know you think that once you're retired,
all your finances are in a goodplace, but it ran across an
article that talked about the biggest expensesthat most retirees underestimate. So when budgeting
for a retirement plan, do youtake these into account? I mean one

(46:49):
of them is you know we justtalked about a taxes. Well, you're
right, Jessica. I mean thatis something that we need to talk about.
And one of the biggest things peoplefailed to plan for in their retirement
is taxes. Good old tax man. So that's one of the primary things
your financial labs all about. It'sabout creating income, it's about reducing risk
on your growing your money, butit's also about how to put more money

(47:12):
in your pocket and do some taxplanning. Yeah, so you know,
I was thinking as we were talkingabout this, I would share a story
with y'all. So we just dida lab for some clients. And you
know, they're pretty successful. Theyown a couple of businesses, they got
some property, they got they gottheir primary business, and they've got some
savings. They've got great incomes.In fact, their income is so good.

(47:34):
Every time they talk to a financialperson, which they have to two
people they use right now, they'refinancial people in their CPA tells them they
make too much money to put moneyto use roth iras. And I was
like, oh, well, youknow that's true. And they're like,
oh man, Like I was lookingfor somebody to tell me different. I
was like, well, that's notthe end of the story. Yes,

(47:55):
you cannot take money and put intoa roth ira outside of an employer sponsor
plan. They're like, okay,said, but what you can do is
you can use your business to createa four oh one K for you and
your spouse, and inside that fouroh one K, we can get up
to twenty four thousand dollars in aroth four one K option for each of

(48:19):
you, and then you can useso it's forty eight thousand dollars for her
husband and wife to go into theroth, and then they can put another
one hundred and seven thousand dollars intothe traditional four oh one K and save
money on taxes for that. Now, the best part about that is this,
they've been told for the last fifteenyears they can't do wroth because it

(48:39):
makes too much money. And theycome in and we're in the room for
probably thirty thirty five minutes, andall of a sudden they get told,
what, I can't do a wroth. There's doing it, but here's another
way to get it done. Andthey're super excited about that. So then
I share the next part of thephase with them. Right, So that's
that's basics. So let's break thatdown. Though they couldn't do it on

(49:01):
an individual side, that's what theCPA was telling them. That's right,
but we were advisors as a businessowner, this is how we set this
up, and you can do itthis way. Yeah, like it's probably
the worst. You're right, butyou're wrong kind of setup. I hear
all the time because they here's fromdoctors, lawyers, attorneys, anybody who's
making enough money to be phased outare eliminated from contributing to a ROTH I

(49:23):
R ray outside of an employer responseor plan has been told this. What
they have not been told is thatthe IRS has no income limit on WROTH
four o one K contributions other thanthe max right, other than there's no
income mean and how much money youmake cannot disqualify you from using a ROTH
four oh one K. Now,you can't put more than twenty four thousand

(49:45):
dollars into every year because that's therules for everybody, but you can still
use it. So here's how wejust advance planning for that client who said,
well, who's a client now,So they're gonna put it twenty four
thousand dollars in for each one ofthemselves in the first year, and then
they're gonna make a the difference theother one hundred and seven thousand right together
into the traditional side. Guess whatthey're going to do next year. They're

(50:07):
gonna put twenty four or forty eightthousand dollars in the roll side again for
each other. But then they're goingto take a portion of that one hundred
and seven thousand dollars out, convertit and convert it, and then they're
going to contribute another one hundred andseven thousand dollars, So they got a
hundred hundred thousan dollars coming off theirtaxes and let's just say, for a
simple mass sake, sixty five thousanddollars coming out as a row conversion due.
Yep. That's how you get taxplanning done right in retirement. When

(50:31):
you've been told for the last fifteenyears you can't do something, it's not
because you couldn't do it, it'sbecause the people you're talking to they don't
do investments, and they don't dotaxes, and they don't do them together.
They don't know how to plan forit. This is the kind of
information that people don't get and theyneed. So if you're out there and
you're a business owner or you're ahigh income earner and you've been told you
can't use row fire raise, comeand see us do the financial lab and

(50:54):
let's start getting your retirement done rightbecause you've been told wrong. Callin right
now again. That's two two fivefour six five one zero six five against
two two five four six five onezero six five for that financial lab.
More details and you can even bookyour appointment on the website as well.
Shepherd wealth Solutions dot Com. Wouldyou appreciate you joining us, Have a

(51:15):
great rest of the weekend, andwe'll talk to you next week. Remember
plan well to live well. Thanksfor listening. Travis Shepherd is an investment
advisor representative of Retirement Wealth Advisors,Incorporated, an sec registered investment advisor.
Shepherd Wealth Solutions, Retirement Wealth Advisors, and w JBO are not affiliated.
Exposure to ideas and financial vehicles discussshould not be considered financial advice or recommendation
to buy or sell any financial vehicle. This information should not be considered tax

(51:37):
or legal advice. Individuals should consultwith a professional specializing in the fields of
tax, legal accounting, or investmentsregarding the applicability of this information for their
situation. As to performance is nota guarantee a future results. Any comments
regarding safe and secure products and guaranteedincome streams refer only to fixed insurance products.
They do not refer in any wayto securities or investment advisory products.
Fixed insurance and annuity product guarantees aresubject to the claims paygability of the issuing

(51:57):
company and arecut offered by our wa