July 3, 2025 • 27 mins
#SafeMoney #JonHeischmanSr #LostSecretOfRetirementPlanning
Retirement planning may seem technical but in this episode, host Jon Heischman, Senior discusses the art and lost secret of planning!
Call Jon at (888) 426-0177 with questions, comments or to get a free copy of Top 10 IRA Mistakes and How to Avoid Tax Traps. Visit www.heischmanfs.com/ for additional information.
Retirement planning may seem technical but in this episode, host Jon Heischman, Senior discusses the art and lost secret of planning!
Call Jon at (888) 426-0177 with questions, comments or to get a free copy of Top 10 IRA Mistakes and How to Avoid Tax Traps. Visit www.heischmanfs.com/ for additional information.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
People really don't know what their expenses will because they
don't know how long that they're going to live.
Speaker 2 (00:06):
The Americans are worried they won't have enough safe for retirement.
Now more than ever, retirement's going to cost for many
folks over a million dollars.
Speaker 3 (00:14):
He is no short thing in investing, but a lot
of people think that annuities may come close to that.
It's going to more safe, safe, safe, safe things that
they know.
Speaker 1 (00:22):
If they know they're going to need that money to
supplement the retirement, well then you can't play that rest.
Speaker 4 (00:27):
This is the Safe Money and Retirement Show. But John
Heischman Senior, Founder and partner of Heisman Financial Services serving
the Columbus and surrounding areas. John specializes in educating pre
retirees and retirees about safe money strategies and ideas. Now
is the Safe Money and Retirement Show. Here's John Heischman, Senior.
Speaker 2 (00:48):
Good morning, and welcome to the Safe Money and Retirement Show.
I'm glad you tuned in. I'm John Heischmann, your host,
bringing this show to you on behalf of Heischmann Financial
Services located in Reynoldsburg. So I want to talk about
(01:12):
the Lost Secret of planning, and of course, because our
firm specializes in retirement planning, this lost secret of planning
is about retirement planning. And you know, it's funny, the
(01:34):
more things change, the more they stay the same. We
have a very sophisticated, technically oriented country. It's a country
where advancements are being made every day and where progress
is always expected. Moving ahead is always a goal or
(02:01):
should be a goal. And yet we're not much different
in many ways from years ago because goals were the
same and underlying foundations of progress and expectations were the same.
(02:22):
The things that we do now correctly and incorrectly are
pretty much the same things people have always done correctly
and incorrectly. So, in my opinion, one of the things
people do correctly is planning, and conversely, one of the
(02:47):
things people do incorrectly is not planning. Everything we do
in our lives revolved around some or to planning. What
about your money? You know, most Americans literally spend less
(03:09):
time planning out their financial future than they do a
trip to the grocery or hardware store. All the little
details that we think about in our daily activities and
plan for are for the most part ignored by most
(03:31):
When we talk about our money and retirement planning, most Americans,
no matter what incomes they have or what they do
for a living, will end up not being able to
retire on the standard of living that they had prior
(03:56):
to retiring. I think it's really easy and simple to
plan for your future, and that's my opinion because that's
what I do with my clients. But I have to
plan properly with them so they understand the need to plan.
(04:23):
I don't know of any other way around it. There
is no secret, no technique, no method of doing things
that have not been found today, that hasn't worked in
the past and will work any better in the future.
So look in the dictionary the word planning. Here's how
(04:47):
it's defined to form a scheme, a method for doing
achieving something we do for virtually everything we accomplish in
our lives, everything except our financial future. When you think
about it, it just makes sense to take the time
(05:12):
to plan for your future. There are three steps that
you need to plan for your future that will help
cover what I help clients with. First, let's find out
where you are today. Second, let's find out where do
(05:33):
you want to go? And third, building a plan for
you to get there. It sounds simple, doesn't it, But
there are some things that need to be addressed in
order to make up a plan and to get started.
(05:54):
What's your net worth? What are your assets? How much
will these ask sets earn before you retire? Now, if
you're already retired, what should you do with these assets?
Where's the best place to have your money at retirement?
(06:16):
Do you have a budget? Will your current income, projected
income and retirement keep up with inflation and the cost
of living? And what is your tax bracket? What are
your goals and objectives? And is there a debt reduction
(06:38):
plan so you can be out of debt before retirement
or early in retirement. So these are a few of
the questions that need to be addressed when we talk
about retirement planning. Can you answer these? And do you
(06:59):
know where you're at at this point? If not, that's
my job to help you. Because what I've seen over
my many years in practice, those that are successful in retirement,
by their own definition, they have planned. We also review
(07:26):
that plan once a year, modify the plan, or if
it's working, continue as is. The sooner you start planning,
the better off and more secure you're going to be
later on in retirement. I met with a couple towards
(07:48):
the end of the year last year, and they thought
they had a plan, but it didn't cover pretty much
any of the topics that I just referred to, And
after several meetings, we put together an actual plan which
(08:11):
included their budget. They had a little bit of debt
and we wanted to eliminate that as quickly as possible,
so there was a plan to eliminate that debt. We
were able to reposition some of their assets into accounts
(08:34):
that were going to give them guaranteed income to supplement
their Social Security that would give them the peace of
mind of their income coming in throughout retirement. Now, this
is not an unusual situation. Many fall into this category.
(08:57):
And if you think you're in this group that is
just not sure that your plan is correct or up
to date, or maybe you don't even have a plan.
I want you to contact me. I will show you
(09:18):
what's work for my clients and what will work for you. Now,
keep in mind, everyone is different, the amount of money
is different, so the plan needs to be designed for
your situation to make sure it works. You can reach
(09:41):
me by calling eight eight eight four two six zero
one seven seven again triple eight four six zero one
seventy seven. And this is not a sales meeting. There's
no cost and no obligation. It's my way of giving
(10:04):
back to my radio listeners, their family, friends and referrals.
It's so important. Planning will give you the best chance
to reach your goals. It'll give you the best chance
to deal with problems and changes during your retirement, and
(10:27):
it's going to provide you with the best chance to
achieve peace of mind and contentment that we're all seeking,
especially in retirement when that paycheck ends. We need to
form a scheme, a method for doing and achieving. So
(10:52):
once again we want to find out where you are today,
decide where you want to be and build a plan
to get there. Knowledge is power. Obtaining that knowledge on
how to plan for your retirement is invaluable. It's about
(11:15):
time for me to take a break, but I want
to give you my website to visit. Look around, find
out more about Heischmann Financial and be sure and let
me know how I can help. Visit heischmannfs dot com.
(11:37):
That's spelled h Ei s ch m an fs dot
com and the number again is ad eight eight four
two six zero one seventy seven. Stay tuned. I'll be
right back with the second part of The Safe Money
(12:00):
and Retirement Show today.
Speaker 1 (12:04):
Thanks for listening to The Safe Money and Retirement Show
with John Heischman. For more information, call one eight eight
eight or two six zero one seventy seven. That's one
eight eight eight four two six zero one seven to seven,
or visit their website at heismanfs dot com more of
The Safe Money and Retirement Show. In a moment, you.
Speaker 2 (12:30):
Have spent your entire working life hoping what you put
into your retirement accounts will help you live comfortably when retirement.
Hope has no place in retirement planning. Hope can make
retirement feel like a looming problem instead of a rewarding
(12:53):
life stage. I don't want to operate under hope, especially
today when longevity is at its highest. That's a good thing,
but it's a problem when we talk about retirement income.
You need a well executed plan. This is John Heischmann
(13:17):
from The Safe Money and Retirement Show. I can help.
If you'd like to schedule a telephone conversation or a
face to face meeting, call a day date four two
six zero one seven seven, triple eight four two six
zero one seventy seven.
Speaker 3 (13:47):
Life expectancy is at all time highs, so that means
you've got a fugitive plan for at any age. If
you have longevity in your family treat then you need
financial education from someone with the experience and knowledge to
guide you in you and through your retirement years. John
Heischman and the folks at Heischman Financial Services are committed
to helping you achieve your retirement goals with a low
(14:08):
key and trustworthy approach. Call Heischman Financial Services today to
get started on your retirement future. Call one triple eight
four two six zero one seven seven. That's one eight
eight eight four two six zero one seven seven. Heishman
Financial Services has your future in mind.
Speaker 1 (14:36):
Welcome back to the Safe Money and Retirement Show with
John Heischman. To contact John, the number to call is
one eight eight eight or two six zero one seven seven.
That's one eight eight eight or two six zero one
seven seven. Once again, here's John Heischman.
Speaker 2 (14:54):
Welcome back to the Safe Money and Retirement Show. I'm
your host, John Heischmann. I do want to mention that
midyear is a great time for a checkup a financial
review of where you're at, reviewing your accounts, making sure
(15:17):
they match up to your risk tolerance. If you're getting
ready to retire or already retired, you're in the preservation
stage and designing income for the future. It's also a
great time to review your beneficiaries, wills and trust because
(15:42):
it's part of planning. Think about that. Give me a call.
We can review your current situation and looking at your
cash flow statement and updating your financial statement eight four
two six zero one seven seven. I welcome the opportunity
(16:07):
to help you eight eight eight four two six zero
one seventy seven. And by the way, if you need
any of those forms, let me know because I do
have a supply and I don't charge for those or
(16:28):
there's no obligation. It's my way of saying thanks for
listening to my show. All you have to do is
call the number that I give you. Your message could
be send me the financial forms now. I was discussing
the loss secret of planning during the first part of
(16:51):
my show. Continuing on that topic, we need to address
the ways that you you could lose your money or
run out of money in retirement. I think that's the
worst possible thing that could happen, and I want to
(17:12):
make sure that you don't because no retiree wants to
run out of money or no retiree wants to lose money.
But things happen, unexpected situations, emergencies, or not planning for
(17:35):
those risk that we're all going to face in retirement.
So part of planning is risk planning. Now I realize
and have seen over the years, many retirees cannot prevent
or plan for all of the risk that they're going
(17:57):
to face. It might be limited resources to purchase the
plans or I should say, products that's going to help
eliminate potential risk, or they choose not to cover these
risks or maybe procrastinate. So as a retirement planner, I
(18:21):
want to at least make each client aware of those
risks and how we can prevent those risks causing you
to lose or run out of your money that you're
going to be dependent on during retirement. In addition, I
(18:42):
see that most retirees have not been advised or learn
how to set up a financial plan that will allow
them to protect themselves from any of the major ways
that a retiree could run out of money. Most are
(19:04):
just not aware until it's too late and they experience
one of these risks. Unfortunately, there is so much emphasis
on investments growth where to put your money, which, don't
get me wrong, is important, but the majority of time
(19:28):
the risk factors are overlooked or not brought to the
client's attention. I think it's you might say mandatory. I
want my clients to be aware and if at all possible,
figure out a strategy to protect them against those risks.
(19:54):
I can break these and condense them into six days
different areas that's going to cause problems for retirees, as
I mentioned, problems that can be reduced or eliminated through
proper planning. So I'm going to give a brief discussion
(20:19):
in the interest of time, of these six areas that
I address and want to bring to the attention of
my clients. They could cause the most problems for retiree
and create the greatest chance for them to lose or
run out of money. So number one is going to
(20:41):
be taxes, then catastrophic medical expenses, inflation, bad investment planning, lawsuits,
and passing away without a proper estate plan. When I
say in the state plan, it's really for everyone. However,
(21:06):
When you hear the word a state plan, you automatically
think that's strictly for the wealthy, but not true. Your
state plan could be as simple as a will and
trust and correct beneficiaries on your accounts. Taxes are so
(21:28):
important during retirement. Addressing the ways to reduce your taxes
is critical. Catastrophic medical expenses Here, we're addressing the area
of your Medicare costs, out of pocket costs, as well
(21:49):
as planning for taking care of your long term healthcare needs,
simply because the odds are very high that at some
point you're either going to have to stay in the
nursing home or retire long term care. That is probably
(22:09):
the biggest area that is going to wipe out retirement savings. Inflation, well,
we all know about inflation because we've definitely experienced that
over the past several years. Inflation is not going to
go away regardless of the inflation rate, and your plan
(22:34):
needs to be able to adjust for inflation. You need
to be able to increase your income from those accounts
we're using to generate income and have the flexibility to
adjust that income based on inflation. What about bad investment planning?
(22:57):
Here's another area where I see retirees continuing to make mistakes.
Most don't understand what investments are or how they work.
It's usually a part of every retires plan, but it
(23:18):
needs to be adjusted to your risk tolerance and risk
capacity during retirement, and it could be you have too
much at risk or not enough at risk and you're
losing potential growth. We want to address that. Lawsuits well,
(23:45):
most retirees don't realize that lawsuits are a common plague
and can cost some or all of your life savings.
Even if you're not working, the potential for lawsuits are
always there. What coverage do you have to protect yourself
(24:07):
on a liability situation? And are your assets set up properly?
How should they be owned, how should they be titled?
Especially today because they are so common, much more so
than ten or twenty years ago. So we want to
(24:29):
talk about that. Lastly, passing away without having properly set
up your estate, and we get back to wills and
trust protecting your retirement assets. Again, Planning is the answer.
(24:51):
It's the key. Now, all this might sound difficult, but
it's really not. It's getting to the point keeping it simple,
which I try and do for each client and everyone
that I talk to. I'd like to hear your concerns,
(25:11):
what you've done in the planning area, and what you
haven't done. These can be addressed eight eight eight four
to two six zero one seventy seven at number again
is triple eight four to two six zero one seventy seven.
(25:34):
The great thing if we talk about your situation in
person or over the phone, there is no cost. It's
complementary to my radio listeners. In appreciation of you taking
your time to tune in to my show. From my experience,
(25:55):
the peace of mind and the satisfaction of having a plan,
proper plan going into retirement or being retired is priceless.
Be sure to tune in next week at the same time,
the same station for my show and I look forward
(26:15):
to hearing from you. This is your host, John Heischmann.
Speaker 4 (26:21):
The Safe Money and Retirement Joe John Heisman Senior. To
get in touch with John, call one AA eight four
two six zero one seven seven. That's one triple eight
four two six zero one seven seven. For more information
about Heisman Financial Services, visit their website Heisman FS dot com.
(26:42):
That's H E I, S, C H M A n
F S dot com. Join us again next time for
the Safe Money and Retirement Show with John Heisman Senior,
People really don't know what their expenses will because they
don't know how long that they're going to live.
Speaker 2 (00:06):
The Americans are worried they won't have enough safe for retirement.
Now more than ever, retirement's going to cost for many
folks over a million dollars.
Speaker 3 (00:14):
He is no short thing in investing, but a lot
of people think that annuities may come close to that.
It's going to more safe, safe, safe, safe things that
they know.
Speaker 1 (00:22):
If they know they're going to need that money to
supplement the retirement, well then you can't play that rest.
Speaker 4 (00:27):
This is the Safe Money and Retirement Show. But John
Heischman Senior, Founder and partner of Heisman Financial Services serving
the Columbus and surrounding areas. John specializes in educating pre
retirees and retirees about safe money strategies and ideas. Now
is the Safe Money and Retirement Show. Here's John Heischman, Senior.
Speaker 2 (00:48):
Good morning, and welcome to the Safe Money and Retirement Show.
I'm glad you tuned in. I'm John Heischmann, your host,
bringing this show to you on behalf of Heischmann Financial
Services located in Reynoldsburg. So I want to talk about
(01:12):
the Lost Secret of planning, and of course, because our
firm specializes in retirement planning, this lost secret of planning
is about retirement planning. And you know, it's funny, the
(01:34):
more things change, the more they stay the same. We
have a very sophisticated, technically oriented country. It's a country
where advancements are being made every day and where progress
is always expected. Moving ahead is always a goal or
(02:01):
should be a goal. And yet we're not much different
in many ways from years ago because goals were the
same and underlying foundations of progress and expectations were the same.
(02:22):
The things that we do now correctly and incorrectly are
pretty much the same things people have always done correctly
and incorrectly. So, in my opinion, one of the things
people do correctly is planning, and conversely, one of the
(02:47):
things people do incorrectly is not planning. Everything we do
in our lives revolved around some or to planning. What
about your money? You know, most Americans literally spend less
(03:09):
time planning out their financial future than they do a
trip to the grocery or hardware store. All the little
details that we think about in our daily activities and
plan for are for the most part ignored by most
(03:31):
When we talk about our money and retirement planning, most Americans,
no matter what incomes they have or what they do
for a living, will end up not being able to
retire on the standard of living that they had prior
(03:56):
to retiring. I think it's really easy and simple to
plan for your future, and that's my opinion because that's
what I do with my clients. But I have to
plan properly with them so they understand the need to plan.
(04:23):
I don't know of any other way around it. There
is no secret, no technique, no method of doing things
that have not been found today, that hasn't worked in
the past and will work any better in the future.
So look in the dictionary the word planning. Here's how
(04:47):
it's defined to form a scheme, a method for doing
achieving something we do for virtually everything we accomplish in
our lives, everything except our financial future. When you think
about it, it just makes sense to take the time
(05:12):
to plan for your future. There are three steps that
you need to plan for your future that will help
cover what I help clients with. First, let's find out
where you are today. Second, let's find out where do
(05:33):
you want to go? And third, building a plan for
you to get there. It sounds simple, doesn't it, But
there are some things that need to be addressed in
order to make up a plan and to get started.
(05:54):
What's your net worth? What are your assets? How much
will these ask sets earn before you retire? Now, if
you're already retired, what should you do with these assets?
Where's the best place to have your money at retirement?
(06:16):
Do you have a budget? Will your current income, projected
income and retirement keep up with inflation and the cost
of living? And what is your tax bracket? What are
your goals and objectives? And is there a debt reduction
(06:38):
plan so you can be out of debt before retirement
or early in retirement. So these are a few of
the questions that need to be addressed when we talk
about retirement planning. Can you answer these? And do you
(06:59):
know where you're at at this point? If not, that's
my job to help you. Because what I've seen over
my many years in practice, those that are successful in retirement,
by their own definition, they have planned. We also review
(07:26):
that plan once a year, modify the plan, or if
it's working, continue as is. The sooner you start planning,
the better off and more secure you're going to be
later on in retirement. I met with a couple towards
(07:48):
the end of the year last year, and they thought
they had a plan, but it didn't cover pretty much
any of the topics that I just referred to, And
after several meetings, we put together an actual plan which
(08:11):
included their budget. They had a little bit of debt
and we wanted to eliminate that as quickly as possible,
so there was a plan to eliminate that debt. We
were able to reposition some of their assets into accounts
(08:34):
that were going to give them guaranteed income to supplement
their Social Security that would give them the peace of
mind of their income coming in throughout retirement. Now, this
is not an unusual situation. Many fall into this category.
(08:57):
And if you think you're in this group that is
just not sure that your plan is correct or up
to date, or maybe you don't even have a plan.
I want you to contact me. I will show you
(09:18):
what's work for my clients and what will work for you. Now,
keep in mind, everyone is different, the amount of money
is different, so the plan needs to be designed for
your situation to make sure it works. You can reach
(09:41):
me by calling eight eight eight four two six zero
one seven seven again triple eight four six zero one
seventy seven. And this is not a sales meeting. There's
no cost and no obligation. It's my way of giving
(10:04):
back to my radio listeners, their family, friends and referrals.
It's so important. Planning will give you the best chance
to reach your goals. It'll give you the best chance
to deal with problems and changes during your retirement, and
(10:27):
it's going to provide you with the best chance to
achieve peace of mind and contentment that we're all seeking,
especially in retirement when that paycheck ends. We need to
form a scheme, a method for doing and achieving. So
(10:52):
once again we want to find out where you are today,
decide where you want to be and build a plan
to get there. Knowledge is power. Obtaining that knowledge on
how to plan for your retirement is invaluable. It's about
(11:15):
time for me to take a break, but I want
to give you my website to visit. Look around, find
out more about Heischmann Financial and be sure and let
me know how I can help. Visit heischmannfs dot com.
(11:37):
That's spelled h Ei s ch m an fs dot
com and the number again is ad eight eight four
two six zero one seventy seven. Stay tuned. I'll be
right back with the second part of The Safe Money
(12:00):
and Retirement Show today.
Speaker 1 (12:04):
Thanks for listening to The Safe Money and Retirement Show
with John Heischman. For more information, call one eight eight
eight or two six zero one seventy seven. That's one
eight eight eight four two six zero one seven to seven,
or visit their website at heismanfs dot com more of
The Safe Money and Retirement Show. In a moment, you.
Speaker 2 (12:30):
Have spent your entire working life hoping what you put
into your retirement accounts will help you live comfortably when retirement.
Hope has no place in retirement planning. Hope can make
retirement feel like a looming problem instead of a rewarding
(12:53):
life stage. I don't want to operate under hope, especially
today when longevity is at its highest. That's a good thing,
but it's a problem when we talk about retirement income.
You need a well executed plan. This is John Heischmann
(13:17):
from The Safe Money and Retirement Show. I can help.
If you'd like to schedule a telephone conversation or a
face to face meeting, call a day date four two
six zero one seven seven, triple eight four two six
zero one seventy seven.
Speaker 3 (13:47):
Life expectancy is at all time highs, so that means
you've got a fugitive plan for at any age. If
you have longevity in your family treat then you need
financial education from someone with the experience and knowledge to
guide you in you and through your retirement years. John
Heischman and the folks at Heischman Financial Services are committed
to helping you achieve your retirement goals with a low
(14:08):
key and trustworthy approach. Call Heischman Financial Services today to
get started on your retirement future. Call one triple eight
four two six zero one seven seven. That's one eight
eight eight four two six zero one seven seven. Heishman
Financial Services has your future in mind.
Speaker 1 (14:36):
Welcome back to the Safe Money and Retirement Show with
John Heischman. To contact John, the number to call is
one eight eight eight or two six zero one seven seven.
That's one eight eight eight or two six zero one
seven seven. Once again, here's John Heischman.
Speaker 2 (14:54):
Welcome back to the Safe Money and Retirement Show. I'm
your host, John Heischmann. I do want to mention that
midyear is a great time for a checkup a financial
review of where you're at, reviewing your accounts, making sure
(15:17):
they match up to your risk tolerance. If you're getting
ready to retire or already retired, you're in the preservation
stage and designing income for the future. It's also a
great time to review your beneficiaries, wills and trust because
(15:42):
it's part of planning. Think about that. Give me a call.
We can review your current situation and looking at your
cash flow statement and updating your financial statement eight four
two six zero one seven seven. I welcome the opportunity
(16:07):
to help you eight eight eight four two six zero
one seventy seven. And by the way, if you need
any of those forms, let me know because I do
have a supply and I don't charge for those or
(16:28):
there's no obligation. It's my way of saying thanks for
listening to my show. All you have to do is
call the number that I give you. Your message could
be send me the financial forms now. I was discussing
the loss secret of planning during the first part of
(16:51):
my show. Continuing on that topic, we need to address
the ways that you you could lose your money or
run out of money in retirement. I think that's the
worst possible thing that could happen, and I want to
(17:12):
make sure that you don't because no retiree wants to
run out of money or no retiree wants to lose money.
But things happen, unexpected situations, emergencies, or not planning for
(17:35):
those risk that we're all going to face in retirement.
So part of planning is risk planning. Now I realize
and have seen over the years, many retirees cannot prevent
or plan for all of the risk that they're going
(17:57):
to face. It might be limited resources to purchase the
plans or I should say, products that's going to help
eliminate potential risk, or they choose not to cover these
risks or maybe procrastinate. So as a retirement planner, I
(18:21):
want to at least make each client aware of those
risks and how we can prevent those risks causing you
to lose or run out of your money that you're
going to be dependent on during retirement. In addition, I
(18:42):
see that most retirees have not been advised or learn
how to set up a financial plan that will allow
them to protect themselves from any of the major ways
that a retiree could run out of money. Most are
(19:04):
just not aware until it's too late and they experience
one of these risks. Unfortunately, there is so much emphasis
on investments growth where to put your money, which, don't
get me wrong, is important, but the majority of time
(19:28):
the risk factors are overlooked or not brought to the
client's attention. I think it's you might say mandatory. I
want my clients to be aware and if at all possible,
figure out a strategy to protect them against those risks.
(19:54):
I can break these and condense them into six days
different areas that's going to cause problems for retirees, as
I mentioned, problems that can be reduced or eliminated through
proper planning. So I'm going to give a brief discussion
(20:19):
in the interest of time, of these six areas that
I address and want to bring to the attention of
my clients. They could cause the most problems for retiree
and create the greatest chance for them to lose or
run out of money. So number one is going to
(20:41):
be taxes, then catastrophic medical expenses, inflation, bad investment planning, lawsuits,
and passing away without a proper estate plan. When I
say in the state plan, it's really for everyone. However,
(21:06):
When you hear the word a state plan, you automatically
think that's strictly for the wealthy, but not true. Your
state plan could be as simple as a will and
trust and correct beneficiaries on your accounts. Taxes are so
(21:28):
important during retirement. Addressing the ways to reduce your taxes
is critical. Catastrophic medical expenses Here, we're addressing the area
of your Medicare costs, out of pocket costs, as well
(21:49):
as planning for taking care of your long term healthcare needs,
simply because the odds are very high that at some
point you're either going to have to stay in the
nursing home or retire long term care. That is probably
(22:09):
the biggest area that is going to wipe out retirement savings. Inflation, well,
we all know about inflation because we've definitely experienced that
over the past several years. Inflation is not going to
go away regardless of the inflation rate, and your plan
(22:34):
needs to be able to adjust for inflation. You need
to be able to increase your income from those accounts
we're using to generate income and have the flexibility to
adjust that income based on inflation. What about bad investment planning?
(22:57):
Here's another area where I see retirees continuing to make mistakes.
Most don't understand what investments are or how they work.
It's usually a part of every retires plan, but it
(23:18):
needs to be adjusted to your risk tolerance and risk
capacity during retirement, and it could be you have too
much at risk or not enough at risk and you're
losing potential growth. We want to address that. Lawsuits well,
(23:45):
most retirees don't realize that lawsuits are a common plague
and can cost some or all of your life savings.
Even if you're not working, the potential for lawsuits are
always there. What coverage do you have to protect yourself
(24:07):
on a liability situation? And are your assets set up properly?
How should they be owned, how should they be titled?
Especially today because they are so common, much more so
than ten or twenty years ago. So we want to
(24:29):
talk about that. Lastly, passing away without having properly set
up your estate, and we get back to wills and
trust protecting your retirement assets. Again, Planning is the answer.
(24:51):
It's the key. Now, all this might sound difficult, but
it's really not. It's getting to the point keeping it simple,
which I try and do for each client and everyone
that I talk to. I'd like to hear your concerns,
(25:11):
what you've done in the planning area, and what you
haven't done. These can be addressed eight eight eight four
to two six zero one seventy seven at number again
is triple eight four to two six zero one seventy seven.
(25:34):
The great thing if we talk about your situation in
person or over the phone, there is no cost. It's
complementary to my radio listeners. In appreciation of you taking
your time to tune in to my show. From my experience,
(25:55):
the peace of mind and the satisfaction of having a plan,
proper plan going into retirement or being retired is priceless.
Be sure to tune in next week at the same time,
the same station for my show and I look forward
(26:15):
to hearing from you. This is your host, John Heischmann.
Speaker 4 (26:21):
The Safe Money and Retirement Joe John Heisman Senior. To
get in touch with John, call one AA eight four
two six zero one seven seven. That's one triple eight
four two six zero one seven seven. For more information
about Heisman Financial Services, visit their website Heisman FS dot com.
(26:42):
That's H E I, S, C H M A n
F S dot com. Join us again next time for
the Safe Money and Retirement Show with John Heisman Senior,
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