Episode Transcript
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Speaker 1 (00:03):
Hello, everyone, Welcome to the Millionaire Dentist Podcast, brought to
you by Four Quadnance Advisory. On this podcast, we break
down the world of dentistry, finances and business practices to
help you become the millionaire dentists you.
Speaker 2 (00:16):
Deserve to be.
Speaker 1 (00:17):
Please be advised we do speak with an honest tongue
and may not be safe for work.
Speaker 3 (00:24):
Hello and welcome.
Speaker 4 (00:24):
This is Casey Hires back at the Millionaire Dentist Podcast
in studio with co host Jared Bridgeman.
Speaker 3 (00:30):
Ad As always, Casey, how are you thriving? Well? We've
got Will Crispin today in Four Quadrant Advisory. He is
the planning onboarding specialist. You also have a lot of
letters after your name, Casey, can you run through all
the letters.
Speaker 4 (00:41):
That he's got AWMA, ABFP, CFP.
Speaker 3 (00:45):
All right, what are those? So?
Speaker 2 (00:48):
First leg I got my CFP in November and I
was officially certified Financial Planner YEP, Certified financial Planner. Before that,
I got my accreditation for an Credited Wealth Management Advisor
that would be the AWMA, and then I also picked
up what they call the ABFP, which is just an
(01:10):
accreditation for behavioral finance.
Speaker 4 (01:13):
So what that means for our listeners. Is the topic
we're going to cover today. We have a lot of
expertise on some technicals that I would say Jared and
I know on a high level, but Will can get
into some of the details and what do you want
to talk about today?
Speaker 2 (01:26):
Yeah, so, I really just wanted to touch base on social security.
It's something that's kind of became a buzzword in the
media talking about viability since the forties. Since the forties. Yeah,
so I wanted to discuss that some of the fashion.
Speaker 3 (01:43):
Tag social security back on the old newspapers periodicals.
Speaker 2 (01:50):
But I just wanted to touch on social security and just
go over some of the hot topics that I'm seeing
in the news. And I know many individuals who are
coming up to retirement might have questions on and then
you know people that are that are my age that
might have a few questions on and how it works.
Speaker 3 (02:06):
Take it away.
Speaker 2 (02:07):
One of the major things that happened when soil security started.
There was a study done at Stanford and the National
Bureau of Economics, and it's a nineteen seventy seven study,
so it's a little dated. It might be more of
your guys' speed. That year.
Speaker 4 (02:27):
I was going to make fun of Stanford quite frankly,
the worst mascot in the history of mascots. It's a moron,
a tree outfit. Yet they're the cardinal. But you went
for our age. It was a personal I was going
to attack Stanford. Yeah, Will's coming after us.
Speaker 2 (02:41):
All right, I'm so sorry, so sorry, don't talk about
my hairline on the podcast. But what happens all I
can't see it?
Speaker 3 (02:49):
Are six eleven?
Speaker 2 (02:51):
Only sixty six? Michael Jordan and I share that together.
But what they were looking at ages as a percentage,
Just as in the labor force, you had ages fifty
five to fifty nine, and nineteen fifty seven, ninety one
percent of those individuals were still working. You go down
(03:13):
the line to nineteen seventy four and it's down to
eighty five point seven percent.
Speaker 3 (03:19):
A larger percentage of people were able to retire. Exact okay,
exactly history lesson Will.
Speaker 2 (03:24):
Yeah, yeah, but it's important to know how to use
solid security for our own advantages as well.
Speaker 3 (03:31):
Well. Let's get into that.
Speaker 2 (03:32):
With solid security there comes different rules, So there's different
full retirement ages, just typically for when you're born. So
if you were born after nineteen sixty your full retirement
age is sixty seven years of age. Now, you can
still take that benefit at age sixty two, but it's
going if you take it at sixty two your first year,
(03:55):
your benefit's going to be cut by thirty percent from whatever.
Speaker 3 (03:58):
So for those of us listening her, thirty forty ISSU
years old taking the benefit again, and you're saying, like
tapping into your and withdrawing your retirement money from Social
Security exactly.
Speaker 2 (04:09):
So let's say you are full retirement age, your benefit's
going to be one thousand dollars. Just so I can
do some quick math, thirty percent. You're going to be
receiving seven hundred dollars a month at age sixty two
compared to one thousand dollars at age sixty seven. So
that's how that aspect works, and that benefits cut every
(04:31):
month before sixty seven that you receive it. If you're
looking at it purely mathematically, you would get five ninths
of every one percent for every month you started early
that gets cut. So at a lot of math out there.
I encourage everybody to check on their Social Security benefit.
(04:53):
You can do that. Five ninths of a percent, five
ninths of one percent per month. So yes, it's very
very yep yep. But when you're when you're taking a
look at that, if you don't start your Social Security
benefit until you know, say age seventy, they actually bump
(05:16):
you up because you're going past that full retirement age.
So that's something that starts to be a big subject
for retirees. And there's a lot of cases where taking
into early makes sense. There's a lot of cases where
waiting makes a lot of sense, and it all depends on,
(05:36):
you know, the goals of an individual and their families
and what they're trying to do with their funds.
Speaker 3 (05:41):
So what would be a benefit of saying waiting until
maybe you're seventy instead of sixty seven to take your benefits?
Speaker 2 (05:47):
Yeah, great question, Jared. So when you're taking a look
at delaying your Solid Security benefit, you're going to get
eight percent each full year you delay the benefit. That's
why it sometimes makes sense to actually delay it a
little bit more. But after age seventy, if you wait
until seventy one, you're not getting any extra benefit for
(06:10):
not receiving your benefit.
Speaker 3 (06:12):
What is the benefit disadvantage for a practicewner who may
have retired at early with us, Like I say, fifty five,
would you recommend holding off, would you recommend taking early?
I mean they've hopefully if they retired at fifty five,
they've got pretty good nest Egg. Yeah.
Speaker 2 (06:29):
Absolutely, And people's situations differ in a lot of different
ways of portfolio draw with so security changes that if
you wanted to take so security a little bit earlier,
it probably would be dependent on your asset base that
you have to retire on and that nest Egg, and
(06:49):
then how risk averse you are to withdrawing from that portfolio.
So one of the interesting things when you retire, people
assume I'm going to be spending less money in retirement.
I'm not gonna be really doing anything. I'm going to
be watching the NFL on Sundays. When that ends, I
have the NBA I'm going to watch, and then in
the summer I'm going to hang out by the Yeah.
Speaker 3 (07:08):
But now you have to subscribe to like eighteen different
things to catch.
Speaker 2 (07:10):
On that exactly.
Speaker 3 (07:11):
So it's already tripling your price. And Casey and I
have talked about that before. If you're sitting around at
home with really nothing to do, you're you're gonna your
mind's gonna boggle, so your people are gonna go do things.
Speaker 2 (07:23):
Think of it in retirement to a normal person who
works in forty hour week and for practice owners, you're
probably working sixty. You know that that big you know,
hourly shift that you have to put into make sure
the business operates well.
Speaker 3 (07:37):
Yeah, not just in the chair, but you know, running
your books and you know all.
Speaker 2 (07:40):
That stuff absolutely, and think about all the time you
spend doing that now has to be filled with some
sort of activity because most of us aren't able to
sit on a couch and relax or maybe just go
for a walk. There tends to be more vacations. There
tends to be you know, even going out to eat
(08:01):
become something that starts to really eat away at monthly
expenses just because there's not that forty to sixty hours
that you have to fill that you were making money. Well,
you hit on something important. When I'm not working, I
tend to spend more money our clients. We want them
to have a better lifestyle in retirement.
Speaker 4 (08:19):
And not use the bullshit excuse of well I'm just
going to spoon less and you're rationalizing why you've undersaved
or you're not going to be strategic, and then your
retirement plan is, in my opinion, call it mediocre. Like
the goal is as a dentist to have provided such
good dentistry and to have mastered the business, tax and
(08:41):
all the sides of your practice. So you have so
much in retirement that your lifestyle is better. Social security
you forget about because it's icing on the cake and
it's really a non issue. Unfortunately, people that haven't mastered
the business side of dentistry. I'll hear them all the time. Well,
I won't have as many of expense, and i won't
have as much debt or any debt, and you know,
(09:04):
I'm just not going to spend more, and I can downsize,
and I'm going to get social security. Those all those
things may be true, But if that's your plan, yikes.
Speaker 3 (09:13):
Well, let's get to the elephant in the room. What's
the viability of social Security?
Speaker 2 (09:16):
Yeah, so I really think that social Security is going
to continue into the future to what extent, to the
extent that it is today, I'm not sure. I don't
think anybody can give you a clear cut answer, because
there's obviously some expense that comes with Social Security that
we as the American taxpayer are paying, and we'll see
(09:39):
how that translates into the future. But I don't necessarily
think it would ever be one hundred percent.
Speaker 4 (09:45):
Listen, some people depend on it, but sorry, If you're
a practice owning dentist and specialists and you depend on that,
you've done something wrong correct, which can again points to
you're going to practice dentistry for ten twenty thirty years.
Don't be the dentist who retires with you know, three
and a half million dollars. Be the dentist that retires
(10:05):
with eight, ten, twelve million dollars because you've masked, you've
treated the business side of your practice with the same
expertise that you treat the clinical and this should just
be icing on the cake. Selling your practice should be
icing on the cake. Social security should be an afterthought
because you've done the right things, You've had good cash flow,
you've saved, you've had a plan like that's to me,
(10:26):
that's what all this screams, because again I hate the
phone calls with practice owners who talk about the sell
of their practice and social security and living a reduced
lifestyle is their plan. To me, that's not a plan.
To me that you've been derelicting your duty, or you
haven't had the right people helping you and now you
have less options, and this is your plan by default,
not by preference.
Speaker 3 (10:46):
So well, overall, I mean, this is one of those
situations where we've asked you a couple questions that we
thought would be yes or no questions and they were, Well,
it depends. This is not to be taken lightly. This
is a situation should that should be spoken to with
with your with your with your team, right, your financial planner,
your your talk to a taxy about this stuff. Yeah, okay, sure,
(11:10):
so you know, talk to your whole team. And if
you don't have a team, or your team is just
like I don't know, you'll you'll live for a while.
I guess you need to talk to somebody. You can
call Casey, you can you know, fill all a form
on our website and all that kind of stuff. Well,
is there anything else that we need that's like super
pertinent today or should we bring you back to part
two and thirty years to see where social security is?
Speaker 2 (11:37):
Yeah, I mean just piggyback off your point, Jared, Which
is kind of sad to say that I'm piggybacking off
of Jared, But one of the things that I believe
with Social Security and with retirement as a whole, is
working with a financial professional and making sure you're covered
for any given situation, because there's so much that we
(11:59):
didn't cover on Social Security as well. These are really
just the high points, but to work with the professional
and make sure that you're covered for any type of situation.
To make sure your goals are lining up with what
you want to use your Social Security benefit for and
making it advantageous to you is extremely important. You know,
(12:20):
my situation is going to be different than both of
yours one because I'll be probably paying your guys' benefit
and then it will go away.
Speaker 3 (12:26):
Or the home taker or the home caretaker.
Speaker 2 (12:29):
Yeah, absolutely absolutely, but everybody's benefit is going to be different.
So it's important to get advice that is catered to
your situation and don't get just blanket statements and hope
for the best and hope for the best exactly. Work
with your financial team and professionals.
Speaker 3 (12:48):
Well, thank you so much for coming in, Casey. I
wanted to bring up something real quick that I know
you're excited about. You're going to be presenting at the
Thomas B. Henman Dental meeting in March, and that's in Atlanta, George,
and it's I know you're pretty excited about that. But
the night before the whole event, the whole meeting kicks off,
we were hosting a social.
Speaker 4 (13:09):
Yeah, we just said one of these before the Yankee
as well. It's a lot of fun. We run out
of private room to a urban tasting eat some filet
and tomahawk and seafood towers.
Speaker 3 (13:18):
Yeah, and then we you.
Speaker 4 (13:21):
Know, talk about who we are for ten minutes, right
and our impact and you know, we had people come
up going I just came because it's a cool restaurant,
but I need what you guys do. Can we talk?
And yeah, absolutely, that's part of the reason why we
do it. It used to meet good people. But yeah,
we'll be doing that in the Buckhead area, that's right, yep.
Speaker 3 (13:39):
So if you are in the Atlanta area or you're
going to the hym Men, you can go visit four
Quarters Advisory dot com slash events and you can register
for the social, or if you're going to be in
the him Man, you know, if it hasn't sold out yet,
sign up for Casey's course.
Speaker 2 (13:54):
Beautiful.
Speaker 1 (13:57):
Hello everyone, Welcome to the Millionaire Dennis Podcast, brought to
you by four Quadnance Advisory. On this podcast, we break
down the world of dentistry, finances and business practices to
help you become the millionaire dentist you deserve to be.
Please be advised we do speak with an honest tongue
and may not be safe for work.