Retire Right 09.10.17 Seg2.mp3

Retire Right with Alan Becker
Saturday, September 9th
00:28:00

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Do you. You're listening to retire right with Allan Becker on the retirement. News network. Hi this is retire rightly Allen back her I'm Megan NASDAQ glad to have you with us today on giddy Allen's phone number you'd like to get in touch with him to begin planning for your retirement you can dial 9136859. Ports YouTube. Or checking out online go to retire right Casey dot com while you're there make sure you head over today's events caddie can get registered for a dinner workshop happening in your area again it's retire right TC dot com Ellen two areas that retirees have to balance when they're developing a strategy for their finances is growth and protection we've been talking about that and showed today. And we know protection becomes more important is retirement gets closer insurance as you mentioned that's a popular pretty cost effective way to protect your nest egg from rest. Adding clues one of the biggest risks out there which is health care so talent you just how big of a threat is health. Cure these days to retirees. Making and I'm still glad you asked that question them as they get into that topic I wanna point out that I do have a life and health license on qualified to answer the question. Ask yourself as a person you're working when it's. Because those are real important questions to ask retirement. Are they licensed and qualified to answer that question today have the life and health license. If you need help with your Medicare health insurance Medicare Advantage plans prescription drugs hey I gotta do is coming your retirement solutions Drupal get those questions answered but when it comes the long term care again that's something that the state has an eight hour. Class you have to take on partnership programs for our continuing Ed course you have to take every few years something that's I've been doing for years now. And personally. I've got a hundred year old grandma Howland who lives in a assisted living facility exit memory care unit at this point. As well it's my idea and program all spent some time in a nursing home my toys from other spots examiners now so a lot of personal experience on this topic in the average cost and our area is somewhere around five to 7000 dollars a month. For a semi private room and think about that that can add up quickly. Sue if we're just talking about health insurance we can be looking at quarter of a million or better. In expenses just for our health insurance and co pays Medicare deductibles things like that. But if we're talking about long term care that number can easily doubled so as a retiree. Facing retirement going into. This new phase of life. Yeah we definitely have to look at all of our health care expenses make sure that's factored in as part of our overall plan and then again and expect what to expect keep going back checking over it. They don't tell us. A little quick client's story here I was meeting with a young woman in her twenties which makes or millennial and as a parent of three IE. Wonder. Well how many of our other listeners. Have a similar situation. Where there are wondering how do you take care you've been successful life. How do you take care of those kids and grandkids those millennial by leaving them back something and making them a good Steward giving them lessons the life lessons. To take care of their funds this is something that I helped my clients with all the time and you know analyst and Warren Buffett who says he's not leaving anything to his kids I think these get a million dollars to donate to charity if memory serves me correctly but the idea of not ruining that next generation kind of the lottery curse somebody wins a bunch of money and it on handle it and they spend through it real quickly well. You know David and we do this show that's not something we normally talk about you know people earn the money over the years and do respect the value of the money. And they understand they wanted to. Last a lifetime that's usually where we focus on the show and I and I don't veer from that too much but I got a call. From this young woman who we'd set up a plan awhile back. And she said and met with my dad and look at my trust so I don't need any help for retirement on good. And I sit here thinking and what you just you're in your twenties you're gonna retire not work terrestrial life you don't have. To worry about anything that is you know dad said it ala. And I know that wasn't bad intent because of the way things are set option he has to go to a trustees she needs team got our eyes cross our t.s. Put the mentality was and why dad was so safe and aim locking things up was because her first reaction was I don't need to do anything for my future daddy did at all for me. And I know a lot of our listeners probably face serious core countries like that and it's something and I was just adjusted net to throw out there and I it would. Love to discuss when you guys come and visit because. Wanna help. Our clients with their trust with their wills. With their state planets while we have an estate planning attorney that office is right here at retires to strip at 6801 west and seventh. Here in oval part because we want to make sure that whatever your needs are that we've got him covered. So give us a call 9136859422. If you'd like to come and maybe just wanna visit with Brendan barker estate planning attorney. Or to get involved with our roundtable retirement process. And provide you with your round he retiree view all the O'Costa no obligation where we address Social Security taxes. Health care risks. Income planning as well as legacy an investment planning umi call 9136859422. That's 913659422. Allen's web site again that's retire right Casey dot com. If you'd like to set a visit with Allen to talk about so these issues that have come up on the show today and of course we are talking about how to make sure you have the right balance in your retirement portfolio that balance between growth and protection if you have questions for Alan about that they sure you dial 9136859422. Alan I once heard inflation. Referring to you is crab grass in your savings and if you're someone who takes care they're along really really well you know that crabgrass is in the enemy so. Where it is inflation. Have to fit in her factory in nature looking at a retirement strategy and how do you come back that that tape and Chris have groups have to. Love that example or assertive as the silent killer but he either way networks. You know there's a couple different ways some of it's having the right mix of stocks that dividend. Paying stocks in your portfolio we like a diversified portfolio that we have through eighty wealth management that works fantastic. Creating over 4% and dividends currently as well as gains with in the portfolio. Relatively conservative portfolio but. The other way to do it is when you look at your annuities. It's that I mean the level payment like ninety's plus percent of the communities out their provide eye like an entity that has the potential for increasing income. So we. Really do focus on an income. Increasing type policy one where if you get a gain in the market. You're in Campbell increase by the same such proportion. As that game and that tends to be a very successful way to hedge for inflation in retirement. Allan any other ways you can think of that week and protect ourselves from this inflation risk because it really key and make a difference for your retirement. Well making no Social Security in general is hedged for inflation at least it has cost of living. On it now as a player I typically. And I say typically like a 100% of the time. Don't account for the increase of the inflation portion of Social Security because my experience of these last fifteen years. Is that we in Social Security gives you a cost of living increase Medicare increases their premiums and that's pretty much ate up. So I feel that it just kind of goes with that Medicare increased. And most people don't CNN that they do it's peanuts so it's not worth counting a lot of our pensions that we have to work. Probably good 90% of them have no heads for inflation. There are few out there that do if you fortunate to have won but again 86% of Estonian half pensions if they do they're not enough to cover all expenses. So what were hedging its stock market positioning. And using the right mix of annuities are typically the two best ways. But then we can also use some other alternatives such as using life insurance is an asset class and creating some tax free income as well. Because if you tax free income. You don't have as much in taxes that helps us after inflation as well because when you're comparing taxable dollars a pack three dollars. Tax free dollars cola step further up. Indeed they sure dill so what do help people who'd you mentioned legacy planning estate planning earlier Alan. What about people who are trying to protect their assets because they do wanna pass them to their Ayers. I love that question in my workshops I will always tell people listen if I divided this remember half. Instead half of you would like to use in your last dollar. With your last dying breath and the other half he would like to leave everything you have your kids. And never spend a cent and easily get a chuckle there because even in the same household this can be. A source of division if you will what I like to do is using life insurance as an asset class and creating a tax free income out of it. He usually serves double purposes it does give the ability to leave that money back for church charity children because there's a life insurance benefit attached to part of the planning. It's so if you pass away prematurely there's still residual death benefit. If you make it to the finish line so to speak tootsie aids. 199510105. Whatever year you're going to there's still a residual death benefit on the of that plan. So that can help to pass money on tax free to your heirs so I really liked the life insurance as an asset class the only other thing that would work in that respect. You do get a step up basis on stocks. That are not in your higher ranks on a non qualified money. But you lost two in a Roth IRA can pass that money on tax free currently now they may change the tax code on a sometime in the future. But as of right now those are the options that we have and that's what we'll utilized when creating and working through your round every tire process. Alan encourage you mentioned the roundtable retirement process that reviewing a let's individualized. Each one is different from the next because each person's situation is so unique. But there are some commonalities there walk us through these types of. Areas you're covering with everyone absolutely may and we. Focus on five key areas typically when you go to financial planner he only gave it. Investment planning so that is one area we wanna make sure you get the rate raider returns based on your asset mix. And your risk tolerance so it's individual as individuals your own fingerprints to be honest the other areas that we specialize and I find that most people felt. Is in complaining so not only what is your returns and how long as the alas the vast distribution patterns. And making sure that it's all correlated but in the next sexual be tax efficient planning. So one of the questions we just recently tackled there was discussing how do we do tax efficient planning. What we do that each and every day it's one area that we really do focus in on that roundtable retirement. Review the other areas will be healthcare and legacy so five dollars. Again income investment health care legacy and tax. Planning. And we find that these of the five areas that most people really want assistance with an retirement and a lot of people don't know we're ago. Will you if you're listening today know exactly where to go and that is to the telephone and dial 91368594. 22 that's 913685. 94. Tutu will PH on the counter and take care of your individual needs input you do our roundtable retirement process as you pick up your round table retirement review I'm 136859422. The goal is to ensure. Your retirement nest egg lasts a lifetime by balancing growth in protection coming up next Allen shows us how to strike that balance and stay with us. This is retire right with the Allan Becker on the retirement. News network. Whether you're approaching retirement or already retired transitioning into retirement Indian daunting thought. We'll let you get income what is the market drops. How she did take Social Security joined the team from retirement solutions group and RSD investments for a discussion about these factors and heart. All well retirement solutions. Group treats you to a complimentary dinner at 801 chop house in England UK until 6 PM on Tuesday September 12 fourth Thursday September 14. 801 townhouse in anyway. Reservations are required so call 913659422. To reserve your seat today that's nine point 36859422. Seating is limited so call now to learn more about these events and I'm you can attend. Retirement solutions group 913685. And 9422. Or online at retire right TC dot com. Investment advisory services offered through eighteen wealth management LLC. You are listening to retire right with Allan Becker on the retirement. News network. Hi it's mega NASDAQ from the retirement news network always a pleasure to be joined by the founder and president of retirement solutions group Allen backer of course. Our SG located conveniently for you right in Overland park at 435 and Metcalf. I'll give you Allen's phone number it's 9136859422. If you'd like to set a visit with him you can do that again by dialing 913. 68594220. Our show today has been focused on finding the right balance between growth in protection for your retirement and estate Alan how a financial professional. Help find Nat dynamic that's really correct that's right and works for your own individual situation. I can answer that question from the standpoint of what I can do and the right financial planner fear retirement decisions you're just gonna ask you a lot of questions and get the million. He noted it more than ask questions were analysts. We're going to let you tell us. What you want to have happened or retire what's on your bucket list what are your fears were you trying to accomplish and then we'll give you some feedback and some observations on what we might improve upon. To help you to achieve that. We want to limit your exposure your fears. And your apprehension chew retirement coming it's a new thing and I actually retirement as a whole is kind of new for us east of the week worked until we died the people living longer day now we have. About five or 101520. Sometimes even thirty or forty years of retirement our unemployment so our retirement dollars have to do a lot of work and we really need them to work well for so. Good quality retirement planner. Is going to help you transfer that risk control that volatility. And he achieved now only two retirement but through retirement. Alan I wanna talk more about this balancing act let you know when you're talking about getting professional help for your retirement. What exactly is it data financial pro a retirement cleaner could do that. A person just couldn't do on their own closets experience that a lot and. Some of its licensing so that's a great question as well because. You know a lot of the DI wires. A lot of the people that live have money and 401 k.s have done very well for themselves don't have anybody when they get to that preservation state. That can educate them inform them and walk them through. What annuities right for them how they would work to get through all the media hype and and information out there. And then to actually write the policy deliver it manages review it updated in and maintain it. And that takes an insurance places and it comes is securities license and I anybody can go out and buy stocks bonds mutual funds announce we have a lot of sources to do that but can we do it in the most effective manner Kim do we want to do it ourselves and that's where the diversified portfolio. Where the series 65 comes in where you. Know that you worked with a fiduciary somebody who puts your needs above their own and can address your unique situation I think the cornerstone of all of this. He is helping you work your budget we can't create the budget for yeah. The weekend. You know use other people's experience. To guide you in appropriate direction of Georgia situation might not be. The same as somebody else's you're situations unique however you can learn from other people in. Choices that they may have made. Directions they have gone what worked what hasn't worked. That kind of thing so really helping you get a good handle on everything. And think that trust in Allah air or guide as you move to enter retirement. Allan is there a way to know if we've done a good job trying to strike that balance between growth and protection and our nest egg. Sharon may see you really just have to ask yourself the right questions it's almost like you know. Your hat looks up in the Mir have a conversation with yourself it's funny as it may sound. He's got to ask yourself are you you know where you in relation to retire have you hit the goals you wanted to do hit have you. Save enough for me a lot of people say I wanna get to a million dollars and you know that's great once you get there does that mean you'd dial back does that mean you take on more risk and what does that arbitrary number mean. Or is that number because he give you a certain income in retirement and I've seen some of those arbitrary goals. Give people in the trouble because when I hit it so bad that the market correction than ever make it or that they get there and agree keeps them going. Know what kind of lifestyle that you want in retirement for yourself and your spouse. You know I've been working with David buck you've heard us talk about him on the radio before. I'm one of five people in the country that have been chosen to. Pilot is some seminars here in the in the country and you know one of the examples he talks about him in this seminar that I am doing is a couple that you know he. Let's Cullum Jim that Jim had. Bought a piece of property twenty plus years ago in South Carolina and his dream and retirement list view. Put a house on that piece of property and go fishing every day. And we him and his wife came in is that what you plan to do retirement he stated that goal and she looked at him instead. With bill but at the kind of burst his bubble. Is it will we bought that property twenty years ago and yet you haven't discussed an eighteen years I thought he forgot about it but my kids live in the you know San Francisco Bay Area and I wanna be with the grandkids and and support charities and enjoying life to get to know you better I have no desire to have moved to South Carolina watch you fish that I gonna happen to they had two little value. You know thinking of and what their values together as a couple individually. And they ended up he branded a place once a month and took the grain here excuse me once a year and was able to take the grandkids there. So they found a workable solution they sold the property in South Carolina and and made their life together where it is she really got to figure out what lifestyle you want what your goals are. I'm are you hatter behind did the curve in in your timeline you retire at 6060 to seventy never 55 coming. Once you get to know your goals are and what you're gonna do when you do get there. It helps a lot better to make that dream a reality and what level of risk are you comfortable with the retirement. Also got to look at your taxes tax brackets if you know the health of both you and your spouse. And how long you need that money the last year income needs where the budget comes and soul lot of different areas to address. And that's something that we can definitely work through with yet to get you think it to engage in their and we do this each and every day. Is scary is retirement may be for you it's something and that we work with all the time that we can help you. Go through that. So those mind questions. As we go through all these questions it's gotta be making you think are you ready for retirement is it just may be time for a second opinion somebody to. Address your needs your concerns. That's why we created this proprietary roundtable retirement review. We want to put you through this process. To address you need your concerns your situation and we do this all at no cost no obligation be one of the next ten college right now at 913. 659422. That's 913. 65942. To the team near retirement solutions are really wanna invite you out to our offices here in Oakland park. To sit out what doesn't get your questions answered 913685. 9422. That's 9136859422. Glad to have you along with us today I'll give you Allen's web site if you'd like to get registered for one of his dinner workshops. Just go to retire right TC dot com that's retire right TC dot com when you're there you can also find out more about Allen's book return on investment or reliability of income the true meaning of our ally in the golden years so Allen with all these questions out there writing one of the biggest lines is determining. How she need to save for your nest egg or how much that nest egg needs to generate that's probably. The most important question how do you begin to figure that out. It's with the. Little word that everybody. That scares a lot of people it's called budget. We deviate sheet. To help jog in and think of certain things that. You know how long you still have to pad your mortgage how much is your. Property taxes would be paying for car how often do you buy one what is the the maintenance on that car right yet. Know how much money you need for Rosh reason to eat out and buy clothes. And gas and cell phone and entertainment and you know there's your means. And then measure wants. So we really want to establish how much need for your paycheck how much meat for your plate check. You need a little bit more and you're go go years a little less finish logo years maybe even a little more you know go years Fisher healthcare expenses will be higher. But we find a nice balance between all of that information I just went over. And that helps direct you. Or give us a guide to build. And the income plan life. Then we go back and look at the assets that we stress test and to see how long and how much. They're going to be able to provide towards that goal Social Security's a factor in their pension if you have one. Inheritance potentially but really setting those dollars up in the most effective way and think about it if you put it on the market in the market corrects. How safe is that that's probably leaves you for some unneeded undue exposure the real key here is. Is how long and how much can you get off of those dollars and how Long Will it last how much can you spent because it's all relative. You know I can't tell anybody oh an arbitrary numbers enough because what you spend is different than somebody else what your values are different than somebody else's. And then you. Really have to be careful laughter that not too much risk in the market don't give too much awaited the kids just. Controlling in understanding how much you actually have to use city you're not getting into any panic crisis planning. Are doing something that today could have been avoided by appropriate and proper planning years ago. Allen in our remaining moments here your final thoughts for our listeners and trying to find that right retirement balance. Make in this show. It's been fantastic it really gets me thinking and it's where my passion comes out when we're talking about retirement planning of the do on this almost twenty years. And I still love coming into work each and every day it's not a job it's a lifestyle. And it's because were able to help greet folks keep that information they're looking for and help them. To facilitate assisting them from getting nano into retirement through retirement as a transition from the accumulation phase of retirement. To that preservation and distribution phases and it is a very confusing and scary proposition for many people. Because most of us are never retired before. And we don't know where it's all coming from even though we have this big balance many people don't know how to access it used it to understand the taxation of it and they're scared of it it was. You know talking at a workshop just the other day in this. Lady was there and her husband was a CPA handled everything. And he passed away prematurely in here she is taking care of everything and she's like I don't know who to trust what to do scared. And you know that's that's that's why he came up to the workshop that's why we invite Qian enough for speaking English and understand what it is understand. And we seem like we're approachable and you can talk to us and that's where we want you come in we want to get to know yet. It's been a great show. Again talking about transition to enter retirement this is. Hopefully a wake up call for many people that a second opinion has a lot of value and the way to do that is to come on and so now what does. And get your questions answered emea call 9136859422. That's 9136859422. We're gonna put you through. No cost no obligation our proprietary roundtable retirement process where we addressed your unique in the individual situation. So call me today 9136859422. Once again nine when 365. 9422. You've been listening to retire right with Allan Becker on the retirement. News network. Investing involves risk including the loss of principal no investment strategy can guarantee a profit or protect against loss in periods of declining values any references to protection benefits or lifetime income generally referred to a fixed insurance products never securities or investment products insurance and annuity product guarantees are backed by the financial strength and claims paying ability of the issuing insurance company are firm may be able to identify potential retirement income gaps and me introduce insurance products like annuities as a potential solution talk to your financial professional and your tax advisor about -- Social Security benefits can fit into a complete retirement income strategy financial professionals are able to provide you with information but not guidance or advice related to Social Security benefits Allan Becker is an investment advisor representative and insurance professional with retirement solutions group retirement solutions group is an independent financial services firm that helps people create retirement strategies every day using a variety of insurance and investment products to work toward meeting their specific goals we are not permitted to offer and no statement made during -- show shall constitute tax or legal advice -- should talk to a qualified professional before making any decisions about your personal situation we are not affiliated with the US government or any governmental agency investment advisory services offered you -- wealth management LLC.
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