Retire Right 10.08.17 Seg2.mp3

Retire Right with Alan Becker
Sunday, October 8th
00:28:00

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

You're listening to retire right with Allan Becker on the retirement. News network. Hi it's meg and those acts from their retirement news network and joined by Alan backer of retirement solutions group if you like to set a strategy session with Allan for your retirement called today. 913. 685942. To you again nets 91368594. Suits you well we've figured out and hypothetical terms at least 21 example of a diversified mix of stocks bonds and cash. So Allen is probably am guessing isn't something you can just set and forget right. This is up for belies. What does that they live there rotisserie there aren't a species act to trucker ever all right see it that it forget it. But less about that how often should you be looking at this or how often do you update. Our retirement plan when you look at four. What you need to meet with somebody who regularly so I suggest. Forming a relationship with the financial advisor because you're not always going to be able to do it yourself if you even want to tackle in other words there's going to be a time when. You know physically mentally emotionally or just because of retirement life in general you don't want to take on all of that the time is involved with maintaining your own plan but. Meeting with someone re really and that could be every six months but at least once a year. Really takes a lot of that. Fear out of the planning and helps you. Because you've got that second opinion and summit about those ideas off of the other side of it is rebalancing and then you know you're gonna have a major changes. Birth of a child or grandchild you get a bonus. You lose a job get a new job. There's just so many things that can come into a person's life of it's it's time to start talking and making sure that your life insurance is set to the right place or that you're putting enough in your 40 and they're your hiring or whatever you're using. For retirement. Because you know and one thing I've heard that I think is just a great idea to adopt is when you bring you get a raise or a pay increase. That take 10% of that and pay yourself first so that. It's it doesn't come into the budget and become something that you expect you just make your raised 10% lighter. And then you let that other 90% comment on that other 10% is gone the savings and gives you ability to let things continue to grow so that you're gonna have that life. That you always want it because you're gonna have the money set aside to accomplish those things but. No man plans god last week do what we can to prepare and that's the whole point of financial planning is to make sure that you have the assets and the resources to live the life you want to something else comes in there then you have to look at your contingency plans and what am I talking about. I'm talking about long term care parkinson's. Just things out of your control that you have to adjust. What you were planning on doing. And that's another reason to be working with financial planner somebody like us over your retirement solutions Europe because. As those situations arise you can do the crisis planning that you can also. I just in prequel you've done. To you know play the new cards you've been dealt so to speak that's a whole idea retirement planning as we adjust to life's ever changing. How landscape. Alan I would guess that if you're having someone rebalance your portfolio you really need to have. Just a huge level of trust and that person is doing that for you and because of that a lot of people they try to do it on their own right they're not sure they can find someone who they really do you trust but doing it on your round and maybe not the best idea because this gets complicated to you want really someone with some expertise here in this arena that up the issue of finding a financial professional. You really can't trust so let's talk about that a big hero what qualities should we be on the lookout for when we're trying to find that that. Financial professional to our west I think is the Boy Scouts would you say that you know. Thrifty brave clean reverend honestly you know all of that it to cub scouts and of itself. Scanner route from my my thought we just went to US scouting 500 with several thousand other scouts them. You know couple weekends ago so but. You gotta look at finding the right advisor a lot like the eighty I mean you said. Some things Megan lake finding that person and trusting him is it's not that easy inning if you've ever been in a serious relationship married divorced that kind of thing. Obviously. Trusting somebody again can be very very difficult so that's coming in this is as important as finding good maybe you wanna make yours that you're with somebody when it comes to financial planning you can talk to day you can go and have a conversation they're knocking over power you that you. Enjoy going to visit. Somebody that's gonna listen more than their gonna talk and that they're gonna understand what you want to accomplish in and make sure that you understand. How and why they're recommending what they recommend to. Teach you to enter retirement and I feel that's what we do here retirement solutions Europe we find that. We're able to assist people after hearing their story and understanding what they're trying to accomplish to make. Their dreams a reality. Now we're good will we do. We cannot make miracles happens if you come and anyone a million dollars in your start with 101000 it's gonna take some time but if you come in with some assets and you say I wanna make sure these last arrest in my life and work think that we can live on this much a month that's where we figure out budgeting. And figure out how much your needs and wants are gonna cost you. And then we can reverse engineer the numbers to make sure that you have the assets and where to position them. To accomplish that that's where the magic of financial planning comes and I know. With most saving strategies it's important implement and periodically revisit them to make sure that. Everything is proceeding is anticipated there's often challenges in managing any assets particularly those retirement to. Successfully address such challenges discussing your options with the retired professional can really proved to be very beneficial. Activities so today we're gonna do for you and at no cost no obligation if you're one of the next ten collars to be part of the round to retirement review. During this meeting or talk about the big picture your goals your dreams. Also take a look here current situation in if we're good fit for each other we're gonna start working towards putting together. A customized retirement income strategy that is specific to your goals and needs nothing we do here is cookie cutter. Again just be one of the next ten dollars and 913685914. To again that's 9136859. Before 22. Glad to have you board with us here on the program I'd like to share with you Allen's web site and this is a great place to start is just beginning to think about retirement. Head to retire right Casey dot com that's a retire right TC. Dot com while you're there just looked pretty events tab. And that we'll teach you to information about Allen's dinner workshops these are great seminars that he holds all throughout the year you can make plans to attend reserve a spot they're complementary. As a great restaurants right here in the KC metro says go to retire right TC. Dot com to get registered. To set that visit with Alan Teague started and really get serious about your own plan for retirement 91368594. 22 you Alan when we're looking to diversify it seems like that could lead to a big variety of different accounts in your name but I'm guessing there's some tax implications right depending on the type of retirement accounts you have. Aaliyah I mean one of the first things we do we start visiting with somebody in and it's down that path is on the second visit on our strategy visit we're gonna take. The documentation provided and build out a statement of accounts. And really what that statement of accounts as is going through and separating out Roth's version traditional IRAs separated out. Purses husband and wife and then our non qualified and where all the assets Arce got in on one document so if something happens. It's easy. To figure out how much we have how much is qualified. How much future tax liability may we have depending on how we address and access those dollars. End to start with higher rate individual. Retirement. Account that act now. Is in it it is individualized to a person who he can't my husband wife money together. Thank you have to keep those separate then you have Ross which that's taxing the I see not harvest so the money going in. Is after tax but the money coming out is tax free your limit on how much you can put in so that's one of those reasons why real important to be working with a professional. That is going to help you understand how much you can add what your limitations are so you don't go over the limits if you're old enough that your. Playing catch up and being able to put those extra dollars and you know as you become an empty Nester if you're fortunate to do that I say fortune off because I'm 44 with a one year old. So I may not ever become an empty Nester a until after I'm retired but if you are you're able to put those dollars aside. And that you know that you're saving once those children move out a portion of them anyway. So that you can. Have that dream retirement to do the travel of the charity work that. Whatever it is that you wanna do in retirement the idea work when the planner is so that you can planned to make those dreams a reality. So minimizing taxes that's huge right and retired because it really in theory that helps you keep more money promote her. It does sound a bit complicated though so let's just expand this a little bit. Explain tax efficiency as a concept Allan why it matters so much. Let's time we have left. Tax efficiency. Is one of our five core areas. So it's it's one of our major areas that we spend time on and I honestly think this is. Almost taking over the health care concerns as far as being the number two concern of retirees these days especially here in the midwest and in you know. Kansas City metropolitan area because we have such an affordable area to live then. That many of us don't need as much money as we saved in retirement believe it or not because we put so much away in our 401 k.s and are higher eyes and whatnot. Which makes tax efficiency so important when we talk about tax planning that government always seems to wanna get their fingers in our pie and we help you implement tax planning strategy to keep their shared a meadow and this includes higher exit strategies. In your retirement plan is likely also your largest tax liability we plan proactively. Each year to help you reduce your tax exposure possible back thousand dollars over your lifetime and less to the IRS means more to you and your family. Also surviving spouse playing surviving spouses are often hit hard with the additional taxation do that tax cut. And we help you plan for those higher taxes whether I towards keeping them to a minimum the last thing. A grieving spouse needs is a higher tax bill but unfortunately with many of the people out there giving advice they don't address this they tell me I can't give tax advice go talk to you CPA go to your CPA and a tale. We don't if financial planning we just help you do your taxes so. To get the actual advice you need an independent advisor like he gave here retirement solutions group because if you're in a at tax bracket for example it's a year married filing joint. The 25%. Tax bracket goes up to a 153100. Dollars if you lose your spouse. That means they pass away your 25% tax bracket drops to 91900. To think about that for men and if you have Social Security it's a 3540000. Dollars a year you get the higher of the two so let's see you know you get 3000 a month plus almost forty grand a year. Then you have your IRAs and let's say force distribution when your eighties. Is around. It. 67%. To be 7080000. Dollars a year in addition here sitting back with a a tax burden. That pretty easily into the 28 or 33% tax bracket. And that's how we intended to do our loved ones the idea of tax efficient planning Megan. Is too. Think about the future maximize the tax brackets now whether to have you pay in and get that tax liability lower in the future. So that you're in a 10% tax bracket or whatever the lowest bracket possible when you get into retirement. If what I'm saying is make incense these are ideas. That a lot of do yourself first can't do on their oh this is complicated. Stuff it needs. The assistance of a financial planner somebody like nineteen year retirement solutions group so be one of the next ten collars that 9136859422. That's 91368594. Point two let's go through our roundtable retirement process. Get your round table retiree view customized for you. 91368594220. An annuity that's one retirement income product that could help protect the value of a portion of your nest egg can't help provide the income you need to brew retirement. Up next learn more about annuities and other income options that's an Allen straight ahead. This is retire right with the Allan Becker on the retirement. News network. Whether you're approaching retirement or already retired transitioning into retirement can be a daunting thought really you get income. What's a market drops how should you take Social Security has joined the team from retirement solutions group and RSD investments for a discussion about these actors even more all long retirement solutions group treats you to a complimentary dinner. And Jane Gilbert's in Overland Park. You think the date 6 PM on Tuesday October 10 or Thursday October 12 and reservations are required so call 9136859422. To reserve your seat today that's 9136859422. Seating is limited so call now to learn more about these events and how you can attend retirement solutions group. 9136859422. Or online at retire right JC dot com investment advisory services offered through. LLC. You are listening to retire right with Allan Becker. By the retirement. News network. Hello it's mega most act from their retirement news network it's always a pleasure to be here with Alan backer of retirement solutions group. If you're ready to begin building your retirement their retirement of your dreams. I wanna encourage you to reach out to Alan backer to get started with him on that process this is a highly individualized process. And Allen does not take a cookie cutter approach he sits down with each client he find out what their goals their dreams and visions are and then he hopes some craft that plan to achieve those things so that's something that sounds good T yield the way you'd like to approach retirement you owe it to yourself to call Alan and the team 91368594. Or 22 that's 91368594. Due to his website free tire right Casey dot com. Purchasing an annuity that can make a lot of sense given that you don't hear income situation in retirement is. A lot more defined it's a lot more limited or no other way to say that is you're on a fixed incoming you're not earning their regular paycheck. So I wondered if you could just go to the basics of annuities for our listeners. Ultimately I would say you have to create your own paycheck and retirement rate and I'll go a step further and say your plate check you wanna make sure you have enough money. Coming in to do. Meet your needs and do those things you wanna do you rate. So added noting it's basically retirement vehicle. That can give you a guaranteed income stream. Now for a listeners I just want you understand I'm putting on my insurance hack here when I say guarantees. Because let's talk about what an annuity is an wanna say fixed or fixed index is when I'm talking about their provided by. An insurance company I choose to use a rated companies are better because the claims paying ability of the insurance issuer. Is very important when talking about purchasing and unique especially if you wanna make sure your money's there and you need the other thing is there is a guarantee association. That guarantees and duties. At least the contract values up to 250000. Dollars so we're to a CD that's shouldn't give you a reason to purchased the annuities just a fact that there is security association out there that backs. But because it knew as a retirement planning product. Like an IRA it does follow a lot of the same rules where you can't access that prior to picking and a half without a 10% higher S penalty and it provides guaranteed income for the rest of your life which. Ultimately is the way and Harry was designed based on the withdrawal strategy that you always have more money and I mean I show these charts to people all the time like when I'm a hundred race setup for warriors a little while according to the chart you always have more time and that's the chart that the government uses to formulate your required minimum distribution. But unlike most retirement accounts annuities don't have limit so you can roll existing. Higher res 40 in case if your company allows you to refute separated from them so there's a contribution limits or you can. Roll those monies in or if you have money sitting on the sideline. From. Bonus and inheritance money saved up that you would like T utilized for future income. That may be an opportunity also to create an income stream it to real important now. That you work with qualified retirement specialists in this arena for so many reasons they see this all the time. So I'll spend a moment on this just going and buying an annuity out of concept out of the plan and just saying okay this product here as a fifth your flavors about a sounds great I got 20000 let me put it in there. But not knowing how it's gonna work with your future plans or with your other assets. Can teach you into trouble when you hear people let's say they don't like annuities not only could it be from a situation where of the advisors is telling them that because they are off from. And they don't want you leaving them so they tell you that bad but can also be for some is that a bad situation because they thought that annuity. On their own without using as part of a plan. That's what I see more than anything because an annuity is a long term commitment it is designed to give you an income for the rest of your life it's not a short term deal how they do you have multi year guarantee immunities my guests that are. Designed for short term three years five years were its just fixed rate much like CD but in general nearby an income stream your buying an income stream the last few of the rest of your life and how much longer do you have on this planet I don't know deal let's say it's forty years well that makes that annuity a forty year commitment. But if you're creating your own personal pension and gaining guaranteed income for the rest of your life and potentially an increasing income. If you used the right and duty and that's a bad thing at all it's not necessary great idea for all of your assets but for apportion it just might work. So there's a lot of annuities out there and many different types and so many moving parts. I would guess Allen it's pretty hard to determine. If you're someone who could benefit from an annuity if you're a good candidate which type would be best if you really need that objective review don't you. Well absolutely and that should be conducted by a qualified financial planner somebody I feel should be duly license meaning licensed in both the insurance field as well as the securities and when I say securities I mean having a series 65 or. 66 and anybody you ask. How their license will tell you. Or you can go to Finneran dot broker checked dot org and that your advisors name in there and you should be able to find out how to license as well. It's so important that you get an independent guidance from a trusted professional. You can show a year annuity options to to get your personalized retirement analysis you won the next ten collar right now on nine when 3659422. That's 91368594. Tutu let's put you through our round table retirement process and provide you with that around to retiring review and actually no cost an obligation just call me now 9136859422. Glad to have you with us here on the program Alan tell a bit about your book I wanna mention to our listeners you're the author of the book return on investment or reliability of income the true meaning of RO YE. In the golden years and I love that title and I think once you let it steady and you see how important that title is tell us why you wrote the book. Yeah you know it was a labor of love that I I love the cover of a we used a life preserver because so many people go to retirement. They just don't know which direction they're just so used to talk to a financial professionals who says it's all about to return on your investment. But I feel that if you get towards retire as you transition from the accumulation phase. To that distribution phase where you go from save your money for 3040 years of working. To unemployment retirement or you're going to have to spend that money. To enter retirement. You need some help so I'm throwing a life preserver giving you some great advice to help you get to enter retirement and it's just it's it's not a job it's to quote my navy background as an adventure. So be one of the next collars and 9136859422. And keep your Varian copy of return on investment or reliability of income written by yours truly no cost no obligation and I might even just autograph that these. I may call 91368. Nine sporty too. Our rights that Alan let's plug along here in our show and thanks so much for letting us know more about your book. You know we can control a lot of things in retirement right when we retire. How much we save for retirement. We can control our taxes to some degree if were strategic by Maarten fortunate. Yes well that's right. But there's a lot of stuff is just let's face it simply out of our control of one of the things that. I think about is inflation. Is there a way though to. Hedge against that to battle inflation. And the threat that it poses which is of course eroding our life savings. Oh man it I look at three things as we get into retirement and I use in Akron and hit health inflation and taxes all three. Are kind of silent and not Ali silent killers of our retirement and yes if you are working with the right person in your pro active and creating the right mix of investments and thinking through. The next 102030. Years of your life can be. It. I started the show what this is can be an art form rather than just. About return on investment and I think that's where retirement solutions group and my team we really strive. As were helping people make it to enter retirement because we. Know how to do. Factor in our Medicare Medicare premiums we know how to look at inflation. And I love one of those annuities we've been talking about there's one out there. That has increasing income capabilities built into it soon and no additional cost every time there's an increase in the market after you use the product correctly in turn on the income in the future and I knew it sizing it but just activate the income writer once you do that not only do you get a long term care benefits at no cost and and you don't have to qualify for but you'll also -- at the potential for increasing income every time there's an increase in the market your income goes up so that's a good hedge for inflation but also having nice healthy mix of stocks and bonds that can help fight inflation because. We can use some good dividend producing portfolios to you keep up with inflation as well so lots of ways to tackle. It's just making sure that it's appropriate to your individual risk tolerance. And that you understand what. Why women Hal. Alan I wanna talk about your dinner workshop c.s are great seminars we call it retire right radio live it's kind of a live version of our show and you hold these at great restaurant straight here in the Casey met showed a lot of questions come up I wondered if Eads shares some of the most common questions you hear from people who attend. Yeah we're doing these workshops as you said retire radio alive by Colorado room and asked people why they've. Come out tonight and trained you're the show ports. The audience but it's intensive focus on tax efficiency long term care solutions guaranteed income diversified portfolios. So a lot of the areas that we obviously talk about on retire radio here you and I together it. It's it never gets old school. You know when you're talking about a person's future and the thing about retirement planning is it something that everybody likes put off because and we talked about the sun last week show Megan you talked about people will take more time planning a two week vacation and they will help planning for their life savings and you asked me why and I every member of that question because it's not fun planning for retirement for most of us last year and I numbers owner who wants to -- content and look at dollars and cents and trying figuring out budgeting and all happened. You know. I love this stuff that to me it's just putting together a puzzle and everybody's unique and independent. And individual and that's what we do is I don't know anything about somebody until they command and the only way that we're gonna learn is to talk and ask questions and listen. And figure out what is somebody saving for what they wanted to do in retirement and that's where we're really unique is I think. We don't put everybody to some cookie cutter portfolio that everybody gets the same mutual funds matter fact we try and stay away from the mutual fund powerful as the Lester institutional. Because we really wanna give you low fees so they're not eroding away. Your returns because you know. Ultimately I'll take it down to the simple Megan that we are the tortoise in the tortoise and the hare slow and steady wins the race and one of those quotes I've heard for many years. Is that. Pigs get fat and hogs get slaughter is so what you're saying there it pays to be greedy but just not too greedy right here. Everybody likes to make money but it needs to be appropriate so what we've been talking about it they show. Is resonating with yet now's the time keep that second opinion one of the next ten dollars. Get our roundtable retiree view absolutely no cost no obligation and the way that you get your custom suited retire review. For yourself is to call me at 9136859422. That's nine when 3659422. Call now to get a complimentary customized retirement analysis 2913. 6859422. You've been listening to retire right with Alan Decker on the retirement. News network. Investment advisory services offered through eight. LLC retirement solutions group is an independent financial services firm that helps people create retirement strategies using a variety of insurance and investment products. Investing involves risk including the potential loss of principal any references to safety security or guaranteed lifetime income generally referred to 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. Retirement solutions group is not permitted to offer and no statement made during this show shall constitute tax or legal advice. You 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.
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