Retire Right 01.07.18 Seg 2.mp3

Retire Right with Alan Becker
Sunday, January 7th

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 mega NASDAQ and this is retire right. I'm sitting here with Alan backer of retirement solutions group if you're looking for results for your retirement Allen can help yours has a number. It's 913685914. To. Again 91368594. Or twenty TU. People really do need more clarity and fewer misconceptions and their retirement income picture. So today Allen is helping you get to the bottom of common misleading retirement planning mess. Another myth out there that wanna clear up. And that we're gonna talk about now is that you can live comfortably during retirement on Social Security benefits hello this is a big one for some people it's possible that they can live under Social Security. Social Security places less than 40%. A pre retirement income for the average worker retiring at age 65 it was never designed. To cover a 100%. Of our income retirement so it's very important that you make the right choices with Social Security. So that it's gonna be there when you needed it's gonna take care of you but you also have to. Understand where you're get other income sources and retirement. So Social Security very important. But Social Security alone out of context does not make a financial plan and you really have to make sure you have a he tax efficient plan this is some things are very common these days I have clients come and and they tell me. They wanna create a tax efficient portfolio they talk to their financial person they said they should just take Social Security at seven. But others is say you know I don't pixels here's Jameer out I should just taken its 62 or maybe they've already I'm taking it 62 the thing about Social Security is. You have one chance if you make a a wrong assumption you take it the wrong time. You have one year to correct it otherwise it's a revote Kabul and that means paying back all payments that you received up to that point but the idea of Social Security. Is it's an income source it's only taxes 85 cents on the dollar for most of us fifty cents for some and if you don't make a lot of income and Ollie can be tax free but conceptually here. If it's tax and 85 cents on the dollar let's say you have money sitting back in your 401K that some days gonna become an higher hey it's very important. That you work on your Social Security strategy with your tax planning on your record in distributions that'll happen at seven half. Between the ages of fifteen and a half and Seve half is your sweet about a retirement to start maximizing your tax brackets taking using. The money your Aaron for income. To lessen the required and distribution pain if you will in retirement that continues to go up and once you lose a spouse. Tax brackets dropped but the payments increased it is a tax type mom if you will. So Social Security should be coming into the strategy to figure out. I've never marries a should be living on that first and then decide what it takes a security. Social scale alone very difficult to make a decision you got to look at the big picture that's where working with fiduciary. Working with somebody that understands social security and income in taxes all come together to help you create that perfect plan. As are talking about making that perfect plan an uncovering some of these myths if the Social Security income isn't going to be enough for most retirees and Allan what are other ways to generate income in retirement. There's lots of ways to generate income Megan so we could start with pensions but there's only about 2% of the population that still gets those. And those that get them technically it's not enough to cover all their expenses. But you're lucky enough to have a private pension good for you we need to make sure that fits and is one of our income sources. But that alone is probably not enough income to take care of everything. Then we look at Social Security like we've been talking about and it needs to fit in so pension and Social Security together. We maybe get closer to that numbers so let's say we figure out we need 101000 a month the live on. And pensions governor thousand canceled securities governed for so we're at 5000 dollars what we need ten. So where he did the other 5000 could be from here forward okay. And that's where like to talk about we had defined benefit plans than we such as defined contribution plans but who's helping us. The finer benefit so it's very important to work with some of the help you create an income stream out of your four okay. And that can be putting in inequities in Los could be using things such as annuities because annuities are just a guaranteed income Cheney can't outlive so there is a vehicle. That could be utilized to create the remainder of that income or some portion of it. To you get consistent income Dresser like maybe it's a portion of some dividend payments and and some annuity payments you can also use. Life insurance strategy something I do myself is put away some money to create an income stream down the line using a life insurance chassis is for the safety of my principal. Is Greece and had a protection for my family if something happens before I get there. But at the end I'll be able that take money out of that policy to greet incoming attacks free basis is so life insurance is a very. Popular item that shouldn't be overlooked we also utilized. Real estate and potentially rental income off that maybe you're planning on an inheritance that just remember whoever your inheriting from may need to use it before you get to it. So is and a viable option that we need to look at. And then you could look at part time employment so there's lots of options out there just meeting with somebody the other day and they have retired from the job have their numbers and to maximize the pension facilities and health benefits so they decided that. To get a job in and that job serve to duties it gave an insurance and also gave me a discount. I want other hobbies so they were able to use the discounts that helps some remodeling of their current farm and also. I'm some of the rehab they do to create other rentals up. Just looking at your opportunity out there and figuring out what pieces we can put together to give you a lifestyle you want that's a retirement plans all about. The thing about retiring is you should go at it with the written plan so many people go into retirement. We need it just pull in money they say they have enough money but it's so much better ads and we find. So much easier on the soul less stressful if you will. If you go into retirement with a plan and that's why we created the roundtable retirement process that proprietary process here retirement solutions group that helps you and five corners of retirement. When I'm talking about his income planning. Investment planning tax efficiency legacy and health care. These are the five areas that we find people need the most assistance. And get the most confusion out going to enter retirement be one of the next ten collars at 9136859422. And we're gonna put you to or customize roundtable retiring view at no cost and no obligation popular in the next ten dollars and 91368594. Tutu if you call right now I'll send you an autographed copy of my book return on investment or reliability of income that you meaning of our allies in the golden years. So be one of those next ten collar right now on 9136859422. We're glad to have you with us here on the program today wanna give you Allen's web site if you haven't checked that out head over to retire right Casey dot com I told you about his. Dinner workshop c.s are great seminars that he holds all year long Q1 to attend. Go to that website and find out how to get registered again it's retire right Casey. Dot com today weren't debunking some of the most common retirement planning Mets and these are all things you heard that maybe haven't had the opportunity to really investigate to learn the truth and Allen Allen and find out that there are any misconceptions out there about some common retirement planning tools that we have available today. Well absolutely make and one of the once it comes to mind first is the myth that a new these are just too risky or too costly for pre retirees are retirees to even look at. And you know this is a 200 billion dollar industry these annuities. And it was primarily a variable annuity world and landscape for many years and that is slowly moving to a fixed a fixed indexed tech landscape. Because people don't wanna mix the risk of their portfolio and the variable type contracts they would rather have something that's guaranteed or easily to understand. Which typically lies in the fixed a fixed index style of a duty you know and I would go to say that annuities themselves have their own list of myths that we may need to debunk someday but. One Obama I'd like to start with his my money's tied up I can't get access to it so why would I wanna use an annuity. And I would say that most of us when we're looking and annuities it's a portion of our assets that's a wage should be so let's say at a million dollars or retirement dollars. And you wanted to play at 215 in nearly well that would leave you 750000. Dollars over on the side that's liquid. The idea is to take. The money that you would like to guarantee and retired the income you'd like your team used that portion in the newly not everything just a portion. You want guaranteed now maybe it takes more than 250 in that example to creep in can be so be it. But the portion you want guaranteed but let's take that a step Bernal let's say. That that million dollars was all qualified dollars it was all in your IRA your 401K you not pay taxes on the money. And he wanted it all in your hot little hands right now well. Because of the ire asks you get about fifty cents on the dollar after take in the maximum state tax. And maximum federal taxes. Plus you get a few extra charges in the air for your Medicare if you were 654. Having a high modified adjusted gross income so there's a lot of different cost that would command. And you get a lot less of the than you thought so in essence. Are qualified dollars are not liquid. Either so we need to make sure we're using the nudie appropriately and in the correct way the bottom lines and duties or simply your retirement income planning tool. They may or may not be the best solution for your income concerned so I recommend. Working with a financial professional like those of us here retirement solutions group who can examine your entire financial picture determine if an annuity is right for you and your family. We talked about a new lease you know it seems as though there are a lot of preconceived notions out there why they get such a bad wrap. Honestly in certain cases the bad raps justified I mean if you see what I've seen over the last twenty years with people having variable annuities for example that they thought were guaranteed him with a market losses of 2008. In that timeframe. You might have income value were 200000 account value worth. 50000 so people losing principal amount you just think that as an income vehicle and you don't worry about the the value of it then that would be a case of variable annuity principle can be a risk. We look at the fixed indexed annuities there's been so bad products out there that had forced distributions in the wrong time mark. Or people and understand how to get their money out of them so now I understand my own grandmother. And 95 was refunded her money that she put into the new because she lived to law. She bought the singer you know late seventies but it had some underlying fine print that and at 95 contract over we're sending back your money. Well she's already over a hundred years old could use that income stream. But she bought a contract that did not allow her to keep up past 95 so definitely some of that rap is justified but also. A lot of big it's bad flak in bad publicity because the securities people that don't sell them are the ones out there. Writing those articles are telling people what's wrong with them and I think one of the biggest as. If I buy an annuity I'm limiting my upside absolutely. I would ask anybody that's ever bought an annuity to ask why they bought it and the answer should because they wanted to limit their upside because they wanted to eliminate their downside. You can't have your cake and eat it too every time in other words if you wanna make 20% the market. You gotta be willing to risk 203040%. Rate that's the thing about the market people don't realize that if you're making my in the market somebody else's losing there's always two sides. To every trait so you understand market volatility understanding what you're trying to accomplish is very important so annuities. Should be used as an income vehicle they should be utilized. To creature income retirement annuities can be a good option for people seeking to solidify their income pictured her retirement. Are they right for you or your situation I don't know it's a good idea take a look. What kind of really makes the most sense for you there's a lot of options out there what you need to do is be one of the first and car stay at 9136859422. Calmer now we'll get a retirement roundtable review directly from retirement solutions group and one of those parts of the plan will consist of an nudie review its critical Egan an independent and trusted professional to help you with. Guiding you to enter retirement and looking at all your annuity options to get your retirement around to review. Be one of those first ten collar right now and I went 36859422. That's nine when 3659422. It never hurts to get a fresh perspective and your retirement needs. And Helena knew he might help meet them so calming down 913685. 9422. Have a final retirement planning missile discussed today might even be on your radar find out what those are and why believing them could mean trouble for your financial help. Up next. 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 daunting thought. Where would you get into. What does the market drops out she can take Social Security doing it team from retirement solutions group and RSD investments for a discussion about these factors and more all. Of retirement solutions group treats you to a complimentary dinner and Jess and Jim steakhouse in PC now. You take it day to 6 PM on Tuesday January 9 or Thursday January 11 and yes and Jim's steak house in Casey mouth. Reservations are required so called 913685914. To two reserve Dorsey today at 913659422. Seating is limited so call now to learn more about these events and how you can attend. Retirement solutions through 91368598. Or 22. Or online at retire right Casey 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. Yeah. Hi it's mega most act from the retirement news networks here with Alan backer of retirement solutions group. If you're ready to start building meant dream retirement. Politics is a phone call to Allen to get started. 9136859422. You and it's 913685914. YouTube online as well go to retire right TC. Dot com we're talking about myths and misconceptions about retirement planning here on the show I think the issue be wing area and as you starting to think about your own retirement. Alan how finding the right advisor help you understand so the truth behind these myths. Many in this brings me to one of the other myths we need to address today the idea at all financial and insurance professionals are created equal and makes me think of little joke which. Without drugs this kind of facts which is. What is it called a guy who graduated last in medical school. You know I doubt a column doctor. So it the end of the day how do you know how well your doctors performing or performed in school has his name still startled doctor and what's the same thing here in the financial professional industry. Everybody. That's passed the exam more works in the industry is not as good creative successful. All those things is as the next person so. We're now created equal. After twenty years in this industry in creating a bit self sufficient financial planning firm here in Johnson County Kansas and in doing this for a exit twenty years had retirement solutions group. For over ten of those you know not everybody creates the so. It's very important to find out what's the background when I first walked into. And one of these picks and big box houses when I first got on the navy old almost twenty years or better ago. I'll shoot I got nominated for price 25 years but anyway locked in his office and asked two questions asked the financial personally said. What are you drive. And what your money invest that. And he these links so take it back like nobody's ever asked those questions. Like I wanna know how successfully ER and a one of your investing in the same stuff here recommending for me. So that was my guide post to working with that financial professional before I was in a position or in the industry to so what I'm doing today. Rain and I think. Those are the type of questions I would hope that some it would come and asked me is to say how successful are you are you and investing in the same. Models the same types of products the same solutions. That you're giving to me because is how my dad taught me at a young age if you're gonna offer something you better be believing enough to utilizing yourself. So I've always practice under that model my game and I think that. Too many financial people may be in there for the wrong reason maybe they're motivated by money rather than actually helping people like. I like to ask people you know have you ever heard of financial advisors say no stranger principle just injury Turks we probably all heard that on hand. Well I'd like to ask that at the workshop if you've heard that why would somebody say that. And how it kind of glass is half full or the glass is half empty can answer which means all the don't want to run out of money while. That's the optimistic answer the pessimistic cancer which I've feels more accurate is the advisor that tells you that doesn't understand retirement planning doesn't understand you're going to spend your money you just need to do in the most efficient way because that's why the numbers appear retires at running out of money so that person is telling you that because they don't want you spending their retirement because they're making money in your portfolio. And I don't mean that's the right way to help somebody get to enter retirement. What were helping somebody who we want to make sure that they're spending that money for the things they left his money only has two purposes you're either going to give it away. Or you're gonna spend. Everything else you do is till you do one of those two things he need to enjoy that money where your kids are gonna enjoy it for you not that there's anything wrong with that but that's ultimately what's gonna happen. So now not all of visors are created equal you figure out what direction they're looking for what they're trying to accomplish. And make sure that it's in line with what you want for retirement. And what advice do you have for people who still need to find the right professional help them with their retirement. There's a lot of ways define financial professionals these days you could talk to your peers it works see who their working with you could notice some of those workshops something if your. Over the ages 5055. You probably the looking your mailbox and find two or three restaurant tonight. That are holding workshops. From a financial professional or he could just pick up the phone and schedule a visit with fine folks here retirement solutions group that's the one I would prefer. But there's lots of different ways to find somebody out there but the key is is to find somebody that's rate for years and here's some things I would look for so if you've got a pen handy I grab it. Because what you want to work with the somebody has a 65 or 66 securities license and you go to. Finneran up broker checked out or after school that you can find that website that's one way to find out how somebody licensed. Because 65 and 66 securities license or the only two fiduciary license. On the market that require somebody to actually your best interest the other thing I would look for is a life and health license because if you want medical insurance. In retirement I'm talking Medicare Medicare Advantage prescription drugs. If you tax efficient planning long term care that kind of thing you definitely need. To have somebody that has a life and health license if you want. Guaranteed income retirement. To use or guaranteed have to be using my insurance license can't is my securities licensees or guarantees so if you went in annuity inside your portfolio a fixed or fixed indexed annuity. He needs somebody that has an insurance license so those are the two things that I would start with. A life and health license and a skis license and some of the knows how to use those then I would ask. When they make a recommendation. That they're utilized in the same types of products ask them what they're invested in find out how successful air what is their contingency plan. So what happens if they retire they pass away they move on now that's important. Also know that if they did you'd be right back where you are now looking for new advisor so. It's not the end of the world but it's something to take into consideration. He need to know that you're in line with their views in other words. That they have your best interest at heart you understand what they're saying and you have a say in the model that they're put together on the planet they're putting together. That should be your numbers. Your goals your trips and that you understand why you're doing what you're doing creating and implementing and periodically you visiting a strategy designed to maximize your retirement assets presenting complex set of challenges challenges you don't when just put my hands of anybody light up your life savings in the hands of a genuine retirement professional. You're one of the first ten collars today at 9136859422. We're gonna put you to our roundtable retirement review this round tea retirement processes proprietor your retirement solutions group was created to help people create a tax efficient plan. That looks at legacy. Healthcare income and investment planning all the things we need to get to enter retirement. All you have to do is pick up the phone call right now be one of the next ten dollars and 91368594. TJ that's 913. 659422. Glad to have you with us here on the program today meg and most act from the retirement news network alongside Allen backer of retirement solutions group. He is web address if he hadn't visited yet goats you retire right TC dot com that's retire right TC dot com. We're discussing today common misconceptions about retirement planning Allen another myth that you want to clear up. Megan went on top warehousing assumption that just because their financial professional but they're obligated to always put your interest above their own. This is something we try and talk about each and every week which is the concept of working with they fiduciary. Now the federal government put out a wall and it's been through the Department of Labor and it's been pushed back. A little bit. The concept of it is that whoever you're working with his launch are working with qualified money that your hire a 41 K for a three be my jam pay taxes on yet. They have to act like a fiduciary well that would be like Stan you're working with having just act like a doctor even though I am but the medical school I think it's very important. That you're working with somebody who is a fiduciary. That's how important it is in the government put this law to try and protect us put it's actually. It's like what did you say you know I'll work with Sony must act like a doctor you wanna work with somebody who is a doctor it's like those commercials. You doctor Mellman a plane went on TV you know you want to work with somebody who has taken the professional exam. Who follows the rules and is accountable to actually being a fiduciary and a fiduciary. Means they are obligated under the terms of their professional license our designation. To always put the interest of their client first above their own interest and those of the firm or the company. The company would be those whose products and services they represented here retirement solutions drip the only name on the door. His retirement solutions group we don't have a master we serve other than you we're truly follow the fiduciary. Letter to the law. So when somebody comes and we have to ask where all your funds would. Howard L working we at least need to see and doesn't mean it put everything here I had a gentleman and his wife come to a seminar I invited him to the office I told them we're fiduciary reason that we have to at least see where everything as a when he came and he said. Here's 45000 dollars I'd like to do something with the mass to where everything else was leases auto show there with you I explain what a fiduciary was and I kindly said when you decide that you wanna share everything else with us than you can come back but I cannot take one piece of the puzzle. Out of context and tell you how it's gonna work with everything else as a fiduciary. We must make sure everything's playing nice together everything's correlated working together. Because were held accountable and that's what you should want as you travel to enter retirement. So Allan if a financial professional if they're not required to meet at fiduciary standard what are there standards they follow. Well this and it has been out there for a long time is the suitability standard means that it just has to be suitable they you know you in the salesperson talked about it. And you understand enough this seems like it's suitable doesn't mean it's the best warrior. The most efficient but you understand what you're taking advantage and and purchasing. You know so it requires indirect and products that are quote unquote suitable to the client that is that they recommend security. Or products that fit the clients investing objectives need to concern doesn't mean it's the best product it just meet your objectives. You know it's not a bad standard. But it does leave a lot to interpretations of the idea of the do deal well regulation in the law that came out last year. Is to make sure that everybody's working with Paul by dollars is give you the best product possible not just the most suitable product. That's a very fine line. And it's so grayer now because if you're working for a company and its proprietary mean the only offer their own products are they only have certain products offer. In your limited to those products and under the current law that means. If it's the best they got that I guess it's their being a fiduciary with the products they have your retirement solutions group we work for usually go up by in the best products for you. And we can get just about everything out there so weakened. Document that we're giving you the most appropriate product that the best product or solution that he's what you need. And that's what's important as you get your retirement is knowing who you can trust can be very confusing. And it's so important given how much is riding on ensuring you'll have enough income to last throughout retirement. There's much to gain from engaging with the financial professional. Was experience treating corny retirement account strategies now is a great time. To get in no obligation customized. Retirement round tea review it's gonna help uncover here's where there may be opportunity. To help grow your retirement nest axle provide enough income. For as long as you need it. This analysis. It includes so many things to help you get to enter retirement. Such as how to help with your Social Security. Your income stream make sure you have the most appropriate market strategy to address health care taxes inflation's. In over exposure to certain market risk this no obligation announces I'm running into the first ten dollars and they show at 9136859422. So pick up the phone now give us a call 913. 6859422. Asking what's the harm in getting a second opinion I'm sure it. There's nothing so calming down 913659422. You've been listening to retire right with Allan Becker 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.