Retire Right 01.14.18 Seg 1.mp3

Retire Right with Alan Becker
Sunday, January 14th

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

This these three tire right with Allan Becker. And the retirement fuse network's Megyn most active. Allah is the president and CEO what the retirement solutions group. With more than eighteen years of financial experience Alan and his team will help preserve and maintain his client's way of life. And the legacy they leave behind. This is retire right with Allan Becker on the retirement news network. Hi it's Megan I'm Zack from the retirement news network as always have joined by Alan backer of retirement solutions group. If you'd like to reach out to Alan and the team at our SG. Call today 9136859422. It's 9136859420. Tube in his website you can check that out as well go to retire right Katie seat. Dot com. Remember the roof vick's Q back in the eighties it was that. 380 puzzle I'm sure you know what I'm talking about it was so frustrating right because just when you think you're about to solve the side. Get finishing move that last square. It always just seems so out of reach and boy if you're lucky to complete one side then you're gonna mess up the other side you try to solve it drove me crazy. It's like Alan that's a pretty good analogy for planning out her retirement income strategy right you've got to. A lying all of these various pieces of the puzzle you've got to try to get that maximum income. It seems a bit daunting kind of frustrating but. Today we're gonna work on solving a couple sides of that puzzle and coordinating with draws from your pension. Your 401K in your hiring a tear bested the and it's come retirement Alan and I know you spent a lot of time helping other people solve this. Retirement puzzle right. Of these days Megan we spent a lot of time at that but I as you were talking another miscue by do you remember. Those days messing with that darned thing and I think it's coming back and style on and off its. Just for movies are all this retro stuff from my kids are playing with the now. But at the back into the day making all these pieces of the retirement proposal fit together it can be tricky given the factors like. Taxes in the fact that so few people nowadays they actually have a pitch not fall back on retirement does arrive. Inflation's low health care costs increasing so there's a lot of pieces to consider and just like a jigsaw puzzle it can feel overwhelming when you began. You know oftentimes. I asked people what's the first thing you do when you put together a jigsaw puzzle and now the the answers look at the picture you've got to know what you're trying to build so you know how to put the darn thing together. So we wanna relieve some confusion in the frustration in the trepidation of beginning to solve this retirement income puzzle. Am really is like a puzzling that's had two good way of looking at it. So today we're gonna help you make sense of all the moving parts of a retirement plan and understand how important timing is you know. In every point in the right direction that's what the show is really a book all about point in the right direction on your own retirement path. So Allen is we start this conversation in your mind what solid retirement income planning actually consist of. Megan here terra solutions group we believe and holistic approach whereas we strive to create lifetime income. Based on your unique risk tolerance than meets when creating a plan there are several pieces of the puzzle to consider its. In mindset as much as anything you need to start visualizing it time to retire render there's more to life than money and we would like you have some quality years to enjoy it. But every day is Saturday when you're attacked you need to put together a budget so you have an idea of your needs. So that's familiar requirements for your paycheck that you should look at your wants so you know what your plea check will be those things you enjoyed such as travel or spoiling the kids and grandkids. Maybe it's charities that warm your heart. We have found with our clients and me that having a purpose to dollars is much more effective retirement. And just pulling money from accounts. What I mean is if you separate out your income dollars from your growth funds. It will help you not to have theory tyrant fear of healthcare and long term care costs fear running out of money. Where the fear about living your assets we want to get a blueprint if you will. So you'll know what win and where you can get those funds when you need them in the most tax efficient manner possible. Living the lifestyle you desire and dream about your retirement takes careful planning and in many cases the assistance of a financial professional help develop. And put a strategy in place every retirement strategy starts with analysis. At stake if you're among the first ten collars to call 9136859422. I'm offering to provide you with their retirement roundtable review completely customized to your specific situation. I'm a look at the big picture talk with you about your needs your wants and your goals then based on that conversation. I'm gonna provide you with the retirement strategy that's developed based wholly on your individual circumstance but it's only available the first ten collar so call now at 913. 6859422. You won the first ten dollars to get a customized retirement roundtable review. And Emery is 9136859. Before 22 calming down 9136859422. So glad to have you along with us here on the program today meg in mosaic from the retirement news network alongside Allen backer of retirement solutions group. He'd like to learn more about Allen and the team you can always go to the web site. Retire right KEC. Dot com that's retire right Casey. Dot com and why did they are make sure you register for one of Allen's upcoming dinner workshops he's are great events get to meet Alan in the team into a great dinner. And get your retirement questions answered. So again go to retire right TC dot com now retirement planning it really requires us to switch gears so to speak to switch and mindset it's no longer are all about amassing wealth which is what we're so used to doing. Today we're talking about taking what we've saved and putting it to work for us and that's a huge change in thinking how challenging is that Alan. Maggie it's mixed. Really challenging it's a mindset shift per share. In fact this one of the most difficult aspects of retirement 101000 baby boomers are retiring every day and they all are facing the same question. How mine gonna make sure I have enough money coming in every month for the rest of my life so I don't run out so when you stop and actually think about it it can be pretty daunting when you're working it's all about save save save. And build up the. Biggest nest day as possible and retirement. Yet to shift your mindset from accumulation to distribution and preservation. So many of our clients struggle with this one but if you need to live on more than your Social Security to survive like 65% of the population. You need to figure out how much you need and if that number is more. And around 3% of your total assets longevity. May be an issue. And planning is Paramount the stock market roller coaster may have too much volatility for a 100% your assets in retirement hopefully you've got the wealth. And now it's time to make sure you know loses some balance of taking on risk with your money so it'll grow you need to find ways to protect it. T don't end up at ninety without you know any money left over. So Allan we know that this requires a change in mindset that really retirement it's self. Requires this mindset shift because it's so different than what we've seen from past generations isn't it. Absolutely in my book return on investment or reliability and count the true meaning of our allies in the golden years. I devoted chapter seven to this topic what I did was created. Info graphic if you will it's a we'll. That care issue Canada the steps of retirement so let's walk through that for a moment if you go back 203040. Years for some of us in your gonna work for the same company. For that. Or ration you would have expected two things at the end of the rainbow. One. You know the old gold watch and most of us live with give up the gold watch but the other half is the pension. And it's nice to know that if you work for somebody for a long period timer in the same company that they're gonna provide you this consistent reliable income. But that changed the idea switched out for the 40 NK for over eighty to 90% of businesses out there. Another big shift that came around was home. You know in the mid thirties and forties the a lot of men when a sort of world war two and all of a lot of the women went to India. Workforce straight they. And I went into factory work and whatnot and we became two income families this isn't. Eight a bad things distinct change in in the way things have happened so we have that back for your first microwave. For a minute for a lot of us first my way it was extremely heavy and it had its own zip code out there by the kitchen table future had to buy a stand for re. They've come down in price they've come down and wait. You know hope that don't cause cancer remorse a lot of things that have changed with. The onset of kind of industrial revolution that they came out of there hasn't said a moment ago we were called down in the cafeteria and told we're gonna lose those pensions but we're gonna have these four Irwin case. And how is also a big shift as we now started to really become a savings society. So for a lot of us that have that for rolling K we've been put it away into it. For all these years some of us may be in higher there are 43 BER a 457 but some sort of qualified tax deferred type program that we've been putting money into it but no one's really told us how to define our benefit how do we turn that. Paul fight dollars as tax deferred dollars into something we can utilize and retirement we've heard about this. Required minimum distribution that's gonna come in the future. But how do we utilize it to you this too and through retirement that's something we do here. Retirement solutions repeat cherry days we help people to define their paycheck in their play check now. Some of us are very tiresome hustler retired or fifties and 60s80s. Saw a narrower tire as we level we do. But whatever your goal is whatever your minds that is about retirement. Maybe you're going to retire in the shift to do something you've always wanted to do but that's another step. In the process of retirement or to that next phase of life to the distribution of preservation phases few well. So once a week. Decide we're gonna retire or how we're gonna go through those golden years. Whether it's they get a new career or or finding some way like we're just you know. Being with the ones we love him and in enjoying. The time that we still have when we do retire that we knew exactly what we're working we need that paycheck coming in systematically each month. Or each week for the rest of our lives and the rest are spouse's life and it would be nice to have a play check if we can't. Something that we utilized to you. Easily won from spoiling the grand kids taking care charity or maybe it's just funny we take the casino because that's what we like to do but whatever it is you want that. Those dollars for there's a difference between your needs and your wants and you wanna make sure that happens so we create that paycheck that play checked. And then we can worry about enjoying retirement and concentrating our legacy. A legacy. That's different for everybody I said everybody listen they're you know. Go ahead and and tell me whether you'd wanna spend the last dime or given all of your kids we would probably get in 5050 division on that so everybody's a little. Unique and sometimes in the same family. So if you want to create a financial legacy for your family that's fantastic view and spent at all before you go and enjoy it. That's great too but whatever it is you want to. Need assistance with that's the purpose of working with a all five financial planner on knowing that the market is going to correct at some point just don't know win. So it's retirement looming are already upon you it's so very important we actually share your have enough money coming in every month. Not just to cover your expenses but to live that kind of lifestyle even met and worked so hard and so long to save for. The first step is getting it completely customized retirement round tea review from a financial professional has your interest at heart and someone can write you with the fresh. Professional perspective on your entire income picture. This isn't some generic cookie cutter report. It's customized specifically just for you be one of the first ten collars there retirement solutions group. Call the number nine went 36859422. We're gonna get you a report that's customized you're unique needs and goals so be one of those first ten dollars and 9136859422. That number again is 913. 659422. With so many moving parts in retirement what's the best option for lengthening the light of your assets. We'll discuss your options coming up next. This is retire right we've Allan Becker ponder retirement. News network. Retirement is full of decisions decisions you need to make before you actually retire when did you take Social Security. Are you too heavily invested in the market and he saved enough. Join retirement solutions group president and CEO Allan Becker as he leads a discussion about these factors and more. All while retirement solutions group treats you to a complimentary dinner at 801 top house in only way. You take it didn't 6 PM on Tuesday January 16 or Thursday January 18 at Keeneland townhouse in leeway. Reservations are required to call 9136859422. To reserve your seat today it's 913659420. Team. Seating is limited so call now to learn more about these events and have you can attend retirement solutions group. 9136859422. Or online at retire right PC dot com. Investment advisory services offered through eight he wealth management LLC eight wealth management retirement solutions group as. As are risky investments are not affiliated companies. This is retire right with the Alan Ackerman on the retirement. News network. I may get mosaics here for their retirement news network alongside Allen backer. A retirement solutions group. If you need help building your retirement the one you always envision for yourself. Give Allen a call that's what he's been helping people with that day in and day out for the past twenty plus years. Dial 9136859422. That's 91368594. 22 you unsuccessful retirement plan it is made up of many moving parts. And it can be overwhelming trying to figure out how all those parts fit together CU didn't have confidence that your in pump. Will last in retirement today Allen is helping us understand just how important timing is when making your plan. Alan required minimum distribution here's a topic that comes up a lot. Those are another piece of this income puzzle so how does timing factor in here. Arm d.s are very confusing part of retirement a lot of people just on to handle and something I've noticed. Here in the midwest is. It's a great cost of living and what we have is a situation where many people. Could almost live on Social Security alone ray can you get to appoint a retirement. How should be close to it not pain opt maybe have a car payment and up the credit cards every month Livan pretty much debt free where a lot of our clients are wrapped. And the issue is they have this rather large 41 K because without the pensions and retirement earlier. People were putting a lot of money into these forward case to avoid the taxation. Now and delaying it but. You know with time and a great market over the last several years. People of ended up with a surplus of cash and of these higher res. And then. You know they'll go to a financial professional who will tell them how we don't give tax advice so they need to go talk to their CPA. And then go to their CPA and sell it or not financial planner so we can't. Really tell you how to utilize those dollars and they end up in this like catch 22 where they are not getting any answers. Well that's where retirement solutions comes in and we help people with our five core areas one being. Tax efficiency. Now along the lines we also take care of income planning and investment in legacy planning as well as. Health care to help out with all the core areas people need your retirement. Plays a wanna start with on the Ricard and distributions. Is taxes and liquidity. It's a money inside a traditional IRA 41 K. Or fourth or be it hasn't been taxed yet it's been an attacks deferred status and it taxes come due. Starting when you turn seventy and a half. And they come out as distributions if you want a 100% of your hiring right now let's say at a million dollars in there and you took an all out the same tax here. You'd only get about 50% of it as you would maximize your tax bracket both state and federal slows funds. That not a 100% liquid Mercedes funds should be used as part of your income plan like we do with our client family here retirement solutions are. Often times in makes the most logical sense polling premier hiring and letting your Social Security. Can you grow by deferring its notes all about the tax efficiency of your portfolio. Sonia plotting your overall income strategies you definitely want to understand that timing and how much of fury are your card and distributions. People who. Owned multiple firings may choose to take their requirement distributions. Forgiving here from all in one account or they can take distributions from each diary individually. This can get confusing if you're not familiar with the concept so. This is another place where trusted financial advisor. Like those of us here term solutions group can really come in handy and that you know Allan rock diaries we hear a lot about those yet to take required minimum distributions at those. That's the beauty of a Roth IRA actually is you don't race. It brings up why it's often a good idea to have different account types in retirement rate. Ideally you have different counts that carry different tax obligations we have tax deferred tax free. We have taxable and you know so the idea is to. Figure out where you're incomes gonna come from a mix and match your withdrawals in the most tax efficient manner so it's all part of an. Accessing an understanding of different sources retirement income. How much are gonna have for how long you can expect to have it you know we'd love to show our clients drop alternatives to avoid the tax time out when I'm talking about when I say tax time on this well war. Let's they were married couple. And we're maximizing the current tax. Brackets I know their subject change here any day. But the idea. A tax bracket is and maximize his you take as much as you can and that tax bracket before going to next. So you're making a 100000 dollars and you can go to say a 180000. Maybe you should take another eighty. And paid taxes now instead of having force distribution later on those dollars maybe. You should look at the idea of this because I win one of you pass away. Those tax bracket shrink and half so where you could have taken a 180 now you can take in ninety well. That doesn't sound like a big deal there's only one of you and that's plenty for some of the live on but if you have a million dollars in your higher at seventy. By the time here. Nine years old 85 years old that IRA. Could be double. Or even triple the value even though you're pulling out. 345%. A year for your card and distribution. Well when you have a lost such as one of the passing away. The higher rate becomes solely owned by the surviving spouse which means they get the required and distribution. On the whole dollars. And their tax bracket is half as much this is what I'm talk about the tax time bomb. And something where we help our clients family immensely each and every day. By showing them solutions to lower those taxes. Thus taxable dollars that create tax free dollars she was most saving strategies it's so important implement NP directly revisit them. To make sure. All is proceeding as anticipate there op the challenges of managing in the asset particularly those retirement. To successfully address its challenges discussing your options with those of us here retirement solutions group to. Hope you. Make it to win through retirement. We do this with. A no cost no obligation. Roundtable retirement review. He won the next ten collars at 9136859422. During this meeting were to talk about the big picture your goals your dreams and also take a look at your current situation. Were good fit for each other we're gonna start working towards putting together customized retirement income strategy that is specific to your goals and needs nothing we do here's cookie cutter and again. Just you're the first ten dollars and 9136859422. That's 9136859422. And I'd like to give you Allen's web site go to teary tire right KEC dot com here that is again it's retire right Casey died comity of like more information about. Now he is book or perhaps getting registered for an upcoming dinner workshop you can go to retire right TC. Dot com so Alan being tax efficient hating attack strategy that is such a key component to having a retirement plan that's. Solid it's well bill that's not a surprise so how us can help make sure the your retirement assets are gonna last though. Megan an answer involves Social Security in involves asset diversification and potentially. Anonymity. And again it's all about timing so let's focus on Social Security first Social Security when it came out. In 1940. Actually was put handle all little bit before that first check actually came out 1940. A couple of things here first results and on the back at train. So street you'll never be taxed over his dead body but heatedly the little loophole that statement he did pass away so Social Security depending on year. How much income you have to be taxed at 85%. Social Security is at least is taxed more favorably. Than other dollar's rate. So we have to look at wind should we claim Social Security we can do it it's 62 we can defer up to Seve act. Source Q he's Kearin TV income increases approximately. 8%. Every year you wait didn't believe seven years old. Not passed seventy. So you have to know we knew we're going to pull the money to live from. But it can be a viable option for me to know. To defer it to later meaning if you don't have a lot of money in your higher rate to live over in the bank. Then taking Social Security earlier maybe your requirement if you don't have the health. Or the longevity and when I say that I mean for both you and your spouse and may be. He should take an earlier so that you can enjoy having that income longer instead. An option may be tape qualified distributions from your forward cater traditional ire earlier retirement. Which will help to reduce your record in distributions later on and also might allow you delay taking Social Security to at least the age. We qualify for your full retirement benefit which is usually between 6667. Depending on when you were bored or perhaps you can even delay it to seven years old. When the bit of his grown by 32%. And that benefit amount it's years for the rest of your life. And your spouses could your spouse their Bennett that we made up of the higher of the two that bring. The spousal benefit up to that amount. So of course this decision depends on your overall situation that timing and order these two pieces they're definitely worth exploring with us. Allen about proper asset diversification. How does that help. This is where you bouts risk and reward by dividing up your assets in different investment products. Talking about stocks bonds cash than they typically move in different directions depending on the environment so basing your goals your risk tolerance your timeline. We're gonna figure out the best mix for you when I say risk tolerance we have a really neat process here we asked some. Pretty basic questions to get an idea and even example if you go to financial planner and ask at what you'd expect for your greater return. You know that's our ally for an nine. Preservation distribution advises that's our wire for accumulation by as a greater return. I look at reliability of income so what I do is ask the questions in the exact opposite and ask how much money you willing to lose. And that sounds a little interest in coming from a financial professional but the idea is if I know that you don't lose anything. That's wholly different risk tolerance is summit will lose ten or 15%. There's a balancing act to figure out how to develop a retire plan that works well with your unique situation while. We certainly don't guarantee returns stocks can provide solid growth opportunities. Growth that can help you address inflation over time. And that can be quite beneficial inflation can certainly dampen our purchasing power like to talk about the things it hitter retirement. Hit isn't. Acronym meaning health inflation and taxes. Those can really hit your retirement as you get older so what's more stocks may be considered less risky. Those that are retiring may gravitate towards retirement depend on their wrist rewarding comfort levels they often pay out dividends so they provide the potential for a long term growth. But the potential for a bit of and cut. Obviously no investment strategy in the market guarantees a profit or that you won't lose money but a well diversified portfolio can help you smooth out the volatility of the market. An off beat the opportunity for growth. But a diverse asset mix is key to help address all the risks of inflation longevity and market ups and apps you know creating and implementing and periodically revisiting strategy for protecting your retiree nesting presents its unique set of challenges challenges you don't wanna be put in the hands just anyway. We hear among the first ten people who call 913. 6859422. You're gonna get our customized and complementary retirement roundtable review. There's actually no obligation and we're gonna look at the big picture. Talk with you about your needs your once your goals. That based on that conversation provide you with the retirement income strategy that's developed based wholly on your individual circumstances. If you like higher level of certainty about your income and your financial well being during retirement don't pass up this offer be one of the first ten collar right now. At 9136859422. I wanna get you your own customized retirement roundtable review. That memory and it's 9136859422. It never hurts to get a second opinion on your retire plan if you don't have one yet it's never too late to get started so give us a call now. That memory in its 9136859422. I'm also gonna throw in an autographed copy of return on investment or reliability income that's the true meaning of our ally in the golden years. So let the operator know that you're getting one of those two when you call 9136859422. Well a 401K. Or an iron ray those can be great at optimizing your overall retirement income strategy. Learn how they can boost your dear anti incumbent year and more. In our next segment. You are listening to rear tire right with the Allan Becker. I'm the retirement. News network.