Retire RIght 01.28.18 Seg 1.mp3

Retire Right with Alan Becker
Sunday, January 28th

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

This these three tire right with Allen back here. 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. I Megan NASDAQ from the retirement news network glad to have you with us here on the program I'm joined by Alan backer let me give you talents phone numbers we start the show today 91368598. Or 22 that's 91368594. TT you an Allen I thought I'd starter showed today by asking you in our listeners to take a quick trip down memory lane you ready. Yes all right we're gonna hit some of those significant milestones in your life remember all the uncertainty had when he based graduation UN off into the real world for you that was the navy right. Yeah pretty scary time. Well okay but you've had a great experience now 18 DDT another experience have up the exciting but also who equally a scare you her her her I don't know what the future old right. And now the scariest of all you're added data three boys have got when your first child was on the way. You're taking me down some really tough man yes and no one's got a has no instruction manual that they sent you home from the hospital with right itself. You know here's another transition that transition to retirement and for a lot of our listeners out there brings up a lot of big questions many. That have to do with money your financial well being not gonna help you with those today so. We're gonna copies to shed some light on some of the most important questions that you need to be asking yourself before you retire. But we're also getting guide you through the process of answering each of those questions because now correct me if I'm Ron here. The goal is to enter retirement with confidence rather than any doubt or uncertainty right. Exactly and your retirement can be as I was saying a little bit fearful with these new and exciting times for it at the same time. You wanna have some confidence that your going in there like that you said it would join the military that would give boot camp I made it through boot camp that adds confidence that I can I can do this next four years or. Well I don't know what confidence comes with having a baby like he says there's no instruction manual but. You know yes he's got to jump in with both feet forward on the island so our were three children and so I think where we're figuring it out as we go but as as it comes to retirement. You know end what I've done with my life and the passion I have for helping retirees I think it's. Very important match you work with somebody in retirement that is a fiduciary and it's working with your best interest that. Understands the journey that his retirement not just helps you accumulate. But I also helps you with distribution of preservation and I feel that person. Or team of people should also. Help you with the insurance world as well as the securities world so you get the best of everything you need retirement. And that's what we did hear retirement solutions are. It's starting here because we've got a lot to get tease out. The first question that you think people should be asking is they get near this transition to retirement. Megan the first a question about retirement is really fun when it has to do is figure out what's on your bucket list. And then figure out how you're going to achieve those. Bucket list items are what I'm talking about. Is as you go into retirement do you want to you know have fun with and start a new career or do you want to spoil the grandkids do you wanna take up new exporter take a sport that you party love them and spend more time on it are there certain places you wanna visit I mean what does retirement look like for you and when we meet with new couples and new individuals here retirements of stature it's off and something that most people don't take the time to think about like all their energy is towards retirement and creating income. And you know fears of how long their money's alas those kind of things which are normal but nobody really takes the time and I think it's probably because not as many people are asked the question but what does retirement look like what do you want it to look like for you forty wanna go what he wanted to do. I'm and that's except have a lot of fun with that. Make a list and then. That becomes why you need a play check into retirement why you need funds and retirement so that you can do all those things that you. I've been putting off and these are supposed to be the golden years. So work with the financial professional and make those goals a reality. Yeah as you're approaching retirement you need to. Take all that information that you in all those dollars he collected over the years. And figure out how to make it to enter retirement we'll hear retirement solutions group we have created the roundtable retirement process in this process is designed. To help you think of those things that you just don't think about it as you come into retirement see retirements knew for a lot of people in. It's not something you do each and every day but it is something that we help people with each and every day. So we'd like to use our experience to help you and if you're one of the first ten collars and station we're gonna put you front line to our calendar. Gates UN to see one of our talented advisors to help you. Answering your questions wind take Social Security how to utilize those higher res in the most tax efficient manner. What to do about health insurance should even consider annuity are newly straight for me back I think. That's what our roundtable retire process is all about and it starts for the phone call 913685. 9422. And that's nine when three. 659420. To subdue the first time caller today. And lets us get started on the roundtable retirement process 9136859422. Indy can also find Alan on line wanna send it to his web site. Go to retire right TC dot com when you're the air you can register for his dinner workshops these are great seminars terrific educational events held right here in the KC metro at fantastic restaurant to get to meet talent you can learn more about his classic before. Retirement income you can also meet other people getting close to this new phase of life called retirement. And of course enjoy a great meal so get registered goatee retire right Casey dot com that's retire right Casey dot com. Alan why do you think it's so important for people did just do some thinking in debates about how the envision their retirement. Here are two ideas come to mind their Megan one is you know if you're gonna work off simple goal let's say. You need to know what that goal is in retirement so if you're going to retire and you want to accomplish certain things out here on vacation home or. You'll spend more time with the grandkids starting new businesses. Just. You know awake and up and haven't purpose each day and you need to. Visualize what that's going to be the other is all of these activities. They cost money so one of the biggest fears of retirees are running out of money. And if you're going to start new things or take on more activities that could cost more funds so you wanna make sure that. You had a game plan for that and know which dollars just meeting with a couple last week. And it was in Israel in just a bit it was real eye opening to me because the gentleman stop for a minute any. You know I was just trying to look at him try and figure out where his bat in his thought process things look like he was getting choked up but many starts speaking and he said you know. I beat cancer. I've built my wife for thirty years. And I never thought that I can accomplish what your shown me on the board it was. He was in tears because once we put a plan together he realized that all the work that he'd done. For those thirty plus years is coming to fruition he can now know that he has the confidence retire for some of us working with a financial planner means. Hey I just wanna know that I'm working on my own terms and if I go to work tomorrow. I have the ability to leave that job and retire I want to. Others one and know that they have. The ability to retire at a certain point so there's a lot of reasons to go see a financial professionals lot of reasons to get your questions answered in the biggest part of that is knowledge knowing is half the battle sort of speaking you need to know. How those dollars are gonna work what colors to use it what time and it for what purpose and working with the right financial. Firm can help you answer those questions. Here's that number again at retirement solutions group 9136859422. You end they are conveniently located for you right in Overland park at 435. And Metcalf Allan what's another important money related question they using people nearing retirement need to be asking themselves. It's the biggest question that comes to mind is how long my money's gonna last. And being one of the largest fears in retirement. That question comes up. Almost daily in my world if not multiple lines of a day and I think it's a ballot line especially coming off of 2008. In the 2000. You know the last. Eight or nine years of the stock market we've seen pretty good growth and eat. It's one of those times where you might get a false sense of confidence seen. The of that Long Island of global market but we have to. Think back for a moment to two thousands. Specifically that 2000. 12320089. Time frame where the market I took a major dips. Well good thing about a dip as the market. Always comes back great are always pass and corrections can be good force in less here about three tire and a correction happens right before you retire so. As you look at it you know a ten year time span the two thousands a lot of people had to go back to work or had to change their planning so. It became candidate tenure and then in the world that. Allen's my money alas the other side of that is if you're taking money from a decreasing asset meaning you're spending at the live on or your being forced to take it because of required in distribution because is inside your hiring is that kind of thing either way. You're still taking money out of an asset that. If it's on the market as exposed to risk and there's a correction. Your money is dropping in value and your withdrawing it at the same time that double whammy that a lot of people can't come back from so. When we're talking about retirement and planning for it and worry Iran money we've got to do some simple things we've got to make a budget. We've got to look at things on that budget that obviously a lot of us don't think about such is the vet bill such as you know. Gas money and utilities. You know those are probably little more commonplace but how much we're spending on the movies and clothing. Credit card bills that she's so many different topics that you have to look at so we have a budget chief that we. And out to people when they come in as part of around there retirement process. Teaches start thinking because our he's been in more money retirement are less. Well everybody's unique in that question and we want to make sure that we're addressing your unique situation and you should be addressing those. So that's you have a better. Plan for retirement. Your retirement solution troop. We love helping people it's it's our passion in life and we created our proprietary roundtable retirement process so that we can't have a plan to help people have clear direction retirement where were pulled money from to accomplish. Our paychecks on our plate checks. So we can have some confidence that we won't run out of retirement. If you want to know when to take national security how to utilize your pension. What is just about health insurance long term care what you're supposed to. How to handle your required in distributions and you taxation any dollars these questions and many others. The best way to get those questions answers to have a conversation with qualified retirement planner. That's a fiduciary and they can deceased you know into retirement but their retirement so be one of the first and collars on today show. At 9136859422. That's 9136859. Before when he too. Let's have into the office teacher questions answer or maybe you wanna come out to one of our workshops. Either way give us a phone call and will take care of you at 9136859. Before when he too. That next to money related questions you should be asking yourself with retired approaching have to do with magic numbers find out what those magic numbers are coming up now. This is retire right with the Allan Becker on the retirement. News network. Retirement is full of decisions decisions need to make before you actually retire. When should you take Social Security. Are you too heavily invested in the market. Have you saved enough doing it seems from retirement solutions group and are risky investments as they lead a discussion about these factors and more. All while retirement solutions group treats you to a complimentary dinner and change over to an Overland Park. You think 56 PM on Tuesday January 30 or Thursday February 1 and Jane Gilbert's in Overland Park. Reservations are required to call 9136859422. To reserve your seat today at 913659422. Seating is limited so call now to learn more about these events and how you can attend retirement solutions group 9136859142. Or online at retire right TC dot com investment advisory services offered through eight LLC HT wealth management retirement solutions group and are risky investments are not affiliated companies. This is retire right with the Allan Becker and on the retirement. News network. Hi it's mega NASDAQ from their retirement news network glad to have you with us today here for re tire right. I'm joined by Alan. Backer of retirement solutions group. His phone number 91368598422. That's 91368594. Seed to. Well today Allen is going over what we see are some of the most important questions to ask yourself as you approach retirement and Allen this next one it seems pretty obvious to me but I I hear you say a lot of people tend to overlook it. Yes well let me visualize something for everybody remember those. Commercials on TV with the guy trim and heads in these numbers flying by it's like what's my number I think. Fidelity's one that release specialized those commercials but. Having a number or get a goal ticket to your retirement you know I think that's really important arbitrary number that's the idea of having a budget and working with a planners to figure out. What's that number really beat him being grown up alternative have a million dollars. You live on a million dollars 5% year it's 50000 year plus Social Security check this most of us would do pretty get on that. You know what it's all relative to how much you're spending what you used bringing him because people that bring in more money. Usually spend more I always some people. You know they don't they spend more than they maker and that's why the country how so much credit card debt soon seek to get to a point in life when your only. Living on what you've created you know really bringing in more funds than me and I guess you could get a part time job but that's part of your plan or retirement. For the most part living on what you've got got to have a number and I understand what that number means and how much you can draw off of your retirement plans. To make it to enter retirement so that's what I wrote that question retirement is what is mine number so that I can retire. OK so is there are speaking of your number is their any sort around number that we should be shooting for. Well I think. Retirement. In the dollars that we saver is independent as their own fingerprints were there is unique so. I answer that question without. Having a conversation with somebody what I mean that is I don't want some of that to listen to us on the radio saying I've got to have a million dollars because that's what Alan said. What I wanna say is once we figure out the budget and once you go through a process like the roundtable retirement process and you know. That. You can you have planned on living on say 5% a year. And how your Social Security works or how your pension or to know that the as are set up right because after twenty years in this industry I as seen things done incorrectly. Let me give you a quick example Megan. I'm Alice. Help and a couple of the other day and they had that introduced me to. Their brother in law now that brought a lot just. Lost his wife and what happened was that person who set up there annuities used to trust. As the beneficiaries see. I what that insured person did was said OK you what the trust as your beneficiary let me do that all happened was. He gave up spousal privilege so when the passing. Of the insured happen this bowels didn't give the money didn't get what was. What was set up for them what they ended up getting was a death benefit. So in other words you annuities. That most people use today are set up for income and when you have a surviving spouse you're setting that up so they have that guaranteed income for us or lack. Well by making the trust the beneficiary. All of that benefit was lost something so simple as knowing how to set up beneficiaries making sure things are correct. Can have a huge ripple effect into your planning into your retirement. So Iowa too just. Take this message relayed hard and to our westerners out there that you really really wanna work with somebody who is a fiduciary. Who is duly license and understands. How beneficiaries work how insurance products work how the securities work so they can put that all together and help protect you. From. Mistakes that that people without the experience don't know that can happen and it's it's big stuff. Little things that can cause big problems. Most people retirement is saved up 40 in case IRAs 403 B some form of tax deferred or qualified plan. But the problem is retirement most of us don't know how to use those dollars and the most appropriate way and a lot of us we don't meet those dollars in retirement. We just defer defer defer until forced distribution. While I'm here to tell you that that is not the best financial plan. Ignoring the inevitable that's gonna happen at some point you're going to need to take that distribution. Why not take control of your tax situation for all intents and purposes. Taxes are on sale for the next three to ten years what I mean by that. Is you know who knows what happens if we hit. Somebody else in the Oval Office who in typically when congress make rules. They go for ten years stretched so we know that we have a tax plan in there that's giving us a discount our taxes but we don't know how long that's gonna last. So Q what the financial professional and address your tax efficiency of your retirement plans. This is one of those pieces of our roundtable retire process so be one of the first and collars on today show so you can get in. And having no cost no obligation consultation. And be part of the round table retirement review. 9136859422. That's 9136859. Before when he too. And you can also go online Allen has a great website for you simply visit to retire right Casey dot com. That's retire right TC dot com. Questions should you be asking yourself before you retire that's or talking about today with Alan. Now questions like how long they get a live after retirement those pretty hard to answer because we don't have complete control or knowledge of that. So how can it be any significant questions that we should be asking that we do have some control over. Well I mean the first filly comes to mind and that is. To actually have enough money to retire. You know maybe I set up this arbitrary number and I've had it maybe I've done my budget. Created my bucket list but. To actually have enough money to do all those things and to make it last. And that's you know if you don't do this each and every day. Tech might be a very difficult question but here retirement solutions group our she investments over twenty years I've been in this industry as members of nineteen. That have been in the industry equally as and as long. So we have a lot of experience here. On the team to this issue now into retirement a retirement so entering that question so we do each and every day. And you should get answered because you know retiring he can be expensive and you need a 100% of what you earning each year retirement. Offset for inflation and he'll meet 77% of her lots of statistics out there. But here's the bottom line. You know in retirement you're not adding your forward K hopefully you're not paying as much in taxes because you're up and the fight and that kind of thing any more work. The insurance is or court term and they've they've stops a you don't have those expenses. Hopefully Medicare's a little less expensive for you than the family plan so there are some adjustments that we can look through or creating a budget in general. You know if your every day Saturday actually spent more money you can even more money in retirement than when you were working but. Think of the number as your take home pay Matt. Now we are and bully actually capped and then think. So I'm saying you might be more it's it's of what he kept right what you brought home each and every. Pay period. And that's what we wanted to create around every tyrant processes some some peace of mind some. Understanding of where that money's coming from. How much of that income do you want guarantees. That's another big question so you can figure out how much I can get your retirement how much of its guarantee and how long it's gonna last. Alan when you're thinking about a target date for retiring it sounds like you really want more of a soft target deep and hard and fast date tracked. Oh yeah I mean in retirement through a lot of factors that Kim. I just 441 as the market mink. What if you're planning on retiring on you know January 5 2000 in nineteen in. The market goes down in October November. You know 2008 eat well. Acted potentially affect what you don't retire and see what we try and teach is that if you're within. Five years of retirement so you know twenty yard line a football field you don't wanna throw the volume on a run the volume you don't want anything to take risk that's the time. When you're looking at non hardship in service transfers. Which is the ability to pull money out of your 40 and K. I'm which most companies like you do take that money in your control and look at vehicles that can help you. T get through retirement you provide you potentially guarantees if you're open to that or to build it into portfolio that you understand and you control. So there's a lot of options out there by. Having that help that assistance retirement is so important to all of these different pieces. They work so important to gather a give you an example is mean with a couple McCain man because they had a little life insurance policy that they bought. They didn't know. If they should keep adding money to and they did the math on and they thought it might not be that best. That great of an investment and you know we're on our fourth visit. Before they decide to these two hire us which is. You know which is fine that's sometimes how the process goes and in that first visit they just fiercest. Problem child that we want to talk about and I explained the couple that hey that's great and will address that without looking how that. Affects all of your other pieces I wouldn't be doing my job as a fiduciary. To just address it now look at it and see if it's the best deal out there but how does that it would everything else por example. Once they started bringing in their information and we got a clear picture of the whole situation we found. That they haven't estate worth 2.5 million and one point five million of that sitting in higher res with no tax plan so. The truth is that life insurance plan that they were worried about is such a small portion of of the concern it's what they do about the required minimum distribution. On that one point five million that. Currently is 50000 year. And within a few. Years could be 10050000. A year. That's a lot of tax liability especially when one of the spouses died. So we need to make sure that they have purpose to those dollars to understand how works and tax plan. And once the couple started understanding that it was a much easier decision is an okay we want you take care of everything. Because we need you know followers together sooner retirement. Knowing your number figuring out how long reminds the last and then addressing all the little pieces to make sure they fit well together that's what that your retirement plan is about. That's why here retirement solution troop we created our roundtable retirement process so that you can get clear direction. To and through retirement. I wanna share with you Allen's web say if you have questions go to retire right TC that comic told you about his dinner workshops he holds these all yearlong. But they did fill up quickly so make sure you head over to that website to get registered and Allen would love to have you he's the host and he'll tell you more about his last beyond. Retiring successfully. You can share a great meal it's no other people who are heading into retirement dislike you so go over to that website it's retire right TC. Dot com what people expect to walk away from at those din. Workshops Allen. Megan you know when a person comes and our workshops like retiree radio alive no PowerPoint. Just a few members of my team myself answering questions with a white board and now we really wanna encourage out there. Also want to encourage you to be one of the next ten collars on today show because I wanna give you front. Space on our calendar so that you can come in and take part of our roundtable retirement process. While we're talking about today on the show is all kinds of important questions ask yourself as you get prepared for retirement. But the best way to actually know if you're ready for retirement is to have that no cost no obligation analysis. And bringing your information so we're dressing. Year unique in individuals this situation for your family or yourself. That I'll start the phone call 9136859422. That's 91365. 9422. New year new you coming in CS 913659422. Every major life transition comes with big unanswered questions and there's no doubt that's true for retirement you. So today Allen is helping you bring your retirement into focus by going over some of the most important questions to ask yourself before making the leap we continue that conversation up next. You're listening to retire right with the Allan Becker on the retirement. The news networks.