Retire Right 02.11.18 Seg-1.mp3

Retire Right with Alan Becker
Sunday, February 11th

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. I mega NASDAQ from the retirement news network as always I'm joined by Alan backer of retirement solutions group we're so glad you're along with us here on the program today. If you want to reach out to Alan and his team at any time you're welcome to do so just dial 9136859422. And his website you can check that out as well go to retire right TC dot com yeah there are nearly listen to this half a million centenarians. Living around the world that you're not familiar with that term centenarian. That means someone has reached their 100 birthday which is pretty impressive. And there's CNET by the year 2015. That number it's expected to increase almost a full to what is that tele well we're live in a whole lot longer than ever before and suddenly age 100 doesn't seem that are patched. While the greater the chance of living to see triple digits the more important it becomes to plan forward the white ASE and to really position your assets in your income. You're gonna have enough to cover your centenarian lifestyle however sedate or were killed and crazy it might beat. Honor showed today Allen is gonna show you some ways to prepare financially for this growing possibility. You can the ripe old age of 100. Is it difficult to encourage people Allen to start preparing for something that's as far off maybe is unbelievable. Is living to 100. Omega and that's the key is a lot of people think it's unbelievable it's never gonna happen to them. But this is. I showed topic that's very near and dear to my heart if you know for those listeners that have caught the show before and I know you know my grandmother. Helen she's just over a hundred years old herself still. Going strong but she is an assisted living facility and that comes with. Some additional complications and and costs obviously. Which will talk about later in the show but. You know as we're preparing for that next journey. For many of us which would be retirement we have to look at all the different. The other good and the baton and that that come with. Getting older and as we plan for retirement and you know what we like to look at when we talk about getting older is longevity risk that. Chances of out living your money in in getting older and older. We want to make sure we're prepared for that that's who we're gonna talk about today. A big topic important line. So what's your sense an Allen of how well people are prepared for this possibility mean it seems like for a lot of people like jedi risk. It might not be at the top of their list of concerns that retirement. Those that are not a belief that they can live that long definitely MBA at the top of their list but I feel that most people that come into the office do not have. Quite handle that they need to on longevity risk. But those families that choose to work with us definitely yeah. To look at those risks because we bring them up and we also. Look at vehicles that will assist them not only in growth and protection of their assets but. Making sure the money's gonna last longer the oxygen using vehicles. That can provide guarantees if there opened of that so weak you holistic planning here retirement solutions group and we really wanna look at all the different. Angles because with people living 203040. Years. Sometimes in retirement also known as unemployment. You need to make sure that the monies that you saved will last. As long if not longer than you were so the idea of longevity risk is simply out living your money. End. It's not always the type of mind awareness for most people. Because if you don't have family members of of that long or maybe you're looking here Hal maybe just don't know you do with your time and it scares you see just trying to close your eyes to it. But the fact is that people are living longer and longer. And now mean go back to. The forties people weren't thinking they were gonna live into their seventies or eighties now. It's normal to salute to live in your mid seventies matter fact. Statistics now put us into our mid eighties so every on average so every day people are making new heights and you know it's all a matter of what you do with your time you gotta look at your health and your wealth that your. You know fine in some it is that's what financial planning is all about more than just money. It's a lifestyle and understanding. And I got a whole another lease on life I've got new things and he be doing in when you with your planner it's about finding those. You know that new fire camp got this much money coming on or about that I can take a little risk on maybe try and something I've always wanted to do starting a new venture. Support in the grand kids hanging out charities doing whatever it is that you wanna do. Retirement. Is all about choices. In getting you to the right place at the you can enjoy those golden years here retirement solutions group have created a team to help you transition to enter retirement. And will take your information and help you with the customized. Roundtable retiree if you are around to every timer process has been put together. To address things like health care taxes longevity. Income planning. Health care planning. We do this at no cost no obligation I have to do is pick up that phone call me at 9136859422. That's 9136859422. The one of the first ten collars on today show only we've giving in to the front of the calendar to take advantage of our. Round two retiree view which also get an autograph copy. Turn our investment. Reliability and then the true meaning of our allies in the golden years to give us call today 9136859422. Glad to have you aboard here on the program today I wanna give you Allen's phone number again if you'd like to get that visit sat again it's 913685. 9420. To find out more about his dinner workshops he holds those all throughout the year go to retire right Casey dot com. For much more information and Alan is we're talking about longevity today you know as far away as age 100 teams for people who maybe today or in their. Fifties or sixties. When thinks a good way to start thinking about this prospect of living a really long time. While making that you just. Have to looking ear you know internally look at yourself your family see how I genetics are playing in the year failing how well your health that is. How awfully go to the doctor you go into the gym very eating right. You know what statistically you have to worry about in an address to. Not to help your own life expectancy. Just look at the numbers remain if you if you look at Seoul street dugout or like to get my numbers. They put out that the actual projections are 65% of people age 65 are gonna live to around 8085. But 25% of people age 65. Will make it aged 95. That's so really big number. 45% of the people but that's an average so that means how many of those are making it past the age of a hundred yard I love the old. Quote that is. Man plans god laughs we just need to plan. We need to make sure that we have are planning done and that we're prepared. For that longevity risk in if you are active healthy nonsmoking. I believe it or not wealthy you could easily live eight years longer than the average American does because people that have the means to take care of themselves typically do. So they're able to afford the healthier. Go to the Dennis do the things and the doctor do the things they need to do to prolong their life. So you have to take care of yourself and you have to take care of your finances. Allen's number 9136859422. He's conveniently located for you at 435 and Metcalf in Overland Park we're talking about longevity risk today that I wondered you know Alan as your talking near clients do you encourage them to take a look at their daily tree you know their genetics just how long other family members lived. You actually have to look at year family to. Her giving guide post of how long do you think you're gonna live I mean. I can think of several clients that have have these conversations with one time house talking to a gentleman has that was a professional ball player. And his dad actually smoked but didn't live past the descent and he. And as gentle as and is mid sixties and was concerned about living past the age of seventy even though he never smoked and he was. You know pretty active and but the fact that dad passed away young age was beaten him up thinking that he got me to play and as long as he showed. So that's that's an example of not looking at yourself and paying too much attention to your family and on the other side of the equation is diet. I've been. Talk in Hershey just recently retired and her mom is how in the one that's a hundred years old that lives in an assisted living my my grandmother. And you know she's. So scared. Of living 200 years old and running out of money in not being able to make it that she's. It's kind of monopolizing her planning. In she's had a good life and she's. Been able to put away for retirement had one in was an executive great job all those kind of things. But when your planning for retirement you need to make share. The taking consideration and being realistic. About your families age. How long you think your lip and then I'll see your spouse. Because you wanna make sure things are set up for your spouse to continue. When you pass away. What am I talking about I'm talking about making to the pensions set up correctly if you're. If you you have one or Social Security here in new duties whatever it is that you created to give you that consists of income through retirement. Needs to have a plan to cover longevity to take care of those that you leave behind to make sure that you know they can. Cover the inflation. Cover the increased cost of living in the future and not have to worry too much wearing now is stress stress. Can now take care of some that longevity risk you know because. Yes stressed for most of us doesn't help with are healthy it hinders. So looking at all these factors and you can put that behind you. Monitor and inspect what you expect and continue to go back to your plan and make sure it's functioning the way it's supposed to. But the first happened that is to having. A partner in your planning process which just recently talking to you. Couple they came and and there are fairy skittish and they've got things all over town and you know being diversified does not mean have. Ten different financial advisors you need to find somebody you trust him when you're when you're looking for that person that firm. To help you. I strongly recommend that you. Look for somebody that is duly license why use the phrase do license I mean somebody has an insurance license in the form of life and health so they can assist you with. Fixed a fixed indexed annuities also your health insurance a long term care plan but also somebody who has a securities license when a six securities license I'm referring to. If fiduciary licensee series 65 or series 66 license that requires. Person firm individual. You always put your needs and concerns in front other others then. I would say to find so many who's not handcuffed by an ivory tower above them a company that. Makes it limits them on what they can offer you. So there's a lot of moving parts when it comes to picking a financial planner but if you're listening today show. I'm thinking in my at a party found that. Team to have this issue I do is pick up the phone and give my team here retirement solutions group call. And 9136859422. We have a proprietary roundtable retirement plan. That we can help you. He keeps you to enter retirement that number's 9136859422. There's no cost and no obligation but we're gonna take your numbers. And helped you create a plan. For your retirement this plan will help you with. Health care planning tax efficiency. Which I think is so important as we go to enter retirement of the government we know of the government anymore taxes in the law demands we also help with income and investment planning. And your legacy. All of these part of the roundtable retirement plans and pitchers today 913659422913. 6859422. Well it turned out eat a pretty decent shot at joining the centenarian club. So how can you give your money a shadow lasting that long to. We'll Dickens isn't steps you can take now to stretch your assets for the long haul that's straight ahead. This is retire right we've Allan Becker on the retirement. News network. Retirement is all of decisions decisions you need to make before you actually retire. When she he takes Social Security are you too heavily invested in the market have you sink in that. Join that team from retirement solutions group and RSD investments and they've heated discussion about these factors and more. All while retirement solutions group treats you to a complimentary dinner and just engines steakhouse in Casey now. He's picked his game 6 PM on Tuesday February 13 or Thursday February 15 at ten cents in steakhouse in DC man. Reservations are required so call 9136859422. To reserve your seat today at 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 PC dot com. Investment advisory services offered through eight wealth management LLC eight he wealth management retirement solutions group and are risky investments are not affiliated companies. This is retire right with the Alan Ackerman on the retirement. News network. Again 9136859420. TO the odds of reaching 100 are actually higher than a lot of people might think. So let's look at both sides in the financial ledger number one and how much a person half as number two how much they might meet to fund retirement that does last several decades. You know Alan another question that people getting close to retirement probably need to ask themselves is how much they've accumulated right but also. What size asset base are they going to have a retirement. In. You know growing up I remember. Always here in the concept have a million dollars never touch a principal pulled up 5% a year and you know you're living on 50000 dollars a year. That Social Security hopefully get a pension you're good to go so it's one of those numbers that everybody's pretty unique god. Meaning the average. Aces around 738000. Per couple. That's what how much you need in retirement but some people have good pensions. They've set things up so or their or their frugal so they don't need a lot of income. Other people spend a lot so this is really an individualized approach and that's how we taking year retirement solutions group. Is we like to talk to be blown figure out what does their situation look like what does their puzzle. Look like. I talk about this quite often that you the first thing you do when you put together jigsaw puzzle if you look at the picture on the front of the box and that's what I'm talking about here is what is the picture of your family dynamic look like. Let's have a conversation. You're an idea what that looks like wager on your bucket list we trying to accomplish. Would it be RD accumulated and then I like a number of 5%. So if you got 500000. We can. Plan on spending in nerd receiving about 25000 dollars a year for the rest of your life now the numbers I'm talking about if you look at. Utilizing the stock market. Those numbers might be a little high the statistics these days are talking about you know especially in the form of longevity. Pulled more than 3% a year you're probably in around money that's because those down years in the market when I say 5%. I'm putting on my insurance had saying we're utilizing some fixed index annuities that don't have any chance of loss of principal. No market loss that gives us the ability to have a more consistent retirement income that's why people utilized annuities so. At all and you've got to figure out what your budget is what kind of expenses you plan on having so you can have the idea of how much you're gonna need retirement and that's something at all I help. People worked through when they come here to retirement solutions group we. Have a conversation. We have some forms help jog the thought process. And we'll get to those numbers and then we'll figure out as your number two million or you're number 500000. But. You have to start planning for retirement you have to be putting money away because longevity is a realistic risk for many many people. And you need to know that number right this sizing your asset base that. We have because if he did need 60000 a year in retirement but you only have 300000 saved. Here are pretty quick retirement or should kind of make some adjustments so we have to know the asset base you're either building towards. Or that you party created so that we can get those expenses in line because. You know it expenses are realistic and the need to be realistic based on the asset base you've created. So we could be talking about do you have yet your house paid off he needed downsized right size maybe you wanna upgrade we have. Clients that have done all the above it just we need to make sure retirement is the best it can be for you. I've got clients that. You know they wanna given all the charity in just. Increase there. Their impact on society which I think is fantastic. Have others that want to spoil their grandkids. There's that wanna just spend every diamond and let password that that's the thing about retirement. It is such an individualized approach. In working with a financial professional. You can have the ability to get those views as opinions down on. Paper in and voiced and the need to work for that goal rank comparing. What you have to what you want it to. Accomplish. It just makes good sense. But here's the thing Megan when people are creating and implementing in periodically revisiting the strategy for protecting. The retirement nest day it creates a unique sets of challenges challenges that we don't wanna be you know we don't wanna just put those in the hands of anyone. So I wanna make sure that our listeners have the ability to hit fronts and our calendar. And be part of our roundtable retire review of the one of the next ten collars at 9136859422. That's 913685942. To nineteen hour a look at your big picture cocky about your needs your wants your goals. The based on a conversation provides you with retirement income strategy. That's developed based wholly on your individual circumstances. So if you want a greater level of certainty about your income and financial well being during your retirement. Be one of those next ten dollars and 9136859422. It never hurts to get a second opinion. Percent of you first opinion on that retirement plan to give us a call 9136859422. This is retire right with Allan Becker I'm Megan -- act from the retirement news network we're talking today about longevity if you have questions about this topic as it relates to your venereal retirement situation are you positioned correctly for a long retirement dial Allen today to get more information on that he'd be happy to sit down. In speak with you about what you want out of retirement give plot plan in place. 9136859422. You you can also log on to retire right TC. Dot com now Alan if you have clients who crunch their numbers and it looks like. They're gonna come up short on the assets that there are gonna need for a long retirement. Options they have. There's several options with a look at Megan one is definitely Max out your plans at work so make sure you're contributing pay yourself first. And they maxed those out if possible but always looking at the tax efficiency. I've had clients that come in and and they want to put an all under Roth iris and dragon in the tax deductions that'll benefit down the road for tax. Purposes but at the same time they still that the market volatility and limited choices within the plans options so when we're. Taken a look at what's available to us. A lot of times using the traditional style forward K or qualified plan. Makes more sense for many people in as they're building for retirement if you're over the age of fifty catch up provisions. So you're able to put an extra 6000 dollars and to those plans that they knew when you look at Roth Roth options we can also save money and then the benefit. Not having the taxes to pay which makes the money actually go a lot further there are. Options that I would recommend that we look at outside of two in that do work you know it's usually good idea to put as much money away through work. That says they'll match and then look elsewhere for those monies expression tax deferral I like life insurance is an asset class. And that way we can not have some of the restrictions that the government puts on our 41 case. But also have some tax efficiency within our plan some accessibility. And not have to wait five years to touch those monies. I'm just a lot better options out there so just another piece of the the big retirement puzzle when it comes into. Saving for retirement doing it the right way doing it the most tax efficient way Allen and then once retirement does hit out imagine it becomes a matter of converting those assets. Indy your income history he that is the one that I have spent the last. Twenty years of my career helping people. To understand if you have assets and just keep saving them they don't do that much Korea except make your balance sheet look wrote that. You've got to learn to live on them and then how do you live on them without running out of so when it comes to retirement figure how much security have pension if your fortunate to have one. What's in this retirement accounts the investments Yemeni rental property have Yuri taken advantage of some variable fixed her fixed indexed annuities. And is that the right and duty for use of making sure you have the latest and greatest model that's gonna work the best for you. Mean we find a lot of people have order annuities and they can operate those newer ones I have these income writers and long term care benefits. Lots of different test features that come with those increasing income for some and can create an income plan to create a late check and a paycheck in retirement that'll last as long as they do so creating income retirement is it is so very important. But doing it without risk for many analysts on that that needs to be consistent is also very important. And really Allen at the end of the day everyone out there need to retirement income strategy right absolutely I think that's so true because. No matter how long you expect to live you need some type of blueprint for how you're going to spend down the assets you've worked so hard to accumulate. Mean think about it what's the number one fear retirees. Is running out of money. So they're always worried about running out of money and that must mean you're gonna be spending and down. A lot of people that trouble understanding that there's going to be a point that those dollars are going to start decreasing if you got all your money sit in the stock market. And just fall on the jones' so to speak. In the market corrects we have another 2008. Well. If you're in distribution if you're living on that money you have to take it out to live because you need your paycheck and your plate check. Or your adversary and a half. You have to pay your card and distributions. You don't have the time on your side have bounced back from a correction. So yes and income plan. Can help you separate out those assets and know what you're gonna live on and win we're you know pull from during corrections what are you gonna depend on. As year I getting older or creating income for long term care for health care expenses. Any of those numbers of concerns even if you're pretty savvy about investing in finances this is one of those things they. No you may be better off developing in conjunction with the financial professional. I do feel that everyone needs an income strategy so whether retirement is party apart you close at hand. Or to distant reality the goal is the same to keep as much money as you came in your own pocket. So you have choices and control of your own financial. Present and future but that doesn't happen by accident what you need is a well thought out strategy for retirement develop with the help of her professional. Who understands the big picture so when you're among the first ten collars today. At 9136859422. That's 9136859422. What my team tired news we're gonna put together one of our customized roundtable retiree views just for you. And this is gonna include an honest evaluation of how much you save for retirement. How much riskier assets are exposed to. The fees inside your portfolio your retirement goals how much income you might need to support those goals will even do an annuity. A valuation fury have summoned there to make sure you have the most appropriate contracts for what you're Nizar. And if you wanna feel more compromise your income and your financial well being during retirement don't pass up this offered just be among the ten people to call 913685. 9422. That's 91368594. Point two. Again be one of the first ten collar right now to get your customized roundtable retiree view at 9136859422. We're reaching age 100 with adequate income means managing your retirement assets wisely now. We'll talk about ways to help stretch what just might be even most important retirement asset you own. That's straight ahead. You are listening to retire right with the Allen back on the retirement. News network.