Retire Right 02.18.18 Seg 1.mp3

Retire Right with Alan Becker
Sunday, February 18th

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. Hi it's mega NASDAQ from the retirement news network so glad to have you with us today as he listened to retire right with Alan backer. On a start things off by giving you Allen's phone number if you have questions about your retirement planning process or appear ready for a second opinion. That's something that Allen helps people with day in and day out so. Hear that number as we get rolling on the show it's 913685914. To you again 9136859420. TO and we've all been told so many things are married tire meant. You know how much money you're gonna need whether you should keep your money in the stock market what the odds are they'll end up in nursing home or even if an annuity is worth considering. Amount of money to retire and unfortunately. That statistic or that myth is not focused on any one individual. So it's really general. We think here terrorist issue that your retirement planning should be based on your unique concerns and issues. And it's is he's unique is your own fingerprints so it's really about the amount of money you saved in your spending and where are coupled with so a person could retire with millions of dollars or thousands of dollars and still be just as comfortable. So we really wanna find out how much you need to retire what's your number instead of just some arbitrary financial goal. So Allen as a talking about this today then is it's through that this strategies you end up implementing manager saving that those strategies actually matter more than a dollar amount your nest egg. Megan absolutely. I think that is a very. Factual statement there because it's not the amount of money you have it's how you utilized those dollars. Mean do you have too much risk on your portfolio and how much you gonna pull on a monthly basis. To accomplish certain goals I've seen people make mistakes like taking a lot of money out there hiring and paying off their house at first that looks like a great opportunity to. Get rid of a payment which in essence fixes cash flow. But you have to look at the overall tax consequences. So when we're trying to figure out. How to get to into retirement and how to utilize our funds. We really need to look at what are we spend and for our hobbies for our needs for necessities for our travel. For spoiling the grandkids all the things. That make a fairly family in and make retired her retirement so. Your point for a lot of different places to accomplish a lot of different things well we need to make sure that money lasts as long as you do and sometimes we can use different vehicles. With less risk or market exposure to accomplish more conservative and consisting cash flow. Which may make it just a lot more peaceful and retirement knowing that that money's gonna be there consistently. Week after week month after month year after year. And that there's no chance reverent round money Social Security actually can function like that pensions can function like that also so can an elite. So there's a lot of different tools out there and we need to find the right mix of tools. For each and every listener each and every retiree that we're assisting. If you're nearing retirement there's a good chance you could really benefit from having a well thought out strategy designed to help maximize your retirement assets. And the first step to getting that strategy is to contact us today and schedule. And retirement roundtable review. This is completely customized. It's an analysis that's available. Only the first ten people who called 9136859422. This analysis comes directly from retirement solutions group in our she investments. We're gonna take your numbers and assist you to get to enter retirement. Call now 9136859422. That's 9136859422. Glad to have you with us I wanna give you Allen's web site as well if you like more information go to retire right Casey dot com at three tire right Casey's dad Tom Allen holds dinner workshops all throughout the year and if you'd like to attend one of those you can find out more. At that website again it's retire right TC. Dot com. Allen had help so to determine how much they'll need to save for retirement when we really don't know how long we're gonna live. Well not knowing how laurel. Doesn't mean we shouldn't play him for the best case scenario and you know I love statistics but at the same time I'm not a big fan of them because they don't apply to everybody that's why they're statistics but at the end of the day if you're 65 today. You've got a 125%. Chance so one out of four chance. That you're gonna make it to 92 the average like it's expectancy these days is 86. But if you make it viewed 92. There's also a one contain chance you're gonna make it in ninety salve that there's people hitting. Hundred years old every day. So as a population we're definitely living longer and we don't want the money to run out before we do so we have to look at things. Like our budgeting. Longevity health and then protect things like health care costs. And inflation and taxes. That we have to look at. The fees and hidden expenses with our portfolio look at the stock market volatility this year so many moving parts it's really important. That you'd get with a financial professional that you trust to help you navigate this landscape many financial professionals consider longevity. To be the biggest threat to your retirement income simply because it intensifies. All the other risks out there and I. Completely agree with that concept because. Just you don't know Hollinger lifted and my grumbles over a hundred years old so if you live to be harder and even in your ninety's but over a hundred. That money has to do a lot of work to keep you comfortable retirement. Special with the cost inflation going right to do is look in the past and see what things used to cost vs what they cost today. Allen speaking of statistics you know statistics do you tell us that at least 70% of people who are over the age of 65 are gonna end up needing. So kind of formal long term care services in their lifetime that's a lot of people so how do you approach that issue of long term care with your clients. A long term care is something that is very important to a lot of people but unfortunately it seems to be more important. The people that have had an experience with it and fact I've been doing this for over twenty years I have. Grandparents that have used long term care services people my family they're very close to me. I to understand how long term care can affect the family personally not just professionally. So it's very near and dear to my heart and I addressed that with all of our clients that there's a lot of different ways to look at long term care and there are things that we do right now to address those. Risks and long term care mean we're talking. 567000. Dollars a month just in our area some other areas it's 1012151000. A month and in the long term care. Is an expensive proposition and we're talking about home health care adult daycare assisted living nursing homes the whole gamut great so we can look at. Looking at some form of long term care insurance which should be a policy. That's specific job is to take your long term care we can also look at alternatives. And these days and I look a lot more towards the alternatives just because it fits better with our clientele for the most part and what I'm talking about there is looking at. Like insurance policies that have living benefits of a living benefit as a way to take a portion of the death benefit and have it come back to you wire in a nursing notes another hour. You have a 100000 dollar policy when he 5000 of that can be used for long term care over a four year period let's say. Yeah a million dollar policy a quarter of a million dollars in the can be used for long term care. It's just an added benefit inside some life insurance policies we can also use a new easily long term care writers what I mean by that is. Some of these guaranteed income payments that we get through annuities where. Let's say were receiving 30000 dollars a year from our new east. Well we don't know nursing home it pays 60000 dollars a year so it's a doppler for long term care by many policies these days. In typically that's a five year pay out. In other words it'll double for as long as there's money in the account or five years those are usually the two most popular options. We can also look it's other types of insurance policies that might have long term care riders built and there's lots of different ways. To take care of it there's a product out there Cottam money guard where you put a 100000 and and if you pass away it's worth a 150 put if you what you write backe give your hundred. If you need long term care maybe it's worth a 125. So. Many different ways to take care of long term care the point is to address it have a plan and that way we can work or play. Alan so much of this I know you discussed at your dinner workshops a lot of big retirement topics come up at those. When you're discussing some of these things do you entertain questions from those who were in attendance. May have I love doing our workshops and in my opinion it's like retire right life you know I'm there. I'm talking I believe I'm pretty good speaker today again a lot of good feedback from a there's no PowerPoint. So the way I get started is asking why people came out there and it the questions pertain to the group I do entertain them. I mean it's really just an open forum where people can. Come out another appears maybe bring another couple with you that might be in that. The same time of life for their approaching guardian retirement or maybe some as just planning on retiring someday. And wants to be ahead of the curve. The basic idea these workshops is to give you just a safe place. No pressure have a conversation. Have a nice meal and then if you like what you hear and to schedule a visit and come in and and work with us here retirement solutions group put together great team over the years. We have everything from an estate planner who offices here into retirement solutions group we have. Tax professionals we work with and then the rest of us here either life and health professionals to help you win at the long term care of the Medicare. On those types of planning or. The financial planners. And we are what you call a series 65 so we're fiduciary is. Which means we working your best interest legally obligated. As well as emotionally and personally we just wanna help you get to enter retired. It's just such an important time of life and there's just a lot of stuff out there are two T confuse a person. So we wanna make it as simple as possible you know if you're wanting to have reliable stream of income that you can depend on during your retirement. I feel it would be a great option if not a necessity to you. Meet with a retirement planner and make sure that what you want to have happen is possible and probable. There's a way to find out. If what you put together what you save for retirement is enough to get you to enter retirement and that would be to pick up the phone and one of the next ten collars at 9136859422. Our families are very important to us in the one thing we want to be able to do is provide for so. Being a part of our roundtable retirement review we give you the clarity to know if you're gonna make it to enter retirement and make sure that money lasts as long as you. So be one of the next ten dollars and 9136859422. And number again is 913. 6859422. It never hurts to get a second opinion look forward to seeing in the office and you gotta calm down 9136859422. Some of the most misleading myths and misconceptions about retirement relate to how you invest your money. Allen is gonna help clear those up breast straight ahead. This is retire right we've Allan Becker on the retirement. News network. Retirement is full of decisions decisions you need to make before you actually retire when she you take Social Security. Are you too heavily invested in the market. And he saved enough joined the team for retirement solutions group at RSD investments and they lead a discussion about these factors and morning. All while retirement solutions group treats you to a complimentary dinner at. You take it day 6 PM on Tuesday February 27 point Thursday march 1 antique Gilbert in Overland Park. Reservations are required so call 9136859422. To reserve your seat today it's 9136859422. Seating is limited so call now to learn more about these events and how you can attend. Retirement solutions group. 9659422. Or on line every tire right PC dot com investment advisory services offered to eighteen wealth management LLC. Eighty 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. I its mega NASDAQ from the retirement news networks are glad to have you with us today. I'm joined by Alan backer as I am each week from retirement solutions group and if you'd like to get in touch with Allen and his team he can dial today. And that number it's 9136859. Ports UTU. Again 913685. And 94 to when he TU Allen's offices conveniently located for you. At Ford 35 and Metcalf in Overland Park. Today we're exploring some of the most common myths and misconceptions. That are related to you retirement planning. Allen would think some retirees are getting wrong as it relates to their investment strategies. Megan people make. All kinds of assumptions. You know how they should invest far too often people are trying to apply that one size fits all solution in an increasingly diverse and segment at tech economy many of you. Have bought and the myth that. Retire means it's time to move on your money out of stock market and that can be way too conservative the market. Has potential you just have to make sure that you're investing your wrist tolerance and what I mean by that is. Here retirement solutions group we do a risk score if you will. Where we asked some pertinent questions to figure out arsenal sound a little weird from an investment advisor but we wanna find out how much money you're willing to lose. In an up market making money is not difficult in a fashion the question how much money you wanna make you're not gonna limit me. But I of last year how much money you're willing to lose. That's a pretty emotional answer meaning some people are gonna say nothing I don't wanna lose a dime others are gonna say. You know maybe five or 10% the idea is to build your portfolio based on what you can tolerate and then. Make sure that you have all those buckets set up for income and vacation. For though what is if you will as well as the needs. So coming back to the budgeting concept there. The idea in retire. Fireman is to know if you're going to be fully invested in the stock market that there's going to be times of downturn and you may have to pull from savings. Or a less volatile type account to weather those storms. Maybe you're willing to use. A hybrid approach where we can. Utilized some fixed her fixed index immunities to create some fixed income in there to work with your pension if your fortunate to have one or. With your Social Security to offset that of the idea of retirement is to figure out how all these things. Worked together but. In the most tax efficient way possible the appropriate balance it's gonna differ from person to person and chances are. It's going to change for you you know over time. See you have to constantly inspect what you expect you have to come back have more meetings and visits and see. What changes you made expression if you have a major life change in your own family in to find the appropriate balance between growth and protection you might have to make stock market investments and fixed return vehicles like bond CDs and annuities. So it's really just a a program or a plan that structured. To the individual. Allen helps someone figure out the right asset allocation at their own personal situation when Megan particularly on my sneaker train here every nook and I. Bottom line this is why we've created the roundtable retirement processes. Proprietary process here retirement solutions group is about. Having several visits meeting with people getting to know them getting to understand then you can figure out on what's on their bucket list what are we actually planning for what are we trying to accomplish now. Do you wanna leave money behind you want the last check about so to speak in what is that you're trying to accomplish so that we can build out a plan. So first is deathly and a go along the lines of risk tolerance in our first visit we've gotten a million then once we start rolled up our sleeves and decide who worked together we're gonna go through risk tolerance and one of those steps is just mapping out a strategy that involves assessing your risks tolerance and we wanna know. Just how much rooster come from like I was talking about just a little while ago. Making sure we understand how much you can tolerate losing or what your idea of Iran decent or fair reasonable return nets. The others looking at the longevity. Wind and now how long do you expect to live how long do you want a plan for and then you know I was like to go above and beyond if you say you're playing for twenty years I want a plan for thirty. The idea is to make sure that our plan won't fall apart and that even if you live longer than you expect. That you're still OK if you don't live as long as you expect past not really a problem right. Planning is for the longevity for. You know living longer than you expect or as long as you want and then taking care of the loved ones that you leave behind. You know whether retirement is Ari upon you close at hand or to distant reality the goal is the same to keep as much money you came in your own pocket. She have choices in control of your own financial present and future. That this doesn't happen by accident what you need is a well thought out strategy for your retirement developed with the help. Of one of our firm's financial professionals who understands the big picture if you're among the first ten people who called 9136859422. You're gonna gain access to our roundtable retirement review. This is now off the shelf plan we're gonna look at your big picture talk with about your needs your wants and your goals and then based on that conversation. Provide you with the roundtable retirement plan that's developed based. Holy on your individual circumstances so if you want a greater level of certainty about your income and your financial well being during retirement don't pass up this offer just be among the first ten collars at 9136859422. Call now and we'll connect you of one of our retirement professionals. He won the first time caller right now 9136859422. We wanna get this customized retirement roundtable review. Done any of your hands so call me 9136859422. That's 9136859. Before 22. And Allen's web site usery tire right TC dot com again net retire right TC. Dot com on the show today were discussing retirement related myths and misconceptions. So Allan what other men about retirement investing eating people should. Wary. Well this one's in Iraq has to deal with categories of the stock market investments the idea. Actively manage investments that potentially get a higher fees and costs. They may outperform passively managed or lower feed lower cost investments. As kind of a mouthful so let's kind of break it down more talking about actively managed portfolios we have a fund manager on the back side. Who is trying to outpace. The index that where work what's so let's say it's the S&P 500. So the active managers are using their research and that cost is passed on to the fund. And their goal is to try and outpace. The index at their their benchmark so again that the S&P 500. Passively managed funds these could be index guns exchange traded funds they are generally carry lower fees in the active managed. There's more of a buy and hold strategy where your you're placing your sons into a passively managed account. That's based on an index and stays true to that model and continues to be rebalance. Here retirement solutions group and our she investments we elect to use the appropriate mix. And we use institutionally actively managed funds as well as the passive funds. Based on your unique concerns so you really wanna make sure that you understand the mile earlier and how it performs what the underlying concept or what you're trying to to shoot four. Lake meaning the return that you want again or how much risk you're taking and then once you understand year investment style your manager's style. That'll make it a lot more user friendly it's it's very difficult. When you just hand things over to a investment person and say I'm just looking for returns you really don't know what you're trying to accomplish. Other than a make money and then when something happens like at 2008 in the market drops 40%. You're sent back trying to figure out why your funds just dropped 40%. Lot of times that's beast because it was following a benchmark benchmark went down guys for your funds to it so there's there's definitely an argument for both styles of investing. See you want to. Maybe have a mix of different types of investment strategies. Inside your portfolio the idea though is the market has some growth potential and there you wanna take advantage of it. But you also want to understand which style of investing using and which one works better for you. So what you want is an investment delivers that value that means weighing the performance of the investment relative to the fees it charges to the investors so for some may be worth considering investing in passively managed funds because passive investments. Although there's no guarantee they actually outperform actively managed funds overtime it was an advisor that you trust that you wanna work with and that you understand. And then they'll help you understand the different methodologies. And we'll find the right portfolio for you Allen is important is rebalancing your portfolio. Many in today's day and age rebalancing is extremely important because when you have some of these passive portfolios. That are more the buy and hold strategy you may have bought something or holding it. Wheldon dividends could come and play it could nine years global markets made some money rate. So between the dividends in the value of the asset going up you may be outweighed from what you originally started it in other words. You may have wanted to be today is let's say a 5050 mix and because of the dividend paying in now you have an overweighting of of cash if that wasn't automatically reinvested or maybe its purchase more of that holding. And now you have more equity positions and you did and now you're at a 6040 or 37 the tight mix whoo it's very importantly rebalance to keep true to what your wrist scorer risk tolerance is. Expression is you get older typically we get more conservative. So nine years global market starting that process 578910. Years ago. It's a very high probability that your portfolio is not a balance to what your initial mix was and you probably haven't re reevaluated what your risk score should be. So those two pieces can really make a portfolio. Out of whack and then the market corrects. You could lose a lot more than you were willing to take risk on to yet balancing is extremely important. And we recommend that you look into it at least on a quarterly. Or semiannual basis because. That's one of the downsides of a passive portfolio. Is it does stay passive and if you're not calling your advisor a lot of times they're not calling you. Because you know they're not talking to you maybe they just feel you're happy and in your making money so there's not much to change was real important the about honoring your basis that you communicate here advisor in a regular basis. You know given how much is riding on ensuring a have enough income to last throughout retirement. There's much to gain from engaging in the financial professional has experience creating and coordinating retirement income strategies. Now's a good time as any in no obligation customized retirement around to Avery view. It will help it cover areas where there may be opportunity to help grow your retirement nest take. So it provides enough income for as long as you need analysis will also include. How to better understand handle choices regarding Social Security benefits. Lot of options out there. And it's real important just had a couple coming in today thought. All the changes in Social Security they couldn't file on their spouse's Social Security anymore. And didn't understand that if they're the same age which this couple was only a few months apart they still had an opportunity. To file on one of their Social Security's and then take the bigger one later. Much less opportunity but it's still exists for some we've had some people didn't realize they some of those choices or change so. Understanding Social Security's so important options for creating said he and chemistry retirement. So very important strategies to help ensure retirement income. Can withstand the increasing cost of health care taxes inflation and market exposure all of this be one of the next ten dollars and 913. 6859422. That's 9136859422. Well DA know what to believe when it comes to the best strategies for your retirement relying on the wrong advice they. Allen helps you get to the bottom of more retirement planning Mets up next. You are listening to retire right with the Allan Becker on the retirement. News network.