Retire Right 04.08.18 Seg 2.mp3

Retire Right with Alan Becker
Sunday, April 8th

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

You're listening to retire right with Allan Becker on the retirement. News network. I its mega NASDAQ and the retirement news network joined by Allan Becker and Sam asked from retirement solutions group. If you like to set a strategy session with Alan sands and the team call today 9132867980. That's 9132867980. We're talking about rollovers. And maneuvers that pre retirees are retirees should be considering. To physician their assets for the next phase of life so Allen Sam what's next on your list. Well we talked about. Using an annuity for rolling over for Owen K. There's another way to utilize annuities and rollover so we're gonna talk about something known as a 1035. Exchange the concept of a 1035 exchange. Is it tax free transfer from two. Light vehicles so you legal light to light and there completely literal on this that the nation if if your name is misspelled. On one side needs to be missed all of the other or fix before it moves because it has to be like the like self while we're talking about is if you have an existing and he may be used. Had one for years and you were wanting to see if there's a newer model right I used the example of somebody who. Has an automobile and they can get a brand new one same. Brands and model of the new version so that all the new bells and whistles. And in this example though you can make that exchange. If for no additional cost matter of fact you might get all the rebates and incentives on the new vehicle but it doesn't cost you anything more. That's the idea of rolling over and erase a one of the reasons you might wanna do that is because the new annuity has new benefits like. Income writers or long term care benefits may be your spouse wasn't covered on the other and we've seen that a lot of times it. People purchase annuity and not realize that their spouse cannot complete that there continue that in come after their passing. And we only used duties that have that benefit that you he need to being married when you take. That income benefits for that to apply so lots of reasons to look at the thing is you need to make sure it's in your best interest and that it's a upward mobility on the ears nearly you're giving more benefit when you make that transfer and we. Have to pass in the insurance form of suitability test as we talked about earlier. So the lawyers have to agree that's. As your advisors that we made a recommendation that is gonna put you in a better situation if everybody's agreement they'll let that transfer got through so there's a lot of oversight a lot of protection for you to make sure it's in your best interest. And we think that. Doing 1035 exchanges sometimes are a much better way to gauge to enter retirement and get the solutions that will work best for you because maybe of an older model and expensive model right there's. Lot of our clients we've seen that and come into the office for variable annuities. Have high fees and expenses on the taken actual market risk on that an alien that was the purpose of the men and they bought this is Sam is an earlier for the safety. They so deluding your portfolio buying bonds are. Bond funds were able to use you newly for that portion of the dollars to create the foundation. And in one thing that I just think it's so amazing about using an annuity. Is that it is the only vehicle out there that will pay you when your actually out of money in other words if you put a 100000 dollars an annuity take 5000 a year out of it. You live too long so to speak you're still gonna get an income not just for you but is set up correctly. For your spouse as well as long as both of you live. So gotta make you have the right model. Gotta make sure that it works appropriately but at 1035 as a way to do that would no taxes no fees potentially no expenses TO. Just a great thing to look at. This is like the board then to all kinds of annuities and life insurance in all circumstances. And all circumstances they were talking and annuity to annuity we're talking. Life to annuity but not and who needs a life peak is. You can't take a tax deferred vehicle ID and annuity and move that over to a tax free vehicle so that taxes are still do. I'm at some point so there are circumstances where works fantastic. There are circumstances where it's not allowed but definitely something not to be overlooked. Is to see how it may benefit you because there's newer models out there and you've got to make sure you've got the best thing for your I. So that rollover from one annuity to another and you woody why is that when especially common. Most of the clients that we meet with on a daily basis come and wins with old annuities may be they're ten or fifteen years old. Annuities have changed a lot so over the last decade. Really I mean they're they're changing daily Alan and I there are counseling is doing Bakken and reviewing information for every annually it's on the markets pictures. Everything changes. We always want to make sure that we're we're putting our clients and the best available. Annuity at that specific time. I think what had just a little bit of that Sam is sometimes. We inherit clients from other. Agents that have may be provided that product. And obviously the best reasons because somebody went to a seminar and heard about and duty of the day. And so they went audit but it wasn't part of a plan right it was just a product purchased. And we believe that products or solutions you you'd figure with the needs are in the picker problem. I think you know it goes back to. You have to know why you're using an annuity in the first place. If you're looking for safety if you're looking for guarantees you're looking for income you cannot live then and the annuity is probably good vehicle for. But going back to suitability standards is not only suitability standards from an office standpoint but its suitability standards. From a company standpoint. We have to sit down we have to make sure that we're not taking the majority of a person's assets according to a now only a certain percentage of a person's assets should be used. For guaranteed income and an annuity type vehicle. Another thing that we run and tool lots on a daily basis is clients that have pre existing variable annuities. Allen as I alluded to that earlier the fees with than those products are sometimes ridiculous. Yeah we'll call a variable annuity company with. Client and and have the other company tell them what their fees are because you know we told you you're paying 3% on you know giving year on a product deeper look at us like I you're just saying that it. Cause doubts and so we just call the other variable annuity company and and have them tell Clara there on the speaker phone what their pain because it's. It is what was in the prospectus when they purchased it. But it's not all always discloses finally he said earlier with a 40 in case sometimes the fees or rate their plain sight and there hidden in plain sight so to speak. You know think about financial planning as there's a lot of different ways to to get it done but you've got to do it in the best way for you have coming up short with your monthly income during retiring is just not acceptable outcome. You deserve the assurance that the sources from which you intend to draw income such are 41 K whose sole security. That's gonna provide you the means to live the lifestyle you desire throughout your entire retirement yours if you have a vision. For your retirement if you wanna dictate how your future unfolds rather than have. Financial limitations dictating to you you need a retirement income strategy that's why we have around their retirement process. The first step in getting around to retiring view from some on what the know how and experience provide you at that detailed analysis. We're gonna show you your entire income picture and will uncover areas where there may be opportunity. Tell generate more income during your retirement. This analysis is completely customized based on year unique circumstances but it's limited to listeners of the show today. So if you save at least 250000. Retirement you need it cost it 9132867980. Called out to be your own roundtable retiring you started that 9132867980. I've reserves and face and our calendar for listeners today show. But they are filling up so quickly so call now 9132867980. That's 913. 2867980. And I want to give you Allen and Sam's website if you haven't checked that out go to. Retire right Casey down comets retire right Casey got Connie can find out more about Allen's book he's the author of the book return on investment or reliability of income the true meaning of our ally in the golden years again netstat retire right Casey. Dot com says Sam Allen what is the rationale for XT aging out of one annuity into another. 1035 exchange can make sense for a variety of reasons maybe you want access to a fixed annuity with a better built in guaranteed rate of return or you want better indexes. Maybe you want access to new lifetime income features. Now that inflation protection they have long term care built into home. That wasn't available when he purchased the national annuity maybe it's about risk. You want to move out of a potentially volatile variable annuity and two more conservative extra indexed annuity I mean really at the end of the day I think a lot of our clients realize that some unhappy as people. On the planet or people with pensions and when we have clients that comment and Hank and I Havel for a one k.'s mammal IRAs they have lump sums are bringing and they really just want to look for the potential to create their own pension treat their own happiness there own as Allen has alluded to you earlier their own on their own sleep well at night and no that's that they have guaranteed income going forward. You know when it comes to planning for retirement the first step it can really be the hardest knowing where to start can be difficult and thinking twenty even thirty years in the future can be absolutely overwhelming for the first ten collars on today show. We are offering a roundtable retiree view to make the process just a little bit easier this is a great opportunity to talk to an experienced financial professional. About your current financial situation your life's goals and how we can develop a retirement strategy. That takes both of those in the consideration when we meet we're gonna look at ways to help maximize Social Security benefits analyze how much risk your current portfolio is taking. And help insure your accounts are tax efficient. Protecting all the money that is rightfully yours. We're gonna develop an income plan to help make sure you don't run out of money in retirement. This is completely customized based on year unique circumstances. And there's actually no cost and there's no obligation. But we are limiting this to a handful collars on today show. And if you saved at least 250000 retirement you've got a call us now 9132867980. We want you begin a round table retire her view of your very own. And that's 9132867980. So call now 9132867980. Well making the right roll over at the right time it can mean your position better for retirement whenever that day comes. A few more options you need to consider coming right up. This is retire right when Allan Becker on the retirement. News network and hi it's Glenn Beck of the dozens of retirement advisors in Kansas City you're gonna hear me talk about only one Allan Becker at retirement solutions group and our SEG investments and that's because Alan is not your typical establishment. Kind of advisor and retirement solutions group and our SG investments isn't your typical establishment advisory firm everything they do is custom fit to you. They land join us for one of my upcoming complimentary dinner events 6 o'clock on Tuesday April 10 or Thursday April 12 at ported missile. It's an Oakland park reservations are required and seating is limited so call now 91328671. 51 or about retirement planning process and gain insight into the days retirement strategy. Let Alan and his team help you retire successfully to sign up call 9132867151. That's 9132867151. In Kansas City call Alan Decker 9132867151. And an integrated and does that have to offer limited mr. individuals into. You are listening to retire right with Allan Becker on the retirement. News network. Hi Megan NASDAQ from the retirement news network joined by Sam bass and Allan Becker from retirement solutions group. You can get in touch with CM and talent and they're great team by calling today 913 she weighed 67980. That's 91 victory Sealy 67980. Our discussion of rollover maneuvers wouldn't be complete without delving into the final two UN aren't lists of Sam Allen. What are these T tapes of rollovers that you say can benefit a pre retire. Area or retiree. With a two left on our list one is referring to a topic that a lot of people. Don't think they need to address and retired and that's the one about all life insurance like interest chain's eight on the over the last several years we are living longer is society. And life insurance is actually getting cheaper. But here retirement solutions you're saying and I like to look at life insurance as an asset classes well. Which means we can use life insurance to create tax free income retirement we can use that protect tree legacies. Lot of great and valuable uses of that so one of those rollovers might be a life insurance policy. To a new life insurance policy one with. In actually less expensive overall cost per thousand of the death benefit in other words you can move it over and get more insurance for no additional premium more of the same green Garrity paying maybe you had a single life if you wanna joint life there's there's a lot of different options it can come and that. The other idea would be taking money from a life insurance policy. That's tax free and potentially moving it over into an annuity because you don't think you need to death if any more of what you want the income so. We look at a lot of different strategies with that. And if it's right for you work on one to look and see. I'm if your candidate and when we are talking life insurance folks you do have to qualify so health is a concern. These newer life insurance policy is a lot of times will include long term care I'm some of them have income benefits. Some benefits to its may be alarmed some out of it prior to. Passing if you word meaning it for some special circumstances like terminal illness that kind of thing so. They'll overlook. Good quality life insurance policy. It might be the best solution to accomplish your goals but. How we you know that if you're not working with his financial professional. Who is duly licensed not just in the securities world. But also an insurance world so just as important it is to work with somebody that understands the stock market it's also it's important work or somebody who understands the insurance world. So I wouldn't be with insurance only advisor I also would not be with a securities only advisor you should be with a firm. That does both just like retirement solutions group. OK so Alan you said those IRS rules allow a person to transfer all or some of the cash value in a policy and attacks three basis. In doing new life insurance policy does that apply to all kinds of life insurance. Megan now it doesn't apply to all types of life insurance primarily for cash value building life insurance so term policies would not. Be in that arena so another words that policy has no cash value. There's nothing exchanger move over what we're talking about as you universal lives variable universal life and you're whole lifetime policies. You know when I got in this industry twenty years ago whole life was very popular. There's still a few companies out there that are. I'm using my whole life chassis before most people using an ice indexed universal life is a good tool. And a sand you have some experience in this and in the world you were in for. A few years of your career so that you elaborate on how about. Yeah I think we can both agree that. You know what what has changed a lot over the past decade or so is actuarial tables you know that whole life has really based on about a hundred years as far as mortality table goes. We're here in new order. You know guarantees universal life policies. And those type of policy is going forward and a lot of those are you know 12022. Years on an actuarial table. My girl Helen I've talked about quite a bet she's a 101 that whole life and work well for if she's still here. And has been a good year and a half past the in the hundred year. Actuarial tables of the whole lives and yet it's got to be appropriate right. Absolutely I mean people are living longer so the tables obviously here extending further and further out. Which only saves our clients' money on the cost of insurance going forward. You get the right product for the right solution. At a lower cost always a good deal I mean. Not the lake finding out if you have the best thing for yourself that's play a good second opinion is so important. And I think a lot of the clients that we run into you on a daily basis have these. These old type WL policies maybe got a Bakken you know they eighties maybe nineties when interest rates were much higher. It's really good to sit down and review those type of policies a lot of those policies is that we look at an hour are starting to fall apart. So if you have cash value built up and those policies it's it's normally starting to be you know eaten away at the cost of insurance has an increase is gonna comment and. Or basis we have few. The policy that presented at 12% interest rates on the fixed basis fell one stands to reason those policies are not gonna do what you intend them to do. So you wanna make sure that you find out that answer before it's too late before either can't qualify. Or you're just giving jewel in the cost of insurance is is eating up the policy itself. To your point right there's and the policies back in the eighties in happy guaranteed benefits they were there call toll a mathematical equation. And with the interest rates falling yet the older policies just nab the guarantees that today's policies path of planning for retirement it's just not about only avoiding pitfalls it's about being proactive. In planning for the years after your paycheck stops so you may feel that there's a lot involved in creating your retirement income plan. And that's why we wanna help or offer to designer roundtable retirement plan. In this offers only for listeners of today's show rounds or retiree views will help you start preparing an intense strategy that can help you on the path. Feeling confident in your retirement income so if you want a greater level of certainty about your income and your financial well being during your retirement do not pass that this offer. If you've saved at least 250000. For your retirement act now. To get your retirement roundtable review. Started it never hurts to get a second opinion on your retirement plan your goals so give us a call today it's never too late to get started. We only have a couple of points available over the next two weeks so act now that number is 913286. 7980913. 2867980. Allen and CM's website if you'd like to take that out as well. You can go to retire right Casey dot com that's retire right TC dot com don't forget that retirement solutions group has conveniently located for you. Right for 35 and Metcalf in Overland Park. So as a talking about these rollovers today what might a person consider exchanging out of wine net like insurance policies CM and Allen in do another one what are what are some of the reasons that people do you consider that take a roller. I think it all comes back to rule you know the cost of insurance and how that has changed over over the past few years. With actuarial tables going further and further outs I mean you relate really have to look at the cost of insurance now inside of eight. Life insurance policy kind of like you look at us as Sam's Club and Costco and you know it's it's cheaper and people are living longer. I mean if you a lot of people will five have several policies for example each of them their own. Mortality costs or expenses. And they're paying that individually to different policies instead of getting it all in one. The other thing we see quite often is maybe you're wanting an income plan. And you're meaning to you do a pension cushion or. Some that when I mean that pension commission is say that annuity for your retirement income in through work. Is 2000 dollars a month if you take life only. But if you wanna leave some actors routes it's 14100 months he has to give up that difference so some people take the higher amount take part of that difference of -- I insurance. To cushion themselves in case their spouse passes away early. Another thing we run into a lot is spokes of command that have those older policies with cash value maybe there in there you know. Seventies. Now there are there Al maybe starting to fail little they're they're looking for you know long term care or maybe at this point they can no longer qualify for that. So sometimes. It's looking at those old pol old policies and moving those to a newer type policy because of another thing that has changed over the years is built and long term care benefits and the life insurance. Policies so policies are human designed for those three big things either gonna pass away go to nursing home. Or need money out of it's you can do any one of the three and Sony never return our premiums so if you need it back he can get it mean. This world of products and solutions has changed for the baby boomers that companies know what baby boomers are looking for and they come our products and solutions. To satisfy those needs so. Don't just make got plenty of money and don't need life insurance. Every day we helped millionaires. Yet life insurance policies cover the taxes on their IRAs or creating can streams that are taxed for in retirement. To better position their money. For Roth IRA alternatives things of that nature so we are now tax free is better than taxable. And tax diverge only tax deferred for it to you take it out so you've got to find and know all the solutions out there. And one thing I would note as well as we sadly enough we run into a lot of folks sometimes it's too late. Sometimes they've they have final life insurance policy they couldn't. Continue to pay those premiums so they let it lapse because maybe now there in their retirement years in their own more of a fixed income. If you're in that boats and you have little life insurance policy and you're questioning whether you wanna continue to pay that are not come in and see us coming and let us review that policy. A lot of those signs we can we can take existing cash value and roll it over to new policies and sometimes eliminate those premiums that you currently. You have it a little further that we have business owners that the team and policies or you leave a business one of our best clients came to me and you know he's an insurance places you actually own a company that did a lot of what we do. But when it came to planning nobody. At the table with all those you know and they were sell on the businesses the lawyers and insurance people and everybody knows there. Nobody thought except me to say. You have bad health now why don't you take the cash value of your life Richard's take that as party your buyout and keep the whole policy. That way if this is a larger policy but 700000. Dollars of cash value. Was what he capped which was overall part of the buyout of the company but it was a million and half. Half to his wife tax free so she has that added protection and he was able to get that million have benefits for his family. For that 750000. Of cash value. Now we're able to reposition that policies to even make it more of a deal for the family because that other policy despite years ago. So there's this thing is is we don't leave any stone unturned we like to look at all the situations. Figure out what's in the best interest of the client. And then come up with a solution that works for the family that's what having an advisors about two advice match and that. Some and it's there to come up with solutions unique ideas. And help you. No if you could do it yourself you want it right you you have an advisor to learn from their experience to learn from what they've learned for the last twenty years. And put that in effect for you. So we want to use our experiences to assist you to make it to enter retirement. Allen Sam it's been a great show today as we talked about rollover maneuvers in the moments we have left here any final thoughts for our listeners. I think one of the biggest things to think about here is you don't know what you don't know. And there's a lot of pitfalls in retirement that can get in trouble I usually with the IRS. So make him roll overs without help woman advisor is risky business only wanted our listeners know that there is a solution out there. There is a way to get help and have somebody who has the experience to assist you. Whether you want a roll over for Owen K two and Feyerick. Home what's the pros and cons what do you wanna look at using. Annuities to gauge to enter retirement at least for the income portion of that. Understanding if you still need life insurance or using life insurance as an asset class why you might wanna take that older policy that didn't have. A lot of the current bells and whistles and rolled into a new. How people that every single day and being brokered when it comes to life insurance we shot that with forty different carriers being named yours that you heard of. Some that you may not happen at a raided cares nonetheless and the key to this is. You will find that somebody that shops around can come up with lower premiums the what you may be paying. Even if it was something you just look at I just helped Miami novel with a situation like that they had. Gone to view a big gap property casualty company and we were able to save them about 30%. By going to the independent market so he never know. I until you asked those questions. Whether retirement is RD upon you close at hand or distant reality that goal is the same to me as much money as you can in your own pocket. So you have the choices and the control of your own financial present and future this does not happen by accident what you need is a well thought out strategy for retirement. Developed with the help of a professional who understands your big picture to be one of the next ten collars on today show at 9132867980. That's 913286. 7980. We would love to help you with your journey to enter retirement. 9132867980. You've been listening to retire right with Allan Becker. On the retirement. News network. Investment advisory services offered through eight. LLC retirement solutions group is an independent financial services firm that helps people create retirement strategies using a variety of insurance and investment products. Investing involves risk including the potential loss of principal any references to safety security or guaranteed lifetime income generally referred to fixed insurance products never securities or investment products insurance and annuity product guarantees are backed by the financial strength and claims paying ability of the issuing insurance company. Retirement solutions group is not permitted to offer and no statement made during this show shall constitute tax or legal advice. You should talk to a qualified professional before making any decisions about your personal situation we are not affiliated with the US government or any governmental agency.