Retire RIght 07.23.17 Seg1.mp3

Retire Right with Alan Becker
Sunday, July 23rd

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

Investing involves risk including the loss of principle no investment strategy can guarantee a profit or protect against loss in periods of declining values any references to protection benefits or lifetime income generally referred to a 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 are firm may be able to identify potential retirement income gaps -- me introduce insurance products like annuities as a potential solution talk to your financial professional and your tax advisor about -- Social Security benefits can fit into a complete retirement income strategy financial professionals are able to provide you with information but not guidance or advice related to Social Security benefits Allan Becker is an investment advisor representative and insurance professional with retirement solutions group retirement solutions group is an independent financial services firm that helps people create retirement strategies every -- using a variety of insurance and investment products to work toward meeting their specific goals we are not permitted to offer and -- -- -- during the show shall constitute tax or legal advice -- 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 investment advisory services offered -- a wealth management LLC. This these three tire right with Allen back here. And the retirement views networks may get 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 as always had joined by Alan backer of retirement solutions group but we're glad you're with us today. If you like to reach out to Alan and the team met RSG. Call them today 9136859422. That's 9136859422. Allen also has a great website for you this it re tire right Casey. Dot com or the septic we wanna tackle that today falls into that category of issues the you sometimes find it awkward to discuss. End to answer the rhetorical question no sorry this can't wait we've got to talk about it some issues really aren't that important to talk about sooner rather than later because. Waiting to talk about them later cannot and ends up being too late. The she was what happens if you or your spouse becomes incapacitated. And loses the ability to make some key decisions about wealthier may be about your finances for yourself. Alan you're someone who often helps families have those heart conversations. Write any it we're really anxious to hear your perspective here because you do visit with people about that so. Great to be with you again. Yeah Megan thinks I'm glad to be yours well glad you're here with me you know this is one of those conversations that I wanna let everybody know we're not wishing the mini. That locker anything like that that surname to set them operating were just talking about you know have a plan work your plan. And consider that life. You know he does thirty some curve balls things get in the way. So you really have to look at what year plan of attack would be you know is something unfortunate were to happen you know who often. The question now what happens if wearing capacity goes unanswered. Indeed in this survey by the family caregiver alliance 81%. Of the respondents said they think about it capacity she's yet only 33%. And acted on them and from personal experience I would say a lot of times by one's spouse and not vote. Am an uncomfortable dinner conversation does say honey you know what happens if you on a nursing home can put you there and I should I stay home and take care of which now nor business you know. That kind of thing so yes Megan this is a very uncomfortable conversation. But once you have a plan you can kind of put it in the back burner so to speak in just make sure you check on an ever wants all and make sure that today it's something that you're aware of and you're just not ignoring be prepared. And I probably scale model. That's right so let's talk about it is specifically planning for when a person does become incapacitated when they can't any longer make those key decisions entirely on their own. You know Maine misses the discussion just can't wait at least in my opinion. So we've got to talk about it because in my experience these situations turn out a lot more favorably with a lot less stress and honestly fairly straight when people talk about the dynamics. Incapacity in advance and actually happening in my own family. I've had two grandparents. That lived lived in nursing homes one of them. My crew on balance she's a hundred years old and she's been nursing home for a little over seven years with. Memory care issues and I just know what it does to our family and I think if you have that planned it just makes it so much easier for the family. To get through this I was talking. Some of my client Stanley real recently about this exact conversation they're actually independent business owners. And you know and their world they can live forever. And just work. And not have to worry about necessarily the whole retirement idea. Because they have those types of jobs than they can. How to come and go as they please and they're able to. Scaled back if they don't wanna just quit completely and like I told them I relate to that I have one of those types of fortunate to have one of those types of careers as well but you still have to have a plan for. Contingencies you know. Alzheimer's strokes heart attacks to so many things out there that have cancer. Just here recently in Kansas City is. Two. Very successful and and known entrepreneurs and business owners passed away here recently. One of them being co-founder of cerner and he was relatively young and I think 67 I believe him. You know you have to have things set up it just makes so much easier for your family. It really does and I know us and comfortable but like you say it's important to have that plan and it means getting all of that out in the table so. You know what people who take that approach of let's just cross that bridge when we come to it or are figure it out as you go approach I know a lot of people like that is bad. Bad approach to take to this ink investigation issue Allen. Megan I think it's actually horrible way to go about it reminds in my mom yellow male or as a kid saying why it is a lackadaisical about that you know or you know. Procrastinating and waiting for it to the last data steady for earnings Amber's something in school. You're so much more prepared. When you have the time to to practice as recently yet. Recertified. For scuba diving certified twenty plus years ago in the military. In you know Christian I decided let's do this together. Silent through the classes again and there's only things that account right now might remember. But so many things that you don't in. If I just jumped back in the water and decide to go ransoms giving here and take my chance be put in my life at risk. And it's the same thing here the views across that bridge when we come to would have their some body else's experience you can learn from or some other way you could have. Gotten across that bridge in a much more. Convenience that manner the idea crossing the bridge it reminds via an old antidote where these three people come up to a river. In the first one out real strong guy decides and a if you swim across the bridge I can make it. Another gentleman comes up to the aborigines. That engineers personality looks around. Decide to grab some trees and whatnot and facets a raft together and floats on across and than this woman she comes up to the river dances you know items to walk a few feet down across the bridge itself. Just a whole matter of your take in and what's at your disposal. And what you know the first two in that example and on the it was a bridge down the way. Maybe they would have looked bored and actually yes save some time in some risk. And just crossed over like the Smart and lady did verses I'm taking the risk or tion and going candidate different way. Planning. Is the key it's that's a little while ago. You know make a plan and and then work your plan. You make in financial professionals like me we thrive on helping people and families or through the difficult issues financial and otherwise to get a fresh. Professional perspective on the tough questions. You and your family maybe wrestling with from. Someone who has your best interest of our caller right now you can hit into our round table retirement process we can look a year information in your facts your figures. This is not some off the wall. Program this is a propriety roundtable retirement process that will play either. Tiki your questions answered so call us at 9136859422. That's 913685. 942. To be one in the next ten collars to get the round table retiree view and I went 36859422. And Allen's web site I like it to check that out if you have not visited yet make sure you do. While your in the air look for his events tab you'll find information for his on going dinner workshops. These are fantastic events there held at great restaurants all throughout our community you can enjoy a great meal get to know Alan and his team. Plus he could find out Alan's velocity. For generating retirement income so again that website re tire right Casey dot com that's retire right Casey dot com. To set that visit to come in and see Alan you can call in today. 9136859. Ford skewed to. Now we talked about this at the top of the show Allah in this is not easy stuff to talk about this incapacity Asian issue I mean I think that's clear to everyone so. How do you break the ice right how do you open up the discussion and to start the process. Sometimes it's gonna hit it between the eyes but let's start with some facts and some figures to to give us thinking in the it's estimated that 50% of women and 44% of men are gonna need some form of nursing home care. After the age of 65. That's a lot of people mean. Everybody passes away at one out of two of us on average. Nursing home one out of three of us we get cancer there's more than 65 million people about 30% of the US population. Provide care for chronically ill disabled. Or an age family member or friend during any given year. And we spent an average of twenty hours per week providing that care. So the stakes are way too high the research proves that he'd used it's so important if you're gonna enjoy life. Two have a plan to address these situations and it may not be used specifically it may be family member or apparently done some shows in the past talking about. Being sandwiched with me and let me remind you and injured in this image generation. You a lot of us and we approach retirement we still a young kids at the house or were helping to take care of an aging parent so this may just be. An issue of we have a family member that's that's living a long time and it may not be a healthy long time so we have to assist with them. Alan why do you think it is that people are are a bit reluctant to talk about issues around incapacity Asian. These these are issues that just. Easy to hear hatter have in the topics themselves. They make people downright uncomfortable we're talking about aging and loss of independence whilst our mental or physical faculties. Stanley financial dynamics nursing home care it's it's just not the things that anybody wants really to face deal with. Tell anybody else about all these issues are wrapped up. In varying capacities viscous and none of them are just there are specially found that talk about. Allen clearly these issues are hard to talk about obviously it involves by if the only financial dynamics are talking about people's health their future. So if people are really reluctant to go there unease issues let's break the ice here what issues do you think should be on the table to discuss. We'll make it there's quite a few starts with taking stock to see. Key documents and paperwork there all in place and up to date. This is an include things like our will. Which is mail fraud it's a purposes it's a letter that is dear judge tells the court where you want things ago. If you want you know this. Pictures or records or family photos. Where they should go. That we have that terrible how overturning. Which we can use those for a financial power of attorney to tell. Give help one on filling out our financial documents help with our raise those kind of things. Opening checking accounts paying bills there's also. Health pal returning notices who's gonna. And incapacitated who's gonna pull the plug or make the decisions are doing any of this your wishes. And you know it's very important to find the rate family and friends to help out with the each of these issues that's why here retirement solutions group we do work. Hand in hand with Brendon barker attorney at law who has a office here in our building. And another area is honestly your beneficiary designations. Are very important your beneficiaries is set up correctly. Because we don't want this inherit and the members unintentionally. I've just recently seen a situation where the beneficiaries were set up in 1991. And the lady sister had two more kids with since. You know nineteen anyone last twenty years and she ended up this inheriting those other two children. Because she never updated her will. And it beneficiaries of very important to keep these things up to date. So that your wishes are followed there. There's really no substitute to have any good financial professional on your side here retirement solutions group we like to this issue. Now only two retirement but through retirement helping with the tough questions. To US issuing -- those questions answered. And in plain English you know just letting you know how to get to enter retirement. You're one of the next ten collars and 9136859422. We're gonna give you know cost no obligation a round table retirement review. We'll put you to our route to retirement process and keep those questions answered Korea if you call 91368594. Teach you that 9136859422. There's another big help to related one myth that people don't typically wanna talk much about. Allen will enlighten us on how to approach that's taboo subjects coming up next. This is retire right we've Allan Becker on the retirement. News network. Whether you're approaching retirement or already retired transitioning into retirement can be a daunting thought we were you he didn't come. What is the market drops and how she. Joint retirement solutions group and RSD investments for a discussion about these factors and more all well retirement solutions group treats you to a complimentary dinner at 801 chop house in New England. You take 56 PM on Tuesday August 08 port Thursday August 10 at 801 top house in Cleveland. Reservations are required so call 9136859422. To reserve your seat today. That's 9136859422. Seating is limited so call now to learn more about these events and how you can attend. Retirement solutions group 91368598. Or 22. Or online at retire right Casey dot com. Investment advisory services offered through eighteen wealth management LLC. This is retire right wing Alan Ackerman on the retirement. News network. Hi it's Megan Miller Zack from Erie to. Chairman news network here with Alan backer of retirement solutions group. If you're looking to build your retirement plan here in the right place that's what Alan does day in and day out he's been doing this over Tony years and he'd love the chance to help you as well. You can get a call today to get started on your plan. Dial 9136859. Fortitude to. That's in 9136859. Ports UTU he has a great website for you as well go to retire right Casey dot com. Now we were talking earlier about this care giving issue and we kind of left on a cliff hanger. Say hello Alan Alan askew what are some of the key issues that you think the only need to put out on the table. And have a discussion about things that relate to T. Are giving. LeMay and there really are some big questions that are looming that you if addressed with discussion and planning in advance. Will make dealing with incapacitated in much smoother orderly. And hopefully less painful process that's if and when it happens and so let's you know let's look at some of these questions that people need to begin sorting through. I'm talking about who's gonna provide care to use if you're incapacitated. Because. You don't wanna be a burden on your family members which you do need help when it comes time to it and you know things like long term care that we experienced in my family it's very interesting because the person receiving the care. A lot of times doesn't realize. That. There for having an issue were being a burden there you know it's one of the weird. You know side effects of the disease. But the person that's doing the care giving. If it's a family member they're the ones that are taking in in their aging quicker sometimes in their using now lot of physical. Ailments and limitations and they happened to that caregiver for trying to take care somebody. So when we're talking about care giving in you have the concern of the physical. Demand on the caregiver but also the financial. Demand. And oftentimes when I'm working with couples and their sandwiched in and taking care of they're elderly parents there's always this. Concern in the end you know so that's about fairness and some of it's just about. Making sure it gets done. But let's say you have two or three siblings in your the one that has to do all the care for mom. That can cause some animosity in the family so it's really good idea to have these things is dressed so everybody knows their role. Who's going to not be able to put away in their 40 okay is not be able to send their grandkids do. College or their children to college. Because they are taking care of a family member rather than working in putting. The money's a way that they planned or there's just so many effects stretch an indirect. From taking care of people. That you really have to look at all the different situations even housing and where somebody can get the care home care health. Adult daycare assisted living and nursing home. How world other family emerged juggle those other responsibilities the transportation. And a backup plan if so your caregivers not available or the money's not there to take care of it you can see where this is just snowball and there's only questions that come up. Having such an interesting conversation about. A subject that a lot of people like to kind of brushed under the rug and not discuss and that is. This issue of incapacitate should what happens when you can't make decisions for yourself any longer what's the plan there and it's a hard conversation to begin. If you need some help in that area if you'd like to sit down with Allen he can help direct that conversation. Given a call today as you're thinking about this and other retirement planning issues. Dial 913. 6859422. To reach out to Alan and the team that retirement solutions group again that's 913685. 9422. Alan when we're thinking about having these more difficult may be uncomfortable conversations who should be involved here who needs to have a seat at the table and have a voice. On how we answer the questions. Maine anybody. In your life that is important to you that would have a role. If something happens so we're talking about our children. Could be our siblings our parents. But don't forgot professionals in your life a fiduciary. Somebody like your financial advisor. Your attorney if you'd hear estate planning attorney specifically. Maybe an accountant or an elder care specialist those types of people that would be involved in the care plan. So Allen once everyone is there round the table and we've got all that the stakeholders had to speak joined. And we've got the issues in front of us what happens then. We have to have an open and direct conversation about your concerns what you're trying to accomplish. And make sure that everybody there that's that's on your team is really there and on your team. You need did. Just explain your wishes concerns cares. And figure out a plan for everybody there is there for a reason. So let's give them all involved you know we're talking about financial planning and preparing for retirement we tell and go out and have a you know financial date. With your significant other and talk about what your retirement to look like this is so desperate. Except probably a little more comfortable leased or talking or retirement were thinking more about you know all the fun stuff this is the end fun stuff so he got to address both. So by your team and then. Work out the plan with them what you want to have accomplished and see if everybody there is is will do their part. In here retirement solutions group. I can definitely help you with this conversation we can even hold it in my office. Because whether we're preparing for retirement are talking about incapacity. Or figuring out our income plan our legacy. Our tax efficiency of our retirement. All of these topics can be. Overwhelming if you never worked through this before us just recently talking to somebody who was gearing retired I had did. Let them know that hey this is all coming action so fast and in it she steals overwhelming but I've done this every day from last twenty years. So on a great resource and a one area resource for everybody out there that's that ready. So be one of the next ten collars to call me a 913685942. Q so you feel one of our proprietary roundtable retirement reviews. This is a no cost no obligation we're gonna get your questions answered and create a strategy for you. To help enhance your nest egg he works so hard to grow throughout your retirement. Call me a 9136859422. That's 9136859422. Allen's web site I'll share that with you as well if you'd like to visit though to retire right Casey died come back to retire right Casey. Dot com glad to have you here on the show with us today. Allen is someone does become incapacitated. What do helped purchasing insurance can that help cover the cost of care and and how exactly would that help in a case like that. Absolutely insurance is transferring risk so we should always evaluate the idea. Using insurance and are planning. And I wanna take quick moment to just address it doesn't matter what type anymore talking about you need to evaluate how much risk do you want into it. So we're talking about financial planning. We will evaluate that we too we wanna transfer some of that risk to somewhere else like an insurance company or we. Set up to our risk tolerance. It doesn't matter what topic in this arena there's always a form four. Insurance to be part of that and that's why here retirement solutions group would really recommend that we are you planning for retirement you're working with the fiduciary. Who is somebody that has a series 65 or series 65. In securities license as well as. A life and health insurance license. Because the top or on right now in capacity specifically long term care. Is it topic that he licensed insurance professional needs to answer I happen to be one of those. Which means I have taken state. Eight hour course and the continuing at a four hours every two years. She keep up on the long term care and what the state requirements are set so that being said yes insurance is a very. Viable solution but you have to understand the risks. As well so it's using leverage dollars and what that means is. You're paying a premium that potentially is tax deductible. Well that too. Deacon at on the on the radio today because everybody situationally unique if they're itemize your lineup but you can file long term care policy. You may not use it for fifty years humane is it for twenty years in an ever use it. But typically if you go use elusive so you have to understand that and then they were it's a reimbursement for care what you're using somebody else's money. And understand the numbers if you take one out when you're in your thirties. You're not necessarily giving it less expensive than somebody who takes out when they're an eighty's or just paying it over a lot longer period of time. In other words maybe fifty dollars a month when your thirties and 500 a month when you're an eighty's but if you added up almost fifty dollar payments from thirty days. Might be about same premium. So you just paying faster but the the advantage to what covers for you is really. The concern that today we find in our planning firm. That it's more. At contagious I would say to. Look at alternatives for traditional long term care expenses as well which means. Using that life insurance benefits of that pay. A benefit to you'd like 25% of the value of the policy percent. To deal long term care benefit or maybe your annuities have a double payment for. Long term care situations is a lot of alternatives but here's one thing I'm really stringent on. Which is do you not insure or something do not over by the insurance policies when I mean. If you have Social Security or you have a pension or you have an annuity that's gonna pay you a lifetime income you. Don't need to buy insurance to ensure the re occurring cash flow. You buy insurance to transfer the risk on the burden you don't want for most of us it's not logical it doesn't make a lot of sense to. Purchase a long term care policies that cover a 100% of the cost. Because you've not taking on a 100% of the risk. An Allen can't people who are just 65 and older rely on Medicare than to cover those types of health care related costs I'll make Allan real simple mail. Medicare is not for long term care expenses for major medical and short term hospital's patients these are huge issues and these are what we work with each and every day helping people transition to and through retirement. I wanna help you give me a call 9136859422. We're report 35 and Metcalf and invite you out to the office. Said Alan past and future questions answered get one of our proprietary roundtable retiree views. And no cost no obligation just be one of the next ten collars. Look forward to hear information 9136859422. That's 9136859422. Becoming incapacitated for any stretch of time is problematic enough so how to keep financial issues from compounding the problem. Stay tuned because Allen will share strategies for dealing with financial challenges that meat company in the past irritation. That's next. You are listening to retire right with the Allan Becker on the retirement. News network.