Retire Right 07.30.17 Seg1.mp3

Retire Right with Alan Becker
Sunday, July 30th

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

Investing involves risk including the loss of principal 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 day 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 most act from the retirement news network I'm here with Alan backer of retirement solutions group. If you're ready to retest Allen and the team that RSC. You can call them today. 9136859422. That's 913659422. Allen's web site retire right Casey dot com. Headaches you know most of us are afflicted with them at one point or the other and some of a boy they make you want to close the door Hannah had turned the lights doctor Krupp an apologist forget about the rest of the world others. It pops a mad bill and out the door you go and I'm sure you have your preferred method of coping but I think it's probably true to say most of us who we just prefer to avoid headaches all together. A jury retirement and most of us are on a fixed income. You know money financial stress those are major headaches sources Eleanor showed today we're gonna talk about that how to find relief from retirements biggest headaches and instead of just a couple of aspirin or organ attacked Allen about says he's gonna help us. Explore some common financial headaches and how we may be able to cure them hi Alan. In May and it was a pleasure to be here retire or radio. And I think we have another very informative show for our listeners today you know we're talking about headaches in retirement but it's really just. About the transition. From the accumulation phase two the preservation. Phase of life which is really going from being a saver too. A spender in and that's just a real mind shift a lot of people have trouble it matter of fact these days or so. Into getting ready for retirement for many of us that that shift can be overwhelming as it is and just the simple fact of going from a paycheck and all the sudden we're in charge of our own paycheck. That's where the headaches really can start and you know we need to figure out what type of medicine to take to get that. To not be such an issue and retirement. So Allan he you know I know a lot of people just aren't organized when it comes to retirement thinking about there. Retirement future their finances why you think that is. Illinois India pretty organized at home when it comes to finances that's where I excel but at home I have a a one and a half you're running around trying to. Stop me at every turn and he does a really good job of that but it. You know when you were saving for retirement and we're getting ready for things you know we've got to decide do we want a path for mortgage do wanna. Maintains. You know quote unquote. Tax advantage debt there. These days is it's almost. Politically correct it's almost your civic duty to hold some debt there's just over twelve trillion dollars of debt in this country. Which may not on the lot when you think the federal government's over twenty trillion in debt that. Yet nevertheless. The average household holds over a 140000. Dollars in debt between cars student loans credit cards. We're just mindset today is habit now have it today. Can understand that too I have to an extent. But at the same time. If you wanna retire you have to get a handle on your situation. And make sure you have enough re occurring revenue or monies to live on to live out those 102030. Maybe even forty years of unemployment. Also known as retirement. Allen has are talking about understanding some of these issues are avoiding those headaches those Benito headaches and retirement. Added one headache could crop up for people who think they'll spend laughs during retirement. You say that that's usually not the case right. Well let's think about retirement what is the day. That most of us spend more money than in the other day and when asked that question I mean it several answers but for the three in the majority today's Saturday. Whatever your hobby is wizards golfer scuba diving or whatever it is you do voting seems like Saturday's the day that everybody. You know lives for the weekend to go out and do things but when you retired. Every day is Saturday. So depending on how fortunate you are now. Ably guarded do those things retirement you wanna do. You really have the potential to spend more money. Wing year idol so to speak when you're retired then when you you know punch the clock or go to work every day. And I think that's where a lot of us can missed the concept of retirement is not a time to just sit at home and grab the remote control at the time and a maybe stay home that grabbed. You know the rate in the gardening equipment or the golf clubs and go to the things that motivate you that you want to do to stay active to stay. And enjoy and increase the reward for all those years you've been working. Maybe it's just grab the grandkids and taken to the pool or. Spoil him Philip was sugar sent him home to their parents are in the the idea of retirement as do whatever it is that you wanna do each and every day and enjoy it. And that comes with some added expense though when you're working yeah you may pay a little bit more for clothing. Humane you know eat out a little bit more you put money in your 40 NK is. Because of year. Taxable income you may have I'd be in a higher tax bracket there's. A lot of factors that commitment that's why we suggest you sit Alice qualified financial planner somebody like myself here retirement solutions stripping our she investments and have assembled at team. Over ten qualified people passes to assist. In your journey not only to retirement but through retirement and we do that with a no cost no obligation roundtable retirement review. So I would strongly encourage you to pick up the phone and call me in 913. 68594. 22 that's 913. 659422. And lower gonna do is invite you to come out here for 35 and Metcalf. To our office and have a conversation to eat your questions answered as you prepare. Your journey to enter retirement in the number's 913659422. It is as simple as a phone call to truly change the trajectory of your life as you head toward retirement. That number again 9136859422. And I'd like to give you Allen's web site as well let's have brand new completely renovated goatee retire right Casey dot com. The reason I sent you there is because Allen has ongoing dinner workshops these are great educational events held right here in our community at the end test it restaurant. So they're all yearlong find one it's convenient for you to attend ET get registered. At that website retire right Casey dot com now Allen as are talking about some of these ways to avoid the financial headaches that come with retirement. I want if you could talk to us about the concept of test driving a budget in retirement because we were just talking about. Understanding how much you're really gonna spend in retirement some people think he'll spend the last actually. With more free time you say you might end up spending more could you actually do that test a budget. Well for sharing this thing about retirement is its. It is a state of mind it also could be a time frame and you know let's build around us a little you know I've I was just recently visiting with a really nice couple and the the wife was coming induce them physical ailments and problems that were causing her to look at disability and retiring early. And the gentleman who is. Trajectory was to work another two to five years and you know I just kind of looked at him so I know that you have had this plan for years to work another two to five years you're a retired C 65. And your wife wasn't really planning on this ailment maybe we should reevaluate whether you should be a retire in two to three months. So that you can go enjoy. The time that you guys have together where you have quality of retirement as well and she really appreciated me saying that if she didn't have to and also. He really appreciated hearing it really kind of was an eye opener to you know what I do have other skills there's other things I wanted to do and retirement. Other directions I wanted to go maybe I should look at that so whether we're talking about test driving. Something that you may be able to market. Hobby you wanna turn into a career or maybe you want to test drive your budget in general. Whatever it is you gotta and act as if I. I've gotten certified is scuba diving here recently and I was talking to the owner of the the scuba companies in unison I'm really impressed that you. Taking a dream. And animated reality easy turn this into a business to do something you love to do each and every day. And as he said he didn't set out that way it just can't happen these fortune ending nannies you know counts every day as a blessing but it wasn't. You know the intent when he started out. But what it is today is a thriving business he's able to enjoy and travel around the world and in some scuba dive in great places. And that's the thing about. Does the great country we live in the great environment that we have. Is it the shot you wanna do and you wanna trying to go out you should. Sort talking about a budget if you are retiring in let's say three years and in retirement you think you can live on. Say 80000 dollars a year but your making a hundred that I would suggest to put away 20000 a year and money. You just you don't wanna do this cold Turkey so budget is just a guide to keeping an idea what you think you're gonna spend and then try and act as if plan out your retirement years as what you think you'll spend officer for inflation and that's open. That my team and I will work with you to establish if you have an established and yourself will also come back over what you have created. And walking through some things that maybe haven't thought about like. Medicare part B premiums surcharges if that applies there are other expenses but a lot of us don't consider long term care medical. On Medicare itself. So we have to factor all those and how they play out and then we can have a pretty accurate budget to refer back to year after year you know. Create your plan and work your plan. Work your plan created. And then work it and that's really what it's all about. Alan let's talk a little bit more about test driving that budget he knows so much of it starts with knowing what your expenses are but. Also knowing what you have to spend and that's a big question that I think people come anti US and in UN help them win that I want it. Explore that here. How much. Do we need. For retirement I think there is that famous commercial let people you saw him walking around the number above their head in the big question was a what's your number is that we should be focused saving a certain amount for our retirement and. I believe Megan that does work for some of us for sure you know the concept of my book. That says its first thing that pops up when you go to our website. You'll see an offer to get a free book but the name of that book is return on investment are a lot. War reliability of income the true meaning of borrower and the golden years. And while wanna focus in on that for a second is because. The reliability of the impending retirement means different things at different people but I think that. We were talking about retirement we wanted to transfer the risk of running out of money. In if you're gonna do that you have to. Look into you insurance products such as in new easy can guarantee an income stream if you're willing to do that. You can. And you understand the money only has two purposes either gonna spend it or given away will once you understand that and you could actually spend your principal. You can use an annuity guarantee you income. If you're going she put on the investment hat and use an investment based portfolio. You have to understand risk. And then you have to look at Paul made national news a three to percent drop now or it and greatest a 4% drop down. Of my assets because otherwise I'm gonna run the risk of running out of money and think about that for Mo one hat says. I can transfer the risk and never rent money potentially is a 5% or greater draw down and once there is IT's three to 4% drop down and run the risk running out of money. So we view the list in in my shell and the pastor this is the first time we've tuned in. Here's the key to what we do retirement solutions here we balance the mix between an insurance professional and an investment professional. Wearing both hats and operating as a fiduciary. And that's what we wanna do for you we wanna set Alec do you and who gets in milieu and figure out what. Should be in your paycheck but also what should be your plate check we wanna budget both give you enough for your needs. And your wants and will do that at no cost and no obligation with your numbers helping you walk through that budget and give me that path. To enter retirement. And this is called our round table retirement process we'll put it this roundtable retiree view if you call me at 9136859422. That's 913. 685942. To let my team. Go to work for you negate your questions answered 9136859422. What does it diversified retirement portfolio look like and how can it help ward off those financial headaches find out what Alan coming up now. This is retire right it was Allan Becker on the retirement. News network. Whether you're approaching retirement or already retired transitioning into retirement can be a daunting thought we will UPD income. 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 Cleveland. You've picked 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 913685. And 9422. Or online at retire right Casey dot com. Investment advisory services offered through eighteen wealth management LLC. This is retire right with the Alan Ackerman on the retirement. News network. Hi Megan NASDAQ from the retirement news. Network herewith Allen backer of retirement solutions group. If you're looking to build a solid retirement future if that's something you've been putting off but you know you need to get started on that Allen would be happy to watch you through it. I'll give you his phone number it's 9136859422. That local number right here in Kansas City 913685. Nine Ford skewed to word talking about some of that headache inducing issues of retirement. An Allen you talk about having a diversified portfolio and how that can really help with. The income or what's usually called the distribution fees of retirement why is that. Well we're we're talking about the distribution are assets Megan you've got to look at what causes headaches it would be this what what can hit this in the head so to speak when I say hit that's. And an acronym for health inflation and taxes so the cost of health insurance and health expenses as we get older. Typically goes up for the majority of people. Could be long term care expenses could be the cost of our health insurance deductibles co pays. Just the fact we're getting older and potentially less healthy the costs of prescription drugs and there and we have inflation which you know some people fear this would be hyper inflation others just typical inflation but either way things get more expensive over time. And then taxes you really have to look at it tax efficient hopefully as well so as I start thinking of the distribution of assets and and how we transitioned into. That next phase of retirement I think you have to be with a retirement professional and understands the difference that we'll talk about a tax efficient portfolio that will. Well they have to have an insurance places if they're gonna talk about. Tax efficiency in health insurance because that's the type of license and in with him that's long term care as well I you know a lot of people asked their. Stockbrokers fascia long term care insurance and don't realize they're asking an investment person about an insurance products you need to make sure your investment person is licensed and certified. India. Long term care unit to if you're gonna ask that question. But here's the bottom line as you're working and building freeze tyrant most of us look at our 40 in case consulates talk a little about. Taxing the harvest vs taxing the seed when I mean by that is Amy everybody visualize. A handful of seed verses. A field full of crops this as a of the midwest so obviously we LC corn grown or the week. Bottom line is when you look at that vehicle field and all those crops out there which you rather pay taxes on all. Or just a little hand policy but that's kind of the the best analogy that's consider when you think of Ross. Vs traditionally Ross fire day goes in after tax. But when it comes out it's tax free city you know most of us think that's the best quality now whilst. Talking to a young CPA the other day helping him to plan for retirement in just past the CPA exam not too long ago and he just got out of college and right at the beginning of his career he was you know doing what he thought was best and he had a little bit of money going in its traditional IRA. And a good chunk going into his. Ross and us. Pretty oppressed and here's. Twenty something year old millennial politically 500 a month which these days it's hard to get colonials to put money away official scared of the market so I was impressed that put them. Here's the problem he was putting more into the rock that he was in the traditional but being single. He was throwing himself into a higher tax bracket by actually putting the money in the traditional at this point at least giving them the ratios correct. He put himself into a much lower tax bracket saving about fifteen cents or greater on every dollar saved. So you really have to look at. The benefits of traditional versions Roth you have to look at your tax situation Mary shingle you have to look at what here. How much are making how much spending. Where you wanna be in the future to show only pieces that go into that the bottom line is don't give up the free money. Take that senior 41 K for a three B or whatever type of and you have through your employer but didn't consider more than that does that make sense. Or should you be putting away more just to adjust taxes we see this a lot of time for self employed people and it's very important. Do you view quick example on the analysts meeting with the ocean lady talked to in January told her she should be doing a soft plea pension program. To order to teller captain calls the accountant he says a look into it. File your taxes three months later. I go back and ask her did you do to class are what I suggested she said well I told him but I don't think he did so we causes CPA found out that he'd forgotten didn't do it didn't recommend it well when I was talking it was a great idea would savor pop 121000 dollar so we simply go ahead and in the retired. You know obviously my planner Orson Washington why did she do this in the big inning. You know why did we have to tell you is a CPA and I think that's a Pitt thing for people to understand is. CPAs and eleven my brother's a CPA and I tried to get into this. Just cited a business I probably would have been one myself but what does he stand for. And municipal eleven sincerity CPA is a car parking attendant they park numbers in spots you give them your data. They put him in the form they do not go back and analyze it in less you pay the Maxtor and even then that's only specific CPAs. That understand the other side of the business for most of us to give the advice we need to get to into retirement you have to come. Two of fiduciary financial advisors some by this past. He's the series six or 65 exams has passed the background check. And is working in your best interest and that's what you get here retirement solutions group. So I'm going to encourage you to grab a pen and and write down this phone number it's 9136859422. That's 913659422. This is the home of the roundtable retirement process it's a no cost. No obligation review of your situation. Or we're gonna walk you through. The journey that is retirement and help you to navigate to figure out. If you're gonna make it to enter retirement with out the possibility of running out of money and we do this not only with the securities license but also an insurance license and that's where I believe that retirement really comes together we have those two. Playing so well together so give me a call at nine when 3659422. That number again to reach Allan Becker and that team at retirement solutions group 9136859422. That's 9136859422. You can also check out his website retire right TC dot com. Now on I have to say piecing together with drugs or distributions from different accounts that sounds like. A headache in of itself but I know that having distribution plan that can help reduce taxes right. For sure and I think this is one of those areas that many people missed the boat if you will. They were worried more about how much their paying taxes you know kind of shortsighted that he you know right now verses. At 707580. In the likes. And then also what's the effect on the spouse or having a tax efficient portfolio is one of our five core areas. That we take care and are five star approach. In what you know so there's two things that come to mind he wonders. Is the diversification so a side note diversification does not mean. To have five different financial advisors and insurance have your CPU there. And kind of work with a three blind mice or nobody knows what's going up. The idea is to have. A financial advisor that you trust that understands insurance taxes. And the finance side all of that mixed up so that they can work with you to make sure everything's working together. You know you need more money you should have more money in your sixties in the nation in your eighties. Because that your go go years that's when you're gonna wanna do the traveling do the things. That's your potentially more capable of doing when you're younger. That you know when you get those logo years and potentially no go years you know you don't need potentially as much money are not as much enjoyable money right. Mean more money for health concerns but less money for fun stuff. And we want to keep you quality of life and give the ability to enjoy things. And that's what our philosophy here's a retirement solutions group is keeping those quality of life don't you can't take it with you so let's enjoy it. Let's enjoy it indeed sell as bird thinking about some of these things today Allen you know. We talked about having a distribution plan that helps reduce taxes. And and if for budgeting properly. You know we're really doing a lot to help our money our income last his lungs we needed to in retirement what else though any other product Smart. Financial tools to be aware of Germany. As an insurance licensed professional I've been insurance license for on twenty years. There's a vehicle that I think is very misunderstood that I'm a fan of and the right situation which is the deferred annuity. And misses where you have a goal and and sell life insurance you give the insurance company larger sum of money. And they distribute it back to you over your lifetime. With typically the guarantee from the insurance carrier is that they're gonna pay you the rest of your life. There's several ways to set these up and F those of you that are fortunate enough to have a pension. You'll probably see in a new organization calculation there if you have Social Security which most of us do. Then you'll notice that that's an immunization calculation on a new that he is is a calculation of income that you can't outlive. But with from there there's immediate annuities that are more like Social Security where you don't. Necessarily gain them back when you pass away not the biggest fan of those in the right situation. There's Simpson unique situations where that might make sense. But typically what I like is. More of a traditional fixed annuity or fixed index nudity where you control. The investment options now others may be limited to 56789. Different indexes. Give or take a few. Yet to choose within those that you can rearrange those indexes are proportionately each and every year most of those also have the option for income writers that can guarantee you the specific growth rate or pay out rate. For the rest of you and your spouse's Life Partners and then the index that their based on. Is it gives you gains in the stock index. Without the risk of the volatility of that index on other words if the index underperformed you might end up with a zero. So there's a lot of different options out there what I'd recommend if you've ever considered an annuity you currently own line. Or you're looking at one you pick up the phone and give me a call commoner let me. Review what you're looking at as part of our roundtable retiree view and we will make sure you have the best the newly available for year unique situation. Solution to state its products not product dictating the solution to emit called 91368594229136859422. Retail iron it isn't supposed to be synonymous with headaches but it can be if you don't take that time and effort to create a retirement plan Allen helps us tackle another common headache in the user. Help your plus that's. You are listening to rear tire right with the Allan Becker and I'm the retirement. News network.