Retire Right 08.05.18 Seg1

Retire Right with Alan Becker
Sunday, August 5th

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

This these three tire right with Allan Becker. And the retirement fuse network's Megyn most active. Allah is the president and CEO what the retirement solutions group. With more than eighteen years of financial experience Alan and his team will help preserve and maintain his client's way of life. And the legacy they leave behind. This is retire right with Allan Becker. On the retirement news network. Hi it's Megan NASDAQ from the retirement news network here with Alan backer of retirement solutions group. If you like to reach out to out and the team that RSG you can do that at any time just call 913. 2867980. Hears that number again 91328679. 80 you know it seems like Social Security continues to be a pretty hot topic in the news we got headlines that are. I they're forecasting the worst or pay a picture of uncertainty for what's to come. It you worried more than once about how Social Security speed is gonna impact your retirement if that's here well this show you don't want to mess and he you'll often hear that Social Security. Acts sort of as the foundation of our retirement plan no matter how much money you have but you know Allen with so many different opinions on what the future holds. That foundation that would doc about. Not might not be as stable as it once what is. He had making on the reality of claimants Seoul's security can be very oh. Overwhelming for a lot of people it means is something we've paid into for most of us all our lives and we wanna get the most out of it we you know the government to take advantage of us to a take care of her family's. Still when he thoughts that go into it. So Social Security. It's of extremely important part of retirement and one that you are feeling pretty much it one shot at it see you wanna make sure you. He you know he's going through with some knowledge and in. Ideas of what decision to make. And why you should make that went in Social Security though it is one element of a properly designed retirement plan and so undermine our listeners today that retirement solutions group is the home of the roundtable retirement process our proprietary. Retirement cleaning program is there for you we don't have a cost or obligation in creating this for somebody but the point of the relative retire process is to cover. Five corners of retirement one of those areas is income planning which does. Overlap with the utilizing Social Security decree incomes so one to make sure that we do recall that the other four areas tax efficient planning health. Insurance to make sure. You have that health. Plan either prior to retirement or over the age of 65 when we're talking Medicare Medicare Advantage either way the medical side long term care also in that health playing portion. Legacy planning which we do work with an estate planning attorney here retirement solutions are we find that's a very important who were setting out our durable powers of attorney. And things of that nature trust vs wills those kind of things. So again those five areas are tax efficiency income legacy health care so we wanna make sure we're taking care Hollis. Still on our show today we wanna talk about all of this and we wanna help you to really beat proactive to know about the myths that surround Social Security we're gonna die than to those that first. You know Alan I just wondered if you could give us a rundown of exactly what is going nine with Social Security these days. Lee you know we need this kind of know where we've been to know we're going so. There Roosevelt put in place. The hassles security and was voted in in the mid thirties that the first checked and start to 1940 but let's kind of go back to 1940 and think about. What was the average life expectancy is right around 61 and how. And full retirement age. Back then was age 65 so in my mind the government did an outstanding job coming up with a great program for retirees. Which was one that only. Well actually it was one less than half the population would ever utilized right because 50% of the population. Would pass away by 61 and a half and the other half wouldn't get the benefit till. 865 crates so witty beautiful system created by the government but unfortunately. They've had their hand in the cookies are few times. And we have more retirees are we ever have so we have this landscape that's changing. Matter fact if you read that. Green white packet of documents used to get from the missiles security. That'd say here's your earnings statement in what officials QB if you're disabled when you retire full retirement age with Seve that kind of thing most of you should know what I'm talking about there the estimated benefits statement became crucial security you can log on missile street dugout when temperature around if you're not still receiving those in the mail. But I yeah pulled one on mine up. And there's a statement on there that says your estimated benefits are based on current law congress has made changes to the law in the past. And can do so at any time the law governing benefit amounts may change. Because by 2040 the payroll taxes collected will be enough to pay only about 74%. Of scheduled benefits. So you have to understand that these numbers they changed and you have to have a plan for not only Social Security benefits but your whole retirement. Landscape to make sure all works together and that's why here retirement solutions are we do you have that rounds every tyrant process and we want to make share. If you're one of the next ten collars on today show that you have the ability to get on our calendar. Front of the line we're gonna sit down with you go over your numbers and help you only to retirement but through retirement. So be one of the next ten collars on today show and 9132867980. And Emery and his 913. 2867980. And you can also find talent online go to retire right TC dot com. That's retire right TC dot com. You know Alan I think a lot of asthma we might not be 100%. Clear on how Social Security. Actually works right when we look at her paycheck each month. We see the portion it's taken out for Social Security tax it's right there. I think there are some people out there that say OK so the money it's taken out it's put into account just for me and that's what I'm gonna use one Tyree tire. But does that actually Howard's Allen. No I mean can you imagine our government being bat organized. That everybody has their individual account now yes it mean we haven't earnings history but it's on it general fund Social Security fund if you will. And what's really happening is the money that's being collected today out of our paychecks for earners. Is paying our parents and grandparents Social Security now. And matter of fact there's not enough people paying in to what's coming out so that's where a lot of the big concerns are. So when you look at Social Security may well we find is that we have 76 million baby boomers born between 1946 in 1964. By 2035. There's an estimated 79 million Americans that are going to be at least 65 years old. So that's up from a population. That used to be around 48 million so what we've got is about 2.2. Workers for every one retirees of the numbers are getting much smarmy a lot less people are paying in their taking out and that's why we're. A many people were concerned with is so shocking to be there is it going to be travels are going to be enough. For me to live on her retirement socially was never designed. To be a 100% of your income retiree you have to take a proactive approach to make sure that you have other assets. And income sources to pull from if you're gonna maintain the quality that she you're most likely used to. When you're working and that's what proper planning is all about us to make sure that you have. Places to pull assets so that you can. Trying to eliminate that number one fear which is running out of money. Alan let me ask you we're not rush her right what Social Security's future is there is some uncertainty they're do you retirees can still depend on it as part of their retirement income. And Social Security's got enough money put into it for another 20/20 five years however. I think you have to adjust some things I feel that they will only need to and they were living much longer than we used to earlier we talked about the statistic. In 1940. Was around 61 and half was the average life expectancy. And 1940. The average life expectancy was 61 half and full retirement was age 65. Will we fast forward over seven years will we find is the average life expectancy today. Using your mid eighties of bureau mail it's around 82 with your females around 84 but if you're 65 today. You have a 50% chance that you're gonna live to 92 and a 25% chance. That you live 98. If you've heard the show before you know that my grandmother is over a hundred years old and still alive today so we most of us know somebody. That's made it to their hundred year mark so the longer we live the longer money needs the last. So is Social Security the end all the be all know you need to have other planning involved. But are you going to be able to depend console security at some level. Obviously making it might be reduced level but they'll be something there for everybody. Okay that's reassuring are there are other options now Allen to supplement Social Security income debt can also be guaranteed. Absolutely the key there is used the word guarantees so let's take a moment and and remind ourselves that advisors here retirement solutions group. Are duly license and what duly licensed means is we hold both an insurance license a life and health. As well as that fiduciary licenses series 65. And it's important understand when you're talking to a financial advisor. That you make sure that they are. Both duly licensed end the dish nearly license and a fiduciary licensing in his 65. Or a series 66 it's only to pass. To being a true fiduciary. So what why is that important it's real simple. To use the word guarantee you have to be able to utilize that insurance license. And that point we can look at other options a year into a financial plan that has good dividend paying stocks in there. And you know control the volatility and you might make it through retirement but if you want guarantees that you utilized in church products such as a fixed indexed annuity that can get to the gains of the market without it losses. And that way you can create your own paycheck and play check for retirement your own income stream and that is one of the features of our roundtable retirement process so. Definitely an option annuities are Andy eighty in the insurance product where you pay in. What's called a premium or a dollar amount into that policy and in the insurance company guarantees sometime in the future start paying you payments that the geared to either for a specific period of time or the rest of your life. So it is a very good option for many people look at. And we're talking about. Even last year over 410. Billion dollar industry. So this is not something that. Only a few people are using many many people use it duties to get to enter retirement is just a lot of advisors. Don't make enough money seldom that they tell people that their bad seed in the eatery search and you need to know what's out there and it can be a very viable way to get you to enter retirement with Al running out of money. So that is again one of the areas that we take care of what our roundtable retirement processor for the next ten collars on today show. I wanna make sure you have front of the line access to our counter to common future questions answered find out what it's gonna take to make it to enter retirement because income. Is a great word but what is in town it is. Your shelter your food your clothing your way of life we need to make sure that you have that income. So you can maintain those things for you and your family for the rest of your life. So please pick up the phone and be one of the next ten collars on today show at 9132867980. That number is 28679. 80 love to hear from him love to see in the office that we can take care via 9132867980. We're talking all things Social Security today up next we're going to start dissecting some common myths. So we can get to the facts stay with us. This is retire right without linebacker on the retirement. News network. Hi it's Glenn Beck of the dozens of retirement advisors in Kansas City you're gonna hear me talk about only one Allan Decker 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. Explain join us for what my upcoming complimentary dinner events pick the date that works best view we have 6 o'clock on Tuesday August 7 where Thursday August 9 at imported case all in Oakland park Kansas reservations are required seating is limited so on how 9132867151. Learn about retirement planning process and gain insight into two days retirement strategies. Let Alan and his team help you retire successfully to sign up call 9132867151. That's 9132867. He won 51 in Kansas City call Allan Becker 9132867. He won 51 as an integrated in the investment advisor service has offered limited Brister individuals degree wealth management. This is retire right wing the Alan Ackerman on the retirement. News network. Hi it's Megan NASDAQ from the retirement news networks so pleased to be here with Alan backer of retirement solutions group. Alan can help you build out your retirement plan if that's something you are lacking in your ready to get started. I want to get his phone number you can reach out today at 9132867980. That's 9132867980. Today well we're getting the bottom on our program today of some of the most common Social Security myths and you know Allan over the years he worked with hundreds of pre retirees retirees. What one of the most common misconceptions that you've heard from. Your clients about Social Security yet you know your it's been over twenty years in the industry and that's just myself I have a team here retirement solutions group of over and staff members several other advisors and what we look at is helping people get to enter retirement. One of the most common unfortunately one of the most dangerous. And damaging myths out there. Is the idea of taking your benefits earlier. And the rational behind that is kind of the idea of you know a burden hands worth two in the bush I find that it's really misunderstood so here's what I'm talking about you know people say that you should pick up your Social Security is early as possible which for many is that 62 but your receiving about 75%. Of your full retirement benefits and if you have the ability. Defer your Social Security all the way to age seventy. You're looking for summer around 232%. Of your full retirement age benefit. And that's important understands so if we're taking it is 62. We can be costing her family thousand dollars the rationale of taking it though is that what if you die early well folks if you are unhealthy and you have. Short life expectancy or family. OK let's consider taking it early. But let's also look at our spouse's. Age health family history and think about how long they're going to be on the planet as well because when you're talking to take a Social Security. You gotta look at as a unit. As a married couple if you're married how long that money is gonna pay out in your family not just you individually the other side of the coin is. What about tax efficiency Europe one of our core areas here retirement solutions group of around two retirement process one that. Is not addressed enough out there and taxes in my opinion are on sale for the next three to ten years when I mean by that is the next three years we could have another party. In the White House and they could change that law but in ten years with us on the honor all the attacks codes are gonna come back up to. For decision making are we gonna keep the latest change and eccentric. But in an entire taxes are on sale weakened. Our money will go further tax brackets are lower so we need to look at being able to take some of those funds out of our retirement plans. And control the distribution of votes one of those ways might be to defer your social security and live on the street what tired and assets that you've been putting away for all the years. That are inside your diaries for one case for a three b.s. Those kind of things so you have to look at who is give you the answers who you're talking to. And this is a bold statement but I'm gonna make it sometimes those advisors are talking to you. And they're saying yeah take Social Security is 62 what they're really saying is. I'm making money off of the money that you have invested with me so please don't take and spend that to live on let's take Social Security early. That's the opposite way folks retirement planning is about you. And a fiduciary understands that so what they should be saying is let's look at the overall picture and how does that affect your taxation. And let's decide wins the best place to take national security that with a nice back up how is your health. And how long did your parents live and what's longevity that your Phelan and figuring out win two to Social Security so it is not a black and white answer. It's a pretty great answer based on your individual circumstances. Okay it's always you know it comes down to that always that individualized approach now we know that. Alan the earliest age you can start receiving benefits that's aged 62. That's the same for everyone. What all retirement age though is that the same for everyone is well now for retirement age has changed over the years Megan. It's for most of us it's around 67. Pay 67 and a few months so they've you know. Going back to in 1940 when the first check came out today. 2018. It's changed by about two years and a few months matter of factly that idea taken so street 62 that came out in the eighties so used to be 65000. Non now. We have 62. So prior to four Terrence. But that full retirement age option. That changes for. Everybody's familiar numbers you know go social street act get a copy of your earnings statement figure out how it applies to you and that's something you can bring in when you come visit us. And we start the process of our proprietary roundtable retirement plan so that we can make sure you know how to analogous to retirement at the retire. And this is something that I'm making available our next ten collars there's no cost there's no obligation. But I'm pretty sure you a lot of valuable. Information and it's gonna help you to make those decisions that affect your family. And what's more important than taking care of our family rate. We want to make sure we have income for the rest of our life and again income is food shelter clothing. It's the money to take care of your vacations that can help with your sanity. And understanding how life works I mean. Can you imagine Megan without any vacations just doesn't sound good right right it's so we want to make sure you have. I availability to have your paycheck and your plate check. Which is not a little security or pension if your fortunate to happen. But it's also in can you create yourself the question is how much of your income do you want guaranteed retirement for some of us with all of us some of us is none of us. None of it but the bottom line is your plan so we're gonna make sure we accomplish that so pick up the phone. Give us a call and coming in let's start the conversation that phone number's 9132867980. Again 913. 2867980. And that web site to check out more about Alan and that team simply go to reach higher right TC dot com remember Allen holds dinner seminars all year long if you'd like to attend you can find out more at that website again it's retire right TC dot com we talk about longevity on the show quite a bit Allen because we are living a lot longer than. All those previous generations before us so is there a way to make sure that are in come last as long as we deal regardless of what happens to Social Security in the future if absolutely but making you have to have. A lot of things to make that answer yes another orgy have to every sources if you're you know 65 years old today and you're not able to work and you're just council's your team never saved a dime I would have to say the answer that question might be enough. However if you're like so many of our listeners that have been putting money away. And really the biggest question to you as how to like tax officially take these assets out. Of their current places and how to make sure that I can distribute that over my lifetime and never run out. Balloons that somebody that we can really assess because what we're talking about is somebody that is put money away into their ire raised into their bank accounts and they're saving a lot of those monies they just sent her what's called qualified you've never pay taxes on all of them some of those dollars are you've never pay taxes on them they're not ready yet here is there still. On loan from the government to get a million dollars your ire and he wanted holiday you're probably a 50% tax bracket given state federal right so it's not all yours you have to take it out strategically. One of the ways to do that could be utilizing something called a fixed index annuity annuities and a lot of different shapes and sizes there's what's called. Multiyear guaranteed annuities are my guess. Anheuser amenities that operate similar to a certificate of deposit. But it took an insurance company says of policy of my 100000 dollars in the insurance company guarantees you 3%. Is not going to be higher than three tackler and three but it's for a period of time say five years now. And what does that resemble the most certificate of deposit is just an insurance company it's still that guarantees on up to 250000 dollars based on the state guaranty associations so there. Are ways to protect your money then on the other side of that coin theirs what we call a fixed index annuity which will index a market portfolio matter fact one of the insurance carries is releasing. Currently a managed portfolio inside an index annuity which means that one of the index's. Is actually manage and that's new. To you first quarter 2018 so there's a lot of tonight that he is it too quickly indexed against like the S&P 500 exactly typically there just in next to an S&P and NASDAQ. Hang sang some some major index lol what's happened over the last few years is the creativity the insurance companies trying to give people more choices. Have come up with other measurable indexes. Such as a Bloomberg index arm a different carriers and have partnered up with Morningstar or with. Black rock and just to come up with different indexes that they can track Morgan Stanley has won. So there's a lot of great indexes to utilize and we've seen returns everywhere nothing below zero this is a fixed index nearly can't lose principle but I seen returned to its highest twenty even 30% inside an index and do it lasts. Amazing. And all of their things and generations that are coming out at different markets and even managed indexes. You know it really rally goes to show it annuities are becoming more popular a pensions are going laid peep that does mean people. Are interested in guaranteed income. Well I call Wall Street the Wall Street casino which. We have a lot of our clients and that we use managed portfolios but that's easy for the growth were talking income instability. That's really where we wanna look to the annuities is where else can you get paid. Even when you run out of money think about that that's the beauty of it and indexed annuity or an annuity in general is that they guarantee an income for life. Even if your account hit zero you're getting paid now not all of Moody's are the same and if you party got an annuity fantastic. Bring that in with you let's review it to make sure you have the best option available because of duties you know I always use the examples like driving a car let's say. You have via a finale you know UConn finale from my GMC or maybe years as a 2012. And here it is 2018. You would like to give a new one. Well can you do that if you go to the dealerships started loan electric stuff. Well the idea here is we just take the old model and weakened to a call at 1035 or if it's all fide planet a roll over. We can just roll that into a new one no tax liability due and you just get the newer model if that's something you're eligible for let's see here's the thing. If you don't ask you don't know. In if you don't find somebody that's licensed and understands. The ins and outs of all these different and you would be contracts you may not be getting the full story so is very important that you find somebody that understands this stuff. So that you can make it to enter retirement you all your questions answered. Alan what is some and in. Is that decision they can be reversed. Great question. It was one of those answers and you stimulus the Alley could reverse that any time but now they've changed the law few years back we have twelve. Months so here's avail let's that we take care Social Security now our 62. We decide hey we made a bad decision we should what go ahead and and defer shall street longer. Well here's the thing if you're within twelve months you can file an application to. Have them give the ability to pay back everything you've received and then you can go ahead and Steve Henderson street start deferring again. Maybe you wanna go back to work maybe you wanna eat we use your hiring monies maybe just finally talk to somebody realized. Hey you know maybe I was being a little. To come conspiracy theory eater too much concern that the government's gonna run out of money. And I just a one and it now but now I realize passionate on that you do have a year. To make up the difference but you know Social Security again it's one piece of the retirement puzzle nobody should be able to just answer the question black and white. It's like put together a puzzle. And it's it's magical when a good financial advisor can do knowing how to utilizing different products and services out there I give you a quick example. If I was to grab a paintbrush right now on campus and start pinning it he would look like my two year old I am not that artistic. However some people out there and take that paint brush. And just do amazing things with that brush it's not a matter of the papers it's a matter of the user looks the same thing when using financial planning. Products solutions and software and getting them all to work that we've done for twenty years here retirement solutions your cell. I'm asking you to pick up the phone and start your process any written. Plan Taguchi Natalie to retirement but the retirement. He won in the next ten collars today at 913. 2867980. That number again 913286. 7980. Can't wait to see here in the office so we can give each year process started to and to retire at that number 9132867980. Up next are talking about actors like marital status. You are listening to retire right with Allan Becker. On the retirement. News network.