Retire RIght 08.06.17 Seg1.mp3

Retire Right with Alan Becker
Sunday, August 6th

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 -- 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 mega NASDAQ from the retirement these networks so pleased to be here with Alan backer of retirement solutions group and you can reach out Allen and the teen met RST by calling in today 913685942. YouTube that's 9136859420. TU. And Allen's web site make sure you visit that as well go to retire right Casey dot com. That's retire right Casey dot com a lot of moving parts in our dated a lives right also. But what ifs and I think a lot of us we can think of some of those what if scenarios just based on decisions we've made throughout our lives right where I would've gone to college B and set a college a airway if I would've taken that other job offer probably not real productive did dwell on the what ifs it's important though to weigh your options and I hope you do that on those big decisions that come through on your life's journey and for some of us one of the bigger decisions the ongoing decisions we have is about retirement planning. Howard what to build into your strategy had a sister Ali options. Just you can accumulate the income that you need in retirement it does take Greece surge right takes a lot of planning and guidance to make that happen and what might be a good option for your neighbor your brother in lot you know what that option might not be good for you. And that brings into the subject of our show today we're gonna really dive into the subject of annuities Wayne and he knew he might make sense is part of your overall retirement income strategy. But also we may not end or to talk about that with Allen today you're helpless explore this subject of annuities Allen and how it could fade into a strategy. I can't just say it feels like we're hearing a lot more about annuities these days almost like there's a buzz around them would you agree with that. I MA and I mean we're talking about a new is that a word that has. Either really positive connotation or real negative ones right off the fat people seem to be not grow gray on the topic of them so. I'm open. That everybody is you know stay in tuned to their dial today so that we can have a real intelligent conversation of the good the bad and the ugly so to speak. These. Annuities but really gearing up a real point there's a lot of buzz going on with these annuities. And a lot of it has to do in my opinion the 76 point four million people. There were born between 1946. In 1964. I think the statistic is 101000 of them retiring per day. It would they all have in common or at least I guess 86% of them have the fact that. Most of them don't have pension it's great that the defying the benefit plan has been replaced with a defined contribution plan and nobody's helping us define our. Benefits and what I'm really sailors. Creating their own paycheck. And played check in retirement so we can get through retirement how we get through retirement that's what specialize in here at retirement solutions your piece and every day. And then to do we've got a low interest environment with the highest stock market ever so. We've got just an interesting world that we all live in and annuities they may help a lot of us solve some of those problems. Now Allen a lot of people are retiring I think we can agree during its kind it's not exactly retirement friendly right and we're talking about baby boomers right now. How prepared are they for retirement. I think it's it's really has to do with the area of the country through to a big extent so. My experiences a lot of the baby boomers I've been talking to seemed to have more than they need but statistically across the country it really seems that. The national averages that they have around 136000. Saved and nearly half the population has nothing save for retirement and that's a real problem as we get you know wanting to get to these this golden age of retirement this. Time when we can do what we want him and retire on our own terms and enjoy life. Because a lot of progress twenty even thirty years of unemployment in front of us got to start saving from. It seems to be a lot more people waiting for the empty nest timeframe when that the kids leave the house before they wanna start saving sort of talk a little about that. Now Allen for a lot of people it it does seem like they have this gap right between what they've saved and what they're gonna need to make elderly through the retirement when you look at Social Security does that kind of fill in the gap did that make up for it. Now and unfortunately may get it just does not. You know Social Security was never designed to cover all of our expenses in retirement. National average about 40%. What we're gonna need your retirement. So if you think about it 1943. When Social Security you know first came out we had. An average life expectancy is 62 and a half and a full retirement age of 65 we fast forward over sixty years and we able. A life expectancy. In the mid to late eighties fear that your party 65. In your married statistics but one have you over the age of 92. Says that's a good 2030 years of unemployment and what is for retirement today. Depends at different ages that on average about 67 and two months so it's moved two years. And our life expectancies moved over thirty years it's crazy and out Social Security will not cover everything we needed to. So we really need to work with a qualified financial planner to. Help us to assist us. In making it to enter retirement so with retirement looming or party upon. On us it's so important we working with the right person that's why we created the roundtable retire process and this is designed to help our clients achieve simplicity. And more financial security here in the second half of their lives. It's focused around providing you a five start planning experience in the five key areas of your financial life. A lot of talk about his income planning investment planning definitely need it tax efficient portfolios and tax planning. And that our legacy planning is well healthcare play. If this is something that you want more information on pick up the phone and give me a call for the next ten collars on today show. We're gonna give you are no cost no obligation customized year unique. Needs a roundtable retiree view and that number's 913685942. Inches again that's for the next ten dollars 913685942. Chews call now 913. 6859 before putting too. And we're glad to have you with us today here on the show this is retire right with Alan backer. I'm in those act from the retirement news network and you can't set up that strategy session with Alan. Just dial M today 9136859. Ford two to be what is it his web site. Just go to retire right Casey dot com while -- at the air check out the events tab you can get registered for one of Allen's ongoing dinner workshops European tasked X seminars you can learn a lot about Allen's the last before retirement income. Meet some other like minded retirees and get to Allen ended better enjoy a great meal Allen holds these at fantastic restaurants right here in the Kansas City area so go to retire right Casey dot com for more information. Alan generally in retirement you know were not collecting that paycheck like we did dollar working so the question is how to fill that retirement income gap. That's the multimillion dollar question may infant it's our budget it starts with. Understanding it's not a one size fits all that you should sit down with a fiduciary. And when I say fiduciary mean somebody who has a series 63 or series 65. Securities license and those are the only two licenses that allow for some it is charged for financial advice. And what it means is is when I say that understand. When you're working with somebody that works under the assets under management model has the ability chart for Chrysler say that they're charging 1% if you have. Money with them Davis 1% if you. If you Portland goes up. The same 1% but it's on a larger number if your portfolio goes down same 1% but on a lower so the idea is that the advisor. Is in with a and there's no motivation. Four of them to move things around choose things that might even more or in a different way. Because it's just the same cost based on the the assets. And this is the model that government. Is really look at that because they came out with the law in 2007 team can win if in effect. On June 9 it said. That if you're working with somebody for your qualified money that your higher res your 40 in case anything you haven't paid taxes on. It's qualified then you have to work with some is acting like fiduciary now. Maine out of collar just said basically need to work with someone who is that the future you know losses you have to work for somebody who's acting like a fiduciary very. Clear distinction here. Is that the law. Came out and is anybody who's working with qualified money has to act like a fiduciary and put their clients' interest first problem is. In less than 65 or 66 license they haven't passed a background check they haven't taken the exam. And they have it they're not held the same scrutiny that the security exchange commission and thinner hold them to. So it's very important to understand. That somebody who. Whom he's part act like it may not know what that means I was gonna have a seven year old and an eight year old home as well as the one year old and I can tell them things all the time but it doesn't mean they understand what I'm saying. He needs to be explained they need to be educated in and taught. So they're clear work with somebody that. Holds a series 65 or series 66. Securities license. And I go a step further Megan and say they need to work with somebody who also holds an insurance license because a lot of what we're talking about today especially around the annuity conversation. Centers around transferring risk. Transferring risk means you have to transfer to an insurance companies if you're Deanna wire doing yourself for or you're working with one of these big bucks houses that. You know kind of rules from ivory tower and tells there brokers what they can't he can't offer their clients you may be limited. On what you're getting to hold about. Because. They're not allowing. Fourteen presented. And to me that really limits the ability to. Really I am for retirement have everything available to you so an independent fiduciary. Is in my strong opinion the best option to get to chew into retirement and knowing what's available out there. Tell Alan why out the risk associated with investments that provide growth. Well that's the thing you have these two ways to me to get the growth here retirement he can use in the investment four or you can use the annuity. And many people are open to a combination summer one annuities as they don't want any risk of other people want the market. And knowing when I hear about the new he's probably has something they've. Her in the past but haven't really research but here's the bottom line. Working with that duly license edition at the issue that holds the life health license as well as the 65 or 66. You should be able to get both. Worlds to work together. And that's the key here. But diversification. Is really the key and I don't mean diversification. In the sense of having five different advisors that's not diversified that's actually uncorrelated. And can cause more problems. Then good when I'm talking about is having different asset classes and different vehicles all working together so that we can have a nice portfolio that should be able to weather the different storms. That may occur it's kind of like. And for hurricane you've got tying him you know what's out there you know what your potential risks are. So you do different things to you know weatherproof. Or storm proof your portfolio. If year just you know go on attic and a Willy Nilly it's more like a tornado you're gonna react. To instantaneous factors rather than having a plan to work through it so you really do you needed diversified portfolio. And you need a portfolio. That hopefully you're working with some really understand this is explaining it to you and give you feedback and information. And going through all the things you need which I believe are the income planning investment planning tax planning legacy and health care planning. And this is something that we do we use our skill set. In our toolbox to help you get only two retirement through retirement. For the next ten collars I'm gonna provider no cost no obligation roundtable retirement review. For you with your numbers in your situation to help you now only get to retire at their retirement. He is what we don't want here retirement solutions truth is that your number one fear be running out of money we wanna give me the tools and solutions. To make it to end their retirements and call 91368594. Tutu that number again is 9136859. Before pointing to. Is why you save for retirement Alec heated according to your risk tolerance Allen will get it did that's subject coming up next stay tuned. This is retire right without linebacker on the retirement. News network. Whether you're approaching retirement or already retired transition into retirement can be a daunting thought. We will you're getting tons. What is the market drops should you take Social Security. Joint retirement solutions group and are risky investments for a discussion about these factors and more. All of retirement solutions group treats you to a complimentary dinner at 801 chop house in Cleveland. You think the day. 6 PM on Tuesday August 15 or Thursday August 17 at 801 chuck passed in the Cleveland. Reservations are required so call 9136859422. To reserve your seat today. X 913685. To 9422. Seating is limited so call now to learn more about these events and how you can attend. Retirement solutions group. 91368598422. Or online at retire right TC dot com. Investment advisory services offered through eighteen wealth management LLC. This is retire right with the Alan Ackerman on the retirement. News network. I its mega NASDAQ from the retirement news net. Work and it's always a pleasure to be here at Allen backer of retirement solutions group. Located very conveniently for you an Overland Park right at 430 hide and Metcalf a Guinea has phone number. If you have any questions about today's show or if you'd like to set that visit with Allen to begin your retirement strategy to begin planning. You can call 913685914. Do you. That's 91368594. 22. Alan is we're getting closer to retirement we wanna make sure that were saving just as much as we possibly candy any tips or people on that. We'll take the free money for sure he knew he needs you. Participate in your programs that work if you have something that before when K where they do a match she doesn't want look at that. Outside of that I would tell you the other big secret his act is this year. Preparing for retirement this year. Yeah approaching the red zone so to speak and it's ready to start. You need to act as it if you're gonna play a live on 80000 dollars when your retirement make sure you can do that now. That's my biggest piece of advice don't. Don't go cold Turkey. Don't go cold Turkey answer that's why is night and Alia the air so. Allen in and you gotta talk about diversification. Right in your investment portfolio where does that come from true diversification. We'll make him diversification. Comes from putting your assets that different mix of products yet somewhat higher amounts of risk and others with a little or no risk it's a good idea. To diversify your assets because the financial markets and the environments they don't all act the same way. At the same time when talking about as we need to look at institutional. Based portfolios we need to look at annuities we need to. Look at life insurance as an asset class. And inside those. Portfolios the the portfolios. In hand needs to be based on your risk tolerance. Meaning have the right bond fund mix the right stock mix in in the rate indexes that are in there. To help you achieve your goals but you minimize your overall. Exposure and spread it out. So that if the market does it take huge downturn. It's not gonna hate you is that his age is being on the S&P 500 for example. This is stuff we've learned from 2008. When things happened and people were taking years to recover from the good news is. If you stayed in the market or if you had jumped in the market afterwards. You definitely came back. But. For a lot of people day. You know so proudly how the market before Felton never jump back in or they saw what happened 2008 so they stayed away and they just missed. The the waves coming back up. And that doesn't do anybody any good either he needs to understand the risks of being in the market and how to work it and then. Work with somebody that can help you to understand but at the ended today you really need to be able to sleep at night. Absolutely that sleep at night insurance that's what everyone is after so. Alan let's let's talk about one of the things that's included in a portfolio mix I know that a lot of times it. It means you need an annuity just to have that. That feeling that guaranteed income coming in and what exactly do you think an annuity would provide for someone. Where you can't sit them there in your questioning the definition of a duty. Is it guaranteed income stream I have to put on my insurance hat. For just a moment is when I used the word guarantees I cannot use the investment I've got to say look I'm talking as a life and and health insurance agent. So as we decided that we wanna transfer some of the risk from the market or the ability. More the possibility. Of our portfolio to correct and go down. We can look at alternatives such as annuities and or life insurance policies. To create income for our future and the idea of an annuity is its tax deferred. And why it's deferred what's growing. And then when you take the money out it comes out as ordinary income bounce back and be a blessing or curse and that's where tax efficient planning really comes in the play and I've seen so many people. That are trying to understand how to use and new themselves. Or the talk is somebody's insurance only license. Or there talk with somebody whose investment only license and trying to get advice on annuities that's all big mistakes you need to talk to somebody who's licensed in both. Securities. Act again that's a series 65 or 66 mean go to. Fender and a broker checked dot org to to verify anybody's license they have to show up on that web site. If they have the securities license and you can also go to your state insurance. Website. And you can find out. If somebody's license and appointed. With specific insurance carriers on that website so there's definitely GAAP research you can do when it all comes together is. Ari it is the person you're talking to license in the topics that they. The US interest is there that you need I mean for example you when go to talk to and investment only person amount long term care it's an insurance product. Or Medicare and insurance products so as we transition into the distribution and preservation. Stages of life we really have to work with somebody who as an insurance based background. As well as somebody who has a securities background. And Allen that someone is used you do have that background. I asked the last forty years I've been working in. The insurance arena as well as. Added the securities. License or a few years back in. What that's accomplished. He should give us total holistic cleaning your retirement solutions group charged investments we can assist of the income planning investment planning. Tax planning legacy planning and health care clinics so whatever it is you need to get you to enter retirement. That's what my firm is here to assist way and we've been talking a lot today about annuities and that's something that can be very confusing and complex for many of our listeners. So I really would like to offer a no cost no obligation consultation a roundtable retired review if you will come in. Look that are out there retirement process and will do this for the next ten collars on today show. And one of the things we'll do during that review is to analyze. Immunities that you may be looking at in that you already own. Or any other topics that you would like to you that you would like it assistant with as you go on your journey to enter retirement. Suh pick up the phone call me 9136859422. That's 913. 6594. Point two and we are located just one block off for 35 and Metcalf. That's a 170 Barkley. And we'd love to invite you into our office and us and how to get your questions answered so game calming down 9136859422. And you can also go to Allen's web site for more information it's re tire right Casey dot com that's retire right Casey dad come. Alan I know annuities can help people feel a lot more confident about their income in retirement because they do provide that set amount of income and it's. So you can plea and freaking count on it but. Why are new goodies then offered to insurance companies. Insurance companies are a solution for a lot of us in in a lot of different areas I mean what we're doing with the nature it's going to be transferring risk. So we buy car insurance just as we wreck our car we want to transfer the risk of the loss of that car hey we burned our house we want that restraints for if we. Want to eliminate the number one fear retirement which is running out of money we can actually transfer that risks to the insurance here. I eating duty providers so. Summit talk a little while ago and leisure really inside out life insurance policies it's the same actuaries to design the math behind. The money here with these types of products. You know in Houston thing out there we there's so much going on more people here and these are good annuities are bad. And people get confused and I hear it all the time where. Some broker will say don't buy an alien why do you think they'd say that. I would imagine down it's because they only handle securities they don't even handle annuities ranks are the only defense they have Megan has to say don't buy that product is if you remember when fears running out of money. Do what you have Jews stand on if you're that advisory say though they're bad they're expensive use instead of saying. Hey let's look at does well if you don't offer that product thing has kind of look at it like going to a I Chevy dealer to buy a Ford is the Chevy dealer gonna tell AL AM affords great they'll buy it. They're gonna probably tell you how much better their ship obvious so that broker is typically a tell Hank to stay away from that because if you go learn about the new and find out there's some guaranteed out there that can transfer that risk. You're probably gonna take advantage of it so that you can eliminate that number one fear. And that's the bottom line so whatever it is that you wanna talk about in your retirement that's why we've created our roundtable retirement reviews that we can get to know yet. And help you get to enter retirement so give me a call 9136859422. That's nine when three. 6859422. Let's keep your questions answered and get you to enter retirement call me today 9136859422. Alan you know we talk about income here of course annuities play a role to write in new lady in the right circumstance can provide net income. In fact that's what you really focus on in your book I just wanna mention that to our listeners you are the author of the book. Return on investment or re liability of income the true meaning of our oh I in the golden years. That's what it really comes down to income is king in retirement isn't it. I am having money can't buy happiness Megan but he can definitely provide you some of the tools. In retirement to help with happiness. And we really want to concentrate on eliminating those fears of running out give you the peace of mind. Too many people fear running out of money in retirement and they will hold off on decisions and doing the things that they've always one to do. Because of the unknown biggest ones being long term care. Health care expenses just not knowing what those. You know. Potholes a lifer gonna be so they wanna hold on to their principal and you know we see it all the time we would see it advisors and brokers told him and ultimately their principal. And it's just you know I've never seen. Eighty Hearst pulled the U haul so I just don't know why they give that advice you can't take it with money only has two purposes you're gonna spend that are given away. She might as well and joy at the key to all that though. Is figuring out how much you can enjoy. And how can you make it all work for and that's where I knew each really can come in because when the you run out of money the insurance companies gonna continue to pay you. If you've bought that guarantee. If you wanna find out more give me a call 91368594229136859. Before 22. And we're glad you're with us here on the show today this is retire right with Allan Becker. If you wanna set that visit dialed today 91368594. TU TU. Do you know the difference between an immediate and deferred annuity fixed and variable. Before you can determine whether an annuity is right for you need to know the basics and Allen will take his team that's coming up next. You're listening to retire right with the Allen back here I'm the retirement. News network.