Retire Right 09.09.18 Seg 1

Retire Right with Alan Becker
Sunday, September 9th

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

This these three tire right with Alan record. 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 mega NASDAQ from the retirement news networks so pleased to be here with Alan backers today. I wanna start things off with his phone number as you listen 9132867980. I start with Allen's phone number each an every week that way if you have questions. About anything you hear on the program today. We invite you to call if you're speaking about our retirement if retirement is a quickly approaching your feeling a little unsettled confused don't worry at normal lot of people. Feeling that way the good news is Allen's here and he's been helping people right here in the KC metro for more than twenty years between unsuccessfully for retirement and he can help you as well. So that number again 9132867980. Keep nearby with any questions you might have Benjamin Franklin Rolf familiar with him and boy did he know a good idea when he saw one. Democracy run by the people for the people with the constitution. That was his electricity. That's another one I local glasses I didn't know that and Ares that let hoaxes or all ideas that came directly from Ben Franklin and while he didn't invented Franklin was also among the first Americans to talk about the value of life insurance and people are pretty skeptical of this putting a value on human life until Allen they actually saw how insurance works how it could protect us. So now to talk to us about this today show us why you. More than two centuries later life insurance is one of the most valuable personal assets a pre retiree or even a retiree can hang out. But you know despite that Alan I know people tend to question whether life insurance is actually a worthwhile purchase YE and it's. Megan I'm so excited that our listeners hear this today because I love the topic of life insurance but it does have it here I'm hinting to a bad connotation. You know the thing about life insurance is. If we call it what it was we call it death insurance. Who wants to buy that rate so we use life insurance to kind of soften it up but it's for the living right we pass away. But here retirement solutions group we understand the value of life insurance and it's a key component of our roundtable retirement process which is a solution. To a lot of those concerns we have in retirement such as. Running out of money health insurance taxation things of that nature and life insurance fits right in there we use it as an asset class to. Create income to protect spouses and families. And you know a state tax is lots of different. Solutions are utilized or fixed. Through the course of having life insurance and a lot of us that we don't need anymore when I do our workshops. I talk about a cell phone being an old style electric phone he can picture that in your mind for second hole one up. As a what does this have people in the sky. Smile laugh and so I nice to have one of those Leo brick phone used to just make phone calls and today we have these Smartphones rate these Smartphones do all kinds of things and I asked. You you know what's the top ten things you did on the phone making you probably tell me. Everything but making a phone call but really got down today probably sound. Well they've changed a lot over the years also has life insurance rate. And it's one of those things now and the father of three beautiful boys. Robert who's a Dylan nine and Logan who is two years old and we affectionately refer to Logan has low key so fight do you call him William Michelle it's because that's what we kolbe. The little basket of joy and here's a thing. My sweetheart my better half Christine and I we you know those kids those boys they're everything to us and I have a responsibility as does. Christina to take care of them for college for anything if something were to happen to us in you know when you're talking about financial planning it's everything from making sure that which one of my Brothers would take care of them if something happens and Howard thing and do that financially. You know I was having a conversation when my brother Jeff was fifteen years older than me and here's global. And that little bit similar to me and personality and say you know Jeff I was assuming you take care of the boys something happened and he came to me and said Alan pilot you to death let your kids. But we're about to be empty masters and the last thing I want is to take care of any kids and just left the house your brother he's three years or knew his kids are the same age as yours you better have a conversation with him so now an eye opener. When we say and I you know have a conversation with Brian Manning the middle brother. And his biggest question oddly enough was you know that many kids coming and drive round Mike Bryan I've got you know million dollar life insurance policy there to take care of those types of issues the big question is will you take care my kids so life insurance it's one of those things that has lots of different uses or talk about that today and now on the show and working for a lot of things are generate questions and I. I just want you pick up the phone and give us a call. That phone number's 9132867980. Because here retirement solutions group we've created three roundtable retirement process it's a proprietary process to help answer the questions. That you need to get answered to help you to enter retirement I don't care. If all your money in your 401K you just started saving you've been saving for years we have a solution for it and it is senator brown the around their retirement process and you should. You know experience that process for yourself and that starts. I cost 91328679809132867980. And Allen has a great. Web site for you if you haven't checked that out yet make sure you visit retire right TC dot com he holds dinner seminars all about the year. They're great educational workshops we invite you to come. Attend share a great meal out Alan's philosophy on generating retirement income that's a question and a lot of your minds I know that's a sources stress for people Allen explains that very simply very easily you can take your questions answered again goatee retire right TC dot com to get registered for one of those upcoming dinner workshops and it is true a lot of fun to ride it it they are and you also met such great locations. I get retiree TC dot com for that is speaking of questions so many questions come up when we're talking life insurance and I want to start. Just the basics if you don't mind here Alan why do you need life insurance and what can actually do you form. Yes so you know earlier we're talking about the south and how they've changed so his life insurance policy rate they're not the same and our parents' policies OK and I understand a lot of us have policies that would insure what they do we mean it talked to the agent in years because. Statistically speaking over 50% of us are orphaned we don't know who are agents are they changed hands so many times so there's no life insurance is Alexei. It doesn't deserve it has had a bad rap because you know. Interest rates changing and things but when it all boils down to it we've got. Life insurance is a you know we term insurance which I like to affectionately refer to as a temporary solution to a permanent problem. And then we have permanent insurance which is like owning a house where we're building up equity. We have options incited so that we can have this insurance is protection to take care her family so if you had a temporary. Yes and it can breathe take care and I don't talk about is the kids and knew what they go to college you don't have that concern anymore or. Once they've moved out you're no longer. Wearing about necessarily taking care of them to the extent you war as that liability decreases. Term insurance is a great way to you know you get older he needs it more expensive you can drop that down. But some things don't ever go away. Like wanting to take care of and leave something behind potentially war taxes and I don't know but that's a retirement state taxes most of us aren't sitting around with. Upwards twenty million dollars were you on a married couple hours state taxes these days is a big concern but we do you have larger higher raise a lot of us and those. Pass over to our families. 100% taxable and if you did the math you would probably find that the entire rest is your biggest beneficiary and most of us would rather are feeling Vieira largest beneficiaries so. The life insurance can be a great solution to give you purpose to have required minimum distributions those force distributions in the future. Chase having half and came adds an increased value in your state. So that you can do good and when I say good I mean church charity children. Mean let's not forget a lot of us we give. Right we give of ourselves we help out charities we help out organizations. That are near and peerless and those organizations get used to that dislike our kids get used to us helping them out right. So we passed away those organizations no longer get the benefits of that where charitable remainder trusts and pilots and other types of situations that senator around life insurance. Can keep that gift going on in perpetuity so there's a lot of reasons how life insurance. So taking care of your Stanley taking care of your church taking care for your children. Also creating income streams and were gonna dive in all of those different types of life insurance. As the show progresses today. Challenge is we can use to life insurance as an asset class I wanna make sure I'm understanding asset class correctly in this context what do you mean by. Well you know that word can be confusing obviously but the thing is. When I say asset class I mean as an asset you you think yet stocks and bonds mutual funds your investments right why not life insurance be looked at on your books. As an asset class as an investment. You know if you have a million dollar state and you add a million dollar life insurance policy your State's power two million dollars to back quickly you can double the value in the state you can. Who set yourself up to leave something behind to take care of your loved ones that you that this would make we've had clients come into our office and they said you know we've got. A million dollars there right now went on to go to our kids and I don't want to ever spend any and I wanna make sure all goes to the kids but the air force distribution. The money's going to be. You know taxes haven't been paid yet so there's a lot of you know quote unquote issues with that set up. So I'll look at us it would if we take you know 101000 dollars of that million dollars a year or so some of the investment off of it. And create a million dollar legacy for the kids now you it's been every dime except the premium. And your wishes there are covered they just look at me like nobody's ever mentioned that before how can we how can this be. It seems like such a simple solution and obviously it is. But here comes back to one of the issues we run into all the time which is we find people don't know where to go to your answers to questions like tax efficiency that people don't. Understand why there's so many options out there and they seem limited in the simple solution is most people are talking to. Somebody that's either only securities license or only insurance license and they don't really know how to utilize both are who'd you talk to that has both we'll hear retirement solutions group Sam bass myself we're both duly license which means. That we have the securities license or series 65 which is a fiduciary. So hard test to pass and once somebody has and its its yeah that's who you wanna work with us they've got the knowledge behind them the other side of that coin is somebody who has an insurance license so. No having both of those gives you the ability to assist a client with. All the options out there I look at it like going to -- story you've got all twenty files open Korea vs summits only insurance places may only give yet the first three aisles of the Hershey store that person with you know only. An insurance license gonna have the other three -- open that you want somebody that can open up the whole store because when your when your wife send you to the store to get the ingredients for -- you know wanna come home with ingredients to spaghetti got to have at all you know you just wanna work with somebody that can offer you whether you want safety retirement or you're OK with -- they can do at all for you and that's safe part of it doesn't include insurance and life insurance is an insurance product -- as we're talking today in your thinking hey I need to get my life insurance reviewed and he didn't know what I happen if it's gonna last as long as I needed to those kind of questions you need to pick up the phone come in for a no cost no obligation review. And let the team nationality and show you why we've been so successful last forty years the number here is 9132867980. Common CS were at 435 and Metcalf it's conveniently located just come out here and we will answer those questions 9132867980. Now you know what life insurance can do for you sit next to take the mystery out of life insurance by explaining how it does what it does stay tuned. This is retire right we've Allan Becker on the retirement. News network. Hi it's Glenn back of the dozens of retirement advisors in Kansas City you're gonna hear me talk about only one Allan Becker at retirement solutions group and our SEG investments and that's because Alan is not your typical establishment. Kind of advisor and retirement solutions group and our SG investments isn't your typical establishment advisory firm everything they do is custom fit to you. Thanks Glenn join us for one of my upcoming complimentary dinner events pick the date that works best for you we have 6 o'clock on Tuesday September 18 or Thursday September 20 and 9132867151. Word about their retirement planning process and gain insight into today's retirement strategy. Let Alan and his team help you retire successfully to sign up call 9132867151. That's 9132867151. In Kansas City call Allan Becker 9132867151. Annika and generated in the client investment advisor service has offered only but to be Brister individuals to me wealth management LLC. This is retire right wing Allan Becker and on the retirement. News network. Glad to have you with us or retire right with Allan Becker I'm Megan NASDAQ and we're really pleased you're spending some of your day with us today is we're focused on life insurance and if you think about retirement you might be wondering why a life insurance Allen is making a really great case for that today and the program answering. Some big questions about this prod and and how you can add that year overall strategy for retirement Alan I wanna get your phone number of people have questions about this. It's 9132867980. 9132867980. And as are focusing on these life insurance questions today maybe we need to take a half step back and I just asked you what exactly is like venture. It's making your life insurance is one of the confusing topics out there it seems. And first off I put my pants on one later time just like all of our listeners and I have to be insured. Just like everybody else and maybe even more so and that that comes in the form of property and casualty insurance which pulled as close up now licensed then for Leo he's got to have here and Perella policy you've got to have your property. Covers your cars and all black tennis operate and then we think you know health insurance and almighty what are they gonna deny when they you know prove. And then you've got your long term care and Howard talk about life insurance so the average family spends somewhere around a third of their budget. Four ensure it is and you know we can get overwhelmed and we think. Oh my gosh but at the end of the day insurance or something it's better to happen not need the need and not half. And let's talk life insurance well are we are gonna die someday. Yes ray. Mean think about that it's gonna happen so if you have life insurance you wanna make sure it's set up correctly. So many of us have those term policies or even the policies we thought were permanent and then time passes and week out live our life expectancy. And people these days earlier than 2000203. And you those of you that have been longtime listeners you know about my -- talent she just passed away not too long ago. At a 101 years old so I know people are living and passed under and you need to make sure if you're gonna have insurance and he wanted to be there when he needed that it is going to. To be the right type of insurance set up the right way and you know maybe we start when where younger or when we. You know we don't know what we really want. And we get that term insurance will you wanna make sure your insurance is renewable. And convertible. Missing no more time renewable. And convertible what does that mean it means that you can re up. Ray it's like renting and you know your lease is up and you wanna rent it for another term. Usually elect in terms we're talking about 5101520. Years terms now let's think about that if you're sixty that turns eighty if your seventy that term might be ninety's so. There's going to be a point when the insurance company will not renew it. Rock act the other thing is convertible let's say you're coming up on that timeframe when the renewal is gonna expire. Okay a convertible policy means that it doesn't matter. What your help this doesn't matter if he used to be. I nonsmoker and value our smoker doesn't mean if you've word a marathon runner and now you have cancer. No questions fast you can convert that policy to something that's permanent some form of universal life for whole life tech policy. To all go further into later today and you would have something that's going to be there when you need it it's going to be at a higher cost cuts permanent insurance is. Quite a bit more expensive but as long as your work for the planner in you can figure out if you can afford it and you understand the benefits of it. It makes a lot of sense I mean there's industries that are built aren't utilizing life insurance something called infinite banking or you can. Use life insurance to you bank your future and then you need to. Pick cash out of your own policy and buy a card and pay yourself back pain that was real 30000 feet but the point is there are ways to use life insurance to as an asset class again to create wealth. And to pay yourself and the borrow from yourself and keep the banks out of he's keeping credit cards out of your your business so there there's so much power in appropriately. Designed insurance programs and you can't say much that's why you need he duly licensed professional that understands life insurance as well as securities to help you as you make that transition from the accumulation phase into the preservation and distribution phase of life. So that you're taking care of your family in the most effective way possible in people's struggle with how to appropriately. Help their family and knowing all the different tools out there. And that's why here retirement solutions to we have around him retire her process and there's no. Stupid questions there's just questions are Ashe yet and if you're working with the financial planner that you know you should they should have their lines are open to answer those questions. And we are available and we want to answer this question so please give my team and I call 9132867980. And number 9132867980. Coming and give him no cost no obligation consultations get those questions answered. And we look forward to being in their four in 9132867980. We talked a lot on the show about doing something today that your future self will they keep for. That called Alan that's one of those things so dial that number 9132867980. If you wanna find out more Allen has a great website for you you can learn about him and the team just head on over to retire right case C dot com that's retire right TC dot com eternal life our permanent life insurance Alan we hear about those two types a lot which is more suited for someone who's headed toward retirement. I don't know the answer quite that simply let's go rent or own about. You know contract inside and I can I rent an apartment. Today downsized or I like to say right sizing to something that main reasons is provided or MI ready to. Own something heroic continue to own somethings or talk and life insurance. Here is keeping it is simple as possible let's go as basic as possible term insurance is going to terminate at some point. Term to terminate whole life is good for your whole life. And I got that got it us that's easier and so. Exactly universal life as a hybrid between where depending on the investment with in the life insurance policy. It could be in the bond market it could be in the stock market it could be based on the market like an index but not actually in the market. So there's different options if that sounds familiar that's a lot like one an annuity is and how it functions they're very similar chassis is matter of fact an annuity is an in China life insurance policy so both can be utilized to generate money in retirement. Life insurance can be used to generate kick ass tax free. Money and retirement if set up correctly so the true answer to that question is what are we trying to accomplish for how long and Peru. And how healthy are so there are few questions that can be posed in there. And I go a step further we also have a type of policy we can use. To take care of those CD investors so those people that like safe money. We're using a life insurance as an investment. So I'm switching gears slightly where when you take money out it is taxable because it's truly an investment. We call this option CC out today we know the market option B we go to the bank options seem to go to the insurance company. And inside that. We have a product that should average around 6% that can be fully liquid. Rank and it's going to be worth more to your family if you pass away prematurely so there are options out there for that raising money. So when you when you bring that full circle made in you have the option to get that term policy to cover those temporary solutions may be. You expect to make more money in the future so you'll just upgrade later or maybe you're ready for the little bit more expensive policy inaudible our clients. We'll take the money that they're putting into their rock firing and use that for their life insurance to pre tax free income retirement some of our clients will use. The money that they're putting their 401K. Past the match so you wanna do upped the match that's free money. In your form K but the rest of it select clients and put only 2.4 thousand dollars a year but their companies generally matching 6000 Seoul put the other eighteen into. A life insurance policy as an asset class to create tax free income for their family. We also use it in our tax efficiency portion of our round they retire processed and again that should be more of a permanent policy. Not whole life but he universal life set up correctly where we want them minimum amount of death benefit possible purse is there. Highest amount of that benefit possible so again life insurance is one of those products that can. And I'm guessing sound real confusing over the radio by when you sit down with a seasoned veteran like myself can explain it. On a white board and we can go through the different types of policies to a full analysis of your situation what you're trying to accomplish really. Then we can take that fiduciary approach. And answer that question more specifically how it applies to you because this you know this isn't black or why this is pretty gray and it's specific. And individualized. To the person or persons that are that we're working within you know quite frankly it it can come down to like pitchers may be the best solution out there but if you can't qualify for it physically. And I wanted to. I want you know. Little caveat there many people think they can't qualify for and they can't pay. Think of it as toothpicks mortality and morbidity mortality is your chances that you're gonna pass away morbidity. Is your chances it's going to disable. Today when we're talking life in turn we care about mortality when I'm talking about long term care I'm talking about morbidity so those are different so if you got a bad back. That may help you know hurt your chance in long term care but not life returns accents. The other thing is how long ago you had cancer but it's been five years had a heart problem but it's been over a year. Life insurance companies today understand a few things they understand we're living longer so life insurance today's cheaper than it used to be. That sounds backwards but it is true they insurance companies have more time with your money. Number two they understand that we do get better and if we're seeing a doctor we. A lot of times can fix those problems a lot of those things that we think about the heart problems and and that cancers once we've had a clean bill of health. For a certain period of time they're not as big of situation strokes too so don't just assume you can't get it. Still asked the questions it doesn't cost anything or heard anything you know to run that application through and find out and see here retirement solutions group we broker life insurance which means we're license with over forty carriers. It gives us the ability expression with the amount of plans that were able to put out there that we can negotiate. With the insurance cares Qaeda in other words. Put them against each other you know Lincoln's gonna take this case how about you credential how about that life. So we're able to get those carriers to start negotiating a little bit hats to come down. Oh yeah. And that's the power of working with a larger office that has the experience they know they can do these things a letter from your agent saying hey I know this client team. Runs and works out does this that that goes a lot to taking. Something that is great and making a little more black ones so you know a lot goes into the right planning and finding out having. Where running a policy up right now to help an individual tax efficiency and one of the reason. That many clients come to see retirement solutions group is because of tax efficiency. I know that. A lot of you listening today have run into this exact situations on the kind of define it out for anywhere. You go to your financial professionals and they say we don't give tax advice. Where it got so you go to your CPU and see pieces I don't do financial planning to your left in limbo trying to figure out where to get the information on this tax efficiency purses. You know. We just weren't like all right so here retirement solutions group we've. Pioneered this roundtable retirement process where. It gives the answers those questions and we can create the most tax efficient plan a lot of times at a utilized life insurance as an asset class to create. That tax free income down the road. And a lot of times are class a common almost quote Emma a standard rate and the comeback preferred in the get more coverage more benefit. By not doing anything else in the land and application finding out. So it's important to find out and that starts by coming in giving you know cost you know obligation consultation to take part. In the round to retirement process. So give us a call 91328679809132867980. Find out what difference that roundtable retire process can mean to you and your family 913. 2867. 80 much more to come with Allan Becker coming up straight ahead. You are listening to retire right with the Allan Becker on the retirement. News network.