Retire Right 09.17.17 Seg1.mp3

Retire Right with Alan Becker
Sunday, September 17th

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 Megan NASDAQ from the retirement news networks so glad to have you with us today of course I'm joined by Alan backer as a write in each week and this is read tire right wanna give you the phone number to reach -- Allen and the team at retirement solutions group it's 913685. 914 to that number again 9136859422. I wanna tell you special showed today Allen sat down with best selling other David hockey really is America's financial guru I think we degree he's the author of several books you'd probably noticed these titles if you haven't read them. Smart couples finish rich Smart women finish rich and Alan you're reading his third book and tell me what that is start late finish rich yes and so you sit down with David Bach and this is a great conversation so gonna bring that to that little bit later in the program. Here's the number again if you'd like to get in touch with Alan backer and a team 91368594. Suits you well. I have wondered how your attitude your approaches and money compared to your peers around the country today at that we're gonna look at national trends on retirement finances and these really need to be revealing also very useful to help you gain some insight into your own financial standing and one of the reasons as is so important is because 51% of people in a recent survey they said that out living their savings and investment that's actually their top retirement here here's another stat for you 54% of people surveyed say. They have no idea how much they need to save for retirement so if you're gonna put those two statistics together you could see right away. Where we got a lot of retirees with pretty big problems or we're gonna take a closer look at retirement spending habits and expenses. Where you can expect expenses to rise and also. All and then you can better manage your spending in retirement so stick around with us are gonna clear up some confusion that you might have. About where your money goes and retirement at Allen people put a lot of thought into certain areas of their retirement but perhaps not enough thought into how they're spending might change. When they retire. Would you agree with that Megan absolutely would agree with that it's always such a pleasure to be here with you in the studio. And I love doing the show in this topics each week to be a better and better is it just I really hope that it it's helping our listeners get better prepared for retirement. Because usually when I think of what we're talking about I think gives you got to act desist you know if you're going to retire you need to start planning like Q. Are going to retire in other words if you're making a 100000 dollars a year and you figure retirement you can afford to live on say eighty TD need to take the the mindset that you have 20000 less coming in. So a lot of preparation starts with a budget figuring out what money's you're gonna have a retirement whether it's Social Security pension annuities. I'm just looking that you are getting data and analysis dull the financial planner and figuring out what it is you're gonna have and then get act as if. OK so acts as an F and you said could be award them the word that so many of us don't like gallon the budget word. Can we call it a spending plan I know that makes some people like myself feel better you know I like. The sound of that because you're right nobody wants to be put on a budget knowing what's to be on a leash so to speak of financial leash and a spending plan might have a better out connotation. So like that as well. But it's really important that we get a handle on our expenses that's really really really key so. In your experience though if people aren't right now very focused on their extra expenses what she is are they looking at what are they focused on right now. You know as people. Are working either you know it really depends on what generation you're there and if if I may go there I mean we've got millennial we've got. Generation textures like you and me and we also have. Baby boomers and and there's I think there's five. Actual generations aren't allowed to keep track. It is and I know that easier in your thirties right now you don't like to be caught a millennia only not really a Generation X. or I think there's a new name for those now. It's kind of a combination of the two but I ID grass are the idea though as you're getting into. Life is such a you know at some point you're paying off education day yours stirring to build families then you start to. Hopefully go the empty Nester preparing for retirement all throughout that you've got to save pay yourself first so to speak the best way to do that is to literally. Add to your diaries take advantage of your 40 encased in that free money because if not. Taxes come out first and around thirty. 33 and a half percent on average see you really have to pay yourself first do you that. You're paying yourself before you pay the government so as we prepare for retirement. And for life in general. We've got a lot of things that we have to you worked through and are spending plan and then prepared to. Figure what's on our bucket list what are we gonna do only finally get to the that promised high aim of retirement in and how we gonna take ever days and what's that actually gonna cost us so it's. It's all sitting around Putnam money provides. A means to do things which were about living life. Enjoying life and having the means to do those things with hopefully with somebody you love them and can enjoy a west. So expenses work trying to zero in on how to get control of expenses Allen and it sounds like the people you're working with you know they're really focused right now I'm saving for retirement they need to be looking at their expense is because these two things go hand in hand but we do get really really. Just zeroed in. On this idea of accumulation. Don't we do we do that sometimes to our own detriment. You know it's a cycle your ear creating debt then you got to pay off the debt. And I think the balancing act is figuring out how all the right amount a debt to take you there what is acceptable funding you've got some. Some people on the radio that say don't take on any debt you have others that understand that that's part of life is as I do. So I think it's a real balancing act to understand. How much you can handle because it's stress having its stress on any couple. If you've got one person that's is the issue or both of your the issues is that much more compound in between the two of the he really half to focus on getting that that paid off so you can have a happy retirement so you're not just bogged down always working. For the next paycheck MA in that reminds you Fred and sue those just finished up a workshop. Week to back and I remember RS you had asked me should did you marriage counseling and I I know she's sitting in jest amazing you know probably 25% what I do is his counseling of some sort the other usually it's on the financial side of things but definitely there are couples that are little disconnected on the whole money thing and you know when one. Person and in their case was. You would spend more than the other Woodson are talking I shared an interest existed without a real our listeners to hear so Megan I'm actually gonna ask you a pet when we're talking about couples and spending money. How much do you think the a woman such as yourself would tell their spouse before they they spent that much money like if you're gonna make a big purchase. I think before I write the check what's that amount that I would save my better check with my husband for a okay. I would put it somewhere in the the board of 500 dollar category where anything under that I can probably east end. Without having to just conversation I'm not look at for permission but. Just hey honey I'm about to make the partnership a partnership yeah I'm gonna make a 500 dollar perch. It's pickets are reasonable. The statistics as very interstate. It's 342. Dollars. For a while. For a while okay but let's talk about them a little less but in that realm here too far now I would sake is if I was to talk to Christie at home she might agree with you on a statistic but I would have to act but the caveat there that's not for to a mall shopping or stork. That's like that back ray 30024. Dollars not per share pepper store. But I mayhem on the other hand if he was gonna make purchase. What do you think our limit this before we would tell our spouse man. Maybe double that close to 700. Yeah I was doing this in a workshop and of these these numbers were all over the place today 12132. Dollars actually that. Wow so men have a different realm of what they think is okay when doc and their spouse I know a lot of our listeners. Have some conflicts like this I can help you solve this problem. This would be a great topic of discussion for you to come in in Simi premier Colin 9136859422. I will put together our roundtable retirement process for you that takes care of your numbers were gonna look at things like Social Security pension and debt. And your your budget or your spending plan. We're gonna look at those numbers and figure out how prepared you are for retirement security retired it's not too late let's go through those numbers. Again this is this is at no cost no obligation this is our roundtable retirement process school solely through retirement solutions group gimmick called 9136859422. It's 9136859422. 9136859. Ports due to talking about spending in retirement Alan. I thought that statistic does that allow kind of an eye opener I wanna just follow up on that when it comes to retirement though do you think people going into retirement. Do they think they're spending in their expenses are gonna go a lot lowdown remain the same what's the mindset there you know I. Make and I believe that owns a 5050s so five was to ask most of our client family we'd get a definite dividing line there just it's it's almost like when he asked do you want to leave anything for your kids. Half the people of sale wanna spend every dime in the other half would say. I'd let them leave it all Tillman and a lot of times that divisions in the same council or talking about cost in retirement we gotta talk about our go go years our slogan years and are no go years. So the statistics are obviously all over the place because if you're gonna retire you've got a pretty extensive bucket list and you save some money. You might be spending more money when you first go into retirement then map previously expected but if your. You're kind of a homebody gates' retirement and you know years of staying home watching the TV work and Milan. He in my any investment in 20% less so it's really no question that goes to the individual family and a lot of things were talked about it and I retired planning such as healthcare and and and the health of the family longevity. We really have to look into. He's a best selling author you've probably read one of his books or at least seen our round. Smart couples finish rich Smart women finish rich. Or start late and finish rich she's sending a team they are okay make sure you sicker around that that's coming up next. I wanna ask you what do you think the single biggest unknown the biggest potential line item increases among all retirement expenses to you know. Well if not talented to tell. As he's gonna show us how to deal with this huge X-Factor. It's coming up next. This is retire right we've Allan Becker ponder retirement. News network. Whether you're approaching retirement or already retired transitioning into retirement can be a daunting thought. We're only getting become what the market drops how she did take Social Security doing the team from retirement solutions group and are risky investments. As they lead a discussion about these actors and more. All of well retirement solutions group treats you to a complimentary dinner. Jones PC barbecue in only them. You pick the date. 6 PM on Tuesday September 19 court Thursday September 21 I just PC Barbeque in only the reservations are required so call 91368598422. To reserve who received today. That's 91368598. Point 22. Seating is limited so call now to learn more about these events and how you can attend a retirement solutions through 9136859422. Or online at retire right DC dot com. Investment advisory services offered to eat wealth management LLC. This is retire right with the Allan Becker on the retirement. News network. I am so glad to have you with us Megan NASDAQ here from the retirement news network joined by Alan backer of the founder and president of retirement solutions group. Great location for you his offices if he'd like to meet with him at 435 and Metcalf write an Overland Park the phone number the air to get started with Alan in the team 913685. 9422. That's 91368594. Suits you and there's a survey Alan that I wanted to share at our listeners it's said that I need and shall issues that were worrying retirees the most of sporting medical health care expenses that ranked number three on this list and is just behind not having enough money to maintain their lifestyle in retirement. And also a hat running out of money retirement which is kind of the biggest deal out there right so. I could use the medical help cure expenses just as a jumping off point for this deeper dive into what we're talking about today which is retirement expenses what do you tell us about this issue on the expense sheet here when it comes to health care. LeMay and obviously health care is gonna get more expensive and I know were kind of on health care kicks this in this country. From yoga it's watch will eat calorie count tents everywhere that they it's great everyone's wherein yeah I just had did give batteries sure Christie's had been at tech is sit finally. Or out a little bit and it really had kids sang great she's basically she is using she's very health conscious and it's rubbed off on me. So we do everything we can most of us to try and lower health care costs extend life. But extending life does calm way is no longer time on the planet where where older and you know we can't fight father time death is one thing we can avoid. Khamenei the other thing is taxes which will talk about later but we definitely need to. Look that's in the top three you have concerns for people or talking about health care you know first off. Understand that you wouldn't take a prescription drug without making sure it's not gonna interact with a another prescription drug. So when you're talking up financial planning it's no different you wanna make sure that your assets are diversified so they're not interacting with the others and assets negatively. You know as health care comes and the average cost of healthcare for typical families around 3200 dollars when you're working. And that jumps up and you're sixties over 5000 dollars that's a pretty big increase when you're looking at a line item on her inside a budget in so we wanna make sure. That we are planning for that and then the next step on there as long term care expenses and if you tuned into the show before then you know. My grandmother's a hundred years old has been in a nursing home for over eight years and approximately 7000 dollars a month. So that's an addition to health care processes room and board maintenance for somebody in alzheimer's in you know I've helped our family. Not go broke in the nursing homes and it's definitely concern. Outcry if I'm wrong but your grandmother in what she experience it's part of the reason you done into this business right. He actually may units had three. Of my a grandparents that live in dents and they've been involved in some form of long term care so house in the navy. My mom's mother typical family up to graduation in Chicago and it was a great experience so when I got out the navy. About four years eight months later. But that was counting but you came home and said Crennel couldn't speak any marshy basically homes and it was a very rough time paralyze excessive for me looking at this very strong willed woman on the strongest people I've ever known. And she didn't have that anymore it was it was like a child but my oldest memory of my grandparents was actually seeing. A my grandma Helen's mother in a nursing home and I was like three years old in Florida and that's Carol helens on I've talk about wanna talk about being a nursing over the last seven years. With alzheimer's and X watching what she's gone through watching what my mom's mom went there yeah I agree it is fearless in this and you're going to this same type of situation my heart goes out to you. But I'm here to help and I would love to assist you in. And walking through the process so please call me in 9136859422. That's 913. 6859. Before 22 let's look at your situation your family's dynamics. And see how we can help you get to enter retirement with not only your finances but also you dignity give me a call 9136859422. Because Allen as so many people out there I'm sure can relate to this too. Having a grandparent having a parent in this same situation where in a very short amount of time to secure grandmother in just a couple years. Is there a different person and it's either alzheimer's or they've taken a bad fall and they're not mobile anymore in. And that's number one very painful emotionally. For the the only members but it's also incredibly expensive and so. You're come pounding. The problem if you don't have a plan for something like that and it's it's hard to know what to plan for but that's where you coming you help people explore some of those things. Those those possibilities absolutely and it how to position themselves that they aren't in a bad spot is if and when those things happened I. I didn't just like a doctor somebody need to see when you're facing and uncertainty. We're just while the doctor finance we help I help and it in a different capacity is a doctor obviously but is is just is necessary is to help you get to and through. These financial. Situation stretcher life and it's it's so very important to have somebody in your corner and help you bounce those ideas off of and that's why. I just love going into the office each and every day because it's it's a passion. It's just something I love to do and knowing impact people a positive way and that's why a retirement solutions group has been so successful for his last 1520 years is because we do really care about what we do and the people we help. And been in the business now for more than twenty years your in your early forties though which is cool because when people become a client they know. You're gonna be there for them that's the plan and you know the seven man plan's gonna last but I'm gonna do my mask yes. It is they've become family and know your clients he talked about that that you know through the good you hear a lot of good to also hear so that bad. Add the ugly out and I don't talk to other financial advisors go to training venues things in the Alaska you know how your meetings go this that they gathered. It's it's usually hear from other offices. Because a lot of times will review what our clients make sure they're on track with things and that's the idea of a lot of the coming and visiting and addressing. Whether it's inheritance a loss or or something so major life change but really after we've addressed that we spend more time and our visits talking about what they've done to enjoy their retirement or what my family and I have done in its really just it really is part of the family and so it's just a pleasure to have them come in in and see them and it's you know I leveling get a look at the schedule lol you know for the week and see. What families are coming in and just kind of you remember that story puts a smile on his face and you're gonna catch up with little frets so it's it's just a great experience. Speaking of that how often do you see your clients or how often do you wreck recommend that people set a visit with you to come in and revisit things do we do not have as defined. A plan like that in our office. So in the and the reason being is has our doors is pretty much open if somebody has a situation. Where they needed dressed. There's no cost you just scheduled visit to become an immediate and yet you what you need taken care will be coming you wanna put limits on your family like that but wean somebody's first coming onboard. You know they've I wanna see us every week they might wanna see us you know every couple weeks so a lot of times a new family member so to speak will come in quite frequently Justine as you're getting acclimated in and comfortable with the I've worked with a new advisor but as a minimum what you think is the real author Ruda questioned at least once a year. In any first couple years maybe even twice a year. It I really believe that up to how often EU as a client. Really would like to be seen as well some people don't wanna be annoyed and and see every five minutes and some people wonder that. So it's kind of a case by case basis but at least once Joyce year at a minimum. OK Anthony get the phone number if you'd like to sit down with Alan backer the team that retirement solutions group nine went 368594. It's you'd see you again it's 91368594. Suits you and Alan I know you're huge fan of David Bach David Bach of course. Bestselling near such a nice guy. It is these days that I've not met in person I've read his books. Down there. He speaks English uses any and he's genuine he's nice so yes and if your underwear David black keys just a fantastic. Financial guru. The some of the books he's written we've mentioned them earlier here on the show Smart couples finish rich Smart women finish rich and start late. Finish rich and you read these books as well the really cool thing got to sit down with David Bach and we recorded that conversation. That's coming up next in our shows you wanna make sure that you stick around for that again Alan backer David back right here on the shell and retire right. I wanna mention your website because we talked about your seminars earlier Alan retire right TC dot com as the place to go if you wanna. Get registered for one of Allen's ongoing dinner workshops held all throughout the year right here in the Kansas City metro at great restaurants all throughout the city. You can get register you can meet Alan the team and fun out Alan's velocity on retiring well and his. Retirement income strategies and again that's retire rate TC dot com for more information you've always got one scheduled I know that your busy guy. He we keep real busy at the office we wanna make sure that we can help as many people's possible -- you know him personally I just don't think there's a lot of advisors in our Kansas metro area that or what I call duly license that will have an insurance license and a securities license so they can really help people. With a diversified portfolio as well as some safety security and addressing things like health insurance Medicare long term care summit topics we meant talk about today. You need somebody that is slices and bowls elements have retirement planning and that's what GO determines who sister Boller her visors. Both carry that series 65 fiduciary license as wells a life. And selfless you brought up the fiduciary aspect of course that really ties into what the Department of Labor is and has come out with her new ruling and you know being a fiduciary is something I like to mention on the show because you're an independent advisor. You're not beholden to anyone on Wall Street not China's sell product to push a product and for people who maybe aren't familiar with that term. It really means you're looking out for your client first. Exactly we are legally and ethically obligated to act in our clients' best interest put their needs before anything else and to your point there is known name on the door except retirement solutions group. So we're not. Blow to anybody else we take care of our clients and our clients' needs and the other thing that you said is that we. Have to be a fiduciary news Department of Labor ruling they're pushing that direction yes but there of the way the law's been written as everybody has to act like a fiduciary. That doesn't mean they are to be sure we truly are finishers we have passed the exams weird on the background check so it's not an act here we're truly are the real the real deal. They and we created the roundtable retirement process here retirement solutions group to help our listeners. Will they define process to get him to enter retirement to address things like diversification. And it just had a blueprint. For the next twenty or thirty years teaching guides you to know where is that money coming from cycle live the life I wanna live so I can. Put those fears are running out of money to decide so likened just. Enjoy life there's more there's more to life than money and you need to know where it's coming from so for the next ten collars and no cost no obligation you need to call. This phone number again I calendar. And let me help it 9136859422. That's 9136859. Before. 22 you may call right now love to see in 9136859. Before 22. Only promised you a great conversation with David Bach and now linebacker and that's coming up next Alan sat down with bestselling author David Bottke is. America's financial guru you've probably seen his books automatic millionaire and Smart couples finish rich stick around for that. Coming up next. You are listening to retire right with the Allen back here under retired. It's news networks.