Retire Right 11.05.17 Seg1.mp3

Retire Right with Alan Becker
Sunday, November 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 mega NASDAQ and the retirement news network glad to have you with us today I'm joined by Alan backer of retirement solutions group if you'd like to reach out to him and the team that RS she could call them today 9136859422. Is the number to dial that 913685. 942. To let you know when he ask people what's to rest is about the most of our retirement not surprisingly. Falling short of income that ranks pretty high. Our goal today then is that we wanna help you identify potential income sources we wanna help you know what those are maximized those so those sources and then hopefully. Minimize your stress in the process that's sounds pretty good to Alan get your run down here. We are people finding income sources in retirement do what are the common places. It's always a pleasure being here with me in and you know we're talking about income everybody's situation is unique. But the most common areas. Think that was our stocks bonds mutual funds and those can be located inside 40 indicating QB in size of some other type of coal fired plants such as self employed pension. Simple mentioned that day Roth or traditional Ira. But that we also have other places that we can pull from ancient social security. And duties. Real state things of that nature. Those are really I guess you can call him the most traditional income sources that you listed the air but I know there are others right. There's some other NE kind of mention real estate I would I don't know that I call that. Classic that that's maybe one of those more. Interesting ways to you to get income in retirement. Kind of along the lines of maybe a reverse mortgage right. Correct some people will start. Saving money when they're younger in and buy into real estate other people to little later but they do for the re occurring revenue or recurring income. We also look at reverse mortgages to keep equity out of our house away. Your cake and eat too to some people work second jobs. Here all the time going to working at Home Depot Wal-Mart reader or even people will start a whole another career do something that they're passionate about. That clients that warranties our farms our. I'll start I just a couple of move back to you where they came from mean that Pennsylvania area. And when they got there found that childhood friend and started a consulting company. Which is nothing to do with a career that she had for the last thirty years. Was an executive put it's it was a passionate choose violence and a lot of different ways and you know officer Abel and live a different life story. Follow different path where we have our education years and then we get through our working years and in the retiring years. In the past in the oval event a few years she future pension and if you had one in and year you know a few years later. That's an outage retirements 102030. Years of unemployment so a lot of baby boomers and retirees in the light are able to start new lives doing different things that they never you know following their passions SP. Kind of reinventing themselves. Oh absolutely. Allen from your experience who would you say that Social Security that's the income source that you're seeing retirees. Rely and the most. I think social spheres that major part of a lot of retirement but let's look at Social Security for a moment if you take it back. The late thirties Wenzel street first came into place in the first check. Didn't hit till 1940. The idea tinsel trees 62 to examine for almost forty more years until the eighties the idea. Social Security was a fantastic idea the population would never use it action more than. But we had this system that they gave you some peace of mind when you retire now fast forward. To. Pay average life expectancy for a female is around 86. Mail around 82 but if you're 65 now one of you have the potential to make it. 292. Argue with which one you would be but he statistics to push towards the female. That being said the other 25%. Chance. That the 98 so what does all that mean. It means that you need to have consistent income retirement. Any program like Social Security that we've paid into for many many years as an individual taxpayers. Gives us some peace of mind and so on. Consistent income. Retirement but there are some considerations that whistles security. Be there in in its entirety. For our life expectancy so it's important to address concerns like this with a qualified financial planner. More talking about her future it's real important that you you set a strategy meeting with a qualified financial planner and I suggest summits both. Licensed insurance and investments so that you can use both worlds together. The issue. The most comprehensive and holistic approach. To enter retirement that's why your retirement solutions group we've created the round table retiree use this constant review. It's proprietary to retirement solutions group. And for the next ten collars on and provided to you. And answer your questions take hear your meat and give view. Front line in my calendar. So what does that mean view you're gonna have somebody that's over twenty years of experience the full team behind them. To assist you with things such as Medicare planning tax efficiency. Income long term care as well as. Legacy because we do have a qualified estate planning attorney. That resides here at retirement solutions group. So we can help you know into retirement but the retailer and the lady that started to pick up the phone and give me calling 9136859142913. 6594. To. And I wanna send you to Allen's web site you can go to Q. Retire right Casey dot com for more information that's retire right Casey dot com. When you're there you can find out more about Allen's dinner workshops these are held at wonderful restaurants all throughout the KC metro seek and find a date and a time that works for you. Meat now and learn more about retirement income had a generated. So again it had ever that website it's retire right Casey. Dot com now Allen as we're talking about income generation today. I know that some of those sources are going to be guaranteed bright and others are gonna be not guaranteed what are some of those differences that we need to know about. Well we're talking about here and he'd. Now first off the only people in Todd beard he. Would have to be utilizing an insurance place so that's very important work with them and only as securities license. There were geared he came into the picture and I put on my insurance. And that might like and how license. I can't utilize your he insurance products. Now some things that we might look at it as scared heat when we're talking about assets might consider our savings accounts are still pale on. On an interest by Q. Money markets things that. We might have worked so it's a pension if we still have one Social Security to an extent. And then we have the fixed and fixed indexed annuities with that can provide us with security income source we can't. All of those different programs are based. Whatever. You put the money it is an insurance company would back annuity pension program back pension. The FDA's he would pack. Bank account. That's. Now we're talking about and I'm here team that's where securities license comes and and we're talking about utilizing the stock market at three of the greatest potential for growth. But you have to understand the unique risks. Portfolio. That's gonna fluctuate because if you living on the retirement and you need income off that it may fluctuate or change. Based in the stock market is lower the value into the data. So be it would look at it and think that he should have. You're geared to income setup for years needs things that you have to have to live lines that is. Mortgages and lose. Things of that nature those ones that travel budget things like that. That can be a little more fluctuating. So we need to generated retirement. That works for everybody unique situation. And you understand me. The moving parts to what may fluctuate in well. So Allan let's talk about finding balance then if you've got these guaranteed in nine deer in teed income sources. How do you strike the right balance in your portfolio. You know finding that out is really the magic of working with the financial planner. I do that biking in no the prospective client having them amendments and Alex Meehan in just. Sitting down prospective clients and fact finding for lack of better terminology it's getting to know somebody's having a lot of listening. And figuring out. You know what makes a person or family unit tick and what are they trying to accomplish retirement or populist users doing this for church charity children travel. Of those kind of things. And then figuring out what's the subsidies. And so what once so what's needs that once we figure that out we can come back into what's Ari guarantee such as Social Security. I'm in a pension if one exists to there having existing. Annuities or maybe they've set up some life insurance programs to create income in the future so again what party exists to. What we're trying to accomplish was to sit down. With a couple the other day at. They came cancel the dental practice and companies it assisted all Latin Heather health insurance in previous years had helped them put up. Knew he strategy. To create income and retiring when they came in with their son and other sun news is is brilliant he's an engineer. To a very well and having asked this said the son you know you've probably been investing since yours say 22 years old. You've probably. Yunel thirties and you watch the market do nothing but a lot. So you're gonna have a different opinion in the market and your parents who are approaching seventy. Now that's where. People have different opinions of things that thirty year old sitting are seen in seven years of the great market. Why the parents of went through 2002008. And some of those turmoil throughout the years and they don't have the same risk tolerance is somebody in the thirties and that's what financial planning truly about is addressing everybody's unique concerns. And then evaluating that and making a nice mix or hybrid between guarantee program and a nine guarantee program and a balance to. That fits in any you can sleep at night knowing that you understand what you're doing in the risk involved with that once you put all those things together. Most people can have a much more comfortable retirement. You know as we listen to the radio and leaflets that now fine. Things that excite us such as music stations are sometimes a great show like retiree radio he gets our minds thinking and hopefully. That's what Megan I've done is this how do you think that today show or want to do is in his invite you into the office. To sit down and go through our roundtable retirement process in this proprietary roundtable retiree view. I was actually know costs now no obligation for the next ten dollars we're gonna YouTube front line to our calendar. Even invite ya to one of our fantastic workshops all around town. I wanna do that right now on 9136859422. That's 913685942. Q. Let's hope he acknowledge your retirement but their retirement and went 36594. Point. Chances are you'll be relying on at least one or cheer guaranteed income sources during retirement. Allen is going to show us ways to help squeeze more out of Social Security pensions and other guaranteed income stream is up next. This is retire right we've Allan Becker on the retirement. News network. Whether you're approaching retirement or. Already retired transitioning into retirement can be a daunting not really he didn't come. What are the market drops out should you take Social Security. Joined the team from retirement solutions group and RSD investments as they lead a discussion about these actors and more. All while retirement solutions group treats you to a complimentary dinner and you think he did to 6 PM on Wednesday November 8 point Thursday November 9 at. Reservations are required so call 913685. And 9422. To freezer Dorsey today that's 913685942018. Seating is limited so call now to learn more about these events and how you can attend retirement solutions group. 91368598422. Or online at three tiger right TC dot com. Investment advisory services offered through eighteen wealth management LLC and. This is retire right wing Alan Ackerman on the retirement. News network. Hi Megan housing act from the retirement news network glad to have you with us as you listen to data that show this is retire right with Allan Becker and I'm sitting alongside Allen today we're talking about income in retirement and he help you generate that income that you need if you don't know how to do down if you're struggling in that area you're trying to build that retirement for yourself when you've always wanted he can help. 9136859422. The number to call to start your plan with Allen at 291368594. 22 and today we're outlining some ways that you get the most out of your income sources and retirement. We know this Alan this is an interesting statistic 90% of Americans over the age of 65 do you collect Social Security benefits that's a lot of people. So how maximize those benefits howdy get the most of what you've rightfully earned. Well let's put a little. Disclaimer everybody's situation is definitely unique. So you can start taking Social Security at 62. And if you wanna get the most out of it. You could wait to seventy that's the that's the maximum he'll end up with over 130%. Of your benefit at age seventy. About 75% your benefit at 62. The idea is full retirement age refer to as FRA is around 66 or 67 depending on how old you are. So you have to look at social security and decide where in the past. Time is for yourself meaning you have other monies to live on. If you're going to wait until seventy or do you if you retire early if you needed 62. That kind of thing. And so Allan anything else fell one we're thinking about Social Security what else do we need to consider. You know the big thing about Social Security may in his it can be very confusing there's over 200 different options of wind. Judicial security and fortunately government. Limited our choices we had over 500 now there's only over 200 those who can be very confusing for many folks. And I don't work for Social Security. Administration of the federal government but over the last twenty years I have a lot of I'm success hoping retirees. Navigate to Seoul's street landscape. And what comes of that as a few things understanding that you're gonna have to take your part B premiums out of Social Security which is. Currently are 140 dollars a month so. If you're looking at that green light source security statement that you received. Take that down by a 140 dollars because that's what it's gonna cost you for your Medicare when he turns 65. Now that may go up over the years I usually does so. Depending on when you turn 65 it's probably going to be a little bit. More than what it is quoted the other idea is to make sure that you have enough adequate assets. To. Help you facilitate that delay and I go a step further to say if you want some tax efficiency which most people do. Inside their portfolio. And you really have to look at your social security and say. Should I be taking a living off my higher rates right now and letting missiles security delay. Many people doing the exact opposite and unfortunately I think that's a lot of financial planning firms are. You know just kind of live on the monitor that they cannot give financial advice and there's a difference in finding excuse me. A lot of financial firms live on the monitor that they can't give tax advice. And there's a difference in tax advice and tax efficient planning were all aware of the tax code and we definitely need to bounce those ideas off of our. Tax prepare CP air every utilizing. But the basic idea is let's take control of our taxes. And utilize Social Security because it's only taxed at 85% on the high side not a 100%. Like our ordinary income so if you can take Social Security level that. Maybe you have to. But maybe could live on your qualified higher raised. For a case and that sort of thing prior to meeting your social security and that would give you the option election shall ski grow an average of 8%. And then when you do use it it's not taxed 100% which is another benefit. Bottom line he with a qualified financial advisor that understand so scary that's willing to explain it goat though if you. And I think that if your financial person is not addressing social security and the strategies in what would be best for you. Without you having to ask you it's time to look for somebody that works in that distribution. Side of retirement. Not just the accumulation hurt completely opposite and it's not always the same advisors that helps you accumulate. That helps you preserve and to issue here assets. As we approach retirement we start thinking about we save enough money hell on our money and the last these are really important questions and then trying to figure. Should we use annuities or is or social security and how do we utilize our 40 in case. He's the type of questions we answer during our roundtable retire review this proprietary. Relative or entire process. It's there for you and actually no cost no obligation just one of the next ten dollars. And 9136859422. That's 913. 659422. Don't go another day without you these questions answered to help yourself get to enter retirement. It does questions answered 9136859422. Glad you're along with us here on the program today this is retire right. I'm meg and those act from the retirement news network that never again to you sit down with Allen get that visits set. You can dial 9136859422. That's 9136859422. Online you can find out more about Alan. About the book he's authored it's entitled return on investment or reliability of income. The true meaning of RO lie. In the golden years and that web site is retire right Casey dot com that's retire right TC dot com. Alan pensions you know that's an interesting subject those used to be so common they're just not that common these days not a lot of people have them. But for people who do who are fortunate enough to have a pension. Any actors that you think they should be considering. Well first alternate pat themselves on the back he says they're fortunate that I angry but the pension and provides a certain level of a peace knowing that you have a consistent income coming in every month but look at your pension make sure. You have options to take the lumps to take some sort of renews his nation payment. Where your spouse gets a 100% if you passer 50% 75%. So there's so many options that come into taking the pay out of a pension. That should take that lightly and neither look at other you know solutions out there for example. Pension cushion. You know a lot of times you have. Husband a wiser. Years apart in age sometimes the woman's the younger one. And what you statistically have a chance that the man's got to pass away and the wife still going to be there on the planet. For a good five years plus the age difference that's kind of the statistics works appear. Five years younger than your spouse you might have tenure on the planet without them and I'm not saying that a scarier I think those are just the facts what I wanna look at. Is how can we make sure that we need to lose a spouse. That you have this same amount of income or better coming in that you don't raise your tax bracket because of bad planning. And then you're able to go on with life and and have some sort of piece that things are taking care of and then put together correctly so pension as a just another piece like Social Security. It needs to be factored in and you know there's a hole no unique thing that comes with a person who as a pinch if that's significant. So for example. A government worker union workers that may have made significant force 5000 dollar a month pension. Probably have a forward area TS piers something that they've set aside on the side some monies that have not been taxed yet well. Think about that for me if you have enough money coming in Social Security pension X address to live. But you also have this qualified money over on the side. If you don't be proper planning what you end up having is seven and a half comes running a force distribution required minimum distribution office. Assets that have not yet been tax which ultimately can breathe you into higher tax bracket when you pass those moneys transferred to your spouse which can ultimately raise her into another. Higher tax bracket what are my saying here is proper planning can help you know what you face in the future. And help you find solutions. To make an impact in the slightest possible. If what we're talking not days. Making a lot of sense. That's probably because it's time for you to start the process. That process the roundtable retirement process. Is available to you at no cost no obligation on you gotta do is pick up the phone and give me a call 9136859422. This is available for our next and collars on today show had absolutely no cost or no obligation. So yeah nothing to lose. 91368594229136859. Before when he took. Let's talk about. You Social Security right so many people do you take those Social Security benefits if you have a pension you've got Social Security but the income from those two things. Just aren't adequate to cover your expenses Allen what do you do is there a way to create another income stream. If you liked the idea. Income streams such a stream pension. They both follow the path of a product that exist which is a an annuity now a new he's coming a lot of different away so there's the variable annuity which I would not. Tell you go and take part of the causing that. Varies means it's gonna fluctuate or change so I stay away from those types of products and as a security product. On the other side on the thick side there are fixed annuities and there are fixed indexed annuities one that's very popular for many that Mears the Social Security or pension. Is what's called a single premium meeting and duty. Again. Be cautious of these did you lose control of your dollars you're literally treating your money for it penchant for example put in a 100000 get 5000 dollars a year. For the rest of your life now be that for a pension I like. The index annuity where you put some money into it and it has the potential to increase over time you can delay. The income stream until you're ready to take it and then that income stream could even increase over time if you pick the right. Knew that he cared the bottom line is if you want guarantees in retirement there are solutions to look at. Put a lot of times we don't talk to you. Our trusted financial advisor and we don't realize that there either not licensed in the products and solutions certainly a lot. War there broker dealer doesn't allow them to offer them. So we're told that there's bad options out there that may actually be good options if if discussed correctly. And that's the idea financial planning getting to the distribution phased retirement. And the preservation phase. Is working with a qualified retirement specialists somebody like retirement solutions group so we can help you two and three tyrant and answer these questions and figure out what combination. Gear and t.'s. And risk controller volatility control investing. Works for your specific and unique situation and that's ultimately the idea of the roundtable retirement process. As you just mentioned may in my book return on investment or reliability than them almost a play on words there play on an anachronism. Our allies return on investment is what we always think of only. Think of finances and you know how should we have our money performance all. I'll just about interest rates and how much money we're gonna make. Rather than how long are monies will last the reliability of income I think. That that is the true meaning of our lives its reliability of income as we transition. Golden years so call me now. And take part of that around to every tire process no cost the obligation just be one of the next ten collars 9136859422. That's 913. 659422. And let's make this a little special let's make sure those next ten callers also get a copy of return on investment our reliability of income the true meaning of our alive. In the golden years and alleys and autograph them for you get that out to you so give us a call 9136859422. 91368594229136859. Before when he too. Here's that number again to reach out to Alan and that team at retirement solutions group. 9136859420. CU we can also go online for more information. Retire right Casey dot com well you've done the hard work to build up your nest egg for retirement but. There's still more work to do in order to turn that nest egg into a stream of income Allen outlines more strategies to consider coming up next. You are listening to retire right with the Allen back. I'm the retire. This news network.