Retire Right 11.05.17 Seg2.mp3

Retire Right with Alan Becker
Sunday, November 5th

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

You're listening to retire right with Allan Becker on the retirement. News network. Hi Megan mosaic from the retirement news network glad to have you along with us for retire right I hear with Allan Becker his. Phone number if you'd like to reach out today to set a visit with him in his office 91368594. A twenty TU. It's 9136859. Ford two to. We're discussing the options you generate income in retirement from both guaranteed but also. Not guaranteed sources Allen had advised clients to utilized as non guaranteed in. Sources in their plan. I look at the nine year income sources if somebody's open to news. That fluctuation and risk any volatility control reports I mean. Will go in and figure hatteras score. Risk or. Picture like this beat them. Yeah if you're looking at the average young investor or the S&P 500 let's call that 75 miles an hour. We do a risk score and figure out the speed limit the U wanna be traveling in retirement at say 35. Obviously when all of value latency is that current investments here and are in line with your new risk score based on you being a retiree. Once we figure that out that that helps us to define what powerful as we should use that should be little more conservative. Building up some dividend and the so will take those dollars not needed for income not needed for wage or paycheck. And will recommend an appropriate portfolio. Using me ETF stocks on that sort of thing. But this is a actively managed portfolio with low cost. Institutional. Investments in it. And he says it works really well for the average investor too keen to enter retirement and perhaps some liquidity and have some growth. So what are the rules and talented team distributions from your 401K your your higher day. Well there's several to become the mine that we need to discuss. First stop. If you are in me retirement programs or OK you have access to its first time when your 55. Outside separation from serve. Now if you separate from service at 55 you can turn it whirlwind K in two week pension. Pepper tape distribution. If you turn 401K into traditional IRA and you taking a non taxable. He rolled that in Tuesday. Individual retirement account. Once you do that you lose the 55. Offer and then you go to the standard rule which is fifteen and fifteen and a half you can take money out of the qualified player Paul by dire day. There's really no restrictions at that point. You have to start at seven. Which required minimum distribution. You have to start taking fifty and it's 50%. So the other option is to look at traditional. Areas which you limits to what you can put into him. You get some catchup after fifty. Which means you can put a little more until. And the idea is long yeah earned income you're able to put into those traditional or Roth IRA but let us erupt there it. Different rules command such as. You have to put any money in there has to stay in there for at least five years after five years you can take your principal before that it's 10% tires so. Bottom line is there's a lot of rules and you need to work with here qualified financial planner. Count. Tax prepare to make sure you know making the great mistakes in this area beaches. You know it's really hard to argue the higher grass you lose that battle. Not knowing that the rules is not an excuse for messed up so make your work with somebody. We help our clients that each and everyday and your money you should have access to also remember. Higher is 40 in case our ordinary income so pay attention to the taxes when you withdraw from those types of vehicles. Alan so let's don't follow the rules here if you don't take the minimum distributions is required what happens. In the apartment distribution rate tie and the government still wants the money. Somebody told me that's likely to stick it fits so well remember that poster Uncle Sam. Back in the and join in the military's top action. And we want you. This is peddling that same picture yet pointing at you but it's saying we want our taxes. Were gonna get those taxes. What you want to or not so that's where I find one of the biggest issues. In our listening area is that. So many people which is fortunate our cost of living is really good ands most people get to retirement and they got their house. Paid for pretty close there and they probably have a car payment he would close to her out of debt. Mean if you're really gonna go to the point out working any more news eleven your assets in particular that's where most people are. Well you get this area well so we don't have pensions. A lot of people just. Shoveling money to the tune of 24000 dollars or less in that borrowing okay. Three years or stock purchase planner east operate. So what happens as a result is qualified money that people. You know. Well don't need to make ends meet. So they just let it sit there and keep accumulating wealth seven and a half comes around that's when that forced distribution. So much on most of us think that will take Japan. And that creates its own unique tax problem but the short answer it's kind of a long mr. Hagan but the short answer is. It's a 50% higher especially if you're not taking your record and distribution after setting perhaps you're supposed to get 30000 and you didn't take it. It's a 151000 dollar penalty the higher ups. Not pretty we don't want to do that. So as you can and you're here and the national media for unique. And eccentricity. Come with Keating to retirement. So getting through retirement. Can be a lot of land mines. Well we want you do is pick up the phone and give us a call comment and be part of our roundtable retirement process. This proprietary around to Avery view. Is at no cost no obligation to be one of the next ten dollars and 913659422. Let's find out when we should be using her Social Security should reconsider and Judy what kind of knew he would work best for yourself. Let's also look at. The pension plans and how it should work in his pension cushion an option. Which as a way of providing more money and tax free money to a surviving spouse. Pick up the phone now called 913685942. And 91365. 942. Q where 435 and Metcalf. Centrally located for your convenience come into the office today and 1368594. Point. And you can also find Alan online here's his web site good teary tire right Casey dot com that to retire right Casey. Dot com on the show today we're discussing key retirement income sources Allen. What about. IRA a series talk about those some times how are you using those for your client. It's. Roth's as an option but we're so limited on how much we can put into Roth I mean. If you think about it 6000 dollars 6500 dollars a year your fifty. It's not a lot of money but it does give you the advantage to. Tax the seed not the hearts. Farm term disease that developers. Look out your hand and picture handful for corn. Seizure there are you playing in those and a big field and got these big corn bushels up there grown. The thing is I'd rather pay taxes on that and the seat in that huge field out there. And that's the idea of behind a Roth IRA so if somebody has little extra money at the end of the tax year that they wanna put away and invest themselves and they have at least five years to wait. To utilize those funds Roth has great opportunity. I like the idea of a Roth replacement as well we are not limited on how much you can put it in the government's not involved in the calculations. They don't tell you. Exactly how much you put in at what age in there to tell you when you can take it out back that thing. In any money left over is tax free in the years that set up properly we call that rot replacement. And it's a great idea. Where so what's the put away a 1015102000. Dollars a month they can utilize a strategy like that. So it Roth as a great opportunity Roth replaced an even better for most people. Know what to utilize or where to put it and that's where your financial professional content. And as a professional Allan what house are you using to help people generate income income that lasts. What lasting income you know good vaulted to control portfolio. Can give you that in cam via the dividends inside the portfolio. But I can't guarantee so if somebody wants them it's guaranteed the last. That's when we pull out. Fixed a fixed indexed annuities and help people to. Build a portfolio. Reliable consistent. And hopefully increasing income for the rest of the retirement. And side. Retirement portfolio through retirement solutions. If one's open to utilizing fixed a fixed indexed annuities we can Corey Beck consistent income for the rest of your life inside. The tax efficient or volatility control portfolio. We mind using portfolio that. Good chunk of dividends being created in side. In the easiest way to think of a dividend. And they visual is if you think about a rental property let's say you have a house. That's worth a 100000 dollars and your receiving 5000 dollars a year rent on property we have 5% dividend. If the neighborhood. He goes to pot so to speak in the value of that house is now 80000 dollars you're still receiving at 5000 dollars a year arranged. So let's dividend. Works the dividends are guaranteed. But conceptually. Hopefully that make sense if the property goes to a 120000. Value. Your rent check stays the same list of 5%. The value of that property that's the idea of the dividends based on how many shares not answered the value. Of the property. That makes sense not to go up a price you know so many shares. And dividends per share based on the back so. Hopefully that ripped. Yes no I really did that help stead if he manages boiling down to brass tax Allen into that can be another viable way to add income. Oh absolutely you know I love. Building a portfolio at dividends because when we have we have liquidity we don't have any. Questions of who wanna change it or reposition. Can happen in moment's notice is no big deal. The largest negative that we here with annuities is once I said it. That's what I'm Dillon with that it's it's that is easy to reverse. So you really have to look at the big picture everything. Win building out of retirement plan because if you know you're gonna need 5000 dollars a month to live on pencils securities cavern to. He knew what the other three AB guarantee you back into an annuity is say here I need 3000 a month guarantee. But if that only takes thirty or 40% of your assets. Put the other 60% of the market. Using dividends. To create additional income for your travel or for charities and that thing. There's no reason but everything annuities visionaries and everything in the market it's nice hybrid between the two. I know what I'm saying pass the makes that so. Grab your pen and write down this phone number's 913685942. Q. 913685942. To be one of the next ten collars. Get a autographed copy of return on investment reliability of income. The true meaning of our our Google gears and get on my calendar. Year questions answered and take part in her proprietary roundtable retired review. All this at no cost no obligation but you need to call now 913. 659422. So we've covered the income sources that beat Andrea Lyon and most retirement. There are still a few that you may be overlooking an Allen is gonna tell us about those coming up next. This is retire right with the Allan Becker on the retirement. News network. Whether you're approaching retirement or already retired transitioning into retirement can be a daunting odds. Really you didn't come. What does the market drops out should you take Social Security. Join his team from retirement solutions group and honesty investments as they lead a discussion about these factors and more all while retire. Solutions group treats you to a complimentary dinner and you think he did to 6 PM on Wednesday November 8 or Thursday November 9 at. Reservations are required so call 91368598. Or 22 to freezer Dorsey today that's 9136859422. 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. You are listening to retire right with Allan Becker on the retirement. News network. Hi Megan NASDAQ from the retirement news networks so pleased to be here at Allen backer today he's the founder and CEO. I've retirement solutions group in the air. Very conveniently located for you at 435 in Metcalf an Overland Park. I wanna give you Allen's own number as we roll on here on the program if you'd like to set a visit with Allen and his team. You can dial them today 9136859422. That's 9136859422. We've been identifying potential retirement income sources today because boy when you leave that regular paycheck behind. Guess why it's all of TU to generate income to cover your living expenses. And Alan I wanna find up from you whether you think it's important they have in come just from 81 or two sources or from several different sources. Diversification. Is so important that diversification does not necessarily mean. To have ten different financial advisors. Means to be in different asset classes different vehicles. So that. Transfers over to the idea of having income and different sources if you have all of your income from one insurance here and something were to happen that insurance clear. You're only covered up to the 250000. Dollars from the guaranty association. So spreading that risk out to a few different insurance companies. Might make more sense having money also in the stock market. Gives you a potential take advantage of the gains and the growth of the market which we've seen a lot of great growth lately. Which Beckett add some additional fierce because you know the idea. What goes up must come down how long's it gonna last that kind of thing so putting it on the stock market. To keep you up at night. Putting it all and one insurance company may keep yet but hopefully we have Social Security we have pension of annuities. We have stock market funds may be some real estate sprinkled in there. ETFs and the like the idea is. To work with the financial professional. To bring it all together and you know here retirement solutions are we just want to work with people that first off are nice nice to the staff. Nice to work with. And we work with those people that want. Help to have genuine questions and wanna know how they can make it to and to retire. Its that you're seeing out there I've been doing this for twenty years and and we'll have people that come in and it might look like a no brainer we can show how we can take what they've been doing maybe they have and ultimately we can make itself better. Give them all the information and some people. Still though wanna make changes that's fine. Other people come to a seminar. Here things. Have a conversation with a and they say and I'm good. That's fine too we wanna work with those that truly are looking for solutions. Wanting to know how they can make their situation better and then here's the problem. Once we tell you that there's a way to improve your situation. You need to be open to acting on that situation. If it's in your best interest and has a fiduciary that's silly kind of advice or legally allowed to give an ailing tablet device we would. So Allan how important visit to make sure you're not overlooking taxes. In retirement. We'll never listened to the show before Megan and you have issue with me every week you heard the Akron and hit. Health inflation and taxes as a three. Killers of retirement if you will you know the bad health or the cost. Health care long term care that sort of thing inflation we've been in a low interest rate environment for so long to us inflation comes in. That can rot away the very tiring. But that third one when you just touched on this taxes. And I personally. Think it's becoming the second biggest fear retirees number one is obviously running out of money but number two. Seems that. He between health care and taxes and I'm gonna say taxes is coming up because health care we can't control and you know if were on Medicare once we get that point understand that most of us have Medicare insurance and if we have enough assets we should be looking at long term care. Those taxes. So many people. Hate to say get bad advice they're getting advice for people that are not. Explaining tax efficiency or their giving advice based on something there out license or should be talking to be quick example. My grumbles a hundred years all the back in her seventies she was working with the financial planner in that Florida. If you've done the math I would have been about ten years cults of this pre meet. Okay. She went to a financial person. Has to she should get long term care insurance and that person said you have enough assets or about. Well she spent the last eight almost nine years and nursing and currently running over 7000 dollars a month. In the individual that spoke to her was working for firm. That was a financial firm they did not work in the insurance industry and in long term care and insurance product. So. Early we have somebody who gave insurance advice. To a seven year old lady whose mom wasn't a nursing home before they were called nursing now. And told her she didn't need to get long term care and my family had to pay the price for yourself and it's very important that our listeners are aware. That they need to be getting advice about the topics they need help for example Medicare and Medicare supplements. He got somebody who certified and licensed. In Medicare. Who has an insurance license and my staff here term solutions for myself. Verses. Asking somebody and maybe getting referred over to somebody who's gonna you know swing buyer house and help you of the Medicare plan. Lot has can be out of context. We like to be kind of that one stop shop where you in future state planning future Medicare. Have somebody help you with your financial planning as well as your guaranteed income and put all these sources together the tax efficiency. Whatever five corners and one of the most important areas and we wanna make sure that when you put a plan together that you looking at all of these pieces. Because it's like put together huge jigsaw puzzle but folks this is one of the most important jigsaw puzzles you can ever put together. Because it's your life hey if your legacy if your family it's the people you love and making sure that it's all working together. That's why I created the roundtable retire processors term solutions group. Because I wanna help people get to with her retirement and get those questions answered. But it only happens. But picking up the phone at 9136859422. That's nine when 36594. Point two. Grab your pin rate that number down give us a call and we'll gauge it analyze and be one of the next ten collars now I'm 136859. Before twenty. In media like to meet Alan at one of his dinner workshop seeping did that and get signed up by going to retire right Casey dot com that's Allen's web site again it's retire right TC. Dot com. Now on when Republican at all these different income sources and we've covered a lot write a one I you just start to put them all together to make that comprehensive strategy. Well that's the around there retirement process that's been created over the last twenty years it's skiing you know people figuring out what. Motivates them churches charities children's travel. Spouses eccentric. And then figuring out what they've got coming in what they need coming in what they have to work with. And putting it all together I was reading an article. Just the other day and it says the retirement playing today as more of an art form than anything else and I believe that because. What we do and what I've seen. It takes a unique and special firm to you know these pieces put together and we do really well and we wanna. Fielded to have our listeners. So that's why we have that round every timer process and that's why it's available to our listeners. Every week here and retire area. Just think in May India for some people. They thought that savings it was heart. That's easy math you know save 10% of your salary put it layer or whatever and every year couple right and you know it goes in. Tax deferred itself. You put in hundred dollars hundred dollars goes and comes up your tax return to actually the easy part he gets your retirement many people struggling with the idea in Tbilisi. There after planner. Struggle with it for years because they don't wanna make a mistake it. Yes that'll idea of paralysis over analysis just can't make a decision and that's why we're here as you say a few moments ago. Because we wanna help people. It to enter retiring can those questions to answer with take our experience. And utilize it for yourself it's just it's just not easy standing and watching your numbers potentially go down. Over your lifetime rather than watch them go up for the last 203040 years. Alan it's been a great show today talking about income in retirement. How do identify those income sources how to make the most of them right maximize. Your income in retirement. Any final thoughts on this before we begin to wrap things up for the day. No retirement. Claiming it can be just an overwhelming thought I mean you can open up your mailbox any day of the week. Find a flier to some restaurants some other financial person saying something you know the idea is. That we're out there were available. Because people need an outlet they need to find a place because as we've been talking about for the last. 5055 minutes is. There's a lot of information to cover and there's so much media attention and and everybody's got an opinion. Here's what I have to say and it's it's just boils down this everybody. Is an individual. If I took two people that were identical twins. Those two identical twins Mary different individuals have their own children. And came up with their own beliefs opinions. And the like in May look alike but it did today they're each individual race. So it's identical twins are individuals everybody's it and that's what I mean by that well. I'm saying is pierce talking to a friend and they say they don't like annuities or they love annuities. You need to formulate an opinion. By yourself you need to sit down when. An advisor. And figure out what. Are they talking about when they say that are bad when the and I'm talking whether the stock market. Whether it's an insurance product when you should be Medicare Advantage plans should GO long term care shouldn't you should use life insurance should get rid of it. There is a hundred questions that can come to mind. So yes it's daunting so the first part is to find somebody you trust somebody you can understand and somebody quite frankly speaking English right. Once you've accomplished that didn't get those questions answered I always tell people. Once you've decided that you want to. Higher mean we're gonna work together the next meeting to be so different. And the basic reason is because we're no longer interview and that interview you and you're not intervening hour roll up our sleeves and go to work we're fixing situation. And I've never had an argument there once we get past that daunting part of finding out for the right thing. Well it all starts with our roundtable retirees. Proprietary. No cost no obligation. Teacher questions answered program. Pick up the phone and give us a call 913659422. That's 913659422. I know you owe it to yourself to get it clear. Picture of your retirement starts with the round they retire process. Army now 9136594. Point. You've been listening to retire right with Allan Becker on the retirement. News network. Investment advisory services offered through eight. LLC retirement solutions group is an independent financial services firm that helps people create retirement strategies using a variety of insurance and investment products. Investing involves risk including the potential loss of principal any references to safety security or guaranteed lifetime income generally referred to 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. Retirement solutions group is not permitted to offer and no statement made during this show shall constitute tax or legal advice. You 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.