Retire Right 11.26.17 Seg1.mp3

Retire Right with Alan Becker
Sunday, November 26th

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. Hello it's Megan NASDAQ are very tired at news network it's always a pleasure to be here with Alan backer of retirement solutions group and you can reach out to Alan and the team at RST by calling today here's the phone number 9136859422. Again that's 91368594. Suits you you know there's no substitute for solid preparation and that goes or whether you're planning a big trip or maybe making a family dinner. Even preparing to transition to a new phase in life. The better prepared you are of course the better odds of a successful outcome. You know Alan it's often said that people do you spend way more time planning for a vacation then they do planning for retirement. So why you think that is why there's so many people willing to spend more time and energy prepping for a weeklong trip that the. Hectic one word Megan fun. If it's a lot more funding a vacation than it is to retire but you know all in. It also can be very overwhelming and it's east this is a significant time commitment for some people. A lot of change just as scary for people mean when you get to retirement planning. You've just switching from. A lot of times 2030 even forty years of savings to figure out how to live a world of unemployment when he thirty years of unemployment. Where you've got to make that money lasts and you're gone from a saving months or an accumulation. To a spending mindset or the app preservation trust distribution it's definitely a difference and change can be hard for a lot of people. Make you were gonna talk about four key areas of retirement today show really great stuff we're gonna talk about. The different sources of income we're gonna use for retirement. I would call that are popular approach a lot of people like the buckets because that can. Separated their mind we're talk about when we should take Social Security released concepts behind it. As well is. You know one of those big expenses we all face retirement which is healthcare long term care expenses and and also a little bit about inflation. And how to protect us from cannot silent killer and retirement. Aren't gonna dig right in here and that first question that I know you wanna help answer today Allen is how many sources of income are you gonna happen retirement so. I know we're asking that because it is really important that you got more than one income source that you can reliant right. Yeah that's where we talk about the bucket approach everybody's buckets are a little bit different but we could be using deferred annuities investments that we've set up on our own. Four ruling Kay's. Other investment accounts may we have through a broker or financial planner since there Roth IRA forward okay for a three B. Whatever. Initials that year retirement plans fall under. Needed a life insurance planning to do some tax efficient plane and there's kind of opponents out there say bonus somewhat sarcastically meaning it be in. Arrogance that we make it. We don't want your financial plan to consist of you know on up to mom and dad say how's your health today and they say great and you say darn them passed on a good financial plan and so we want something that's key into. Knowing where these monies are coming from where at what point you're gonna use them. And he be so clear direction. All right Allan so is speaking of direction I wanna find out about taxation. In retirement because we definitely want to be headed in the right direction when it comes to heart taxes so. Mean basically we can keep more of that harder nest egg right how we reduce our taxes and retirement. You know. Taxes are one of the biggest focuses. Retirement solutions troops were in the areas where. I believe they spend more time than anything and one of the differentiators between us and that everybody else on the block because most of these big. Box houses they they tend to just stay away from any type of tax planning tax advice and they just say go talk to your CPA. Well or independents or to do shares we work for you and I don't think you can do proper planning without addressing. At least tax considerations. When I mean by that is we want to make sure that we have the most tax efficient retirement plan possible. Looking at win you're maximizing tax bracket which money we should use first and I think this is an area where many people getting completely backwards where they're not. Focusing in on taxes and it is focusing in on returns but here retirement solutions group we have a five step. Cleaning process it's our roundtable retirement process. And that consists of addressing income planning which is. Making sure you can take your your paycheck in your plate check pay the bills. They have to pay and I also have enough money to do those things you wanna do and life I mean this is what you work prior year's four. Is to enjoy your retirement gospel addressed investment planning which is key into the our allies our rate of return that most people think of when they're addressing retire and how is your portfolio doing. And we use a low volatility approach there. And we like to focus on our lives well what we look at it is reliability of income. Then we'll. Definitely taken a big key into the tax planning legacy planning that's why we have an estate planning attorney does office right in our office we. As well as the health care. And health planning which were gonna keen to in our third section of today's show so it's a very. Comprehensive plan that is our round today retirement process I wanna. To around two retiree view for. Our listeners today so the next ten collars at 9136859422. I am gonna make sure that they get Frontline to the calendar. And we're gonna put into the round table retirement review and help them. Q it's a clear direction to enter retirement that number in 913659422. 9136859422. And we're glad to have you with us here on the program today this is retire right with Alan backer. I'm meg in those act with the retirement news network Allen has a great website for you it's been. Completely revamped and you can head on over to you retire right Casey got conned detect that out learn more about Allen and the team again at three tire right Casey. Dot com Allan let's talk about some other key components of what Ewing described as a solid retirement plan. On the injury to plan needs to look at a lot of things we have income annuities Social Security pensions. Different buckets of money that we set up over the years to create income for ourselves but we also have these other dollars that have been. Contributed to for us or with us that we may have set up. Those borrowing case X address at work and a lot of us we don't know how to define her own benefit we know how to put money away. Police on you make that money work for so we have to. Massage our budget. With the amount of assets we have to create income Nash is working with changes in today and she's just now retired and in it's it's such a hard transition for a lot of people when they get in their mid sixties especially higher wage earners because they don't realize. That they have to spend a lot more money to. You know one for their lifestyle but to they've saved a lot and it's all taxable income but we're not putting as much into. Our retirement programs and benefit packages and things of that nature. So we don't need quite as much but we still have to maintain that lifestyle Salim bring on an formerly talking about their your budget. And understanding all of these different intricate pieces so that we can establish. What type of income we need. Looking at that tax efficiency because if you are gonna live console security for example you're trying to figure out the best time to take it if you don't. Balance that out with the amount qualified money you have you'll end up delaying. A problem that you can't get rid of meaning force distribution requirement intrusion in the futures you've got to focus on your paycheck he played check. Understand your monthly expenses you need to your wants and you know all that to work together and he really should work with a qualified financial planner to help you effect is this is something. That most of us have to deal with and work with each and every day. But it is something that. It's solid financial planners are blooming like us here retirement solutions group at the village for over twenty years. I've been opened great fine folks like you each and every day make it to enter retirement by a working in this field and understanding and learning from. What other people have done that worked and it wasn't. Quite frankly what hasn't worked. Alan so how do you help someone determine and that is right asset allocation. For their personal situation because I know you see everyone's different. Exactly news that would be that the start he answered that question is totally determined that I want to figure out. First what is the asset mix we're looking at meaning how much is qualified vs non qualified and for those of us that oh it just sit there. All five money is money you have not paid taxes on it you. Unity it's okay government loan on it so to speak he said Eric -- I don't pay taxes now well hand Sunday in the future. And that's some day. Other than a few special restrictions happens between fifteen and a half. And then force distribution after seven and passed that when we can have our opportunity. To make adjustments so we're gonna look at the qualified mix. We're gonna look at the risk tolerance were look at the budget and we're gonna decide based and the unique experiences of whoever I'm working with. As far as how much risk there will take in of their income their needs. And there's this other play Czech and chief meet their needs or their paycheck as well they're wants their plate check. And find out how much of that what they want guaranteed once we decide how much can one guarantee that we have to look at. The appropriate mix now I just used the word that most people can't use which is the word guaranteed and as an investment advisor. When I put on my investment advisor had. Or using insurance products were we get the gains of the market without any risk. Bottom line is we're here to assist and help people get to enter retirement. And that was a long answer to a short question. But the question the answer is. Everybody is unique and we're gonna figure out the most appropriate mix for the individual couple or individual person that's working with us. Allen just a moment ago you said our ally return on investment that makes me think about your book of course you're the author of the book. Return on investment or reliability of in come the true meaning of our ally in the golden years. Yes it was a labor of love to right that a little over a year ago and I love to give that out to our listeners will make. Imminent visit. Because it really is a sense of how to get to and their retirement and you know I've just noticed over the last twenty years that. People understand what a defined benefit plan is and how to put money into a pension politicos are defined contribution plan. That's great we can save money but once we do what we do with it and that's where I'm trying to give our listeners are really clear definition. How to define their own income in retirement. So that they can do those things they want mean life's too short and we've seen so many natural disasters here in. The world lately and my heart goes out failing Franzen and anybody that's that's listening that's been affected. I any of these types of events and it's one of those things and just put it. Brings in perspective really quick. That things can happen and a lot of them are not in our control. So we wanna be positioned in the best possible we can so that weekend. Do the things we wanted to do that we need to do. That we enjoy doing because. You know just like fish precious meeting with the carrier couple days ago and now we've been working with them for a few years getting ready for retirement. Kyrie comes end and her husband is. Fighting alzheimer's and you know we just she's Democrat on my shoulder a little bit we're talking about it she says everything I planned on doing it can't do you know it's a state that traveled the things that we've for Conan different direction now and you know. What he really say in that situation other than we're here for you and just let us know what you need it's. It's one of the facts of life so to speak in. Everybody has unique situations unique needs he wants unique speed bumps and road blocks that are put in front of them. Your retirement solutions group whatever you need to discuss. As far as you need to enter retirement. We wanna be here I want you to. Pick up the phone to one of the next ten collars at 9136859422. Home right now. Let's get your customized and how lunar roundtable retiree view this as proprietary program that we want to. Take you through with no cost no obligation. So it a look at the big picture and help you. With a clear direction to enter retirement commie 91368594. Teaches that's 9136594. When he too. Are you as prepared as you should be or could be for retirement what might EB overlooking. Alan talks about social security and what you might wanna consider before you start collecting that's coming up next. Hello this is Alan back and I want to wish you years a happy Thanksgiving. Whether you were approaching retirement or already retired transitioning into retirement can be daunting thought where would you give income. What does the market drops how she. And RSD investments for a discussion about these factors and more all well retirement solutions group treats you to a complimentary dinner. At 801 town house in Cleveland. You think he did 6 PM on Tuesday December 5 forthrightly here is our seventh group and hope you know island happy Thanksgiving anyway. Reservations are required so call 9136859142. To reserve Dorsey today it's 91368590. Port 22. Seating is limited so call now to learn more about these events and how you can attend. Retirement solutions group 9136859142. Or online at retire right TC dot com. Investment advisory services offered through eight email management LLC. This is retire right with the Alan Ackerman on the retirement. News network. Hi it's Megan mosaic from their retirement is now or glad to have you with us here on the program this is retire right with Alan backer as we roll along on the program I wanna give you Allen's phone number if you're ready to set up a time to come in and visit with him you can do that by dialing 9136859. Ford two to again that number 91368594. To UTU. Today recovering several key questions that you should be asking yourself to help you become more prepared for retirement. What do Social Security benefits I mean you know why should I just start collecting as soon as an eligible because boy have been pain in that. Program in his lungs I can remember. In many of the missiles securities one of those things where a lot of people look at the idea of a burden handwork. Two in the bush so it's more like they just take it as early as I can. But Cecil security things over 200 different options of dwindle lacked a strongly recommend use somebody like retirement solutions group. Hope he navigates. Those waters and understand we don't work for Medicare and or for Social Security but it all factors in to get aid to your plan. And wean you should take the Social Security because you are looking at if your forwards are ages 66. Or 67 a horrendous Austria dot gov dean. You get an 8% increase every year you delay Social Security after that for retirement age. So if you were to take it 62 it's 70% of your benefit at age 66 or 67 and it's. 832%. Of your benefit if you wait until seventy so you really got to factory and all the math and decide what's the best option for you. So Alan Hattie begin helping people determine when he should start taking their benefits will with Social Security it's just another piece of the puzzle. So as we've been talking about you have all these different buckets that you can. Elect to take money from an retirement or you have access to. And some of that comes from the idea of the defined benefit plan or the pension but most of us don't have that anymore. So we look at Social Security is part of that pension but we could have set up annuities or. And investments. Plan either on her own or through a advisor. Than we ever qualified plans or defined contribution programs if you will could have a Roth IRAs life insurance plan. And then even inheritance kind of yeah. Out to the side so all of these different pieces coming enemy can't just say let me take Social Security at seventy. Or let me take it it's 62 because. You've got to factor in all these other pieces a warning that as it goes back to that tax efficiency we're talking about the first section. Which is. If you were just to take crucial security and not pay attention to how much qualified money you have which honestly is how 95% or better of the advisors out there. Do it is you end up delaying. An issue that you have to address at some point which is. The required minimum distribution that happened to Seve and a half. The sweet spot in retirement is fifteen and a half. To setting half for you really can take control of your tax efficiency. And maximize your tax brackets and in just look at how all those monies come on man. And how it should be tax of taking shall street surely could not only eliminate you from getting those increases in national security but also. Cause you to pay more taxes later maybe waiting till seventy letting. Social Security begin increase. Is it good way to get what we do need to do is look in needs your wants. Your health your spouse's health and factor all these pieces and again over 200 different options we wanna find the best option that works for your family. Be one of the next ten collars 91368594. Teach you wanna help you with our proprietary roundtable retirement process what would love to do is put you through the relative retiree view. Which mean to your questions. He you know honest evaluation of how. Find out more about Allen's ongoing dinner workshops these are great educational event held at terrific restaurants right here in the Kansas City metro so again goatee retire right TC dot com. For more information. Now Allen is are talking about Social Security today at what how being married to an impact how you claims Social Security what strategy. Use or members of his over 200 options Megan marriage. Definitely plays then from Howell much age difference there is to the health of each individual's spouse as well as. The earnings potential of each spouse so what I mean by that is. You know did you were you high wage earner where your home maker how does that all play and because you need to decide you needed filing your spouse's benefit. Because maybe half of theirs is greater than your full benefit you Austin need to look at you know what is your health compared your spouses in the sense and let me give you a quick reference to this drama as Alice fishery and her husband. So several years back and her husband has recently passed away. Shall we got to this conversation he was trying to figure out when he should take his Social Security. And I told him he really doesn't matter how long year. Plan on living it matters how long street plants on them and it took him back for second and she smiled and senility in Maine today because you're gonna get the higher of the two social securities and your party five years younger than your husband. Therefore what we really need to look at is how long you're gonna list. And so we did the math. It made a lot more sense for them to delay Social Security so sugary you live on that those benefits. Carl passed about three years later that was unexpected it was cancer. And fortunately made that decision correctly. Because sure he's been living on that higher amount of Social Security because of the choices we made season you've really got to look at the whole picture make a determination if you're gonna work appearing. Why collecting Social Security you're gonna take a penalty of anywhere from one to three dollars of year. Wages because of taking shall street the wrong time. She really a look at all these factors and make sure your making the best decision and the key to all the s.'s. Is working with a qualified financial planner somebody has the experience and here retirement solutions drew harsh G investments that do in this. For over twenty years helping our client Stanley navigate the sometimes difficult landscape of retirement planning in helping them get to enter retirement that's what I wanna do for our listeners it's very important. That you make a decision. That you can live with because if you make the wrong decision you cannot go back and changes Social Security used to give you ability to pay back everything you've made in and you know two a do over so to speak for golf fans a Mulligan but now if you do make the wrong decision you have twelve months that year to. Fix it outside of that. It's locked in you cannot changes to the irrevocable decision so we want to make sure that Social Security is a piece of your retirement puzzle. That. For some of us using an index annuity as our increase in retirement income. Might be a better avenue then using a social securities or increase that's another thing that kind of factory and what I mean that that is. A lot of us look missiles securities are guaranteed income stream which can outlive it it's good peace of mind well a lot of people look at an annuity for the exact same reasons. And if we want. The majority or all of our in summary geared to the retirement. We need another vehicle that's gonna acts similar to social security and that would be where an annuity may fit in if if that's appropriate for. Well some of the annuities today have increasing income they have. Abilities to keep up with inflation. So do you want a benefit that's only gonna. Increase for three or four years such vessel security if you take it and it's seven the incentive for retirement age at 66 or 67. Or join the benefit. That's gonna increase the rest of your life. Well some of today's annuities have the option. Or the ability to increase. Our providing increasing income for the rest of your life of attendance increase in the market. Your monthly paycheck. Goes up the following year so it's a good. Strategy to look at all the different benefits out there look at all the different options and see what works best for you. You know Alan I think about Social Security Sony life changes happen and you may think you're prepared and then life throws a curve ball. I'm digging them perhaps. Arab divorce are remarriage Hattie factor some of those big life issues in C year claiming strategy. You know Megan that's one of those topics that comes out quite frequently is unfortunate a lot of those divorces they don't in the in. Peaceful separation so a lot of times we'll have. Expels comment and let me I've sort of make sure she can't claim on minor. I am or show Clements Al wanna make sure I get every last penny that that knows common enemy in here's the thing. What ever somebody gets Herschel street does not affect. The other person so in other words if you were married and you were married for more than ten years for example if you get divorced you still have the ability to claim on your spouse's Social Security statement but it does not affect the other spouse so it's it's no skin off your back so to speak it's it's just it is what it is. But you need to know how to factor in. But at the same time you don't wanna get remarried. And realize if you don't realize that's gonna cost you. The ability to claim on that other Social Security just another thing that factors in. And we see this'll I actually work with a lady that say. Divorce attorney. And we were going to her situation in in pocket about. How she can qualify for spousal benefits and in that conversation she remembers she got married for very short time and boo. Marriage was annulled but the fact that she got remarried. Quite possibly has has declined her the benefit of claiming on a spouse's benefits of solid select eccentricities. But the common cause issue so that's why should sit down and with somebody and get that extra council to make sure you understand all your options because it's such a very important. A decision to make Social Security whether you should or shouldn't buy an annuity would how you have your investments. Managed. It all kind of circles around your budget in what you're gonna need to get to enter retirement that's why we created your retirement solutions you're the roundtable retirement process this customary proprietary program that helps answer those questions for you. To get to two and three tyrant he won the next ten collar right now on 9136859422. That's 913. 6859. Before 22 let me put together our roundtable retirement review just for you would like to put you through that process to get your questions answered so we can determine who wins the best time pre takes a security how you should. Take distribution from your ire rays are off fight plans. To be the most tax efficient possible we'll do this at no cost no obligation but she got a call us call us now 9136859422913. 6859422. Health Kyrie and long term care costs are two of retirements biggest financial unknowns Allen shares some insight on how to plan for major medical expenses that's up next. This is Alan backer. From everybody at retirement solutions group who wish you a happy and healthy Thanksgiving.