Retire Right 12.03.17 Seg2.mp3

Retire Right with Alan Becker
Sunday, December 3rd

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 it's Megan NASDAQ from the retirement news network glad to be here with Alan backer of retirement solutions group that you're ready to start planning your retirement future. Retail at ten Alan two ways to do that by phone at 9136859422. Or log on to retire right TC dot com. If you're ready to dive into retirement there are a lot of key financial steps that you have to be aware of an Allen you're breaking all of his downforce today I know one of the biggest decisions as someone estimate is wet and to actually retires so. How popular planes due to act. Megan you know retirement something that we all think we wanna do any experienced near the closer you get meaning I've talked people that wanna retire yesterday. Those that don't have brought retire. And a lot of people comment for around to every timer review they just wanna be able to go to work the next day with a different attitude saying okay I'm here because I want a big. And I can retire anytime I want so oh. Just like you know boss don't upset me too much printing. So we just had a talk people through the thought process. Understanding how much income they have on where it's coming from what they need. As order really interest in time especially here in the major metro area of Kansas City because we have one of the best cost of living houses are reasonable. Most people tend to be a little live on Social Security plus a little bit Dexter but yet world putting away in our forward k.s are higher race those kind of things. And we get to return we have all this money sitting back here in this account that we don't know what to do. And I have a lot of people command because they hear we're gonna talk about tax efficiency and what do they do this gentleman I was just talking to. Couple days ago one point two million in desire race 62 years old has not even thought about what he's supposed to do with those funds you know the sweet spot of planning is 59 and a half to seven gaffe that timeframe where you can address your taxes your own way before you get to seven and a half court forced distribution. We wanna make sure that you don't leave your spouse and higher tax bracket or not understanding the what happens when you pass away. That required and distribution it's that some serious stuff going on there. The other thing is Social Security where you really don't have the ability to change your decision yet twelve months once you make that decision on Social Security. To go back on it otherwise it's -- vocal and and changeable so we wanna make sure we make the right decision the first time. And so you mentioned Social Security Alan and that definitely has to be included in this discussion right. And it's just so many different options. The government used to have over 500 options and they did this favor knock that down about 250 that's a lot of decisions being made to decide power gonna take Social Security let's talk a gentleman's wife last week and they just retired and he took his. Pension half of it in a buyout and put it volatile raw. Thank god he came to see because he didn't realize. How much that would affect his Medicare payments is. Overall income in the future because of having that much income of one year basically you can end up owing fifty cents on the dollar in taxes because of the size of the conversion costs are better ways. Potentially for him to have created. The solution he wants for him and his wife without just paying the higher us a bunch of my taxes so they were very happy they found us and we're starting that tax efficient conversation with them the other part of that. As we are just that talk by the social security and toasters never designed to cover a 100%. Of our income retirement it covers about 45% of the cost for most people in it. You know it does factor in where you live and things like that that Social Security was never designed to be a complete solution matter of factly came out the late 31 check hit 1948. The average life expectancy is about 62 and a half but he couldn't takes a security. To your 6540. Years later they added in this option to take it when you're 62. So we've got options. Between 62 and 72. Pick wind take her Social Security. And it's all about ourselves it's about our spouses and how long we feel as a couple that we're gonna lift. Because when you look at it if you take social security. And your spouse outlives you by fifteen or twenty years because maybe they're healthier. Or a lot of times a few knowledge the mail. You look at all these different factors the surviving spouse gets the higher of the two house work with a couple about ten years ago and he asked me when he should take your Social Security was thinking about taking her America's use get greater retire 65. And looked and I said well I'm not so much worried about you one word about your wife and obviously she perked up at that point central remains you know you get hired the two here a few years younger. Your little help here you know we need to really worry about how long your live and make sure the money works that way over the sad part of that story that in some ways good for her and others because of the advice they receive. He did pass away from cancer just a few years later. Fortunately it taking care some life insurance planning fortunately we had the lead that Social Security a little bit so she's getting a little higher check now. The purpose of planning is for the and for seeing the unknown and to make sure you're protected it's a street just one of those parts. And it needs to be a piece that is worked through which your qualified money. Understand many people don't address this part of retirement but here retire solutions group it's one of our primary focuses. So no other reason to pick up the phone this is the one. Because they'll ignore you're required in distribution if specially if you're married because you need to know how those taxes work out when you lose a spouse it's so important and I know we don't lose our spouse for twenty or thirty years but it doesn't matter it's gonna happen some point. We need to make sure we're preparing correctly so give us a call take advantage around him review nine when 3659422. It's so important in an independent. Opinions and guidance from a trusted professional. Who can show you on your options you won on the next and collar right now and I went 36859422. That's nine when 3659422. And if you'd like to attend one of Allen's dinner works apps you can have an average was web site to get registered. Just to go to retire right KC dot com that's retire right Casey dot com. So Alan you're just on Social Security. How likely is it that that's gonna actually cover all your essential expenses. Source can use. We will not cover. More than about 4550% of your expenses and our families differ so what a lot of people look at is the length of the Wessels treaty provides that. You know peace of mind quote unquote. And there are other ways to create your own personal lies tight pants in your own self treat type payment in what I'm talking about their. Utilizing. An annuity fixed indexed annuity to create an in chemistry retirement that will pay the rest of you and your spouse's life so that you'll never outlive your money and it's amazing that the number and appear retires is running out of money but there's a product and solution out there. That is there to help you in taking care of that concern. Not all of these are the same so be very careful and selective and find a advisors that specializes. In fixed a fixed index annuities and we have several of those here on our team here retirement solutions are very important not Alan and these are created equal. So Allen and what types of annuities and eating fit well into this whole retirement income puzzle. Mayhem if you ever watch that the TV but I have seen so many commercials for movies lately. Just with the baby boomers retiring. There seems to be an nudie commercial every ten minutes. So I I love your question because I'm a big fan of the fixed or fixed indexed annuity. As fixed annuity first off means that it's based on the market in actually in the market so. The idea of the fix and he could be hooked to the like a bond trader return. Or a specific greater return to wanna talk about his column Micah multiyear guaranteed annuity so move let's say 3% yet 3% the whole term in nearly five years ten years whatever it is so those CD investors out there should be colonists to find out how to get them on my air rather than you know taken 1% the bank so that's a solution another solution would be to use a fixed indexed annuity an index of any key to the gains of the market without in losses. And how they view that you know the insurance companies using the bond market and are able to take that risk and spread it over. Thousands of people instead as you spreading the risk of for just yourself much better solution I've seen people that have gotten. Double digit returns I've seen people have gotten a returned but the key is now losing money on those fixed index annuities and that can help give you some solutions to get to enter retirement. Some enemies even give you increasing incomes and that's where I like to focus my retirement planning is. Using communities that will increase the income if there's an increase in the index there are XP is India's and acronyms it it's pretty confusing you know spewed just means you can put in a single premium given immunity to pay out. You know in thirty days dia is a delayed income annuity means you don't need your income for five or ten years. Bottom line as there is a solution out there are few willing to take a look I would tell you to stay away from the variable annuities just because the word variable means risk and I've seen so many fixed indexed annuities. They can beat of Ireland and reason exist with higher guarantees lower fees it just pays to know what's out there also eco news and a address long term care inflation protection. Lots of different solutions and so I I wouldn't overlook. The possibility of using a fixed a fixed index annuity in your plane. Talent are there any tax benefits if you have an annuity there is this is what I like to call the chicken or a discussion because you know which came first. The annuities follow the same ideas is a traditional IRA if their deferred. Why your putting money into him. And they come out as ordinary income all the same rules of the traditional hiring except there's no limits on contributions. She can put as much and as you want. And it will come out as ordinary income and they you know a lot of times these brokers adult solemn duties we'll try and tell you don't mind only because of heating your diaries RD tax deferred well I do this for a long time and the fact that it's RD tax deferred for an IRA with force distribution down the line. Is a great solution. For an annuity is to use church additional hiring to give you a guarantee payment for the rest your life on that IRA. That's likely go down because you get older just a great solution works like a glove because they were designed off the same platform in a financial professionals like me we thrive on helping people put their retirement finances back on track if you're doing yourself for who's stayed off three tyra landing path or he just feel like it's time to get a fresh perspective on the retire path here on. The first step is to call my office at 9136859422. I wanna provide you with a customized retirement roundtable review there are things in your retiring you cannot do yourself. Like adding that annuity in there looking at life insurance making sure like to turn Jerry have is still don't know what does is intended to do. Give me a call B one of the next ten collars at 9136859422. That's 913685942. To get your customized retirement around to review today a client nine went 3659422. Glad to have you with us on the program today this is retire right with Allan Becker I'm Megan allows Mac and flooding gimme that phone number again to keep handy if you are ready to get started get serious about this next phase of life called retirement you know it doesn't happen by accident it has to be well thought out and complain and and this is what Alan does each and every day he's been doing it for more than twenty years that means he's helped a lot of people retire successfully. And he'd love to help you as well 9136859422. You can always find him online. At retire right Casey dot com as you prepare for retirement one element that you shouldn't overlook is how to pay for health care. Allen is used some key strategies to take the sting out of this huge retirement. X-Factor that's 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 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 top house in Cleveland. You think today's 6 PM on Tuesday December 5 fourth Thursday December 7 at 801 townhouse in 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. You are listening to retire right with the Allan Becker. By the retirement. News network. Hi it's mega NASDAQ from the retirement news network here with Alan backer of retirement solutions group. To set your own strategy session with Allen call today 9136859422. It's 913685942. UTU. As your retirement date approaches there are a lot of feelings right you probably excited maybe are a little bit anxious and probably wondered if you've covered all your bases if you're really prepared. Alan you're helping us feel more confident by Schering chief financial steps that we need to take. Before we dive into retirement. And one who are really important piece of the retirement puzzle of course is health care the most importantly Allen how to pay for it this is huge isn't it. Absolutely nothing to address health care retirement but we've always had some form of health care budgeted into our expenses and it's no different a retirement except a lot of times we get older. You know that's when more health care concerns can pop up and you need to know how Medicare works so we liked educate people on the different parts of Medicare and your retirement solutions group we do it is certification to each year for Medicare Advantage plans Medicare supplement and the like so we are qualified to answer those questions and assist you with Medicare as well. First thing is you got to sign up for Medicare you can't do anything to lead you that and that happens when you're disabled. I usually for 24 months unless you can go back on your disability in and prove that it's been going on for that long war turning 65. And that medic here has no cost if you if paid in for forty quarters or ten years in Medicare has four parts we look at. Part ABR hospital benefits to cover those costs in the hospital with a little deductible Golan and and also Medicare part B to cover our doctor visits are routine medical visits and there's costs a little deductible there and the idea is to have a Medicare supplement potentially help put those deductibles and costs. Associated with year Medicare costs and the government is changing in 2020s they're gonna eliminate the path and see plans that there'd been designed to cover. All of our deductibles and co peso after 20/20 you may be forced to have some deductibles and co pays even with your supplement if you don't. Retire before that or argue the right plan before the eagle in 20/20. There's also Medicare part C. Which is where the advantage plans follow in those are. Very similar to what you had when you were working for the most part they have little to no cost but they have a lot of co pays and deductibles Maxima pockets of very familiar to many people as they transition into Medicare and if you like choice. He engine can travel a lot I would probably tell you look at a Medicare supplement over an advantage plan and then the fourth part is Medicare part. 500 or so out of pocket then there's big hole where you have to put over 4000 dollars out of pocket before picks up again. So very important to understand all the costs that are Scioscia would Medicare for incomes too high and there comes again now instead of Medicare costs around 135 a month he can cost you upwards of 500 a month per person so. Working with a financial planner that also understands Medicare. Can help you get a better picture of what your costs and concerns are as you go through and through retirement. Alan Medicare that's not gonna cover everything right channel or curing aids things like that many of our clients we help with the dental vision and hearing plan. For around 35 dollars a month that'll come and you know there's no real good. Dental vision and hearing plans out there what I mean that is they're not designed to cover everything right up front they can't get to ease into the plans a little bit. It makes sense from the insurance company standpoint owning if somebody is dental issues and what's not taken out insurance and then give it fixed and then drop the plan they want you have it for six months or year before covers of more expensive stuff so I understand that go in and Medicare only covers medically necessary. Few fallen knock out your teeth and it's just a cosmetic thing that's on you. If it's a medical condition that it's going on and in there then there's a very slim chance that you get Medicare coverage -- how the doctor puts it in for so Medicare. Doesn't cover closing ancillary things but there are programs out there that we can help you with that Megan this goes back to one thing I like to bring up whatever the opportunity which is you need to be working with eight duly licensed financial advisor. Because if you don't have an insurance license can tell you about dental vision hearing can tell you about long term care can't tell you about Medicare. All of those things that you Austin need to know in retirement when your biggest expenses in retirement so you might as well be talking summing give you the full picture. Alan I wanna talk about more costs associated with health care specifically long term care because I read a statistic it says it's estimated that more than 70%. Of retirees will need some form of long term care it's expensive. How are you helping people here at least prepare for some of these costs. Well we have an aging population if you tuned into our show before you've probably heard me talk about my colonel Allen. She is just a little bit over a hundred years old she's living an assisted living has been for over eight years and has you know this does cost the family her specifically a lot of money because her advisor told her she did not need long term care and this was a good thirty years ago. When she could've got an affordably and qualified for all that. The issue listen to the advisor who is not news license and did not instructor on something he was should've been talking about so yeah I take long to care very very seriously. And we look at a lot of different ways since I have done the eight hour stay course as well as the four hour continuing education classes that are required to have a conversation about the state partnership programs and long term care plans. We do have the ability to offer long term care insurance if you want to traditional type program many of our clients like that option others like using. A money guard type program where we can put some money aside and if we needed for long term care fantastic but if we needed for income or we just want our money back we can get that two or we also. Like to look at long term care. And placing that inside our income plan or tax efficiency plan you know full disclosure that's what we do more times than not. Is the traditional plans are to be kind of expensive and if you don't need it now you don't get money back. But if you put it inside your income plan with an income writer on side of annuity or a lot of life insurance programs that we may use for tax efficiency to keep you some of those monies back for long term care but we definitely definitely address it and it's something that everybody should have at least some direction. That they're gonna go as a transition into retirement do not leave the long term care question unanswered it does take the health license again and it goes in with our legacy planning. To make sure who's going to help you out that's why we have an estate planning attorney on site. So branding can help you if it. Comes to setting appear trusts here will do terrible powers of attorney so we know who can't help you know. If you go into a nursing home you know creating and then implementing and periodically revisiting a strategy. For protecting your retirement nest day this presents a unique set of challenges challenges you don't wanna just put in the hands just anyone. When your among the first ten people who give us a holiday at 9136859422. I'm gonna give you a customized complimentary retirement roundtable review. That's it no obligation but we're gonna look at the big picture talking about your needs your wants and your goals. And then based on that conversation provide you with a written income strategy that's developed based wholly on your individual circumstances. So if you want a great level of certainty about hearing coming your financial well being during your retirement just don't pass up this offer be one of the first ten collars right now 9136859422. It actually never hurts to get a second opinion or retirement plan and if you don't have one yet it's never too late to get started so give us a call. Let's get that written retirement plan in your hand the rounds here retiree plan that number again is 9136859422. Allen's let's go to retire right TC dot com. And anything else that you think we should consider before we take that big plunge in retirement. Absolutely. You know you can't ignore the fact that we have taken out and had life insurance. Throughout our lives. And that's just one of many insurance is there's the short term disability policies that are accidental death it slick we spent a third of our income on insurance is I think that's actually the statistic higher rate so. In church is something that we all have. But yet. We get to retire we don't know which keep we should drop and I think another thing and it's is very disheartening is that most of us don't know who are agents are Mosul life insurance policies are either out of the business. Retired. You know. Summaries and we don't have a person contact well that's one thing working with somebody like retirement solutions troopers were license will most actors out there. We can take over those policies we can assist you in finding out information. But morning anything. What did you collect pictures paucity itself that in May premium payments nine years or. Eating and even though if you should keep it these are the types of questions we answer each and every day it was just. Meeting with one of our clients of the day who you know came up amount cafeteria plan there's still work and she's like. You know should I keep paying for this group term benefit that I have a work and they've already got plenty of other assets plenty of other insurance so we've looked at. How it fit into their overall plan. And made a decision based on that so Megan absolutely as you transition into retirement. You really need to make sure that all of those dollars that are going now. When you no longer earning that consistent paycheck. Are going out for the right reason and that's part of that budgeting process that we help people with as they get into. The planning part of retire now we just have to adjust to this new phase of life and insurance coverage probably needs to be adjusted to Allen as we begin to wrap things up on the showed today any final thoughts. You know there's been a really good shows that a lot of different areas and I think it. To me it sounds like you're talking in English and made just it made sense in now and that's what I think so important as you're planning retirement finding an advisor. Is that you understand. What it is you gotta do to get ready for retirement you know. He got to make the get in the right mindset figure out if you can afford it you know figure out what you wanna do in retirement many need to look at certain things like your health insurance coverage make sure you have a long term care plan. Make sure you're not playing for policies that are gonna. Go away or fix some of their if you need him or make sure that. You know you know what happened and why you haven't just a lot of good topics and today. So show including that long term care bit. Also the annuity and mean this is one of those things that many people just don't understand there's so many options out there and anxious to get confusing and overwhelming. And we've had a lot of great engineers coming here and you know they just they come in with the they they've already started. Who willingness and looking at that in reading this and talking and that gives us an analysis paralysis we really want to be there for you to help walk you through this. Landscape in and help you to make those decisions to keep that are Iguchi two and three retirement in the most tax efficient way and that's why we came up but the around tea retirement plan. Does address income planning pension optimization as well Social Security optimization the investment planning which will help you with a personalized purple design. We're gonna focus on volatility fee transparency. And we work on the tax efficiency part of the plan you know. Hello of this country are served in the navy but I don't wanna pay anymore taxes and I need to and I want to a setup my assets of my client's assets to pay. As little taxes as you know I. I legally can't. Our legacy plan is there to help you with. Maximize your state income protecting your assets and trust and insuring their distributed to your beneficiaries probate free. And then our health care planning which were gonna create a plan designed to help protect yourself. It's the rising health care costs so many things that can be there to help you and it all starts with a phone call. So I would love for use to take the next step with the your first time listener a long time listener. It's never gonna start into the common. And visit with us or maybe just wanna go to one or workshops either way be one of the next ten collars at 9136859422. That's 913. 6859422. There's no cost. No obligation but you'll get a written customized retirement roundtable. Review just for you 9136859422. To get your customized analysis you must have at least 250000. Dollars saved for retirement. Call now I'd 913685. And 9422. That's 9136859422. It never hurts to get a second opinion on your retirement plan. 9136859422. You've been listening to retire right with Allan Becker on the retirement. News networks. 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.