Answers To Listener Questions

Financial Symphony
Saturday, September 23rd

Richard answers questions about retirement submitted by the listeners.


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

No financial center and helping you. Harmonious financial plan and getting your portfolio into. So sit back slowly strike at the the financial simple it's starts now. Hello and welcome to the biodiesel symphony with Richard future Ellie I'm Joan still live alongside Richard he's an investment advisor at Carolina retirement resources serving you is the Charlotte metro area with offices in hunter's bill in Rock Hill South Carolina Richard what's happened already this week. Under under John carrier always good talk with the united what's called the highlight of a week about that so. By the way and if you'd like to get in touch with Richard you can do that possibly calling 800. 6465996. Leave a message will get back Tia. And figure out how we can best be of service again 80646. 52 a 96 Bridget looks that we city town let's jump right over to the request line where Michelle in Charlotte says I'm nearing retirement and I'm curious about the best course of action to take. To ensure that I don't run out of money but he. When you know the key get in my opinion to a successful retirement is definitely insurance. That you're having company can't outlive. In my opinion that's the common denominator for every retiree. In all ever retirement is unique insurance income for the entirely of your time in years. Is a priority. Remember now where retirement represents a fundamental change your life. And invest in in retirement. Like you did while you were working and saving for retirement. I find that to be the biggest mistake that retirees to make. You know when you retire. Your primary focus should be on the generation of income and the preservation of your savings you have. To replace your work and pay check with your retirement pay check in now. I think Great Recession of 2008. You know underlines the importance. Of preserving and your retirement savings and retirement so all of you need to prepare for the day. That your work and paychecks cops you know what. What you want to do. If you want to allocate a portion of your savings to create a monthly paycheck it's contractually guaranteed. To come every so. The month instead of wondering what the market is doing there is a peace of mind knowing that when you open your bank account you see the same deposit month after month. You know that the fund will be there to pay your monthly expenses regardless of what the market is doing. And then the balance of your savings is allocated through growth portfolio that will fluctuate. But because you're required income is secure you can allow your investments to recover from market drop and not fret about the daily fluctuations in the market over time. This allocation will likely grow and provide additional income when needed. The reason why this approach works is because you know that your build will be paid from a reliable predictable source. Month after month you also know that you have an investment portfolio. That you don't have to rely on for income. You know retirement is fraught with. Hazards and that's Warner comprehensive approach is required. You don't investment portfolio alone the show will not provide the certainty and in my opinion retirement security should not be left to chance great question Michelle that is the big fear for a lot of people running out of money so it's good you're thinking about this what about Martina in Rock Hill who says I have money in an annuity that are not very happy with. And wanted to move it to a different annuity but I'm told there'll be a big penalty if I take the money out of the current one what's that all about it and that's. If you want a different annuity. You'll need to surrender the old contract. And then you'll move the funds directly to a new annuity the amount transferred. Will be the cash value minus the Schwerner chargers now to ensure. That the transaction is suitable to receiving company or new annuity company will review the transaction determine is still except to transfer. You know typically if you have surrender charges that you want the new annuity to cover those surrender charges. Preferably with a bonus so that your made whole. You know the transfer. From one annuity to another and dirty should not result in the loss otherwise I would advise against that transfer. And you know some companies will not accept the transfer the annuity. That you have presently is less than three years old so I make sure. That is that you're considering a change that you understand the dynamics of that change. These declines render charges on Martina. They exist in most if not all annuities they're kind of like a front end sales charge on a mutual fund. In which both are in place to allow the issue and company to recover its cost of doing business. You know after surrender period has expired a 100% of the account values that they. Oval at no charge. And Dora the surrender charge period. Most annuities provide some level of liquidity 10% free withdrawals without any penalties so. Yeah you're tying up the money as a Wall Street brokers might tell you but. Don't forget that there are still liquid in you still have access to funds if needed. So in order for me insurance company to provide you would guarantees competitive interest rates stock market link returns no downside risk. Principal protection and premium bonuses and ended the insurance company to do that have to make long term investments. And the insurance company knows that if you keep the policy enforced for an adequate amount of time. Or for the entire term of the surrender period the annuity investment returns and my only cover the cost of doing business. But also making new contract profitable to you. So a surrender charge exists because if you bail out of the newly early. And the company has to break its long term investment commitment. The insurance companies don't lose money so from my perspective of surrender penalty is a positive. Not a negative it's good for you it's good for the insurance company because allow both parties to know for sure Ken. What will happen. After received favorable tax treatment. The exchange from one annuity to another must satisfy the requirements of section 1035 the internal revenue code. And that coaches explains how to exchange one annuity from another. Without the immediate recognition of any gain or loss though. You know make sure that you understand this is well known from one annuity to another annuity. There is likely or there will be a new set of shorter charges that will be part of the new contract. Last question for you today Richard is Jay and ms. hill he says ever since I retired I had a really hard time spending money something about not having a paycheck makes me nervous. Do I need a shrink picnic picnic at. Al thinks OK you know what your experience in his comments for retirees who are were disciplined savers. During their working years you know transition in to spend in more freely. Can be difficult for many of you once you retire in order brawl. You've been saving for retirement first 3040 years and it's probably a bit unrealistic to assume. You can do an about face to start living large overnight. You know there are any number of reasons. That explain why many of you are so hesitant to spend down your statements. You know the combination of long life spans the inherent difficulty of estimate in a sustainable withdrawal rate. You know this can make you overly cautious about spending for fear of outlive your process. The threat of high medical expenses later in life may also lead many of you who be especially conservative today. And undoubtedly some of you may limit spending because you wish to pass on a legacy to your errors. However your inability to spend more freely and retirement is likely due to not have a retirement income plan. It generates a retirement paycheck month after month that coincides. With your lifestyle and your retirement goals. In order retirement. It's important that you find a balance in your life you know balance between preserving your financial future. And enjoying a life that you have today in a financial securities important. But so is joy and happiness and and enjoying your retirement in a one way or another you'll need to find a way to become more comfortable with spend in the statement you diligently accumulated. Otherwise you may end up living a post career like this financially secure. But it's not so satisfied and show. Have to feel comfortable retirement in my opinion he need to have a plan you need to have a process and you need the help of financial professional. You know the basic road map for retirement requires that you organize your assets create an income plan plan for additional growth. Manager taxes and if necessary create a legacy plan for your here. All Richard is somebody needs some help we'll call this what can you offer and that we make that happen when you know when it comes to retirement plan and it all boils down the fact that all the pieces of your financial polls only to fit together. So wouldn't like to do is offer the opportunity for you to come in for complete financial review. And I'll offer this review for free to all listeners who have at least 200000 dollars saved for retirement. I'll talk you through all the different puzzle pieces that you need to consider you know for instance. How much risk you're taking in your portfolio is that amount of risk appropriate you're agent for the amount of return that your actually given how much you pay no fees and commission with your current plan. You know what about tax implications for your savings is her way to save money in taxes down the road. By plan and proactively today. Do you have an income plan in place to be sure that you aren't in danger of run out of money if handled Livent 3040 more years in retirement. And you have a plan to address inflation in future decades as the cost the very thing continues to rise. Obviously there's a lot that we need to discuss. And I found that most people just haven't planned for early enough to address these issues. Again this review is complementary to anyone who has at least 200000 more safe retirement. But the calendar does still quickly should go ahead and give us a caller right now so that we can be sure to get as far reserve for you. And here's the number to dial right now it's 806465996. 806465996. No cost or obligation to come sit down with Richard crucial relic the owner of Carolina retirement resources. Get an understanding of exactly what kind of changes you might need to make with your portfolio if any maybe you're on the right track and Richard Cain does give you a pat on the back continue don't look a little bit of added peace of mind. Whatever the case maybe you'll benefit by having that conversation 806465996. Is the number to call 80646. 5996. Delisting of financial symphony and there's plenty more quality programs they do that. It's remarkable sometimes the emotions and feelings music brings to our daily lives. It was there for graduation. On her wedding day. And sometimes even residents on our darkest days. So lets you look back on life and remember the music strikes. Take a moment to look forward to your retirement. Live at any time ripe with uncertainty. We'll have the time eventually. If you are in spot now where you don't think your current plan deserve that kind of celebration when you reach retirement. Think it's time to get a second opinion come visit with your financial my strength Richard Richard Allen. Serving the Charlotte metro area. Call 806465996806465996. It's time for a fireside chats. As we get to know your local financial symphony maestro. Every week's hero the financial symphony and let's take a quick break from the financial talking get to know Richard dutrow really a little bit better outside of the financial realm so Richard my question for you this week is. What do you wish you knew more about it. Well you know there's always something new to learn and at some point I want to learn how to play a musical instrument or instruments. Not sure which one at this point but I'm pretty sure I will direct my attention learn. How to enjoy music by participation instead of just listen and I mean that's what I wish I knew more about right now. But that'll have to just wait a little bit longer. Any particular instrument you'd like to pick up you know I don't want to be guitars but I'd like to play the guitar you know on at least knows chords that I can strum along and android. In private of course. My idea desire to make music there enough body and a few deaths and amateur wanna tour and thing like that they know if you will of the plays the ukulele and clarinet or is something more unique split guitar probably fits you better I could see you know are we and it depends I got shorts that stubby fingers through you know that may not be the best choice you know golf I'll probably ask you questions and get some advice before it's finalized my decision but. Not picked up Monica I think eventually I'll learn how to play the harmonica as well I just want to be able to jam a little bit on my own. There you go I like your style well. That's getting to know Richard dutrow really a little bit better right here on the funny for symphony play more to come into. It's time for another musical connection. Where we blend the worlds of music and finance together. Here is a friend of the show financial advisor and musician mark glory we have Ron stone us. It's time for another musical connection here on the potential symphony I'm Russ studs and mark Floyd. Let's talk about when my favorite all time groups that temptation this. All yeah my girl I'm wrong little little Motown music were ain't too proud to bed. Yeah if I have to sleep on your doorstep all night long. I don't I would consider the whole show on this page right. If it's a publisher run in front don't look back. After all the confusion that's what the flooding also rolled it right now I get them. So it solid rocket fire. And an outlet. Analogies can we draw to the world to retirement planning by looking at the history of the temptations and I just happen to know a little bit about the temptations because have been. I was upset with them when I was a teenager. Oh let's talk about the classic five. You know when when I think of the temptations I think those five guys David Ruffin Melvin Franklin Paul Williams Otis Williams and Eddie can drinks. Members of the group back in the day when they had all those big hit records. In the mid to late sixties. And the most recognizable. Version of the group. Of course you all in one of those is still living these days is Otis Williams and he's still got a temptations out there. A plane and now recently saw him in the last several months and they were still fantastic. Well they had my girl beauty is only skin deep wish would arrange some anymore they continued crowded out the hits for another. A few years after the classic area ended but most people remember those classic five years. Now if you had to choose a classic five tools in the retirement planning world. What those five tools free. Goal you're limited me to five. Well in my car all the venture you can do it. You don't think about it you know when you retire what is the most important thing we have to have when we retire and it might. No no close second at this we need income folks we need income. You know what do we say that you know another word for retirement is permanent and and unemployment that yeah. Prominent unemployment so we don't have a paycheck coming in we have to replace the paycheck Social Security is a big part of that cash flow of that income stream that's gonna come in and win we turn that Social Security on its critical folks that's why we sit down and we analyze that we look at your total portfolio we look at all the different. Forms of income that can come in and we can maximize that social security and turn it on right at the optimal time to get to the highest check possible and it ill and basically Taylor of that and customize the team you're income situation and if you are blessed enough. The have a pension. You know like I eat you know talk about my folks all the time on the show here you know my dad 91 and amp my mom 89 whose Social Security checks to pensions and thanks to the pensions they got working at the same company and working for the state. That we lived in. The other pensions have cost of living increases and as for four forms of cash flow that they've never ever had to worry about running out of money that's critical. So it's got to be pensions that it would not blessed to have a pension. We need to have income set up folks may be through an annuity or something noble will load not to say that work how you get network Obama now there are no. Annuity if I can't believe I said it but look at what is. It's there's different kinds out here I'm talking about talk about in common we don't talk about it annuity that creates cash flow. Not a variable annuity. Though not a variable annuity a talking about a cash flow annuity those are available out here we need to have you know another classic pool. We gotta have savings we got to have a 401K. We gotta have something that we're investing in and it's an if your company doesn't offer 401K by gosh you need to be doing IR rates you need to be looking at Roth IRAs. Another classic pool you know it you know saving money for your future that you know you've been disciplined and depositing into that you can compound the interest you're not only does your principal and interest -- interest burden interest and and what you've got is a bigger mistake down the road and all of this this critical. When your putting together retirement plan mobile throw one out left field for you when you probably aren't thinking about. And that's life insurance then you think about this. Sometimes if we have especially if we have cash flow coming in and one of the spouses dies. Wills that cash flow may need to be replaced and it could be life insurance is the ticket there or if we get sick and we need long term care. What is your life insurance policy. Could could you know we could dip into the death benefit of guilt while your alive. And use it for health care down the road you know according to the American society on eighteen there's a 70% chance we will use some form of long term care before we died this is all part of putting together a prudent retirement plan and that's just what we do for a client each and every day and if you haven't if you don't have all those bases covered folks. You've got to take the time and you gotta be willing to make a call at least sit down and spent an hour talking about. Your future retirement. For Ron you know Ron gonna tell you how you can connect with a simply didn't jump. Just to get the phone and call 806465996. That's 806465996. You can get a complimentary review of your financial plan. Just call now and take advantage. 806465996. He can take a composer weeks months. Even years to get together and make them yeah. That's because they take time to find just the right near scores yeah. And while in great financial plan won't take years to put together. You should take the same kind intention to make sure it's the perfect plan for you. Come visit me in your financial maestro Richard that you really serving the Charlotte metro area. Call 806465996806465996. You're listening to the financial company that show that makes your your financial plan ahead of the perfect fit. Rolling along here on the financial symphonies joined as always by Richard who's really the founder of Carolina retirement resources that he's available to you if you like to reach out and leave a message Richard we'll get back in touch with you find out. What could help you need 806465996. That's 806465996. And Richard with all the natural disasters that folks have been focused on recently like hurricanes and floods and wildfires. I don't want to make light of those. But it kind of brings up the topic of portfolio disasters. And life and blue mark necessarily at stake with a portfolio disaster but if you do have something bad happened with you really can't have a pretty catastrophic effect on your life and retirement so. Let's talk about some of those portfolio disasters that we often see it like for instance. The recently widowed spouse who is completely in the dark about the financial situation of the household I know you've seen that before. Yeah I you know I'm going through that right now with about three different clients that I have lost their spouses so. This is something that we deal with on a regular basis and you know this is an area that can know become a disaster very quickly if you're not prepared. It's a very emotional time it's easy to feel totally lost it completely overwhelmed even if here are prepared you know I have a sense of I feel that from my individuals. Especially those couples you know we're we have one individual is panel and all the financial affairs. And there's no doubt that the spouses left behind is frequently in the dark about the the overall financial situation as hard as we try. To prevent that from happening and you know some people just turn on interest in paying attention to your financial. Situation and unfortunately at that time of the passage of a spouse it all comes to life. I think most of us would agree that though life expectancy rates are much higher for women. In fact on average women live five years longer than men. Which means that a lot of women among the baby boomer generation. Are likely to find themselves Hamlin financial matters at some point. A source very important that you roaring gauged in the process so. It's extremely important to be involved in all financial decisions it's important to be familiar with your retirement income plan. It's especially important to have a basic knowledge of each account. And how that accounts fits into your overall retirement plan. You know many in my widows have described the experience of losing their spouses in into temporary brain fog. So the last thing you want to do is to be in the position where you have to make major financial decisions. A you know these major financial decisions should be postponed. Until better time typically six to twelve months after the passing of a spouse. But regardless there are things that you need to take care of in this is where your trusted advisor comes in the play you know they advisors gonna help you re title albeit counts change beneficiaries. Encourage you to update your legal documents. And ensure adequate income for the surviving spouse. You know nothing can replace a lost coroner but when it comes to financial decisions we go should be able to draw on the expertise of financial professional to help navigate the uncertainty that arise when your spouse passes. Too many widows are unprepared financially in my opinion many have. This it won't happen to me mentality. But there's nothing more certain in debt it will happen and so you need to be prepared. And again if you like some help Richard is available to the 806465996. It's the number to call its 806465996. Another portfolio disaster. Richard would be the market crash that causes somebody did have to work longer than they'd planned to war. You know maybe they have to go back to work if they were already retired. In this is a big issue was well you know significant losses in the market did ten years before retirement. And the ten years after retirement. This could cause you to exhaust. Your retirement saving sooner than you expect. You know most plans are not designed to account for very real hazard. Known as sequence risk or sequence of returned risk the definition of sequence risk. Is that it's the risk that you'll have lower were negative returns. When you begin withdrawing money from your retirement savings to pay for your monthly expenses. The order or sequence of investment returns is a primary concern when you begin withdrawn income from your savings to replace that work in paycheck. You know it's all about time man. Asset allocation and the 4% rule that's so prevalent retirement income planning methodologies. They don't count for the order or timing of returns you know these methodologies are based solely on long term average returns. In fact the financial planner who develop a 4% rule. Stated that researchers confirmed. That sequence of returns is crucial to portfolio longevity. And other words there retiree. Who experiences losses early in retirement. Will probably have trouble later in retirement. To think about that for a moment. Two identical portfolio designed to generate income that experience the same average returns. Might have life cycles that differ significantly. Dependent on the timing and severity of losses that are realized prior to and in retirement. So asset allocation and the fourth general may have worked for some of you especially if the early years of your retirement experienced positive returns. As I said before it's all about time men and that's a little too much uncertainty for me and for those of. You who have entrusted me as your fiduciary. You know retirement represented the fundamental change in your life. And and how you go about replacing your work and paycheck and developing your retirement paycheck. That should be your biggest concern and really passionate value being well prepared for retirement. And I want to extend an opportunity for you right now to help you be sure that you will prepare. A law firm call primary financial review can anyone who call for the next fifteen minutes. And has at least 200000 more save for retirement I'll talk about your retirement income needs. Where that income is going to come from how he'll outpace inflation pay as little as possible and taxes and make sure that you don't outlive your money. Now you might say I don't really have to call next fifteen minutes and yes that's true you could probably take care of it next week or even next month but here's the deal. I'd be coaching people on retirement plan for a long time. I've learned that it's really easy to procrastinate or get distracted. So if you don't start the process now here's a very good chance that you're not gonna do it at all. For the first coach and I'm going to give you is to encourage you to take the first step right now. For almost everybody that's the hardest par from there it's not a painful process so you're ready to finally get a plan in place. They give me a call right now and that number is 806465996. 806465996. No cost or obligation to come sit down with Richard. In the team Carolina retirement resources. If you're retired already or you're getting close to retirement this will be an excellent opportunity for you to get your ducks in a row. Obviously speaking did 8064650000096. That's 806465996. You're listening to a financial symphony with Richard food to rally we would constitute. Wherever you go there I had. Following lurking sinking alone continuously nibbling away your hard work. We need. Don't be afraid of hidden fees in your portfolio. Come in to meet with their financial maestro for review of all the fees in your current plan. Let us see if we can eliminate those pesky. Yeah okay. I'm. Come visit with your financial maestro and Richard materially. Sipping the Charlotte metro area. Call 806 point 65996806465996. It's time for another musical connection. Where we blend the worlds of music and finance together. Here's friend of the show called financial advisor and musician mark Lloyd and we're two bronze stuff. Probably stand up for another musical connection here on the financial simply write such hero would mark it. And mark do you remember of the Brady Bunch theme song. You know how it goes you you know Singapore's small foam like this. Here's a story. Of a man named Brady who was busy with three abilities others known they were for men living altogether. Yet they were all balloon. It's the Brady Bunch theme song is something that kind of you know once he gets in your head it's it's easy to remember those words and innocent people. You know can identify who or saying you know you watch if you times it kind of grows on you but. I'm just wondering all that stuff about the Brady Bunch in the families coming together and everything what we learn about that. As far as our finances. Well the you know the Brady Bunch was of a good a good example of a blended fact correct nibbling at them. And that means it's of the recipe for a messy estate. You know blended family three kids on each side what happened at that dot young is. You know is there enough like insurers that cover the expenses for mom in the six kids think about it you know and how were the beneficiaries be set up that might. The odds before heralded as she inherit everything sorted everything go to the bullies you know because Mike you know had the boys prior to meeting care Earl. You know so that would be a trust inside of Mike's will that would take care of so like that are or it might dies and leaves everything to Carol than she dies and leaves everything to the girls what happened to Greg Peters and Bobby's. You know you know inheritance. Or what or or or worse yet. What if Carroll went and found a stud Maine you know Maine you know Barry's. A yeah zero I went there exactly I don't know which yet but. Yeah. Yeah and Barry's gonna want some of that moment it barely go have some of that money through and then all the kids get knocked out of the state I mean they're so mentally there's so many possibilities. Of a screwed up a sticking point in from the word go here. You know also you know not only do we need to have a trust in place vote you know. Also you gotta check the beneficiaries. On everything that you have because if you have a beneficiary listed it doesn't match up to you will. Then the beneficiary is going to override the will you could have the most. You know complex. Comprehensive. A state plan that covers for every scenario the way that's when you know. Which have a good as they plan. That any kind of scenario that could possibly happen is covered in that legal document even though 90% of it won't matter it's just that if for some reason it has. Happened TU it has. Have to be addressed in that legal documents but like I said earlier if you put beneficiaries down that don't match up to your legal documents you've got a messed up a state plan. So that's why it's important that when you're working with a advisors that you've got to sit down and you've got to have a strategy in place not only while you're alive but when you passed away what happens to your stuff. And we hear about you know well death taxes are as bad as what they used to be you know the government you know for once they have they have raised how much we can pass onto our Ayers would no death tax and and president trump does it must eliminate the death tax. What do you think Congress's goal eliminate all taxes. I know. We yelled at the biggest tax liability you might be sitting here with right now. Is that 401K that I already that you have that's been growing that you're going to be living off club and if you died tomorrow do you know that your children have to pay income tax on that if they inherited in cash about the got to pay income tax. But you know that there's some strap tax strategies. Where they could stretch that out for many men that tax liability for many many many years but if you're not working with the right professional. Use your kids may not know that I had a family came and seen me. One of our educational events that we did. And that and and and the lady said that you know the white said. I was gonna retire in January I have to retire in August I'm forced to retire August at wide. She says because my mother died and my sister and I inherited a 120000 dollars 60000 each and that's that extra 60000 I didn't realize I was gonna count for income. And it's gonna put me now up and higher bracket that I don't wanna have to pay all those higher income taxes so forced me to retire for milk for months early. I really wanted to work to the end of the year I really did. But now because of taxes I have to retire early but it's also hard for you know she should be able to retire on her terms. Not on the government's terms that make sense Tron makes a lot of sense to me to walk it's important that your working with a holistic advisors is going to be able to. Help you with all this help strategize help plan it out were all three generations declines here we work with so many death claims through the years but if that is because we are here helping our clients every step of the way. You know Ron tell the folks how they can get in touch with the us to make sure that they're playing and business tax efficient. And again it's something happened to them they're there they're beneficiaries or all of fiction so we can make. The thing runs smooth for them. The speed of the following call 806465996. That's 806465996. Can get a complimentary review of your financial plan. Just call now and take advantage. 806465996. We all see the finished product of the music superstar. The sold out performances the TV and magazine covers and the eventual acceptance speech have been dreaming. Like you don't often see is a ways to engage in exchange. Hours and hours of practice the traveling the critics see improvement. All this little details have been in the background without us noticing and you know what's your financial maestro which together a financial plan for you in much the same plane may make the process easy for you on the surface. And you'll get tomorrow we'll get the finished product you're playing now. They don't forget about the all important each killed in an effort I'm going on in the background to wrap your financial masterpiece. And remember your player should be a thing of beauty come visit with your financial my stroke Richard preacher telling. Surfing the Charlotte metro area or call 80646. 996. 800 646 KB 996. Yeah. Johnny cashes estate was approached by an advertising company asking permission to use the ring of fire on an ad for him right greens. The request was freaky. On a similar note here's the financial symphony we requested that Johnny Cash the state allow us to use Folsom prison blues is our theme song. That request was also reviews. But keep listening anyway. You're listening to the financial symphony Richard who truly is the founder of Carolina retirement resources and you can get in touch by calling 80646. 5996. To 8064659. 96 Richard has offices in hunter's bill in Rock Hill. And we're talking about portfolio disasters Richard we talked about the recently widowed spouses in the dark about the financial situation in the market crash that forces the money to work longer than that plated two or maybe even worse go back to work they were already retired. What about the family legacy gets wiped out. I nursing home expenses how do you avoid that I think most people. Are unaware. That Medicare doesn't cover custodial care. And there are also unaware at the expense that would be needed. To take care of a loved one. That is in a nursing home and we're looking at cost anywhere from 60000. To a 100000 dollars per year in my farm law. He recently passed this year and part of Mattie was an inertia home for about five years or about 5000 dollars a month. So we can get very very expensive and it goes without saying that a long term nursing homes day. Can easily impoverish all but the wealthiest of families you know. And there's awful legal issues that arise especially in those scenarios where. There's a sudden and unexpected event that requires immediate crisis plan and you know unfortunately at this point it would be best to contact an attorney. And explore all your options in the unfortunate event that someone needs custodial care. A good elder law attorney can help ease the cost and the burdens for you if you enter a situation like that that you're not prepared for. Obviously. Prior to any emergency advance planning is your best option. There are many financial products that can help defray the cost of nursing home care if it is needed. Obviously you combine the traditional long term care policy some people have a problem paying those premiums every single month every single year. Others simply can't qualify for that coverage even though they wanted. But there is cultural hyper products such is life insurance to pay for long term care if you needed. But if you don't usually long term care benefits it will pay a life insurance death benefit your beneficiary upon your death so. Again you're gonna have to go through under right in and be healthy enough to qualify for a better contract. Another type of hybrid type product is a long term care nudity. Which provides long term care insurance coverage the investment growth tax deferred and and is used for long term care expenses gains will typically. The income tax free so so that's not a bad deal no one really likes to think. About knee and long term care or going to a note from home in fact most people tell me they're not going as if they have the choice. But the reality is that each year millions of Americans need some type of long term care. Long term care it's just a key risk to your retirement plan is in it's become a more more of a risk because people are living longer and longer. And so you need to have a plan on how you get to deal with debt potential catastrophic event if you should strike. One more portfolio disaster that will cover today Richard invest somebody in their eighties he is living on only Social Security. Because they ran out of money you know centrist and I just read a report recently from a Social Security has said that 23%. Of elderly married couples. And 46%. Of elderly single people count on Social Security for 90% or more of their income even if you are prepared to live a frugal lifestyle in retirement. Dependent on Social Security alone. It doesn't leave much breathing room for anything else you know fortunately Social Security provides an annual cost of living adjustment. Supposedly that's to ensure that the perks from power. Of your Social Security check is not gonna be eroded over time by inflation. Unfortunately that's not the way it is worked out in recent years as the adjustments have been canceled. Or the adjustments have been Paltrow I think last year the cost of living adjustment would like point 3% so. At some point the probability of not having enough income to cover your living expenses increases with each passing year. You know live and on and inflexible budget one that teeters on the brink of poverty. It's not would most of you equate with retirement but that is pretty much what anyone who lives solely on Social Security can expect you know. Now there are very reasons why you can end up Livan only on Social Security but I think the primary reason is that many of you relive a longer than you ever expected. And just as many may have lost a lot of your savings dornin Great Recession you know you can't really control. How long you'll live but you can control how much of your savings is at risk of loss due to market crashes. You know having a plan that guarantees income for as long as you live will go a long way to supplement your Social Security income. Worst case scenario you know you can always apply for a reverse mortgage if you own your own home especially if you don't wanna move the reverse mortgage may be used to supplement your social security and provide additional income. This is certainly a viable option on the right circumstances. But the moral pushed Uri is save as much as possible. And make sure you implement a retirement plans that preserves your assets preserve your Fave bands and provides an income stream. For as long as you list you don't you're not sure. Picture on the right path and how you should be managing your retirement statement. Go ahead and give me a call on the next fifteen minutes and a custom designed for you and easy to understand financial review. There will indicate if you're in need of a full blown financial point. There's no obligation or cost for this initial reviewed all callers who have at least 200000 dollars saved for retirement. So you meet those qualifications here's what you can expect. Allfirst runner Maurice Starr analysis and comparison report. To help you untangle what is cost and you work with your current plan ever larger as well as how your portfolio may perform dornin from your market drawn down. We'll show you how to protect your investments and keep more of your money in your counts. Also perform a tax analysis to show you how you could possibly reduce sure taxes and increase your cash flow. And finally I'll create customized lifetime income planned use of proven strategies and techniques that could Turbo charger retirement income in short. I'll take the guesswork out of financial planning for you so for all the callers should call the next fifteen minutes John a comprehensive financial review do an offer with no obligation. Fantastic opportunity again if you're retired or getting close to retirement that number to call is 806465996. 8064659. And 96 you have to have your calendar in front of you right now. This generate your hand and let us know that you're interested in getting some help. Maurice back out to you later and find time to get together and it works for everybody again 800. 64659. And 96 is the number to call at 80646. 5996. Richard always a pleasure talking with yet thanks for your wisdom has always. I enjoy John thank you. We'll talk with the next week same time same place right here on the financial symphony when Richard dutrow really. Information is for illustrated purposes only. And does not constitute tax investment or legal advice always consult with a qualified investment legal or tax professional before taking any action. Investment advisory services officer Brookstone capital management LLC in SEC registered investment advisor.