What Can Stairway To Heaven Teach Us About Finances

Financial Symphony
Saturday, December 16th

The constants in retirement planning.


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

The financial center and harmonious financial plan and getting your portfolio in two weeks so sit back while always strike up the the financial simple it's starts now. Hello and welcome into the financial symphony thank you so much for tuning into the program today. I'm your host mark Kelly and along side or Richard includes a railing he is an investment advisor at Carolina retirement resources. Serving you here in the Charlotte metro area with offices in hunter's bill North Carolina. And our Rock Hill South Carolina Richard can be reached at 806465996. As 806465996. Delegates she on the calendar. Commander have a conversation with Richard about your specific unique financial situation. And that's what we do here on the financial symphony each week is talk about the world of finance and retirement. Well let's go ahead and dive into our mailbag this week Richard NC we've got on the other request line we've got a few questions and of command and see if we can. Help out Andrew in Charlotte and he writes any says should I work with a younger financial advisor with less experience or maybe someone who's closer to my age but might retire at the same time I do. I hear this frequently because I'm an old advisor OK so if the decision that I think to hire younger or more experienced advisor. You know to help you financially it's not as simple black and white answer you know you should go. You know should he go with the industry veteran and those individuals have been around and all long enough time to see the ups and downs in the market understand the dynamics of those ups and downs. They have a little bit more experience with respect to education and possibly. Or do you go with a younger advisor you know and again it really depends on your priorities. I know a lot of number advisories that are are excellent I don't sees them as being a detriment one way or another and I know a lot of older advisors are as well. But if you're new retirement it might be better to have an advisory that has the experience. You know which retirement plan specifically. And so that might be a better choice you know in my opinion you know when issues of financial advisor one of the primary factors you need to consider is experience. You know I'm not experienced in the traditional sense of choose someone based simply because they've worked in the industry for decades but the only experience that comes from a person. Who has faced similar financial challenges and milestone I compared to. What you're currently facing an experience that I'm just can't be taught by webinars were continuing education courses you know. When you find enough financial advisor that is close in age and shares a similar financial perspective can you were. Who actually gets it in all financial planner your own age understands the issue. Are facing and who knows that you need. A comprehensive plan of action to get your financial life and Warner so in my opinion. You know they can be a better guy done to help you through that planning process and prepare strategy. That address your specific needs you remember. Not all investment firms and financial professionals are created equal you know most individuals. Who call themselves financial advisors you know they oh. Their primary allegiance to the company they work for a product vendor they were present rather than to customers they serve you know legally these are what we call sales professionals and a legal obligations these individuals have. Toward your customers or specific and limited. They are not required to disclose potential conflicts of venture at least not right now. Torture recommend the best product available for you only shoot one so on the other hand. Advisors. Registered investment advisory firms you know they worked directly for their clients. They have an open ended fiduciary responsibility toward those clients such investment advisor represented there's you know they need to disclose. Any potential conflicts of interest to us their clients. Shall those clients have the ability to evaluate the context of the advice. The deer being given. So I recommend a product these advisors are required to recommend what they consider to be the best product and not merely a suitable or acceptable ones so. You know most investment advisors. There are her get an older. Have contingency plans in place where they have associate younger associated bloggers in place so that if something more happened and then they're prepared to make sure their clients were taken care of so you know I think it's a matter of perspective Andrew it's a matter of preference and comfort and I don't think he advisors age matters at all. All right and you will great question we'll certainly appreciate you sending men in and certainly give them vice loosely some things to think about here firmer Richard who drilling. If you like talk and Richard Moore it's 80646599680646. 5996. Another question here for you Richard from Lonnie in more to build. And money says I'd been planning to sell some investment property. To do some different investing for retirement but I just discovered how much I'm going to owe in taxes because of the increase. In the property's value since I purchased it. You think I should just hold onto it. Well you know why I don't really know for sure that's the best course of action for you I don't know your complete situation. We don't I think it depends on your overall portfolio on how much income that portfolio can generate to replace income when you do retire. And of course your retirement time horizon. Unfortunately when you do show one investment property has increased in value. You're gonna have capital gains which are going to be added to your adjusted gross income in the year do you shell. And the tax is often much larger than the stated federal and tax rate so be careful with that. But don't go there are ways to avoid those capital gains taxes you one option would be what they call a deferred sales trust. You know this could work if the situation meet two criteria you know one you wish to dispose of an asset that is sufficiently valuable. That is worthwhile to incur that cost to avoid the adverse tax consequences. A windfall. And to your prepared to hand or interested. In receiving the proceeds of the masses so over time. And do not need to cash for immediate needs another way of looking that'd. Would be to say that if you're going to invest the money you got from selling that property. And you don't need to spend a greater way as deferred sales truce might work preview it might be a good option because that's what essentially allow you to do. Another option would be a charitable remainder trust that charitable remainder trust or see your key for short. Is an irrevocable trust that generates a potential income stream for you because you're the donor to determine only her trust or to other beneficiaries. With the remainder of the donated NASA is going to your favorite charity or charities. You know what you do if you transferred. In appreciate an asset in QB irrevocable trust. This removes the assets from your state. So no state tax who we do when you die you also receive immediate charitable income tax deductions. The trust deed then sell the assets at market value pain no capital gains taxes. And they reinvest the proceeds interest income producing assets. The result is that the trust Peja and income for the rest of your life. And then when you die to remain Entrust NASA's go to charity you've chosen and that's why it's called a charitable remainder trust. I remember that with either one of these strategies it's essential that you don't take a do it yourself approach you know you should seek the advice of a qualified attorney. It may cost you a little bit more than the Turkey approach but it. Always money there will be well again another great question this week here on the financial symphony thank you the most Lawny for the questions. A lot of moving parts in here so certainly. You wanna sit down with a qualified professional and discuss the different options that are available to you. And Richard can certainly help you with that and 806465996. 8064659. 96 our final question this week Richard here on the program is from Jay in mint hill. And I feel like this when chases that Richard I'm worried about a market meltdown but my Brothers on the tram train and thinks he's got a few good years left what's your opinion. The authoritative people have been not a concern about market meltdown for quite some time now. And whether or not trump has made a difference I'm not so sure in fact you know the market could go down ten B and 20% from here. I wouldn't be surprised it's it's long over due for correction. We don't want to start tomorrow I certainly don't doubt that first second. Asked for a bigger downturn you know like 2008 I'm a little less worried you know large declines like 2008 are few and far between. And it's unlikely wolf here collection like the one we saw in the dot com bubble and the financial crisis anytime soon and my reasons for saying that. Or that I'm not seen signs of stress in the economy yet. And until I do I'm not worried about big downturn particularly regardless you should be prepared at all times. For well pull back a correction or even a bear market you know but to completely dodge these inevitable corrections you'd have to time the market perfectly. And you're not likely to sell at the market's top end and certainly buy back at the market bottom on a regular basis you know no one does that consistently. You know we're prospective president trump the stock market began to rally long before trump was elected president. What's more the evidence shows that the rally would have liked occurred even if another candidate who won. You know it really boils down to the market's price parent. Unfortunately many in the world of finance believes the president and hence presidential elections also play a large role in determine the course for stock market. And I just don't agree with that. But here's what you do you need to know not even the president the United States gives a stock market its marching orders. It's true that the market has mainly risen since trump was elected. But the bullish action was in the course long before the world knew he would be president in my opinion the market will continue to rise for now. We likely have a correction in fact I would I would embrace a correction at this time. You know corrections boring buying opportunities they bring other opportunities. They allow you to to make some money. So correction isn't a bad thing and the definition of a correction is that tend to 90% drop no pullback would be like five to 9% drop. And then you know it's traditionally a bear market is 20% or more. Just a correction just happen often they're inevitable. You know but they're not predictable. And typically corrections only matter to short term investors. But if your focused on the long term corrections and marketing aren't an issue. But I think we will see a continued gains moving forward in fact I believe there are still some big gains ahead. You know for most of those mark completely ignored the stock market is not an option especially if you're gonna keep pace with inflation. And retain an opportunity for growth during periods of good economic times. The solution. Is to use risk management strategies that allow you choose how exposure you our market volatility and limit losses. You know knowing your risk score and your potential maximum drawn down we'll help you decide. If the risk you're taken today is appropriate for your not. You don't listen why I'm very passionate about my belief that you deserve a secure independent retirement. And that's why we offer a free consultation to our radio listeners to help keep them on that path. So you call in the next fifteen minutes and have at least 200000 dollars saved for retirement. How often you just free consultation help you determine how prepared you are to handle retirement pitfalls like inflation. Health emergencies. Taxation. And of course stock market volatility. You know you've worked really really hard for the money that you save for retirement so all work just as hard to help you protect and grow it. You know there are a wide variety of tools and services available in the financial world. I'll show you how to harness those tools and services to create a plan. That's tailored just for you and I'll show you how to achieve a lifetime of security thanks to a lifetime of income to go ahead and give us a cone next fifteen minutes. And I'll work together with you to join their route to financial security in and. And that's OK and here's your number to call 80646. 59 and 96 that's 8064659. 96 if you're are running errands today riding around the car. Go ahead and get Penner chancellor Cray on her eyeliner or whatever right now on the number and give Richard a caller please do so safely. 8064659. And 96 to talk with Richard Kosher really. At Carolina retirement resources here in the Charlotte metro area he's got an office in hunter's bill of Carolina and Barack hills South Carolina. Great resource has turned to. For some retirement help 80646. And 5996. To take advantage of this offer for Richard would you relish. You're listening to the financial symphony much more come after this. It's time for another musical connection. Where Cleveland the worlds of music can finance together here's friend of the show financial advisor and musician mark Lloyd whip. Ron stunts this is the musical connection here on the financial simply rise that's your along with mark Lloyd bit. The financial maestro and this week we're gonna take a look at stairway to heaven and finding the financial parallels associated when that song by Led Zeppelin. A song I don't know about you mark and Al of the student I never really get tired of hearing it. I have heard some people say that there are so sick and tired of it because been played so much on. The radio. But I don't care and never did AM yeah instrumental only you there the way the song builds answer given today's phenomenal. Jimmy Page and Robert Plant routed together. And just a phenomenal song was very long. Over seven minutes long and you know a lot of radio people loved it because. It would allow them to walk down the hall go to the bathroom or whatever. Dig a little break from classic stairway to heaven is arguably the most famous rock and roll song of all time some people would put it number one on their list. But it was never released as a single of the general public. Radio stations. Receive promotional copies. Though and I I can tell you about that because they had these little hole punched in the label their promotional copies which quickly became collectors' items. But you know the general public if they wanted that song they had to buy the album which I had the album yeah which had a lot of good songs loans and an Idaho got a lot of good Sonia it was known is known primarily are generally has Led Zeppelin four although technically it didn't really have been an album tight. But let's talk about stairway to heaven and what in the whole world can we learn from that when you consider our finances. Well what you just said was there was no way to get the single right mix up for collectors items you know through promotional signals right. So the only way that consumers could hear stairway to heaven without buying in the entire album was by radio stations ship that played nearly became the conduit between the artist in the average citizen yo me glistening out here and thank goodness for that and gaps in the financial and investment world there are a lot of things that you can do by yourself. But then there are other investments are strategies where you really need to have help. You need to have an advisor serving is that conduit. Between you and the investment. You know so give me an example there are different models the portfolios that we put together in this is what I tell folks. We were able to get models that are being used right now that big companies like apple big companies like FaceBook. Big companies like Google and an Amazon that are using these money managers to manage their corporate money their portfolios. Their corporate money will were able to take those types of investments that big companies are using with their money and take it from Wall Street. Down to main street. So now won the week he'd use those similar strategies. Are exactly the same but similar strategies. For our clients. Give our clients the peace of mind knowing that you were not as gambling and speculating when the money at all. We're using. Good. Common sense diversification. And different styles of eggs in our basket so we can maximize the return. And manage the risk efficiently and that's the key and some of those types of portfolio like that you can only get through someone like us. Or it may be income producing products. There are products and things out here investment strategies that you could only get through someone who's licensed and our space where you can only get licensed products and knows the type of a bit and come strains that are here for a lifetime incomes you know where you can have a guaranteed income for the rest of your life that we don't have to worry about whether or not we're gonna run out of money there's different programs and products out here today folks that -- you can't be a do it you're suffering get. Now that means that we'd love working would do yourself first we'd go of that if you're doing yourself or you've called the right show because we'll show you some of these other models that you could enhance what you're doing or supplement what you're doing that you could have a better diversified overall picture but in order for you to learn about them you've got to pick up the phone and give us the calls Iran tell them what they need to do. Dispute at the following call 806465996. That's 806465996. You can get a complimentary review of your financial plan. Just call now at a take advantage. 806465996. He can take a composer weeks months. Even years to get together and make them. That's because they take time to find just the right news or so million. And while in great financial plan won't take years to put together. You should take the same time and attention to make sure it's the perfect plan for yeah. Come visit me your financial maestro Richard teacher Elliot. Serving the Charlotte metro area. Call 806465996806465996. Strap him. Well it's time to check in with a Richardson to really hear on the financial symphony what's in the news. This is a topic we've Christine recently here throughout the last couple weeks or so. In the headlines and news and Richard it's been reported that Warren Buffett you know the oracle of Omaha controls about 449. Billion with a B. But also has about a hundred billion currently sitting in cash what if anything do you. It's possible that he's expecting some sort of correction and he's wearing on our corrections so there you can reallocate those funds. For profit you know this is an old strategy to maintain. A separate cash reserves from the rest of the investment portfolio with the intent. To reposition Wendy opportunity arises argued I'm sure people do that as well. They always you're not doing that if you're in a position right now where everything you have is invested. Then it's possible that we should do review on your behalf. Give you an opportunity to understand the worst you've taken and maybe an additional opportunity to take care of some opportunities that look promise and honorary. If he calls a buying stocks on sale a lot of times right now Asahi donors through you have. And so and you talked about that earlier in the program as well as that does sometimes I'll pull back or correction is a good time to make money by actually getting into some different investments depending on. The situation if it works well for youth. So I listen that's the whole idea you just need to make sure that you have a plan and that you're talking with your financial advisors. Or your financial professional about your situation and making sure you're communicating that. That's in the news with Richard which are really here on the financial sizzling 8064650. 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 refuse. But keep listening anyway. Thank you are staying tuned into the financial symphony Mark Killian here along side. Richard future really he is an investment advisory Carolina retirement resources here in the Charlotte metro area. 806465996. Is the number to call to talk with Richard. Get yourself on the appointment calendar and command and have a conversation about your specific financial situation. 80646159. Nine. While there's so many factors that you know are different for everyone in retirement planning variables if you will. There's also some Constance that affect everyone no matter really the specifics of your situation. And a lot of times on the program we talk about how everyone's unique situation is different and that is true. But there are some constant that do affect us also had a we playing around some of these for example inflation talk a little bit about that. Well you know just define inflation you know on its defined as a sustained increase in the general level of prices for goods and services you're known as inflation rises. Every dollar you owned by six smaller person and so inflation is known as perch and power risk. And again that's the risk that the cash flows from your retirement savings. Won't be worked as much in the future because of changes in purchasing power. You know inflation causes money to decrease in value at some great. And does so whether the money's investor Bernard you know for a retiree. Inflation is a significant concern and one that requiring your attention. It also lets say you're planning to retire at age I'm 66 you know your current life expectancy figures. Give your retirement window of about 25 years maybe maybe a little longer but 25 years. So we use a 3% for an average annual inflation rate the future value of your dollar. 25 years later he's only 48 cents put another way you can afford to buy less than half as many good is 25 years into retirement. As you could when you stories so the impact of inflation on your cost to live in you know certainly has real consequences. And factoring that into your retirement plan is extremely important. In house Social Security has built in inflation protection. But don't we've seen that their cost living increase rescinded in the past whether or not or would happen again who knows but it can. But the balance. Your Saban certainly needs to be managed appropriately to. Wore off then the negative consequences associated with inflation. And even though inflation is low today it could be much higher in the future you know the last fifteen years mark. Inflation United States went as high as 13%. But let's say it's only 9% we get a bad streak two years three years and it's about 9%. Well I percent inflation won't cut the value of your dollar and half in just only eight years. So looking at the world today. Not one country is run in the surplus all of them are running deficits. That's OK if you have enough economic growth but we don't and a guy is going up faster than growth can replace it. And it government's own money there will be inflation you know how much I don't think anybody really knows that it's possible it can go as high. You know his 1520%. Who knows it could it might not but I wouldn't bet my dollar on that triggered the deal. If inflation does return suddenly you certainly need to be prepared to prepare for inflation. You know you want balanced portfolio to include. A growth portfolio what I mean by their balanced portfolio you're retired as your retirement plan. Has growth portfolio and that includes hard assets in stocks you know after you've met your required income needs to the balance of those statements. Should be invested in allocated for growth stocks have historically been the best long term hedge against inflation. And hard assets have done very well blockers a high inflation as well. In a sense stocks and hard asses act as a supercharged. Cost of living adjustment for your retirement account so be prepared. When Richard you know you mentioned with the and all the countries. Running a deficit and you mentioned taxes so that's the other piece of this that is a constant rain is rising taxes. Who knows when that's gonna happen obviously you know every administration says they're gonna try to cut taxes but. Believe it an hour currently living in them pretty historically low tax rates. Which means it's almost certain that at some point they do need to increase not to mention the debt that you mentioned as well so how to we planned for that with all that uncertainty. Yeah you know when I talked to potential clients there under the impression no market taxes will be lower in retirement because they've been cold. That bill laden being a lower tax Bryan Wright told you better pay taxes later in retirement and furthermore your work and unfortunately that concept is a myth frequently when I meet with these pre retirees are retirees the subject of taxes comes up. And I always ask them. They think taxes will be going up or down in the future and inevitably people are thinking that taxes will go up and I agree. I personally believe taxes will will be increase in regardless of what we hear publicly. I say that with confidence because the math never lie to you our government will shouldn't need. More revenue to meet its commitments and those of you who have saved a tax deferred accounts may soon be surprised what the government shared that account may be. You know remember you haven't paid taxes on your contributions. And you have to pay taxes on the growth. At some point those taxes will be due unfortunately. I think that there we don't think this much but unfortunately imposed plan. Can increasing share if you want so. You know the best plan for use the one implemented by you and a plan should include details on how you move some of your tax deferred savings accounts. That are forever being taxed. Two accounts that are never be intense factional fortunately the tax code includes several tax provisions you can use to create tax free retirement. Income. But few of you take advantage of them you know for example if you can pay the taxes. It's always a good time to do a Roth conversion. But it's especially good time if you sustain portfolio losses and if you do Roth conversion today you'll get attacked troop withdrawals tomorrow later on down the road raw retirees don't have. Required minimum distributions during her lifetime and that's the case. Then you're not required to take money under the account so you have more money staying in the account and growing tax free compound in overtime so a Roth conversion today. Means leaving the tax free Harris years tomorrow as well shall keep that in mind as you ponder whether or not create a net tax free account is in your best interest. Another option out there is life insurance you know properly structured life insurance contract will provide tax deferred growth. Tax free distribution. Eliminate market volatility and provide tax free distributions in the event of a nurse from Homestake while creating a legacy for your beneficiaries through death benefit. The lack insurance retirement plan you know it's an accumulation cool. Just like a Roth IRA or should say similar to a rough water. You know properly structured life insurance contracts and raw retirees in my opinion are the accounts of choice. To create tax free withdrawals in retirement when your thinking ahead to retirement. Or even if you're already in a retirement you know tax plan and should be part of your decision making from the beginning and you can pretend that these things that are going on world. Don't exist you could pretend that everything is fine and there's no need to worry or you can implement some proven strategies to limit your tax exposure in the future. You know I think most of you will agree that the economic environment is unpredictable. And that's why we preach putting your money into many different bucket channel like a Ferris wheel if one bucket happens to turn upside down. All the other buckets you've invested in are still upright. You know what kind of shape will you be in if all your money's an attachment per bucket. And Uncle Sam raises taxes dramatically. So if you believe that taxes will be higher in the future you know to ask yourself does it make sense. Two deferred taxation on all your retirement savings to a higher tax rate in the future. So for the next ten people who call us right now. With at least 200000 dollars in the retirement accounts. I'm gonna offer a free complimentary financial review of your entire financial retirement plan. There's no cause for this visit it's simply a chance for you to get an education about your money. So that you can make the best decision for yourself moving forward you know we found that most people don't. Have a true understanding of three basic things they don't know how much you're paying in fees and commissions they don't know how much unnecessary risks are taken mr. nice day. And they don't understand the tax implications of their retirement savings. Many of our radio listeners who go through this process eventually become clients. But others don't in the process isn't designed to turn every listener into a client is just an extension of the education that we try to offer on the show. But we can't give specific advice for your unique situation on the radio so this is an opportunity for you to get answers to some specific questions that you may have. Or maybe even answers to some questions that you didn't even know you needed to ask. So for the next ten callers would at least 200000 dollars saved for retirement I'll make some time on our calendar to visit with you again you just complimentary financial route. Map to get started today call 806465996. That's 8064659. 96 to sit down and talk what Richard which really about your situation he is an investment advisory Carolina retirement resources. Here in the Charlotte metro area and you can reach him at 80646. If. 996. To get to cellphones appointment calendar come in and have a chat 806465996. Listening to the financial symphony was critical to really we'll be right back. It's time for a fireside chats as we get to know your local financial symphony maestro. Well it's getting to know you time here on the financial symphony time to step away from the financial chatter for just a moment or two in. Ask Richard a random and off the wall question we like to do just to get to know a little bit better. Outside the financial realm and Richard our question this week it's like it's an interesting console strange number I'm curious to see what's your response is. What does a TV channel that does not exist that you think should exist that you might wanna watch. When I was a lot of TV channel there's a you think I know we're all the TV channels are so. But I know this I don't believe there's a constitution educational channel. You know in my conversations with individuals. Socially it's shocking to me that they know very little about the basic elements of our government and constitution that formed it. And you know protecting their rights guaranteed by the constitution presupposes. There we know what they are and the fact that many don't is a little bit worrisome to me because well for a lot of different reasons but I would think that did you have an education channel. Specifically. Geared towards education. The public on the constitution we know we've got a lot of channels along those lines as you think you would see that information. But you're right I don't think we really do I imagine History Channel at one point started out that way but I don't believe it takes me longer. That's are getting to know you for this week on the financial symphony and make sure you return a call 806465996. To talk more about your. Financial situation and we'll get back then talking him just a moment. You're listening to the financial company that show that makes your your financial plan at that perfect fit. Lower cruising down the homestretch here today on the financial symphony Mark Killian along. Cider Richard coach Israeli investment advisory Carolina retirement resources. Here in the Charlotte metro area Richard can be reached at 80646. 5996. And that is 80646. 1599. B six Richard we've been talking today about retirement Constance on the last a section of the show as well as this one. About those things that affect all of us kind of generally across the board everyone's situation is different and specific but there were a few Constance that we. Kind of all share of course we touched on inflation. And rising taxes. And when you were talking you also mentioned the market in there as well and that's another constant market volatility is always going to be there and some former fashion correct that's true. You know we invest in the market you know it's all about risk and return in a more tolerant. You are at risk of more risk that you can take which eventually hopefully translates. Into a larger profit on the other hand if your risk averse. You want to be placed in more conservative investments that are more secure. But less profitable. Hale is a definite difference between being risk averse and managing risk you know the reality is. That the closer you get to you and your savings as a source of income. In Albion risk averse makes sense it's everyone's. Natural inclination to want to avoid losses and I agree with that you know so when you invest in the market. You know remember risk is what you bought it and returned it what you hope for and there can be no expectation of return without risk. So you have control over what you bought. And what you bought these risk you can't control for return but you can control for risk. Unfortunately the average investor tends to obsess about returned. With very little focus on the risk of her taken. And the temptation to focus on return is extremely strong because that emotion known as Corey. You know but India and success really comes from a focus on things that you can't control. Risk is the control factor in your portfolio not returned an excess return of that your desire. Cannot be achieved without excess risk. You don't volatility. Must be controlled and retirement. And you do this you know by and point and risk management strategies that minimize the effect of a significant drop in the market. On your income and your portfolio. Market volatility. Is much greater when you're taken income from your retirement say ms. Kennedy's when you were saving for retirement. You know when you were saving for retirement you know those market downturns they may have reduced her assets but they didn't factoring company in nobody retirement. All or portion of your income is generated through her assets and the impact of market volatility is much much greater. What you need to do usually need to have a plan for retirement plan and that plan should include a safe money strategies for required income. And it growth portfolio for your future income you know so that you can offset inflation when you diversify our strategies in your retirement income plan. You create in content to pay your monthly bills today. And you invest for additional growth and income in the future. All these pieces work together is certainly is a puzzle and having all those facets of those puzzle parts working together certainly can make it a successful retirement plans that much more possible. We're talking about some of the Constance market volatility there being another one health care Richard obviously is going to be a constant as we age health issues are going to. Arise for most of us and everybody at least needs to have some form of a plane and and how they plan to cover this cost in the later years you can't just the go about it or input like an ostrich and put your head in the sand and say it won't happen to me. That's so true you know I've had maybe 23 clients a year that are often quite surprised. After rising costs of medical care to own certain events and so there are very happy that they had prepared in advance. It's something that you need to prepare for you know unfortunately many of you believe Medicare will cover everything or not and neither of which is true until you experience it yourself most of us make assumptions are based on misinformation which means. There could be some uncomfortable. Surprises ahead. You know health care costs and longevity they go hand in hand. But stay healthy retirees that tend to end up with higher lifetime health care costs. Simply because they just live longer you know and the biggest cost of courses custodial care or long term care or notion home care. You know some clients rape the ability to pay for long term care priority because they just finished taking care of a parent and know all too well how much it costs. In fact my father in law who recently passed a this year received long term care for for more than five years at a cost of about 6000 dollars per month. I mean that's 360000. Dollars over five year period. So you don't nursing home care is not cheap and it will be more expensive for most of you twenty years down the road. So to be prepared for the financial impact that long term care. May impose you need to plan for today you know for many of my clients that requires investment portion of their statements in insurance products to help cover the cost. You know for example many of my clients have life insurance contracts to provide an accelerated death benefit. And accelerated death benefit is a benefit they can be attached to a life insurance policy that enables the policyholder receive cash advances against the death benefit. In the event of a nursing homes today were being diagnosed with a terminal illness. And in most cases accelerate get benefits are not subject to federal income taxes. And if you never knew to care your heirs receive an income tax free death benefit. And if you ever need access to your money you can make withdrawals tax free. It's what I call an all inclusive products regardless don't believe it won't happen to you. Because it could and that's why you should be prepared rising health care costs are going to be a reality so planner. Org and yet we have to make sure we address these things folks is so so important that we. Look at all these facets of retirement it's a different animal than just the accumulation phase. As were working in growing our wealth than when we get to the preservation and distribution days. And now retirement and of course Richard can certainly help you out you're listening to the financial symphony with Richard through to really. 806465996. As the number to call a talk when Richard. 8064659. And 96. OK Richard our final piece here fees and commissions. Nobody works for free right there's no free lunch is out there and there's always going to be costs associated. With anything that you do in the financial world. Patty minimize these cost or maybe maximize which are actually getting in exchange for what you paying I guess the value may be is the better question is logically you're getting good value for what you're paying. I battery you know Galileo once said that all troops are you understand once they're discovered. The point is to discover them and one truce mutual fund investors have not come to easily understand is that there are hidden cost. Not reflected in your monthly statements when you invest fusion mutual funds you know when you hear people talk about mutual funds. He always you're talking about greater return but you don't you're talking about the cost associated with those mutual funds so if you ask your advisor what is his or her fee is. You'll likely get a response of 1% or one point 2%. And that's likely true but that's not the only feet there are others and for example every mutual fund has a fund manager. So every mutual fund has a fund fee or expense ratio to compensate the fund manager and cover other expenses. Even if you're invested in bonds the advisor fee in the fund fees may be much much greater. And then there's also this notion of turnover rate you know what it how much should have mutual fund buying and selling door in the course of the year. And generating additional fees as well additional fees like trading fees and sales load or commission is all these fees combined. Are very likely cost much much more than 1%. Listen it'll feature a par for the course in the financial world independent advisors give you advice and investment options they can build a full. Retirement plan in corporate and tax plan and legacy plan in. Income plan and invest in the long term budget end they'll stay abreast of the worldwide economic environment in honor your finances on a regular basis. And adjust them accordingly so so make sure that you receive in significant value for the fees which were pain if you're not sure you're on the right path. Or how you should be managing your retirement savings you gotta hinder me column next fifteen minutes I'll custom designed for you and easy to understand financial review. And that review will indicate if you're in need of a full blown financial plan. There's no obligation or cost for this commission reviewed all callers who have at least 200000 dollars saved for retirement. So if you meet those qualifications here's where you can expect you know first Colorado Morningstar analysis and comparison report. And I'll help you untangle what it's cost you work with your current planner advisor. As well as how your portfolio may perform dog sugar market downturn. Also show you how to protect your investments and keep more money in your accounts. So we'll also talk about your taxes may be doing tax analysis to show you how we could possibly read future taxes and increase your cash flow. Finally will create a customized lifetime income plan usually proven strategies and techniques that could Turbo charger retirement income if one is needed. In short we'll pick guesswork out of financial plan for you felt for all the callers call next fifteen minutes marked. Hum offer a comprehensive financial review and this review being offered for no obligation on their part. And the number to make that happen is 8064659. 96 again no cost no obligation. To get on the calendar command and had that initial conversation with Richard you just have to take some action 8064659. 96. That is 806465996. To come in and sit down. With Richard which rarely at Carolina retirees sources either at his office and hunters on a Carolina or Rock Hill South Carolina. But he services the whole Charlotte metro areas to give him a call 8064659. And 96 take advantage of this great opportunity. To make sure that you just headed in the right financial direction. As you head for retirement as you get into that their retirement red zone whether year. Five years out or so were already into retirement maybe even already had a plan in place will second opinion is always a good idea as well. 806465996. That's 80646599. Six you've been listening to the financial symphony today Richard thank you so much for being a guest on the show was always. We appreciate your time and he was a computer much and know we'll do it all again next week so make sure you tune in for more of the financial symphony. With Richard could derail it and I'm. 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 offered through Brookstone capital management LL CBC him. A registered investment advisor BCM and Carolina retirement resources are independent of each other.