What Can "Stairway To Heaven" Teach Us About Finances

Financial Symphony
Saturday, June 16th
Answers to retirement questions from listeners and what can we learn about finances from the song Stairway To Heaven,

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

The following is a sponsored program on WBT. The financial symphony. To the helping you can. Harmonious financial plan and getting you'll portfolios into. So sit back while Li striker the the financial sympathy starts now. Hello and welcome to the financial symphony with Richard who surely investment advisor representative. As Carolina retirement resources serving you right here in Charlotte metro area from his office and hunters go North Carolina and Barack kill South Carolina. Reach out to Richard anytime throughout the program by calling 8064659. 96 that's 8064659. 96 call that number and get yourself on the appointment calendar command for a no cost no obligation consultation with Richard and talk about your specific. Financial and retirement situations and Richard how are you today sir and your wonderful mark curry who did very well thank you for asking have you had a good week. Always always looked at a like that always that's always a good thing to do. We were just commenting headed before we start of the show here that both of our wives are traveling this week in. So Richard and I have got a good show lined up in not to we almost their wives but we've got things to do as well so we're gonna dive Friday and get this show Iraq can enroll until we got a lot of content to cover. As we usually do here on the program and Maria start with our email or request line if you will here on the program to kick things off as we typically do in. Diana in Charlotte got a question for you Richard she says I've heard about a strategy using a life insurance to create income for yourself and retirement. Is this a legitimate strategy she asks. For sure it's definitely a legitimate strategy you know. Can't keep minors and there's only two guarantees in life death and taxes we've all heard that before or the united attributed to Benjamin Franklin. It's also a favorite of many financial advisors who are focused on retirement income plan because. Death and taxes are key consideration when making financial decisions for your future's so. In a while traditional methods are invested in such as a 41 K higher res. Do allow for initially saving money tax deferred retirement. You know taxes will be do have the time would brawler distributions. Additionally these funds placing caps. On your investment levels in a life insurance is a tax free alternative. That is not hampered by contribution limits to generate income and retirement. In in my opinion it's a vastly underutilized. Opportunity for maximizing maintain a NASA's for your retirement you know for instance you can draw tax free income from your life insurance policy you. Structured correctly but on top of that. You know you have the opportunity. To access the death benefit while you're still alive. In the event that you have a chronic illness were inertia Homestake so that's that's killing two birds with one stone. You know any taxation is just what it is it's always going to be there we've always dealt with it he owned life insurance is no different if you choose to take money out. Of life insurance contract via alone and there is possibility you can pay taxes on that however if you utilize the rules. That the irises laid out for a life insurance policy you can guarantee. Tax free income so yes this strategy makes sense especially if you want to contribute larger portions of your income. Toward retirement while receiving a tax benefit in the process. It's also beneficial if you want to cochlear retirement savings with built in guaranteed asset protection. You know a short there are two ways to die rich either you maximize your world. Or you pay less taxes if you're already invested some hearing come now to be used in future. I think it's time to explore. The life insurance retirement strategies were decreasing your taxes well. Fortunately most advisors don't fully understand life insurance has a cool to generate retirement income. Where the tax code surrounding them and how they're treated by the IRS so yes it's a legitimate strategy for creating tax free income return. One that I believe outperformed all other. Well great question Diana thank you so much for submitting that in and obviously there's a lot to discuss and so if you like to sit down have that one on one consultation with Richard and talk more and deftly about it and see how would might apply to your specific strategy or anyone else for that matter whose interest to give Richard a call 80646. 59 and 96. Arnold in mint hill has a question for you Richard he says I'm thinking. That I'll spend a lot of money during the first few years of retirement. And a lot less after I've been retired for five years or so is that typically what you see or usually how it goes. These generalities are just that generalities so I would say not necessarily. But in general spend in they could be higher earlier in retirement you know also for hobbies travels I mean after working 3040 years. Can some people want to let loose a little bit yeah so that. You know in reality some people the main concern is ensuring enough income to provide for their basic needs throughout retirement and for some. You know the concern is not their basic needs but it's travel and and having fun family things like that in summer are more concerned about a comfortable lifestyle and leave in a legacy to their family you know. But retirement spending you know it requires discipline and the way you approach abandon their retirement we'll determine whether you have enough. Collateralized time north forces like inflation. Market volatility fluctuating interest rates you don't know what to do. Who with your money has never been more important and the difference between making good decisions and a bad decision has never has such a dramatic impact. On your retirement future shall remember the first. Think you'll need on day one of your retirement is reliable income. When your Paychex dot com and then you'll still need to pay the bills. Understand how much income you'll need each month and where will come from will form the foundation for the rest of your retirement. Then after your income needs are met he'll take your additional assets and leverage them for profits to variety income in the future and fund your lifestyle. You know when I meet with individuals concerned about how much they can spend in retirement. It's pretty clear to me that they don't have a plan in place in a worker with a financial professional. To craft her retirement as one of the smartest decisions you can make. The peace of mind that come with working with someone you can trust someone who knows what options are available to you and which ones will be appropriate for you. Is invaluable also have a financial plan can eliminate many of your concerns. But it can also help you give yourself permission to ensure your retirement years and disciplined and efficient way. Yes great question again Arnold we certainly appreciate that I sometimes people say that they can refer to as the go go years when you first retire. And then they say becomes the slow go yeah tears as you slowdown and in the no go years. Exactly yeah exactly where I don't know two years or more like health cure your right right exactly yeah. So love Arnold again thing great question we certainly appreciate it reach out to Richard and talk more in depth with 8064659. Nine the six final question for you this week Richard. From Iran and hunters villainy says I'm anticipating a market crash any day now. So I had about half of my IRA in cash and basically means I have about 350000. Dollars that's not really making me any money. So I don't wanna just leave it there for too long how long should I wait before I reinvest it. You know I have clients that have been expecting a market crash for the last six years now. It's just one of those things you know you can't always predict the timing of a down market you know but you can be prepared. If you're retired with 7000 dollar IRA and all your statement is in a brokerage account and I understand your concern. Irregardless you know market crashes you know they occur far less frequently than most people realize. And the long term in the market has always been you know they've been down times and there's been concerns and fears and things like happen over the last 100 years the market has slowly trended. Awkward and it will continue to do so on my opinion so obviously common market is a bad idea in fact most buy sell decisions are incorrect. And that's because emotions primarily fear drives bad decisions especially when it comes to attempted Condo market. You know here's the problem is I see it many of you think in terms of returns rather than risk and that's backwards. When you invest in the market it pays to stay the course meaning in stick your plan no matter what the headlines the fact of the matter is is that many of you continue to invest as if you're still work and and it into retirement income plan you know being fully invested in the market. Can be detrimental yet most of you continued doing what you've always done and that is investment market via mutual funds taken withdrawals for expenses. And then hoping for the best. You know that's simply not planned OK so rather than trying to time went to invest your retirement savings. You might be better served by considering implementing a comprehensive retirement income plan that consist of a safe money strategy. And a growth portfolio. This way you won't have to be concerned about market dynamics in the short term. You have created guaranteed lifetime income that'll provide you what you need and what you want. While allowing your growth allocation to capture of long term performance that the market provide so when it comes to managing your retirement savings. Some of you base your decisions on irrelevant facts figures and hot tips from friends rather than act to non professional financial advice. You know this is advice is backed up with research analysis and it's designed to meet your financial future goals. If you're not sure you're on the right path on how he should be managing your retirement savings going to give me a call on next fifteen minutes now custom designed for you and easy to understand financial review. That will indicate if you're an evil full blown financial plan. You know there's no obligation or cost for the commission reviewed all callers who have at least 2000 marsh they've retirement. So if you meet those qualifications here's what you can expect. First I'll run a Morningstar analysis and comparison report to help you untangle what it's cost you work with your current plan or larger. As well as how your portfolio make performed ownership of your market drawn down we'll show you how to protect our investments to keep more of your money in your counts. Next will perform a test analysis to show you how you could possibly reduce your taxes. And increase your cash flow and finally will create a customized lifetime income plan even proven strategies and techniques that could Turbo charger retirement income. In short will take to get work at a financial plan for you so for all the caller who Cohen next fifteen minutes a comprehensive financial review do an offer with no obligation. And that number is 8064659968064659. 96 and take advantage of the offer from Richard good to really engage yourself on the calendar. And commitment that consultation no cost or obligation so. Grab the cellphone that's nearby and reach out to Richard right now don't procrastinate. And get yourself on the calendar 80646599. B six of this as the financial simply whip Richard put thrilling. Investment advisor representative Carolyn retirement resources. And there's much more to come on programs where. Johnny cashes estate was approached by an advertising companies 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. You back here with a saw the financial symphony would Richard future really of Carolina retirement resources he's an investment advisor representative right here in the Charlotte metro area. 8064659. And 9680646599. Station number to call a talk and Richard and get yourself on the calendar. And that Richard just talk a little bit about some of the financial matters that. People tend to maybe push off to a later date. Maybe it's a good thing maybe it's a bad thing maybe discount depends on the situation will not talk about this with you relevancy which you think. And let's start with the topic do we get a lot here on the program and that's taxes you know do we defer them people are always ask him Russian and affirm my taxes and do some of the Roth so on and so forth. Play you know it the problem will always deferred taxes that. It some point you'll have to pay them and you'll pay them not only in your contributions but also on your growth. And you'll pay them on a rate that's someone tossed aside so the right is on the wall you look at. The economic environment. As it exists today I think most people believe that taxes will have to rise at some point especially if they look at the faction our government. Will soon need more revenues to meet its commitments. And will eventually be forced to raise those taxes and and those tax deferred accounts that go all of you have you know they've been compound and over thirty years or more. And they're going to be sitting ducks for Uncle Sam for the government can increase their share on your tax deferred retirement savers whenever needs more money. And in my opinion that day is coming soon so considering that we're in the lowest tax rates in recent history now as a time to plan for tax free income in retirement everyone can benefit from planning to avoid these inevitable tax increases. And the tax code allows for several tax strategies to create tax free income retirement. But few of you take advantage of them you know for example Roth ire raised. And life insurance alone can help you and your family and it was more money than you have now. And mortgage tax free so the gold or your work in your should be to allocate the right amount of dollars to your tax free bucket. And she your taxable buckets of that in retirement your streams of income can be tax free. You know the taxable bucket is something that we use for emergency funds you'll pay taxes on the gains on an annual basis. But happen too much in this budget can be disproportionately affected. By the rise of taxes overtime we should keep no more than about six months worth of income in this book. You know I've had I been prospects to come in with one point 41 point five million taxable bucket. And Social Security benefits or get cut because of that income that that taxable bucket generates in a form of dividends and interest. The tax deferred bucket is the default Booker for most Americans I mean that's where most people favor their money. But there are unintended consequences of having too much money your tax deferred buckets and remember low taxes and big deficits are toxic combination that will someday force the government to raise more revenues to remember your retirement accounts are not designed. To give you a tax deduction. Although that's an incentive. But rather its primary purpose is to maximize distributions. So there are some pitfalls what these accounts. The tax free market is free from all tax vision of the Roth higher rate life insurers they provide tax free withdrawals. As long as your old earned 59 and a half with respect to rock you're gonna get tax free distribution you know contributions are made with after tax dollars and make road tax free. After that's five your qualification period but there are limits on how much you can't contributes from now think about their first second if they are limited and how much money you can put into an entity there must be a pretty good opportunity that benefits you vs man so. Your view I think you'll be better served by not deferring taxes on all of your statements in the long run. All right well this is the financial symphony with Richard which really were talking about maybe putting things off of it's a good or bad idea or just depends and and Richard of course talking about deferring taxes in this situation that doesn't think business like a good idea. And of course you know a divorce thing Richard that taxes are quote unquote on sale right now and as you mentioned they are you know pretty darn low so. The the general consistent say is that it's got to go up at some points and we'll see how that all plays out but you'd like to reach out to Richards 806465996. 806465996. Good bad or depends Richard to eliminate debt I hear people say he. Good debt bad debt two different things and bad that for sure get rid of as soon as possible was sometimes good that's okay what's your take care. I think for most people who eliminating dead but now offers a bad idea but some people. I should say they have the better ability to manage debt. And am I guess in our country kind of measures debt situations and ratios and on GDP to disagree shows. You know so and our family situation I'm sure that the debt to income ratio would matter most so you know get out of debt. Really it comes down to. Eliminating the reasons why you went into debt in the first place you know even even winning the lottery won't solve your problem if you never learn how to spend less than you have. Know sometimes you end up in debt. For legitimate reasons you know you aide who lose a job. You get sick there's some extensive medical bills. But that's why you should have an emergency fund but why you got into debt doesn't really matter. What matters is that you don't let it happen again so unfortunately there's an increase in number. A view carrion dead into retirement many you still have a household debt searchers mortgages. Home equity loans auto loans student loans credit cards in the life 2016. Get this in 2016. The household debt stood at two point 84 trillion I mean that's that's incredible Eric. So if you have a mortgage. It's important to examine. Whether it makes economic sense to continue to carry it given recent changes in the tax law you know they get the new tax law. Fewer will get a chance to deduct mortgage interest on you're tax returns in the law awful eliminates interest. A deductions for home equity indebtedness. In most cases. Debt retirement is not a good thing if you can avoid it. If you can't it's important to understand the difference between good debt and bad debt good debt is debt that appreciates in value and get you a tax deduction. Bad debt is off is on an asset that loses value were appreciates. And doesn't have or provide tax deduction but in some cases. Retirement dad can be hedge against inflation. Provided as long term fixed term borrowing and but in most cases retirees will be better off not having a mortgage payment retirement. But it can depend on a lot of different factors and also everything's different. Com and you need to have a comprehensive review of to determine whether that's in your best nutrition or retirement when your income is typically less than Goran your work in years. Cash flow is king in and one of the best ways to boost your retirement cash flow. Here's to reduce or eliminate interest expenses on mortgages credit cards and even car loans so. This is the new normal Arab is likely to mean sluggish returns on stocks for the foreseeable future and fixed income returns are in low digits. You know you don't want to be paying for a 5% on mortgage your car loaned twelve on our credit card your to your retirement the truth is. It takes more than just money to fulfill your needs and desires and retirement and that's why I'm passionate about ensuring that your world prepared. I'm off on a cult summary financial review to anyone who call the next fifteen minutes. And has at least 200000 dollar save for retirement. Talk about you're timing companies where that income is going to come from how you'll outpace inflation. Pay as little as possible taxes and make sure that you don't outlive your money you might say I don't really have to comb the next fifteen minutes and yes it's true. You could probably take care of it next week next month next year but here's the deal I think coach and people on retirement planning for a long time. And I learned that it's really easy to procrastinate or get distracted. So if you don't start the process now. There's a real good chance you're not gonna do it at all for the first coach and that I'm gonna give you. Is to encourage you to take the first step right now for almost everybody. That's the hardest pork from there it's not a painful process so if you're ready to finally get a plan in place give us call right now. 806465996. Again 806465996. To take advantage of the opportunity. Firm Richard which really came in and had that consultation no cost or obligation. Richard is investment advisor representative at Carolina retirement resources right here in Charlotte metro area 80646. 59968. In 8064659. I think this is the financial. It's time for another musical connection. We're Cleveland the worlds of music can finance together yeah. Here's friend of the show and financial advisor and musician mark Lloyd. With bronzed us this is the musical connection here on the financial simply rise that's your along with mark Lloyd if 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 a lot 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 cancer Jimmy Page phenomenal. Jimmy Page and Robert Plant routed together. And it's 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. I dig a little break a classic stairway to heaven is arguably the most famous rock and roll soluble time some people would put it number one on their list. But it was never released as a single with the general public. Radio stations receive promotional copies. Though I I can tell you about that because they have these little hole punched in the label their promotional copies which quickly became collectors' items. But you know did you Republican they wanted that song they had to buy the album which I had the album yeah which had a lot of good songs on sitcoms and 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 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 support collector's 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 it nearly became the conduit between the artist in the average citizen yo me glistening out here and thank goodness for that gaffes 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 and 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 the 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 his gambling 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 those little type of of income streams that are our 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 what you're suffering get. Now that means that we'd love working would do it yourself first we delve that. If you're doing yourself or you've called the right shelf 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 him you've got to. Pick up the phone and give us the calls Iran tell what they need to do. To speed up the phone and call 806465996. That's 806465996. You can get a complimentary review of your financial plan. Just call now to take advantage 806465996. 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 richer future really. This is that portion of the show where we step away from the financial talk for a moment or two and gets there Richard a little bit better outside the financial realm although there's a guesstimate a bit of a caveat with today's question because it's about money that a hell I guess we'll stay in the same vein but that. Richard bloodiest then or wait too much money on. I'm a safe food OK I you know I think month and month out our budget outside of them are mortgaged the budget is the highest this food. Wind is pretty extensive who sorry are we terminal wine and food budget they say Sharia couple bottles of wine a week good quality steaks and seafood I ordered my stakes out a vital choice dot com out of Alaska. Because I'm not really sure what we're getting an extra were so food and I don't want to buy just choose any type of meat I like to buy grass as natural beef. No antibiotics things like that's right you know that adds up oh yeah this adds up its expensive so. Rounding going out to dinner on our frequent basis that we rather spend the money and preparedness homes I think I would say food is is probably were spent too much money on the. We know an exit I think we've had this conversation before on the program we're eating healthier and eating up organically and things of that nature is costly right. We've talked about how our retirees and pre retirees have. As are leading a healthier lifestyle you have to kind of budget for that as well because it is a costly expense that's for sure. Yeah did you don't know on your side of the coin knows I don't I don't have a lot of health care expenses well there you go that is a good point he's always been a little bit more over here feed myself better. And I don't even think twice about the cost of if that's what I want Armstrong to get it. But on the other side I'd I don't go to the doctor much at all I don't have a major expense and health care on a regular day. It's no big O some of the reason for that for sure well that's are getting and you this liquid Richard so. Food why not necessarily too bad things since money on the air. That's our topic today we'll get back to the financial talking just a minute here on the other side this is the financials we're richer. It's time for another musical connection. We're we blend the worlds of music and financed together. Here is a friend of the show financial advisor and musician mark Laurie can we have an Iran style. It's back now and another musical connection on the the national symphony Iran's that's why we've heard Marc Boyd that. And as we've we've been talking about stairway to heaven that famous. Led Zeppelin song hymn to mark's been able to find the financial parallels associating with that song. And mark let's talk about John Paul Jones now I'm not talking about going back to the seventeen hundreds and talking about the United States first famous naval commander in the revolutionary war. That's right let's talk about John Paul Jones through all the history majors out there who has heard that name that's where your mind when it exact but I knew where you are confident about my mind went to the musician John Paul Jones. He was the bass player in Led Zeppelin and here's this in fact and I didn't even realize is myself and tolerate it fairly recently. He elected not to use a bass guitar when they recorded stairway to heaven because he felt like the song. Sounded like a folks on in the paste just wouldn't fit in the first part of it certainly sounded more like folks are a bit nothing in now the rock and roll and eight instead John Paul Jones added a string section. Keyboards floats. I mean that that whole song is just a masterpiece the way it builds and builds and builds of just. Wonderful. What we wanted to do and you know for those of you who may not know behind the scenes that Led Zeppelin but John Paul Jones. Did a lot of the arranging for lets them when he was he was brilliant a multi instrumentalists. Absolutely. The financial parallel is very simple sometimes in your financial life if that has to take a different approach. And do things differently from the way that you've always done it. So you know I just recently had an article or was interviewed by the US news and world report. That's all we're Yahoo! finance picked up that article so we were quoted. Talking about the importance of having different buckets of money. And that's what the whole article was about and anybody wants a copy of the call our show wanna get to link up that where you can sit here read about it and and they interviewed me US news and world report interviewed me and and took my advice on this. And the thing I wanted to explain to almost that most people when they come in stuck with a 401K. If they got sort of mount stocks that instrumental bonds. But the problem is bonds are underperforming. And especially in your 401K if you sit there and look at the twelve month. Return on the bond funds in your portfolio in your 401K it's pretty bad. And as the says are raising interest rates can even get worse. So it's very very important that we looked at a different approach. We look at other different asset classes that we could use instead of bonds sometimes and that's where we're at right now stocks are fox. But you don't wanna have everything in stocks and you know that if you offset the risk in stocks by having cash. Cash isn't making anything you're losing money safely. We call that lazy money so what can we do for those lazy money there are alternatives out here that we could use instead of cash is not paying anything in bonds that are potentially could lose money. And these different asset classes that are out here. You have to work with someone that's looking at things differently than just the way. They are traditional stock and bond portfolio would look like and it's your right now you have a 401K. Timing is critical. To look at what other options are available I'll throw this out to you folks if you've got a 401K and no one is really sat and looked at a recently. Will look at it whoa look at it for you won't do complete analysis. Of how it's invested. What's the downside risk that you're taking to get the return you're getting are you getting enough return for the risk you're taking will do a stress test on that portfolio to see what your risk vs reward is. And will do before he just for calling into the show. Because nowadays you have to look at other alternatives. The same way that John Paul Jones did. When he'd look listen that's all for the first Tommy says it's too mellow this is vocalists sound right with a bass guitar we need to add the strings we need to add to keyboards we it would even be nice to have a flute is the same thing in the financial world folks you need diversification. More than ever is critical at this stage. Of off the financial world and the only way you can make things safer if you don't know these alternative is put more and more in cash or bonds and lose money safely you don't have to do that. Ron tell the folks how they can get in touch with us to learn about these other strategy. Distribute 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. You're listening to the financial company that show that makes your your financial plan has a perfect fit us. We're cruising down the homestretch today here on the financial symphony with Richard coach really at Carolina retirement resources reach out to Richard here in the Charlotte metro area. Get yourself all the appointment calendar command for a no cost no obligation consultation. Talk about things that are specific and important to you as of things to your retirement journey as some of those questions you you've been meaning to ask or maybe you'll find out through the course of the conversation some. Answers to questions you didn't even know you need to NASA reach out to Richard 806465996. He is an investment advisor representative. Again I Carolina retirement resources 806465996. We were discussing our prior on the segment are a little early on about things that the people put off. Financial matters that we tend to push off to a later date sometimes it's okay sometimes it's bad the number just depends. And these comebacks of one's here I think are pretty important in some armour a little easier I think we make them out to me. But they just have this kind of I don't know state Miller like Dolan do it. But setting a legal in the state documents Richard you know not the most fun dinner conversation. But it certainly important things that you need to do and get those things that taking care because you never know when something could happen. I've never been to a Dan Bern where they're exactly. That. Actually that well this is certainly bad put off okay. You know I never fails to amaze me that so many. Used poor judgment or current fact no judgment. When it comes to your state plan although in a sense. Everyone does happen escape plan and state law makes this point assure UK. They simply may not be the plan that you had in mind. Or that your family would have preferred. Not Hamlin will mean today your debt the distribution of your assets will be dictated by the inheritance laws. Of the state where you live when you died so these contested seat laws vary from state to state but typically the only percentages in your assets to Barry's family members. There's always a remote chance that these laws will accomplish what you would have contended but not likely so at men among you should have a will and place it should be updated regularly. You you will applies to the disposition of probate ask this which are assets that don't have a beneficiary designation. You know for example whoever you were designated beneficiary is on your 41 K or your ire ray or your annuity or your life insurance. And I can override under your will or the laws in the state so. There are other documents that will be news well these documents take care of your family while you're alive so that Fallon members can carry your wishes that you can't just when included. It was a nonworking spouse or hasn't lost small higher rate and your higher res is really large. You know that things title just your name and social they should happen to you but you don't die. And you don't have the power return for finance you don't give your wife the opportunity to access those funds in an emergency so that's just not a good thing that happened. You wanna make sure you have a durable power return for finance and you certainly want to redshirt or to register. He's an accounting that you live in. You know these documents allow your attorney in fact in this case it might be your wife might be a child. And it allows them to manage your finances to make a medical decisions on your behalf. And a living will specifies the medical treatment you do or you don't want. At the end of your life so it's a fact of life that wrong when the dollar at some point while it's not something you probably want to think about or talk over editor party. You can make things a lot easier on yourself. On your family if you get everything in order mouse would just. Don't put them off yeah a lot of times when she get it done and you can't have that. How moment and it's like well wasn't as bad I really thought it was going to be so deadly are reach out and get started get these things start to make sure that your addressing some of these things were talking about today on the program when we're talking about putting things off. 806465996. Another question we get a lot here on the program Richard is the start of Social Security ala tubes they should I delay and so on so forth what's take care what is what is depth. It depends. If you retire to wait to take Social Security to qualify for bigger monthly check on the road you're gonna have to replace that income. That you would receive Social Security have you taken it runways with an easy you'll have to draw more of your statements. A providing come. So initially at least the value of your nest they will decline faster than it otherwise would have due to those large withdrawals. But while waiting for a bigger Social Security chair when do you result in the loss of investment earnings potential on your statement and a short run. Remember you'll be able to reduce the withdrawals from your nest day when those bigger Social Security checks kicking in. So corners Social Security Administration if you live near average life expectancy. You'll receive about the same amount in lifetime benefits no matter where you choose distort the benefits is 62. Or start them at age seventy or any agent between. Regardless that's correct for those who live average lifespan but we just don't have any idea when we're gonna die. So it's pretty much a washing collecting at 62 can make perfect sense after all the checks you get if you start collecting at sixty twos 67. Although they might be a lot smaller than you what you get any seventy. But you'll get more luge track so regardless we can still make sense to delay take and so security especially if people in your and we tend to live extra long lines. Or if your spouse's benefit is substantially smaller and that's my situation. I don't I don't take my Social Security until age seventy. And the reason for that is is that at some point. When I passed away my wife is gonna lose a Social Security checked it's gonna be Hersh whose mind is margarine shall take mine so I want her to get the larger check after my death and if you're still working it may be a good idea to delay take a Social Security. And that's because most Social Security benefits payments are generally not tracks they can be tax. That happens if your income over the year clues on novel Social Security wages you know self employment income interest and dividend and so on. Remember there are some good reasons to store collect them earlier as well. And the best reason to start receiving Social Security benefits early is simply because you need the income you're in a situation. And you need to have that additional income like really unfolds just as we expected to so you might unexpectedly lose your job at 62 yeah you might unexpectedly have health care setback. And that's gonna force you to leave the workforce and probably have to take your Social Security early. Another good reason to claim your Social Security benefits early is because you can if you have enough money saved. You're reduced benefits will be exhibition will only consider starting early. And if your family live shorter than average lives. And you can get violence more checks and go ahead and start collect Social Security is early usually cans for whether to delay or early depends on your specific situation. It's going to be different for every one. Yes certainly Def playing in a different for each situation and of course that's gonna kind of segue nicely in the my final piece here including an off Richard is that. As you mentioned if you have a plan like all these things kind of pulled together you'll know this information you'll know whether it's a better idea to delay or to start if you pull the plan together so. I I would say that it's probably going to be bad to put off getting yourself a plan correct. I agree in a retirement plan and you know that's that's a process of determining a retirement income goals and the actions and decisions necessary to achieve those goals. It primarily includes creating your retirement pay check to cover every day expenses and managed in the balance of your assets for growth and additional income in the future. That's why you plant so from a purely financial perspective. The primary challenge for a long secure retirement. Is preparing for the day you're working paycheck stopped. And you need to eternal life time of savings into income that you cannot now live. And how you approach retirement impact future income. Taxes you your rosters are subject to. Your financial stability in the future and and and possibly your legacy is the fact of the matter is is that after working to save for a lifetime. And are in retirement changes all the rules you've known followed for your entire career. Instead of an earnings and savings paradigm you're moving into an income and asset leverage and paradigm where you need to use the money you've earned. And saved to generating common preserve your assets for the entirety of your retirement years. This required to make him the right decisions on how to investor process and in what order to spend that. To succeed you need a plan you need to process and you need the help of financial professional most people spend more time planning a vacation and expand planning for retirement. While this seems almost unbelievable. The fact is most of you have a vague understanding of what you need to do for retirement. Not knowing what to do or how to plan for retirement makes it easy to procrastinate. But sometimes later never comes and many of you apply for Social Security before you reach your maximum pay out or you exposure statements to high levels a marker risk. You know the basic road map to retirement is to organize your SS create and become plan. Plans for continued accumulation and understand how taxes affect your retirement income and how best to create your legacy. You know really it all boils down the fact that all the pieces in your financial puzzle need to fit together would like to offer you the opportunity to comment 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 to all those different pieces of your puzzle. For instance how much risk are you taking your portfolio. Is that amount of risk appropriate for your agent for the return pitcher actually get and how much you pay any fees and commission with your current plan. What about the tax implications are your savings. Is there a way to save money in taxes down the road by planet proactively today do you have an income plan in place to be sure that you weren't in danger run out of money if you end up live in thirty or more your retirement do you have a plan to address inflation in future decades is the cost of everything continues to rock obviously there's a lot that we need to discuss and we 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 dollars saved for retirement. But the calendar does Philip quickly so go ahead and give us a call right now that we can be sure to get a spot reserved for. And that number is 806465996. 806465996. To get yourself on the calendar is Richard just mentioned there's no cost or obligation. I'd really like to reservists buff we say go ahead and call don't procrastinate reach out to Richard down 806465996. It takes about thirty seconds of your time to call a number leave your contact information. A basic name phone never and so on. And that Richard team would give back with you unscheduled time it's convenient for you to visit him. And either hunter's bill North Carolina or Rock Hill south Carolina at one of his offices. Again Richard is an investment advisor representative Ike Carolina retirement resources in here to help you in the Charlotte metro area 80646. 5996. That's number call Richard as always thank you for being on the findings is that this week we appreciate your time and your list of thank you mark. We'll do it again next time make sure you tune in for more here on the financial symphony with Richard could derail the. Information is for administrative 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 and a a registered investment advisor BCM and Carolina retirement resources are independent of each.