What Can We Learn About Finances From"Hey Jude"

Financial Symphony
Saturday, May 26th
Answers to your financial questions.

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

The following is a sponsored program on WBT. The financial symphony. To. Helping you can. Harmonious financial plan and getting your portfolios into. So sit back while always strike up the the financial sympathy starts now. We'll place a must take some time now to join us today on the financial symphony I'm Walter Schuerholz here along side Richard who drilling investment advisor representative. That Carolina retirement resources serving youth throughout the Charlotte metro area. With offices of hunters hill and in Iraq kill as well you've found the right show if you're warning to better prepare for your financial future and want to talk about. The best retirement plan you can possibly put together Richards gonna guide us through today's program if you have any questions for Richard throughout our show today. You can give him a call at 80646. 5996. Again that's 806465996. Richard before we get into the mead data's how are you sir. I'm doing great Walter Murray used very glad to hear that I am well and I'm looking forward to a we're going to be talking about today is not only are we gonna. Kick things off by answering some of the questions our listeners have but we've got a fun segment talk about a little bit as well things that don't matter. Until they do it. Like fire extinguishers. Airbags in our cars these things are really think about on a daily basis but. When you meet him you're sure glad that there there at your disposal so talk about that and much more. Coming up on today show but let's open it up with a request line. And get some questions from listeners throughout the Charlotte area if you have questions for Richard you want them featured on the show you can go to financial symphony dot com. To submit those herald in a mint hill has our first question of the week. He says Richard I'm still working and plan to work for at least another two years. But I'm now old enough to start taking my Social Security without being limited on how much income I can learn. Is this a recommended strategy when you know we can. Social Security the decision on when that starts a security benefits. You know it's not one you should take lightly you know claim to Social Security. Isn't the same thing is deposit and a refund check. But you're received an email or no cash not a bond the age you wish you first claimed Social Security will dictate. How much money you receive benefits for the rest of your life. And while 66 is a Smart age for some people start taking benefits. Others would be wise to wait longer you know if you claim your Social Security benefits once you reach your full retirement age. What you can do as you can get a 100%. Of whatever amount you're eligible for based on your work history but. But if you delay taking benefits you'll get even more you know so your full retirement age to 66. And you're retired about to leave the workforce or simply need money taken those benefits is probably a good idea on the other hand. If you're still working full time at age 66. Or your semi retired. With a source of income or you have enough cash flow to pay for your current living expenses. You probably should hold off on taking your benefits is 66 even though that your designated full retirement age twelve when it comes to Social Security. You know good things occurred to those who wait mainly higher monthly benefits so for every month you hold off on Social Security. Your benefit will go up. If your full retirement age of 66 you'll get an 8% boost in benefits per year for a total of four years don't want to reach age seventy. There are no additional financial incentives to delay taking benefits for you might as well claim them at that point but if you do hold off one to hit 66. You're increased benefit amount will stay with you for as long as you continue to collect benefits no and actions. Of being able to predict the future. You know it's really hard to say whether taking benefits early. Will work for you or against you in the long run the key is to weigh the pros and cons of claimants social security and various scenarios. And see what makes sense for you. It's a great question payroll thank you for submitting that went on today's show for Richard prematurely here. At that Carolina retirement resources if you've got questions you want answered by Richard again have a one on one. Conversation about your own financial plan by calling 8064659. 96 again 80646. 5996. Let's hop over to Wright who's in Charlotte says. As every search different financial licenses and designations Richard it seems that. Many of them are similar but they also have their differences. Is there a particular license or designation. I should be looking for in an advisor. You know how are no right advisor. And an and it could be a little bit like fine and perfect for me you know so. You know what you're doing a measure of trust and that individual win something near and dear to your heart not your money. U obviously wanna make sure that he or she has you can expertise to handle the challengers and questions you'll have over the years you know. When you look at the industry you know to become a financial advisor. That tells investment products for commission. You must complete what they call Finneran registration and take certain exams most commonly. This would be this series six examined first own mutual funds or. Variable annuities were more comprehensive series seven persona everything a series six cover close. Almost any other security. And then the series 63 which affirms that did the advisor understands applicable state securities law. By contrast. Becoming a financial advisor who sells insurance products from life or disability insurance for health insurance for a long term care insurance. You know these individuals must obtain a state insurance license the exact requirements for these exams will vary by state. But generally strong education is required you need to learn the basics of insurance products and state insurance regulations. Once licensed then the advisor becomes a point he was one of several insurance companies to be legally. Able to act as the insurance companies agent and so it's insurance products to consumers. The third primary path to become qualified financial advisors to give financial advice and receive investment management fees. Become an investment advisor represented. Other registered investment advisory firm requires the advisor obtain a series 65 license. And this covers a state laws pertain to get paid for your investment advice national investment advisor representatives. They are bad honed to a fiduciary standard that was established as a party investment act of 1940. The act is specific in defining what a fiduciary means and is stipulates that an advisor must place his or her interest below that of the client. They consist of a duty of loyalty and care and simply means that the advisor must act in the best teachers are viewed. The client. The future standard appears to have the upper hand in my opinion in terms of providing you with more assurances ring. Given the more stringent stipulations for investments for future use. There's little question. That the fiduciary standard better protection you've been to suitability standards or even a specific designation you know federal securities law. Considers investment advisors fiduciary is but this does not apply to broker dealers across the board. Overall I think it's best to find an advisor who place you were interest above there. It's a great question ray and I think there's a lot of confusion on that topic specifically Richard. Because I mean there's so many designations out there and some of them little dirty secret of the financial world some of them not certainly not all of them. Can basically be purchased or achieved in though you know of one day class and boom now you can slap this designation. On to your byline around here website Mac and the thing and at. I think it's just a lot do don't know that and so sometimes you get this advisors got this list of all these credentials. In your guys they basically just purchased in the these groups that make it sound like they have something really grandiose. Yeah for a lot of advisor those those designations are they're just too. Give the consumer the impression. Of credibility you know a lot of individuals to become advisors after they get those designations you know. They have their own personal biases and don't really follow. What they've learned so you know it it really comes down to an individual. Relationship. Would someone that you trust and someone that takes dear to their hard. How they're gonna handle your money for your benefit. Damn that's a great point and that is so they do certainly keep in mind and remember that there are some nice to guidelines for your re on what the following year looking for an advisor and how to find out ones that have. Financial licenses and designations that means something what's important. And then those two you know maybe you're just using a designation for marketing purposes tonight can thank. Can't arena has our final question on the request line she's in mores and ill and says my husband isn't inclined to do any retirement planning. Because he says he'll just keep working. Is this mindset OK I guess I'm worried about what happens if he can't keep working even if he wants to. Well you know the main consequence of not planning for retirement. It's simply a loss of control over your future you know so if your fortunate enough to not die prematurely. You're gonna grow 01 day and as you begin to gradually failing health limitations increase. The reality that you will not be able to earn a living forever is going to present itself. At some point in time your financial support they need to come from something other than your job. Or your business. And for most of us have financial support comes from social security and or our investments were statements in I think work and as long as possible. I find that can be a commendable even a viable strategy but but that shouldn't be an excuse. Not to implement a retirement income plan to ensure they you don't run out of money and retirement you know sheer concerns Katarina. Are justified you know I never gave. Much thought to dress in sleep and walking bathing and we're just sit and for that matter until I had a disk creation in my low back. That limited all of those activities I was disabled. For the first time in my life and and working was before this thing from my mind. You know I learn a whole new appreciation for the value and ease the healthy body brings to your life. Unfortunately many of the capabilities we lose with agent do not return. After assured over shooter for a few weeks here on as my head into the harsh reality is that eventually. Most of us will not be able to take care reversals in the ways that we use to Social Security provides only a minimal income and the consequences of neglect and to prepare financially for old age has real consequences so. Whether you seek the advice of financial advisory due to researchers shelf it's important to know your options and that's because it boils down to the fact that. All the pieces in your financial puzzle need to sit together to what I'd like to do is offer you the opportunity comment for complete financial review. And I'll offer this review fourth read to all listeners who have at least 200000 dollar save for retirement. I'll talk to roll different financial pieces. Thank you need to consider you know for instance Social Security at what age should you start taking the benefit and how does that fit in here overall income picture. How much risk you take in your portfolio and is that amount of risk appropriate for your age and for the return Richard Gannon. How much do you pay any fees and commissions with your current plan. What about the tax implications of your statements is there a way to save money in taxes down the road by planning 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 you end up live in 23 decades in retirement. Do you have a plan to address inflation in future decades as the cost of everything continues to rise. And what about long term care do you have a plan on how you pay for assisted living or nursing home care in the event that you needed. Obviously there's a lot that we need to discuss. And we found that most people just haven't planned early enough to address all these issues. So you've been managing your retirement plan by yourself and your now realizing that there are a lot of these issues that you haven't addressed. Or if you are now realizing that your current planner or advisor hasn't been helping you think through all these issues as thoroughly as they should be. This is your chance to get a true comprehensive plan in place. Again this review is complementary to anyone who has at least 200000 dollars saved for retirement but the calendar does fill up quickly. So go ahead and give us a call right now so that we can be sure to get a spot reserved for. This is your number to call 806465996. That still free 800. 6465996. You're opportunity for a one on one review of your financial plan with Richard putra rally in the team at Carolina retirement resources. They have offices in hunter's bill and Rock Hill. So either side of the border come on in say hello have a conversation. About your financial plan and make cheer on the right path to get to and all the way through. Retirement 806465996. Is that number to call to reach Richard procedurally right now. And set aside time on the counter to meet with him. 806465996. If you're tired of having all those question marks surrounding your financial plan. And you want answers you want direction on how to achieve your financial and retirement goals Richards the person I talked to here in the Charlotte area. Again that number to call is 800. 6465996. Get more confidence in your financial plan by having a meeting in the near future schedule that time might calling now 8064659. 96. Yeah they're they're much more coming up on today's edition of the financial symphony with your global financial might show Richard drilling. It's time. For another musical connection. Where we blend the worlds of music and finance together. Here's a friend of the show called financial advisor and musician mark lawyers yeah we're two bronze stuff. It's time for another musical connection and I'm runs that's a lot with mark boy hero of the principles Tiffany and we're talking about hate chewed. Bad wonderful. Outstanding. And. The mix. By The Beatles and you know mark I know that you. You've been really in love with The Beatles for a long time dislike I have band and their renewed respect all the things they did well not all the things they did. So we love and I was pretty close yeah dad yeah I'm not you know I can't I can't say anything negative you know The Beatles said foibles like everybody else and and John Lannan. Thought the song was about him instead of his son. The story goes to Paul McCartney wrote the song. In an effort to comfort John Lennon's five year old son Julian. When John and his first wife Cynthia. We're going through a divorce. I'm Paul felt sorry for the sun and so he wrote this on and win the Paul first played the song for John. That John was kind of live narcissistic. And at a really high opinion of himself always you know most geniuses do. And John thought that the song was about him. Didn't realize that it was about his son he thought the lyrics you were made to go out in game winner was Paul encouraging him. To leave his wife and go after yelled go. That wasn't what it was about at all and he completely failed to grasp. Dead Paul and Paul had written the song for his son and not him a totally different sentiment there. And I'm just wondering. You know why and you you are able to make your financial connection we just about anything we talk about. But something year is passionate about as some financial manners and helping folks and The Beatles I know that this is going to be good so what's a financial connection there. Okay here here's a financial connection occasionally we see financial advisors who or so wrapped. In what's good for them and their business. That they put their own needs and desires before their clients and shame shame shame on them. It should always. Always. Be about the client first and if you take care of the client's first. The financial advisor will be while taking care of because clients will will be loyal. And stick with people that have always looked up for their clients first. You know so how do you plot and a by the you know is working for you. You know maybe you're seeing there right now on your thinking. I don't know my financial visor is really tuned into what I'm all about or not. If there really tuned in to my needs are they really concerned about me in my just a numbered them. Do they just care don't care about me now because they got me as a client I don't hear from many more. They're not reaching out to me they're not given me any education there but not stay in contact looming. Are you dealing with that right now. You shouldn't be. Because the new Euro money is one of the most important things that you need to be focused on need to be focused. On your financials and focused on your retirement. And I gosh it's all about making the money work the best for you. And meet your needs and your goals and Yuri ambition in your wishes and it's all about the money lasting for you. And this is where you need to have that kind of relationship where you can have regular ongoing meetings and educational events. And be able to understand exactly what's called on the market and what your advisory is doing for you cannot just say that we're passionate. About keeping our clients informed and keeping them in the loop. And more importantly because we elected it. We elected years ago to become a fiduciary see what I mean by that. The fiduciary. House to look out for what's best for the clients we argue we work for you we are your advocate. You see right now there's a lot of the the law going into effect that has been put on the back burner you know president trump what's the make sure that it's not costing that the other at the get you know the government more money to do that us. So they're they're analyzing it. But there was a law that passed before a president trump was elected so that every advisor would have to be a fiduciary. Cannot just say that myself and our financial maestro is across the country we elected to be fiduciary is no one had to tell us you need to be a fiduciary we elected to be a fiduciary because we have the heart. We already have the mindset that you are the most important person not us not our bank account. Not some broker somewhere telling us what to do. We're independent. And we work for you. And and what they did issue this is peace of mind. That you know whatever the recommendations you're gonna here are gonna be in your best interest and we're gonna explain why. In a very simple matter where you can understand it you do not have to have a finance degree to understand. What we're talking about but wise all that important because you need to have control. All of your retirement and understand everything and we wanna make sure that we present it in a way where you can understand it but you've got to act you've got to be willing. That confident and just have a couple of review performed on your portfolio. So Ron. Ron's gonna tell you right now how to connect. The us distribute the following call 806465996. That's 806465996. You can get a complimentary review of your financial plan. Just call now would it take advantage 806465996. Much like the musicians 1980 its mistakes and their instruments were analyzing the acoustics of early in the forum performance. Your financial maestro fine tune your financial planed to adapt to the ever changing financial world. Don't settle for an advisor who offers a sales pitch and also plans to make sure you hit all the right notes in your financial plan. Come visit with your financial maestro of Richard Richard Elliott and setting the Charlotte metro area. Call 806465996. 806. Or 65996. It's time for a fireside chats. As we get to know you're local financial symphony maestro. This part of the show we called getting to know you right through random question that Richard just trying to to know his personality a little bit better and so Richard my random question for you this week. Is what some thing then you get nostalgic about on a regular basis something from your past. Well first of all I don't get nostalgic about anything on a regular basis. But this time of year the baseball season. You know the good old days when I was playing softball 34 days a week. And in mountain biking on the weekends. Sometimes I sit back and think about those days and how much fun I had doing that stuff and the freedom to do it. And I certainly missed his so this time of year I seem to become a bit more nostalgic. I was respect to play softball on mountain bike and. Damn now let's is that time of year when you start kind of busting out of that winter cocoon and he just goes start. Evidence a lot of fun get time everywhere and getting outside it's always nice now. I'm sure that triggers good memories for a lot of folks are true. And I miss playing barn we're sure they are just a wanna be if you want timing Marshall could. This data capture rank this got us in salt well look at this sort of stands back there and you know I just got taken down throwback to the pitcher. Now I wish I could say that would be me. And has done if you came across a home plate I might just you know slight lead does that pump you on purpose is to make sure you don't combine them to hit the the competitiveness of U moral value to take it means that it is not. Unmanned physically I probably shouldn't do for mentally I'll be thinking that's what I'm supposed to do something until that they pay the price later on a third of the well you can really say get out there and you know by a LE a pitch back and through stole the ball against the pitch back to back and forth to yourself and stokes they had to see if they have a DH in softball that's what I can do that there again that's true and that is a beer leaguer south and up to New Hampshire has PH and then be funded at a I can still swing a bat a little 28 ounce packets Sylvia Ortega. Parents oftentimes that's what Richard does get this down to read every once in awhile it'll time when a baseball season ramps up its search for. It is always a good time. That's getting to know Richard for drilling on the financial system. Johnny Cash is a stay was approached by an advertising companies asking permission to use ring of fire on an ad for him right greens. The request was freaky. On a similar note here 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. Thanks for being here on the financial symphony today Walter store holt alongside Richard future LE. Richards the person we turn to for guidance and advice each week when it comes to the financial world. He serves you in the Charlotte metro area with offices in hundreds North Carolina and Rock Hill as well. You get in touch any playing time by calling you an 800. 6465996. That's 1806465996. We have some fun answering. Some of your questions on the show already today in now Richard I want to go out things that don't matter. Until they do items that would fit into that category would be things like fire extinguishers. Airbags in your vehicles smoke alarms inside the house. Notice things really matter on a day to day basis until they're the only thing. That ends up smattering on that rare occasion when any one of those items you're going to be glad that she had it in place and that you didn't forget to. You know may be updated every once in awhile replaces batteries on the smoke alarms there. You know make sure that the air bag key is set activated turn the right direction those kinds of things but for the most part we're not thinking about them every day. And there's some of those parallels I think in the financial world as well I wanna talk about a Marsha today. The first thing that comes to my mind. Our legal documents okay boring legal stuff nobody likes talking about paperwork let alone and if it's legal paperwork. But gosh how important is it when we finally actually need that paperwork to come through force. Yeah nobody likes to talk about and the life no much talk about Diane. But you know the fact of the matter is is that we're all gonna die at some point and some of us may become incapacitated. And you know not have been your legal documents in order it just MacArthur family a lot of headaches is what's gonna do you. I you know these documents obviously are not exciting talk about dear reader that basically legalese maybe a little difficult to understand. But they can make a huge difference for your family and many view you don't have those documents employees or you have an updated down. For quite some time you know for example it's pretty obvious and I think most of you would agree. Did the one legal document everyone absolutely must have his or will. No last will and testament. We'll ensure that your wishes are honored you know most people. Don't realize that without a will the state will make critical decisions on your behalf and the main purpose of the will is to ensure that your wishes. Not the states. Will be followed upon your death. You know a durable power of attorney for finance you know many of you have wives. And now you have a higher rate of seeing your name it's not your wife's name she may be the beneficiary but she has no access to that account without your approval. Well the financial POA is a legal document that lets you appoint someone to handle your finances on your behalf in this case she would. Appoint your wife and she would be able to make decisions on that higher rate on your behalf if you could not do so. You know where the power return either person you appoint. Again will be legally permitted to take care of important matters including paying your bills. Managing your investments if you're unable to do so. There's a durable power return for help you know this is a document in which you designate someone to be your representative or agent. In the event that your unable to communicate decisions about the aspects related to your health care. In the most basic form a health care power overturning merely says I want this person to make decisions about my health care if I'm unable to do so. And then you know he also need to probably consider a living will notice is commonly referred to as an advance directive. And it's a document provides instructions regarding end of life care bill Livan will allow you to make your own choices about life support. They helped prevent confusion about the type of care a you do or do not want any event that you were incapable of communicating your wishes you know without a living will. The laws in your state will determine who will make your health care decisions if no one has designated. A judge will appoint someone to make those decisions on your behalf so. Organizing your your legal documents making sure her place. They're very critical component to a comprehensive retirement income plan. I think that's a great points a member of the that kind of nuance of legal documents making sure that they are in place so that you don't. You know get surprised when they cannot have those things in place that would have saved you a lot of headache and would have saved a lot of money in the long term as well. You kind of alluded to this a moment ago Richard but I think it's worth a further conversation and that is that potential for long term care and get in those long term care protections. In place again not something that's thought about on a daily basis but when the need arises sure glad that you took the time to plan for. Can you offer many people. You don't guard against possible long term care expense it can seem like a waste of money. Until you end up in nursing home and find out exactly how much it cost. A big problem with nursing home stay depend on and if it should occur is is how is he really pushed the rest of your retirement plan in Q jeopardy. You know my family experiences when my father in law had a couple small strokes. That eventually landed him into a nursing home fortunately we have long term care insurance that was sufficient to pay those expenses. And you know you talked to any financial planner and they'll tell you that the wild card that can route your retirement years his medical expenses and on average. Medical expenses for Koppel can be at least 260000. Dollars and retirement. In my farm all was emotional for five years and it cost about 60000 dollars a year so that's that's 300000 dollars they needed to be available to pay for his care. How you paper these expenses should be a major concern for both retirees and pre retirees alike. You know and I understand how people approach is stuff I've been talking to individuals for quite some time and you know it's impossible. To know for sure how much you might need for medical expenses but there's one thing when it makes sense to prepare for the worst. And hope for the best. This is it just keep in mind that long term care insurance isn't the only option available to you in fact some of you. It's not an option at all you know you see you got to qualify for long term care insurance you know you need to be in good health. When you purchase it and for many of you that's simply not the case and then there's those of you that just can't justify. Paying for something that you may never used well for you there are other options other than long term care insurance that you might find more appealing. Regardless he need to plan for these medical costs in advance plan now because you care about your children plan now because you care about your grandchildren. Because if you don't have a plan if you don't have a financial program in place it's gonna fall on them and will be your family gets damaged by your absence of the plan. In all financial advisor certainly can help you determine how long term care will be paid for. Either from your own assets from long term care insurance life insurance possibly an annuity so planning an advanced really keeps you in control. They don't remember you've spent a lifetime. Earning an accumulating your retirement savings. And when the time comes for retirement you want your money to provide you with a comfortable lifestyle and a reliable and predictable income stream. He might also have other desires such as creating a legacy providing for your loved ones. When you're gone to truth is it takes more than just money to fulfill those needs and desires. Your income your plans for retirement your future health care expenses to continue to accumulation of your assets. All rely on one thing and that's the decisions that you make. With forces like inflation market volatility and fluctuating interest rates working against you. Knowing what to do with your statement has never been more important so he gave us a call the next fifteen minutes gonna custom designed for you and easy to understand financial review. That will indicate if you're in need of a full blown financial plan there's no obligation or cost for this initial reviewed all callers who have at least 200000 dollars saved for retirement. So if you meet those qualifications. Here's where you can expect. First I'll analyze your present portfolio to help you better understand the rooster taken. And what's caution you work with your current planner advisor a show you how to protect your investments and keep more of your money in your account. If necessary I'll create a customized lifetime income plan using proven strategies and techniques that could Turbo charger retirement income. In short I'll take the guesswork out of financial planner for you so for all the caller to call the next fifteen minutes Walter a comprehensive financial review and be an offer would no obligation. And it's easy to get in touch she just again of the phone right now and call Richard and 800. 6465996. Again that's 806465996. Let Richard know that you'd like to meet for that complimentary financial review. And he'll be sure to set that time on the calendar for you to come in and have that complimentary. Conversation with you a look at where you stand right now. And then find out what you need to do to make sure that you're headed in the right direction. In the future how can you get from point a to point B and retirement and that's really the question that Richard will help you answer. 806465996. That's 806465996. Richard has offices and hunters hill and Iraq kill as well serving you throughout the Charlotte metro area. Remember I liked two out called the three c.s that you want your financial plan meant to encompass. He wanted to be comprehensive in that no stone is left unturned you wanted to be customized to your individual needs goals and wants in retirement. And last but not least he should be able to get a complimentary. Financial review in the process as well those are the three c.'s customized comprehensive and complementary. And you can take advantage of that kind of planned by calling Richard right now at 8064659. 96. If you get the voice mail no worries that leave a quick message and. Richard will be able to reach back out to you to set aside that time on the calendar. 8064659. 96. Stay with us much more coming up on today's edition of the financial symphony what are some other things in the financial world that. You ever think about often we get through my head. In more coming. Did you house produce more milk when listening to relaxing music. That's according to a study conducted in England in 2001. And reported by the BP's feet. Did you also know that people achieve a higher level of financial satisfaction while listening to the financial symphony. I was never recorded by the BBC primarily because we made it up like keep listening anyway. Who we are marching right along here on the financial symphony today Alter strolled alongside Richard future rally investment advisor representative at Carolina. Retirement resources so glad you're with us if you're in Charlotte metro area this is the show for you if you want the better plan in place for your financial future. Richard we'll tea all about that coming up on today show yes offices and hunters Phil and in Rock Hill also if you wanna come by and have a conversation about your financial plan it's convenient and easy to do so. Keeping up the phone give Richard call at any point in time at 806465996. Again that's 80646. 5996. We've been talking on the show today about those things that don't matter. Until they did things like legal documents long term care protections were two of the financial examples that we gave a little bit ago if you're just joining us and we initially were talking about you know the things like fire extinguishers are airbags senior cock. Even the smoke alarms how often are you thinking about those things. Probably never until you see this fire extinguisher showing you know that red mark saying hey you replace mayor when the smoke alarms arts troupe and action. I've got one of those Richard the smoke alarms a quick side note here one of those ones where it's really hard to get it to shut off. The south of battery ones we industry of the battery out you know it's hard wired in and and of this keep chirp and interpret. Hate. And I like the batteries he had a better tonight schedule more control them. Fun and in my mind security system has. Fire protection as well so I have a combination of they yell that's helpful I guess he's got a couple fail safes I think they collar. Birth so that's couple examples of those things that you don't really think about them off to mature glad that there there. Another element that falls in this category Richard and maybe this sounds obvious but life insurance. Men may be nothing more fits this category. Then when it's there it's never fun time when you're tapping into life insurance but boy it's gonna be a huge impact in a great help to somebody. And it's true you know nobody likes talking about life insurance. And you know most of you don't even like to stereotypical. Person. Who sells it you know but when a loved one passes away. It suddenly becomes very important so many of you especially retirement don't view. And life insurance as an essential or even a vital component coverage harmony complaint. When you see life insurance primarily as a way to protect families. From the early loss of a breadwinner adorn your working years however. Life insurance has the potential to be so much more properly utilized in a comprehensive retirement income plan. You know thinking about financial protection. And retirement can seem overwhelming at times but as your life changes so does your financial situation. Unfortunately many of you don't fully understand nor appreciate the value. And the benefits of life insurance can represent as a part of your retirement plan. Don't have an correct type of life insurance. And the appropriate now life insurance coverage or retirement. May satisfy multiple financial objectives you know he can help replace lost income he can help replace the loss of income. It could provide tax free cash you can help manage taxes. It can provide tax free cash for long term care and terminal illness and even improved a total returns in a portfolio. You know in my opinion life insurance needs to be a part of any solid retirement plan if your families dependent on your retirement income. For example you can't invest your way out of an untimely death you know when one spouse passes away retirement. The surviving spouse often struggles to meet their income means. While expenses might be lower to drop and expenses were early offsets to drop in income. At minimum one of the two Social Security benefits that you receive and will go away so for many of you. Life insurance can be used to ensure there's enough money to replace any lost those security or other retirement income. So in this way you're able to maintain your current stand to live into our retirement. So make sure that you investigate the ways life insurance could fit into your retirement plan not everyone's needs are of the same. Some of you might benefit from term life insurance while others might benefit from more a more permanent like insurance. Still others might not have a significant need for additional insurance. For remember life insurance can provide more than just protection Goran your working years picking continue to provide protection and benefits throughout retirement. Life insurance obviously makes this a list of things that don't matter until they do. One more example we can give via on today's show in this and kind of takes things a little bit different direction. This is a lifetime income stream so what about lifetime income streams this is something we should be. Building towards for a long time Richard but unfortunately it's also one of those things it doesn't get a lot of forethought. You know as long as you have access to draw upon Walter it doesn't matter if you have like Tommy country's built into your retirement plan. But if market losses combined with withdrawals drain your asses to zero. Yeah he'll be very thankful for your country like Social Security pensions rental income or annuities. You know when you really think about it don't do its basic level. You know retirements all of Bangkok. You know it's primarily about determining how you choose to replace you work and pay check when you stop working. It's also about to find and how your ideal life will look after you no longer have to work. And how to create a plan to get to decide deal. You know do you want to travel the world. When you do your work or we hire someone so you'll have more free time. Where do you wanna live. When contemplating retirement you must make a lot of decisions and one of the most important decisions as how you replace your work and pay check with your retirement age. You know to live your ideal retirement requires that you created a steady. Predictable income that will meet all of your needs to question is can this be done well you've saved enough money can be. But you must avoid the mixed messages and a release information from people that are only looking to make a quick profit. And aren't looking at your bottom line not often we become brain wash. Against the very products and investments that can create this predictable income to whether your wealthy your average where your retirement assets are modest for massive. The challenges how to create income from your retirement savings in such a way to ensure that your money will last as long as you do and and how you do this in the face of an unpredictable economic environment over many years or even decades is extremely important. So bottom line is is that steady predictable income is a must for you to live the retirement that you desire and want. It's possible to achieve reliable and predictable income with the right financial product remember. All financial products have their pros and cons. And the art and science are being come planet is a balancing act of those pros and cons to ensure that you have in common both good. And bad times. You know in most advisors will agree. That the strategies that you employ while working to save for retirement they just won't work as well in creating a reliable income that will last through retirement. And this is because of the potential effect of volatility on your statements. Which is much greater when you're taken withdrawals from your savings Kennedys when you were saved for retirement. You know when you're working in market downturns reduce sure assets but it didn't affect your income but her retirement. All or portion of your income is generated from your savings this requires a retirement income plans are structured differently than the plan use save for retirement so if you call the next fifteen minutes. And have at least 200000 dollars saved for retirement I'll talk you 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 Coleman 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 think coach of people on retirement plans for a long time and I've learned that it's really easy to procrastinate get distracted. So if you don't start the process now there's a very good chance that your not gonna do it at all. So 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 part from there it's really not a painful process so if you're ready to get a plan in place go ahead and give the. Caller right now this is the number to dial to get in touch with Richard future alien get that complementary review of 806465996. And again that's 800. 6465996. That's a number to call to get in touch and have this conversation. About your financial plan where you stand right now and how I gonna get to where you need to be in the future. It's simple phone call 806465996. Sir you in the Charlotte metro area Richard has a lot of years of experience helping folks just like you. Figure out how to put the best foot forward and had to get the best retirement plan in place for yourself. If you are tired of sales pitches and double talking just once straightforward information. Guidance and advice reach out to Richard future rally right now again that number is 806465996. Call that number and set aside time on the counter to meet with Richard here in the near future. 8064659961. More time in number to call for this complimentary financial review of is 806465996. Well Richard we appreciate the time as always thank you so much for joining us on today show and Lola Ford talking to you next week thank you Walter. Appreciated as always at church preacher earlier local financial maestro here in the Charlotte area with offices and hundreds Ville and rock killed if you'd like to get in touch. They got the phone right now and call 80646. 5996. Thanks for tuning in for Richard on Walter looked like you next time on the financial symphony. 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 him. A registered investment advisor BCM and Carolina retirement resources are independent of each other.