What Can We Learn From A Band About Money

Financial Symphony
Saturday, February 10th

Answers to your retirement questions.


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

Though financial symphony. Harmonious financial plan and getting your portfolio into it so sit back while always strike up the the financial simple it's starts now. Hello and welcome into the financial symphonies thanks for tuning into the program today. Martel in your host alongside Richard could surely. He's an investment advisor at Carolina their retirement resources. Serving you hear the Charlotte metro area from his office in hunters hill North Carolina and Rock Hill South Carolina. You can reach out to Richard by calling 806465996. As 8064659. 96 call that never get yourself unemployment on the calendar to commit and talk with a Richard which really. And it's your financial and retirement situation. Richard will commence sir aria from Denver market creative I'm hanging in there who have that you're having a good day and it's a great deal was present at Beth at at at. Yes what's been going on now this week it's any kind of uninteresting wheat to has lemon that's return business when we allowed to talk about here on the program today so as we always do. Let's start off the show with us some questions have been sent into the program from around the area. So let's see if we can held out a couple of folks with some things to think about. First one is from Howard Howard's over Cornelius. He writes any says hey Richard how much long term care coverage. Is recommended it seems they're just so many options hundreds of them actually out there. Yeah you know mark we know that the average 65 year old cannot ever really good chance having incorporated says hi is like 70% chance. Well above median long term care is the age so obviously being prepared to cover those expenses is very important. And now you're a long term care insurance is one option so. You know but the cost long term care varies greatly even with the same exact situation. The cost you could get quoted with one insurance carrier can be significantly higher than another. And the if you insurance agent convinces you to buy all the bells and whistles. They know your premiums will likely go higher as well also you know with long term care insurance certainly pays to shop around and get a number different quotes. How much should you body. Well you know the average cost that I like to think in terms of how much things cost and how much money I have so. You know I if you look around the average cost for private room and inertia home going to be anywhere from DeDe. 2350 today in today's dollars but you know. Tend toward your daughter or is going to be much higher the average monthly base rate today in the system Livan is about three to 4000 dollars a month so you know this type of care is expensive. And one on one easy way to calculate. A daily benefit. Ties to take the average cost of the care where you live in this case listening Charlotte. Subtract that from your daily income so if you're earning 3000 a month. And you know your daily income is a hundred dollars a day if the nursing home in this area is constant 300 dollars a month. Then you need to purchase to honor our day benefit from long term care policy. Anyone a look at you know that period of time that the policy cover version oh you. I don't think that the average person needs to have an unlimited policy the shortage period you can get is about two years. And I don't forget the longer their coverage obviously the higher premiums so here on my opinion most of you don't need lifetime coverage so good length of time. Would say obese a five years. But if you're the type of person that doesn't like the idea of paying for insurance. You know something that you may never used you might wanna consider life insurance contract that has an accelerated death benefit. This writer allows you access to the death benefit while you're alive for nursing home expenses. And if you never need to go to nursing home and there's no need to cover those expenses and and you passed away in your beneficiaries. Received that death benefit income tax free. Well how are they young couple allow sensible things to think about here on the program from Richard who surely thanks so much for submitting that question. We certainly appreciated 806465996. To have one on one conversation come and talk about it more in deftly. Richard how about we got to hear from Kenny she's in Charlotte. And she says Richard we are both 63 years old and we haven't saved very much for retirement in fact honestly we haven't saved really anything at all. But we're about to sell our farm to a younger family and the sale will net just under. A million dollars will need to buy a house to move into but other than that what do you think we should do with some of this extra money. Well. You know that's just not like black and white answer here I mean obviously everybody situations different. From my experience however you know many times when family sells farm. That has depreciated in value which is equivalent to save him so I I think that you did save for retirement some extent. You know you end up paying taxes on the sale of your property. And a lot of times these individuals on the inferior returns. Because they're attempted to park their money. And things that they're comparable with like you know maybe more land or at 1031 exchange something like that or in this case a certificate of deposits possibly. Even though Landis served your family well it may not provide the cash flows that other investments are designed to. You know like why CPAs are safe investments. But they don't provide returns to keep pace with the rate of inflation over time. So you know it sounds like he need a financial plan penny. I think now that you're going to be retired. From the farm you need to at least. Look at how are you gonna pay your bills you know and how much income you're gonna. Require you wanna make sure that that income last the entirety of your retirement years. You know if you think about it another 2030 years from retirement is a distinct possibility. For some of us can also have a plan is really really important. My suggestion would be that you meet whether advisor. Another can help you with the purchase of your new home maybe help us determine your regarding company's established maybe some legacy plans that you have. That you'd like to address provide advice on health care tax is. And just help you to manage that continued accumulation of your assets. You know remember retirement income plan is gonna be different than an investment plan. When you're retired primary concerns are reliable and come and to ensure reliable income you'll need a plan and the help of the financial professional. Well Kenny thank you so much for the question good luck with the sales. Of the farm and as Richard says certainly sit down and talk with a professional. I feel like three John talk more in deadly with Richard go ahead and colony 106465996. He is an investment advisor. And Carolina retirement resources this is the financial symphony. And again he'd like to reach out to Richard good to really give him a call 80646. 59 F nine. And he's says Richard I'm wondering. When the next drop will be in the markets I lost a lot in 2008 bombing out of all back and I just don't think going to come through something like that again. I'm inclined to get a cash what do you think sounds like the blitz earlier this week got a Emma. Well I think so I think that you know hey you know huge Ferris 2000 natives understand Soriano. But you know first I think I just don't know when the next bear market is I don't believe that what happened this week. He is and bear market territory I don't believe that we're going into bear market I believe this just corruption and just a room briefly corrections were. Are definitely good for the market good for you know an increase in market as time goes on. But here are some things you might that might help you qualify where it is and I'm saying and you know do you look at January and there's like some seventy million dollars went into the market and these are a lot of people that were sitting on the sidelines. That decided to get back and remember there's other things going on the world there could be a part of that seven million inflow into the market. You know so this recent pullback. Hi it's me it's not surprising end to advisors didn't seem these things happen over and over again in the markets. You know the market never go straight up you know what's gonna fluctuate you're gonna have periods of time to work goes up we're closed down. But what you wanna do is avoid those deep losses in the market you those who were eight years into the second decade of the 21 century. And worth 30 years into Central Bank. Supported asset prices you know if the next two decades or anything like the last three. You know already sky high stocks and government bonds are gonna probably go higher now don't know their for sure but. If they continue to do what they've always done and we're probably gonna get the same results. Eventually I believe that we will have another financial crisis but in the meantime. I expect to see some pullbacks you know in a pullback is a five to 9% drop. But I wouldn't be surprised to see a couple corrections along the way as well you know correction could be anywhere from ten to 90% drop. But you know there are some good news to you got all of this untaxed repatriating cash coming back to the US. And now you know I believe that a lot of that will be used to invest in the US economy. Com and also be used for share buybacks and and paying dividends all of which add further upside pressure should markets. You know if you look at apple apple announced that they're looking network bringing back 245 billion dollars. And we know that there's about 2.5 trillion stashed overseas so. You know that's a lot of capital that will be coming back to the American economy so I think that bodes well for the stock market. And we still have the Fed and other central banks use emergency measures. So listen you know there's flight capital from yurt or negative interest rates in Europe negative interest rates in Japan while flight capital commentary US stock market. You know if you're using strategies that manage the risk first and foremost and your maximum draw down is between 1015%. Can I would stay invested I was just ignore all the noise out there enormously invested as things stand right now. Your market was long are we due for correction. You know historically the market has experienced a correction 50%. Or more every 700 to 750 days I mean this one is like 2350. Days and counting you know so world by at least last week anyway. But in on eight to 10% decline sixty's it's relatively rare. I'm not too concerned about it. So you're gonna stay invested for the final stages this bull market you're gonna have to tolerate some of these why you should know when when you get to the top of the bowl. It's still has some room to move up word but there's going to be some volatility you're gonna see some temperature drops here and there may be true to reach. But you will eventually hit their peak and hopefully at that point in time the program does the portfolio that's been put in place for you. Will be able to handle the next drop and protect your your assets and capital preservation but. He short you know this is what I do on a daily basis and this is what it would makes you so passionate about ensuring that you know my clients well prepared us. Cannot be offering you a couple Marie financial review can anyone. That has at least 2000 or save for retirement to make sure that you are well prepared as well you know talk about a lot of different things. You know your your desires your needs your goals for retirement a look at your retirement income needs where that income is gonna come from how he'll outpace inflation. How you pay as little as possible and taxes and make sure that you don't outlive your money. Now you might say I don't really have to call the next fifteen minutes and yes that's true you could probably take care of it next week or next month but here's the deal. I'd be coaching people on retirement plans for a long time and I've learned that it's easy to procrastinate get distracted. So if you don't start the process now there's a very good chance you're not gonna do it at all for for the first coach and I'm gonna give you I'm gonna encourage you to take a first step right now. And for almost everybody that's the hardest part so if you're ready to finally get a plan in place give us a call right now. And then number to call is 8064659. 96 to take advantage of this great opportunity for ritual foods are really 806465996. Call that number. Give yourself an appointment to symbolic countered come in and talk with Richard could drilling investment advisor Carolina retirement resources. Here in Charlotte metro area 8064659. Times six is this the financial symphony Mort don't have good. It's time for another musical connection. Where we blend the worlds of music and finance together. Here is a friend of the show financial advisor and musician mark glory and we have Iran's style. Its mark on it is time for another musical connections and and and you're gonna love this topic of conversation today. We're talking about rock and roll music and let's focus on a one man band. We'll head count on a lead others did some artists out there who actually played every instrument you know on some earlier Paul McCartney songs yeah exactly that The Beatles he played every instrument on the on the album prince has done that his friends is done that many time yeah as multi Nationalists. But I want you didn't name if you would your favorite musician in each of these categories have for small. If you could name your favorite lead guitarist who would that well huh. You know I grew up in the days of Led Zeppelin so how can you go against Jimmy Page you know from the yard birds Eric Clapton's another greatly guitar player Jimi Hendrix Jimi Hendrix thing Stevie Ray Vaughn there. He's a lot of good ones out there world's Fulham have a close Santana and the old man awesome how about. Your bass player who them. You know my musical mount Rushmore has Paul McCartney. One on here that might surprise you look at John McPhee. It would matter what the PC. He's gone understated you know the guy you never even though he's old he's gonna put Lindsay bucking him on the on guitar yeah that guy can play classically the play anything can you play anything you write and got an unusual way of doing too. You're drummer who Mick Fleetwood especially at that if you let down their job bottom for Led Zeppelin Ringo and I broke a Beatles say and even know Ringo doesn't play a lot of pain at C drums and thought he was what he plays it. If you listen if you interview drummers they love ring goes drumming because it was so peaceful yeah yeah and you know it's. You can tell it's him to you know you listen to it you can tell a very unique that's right how about your frontman who would have me. Moon. What are result of a lot of front men army and a lot of Aerosmith fans out here so Steven Tyler young Guns 'N Roses got axle rose from Guns 'N Roses. You got some people that Mick Jagger from the stone dead if your mom go from YouTube there. Excellent vocalist yeah pal but you're keyboard player. Object to us that this really. This morning here is you know near and dear to my heart since I play keyboard over wellstone church though this could here's near and dear to my our. I've I'm big Billy Joel's and every time I go to New York I always try to plan you know two if he's playing in there at the at the garden go in and see and so how about Elton John Elton John them on the one community college two year farewell port Hamanaka hey here's another front man for you Justin Timberlake. Yeah Super Bowl there I don't know yet paying out one more keyboard player that I wanna throw it near you might not think you're -- how about the fifth beatle Billy Preston. Ali yeah. Awesome yes absolutely it was listens to some Billy Preston Knowles a travel and Orlando few weeks ago that I listen to Billy pretzel way down there absolutely now those are all. Some great musicians no question about that nothing about how old lane the music would be if he resist that one person playing her singing by himself without the rest of debate. I know that you're gonna make a musical. And financial. Correlation here so tell us what we can learn from that. Well very simple you can't have 11. Of those musicians we mentioned do everything in sound is the best that they can be. Just like you do in your portfolio you don't meet one stock. One kind of asset class Loma talking about if your whole portfolio as the S&P 500. Whoa. You've got a problem here first of all you got a huge roller coaster. That you know if you take a look at the long term return for the last seventeen years it's a little over 6%. Are you kidding me you could've gotten a lot more gross. With a diversified portfolio. That was invested in a lot of different kinds of stops. And a lot of different kinds of of investments and asset classes and if you're retired you don't need no where near that kind of risk. You've got to bring the risk now but that doesn't mean you can't still make good growth. You can still have your cake he needed to it just doesn't need to be all in the stock market. And those target funds out there that are. In bombs and things like that that's not the answer either so you've got a target Poland that's the portly forty target fun. You're missing out on other opportunities where you could be getting. Potentially more growth and even bring the risk down more. But you've got to learn how to structure a portfolio correctly. And we don't mind helping you do that will do an analysis on yours and they show you how to fix it Ron tell the folks how we can help them. Will this situation. Dispute at the following call 806465996. That's 806465996. Didn't get a complimentary review of your financial plan. Just call now to take advantage 806465996. It's remarkable sometimes the emotions and feelings music brings to our daily lives. It was there for graduation. On her wedding day. And sometimes even resonates on our darkest days. So as you look back on life and remember the music strikes or take a moment to look forward to your retirement. Look at any time ripe with uncertainty. Oh will be a time of Julie. If you're in a spot now where you don't think your current plan deserve that kind of celebration when you reach retirement. Think it's time to get a second opinion come visit with your financial my strength Richard materially. Serving the Charlotte metro area. Call 806465996806465996. It's time for a fireside chats as we get to know you're the local. Financial symphony maestro. Well it's getting to know you time here on the financial symphony that part of the show we step away from the financial center for just a moment or two. And get to know Richard a little bit better outside the financial realms of today's question Richard inquiring minds want to know. What's an idea innovation or invention. That you'd like to see get developed in the next ten years or so. I don't know think you do next ten years been okay. Heidi would be pretty cool until importation you know like beam me up Scott will hanky ask family fun we can eliminate all forms of transportation have our own little complication divisive. And we go wherever we decide to do just plug in the address like look we do on these are Google Maps and boom you're there is no gridlock grave of a grade his prime never gonna happen but hey that would be cool. I think there there was very cool what you see earlier in the week more than they guy from Tesla that Elon Musk he's. He's doing some interesting stuff he's the early in the week where they had bizarre rockets they sent up in the space and two of them came back down and re parked themselves on the on the launch platform that was new and I guess they put one of those Tesla cars in space with with a little guy insides. Yeah it's true either that interest and you know it see you consider because. Battery technologies just get better and better general contour and matter of time. Before we're driving electric vehicles we've ranges of war for 5500 miles and they do that. I'm always I'm electrical power there you go that's are getting today this week. Always something interesting going on in the world and put the lights at. Poke around that will be here on the segment of the show we'll get back to the financial chatter with the Richard. Is just a moment so don't go anywhere this is the financial symphony. Johnny cashes estate was approached by an advertising companies asking permission to use the ring of fire on an ad for him right green. The request was freaky. On a similar note here's the financial symphony we requested that Johnny Cash the state allow us to use Folsom prison blues is our theme song. That request was also reviews. But keep listening anyway. Well your back here with a on the financial symphony with Richard pusher railing. Investment advisory Carolina retirement resources. Here in the Charlotte metro area 806465996. That is short number to call to get yourself on account there. Human have a consultation literature who surely. At Carolina retired resources go ahead and pick up the phone don't resonate you have to wait for the show to be over which is why we give it out so many times we know we're gonna catch you when your busy and running around doing things today so go ahead take fifteen seconds call that number. Get on account to commend talk about your specific situation. With Richard 8064659. 96. First it was talk a little bit about common mistakes here for the program there's a lot of common mistakes obviously the UCL a time and time again by retirees. And a pre retirees so I'll thought a couple things what is kind of discussed legal bit engage or take on them. Right off the bat since we have had little blips earlier in the week. Some people one of thinking well yeah maybe I should go to bonds because it's a safer investments are considering as an alternative what's your take on that as items take. Well you know there's a difference mark between less bolt hole and say look ons might be less ball told in stocks. But they're certainly not without downside which means they're not safe. When interest rates rise those of you invested in bonds and bond funds may see significant losses and add on component of your portfolio. Remember bonds are debt obligations issued by corporations or governments and when you purchase an individual bond you're essentially a lend money to be entities. Force stated period and in exchange. The entity will pay you interest until the end of period the maturity date when you were received your original investment back. Bond funds are mutual funds. They invest in bonds so bond fund can be considered a basket of dozens or hundreds of underlying bonds. Within one bond portfolio. For example of corporate bond fund. A war primarily hold bonds issued by corporations so it's true that when you buy a bond you receive a fixed payment overstated period of time. But the price of bonds can go up or down so if you want to sell your bond before church. And the price has gone down you'll end up receiving less than the principal amount you invested meaning you lost money so bonds as an investment. Aren't necessarily safe anymore than stocks were unnecessarily risky. So don't make the mistake of thinking that bonds and bond mutual funds are not risk free for talking about common mistakes they're on the program. What about not protecting ourselves against long term care needs Richard we actually had an email questions sort of similar to that earlier in the program. Thoughts on that Dell long term care you got to remember it's what you may need. When your not able to. Care for your shelves because of either physical or cognitive impairment you know most people equate long term care when nursing homes. And we all know that the cost of this cares very expensive. And so a lifetime of retirement savings can be completed rather quickly create the difficult scenario for the remaining spouse. You know for many. The expensive get a long term care insurance is enough to convince them. That they don't really need it and they can get by without it you know and for others you know traditional long term care insurance just might not be the best answer. But that doesn't mean that you shouldn't have a strategy for how are you pay for long term care expenses if you should encountered them. So how do you protect yourself against the possibility of long term care obviously the first thing you can do is buy a long term care policy if that's what you want to do. If you're younger you have time on your side you might wanna consider. Health savings account you know what's nice about health savings account is its tax deferred. Okay and it grows tax deferred but if you used for qualified health care expenses it comes out tax free. I like to call HSA's a glorified. Higher rate. Other ways to maximize tax efficiency and reduce cost for long term care. Well you can do asset base accounts you know we mentioned life insurance on a regular basis on the program. And you know you can fund your long term care expense as usual life insurance contract that hasn't been accelerated death benefit. And if you never need long term care benefits than when you pass away your errors were received that. Death benefit income tax free so in my experience how many do you have adequate assets to fund your basic retirement needs. But an extended long term care situation. Could certainly derail your retirement lifestyle so don't make a mistake of not playing for potential long term care later in life as the expense will be much much. Higher than it is today and listening to the financial symphony with Richard to a surely investment advisor Carolina retirees sources. 806465996. And number call. 8064659. 96. Richard I'm finally are a third common mistake here to think about on the program for week. Head out to break is of course not guarding ourselves against market decline and if anything that's what this week kind of showed us. Is that people's tend to see coming like that and they get very panicky here. It's true those individuals are individuals I have all of their money in the market so it just depends on the plan that you have in place. Some of us believe that all of your funds. Should not be at risk you know with some lessons prefer to different strategies in retirement. You know if you're taken too much risk. And you're still invest in as if you work in the receiving a paycheck. You know that's just the biggest mistake that I see with my retirees. In the marketplace. You know no one can predict what the market will do over appears twenty years or more. And since you can't predict what will happen you need to prepare for both good and bad economic conditions so. You know simply put the strategies that work for you want your work and saving for retirement they just may not work. For you in a retirement especially with respect to create a reliable income. That is designed to last a lifetime mirror retirement represents a fundamental change your life. And the potential for losses of your assets and the income those assets create is very high. When you're saving for retirement market downturns we do sure assets. But they don't affect your income you still receiving that paycheck month after month but when you retire. And all or portion of your income is generated by your assets. The impact of these market downturns becomes much much greater so. Aboard in the financial markets is just not a solution for most of you especially if you're gonna keep pace with inflation. And also retain the opportunity to offer additional growth so that you can have additional income later in life. And to do that you need to have planned the structured differently than the plan you had when you were saving for retirement. They're one approach to that is to simply ensure that you'll always have you can you need to remain comfortable no matter what the market does. While maintaining the opportunity for growth torn good economic times. This balanced approach. To create your retirement income uses two different strategies. A strategy for income and strategy for growth. If you're not sure that you're on the right path. On how we should be manage your retirement savings going and give us Cohen next fifteen minutes no 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 review all caller we have at least 200000 dollars saved for retirement. So if you meet as qualifications here's what you can expect. First I'll run a mortar store analysis and comparison report to help you untangle what's cost you to work with your current planner. We'll also take a look at how your portfolio may performed on a severe market downturn. I'll show you how to protect your investments and keep more of your money in your counts. We'll also take a look at your taxes. Is there any way that we can possibly reduce your taxes and increase your cash flow. And finally create a customized lifetime income plan usually proven strategies and techniques that could Turbo charger retirement income. In the short or take the guesswork out of financial planning for you so for all the caller mark who called next fifteen minutes to comprehensive financial review and be an offer would no obligation. Plus a great offer so let's go ahead and take advantage of it 806465996. That's the number to call a make it happen. 80646159. 96 to talk and Richard which are really a Carolina retirement resources. We've been discussing some common mistakes we come back a little later in the program will continue on this conversation. But at making every jockey Richard now on 806465996. You started today get that review underway complementary to give my call 80646. 15996. This is the financial center. We all see the finished product to the music superstar. The sold out performances the TV and magazine covers and the eventual acceptance speech have been dreaming. Like you don't often see is what it takes to get to that stage. Hours and hours of practice been traveling the critics see improvement. All this little details happen in the background without us noticing and you know legend George I need to maestro takes together a financial plan for you are in much the same way they make the process it's easy for you on the surface. And you'll get some marveled at the finished product. Your client now. But don't forget about the all important each killed an effort has been going on in the background to wrap your financial masterpiece. And remember your plan should be being beauty come visit with your financial my stroke Richard picture telling. Surfing the Charlotte metro area call 806465996. 80646. KB 996. Wherever you go there I. Following. Their team still thinking alone continuously nibbling away your hard work. Yeah okay. Don't be afraid of hidden fees in your portfolio. Come in to meet with their financial maestro for review of all the fees in your current plan. Let me see if we can eliminate those pesky. Didn't see. I'm. Come visit with your financial maestro and Richardson to LE serving the Charlotte metro area. Call 806 point 65996806465996. Strap him. Well here on the financial symphony in the news time Latin Grammy topic or headline it's been making the rounds lately. Toss another refusing give his opinion on this. Richard obviously now that he's had some time to digest this what's your opinion of the new tax bill and how do you see it affecting clients. Moving forward one thing that stands out for me in the new tax bill is that it confirms the legitimacy of a backdoor method of moving funds. He to a Roth higher rate for those individuals. Who have a large income and are not able to contribute to raw fiery find like that concept they're like the fact it's been legitimized. You know the backdoor method consistent make him a non deductible contribution to a traditional hire ray and then converting that to a Roth IRA and I know it sounds. Gimmicky if you're not you're not familiar within but the new tax law validates it so you're adjusted gross income exceeds certain limits. And you're not able to contribute directly to a Roth IRA. You can contribute to a traditional IRA convert a traditional diary tour rob fiery. Another area marked us down I got my attention is that. The new tax law eliminates or cuts back many itemized deductions. But it doubles the standard deduction that you can take instead of itemized deductions. You know charitable contributions are are you itemized deductions. And because of these changes few people will receive any benefits from mid and those who do how many were received less tax saving value but. But what they can do is if you're you have an IRA your seven and a half in your required to take a minimum distributions. You might wanna consider funding term we'll donations who qualified charitable distributions are cute she peace. You know these contributions are transferred directly from your higher rate to a don't qualify charity and not included in your income. So don't go there are two things that I IC in the tax code that are gonna help my clients tremendously. Well certainly a lot of this to digest in there. And as you mentioned earlier the programs some of these corporations artists on the clear. In doing what's gonna happen with some of the tax bill so we'll see how it plays out as the year rolls along but that is our in the news segment here. On the financial simply with Richard crew drilling 80646591960. Back. After this. Timing is everything. In music as well as life. Having the right tempo and rhythm helps all the musicians in the connector locked into place and ensures smooth and steady performance. The same can be said for your financial future where timing is everything. Having the right person to guide you through your financial concerto can make all the difference timing. And tempo in life in music and in retirement. Is everything. Come visit with your financial maestro and Richard materially. Serving the Charlotte metro area. Call 806465996806465996. Much like the musicians 1980 its mistakes and their instruments were analyzing the acoustics of early in the for a performance. Your financial maestro fine tuned to 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 serving the Charlotte metro area call 806465996. 806465996. You're listening to the financial company. They show that makes your your financial plan at that perfect fit. What we're cruising down the homestretch here today on the financial symphony thanks so much for staying tuned into the program. Mark Killian here alongside Richard good to really investment advisor. At Carolina retirement resources. Serving you hear the Charlotte metro area was an office in hunter's bill North Carolina. And Iraq kills South Carolina you can reach out to Richard and 8064659. And 96. As 806465996. Caller never get yourself unemployment on the calendar. Command for a consultation with a richer and discuss your specific financial situation. Animation that you headed in the right direction when we left off earlier programmers who we were discussing some common mistakes that retirees and pre retirees. Seem to make time and time again so take up with a couple more of those as we round out the program. For this week another common mistake is maybe assuming that one particular financial tool. Is either a always good or be always bad when it be nice severe emotional black wig that's overload. You know I mean he's just look at the investment strategy urges retirement plan and you say well that's. That's a great plan but that's a bad plan you know but but in reality. That great plan may be great for some people but terrible for a version of so you know for most of us. There's really no single financial product. Or strategy that will solve all of your retirement needs and wants. For most creative retirement income requires a combination of different financial products different financial strategies. And all financial products and you think they have their pros and cons that's just the way it is you know the art and science. A managing your savings or retirement. Yeah it's somewhat of a balancing act of those pros and cons and the goal is to ensure they you have sufficient income in both good and bad economic times. The other two phases of retirement Jersey accumulation phase and then there's the distribution phase. And most professionals agree that the strategies that work for you while you were saving for retirement just may not work as well for you in retirement so. In retirement and you know an important consideration. Is how you create your retirement paycheck you know you'll likely have social security and maybe a pension for most of you. He'll need to generate additional income from your statement shows so the question is if you know what's the most efficient way to do that for example. You know many of you have negative views on annuities and many of your advisors have a negative view on annuities as well. And annuities aren't for everyone but they do have their place for many people that need to transfer risk and received contractual guarantees. You know look at it this way if you're so fortunate to have a pension and provide you with a lifetime income stream. Then you have an annuity and how many of you have a negative view with respect to pensions you know for those of you that aren't fortunate enough to have a pension. You can allocate some of your retirement savings to an annuity you create your own pension. Annuities are that only product available that will guarantee you won't outlive your money. But yet on the radio TV magazines you'll hear people screen. I hate annuities. But I knew these are just fine for the right situation to write individual and a right circumstance so keep an open mind. Too many people make a sweeping generalizations about certain types of tools and strategies. He's a problem right and offer product or approach that may be good for you while insistent on financial products and strategy is not a good fit usually leads to undo stress. This is the financial symphony with Richard Fisher really that's who you're listening to right now as we're talking about some common mistakes that retirees and pre retirees make. Into retirement if you liked talking Richard about some of these common mistakes reach out to an 806465996. At 8064659. 96 you know on the program they recovered a Fino a good amount common mistakes richer we talked about. It considering bonds to be a safe investment maybe not protecting ourselves against long term care or market declines. As well as obviously just leave one putt financial tool being. Either good or bad and its entirety. So obviously the final kind of rookie mistake or pre retiree every mistake you might see. Is just not having a plan where you have all these. Moving parts and facets together and pulling them together in working with a an advisor to get a plan that's gonna help you attain the goals that you want help. That's true you know it's one thing I have a plan and he's so that we can. It's another thing not to have a plan at all and more people fall into the second category than the first in almost people spend more time plan their vacations. And they spend plans for their retirement and because of this. Most review have a vague understanding. Of what you need to do for retirement and not knowing what to do or how to plan parade. You know it makes it really easy to avoid we're just simply put off you know the truth is. Is that it takes more than money to fulfill your needs and desires and retirement. You know your income your adventure travel future health care expenses to continue to accumulation of your assets after you stop working and drawn paycheck. You all of that relies on one thing and that's you. How you approach your retirement it impacts your income to taxes your asses for so after two. Your financial stability in the future your legacy you know and it's true is I'm among many advisors that one hour of organizing your assets. Can be worth more than the entire lifetime of work and say even when it comes to retirement. You know it's been said that most people don't plan the fail they just failed to plan you'll think it like this. He took the time to choose your career your education and your employment and the time and talent and develop your skills said. Decisions were made and then implemented. While creating a retirement plan requires the same craft in and cared that you put into your career your situation is unique it's not the same as the guy next story. Yeah you need your retirement plan that reflects your needs not your neighbors. And in my experience the biggest mistake you make in retirement is invest in his if you are still working and we. She gonna pay check. So to build any thing he need to have three things you need to have a plan you need to have a process and you need the help of a financial professional. It'll all boils down the fact that all the pieces of your financial puzzle need to fit together. So I'd like to offer you the opportunity coming 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 you about all the different puzzle pieces you do need to consider you know for instance how much risk you take in your portfolio. And is that amount of risk appropriate for your age and for the amount of return that your actually get them. How much are you paying in fees and commission with your current plan. What about your tax implications on your statement is there a way to save money in taxes down the road bike plan and proactively today. Do you have an income plan in place to be sure that you aren't in danger of running out of money if you end up live in thirty or more years in retirement. Do you have a plan to address inflation in future decades as the cost of everything continues to rise. Obviously there's a lot 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 are 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 you. Okay reserve your spot by calling 806465996. At 80646. 5996. To get yourself on the calendar wasn't Richard who surely investment advisor at Carolina retirement resources. Serving us here in Charlotte metro area from his office and hunter's bill North Carolina. And a Rock Hill South Carolina. Each and every week you're on the symphony which kind of talk about topics and ideas to get you thinking in moving in the right direction but. Until you really sit down and talk about your specific unique situation you won't get a clearer picture and that's what you get if you come in take advantage of this opportunity. With Richard future LE 80646159. And 96 that's 8064659. 96. Richard thanks for real financial symphony in this week we always appreciate your time in your wisdom thank you mark we'll do it all again next week right here for more on the financial symphony we'll see you next time. 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.