What Can We learn From The Doors and Light My Fire

Financial Symphony
Saturday, July 21st

Answers to financial questions, and what can we learn about finances from Light My Fire by the Doors.

00:44:07

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

The following is a sponsored program on WBT. Though financial symphony. Helping you can. Harmonious financial plan and getting your portfolio in two so sit back while always strike up the the financial sympathy starts now. Well thanks for joining us for another edition of the financial symphony almost restore all along side Richard who surely he's an investment advisor representative had Carolina. Retirement resources serving you throughout the Charlotte metro area. With offices conveniently located in hunter's bill stand in Rock Hill as well give any questions at any point in time during or after our show today for Richard. You can get in touch by calling 806465996. And again that's 8064659. 96. Richard it's always fun to chat with you this week and I'm sure will be no exception on this particular show and I men who do wonder prove her you'd think glad to here that I am well. Looking forward into our show today is Graham a little bit financially answer some of our listener questions. We're gonna play crossword puzzle I mean but what gets more fun in the manner whenever it likes to and a New York Times crossword puzzle or. I guess sudoku is the big thing you know the last couple years now I don't know do you play I don't know I don't I don't do and I do my crew through them yes. I remember when I would visit my grandparents up in Maine. And you know we've they just would Graham won't be there doing her puzzles and she was just just a petition sharp as a wit they would just. Kind of rattle off answers to every possible question so we're gonna have little fun on today show the crossword puzzle is coming up that's going to be a segment that you don't want to mess but. We always like to start off the program with answering your questions he can submit those by going to financial symphony dot com gives us chance to. Pepper Richard with a couple different topics and questions to start off the show. David in Charlotte will get this going this week Richard. Dave says can you clarify forming whether I can start my Social Security benefit in still earn an income. Or not I've heard a different things and I'm confused about my options. My you know Social Security that first time you can consider taking so securities and age 62. The closure qualified. And you get two benefits as earlier 62 but if you show working and and you begin benefits six into your benefits will be decreased if you're earned income was above this threshold is established by the IRS. If you reach your full retirement age for example in 2008 came. You can earn up to 14120. Dollars per month before benefits are decreased so for every two dollars earned above. 14120. Dollars per month. One dollar will be withheld from your Social Security benefits now if you reach your full retirement age to Warren 2008 team. He can earn up to 3780. Per month. Without affecting your Social Security but for every three dollars that you earn above 3700. Million dollars per month. One dollar will be held. And only the months before the month you reach for retirement will be considered so if your income doesn't exceed these threshold your benefits won't be cut. You know income above the threshold will cause some of your folks hurting benefits to be reduced. However your benefits arm off entirely. Because once you reach your full retirement age your benefits will be permanently increase. Because of these with Holden so you don't lose those dollars forever. So if you're still working and sit down for the retirement income planner and determine the best course of action for your specific needs it's important to put a plan in place. To ensure income to remain comparable for the entirety of your retirement years. And that includes your best case scenario has to win you should begin taking Social Security kind of. Truth be a really good question their David a lot of people have questions about social security and if you are one of them. Don't hesitate to root reach out to Richard preacher alien that number to call once again is 8064659. And 96. That's 8064659. 96. I have got a question here from Leo as we top down to Fort Mill Leo says is it wise to have the trust is part of my financial and state plan. It seems that a lot of people I know have one. When are the primary reason one might consider trust is to avoid probate and keep your affairs private you know you can achieve that. By using a revoke of living trust but trust are used for other reasons and there are several types of trust dependent on your specific needs. It almost review. Will probably not needed trust you can avoid probate without the need of a trust for example your bank accounts. Can avoid probate by Phil now pay on death for a major bank. And your individual investment accounts for non qualified accounts for non higher rate counts. Can avoid probate by title when you're county ODs. Were transfer on death. And to avoid probate with your higher grade 41 K or your Roth IRA he simply named beneficiaries under custodial designation beneficiary form. With the administrator historian of your qualified account. You know I think the biggest factor in deciding whether to create a living trust is your world. At the risk of oversimplifying. The welter you wore the more you can say for your interiors by your board and probate. And the type of assets you own is important as well for example. Owners of small business or other assets that you don't want entire dorm probate might push you to create a living trust. He met there's only a small chance that you'll die soon you don't want to risk making your exact to report to a judge for your more if you died unexpectedly. So if you think you might need to trust. You know you need to do sit down within a state and professional they can help you determine which type of trust is most appropriate for you. However can understand and of the estate planning goals that are trust may help you achieve. He's a good starting point so make sure you meet with the financial professional and begin the financial planning process. Really good question there Leo I know that this is we spend so much time worrying about. Investments in return in growth and risk sometimes by the time you get to talking about. And the state plan in trusts Richard some folks just get an energy by that point and I feel like it falls by the wayside in a lot of conversations. But you know a lot of the individual doctors that take care of our retirees. Focus on wealth accumulation and don't focus on overall retirement plan and any retiree plan should include. You know how those assets that you've grown over the years are gonna be transferred to the next generation. Gap big questions when it comes to the state planning make sure that you're getting. The right kind of guidance and does some help from the correct resources and and ask those questions that's really the important part here. And that's that your doing Leo we thank you for that question. If you've got questions for Richard dutrow really again the opportunity to reach out today 8064659. 96 start a conversation about your financial concerns. 8064659. 96. One more question on the request line portion of our program where we answer. Your concerns here on the financial symphony Marshall in Moore's film has our next question. I have a variable annuity says Marshall and I just found out that the fees are very time. I'd like to move the money somewhere else but I have to pay a penalty to take it out is it worth the penalty to get away from the high feeds. Where there are some options for those of you have a very good movie contract with a very high fees. But any transaction. Their results and losses is generally not in your best interest so before finalizing your decision to eat the penalty. It would determine your financial objective to better qualified to best option for you. He almost advisors that recommend a new duties. Don't they usually do so to generate income that you can't outlive. If that was the primary reasons for purchasing your very moody. Then what you might wanna do is consider performing at 1035 exchange to a fixed indexed annuity. There are no tax consequences and not only will you eliminate those high fees you'll also eliminate market losses. And if a surrender charge or penalty fee is imposed on the cancellation or your variable annuity. You know many fixed annuities provide an upfront bonus to help eliminate the surrender charge or make you whole again. You know but another option. Would be two dollar cost average back into the market by utilizing the withdrawal provision inherent in most variable annuities you know many contracts. Allow you would draw up to 10% of the contract value without penalty. But withdraw money from a new can be costly if you make we're girl before you reached the age of 59 and a half. As you'll be required to pay Uncle Sam a 10% early withdrawal penalty as well as regular income tax on your investment earnings you know so we knew he served. A very specific purpose. And herbal duties are just one type of a new V so all annuities are not created equal you know and duties can be a great choice in the right circumstances for the right. Reasons here on the difference between making a good decision. And a bad decision to other can have a very dramatic impact on how are you retire you know the question isn't can I knew or should you put your money work for you retirement. It's how you do that. You're all boils down by the fact that all the pieces of your financial puzzle need to sit together. So what I like to do is offer you the opportunity come in for complete financial review. And I'll offer this review for free to all listeners who have at least 200000 dollars saved for retirement. I'll talk you through all the different puzzle pieces that you need to consider. For instance how much risk you take an in your portfolio and is that amount of risk appropriate for your age and for the return true again. How much do you pay any fees or commissions with your current plan. What about the tax implications of your statement 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 running out of money if you end up Livan thirty 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 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 fill up quickly so go ahead and give us a call right now so there we can be sure to get a spot reserved for you. And this is the number to called reach Richard prematurely and have this conversation about your own financial plan. 8064659. 96 again that's 8064659. 96 if you have a lot of question marks surrounding your financial plan or maybe just a couple of them but they're big question marks. They might lead to a lot more smaller question marks along the way. You did get answers to those things don't go into retirement with a lot of unknowns and again and you can get that complementary review with Richard and his team. An 806465996. Again that's 80646. 5996. I go into the process of buying a home right now Richard and I'd tell you were doing inspections Al Tawana zoo because we wanna go into. Buying this new home with eyes wide open and I think you approach retirement the same way you wanna know the answers to all of the questions that you might have an even discover. So things that you didn't think you needed to have questions about. That's that this process is all about come in have a complementary financial review with Richard. Who truly find out the essential pieces of information you need to know about retirement. 806465996. Is your number to call. You get that complementary review by dialing now 806465996. They're they're gonna with a crossword puzzle and much more. Today's edition of the plane. It's time for a fireside chats. As we get to know your local financial symphony maestro. Always love this part of the show it's called getting to know you where we ask Richard random question each week to just get to know his personality a little bit better. Richard I'm curious this week what unique. Family traditions. Does your family had weeks celebrate Christmas Eve with a feast of the seven vicious but he's he's nervous seven fishes more details were. It's well it's more of a Catholic tradition worth. You know Catholics were expected to abstain from eating meat or products derived from animals on Fridays or holy days with Christmas Eve. Being one of the designated days on which troops staying I loved it when I was younger I didn't matter from a religious standpoint so much as it did the food. That you know my mom always told me that. The number of fish corresponded. To the number of days in a week and the time it took Mary Joe's the travel to Bethlehem so. That's what I know about the fees in the seventh issues I do know that some families. You know will you more than seven now some people do not mean. Which is a holy trinity multiplied by three some people do twelve. Which references a number of apostles so others will do ten which is designates the stations of the cross you know for me all a matter committee was a linguine and anchovies. Thoughts that go into. A that was clearly. And until we saw so if so is all as the name says it's all fit tried different types of seafood and fish that's Kurtz it's meant to solve official Mena scallops mussels shrimp column artery. Lobster ravioli community causes we have different ones you know. Hmmm I'm getting hungry now how my guys. Thank thank you for that Richard kind of go eat some lunch I think there's better ways to do their Christmas leave so I think that you become a once a week tradition the feast of the seven fishes at them like pretty pretty good meal right there. There but if you do once a year and see just some of his special we didn't keeps it special again yeah yeah yeah right let that be ever you throw lobster in narrative. Well Marsha Rovio we've been out Aaron Zambrano lobster ravioli then laughter itself you know you don't viewing all messy house. I'm not gonna do it here. So nice it's kind of funny that you mention that so we actually do lobsters. On Christmas city my grandparents live and Maine and that's where we go every other year so I guess it's an every other year tradition that. It's always if you come out and see them for Christmas you get lobster on Christmas Eve which is pretty cool. That's the feast of the one fiction or the fees are one fisherman go to Africa for fourth ethical ethical tradition thanks for sharing. For sure the taste of the seven fishes were all Nolan Richardson after Christmas. 'cause there there will get back to the financial talk coming up this is the financial sense for what. It's time for another musical connections where we blend the worlds of music can finance together. Here's friend of the show financial advisor and musician of more glory with bronze dusts. This is a musical connection hero in today's edition of the financial symphony and run that's mark Lloyd is here of course and a mark. Door negative fans we've been talking about today indoors music. What we can learn about retirement planning from the doors most popular song and of course light my fire. Jim Morrison indicated on several occasions in his notebooks. That he hated light my fire and hated performing it. Also this came to resents the song's popularity. Because he had just a small part in writing it. But if there are several martial system in this OK and everything that the this is Jim Morrison retarded idea but of course he never bled on publicly because he feared it could have heard the group financially. And my question do you is it knowing that Jim Morrison was kind of crazy and away bit. And knowing that Jim Morrison felt this way about that particular song but he didn't let on publicly. What is our financial connection here. Oh boy this is a means you won on this is an easy one. And I hate this I hate this when I hear of these types of stories. And I hate it for our industry. But I'll let me just say that the government has gotten involved in our industry. And we're fiduciary. And fiduciary to mean that we work for our clients. We don't work for stock brokers we don't work for banks we don't work for new people in our ears tell us what we need to recommend we work for our clients and that's the way it should be. But for years and years and years Rodham almost soap box I'm sorry affair but for years and years and years it wasn't that way. There were broker stockbrokers out there are selling products. You know selling securities. At some level just build the products were bad they just weren't good. But they sold it for this bad word on get rate tag you ready okay. The C word commission following here there commission. Yelled maybe it's because it pays them the death. May be because they were trying to win a trip. Folks you don't need to be working with people like that. At a again our industry is in note it's evolving and they're trying to clean this stuff up. But it's a hard lobby to be there's people up there in Washington right now trying to beat. Trying to fight against it and let me just say that. Here on the financial symphony we have surrounded ourselves. With folks that care. That care about you do. And hear about your lifestyle and care about your needs and care about your goals they care about your dreams. And that's the way it should be this is a service business. We serve our clients. In this not about what pays off the most. And the folks who don't think it our industry like that the the ones that are greedy. When we hear about greed Ron the first thing that comes in everybody's mind birdie made all right men and exactly nothing extreme just a crook. And there's plenty of crooks there's the laundry list of crooks that are been in our business you know for centuries you know about I guess it's a sentry decades. But at the end of the day that's double where talked about on this talk about the person. Who might be greedy the broker who might be greedy. It might just kind of perm their head a little bit or turn their back and say. You know maybe its missiles will be okay because this will really help me if five push this model I push this product I push this solution. I push this strategy. And that's the way it should not be that way Iran it should be what makes the most sense for our clients. And unfortunately and at 27 years of doing this I've seen folks come through our doors here that have been hurt financially. Because of greed and I feel so sorry for. I mean how will this do back flips and do anything I can do anything I can help these folks. Beyond the call of duty left feel so sorry for. And I can tell you all of our financial symphony maestro feel the same way we were here where people service business. And we wanna make sure that the recommendations we're making. Makes the most sense for you. And that's our commitment to you that's our promise to use. So folks who have come in and it was in his radio program for a long time maybe you haven't picked up the phone because you don't know you have a need or not. Maybe someone is not giving you a second opinion of where you Iraq. And you just open up your statements in your same amount bounces going up I think bundle okay but are you really doing an okay or maybe you're really close to retirement and no one has educated you on how to take that lump sum that you've got accumulated and how to turn that into efficient income how to targeted an income. And also do a complimentary stress test on your portfolio. To make sure that you're not overly exposed. Too too much risk. This close to retirement. People. Pick up the phone and make a call and I promise you you'll learn something from taking the time and meeting with us Ron tell the folks how to get them to. Just to get the following call 806465996. That's 806465996. Even get a complimentary review of your financial plan. Just call now to take advantage. 806465996. Johnny cashes estate was approached by an advertising company asking permission to use the ring of fire on an ad for him right greens. The request was freaky. On a similar note here's the financial symphony we requested that Johnny Cash the state allow us to use Folsom prison blues is our theme song. That request was also reviews. But keep listening anyway. Financial symphony rolling on with Richard future wryly he's an investment advisor representative at Carolina retirement resources. Serving US and throughout the Charlotte metro area of Walter to open some of taken a timeout to join us today. Ressam fun on the show here a minute but first a quick reminder if you wanna calmly and and set a time to meet for complementary review with Richard that number is 800. 6465996. Again toll free call 80646. 5996. If you've ever done a crossword puzzle. Well you know how much a wrong answer can mess up the rest of the puzzle. You might think the you've got the right answer for seventeen across. It's just can't figure out the answer to thirteen down that starts with the letters. XC. Just so numerous possibilities for what that could be your. A little problem is that you have the wrong answers seventeen across of course and that X should really be an ass or something like that. In retirement planning one wrong answer can really make a mess of the rest of your plan these things that go wrong don't happen in a vacuum. They have kind of a cascading or domino effect on all the other things so we're talking about some of the areas Richard. That are common it where you see people think they have the right answer much like in an example of crossword puzzle but in reality they don't have that right answer. One of these areas has to be when it comes to income and determining how much of that you're gonna need in retirement lot of people's. Reality doesn't lineup with what they think is happening there. That's true you know everyone now has a different picture. Of what retirement will look like in the amount of money you'll need to retire. Can be much more this could be far less than I was your age you know what you want to do. Is come up with a personal testament you know you start by calculating. The amount of money you want to spend each month to remain comparable throughout retirement. In art college in become you're required income you're required income covers things like housing and food transportation insurance. You know those type of things this. And it's the most important gold satisfying when put together your retirement income plan. Now if you want to spend more on retirement obviously you're gonna need to have more saved. And this income is what we call lifestyle income. This is the income that will satisfy your desires you know your hobbies your travel. Maybe family events things like that. This income is less reliable as the assets needed to fund your lifestyle income. Are probably gonna fluctuate with market and be less conservative in that nature so you're required income. And your lifestyle income constitute church total retirement income. And your retirement age will also have a significant impact. On how much shown the dummy if you want to retire early obviously your need far more saved as someone who plans on working longer. We know realistically. You know you won't be able to really pin down your income needs to pay me. But it's important you trying to be as accurate as you can as research shows many people get it wrong you know for example. More than a quarter of the retirees cold firma a recent limerick secure retirement is to survey. You know said their required living expenses in retirement. Were higher than they anticipated prior to retirement and when it comes to health care you know one of the hardest retirement expenses to get a handle on. How after retirees in Wells Fargo study said that they were paying more than they expected so for most of you. You know we only retire wants to make sure you take the time the plan on how you intend or glacier working picture when you retire. The FC big area of concern for a lot of people and unfortunately one that. Can usually isn't correct in the way that they think they have the right answer on that new stores everything else off. After that another area where people think they have the right answer but they don't Richard would be when it comes to determining the proper amount of risk that you should have in your portfolio. We think about it you know for most of you you're investing lives. You were told. They should invest in a way that matches risk and return the implication the end that you should try to achieve the highest returns possible. Given the level of risk you can tolerate and when you're trying to accumulate a mistake large enough to support your retirement. In other approach makes sense you know once you retire though the goal for most of you is no longer to grow your nest egg as much as you can. But to ensure that the savings you've accumulated will be able to provide you with the income throughout retirement that could last up to thirty years or more. He's such as paradigm shift from wealth accumulation. To preservation and income will require eliminating the risk of loss because you don't have the time needed to rebound from a severe market downturn. What you want is stability and predictability in your retirement income plan. You want to be able to enjoy life without having to worry whether or severe bear market might force you to revise your plan. Unfortunately. Attempting to generate income by taking withdrawals from portfolio ball collapse this is an inefficient retirement income strategy. So another way investor knows if you're still working receiving a paycheck is just too risky for most of you. And listen chase and returned it never ends well. You can't control who returned but you can't control for risk the risk is to control factoring your retirement income plan he managed for a risk first and foremost. Yet another great example Richard and I appreciate the explanation there about risk big part of the conversation when it comes to retirement planning no doubt about it. Something else the should be a big part of the conversation unfortunately people are to think they have the right answer to this. And sometimes they end up being way off base is determining whether or not to have a life insurance then there's another layer to this question as well Richard. If so how much should have. And that's because most people equate life insurance with a death benefit in other replacing come. While you're you're Stanley has grown ones saved and for retirement. But you know some financial planners. Say if you plan well enough prior to retirement. That you won't need life insurance and that's just not the case more often than not you know you you you'll have no debt. Is their mindset you know plenty of assets to replace the income loss due to a death. Plenty of money leave your errors. I mean all sounds good on paper but it in reality it's quite different so you can you need to crunch the numbers you know what does your cash flow statement look like before and after. The death of the spouse I mean. If there's more than enough income to cover the surviving spouse living expenses were retirement. But you might not need life insurance but but if there's not enough income. He even after you factor in how much for Koppel has saved and where there that it. They can reliably provide them as far as I think you might need life insurance so for instance if one spouse. Has a pension. And did not elect a survivor benefit. Then there is likely a significant loss of income for the surviving spouse. And the need for life insurance you know illusions say you know 13. Of household income due to the death of a spouse doesn't translate into expansion being cut by 13. In many cases surviving spouse might be just as much he come after death of a spouse for a large central expenses such as housing your life insurance. Can also be used for other goal you know not just income replacement. I'm paying off debt it can also be used for state taxes you know taxes due on inherited diary distributions are taxes do. On nine deathbed Roth conversions of qualified accounts or for term plan. And many clients huge permanent life insurance policy with a writer for long term care to ensure courage in the event of chronic illness were protracted mershon Homestake. How much you purchase depends of course on your specific situation you know factors. Such as the surviving spouse's income these final expenses debts mortgage payments commercially expenses will help determine how much to purchase. The issue of how life insurance isn't your retirement and can be complex and will depend on your situation and what you're trying to accomplish. As with any other type of financial instrument review your needs. The site that makes sense to purchase a policy and then shop for the best coverage from a solid company has the best price. You don't plan for retirement Walter you know that we're talking about planning for an event that could last 203040. Years. And MS somewhat of a difficult task and you need reliable sources of retirement income that will career living expenses for the rest of your life. No matter how long you live making sure you factory and for future inflation if you'd done a good job with this difficult task and congratulations. But if you happen. There's no time like to present to get started. I'm very passionate about my believed he deserves secure independent retirement and that's why offer a free consultation tomorrow radio listeners. To keep you on that path. If you call the next fifteen minutes and have at least tuner down marsh save for retirement. I'll offer you this free consultation to help you determine how prepared you are to handle retirement pitfalls like inflation. Health emergencies stock market volatility. And taxation. He worked hard for your money song work just as hard to help you protecting grow it there are wide variety of tools and services available on the financial world. I'll show you how to harness those tools and services to create a plan that's tailored just for you. And I'll show you how to achieve a lifetime of security thanks to a lifetime of income. So let's get to work right now so that you can get that fact based approach you deserve and get better answers your financial challenges and objectives. Give me a call in the next fifteen minutes and work together to get you on that road to financial security and independence. This is an attempt to do take up the phone to start the conversation call Richard pitcher rally right now. At 806465996. Again that's 80646. 5996. Have that clear conversation about where you stand right now with your financial situation and what you need to do to change going forwards that he can have a successful retirement future. 806465996. Ritual help you take care. The necessary steps to get from point eight. To point BC and beyond your retirement years all of that starts with a conversation and again that number is 800. 6465996. To schedule your time to meet with Richard. 80646599. Stay with us much more to come on today's edition of the financial symphony with your local financial minds for. Growing. 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 the 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 806465996. 806465996. Did you house produce more milk when listening to relaxing music. That's according to a study conducted in England in 2001. And recorded by the BBC. Did you also know that people achieve a higher level of financial satisfaction while listening to the financial symphony. I would never recorded by the dvd primarily because we made it up like keep listening anyway. Rock and roll and on the financial symphony today Walter strolled here with the alongside Richard future LE your local financial maestro. Right there in the Charlotte metro area with offices and hunters hill and in Rock Hill as well. You can reach out to Richard. 806465996. Of the F questions. About your financial plan and wanting answers Richards therefore you at 806465996. Women talking on today show about. You know that the crossword puzzle issue when you think you've got the right answer to thirteen down and then you look at seventeen across he just can't figure out why in the world. That answer would start with the letters. XC. Nothing starts with ex see right. So the music nothing cool you know answered thirteen down wrong and you gotta go back and start over. When I retire planning we see the same thing happened where you think you have one thing right. And that being in the wrong answer and it throws off the rest of the plan were kind of walking you through some of these different scenarios. Where this is often the case. They another one Richard we would be remiss if we didn't bring up would be. When talking about long term care expenses an area where people often misjudge what's necessary and I'm going to be beneficial to them there. That's true you know many of you has taken the time to put in place a plan to generate income retirement but you forget. About the real possibility of having to account for potential long term care situation you know I'm nursing home stay. Or even a chronic illness can blow up a plan you've created. You know for many of you a 60000. To 70000 dollar annual tab for long term care will likely wipe out your retirement savings aren't very fast pace. And if you don't think this threat your savings isn't real. You don't pass your fifty somethings sixty something friends if they've had to deal with long term care for their parents you know chances are. He'll find at least one friend probably more. Whose ardor had to provide care of themselves were grief for care and or had to pay for it don't ask your friends about the financial burden and the strain it puts on your lives. You know I bet you'll get an earful about career being put on hold a lack of time for the family. Outside interest arguments was siblings and spouses and sleepless nights filled with the anxiety about making the money last. You know recently my father in law passed away but prior to his death. He was in a nursing home for five years and and that cost about 60000 dollars per year and that doesn't include medication only ancillary costs that come with that. If he hadn't prepared for this possibility would have wiped out my mother lost savings you know this is. The type of experienced it certainly motivated my wife and I to provide. For this possibility of moving forward and our retirement how we certainly don't wanna put a lot of strain. And burden on our Stanley sewing and you should do so as well you know so it's very important to adopt a strategy to pay for long term Kirk France's. You know don't hide your head in the sand and pretend it can happen to you. If you do not then you're gambling that your family your public assistance will take your view if you ever need long term care but roll the dice is just not a good strategy. You know there's a very serious issue for women's retirement planning you know when you visit a long term care institution. You'll see that most residents are women and that's because women typically outlive their husbands and then have no wonder care for them. Also the wife is often the primary care trigger the husband needs long term care which can be quite a strain. Sometimes pushing the wife into facilities soon after the husband passes away. Social plans for long term care might not be the most inspiring part of your retirement plan and but it's something you can't afford to ignore if you addressed this very real threat you can have some peace of mind about the future. Which lets you enjoy what you really want to do in retirement. It's a big issue long term care expenses need to be part of the conversation. A couple of good illustrations of why. For you there planning for taxes and retirement is also an area that would fit under the same in description of a spot where people think they've got the right answer or the right plan. It ends up not being the case and throws off everything else where he's seen this happen Richard every day attack Iraq. Though there's an obvious question right. If and when he retired yeah I remember life changes in many ways but your finances changes well you know one of the biggest changes. Is that instead. Of contributed to tax deferred retirement savings plans that reduce your taxes. He'll start captain of savings for income and paying taxes at your regular rate. Unless of course sure capital Rother irate. And you you know you don't get the perfect. Patrol capital gains rate reserve for stocks bonds held in taxable accounts now. Some of you might say you know I don't need to worry because you know you believe that you'll be in a lower tax bracket in retirement than you were during your working years. Well and even if you assume. The taxes in the future will be the same as they are today and this much would be true. All the deductions you had door your work in your literally vanish into thin air when you need them the most and mass in retirement. You know many of you will soon find out that even though your income will likely be lower in retirement. Your taxes will likely be higher why because you no longer have to deductions like mortgage interest of children and 41 K contributions. Those type of things all comes down to a lot or no deductions and retirement and so. And if all your savings are in tax deferred accounts. You're kind of stuck between a rock and a hard place at some point taxes or do with those accounts and we take too much from these accounts your taxes go up. And if you don't take enough you pay a big penalty. So plan and our culture tax liability when you're no longer work and planning ahead can go a long way toward keeping your taxes manageable if possible when you reach your retirement years. But it can seem like a bit of a challenge if you don't understand all the options available to you. When you understand how your retirement income will be attacked he can shoot the right strategies to keep your tax bill is. What was possible that's why such a big issue because taxes is there's so much room for improvement for a lot of people they just don't realize the the opportunity that's there. And sometimes have a conversation about bringing it to the forefront of your mind. Can lead to successful conclusion so may issue planning for taxes properly in your retirement preparation. Last but not least here Richard one more example of who have these kinds of items where we think we have the right answer. We don't really and throws off future equations determining how much you can realistically withdraw from your savings. Hey you know determine how much you can safely were drawn retirement depends on several important factors. And how you pace withdrawals from your retirement accounts can have a significant impact on how far and retirement your money laughs. And you know act of purely common fear that most retirees had his. Will they run out of money in their retirement. You know traditionally retirees have been encouraged to follow the 4% rule when taken retirement distributions. You know this rule dictates withdrawn 4% of your portfolio. In the first year retirement. And then make a subsequent annual draws on an inflation adjusted basis the rule has been the standard that financial planners used to help clients establish retirement income strategies. But it's continuing relevance has recently been questions of life expectancy. Is something we have to consider. It's crucial component and determine the ideal would crawl rate as a 4% rulers typically based on. On a three year period of time but your retirement period is longer than thirty years. Are you gonna run the risk of potentially exhausting your assets so today you know keep in mind that one in 465. Year old today will live past age ninety. While one in ten live past 95 or older the fact is. That without strong stock and bond returns to help refresher mistake. As you spend more drawn down on your portfolio. Chances are good that you run out of money and retirement so unfortunately many of you have been indoctrinated. Into believing that Wall Street can guarantee income for the entirety of your retirement years. But they can't. But if you're willing to consider. The efficiencies that can be created by Colin longevity risk with other if you can assure income that you cannot how live you know it's a fallacy to conclude. That just because. A 4% rule. Worked in the US historical data it can be expected to continue and work I just as well for you. The duel in packs of sequence and longevity risk creative very real possibility would investments that one cannot support your bizarre lifestyle over their full retirement. With low bond yields high stock market valuations. And increase the longevity expectations. A safe withdrawal rate is considerably lower for youth. And what's for retirees in the past so he'd like some guidance on retirement matters such as figuring out whether you're on track to secure retirement. Assess and how much you can safely withdraw from your retirement accounts. We're deciding which of your many retirement accounts to tap first. Give me a column next fifteen minutes not provide you have free comprehensive financial review. My goal is to ensure that your world prepared so I'm going to offer this contrary funny it will review to anyone who has at least 200000 marsh save for retirement. I'll talk about your retirement income needs where that income was going to come from. How he'll outpace inflation and pay as little as possible taxes and make sure that you don't outlive your money. Now you might say. I don't really have the cone next fifteen minutes and yes it's true. He could probably take care of it next week or next month but here's the deal I mean coaching people on retirement plan for a long time. I've learned that it's really easy to procrastinate or get distracted so if you don't start the process now. There's a very good chance that your not gonna do it at all so the first coach and then I'm gonna get used to encourage you to take the first step right now for almost everybody. That's the Hearst power from there it's not a painful process hooker ready to finally get a plan in place. Give me a call right now. This is the number to dial 806465996. That's 806465996. Puts you on the right track. To get to in all the way through retirement. Import to make sure the asked the right questions that's part of our mission here on the show each and every week is to make sure that you're asking the proper question so you can get good answers to them. 806465996. Is your number to call to set up that complimentary meeting with Richard and the team at Carolina retirement resources. Again they've got offices and hundreds still into the Rock Hill so it's convenient to come by say hello and talk about your financial situation. 806465996. It all starts with a simple phone call 8064659. 96 feature complimentary financial readiness review right now. By calling 806465996. Richard that's all the time that we have four on today's program as always we appreciate your help and guidance. And we'll have some more fun again next week they thanks to over appreciated is always that's Richard picture earlier local financial my stroke. If you wanna get in touch and ask your specific questions number to call is 800. 6465996. Thanks for tuning in no talking against sitting on the fine. Information is for illustrated purposes only. And does not constitute tax investment or legal advice. Always consult with a qualified investment legal or tax professional before taking any action investment advisory services offered through Brookstone capital management LL CBC him. A registered investment advisor. BCM and Carolina retirement resources are independent of each other.
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