What Can We Learn From "Light My Fire" by The Doors

Financial Symphony
Saturday, April 21st

The song "Light My Fire" by The Doors was almost 7 minutes long, and while radio stations were reluctant to play the long version, it is what the fans preferred. The same is true for fnancial advice, the least expensive is usually not the best.


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

No financial center and harmonious financial planning and getting your portfolios in June so sit back. Well always strike up the the financial simple it's starts now. Hello and welcome to the financial symphony. Thank you turning to the program today and we certainly appreciate your time each and every week here on. The show of course mark Kelly and I'm your co host today alongside. The star our show Richard future really investment advisor representative. At Carolina retirement resources. Serving you here in the Charlotte metro area Richards got an office and hunters shall North Carolina as well as Rock Hill South Carolina. And of course you can reach out to Richard very simply anytime throughout the program by dialing 80646. 1599. B six to 806465996. We strongly encouraged to call the number leader contact information. Syracuse team can get back with Gingrich is scheduled for a time it's convenient to commend have a one on one conversation but if you don't have time to call. At least jot that number now and reach out to Richard as soon as you get the chance but of course we all know progress and it's a go ahead caller right now 806465996. And now old dive into some financial chat with Richard literally Richard how are you sir undergraduate mark Perry you do under. Doing pretty good and I'm hoping that we finally got past the hump and spring has sprung in baseball's on its way and all this good stuff right now baseballs started. The leaves on the trees that's right Tom love and it did a beautiful. Yeah it's been a really lovely this week so hopefully that'll continue but you never know I don't wanna jinx and so we'll talk about it anymore. Let's go ahead and not just didn't dive into our program the day as music do elect to get started with some email questions. From around areas so let's see what Miss Piggy and Charlotte's California. She says Richard am divorced and it's my understanding that I can get spousal benefits on my ex husband's work record. Because you cannot explain that to me what kind of benefits I can get being and I'm divorced I try to call Social Security although they weren't all that helpful. Playing its first important to I know that Social Security rules or gender neutral. Meaning that the rules apply equally to both abortion amendment to force women to end the basis for spousal benefit is always the taxes benefit amount. After a full retirement age even if you're ex spouse started benefits early. So in order to be eligible for fouls benefits you must be at least 62 and unmarried you must have been married pure X war. At least ten years. And your ex must either already be collecting retirement benefits or at least be eligible to collect them. If they're not already collect and that are eligible you must be divorced. At least two years. If you're an earful retirement age. What happened is that you'll receive 50% of your taxes benefit amount. If not the spousal benefit will be reduced. If you're also eligible for social her Venice on your own world record despite all the benefit must be larger than your own. Free to get a boost up the news spousal benefit amount. So if you're born before January 2 1954. Thank you for sure full retirement age who have not yet applied for benefits. You know you have the option to take only spousal benefits. And allowing your benefit from your work record or grow 8% per year opted aids seventy. At which time you can switch your own benefit if it's larger. Finally if your expulsion previously issue he may be eligible for survivor benefits equal to 100%. Oh what your ex was receiving or entitled to receive. In this case there is an exception to a age rule which says you can collect survivor benefits is are always aged sixty or age fifty if you're disabled. Our review take survivor benefits before your before retirement age your benefit amount will be reduced but you can differ collective survivor benefits to let them grow to their full value rigueur for retirement age so. You know you can continue to click through this pressure for retirement age. And allowing your. Permanent benefits to growers that is in your best interest in fact. If your survivor benefit is larger than your whole retirement benefits if you continue collecting this for the rush your life Social Security. Is also vital component of your retirement income plan but unfortunately it's also very complex and on top of that Social Security Administration personnel. Are neither trained. Or allowed to give advice on claiming trophies yet. A Smart claim the strategy can make a significant difference in your standard living in retirement. Great question thank you we certainly appreciate that thank you for sending that question and and of course as Richard said in a Social Security can be quite complex so make sure that you sit down I have before long conversation. Call Richard and gives up on I counter 8064659968064659. 96 to the question for you from Charlie in Iraq kill. Charlie says Richard I've been getting a big tax refund this year I'm gonna get wise said site and have gotten them for the last several years I gotta say it's nice to get the refund. But am I better off the just keep more money throughout the year. Club oils. Answer this if you're getting a sizable refund you know you're in hero. You're having to pay federal taxes. Held out of your day. You're probably paying too much in taxes. You know it tax refund is simply the difference. Between the taxes you paid to government and the taxes venue vote Hiroshima large refund means. You overpaid. Relative to your total tax obligation. So when you've got a big refund you're just getting your money back you know ideally. You should seem to have no refund at all because then you've paid the correct amount of taxes and have not made an interest free loan to the government. You know in this situation the iris is didn't use your money for most of the year without pay and you any interest whatsoever. So big tax refund not only cost to a larger paycheck. But it can't you lost opportunity to use those funds to calm or would turn on that money whether it's through investments or you're paying off debts. And a little interest is always better than not and Angela you received. 3600 dollar refund this year. That's an additional 300 dollars a month you went without. And 2017. So let's say you have 141000 dollar credit card debt was an 18% interest rate. You know apply and that third 600 dollar secured debt as you've earned it. Rather than all at once the following spring you would've saved about 300 dollars an interest cost in that year. If you manager withholding amounts correctly you can get a little more your paycheck is still don't pay any are true character is at the end of the year. In a long term I believe this is a better option which will benefit youth not the IRS. Even so. I understand a lot of people get really excited about receiving a big tax refund shirt from the IRS. Whether it's a big ticket purchased paying off debt. Or just save and you've got plans for that money but mathematically. By got to the big refund every year you're missing out on even more money. Yeah you never drought is heard in good or you can tell me what on this business for a lot of folks they say try to no less than a thousand or get back less than a thousand and you know you kind of are hitting immunity and a decent strides you're here. I would do 10 yeah I don't think fund that's truth that's how third guy HTC for 99 cents they forgive anything under a dollar. I think that the CI a cold case and my nonsense Owen drew merry go outside of that it did just that makes us mathematically could do so yeah absolutely all right Lola car Richard if you get some more questions about that Charlie 806465996. 80646. Of the 996 final question for this week Richard is from Jake in Munro. And he says should I be investing differently as a result of the new tax laws that we need to. The other tax cuts and jobs act of 20171. Of the things that he. The corporate tax rate from 35% to 21%. And the elimination of the corporate Alternative Minimum Tax will provide significant benefits to many corporations such. We will likely see a small company stocks many of which pay close to as statutory maximum tax rate. You know they're gonna get a significant earnings picture so certain industries will likely benefit from lower characters most notably no real killer. Financial services companies health insurers. Telecommunications. And energy recliner so if certain asset classes and sectors will be more impacted and others. Then that rebalancing your portfolio could make sense but for the most part the tax laws relating to recurrent planned retirement plan and were left alone with no major modifications but there're some changes they do directly impact retirement planning for example. You know you can no longer re characterize Roth conversion and so in the past and higher rate could be converted to a Roth IRA I'm you can still do that. But it could have been in the past three characterized before the tax return date closer extensions for the year of the conversion. This essentially allowed you do to induce the conversion of an IRA to a Roth or by October 15 of the year following the conversion. You know re characterize in a conversion has been useful plant and cool for several reasons you know such conversions must occur before the end of the current sheer. For which the conversion will be tax you must make your conversion decision before all the tax information is known. In the past you could occur on the side of convert into much then re characterize. Any excess amounts you know common strategy. Often called bracket the long been used to convert enough each year usually for particular tax bracket as a result of the new legislation. Bracket don't be conversions must now be done with more discipline and restraint moving forward. Additionally the removal of a Roth characterization. Stop the strategy of convert multiple investment accounts and then waiting to re characterize as a counselor went down. In value and did not grow substantially so despite all the changes one thing is clear. The tax cuts and jobs actually 2017. Is certainly highlights the need for quality financial clone and and retirement planning and the important roles that eight financial advisor and a tax professional will play. Can help them you do achieve your you know your retirement goals you know it all boils down the fact that all the pieces of your financial puzzle need to fit together. Sure I'd like to do is offer you the opportunity comment for complete financial review. And I'll offer this review for free to all listeners who have at least tuner now more save for retirement. I'll talk to all the different puzzle pieces that you need to consider Princeton Social Security. At what age should you start taking a benefit and how does it fit into your overall income picture. How much risk you take an in your portfolio and is that amount of risk appropriate for your agent for the return true again. How much you can fees and commissions Richard current plan and what about tax implications understatement. Is there a way to save money in taxes down the road by point and proactively today. Do you have an income plan in place to be sure that you aren't in danger burn out of money if you end up living dirty more usual retirement. Do you have a plan to address inflation in future decades. As the cost of everything continues Iraq's. And what about long term care do you have a plan for how you'll pay assisted living or nursing home care if you need it and it's leaving a legacy is important you. How do you determine the best way to pass money on a future generations who obviously. There's a lot we need to discuss and we found that most people haven't planned early enough to address all these issues so you've been managing your retirement plan. By yourself or your now realizing that there are a lot of issues you haven't addressed war. If you're now realizing that your current planner advisor how you can help you think through all these issues as early 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 gusto quickly so go ahead and give us a call right now that we can be sure to get a spot reserved for you CNN number is 806. Or 65996806465996. Just go ahead and call that number right now leaguer contact information Ritter's team get back with you engage she's scheduled for that spot that's convenient for you which you do have to reach out take that action on your part. They call 806465996. Again it's 806465996. The talk of Richard culturally investment advisor representative. At Carolina retirement resources. Are you here to Charlotte metro area from his office and hunters go to Carolina and a Morocco South Carolina. We'll be back but more here on the financial central pressure just a little bit later on the ground. It's time for another musical connections. We'll we blend the worlds of music and financed again there. Here's a friend of the show financial advisor and musician mark Gloria we're Ron's Stutz. This time for another musical connection so mark. What do we learn about retirement planning from the daughters most popular Sar and you know what it is. With so many sons who we know as his today the doors record company thought light my fire. Was too long to get radio play. So guitar solos were edited down to the single to make it shorter. But a lot of radio stations played the nearly seven minute version anyway. I'm played that version on the airlines so many total reasonable so answered the full version on the radio and wanted it. Meaning they had to buy the album instead of just the single which spurred sales for the album and that was it cools the ultimate doors and for the record company. It creative marketing. I hit it exactly that. So here's the financial connection in other doors fans knew that they enjoy the song more they heard the awful over right. So they're willing to pay the extra money to get the album. And the same thing is true in the financial world you know sometimes on the cheapest route isn't always the best route. You know you don't wanna be paying unnecessary fees and commissions what you also little woman goes say OK I wanna get buy the cheapest way I can because you might be missing now. On good advice she may be and here's the most important thing you may be missing and this is what we're hearing from our listeners. All the time. They say mark. We're looking for a plan. We're looking for a financial and retirement plan it's more folks than just investing. So you don't but it comes down to what. What your paid for with sometimes that the may be a little bit mortal what you're paying for. It's priceless. And when I talk about putting a plan together I'll talk about it extensive plan not taking your Social Security. And say OK how can we optimize the Social Security how can we make sure or for your family we're getting the highest possible income stream from Social Security. You deserve to have the highest Social Security you can get but what makes sense for you when you put all the pieces of the puzzle together making the right decision if you're lucky enough to have a pension to make shorts the best pension plan for you and if you're married. Your spouse is well what makes the most sense cash flow lies income wise when making choices for your pension. May be your lucky enough to have a lump sum pension does that make more sense to have the lump sum pension vs an income stream how about the state plainly how we pass on what you've worked hard for. What you save for and it's something prematurely happens to you when there's money left in the account how can we make sure that your family. Inherits that. With the most ease the maximum ease but the minimal amount of power. Taxes. Why you'll have a exposed locals AM when there was a way to do it a lot more efficiently and how about protecting your money from future stock market lost argue prepare for the next correction is gonna happen it's gonna happen there's a bubble out there performing it's like a hurricane there's a bubble out there are forming we know what's gonna pop Warner these days and you need to have a plan in place that is efficient that maximizes. Your downside risk which means we don't wanna lose don't lose the money you know you'd volatilities OK but I'm talking about massive losses here but we still want a ride this wave and unfortunately. We know is we get older our health who's gonna change. So don't yell putting together a deficient retirement plan also plans for future health changes. Round is a lot more involved here than just what's the city. The C when you put all of this together. There's a cost of that sometimes but it's well worth it because we're talking about a stress free retirement we're talking about a retirement the last. Your retirement generation we're talking about money leaving your family when something happens to you and all of that might be a little bit more to pay for but at the end of the day could say Buehrle hole and of money and that would be priceless Ron tell what the folks need to do to find out how to put a plan together like this for them. Disfigured the phone call 806465996. That's 806465996. Didn't get a complimentary review of your financial plan. Just call now to take advantage 806465996. It's time for fireside chat. As we get to know your local financial symphony maestro. Well it's getting to know you time here on the financial symphony was Richard coach early. This is where we step away from the financial chatter for a moment or two and get to know Richard outside the financial realm. A sometimes we ask any number of questions on here you can get a little off the wall because some rousing re. Suite a poignant two point or whatever the case might be this a little off the wall but kind of interesting I kind of enjoy this and Richard so. Here's the question for you this week and past centuries cultures religions things of that nature. We often have very people with items that they want to take with them to the after life. Now says if we still did that today although I'm gonna disagree with that I think a lot of people still do this today what items may be if any would you like to have. They're with you. You know I've I I've seen a lot of people give period with different items you know jewelry and cards and pictures of me. Number different things pictures now that kind of stuff. Me I I would want my cellphone and her fully charged battery that I can leave a message. To my wife for tonne times especially summer we're trying to Alter the financial plan that I left behind and yes you know I do follow my own advice so I don't wanna make change in what I put together. Virtually the truck just call her Lieberman is they don't do business of the text message. That the I. Let's get stuff. Yeah I you know I was thinking about that when the producers can live with missiles like well you guessed but you know if we still distant today but we actually do my dad passed away when I was 23 and and I left a picture of me and him in the in the casket with him. And so yes I don't know I don't know what that one take with me probably my wife would probably say my guitar but it's probably too big to fit the box let me say though. I'm my and I'm just didn't you know and I'm telling you could care less within their own community college we're gonna know already. It's a because somebody could put them when you really hate that menu that would like you would notice but. This is kind of interesting fun little bug question to think about but I I like here's a Motorola here's Obama so my wife that has put myself on their fully charged. Let's get a good you grisly photos of her your boots early I would give back of the financial center which is why you're here. You weigh in just a moment or two don't go anywhere. And we'll talk live on the other side here on the fight. You're listening to the financial Anthony that show that makes your your financial plan at that perfect pitch. See you back here was on the financial symphony with Richard culturally investment advisor representative. At Carolina retirement resources. Are you right here in the Charlotte metro area he's got an office of an hunters will North Carolina and in Iraq still South Carolina. And of course you can reach out to Richard and get yourself on that all important calendar by calling 8064659. And 96. There's no cost or obligation to just reach out and an 806465996. Richard let's play a little factor fiction here on the program I'll toss out they a statement and you let us know if it's fact or fiction in May be why. So we'll start out with us and Social Security was a question we got earlier in the program we'll start out with that is that your Social Security taxable factor fiction. That's a fact you're doing your benefits generally you are not accountable is half of your benefits. Close your other income. Is less than 25000 is your single. And 32000 if you're married filing jointly. Is happier benefits closure other income is more than 34000 for a single taxpayer. Or 44000 for married couples filing jointly then 85%. Of your benefits are subject to income tax. And if he falls somewhere between. A lower and upper limits the manager your car combat this will vary between zero and 85%. You know sources of income that would show up when you're Patrick Turner include items like wages and investment income from interest dividends and capital gains. Your intention or your annuity income and higher rate withdrawals and rental income and Social Security defined your combined income. There's a total of your adjusted gross income plus non taxable interest. Plus one happy Social Security benefits. You know rock fiery were girls on the other hand do not count as combined income. But municipal bond interest does so up to 85% of your Social Security benefits received can be attacked. But never a 100% therefore means that after taxes. A dollar Social Security income is worth more than a dollar a fiery would girls so if you design a retirement income plan. That takes advantage of this tax arbitrage. He can make a big difference over the course of your retirement years you can pay less than tax and have more to spend you know there are many ways you can plan to reduce taxes. So when you begin withdrawing money. The most common strategy is to delay the start of Social Security benefits to age seventy or they can hire re withdrawals are usually Roth conversions. In your sixties it isn't the best cure for everyone but many families you miss approach. Results in less total taxes Doran their retirement years. You know much that is planned has to do with how other sources of income affect how much commercial skirted benefits will be taxable. By clan and the timing of those other sources of income. Many of you can lower your tax bill. Well we're playing little factor fiction here with Richard culturally on the financial symphony. Kind of course your Social Security is taxable Richard says that is a fact so. You wanna make sure that if you do have questions or concerns about that and how you can help manage that a little bit better reach out to Richard and each of the conversation. Going by calling 806 or 65996. To 806465996. Will stay in the tax arena here on fact or fiction was Richard and how about this one your taxes will likely be lower once you get retirement factor fiction. That's fiction you know many of us we're told. Us to fund RO I'm tax deferred accounts with as much money as possible because when you retire. He'll be in a much lower tax bracket that you were going your working years. Well first I guess you need you have to ask this question of do you believe that taxes will remain the same as they are today considering the government's extremely large unfunded liabilities. And social security and then Medicare. And presently the tax rates are at historical lows. You know this combination of low rates and big deficits it's it's it's the toxic combination that is driving our national debt to dangerously high levels. And to liquidate his debt the government will need to raise more revenue in second. All the deductions you experienced during your working your glittery vanish into thin air when you need an emotion retirement. You know the mortgage is paid the kids are gone and you've stopped contributing to your retirement plans. All you have now. Standard deduction so even if taxes remain the same as they are today. You could end up and higher tax bracket in retirement and you did it in your work and your show on top of that the IRS is so anxious to capture shaven. That is sure at some point they force you take money out whether you need it or not this happens a seven and a half and it's called required minimum distributions. At this point more of your Social Security becomes taxable and if you don't take out enough to penalize. Hit submit to you pay less taxes and retirement for many have you in fact some of you will actually pay higher taxes your retirement so don't mushroom. That you'll fall into a lower track record once you retire and while we can't do anything about high taxes. We can plan for that possibility today. When you retire you know your life changes in many ways and so do your finances. One of the biggest changes is that instead of contributed to tax deferred retirement savings plans. That reduce your taxes he'll start to happen those accounts for income. And pay taxes say your regular rate not the preferential capital gains rate reserve for stocks and bonds held in taxable accounts. You know this is important aspect of your overall financial plan by employing effective tax planning strategies. You can have more money they no more retirement to spend tax planning should not be done in isolation but instead it should be driven by Euro overall financial goal. And integrated with your total financial plan to buy develop and implement appropriate strategies to lessen or shift current and future tax liabilities. You can improve your prospects of medium long the short term objectives so. If you call us in the next fifteen minutes I'm going to custom designed for you and easy to understand financial review. And that review will indicate if you're in need of a full blown financial plan. You know there's no obligation or cost for the initial review all callers who have at least 200000 dollars saved for retirement. So if you meet those qualifications. Here's what you can expect first. A lengthy report to help you untangle what is continue to work with your current plan heard aren't sure I'll show you how to protect your investments to keep more of your money in your account. Next I'll perform a tax analysis to show you how you could possibly reduce your taxes and increase cash flow. And finally. Create a customized lifetime income plan. Usually proven strategies and techniques that could Turbo charger retirement income in short. I'll take the guesswork out of financial planner for mutual all the caller and mark who call the next fifteen minutes. A comprehensive financial review is being offered with no obligation. Well that's a great offer folks a go ahead and jump on there right now on call 80646. 159 a 96 the next fifteen minutes here Richard single. 806465996. Only takes about one year thirty seconds of your time to make a phone call. So stop what you're bill unless you're driving and you have safely and call 80646159. 96 delete your contact information get yourself on that. All important calendar and come in and have a one on one conversation about your specific situation. With Richard culturally investment advisor representative at Carolina retirement resources. 8064659. And 96 this is the financial symphony. We'll be back at Richard and moments we don't know. It's time for another musical connections. Where we learn the world's music can finance together here's randomly show financial advisor and musician mark glory with the. Ron stunts this is the music and action hero on today's edition of the financial symphony and run that's mark Lloyd is here of course in debt market. Doors there 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's a serious thing to resemble the song's popularity. Because he had just a small part in writing it. But if there are several narcissism that had this I don't get a good thing. This is Jim Morrison retarded idea but of course he never let on publicly because he feared it could have hurt the group financially. In my questions Huey is it knowing that Jim Morrison was kind of crazy and away bit. And knowing that Jim Morrison felt this way about that the theaters are but he didn't let on publicly. What is our financial connection. Here oh boy this is an easy one on this is an easy one. And I hate this I hate this when I hear of these types of stories. And I hate for our industry. But I let me just say that the government has gotten involved in our industry. And we're fiduciary is. And fiduciary 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 that's fine 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. And some of them just build the products were bad things just weren't good. But they sold it for this bad word and get right you ready and the C word commission following your commission. Yelled maybe it's because it pays them the death. Maybe because they were trying to win a trip. Folks you don't need to be working with people like that. Again our industry is in note it's evolving and they're trying to clean this stuff up. But it's hard lobby to be there's people up there in Washington right now trying to beat. Try to fight against it and let me just say that. Here are the financial symphony we have surrounded ourselves. With folks that care. That care about you and hear about your lifestyle and care about your needs and care about your goals they care about your greens. And that's the way it should be this is a service business. We serve our clients. And it's not about what pays us the most. And the folks who don't think in our industry like that the the ones that are greedy. When we hear about greed on the first thing that comes in everybody's mind birdie made right move and thank you act. Nothing extreme look rock there. And there's plenty of crooks there's the laundry list of crooks that are bid in our business you know for centuries you know about I guess that's eccentric decades. But at the end of the day that's double or talked about on this talk. About the person. Who might be greedy the broker who might be greedy. It might just kind of turn 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 publish this model but publish this product I push this solution. 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 form. I mean how will this do back flips and do anything I can't do anything I can help these folks. Beyond the call of duty class feel so sorry for. And I can tell you all of our financial symphony maestro feel the same way we were here were 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 use that's our promise to use. So folks who have come in and it was in his radio program furlough 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 rat and you just opened up your statements in your same moment bounces go on I think and a little panicked 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 turn in an income. And also do with complementary stress test on your portfolio to make sure that you're not overly exposed to 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 that. To speed up the phone call 806465996. That's 806465996. In got a complementary review of your financial plan. Just call now and take advantage 806465996. You're listening to the financial symphony striking the right court. Your financial plan and you back here was on the financial simply wouldn't Richard coach are really investment advisor representative. And Carolina retirement resources 806465996. That's 8064659. 96. We're playing factor fiction here today on financial symphony and peddled to fund but also getting some good information from Richard about a variety of topics as please are you here on the program. In the financial return around Seles play a little bit more here Richard a got a couple more for yet. Fact or fiction term life insurance is better than my whole life insurance. Every fact and fiction all gotten into reasons for that is that both types have their benefits and drawbacks to determine how long your protective. And how much you pay for your policy so to decide between termer hole. It's important to know how they're different and what makes him right or wrong for your specific financial situation you know term I think earned premiums. Are only there to provide death benefit to your beneficiaries if you die dornin specified term. While money you invest in whole life insurance. Bill's cash value that you can use later in life or that well we'll had feared death benefit payout you know would term life insurance. Coverage is limited. If you still need a financial safety net when your your should seize a seven Asia need to shopper new poultry which may be much more expensive. You know whole life insurance does not have a term it has a death benefit that lasts until you die. Whenever that might occur it also has the cash value. Component they're grows over time like a savings or investment count you know so everyone's financial goals are different for example if you have a genuine need. For a permanent death benefits such as having the disabled child. Whole life insurance can serve a valuable purpose. You're young couple with children. I certainly would recommend that you bolt purchase of term life insurance policy you know this way we know that your income will be replaced assumption should happen to you. These are two basic types of life insurance but there are other Jerusalem allow you to participate and how the premiums are invested. Potentially give you a higher return on your investment as well as a tax free distribution. And long term care and social as possible. To create a policy. That buys is a little bit benefit as possible while maximizing cash accumulation. These policies are what I call life insurance retirement plans. Because these policies have been re engineered from Eric Roth IRAs as usual. It's probably best to sit down with the advisor determine your financial objective and then match that objective when appropriate financial crunch. For playing factor fiction here was Richard prematurely. And so term life insurance whole life insurance both fact and fiction every situation is little difference so as always please may street talk with a qualified. Financial professional and of course we watch coverage of her trailing you can give imaging what a 106465996. He is an investment advisor representative. Ari Richard factor fiction Medicare will cover most. Of your medical needs in retirement that would be fiction okay you don't qualify for Medicare doesn't mean. That all of your health care costs will be covered you know corn AARP. Basic coverage still cost seniors on average more than 3000 dollars a year thanks to premiums and deductibles. Did you sign up for Medicare supplement to help you cover additional out of pocket expenses. Backing cost to another 700 dollar per month so it's crucial have adequate statements set aside for your health care in retirement. You factor help will probably be your biggest future expense. You know fidelity estimates for Koppel who retired in 2013. We'll need as much as 240000 are beyond their Medicare coverage pay for health care costs and retirement. Now that may sound streak but the estimate covers deductibles co payments out of pocket expenses for prescriptions. Visits to specialists as well as other expenses like dental visits here UNAIDS. I glass is all of which are not covered by Medicare. Another reality check is that Medicare won't pay for long term care in fact it will only cover up to a hundred days for skilled nursing and you know so people assumed that they go into nursing home Medicare will cover the costs and the and that's just not true. You know with the annual cost of nursing facility averaging around 78000 annually. It's that kind of expands that can quickly wipe out your statements shall understand what is covered. What is not an employee and accordingly can make a big difference later in life when the cost of health care typically increases dramatically. All right so we gotta make fiction on that one so we're a pretty good here dale program have a little fun but also getting some good education and information from Richard culturally. And we'll do our final factor fiction here as a wrap of the program this week Richard as you get older. You should probably and gradually shift from stocks to bonds factor fiction. I'm excited that fact and fit. Shouldn't carrying you know actually approaching retirement age most Wall Street expert will agree. You should gradually shift more into bonds to protect the money you've accumulated but returned to come last few decades. You know coach generally pays to maintain a healthy dose of stocks well into retirement as well. And it's true that on or sometimes considered retirees safe haven. But bonds. Especially bond funds can lose money you know this is a common misconception among retirees. Here many simply confuse the term fixed income. With prices that do not fluctuate however fixed income investments such as bond mutual funds may depreciate in value. You know through just to clarify you know bond prices. Move in the opposite direction. As interest rates so when interest rates rise. Bond values fall and if you're in a bond fund. That people begin to sell them to fund manager will have to sell at a loss to raise cash. And the longer the maturity. The larger the swing and Christ in relation to interest rate movements. In a period of rising rates and declining prices the long term bond funds will decline in value more than your immediate term or short term bonds are. Sure bond funds are generally less risky than not stock mutual fund but it would be wise to understand. That's a value of a bond funds can fluctuate they're not as safe as you might believe even though they're safer than stocks go. One option would be to consider an alternative bond strategy. Which transfers the risk associated with the bonds to an insurance company in fact doctor way fluke who certified financial analyst. Claims that in his experience. Income annuities have the potential to improve retirement outcomes. Over what is possible when bond funds. You know one article that I read on the efficient frontier for retirement in the journal financial planning and they concluded that combinations of stock. And income annuities produce a more efficient outcome. Then combinations of stocks and bonds income annuities effectively serve as a replacement. For the fixed income allocation in your retirement portfolios for your focus your retirement should no longer be to maximize well. But on sustain and desired income you can income annuities as an alternative to bonds eliminates the risk especially interest rate risk. Make in that inconsequential. You know everyone desires for Smart financial strategy for their retirement. Many if not all of you want to preserve your savings to reduce the risk about living your savings while at the same time grow your portfolio. No one strategy makes it difficult to achieve both. And the reason that this is true is that most of you allow the emotion of fear to dominate your decisions concerning the management of your savings. It's important that you be well prepared for retirement. I want to extend an opportunity you right now to help you be sure that you well prepared. I'm offered complimentary of edu if you call the next fifteen minutes and have at least 2000 marsh save for retirement I'll call about your retirement income needs. Where that income is gonna come from. How he'll outpace inflation pay as little as possible and taxes and make sure that you don't outlive your money. You might say I don't really have to call one next fifteen minutes and yes that's true he could probably take care of next week or next month but here's the deal. I've been coaching people on retirement plan for a long time and I wasn't easy to procrastinate get distracted so if you don't start the process now. There's a very good chance that you won't do it at all so the first social network gonna give you is to encourage you to take the first step right now. For almost everybody that's the harder part from there it's really not a painful process so you're ready to finally get a plan in place give us a call right now. All right let's take advantage of that coaching advice and reach out to Richard literally 80646. 5996. To get yourself on the calendar 806465996. It really truly is an easy process. Just call that number leave your basic contact information the team we'll get to scheduled for a time as convenient for you 806465996. Come in and have a conversation about whatever is important to you with your financial retirement situation. Asked those questions you've been meaning to ask and maybe get some answers to questions you didn't even know you need an answer to the first place. 806465996. This has been the financial symphony would Richard culturally as always Richard thank you so much for your time in your wisdom each week you're welcome mark. And we'll do it all again next week right here so make sure you stick around. And tune into the financial symphony with Richard culturally investment advisor representative. But Carolina retirement resources we'll talk next time about. A registered investment advisor. BCM and Carolina retirement resources are independent of each other.