Episode Transcript
[00:00:00] Speaker A: Any examples used are for illustrative purposes only and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment and is not a solicitation or recommendation of any investment strategy.
[00:00:18] Speaker B: You're tuned in to the Retirement Planning Pipeline, the show that helps you take control of your financial future. Whether you're five years from retirement or just getting started. We've got the strategies, tools and experience to help make the most of your nest egg. Retirement planning specialists David Pipes and Steve Zarek are two trusted voices in retirement planning with over 30 years of combined experience helping hard working Americans navigate 401k rollovers, income planning, tax strategies and everything in between.
[00:00:49] Speaker C: Thanks for joining us. I am David Pipes and if you're wondering how to get yourself on the right track for retirement or how to turn your savings into steady income, you're in the right place.
[00:00:58] Speaker D: And I'm Steve Zarek. Each week we break down the complex world of retirement in plain English, no jargon, just smart strategies to help you retire with confidence.
[00:01:07] Speaker B: Now let's dive into today's show and start paving the way to your smooth retirement. Here are your hosts, David Pipes and Steve Zarek.
[00:01:16] Speaker C: Welcome to the Retirement Planning Pipeline, the show that helps you get prepared for retirement.
Thanks for taking time out of your weekend to give us a listen right here on wntm. I am David Pipes along with Steve Zarek.
All right, well, we're going to go over today, we're going to start off with the big topic of transitioning from work to retirement. And I think this is a big topic, Steve, I know this is something that we talk pretty much every day in the morning about to all of our agents as well as, you know, the clients that we meet every day, of course, for helping them, but really for that planning atmosphere of the transition.
[00:01:59] Speaker E: Right.
[00:01:59] Speaker C: Because you know, we can talk about the retirement cycle, but really transitioning is the hardest part. Do you agree with that?
[00:02:09] Speaker D: Yeah, that's a great point. We, it comes up quite a bit when we do our planning meetings with our customers. And I think the hardest thing for one of our customers to realize is the phase of life they're in when they do retire. It, it brings in, you know, too many times throughout our life, everybody drills into us, we need to have accumulation, we need to have savings, we need to prepare for retirement. But then when they get to retirement years, they don't really transition their plan.
[00:02:37] Speaker E: Right, right.
[00:02:39] Speaker C: Let's talk about really how to plan for those big changes and, and the big changes to plan for. Of course, you know, one being said that I really think that we need to come out with is the expenses.
[00:02:53] Speaker E: Right?
[00:02:53] Speaker C: And I think that that's, if there's anything that we talk about more in our first appointment with anybody is the. Is of course, their expenses in their retirement. Because a lot of people, you know, they, especially couples, there's actual expenses and they're hypothetical, right, Steve?
[00:03:14] Speaker D: They never really match up.
[00:03:16] Speaker C: Yeah, no, never match up. And then all of a sudden we sit down with them and, you know, their expenses that one. One spouse says might be different than the expenses of the other spouse.
[00:03:27] Speaker E: Right.
[00:03:27] Speaker C: So a lot of the time is really sitting down with you guys, which me and Steve do pretty much, you know, every single time. Like I said on our first meeting, we go over a lot of that outline with you guys, hey, look, you know, what are we spending here? Because expenses are a big part of retirement. And I think everyone really plans on looking at 401ks, looking at your IRAs, looking at your assets and your allocations and, you know, instead of looking at, hey, what am I doing? How. How can I compare and correlate it towards my expenses?
[00:03:59] Speaker E: Right.
[00:04:00] Speaker C: I can't say enough how many times we go when we see a client have a spreadsheet and they give us their expenses, and all of a sudden, you know, another five or ten grand comes out or another two grand a month. Oh, wait, I forgot this. Or this is hypothetical for last year. The changes for the year of. What do you think's most important, Steve, for really analyzing expenses down the line in retirement?
[00:04:23] Speaker D: Well, I think there's, you know, you have your core expenses that everybody, you know, and in retirement, they, you know, some of those core expenses get less.
You know, a lot of our clients don't have a mortgage anymore. They're getting close to paying the mortgage off. They have a car that's paid off. So some of those expenses you had during your working years may not be there, but then they pick up other expenses, insurance costs. Maybe they're helping out a child or a grandchild. There's travel costs. Majority of our clients like to travel in retirement, and we're going to talk about that a little bit later, the go go years. And I kind of like using that. But I think when you're looking at expenses, they have to look at first their core expenses and then, you know, their, their play expenses, so to speak. You know, when they want to go out and have fun and play, they got a Plan for that as well.
[00:05:09] Speaker E: Yeah.
[00:05:09] Speaker C: You call it mad money, don't you, Steve? Rad money.
[00:05:12] Speaker D: Yep, absolutely.
[00:05:14] Speaker C: One of our first appointments together a couple years ago, he said he was sitting with the client. He said, well, where's your mad money at? And he. And they looked at you like you were crazy.
[00:05:22] Speaker E: Right?
[00:05:22] Speaker C: And no, no, he's just asking, you know, checking, savings, you know, stuff that's liquid needed, readily available.
[00:05:29] Speaker E: Right.
[00:05:30] Speaker C: And I think that's. That's something that, you know, a lot of people, which. Another topic that I think is one of the biggest things is what, what I'm seeing right now especially. I actually had a client two days ago that I just talked to.
There's a bunch of this money that they feel like they have to have in a money market.
[00:05:46] Speaker E: Okay.
[00:05:47] Speaker C: And I'm sure there's a lot of you guys out there, right, Steve, how can you break this down? I mean, I've got a couple things as well to add to that. But if someone's got their money in a money market or a CD or something like that, it's gaining 4 to 5% interest.
That's something that. Because I guess they feel like if they're sell their home or, you know, if they have some extra cash or maybe they inherited some money.
What can we do to transition to the retirement cycle to best really benefit them in that retirement?
[00:06:19] Speaker D: Well, I think, you know, I think part of our planning process is asking those questions, those, those hard questions that people don't bring up, like, you know, that, I mean, common around the panhandle here in, in our market, you know, we're kind of in the hurricane season, but, you know, how's their roof? I mean, what happens if they have to come out with 15, $20,000 to buy a roof? You know, we ask about their vehicles and their spending habits. And I think what we try to do when we do the planning is, is pairing up income, guaranteed income, to cover not only those core expenses we talked about, but also the future expenses they might incur. And then again, the mad money, you know, we try to pair it up with income. I think income's the key in retirement. And I know you want to get into that, this episode, you know, when you're looking at their nest egg, one of the things that we talk about quite a bit is, again, going back to all the years we save, now it comes to retirement, are we still worried about growth and savings?
Are we looking at distribution? And I think the distribution phase is super important in planning for retirement.
[00:07:21] Speaker E: I agree.
[00:07:22] Speaker C: I agree. Tremendously and actually going into that, which you brought me right to my next, you know, to my next topic. You know, transitioning those funds into the income is not only going to cover those, those expenses or the, the bad expenses that you're not, or let's say unexpected expenses, right.
But also, you know, to be able to have some security and freedom. And I think that comes huge in retirement. You know, some clients even say to me, hey, David, I, I think I can live off of 60k a year, right? But really, when you look at their expenses, it's about 45 to 50. And I say, look, you know, I don't know about you, but my goal for retirement is not to have to live off $60,000 if I have my assets, right.
It was so funny. I had a client the other day and he's, well, you know, I'm pretty frugal. I'm pretty frugal. And, and I said, well, you got $2.2 million in IRAs and 401ks combined.
Why do you want, only want to spend 40k? Isn't your. Well, you know, I, I do what I want. And I said, well, do you really do what you want? You know, and sometimes you have to talk to these people because I think they're, it's been put in their brain sometimes that they don't have to, you know, And I said, well, you know, where was I to be right now? Oh, well, you know, I've got some trips that I might want to go on. Well, all I hear is might, or I have some trips that I might want to go on.
[00:08:47] Speaker E: Right.
[00:08:47] Speaker C: Why, you know, go ahead.
[00:08:49] Speaker D: How do you change that thought process? Because those are the hard questions that we have to ask clients. And it's, sometimes it's uncomfortable and you know, we can. But when you drill it down with a client, it's really trying to figure out, you know, they're in retirement. We work all of our life to get to this point.
What is their picture of retirement and what are they not doing that they should be doing? Sometimes as advisors, we have to sit there and really dive into what their retirement looks like and where it is now, where it is going to be in five years, maybe 10 years down the road. And I think leading back to the income planning, I had a client few years ago, we used their assets, a lot of IT, retirement, the 401k, Iraq assets, and we generated this income. And he looked at me and he said, I don't need that much income.
And so, you know, when we explained to him And I have several clients. I don't need to turn on my Social Security yet because I have pension or I have other assets.
How do you help somebody realize that maybe they should turn on Social Security? Maybe they should attack their retirement assets for income and not just let it keep growing and growing and growing?
[00:09:57] Speaker C: You hit it, you hit it on the head, Steve. You hit it right on the head. And, you know, this can go, this can go on for, for, for days. I can go on for days about the math behind this. But one big saying I think that sums it all up is you don't know how long you're going to be here, first of all.
[00:10:13] Speaker E: Okay?
[00:10:15] Speaker C: And another one is, you know, you've worked your butt off your entire life to retire the way that you want to retire, right? And like we always say, you know, our, our famous saying, you retire the moment that you meet us. If you're still working, which I hope you guys out there do, end up meeting us. You know, that's something that we, we really take, you know, a lot of pride on is, is being able to help you plan so that you can be confident in your retirement.
[00:10:42] Speaker E: Right?
[00:10:43] Speaker C: And not just be ready, but be confident and be excited to be there. Because I think a lot of people become scared.
I think that, you know, for Social Security, which, you know, we're going to get into a whole topic about that on the next section, but you should be taking it. If you are not working or if you're retired, you should not be waiting to take it.
[00:11:05] Speaker E: Okay?
[00:11:07] Speaker D: And I, I learned something. I heard you say it to a client. If you, if you can, because people sometimes are still working and it can take their Social Security, and I heard you say it to a client, it really hit home. Look, if, if you can turn on your Social Security and they're paying you a dollar and they're deferring the other because your income is a little bit higher, you should take it. So I think we want to talk, really dive into Social Security. Want to make sure everybody on here realizes if you, if you're looking for another reliable stream of income in retirement, you can get in touch with us today, reach out. You can call us, you know, at 251-236-4371. You can reach us on the Retirement Planning Pipeline website.
But feel free to reach out to us. We can set up an appointment, really talk to you about your retirement. And, and, you know, maybe whether or not you should take Social Security, whether or not you should attack your retirement accounts and turn on income, even if you don't think you need it right now, you know, we'll sit down with you, we'll work on a plan.
David's great with spreadsheets, you know, analyzing, you know, the taxes, making sure it's tax efficient, you know, and looking at your whole nest egg.
[00:12:12] Speaker C: And that's, that's, you know, that's the most important thing, Steve, you know, and I think that down the road, you know, with people coming up and asking and asking all these questions, really, it's the answer to all those questions for the income side is, is, you know, we really push forward to you guys using your retirement efficiently. And if you don't use it right, reinvest it. We'll go over some options starting up soon.
So we're actually going to be going ahead and coming up next, and we'll be back in a moment helping you.
[00:12:46] Speaker B: Take control of your financial future. This is the Retirement Planning Pipeline.
Visit Retirement Planning Pipeline to schedule your free, no obligation, complimentary consultation today. And now back to the show.
[00:13:13] Speaker C: Alrighty. Welcome back to the Retirement Planning Pipeline. David Pipes, Steve Zarak here with you.
Retirement planning specialist. Again, guys, call us at 251-236-4436.
Again, 251-236-4371 for a free consultation Just, just to sit down with us, guys. I mean, we really give that, that full planning atmosphere. Sit down, you know, go over what your needs are and, and assess your goals. And you know, we really do care. So, you know, you can give, give us a call or go on that website, retirement planningpipeline.com you'll see all of our info on there too. But let's go back to Steve.
[00:13:58] Speaker D: So I got a question for you, David. Yep, the show's called Retirement Planning Pipeline.
[00:14:04] Speaker C: Alrighty.
[00:14:05] Speaker D: Which is pretty unique. You know, your last name's Pipes.
So we've got this retirement pipeline and as you know, we work, you know, you at a young age, me getting closer to retirement. I'm trying to fill that pipeline up.
[00:14:17] Speaker E: Right.
[00:14:17] Speaker C: Yeah.
[00:14:18] Speaker D: So what happens when I, you know, getting to the age where I want to retire, what's going to happen to my pipeline? What do I need to do?
[00:14:28] Speaker C: Well, you can do a lot, Steve, and actually it depends on, it really depends on where you're at. And I think everybody's unique.
[00:14:36] Speaker E: Okay.
[00:14:37] Speaker C: And that's the first thing I mean, you know, and a lot of my clients, they hear me in my seminar, which they really love this. But you know, everyone, every couple, every single spouse, because someone could be younger, right? It Just depends on the person and the assets that they have.
[00:14:53] Speaker E: Right.
[00:14:55] Speaker C: And I think the planning atmosphere is, is, should be, should be different for everyone.
[00:15:00] Speaker E: Right?
[00:15:01] Speaker C: And we, we don't see that at all, Steve. So when you're asking about a pipeline, it really is tailored towards the client. It has to be. And I think nowadays, I mean, even, you know, we see statements every day, you know, and a lot of the times, I mean, it looks the same.
[00:15:18] Speaker E: Right?
[00:15:19] Speaker D: I was going to ask you that. That's a good point because I noticed here, I mean, in the last few months especially, it seems like a lot of times when we sit down with somebody and we review their financial plan and their statements and they tell us their goals, it seems like a lot of advisors, at least in this area, they're running, they're giving one or two solutions. When I think that there's so many more out there. Do you agree with that?
[00:15:43] Speaker C: I totally agree with you and I, and I think it's. First of all, it's easy, Steve. I mean, not to call people out. It's, it's easy to plug, you know, something into a computer. I mean, the AI that we have nowadays and chat, GPT and everything else, I mean, we have to use it in our office, right, to, to make flyers and such. But you know, I mean, you, you could literally plug it in inside of one of these programs that these financial advisors have and then it just displays the same output, right? Oh, well, what's your conservative? You know, you know, how much do you want to risk? Are you, are you limited? Are you, you know, do you like this or do you like that? And I mean, I walked across a client last week, I think on Friday, and they had 85% of their money inside of a, basically a high income fund. And I said, well, what's your goal is? Well, my, my goal was to kind of have, you know, so some to the market because I want growth. And I said, all your money's in, you know, an income fund. What do you mean growth? Do you, do you understand what that means? Well, no, not really. And I think that a lot of the times, you know, we're seeing people that are, you know, mashed together in society, in this retirement field, when you get into the retirement side, right? Conservative is a big word. I mean, how many times do we hear that a day, Steve? I mean, yeah, it's crazy. And, and, and, and I think that when you talk about being conservative, okay, you have to know how to plan because if you don't plan, then your money can't really, you know, work for itself either. Right, Got.
[00:17:27] Speaker D: So let's drill down on the income. So income's a big part of the retirement plan. And you know, using that pipeline as income, what would you, I mean, just off the top of your head, I mean, what do you think? I mean, if you think about somebody that's retired, they've built up their 401k, it's inside of this pipeline. How do you, how do they attack that? Did they just take it and put it in bonds? Do they throw it in dividend yielding stocks? Do they, I mean, how do they. What is your plan for them? I mean, what if you can summarize, Just a generic.
[00:17:56] Speaker C: Yeah, yeah, it's to be generic. I mean, it. The first thing I look at is expenses like we talked about on the segment before, okay? Look at expenses, analyze the expenses, understand what they need and then ask, hey, look, what else? What, what discretionary income that, that you need to live comfortably or what do you think that you want?
[00:18:15] Speaker D: What are your goals?
[00:18:16] Speaker C: Right, well, your goals for, you know, this next year or for the next 10, 15 years of retirement, how many trips do you want to take?
[00:18:23] Speaker E: Right.
[00:18:23] Speaker C: Do you want to go on cruises? And then assessing that and basically calculating with the quick formula, which is I'm, I'm pretty good at it. So I'll immediately know, right. You know, out of, out of their total assets, what we need to put away for income and what we can guarantee. And the cool thing is with that guaranteed income, you know, you can defer it for higher income or you can take it immediately.
[00:18:46] Speaker E: Right.
[00:18:46] Speaker C: And we're seeing some great rates right now, obviously, you know, with what we have to offer, which I could, I really, I would consider every single client that's 62 or older to look at these things now. Because when rates go down, these will not be what they are today.
[00:19:04] Speaker E: And I agree.
[00:19:05] Speaker D: Right. Because, you know, and we're talking a lot of the income planning with annuities, correct? The fixed annuity side.
[00:19:12] Speaker C: Yeah, yep.
[00:19:13] Speaker D: Yeah, exactly. And that's, you know. Cause that's where I specialize in with, you know, 30 years in this business.
You know, I have very good knowledge in the annuity world and with the fixed rates that we're seeing, you know, and I don't know how long they're going to be around. We know there's, you know, we got tariffs involved and you know, the Fed chairman's going to be changing seats here. And you know, I know, I know politically they want him out earlier, but we know he's going to be gone by next year. So we, you know, we're anticipating maybe a re rate decline, you know, so what. How are they getting guaranteed income through these annuities? You say that now is different than it may be tomorrow or the next day.
What happens when somebody goes into these income products?
[00:19:52] Speaker C: Yeah, so what happens now is you're basically purchasing a contract for a guarantee from some of the best companies in the country in the financial field, and they're basically adding a rider on top of their fixed index annuity. And that's what we do. A lot of. Steve and I know you do as well, but we really tailored towards that fixed index side so that clients can still have gains to the market.
And that is super, super important.
But we're guaranteeing it with an income rider. And I mean, I'm sure everyone pretty much knows they're a big hot topic right now because, you know, go ahead.
[00:20:29] Speaker D: It kind of keeps leading back to that. So why, why do a lot of, you know, the Fishers and a lot of these advisors, I hate to call people out, but they run advertisements all the time, you know, why not to buy these annuities. So why are they so popular in retirement? Like we're talking about and we're seeing it, but then you have the exact polar opposite from an advisor says, don't ever go in there. You know, why do you think that's happening? What, what's. I mean, well, there are a couple things.
[00:20:55] Speaker C: So we're gonna, you're gonna have, you're gonna get me to say it.
[00:20:59] Speaker D: But what I, the only reason I bring that up is a client we helped, you know, month or two ago and, you know, he has money with a stockbroker, he has money in annuities, and he's using annuities for income and he's happy with them. And he, he asked us that question. Yeah, I don't know if you remember the, the condominium we were in when he asked us that. So, you know, I think that's what people want to hear. You know, we, we do this show out here and we talking about retirement planning and retirement planning, to me, you gotta, you gotta drill down on the income, the income expenses because once those are, you know, once you take that mystery out of retirement, retirement's a lot easier. When I retire, you know, down the road, I have three kids in college this year, so I'm probably gonna be working for another 20, 30 years, hopefully, God willing. But, you know, I enjoy what I do. But at the end of the day when I retire, I want to simplify my life. I want to simplify my financial plan, I want to have my expenses covered and I want to have my, my fun money, my mad money covered. So, you know, a lot of times I think we're hearing different things from different advisors in our area and I.
[00:22:02] Speaker C: Don'T know why, which is tough, Steve. Yeah, because I tell you what, because.
[00:22:06] Speaker D: They should have both sides, right?
[00:22:07] Speaker C: 100%. 100%. And you should be able to plan for both sides, Steve. And I can't stress that enough. And I think that both sides have a part of retirement. I think market risk has a part of retirement. I really do. I mean, I'm plugged, I do as well. Right. Right now, you know, as much as I can.
[00:22:25] Speaker E: Right.
[00:22:25] Speaker C: But when we're going to get to the next segment or two, we're going to talk about what, how it impacts if you have all of your money and you're also taking money out of the market while you're in the market, we're going to talk about that market risk and what it can do in a short term lifespan. But I think right now we're seeing the generality of people not wanting it to be simple and making it complicated. And it's not complicated and you shouldn't make it more complicated. And I think there's a great. Well, I mean, I, I've been on the phone with a guy over in, you know, Florida and he's been calling me non stop as stressing about this. I'm like, Don, I mean you have, you've got $2.8 million and, and you got a house paid off with no expenses and you're stressing about retirement.
I just told him, Steve, I said, look, man, it's kind of ridiculous. It really is. And the fact that these advisors and these planners are making people feel that way is not okay. It needs to be simple and you want to be confident and you want to love what, you know, what retirement field that you're in. You want to be excited about retirement, not stress about it.
[00:23:32] Speaker E: Right.
[00:23:33] Speaker C: Stress about getting a trust or stress about having a life legacy or stress about what Tig gets, what, or how much income to take out. I hear it every day and it really bothers me because it's the people in the financial field and the advisors that are starting this conversation when it should be, hey, look, we need to take care of one thing that we know that you're going to always need, Steve, which is what? Income. You're going to always need income. Every year for the, in your entire life, no matter if you're.
I, I don't care if you have a pension.
[00:24:03] Speaker E: Right.
[00:24:05] Speaker C: When you are done with working and you are transitioning to that retirement field, you, the whole goal is, is to have some sort of income stream, whether it's, you know, an extra 10, 20, 50k a year to be able to do the things in retirement that you didn't do right. When you were working. Because that's big.
[00:24:25] Speaker D: Yeah. So, David, one of the things that I heard and a client brought this home to me, it must have been three years ago, lady in the Pensacola area was getting ready to retire, was a nurse all of her life.
And we started doing income planning and she had a pretty good nest egg saved up from work.
And one of the things I want to, I want to throw out here in this segment and lead into the next one. But she made, she and I started doing some research. She said, steve, I don't care what my income looks like when I'm 85 years old because I've been a nurse all my life. I see what happens to the life of most people at 85. When I retire, I'm going to be 65. I want to have income. I have the go, go years. I want to, I have energy, I want to help my granddaughter with her horses, I want to travel, I play some pickleball. You know, that's a new thing now, you know, so it was, she, she brought this to my attention. So a lot of times when I'm at these seminars and these workshops, I try to tell people there's different phases of your retirement. You have, you know, and each one of them has unique characteristics based on your health and your financial considerations. In the beginning, you may need more income. In the first 10 years, go out.
[00:25:35] Speaker C: And have fun, you know, and I think a lot of people aren't, they've, they've got this, all this nest egg at the very, very end. And I, and you know, you hear some stories from, you know, 80 year olds. You're like, well, you know, I got a lot, I don't even know where it is. It's here, here. I'm like, and they always say you can't go back. They always say that later, right? You can't go back. And I think that hits hard because, you know, now you, you know, retirees have that advantage, Steve. They have the advantage to be able to use their income but also have a good amount of growth in the market now with, you know, what's out there and that's what we help with every day. Which, you know, again, we gotta, you know, we really have to sit down specifically and, and, and have a plan with the clients. And I think we do that. The best man and I can't wait. You know, if you're on this, if you're on this show, please give us a call. 251-236-4371. Again, 251-2364, 37101. Retirement planningpipeline.com so retirement planningpipeline.com Again, this is David and Steve and we'll be right back.
[00:26:46] Speaker B: 30 years of combined retirement planning experience. Call David and Steve today at 251-236-4371.
Planning for retirement doesn't have to be overwhelming. Get expert insights, tools and personalized strategies to secure your future. Visit retirementplanningpipeline.com today. Your retirement, your plan, your peace of mind.
[00:27:26] Speaker C: This is the Retirement Planning Pipeline Show. Be sure to subscribe to our podcast on Apple or Spotify, wherever you get your podcast. Again, the number is 251-236-4371. For your full comprehensive plan, no fees involved.
Steve, we kind of want to get into, you know, some, some key math problems and I'm not going to go deep into it. Okay. I, I'm not going to run a, run a rabbit hole, but I know.
[00:27:56] Speaker D: Where, I know where you're going on this one. We run into it all the time. So let me ask you a question. If I'm getting ready to retire, I have my 401k and it's in the market, mutual fund stocks. So be, it goes up with the market, goes down with the market, and I decide to retire and turn on income and I'm just going to pull it off that 401k and not really do anything else with the 401. Leave it where it is.
Is that going to be good for me? Hurt me? What, what are my, what's my exposure with that process?
[00:28:26] Speaker C: Yeah. So the one key, you know, equation that I always pull up in every single meeting when I meet someone that's taking money out of their 401k when it, while it's in the market, right. Or wherever it is, bonds, whatever it is, right.
You're going to take money out, okay. And you're still going to have risks of the market.
[00:28:48] Speaker E: Okay.
[00:28:48] Speaker C: Now think about when you're putting money in, okay? So to make it really simple for you, to make it really simple for everyone out there, okay. And this can be, this is going to hit home for a Lot of you out there that are listening to this show, okay? If I'm. When I'm 25 years old and I get my first career job and I'm plugging money in, okay, the stock market, let's just say, was at, you know, of a thousand points, okay, I'm plugging money in.
I'm plugging money in for how long, Steve?
[00:29:21] Speaker D: 40 years?
[00:29:22] Speaker C: 40 years, right? 30. 40 years, okay? Am I plugging in money only when the market's up or down, or am I plugging in at all? At all times?
[00:29:30] Speaker D: Dollar cost averaging, you're doing it all.
[00:29:32] Speaker C: The time, during it, every single week or every single paycheck that comes in.
This matters more than anyone could ever know, okay? You are buying shares of the SB 500 or NASDAQ or wherever you're at in your 401k or whatever mutual fund that you're in. You are buying shares, okay? Or units of something at low prices and high prices, but you are not taking money out, okay? So when people talk about accumulation, yes, we can have accumulation grow exponentially, but only exponentially when you are plugging money in and not taking it out.
[00:30:13] Speaker D: So, David, what about the distribution phase? Is it not the same?
[00:30:16] Speaker C: It is absolutely reversed, Steve. So it is exponentially. Downside, right? I have a little spreadsheet formula that I actually created for a lot of my clients that are engineers that want to see this, because engineers are very, very analytical and want to see a lot of the math that goes into it, right? And I have two sides. I have basically a T chart. Make it really, really simple for them. Look, here's taking out. I have a million dollars. You're taking out $70,000 a year. Being in the market with 10 years, the recent 10 years, okay, here's taking $70,000 out, right? With no risk, and being able to create market link gains with capsule, okay? So you're not going to get the full market link gain, but you'll get a market link gain.
[00:31:02] Speaker D: Okay, and so you say market link gain.
[00:31:05] Speaker E: Are you.
[00:31:05] Speaker D: I mean, we talking 4% gain? 5%? I mean, what, around.
[00:31:09] Speaker C: Around 10? Around 9 or 10%, right?
[00:31:12] Speaker D: So 10's a good number. Okay, yeah, that's respectable.
[00:31:15] Speaker C: Right? And I mean right now, I mean, that's. That's absolutely awesome, you know, I mean, so, you know, and I mean, some clients have had really good years and have gotten 14 to 16% return. Some clients get 5 to 7. You know what I mean? So it just. It just depends on what. What kind of the market is. But you Got to realize that if you're getting 5 to 7, the market might have some bad years. So when you're taking money out on that, right. On, on your distribution phase, you're going to have something a lot different. So, I mean, and it's as simple as this, right? We always go on, go through this in an actual meeting. If I have $100,000, I write it up on the board, okay.
And I lose 30%. Steve, how much do I have?
[00:31:56] Speaker D: Well, if I was a client in a seminar, I may not know, but I'd say 70,000 is left.
[00:32:00] Speaker C: Around $70,000 is what I have left. Now. I take out 10% of my principal, okay. That I first had.
[00:32:08] Speaker D: So as we took out a hundred.
[00:32:10] Speaker C: Thousand, so I took out a hundred thousand.
[00:32:12] Speaker E: All right?
[00:32:13] Speaker C: So I take 10. I take $10,000 out. Now I'm at $60,000. Now, I only took. I only lost 30% last year because the market went down. But I'm ready for the market to come back up.
[00:32:24] Speaker E: Okay?
[00:32:25] Speaker C: Now I make 30% back. So when I lost 30%, I make it back, I made 30% back on my $60,000.
Steve, is that back to 100 grand again?
[00:32:36] Speaker D: Not even close.
[00:32:37] Speaker C: Not even close. It's back to $90,000.
[00:32:40] Speaker D: Nope.
[00:32:41] Speaker C: No, not even close.
So when you look at these things, it works.
Absolutely reversed, right? We always say, matt doesn't lie. That's the big, big topic. And that's why math and finance are so much different.
We always say, hey, when does.
[00:32:57] Speaker E: Right.
[00:32:57] Speaker C: Negative 30 plus 43 equals 0.
[00:33:00] Speaker E: Right?
[00:33:00] Speaker D: So let me get my head around this, David, because you're. You're getting into some detail here. And I try to keep, you know, at my age, I try to keep it simple, but on, on a serious note. So you're saying if, you know, like a few years ago, the market overall was down about 20%, but it bounced back the next year, up 20%. But you're saying if I have my money in the market and I'm pulling money out and it goes down 20, up 20, I'm not even even.
[00:33:25] Speaker C: No, you wouldn't be even if it. Even if it went down 20 and up 20, Steve. Without pulling money out.
[00:33:31] Speaker D: Right? And I think that's where a lot of the clients, they look at statements or they look at averages, and they don't apply it to their funds now. And I think.
[00:33:41] Speaker C: Go ahead.
Because again, if you're down 20 and you're plugging in money, Steve.
[00:33:47] Speaker D: Right.
[00:33:48] Speaker C: What happens?
[00:33:49] Speaker D: You still have money in there, you.
[00:33:50] Speaker C: Might be back even Or a little bit higher because you're plugging money in when the market is down right at every single point. But if you're not working and you're not plugging money in anymore and you're in the district, you're actually in the market, you transition into that retirement phase, it changes dramatically in reverses the actual formula. So, you know, again, that's what we go over when we sit down. And that's where the solution of the planning the income like we talk about all the time, which is a huge topic right now, like we're like, we've been talking about is so big when it comes to planning for retirement and having a certain amount of assets, being able to plan for income.
[00:34:32] Speaker E: Right.
[00:34:33] Speaker D: That's so important in retirement. I just, you know, we, those numbers that we, we talk about and we show somebody, and you're a big whiteboard guy. I know whenever you meet with somebody, you know, you get the yellow pad out or the whiteboard and you know, try to keep it where they can understand it. But I think that's where this theory of let's just keep it out there, grow and grow and grow and, and you can pull money out and you don't have to worry about it because the market always comes back. It's all time high right now. We've setting records every day. But, you know, a lot of people have been around and been in that investment world and you know, where they've seen the years where it's dropped 20, it's dropped 25, two bad years. I mean, this tariff, you know, what if. I mean, we're seeing some weird things down the road here.
I don't think we've really seen the effect of the tariffs yet.
I know it's coming. I think there was oversupply ordered when the tariff word came out. I think, you know, you're going to see some different economic times coming here in the next six months to a year. And I think that's why important with people, retirement, getting close to retirement to really start planning that income phase, getting that distribution phase set up now, get it guaranteed where we don't have to worry about it.
So six, eight months from now, we don't have to worry about this tariff issue. You know, they've got the income planning, they've got it set up and that's where we can help.
[00:35:48] Speaker C: Yeah, 100%, Steve. 100%. And not only that, you know, I think one of the big things is too is you need to have a full plan.
And I can't Stress this enough.
Planning for income is one thing, but you know, when you want money to grow and let's say you want legacy planning or you want money to be in the market and you want it to actually, you know, accumulate in value, you should not be touching that money, Steve.
[00:36:16] Speaker E: Right.
[00:36:16] Speaker C: The math doesn't lie.
So put the amount of money that you want to be touching or that you need for guaranteed income away and let the other really maximize and grow without touching it.
[00:36:26] Speaker E: Right.
[00:36:27] Speaker C: And I think that's where the planning atmosphere comes up. What's the weighted average of both sides? How much do I put away? How much do I want to accumulate?
[00:36:34] Speaker E: Right.
[00:36:35] Speaker C: And you see all these illustrations from a lot of different companies, a lot of different advisors, and really a lot of them are kind of biased if you ask me.
[00:36:44] Speaker E: Okay.
[00:36:45] Speaker C: I'm a big stats guy. I have one of my math degrees is in statistics.
I don't care what anyone says. You cannot take the past 10 years in the market and compare them to the entire market.
You can't.
You physically can't. And I tell you why your sample size is so limited, okay? In statistics, the more confident you get is because of the sample size gets larger if N, which is your value goes over 30. So if I have over 30 years, I might be able to get more confident in being able to average rate of return and see my rate of return in the market. But I can't take the past 10 years and take that statistic and then plan out my next 10 years from the past 10 years.
[00:37:27] Speaker D: Correct? Yes.
[00:37:28] Speaker C: There'll be a lot of people very upset.
[00:37:30] Speaker E: Right?
[00:37:31] Speaker C: I mean, I think that's where we are. That's why people want to move their money from broker to broker and from financial advisor to advisor. Because we're seeing people promise things that can't be promised.
[00:37:42] Speaker E: Right.
[00:37:42] Speaker C: The market is a crystal ball. No one knows.
[00:37:46] Speaker E: Right?
[00:37:46] Speaker D: So would you say there's a three legs of retirement? I mean, because when you think about it, all the years I've been doing this, my biggest thing is I try to get in the head of the person I'm talking to and I say, well, we have this money here. Whatever the amount is, it's always, you know, it's big to them because that's what they save for. So go into retirement. What are they looking for? Are they looking for continued growth? Are they looking for spending it and income, or are they looking to leave it to a benefactor, you know, so. Or is there a combination? And I think that's where we're different, is because we understand that if they want growth, there's nothing better than going in the market over time. It's going to outperform a majority of the other, you know, of a CD of the. We don't. Right. We don't argue that. So when we look at that and we say, okay, well, let's figure out how much of your money or your nest egg that we want to put over here and let it continue to grow. And that's maybe where a broker should be involved. If you want to keep it in the market, you find a good advisor, let them grow it for you. You know, then let's carve out the piece that we want to set up a guaranteed income. And let's look at the expenses like we talked in the last segment. Let's figure out where your core expenses are. Let's figure out what your mad money expenses are. You know, the travel money, the golf money, the fishing money I'm getting ready to do next week. So, you know, let's carve that out. And let's see. Do you want to leave any to anybody? Do you want to have a spouse or kids or grandkids or a charity? You know, if that's not important, let's focus on the other two. I think that's the difference of what we do. Don't you agree, David?
[00:39:14] Speaker C: Oh, 100. And you know, Steve, that makes, that makes you and I, and that's why I think we have such great relationships with our clients and we get so many referrals, is because the clients appreciate our care and what they want.
[00:39:29] Speaker E: Right.
[00:39:30] Speaker C: Where a lot of times, I mean, I'm sure a lot of you listen to the show. You guys know, you go out and someone's going to sit you down on their desk, whether they have an assistant or not coming in or whatever, and they're going to tell you how much money they made, all their clients in the past 10 years or. But really they're going to tell you they have one plan, they're going to grow your money. They don't even sit down and plan. They don't have an okay, well, well, yeah, your expenses. And they don't assess anything to it. They might ask you those questions. But is there any assessing those goals?
[00:40:01] Speaker E: Right?
[00:40:02] Speaker C: And I think that's super, super important when you sit down with someone, which I think, Steve, you and I really get a lot of feedback on that. And I know that other advisors don't do that because of what our clients say to us, right?
And oh, well, we sat down and we talked about this and that or how much you can pull out.
It's really not about that. It's not about how much I should tell you to pull out of your own money. And I think a client should understand that and it should be very transparent. It's if you want, if you want a $50,000 a year to go on cruises, then we need to figure out a way to make that happen. I'm not going to sit here and tell you how much you need to take out or how much percentage or a 4% rule that you need to be able to take out in order to maximize your income to, to leave to your beneficiaries down the road. That's not how retirement should work. That's not why you've worked your entire lives and you plugged in your money that your entire lives and your 401ks and you've had your accumulation phases. You've did that to be able to do what you want for retirement now have the right retirement planner, right, to help you down that course and path. But coming up next, we're going to go over some, some client details, you know, a few cases that we have and I think that a lot of you will definitely benefit from and especially, you know, Steve with some of his important comments as well. But you're listening to the Retirement Planning Pipeline Show. We'll be right back.
[00:41:26] Speaker B: Helping you take control of your financial future. This is the Retirement Planning Pipeline.
[00:41:33] Speaker C: I can lie.
[00:41:37] Speaker D: No more of your darkness.
[00:41:44] Speaker B: Missed part of today's show. The Retirement Planning Pipeline is available wherever you get your podcasts and@retirement planningpipeline.com all.
[00:41:54] Speaker C: Right, you're tuned into the Retirement Planning Pipeline Show. Join us every Sunday at 9am right here on WNTM.
Subscribe to our podcast as well.
Listen to the show anytime you want. Apple, Spotify or whatever, wherever you're at, you actually get your podcast. I know Apple and Spotify have them as well.
Again, our Phone number is 251-236-4371. One more time, 251-2364371.
Please reach out, give us a holler or, you know, go to our, our website. We'll, we'll definitely meet you for a full comprehensive plan, no fees attached. You know, just really sit down with you and see if we can help you out. 99% of the times we really, really can. But you know, a lot of the times we just like to sit down with you and go over your portfolio and at least see if we can help you with your retirement and Transitioning into that mode. That's what we love to do. So. But we're going to start off, Steve. I know we both have, you know, one client story that we, you know, at the end of all of our shows, we kind of, well, really episodes. We like to go over some client, you know, interviews or. Or client, you know, parts of the day where we kind of fix what they had going on. Or. Or plan, you know, whether it sticks or plan.
[00:43:13] Speaker E: Right.
[00:43:13] Speaker C: So I'm. I'm gonna ask you first. I know you had a client that you've dealt with a couple months ago with one of our other colleagues, and, and, you know, you had a kind of a rough moment for a little while with him, with, with one of his brokers. But I want you to share kind of how you ended up working together, you know, for the client and, and for the client's needs and goals.
[00:43:35] Speaker D: Yeah, I, I think I know what you're talking about. It was a, you know, a few months back and met a client at a seminar. Still working, but getting close to retirement. He hasn't retired yet, so I believe he's going to be retiring next year early.
[00:43:50] Speaker E: He.
[00:43:50] Speaker D: We looked at his nest egg, we talked about his situation, and he said, well, Steve, you know, I need to supplement my Social Security.
I have this large investment, you know, just shy of a million dollars, and I want to. I don't have a 401k really set up, but I'm going to use this asset to supplement my income. And I don't want to get into real estate. I don't want all the headaches of that in retirement. You know, I just want to put it somewhere where I have guaranteed income. So I'm like, you came to the right place. So we started planning with him, and really we split the asset up. And I. And I said to him, I said, well, you're kind of young age for retirement. You know, you're in your mid-60s. You know, he had longevity in his life. He liked his investments.
And I said, well, why don't we split it up, Leave some of them in the investments, Keep your broker if you're happy with them. I don't. Doesn't bother me. And let's reposition some of the other part of the asset into a guaranteed income that we can turn on when you're. When you retire.
And, you know, over the several meetings we had, he loved it. We went back and forth, we changed the number a few times. You know, I wanted to make sure he was comfortable and we're transparent with everything. So we went through the process with him and it was time for him to move the funds. Well, you know, the broker wasn't associated with Amerilife, it was outside of Amerilife. So I didn't really know the broker.
And he said that's no problem. You know, he had an executive job, so he's pretty strong willed. And I prepared him. I said, well, the broker's going to be losing money. If you move some of this money, they have management fees. So if you move it over here and we set up income, those management fees go away.
I said, so I just want to prepare you for that. He said, no problem, no problem. Well, wrapping up a long story into a short time here, he decided to move some of the money and we put the paperwork in, made the calls and he, you know, he, he did it all himself and had, he got transferred to many different parts of that brokerage and they finally came back to him and said, well, we can do that for you here and we really think you should leave it in the investment and not move it over there.
And long story short, he finally told him, he said, look, you've got almost a million dollars of my money that I've had with you for 20 years. We've grown it to this point. I'm moving a position of it over here with another advisor and we're going to get guaranteed income set up and that's what I want to do. And I want you to take the balance of it and continue to grow it so I'm whole again 15 years from now and I have my income.
[00:46:18] Speaker C: Look at that. Yeah, look at that.
[00:46:19] Speaker D: So it, you know, and it went, I mean we went month and a half, two months of fighting this broker and, and I just don't, I wish our industry wasn't like that, David, because we can all work together. I mean, people need to have a team. And you know, we're going to talk in other, you know, shows, we're going to talk about Medicare planning and about long term care planning. I think that's all important in retirement. But that's one of the things that we do is we say, hey, look, if you like the broker and you want to keep, keep it aggressive, a portion of your money, then that's fine. You know, so that was something I came across. Now I know not too long ago you had a client, and I believe he was getting ready to retire, was recently retired pilot.
[00:46:59] Speaker E: Right, right.
[00:47:00] Speaker D: And had pretty good wealth generated. I think it was close to $2 million. And but his concern Was he had a younger spouse, maybe making sure there's enough income for both of them. I'll let you go on from here because obviously I wasn't a part of that meeting.
[00:47:13] Speaker E: Right.
[00:47:13] Speaker C: But before I get into that, Steve, I have one question, and I think some of the audience too probably has this question as well. And I might be getting a touch of subject here.
Why didn't the broker offer him what you had to offer?
[00:47:29] Speaker D: Well, I guess we'll be honest with everybody here. I mean, you're taking money.
The plan that we put the portion of his money that goes to guaranteed income, there is no management fees on the account. So if I'm a broker, and I'm just talking general terms here, because I have a lot of friends that are brokers, and if I'm just strictly a broker and I charge a management fee, and all of a sudden, you know, I've got a client that has a million dollars and I'm getting 1% on that million dollars and they want to move a half a million away from that, I lose a pretty good income year after year after year.
So, you know, it has to come back to the income portion of it. It really does. Because when you look at the plan that we put together, it was a perfect plan for this client. And there shouldn't have been back and forth. It should have been okay, but that's fine. It looks like he put a good plan together, just like I told him his investments were. You know, we looked down together. I said, hey, you have had some growth, you know, Right.
[00:48:25] Speaker C: So do you not think that he thought, I see, here's where I get, here's where I, I flip the switch, right? Because do you, do you not think that the broker wanted, like, knew what to do or knew it was the better option for him or did he do the math or did he.
[00:48:42] Speaker D: Honestly, David, I, I have to believe he wanted to keep.
[00:48:46] Speaker E: Grow, grow, grow.
[00:48:47] Speaker D: It's grow mindset they get. The more they grow, the more money they make on management fees.
[00:48:51] Speaker C: Didn't want them to use the income base.
[00:48:53] Speaker D: Didn't want them to use the income. And you and I, and I'll bring this up before you talk about the pilot. You and I have a good friend that's a broker up in Birmingham.
[00:49:00] Speaker E: Yeah, we do.
[00:49:01] Speaker D: Came down, helped you do a big plan for a client, and he flat out told us, Steve, David, I don't like to deal with the distribution. I don't like to deal with the income. I, I want to work on the growth side.
So I Know, you planned that well with that client. You left quite a bit on the growth side with that broker and he let us handle the income side.
[00:49:19] Speaker C: Yeah, and that was, and that was a cool case too because, you know, you know, it was a very, very, very sweet woman who just was torn in between two advisors that, that weren't in the same area anymore. And again, you know, guys, get, get a local advisor, okay? Get someone you can go talk to face to face. You can walk in the office and you can meet them and you could call them. My cell phone is on constantly. If you ask any of my clients, they call me and if I don't answer, I'm calling them back after my appointment. If I'm not there, right. Even on Saturdays, you know, have someone that you could talk to because this woman, you know, she had that five to six million dollars in the poor, the poor lady had like $5,000 in mortgage, she had a beautiful house in the water.
But she, she literally have any income to, to actually take care of her expenses. I mean, and you know, she loved to travel, she loved to do things. She had about 150 grand of expenses each year and she had to ask every two months. Like, like her, like her mom and dad. It was, it was wild. You know, a retired woman, she, her, her husband sadly passed away. We're seeing a lot of that nowadays when, when spouses get less left with, with a lot of the money and don't know what to do with it. But the advisors gave her no plan. They just kept it in there and had her ask when to take it out. And I again, it ruined. They lost $5 million because they couldn't plan it correctly and they couldn't do what was best for the client. Which really hurts because a lot of people that are transitioning in the retirement phase, this really 90 something percent of them, that's what's happening is they're not getting told because like you said, Steve, the income that these advisors are generating off of these clients is so high. I mean, that's $50,000 of income, Steve, a year.
These advisors lost because they were, they were too prideful to step down and say, look, we need to reposition your assets into something that is better for your retirement than now.
[00:51:21] Speaker E: Right.
[00:51:21] Speaker C: Instead, they were letting her come to them and ask for 50 or 60k every couple of months. And sadly, that's not the way that it should be.
[00:51:31] Speaker E: Okay.
[00:51:32] Speaker C: You should have that steady income stream, but also have money aside, it's fully growing and aggressive.
[00:51:36] Speaker E: Right?
[00:51:37] Speaker C: If you want growth in the stock market, I always say this, Steve, be aggressive. That's be aggressive.
[00:51:43] Speaker D: I've heard you say that quite.
Let's explain that for a second. I know, you know, we're talking about case scenarios and client calls and what we've seen.
I've heard you say that quite a bit. You know, and I know it's easy for you to say at your age, but explain what you mean by if you want growth in the market, be aggressive. Because a lot of times you look at a portfolio and the broker tries to balance it out with bonds to balance out the, you know, the risk.
And I don't know if that's the right plan for a lot of people, because people should go in the market for what? For growth. And they're going to have risk. The higher risk, the higher growth opportunity. So there's nothing wrong with that. But explain what you mean when you tell people, remain aggressive with your stock investments or your, your probably a 99.
[00:52:29] Speaker C: Out of the 100 people that I meet and that I look at their portfolio and they think that they're in the market. Well, they say they're in the market.
[00:52:35] Speaker E: Okay.
[00:52:36] Speaker C: They're not fully aggressive, which again, defeats the entire purpose of the market. If you want to be in the market, you're there to grow. That's. You have risk because you want to accumulate.
[00:52:46] Speaker E: Right?
[00:52:46] Speaker C: That's. I, I don't care what anyone says. That's the whole goal of the market is to make money on your money.
[00:52:51] Speaker E: Right.
[00:52:52] Speaker C: And I think.
[00:52:53] Speaker D: So let me. Can I interrupt you for a minute? Yeah.
So let me be the advocate here. So why not just leave it all in the market and then yank out what you need? I mean, what's in retirement? Is that kind of what the brokers are telling them?
[00:53:07] Speaker C: That's. That's what they're telling them. Which.
[00:53:09] Speaker D: But how come they're not fully aggressive?
[00:53:11] Speaker E: You're hit the head.
[00:53:12] Speaker C: Yeah, I know what you're going. And this part is where it gets frustrating. And I'm sure a lot of you guys that are listening can probably relate. Okay, I'm gonna tell you this, okay. I say this in all my seminars. You're basically getting a seminar out of this segment. But you got your whole point in the market, like I said, is, is to grow.
[00:53:31] Speaker E: Okay.
[00:53:32] Speaker C: So now you're going to now balance your portfolio, okay. And in your assets to where you're now stunning your growth right now. Do those advisors decrease their fees, Steve, if you're going to stunt your growth?
[00:53:47] Speaker D: Nope.
[00:53:48] Speaker C: No, they keep the fee the same. Steve, do you have more in your portfolio now than you did 20 years ago?
[00:53:53] Speaker D: Of course we do. Over 20 years it's going to grow, grow.
[00:53:56] Speaker C: Are you paying more for a fee or you paying less for a fee or paying more?
[00:54:00] Speaker D: So, so, so let me ask you a question.
[00:54:03] Speaker C: Where I'm going.
[00:54:04] Speaker D: What are the alternatives? I'm 65, 70, 75 years old and you know, you're saying I should leave some of the market and be aggressive, but I don't really want that risk. I'm conservative as I get older. I don't want to take the risk. I'm not, I don't have my W2 income anymore.
Where, what are the alternatives? You know, CDs, maybe not. So I mean, a little bit here and there.
[00:54:22] Speaker C: The alternative is putting, is putting that money away where you have no risk, but you can gain market link growth. And then you want to take it out of. If you want to be fully aggressive and you don't want to touch your money at all, there should be a portion of that that goes into the market. But if you're going into the market, Steve, you should have a fully aggressive portfolio because that is the point. You will. If you lose 30%, it's okay. The market historically comes back up because you don't touch it, period.
[00:54:49] Speaker E: Right.
[00:54:50] Speaker C: Now, if you're touching it and you plan to touch it, which in retirement, I hope everyone listening here that wants to retire, you plan on touching your money. And if someone has brainwashed you not to, please meet us today because that's the whole point of retirement. An Individual Retirement Account, an IRA is for retirement.
[00:55:08] Speaker E: Okay.
[00:55:09] Speaker C: And again, you know, I'm passionate about this subject because it's, it's brainwashed. And where we get put in this, this motive where you still have risk to the market and you don't have the actual gains of the fully market risk, like, you know what I mean? You're not going to gain 30% if you're half in bonds, guys. Sorry, it ain't going to happen. You're not going to gain 20% if you're half in bonds. Maybe 10 or 12, right? Maybe. But you're going to lose 10 or 12 too. So I mean, is it really going to do. And you're paying a 1% fee still, so is it really doing anything for you? Right, we're going to wrap up this show here. I, I, I know we can talk for hours on this, but we're excited to, to see you guys for the next show next Sunday.
Again, number is 251-364-371 to give us a call again, 251-236-4371 yeah, for all.
[00:56:04] Speaker D: Your listeners out there, hit us up on our website as well. If you have anything you want us to bring up and talk about, feel free to bring it up to us and we'll we're transparent, we keep it simple and we tell you like it is.
[00:56:16] Speaker B: Thanks for listening to this week's episode of the Retirement Planning Pipeline, the show that helps you take control of your financial future. Whether you're five years from retirement or just getting started, retirement planning specialists David Pipes and Steve Zarek have the strategies, tools and experience to help you make the most of your nest egg, take control of your financial future and get started today by visiting Retirement Planning Pipeline.
And if you missed any part of the show today or want to catch up on past episodes, be sure to subscribe to the Retirement Planning Pipeline wherever you get your podcasts not affiliated with the United States Government, Amerilife agents do not offer tax, legal or investment advice. Consult with your tax advisor or attorney regarding specific situations. Opinions expressed are subject to change without notice. These opinions are not intended as investment advice, nor do they predict future performance of any product. All information provided is believed to be from reliable sources. However, we make no representation or warranty as to the accuracy of any statement. This information is intended to be educational in nature and does not provide a guarantee or specific result. All copyrights and trademarks are the property of their respective owners. Amerilife assumes no responsibility or liability for the content of this message. The information contained herein is provided on an as is basis with no guarantees of completeness, accuracy, usefulness, timeliness, or the results obtained from the use of this information. Charles David Pipes and Steven Zarek are individually licensed and appointed agents. Learn more@retirement planningpipeline.com Retirement Whether it's five.
[00:57:47] Speaker A: Years out or 20, your retirement plan needs your attention. I'm Jim Tarabok, here for the Retirement Radio Network powered by Amerilife. You've worked hard, built a career, raised a family, maybe even helped with college tuition, paid off the house.
Remember that dream vacation? What seemed like small life events in the past context later proved as accomplishments. But now retirement is just around the corner. Andrew G. Biggs of the American Enterprise Institute says for the first time in years, there's a level of optimism around retirement.
[00:58:19] Speaker C: The US Retirement system is stronger than it's ever been. Retirement incomes have never been higher. Retirement savings have never been higher. Participation in retirement plans has never been higher. All the things we would like our retirement system to be doing. It is doing.
[00:58:34] Speaker A: Depending on your age, you may have entered one of the most important time periods of your life, the final stretch. And it's important to take the necessary steps to ensure a safe financial future. Chief financial advisor of Active Wealth Management and radio host Ford Stokes to do.
[00:58:48] Speaker C: Retirement right, you need a solid plan that includes a clear vision. How are you going to fund that retirement? Do you need a plan for when you'll take Social Security? An income plan that will allow you to beat your budget? A sound investment strategy for any retirement accounts you may have?
[00:59:03] Speaker A: A cornerstone of retirement planning is determining not only how much to save but also where to save it. There's no single best retirement plan, but there is likely a best retirement plan or combination of retirement accounts for you. Do you know when to take Social Security? How does your health care fit in? Will your savings last if you need them to? These are common questions, but you don't have to face them alone. So it's never too early, no matter what your age, to sit down with your financial advisor. Look over your income sources. Double check your withdrawals. Make sure everything lines up with how you want to live and the priorities you have set for yourself in your retirement. A small adjustment today can give you greater peace of mind tomorrow. You've earned this next chapter. Now make sure you can enjoy it confidently. For the Retirement Radio Network powered by Amerilife, I'm Jim Tarabokia.
