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 Phipes and Steve Zarek.
[00:01:16] Speaker E: Hi everybody. Welcome to this week's edition, a brand new episode of the Retirement Planning Pipeline, the show that delivers expert insights, actionable advice and real world financial strategies to help you retire confidently and and comfortably. Thank you for making our show a part of your weekend. I'm your host Jim Tarabokia alongside retirement planning specialists David Pipes and Steve Zarek and we'll talk to those guys in just a moment. Retirement readiness Safeguarding your financial future. We want to provide you with a comprehensive guide to avoid common retirement pitfalls and building lasting security. Coming up on today's show, some important pitfalls some don'ts to avoid in retirement. Things like underestimating how much money you need in retirement, relying on the market in retirement, and we'll also talk about transitioning your assets into income. But before we get the show started, I want to encourage our listeners to go ahead and schedule your 100% complimentary consultation with retirement planning specialists David Pipes and Steve Zarik. Today it's a free offering just for listening to the show so our listeners can meet with those guys to review their own financial situation for your family or for your business. And again, there's absolutely no obligation. So visit retirement planningpipeline.com to get started. All right, showtime. The Hidden Retirement Equation. Calculating what you'll truly need for a comfortable life beyond work. You know the drill. Save diligently, invest wisely, and retire rich. But here's the kicker. Most people grossly underestimate how much they'll actually need in retirement. We're talking inflation, your lifestyle, cost of living, and those unexpected twists that life may throw at you. So David and Steve, opening up today's show with don't underestimate how much capital you will need in retirement.
[00:02:59] Speaker C: This is a big question that I think that, you know, and everyone out there has this. This thought about, okay, do I have enough to retire? Right? And this is where, you know, it gets pretty tricky when mathematics come into play and, you know, sitting down with clients and going over the logistics and the actual analysis shows different, you know, different structures for different people and different needs.
Number one thing we really talk about, if you're out there and you're thinking, hey, do I have enough to retire?
Number one is, is you need to look at your expenses first, okay? I cannot express that enough. If you're not looking at your expenses and not understanding and analyzing what your future expenses are, even with inflation, things like that. And if. And you're not planning your income accordingly to those expenses, you're doing it all wrong, okay? And that starts with people. I think the one, you know, the one big topic is what everyone hears about the 4% rule, right? That 4% rule is if you take out, right, 4% of your investment account, right, for the rest of your life, every year, it should last until you die, okay? So that's where people think, okay, well, if I have a million bucks and my life expectancy is for the next 20 years, okay, I could take out, you know, 5%, right? For the rest of my entire life, okay? For those 20 years now, the same time of things, okay?
We have to also understand. And Steve, you know, this between a lot of our clients and I, and I said this a couple nights ago at one of my seminars.
The point of the stock market, okay, is for growth, right? So when we're. When we're studying growth and if you're out there and you have all your money in investments and you're looking at, hey, how much do I need to take out? Or how much should I take out every single year?
You have to understand where you're invested first, okay? That's one of the biggest parts. And that's where we sit down with you and we actually show you and give you a guideline of how to maximize growth and maximize your income. Because if you don't Maximize your income on one side and really take care of those future expenses. You're not going to be able to live the retirement that you want.
And like Jim said earlier, you're going to start to have questions in your mind whether you even have enough to retire.
[00:05:22] Speaker D: David, you're exactly right. And what people fail to plan for is how their retirement's going to look and their lifestyle. You know, everybody has an individual plan, and that's where it all starts. If you, and if you're out there thinking, can I retire?
We're going to sit down with you and work that plan. We're going to talk about your lifestyle. We're going to talk about, you know, how much capital you need in retirement really depends on your expenses, your lifestyle, what other, you know, supplemental income plans you have. Maybe you have a pension, maybe you don't. Maybe you have a, you saved up, you know, and you have a tsp or 401k. And it's, you know, we're going to look at all your assets and try to create an individual plan for you so you don't underestimate the capital. And, and don't pick one number. Too many people advertise this one number and they want to blanket it across America. And, you know, we're going to look at your, you know, life longevity. We're going to look at how you're set up with other things. And, you know, whether your children are retired and have, you know, successful jobs or you're still supporting your children, I mean, that's a big part of retirement these days.
[00:06:22] Speaker C: And you said it perfect. Because, and if, again, if you're out there and you're wondering, hey, do I have enough? Okay? And you're, you have that question in your mind where you say, you know, I don't feel like working anymore, you need to meet us, you need to sit down. Understand that there are ways for you to retire in an efficient manner that people don't go over. And I talk about this all the time in my seminars. The world, the corporations out there and everyone else, they don't, they don't care about your retirement. They care about their own pocketbooks.
So you think anyone's going to come to you personally with your money in there and say, hey, you can retire. I'm sorry to tell you, but no, they want your money to go in. They don't want your money to come out. So again, if you have that question, right, of do I have enough or, you know, what can I get out of what I have and how Can I maximize my income and make sure that it never runs out and it's guaranteed? You need to give us a call. 850-565-1705. Again, that's 850-565-1705.
[00:07:27] Speaker D: We're running into people that retire at age 60, and you talked to somebody the other day that was retiring at 73. So the age matters. And when you're talking about somebody retiring, it's really good to sit down with us and figure out that plan and what you want your retirement to look like. And I think what people have to understand is there are solutions out there. We have solutions. We can sit down with you and we can give you guaranteed income. And we're going to start with the income because we don't want to underestimate. You know, you say, oh, I got. I want to retire and I need this much income, and maybe your capital is not enough. And then we're going to be honest with you. We're going to sit down with you and show you, and we're going to talk to you about what kind of plan you should have. And. And it really starts with that guaranteed income and looking at your expenses.
[00:08:09] Speaker E: And what are some common ways you guys see people misappropriating their expenses? When you sit down with them and you go over everything, whether it's their TSP, their 401k, any of assets in retirement, what do you see? Some common ways that they misappropriate their expenses and put themselves in a hole that now you guys have to dig them out of.
[00:08:27] Speaker D: One.
[00:08:28] Speaker C: One big, big scenario is when I think retirees don't understand that back in the olden days, things didn't cost that much. Okay? And I see a lot of clients come in and I kind of have to go over the numbers with them and say, look, here's the deal.
You know, your little Social Security and your little pension's not going to cover the things that you want. And those are, those are not going to increase very much. I mean, this curry increases what, the cost of inflation? Right? Or maybe even lower than that. Okay? The things.
Expenses always get higher, right? They're never going to get lower. So you have to plan to maximize your income. And if you're out there and you're thinking to yourself, well, I only need this. I'm telling you, in five or 10 years, you're going to need way more than that. Okay? So plan for it, all right? Have. Have us, even if you don't want the income now, have an income plan when you do retire or, or maybe even a couple years after you retire and ladder that so that you don't have to worry about taking money out when you're retiring. Okay? Down the road, if you have assets and 401ks, IRAs, TSPs, 403bs, you need to sit down and go over those and be able to roll them over. And we can help with that tremendously. It's a really easy process. Roll them over to protect your assets. That's what they're meant for. They're meant for income. Okay? You've plugged your money in your entire life in the market and been able to compound and grow so that those retirement funds are meant for supplementing your income when you retire. So do not let it sit there, right. And stay in the market when you're actually retiring. That is the opposite of what you should do. Obviously, when you're putting money in when you're younger, the goal is to take it out when you're older, right? We're not putting money in now on the stock market to take it out tomorrow or next year, okay? So why would we put it in? Why would we keep it in now and take it out tomorrow or next year? It makes no sense. But again, corporations aren't going to tell you that because they don't want you to take the money out. They're using it for their own good and their own assets.
So you have to be smart and you have to sit down with someone like us that can actually analyze your portfolio and your expenses tailored towards you, right? Not towards the company, not towards, you know, what scenario is better for me or for, you know, but sit down with the fiduciary and understand, hey, look what's in my best interest, right? Because that's what matters in retirement. Again, if you have questions about whether you have enough money or how to turn or how to roll over your TSP or transition your TSP 401k IR other retirement plans into some income that can never run out and can always be there. You need to give us a call. 850-565-1705. Again, that's 850-565-1705.
[00:11:21] Speaker D: David, you brought up a good point in, in, you know, to Jim's comment. You know, he asked about some of the mistakes we see. And I think a lot of the people over the years I've been doing this and people out there listening, they think, okay, well, my debt is gone when I'm retired or it's very low and I'm and they think that because their debt's gone, their expenses are going to be dropped and they're going to be lowered and they don't need as much in retirement. And I think it's quite the opposite because, you know, when we sit down with people, we start planning their retirement. You know, all of a sudden they're taking instead of going on one cruise a year, they're going on two and three and maybe they're going to fancy places that Instead of spending 5,000 vacation, they're spending 10 or 15 because they're going longer because they're retired. They don't have to clock in and clock out. They can just go for two weeks without asking anybody. You know, maybe some people have their children are getting older and they're developing a family and now all of a sudden they have grandkids. And you know, in today's world, people listening kids are living everywhere, all over the country. So now they're traveling to see those grandkids. And oh, I forgot I'd have to fly or I'd have to have hotel fees or maybe we don't want to stay in their house. So one of the things that we try to do with our are the people on the show and people we meet is customize a plan and like you said, staggering income. Maybe they have income for the first five years. Maybe we look at the picture of their family and what they want to do the next five years and in laddering that income during retirement so they don't ever have to worry about a stock market or inflation, you know, and I think that's super important. And that's what we do with our, you know, our people. We sit down and work a plan.
[00:12:47] Speaker E: And I do want to say this, I brought this up last week. It's worth noting again, share of retiree household spending devoted to necessities like housing, healthcare, food, transportation, all very important. Those categories, they tend to experience higher than average inflation. Something to also keep in mind. Give the guys a call today. 850-565-1705. That number again, 850-565-1705 or visit retirement planningpipeline.com and schedule that free no obligation consultation with David and Steve. So allow us what we're saying here. Allow us to inflation proof your portfolio to ensure a successful retirement future. All right, Stay with us. Because coming up later, transitioning assets to income. But up next, relying too much on the market. Big mistake. We'll explain on the other side. This is the retirement planning pipeline. We'll be right back.
[00:13:40] Speaker B: Helping you take control of your financial future. This is the Retirement Planning Pipeline.
Welcome back to the Retirement Planning Pipeline. Here are your hosts, David Pipes and Steve Zarek.
[00:14:04] Speaker E: Welcome back to the Retirement Planning Pipeline. Thank you for making our show a part of your Saturday right here on WCOA News Talk 104.9 with new episodes every Saturday at 8am it is we dive back into today's show. A reminder, if you like our content, the content that we provide on a weekly basis, you can watch us subscribe to the YouTube page YouTube.com and search Retirement Planning Pipeline for weekly video highlights and special content. Market proof your money building income streams that weather economic storms. Stock market is a roller coaster as we've talked about on previous episodes. Great for growth, but you shouldn't really bet your entire income on that stock market because guys, market volatility can wipe out years of gains over overnight.
[00:14:47] Speaker C: First of all, if you're out there and your money is in the market, okay, and you're planning on retiring the next five years or shoot, I mean, even, even earlier, okay, you've got to understand that you cannot bet your income with the stock market. You can't do it and you don't do it, okay? So again, if you take anything from this episode, do not, okay, bet your income on the stock market. And there are so many reasons why for that. But it goes back to what I said earlier in the first section. You've got to understand that putting money in the market for growth is always long term, okay? If you take the standardized test, it tells you that when you're putting money in a stock, it is not to take it out next year, okay? You're putting money in the point, your portfolio and your savings in your stock market to wait until you retire 20, 30, 40 years down the road, okay? So everyone out there that thinks to themselves, well, I'm going to take money out and I'm going to bet on the market going up or down. First of all, you're not guaranteeing yourself anything. Second of all, you're putting yourself in a hole. Do not do this, okay? There's other solutions that are way better mathematically than keeping your money in the market and taking out money when you need it. And again, this money could be in 401ks, tsps, IRAs, 403bs, any retirement account that you have, even your savings that you have in your accounts, okay? If you look at it, withdrawing some of that money for your future expenses or your future, you know, travels and things like that, in retirement, don't just sit there and let it be either in the market or not gaining interest and not guaranteeing an income stream. You want an income streamed out of those funds that can never run out again. It is guaranteed for Life if you're 102. If you're 105, you keep getting paid for the rest of your life until you pass away. That is something that people don't utilize enough and I feel like really hurts people when it comes down to when they retire and they take out money and they're, they're worried about how much to take out, when to take it out. If you're worried about this and you're worried about if you're taking in more than you need to out, or you're taking too much out, okay? Or you're taking too little and you could take out more.
That's when you sit down with us and we go over and we analyze your portfolio. We analyze what your income wants to be and maximize that income for you. Again, if you want to look at maximizing your income and making sure that you're taking care of in retirement, call us at 850-565-1705. Again, that's 850-565-1705.
[00:17:23] Speaker D: So, David, you're a big proponent of talking about guaranteed income and how the place takes in retirement. And I got a question for you.
[00:17:32] Speaker E: What?
[00:17:32] Speaker D: You know, these people that did save for retirement, they put their money in stock market. A lot of listeners are doing that right now getting, you know, preparing for retirement and they're thinking, you know, what should I do? Should I just keep, keep it in the stock market or what am I going to do in retirement? And what is the effect on retirement if somebody stays in the stock market and is pulling income off to supplement their Social Security and the market starts going down, has a bad year or two bad years and they're continuing to pull money out. What is the effect on that retirement and how can you help somebody?
[00:18:02] Speaker C: And that's a great question, Steve.
The helping part I'll talk about after. But the first thing is that that's a no, no, okay? In retirement, you do not want, first of all, to have risks in the market when you are taking out money. And I know I say that so many times, but if you even expect the slightest chance that you might have to take out anything in your investments, okay. For your retirement, which I hope you do if you're out there, I'm a big proponent, okay. On any retiree or pre retiree to use their money in retirement. That is the entire goal of you saving. What you did was to create a better lifestyle for you in retirement. Again, I push for that for every client. But to get back to what you said, Steve, don't let it lose the loss. It's called the loss of the dollar, the compounding effect, okay? And what this does is it makes, makes everything a lot difficult, more to grow, okay? So I won't go over specific numbers. And again, if, if you're out there and you are mathematically, you know, capable of, of, of wanting to understand some of this inside information, sit down with me. We'll go over there on the whiteboard or we'll do it together on a piece of paper, on a scratch piece of paper. But to make it really easy for you, it's literally triple as hard to make the money back if you take out money and you have a loss in the stock market. And again, the market is not going to do well every single year. We all know that, okay? But what I want listeners to understand is this. When the market's up, okay, it is not good to stay in.
Hear me out again. When the market is up, okay? This is statistically proven, mathematically proven, across every single board. When the market is doing really, really well, like it has been the past four years, statistically, we have a correction in the market.
Do not be in that situation and take out money at that situation.
You also don't want to be in a position when you're down to take out money either when you're growing, because guess what? The money that you take out is not growing anymore, right? So now you're stunning your growth. So it actually affects both sides. It affects your income and your growth.
Don't let these things affect your retirement income at all. You need to have a guarantee, right? Guaranteed income and maximize and make sure that income is never going to stop and never going to go away so that you can make sure your growth on the other end is capable of growing without you touching it, okay? That's. Even if you want money and growth, if you want to Transition those funds, 401ks, IRAs, TSPs, 403s into income and even transition them and roll them over into something maybe more safe or something that's still making money that doesn't have loss to the stock market, you need to give us a call. Okay? 850-565-1705. Again, that's 850-565-1705.
[00:21:01] Speaker E: And while we're on the topic of talking about the market, the stock market. I do want to shift gears just a little bit here. A personal story about me. When I was a kid, my father, he did what was called telecommuting, which is now known as work from home. So he worked from home before. It was cool. And every day I would come home and I would see him watching tv, but he wouldn't be watching a sitcom or whatever. He'd be watching the stock market channel. Now, my father happens to be in his 60s and he is a boomer. So I ask you guys here because the boomer generation, they relied on the market so much for gains.
When you meet with older clients who are in that boomer generation, how do you get them out of that mindset of relying way too much on the market before it's too late?
[00:21:45] Speaker D: Jim, that's a great point. Great question. The hardest part is identifying.
I think it starts. I'll rephrase that. I think it starts with working a plan and trying to get them to understand what their retirement's going to look like. And we talk about this on other shows, but you really have to identify the buckets in retirement. And like David mentioned, they have to really understand if they're talking 401k money, tsp money, 403b money, identifying those assets and positioning them into guaranteed income streams. And that's where we help people. They could still be in the market, especially if they love it and it's a hobby. But they have to really separate the assets in retirement so they understand, hey, one's going to do this for me, the other one's going to do this. And that's where the challenge is. Because, you know, some people that like it and they do it and they constantly are watching it, we don't want them doing that in retirement. People, they need to break away from that retirement. They need to enjoy life. They built their wealth up. Let's identify the buckets. Let's talk about the TSPS, the IRAs, 401ks set up an income stream, like David said, it's guaranteed for life. I don't, I don't care what happens to the asset. They're going to get that income for life. They're buying a personal pension. And then if they want to stay in the market for growth, then all, you know, we're all for that. You know, stay in the market. But that's long term. Keep it in the market for long term. Don't use it for money. You need to draw income off of. And I think that's what we talk about, you know, in this segment.
[00:23:07] Speaker C: Yeah, and that one thing too that I want everyone out there to realize is, is your money is not. You can still grow with the market and have guaranteed income, okay? So again, you can still have market link gains without having the risk, right, with that guaranteed income. So in 20 years down the road, I said the money runs out, you're still getting paid, right? Because it's sad to say for all you guys out there, if you're taking out money out of your 401ks, your qualified funds, TSPS, you know, IRAs, Roth IRAs, whatever you got, you're doing it wrong, right though? And I know no one tells you that because obviously the corporations don't want you to take their money away from them. So they're not going to, to come knock on your door or call you and tell you this, but I'm here to tell you that you, that, that that money is meant for income and growth is important. And no one is saying it's not. Growth is very important, right? But growth is important when you have no risk to the market, okay? When you have risks in the market and you're taking out money, you won't, you're not, you're not able to grow, okay? Trust me, I have clients, accounts that drop from 900k for 400k in a matter of 4 years.
Just some take on income. Imagine what happens, right, when they take out the rest of that money in the next five years.
They're gone. They're absolutely done. And now their entire retirement is screwed up. They have to go back to work, they have to figure out a new income stream. They wasted away all their money. Don't let that happen to you, okay? If you think about it again, going back to the basics, if you're thinking about taking money out, which you should be or you already are, okay? Especially if you already are or if you're planning to when you retire. And again, everyone is, right? That's what retirement funds are, are, are meant for.
You need to plan this accordingly and have your guaranteed income set up on the opposite side. You need to have that taken care of. So guess what? You don't have a worry in the world. You can let your market, you can let your money in the market grow however much you want, but you don't have to worry about your income on the other side and transitioning this and the. What's. What, what Jim, what you asked Steve, I think the biggest thing for retirees to understand the change, right, is really the basic fact of this, when, now that you'll see of $500,000, okay, any listener that, that has 500k and it's in a 403 or 401k or an Iraq, okay, you unqualified funds and those funds, right? How long did it take you to accumulate those funds and how much money did you put in and when did you start putting money in? Right? You started when you were younger, when you started the job, and you've accumulated over the lifetime of this growth now, right? You're actually taking money out. So you're doing the opposite of what you were doing when you started, when you were putting money in. Why would you do the same thing and keep your money in the market and do the same thing you did when you were putting money in?
It makes no possible sense and no one wants to go over it, but you're going to put money in and wait, let the market grow. And now you want to leave the mark. You want to leave the money in the market.
When you're doing the opposite of what you did when you were young, right. Shouldn't you do something totally opposite of what you did?
If you're taking it out and you were taking it, it doesn't make any sense.
Stop leaving your money somewhere where it can risk you, your income in the future. And if this is, this is definitely something that every, every retiree should, should sit down and discuss with us. And, and again, you know, we look at what your goals are first. So when we sit down and go over this, right, that there might be a good amount of money that we want to put more into that growth, but that's not the money that you're going to be touching, okay? That needs to be really put away for income so that you can live the retirement lifestyle you want to live again, if you want to live that retirement lifestyle that you want to live without a worry, okay. Are you worried about how much you have in your account? And if it's going to last, you need to give us a call. 850-565-1705. Again, that's 850-565-1705.
[00:27:17] Speaker E: And a reminder, reach out to us to get started on your own assessment today. David mentioned the phone number 850-565-1705 or visit retirement planningpipeline.com Visit Retirement Planning Pipeline
[00:27:30] Speaker B: to schedule your free, no obligation, complimentary consultation today. The retirement planning pipeline will return in just a moment.
[00:27:43] Speaker E: With news headlines about recessions flipping from imminent to unlikely. Almost weekly, a lot of individuals are left wondering, how do I prepare my money for whatever 2026 throws at us? I'm Jim Tarabok here for the Retirement Radio Network, powered by AmeriLife. Recession Talk is back for 2026, not screaming from every headline but lingering in the background with odds that aren't zero. And honestly, that's okay. The good news? You don't need a crystal ball. You just need to be prepared. HerMoney.com CEO Gene Chatsky outlines the signs to watch for when a recession is looming. Keep an eye on unemployment. We'll look at consumer spending.
[00:28:21] Speaker C: Consumers often lose confidence.
[00:28:23] Speaker E: The tricky part about a recession is that we could be in one already and not know it. Financial experts say the first step to being prepared is surprisingly simple. Get clear on what you actually need, not what fear is telling you. Start by building or topping off an emergency fund that covers three to six months of living expenses. Perhaps consider a high yield savings or money market account so your safety net is actually growing. Next, pick a budgeting system you'll stick with, whether that's the old school envelope method, a spreadsheet or even an app. And finally, how to configure your financial portfolio and investment strategy in uncertain times. CNN senior business writer Gene Shahadi explains a key component.
[00:29:04] Speaker F: You want to be really diversified in your portfolio, meaning between stocks and bonds, between sectors of the economy. You can't predict what's going to do well and what's not. Not going to do well. A diversified portfolio where you have some stocks, some bonds, they will perform differently,
[00:29:17] Speaker E: whether it's covering the basics, making easy cuts, redirecting that money to high interest debt. The people who come through economic uncertainty best aren't the ones who panic, they're the ones who plan calmly, live a little bit below their means and keep investing anyway. A well built budget doesn't just protect you from a recession, it gives you freedom no matter what the economy might do. Small steps now, big peace of mind later. For the Retirement radio Network powered by Amerilife, I'm Jim Tarabakia.
[00:29:48] Speaker B: 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.
[00:30:05] Speaker E: This is the retirement planning pipeline. If you missed any part of today's show or want to go back and listen to previous episodes, go ahead and subscribe and listen to the program in podcast form, Apple, Spotify or whichever platform you enjoy your podcasts. All right, stay with us because coming up, turning assets to income but as we dive back into today's show, it's time for this week's quote of the week
[00:30:28] Speaker B: and now for some financial wisdom. It's time for the quote of the week.
[00:30:36] Speaker E: And our quote of the week comes to us courtesy of international best selling author and professional adviser Ernie J. Zalinsky. Ernie says quote, if you want to retire, happy, great health is important. The foundation for all happiness lies in health, physical, mental or spiritual health. You must use it or lose it in our financial wisdom. Quote of the week courtesy of advisor Ernie J. Zelensky. As we dive back into today's show, if you like the content we're providing again, you can watch us and how we do the show. Subscribe to the YouTube page YouTube.com and search Retirement Planning Pipeline for weekly video highlights and other special content. Speaking of health as it relates to retirement, guys, we have to bring up healthcare costs in retirement. This is one of the don'ts when it comes to retirement planning and preparing for retirement that we've discussed throughout the show. We've discussed it on previous episodes as well. Don't underestimate health care costs and retirement. And furthermore, we don't believe you could afford to just disregard long term care in your retirement planning either.
[00:31:40] Speaker C: Yeah, Steve, and this is something that I think back in the day, you know, long term care companies were, you know, of course raking in the dough, but they had a lot of them got out of a business and a lot of you out there, you know, you're worried about long term care. And I, and I, almost every client that I have has a question about long term care. And that's why I want to bring this up because it is, it is an issue in the United States right now. There's even some states that are actually taking long term care tax or planning to take long term care tax from certain people's income because it is an issue. Okay. And people are, you know, going to be in that 70 something percent of people are going to need some type of long term care to help them out and with the assets. Right. In asset management and understanding as a financial advisor, we have to take care of that. That's gotta be taken care of in your portfolio to save. Right. A lot of those assets and the income down the road and things like that. Even for your spouse. Right. Or for your kids. So that's I think a big topic that we have and we have I think a couple solutions that are really kind of a standardized, you know, easy help. Okay. There's, there's some companies out There that still do short term in and are able to take care of some of those costs, whether it's home health or whether it's, you know, something, you know, a short term, you know, long term care facility. But a lot of the times people are always asking, Steve, that's the question that I have for you is, you know, if it's too expensive or, you know, these premiums are out, there are these companies that are offering these, what are some alternatives that we have? Right? And I know there's a bunch of them. But what would you say to a client that needed some, you know, had a question about long term care and it has assets with us.
[00:33:27] Speaker D: Well, the first thing you said was we can't avoid it as a retirement planner, especially dealing with people newly in retirement or getting close to retiring in the next five years. That's when they need to attack this and they need to address it immediately. Long term care is not going away. You want longevity and medical advancements, people are living longer. But if you're setting up your retirement, that's the one unknown and we need to have it covered. And so I want to make sure that everybody listening looks at the ways to cover long term care. Now when I started it was long term care insurance and companies had no, you know, they, they didn't have any underwriting records and they insured people and then they made a lot of money and a lot of them went bankrupt. So what we've seen here recently are these hybrid planning, you know, techniques to cover that. Some of the, you know, you ask about, how do they do that? Well, it's not as tough as it used to be because there's so many ways to do it and we can put that in the plan with retirement, you know, if somebody has guaranteed income, which we always love to talk about, you know, what a neat concept that if they get sick, these plans will double that income for that client to help offset the cost of long term care. So they don't have to attack their money in the market. They don't have to sell when the market's down. They don't have, they still have control if they get sick. And that's the one thing that people are listening. You don't want to lose that control in retirement if you get sick and then it's chaos. It's chaos for the spouse, it's chaos for the kids.
Have a plan in place and use a hybrid. You know, there's investments out there that have, you know, flexibility to cover this long term care need built into the, into the investment and that's the thing that you know, we can sit down with somebody and that's needs to be addressed if we leave it out there. And you know, now the super wealthy, I get it, you know, you're 10 million plus, you may, you can self insure. It's the people that are in between that are going to get bit and they're going to get bit hard and it could ruin their retirement plan. And that's the last thing you want to do.
[00:35:17] Speaker C: Yeah, and there's some ways too that I think that we're now realizing where the companies and corporations that are offering right. Retirement, you know, retirement portfolios and retirement investment vehicles, they're realizing it's a problem. So that's why we are starting to have some of these really. I mean a lot of them are to no cost to the investor to be able to have some extra riders or an extra guarantee to be able to give that, that, that client, the, the retiree now a chance to say hey guess what, I've got something in place to where I can, it's going to minimalize my cost. Right. Because I think what a lot of people don't realize is, is that you know, the cost of that is becoming more expensive too.
And the one big reason down here in Florida that we all say that is because everyone was retiring down here. So if we had everyone going into these long term care facilities and more people getting home health care, it's only going to get more expensive, right? So it's going to cost more. So don't just think it's 60, 70 grand now. I mean imagine 20 years down the road when it's 100 to 120, your entire income is going to be going towards that long term, that long term care facility. And now your assets are being spent down. You've got your spouse wondering what the heck's going on with her income or his income. And not only that, you've got to take care of that person and you don't have that taken care of.
That's a big topic that I think that, you know. And again, long term care can be kind of iffy when you look at mathematical sides of it. And because companies don't want to cover a lot of it. So it can be very expensive.
And maybe those aren't the right plan for a lot of people. But what you need to realize is, is that there are ways for you to be, you know, you, you, you to actually be able to cover or at least minimalize some of the things that happen in long term care and some of those costs. And if you have questions about maybe some long term care aspects or how you can get those covered or how your assets can actually benefit you even at a higher advantage than they already are for that long term care. Right. Give us a call at 850-565-1705. Again, that's 850-565-1705.
[00:37:28] Speaker E: And David, you mentioned this as Steve, you did as well during this segment. If you're not careful, those healthcare costs, as you guys said, can skyrocket and long term care can basically bankrupt you. So please be careful and plan accordingly. By the way, if there's anything that we've shared on this week's show that makes sense to you and you could maybe use some help with a free no obligation consultation, may have questions. Whatever the case, as Dave mentioned there, don't hesitate to give us the call. We do this show to bring important information to people like you and we do love meeting our listeners. So again, 850-565-1705 is the phone number. Or if you like to log on to the Internet, visit retirement planningpipeline.com the website again, retirementplanningpipeline.com and get that personalized investment confidence checkup. All right. Stay with us because coming up next, strategies for converting savings into reliable retirement paychecks. We'll be right back. This is the Retirement Planning Pipeline.
[00:38:24] Speaker B: Your retirement questions deserve real answers. Call 85056 to schedule your free no obligation consultation today.
Missed part of today's show. The Retirement Planning Pipeline is available wherever you get your podcasts and@retirement planningpipeline.com welcome back.
[00:38:53] Speaker E: Inside the Retirement Planning Pipeline, the show that delivers offers expert insights, actionable advice and real world financial strategies to help you retire confidently and comfortably. Jim Tarabokia here alongside retirement planning specialists David Phipes and Steve Zarek. Thank you for making this show a part of your weekend on whichever platform of your choosing, transitioning assets to income, strategies for converting savings into reliable retirement paychecks, you've built that nest egg.
[00:39:20] Speaker D: Yeah.
[00:39:20] Speaker C: And just like the last, you know, the last segment that we just talked about with that long term care side of things. Right. It's super important for when, if something does happen or when that time comes that you're able to generate this income and that this guaranteed income is not going to run out. Right. Because you want to worry about, right. The one thing of getting healthy, you want to worry about helping your spouse, you want to worry about those things the last Thing you want to be worried about is the income coming in, right? So it's long term care and healthcare and income side income planning and growth in the market. They're all affecting each other, right? So we have to look at these things together as a plan. And that's where it comes to really personalize a plan for someone.
And it starts really with this income. How I kind of explain it to people is this, right? We've got to really expand the knowledge of our clients, right? And not to the fact of teaching you an entire course, but showing you, right, how to maximize your benefits, how to maximize your Social Security income, your long term care, your health care and position that so that you don't have to have a worry. You don't, you don't have to have a worry in retire. You have a worry free stress fee for your retirement that everyone wants, right? So the first thing to that is really teaching people on how to roll over your 401k. And I know a lot of you out there, you know, you're like, oh, well, I've got a 401k, I've got a TSP, I've got an IRA, I've got a 403b, right? Well, you might not know how to roll it over, okay? My dad the other day, you know, had had issues with this and didn't even know. Oh my gosh, thank you so much. Right? If you're out there and you're like, hey, I love what you guys are saying, but how the heck do I do this? I will teach you personally. We'll sit down together and go over this and show you the process, right? It's a, it's literally the easiest process ever that they made for you, but you've never been taught, okay?
And the reason why, obviously is because the company doesn't want your money to go away. But the whole goal is for you to be able to transition those, those funds, those retirement funds that you've saved into an income stream that will benefit you for life. And if you have questions about really how to roll over or what do I do with my tsp, how do I even touch it, how do I even withdraw money out of my 401k or my, you can give us a call. 850-565-1705. Again, 850-565-1705.
[00:41:50] Speaker D: One important thing David you brought up is, you know, I was talking about rolling over and, you know, 401ks. And we say that as we, because we do it every day. I Mean, that's something we do for our clients all the time. And they. People hear that and don't really understand how to do it. And that's where we can help. The other thing, I think going back to what Jim was saying, transitioning assets to income, I believe they have the identification of those assets is where it starts. If, you know, we meet with somebody, we work up a plan, we look at expenses, we look at how they want their retirement to show five years from now, six years from now, tomorrow. But I think when you talk about identifying the assets, that's where it starts. And these assets, a lot of people that have the qualified funds, we've talked about it in other shows about supplementing Social Security income.
The assets that we use for that, mainly now, it's not all of them, but mainly it's the qualified money, which consists of a traditional IRA, a 403B, a 401K, a SEP IRA, a TSP.
You know, those are the type of assets that we're talking about, identifying those, transitioning those to income to supplement your Social Security in helping you roll over and helping you, assisting you to determine what kind of income we're going to get, what kind of income you need, and then helping you with that process and making it as smooth as possible. That's what we can do for you. We can sit down, identify the assets, talk about how we position them into income, and then what that income is going to look like in your retirement, and that's where we help you.
[00:43:19] Speaker C: And even if you don't want to turn on that income or you don't want income at all right now, and you're still working, or maybe you've got some funds that you're living off of in your savings, first of all, income is never a bad thing. Okay? Second of all, if you need help still with 401ks or IRAs or any kind of fund that you have, and you want to put it in more of a safe product, or you're worried about where it's at or what it's invested in, or you don't know what it's invested in. Again, I've got a lot of clients that come in and they're like, david, I need your help. I don't know what this is in, what it is, you know, and how it's working for me. Right? That's an issue. And again, that needs to be taken care of. So, again, if you have a 401K IRA, 403B, and you're wondering, how do I transition it or what do I do with it? That's when you need to give us a call. We could sit down with you and go over the plan for you and see what we could do for you and, and help you out with that. Again, it's 850-565-1705. Again, that number is 850-565-1705. And going in the same spot with that, I think, you know, we've got to understand, and all of our clients have to understand one thing, okay?
Income is going to play a big part in your life in retirement or in pre retirement of planning, it's going to happen. And if you're out there and you're thinking, oh, well, I don't need to plan it. No, no, plan it early. Early as you can. I'm talking, you know, 50, 55 years old. You need to be planning when your actual asset is going to be. You really produce that income that you need in retirement and how much it's going to produce and also protecting you in the long term run so that you never can run out of income and you're able to take care of your retirement and your expenses the way they need to be taken care of. If you have questions or need to understand more of what your income plan is, understanding what you need to do with your funds, whether it's a 401k or if it's savings put away, you need to sit down, understand that we can help. Right, with planning that. Again, it's a no. It's a free no, you know, no fee, consultation. Sitting down with you, going over what your goals are and setting up a plan to benefit you, all right? And benefit your retirement. Again, that's 850-565-1705.
[00:45:41] Speaker D: And let us, let us sit down with you. And when we're talking about converting these savings into reliable retirement paychecks, to me, you know, working a paycheck is to cover expenses, which is great. But we also like to talk about this. In retirement, you have paychecks and playchecks. I'm gonna say that again. You have paychecks and playchecks. David mentioned income's not bad, income's good. And if you have more income than you need, that's where your playchecks come and that's where the, the trip money comes, the gift money, the, you know, the, the golf money, the anything you like to do in, in retirement. That's where we try to set up your guaranteed income, make this transition and identify, hey, we've got Enough income to cover expenses, but we also have the income to have the play in the fund.
[00:46:27] Speaker E: Well, you. Steve, there, you mentioned the play checks, too. A lot of that, and we've talked about this on previous episodes, kind of comes from that three bucket rule or the bucket rule, where.
Kind of where the playchecks sort of originate from or at least could originate from when you start to get closer and closer and plan for retirement.
[00:46:44] Speaker D: Exactly. And that's. Go ahead, David.
[00:46:48] Speaker C: One big thing I think that a lot of people miss out on is this. And if you're out there and you're listening, you know, don't get your feelings hurt. I'm not saying that you don't know what you need, okay, Obviously, but it's never going to be a bad thing to have more income and to have more guaranteed income. And if you do not use the income, you do not need to spend it. Okay, hear me out. If you've got income coming in and it's extra, you can reinvest it or give it to or gift it. There are so many things that you can do, obviously, go on extra trips, live a better retirement.
The, the amount of things that you can do with more income is, is more beneficial than not having income, okay? So for you guys out there, and I hear it all the time, and again, you'll change your mind when you sit there and meet with us because of what we can offer and really what, what the world can offer now to you as a retiree and to realize what the income stream you can have. Income is the best thing that you can ever have. No one ever is mad when they get more money, okay? So if you're out there saying, I don't, I don't need it, or I don't have enough expenses, I want to live this lifestyle forever, you're. Come on. I mean, talk to yourself about this, okay? As nicely as possible.
If I give you an extra $20,000 a year, you're not going to complain to me, okay? And if, and if you do, I'm sorry, then you this and you're in the wrong headspace, okay? I mean, I, I don't know what to tell you. If you don't want more money for what you have in your funds, then you're looking, you're at the. You obviously want someone else to benefit off of you more than you want yourself to benefit off of what you saved, because that is not the goal of why you saved your money and why you've put the money away for your retirement. The whole goal was for you to spend it and spend it how you want to spend it. Not for the company to use it or for the company to have the advantage and control over it. Okay? So again, transitioning money into income and it's, it's a big proponent on what I always tell all my financial clients. I want to make sure first that we're maximizing income to where you never have to worry, ever have to worry about taking money out of more investments. That is the entire goal of your retirement is to make sure that you are set up, guaranteed for life, that forever you won't have to worry about taking money out of investments or selling property or selling houses or you're not stressing when you're 80 years old or 90 or maybe even on your deathbed, you're not stressing that that is going to happen to a lot of retirees. Do not let that happen.
Maximize your income. Come in, meet us. You will get the most out of anybody that you've ever met if you sit down with me and we go over an income plan and maximize what you can get out of your retirement. And you will leave my office thankful that you met me. And I've met tons of people that had been literally to, to this day text me and say, I can't believe that I am now generating an income that I don't even need. But I'm able to use to do the retirement stuff that I've wanted to do my entire retirement. Okay. It's, don't let the money control you.
[00:50:05] Speaker D: Yeah. Do you think about that, David, what you're saying about that? I mean, how many people complain of having too much income in retirement? How many people out there don't want to have to worry about inflation? But if you have income and you have increasing income plan in retirement, which we can provide to you, it eliminates a lot of that stress. We want stress free retirement and that's what we can put together for you. Stress free retirement, guaranteed income. I don't care if the stock market's up or down, my income's rock solid. I don't care if I get sick and have a long term illness. I've got stuff built into my plan where it's rock solid and it's going to protect me for that. I want to just have a good retirement, enjoy life, enjoy my family, enjoy traveling, you know, contribute it back and that's what we can provide when we sit down with people. We can work a plan, get it all set up and then have that part of your retirement guaranteed. And guaranteed for life. Not just tomorrow, not next two years from now. Guaranteed 10, 15, 20 years down the road. That's great.
[00:51:00] Speaker C: Topics. Again, if you're out there and you're looking for someone to say, hey, how much can. How much can you retire on? Or how much can you give me? How much can I generate? What income stream can I have? Am I going to be able to cover my expenses? Am I going to have enough money to go on my trips that I want to go on? All those questions, right, can be answered literally the day that you meet us. Okay? So again, give us a call at 850-565-1705. Again, that's 850-565-1705 we can set up a guaranteed income plan or just an income plan in general to give you your needs in retirement and make sure that you're maximizing your income. It's the most income that you can make off your portfolio or the assets that you have and no one else can let it run dry.
[00:51:50] Speaker E: Yeah, and we love hearing from our listeners. We can't say that enough. And if you have any questions, you could also visit the website Retirement Planning pipeline again, retirement planningpipeline.com if you missed any part of today's show, it was a good one. But don't worry because you can also subscribe to the show in podcast form on Apple, Spotify or wherever you get your podcast. Subscribe to the show on YouTube. Search Retirement Planning Pipeline on YouTube for clips and special content, weekly video highlights as well. This is the Retirement Planning Pipeline. Thanks for listening and we'll talk to you all next weekend.
[00:52:23] 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 situation. 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 well, the job market
[00:53:54] Speaker A: these days can be tough for anybody, but especially older workers, really concerned about either losing their job and then having to find a new one in a tough job market or, you know, other concerns within the workplace. And AI is increasingly becoming a part of that workplace, including finding a new job. Well, joining me to talk more about that is Carly Roskowski with aarp.
She is the VP of Financial Resilience Programming there. Hi, Carly. How are you?
[00:54:24] Speaker C: I'm good, Matt.
[00:54:25] Speaker F: Thanks so much for having me today.
[00:54:27] Speaker A: No problem. Thanks so much for being a part of the discussion here. And it's a very important one. I mean. Well, first of all, as we kind of set the, the sort of baseline, I guess, for our conversation, what are people saying about their concerns about either, you know, losing a job, finding a new job at a certain age? I know that you all have some new research that kind of delves into that.
[00:54:49] Speaker F: Yes, we do. And the labor market is, is quite challenging right now. Many people who have jobs are staying put. We're calling that sort of job hugging, you might have heard that term.
So older workers who have been laid off or those who retired and want to go back to work may have more difficulty finding a job than they have in the past during this, this current climate. Our recent research shows that about a quarter of the older workers we surveyed are concerned about losing their job within the next year. And more than Two thirds, about 67% of older workers believe it would be difficult to find a new job right now.
[00:55:23] Speaker A: Yeah. Wow. It's, it really is a concern obviously, for a lot of folks then. And so, you know, I mentioned AI there. You know, it's, it's sort of taking over our lives a bit.
And, and I think it's gone from maybe this sort of like, scary unknown thing to just this sort of tool that we're all using in one way or another. How are workplaces, especially in the job search or that maybe the, the candidate search, if you're talking about the, the company's position there, like the candidate search part of things, how are they using that? And I guess as a, as a follow up to that, how can candidates for jobs actually use that to their advantage?
[00:56:06] Speaker F: Yeah. So the job market has changed dramatically in recent years with AI playing a much bigger role both on the employer side and the job seeker side. So we encourage older workers to embrace this technology, including AI, and use it to help with their job job search. You can use it to help write your resume and cover letters. It can also provide information or research on the companies that you're interested in or you're applying to. And it can even predict the types of questions that may be asked during an interview.
[00:56:36] Speaker A: Wow. And so, you know, what are some tips that you may have for older job seekers who are either, you know, updating their resume, maybe looking at using different AI tools to either help with that or other aspects of the job search process?
[00:56:52] Speaker F: Job seekers should focus on making sure that their resume highlights their skills and experience and not their age. So we recommend your resume be no more than two pages long. Focus on your recent experience, include your credentials, but you don't have to include your graduation dates. Take off your street address and maybe ditch that old AOL or Hotmail email address for a more modern service like Gmail. But we also talk a lot about making sure that your resume includes industry specific terms or keywords straight from the job descriptions that you're applying to. Because some employers are using AI based tools to do an initial review or scan of candidates. And if you have these keywords or specific terms, it can improve your chances of making it past those sort of first digital gatekeeper rounds.
[00:57:41] Speaker A: Yeah, boy, talk about the changes in the workplace and in the job seeking area.
It really is crazy how things do evolve over time.
And you know, I mean, as we talk about older workers and, and folks going either going back to the workplace or, or just being in the workplace for a long time and bringing that experience to the table. Aarp, I know, often really highlights the benefits that come with that. You know, people of different generations working together. What does that look like right now in 2026?
[00:58:15] Speaker F: Yeah, there are five generations in the workplace today, which is fantastic. And we see and research shows that multi generational teams bring together different perspectives, different skill sets and different ways of solving problems. We hear from younger workers that collaborating with older colleagues provides them opportunities to learn new skills and contributes to maybe a more productive work environment.
Our recent research shows that 90% of all workers enjoy working with people of different ages.
[00:58:46] Speaker A: Yeah, I often have enjoyed that as well. Like just getting that when I was younger, like, you know, getting that experience and, and all of that just from people who have been there and done that in the workplace, I always thought was just so helpful and really, they really do just bring a lot to the work that they do. And along those lines, what resources are out there for you know, from aarp, I should say for older Americans who may be looking for work right now.
[00:59:12] Speaker F: Now job seekers can go to aarp.org work to find expert advice, tools, resources, including AARP and Indeed's job search platform, which offers thousands of curated job listings. Help with your resume and interview prep.
[00:59:32] Speaker A: Very good. Well, we will direct our listeners in that well direction.
Carly Roskowski is VP of Financial Resilience Programming at aarp. Carly, thank you so much for spending the a few minutes with me. I really do appreciate it.
[00:59:44] Speaker B: Let's get you back on the road to financial freedom. Don't miss the Retirement Planning Pipeline with David Pipes. Tune in every Sunday at 9am on NewsRadio 710 and start planning Smarter now at retirementplanningpipeline. Com.
