Holding On To The Savings You Have

Financial Symphony
Saturday, June 17th

Taking a look at different demographics and holding on to the savings you have.


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

No financial sense and. Harmonious financial plan. And getting your portfolio in June so sit back slowly strike up the the financial simple it's starts now. Hello again everyone and welcome to the financial symphony I'm Steve greens he would Richard literally big investment advisor. In the Charlotte metro area at Carolina retirement resources. Combined offices for Richard in Huntsville North Carolina and Los fuels South Carolina as well. Richard it's good to be back at you today. Nor Honduran grades and yourself I am well it's heating up a little bit from me union though that humidity is getting to us now we're staying more indoors and outdoors and unless written speech and now imagine you're doing the same thing right. Brown endorsed a lot com. Two I must do ensure. Gap I would love to be at the beach conference that's not in August oh I'll do that hunger okay well you know some of us have to work more than others I would point in my life Porter from everything I do was playing including this I'm just glad to be back today Richard not looking forward. To the information will hamlets some discussion and questions prepared from some of our listeners. We're going to get to know you a little bit better we'll have the greatest hits question for you and let's talk about things today like. Demographics and a few interesting statistics. Let's just go right to the request line here Katherine in Concord writes at this point in my life. I'm not been interested in making my portfolio a lot of bigger I just don't wanna lose one I have. Richard is that shortsighted I'm now aren't I don't think so at all in fact. I think Dick Catherine's instincts. Preservers savings is dead on. Especially. The portion that she allocates. To replace her retirement paycheck you know once you replace your retirement paycheck Catherine then you can focus on investment balance for growth. So we know saw return plan isn't designed to make you rich it's designed to keep you from being poor. Nobody wants to lose money in retirement and everybody doesn't want to outlive their savings and that's good that's the big key is making sure. That you have enough. Income for the entirety of your retirement years so. A better option would be to have a plan for income and a plan for growth. You know sort of taken a balanced approach to managing your retirement nest day so that will likely give views the income that you need to pay for your monthly expenses. But are also provide you with their growth you'll need to counter inflation and the decrease of purchasing power in the future so. You know limiting your exposure to the stock market is a Smart move conference you know there are financial products in the market. That protect your principal and give you a 100% control your money and you know that's really the foundation of any comprehensive our retirement income plan. Okay cancer and I hope that was helpful forward now to Doug in Fort Mill Doug says I feel good about the amount we have in savings relative to the income that we actually need in retirement however I'm worried about nursing home costs and don't really have a good feel for how to plan for that. What's your normal approach Richard you know. It is. Factual you know many B rumors. Are concerned about health care expenses as you should be in retirement you know in in fact. It's extremely difficult to project. What those costs will be twenty to thirty years down the road. But you know I believe it's safe to say it'll cost a lot and especially if your combined to nurse from homeowners those notion rooms are running 7080000 dollars a year. You know I've seen every search. Further claims got a 65 year old couple retiring in 2016. Can expect to pay 260000. Dollars for health care cost. In addition to about a 130000. Long term care cost man and that's just a lot of money. On the and that's why it's so so very critical that your prepared by adjusting case. You know the first approach I feel is essential. Is to make sure that some of your savings is allocated to a no risk environment. You don't know risk mean and preserving capital from Pete market losses. And if this allocation provides access to funds to cover nursing home caught all the better. You know there are financial products with long term care coverage in the marketplace. On these products will pay for long term care adorn your lifetime if you need it. But if you don't use the long term care benefits the fund to go to your beneficiary or beneficiaries upon your death so for example. There are life insurance contracts that allow you to draw down. Or accelerate your death benefit to pay for your long term care. And you can't qualify for life insurance. Then you can always consider an annuity with long term care benefits of self fund and he's always an option if you can afford to do so. Especially for those who don't want to pay a premium like for a long term care insurance or if they just don't have. The ability to qualify you know they have medical reasons are health related issues that disqualifies him from virtually no products. And you may be able to cover long term care and a worst case scenario by using a reverse mortgage if your house is paid for stroke. Everyone's personal situation is different. It's all about balance and you wanna consider where you can afford. The kind of care you expect and the risks you might face you know shall made carefully it's a decision that may help you with some peace of mind in your retirement years. Okay and our last question comes from Leander and Charlotte I've heard differing theories about the idea of using life insurance as an investment. What's your object and where you know there's only three places to put your money and ask with the Wall Street investment banks and insurance companies so there are three options. And they're competing with are from the dollars that are available in the marketplace so I don't really believe there's any fear anything theoretical about life insurance. With respect to our cash accumulation tax deferred. It's more of an unknown pretty average investor who has been indoctrinated by a Wall Street on that the way to go is with them. I you know but the book into the dissuade you know cash value life insurance it's kind of like a Swiss army knife you know and and we don't know there's a Swiss army knife it's a virtual tool it has a lot of different multiple. You know applications. And life insurance is very similar you know some of the benefits that you get from life insurance is there are no contribution limits. The elimination of market risk and longevity risk are your cash value can be withdrawn tax free gift tax deferred growth. The death benefit passed this year air income tax free. And if you need long term care you can accelerate our benefit and pay for that long term care and so obviously life insurance provides us additional benefits that you can't get otherwise is. And and it can be tailored to your specific needs and that's what makes us a properly structured life insurance contracts such a strong powerful financial tool. I don't have time to discuss the details of each benefit socialists just focus on growth for a little bit you know we all know the market can rise and fall. And and we've had to boom and bust cycles in the last sixteen years an accountant for fees and inflation. He almost portfolios especially for a one case. Have barely kept up with the inflation and so. You know life insurance overcomes his roller coaster through the power of index and index and is how interest is credited to your account. And it lets you grow your money when the market is up. But it perked capture money when the market drops your floor or zero. Mean in the least amount of interest you can be credited new year is 0%. If the market drops 40%. You receive no interest but you don't lose any principal credit and interest from previous years he just stays where it sat here here's an example of how efficient. And actually can be if we look at the years 2000. To the end of 2009. You know a lot of us have have have known that that's been termed the lost decade. And door in this decade ESP 500 returned. On average a negative 1% per year when you look at indexing and index and performed much better. By eliminating the negative years in 2002002. And 2008. The S&P 500 had an average annual credit agreed about five point 4%. Socially and the primary purpose of investing and is to grow your capital. And the primary purpose is safe and just preserve it as any stock market crash will illustrate preserving your capital doesn't always happen when you invest in the stock market. Houston life insurance as an investment will allow you to avoid market risk keep your money safe. And has tax free would crawl later on in life you know so you met life insurance contract. I'm a big fan of a life insurance for the right reasons in the race situations. There's different life insurance contracts in the marketplace. Most of us when we think life insurance were thinking death benefit. But there are different plans that are cash accumulation oriented. And these are the type of products that you wanna use for investment purposes you know it's all about the foundation that that the contract is built on. You know the foundation it's kind of like a car frame you know you can you can build an average car on a car French can also build a sports car on that same friend. He use that framework to build a financial vehicle that provides the benefits that you want. You know benefits like tax deferred growth tax free distributions. Income tax free death benefit the elimination of market risk. Access to the death benefit in the event of inertia Homestake. Hey you know these were quality of benefits that some of you were looking for and this is your solution charm real. Passionate about you being well prepared for retirement. And so I'd like to extend an opportunity here right now. To help be sure pitcher on that path. I'm offering a Koppel Mary financial review to anyone who called the next fifteen minutes and has at least 200000 dollars saved for retirement I'll talk about your retirement income needs. Where the income got to come from how you'll outpace inflation pay as little as possible attacks is. And make sure that you don't outlive your money you might say I don't really half. After calling next fifteen minutes and yes it's true he can probably take care of in the next month next week. Down the road at your convenience but here's the deal. I've been coaching people on retirement plan for a long time and I've learned that it's really easy to procrastinate or get distracted. So if you don't start the process now here's a very good chance that you're not gonna do it at all. So the first coach and and I'm gonna give used to encourage you to take the first step right now. For almost everybody that's the hardest part from there it's not a painful process so if you're ready to finally get a plan in place they give me a call right now. That number is 806465996. 806465996. Your financial coach awaits them next fifteen minutes for your complimentary financial review with Richard Boudreau. Carolina retirement resources. Goalie 1064659968064659. I'm six. This is the financial symphony. It's time for fireside chats. As we get to know your local financial symphony maestro. This is a financial system and Steve graves and with Richard who literally with Carolina retirement resources. And this portion of our program is the part would like to call getting to know you. We get to know little more about Richard and today I wanna know what's the most physical danger you've ever been in well. I'm gonna say there was a time out. I was in the northwest thinning trees to make money for school and there was a force far and like it or not. If they need bodies you get recruited the so I was recruited to fight his forks fire and I didn't know what the heck I was doing. I'm pretty scary I mean it was a touching goes scenario the commander was you can sense in his voice that there was an urgency. And you know I never hesitated and when that guy yelled commands and I did exactly what he says yeah it and it certainly dangerous situation and I'll never forget. While that's an interesting story or you actually engulfed by flames around you or were you on the edge of the fire went out you know we're mountainous regions so the fire was you know coming up the hill we were. Create a brake line. And then it was moving some areas it was moving a lot faster than others but you know that was my first experience with something like that in you know the heat. The smoke you know fortunately I was young back down in pretty good shape. But scary scary mean and you know you hear these stories all the time that you know firefighters get caught playing you know so it's amazing how. When you're in an environment like that there's no such thing as fatigue you just. You work soon though you know a little bit more about Richard literally and what he did a little bit earlier in life that was a life threatening situation for him. Interesting story. This is the financial symphony portico. We all see the finished product to the music superstar. The sold out performances the TV and magazine covers and the eventual acceptance speech at the dreamy. You don't often see is what it takes to get to that stage. Hours and hours of practice the traveling that critics improvement you. All the little details happen in the background without us noticing and you know what George I need to maestro at a financial plans for you in much the same plane. Naming the process. For you on the surface and you'll get tomorrow what the finished product you're playing now. But don't forget about all important be killed in an effort have been going on and the backgrounds of crap financial masterpiece. And remember you are playing in India being beauty come visit with your financial maestro and Richard that you really. I think the Charlotte metro area call 806465996800. 646 KB 996. It's time for another musical connections. Where we blend the worlds of music and finance to get there. Here's a friend of the show financial advisor and musician mark Gloria we're bronze stunts. It's time now for another musical connections so mark Lloyd you know you and I always talk about it music from days gone by. And for us it's like. You know contemporaries. Should go for this. And I'm distance thinking about the Beach Boys mourning her son. Heard somewhere and and yes some are a lot of people taken vacations right yes perfect target and be exactly that I was listened to us on this morning. I can hear music featuring Carl Wilson of the beach boys and I'm just wondering what we can learn about retirement planning for the Beach Boys. And I know that you're gonna be able to. Do you just think about this in their seats assault Beach Boys had several names for for the eventually landed on the one that we all know today. At first they were known as Carolina passions. Willis Kenny in the cadets did not know the then finally the pedal tones for their first set the single surfing and was in production. This demo tape for serving Bethany Beach Boys slept on it because it seemed topical and well as to say the rest is history. But what is the financial connection with all of this mark one. Well in the financial world that's easy you do me that you threw me softball. The disease. And and I say that because you know in the financial world. They're marketers. I mean when you see all those commercials on TV if the market's going down is all about how do you protect your mind means and how to use you know you know Biden's old and yell all they try to scare you with all the marketing that they do well they also know that there are investments out here that if they really hold you want it blows you know you may not wanted in your portfolio. You know leaving example there's a certain kind of bond out here called. A high yield bond that sounds pretty good right you'll need picture interest in south prospect to fossil. But another name for that is so far it's good that. Got a soda. I don't I'm not come not out there trying to buy don't give me all the jokes aren't you got that joke here the better that's what I watch it right. So you know there's an example. Of high yield bonds where the financial industry you know created this name just to get to feeling good so you'll borrowed more of it or lectured by us to put more of that in your portfolio. Now another one that you made it realizes. Cash value life insurance and others. Then you years ago you know especially those are all right now I know you've heard this. Why term and invest the red. But they said despite early insurance it and that's the rest of your body dole put it into you know cash value life insurance. Well it depends upon your situation. If you have when you buy term insurance you're renting insurance. And if you lift pass that. You policy the premiums in most cases skyrocket to the point where may be on for you on affordable. And then all of that money that you putt all the way of that life insurance policy group is gone and the insurance company wins and you lose because you outlives the policy. Now with permanent insurance it may be the situation where you really they need for that life insurance death benefit when you die and if you could build cash value inside there at the same time. In some cases it may even catch up to where all you've got there's your premiums and if you wanna to cancel the policy could take the current value out. And almost like a reimbursement of your premiums because the cash value may be your house is what you invested. So there's you know there's a different you know Nadine. Permanent life insurance is what we call that but it's cash value life insurance. How about this one right here around it stocks. Vs equities and you might hero someone on the radio say you know you need to have you know equities grow you know grows wealth or it may think fixed income. Protection volatility that didn't come with a note name for. Eight UCL. Equities you know another name for stocks. So you know when you hear that. Yeah you know what stocks are you buy stocks are you might buy mutual fund that has stopped then or or even more popular today and exchange traded fund and T have that has stocks and it but that's really equities. You know and another one you might hear. Is annuities and we talk about annuities on the show you know quite often legally get a lot of questions from all over the country about annuities and and as someone says you know Jack Carl calls in from Saint Louis and says that my financial advisor is recommending that I buy a variable annuity you know mark what should I do normally I go ballistic on the air and I safe are your financial advisor tomorrow because I hate fees. I hate all those high fees. But I'm not an anti annuity person so you might hear someone call a hybrid annuity. Yes sounds pretty col. But really what it is it's a fixed indexed annuities fixed so you have protection of crucible splitter using indexes to grow it and there are some out there that are doing a very good job of growth and you can take a look at some periods of time where even outperform the market. You know under certain periods of confidence underperform the market but it's been a better alternative than bonds. So it's all we don't could be called different names but it's up to you is the consumer. To understand and they get a better educational what you're really buying and what's in your portfolio and maybe it's time for you to have a complimentary analysis to really see what is in your portfolio so that you can understand the terminology of what you're really invested in Ron tell us what they need to do to get that complementary portfolio review. Dispute at the phone call 806465996. That's 806465996. You can get a complimentary review of your financial plan. Just call now to take advantage 806465996. Thank you for being with us here on the main tools in the next few friends would recruit future really give Carolina retirement resources. Nobody called Charlotte metro area to have a conversation about your future retirement would be 80646. 5996806465996. Richard let's talk about some demographics and statistics as they pertain to retirement let's find out how they might affect your planning process the first one. People over the age of 65 currently make up 13% of our country's population. By the year 2030 they'll make up 20% of the population what can we learn from the statistics. Well as it did an aging population will likely have economic implications for Medicare and Social Security I think that's a big concern. It would also put stress on the stock market has more more retirees withdraw from their accounts to replace their work compatriots can also regarding health care. If we look at just one area alzheimer's disease. We can get an insight into the impact agent baby boomers will have on Medicare in order currently five plus million Americans. Of all ages suffered from alzheimer's. And by the year 25 he Steve. More than fifteen million people are anticipated to have the disease so what we can learn here is that it's important to focus on maintaining peace help. Know specifically focused on reducing inflammation especially brain inflammation. And you want to avoid processed foods. Which are full of X I don't toxins that excite screen organ Els. Causing chronic inflammation. So pay attention to your diet eat more raw foods for quality cuts of beef chicken and fish. You know it's gonna cost you more by these quality of foods. But it's gonna shake you a significant amount of dollars later on in life regarding the stock market. You know while you were working full time your focus was on long term growth and you were more. Captain of risk in exchange for a higher potential return. And as long as your paycheck and come in and month after month you can tolerate more risk. But once you retire you generally want to be creature exposure risk and instead design and implement their retirement income plan that will ensure income for the entirety of your retirement years. With limited time horizons and the need to generating content you need to be more cautious and how are you manager Saban whom he'd change. As the baby boomers start to pull their wealth out of the stock market you know it could create less market demand mean unless buyers. And when there are more sellers and buyers prices could drop and so as the population ages. More more baby boomers will be shifted to products and strategies that preserve and protect their income. And since none of us Steve can predict with any certainty the economic environment over peer to twenty years or more. He need to be prepared for both good and bad economic times interest rates the financial markets the economy you know that's just all noise. You know don't let noise cloud your judgment. Implement a solid comprehensive retirement income plan to ensure working come. For those entirely if your retirement years maintain that lifestyle that you you want and desire. Okay let's talk about life expectancy. A 65 year old males expected to live to age 83. But 75 year old man is expected to live until 86. Conversely you put a female 65 years old life expectancy is 85. But for a 75 year old woman it is 88. Why are these numbers important. Well you know life expectancy. It's increasing you know over the last few decades people are living longer and are living longer and live longer shall win. When you're structuring your retirement plan you need to first account for a looks longevity risk you need to ensure. The you can maintain your Shannon Glidden for the entirety of your term here that's very important. You know you can't construct a retirement plan that acts like the expected and up your life is a six point it's it's just not. In your debt is a great unknowns and because you don't know when you'll die you must be prepare for the possibility that you will live longer than expected. So when you generate income to replace your working paycheck. You want to maintain. A suitable standard of living and you know every standard of living there is going to be a little bit different you know your income needs to be reliable and easily predictable. And it's the last as long as you let you know if it's not reliable if it's not predictable. Then how much you spend matters a great deal and you could be spending too much he also longevity risk is your primary risk. Because the lower your retirement lasts the greater the chance that other forms or risk will manifest themselves. You know increase longevity means more time for another financial crisis it's more time for inflation the compound. And it's more time for increased chances for an expensive health problem and so. You know and I'm not trying to frighten you to think that then you shouldn't be investing your in your money in the market Dutch not appropriate. In fact I think an important market isn't a solution for most of view especially if you're gonna keep pace with inflation. Our retain the opportunity for growth during periods of good economic times. You know so it's very important to be sure that your plan has enough long term group built into it. To help you sustain your lifestyle no matter how long you live and I found it the best solution to accomplish income for life and continued growth for additional income in the future. You know you just take a balanced approach using two different strategies in a retirement represents a fundamental change your life and how you manage where you've saved for retirement. He's to change as well. You know longevity risk is an odd concept Steve because you were first for the risk that you'll live longer than expected and outlive your assets know most people. It almost looks wanna live as long as possible I think most people will and rather than hope and for shorter life. You know the best way to deal with longevity risk is the plan for a longer than expected life you know generate. Reliable and predictable income that will last as long as you do that's key. And all of you deserve a secure independent retirement and that's why I'll offer these free consultations to my radio listeners. To help keep them on that path. For instance. You know how do you create a pension to be sure that you aren't in danger of running out of money if you end up live in thirty or more years to retirement. You know how much risk you're taking your growth portfolio. And is there an amount of risk appropriate your age and pretty amount of return that you actually get. Do you have a plan to address inflation in future decades as the cost of everything continues to rise. And what about tax implications you know. I think most of us believe that taxes horizon future is their way today to save money in taxes down the road by planned and proactively. Now. So obviously there's a lot that we could discuss. Again this review is complementary to anyone who has at least 200000 dollars saved for retirement. But the calendar does fill up quickly so go ahead and give us a call right now so that we can be sure to get a spot reserved for you that number is. 806465996806465996. Richard culturally waits for your call at Carolina retirement resources. Or chance or York. Complementary review and 806465990. Cents 806 point 659. 96. We'll continue our conversation on no graphics and just a moment this is the financial symphony. Each time drew another musical connections. Where we blend the world's music can finance together. Here's friend of the show financial advisor and musician mark lawyers. With bronzed us this the music connection here on the financial symphony and Russ suds CA and mark boy it always makes the connection between music. And finances in our lives and we're talking about the Beach Boys earlier today and mark your family chemistry was important to be boys in fact some people swear that. Harmony sung by family members blame better than non related coaxing together the ever heard that. Oh absolutely that's true death and any case Brian Wilson was that rather eccentric central figure along with his younger Brothers Dennis and Carl. And their cousin Mike Love that this is the core of the bay and until the first non family member Al Jardine joined. In the late fifties so if that is true then harmonies are really better with people who are related. Men people who are not. How does all this makes sense in the financial world. We know that comment I gave you about a softball you didn't throw me a softball this 16 subordinate. Its high heater right yeah Barack. Look at it and well let me let me let me give you financial connection arm. Having different professionals. In your life working together as a family can also make a big difference. So you need to have a financial advisor right that's what we talk about on the show each and every week how important it is outlets operated is how how. You know it's it's a lot harder Tuesday to try to make sure that your managing your risk and volatility I'm really. Talking to people right now that are either retired or close to retirement because this is all about weight where you need to beef and how you need to have things structured and it's so difficult day to try to manage risk and volatility. Because it's not win the you know if the market's gonna go and how to split the market's gonna go to that's going on how to correction for some reason. Some bubbles on the birth something's gonna happen globally. Something's gonna happen geo politically something's gonna happen that calls this market I have a correction because that's what the market does. And you need to know how to manage that risk and volatility. So what you need to have it more than ever. Eight financial advisor financial professionals gonna help you but you also may need to CPA. That is that is gonna be able to work hand in hand when that financial advisor so that you admit to make sure that all the recommendations are going to be. Tax efficient for your specific situation. And if you will concerned about passing that along. The minimal amount of taxes in the middle Allah headaches for your family you're going to need an estate planning attorney. Lowell is kind of like medicine nowadays it's so specialized. And an and is very very important happened estate planning attorney who can make sure that all the odds are about in the t.s are crossed that you have all the legal documents that you meet not only will the humane need to trust you may need a power returning for financial for help you know for financial decisions while you're. You are still alive if you're becoming you know maybe you can't handle it anymore maybe some of the events as you kicking in you need to have a financial power of attorney for health care so that your family knows you know if you want to be on life support of two doctors. Have said the depth isn't that these are just important legal documents so you need devastate a think playing the attorney to help you as well you know it's not uncommon for most people don't have their different professionals and communication with the each other so one thing we strive to do. Each you know with each and every one of our clients. Is work hand in honey and in conjunction. With these other professionals so that we all know the world on the same page. Just like you wouldn't wanna go to doctor. And have four different doctors prescribing all different kinds of medication. And the other doctors don't know what they're prescribing and you could be getting an adverse reaction or maybe the medicine's not doing what it's supposed to do because you're taken the wrong stuff. It's the same thing with your financial health you wanna make sure that your financial planning your retirement plan your income plan your state plan your CPA your tax plan is all harmonious. And that's why it's important to work with a advisors who have eight. Work you work well what other people beat. That you may need relationships with some of these other professional you don't have right now that can refer you to the right people that know exactly based on where your situation is real house it would it would be retired. Your financial situation or whether or whether you're soon to be retired they know exactly how you need to have things structured and where you need to be. So Ron what I'd like for you to do you share with the folks how they can get in touch with us to get those connections get that harmony in the their financial plan. Disfigured the phone call 806465996. That's 806465996. In got a complementary review of your financial plan. Just call now to take advantage 806465996. This is the financial symphony Steve green he's Richard who drowning it's time for the greatest hits where we ask Richard about his experiences of financial advisor. And ask him to related stories to us perhaps we'll learn a little something from someone else's experience here Richard Ellis about a time. When you had to deliver tough news to a client. Or potential client he probably didn't wanna do it but you needed to tell them what they needed beard instead of what they wanted to hear. You know mishap. They're renowned then you know I have I have the unfortunate experience of tones some couples that I can't help them. Many retirees are unknowingly living beyond their means. And they're dependent on market returns. Unfortunately there been cases where these individuals have lost a substantial amount of money in the market. And forced entry increase their withdrawal rate to support their lifestyle. And pay for their expenses and unfortunately steady increase and we're crawl rate. Puts him in a precarious position of running out of money later in retirement so you know the only solution in that scenario was for them to change your lifestyle. And they weren't interest in making those changes so really there's not much I can do to help them rectifying those losses they incurred so. In a listen no one retirement. Likes to make lifestyle changes you know for the question then becomes you know are you taking too much risk. And if you don't know you need to find out also give me call me next fifteen minutes. And I'll do a complete financial review for you to clarify the amount of Rick's picture taken and whether or not an amount of risk is appropriate for your not. Well it's interesting they say people have to change their lives. Do you find that more people aren't disciplined when it comes to what they need to do for retirement and in some way shape or form have to change something in order to have a successful retirement point and I get you know they're so used to accumulating assets over the last 3040 years is their primary goal you know chase and those returns. Trying to. You know and improve their situation a date. They they don't always realize that the money doesn't go as far as things like I mean a lot of people think 800000 dollars 900000 dollars is a lot of money. But when you spread that out over twenty to thirty years it's not and a lot of people think it the radio returns are gonna receive. Will protect your principal and they'll just live off the end. Interest and that's not gonna happen as well so. Yeah changes necessary. The first thing you wanna do in retirement if you wanted to generate your retirement paycheck you want that income reliable and predictable. And then you're gonna have to have a group portfolios so that you could turn around and have additional growth for income in the future all right so just briefly tell me what happens in their first meeting with you. Firstly im not gonna sit down and find out which your needs are which are wants our Richard desires or. We're gonna do an inventory of all your assets. We're gonna look at your expenses. Look at your coverages insurance coverage is how we're delegate every aspect to your financial house and Anthony's organize amber and organized that. And if he needs change and we're gonna make some recommendations as to what those changes should be. That sounds like you when you've been thinking about getting a better plan together and give Richard which earlier call with Carolina retirement resources at 806465996. That's 806465996. Richard will set aside time in his calendar. To have that conversation with you at 806465996. Cents 806465996. Yeah I know it's only rock and roll. And retirement. They stand for the financial thing and thank you for staying with his son in the financial symphony today would Richard we can really remember his offices are conveniently located in hundreds filled North Carolina. Dan Rock Hill South Carolina it fury and one of. A serious call 806465996. To set a time to come in and have a chat with Richard. With Carolina retirement resources continuing what are subject of the day which is demographics and statistics here's the next one for you to consider Richard. People over the age of 65 generate income in several different ways 37% of their income is from Social Security. Income from working represents about 30%. Tensions about 19%. And savings and investments. He'd 11%. What's notable deal about. Those numbers generally speaking and most of most of you over 65. You know collect Social Security. And it what you do is you make up the difference for access expenses by withdraw funds from your savings. Some of you might still be working and some of you might be receiving a pension help with that. But but it's pretty obvious to me Steve there with those numbers are for the most part Social Security will not be enough to maintain your pre retired lifestyle. You know the average income from social security and 2017. Is reported to be. Thirteen 170 dollars per month accord north factually from the social security administration and that represents about a third of your income so more and more of you won't need to wait longer to retire in my opinion. And many of you will choose to take Social Security later in life. Even so most of you will need to generate income from a lot of different sources and retirement not simply Social Security. And in my experience some of you worried about the basics of life whereas others. Are concerned with whether you will be able to re decorate the family vacation village every three years. You know so most of us are somewhere. The middle of those two extremes but the point is is that you're expected retirement lifestyle. And a worries about being able to afford it. You know that's going to be relative to the retirement savings that you have accumulated. You know I'm confident that you'll continue to get your Social Security. It's just simply not enough. It was designed to supplementary income retirement. And whether you're wealthy for average you know you're all concerned about Al living your save and so listen there's no one single financial product that will solve all your retirement income needs wants and we're all subject to the same economic environment so we all need to have our our own individualized retirement plan. And when it comes to techniques and concepts for creating a lifetime income for your retirement savings you know there's going to be a lot of different opinions out there shall be sure to evaluate. Based on the need to be prepared for both good. And bad economic times. All right let's talk about income for a moment. Average income for people between 65 in seventy is about 42000 dollars but over the age of eighty it's only about. 20000. Dollars what does that tell us Richard but I told me that retirees are living longer. Than they expected. And they've spent their savings you know the plan they implemented generating income from their Saban wasn't guaranteed. You know there are just too many people who didn't have a plan that accounted for longevity risk. And now they only have Social Security review in their lives you know so the vick's mistake IC retirees make a Steve is that that they continue to invest their long term savings. As if they're still working you know when you were working and we call about the accumulation phase in market losses didn't affect your income but Doran a distribution phase. You know taken that money out in retirement. Of the effects of market volatility especially don't deep downturn and are much greater when you're taken income then when your shape. So the distribution phase needs a plan and that. App plan should determine the best way for you to spend your assets and obtain lifelong income. When you were working and saving for retirement your focus was on asset growth in total returns. Dornan distribution phase the goal becomes to maintain your standard litmus. So the transition to retirement. Fundamentally changes the nature of the risk that your take him. The primary financial objective again isn't Rick is to maintain a suitable standard of living for to remain your your life. Not him not to hit a home run become wealthy. And you need to generate income that's the key in retirement is income those individuals that are happy in retirement. Have good income that continues to move forward with their needs you know one approach. Is to ensure you'll always have the income that you need to remain comfortable no matter the economic environment. And you wanna do so while retaining the opportunity for growth and future income. You know planning for income begins with determining first how much income you'll need to remain comfortable in what she knows that. You know then we can move forward with the rest of the plan you know that usually includes income to cover housing and food transportation. And your basic medical needs you know some people. Include other things in there are so you know it's going to be an individualized process but this is the assists for help to determine how much income must be generated by your savings. Above and beyond Social Security. And if you have a pension and retirement it's just simply a complex puzzle both personal financial goals each of which impacts each other. There are a lot of decisions that need to be made and the most important decision is how will you create your retirement paycheck. So if you look at your financial plan and you find that it needs a little improvement. Or if you don't have a financial planner would like want the process begins with a free comprehensive review. So for those callers who have at least 2000 are saved for retirement I'll offer you this free consultation help you determine how prepared you are to navigate retirement. So you meet those qualifications. Here's what you can expect I'll review you're available retirement savings. And your sources of income and determine your required income solved and create a customized lifetime income plan usually proven strategies and techniques to maximize your retirement income. I'll help you understand some of the risks and retirement like inflation risk. Health emergencies stock market volatility. And taxation he short. I'll take the guesswork out of financial plan for you so for all the caller to call the next fifteen minutes and comprehensive financial review is being offered with no obligation that number to call. 800. 6465996. Or 806465996. Called Richard beat Carolina retirement resources and for your. No obligation complementary. Review. In the Charlotte metro area the number to call 806465996. Cents or 806 or six. 5996. Good show Richard as always thanks for your help today. You're welcome Jordan remember Richard literally you'll our financial coach when you couldn't call the Carolina retirement resources. Don't put it off any longer. He enjoyed that peace of mind that comes with your retirement plans. 806465996. On Steve Ramsey core Richard good to really thank you for joining me. So on the financial symphony. Information is for illustrated purposes only. And does not constitute tax investment or legal advice always consult both the qualified investment legal or tax professional before taking any action. Investment advisory services officer Brookstone capital management LLC an SEC registered investment advisor.