What Can Beethoven Teach Us About Financial Management

Financial Symphony
Friday, February 2nd

Answers to your financial questons.


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

No financial center and helping you. Harmonious financial plan and getting your portfolio in two weeks so sit back while always strike up the the financial simple it's starts now. Thanks for joining us today on the financial symphony a mortar store holds alongside Richard future rally he is an investment advisor at Carolina retirement resources serving you. In the Charlotte metro area with offices in hunter's bill and in Rock Hill as well. So glad to have you along with the they would get a great program on the way with lots of great topics to discuss will talk about some of those classic. Pre retiree mistakes the mistakes that you're making before you even get to those retirement years. Plus we'll answer some of your questions coming up all on today show. Did any questions or concerns or thoughts are things you like to talk to Richard about you pick up the phone and call 800. 6465996. To get in touch again that's 800. 64659. 96 Richard thanks for being here this week Aureus or to agree Walter I am very glad to hear that I am well and looking forward as a sent to the conversation today let's dive right in without wasting another moment. This is the show for you if you are thinking about retirement trying to properly prepare for it and we love answering questions that you might have here on the show and if you'd like to submit a question to be featured on a future show you can do that by going to financials symphony. Dot com and we're gonna kick off this week Richard with a great question from Laura in mores bill. Laura says I'm convinced Richard that the market is going to crash soon and I'm ready to move everything to cash do you think I should wait. Well you know the stock market data is pretty much unpredictable. Over the short term we all know that at some point. You know the market will drop we've had twenty bear markets and 26 correction since 1929 so. You know I shall normal activity that it can occasionally happens in the marketplace. But you know no one knows for sure. When the next set back will occur in also it's important to be prepared because it's not a matter of if correction or if a bear market will occur it's just a matter of win you know so with that said I'm pretty opted. Pick about the market continuing higher you know you have negative interest rates in Europe give negative interest rates in Japan. And the environment an environment. Investors. Is uncomfortable they're looking fur a safer place for their money at this juncture. And the world's safest haven is the United States aren't I believe that money will continue to flow into the US stock market from around the world. And I such that will help drive. So if you're investing for long term Laura and you're uses strategies that preserve capital first and foremost. Then yes you should remain invested. I used a sentiment as an indicator and I learned over the years that it. You know when Wyndham priority of the people think something's gonna happen it usually doesn't. Most people think the market's gonna crash it's probably not going to you know invest in is all about risk and return in many of you take on too much risk playing aggressive offense. With no defensive considerations. But you should go to cash which is one decision. You'll have to make another decision as to when to get back end. And you know that's such a dare very very difficult proposition there are so. The don't. I would recommend that before you make a decision to go to cash for not to go to cash or stained socks now and not stand stocks is. Maybe sit down somebody have that portfolio analyzed. You know calculate what your maximum drawn down is a she how much risk you're taken. And whether or not that amount of risk is acceptable or not. If it's too high. Then you have an opportunity to make some changes in new strategies. That will limit your losses and a bear market but as it stands right now are as everything looks right now like I think the market's gonna continue in its upward trajectory. Yeah very good points Richard I think that makes a lot of sense to look at it that way lower hopefully that points in the right direction and gives you a little bit divine guidance is he kind of analyze that question. That's a popular when that a lot of people certainly have when they come in and meet with Richard as well as the market gonna crash what should I do with my nation I'm. Go more to cash and a stay at a cash or what's the right choice and Richard can help analyze your particular situation to figure out what's best for you. Jerry in Rock Hill as our next question for you Richard it's about Social Security. Jerry says I just looked at my Social Security estimate that shows how much out yet if I started it ages sixty to 66 and seventy. I'm blown away by how much more I'd get it seventy. Some inclined to just wait until then the started even though I'll probably retire. Around 66 or 67. I'm assuming that putting it off like this is the best course of action for somebody like me. You know the biggest danger that I see. For retirees it's just not the stock market it's not god you know it's it's live into law. Livan to a point where you outlive your your statements you know. So I think that's the greatest risk in retirement is now living your savings and as such I believe that maximize them. Are your Social Security is probably the best course of action for most of you and I know a lot of people think that they're not gonna live that long or. You know that they just don't anticipate you know maybe make and it's in 1995. When you know the data that I look at indicates that. You know an average married couple one retirement one of you gonna make at age 95 maybe even longer so you need to prepare. You also is that the right course of action for you jury you know I don't know it depends. You know whether you take your food security is 6266. For seventy. You know again it depends on other variables your personal situation. You know for example if you already. Out lived your statement by 62. Then you really have no choice but to take Social Security as soon as possible. The same is true if your health rules out a long life I mean if you turn 62 when you have some. Some illnesses. You know maybe heart disease diabetes things that will shorten your life expectancy may be that's a better course of action for use so. The other many situations that's report claiming your benefits early this is one of those situations where you really need to sit down take a good look at. Your overall portfolio your role change. And and try to make the right decision moving forward you know again the reason I see frequently people taken their Social Security early. It's just really comes down to the fact that they religiously the money you know their laid off from the job. Their job is physically demanding and you know some people have been working 3040 years and you're just tired. They don't want to work any longer sure they take Social Security earlier move on. I would counsel patients in this situation especially if you're still working on receiving a paycheck especially in this economic environment. And keep in mind that the benefits of your dependence depend on your work record and in the case of survivor benefit torture available to family members when you die. These benefits depend on them when you decide to collect her own retirement benefits so. You know I recently saw a study and it concluded that nearly 40% of those who claim benefits early came to regret. That decision later on you also cure delayed retirement credits as a person a year. To your lifetime benefits between the ages of 66 and seventy and that's after inflation. You know that's a 32% raise adjusted for inflation. And waiting for your maximum benefit age seventy instead of taking an age 62. That's worth 76%. More benefits every year for as long as you live so jury. If you can wait and delay taking Social Security failures seventy you'll maximize Social Security benefit in my opinion. That's the best course of action if at all possible. Another great question would get such intelligent listeners I think Richard here India. Charlotte metro area no doubt about it and that Jerry your thinking about things in the right way but don't just assume. Delaying it to seven he's going to be your best course of action every time it's always different. It always depends and that might get annoying after awhile that it depends but. It really is the important message do what's right for you Jerry might be different than what's right for Laura who asked her question earlier in the show. All right if you wanna get in touch with Richard drew to really here's how you do with a number to call is 8064659. 96 he can ask your questions about financial planning and about retirement. We don't have to feature your question on the air you can talk to Richard one on one about mid which are gone through. 806465996. Again is that number. Carlin Charlotte has our last question of the week he sent this into a sought. Financial symphony dot com he says is it wise Richard for me to own some gold in my portfolio. And what percentage do you think it's appropriate. A gold had a good year 2070. And so what thirteen portion. And yeah you don't today. Colmes over when you ask people their own goals over the answers typically know. It's just not on their radar screen at least not yet you know very few Americans are accumulating physical gold silver. Or medals. Minus socks things like that and we've just gone through rate of five secure bear market so. It's out of favor with most people and I've actually seen individuals that were selling their positions at a loss just like many didn't nineties every 176. Right before the biggest financial crisis and move up in the medals in modern history so. It happens to see what those emotions to people make these port decisions when they get emotionally involved. The propaganda. And the manipulation against the medals is very effective. It was very effective in 1970s and it's very very factory today. Many do not understand the times that we're in presently have a have no clue. As to the financial resent that I believe is common. And the last thing the government really wants you know both defend and Wall Street. The last thing they want is deceive the public stampede into gold for over the you know gold in nine in the 1970s I was 798081. But debt backed angle moved like 25 fold. And so removed almost twenty six fold so listen when it comes to gold and silver. You need to understand. The reasons. For Conan it. And keep in mind because so very few people own it today. That even a small moves. Can cause the price to rise dramatically. You know adorn the 1970s bull market Walter only about 3% of the Americans invested in gold silver Burke who's only about 1% today. You know but that 3%. Back in the the seventies was a major factor in the Expos for Verizon golds over that was a time. When you didn't have a lot of Asians buying gold over as well so. He also only five to 10% of the American public panic out of stocks bonds or even real estate. Which all of a marine huge bubble right now. During the next financial crisis which is inevitable. A moving the goalposts over could be substantial. Army x.s significantly substantial shall. Listen to purchasing power of the US dollar stake in jeopardy. Your money is backed by nothing so I believe that to preserve your savings and retirement only goldmans over makes sense. This will ensure your perks and power to protect against inflation. And I believe that a 5% allocation of your growth portfolio. In precious metal would be sufficient for preserving that that person power. Hill today were pre retirees retirees. You know they're all face within at the endless uncertainty of what's going on in the world today. What's ahead for the tax code what's ahead for health care what's going on national security. But removing some uncertainty surrounding retirement you know that's an incredible you know have a plan in place that the right plan for you. That's an attainable goal for given the current environment. You know the media researchers economists and others are reason that red flag and they're warning many of you. That you need to carefully examine the plan you have retirement today and if you don't have a plan you need to get one so that's why I'm very passionate. About my belief that you deserve a secure independent retirement. And that's why offer free consultation to our radio listeners to help keep you on that path. So you call us in the next fifteen minutes and have at least 200000 dollars saved for retirement. I'll offer you this free consultation to help you determine how prepared you are to handle the retirement pitfalls like inflation. Health emergencies stock market volatility and of course taxation. You know you've worked really hard for your money so I'll work just as hard to help you protect and grow it. There are a wide variety cooled the server is available in the financial world I'll show you how to harness those cool the first is to create a plan that's tailored just for you. And I'll show you how to achieve a lifetime of security thanks to a lifetime of income. So let's get to work right now so you can get that back based approach that you deserve and get all of those answers that you need. Your financial challenges and objectives you know give us call the next fifteen minutes and I'll work together with you can get you on that road to financial security and independence. This is the number to call to reach Richard future alien take advantage of a complimentary financial review in his office all you have to do. It's pick up the phone and dial 80646. 5996. That's 800. 646. 5996. Richard help walking through that a process of making sure that you are. Ready for retirement and that you can get all the way through retirement. Finding out where you stand right now and where you need to go into the future he'll be put together that financial puzzle making sure that all the pieces fit. Appropriately but Jeff to be the one that starts the conversation and dep begins that talk about your plan. Take action today and you can get a couple of interview with Richard and his team. Just pick up the phone call 806465996. And Richard will set aside time on the counter to meet with you in the near future. He has offices and hunters still ended Rock Hill as well so there's a convenient spot here in the Charlotte metro area for to come in. Say hello and talk about your plan. 806465996. Is that number one more time that's 80646. 5996. Don't move a muscle we've got much more coming up on today's edition of the financial symphony will continue talking about some of the common pre retiree mistakes that we see all the time and how you commission that you avoid these in the future then more coming up on the financial symphony with Richard prematurely. Wherever you go there yeah. Filing in thirteen stinking alone continuously nibbling away your hard work. The video. Need. Don't be afraid of hidden fees in your portfolio. Come in to meet with their financial maestro for review of all the fees in your current plan. Let's see if we can eliminate those pesky. Okay. I'm. Come visit with your financial maestro and Richard materially. Serving the Charlotte metro area call 806 point 6599680646. 5996. It's time for another musical connections. Where we blend the world's there's music can finance together here's friend of the show financial advisor and musician mark Lloyd. With bronze dusts it is time for another musical connection here on the financial simply runs Cecil would mark Floyd in there. We're gonna find out today what we can learn about financial planning from the wife of Beethoven. Got a goal back a few years. And we're going back to my early childhood I've been piano lessons from the Wilmington music school here. Bach and Beethoven. Took a look at what you're in the you're an elementary school when those guys are growing network to die half. I had a drum right now in the civil crash I would edit efforts could hit it over Beethoven was. Almost of this is the part that I find amazing big Tillman was always completely deaf by the age of 27. In the cause of his death this isn't known. But it's been attributed to syphilis. Oh lead poisoning typist and even his odd habit of immersing his hand and coal water. To stay home when he. Couldn't whoever of that but my question has. Poor Beethoven my goodness what we learned about that as far as a financial connection goes. Wow okay. That's a lot of wild stuff they're thrown at Yale laws you know lol well in at the end of the day it doesn't really matter what calls is that this I guess I'm in mammoth brilliant right right that the scores of music that he. Wrote is still played today not only in the symphonies which you'll hear commercials yeah. EO it's very well known Beethoven's fifth you know. The fact remains that and he is one of the history's most talented and influential composers that was labeled here brother Tommy was thirty but he lived almost another thirty years of that issue. And he made the most of that time right I mean I think about it but you know a lot of people today play the blame game when it comes to problems of their financial situation. You know maybe an old revise or let them astray or maybe they lost her job at the wrong time. It could've been that you know they they help their kids so much that they didn't happen that they feel like they don't have enough money now to make it through retirement. Because they were helping children along the way and they spent their money doing other things. And you put their kids through college the reality is that it doesn't man poor folks that doesn't. Matter. What happened in the past. Sure you wanna learn from the past you know you don't wanna make the same mistakes but you don't need to dwell on you know a matter of fact it's probably unhealthy to dwell. He'll find an advisor who can help you take inventory of your current situation. You know where you're at today with what you have today. And it help you more importantly moved forward how do you make the most of out of what you had Ron I can't tell you how many times folks of had to have shared would mean you know I don't even know. I called yeah. I set this appointment up what do you probably the only one to talk to me I'm like why because I really have done a lousy job of saving money through the yours a civil that's even more reason why you need to talk to us. And cannot just say that we don't have any we're not gonna sit there and beat up over something that what happened in the past about her back. We're gonna look at those silver lining here we're gonna look at what. What's good and we're gonna say okay how to read you'll move forward and make this better for you with what you have. If so I don't beat yourself up folks. If you had a situation that was bad maybe like a lot of folks you know 50% of the population out here may be maybe you've gone through a divorce. And what you thought yeah I had you don't have now what you're gonna have you don't have that yet half of it. Well that half is so important that you make the right decisions for that. But that half is working for you do for whatever your situation is moving forward. You know how many more years that you have before you retire maybe you're already retired in this blow happen today and now we got to figure out how to take what's left. You know as sample over breaded and make it last. That's why it's critical. To get professional help. Because there's so much stuff going on out here today we live in the information age we live in a global economy. You know and and are so many things that can put stress against your portfolio. But more importantly puts stress that pinched your future retirement. That it's critical to have a plan in place a plan that someone overseeing it someone to help you. And if you feel like right now that things are hopeless. You need us more than ever and cannot just say from the bottom my heart we are here to help you so Ron tell these folks what they need to do. Just to get the following call 806465996. That's 806465996. Beaten got a complementary review of your financial plan. Just call now to take advantage 806465996. You want to be sharpened not to be flat in retirement. Is that financial and this is the financial symphony with your local financial maestro Richard future only come Walter Short. Talking to Richard today about some things that I think will help you better prepare. We're retirement for your financial future we're gonna talk about some of the classic pre retiree mistakes that we see people make. But first the phone numbers that you need to call the F questions for Richard eight. 10646. 5996. Richardson investment advisor at Carolina retirement resources serving you throughout the Charlotte metro area with offices and hundreds Ville and Rock Hill. Again that number's 8064659. 96. Organ talk about classic pre retiree mistakes how list out a couple Richards gonna walk us through each of these as we go. And let's start things out Richard we talk about classic Peter Tyree mistakes when it comes to investing because so many people make missteps here. And the most common when we see potentially could be investing at age 59. The same way that you invested twenty years before at age 39 why is that such a detriment to the overall plan. Mean I invested in the as. If you're still working to receive that picture and I'm assuming you're retired. It's probably the biggest mistake of most retirees make you know when you retire you begin taken he comes from your savings you know market volatility the ups and downs in the market. I'm matters a great deal. You know to the focus storing your work in years is primarily on accumulating money so. You know at age 39. Your focus is on growth and when your work in and saving for retirement market downturns. You know they may temporarily reduce your savings. But they don't factory income. And at age 591 a while you've been growing your financial losses over the years. Another valuable asset has been shrinking and that's time. You know that's just how it goes and it's it's important to accept that because in your thirties and forties incurred a major financial losses from risky investment is unfortunate. But it usually isn't tragic at that age you have the luxury of time on your side to make it up but you lose the luxury once you hit your late fifties. Sadly we've seen the hard lessons of this reality play out twice since the turn of the century. You know with the dotcom bubble burst in 2000 the stock market fell one more than 50% over the next few years. When the housing market collapse in 2007. It fell again by almost 60%. In both cases it took six to seven years for the market to recover back to its previous peak. Mean and that and the market delivered zero net growth for investors from you know 2002013. You know early declines in the stock market combined with ongoing. Withdrawals for income and you know that can lead to run out of money and retirement. So it's important. That you adopt the right strategy at the right time at age 59 you should focus more on preservation and income. At age 39 its full board inequities you know and and retirement. All or portion of your income is going to be generated from your statements and that impact of market volatility especially market downturns. May be greater showing retirement the focus shifts to be able to pull that money out while still preserving it and making that last for the entirety of your retirement years. That's why that's one of the more common pre retiree mistakes that we see so just be aware of how your investing at age 59 is the same as when you're 39 might be time to rethink things we had a great question earlier in the show today about Social Security. From Gerri let's approach that from another angle because it's another one of our classic pre retiree mistakes Richard and that's starting Social Security without a plan or strategy Jerry was trying to put together the right plan. He was maybe just making some wrong assumptions but. Many other people don't really have a plan or strategy to begin with. So very true you know for most of you Social Security is your most important retirement assets so it only makes sense. To get it right from the get go because life's biggest danger is and die and it's live in. The greatest risk U facial retirement is outlive your save and so how you choose to take your benefits. We'll have long term consequences so with respect to social security and you have three options we touch on is on a regular basis. You can start your benefits early if you start your benefits early you'll reduce the benefit to you receive. And that's based on the number of months you receive benefits before you reach your full retirement age. The reduction in your benefit amount awful depends on the year you were born. You know the maximum reduction at age 62 will be 25%. For people who reach age 62 and 2013. And 30% for the people born after 1959. So. You know summer your benefits may be be withheld if you're still working and but you have access earnest you know and and that scenario after you reach your full retirement age Social Security will recount on. And then they'll give you credit for any months in which she did not receive some of the benefit because of those earnings you know her you know the other option if you can wait for your full retirement age in this where your benefits won't be reduced or you can delay benefits and wait until age seventy. And your benefit will be increased based on the number of months she did not receive benefits. Between your full retirement age and age seventy so for most retirees. I believe that postponed until security benefits as long as possible or at least until your full retirement age. His problem going to be your best option for me Social Security is like longevity insurance it's a stream of payments that will not stop throughout your life. He also delaying your benefit to keep those payments as large as possible. Formed a helpful based. For your retirement plan my wife is about six past seven years younger than I am. I plan on wait until age seventy this way when I pass this world shall receive a much larger benefit. We shall lose her benefits patrol police did that larger message that we have in our plan. Listen everyone's situation is different and you shouldn't automatically take it early because you can Social Security is a crucial part of your retirement income plan. And incorporate Social Security ensure overall retirement income plan. Will benefit you immensely. You know there are many people concerned about having enough money laughter the entirety of their retirement years. You know people who retire today have a lot of financial issues their face and most of these issues can be alleviated by simply Clinton plan together. The way you approach retirement again matters are great deal with forces like inflation and market volatility low interest rates working against few. Knowing what to do with your asses has never been more important so right now. I'd like to offer the opportunity to comment for complete financial review and I'll offer this review for free if you have at least 200000 dollars saved your retirement. I'm really passionate about making sure that my clients have all their bases covered in their retirement plan and you know for instance. How much risk for you taken your portfolio and is that amount of risk appropriate for your A can't for the amount of return that your actually Gannon. And what about tax implications on your savings is there a way to save money in taxes down the road by planned and proactively today. Do you have an income plan in place to be sure that you weren't in danger run out of money if you end up Livan thirty or more years in retirement. And do you have a plan to address inflation in future decades as the cost of everything continues to arise. Obviously there's a lot we need to discuss and we found that most people just haven't planned early enough to address all these issues. Again this review is complimentary if you have at least 200000 dollars saved for retirement but the calendar goes so quickly so go ahead and give us a call right now so that we can be sure to get that spot reserved for you. And this is that number 80646. 5996. That's the number to call to reach Richard who surely a Carolina retirement resources here in the Charlotte metro area. 806465996. Call that number get on the calendar make sure that you are properly prepared for your financial future. Politics as one phone call to change the trajectory of your financial plan. You can start talking about the process of looking at how you can better prepare. For your financial future and for retirement by talking to Richard future rally started today by calling 806465996. You're not calling two go over all of your statements in that kind of thing at this exact moment just called to express. Your interest in coming in for that one on one complementary review of your financial plan. But you gotta pick up the phone and get that conversation started. 806465996. Is the number Richard has so offices and hunters hill and Rock Hill as well. There's a convenient spot to come by say hello answer to talk about your financial plan. 8064659961. More time that's toll free 800 call. 6465996. Stay with us we'll continue talking about some of these classic pre retiree mistakes straight ahead on the financial symphony with your local financial maestro Richard pitcher rambling. Much like the musicians 1980 its mistakes and their instruments or analyzing the acoustics of early in the forum performance. Your financial maestro fine tuned to your financial planed to adapt to the ever changing financial world. Don't settle for an advisor who offers a sales pitch and also plans to make sure you hit all the right notes in your financial plan. Come visit with your financial maestro of Richard Richard Alley and serving the Charlotte metro area call 806465996. 806465996. It's time for a fireside chats. As we get to know your local financial symphony maestro. It's time to get to know Richard dutrow rally a little bit better this is the part of the show where we just can't throw random question Richard find out a little bit more about. You're local financial maestro and Richard I'm learning if you can tell us about something special what special to you. About the place who. Are you grew I lived in a rural environment in New Jersey and it's harder the stewards don't go to rural environment. I know effect. From the ages six to fifteen. And when I look back at I realize how special that was. You know we were somewhat isolated. There was very little traffic to be concerned about under a bunch of baby boomer kids you know and down you know we had three rows and no the woods over a short distance away we go where possible fraud and sled then. We just had a blast in that rule environment we're free we didn't we could just you know have breakfast hit the door and we're gone most of the day. So high for me that was really quite special because did I preferred a rural environment for live and. My dad dad grew up also in majors elicited my mom to. But he is very similar to use he reminisces a lot about you know his son was up. You and all your buddies in the neighborhood got on your bikes mom and dad didn't see until dinnertime and you were just you just out about an explorer and India and ended good fun trouble and just that that's how life was sentiments it's a little bit different these days that all that room to explore it was a blast as a kid. You know they were building now when I was a kid they were building the interstate 78. Which wasn't asked for women and I was like that in the ultimate playground for us we had a blast it was just so much fun. But you know again in the woods you know haven't trails everywhere Clayton high NC can. Bull frog hunting camp and now I'm Indian rock. You know those are all strong memories for me. That's pretty cool thank you for sharing that with this Richard and the new rural in New Jersey would go together but. They do here on the financial symphony back in Richards a grownup things that's pretty cool. There you are getting today Richard little a better on today show get back to the financial talk coming up next. The financial symphony is reaching its crescendo. Your local financial maestro and coming up next. This is the financial symphony with Richard preacher only use your local financial maestro right here in the Charlotte metro area thank you so much for. Joining the show today we always enjoy getting. Live better education about the financial world with Richard Yeltsin walked us through some of the problems and issues we often face as we prepare for retirement. And we can can account on Richard help continues the straight skinny on some of the situations. We might be facing if he'd like to reach out to Richard and ask a question about your financial plan. It's easy to do so you just pick up the phone and dial 8064659. And 96 and again that's 800. 6465996. Richards an investment advisor at Carolina retirement resources here in the Charlotte area. With offices in hunters hill and rock kill as well. We're talking about classic pre retiree mistakes on today's show we are recovered. Investing at age 59 the same way he did at 3936. Social Security without a plan or a strategy. And we've got through taxes in this equation Richard and focusing on tax preparation. But not tax planning is a common foe paw. That's pretty common for a lot of CPAs as well you know you know tax preparation is you know that's the pack. A stolen out the appropriate forms and then submitting your tax returns the terrorists by the deadline each year. You know tax prepare urged enrolled agents that I CPAs. And the tax filing software you know that those two things that help you do that the primary objective is to make sure you're paying your taxes legally and accurately. You know tax plan and on the other hand is a different concept. You know federal law states that you only need to pay your share of taxes and not a penny more. Yet many taxpayers over paid your taxes you're in and year out because they took the standardized deduction rather than itemize their taxes. So for example I recently spoke to a Dell dead didn't understand why she was paying so much in taxes she's seven years of age. And she had a significant tax bill. And on top of that her Social Security benefits were being cut. Well you know we we took a look at her portfolio and and she had a very large taxable account. And that generated a significant 1099 and taxes were due. You know Hershey PA that she works with today never advised her that she could its first some of those funds to tax deferred vehicles. And reduced overall taxes he was simply preparing her taxes but he was not implemented and planned to reduce her tax liability. He'll listen there're over 74000. Pages in the Irish tax code. Tax plan and his work in with an advisor. With the intent to abuse them tax code to your advantage it's maximized deductions maximizing credits maximizes the girls. By using the court cases and higher risk coded terror strategies that allow them. Allow you do those things legally. No tax plan is not achieved by putting numbers into the software too far returned finding work put those numbers. On the tax return can make a huge difference so you know in my opinion the focus should be more on tax strategy that tax fine. Great guidance there and you're right CPAs are great but they're not going to be focusing on some of the tax planning things need to be dealing. It is going to be more of preparation standpoint and you just gotta keep that in mind when you're working with different professionals. In the financial landscape some are meant to be very specific tasks where as others have a more broad definition and Devin have be along the way. We're talking about classic pre retiree mistakes on today's edition of the financial symphony and another when Richard is assuming that most of your retirement health care needs are going to be covered. By Medicare why is that a common misstep. Yeah I'm not sure how why people believe that Medicare covers everything but it doesn't you know it's it's just not unusual I hear this on a regular basis. If people think that their medical costs will be taken care of once they qualify for Medicare. You know but again Medicare doesn't cover all medical expenses and and you quickly find out that you're still paying out of pocket and probably paying much more than you expected. You know it's estimated. That a 65 year old couple retiring this year. We'll need 240000. To cover future medical cost. That doesn't include the high cost of long term care nor does it take into account additional cost. He may occur if you decide to take or forced into early retirement before your Medicare kicks in. You know that estimated 240000. Include the cost of deductibles co payments. Premiums for optional coverage for doctor visits prescription drugs. Out of pocket expenses for you know things like eye glasses you know dental work these are all type of expenses that Medicare doesn't cover. You know even if you faced no other cost. Paying your premiums and deductibles for the traditional miniature choices of part B part a part B can quickly add you know your health care. Will likely be the cheapest you know the first your retirement. There's two reasons for this one he need more help carry you get older and to cough are expected to keep climbing and so it's very important that you be prepared. That you do you provide yourself with planned. To deal with the high cost. Of the medical care in retirement. You know you might want you if you if you can. You might wanna consider health savings account you need to have a high deductible plan presently chewed. Contribute to these holes in the council for diesel like arteries on on not steroids. You can put money in their tax deferred growth tax deferred when you need for qualified expenses it comes out tax free. So these are type things that you might wanna consider moving forward with your plan and how to address the the high cost of medical care in retirement or talk with Richard future. The common mistake we see in this is a really important when to address which is why wanna. Be sure we squeeze this in and that's when people take on additional risk. To make up for lost time that I didn't invest as much as I should've won I was fifty. Now 55 I'm gonna take more risks I can make up for those lost years. Big big red flag there. This is probably one of the most difficult areas that I have to deal with in that people yesterday it's true people are trying to make up for lost time. And more often than not they're doing now by taking more risk. Reality says that to retire at any age you must save you need to save and you need to save more. There's no magic number or formula for perfect retirement there's only one common denominator and that is the need to say. And there's no way to make up for lost time you know those moments are gone at people who have delayed saved for retirement like people who have left the house twenty minutes later than they should have. They're often attempted to take big risks. As you can see by turn on the nightly news this is a bad idea in the case of automobiles it's not much better when you're talking about your retirement savings either. So rather than taken on more investment risk save more and spend less where a lot of people the first step is to stop spending more than you make. Pay off your credit cards and plan on saving twenty to 25% of your earnings of fury in this situation. That's how you make up for lost time. You don't make up for lost time by taking more risk. Can make up for lost time by say even more. And again don't panic you know there's no point in panic in because panic and is not actually gonna make your retirement accounts grew faster and there's always hope. Short of the great. So if you're behind your retirement save lose. Meet with a professional put a plan in place that matches your goal and do it today you know from a purely financial perspective. The primary challenger plan for a long secure retirement is prepared for the day. That your paycheck stops. And you need to turn a lifetime misstatements into an income that you cannot outlive. It's something and quite unlike any financial challenge you've faced before. And this is why I'm really passionate about you being well prepared for retirement. I want to extend key youth and opportunity right now to help you be sure that you will prepared. I'm offered a couple of Mary view view if you call the next fifteen minutes and have at least 2000 marceca retirement I'll talk about your retirement income needs. Where that income was going to come from how you outpace inflation pay as little as possible and taxes and make sure you don't outlive your money. Now you might say I don't really have to call in the next fifteen minutes and yes it's true you could probably take care of it next week or next month but here's the deal. I'd be 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 there's a very good chance that you're not gonna do it at all. So the first coach in that I'm gonna give you his tune encourage you take the first step right now. For almost everybody that's the heart of pork from there it's really not a painful process so you're ready to finally get a plan in place give us call right now. And this is the number to dial 806465996. Again that's 8064659. 96 when you're getting a financial plane need to make sure that it accomplishes. What I like to call the three C is the one that it is comprehensive. Making sure that no stone is left unturned and as you can tell from our show today. We've covered everything Social Security taxes. Investment philosophies. Making sure not taking additional risk the make up for lost time health care. The stock market crashing potentially gold and silver all sorts of other topics as well also Richard make sure that he checks off that box of a comprehensive plan. We also make sure that your plan is customized making sure that it's not the same as any other plan. That gets sent out the door it's gonna be tweaked in tailored to your individual situation your needs your goals here wants in retirement. So make sure it's customized comprehensive and best of all. Complementary and you can get that complimentary financial review. Absolutely free no cost or obligation with Richard through to rally of Carolina retirement resources right here in the Charlotte area. By picking up the phone and calling right now 8064659. And 96 is that number to call. That's 80646. 5996. He'll make sure you're on the right track to not only get to retirement but all the way through it as well. As an investment advisory tells people every week here on the radio but even better each and every day in the office. 806465996. Is the number. That's 806465996. Richard thanks for your time on the program today always great catching up with you and we'll look forward to a conversation next week aren't thanks Walter that's Richard which earlier local financial maestro. One more time your number to call is 800. 6465996. So we have a fantastic week we'll talk to again next time right back here on the financial symphony. A registered investment advisor. BCM and Carolina retirement resources are independent of each other.