Episode Transcript
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Speaker 1 (00:00):
Live from the wgy iHeart Studios. Welcome to Retirement Ready
with your host Dave Kopek from the Retirement Ready Show.
Every week, Dave and his team discuss the ways they
can help people make informed decisions about a wide array
of retirement planning information that can support you and developing
a more certain financial future for you and your family.
(00:21):
Now it's time for Dave Gopec WGY's retirement planning specialist.
Speaker 2 (01:04):
My thoughts weak, I'm on the run, no time, Steep,
I'm gone, Sam, I've got.
Speaker 3 (01:19):
Some long go.
Speaker 1 (01:23):
To the book.
Speaker 4 (01:26):
All right, I'd like to win. Good afternoon to all
of our listeners throughout the country. I'm Dave Kopek, your host.
This is Retirement Ready, topic specific. Had a great show
this morning from seven to nine, The Retirement Planning Show.
(01:48):
Hopefully you tuned in a lot of good information. But
as always, this is a topic specific show, and we're
talking about a new survey. It just came out, which
I found a little shocking a lot of the information.
I think I already knew what the answers were going
(02:10):
to be. But Alliance and Cannics came out with the
Retirement Income and Planning Study, which was a survey that
they just did thousands of people that they interviewed, and
we're going to talk a little bit about that and
what I would say for you, the listener, prospective client,
(02:34):
whatever it may be, it should be a call to
action as far as the dynamics of what's happening in
the financial services industry for new listeners. I've been on
radio now twenty five years, which is hard to believe,
and I've been in the business now going into my
forty third year. We have five locations in New York, Syracuse, Aubany, Balta, Saratoga,
(03:02):
Glens Falls, and of course Oneana. So anything that I'm
talking about, you want to sit down and have a
chat with us, We're more than happy to do it.
We have a clients in twenty eight states, spent a
lot of time in Florida, And to make a long
story short, with technology today, you can be sitting on
(03:22):
the moon because with the Zoom rings central technology, probably
ninety nine percent of the phone conversations that we have
are through Zoom now with the mothership Fidelity, which custodians
all of our assets. So it's a changing landscape, not
only as far as the financial services industry. But it's
(03:44):
also a changing landscape as far as what you have
to do in order to protect yourself during your retirement
years and make sure that you're in a position that
you're going to be happy that's stressed. So here's a
number that I talked a little bit about today earlier
(04:06):
in twenty and twenty four. It's the beginning of the
largest surge of Americans turning age sixty five in US history,
and most are unprepared financially. They're in at risk of
outliving in their assets. That's fact, not fiction. Eleven two
(04:27):
hundred people every day turn age sixty five and they
have limited assets. And they also are in a situation
where soil security, about two thirds of social security of
their gross income is coming from the government. So on average,
(04:50):
solid security replaces a fraction of what they made as
far as pre retirement. And now you got to figure out,
how do I take this pool of mine that I've
accumulated four one k's iras roth non qualified assets and
basically give some peace of mind as far as being
(05:11):
able to live without stress. You know, as we age,
we say it all the time. It's a new chapter,
you know, Bruce Jenner, which is now Caitlyn Jenner, had
a great quote when Caitlyn was Bruce. He said that
(05:36):
he was on the back nine of his life. And
there's a lot of factors that go into building out
a retirement plan that allows you to go into retirement
with low anxiety and high confidence. That's why I get
(05:58):
a kick out of these guys around the radio. They
talk about how great they are managing money and blah
blah blah. You know what I call, you know, the
blob laws. They basically they're trying to convince you that
you know, they've got the right recipe in order to
manage your assets to get you to the finish line.
(06:18):
But here's here's some facts, not fiction that you need
to understand. Okay, there is high anxiety out there right
now for a lot of you. And why is that
first and foremost, because we've never seen so many people
(06:39):
reaching retirement each in such a short period of time.
Well over half of you have insufficiently saved free retirement years,
and one or two things are going to happen. You're
either going to hit lotto or you're going to have
to adjust your current standard of living. That's fact and
(07:06):
based on the assets that are currently out there, most
of you will live in your retirement years somewhere between
twenty to thirty years. My oldest client was one hundred
and two that just passed away a couple of weeks ago.
Got a lot of clients that are in their nineties
and eighties and seventies. All of them say the same
thing over and over again. I never thought that I'd
live as long as I have and be in such
(07:28):
good health. Why is it? It's called technology. It's the
pills that we take, it's the bypass surgeries, taking better
care of ourselves. We're not smoking cigarettes like our parents
did you know right up until the day that we die.
So if you've undersaved in that L word, the L
(07:50):
word is now looking you square in the face, and
that's called longevity. How do you face it and how
do you deal with it in order to satisfy what
might be twenty thirty, maybe forty years in retirement. The
gentleman that I'm talking about that just died at one
(08:12):
hundred and two. He retired from mob Bell at age
fifty five. At age fifty five, he worked for mob
Bell about thirty some years, and he lived longer in
(08:33):
retirement forty seven years than he did the total number
of years that he was employed by his employer. It's unique,
absolutely positively, not absolutely positively not. So when we talk
about the anxiety that's out there, We're going to talk
(08:55):
a little bit about this survey because I think it's
important for you to basically understand that you're not the
only one that's out there that's having high anxiety. Almost
fifty percent of the people that were discussed on the
survey about their current situation, forty one percent said that
(09:23):
they had high anxiety about their current financial situation forty
one percent, almost forty two and alarmingly, about a third
said they had specific concerns did they have enough money
(09:48):
in the pot in order for them to live the
rest of their life with the type of lifestyle that
they wanted. Kind of hitting home, kind of making you
think about what your own personal situation is. So we're
(10:11):
going to discuss it today. I'm live in the studio.
I usually don't take phone calls during the topic specific show,
and I think today I'm not going to do it again.
But anything that I'm talking about, if you want to
have a chat face to face, plane, boat train, car,
(10:33):
whatever it is will come to you, or we'll do
a ring central or a zoom meeting, or you can
come into our office then have a face to face
meeting in one of our five offices here in the
Empire State. So today we're talking about where do you
stand in your own personal retirement planning situation? Right on track,
(11:01):
off track, high anxiety, low anxiety. We're going to talk
a little bit about how you can get back on
track and lower the anxiety in different steps that you
can take in order to facilitate the retirement that you
want and basically put yourself in a position that you're
going to have a care free retirement. We'll be right
(11:25):
back the eighty six percenters. Do you know that eighty
six percent of the population has no defined benefit pension plan.
For most of us, we have to take our life
savings and create a paycheck for the rest of our
lives in retirement. What is your plan for retirement income distribution?
How you manage your assets during the most critical years
of your lifetime. Nobel Prize winning economist William Sharp has
(11:47):
called retirement income distribution the nastiest, hardest problem in finance.
He points out that investment uncertainty and mortality can derail
the most careful laid out retirement income plan. Call our
offices today start the process of building your retirement income
distribution plan. After forty one years of being in the
financial services business, you need to start taking action to
(12:08):
start building your own personal retirement income distribution plan. How
do you do that? To take action? Five one eight
five eight zero one nine one nine. That's five one eight,
five eight zero one nine one nine or RPG retire
on the web. Don't procrastinate, motivate to start building your
retirement income distribution plan five win eight five eight zero
(12:28):
one nine one nine. Will you run out of money
in retirement? Will your investments provide income for possibly decades?
How do you navigate the two greatest risk in retirement
sequence of returns in longevity at the Retirement Planning Group,
Our Bucket of Money approach addresses these concerns and we
offer a complementary consultation to discuss this with you. Call
our office today for a free complementary consultation to develop
(12:50):
your own personal retirement income distribution plan at five pine
eight five eight zero one nine one nine. That's five
wine eight five eight zero one nine one nine. You
(13:19):
made Christmas to remember?
Speaker 3 (13:23):
Strange time feeling look in love December strange asy and
willing leave surrounder. What a Christmas to remember? Almost went
to ask me something to ben. I consider them, but
(13:49):
there was that enough soul and.
Speaker 5 (13:51):
I even thought of gatmemberg It seemed so fun to go.
Speaker 4 (13:56):
So why you enough to talk? Or a Christmas song?
You get? You tap in your foot? All right, Zach,
that's it out of the ballpark again, another good selection.
I'm Dave Kolpak, president of the Retirement Plenty Group. This
(14:18):
is retirement ready. Are you ready? You got fragmentation, you
got money all over town. You have no idea how
you're going to create income for the rest of your life?
Your assets protected? What zip code are you going to
live in? What happens if you need long term care?
What happens if you get into a lawsuit. What happens
(14:39):
to your assets should you get sued? What happens if
you get divorced? A lot of things to think about
this crazy world that we live in. As I said
at the beginning, I've seen it all. Not a lot
that I haven't seen in all the years that I've
been in this business. But like anything else. Things change,
(15:05):
people change, families change, relationships change, and oh, by the way,
financial services change. So there are products out there that
have been designed specifically for the boomer generation, the boomers,
and those products are basically designed for a couple of reasons.
(15:28):
Most of us, nine out of ten do not have
pension benefits. That means that we're going to have to
take our life savings, money that we inherit, whatever it
may be, and now we're going to have to create
a pension benefit that could last for decades. Daunting task
one that most basically they take the sheets and pull
them over their head and just say, I can't deal
with this. Most, do you a good portion of your
(15:53):
money that will be guaranteed, money that will have a
cola cost a living adjustment, will be so security, and
you're going to have to compliment that with the moneies
that you've saved, either yourself you've inherited, or some of
that goal that you're sitting on in your home, which
we can talk a little bit about today too. You know,
(16:16):
nearly half of you during the survey, almost forty six percent,
which is not surprising to me either, say spending my
money creates anxiety. And is having an emotional toll on
(16:37):
me forty six percent because we're spending money faster than
we expected to check your healthcare prem is lately gas fuel, oil,
(16:59):
basic necessities market thirty two, A bag of groceries today.
I don't have to tell you how expensive it is
to live. And oh, by the way, do I have
a few bucks to go out and have a nice dinner.
I have a couple of refreshments. Whatever it may be,
it is expensive to live. And there was just a
(17:23):
survey that came out that said healthcare costs can be
expected to double by the year two thousand and thirty.
It's only six years away, folks. Does that shock you?
Doesn't shock me. I'm paying nineteen hundred dollars a month
(17:46):
right now for health insurance coverage for my family. I've
got a mortgage, but I don't have a house. Right
money's not going to a house. The money's going to
an insurance company to protect me from probably my greatest
risk right now, who will be a healthcare event for
my wife and my kids. One son is twenty five,
(18:09):
so he's still on my plan. I've got a young pumpkin,
nineteen year old down at fau and then of course
I've got my older son aged twenty six, who's on
his own plan down in Florida. But am I gonna
deal with it? How are you going to deal with
(18:29):
this retirement nightmare? As far as an over extension sometimes
of the amount of money that has to be paid
on a monthly basis in order to facilitate just quality
of life, the basics. So we can go through it
(18:53):
over and over again. And I'm going to give you
some bullet points today that I think you need to
look at and think about. You know, we have a
lot of clients. You've got fourteen I think over fourteen
hundred thousand, one thousand, four hundred clients, over fourteen hundred
clients in twenty eight states. And the big thing that
(19:17):
we try to do in the very beginning when we
sit down with people is we make them understand one thing.
No plan, any destination will do. No plan any destination
will do. Does that mean if that means most of
(19:39):
you do not have a plan, We'll get to it.
Let me think about it. I'll call you okay when
I hear that. It's basically I'll see you later. People
have a hard time making a decision. Right, But if
(19:59):
you don't have an income land for retirement and you
don't do it sooner than later, we call the red
zone five to seven years before you go out into retirement,
you're basically rolling the dice. William Sharp from the Sharp
Ratio Stanford University wrote an article not too long ago
(20:20):
that basically talks about the two greatest risks for retirees
is sequence of returns? Right, Am I going into a
buller or bear market? High interest rate or low interest rate?
In longevity? What longevity? Yeah, longevity. You know you got
(20:43):
people I got four or five six hundred thousand dollars
of assets that they've accumulated in four o one ks plus.
They got solid security. They're walking out unto retirement right
now at age sixty five because they got to have
Medicare in order to basically get over the hump, because
it would be too expensive for them to pay for
their own healthcare. So that's why a lot of people
(21:04):
have that magical age at sixty five. But oh, by
the way, the healthy sixty five year old couple today
that retires Fidelity the Mothership says to us, the financial advisors,
that you have to manage assets. If people are going
to live to the age one hundred and oh. By
the way, a healthy sixty five year old couple will
(21:25):
have to have somewhere around three hundred and thirty thousand
dollars and out of pocket expenses on the sideline for
health care costs. Three hundred and thirty thousand dollars, just
an out of pocket and every year, folks, guess what
it goes up. It was one hundred and eighty one
thousand dollars not that long ago. Now it's you're going
(21:48):
to need three hundred and or yeah, three hundred, three
hundred and thirty thousand dollars. So you need a plan.
You got to prioritize what you're going to be spending
money on. You got to make sure you understand exactly
(22:11):
what it's going to cost you for healthcare cost. How
much money do you need to set aside? You know,
if you have an HSA account, I'm high five, jump
up and down. If you have an HSA account. If
you don't have an HSA and you're still working, you're
in your forties or fifties, go get one. Get a
high deductible. Can't plan because some of them right now
(22:32):
when you're like sixteen to eighteen hundred dollars in order
to qualify for a high deductible. The HSA will be
the best thing that you ever had in your life
when you go into retirement, besides the wroth four oh
wink or ira. And then if you can try to
figure it out, which most people can't. I talked about
this this morning too. You know, if you look at
(22:56):
the returns with that we've had this year in the
stock market, no one, with the exception of Tom Lee,
who's a portfolio manager, predicted that the markets would do
as well as they did this year. No one. And
that's true across the board. This happens consistently. The Einstein's,
the gurus, the ones that knows, they know everything the
(23:18):
Monday morning quarterbacks, they didn't know anything about this year
as far as the net return to you. So, everybody
that's sitting at six and a half seven trillion dollars
in money market accounts right now, you've missed the run.
You've missed the run. And if you look at it
right now, where do we stand. You're to date the
markets have done substantially well, much better than expected. Right,
(23:45):
how'd we do this year? Dave Well. The doll's up
sixteen percent, the S and P five hundred is up
twenty seven percent, the Nasdaq is up thirty two percent.
And depending on some of your stocks, whether you're in
QQQ or individual stocks, some of them have doubled. And
all the experts at the beginning of the year we're saying,
(24:07):
what be cautious, be careful of the fed watch out
because in the selection year, right, everybody was their knees
were knocking. Nobody stayed fully invested. So a lot of
you that had the opportunity to build some additional purchasing power,
we're doing what you're sitting on the sidelines watching the
boat go by. Can't time it, folks, After forty three years,
(24:32):
I can guarantee you one thing. You can't time it.
You can buy investments. They can basically give you market
rates and returns that will give you safety of your principle,
your corpus and still give you a very competitive rate
of return. They're out there. Those apples exist on the tree.
You just have to know about it. The problem is
(24:52):
is that a lot of your financial firms don't have
open architecture like we do. Open architecture is that we
don't have an ax to grind anything that's available, we
can get it for you, with the exception of maybe
one or two things. Be careful of investments that you
don't have liquidity, where you can't get your money when
you want to get your money. And when they say
(25:14):
alternative investments, you better understand what the heck you're getting
involved in, because that's been you know, the the jingle
bells of Wall Street in the year twenty and twenty
three and twenty twenty four. Some people have loved it.
Some people wish they never got involved in it. We'll
talk a little bit about that when we come back.
So this is retirement ready. We're talking about the new
(25:36):
dynamics of going into retirement. We're talking about this new
survey that just came out. Some of it was shocking.
We're going to get into the healthcare component when we
come back. But as always, if you want to have
a chat with me, my office telephone number is five
one eight five eight zero one nine one nine. Check
us out on the web rpgretire dot com. I'm Dave Kopek.
(25:58):
I'll be right back after the news.
Speaker 3 (26:09):
Maybe when I met.
Speaker 4 (26:10):
You there was peace side.
Speaker 3 (26:14):
I said up to get you with a fine tooth calm.
I was something inside, there was something good. You do
something to me that I can't extreme. Only closer Rinda
(26:35):
for you.
Speaker 1 (26:35):
Nor pray.
Speaker 3 (26:37):
We need an We got something gold and.
Speaker 4 (26:45):
Tender.
Speaker 3 (26:46):
Love is fine. It requires a kirsha honest love me
be mes. No conversation fight. He's no.
Speaker 4 (27:15):
Bread and butter, peanut, butter and jelly. That's Kenny and Dolly.
They go together like uh no on wings, Like yeah,
hot wings, Jesus, come on, hot wings. Can you hear me?
Speaker 6 (27:40):
Okay, yeah, I got this guy bothering me up in here.
I love me some hot wings.
Speaker 4 (27:50):
I'll get you some hot wings. I think I'm so
hot that you won't be able to breathe. Hello everyone,
I'm Dave wg Wise Retirement Planning Specialists. We work with
a lot of hard working savers. Have been doing it
for forty three years now, which is hard to believe.
All of our assets are held at Fidelity, the mother ship.
(28:13):
We are part of Faiwa Fidelity Institutional Wealth that advisors
were open, architecture independent. We have no bias, We have
no predetermined destination react in the fiduciary capacity. Our focus
is really on three things. Investment management, acid protection, of
course the eighty five trillion dollars of legacy that will
(28:37):
happen over the next twenty to thirty years. We have
locations in Syracuse, Oneona, Glens Falls, Albany, Malta, Saratoga. If
you would like to come in and have a chat,
it would be a privilege. We want to talk face
to face. What I always say, plane, train, boat car.
If we can get to you, we'll drive to you.
(28:58):
If we can't, we'll fly to you. We have a
lot of great clients, and big thing is we try
to educate you on opportunities that are out there in
order to facilitate the retirement that you want, not the
one that's being designed for you by someone that has
got an agenda. An agenda. The world's changed a lot, folks,
(29:21):
since I started in this business. To say it's changed,
it's an understatement. Nineteen eighty two, the Dow was below
two thousand. That's when I started in the business. We
broke two thousand for the first time in the Dow.
So what does that tell you? Tells you that if
you're patient, you'll be rewarded. But everybody needs instantaneous gratification.
(29:46):
You know, what'd you do for me today? Hey? What'd
you do for me today? How we doing today? You know,
no one has a you know, long leash. You're on
a short leash. Now. If you're looking for a short
leash guy, you got the wrong guy with me, because
we're a long leash. We like people to think long term,
not short term. We like a plan, right, We like
(30:08):
a process and the other process. When I say a process,
it's not only the investment management side. There's too many
people out there that are totally screwed up in regards
to how they title their assets, where their assets are
multiple states, multiple locations, multiple bank accounts. That is a nightmare.
The only person that wins in that situation is one
(30:29):
person that's the attorney, because everything goes through probate and
it is a disaster. If you work with us, we
can pretty much settle your estate in seventy two hours.
That's seventy two months if you listen to us. If
you don't listen to us, we'll probably tell you to
go goodbye because it wouldn't be a good marriage for
(30:51):
us and it would be a good marriage for you.
But as I said, at the beginning of today's show,
We're living in a whole new world. Were right in
the heat, right in the fire. The largest surge of
Americans turn at sixty five is right now e two
(31:12):
hundred people every day, and that's the greatest in US history.
It is probably overwhelming for a lot of you. A
lot of you are unprepared financially. Most of you are
concerned about the risk of outliving your assets, the impact
of healthcare, social security, all the things that can affect you,
(31:38):
all the things that can affect you. And I'm not
even talking about a long term care event, which some
people will just pack their bags and walk out of
my conference room when I bring that up. But that's
okay too, because I know that it's important to have
that conversation because my bride Julie, and I in some
(31:59):
ways were caregivers for my in laws for six and
a half years, mostly my wife. But caregiving is not fun.
It puts a lot of pressure on a family and
especially the caregiver, the person that's giving the care. Not
only do you lose income benefits, it's just there's a
(32:21):
multitude of things. So we have that conversation. It's your decision.
It's not ours. If you want a bumper, we can
build a bumper for you. What I mean by a bumper,
how much protection do you want to have on your estate?
You want a big bumper, it's going to cost you
a little bit more than a small bumper. But there's ways,
there's ways in order to protect your estate and basically
(32:44):
get some care in your home. Because no one's going
to raise their hand and say I want to run
to the long term care facility. Everybody wants to stay
where home home. You can tell I went to Scatticoke
right hoimy. So we try to make it convenient, simple.
(33:06):
We don't talk about products. We talk about the process.
We have our ears open and we basically build out
a plan that will facilitate what you're trying to achieve,
not what we think our secret sauce is going to
fit into your overall wealth management plan. We don't think
that works. A matter of fact, I know it doesn't work. Okay,
(33:28):
So we don't sit here talk about great returns and
the investments that we make, because, believe it or not, folks,
everything comes back to the mean. Markets swing too far
to the right, They swing too far to the left,
but it always comes back to the center. It just
depends on what you're trying to do with your overall
investment portfolio. If you're looking for income, right, you have
(33:49):
to manage your assets differently than someone that's looking for growth.
You can't compare an all equity portfolio to a balanced
or an income portfolio. That's like paying in an orange
right to an apple. There's no comparison. It's an apple
to an orange. So be realistic, set goals, build out
(34:12):
a plan, and understand the red zone. Understand the red zone.
This is the secret sauce. So get your pen in,
your paper out, pull the car over, right, I'm gonna
give you the secret sauce. Right. You ever had to
know your grandmother or someone in your family that had
the recipe that they never wanted to share with anybody.
(34:32):
Guess what hear this? I'm giving out the recipe today, folks.
I'm giving out the recipe for success five to seven
years before you retire five to seven years, you need
to take your money and start building out your buckets
(34:55):
of money. Each bucket of money has specific goals and
objectives for your retirement years. Right, If you don't have
a pension benefit. You want to have some baseline income.
Baseline income basically puts you in the position that you
can sleep at night. You have an X number of
(35:16):
dollars that's going to be guaranteed, that's going to come
in and there's a multitude of ways to do it,
but most of you won't do it. You're not looking
to protect income. You're still trying to accumulate and hit
home runs rather than building out an income distribution plan.
That's a huge mistake. Don't think you're unique because most
(35:39):
of the people that walk into our office, seventy percent
of them, that's exactly how they have their assets managed.
No safety net, no suspenders in a belt. They basically
have their money managed. So if something happens, they got
their fingers crossed and now they're going to church again.
(36:00):
So when we talk about the red zone, we're talking
about you need to build a plan that will facilitate
the things that you're gonna need when you walk out
the door. What's the first one, Well, you need money,
need income. What's the second one you need? Well, I
need a house, right, I need to protect that house.
How do you protect the house? Got to make sure
(36:21):
you got a roof over your head. M yep. How
about the other one? Healthcare? Need healthcare? You want to
go into retireing without healthcare because that's definitely one that
you can basically fall on the sword and it can
be devastating as far as the cost. So there's core
things that need to get done in order to facilitate
(36:43):
a retirement that puts that big smile. You know that
moji that you send out to everybody with the smiles, Well,
that's what you should have in your retirement plan. Big smiles,
like four or five of them on top of the
plant with hearts. Why is that, Dave? Well, the reason
(37:04):
why is because you don't know what's going to happen
to the financial markets when you walk into retirement. Sequence
of returns. The people that went into retirement during the
financial crisis nine to eleven flash crash, you go through
(37:26):
a whole laundry list of the things that I've seen
right twenty twenty two were not only were the financial
markets terrible, Equities, fixed income got kicked in the teeth.
And oh, by the way, remember the years previous where
we were basically were excited were high five and jumping
(37:47):
up and down. We went to the bank and we
got one percent on our CDs. Some people went to
the bank and got nothing. They were just happy it
was at the bank and they had the protection. Those
were fun, weren't they. So there's different ways to hedge.
There's different ways for you to build out the buckets
(38:08):
of money. Right. A lot of people don't understand this,
but when you reach the magical age of fifty nine
and a half, you can take all that money that
you've accumulated in your four on one case through your
employer and roll them into a self directed iraha of fidelity.
And now we start building out the buckets of money.
So when you walk out into retirement, bucket number one
(38:31):
is already filled because we have it filled with the
dividends and the cash that's going into those accounts. And
we also have it filled because we have baseline income
already set up. Because we use a software package called
e Money, which is a dashboard that shows you exactly
where you're going to be fairly accurate as far as
(38:51):
your percentages. We can get the percentages down to one
hundred percent guarantee what you're going to have as far
as your baseline income. But it comes down to one thing, Well,
what's that? Dave got to motivate. You gotta have a plan, right,
you gotta understand the plan, and then you got to
(39:12):
stick to the plan. Right. Can't go out and buy
the boat, get the Porsche, get the Jag, whatever it
may be. You got to stay disciplined enough. The old
Dave Ramsey. Okay, a lot of people don't like Dave Ramsey.
I love Dave Ramsey because I think he says a
lot of things that are very valid. Right, live within
(39:35):
your means, and if you have to eat greens and beans,
that's okay because you're going to get to your destination
and forget about the BMW in the driveway because it's
not getting you to your destination. Some people say, the
hell with that. I don't want to do that. You know,
I'm getting the boat, and I'm getting the BMW and
I'll just roll the dice and if it works out, great.
If it doesn't, then I'll eat greens and beans when
(39:55):
I'm in retirement. That's okay too, because it's your life
and your money. But a lot of people don't come
in to talk to me about that. They want to,
you know, basically eat you know, scraps or greens and
beans don't want to be able to have the same
standard living in the retirement years that they had during
their accumulation years. And there is a big difference, folks,
(40:17):
between the two. Huge difference. So we're gonna talk a
little bit about that when we come back. I'm going
to take a break anything that I'm talking to you
about today. We offer a complimentary consultation at one of
our five offices in New York. I'm in Florida a lot.
(40:38):
We use the Regis Corporation in Florida, which is executive
suites like Sons in a building down in Tampa that
we utilize. But no matter any major area that has
the Regius Corporation, we have the ability to win. If
you don't want us in your house, or you prefer
(40:58):
to meet in an office environment rather than meeting, you know,
face to face, that's totally up to you. We also
do a lot in Rings Central in Zoom. Nicholas, my
son Chris McCarthy are much more up to speed. I'm
the dinosaur in the office. You know, I'm the kind
(41:19):
of guy that you know. I still have our hard
time doing data retrieval, which everybody kind of chucked. Look
at Zach. Zach's like he's just rolling over laughing. Who's worse,
either me or Joe Gallagher?
Speaker 6 (41:31):
Gotta be Joe.
Speaker 4 (41:35):
I'm you're gonna save me. He knows how to run
that board, so he's gotta be.
Speaker 6 (41:40):
Hey, when you do the same thing for thirty years,
you should.
Speaker 4 (41:43):
Know how to do it. Yes, you think so? All right,
I'm gonna take my final break. I'm Dave Kopek. This
is retirement ready. Hope everybody's enjoying this weekend. It's sonny.
I don't know if it's a little bit nippy out there,
but that's okay. We got lots of sun. Go spend
some money on your local businesses, right Everybody needs a
little more money in the cash register this time of year.
(42:05):
It always is feel good when you're doing business with
your local businessman rather than one of those national organizations.
So go spend some money. I'll be right back, your
partner for success. David Kopik, heir wg Wise Retirement Planning
specialists the Retirement Planning Group. We understand that retirees face
many important decisions that can affect their long term financial success.
(42:30):
Some of these decisions revolve around making investments that will
help create a hedge against outliving their assets, the impact
of inflation, taxation, and rising healthcare costs. Most of our
clients like the time, the desire, or the experience to
manage their own investment portfolios. We consider it to be
an honor and a privilege to help our clients make
(42:52):
sound investment decisions, though contribute to a secure financial future
for them. Because over ninety percent of our clients are
retirees with similar concerns, we are in the best position
to approach such challenges with experience and skill. Give us
a call today at five one eight, five eight zero
one nine one nine five one eight five eight zero
(43:12):
one nine one nine or RPG retire on the web.
The greatest risk in retirement most of us have no
plan for We're insurance to cover the expense. A long
term care event can impoverish a spouse, drain your life savings,
and cost stress and anxiety on your family. What is
your plan and how will you pay for a long
term care event? Call the Retirement Planning Group today discuss
(43:34):
options you should consider to protect your estate and have
choices and independence. Take action call today five one eight
five eight zero, one nine one nine or RPG retire
on the web.
Speaker 5 (44:13):
Round the brass, turn the Christmas nears. This Christmas, I
travel around this country across the water.
Speaker 3 (44:24):
Is deep, made lots of friends, and he's done.
Speaker 5 (44:28):
Enjoy this Christmas.
Speaker 4 (44:32):
Bread and butter, peanut butter and jelly. Let me introduce
you to Dolly and Kenny. They did sing a lot
of good music. Though me like me, like, Okay, we're
doing a show today about the reality of what's happening
(44:54):
out there right now. And as I keep on saying
over and over again, we be in the thick of it, folks.
We are in the thick of it. Two hundred people
every day or turn the age sixty five. It's the
largest surge of Americans turning sixty five in the history
of the USA. Most are unprepared financially. Most of you
(45:18):
have not addressed a lot of the risks that are
associated with managing assets for decades, and a lot of
you have not addressed healthcare and how that's going to
be paid for during your retirement years. You know, if
you look underneath the hood, there are a lot of
(45:41):
insurance companies right now that are having some volatility and
I'm not going to get into particular ones. All you've
got to do is read the news and see what's
going on. And I think a lot of it has
to do with a couple of things. Okay. The first
and foremost is that the cost of healthcare today is
(46:02):
through the roof. You know, Druella was just in here.
The swarning was a mortgage specialist, so we were talking
about reverse mortgages, and he was telling me that his surgery,
one day, surgery he slept one night, was well in
excess of one hundred thousand dollars just for a twenty
four hour period at the hospital. Then he went to
(46:23):
New York City. My father in law went in for
a stent before he passed away at Albany Med. Julie
went through the bill one day, one night. It was
fifty some thousand dollars at amany Med. It's amazing. What's
going on and where this train ends. I have no idea,
(46:47):
but here's the thing that's shocking to me. You do
a little research on this to yourself. They're saying that
healthcare cost right, healthcare cost right now in the United
States could double in the year. By the year two
thousand and thirty. So if you look at what you're
paying for healthcare right now, you can imagine your knees
(47:09):
are going to knock a little bit what you're gonna
pay for it in the years to come. I spoke
to an insurance specialist that said, in the year twenty
and twenty five, look to get anywhere from twenty to
forty percent increases in your premiums for healthcare. Somehow, this
has got to be figured out because it does have
(47:30):
a huge impact on affordability and also quality of life.
And are we going to be in a position which
one do we check that month? Do we do the healthcare,
We're gonna get some food? Do I put some fue
oil in the tank? I know it sounds kind of crazy,
(47:50):
but in reality, folks, that's exactly what's going on for
a lot of people today. Hard working savers, people that
have worked their whole lives to facilitate some type of
comfort in their retirement years is find they're finding it challenging.
So here's my answer. Okay, here's my answer. You need
(48:14):
to sit down and build. It's been proven by all
the major investment banking firms, Vanguard, Fidelity, you know, Schwab,
go through the whole laundry list. Having a plan and
working with a financial team put you in a much
better position than if you just try to do it yourself.
(48:35):
You know, when people come into the retirement planning group,
we always say and then listen. You know, hopefully you're
going out and you're talking to other people besides us.
A matter of fact, we kind of insist on it.
Go kick the tires of other firms and see the
type of work that they do and how they ultimately
manage your wealth during your retirement years. Because our process
(48:57):
is a little bit different than the average bear. We
are look at you at more of a holistic basis
than just on an asset management side. We want to
make sure that you're dotting your eyes and crossing your t's.
We want to make sure that you're doing the things
in order to not get yourself stuck in the mud.
So when I'm gonna go through these bullet points and
(49:18):
I'm going to have to say goodbye for the day,
these are three things that we emphasize. Okay, these are
certain tasks that you need to do first and foremost right,
get a plan. Get a plan, build a plan. Whether
you're twenty five or eighty five. Have a plan. Make
(49:38):
sure everybody understands the plan. Make sure your kids and
your loved ones. Make sure your wife, your spouse, your
husband all right. What's necessary for wealth replacement? How much
money stays at the first death, how much money goes
to the next generation, how much goes into a trust,
how much is disclaimed in your iras decisions? What I
(50:01):
call the domino effect. When the first domino drops, you
know where the rest of them are going to go.
Two alred you said at eight sixty five, Fidelity says,
healthy sixty five year old couple, You're going to need
three hundred and thirty thousand dollars set aside for out
of pocket expenses for your health care. Where's it going
to come from? Where's it going to come from? Where
(50:29):
are you going to get the three hundred and thirty
thousand dollars in today's dollars in order to satisfy the
out of pocket expenses? And this has nothing to do
with long term care. And then finally, how do you
build out your income distribution plan? Ninety percent of you
(50:54):
say that social Security is critical for quality of life
during your retire years. Right, Nine out of ten people
are going to need social security in order for you
to basically have the type of lifestyle that you want
during your retirement years. You think that government is going
to screw around with that. They'll do whatever they can
(51:15):
in order to fix seal security, but they'll kick the
can down the road as long as they can before
they're going to have to make a hard decision. And
then finally find a team that you feel comfortable with.
A team, not an individual, a team because this business
is too complicated for any one individual to have the
(51:38):
expertise in order to facilitate what you as a consumer
of financial product needs for a wealth replacement plan and
an investment plan and a retirement income distribution plan during
your retirement years. It's critical plus estate planning everything else.
If you want some help, give us a call. This
(51:59):
is the business RINN. We are the Retirement Planning Group,
five locations in New York. Our telephone number is five
one eight five eight zero one nine one nine. Check
us out on the web rpgretire dot com. God bless,
be safe, enjoy the holiday season, and I'll see you
next week.
Speaker 1 (52:19):
Thank you for listening to Retirement Ready Hosted Buying Dave Kopek,
WG wise retirement Planning specialist. If you'd like to talk
with Dave for someone of the Retirement Planning Group, call
five one eight five eight zero one nine one nine.
That's five one e five eight zero one nine one
nine during business hours, or visit rpgretire dot com. The
(52:41):
Retirement Planning Group has five convenient offices located in Albany, Malta,
Glens Falls, Syracuse, and Oneanna. Tune in again next week
for retirement planning strategies with Dave Kopek right here on
WG wise Retirement Ready. The information or services discussed on
(53:01):
this shows for informational purposes only and is not intended
to be personal financial advice. The investments in services offered
BYAS may not be suitable for all investors. If you
have any doubts as to the merits of an investment,
you should seek advice from an independent financial advisor,
Live from the wgy iHeart Studios. Welcome to Retirement Ready
with your host Dave Kopek from the Retirement Ready Show.
Every week, Dave and his team discuss the ways they
can help people make informed decisions about a wide array
of retirement planning information that can support you and developing
a more certain financial future for you and your family.
(00:21):
Now it's time for Dave Gopec WGY's retirement planning specialist.
Speaker 2 (01:04):
My thoughts weak, I'm on the run, no time, Steep,
I'm gone, Sam, I've got.
Speaker 3 (01:19):
Some long go.
Speaker 1 (01:23):
To the book.
Speaker 4 (01:26):
All right, I'd like to win. Good afternoon to all
of our listeners throughout the country. I'm Dave Kopek, your host.
This is Retirement Ready, topic specific. Had a great show
this morning from seven to nine, The Retirement Planning Show.
(01:48):
Hopefully you tuned in a lot of good information. But
as always, this is a topic specific show, and we're
talking about a new survey. It just came out, which
I found a little shocking a lot of the information.
I think I already knew what the answers were going
(02:10):
to be. But Alliance and Cannics came out with the
Retirement Income and Planning Study, which was a survey that
they just did thousands of people that they interviewed, and
we're going to talk a little bit about that and
what I would say for you, the listener, prospective client,
(02:34):
whatever it may be, it should be a call to
action as far as the dynamics of what's happening in
the financial services industry for new listeners. I've been on
radio now twenty five years, which is hard to believe,
and I've been in the business now going into my
forty third year. We have five locations in New York, Syracuse, Aubany, Balta, Saratoga,
(03:02):
Glens Falls, and of course Oneana. So anything that I'm
talking about, you want to sit down and have a
chat with us, We're more than happy to do it.
We have a clients in twenty eight states, spent a
lot of time in Florida, And to make a long
story short, with technology today, you can be sitting on
(03:22):
the moon because with the Zoom rings central technology, probably
ninety nine percent of the phone conversations that we have
are through Zoom now with the mothership Fidelity, which custodians
all of our assets. So it's a changing landscape, not
only as far as the financial services industry. But it's
(03:44):
also a changing landscape as far as what you have
to do in order to protect yourself during your retirement
years and make sure that you're in a position that
you're going to be happy that's stressed. So here's a
number that I talked a little bit about today earlier
(04:06):
in twenty and twenty four. It's the beginning of the
largest surge of Americans turning age sixty five in US history,
and most are unprepared financially. They're in at risk of
outliving in their assets. That's fact, not fiction. Eleven two
(04:27):
hundred people every day turn age sixty five and they
have limited assets. And they also are in a situation
where soil security, about two thirds of social security of
their gross income is coming from the government. So on average,
(04:50):
solid security replaces a fraction of what they made as
far as pre retirement. And now you got to figure out,
how do I take this pool of mine that I've
accumulated four one k's iras roth non qualified assets and
basically give some peace of mind as far as being
(05:11):
able to live without stress. You know, as we age,
we say it all the time. It's a new chapter,
you know, Bruce Jenner, which is now Caitlyn Jenner, had
a great quote when Caitlyn was Bruce. He said that
(05:36):
he was on the back nine of his life. And
there's a lot of factors that go into building out
a retirement plan that allows you to go into retirement
with low anxiety and high confidence. That's why I get
(05:58):
a kick out of these guys around the radio. They
talk about how great they are managing money and blah
blah blah. You know what I call, you know, the
blob laws. They basically they're trying to convince you that
you know, they've got the right recipe in order to
manage your assets to get you to the finish line.
(06:18):
But here's here's some facts, not fiction that you need
to understand. Okay, there is high anxiety out there right
now for a lot of you. And why is that
first and foremost, because we've never seen so many people
(06:39):
reaching retirement each in such a short period of time.
Well over half of you have insufficiently saved free retirement years,
and one or two things are going to happen. You're
either going to hit lotto or you're going to have
to adjust your current standard of living. That's fact and
(07:06):
based on the assets that are currently out there, most
of you will live in your retirement years somewhere between
twenty to thirty years. My oldest client was one hundred
and two that just passed away a couple of weeks ago.
Got a lot of clients that are in their nineties
and eighties and seventies. All of them say the same
thing over and over again. I never thought that I'd
live as long as I have and be in such
(07:28):
good health. Why is it? It's called technology. It's the
pills that we take, it's the bypass surgeries, taking better
care of ourselves. We're not smoking cigarettes like our parents
did you know right up until the day that we die.
So if you've undersaved in that L word, the L
(07:50):
word is now looking you square in the face, and
that's called longevity. How do you face it and how
do you deal with it in order to satisfy what
might be twenty thirty, maybe forty years in retirement. The
gentleman that I'm talking about that just died at one
(08:12):
hundred and two. He retired from mob Bell at age
fifty five. At age fifty five, he worked for mob
Bell about thirty some years, and he lived longer in
(08:33):
retirement forty seven years than he did the total number
of years that he was employed by his employer. It's unique,
absolutely positively, not absolutely positively not. So when we talk
about the anxiety that's out there, We're going to talk
(08:55):
a little bit about this survey because I think it's
important for you to basically understand that you're not the
only one that's out there that's having high anxiety. Almost
fifty percent of the people that were discussed on the
survey about their current situation, forty one percent said that
(09:23):
they had high anxiety about their current financial situation forty
one percent, almost forty two and alarmingly, about a third
said they had specific concerns did they have enough money
(09:48):
in the pot in order for them to live the
rest of their life with the type of lifestyle that
they wanted. Kind of hitting home, kind of making you
think about what your own personal situation is. So we're
(10:11):
going to discuss it today. I'm live in the studio.
I usually don't take phone calls during the topic specific show,
and I think today I'm not going to do it again.
But anything that I'm talking about, if you want to
have a chat face to face, plane, boat train, car,
(10:33):
whatever it is will come to you, or we'll do
a ring central or a zoom meeting, or you can
come into our office then have a face to face
meeting in one of our five offices here in the
Empire State. So today we're talking about where do you
stand in your own personal retirement planning situation? Right on track,
(11:01):
off track, high anxiety, low anxiety. We're going to talk
a little bit about how you can get back on
track and lower the anxiety in different steps that you
can take in order to facilitate the retirement that you
want and basically put yourself in a position that you're
going to have a care free retirement. We'll be right
(11:25):
back the eighty six percenters. Do you know that eighty
six percent of the population has no defined benefit pension plan.
For most of us, we have to take our life
savings and create a paycheck for the rest of our
lives in retirement. What is your plan for retirement income distribution?
How you manage your assets during the most critical years
of your lifetime. Nobel Prize winning economist William Sharp has
(11:47):
called retirement income distribution the nastiest, hardest problem in finance.
He points out that investment uncertainty and mortality can derail
the most careful laid out retirement income plan. Call our
offices today start the process of building your retirement income
distribution plan. After forty one years of being in the
financial services business, you need to start taking action to
(12:08):
start building your own personal retirement income distribution plan. How
do you do that? To take action? Five one eight
five eight zero one nine one nine. That's five one eight,
five eight zero one nine one nine or RPG retire
on the web. Don't procrastinate, motivate to start building your
retirement income distribution plan five win eight five eight zero
(12:28):
one nine one nine. Will you run out of money
in retirement? Will your investments provide income for possibly decades?
How do you navigate the two greatest risk in retirement
sequence of returns in longevity at the Retirement Planning Group,
Our Bucket of Money approach addresses these concerns and we
offer a complementary consultation to discuss this with you. Call
our office today for a free complementary consultation to develop
(12:50):
your own personal retirement income distribution plan at five pine
eight five eight zero one nine one nine. That's five
wine eight five eight zero one nine one nine. You
(13:19):
made Christmas to remember?
Speaker 3 (13:23):
Strange time feeling look in love December strange asy and
willing leave surrounder. What a Christmas to remember? Almost went
to ask me something to ben. I consider them, but
(13:49):
there was that enough soul and.
Speaker 5 (13:51):
I even thought of gatmemberg It seemed so fun to go.
Speaker 4 (13:56):
So why you enough to talk? Or a Christmas song?
You get? You tap in your foot? All right, Zach,
that's it out of the ballpark again, another good selection.
I'm Dave Kolpak, president of the Retirement Plenty Group. This
(14:18):
is retirement ready. Are you ready? You got fragmentation, you
got money all over town. You have no idea how
you're going to create income for the rest of your life?
Your assets protected? What zip code are you going to
live in? What happens if you need long term care?
What happens if you get into a lawsuit. What happens
(14:39):
to your assets should you get sued? What happens if
you get divorced? A lot of things to think about
this crazy world that we live in. As I said
at the beginning, I've seen it all. Not a lot
that I haven't seen in all the years that I've
been in this business. But like anything else. Things change,
(15:05):
people change, families change, relationships change, and oh, by the way,
financial services change. So there are products out there that
have been designed specifically for the boomer generation, the boomers,
and those products are basically designed for a couple of reasons.
(15:28):
Most of us, nine out of ten do not have
pension benefits. That means that we're going to have to
take our life savings, money that we inherit, whatever it
may be, and now we're going to have to create
a pension benefit that could last for decades. Daunting task
one that most basically they take the sheets and pull
them over their head and just say, I can't deal
with this. Most, do you a good portion of your
(15:53):
money that will be guaranteed, money that will have a
cola cost a living adjustment, will be so security, and
you're going to have to compliment that with the moneies
that you've saved, either yourself you've inherited, or some of
that goal that you're sitting on in your home, which
we can talk a little bit about today too. You know,
(16:16):
nearly half of you during the survey, almost forty six percent,
which is not surprising to me either, say spending my
money creates anxiety. And is having an emotional toll on
(16:37):
me forty six percent because we're spending money faster than
we expected to check your healthcare prem is lately gas fuel, oil,
(16:59):
basic necessities market thirty two, A bag of groceries today.
I don't have to tell you how expensive it is
to live. And oh, by the way, do I have
a few bucks to go out and have a nice dinner.
I have a couple of refreshments. Whatever it may be,
it is expensive to live. And there was just a
(17:23):
survey that came out that said healthcare costs can be
expected to double by the year two thousand and thirty.
It's only six years away, folks. Does that shock you?
Doesn't shock me. I'm paying nineteen hundred dollars a month
(17:46):
right now for health insurance coverage for my family. I've
got a mortgage, but I don't have a house. Right
money's not going to a house. The money's going to
an insurance company to protect me from probably my greatest
risk right now, who will be a healthcare event for
my wife and my kids. One son is twenty five,
(18:09):
so he's still on my plan. I've got a young pumpkin,
nineteen year old down at fau and then of course
I've got my older son aged twenty six, who's on
his own plan down in Florida. But am I gonna
deal with it? How are you going to deal with
(18:29):
this retirement nightmare? As far as an over extension sometimes
of the amount of money that has to be paid
on a monthly basis in order to facilitate just quality
of life, the basics. So we can go through it
(18:53):
over and over again. And I'm going to give you
some bullet points today that I think you need to
look at and think about. You know, we have a
lot of clients. You've got fourteen I think over fourteen
hundred thousand, one thousand, four hundred clients, over fourteen hundred
clients in twenty eight states. And the big thing that
(19:17):
we try to do in the very beginning when we
sit down with people is we make them understand one thing.
No plan, any destination will do. No plan any destination
will do. Does that mean if that means most of
(19:39):
you do not have a plan, We'll get to it.
Let me think about it. I'll call you okay when
I hear that. It's basically I'll see you later. People
have a hard time making a decision. Right, But if
(19:59):
you don't have an income land for retirement and you
don't do it sooner than later, we call the red
zone five to seven years before you go out into retirement,
you're basically rolling the dice. William Sharp from the Sharp
Ratio Stanford University wrote an article not too long ago
(20:20):
that basically talks about the two greatest risks for retirees
is sequence of returns? Right, Am I going into a
buller or bear market? High interest rate or low interest rate?
In longevity? What longevity? Yeah, longevity. You know you got
(20:43):
people I got four or five six hundred thousand dollars
of assets that they've accumulated in four o one ks plus.
They got solid security. They're walking out unto retirement right
now at age sixty five because they got to have
Medicare in order to basically get over the hump, because
it would be too expensive for them to pay for
their own healthcare. So that's why a lot of people
(21:04):
have that magical age at sixty five. But oh, by
the way, the healthy sixty five year old couple today
that retires Fidelity the Mothership says to us, the financial advisors,
that you have to manage assets. If people are going
to live to the age one hundred and oh. By
the way, a healthy sixty five year old couple will
(21:25):
have to have somewhere around three hundred and thirty thousand
dollars and out of pocket expenses on the sideline for
health care costs. Three hundred and thirty thousand dollars, just
an out of pocket and every year, folks, guess what
it goes up. It was one hundred and eighty one
thousand dollars not that long ago. Now it's you're going
(21:48):
to need three hundred and or yeah, three hundred, three
hundred and thirty thousand dollars. So you need a plan.
You got to prioritize what you're going to be spending
money on. You got to make sure you understand exactly
(22:11):
what it's going to cost you for healthcare cost. How
much money do you need to set aside? You know,
if you have an HSA account, I'm high five, jump
up and down. If you have an HSA account. If
you don't have an HSA and you're still working, you're
in your forties or fifties, go get one. Get a
high deductible. Can't plan because some of them right now
(22:32):
when you're like sixteen to eighteen hundred dollars in order
to qualify for a high deductible. The HSA will be
the best thing that you ever had in your life
when you go into retirement, besides the wroth four oh
wink or ira. And then if you can try to
figure it out, which most people can't. I talked about
this this morning too. You know, if you look at
(22:56):
the returns with that we've had this year in the
stock market, no one, with the exception of Tom Lee,
who's a portfolio manager, predicted that the markets would do
as well as they did this year. No one. And
that's true across the board. This happens consistently. The Einstein's,
the gurus, the ones that knows, they know everything the
(23:18):
Monday morning quarterbacks, they didn't know anything about this year
as far as the net return to you. So, everybody
that's sitting at six and a half seven trillion dollars
in money market accounts right now, you've missed the run.
You've missed the run. And if you look at it
right now, where do we stand. You're to date the
markets have done substantially well, much better than expected. Right,
(23:45):
how'd we do this year? Dave Well. The doll's up
sixteen percent, the S and P five hundred is up
twenty seven percent, the Nasdaq is up thirty two percent.
And depending on some of your stocks, whether you're in
QQQ or individual stocks, some of them have doubled. And
all the experts at the beginning of the year we're saying,
(24:07):
what be cautious, be careful of the fed watch out
because in the selection year, right, everybody was their knees
were knocking. Nobody stayed fully invested. So a lot of
you that had the opportunity to build some additional purchasing power,
we're doing what you're sitting on the sidelines watching the
boat go by. Can't time it, folks, After forty three years,
(24:32):
I can guarantee you one thing. You can't time it.
You can buy investments. They can basically give you market
rates and returns that will give you safety of your principle,
your corpus and still give you a very competitive rate
of return. They're out there. Those apples exist on the tree.
You just have to know about it. The problem is
(24:52):
is that a lot of your financial firms don't have
open architecture like we do. Open architecture is that we
don't have an ax to grind anything that's available, we
can get it for you, with the exception of maybe
one or two things. Be careful of investments that you
don't have liquidity, where you can't get your money when
you want to get your money. And when they say
(25:14):
alternative investments, you better understand what the heck you're getting
involved in, because that's been you know, the the jingle
bells of Wall Street in the year twenty and twenty
three and twenty twenty four. Some people have loved it.
Some people wish they never got involved in it. We'll
talk a little bit about that when we come back.
So this is retirement ready. We're talking about the new
(25:36):
dynamics of going into retirement. We're talking about this new
survey that just came out. Some of it was shocking.
We're going to get into the healthcare component when we
come back. But as always, if you want to have
a chat with me, my office telephone number is five
one eight five eight zero one nine one nine. Check
us out on the web rpgretire dot com. I'm Dave Kopek.
(25:58):
I'll be right back after the news.
Speaker 3 (26:09):
Maybe when I met.
Speaker 4 (26:10):
You there was peace side.
Speaker 3 (26:14):
I said up to get you with a fine tooth calm.
I was something inside, there was something good. You do
something to me that I can't extreme. Only closer Rinda
(26:35):
for you.
Speaker 1 (26:35):
Nor pray.
Speaker 3 (26:37):
We need an We got something gold and.
Speaker 4 (26:45):
Tender.
Speaker 3 (26:46):
Love is fine. It requires a kirsha honest love me
be mes. No conversation fight. He's no.
Speaker 4 (27:15):
Bread and butter, peanut, butter and jelly. That's Kenny and Dolly.
They go together like uh no on wings, Like yeah,
hot wings, Jesus, come on, hot wings. Can you hear me?
Speaker 6 (27:40):
Okay, yeah, I got this guy bothering me up in here.
I love me some hot wings.
Speaker 4 (27:50):
I'll get you some hot wings. I think I'm so
hot that you won't be able to breathe. Hello everyone,
I'm Dave wg Wise Retirement Planning Specialists. We work with
a lot of hard working savers. Have been doing it
for forty three years now, which is hard to believe.
All of our assets are held at Fidelity, the mother ship.
(28:13):
We are part of Faiwa Fidelity Institutional Wealth that advisors
were open, architecture independent. We have no bias, We have
no predetermined destination react in the fiduciary capacity. Our focus
is really on three things. Investment management, acid protection, of
course the eighty five trillion dollars of legacy that will
(28:37):
happen over the next twenty to thirty years. We have
locations in Syracuse, Oneona, Glens Falls, Albany, Malta, Saratoga. If
you would like to come in and have a chat,
it would be a privilege. We want to talk face
to face. What I always say, plane, train, boat car.
If we can get to you, we'll drive to you.
(28:58):
If we can't, we'll fly to you. We have a
lot of great clients, and big thing is we try
to educate you on opportunities that are out there in
order to facilitate the retirement that you want, not the
one that's being designed for you by someone that has
got an agenda. An agenda. The world's changed a lot, folks,
(29:21):
since I started in this business. To say it's changed,
it's an understatement. Nineteen eighty two, the Dow was below
two thousand. That's when I started in the business. We
broke two thousand for the first time in the Dow.
So what does that tell you? Tells you that if
you're patient, you'll be rewarded. But everybody needs instantaneous gratification.
(29:46):
You know, what'd you do for me today? Hey? What'd
you do for me today? How we doing today? You know,
no one has a you know, long leash. You're on
a short leash. Now. If you're looking for a short
leash guy, you got the wrong guy with me, because
we're a long leash. We like people to think long term,
not short term. We like a plan, right, We like
(30:08):
a process and the other process. When I say a process,
it's not only the investment management side. There's too many
people out there that are totally screwed up in regards
to how they title their assets, where their assets are
multiple states, multiple locations, multiple bank accounts. That is a nightmare.
The only person that wins in that situation is one
(30:29):
person that's the attorney, because everything goes through probate and
it is a disaster. If you work with us, we
can pretty much settle your estate in seventy two hours.
That's seventy two months if you listen to us. If
you don't listen to us, we'll probably tell you to
go goodbye because it wouldn't be a good marriage for
(30:51):
us and it would be a good marriage for you.
But as I said, at the beginning of today's show,
We're living in a whole new world. Were right in
the heat, right in the fire. The largest surge of
Americans turn at sixty five is right now e two
(31:12):
hundred people every day, and that's the greatest in US history.
It is probably overwhelming for a lot of you. A
lot of you are unprepared financially. Most of you are
concerned about the risk of outliving your assets, the impact
of healthcare, social security, all the things that can affect you,
(31:38):
all the things that can affect you. And I'm not
even talking about a long term care event, which some
people will just pack their bags and walk out of
my conference room when I bring that up. But that's
okay too, because I know that it's important to have
that conversation because my bride Julie, and I in some
(31:59):
ways were caregivers for my in laws for six and
a half years, mostly my wife. But caregiving is not fun.
It puts a lot of pressure on a family and
especially the caregiver, the person that's giving the care. Not
only do you lose income benefits, it's just there's a
(32:21):
multitude of things. So we have that conversation. It's your decision.
It's not ours. If you want a bumper, we can
build a bumper for you. What I mean by a bumper,
how much protection do you want to have on your estate?
You want a big bumper, it's going to cost you
a little bit more than a small bumper. But there's ways,
there's ways in order to protect your estate and basically
(32:44):
get some care in your home. Because no one's going
to raise their hand and say I want to run
to the long term care facility. Everybody wants to stay
where home home. You can tell I went to Scatticoke
right hoimy. So we try to make it convenient, simple.
(33:06):
We don't talk about products. We talk about the process.
We have our ears open and we basically build out
a plan that will facilitate what you're trying to achieve,
not what we think our secret sauce is going to
fit into your overall wealth management plan. We don't think
that works. A matter of fact, I know it doesn't work. Okay,
(33:28):
So we don't sit here talk about great returns and
the investments that we make, because, believe it or not, folks,
everything comes back to the mean. Markets swing too far
to the right, They swing too far to the left,
but it always comes back to the center. It just
depends on what you're trying to do with your overall
investment portfolio. If you're looking for income, right, you have
(33:49):
to manage your assets differently than someone that's looking for growth.
You can't compare an all equity portfolio to a balanced
or an income portfolio. That's like paying in an orange
right to an apple. There's no comparison. It's an apple
to an orange. So be realistic, set goals, build out
(34:12):
a plan, and understand the red zone. Understand the red zone.
This is the secret sauce. So get your pen in,
your paper out, pull the car over, right, I'm gonna
give you the secret sauce. Right. You ever had to
know your grandmother or someone in your family that had
the recipe that they never wanted to share with anybody.
(34:32):
Guess what hear this? I'm giving out the recipe today, folks.
I'm giving out the recipe for success five to seven
years before you retire five to seven years, you need
to take your money and start building out your buckets
(34:55):
of money. Each bucket of money has specific goals and
objectives for your retirement years. Right, If you don't have
a pension benefit. You want to have some baseline income.
Baseline income basically puts you in the position that you
can sleep at night. You have an X number of
(35:16):
dollars that's going to be guaranteed, that's going to come
in and there's a multitude of ways to do it,
but most of you won't do it. You're not looking
to protect income. You're still trying to accumulate and hit
home runs rather than building out an income distribution plan.
That's a huge mistake. Don't think you're unique because most
(35:39):
of the people that walk into our office, seventy percent
of them, that's exactly how they have their assets managed.
No safety net, no suspenders in a belt. They basically
have their money managed. So if something happens, they got
their fingers crossed and now they're going to church again.
(36:00):
So when we talk about the red zone, we're talking
about you need to build a plan that will facilitate
the things that you're gonna need when you walk out
the door. What's the first one, Well, you need money,
need income. What's the second one you need? Well, I
need a house, right, I need to protect that house.
How do you protect the house? Got to make sure
(36:21):
you got a roof over your head. M yep. How
about the other one? Healthcare? Need healthcare? You want to
go into retireing without healthcare because that's definitely one that
you can basically fall on the sword and it can
be devastating as far as the cost. So there's core
things that need to get done in order to facilitate
(36:43):
a retirement that puts that big smile. You know that
moji that you send out to everybody with the smiles, Well,
that's what you should have in your retirement plan. Big smiles,
like four or five of them on top of the
plant with hearts. Why is that, Dave? Well, the reason
(37:04):
why is because you don't know what's going to happen
to the financial markets when you walk into retirement. Sequence
of returns. The people that went into retirement during the
financial crisis nine to eleven flash crash, you go through
(37:26):
a whole laundry list of the things that I've seen
right twenty twenty two were not only were the financial
markets terrible, Equities, fixed income got kicked in the teeth.
And oh, by the way, remember the years previous where
we were basically were excited were high five and jumping
(37:47):
up and down. We went to the bank and we
got one percent on our CDs. Some people went to
the bank and got nothing. They were just happy it
was at the bank and they had the protection. Those
were fun, weren't they. So there's different ways to hedge.
There's different ways for you to build out the buckets
(38:08):
of money. Right. A lot of people don't understand this,
but when you reach the magical age of fifty nine
and a half, you can take all that money that
you've accumulated in your four on one case through your
employer and roll them into a self directed iraha of fidelity.
And now we start building out the buckets of money.
So when you walk out into retirement, bucket number one
(38:31):
is already filled because we have it filled with the
dividends and the cash that's going into those accounts. And
we also have it filled because we have baseline income
already set up. Because we use a software package called
e Money, which is a dashboard that shows you exactly
where you're going to be fairly accurate as far as
(38:51):
your percentages. We can get the percentages down to one
hundred percent guarantee what you're going to have as far
as your baseline income. But it comes down to one thing, Well,
what's that? Dave got to motivate. You gotta have a plan, right,
you gotta understand the plan, and then you got to
(39:12):
stick to the plan. Right. Can't go out and buy
the boat, get the Porsche, get the Jag, whatever it
may be. You got to stay disciplined enough. The old
Dave Ramsey. Okay, a lot of people don't like Dave Ramsey.
I love Dave Ramsey because I think he says a
lot of things that are very valid. Right, live within
(39:35):
your means, and if you have to eat greens and beans,
that's okay because you're going to get to your destination
and forget about the BMW in the driveway because it's
not getting you to your destination. Some people say, the
hell with that. I don't want to do that. You know,
I'm getting the boat, and I'm getting the BMW and
I'll just roll the dice and if it works out, great.
If it doesn't, then I'll eat greens and beans when
(39:55):
I'm in retirement. That's okay too, because it's your life
and your money. But a lot of people don't come
in to talk to me about that. They want to,
you know, basically eat you know, scraps or greens and
beans don't want to be able to have the same
standard living in the retirement years that they had during
their accumulation years. And there is a big difference, folks,
(40:17):
between the two. Huge difference. So we're gonna talk a
little bit about that when we come back. I'm going
to take a break anything that I'm talking to you
about today. We offer a complimentary consultation at one of
our five offices in New York. I'm in Florida a lot.
(40:38):
We use the Regis Corporation in Florida, which is executive
suites like Sons in a building down in Tampa that
we utilize. But no matter any major area that has
the Regius Corporation, we have the ability to win. If
you don't want us in your house, or you prefer
(40:58):
to meet in an office environment rather than meeting, you know,
face to face, that's totally up to you. We also
do a lot in Rings Central in Zoom. Nicholas, my
son Chris McCarthy are much more up to speed. I'm
the dinosaur in the office. You know, I'm the kind
(41:19):
of guy that you know. I still have our hard
time doing data retrieval, which everybody kind of chucked. Look
at Zach. Zach's like he's just rolling over laughing. Who's worse,
either me or Joe Gallagher?
Speaker 6 (41:31):
Gotta be Joe.
Speaker 4 (41:35):
I'm you're gonna save me. He knows how to run
that board, so he's gotta be.
Speaker 6 (41:40):
Hey, when you do the same thing for thirty years,
you should.
Speaker 4 (41:43):
Know how to do it. Yes, you think so? All right,
I'm gonna take my final break. I'm Dave Kopek. This
is retirement ready. Hope everybody's enjoying this weekend. It's sonny.
I don't know if it's a little bit nippy out there,
but that's okay. We got lots of sun. Go spend
some money on your local businesses, right Everybody needs a
little more money in the cash register this time of year.
(42:05):
It always is feel good when you're doing business with
your local businessman rather than one of those national organizations.
So go spend some money. I'll be right back, your
partner for success. David Kopik, heir wg Wise Retirement Planning
specialists the Retirement Planning Group. We understand that retirees face
many important decisions that can affect their long term financial success.
(42:30):
Some of these decisions revolve around making investments that will
help create a hedge against outliving their assets, the impact
of inflation, taxation, and rising healthcare costs. Most of our
clients like the time, the desire, or the experience to
manage their own investment portfolios. We consider it to be
an honor and a privilege to help our clients make
(42:52):
sound investment decisions, though contribute to a secure financial future
for them. Because over ninety percent of our clients are
retirees with similar concerns, we are in the best position
to approach such challenges with experience and skill. Give us
a call today at five one eight, five eight zero
one nine one nine five one eight five eight zero
(43:12):
one nine one nine or RPG retire on the web.
The greatest risk in retirement most of us have no
plan for We're insurance to cover the expense. A long
term care event can impoverish a spouse, drain your life savings,
and cost stress and anxiety on your family. What is
your plan and how will you pay for a long
term care event? Call the Retirement Planning Group today discuss
(43:34):
options you should consider to protect your estate and have
choices and independence. Take action call today five one eight
five eight zero, one nine one nine or RPG retire
on the web.
Speaker 5 (44:13):
Round the brass, turn the Christmas nears. This Christmas, I
travel around this country across the water.
Speaker 3 (44:24):
Is deep, made lots of friends, and he's done.
Speaker 5 (44:28):
Enjoy this Christmas.
Speaker 4 (44:32):
Bread and butter, peanut butter and jelly. Let me introduce
you to Dolly and Kenny. They did sing a lot
of good music. Though me like me, like, Okay, we're
doing a show today about the reality of what's happening
(44:54):
out there right now. And as I keep on saying
over and over again, we be in the thick of it, folks.
We are in the thick of it. Two hundred people
every day or turn the age sixty five. It's the
largest surge of Americans turning sixty five in the history
of the USA. Most are unprepared financially. Most of you
(45:18):
have not addressed a lot of the risks that are
associated with managing assets for decades, and a lot of
you have not addressed healthcare and how that's going to
be paid for during your retirement years. You know, if
you look underneath the hood, there are a lot of
(45:41):
insurance companies right now that are having some volatility and
I'm not going to get into particular ones. All you've
got to do is read the news and see what's
going on. And I think a lot of it has
to do with a couple of things. Okay. The first
and foremost is that the cost of healthcare today is
(46:02):
through the roof. You know, Druella was just in here.
The swarning was a mortgage specialist, so we were talking
about reverse mortgages, and he was telling me that his surgery,
one day, surgery he slept one night, was well in
excess of one hundred thousand dollars just for a twenty
four hour period at the hospital. Then he went to
(46:23):
New York City. My father in law went in for
a stent before he passed away at Albany Med. Julie
went through the bill one day, one night. It was
fifty some thousand dollars at amany Med. It's amazing. What's
going on and where this train ends. I have no idea,
(46:47):
but here's the thing that's shocking to me. You do
a little research on this to yourself. They're saying that
healthcare cost right, healthcare cost right now in the United
States could double in the year. By the year two
thousand and thirty. So if you look at what you're
paying for healthcare right now, you can imagine your knees
(47:09):
are going to knock a little bit what you're gonna
pay for it in the years to come. I spoke
to an insurance specialist that said, in the year twenty
and twenty five, look to get anywhere from twenty to
forty percent increases in your premiums for healthcare. Somehow, this
has got to be figured out because it does have
(47:30):
a huge impact on affordability and also quality of life.
And are we going to be in a position which
one do we check that month? Do we do the healthcare,
We're gonna get some food? Do I put some fue
oil in the tank? I know it sounds kind of crazy,
(47:50):
but in reality, folks, that's exactly what's going on for
a lot of people today. Hard working savers, people that
have worked their whole lives to facilitate some type of
comfort in their retirement years is find they're finding it challenging.
So here's my answer. Okay, here's my answer. You need
(48:14):
to sit down and build. It's been proven by all
the major investment banking firms, Vanguard, Fidelity, you know, Schwab,
go through the whole laundry list. Having a plan and
working with a financial team put you in a much
better position than if you just try to do it yourself.
(48:35):
You know, when people come into the retirement planning group,
we always say and then listen. You know, hopefully you're
going out and you're talking to other people besides us.
A matter of fact, we kind of insist on it.
Go kick the tires of other firms and see the
type of work that they do and how they ultimately
manage your wealth during your retirement years. Because our process
(48:57):
is a little bit different than the average bear. We
are look at you at more of a holistic basis
than just on an asset management side. We want to
make sure that you're dotting your eyes and crossing your t's.
We want to make sure that you're doing the things
in order to not get yourself stuck in the mud.
So when I'm gonna go through these bullet points and
(49:18):
I'm going to have to say goodbye for the day,
these are three things that we emphasize. Okay, these are
certain tasks that you need to do first and foremost right,
get a plan. Get a plan, build a plan. Whether
you're twenty five or eighty five. Have a plan. Make
(49:38):
sure everybody understands the plan. Make sure your kids and
your loved ones. Make sure your wife, your spouse, your
husband all right. What's necessary for wealth replacement? How much
money stays at the first death, how much money goes
to the next generation, how much goes into a trust,
how much is disclaimed in your iras decisions? What I
(50:01):
call the domino effect. When the first domino drops, you
know where the rest of them are going to go.
Two alred you said at eight sixty five, Fidelity says,
healthy sixty five year old couple, You're going to need
three hundred and thirty thousand dollars set aside for out
of pocket expenses for your health care. Where's it going
to come from? Where's it going to come from? Where
(50:29):
are you going to get the three hundred and thirty
thousand dollars in today's dollars in order to satisfy the
out of pocket expenses? And this has nothing to do
with long term care. And then finally, how do you
build out your income distribution plan? Ninety percent of you
(50:54):
say that social Security is critical for quality of life
during your retire years. Right, Nine out of ten people
are going to need social security in order for you
to basically have the type of lifestyle that you want
during your retirement years. You think that government is going
to screw around with that. They'll do whatever they can
(51:15):
in order to fix seal security, but they'll kick the
can down the road as long as they can before
they're going to have to make a hard decision. And
then finally find a team that you feel comfortable with.
A team, not an individual, a team because this business
is too complicated for any one individual to have the
(51:38):
expertise in order to facilitate what you as a consumer
of financial product needs for a wealth replacement plan and
an investment plan and a retirement income distribution plan during
your retirement years. It's critical plus estate planning everything else.
If you want some help, give us a call. This
(51:59):
is the business RINN. We are the Retirement Planning Group,
five locations in New York. Our telephone number is five
one eight five eight zero one nine one nine. Check
us out on the web rpgretire dot com. God bless,
be safe, enjoy the holiday season, and I'll see you
next week.
Speaker 1 (52:19):
Thank you for listening to Retirement Ready Hosted Buying Dave Kopek,
WG wise retirement Planning specialist. If you'd like to talk
with Dave for someone of the Retirement Planning Group, call
five one eight five eight zero one nine one nine.
That's five one e five eight zero one nine one
nine during business hours, or visit rpgretire dot com. The
(52:41):
Retirement Planning Group has five convenient offices located in Albany, Malta,
Glens Falls, Syracuse, and Oneanna. Tune in again next week
for retirement planning strategies with Dave Kopek right here on
WG wise Retirement Ready. The information or services discussed on
(53:01):
this shows for informational purposes only and is not intended
to be personal financial advice. The investments in services offered
BYAS may not be suitable for all investors. If you
have any doubts as to the merits of an investment,
you should seek advice from an independent financial advisor,
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